MIRA INFORM REPORT

 

 

Report Date :

18.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SANDVIK MINING AND CONSTRUCTION EUROPE GMBH

 

 

Registered Office :

Hafenstr. 280 D 45356 Essen

 

 

Country :

Germany

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

18.02.2008

 

 

Legal Form :

Private limited company

 

 

Line of Business :
  • Manufacturing of mining machinery
  • Wholesale of other machinery, equipment and supplies

 

 

No. of Employees :

57

 

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 – 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

 

SANDVIK MINING AND CONSTRUCTION EUROPE GMBH

 

 Company Status:      active

Hafenstr. 280

D 45356 Essen

Telephone:0201/1785-300

Telefax:  0201/1785-700

Homepage: www.miningandconstruction.sandvik.

com

E-mail:   info.smc@sandvik.com

 

 

 CONCLUSION

 

 Business relations are permissible.

 

 

Company summary

 

 LEGAL FORM              Private limited company

 Date of foundation:      18.02.2008

 Shareholders'

 agreement:                   18.02.2008

 Registered on:              05.05.2008

 Commercial Register:   Local court 45130 Essen

 under:                          HRB 20619

           

 Share capital:                          EUR            100,000.00

 

 Shareholder:

                      Sandvik Mining and Construction Deutschland

                      GmbH

                      Heerdter Landstr. 229-243

                      D 40549 Düsseldorf

                      Post Box:

                      10 44 51, D 40035 Düsseldorf

                      Legal form: Private limited company

                      Share capital:     EUR            300,000.00

                      Share:             EUR            100,000.00

                      Registered on: 08.04.2002

                      Reg. data: 40227 Düsseldorf, HRB 42268

                      Profit transfer agreement

 Manager:

                      Michael Per Fajerson

                      D 45356 Essen

                      born: 05.09.1961

 Manager:

                      Martin Friedl

                      A  Grundlsee

                      born: 18.06.1973

                      Nationality: Austrian

 Proxy:

                      Elke Ludat

                      D 45356 Essen

                      authorized to jointly represent the company

                      born: 28.04.1957

 Proxy:

                      Peter van den Berg

                      NL  AD Haps

                      authorized to jointly represent the company

                      born: 22.10.1957

                      Nationality: Dutch

 

 Further functions/participations of Michael Per Fajerson

 (Manager)

 Manager:

                      Sandvik Mining and Construction Central

                      Europe GmbH

                      Hafenstr. 280

                      D 45356 Essen

                      Legal form: Private limited company

                      Share capital:     EUR          4,090,335.05

                      Registered

                      on:         07.11.2000

                      Reg. data:  45130 Essen, HRB 13334

 Manager:

                      Sandvik Mining and Construction Deutschland

                      GmbH

                      Heerdter Landstr. 229-243

                      D 40549 Düsseldorf

                      Post Box:

                      10 44 51, D 40035 Düsseldorf

                      Legal form: Private limited company

                      Share capital:     EUR            300,000.00

                      Registered

                      on:         08.04.2002

                      Reg. data:  40227 Düsseldorf, HRB 42268

 

 Further functions/participations of Martin Friedl (Manager)

 Manager:

                      Sandvik Mining and Construction Central

                      Europe GmbH

                      Hafenstr. 280

                      D 45356 Essen

                      Legal form: Private limited company

                      Share capital:     EUR          4,090,335.05

                      Registered

                      on:         07.11.2000

                      Reg. data:  45130 Essen, HRB 13334

 

 

 BUSINESS ACTIVITIES

 

 Main industrial sector

 28921   Manufacturing of mining machinery

 

3312    Repair of machinery

 

4669    Wholesale of other machinery, equipment and supplies

 

 

 FINANCIAL INFORMATION

 

 Payment experience:  within periods customary in this trade

 

 Negative information:We have no negative information at hand.

 

 BALANCE SHEET YEAR:  2013

 

 

 REAL ESTATE

 

 Type of ownership:       Tenant

 Address                       Hafenstr. 280

                                    D 45356 Essen

 

 Land register documents were not available.

 

 

 BANKERS

 

 COMMERZBANK VORMALS DRESDNER BANK, 45008 ESSEN, RUHR

 Sort. code: 36080080

 BIC: DRESDEFF360

 SEB, 45006 ESSEN, RUHR

 Sort. code: 36010111

 BIC: ESSEDE5F360

 

 

 FINANCIAL FIGURES

 

 Turnover:            2012               EUR        451,183,000.00

                      2013               EUR        380,932,000.00

 Profit:              2012               EUR         -1,065,000.00

                      2013               EUR          1,246,000.00

 further business figures:

 Equipment:                              EUR            116,000.00

 Ac/ts receivable:                       EUR         74,196,000.00

 Liabilities:                            EUR        103,368,000.00

 Employees:                                                     57

 - thereof permanent staff:                                     57

 

 Profit transfer agreement to:

                      Sandvik Mining and Construction Deutschland

                      GmbH

                      Heerdter Landstr. 229-243

                      D 40549 Düsseldorf

                      Post Box:

                      10 44 51, D 40035 Düsseldorf

 

 

 BALANCE SHEETS

 

 Balance sheet ratios 01.01.2013 - 31.12.2013

 Equity ratio [%]:                  2.88

 Liquidity ratio:                   0.73

 Return on total capital [%]:       1.08

 

 Balance sheet ratios 01.01.2012 - 31.12.2012

 Equity ratio [%]:                  0.69

 Liquidity ratio:                   0.72

 Return on total capital [%]:      -0.80

 

 Balance sheet ratios 01.01.2011 - 31.12.2011

 Equity ratio [%]:                 -3.18

 Liquidity ratio:                   0.67

 Return on total capital [%]:      -7.28

 

 Balance sheet ratios 01.01.2010 - 31.12.2010

 Equity ratio [%]:                  2.63

 Liquidity ratio:                   0.53

 Return on total capital [%]:       0.84

 

 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:                               01.01.2013 - 31.12.2013

 

 ASSETS                                  EUR        115,838,000.00

  Fixed assets                           EUR          7,721,000.00

   Tangible assets                       EUR          7,697,000.00

    Land / similar rights                EUR              2,000.00

    Plant / machinery                    EUR          7,579,000.00

    Other tangible assets / fixtures and

    fittings                             EUR            116,000.00

   Financial assets                      EUR             24,000.00

    Other loans                          EUR             24,000.00

  Current assets                         EUR        108,071,000.00

   Stocks                                EUR         33,681,000.00

    Finished goods / work in progress    EUR         33,347,000.00

    Advance payments made                EUR            334,000.00

   Accounts receivable                   EUR         74,196,000.00

    Trade debtors                        EUR         62,401,000.00

    Amounts due from related companies   EUR          4,383,000.00

    Other debtors and assets             EUR          7,412,000.00

   Liquid means                          EUR            194,000.00

  Remaining other assets                 EUR             46,000.00

   Active difference from asset

   offsetting                            EUR             46,000.00

 

 LIABILITIES                             EUR        115,838,000.00

  Shareholders' equity                   EUR          1,700,000.00

   Capital                               EUR            100,000.00

    Subscribed capital (share capital)   EUR            100,000.00

   Reserves                              EUR          1,600,000.00

    Capital reserves                     EUR          1,600,000.00

  Provisions                             EUR          8,717,000.00

   Other / unspecified provisions        EUR          8,717,000.00

  Liabilities                            EUR        103,368,000.00

   Other liabilities                     EUR        103,368,000.00

    Trade creditors (for IAS incl. bills

    of exchange)                         EUR          7,645,000.00

    Liabilities from received advance

    payments                             EUR          2,306,000.00

    Liabililties due to related companiesEUR         88,443,000.00

    Unspecified other liabilities        EUR          4,974,000.00

     thereof liabilities from tax /

     financial authorities               EUR          3,829,000.00

     thereof liabilities from social

     security                            EUR              1,000.00

  Other liabilities                      EUR          2,053,000.00

   Deferrals (liabilities)               EUR          2,053,000.00

 

 

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

 Code (HGB)

  Sales                                  EUR        380,932,000.00

  Inventory change + own costs (+/-)     EUR         -1,340,000.00

   Inventory change (+/-)                EUR         -1,340,000.00

  Other operating income                 EUR         20,561,000.00

  Cost of materials                      EUR        309,600,000.00

   Raw materials and supplies, purchased

   goods                                 EUR        284,061,000.00

   Purchased services                    EUR         25,539,000.00

  Gross result (+/-)                     EUR         90,553,000.00

  Staff expenses                         EUR          8,053,000.00

   Wages and salaries                    EUR          7,166,000.00

   Social security contributions and

   expenses for pension plans and

   benefits                              EUR            887,000.00

  Total depreciation                     EUR          4,512,000.00

   Depreciation on tangible / intangible

   asssets (incl. start-up and exp. of

   bus.                                  EUR          4,512,000.00

  Other operating expenses               EUR         74,570,000.00

  Operating result from continuing

  operations                             EUR          3,418,000.00

  Interest result (+/-)                  EUR         -2,172,000.00

   Interest and similar income           EUR             33,000.00

    thereof from related companies       EUR                  0.00

   Interest and similar expenses         EUR          2,205,000.00

    thereof paid to related companies    EUR          1,773,000.00

  Financial result (+/-)                 EUR         -2,172,000.00

  Result from ordinary operations (+/-)  EUR          1,246,000.00

  Expenses for transfer of profits to a

  parent company                         EUR          1,246,000.00

  Annual surplus / annual deficit        EUR                  0.00

 

 TYPE OF BALANCE  SHEET:               COMPANY BALANCE SHEET

 

 FINANCIAL YEAR:                                01.01.2012 - 31.12.2012

 

 ASSETS                                  EUR        134,694,000.00

  Fixed assets                           EUR          6,709,000.00

   Tangible assets                       EUR          6,685,000.00

    Land / similar rights                EUR              3,000.00

    Plant / machinery                    EUR          6,548,000.00

    Other tangible assets / fixtures and

    fittings                             EUR            134,000.00

   Financial assets                      EUR             24,000.00

    Other loans                          EUR             24,000.00

  Current assets                         EUR        127,951,000.00

   Stocks                                EUR         37,978,000.00

    Finished goods / work in progress    EUR         37,971,000.00

    Advance payments made                EUR              7,000.00

   Accounts receivable                   EUR         88,709,000.00

    Trade debtors                        EUR         77,907,000.00

    Amounts due from related companies   EUR          5,757,000.00

    Other debtors and assets             EUR          5,045,000.00

   Liquid means                          EUR          1,264,000.00

  Remaining other assets                 EUR             34,000.00

   Active difference from asset

   offsetting                            EUR             34,000.00

 

 LIABILITIES                             EUR        134,694,000.00

  Shareholders' equity                   EUR          1,700,000.00

   Capital                               EUR            100,000.00

    Subscribed capital (share capital)   EUR            100,000.00

   Reserves                              EUR          1,600,000.00

    Capital reserves                     EUR          1,600,000.00

  Provisions                             EUR          7,256,000.00

   Other / unspecified provisions        EUR          7,256,000.00

  Liabilities                            EUR        124,086,000.00

   Other liabilities                     EUR        124,086,000.00

    Trade creditors (for IAS incl. bills

    of exchange)                         EUR          7,312,000.00

    Liabilities from received advance

    payments                             EUR          5,998,000.00

    Liabililties due to related companiesEUR        104,782,000.00

    Unspecified other liabilities        EUR          5,994,000.00

     thereof liabilities from tax /

     financial authorities               EUR          5,696,000.00

     thereof liabilities from social

     security                            EUR              3,000.00

  Other liabilities                      EUR          1,652,000.00

   Deferrals (liabilities)               EUR          1,652,000.00

 

 

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

 Code (HGB)

 

Sales                                  EUR        451,183,000.00

  Inventory change + own costs (+/-)     EUR          2,002,000.00

   Inventory change (+/-)                EUR          2,002,000.00

  Other operating income                 EUR         18,595,000.00

  Cost of materials                      EUR        393,020,000.00

   Raw materials and supplies, purchased

   goods                                 EUR        367,003,000.00

   Purchased services                    EUR         26,017,000.00

  Gross result (+/-)                     EUR         78,760,000.00

  Staff expenses                         EUR          6,687,000.00

   Wages and salaries                    EUR          5,878,000.00

   Social security contributions and

   expenses for pension plans and

   benefits                              EUR            809,000.00

  Total depreciation                     EUR          3,610,000.00

   Depreciation on tangible / intangible

   asssets (incl. start-up and exp. of

   bus.                                  EUR          3,610,000.00

  Other operating expenses               EUR         67,386,000.00

  Operating result from continuing

  operations                             EUR          1,077,000.00

  Interest result (+/-)                  EUR         -2,142,000.00

   Interest and similar income           EUR            151,000.00

    thereof from related companies       EUR            108,000.00

   Interest and similar expenses         EUR          2,293,000.00

    thereof paid to related companies    EUR          2,109,000.00

  Financial result (+/-)                 EUR         -2,142,000.00

  Result from ordinary operations (+/-)  EUR         -1,065,000.00

  Income from assumption of loss by

  parent company                         EUR          1,065,000.00

  Annual surplus / annual deficit        EUR                  0.00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.58

UK Pound

1

Rs.99.98

Euro

1

Rs.79.39

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.