.
|
Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
AIR LIQUIDE GLOBAL E&C SOLUTIONS POLAND
SA |
|
|
|
|
Formerly Known as: |
LURGI SA |
|
|
|
|
Registered Office : |
ul. Mogilska 41, 31-545 Kraków |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Establishments: |
1949 |
|
|
|
|
Com. Reg. No.: |
KRS 94583 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Provider of engineering services for chemical and
petrochemical industry |
|
|
|
|
No. of Employees : |
279 (2012) |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Poland |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Poland ECONOMIC OVERVIEW
Poland has
pursued a policy of economic liberalization since 1990 and Poland's economy was
the only one in the European Union to avoid a recession through the 2008-09
economic downturn. Although EU membership and access to EU structural funds
have provided a major boost to the economy since 2004, GDP per capita remains
significantly below the EU average while unemployment continues to exceed the
EU average. The government of Prime Minister Donald TUSK steered the Polish
economy through the economic downturn by skillfully managing public finances
without stifling economic growth and adopted controversial pension and tax
reforms to further shore up public finances. While the Polish economy has
performed well over the past five years, growth slowed in 2012, in part due to
the ongoing economic difficulties in the euro zone. The key policy challenge is
to provide support to the economy through monetary easing, while maintaining
the pace of structural fiscal consolidation. Poland's economic performance
could improve over the longer term if the country addresses some of the
remaining deficiencies in its road and rail infrastructure and its business
environment. An inefficient commercial court system, a rigid labor code, red
tape, and a burdensome tax system keep the private sector from realizing its
full potential.
|
Source : CIA |
AIR
LIQUIDE GLOBAL E&C SOLUTIONS POLAND SA
ul. Mogilska 41
31-545 Kraków
Phone: 12
6272200
Fax: 12
6272370
E-mail: office@lurgi.pl
Website: www.lurgi.pl
Legal form Joint
Stock Company
Stat.no. 351077930
Tax ID PL 6761136130
Establishment 16.05.1996
transformation
Establishment 1949
as State-owned enterprise
16.05.1996
as Joint Stock Company
Changes of names
and addresses LURGI SA
14.12.2013 AIR LIQUIDE GLOBAL
E&C SOLUTIONS POLAND SA
Registration:
21.03.2002,
District Court Kraków, XI Department, KRS 94583
Data
concerning previous registrations:
1981, District Court Kraków, RPP 176
1996, District Court Kraków, RHB 6709
Shareholders
LURGI
GmbH, Frankfurt, Germany
Percent
of owned shares 100.00%
shareholders'
list as at 08.05.2012
Share
capital PLN 16 124 200,00
Share capital divided into 161242 shares of PLN
100,00 each
Series
of shares
23492 type Not preference shares B
137750 type Not preference shares A
An in-kind contribution has been made and valued at PLN
3 869 800,00
Management
Andreas
Martin Golombek , Stresmannstr. 9, 61231 Bad Nauheim, Germany
- president
Anna Barańska , personal ID
no. (PESEL) 73032004108
- member of board of directors
Proxies:
Tomasz Samek , personal ID no.
(PESEL) 53092103737
- independent proxy
Zbigniew Jasiński ,
personal ID no. (PESEL) 62062906513
- independent proxy
Katarzyna Świerkosz ,
personal ID no. (PESEL) 68041913286
- independent proxy
Rafał Lenkiewicz , personal
ID no. (PESEL) 72080602474
- independent proxy
Jan Sadowski , personal ID no.
(PESEL) 58062404977
- independent proxy
Representation:
Two board members jointly or one
board member and proxy jointly are
entitled to act on behalf of the
company.
Supervisory
board Paolo
Servetto
Christof Von Branconi
Ulf Herrlett
Olivier Randet , personal ID no.
(PESEL) 67012514493, ul. Becka 29A,
30-236 Kraków
Main
activity provider of engineering services for
chemical and
petrochemical
industry;
Branches
NACE 2007:
Engineering activities and
related technical
consultancy
Employment 2008: 255 employees
2009: 267 employees
2010: 250 employees
2011: 274 employees
2012: 279 employees
Turnover
2008
PLN 327 268 567,65
2009 PLN 467 582 272,86
2010 PLN 178 460 382,95
2011 PLN 69 224 857,43
2012 PLN 76 609 772,51
Source of financial data Court
Monitor Polski B Court Monitor
Polski B
annual
annual annual annual
Personal balance sheet as at
31.12.2012 31.12.2011 31.12.2010 31.12.2009
(Amount in PLN)
-A. Fixed assets...................... 19 160 281,50 19 145 947,33 17 819 493,15 39
625 806,57
- I. Intangible assets............. 347 674,71 173
596,75 161 297,20 294 583,11
- 3. Other intangible assets....... 347 674,71 173 596,75 161 297,20 294
583,11
- II. Tangible assets............... 15 876 583,46 14 861 089,58 14 371
471,49 13 856 788,46
- 1. Fixed goods................... 15 535 433,46 14 782 289,58 12 908
971,49 13 856 788,46
- a) land........................ 834 420,00 834
420,00 834 420,00 834 420,00
- b) buildings, premises,
facilities............................ 11 303 651,99 10 856 740,12 9 307 081,86
9 612 146,72
- c) machinery and equipment....3 222 160,76 2 640 657,40 1 933 370,91 2
148 505,11
- d) fleet of motor vehicles..... 40 814,17 283
474,71 634 887,19 988 652,47
- e) other fixed goods........... 134 386,54 166
997,35 199 211,53 273 064,16
- 2. Fixed goods under
construction.......................... 341 150,00 78
800,00 1 462 500,00
- III. Long term receivables......... 193 689,12
- 2. Other receivables............. 193 689,12
-V. Long-term prepayments and
accrued income........................ 2 742 334,21 4
111 261,00 3 286 724,46 25 474 435,00
- 1. Deferred tax assets............. 2 739 386,00 4 111 261,00 3 276 664,00 25
474 435,00
- 2. Other prepayments..............2 948,21 10 060,46
-B. Current assets.................... 27 903 490,95 36 596 947,39 78
594 469,00 183 380 896,49
- I. Stock......................... 90 032,44 136 676,74 271
063,55 3 604 828,47
- 1. Raw materials................. 790,00
790,00
- 2. Semi-finished products and
work-in-progress...................... 14 065,00 126 532,97 42 053,48 42
053,48
- 5. Advance payments ............75 967,44 10 143,77 228 220,07 3
561 984,99
- II. Short-term receivables......... 9 556 334,57 20 579 503,55 15 980 817,47 17
727 084,85
- 1. Receivables from affiliated
companies............................. 8 482 257,79 13
322 506,64 10 855 641,29 13 406 940,93
- a) Due to deliveries and
services with payment period:... 8 482 257,79 13 322 506,64 10 855 641,29 13
406 940,93
- - up to 12 months............ 8 482 257,79 13 322
506,64 10 855 641,29 13 406 940,93
- 2. Other receivables ............ 1 074 076,78 7
256 996,91 5 125 176,18 4 320 143,92
- a) Due to deliveries and
services with payment period:...126 928,66 145 638,36 159 690,61 1
936 606,51
- - up to 12 months............ 126 928,66 145
638,36 159 690,61 1 936 606,51
- b) Due to taxes, subsidies,
insurances, duties, etc........... 711 643,13 6 802
758,95 4 178 854,09 1 909 376,29
- c) Other....................... 235 504,99 308
599,60 786 631,48 474 161,12
- III. Short term investments...... 18 045 024,97 15 687 192,71 62 165
495,15 161 844 997,43
- 1. Short-term financial assets... 18 045 024,97 15 687 192,71 62
165 495,15 161 844 997,43
- a) in affiliated companies..... 15 049 086,43 12 245
840,44 60 023 076,09 133 671 036,76
- - granted loans.............. 15 049 086,43 12
245 840,44 60 023 076,09 133 671 036,76
- c) cash and other liquid
assets................................ 2 995 938,54 3 441 352,27 2 142 419,06
28 173 960,67
- - cash in hand and on bank
account............................... 2 995 938,54 3 441 352,27 284 534,80 9 129 962,74
- - other liquid assets........ 1 857 884,26
19 043 997,93
-IV. Short-term prepayments and
accrued income...................... 212 098,97 193
574,39 177 092,83 203 985,74
-D. Total assets...................... 47 063 772,45 55 742 894,72 96 413
962,15 223 006 703,06
-A. Shareholders' equity.......... 29 002 266,40 31 865 544,12 58 421 079,29 46
195 597,28
- I. Basic share capital........... 16 124 200,00 16 124 200,00 16 124 200,00 16 124 200,00
- IV. Statutory reserve capital..... 5 374 733,33 5 374 733,33 5 374 733,33 9
225 332,19
- V. Revaluation reserve............. 652,91
- VIII. Net profit (loss)............ 7 502 680,16 10 366 610,79 72 364
450,39 63 034 065,09
- IX. Deductions from profit
during the accounting year -35 442
304,43 -42 188 000,00
-B. Liabilities and reserves for
liabilities........................... 18 061 506,05 23 877 350,60 37 992 882,86
176 811 105,78
- I. Reserves for liabilities...... 3
286 646,00 4 399 717,00 4 970 054,00 5 971 463,00
- 1. Deferred income tax reserves.2 496,00 5 481,00 16 845,00
- 2. Reserves for pensions and
similar social payments........... 2 771 217,00 2 517 953,00
2 116 309,00 1 894 718,00
- - long-term.................... 2 507 085,00 2 136
453,00 1 907 623,00 1 716 094,00
- - short-term................... 264 132,00 381
500,00 208 686,00 178 624,00
- 3. Other reserves................ 512 933,00 1
881 764,00 2 848 264,00 4 059 900,00
- - short-term................... 512 933,00 1
881 764,00 2 848 264,00 4 059 900,00
-II. Long-term liabilities........... 15
965,26 78 513,56
- 2. Other liabilities............... 15
965,26 78 513,56
- c) Other financial liabilities... 15
965,26 78 513,56
-III. Short-term liabilities.......... 5 418 785,64 5 643 706,03 17 668
829,80 42 197 543,75
- 1. Due to affiliated companies. 1 905 184,76 2 337 191,63 14 759 777,04 4
442 550,58
- a) Due to deliveries and
services with payment period:. 1 905 184,76 2 337 191,63 14 759 777,04 4
442 550,58
- - up to 12 months.............. 1 905 184,76 2 337
191,63 14 759 777,04 4 442 550,58
- 2. Other liabilities............... 3 503 201,77 3 240 781,80 2 832
306,06 37 668 760,80
- c) Other financial liabilities... 1 580,59 15
965,26 62 548,30 53 914,18
- d)Due to deliveries and
services with payment period:... 832 488,87 929 161,19 1 304 127,15 10
812 776,88
- - up to 12 months.............. 832 488,87 929
161,19 1 304 127,15 10 755 204,82
- - above 12 months.............. 57
572,06
- e) Advances received............. 1 200 000,00 286 237,50 286 237,50
- g) Due to taxes, subsidies,
insurances, duties, etc........ 952 305,90 826
813,03 899 972,73 26 428 336,49
- i) Other......................... 516 826,41 1
468 842,32 279 420,38 87 495,75
- 3. Special funds................... 10 399,11 65 732,60
76 746,70 86 232,37
-IV. Accruals and deferred income 9 356 074,41 13 833
927,57 15 338 033,80 128 563 585,47
- 2. Other accruals.................. 9 356 074,41 13
833 927,57 15 338 033,80 128 563 585,47
- - short-term..................... 9 356 074,41 13 833 927,57 15 338
033,80 128 563 585,47
-D. Total liabilities................. 47 063 772,45 55
742 894,72 96 413 962,15 223 006 703,06
Source of financial data Court Monitor Polski B Court Monitor Polski B
annual annual annual
annual
individual
PROFIT AND LOSS ACCOUNT 01.01.2012- 01.01.2011- 01.01.2010- 01.01.2009-
31.12.2012 31.12.2011 31.12.2010 31.12.2009
(Amount in PLN)
-A. Income from sales and
similar..... 76
609 772,51 69 224 857,43 178 460 382,95 467 582 272,86
- - including related companies...73 707 228,31 69 254 096,52 59 859 827,83 38 549 185,34
- I. Net income on sales........... 78 259 425,20 70
828 639,62 166 460 387,71 486 571 290,75
- II. Change in value of stock (
+, -)................................. -1 649 677,26 -1 612 152,29 11
999 501,59 -19 007 156,16
- IV. Income from sales of goods
and materials......................... 24,57
8 370,10
493,65 18 138,27
-B. Operational costs................. 70 033 877,24 65 595 978,04 85 951 565,16 358 047 341,94
- I. Depreciation.................. 1 581 896,45 1 616 613,18 1
786 701,81 1 863 902,58
- II. Materials and energy.......... 1 487 889,06 2 331 716,27 11 537 129,26 215 590 711,62
- III. Third party services.......... 18 918 569,31 13 401 351,82
17 612 852,82 102 767 985,22
- IV. Taxes and duties.............. 450 428,70 444
267,01 983 348,30 303 805,92
- V. Salaries and wages............ 31 745 108,11 32 491 555,72 30 317 799,68 26 254 015,96
- VI. Social security............... 8 460 787,82 7 869 627,78 12
693 828,66 4 808 175,14
- VII. Other......................... 7 389 197,79 7 440 846,26 11
019 904,63 6 396 554,04
- VIII.Costs of goods and
Materials sold.........................
62 191,46
-C. Profit on sale.................... 6 575 895,27 3 628 879,39 92 508 817,79 109 534 930,92
-D. Other operating incomes... 3 045 484,71 6 895 612,11 6 492 857,12 2 728 574,58
- I. Incomes from disposal
non-financial assets.............. 179 256,89 24 586,35
- III. Other operating incomes... 2 866 227,82 6 871 025,76 6 492 857,12 2
728 574,58
-E. Other operating costs...... 82 330,92 2 004 719,82 1 722 511,36 1
538 036,10
- I. Loss on disposal of
non-finacial assets...................
3 094,25 1 103,05
- II. Goodwill revaluation.......... 3 876,50 75
250,89
- III. Other operating costs......... 82 330,92 2 000 843,32 1 644 166,22 1 536 933,05
-F. Profit on operating activities. 9 539 049,06 8 519 771,68 97
279 163,55 110 725 469,40
-G. Financial incomes................. 526 913,81 2 398 613,12 598 308,98 2
358 831,66
- II. Interest received............. 526
913,81 579 876,01 598 308,98 2 358 831,66
- - including related companies.... 526 913,81 438 921,34 395 541,69 1 650 789,67
- V. Other......................... 1
818 737,11
-H. Financial costs................... 821 599,71 11 802,01 3 326 615,14 34 392 978,97
- I. Interest...................... 849,27 11 802,01
29 050,19 28 561,23
- IV. Other......................... 820 750,44 3 297 564,95 34 364 417,74
-I. Profit on economic activity.. 9 244 363,16 10 906 582,79 94 550 857,39 78 691 322,09
-K. Gross profit...................... 9 244 363,16 10
906 582,79 94 550 857,39 78
691 322,09
-L. Corporation tax................... 741 683,00 539 972,00 22 186 407,00 15 657 257,00
-N. Net profit........................ 7 502 680,16 10
366 610,79 72 364 450,39 63 034 065,09
Balance
sheet as at 31.12.2012
ERNST & YOUNG AUDYT POLSKA SPÓŁKA Z
OGRANICZONĄ
ODPOWIEDZIALNOŚCIĄ sp. k., ul. Rondo ONZ 1, 00-124
Warszawa No.
130
Expert auditor Duszańska Anna No. 10843
Balance sheet as at 31.12.2011
ERNST & YOUNG AUDYT POLSKA SPÓŁKA Z
OGRANICZONĄ
ODPOWIEDZIALNOŚCIĄ sp. k., ul. Rondo ONZ 1, 00-124
Warszawa No.
130
Expert auditor Artur Żwak No. 9894
Balance sheet as at 31.12.2009
ERNST & YOUNG AUDYT POLSKA SPÓŁKA Z OGRANICZONĄ
ODPOWIEDZIALNOŚCIĄ sp. k., ul. Rondo ONZ 1, 00-124
Warszawa No.
130
Expert auditor Artur Żwak No. 9894
01.01.2012- 01.01.2011- 01.01.2010- 01.01.2009-
31.12.2012 31.12.2011 31.12.2010 31.12.2009
Current ratio 5,15
6,48 4,45 4,35
Quick ratio 5,09
6,43 4,42 4,26
Immediate ratio 0,55
0,61 0,12 0,67
Return on sale 9,59
14,63 43,47 12,95
Return on assets 15,94
18,60 75,06 28,27
Return on equity 25,87
32,53 123,87 136,45
Average trade debtors' days 44,69
106,04 35,04 13,30
Average stock turnover's days 0,42 0,70
0,59 2,70
average payables payment period 25,34 29,08
38,74 31,65
Total indebtedness ratio 38,38
42,83 39,41 79,29
While rating the company, it is advisable
to take into consideration information about the branch ,
the company is acting in
|
(M.71.12.Z - NACE 2007), as at
: |
30.09.2013 |
31.12.2012 |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
Current
ratio.............................................................. |
0, 77 |
0, 71 |
1, 45 |
2,28 |
1, 99 |
|
Quick ratio................................................................. |
0,58 |
0,58 |
1, 23 |
2, 02 |
1,49 |
|
Immediate
ratio........................................................ |
0, 13 |
0, 17 |
0, 25 |
0,50 |
0, 42 |
|
Return on
sale......................................................... |
-0,15 |
-41,54 |
3, 92 |
7, 57 |
5, 72 |
|
Return on
assets..................................................... |
-0,09 |
-33,78 |
2, 98 |
6,28 |
7,16 |
|
Return on
equity....................................................... |
-1,32 |
-144,89 |
6, 99 |
14,24 |
15, 68 |
|
Average
trade debtors' days.................................. |
100,67 |
105,79 |
115,32 |
124,23 |
76,09 |
|
Average
stock turnover's days............................... |
22,78 |
16,77 |
12, 83 |
14,70 |
21,11 |
|
average
payables payment period....................... |
284,08 |
282,09 |
173,27 |
120,05 |
86,25 |
|
Total
indebtedness ratio........................................ |
93,35 |
76, 68 |
57,39 |
55, 90 |
54,34 |
|
Percent share in the examinated
group of
companies with net profit.................................. |
52,10 |
69, 90 |
68, 80 |
79,20 |
80, 60 |
|
Sales/revenue per employee in th.
PLN.... |
165,13 |
232,36 |
284,74 |
331,69 |
301,56 |
|
Average sales/revenue per company
in th. PLN....................................................................... |
20 787,00 |
33 140,97 |
43,722,20 |
46799,40 |
39 275,73 |
according
to the Central Statistical Office
Locations: seat:
ul. Mogilska 41, 31-545 Kraków
Phone: 12 6272200
Fax: 12 6272370
E-mail: ec.krakow@airliquide.com
Website:
www.lurgi.pl
Real Estate Book
value of buildings as at 31.12.2012 PLN
11 303 651,99
Book
value of lands as at 31.12.2012 PLN
834 420,00
Verification of information on
real estate
ownership position through the
Real Estate
Register is not covered by the
standard
report.
Shares
in other companies As at
27.01.2014 there are no shares in other companies.
Connections:
Andreas
Martin Golombek
- Przedsiębiorstwo
Usługowo-Produkcyjne SPIN SA NIP PL
7810000018, ul.
Dziadoszańska 10, 61-248 Poznań
· Shareholder: 19,25 %
· member of supervisory board
Olivier Randet , personal ID no.
(PESEL) 67012514493
- AIR LIQUIDE POLSKA Sp. z o.o.
NIP PL 9441251003, ul.
Conrada 63, 31-357 Kraków
· president
- ALKAT Sp.z o.o. NIP PL
9451679441, ul. Josepha Conrada
63, 31-357 Kraków
· president
Data concerning connections are
valid as at: 27.01.2014.
Certificates: EN ISO
9001:2000
Date of publishing 11.08.1998
OHSAS 18001:2007
From 20.01.2014 the company is a
member of the Polish Chamber of
Chemical Industry.
General
information The
company refused to co-operate in elaboration of this report
without knowing the name of the
contractor.
Banks Bank
Polska Kasa Opieki SA O. w Krakowie ul.Juliana Dunajewskiego 8
(12404722)
ul. Juliana Dunajewskiego 8,
31-133 Kraków
Acc.no. 05124047221111000048599207
Payment
Manner In
available sources, payment delays have not been noted
Credit capability Business
connections appear permissible
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.99 |
|
UK Pound |
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
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.