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Report Date : |
10.01.2013 |
IDENTIFICATION DETAILS
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Name : |
R.C.S. AUDIO - SYSTEMS GMBH |
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Registered Office : |
Gewerbepark
Markfeld 5 Bad Aibling, 83043 |
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Country : |
Germany |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
28.12.1999 |
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Com. Reg. No.: |
12701 |
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Legal Form : |
Private Independent |
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Line of Business : |
Subject engaged in manufacture of electrical signalling, safety or traffic control equipment for motorways, roads or streets, railways and tramways, inland waterways, ports and harbours and airports; manufacture of diverse electrical sound or visual signalling apparatus (bells, sirens, indicator panels, burglar and fire alarms, etc.) |
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No. of Employees : |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Germany |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GERMANY - ECONOMIC OVERVIEW
The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, contributed to strong growth in 2006 and 2007 and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 6.0% in 2011. GDP contracted 5.1% in 2009 but grew by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable primarily to rebounding manufacturing orders and exports - increasingly outside the Euro Zone. Germany's central bank projects that GDP will grow 0.6% in 2012, a reflection of the worsening euro-zone financial crisis and the financial burden it places on Germany as well as falling demand for German exports. Domestic demand is therefore becoming a more significant driver of Germany's economic expansion. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's budget deficit to 3.3% in 2010, but slower spending and higher tax revenues reduce the deficit to 1.7% in 2011, below the EU's 3% limit. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its energy and 46% of its base-load electrical production.
Source
: CIA
R.C.S. Audio - Systems GmbH
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Business Description
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R.C.S. Audio - Systems GmbH is primarily
engaged in manufacture of electrical signalling, safety or traffic control
equipment for motorways, roads or streets, railways and tramways, inland
waterways, ports and harbours and airports; manufacture of diverse electrical
sound or visual signalling apparatus (bells, sirens, indicator panels,
burglar and fire alarms, etc.); manufacture of electromagnets including
electromagnetic or permanent magnet chucks, clutches, brakes, couplings,
clamps or lifting heads; manufacture of electrical insulators and insulating
fittings, except of glass or ceramics; manufacture of insulating fittings for
electrical machines or equipment, except of ceramics or plastics; manufacture
of carbon or graphite electrodes; manufacture of electrical conduit tubing
and joints for such tubing, of base metal lined with insulating material; and
manufacture of diverse electrical machines and apparatus (particle
accelerators, signal generators, mine detectors, electrical detonators,
etc.). |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
3162 - Manufacture of other electrical equipment not
elsewhere classified |
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NAICS 2002: |
335999 - All Other Miscellaneous Electrical
Equipment and Component Manufacturing |
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UK SIC 2003: |
3162 - Manufacture of other electrical equipment not
elsewhere classified |
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UK SIC 2007: |
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US SIC 1987: |
3699 - Electrical Machinery, Equipment, and
Supplies, Not Elsewhere Classified |
Key Executives
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1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064
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Executives Report
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate (Period Average) |
0.755078 |
0.719047 |
0.683679 |
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Consolidated |
No |
No |
No |
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Total income |
10.4 |
9.8 |
10.7 |
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Raw materials and services |
4.7 |
4.7 |
5.6 |
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Net sales |
10.4 |
9.8 |
10.7 |
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Change in stock |
-0.3 |
0.2 |
0.6 |
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Other operating income |
0.1 |
0.1 |
0.1 |
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Raw materials and consumables employed |
4.7 |
4.7 |
5.6 |
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Other external charges |
0.1 |
0.1 |
0.0 |
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Cost of goods sold |
4.8 |
4.7 |
5.6 |
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Cost of raw materials |
4.8 |
4.7 |
5.6 |
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Taxes and social security costs |
0.4 |
0.4 |
0.4 |
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Total payroll costs |
3.3 |
2.9 |
3.1 |
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Fixed asset depreciation and amortisation |
0.1 |
0.1 |
0.0 |
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Other operating costs |
1.4 |
1.3 |
1.3 |
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Net operating income |
0.6 |
1.1 |
1.4 |
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Other income |
0.3 |
0.2 |
0.2 |
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Interest payable on loans |
0.0 |
0.0 |
0.0 |
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Total expenses |
-0.2 |
-0.2 |
-0.2 |
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Profit before tax |
0.8 |
1.3 |
1.5 |
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Provisions |
0.3 |
0.4 |
0.5 |
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Total taxation |
0.2 |
0.4 |
0.4 |
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Net profit |
0.6 |
0.9 |
1.1 |
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Annual Balance Sheet |
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Financials in: USD (mil) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
No |
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Issued capital |
0.1 |
0.1 |
0.1 |
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Profits for the year |
6.1 |
5.9 |
4.8 |
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Total stockholders equity |
6.3 |
6.1 |
5.0 |
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Deferred taxation |
0.0 |
0.1 |
0.1 |
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Other provisions |
0.3 |
0.3 |
0.3 |
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Provisions and allowances |
0.3 |
0.4 |
0.4 |
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Other debentures |
0.2 |
0.2 |
- |
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Taxes and social security |
0.0 |
0.0 |
0.0 |
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Total long-term liabilities |
0.2 |
0.2 |
0.0 |
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Trade creditors |
0.4 |
0.2 |
0.2 |
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Other loans |
0.1 |
0.2 |
0.1 |
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Taxation and social security |
0.6 |
0.8 |
0.5 |
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Due to group companies |
0.6 |
0.5 |
0.4 |
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Total current liabilities |
1.7 |
1.5 |
1.3 |
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Total liabilities (including net worth) |
8.5 |
8.3 |
6.7 |
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Patents |
0.0 |
0.1 |
0.1 |
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Intangibles |
0.0 |
0.1 |
0.1 |
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Land and buildings |
0.0 |
0.0 |
0.0 |
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Fixtures and equipment |
0.0 |
0.0 |
0.0 |
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Total tangible fixed assets |
0.8 |
0.4 |
0.1 |
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Shares held in associated companies |
0.2 |
0.2 |
0.2 |
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Total financial assets |
0.2 |
0.2 |
0.2 |
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Total non-current assets |
1.0 |
0.6 |
0.3 |
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Finished goods |
2.1 |
2.5 |
2.3 |
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Prepayments |
0.1 |
0.0 |
0.1 |
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Net stocks and work in progress |
2.2 |
2.6 |
2.4 |
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Trade debtors |
0.8 |
0.9 |
0.9 |
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Other receivables |
4.5 |
3.9 |
3.1 |
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Total receivables |
5.3 |
4.8 |
4.0 |
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Cash and liquid assets |
0.1 |
0.3 |
0.0 |
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Total current assets |
7.6 |
7.7 |
6.4 |
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Prepaid expenses and deferred costs |
0.0 |
0.0 |
0.0 |
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Total assets |
8.5 |
8.3 |
6.7 |
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Annual Ratios |
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Financials in: USD (mil) |
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|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
No |
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Current ratio |
43.78 |
49.60 |
51.05 |
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Acid test ratio |
31.04 |
33.02 |
32.11 |
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Total liabilities to net worth |
0.03% |
0.03% |
0.03% |
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Net worth to total assets |
0.07% |
0.07% |
0.07% |
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Current liabilities to net worth |
0.03% |
0.03% |
0.03% |
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Current liabilities to stock |
0.08% |
0.06% |
0.05% |
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Fixed assets to net worth |
0.02% |
0.01% |
0.01% |
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Collection period |
285.00 |
332.00 |
325.00 |
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Stock turnover rate |
2.09 |
2.54 |
2.32 |
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Profit margin |
0.01% |
0.01% |
0.01% |
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Return on assets |
0.01% |
0.01% |
0.02% |
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Shareholders' return |
0.01% |
0.02% |
0.02% |
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Net worth |
6.3 |
6.1 |
5.0 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.96 |
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|
1 |
Rs.88.23 |
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Euro |
1 |
Rs.71.92 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial condition
(40%) Ownership background
(20%) Payment record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.