MIRA INFORM REPORT

 

 

Report Date :

05.08.2014

 

IDENTIFICATION DETAILS

 

Name :

RENK-MAAG GMBH

 

 

Registered Office :

Sulzer-Allee 46, Postfach 3068 8404 Winterthur/ZH

 

 

Country :

Switzerland/CH

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

17.01.2007

 

 

Com. Reg. No.:

020.4.034.680-2 / 860176

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

The subject is involved in the development, manufacture, assembly and distribution of couplings, gear pumps, turbo- and marine transmissions for the oil- and gas industry and energy suppliers.

 

 

No. of Employees

100

 

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 :

No Complaints

 

 

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Switzerland

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SWITZERLAND - ECONOMIC OVERVIEW

 

Switzerland is a peaceful, prosperous, and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies. The Swiss have brought their economic practices largely into conformity with the EU's to enhance their international competitiveness, but some trade protectionism remains, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of all Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled export demand and put Switzerland in a recession. The Swiss National Bank (SNB) during this period effectively implemented a zero-interest rate policy to boost the economy as well as prevent appreciation of the franc, and Switzerland's economy began to recover in 2010. The sovereign debt crises currently unfolding in neighboring euro-zone countries pose a significant risk to Switzerland's financial stability and are driving up demand for the Swiss franc by investors seeking a safe-haven currency. The independent SNB has upheld its zero-interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell below 2% per year during 2011-13. Switzerland has also come under increasing pressure from individual neighboring countries, the EU, the US, and international institutions to reform its banking secrecy laws. Consequently, the government agreed to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The government has renegotiated its double taxation agreements with numerous countries, including the US, to incorporate the OECD standard, and is considering the possibility of imposing taxes on bank deposits held by foreigners. These steps will have a lasting impact on Switzerland's long history of bank secrecy.

 

Source : CIA

 

 

 

Company name and address

 

RENK-MAAG GMBH

 

Operating address:

Sulzer-Allee 46

Postfach 3068

8404 Winterthur/ZH

Switzerland/CH

 

Telephone:                      052 2628988

Fax:                               052 2628989

 

Web site:                        http://www.renk-maag.ch

E-mail:                            info@renk-maag.ch

 

VAT-No.:                         CHE113381663

 

 

Profile

 

Established:                    2007

Line of Business:             Machinery

Industry Division:             Manufacturing

Industry-code (NACE):     2815       Manufacture of bearings, gears, gearing and driving elements

Import/Export:                 Import, Export

Quality certification:         ISO 9001:2008

  ISO 14001:2004

  OHSAS 18001

Banks:                            CS Credit Suisse

 

 

Operational Figures

 

Coverage:                        Company

Figures:                          estimated

Employees:                     100

Sales:                             CHF 31,000,000.--

 

 

Activity

 

The company is involved in the development, manufacture, assembly and distribution of couplings, gear pumps, turbo- and marine transmissions for the oil- and gas industry and energy suppliers. Furthermore, it revises and repairs those products as well.

 

Trade mark:       MAAG

production area: 6000m2

 

 

Real Estate

 

Real Estate:                    It is understood that the company owns certain property.

 

 

Company Register

 

Company No:                  020.4.034.680-2 / 860176

Legal form:                      Limited Liability Company

Registration:                    17.01.2007

Legal status:                   active

Responsible Register:      Handelsregister des Kantons Zürich

History:                           Date of Statutes: 01.02.2008

Date of Incorporation Statutes: 12.01.2007

 

Entry          Deleted      Name

23.05.2007                    RENK-MAAG GmbH

23.05.2007                    RENK-MAAG Sàrl (Name translated)

23.05.2007                    RENK-MAAG LLC (Name translated)

17.01.2007  23.05.2007  RENK (Schweiz) GmbH

17.01.2007  23.05.2007  RENK (Suisse) Sàrl (Name translated)

17.01.2007  23.05.2007  RENK (Switzerland) LLC (Name translated)

 

Entry          Deleted      Legal domicile

23.05.2007                    Winterthur, Switzerland

17.01.2007  23.05.2007  Zürich, Switzerland

 

Entry          Deleted      Address

23.05.2007                    Sulzer-Allee 46, 8404 Winterthur, Switzerland/CH

 

Entry          Deleted      Capital

06.02.2008                    LLC Capital CHF 2,500,000

 

Entry          Deleted      Capital Structure

06.02.2008                    125 Participation shares of CHF 20,000.--

 

 

Official Administration

 

Title                                           Name

General Partner                           Renk Aktiengesellschaft, Origin: Germany, Residential address: Augsburg, Germany, without signature, Registered since: 17.01.2007

 

 

Management

 

Title                                           Name

General Manager                         Thomas Fritschi, Origin: Freienstein-Teufen, Switzerland, Residential address: Winkel, Switzerland, joint signature of two, Registered since: 28.01.2014

General Manager                         Ulrich Sauter, Origin: Germany, Residential address: Wertingen , Germany, joint signature of two, Registered since: 22.03.2010

Director                                       Erich Schreier, Origin: Zürich, Switzerland, Residential address: Hüntwangen, Switzerland, joint signature of two, Registered since: 29.06.2007

Member with procuration              Marcel Althaus, Origin: Langnau im Emmental, Switzerland, Residential address: Rickenbach/ZH, Switzerland, joint power of attorney of two, Registered since: 11.07.2014

Member with procuration              Thomas Güntensperger, Origin: Eschenbach, Switzerland, Residential address: Uster/ZH, Switzerland, joint power of attorney of two, Registered since: 29.06.2007

Member with procuration              Michael Hartung, Origin: Russikon, Switzerland, Residential address: Hüttwilen, Switzerland, joint power of attorney of two, Registered since: 20.11.2012

Member with procuration              Michael Waldburger, Origin: Teufen, Switzerland, Residential address: Nürensdorf, Switzerland, joint power of attorney of two, Registered since: 22.12.2009

 

 

External Positions

 

Title                                             Name

Auditor                                          PricewaterhouseCoopers AG, Residential address: Zürich, Switzerland,                                     

                                                    Registered since: 26.08.2010

 

 

Executive board

 

Title                                                                             Name

Chief Executive Officer                                                    Thomas Fritschi

Chief Financial Officer, Chief Administration Officer           Erich Schreier

Chief Purchase Officer, Chief Logistics Officer                  Thomas Güntensperger

 

 

Financial Data RENK-MAAG GmbH

 

Consolidation:                           unconsolidated

Industry:                                   Trade/Industry

 

Fiscal year end:                                        31.12.2012        31.12.2011

Number of months:                                          12                    12

Currency:                                                   th. CHF             th. CHF

 

Result before minority interests                         2,872.0             3,268.0

Total shareholders equity                                13,744.0           12,472.0

 

 

Financial Data MAN Group

 

Consolidation:                 consolidated (Segment)

Industry:                         Trade/Industry

 

Fiscal year end:                                        31.12.2012        31.12.2011        31.12.2010        31.12.2009        31.12.2008

Number of months:                                          12                    12                    12                    12                    12

Currency:                                                  mil. EUR           mil. EUR           mil. EUR           mil. EUR           mil. EUR

 

Balance Sheet

Intangible fixed assets                                     2,140.0             1,883.0

Land and buildings                                           1,010.0                951.0

Other tangible fixed assets                               1,235.0             1,140.0

Tangible fixed assets                                       2,245.0             2,091.0

Financial fixed assets                                      2,223.0             2,089.0

other fixed assets                                            5,144.0             4,560.0

Fixed assets                                                 11,752.0           10,623.0

Stocks                                                           3,373.0             3,513.0

Trade accounts receivable                                2,141.0             2,331.0

Liquid assets                                                  1,366.0                957.0

Securities                                                             1.0                   1.0

other trade accounts                                        1,185.0             1,157.0

Accruals                                                            100.0                  88.0

Other current assets                                        2,652.0             2,203.0

Current assets                                                8,166.0             8,047.0

Total assets                                                  19,918.0           18,670.0           17,431.0           15,895.0           16,530.0

 

Capital                                                              376.0                376.0

Other shareholders funds                                 5,174.0             5,152.0

Total shareholders equity                                 5,550.0             5,528.0             5,990.0             5,129.0             5,396.0

Minority interests                                                 69.0                  62.0

long term debt (financial debts)                         2,966.0             1,976.0

Provisions                                                          684.0                709.0

Other non current liabilities                               2,655.0             2,053.0

Non current liabilities                                       6,305.0             4,738.0

short term debt (financial debts)                        2,333.0             1,194.0

Trade accounts payable                                   2,006.0             2,324.0

Provisions                                                       1,166.0             1,485.0

Accruals                                                            908.0                823.0

other accounts payable                                    1,581.0             2,516.0

other current liabilities                                      3,655.0             4,824.0

Current liabilities                                              7,994.0             8,342.0

Shareh. equity, min. interests + liabilities         19,918.0           18,670.0

 

Profit and loss account

Sales                                                            15,948.0           16,562.0

Reduction of proceeds                                        176.0                  90.0

Net sales                                                      15,772.0           16,472.0

Other operating revenue                                      540.0                622.0

Operating revenue                                          16,312.0           17,094.0           14,675.0           12,026.0           14,945.0

Cost of goods sold                                         12,499.0           12,791.0

Gross profit                                                     3,813.0             4,303.0

Other operating expenses                                3,008.0             3,006.0

Operating result                                                 805.0             1,297.0             1,035.0                504.0             1,729.0

Interest revenues                                                  35.0                  69.0

other financial revenues                                        63.0                559.0

Financial income                                                  98.0                628.0

Interest expenses                                               347.0                203.0

other financial expenses                                     245.0                600.0

Financial expenses                                            592.0                803.0

Financial result                                                 -494.0               -175.0

Result before extraordinary items                         311.0             1,122.0

Extraordinary income                                             0.0                   0.0

Extraordinary expenses                                          0.0                441.0

Extraordinary Result                                              0.0               -441.0

Result before taxes                                            311.0                681.0

Taxes                                                                122.0                434.0

Result before minority interests                           189.0                247.0                722.0               -258.0             1,247.0

minority interests                                                 12.0                   9.0

Result for the financial year                                 177.0                238.0

 

Cash flow

Depreciation                                                      464.0                448.0                456.0                414.0                321.0

Cash flow                                                          653.0                695.0

Cash flow from operating activities                        -84.0                518.0

Investments in tangible fixed assets                     754.0                601.0                391.0                366.0                603.0

Cash flow from investing activities                    -1,233.0               -637.0

Cash flow from financing activities                     1,753.0                  58.0

Others                                                               -27.0                 -39.0

Change in liquidity                                              409.0               -100.0

Liquidity at beginning of the year                          957.0             1,057.0

Liquidity at end ot the year                               1,366.0                957.0

 

Notes

Cost of employees                                           3,266.0             3,093.0             2,649.0             2,464.0             2,804.0

Research and Development                                 830.0                740.0                626.0                504.0                493.0

Orders received                                             15,889.0           17,145.0           15,072.0             9,860.0           14,033.0

Added value                                                    4,630.0             5,106.0

Working Capital                                               3,508.0             3,520.0

Sales per Employee                                               0.3                   0.3

Market capitalisation                                      11,842.0             9,978.0

Gross cost land and buildings                           1,995.0             1,869.0

Gross cost other tangible fixed assets               3,534.0             3,322.0

Gross cost total                                              5,529.0             5,191.0

 

Employees  at year end                                    54,283              52,542              47,669              47,743              51,321

Employees  average                                         52,499              48,986

Employees inland                                             30,513              30,187              27,354              26,768              28,753

Employees abroad                                            23,770              22,355              20,315              20,975              22,568

 

 

Financial Data VOLKSWAGEN AKTIENGESELLSCHAFT

 

Consolidation:                                       consolidated

Industry:                                               Trade/Industry

 

Fiscal year end:                                        31.12.2012        31.12.2011        31.12.2010        31.12.2009        31.12.2008

Number of months:                                          12                    12                    12                    12                    12

Currency:                                                  mil. EUR           mil. EUR           mil. EUR           mil. EUR           mil. EUR

 

Balance Sheet

Intangible fixed assets                                    46,297.0

Tangible fixed assets                                     39,424.0

Financial fixed assets                                    17,610.0

other fixed assets                                          93,252.0

Fixed assets                                               196,583.0

Stocks                                                          28,674.0

Liquid assets                                                 18,488.0

Current assets                                             113,061.0

Total assets                                                309,644.0          253,626.0         199,393.0          177,178.0         167,919.0

 

Capital                                                                                   1,191.0             1,191.0             1,025.0             1,024.0

Total shareholders equity                                77,515.0           63,354.0           48,712.0           35,281.0           35,011.0

Minority interests                                             4,310.0

long term debt (financial debts)                       28,721.0

Provisions                                                     38,342.0

Other non current liabilities                             55,243.0

Non current liabilities                                    122,306.0

Current liabilities                                          105,513.0

Shareh. equity, min. interests + liabilities       309,644.0

 

Profit and loss account

Net sales                                                    192,676.0

Operating revenue                                                                159,337.0         126,875.0          105,187.0         113,808.0

Operating result                                             24,969.0           11,271.0             7,141.0             1,855.0             6,333.0

Result before minority interests                                               15,799.0             7,226.0                911.0             4,688.0

Result for the financial year                             21,716.0

 

Cash flow

Investments in tangible fixed assets                                        15,998.0             9,095.0           10,252.0           19,266.0

 

Notes

Cost of employees                                                                 23,854.0           19,027.0           16,027.0           15,784.0

 

Employees  average                                                               454,025            389,000            367,000            357,000

Employees inland                                                                   195,657            178,000            173,000            178,000

Employees abroad                                                                  258,368            211,000            194,000            179,000

 

 

Ultimate Parent Company

 

Name:                            VOLKSWAGEN AKTIENGESELLSCHAFT

City/Country:                   Wolfsburg, Germany/DE

 

 

Owner/-s

 

No. of Owner/-s:              1

Owner:                            The company is foreign owned.

 

Class:                             100%

Type:                              direct, Group-Level 3

Name:                            Renk Aktiengesellschaft

City/Country:                   Augsburg/Bayern, Germany/DE

Capital share:                  CHF 2,500,000.--

Interest:                          100,00% voting right, 100,00% capital interest (since 17.01.2007)

 

Class:                             50-100%

Type:                              indirect, Group-Level 1

Name:                            VOLKSWAGEN AKTIENGESELLSCHAFT

City/Country:                   Wolfsburg, Germany/DE

Interest:                          56,22% voting right, 56,22% capital interest (since 17.01.2007)

 

Class:                             50-100%

Type:                              indirect, Group-Level 2

Name:                            MAN SE

City/Country:                   München, Germany/DE

Interest:                          76,00% voting right, 76,00% capital interest (since 17.01.2007)

 

 

Investments

 

It is believed that the company has no investments.

 

 

Legal Actions

 

Control date         Year                       No.             Amount CHF     Status

01.07.2014            2014                           0

01.07.2014            2013                           0

01.07.2014            2012                           0

01.07.2014            2011                           0

01.07.2014            2010                           0

01.07.2014            2009                           0

 

An updated legal action check is only available against proof of interest. e.g. a copy of an enquiry letter, and order or invoice relating to the subject company.

 

 

Credit Information

 

Financial Situation:        The financial situation is good.

 

Payment experiences:    There are no objections regarding the payment of financial obligations.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.02

UK Pound

1

Rs.102.69

Euro

1

Rs.81.91

                

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SDA

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.