MIRA INFORM REPORT

 

 

Report Date :

17.12.2014

 

IDENTIFICATION DETAILS

 

Name :

IMPAC OFFSHORE ENGINEERING GMBH

 

 

Registered Office :

Hohe Bleichen 5 D 20354 Hamburg

 

 

Country :

Germany

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

09.04.1983

 

 

Legal Form :

Private limited company

 

 

Line of Business :

Subject is engaged in engineering activities in the field of technical sectoral

planning and engineering design.

 

 

No. of Employees :

72

 

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 :

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 and address

 

IMPAC OFFSHORE ENGINEERING GMBH

 

 Company Status:      active

                      Hohe Bleichen 5

                      D 20354 Hamburg

                      Telephone:040/3554400

                      Telefax:  040/340500

                      Homepage: www.impac.de

                      E-mail:   info@impac.de

 

 VAT no.:             DE118571456

 

 

 CONCLUSION

 

 Business relations are permissible.

 

 

 LEGAL FORM              Private limited company

 Date of foundation:      09.04.1983

 Shareholders'

 agreement:                   09.04.1983

 Registered on:              01.07.1983

 Commercial Register:   Local court 20355 Hamburg

 under:                          HRB 31140

 

 Share capital:                          EUR          1,000,000.00

 

 Shareholder:

                      IMPaC International GmbH & Co. KG

                      Hochkamp 33

                      D 22113 Oststeinbek

                      Legal form: Ltd partnership with priv. ltd.

                      company as general partner

                      Total cap.         EUR              1,000.00

                      contribution:

                      Share:             EUR            960,000.00

                      Registered on: 17.04.2008

                      Reg. data: 23568 Lübeck, HRA 5515 HL

 Shareholder:

                      IMPaC Mitarbeiterbeteiligungs GbR

                      Hohe Bleichen 5

                      D 20354 Hamburg

                      Legal form: Partnership under the Civil Code

                      Share:             EUR             40,000.00

 Manager:

                      Dr.-Ing. Wolf-Dieter Longrée

                      Hochkamp 33

                      D 22113 Oststeinbek

                      having sole power of representation

                      born: 03.09.1940

                      Profession: graduate engineer

                      Marital status: married

 Manager:

                      Stephan Walther-Longrée

                      D 20095 Hamburg

                      authorized to jointly represent the company

                      born: 25.01.1961

 Manager:

                      Tilman Schiegl

                      D 20354 Hamburg

                      authorized to jointly represent the company

                      born: 02.04.1962

 Proxy:

                      Dr. Heinrich Martin Winter

                      Im Zeesen 5

                      D 21220 Seevetal

                      authorized to jointly represent the company

                      born: 26.11.1964

 Proxy:

                      Dr. Heiko Hosse

                      D 20354 Hamburg

                      authorized to jointly represent the company

                      born: 12.09.1971

 

 Further functions/participations of Dr.-Ing. Wolf-Dieter Longrée

 (Manager)

 Limited partner:

                      IMPaC International GmbH & Co. KG

                      Hochkamp 33

                      D 22113 Oststeinbek

                      Legal form: Ltd partnership with priv. ltd.

                                  company as general partner

                      Total cap.         EUR              1,000.00

                      contribution:

                      Share:             EUR                800.00

                      Registered

                      on:         17.04.2008

                      Reg. data:  23568 Lübeck, HRA 5515 HL

 Shareholder:

                      WDL Beteiligungs GmbH

                      Hochkamp 33

                      D 22113 Oststeinbek

                      Legal form: Private limited company

                      Share capital:     EUR             25,000.00

                      Share:             EUR             25,000.00

                      Registered

                      on:         17.04.2008

                      Reg. data:  23568 Lübeck, HRB 8183 HL

 Manager:

                      IMPaC Engineering SX GmbH

                      Schmiedeberger Str. 6

                      D 04207 Leipzig

                      Legal form: Private limited company

                      Share capital:     EUR             25,564.59

                      Registered

                      on:         13.10.1993

                      Reg. data:  04275 Leipzig, HRB 8032

 Manager:

                      WDL Beteiligungs GmbH

                      Hochkamp 33

                      D 22113 Oststeinbek

                      Legal form: Private limited company

                      Share capital:     EUR             25,000.00

                      Registered

                      on:         17.04.2008

                      Reg. data:  23568 Lübeck, HRB 8183 HL

 

 Further functions/participations of Stephan Walther-Longrée

 (Manager)

 General partner:

                      IMPaC Mitarbeiterbeteiligungs GbR

                      Hohe Bleichen 5

                      D 20354 Hamburg

                      Legal form: Partnership under the Civil Code

 

 Further functions/participations of Tilman Schiegl (Manager)

 General partner:

                      IMPaC Mitarbeiterbeteiligungs GbR

                      Hohe Bleichen 5

                      D 20354 Hamburg

                      Legal form: Partnership under the Civil Code

 

 

 BUSINESS ACTIVITIES

 

 Main industrial sector

 71122   Engineering activities in the field of technical sectoral planning andengineering design

 

 PARTICIPATIONS

 

 Shareholder:

                      IMPaC Engineering SX GmbH

                      Schmiedeberger Str. 6

                      D 04207 Leipzig

                      Legal form: Private limited company

                      Company Status: active

                      Share capital:     EUR             25,564.59

                      Share:             EUR             25,564.59

                      Reg. data:  13.10.1993

                                  Local court 04275 Leipzig

                                  HRB 8032

 

 

 FINANCIAL INFORMATION

 

Payment experience:  within agreed terms

 

 Negative information:We have no negative information at hand.

 

 BALANCE SHEET YEAR:  2012

 

 

 REAL ESTATE

 

 Type of ownership:       Tenant

 Address                       Hohe Bleichen 5

                                    D 20354 Hamburg

 

 Real Estate of:             Dr.-Ing. Wolf-Dieter Longrée

 Type of ownership:       proprietor

 Share:                          100.00 %

 Address                       Hochkamp 33

                                     D 22113 Oststeinbek

 

 Land register documents were not available.

 

 

 BANKERS

 

 COMMERZBANK, 20454 HAMBURG

 Sort. code: 20040000, Account no.: 3880440

 BIC: COBADEHHXXX, IBAN: DE76200400000388044000

 UNICREDIT BANK - HYPOVEREINSBANK, 20454 HAMBURG

 Sort. code: 20030000

 BIC: HYVEDEMM300

 

 

 FINANCIAL FIGURES

 

 Gross profit or loss:2012               EUR          8,551,150.00

                      2013               EUR          8,550,000.00

 Profit:              2012               EUR           -485,622.00

 further business figures:

 Equipment:                              EUR            184,336.00

 Ac/ts receivable:                       EUR          3,908,765.00

 Liabilities:                            EUR          2,868,406.00

 Employees:                                                     72

 

 

 BALANCE SHEETS

 

 Balance sheet ratios 01.01.2012 - 31.12.2012

 Equity ratio [%]:                 31.20

 Liquidity ratio:                   1.53

 Return on total capital [%]:      -9.61

 

 Balance sheet ratios 01.01.2011 - 31.12.2011

 Equity ratio [%]:                 39.48

 Liquidity ratio:                   1.59

 Return on total capital [%]:       6.23

 

 Balance sheet ratios 01.01.2010 - 31.12.2010

 Equity ratio [%]:                 59.37

 Liquidity ratio:                   2.14

 Return on total capital [%]:      -0.26

 

 Balance sheet ratios 01.01.2009 - 31.12.2009

 Equity ratio [%]:                 36.29

 Liquidity ratio:                   1.66

 Return on total capital [%]:       8.48

 

 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.

 

 

Financial data

 

TYPE OF BALANCE  SHEET:               COMPANY BALANCE SHEET

 

 FINANCIAL YEAR:                               01.01.2012 - 31.12.2012

 

 ASSETS                                  EUR          5,093,135.47

  Fixed assets                           EUR            406,910.66

   Intangible assets                     EUR            140,575.00

    Other / unspecified intangible assetsEUR            140,575.00

   Tangible assets                       EUR            184,336.00

    Other tangible assets / fixtures and

    fittings                             EUR            184,336.00

   Financial assets                      EUR             81,999.66

    Shares in participations /

    subsidiaries and the like            EUR             81,999.66

     Shares in investee companies        EUR             81,999.66

  Current assets                         EUR          4,619,968.75

   Stocks                                EUR            419,795.28

   Accounts receivable                   EUR          3,908,764.85

    Amounts due from related companies   EUR          2,446,718.42

    Other debtors and assets             EUR          1,462,046.43

   Liquid means                          EUR            291,408.62

  Remaining other assets                 EUR             66,256.06

   Accruals (assets)                     EUR             66,256.06

 

 LIABILITIES                             EUR          5,093,135.47

  Shareholders' equity                   EUR          1,621,182.25

   Capital                               EUR          1,000,000.00

    Subscribed capital (share capital)   EUR          1,000,000.00

   Reserves                              EUR            200,000.00

    Capital reserves                     EUR            200,000.00

   Balance sheet profit/loss (+/-)       EUR            421,182.25

    Profit / loss brought forward        EUR            906,804.48

    Annual surplus / annual deficit      EUR           -485,622.23

  Provisions                             EUR            603,547.19

  Liabilities                            EUR          2,868,406.03

   thereof total due to shareholders     EUR             16,456.21

   Other liabilities                     EUR          2,868,406.03

    Liabililties due to related companiesEUR             25,343.24

    Unspecified other liabilities        EUR          2,843,062.79

     thereof liabilities from tax /

     financial authorities               EUR            174,068.38

 

 PROFIT AND LOSS ACCOUNT (cost-summary method) according to Comm.

 Code (HGB)

  Gross result (+/-)                     EUR          8,551,150.57

  Staff expenses                         EUR          4,278,932.39

   Wages and salaries                    EUR          3,685,818.68

   Social security contributions and

   expenses for pension plans and

   benefits                              EUR            593,113.71

  Total depreciation                     EUR            273,488.30

   Depreciation on tangible / intangible

   asssets (incl. start-up and exp. of

   bus.                                  EUR            273,488.30

  Other operating expenses               EUR          4,280,216.86

  Operating result from continuing

  operations                             EUR           -281,486.98

  Interest result (+/-)                  EUR           -130,635.38

   Interest and similar income           EUR              3,503.18

   Interest and similar expenses         EUR            134,138.56

  Other financial result                 EUR              3,883.20

   Income from securities and loans from

   financial assets                      EUR              3,883.20

  Financial result (+/-)                 EUR           -126,752.18

  Result from ordinary operations (+/-)  EUR           -408,239.16

  Extraordinary expenses                 EUR              2,968.80

  Extraordinary result (+/-)             EUR             -2,968.80

  Income tax / refund of income tax (+/-)EUR            -73,525.27

  Other taxes / refund of taxes          EUR               -889.00

  Tax (+/-)                              EUR            -74,414.27

  Annual surplus / annual deficit        EUR           -485,622.23

 

 TYPE OF BALANCE SHEET:               COMPANY BALANCE SHEET

 

 FINANCIAL YEAR:                                 01.01.2011 - 31.12.2011

 

 ASSETS                                  EUR          5,146,921.38

  Fixed assets                           EUR            524,089.66

   Intangible assets                     EUR            288,579.00

    Other / unspecified intangible assetsEUR            288,579.00

   Tangible assets                       EUR            153,511.00

    Other tangible assets / fixtures and

    fittings                             EUR            153,511.00

   Financial assets                      EUR             81,999.66

    Shares in participations /

    subsidiaries and the like            EUR             81,999.66

     Shares in investee companies        EUR             81,999.66

  Current assets                         EUR          4,456,805.58

   Stocks                                EUR            422,424.65

   Accounts receivable                   EUR          3,805,910.30

    Amounts due from related companies   EUR          2,444,926.41

    Other debtors and assets             EUR          1,360,983.89

   Investments in current assets         EUR            177,000.00

    Other investments                    EUR            177,000.00

   Liquid means                          EUR             51,470.63

  Remaining other assets                 EUR            166,026.14

   Accruals (assets)                     EUR            119,550.67

   Active difference from asset

   offsetting                            EUR             46,475.47

 

 LIABILITIES                             EUR          5,146,921.38

  Shareholders' equity                   EUR          2,106,804.48

   Capital                               EUR          1,000,000.00

    Subscribed capital (share capital)   EUR          1,000,000.00

   Reserves                              EUR            200,000.00

    Capital reserves                     EUR            200,000.00

   Balance sheet profit/loss (+/-)       EUR            906,804.48

    Profit / loss brought forward        EUR          1,939,107.35

    Annual surplus / annual deficit      EUR         -1,032,302.87

  Provisions                             EUR            582,857.08

  Liabilities                            EUR          2,457,259.82

   thereof total due to shareholders     EUR             12,601.75

   Other liabilities                     EUR          2,457,259.82

    Liabililties due to related companiesEUR            146,525.31

    Unspecified other liabilities        EUR          2,310,734.51

     thereof liabilities from tax /

     financial authorities               EUR            136,742.80

 

 

PROFIT AND LOSS ACCOUNT (cost-summary method) according to Comm.

 Code (HGB)

  Gross result (+/-)                     EUR          8,294,015.11

  Staff expenses                         EUR          3,804,539.26

   Wages and salaries                    EUR          3,282,396.48

   Social security contributions and

   expenses for pension plans and

   benefits                              EUR            522,142.78

  Total depreciation                     EUR            340,397.76

   Depreciation on tangible / intangible

   asssets (incl. start-up and exp. of

   bus.                                  EUR            340,397.76

  Other operating expenses               EUR          3,787,241.80

  Operating result from continuing

  operations                             EUR            361,836.29

  Interest result (+/-)                  EUR            -78,184.55

   Interest and similar income           EUR              5,781.45

   Interest and similar expenses         EUR             83,966.00

  Other financial result                 EUR             39,746.26

   Income from securities and loans from

   financial assets                      EUR             39,746.26

  Financial result (+/-)                 EUR            -38,438.29

  Result from ordinary operations (+/-)  EUR            323,398.00

  Extraordinary expenses                 EUR          1,344,096.99

  Extraordinary result (+/-)             EUR         -1,344,096.99

  Income tax / refund of income tax (+/-)EUR            -11,010.38

  Other taxes / refund of taxes          EUR               -593.50

  Tax (+/-)                              EUR            -11,603.88

  Annual surplus / annual deficit        EUR         -1,032,302.87

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.41

UK Pound

1

Rs.99.31

Euro

1

Rs.79.00

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIS

 

               

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.