MIRA INFORM REPORT

 

 

Report Date :

03.12.2014

 

IDENTIFICATION DETAILS

 

Name :

VORWERK AUTOTEC GMBH & CO. KG

 

 

Registered Office :

Obere Lichtenplatzer Str. 336, D 42287 Wuppertal

 

 

Country :

Germany

 

 

Date of Incorporation :

29.01.2002

 

 

Legal Form :

Limited Partnership With Private Limited Company as General Partner

 

 

Line of Business :

·         Manufacture of other parts and accessories for motor vehicles

·         Wholesale trade in motor vehicle parts and accessories

 

 

No of Employees :

170

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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)

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, has contributed to strong growth 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 5.3% in 2013. The new German government introduced a minimum wage of $11 per hour to take effect in 2015. 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 and 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. 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

Company name & address

 

VORWERK AUTOTEC GMBH & CO. KG

 

 Company Status:         active

                                    Obere Lichtenplatzer Str. 336

                                    D 42287 Wuppertal

                                    Telephone:0202/560-0

                                    Telefax:  0202/560-566

                                    Homepage: www.vorwerk-autotec.de

                                    E-mail:   info@vorwerk-autotec.de

 

 VAT no.:                      DE813359330

 

 

CONCLUSION

 

 Business relations are permissible.

 

 

 LEGAL FORM           Ltd partnership with priv. ltd. company as

                      general partner

 Date of foundation:  29.01.2002

 Registered on:       29.01.2002

 Register of

 companies:           Local court 42103 Wuppertal

 under:               HRA 17355

 

 Total cap. contribution:                EUR          5,000,000.00

 

 Limited partner:

                      Vorwerk & Sohn GmbH & Co. KG

                      Obere Lichtenplatzer Str. 336

                      D 42287 Wuppertal

                      Post Box:

                      20 19 64

                      Legal form: Ltd partnership with priv. ltd.

                      company as general partner

                      Total cap.         EUR          5,200,000.00

                      contribution:

                      Share:             EUR          5,000,000.00

                      Registered on: 02.06.1904

                      Reg. data: 42103 Wuppertal, HRA 7335

 General partner:

                      Vorwerk & Sohn Verwaltungs GmbH

                      Obere Lichtenplatzer Str. 336

                      D 42287 Wuppertal

                      Legal form: Private limited company

                      Share capital:     EUR             25,564.59

                      Registered on: 09.01.1995

                      Reg. data: 42103 Wuppertal, HRB 8516

 

 Shareholder:

                      Vorwerk & Sohn GmbH & Co. KG

                      Obere Lichtenplatzer Str. 336

                      D 42287 Wuppertal

                      Post Box:

                      20 19 64

                      Legal form: Ltd partnership with priv. ltd.

                      company as general partner

                      Total cap.         EUR          5,200,000.00

                      contribution:

                      Share:             EUR             25,564.59

                      Registered on: 02.06.1904

                      Reg. data: 42103 Wuppertal, HRA 7335

 Manager:

                      Heinz-Peter Cöllen

                      Am Freudenberg 25

                      D 42119 Wuppertal

                      having sole power of representation

                      born: 13.04.1947

                      Profession: Fully qualified merchant

                      Marital status: married

 Manager:

                      Dr. Wilfried Beneker

                      D 42799 Leichlingen

                      having sole power of representation

                      born: 04.12.1963

 Manager:

                      Dr. Jürgen Möller

                      D 53894 Mechernich

                      having sole power of representation

                      born: 21.03.1964

 Proxy:

                      Guido Cremer

                      D 53489 Sinzig

                      authorized to jointly represent the company

                      born: 03.05.1967

 Proxy:

                      Guido Cremer

                      D 53489 Sinzig

                      authorized to jointly represent the company

                      born: 03.05.1967

 Proxy:

                      Florian Daum

                      D 42287 Wuppertal

                      authorized to jointly represent the company

                      born: 08.02.1974

 

BUSINESS ACTIVITIES

 

 Main industrial sector

29320   Manufacture of other parts and accessories for motor vehicles

4531    Wholesale trade in motor vehicle parts and accessories

 

Payment experience:  within agreed terms

 

 Negative information:We have no negative information at hand.

 

 

REAL ESTATE

 

 Type of ownership:   Tenant

 Address              Obere Lichtenplatzer Str. 336

                      D 42287 Wuppertal

 

 Real Estate of:      Vorwerk & Sohn Verwaltungs GmbH

 Type of ownership:   Tenant

 Address              Obere Lichtenplatzer Str. 336

                      D 42287 Wuppertal

 

 Real Estate of:      Vorwerk & Sohn GmbH & Co. KG

 Type of ownership:   proprietor

 Share:                100.00 %

 Address              Obere Lichtenplatzer Str. 336

                      D 42287 Wuppertal

 

 Land register documents were not available.

 

 

BANKERS

 

 Principal bank

 STADTSPARKASSE WUPPERTAL, 42097 WUPPERTAL

 Sort. code: 33050000, Account no.: 104711

 BIC: WUPSDE33XXX

 

 Further banks

 DEUTSCHE BANK, 42097 WUPPERTAL

 Sort. code: 33070090, Account no.: 641324

 BIC: DEUTDEDWXXX

 COMMERZBANK VORMALS DRESDNER BANK, 42003 WUPPERTAL

 Sort. code: 33080030, Account no.: 5235698

 BIC: DRESDEFF332

 

 

FINANCIAL FIGURES

 

 Financial year:      01.01. - 31.12.

 Employees:                                                    170

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.93

UK Pound

1

Rs.97.39

Euro

1

Rs.77.21

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

TPT

 

 

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.