|
Report Date : |
10.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SPINDELFABRIK SUESSEN GMBH |
|
|
|
|
Registered Office : |
Donzdorfer Strasse 4 Suessen, 73079 |
|
|
|
|
Country : |
Germany |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
1920 |
|
|
|
|
Com. Reg. No.: |
HRB540114 |
|
|
|
|
Legal Form : |
Private Subsidiary |
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|
|
|
Line of Business : |
Manufacture of machinery for textile, apparel and leather production |
|
|
|
|
No. of Employees : |
220 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Slow but correct |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Germany |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 6.5% in 2012. GDP contracted
5.1% in 2009 but grew by 4.2% in 2010, and 3.0% in 2011, before dipping to 0.7%
in 2012 - a reflection of low investment spending due to crisis-induced
uncertainty and the decreased demand for German exports from recession-stricken
periphery countries. Stimulus and stabilization efforts initiated in 2008 and
2009 and tax cuts introduced in Chancellor Angela MERKEL''s second term
increased Germany''s total budget deficit - including federal, state, and
municipal - to 4.1% in 2010, but slower spending and higher tax revenues
reduced the deficit to 0.8% in 2011. In 2012 Germany reached a budget surplus
of 0.1%. 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 though the target was already reached in 2012. By 2014, the federal
government wants to balance its budget. 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 electricity generating capacity and 46%
of its base-load electricity production
Source
: CIA
Spindelfabrik
Suessen GmbH
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Business
Description
|
Spindelfabrik Suessen GmbH is primarily engaged in manufacture of
textile machinery (machines for preparing, producing, extruding, drawing,
texturing or cutting man-made textile fibres, materials or yarns; machines
for preparing textile fibres: cotton gins, bale breakers, garnetters, cotton
spreaders, wool scourers, wool carbonisers, combs, carders, roving frames,
etc.; spinning machines; machines for preparing textile yarns: reelers,
warpers and related machines; weaving machines (looms) including hand looms;
knitting machines; machines for making knotted net, tulle, lace, braid,
etc.); manufacture of auxiliary machines or equipment for textile machinery
(dobbies, Jacquards, automatic stop motions, shuttle changing mechanisms,
spindles and spindle flyers, etc.); manufacture of machinery for fabric
processing (machinery for washing, bleaching, dyeing, dressing, finishing,
coating or impregnating textile fabrics; manufacture of machines for reeling,
unreeling, folding, cutting or pinking textile fabrics); manufacture of
laundry machinery (ironing machines including fusing presses; laundry-type
washing and drying machines; dry cleaning machines); manufacture of sewing
machines, sewing machine heads and sewing machine needles; manufacture of
machines for producing or finishing felt or nonwovens; manufacture of leather
machines (machinery for preparing, tanning or working hides, skins or
leather; and machinery for making or repairing footwear or other articles of
hides, skins, leather or furskins). |
Industry
|
Industry |
|
|
ANZSIC 2006: |
2469
- Other Specialised Machinery and Equipment Manufacturing |
|
NACE 2002: |
2954
- Manufacture of machinery for textile, apparel and leather production |
|
NAICS 2002: |
|
|
UK SIC 2003: |
2954
- Manufacture of machinery for textile, apparel and leather production |
|
UK SIC 2007: |
2894
- Manufacture of machinery for textile, apparel and leather production |
|
US SIC 1987: |
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Key Executives
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
|
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Spindelfabrik
Suessen GmbH |
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Winterthur |
Switzerland |
Miscellaneous Capital Goods |
947.3 |
4,692 |
|
|
Subsidiary |
Winterthur |
Switzerland |
Office Equipment |
|
1,500 |
|
|
Subsidiary |
Ústà nad Orlicà |
Czech Republic |
Miscellaneous Capital Goods |
136.4 |
876 |
|
|
Subsidiary |
Ingolstadt, Bayern |
Germany |
Miscellaneous Capital Goods |
228.8 |
400 |
|
|
Subsidiary |
Boskovice |
Czech Republic |
Scientific and Technical Instruments |
|
350 |
|
|
Subsidiary |
Ingolstadt |
Germany |
Auto and Truck Parts |
|
300 |
|
|
Subsidiary |
Süßen, Baden-Württemberg |
Germany |
Miscellaneous Capital Goods |
108.9 |
220 |
|
|
Subsidiary |
Großostheim, Bayern |
Germany |
Miscellaneous Capital Goods |
78.0 |
215 |
|
|
Subsidiary |
Rapperswil |
Switzerland |
Office Equipment |
1,185.0 |
190 |
|
|
Subsidiary |
Barueri, Sao Paulo |
Brazil |
Miscellaneous Capital Goods |
|
100 |
|
|
Subsidiary |
Gersthofen, Bayern |
Germany |
Miscellaneous Capital Goods |
|
20 |
|
|
Subsidiary |
Illzach |
France |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Pfaffikon, Zurich |
Switzerland |
Miscellaneous Capital Goods |
42.6 |
135 |
|
|
Subsidiary |
Wintzenheim |
France |
Miscellaneous Capital Goods |
10.0 |
70 |
|
|
Subsidiary |
Effretikon |
Switzerland |
Electronic Instruments and Controls |
80.0 |
110 |
|
|
Subsidiary |
Spartanburg, SC |
United States |
Miscellaneous Capital Goods |
150.8 |
60 |
|
|
Branch |
Aiken, SC |
United States |
Miscellaneous Capital Goods |
10.1 |
50 |
|
|
Subsidiary |
Süßen, Baden-Württemberg |
Germany |
Miscellaneous Capital Goods |
|
50 |
|
|
Subsidiary |
Suessen |
Germany |
Miscellaneous Capital Goods |
|
40 |
|
|
Subsidiary |
Charlotte, NC |
United States |
Miscellaneous Capital Goods |
1.3 |
9 |
|
|
Subsidiary |
Winterthur |
Switzerland |
Auto and Truck Parts |
3,816.9 |
35 |
|
|
Subsidiary |
Spartanburg, SC |
United States |
Miscellaneous Capital Goods |
|
35 |
|
|
Subsidiary |
Taipei |
Taiwan |
Auto and Truck Parts |
|
10 |
|
|
Subsidiary |
Bloomsburg, PA |
United States |
Textiles - Non Apparel |
0.7 |
2 |
|
|
Rieter
Vertriebs GmbH der Maschinenfabrik Rieter AG (Schweiz) |
Subsidiary |
Ingolstadt, Bayern |
Germany |
Commercial Banks |
|
1 |
|
Subsidiary |
Ingolstadt, Bayern |
Germany |
Commercial Banks |
|
3 |
|
|
Subsidiary |
Winterthur, Zurich |
Switzerland |
Miscellaneous Financial Services |
|
|
|
|
Subsidiary |
Wanchai |
Hong Kong |
Auto and Truck Parts |
|
|
|
|
Subsidiary |
Cordoba |
Argentina |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
New Delhi |
India |
Auto and Truck Parts |
|
|
|
|
Subsidiary |
Gwent |
United Kingdom |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Ingolstadt |
Germany |
Auto and Truck Parts |
|
|
|
|
Subsidiary |
Winterthur |
Switzerland |
Auto and Truck Parts |
|
|
|
|
Subsidiary |
Sao Bernardo do Campo, Sao Paulo |
Brazil |
Textiles - Non Apparel |
|
|
|
|
Subsidiary |
Barueri, Sau Paulo |
Brazil |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Changzhou, Jiangsu |
China |
Scientific and Technical Instruments |
|
|
|
|
Subsidiary |
Shanghai |
China |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Farmington Hills, MI |
United States |
Textiles - Non Apparel |
|
|
|
|
Subsidiary |
Pfäffikon, Schwyz |
Switzerland |
Miscellaneous Financial Services |
|
|
|
|
Subsidiary |
Enschede |
Netherlands |
Miscellaneous Capital Goods |
|
130 |
|
|
Subsidiary |
Central District, Hong Kong |
Hong Kong |
Miscellaneous Capital Goods |
|
10 |
Executives Report
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total income |
108.9 |
82.7 |
36.9 |
|
Raw materials and services |
45.5 |
32.2 |
13.9 |
|
Net sales |
108.9 |
82.7 |
36.9 |
|
Change in stock |
0.8 |
2.9 |
-1.1 |
|
Own work capitalised |
0.1 |
0.0 |
0.1 |
|
Other operating income |
1.1 |
0.7 |
0.5 |
|
Raw materials and consumables employed |
45.5 |
32.2 |
13.9 |
|
Other external charges |
12.8 |
9.2 |
3.9 |
|
Cost of goods sold |
58.3 |
41.5 |
17.9 |
|
Cost of raw materials |
58.3 |
41.5 |
17.9 |
|
Taxes and social security costs |
3.8 |
2.3 |
2.9 |
|
Total payroll costs |
18.6 |
15.0 |
16.6 |
|
Fixed asset depreciation and amortisation |
1.8 |
1.9 |
2.2 |
|
Other operating costs |
20.9 |
16.9 |
7.9 |
|
Net operating income |
11.3 |
11.1 |
-8.2 |
|
Income received from associated companies |
0.3 |
0.3 |
- |
|
Other income |
0.1 |
0.3 |
0.7 |
|
Interest payable on loans |
1.7 |
2.0 |
1.5 |
|
Total expenses |
1.2 |
1.4 |
0.8 |
|
Profit before tax |
10.1 |
9.6 |
-9.0 |
|
Provisions |
13.6 |
12.8 |
13.6 |
|
Extraordinary expenses |
0.3 |
0.3 |
- |
|
Extraordinary result |
-0.3 |
-0.3 |
- |
|
Other taxes |
0.1 |
0.1 |
0.1 |
|
Total taxation |
1.0 |
1.0 |
- |
|
Net profit |
8.7 |
8.4 |
- |
|
Net loss |
- |
- |
-9.1 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Issued capital |
6.6 |
6.8 |
7.2 |
|
Capital reserves |
20.7 |
21.3 |
22.8 |
|
Other reserves |
0.1 |
0.1 |
- |
|
Total reserves |
0.1 |
0.1 |
- |
|
Profits for the year |
-8.7 |
-17.4 |
-27.7 |
|
Profit brought forward from previous year(s) |
-16.9 |
-25.9 |
-18.3 |
|
Total stockholders equity |
18.6 |
10.8 |
2.4 |
|
Deferred taxation |
1.8 |
1.4 |
- |
|
Other provisions |
4.3 |
5.4 |
7.4 |
|
Provision for pensions |
6.6 |
6.1 |
6.5 |
|
Provisions and allowances |
12.7 |
12.9 |
14.0 |
|
Owing to group/associated companies |
18.6 |
15.0 |
34.4 |
|
Total long-term liabilities |
18.6 |
15.0 |
34.4 |
|
Trade creditors |
3.4 |
2.9 |
0.9 |
|
Advances received |
1.7 |
3.0 |
1.0 |
|
Other loans |
- |
- |
0.2 |
|
Taxation and social security |
2.1 |
2.8 |
1.3 |
|
Due to group companies |
1.1 |
13.7 |
0.0 |
|
Total current liabilities |
8.3 |
22.4 |
3.4 |
|
Regularisation account |
- |
- |
0.0 |
|
Total liabilities (including net worth) |
58.1 |
61.2 |
54.3 |
|
Patents |
0.0 |
0.0 |
0.0 |
|
Intangibles |
0.0 |
0.0 |
0.0 |
|
Land and buildings |
1.1 |
1.3 |
1.6 |
|
Machinery and tools |
4.0 |
4.4 |
5.4 |
|
Fixtures and equipment |
1.1 |
1.3 |
1.6 |
|
Fixed assets under construction |
0.6 |
0.0 |
0.0 |
|
Total tangible fixed assets |
7.9 |
8.0 |
9.5 |
|
Other financial assets |
- |
- |
1.0 |
|
Shares held in associated companies |
21.2 |
21.9 |
23.4 |
|
Total financial assets |
27.4 |
28.3 |
31.3 |
|
Loans to associated companies |
6.2 |
6.4 |
6.9 |
|
Total non-current assets |
35.3 |
36.3 |
40.9 |
|
Raw materials |
6.8 |
6.0 |
4.8 |
|
Work in progress |
1.9 |
1.6 |
0.8 |
|
Finished goods |
5.4 |
5.2 |
2.9 |
|
Net stocks and work in progress |
14.1 |
12.7 |
8.5 |
|
Trade debtors |
4.3 |
6.5 |
1.3 |
|
Other receivables |
0.7 |
0.7 |
0.4 |
|
Total receivables |
8.2 |
10.6 |
3.3 |
|
Owing from associated companies |
3.2 |
3.4 |
1.6 |
|
Cash and liquid assets |
0.4 |
1.5 |
1.6 |
|
Total current assets |
22.8 |
24.8 |
13.4 |
|
Prepaid expenses and deferred costs |
0.0 |
0.0 |
0.0 |
|
Total assets |
58.1 |
61.2 |
54.3 |
|
|
|
Annual Ratios |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
27.60 |
11.07 |
38.98 |
|
Acid test ratio |
10.51 |
5.40 |
14.24 |
|
Total liabilities to net worth |
0.14% |
0.35% |
1.59% |
|
Net worth to total assets |
0.03% |
0.02% |
0.00% |
|
Current liabilities to net worth |
0.04% |
0.21% |
0.14% |
|
Current liabilities to stock |
0.06% |
0.18% |
0.04% |
|
Fixed assets to net worth |
0.19% |
0.34% |
1.71% |
|
Collection period |
157.00 |
285.00 |
124.00 |
|
Stock turnover rate |
1.39 |
1.52 |
2.23 |
|
Profit margin |
0.01% |
0.01% |
-0.02% |
|
Return on assets |
0.02% |
0.02% |
-0.01% |
|
Shareholders' return |
0.04% |
0.08% |
-0.39% |
|
Sales per employee |
38.03 |
32.01 |
11.49 |
|
Profit per employee |
3.14 |
3.34 |
-2.83 |
|
Average wage per employee |
6.49 |
5.79 |
5.16 |
|
Net worth |
18.6 |
10.8 |
2.4 |
|
Number of employees |
206 |
195 |
231 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.