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Report Date : |
28.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SPICER GELENKWELLENBAU GMBH |
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Registered Office : |
Westendhof 5-9, D 45143 Essen, Post Box 10 13 62, D 45013 Essen |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.12.1993 |
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Com. Reg. No.: |
HRB 14176 |
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Legal Form : |
Private
Limited Company |
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|
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Line of Business : |
Manufacturer of other general-purpose machinery |
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No. of Employees : |
530 |
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 |
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|
|
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Payment Behaviour : |
No Complaints |
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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 – 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 |
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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 |
Spicer Gelenkwellenbau GmbH
Westendhof 5-9
D 45143 Essen
Post Box:
10 13 62, D 45013 Essen
Telephone: 0201/8124-0
Telefax: 0201/8124-652
Homepage: www.gwb-essen.de
E-mail: industrial@dana.com
DE164412051
active
Business relations are permissible.
LEGAL FORM Private
limited company
Date of foundation: 13.12.1993
Shareholders'
agreement: 13.12.1993
Registered on: 07.04.2000
Commercial Register: Local
court 45130 Essen
under: HRB 14176
Share capital:
EUR 2,000,000.00
DANA GmbH
Reinzstr. 3-7
D 89233 Neu-Ulm
Legal form: Private limited company
Share capital: EUR 7,669,378.22
Share: EUR 2,000,000.00
Registered on: 14.08.1996
Reg. data: 87700 Memmingen, HRB 7490
Control and profit transfer agreement
Michael Kaack
D 20095 Hamburg
authorized to jointly represent the company
born: 07.03.1971
Manager:
Hubert
Lepoudre
B Middelkerke
born: 22.06.1961
Nationality: Belgian
Uwe Kaster
D 24893 Taarstedt
authorized to jointly represent the company
born: 16.10.1958
Proxy:
Frank
Rauch
D
45329 Essen
authorized to jointly represent the
company
born:
12.11.1972
Proxy:
Anna
Hellweg
D
40210 Düsseldorf
authorized to jointly represent the company
born: 11.07.1976
Proxy:
Ralf
Jürgens
D
44787 Bochum
authorized to jointly represent the company
born:
11.12.1967
Proxy:
Peter
Möller
D 40699 Erkrath
authorized to jointly represent the company
born:
24.12.1959
Further
functions/participations of Michael Kaack (Manager)
Manager:
Dana (Deutschland)
Grundstücksverwaltungs
GmbH
Westendhof 5-9
D
45143 Essen
Legal
form: Private limited company
Share
capital: EUR 25,000.00
Registered
on: 14.01.2002
Reg.
data: 45130 Essen, HRB 16167
28.04.1994 -
07.04.2000 DKW Kunststoffwerke GmbH
Black-u.-Decker-Str. 25
D
65510 Idstein
Private limited company
07.04.2000 -
28.07.2005 Spicer Gelenkwellenbau
Verwaltungs GmbH
Westendhof 5-9
D
45143 Essen
Private limited company
08.03.2012 -
15.10.2012 Manager
Jorge Zubialde Legarreta
CH
Baar
08.03.2012 -
24.08.2012 Manager
Martin Wald
D
56288 Hollnich
29.12.2000 -
08.07.2010 Manager
Lars Christoph Schäfer
D
45527 Hattingen
Main industrial sector
28290 Manufacture of other
general-purpose machinery
Works:
Spicer
Gelenkwellenbau GmbH
Zweite
Schnieringstr. 49
D
45329 Essen
Branch:
Spicer
Gelenkwellenbau GmbH
Röntgenstr. 8
D
85221 Dachau
TEL.:
08131/66999-0
Payment
experience: within agreed terms
Negative
information: We have no negative
information at hand.
Balance sheet
year: 2011
Type of ownership: Tenant
Address Westendhof 5-9
D 45143 Essen
Land register documents were not available.
COMMERZBANK, ESSEN, RUHR
Sort. code: 36040039,
Account no.: 1203090, BIC: COBADEFF360
DEUTSCHE BANK, ESSEN, RUHR
Sort. code: 36070050,
Account no.: 1491414, BIC: DEUTDEDEXXX
Turnover: 2011 EUR 134,393,681.00
2012 EUR 130,000,000.00
Profit: 2011 EUR 18,399,608.00
further business figures:
Ac/ts receivable: EUR 90,374,899.00
Liabilities: EUR 28,651,936.00
Employees:
530
Control and
profit transfer agreement to:
DANA GmbH
Reinzstr. 3-7
D 89233 Neu-Ulm
Balance sheet ratios 01.01.2011 - 31.12.2011
Equity ratio [%]: 9.65
Liquidity ratio: 3.19
Return on total capital [%]: 17.40
Balance sheet ratios 01.01.2010 - 31.12.2010
Equity ratio [%]: 11.57
Liquidity ratio: 8.88
Return on total capital [%]: 16.47
Balance sheet ratios 01.01.2009 - 31.12.2009
Equity ratio [%]: 13.04
Liquidity ratio: 4.23
Return on total capital [%]: 15.69
Balance sheet ratios 01.01.2008 - 31.12.2008
Equity ratio [%]: 9.77
Liquidity
ratio: 1.98
Return on total capital [%]: 27.64
Equity ratio
The equity ratio indicates the portion of the equity as compared
to the total capital. The higher the equity ratio, the better the
economic stability (solvency) and thus the financial autonomy of
a company.
Liquidity ratio
The liquidity ratio shows the proportion between adjusted
receivables and net liabilities. The higher the ratio, the lower
the company's financial dependancy from external creditors.
Return on total
capital
The return on total capital shows the efficiency and return on
the total capital employed in the company. The higher the return
on total capital, the more economically does the company work
with the invested capital.
Type
of balance
sheet: Company balance sheet
Financial year: 01.01.2011 - 31.12.2011
ASSETS EUR 105,736,833.00
Fixed assets
EUR 6,876,981.00
Intangible assets EUR 12,217.00
Other / unspecified intangible assetsEUR 12,217.00
Tangible assets
EUR 6,099,367.00
Other / unspecified tangible assets
EUR 6,099,367.00
Financial assets EUR 765,397.00
Other / unspecified financial assets EUR 765,397.00
Current assets
EUR 98,847,046.00
Stocks
EUR 6,458,224.00
Raw materials, consumables and
supplies
EUR 2,284,308.00
Finished goods / work in progress
EUR 4,173,916.00
Accounts receivable
EUR 90,374,899.00
Trade debtors EUR 12,919,250.00
Amounts due from related companies
EUR 76,708,192.00
Other debtors and assets
EUR 747,457.00
Investments in current assets
EUR 1,711,171.00
Other investments
EUR 1,711,171.00
Liquid means
EUR 302,752.00
Remaining other assets
EUR 12,806.00
Accruals (assets)
EUR 12,806.00
LIABILITIES EUR 105,736,833.00
Shareholders' equity
EUR 10,190,732.00
Capital
EUR 2,000,000.00
Subscribed capital (share capital)
EUR 2,000,000.00
Reserves
EUR 8,190,732.00
Capital reserves
EUR 8,190,732.00
Provisions
EUR 66,894,165.00
Pension provisions and comparable
provisions EUR 57,356,702.00
Other / unspecified provisions
EUR 9,537,463.00
Liabilities
EUR 28,651,936.00
Other liabilities
EUR 28,651,936.00
Trade creditors (for IAS incl. bills
of exchange)
EUR 7,890,714.00
Liabilities from received advance
payments
EUR 679,515.00
Liabililties due to related companiesEUR 19,628,123.00
Unspecified other liabilities
EUR 453,584.00
PROFIT AND LOSS ACCOUNT (cost-summary method)
according to Comm.
Code
(HGB)
Sales
EUR 134,393,681.00
Inventory change + own costs (+/-)
EUR 226,976.00
Inventory change (+/-)
EUR 226,976.00
Other operating income
EUR 7,025,548.00
Cost of materials
EUR 66,764,723.00
Raw materials and supplies, purchased
goods
EUR 63,599,819.00
Purchased services
EUR 3,164,904.00
Gross result (+/-)
EUR 74,881,482.00
Staff expenses
EUR 31,028,741.00
Wages and salaries
EUR 25,668,857.00
Social security contributions and
expenses for pension plans and
benefits
EUR 5,359,884.00
Total depreciation
EUR 1,935,748.00
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus.
EUR 1,935,748.00
Other operating expenses
EUR 22,188,465.00
Operating result from continuing
operations
EUR 19,728,528.00
Result from participating interests
(+/-)
EUR 18,256.00
Expenses / income from participations EUR 18,256.00
Income from related companies
EUR 18,256.00
Interest result (+/-)
EUR -1,342,229.00
Interest and similar income
EUR 1,711,224.00
Interest and similar expenses
EUR 3,053,453.00
Financial result (+/-)
EUR -1,323,973.00
Result from ordinary operations (+/-)
EUR 18,404,555.00
Expenses for transfer of profits to a
parent company EUR 18,399,608.00
Other taxes / refund of taxes
EUR -4,947.00
Tax
(+/-)
EUR -4,947.00
Annual surplus / annual deficit
EUR 0.00
Type
of balance
sheet: Company balance sheet
Financial year: 01.01.2010 - 31.12.2010
ASSETS EUR 88,099,646.00
Fixed assets
EUR 7,430,753.00
Intangible assets EUR 26,012.00
Other / unspecified intangible assetsEUR 26,012.00
Tangible assets
EUR 6,888,853.00
Other / unspecified tangible assets
EUR 6,888,853.00
Financial assets
EUR 515,888.00
Other / unspecified financial assets EUR 515,888.00
Current assets
EUR 80,609,794.00
Stocks
EUR 5,606,882.00
Raw materials, consumables and
supplies
EUR 1,659,942.00
Finished goods / work in progress
EUR 3,946,940.00
Accounts receivable
EUR 70,413,467.00
Trade debtors EUR 9,491,764.00
Amounts due from related companies
EUR 60,914,574.00
Other debtors and assets
EUR 7,129.00
Investments in current assets
EUR 1,711,171.00
Other investments
EUR 1,711,171.00
Liquid means
EUR 2,878,274.00
Remaining other assets
EUR 59,099.00
Accruals (assets)
EUR 59,099.00
LIABILITIES EUR 88,099,646.00
Shareholders' equity
EUR 10,190,732.00
Capital
EUR 2,000,000.00
Subscribed capital (share capital)
EUR 2,000,000.00
Reserves
EUR 8,190,732.00
Capital reserves
EUR 8,190,732.00
Provisions
EUR 67,084,780.00
Pension provisions and comparable
provisions
EUR 56,949,742.00
Other / unspecified provisions
EUR 10,135,038.00
Liabilities
EUR 10,824,134.00
Other liabilities
EUR 10,824,134.00
Trade creditors (for IAS incl. bills
of exchange)
EUR 8,733,040.00
Liabilities from received advance
payments
EUR 584,000.00
Liabililties due to related companiesEUR 640,242.00
Unspecified other liabilities
EUR 866,852.00
PROFIT AND LOSS ACCOUNT (cost-summary method)
according to Comm.
Code
(HGB)
Sales
EUR 108,764,962.00
Inventory change + own costs (+/-)
EUR 1,775,220.00
Inventory change (+/-)
EUR 1,775,220.00
Other operating income
EUR 5,494,313.00
Cost of materials
EUR 50,278,729.00
Raw materials and supplies, purchased
goods
EUR 47,684,833.00
Purchased services
EUR 2,593,896.00
Gross result (+/-)
EUR 65,755,766.00
Staff expenses
EUR 30,037,840.00
Wages and salaries
EUR 24,022,290.00
Social security contributions and
expenses for pension plans and
benefits
EUR 6,015,550.00
Total depreciation
EUR 1,958,906.00
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus.
EUR 1,958,906.00
Other operating expenses EUR 17,526,261.00
Operating result from continuing
operations
EUR 16,232,759.00
Result from participating interests
(+/-)
EUR 6,754.00
Expenses / income from participations EUR 6,754.00
Income from related companies
EUR 6,754.00
Interest result (+/-)
EUR -1,730,382.00
Interest and similar income
EUR 1,667,267.00
Interest
and similar expenses EUR 3,397,649.00
Financial result (+/-)
EUR -1,723,628.00
Result from ordinary operations (+/-)
EUR 14,509,131.00
Extraordinary expenses
EUR 15,331,896.00
Extraordinary result (+/-)
EUR -15,331,896.00
Income from assumption of loss by
parent company
EUR 827,312.00
Other taxes / refund of taxes
EUR -4,547.00
Tax
(+/-) EUR -4,547.00
Annual surplus / annual deficit
EUR 0.00
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.59 |
|
UK Pound |
1 |
Rs.92.92 |
|
Euro |
1 |
Rs.78.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.