MIRA INFORM REPORT

 

 

Report Date :

13.06.2014

 

IDENTIFICATION DETAILS

 

Name :

DIESEL TECHNIC AG

 

 

Registered Office :

Wehrmannsdamm 5-9, D 27245 Kirchdorf

 

 

Country :

Germany

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

05.10.1972

 

 

Com. Reg. No.:

HRB 100414

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

·         Engaged in wholesale trading in motor vehicle parts and accessories

·         Manufacturer of other parts and accessories for motor vehicles

 

 

No of Employees :

279

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Germany

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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

 

Diesel Technic AG

 

 

Company address

 

Wehrmannsdamm 5-9

D 27245 Kirchdorf

Telephone:        04273/89-0

Telefax:            04273/89-89

Homepage:       www.dieseltechnic.com

E-mail:              info@dieseltechnic.com

 

 

VAT no

 

DE116579235

 

Company Status

 

active

 

 

CONCLUSION

 

Business relations are permissible.

 

 

Synthesis

 

LEGAL FORM               Public limited company

Date of foundation:       05.10.1972

Registered on:              25.08.1999

Commercial Register:    Local court 29664 Walsrode

under:                                       HRB 100414

Share capital:                 EUR          2,700,000.00

 

Shareholder

 

Erwin Naujoks

Schelmenbühl 12

D 78333 Stockach

born: 16.03.1949

Share:                              46.150 %

 

Shareholder:

                      Horst Lieberwirth

                      Turm 2

                      D 17252 Roggentin

                      born: 09.12.1949

                      Share:                              53.850 %

 

 

President of the Board of Directors

 

Dr. Steffen Vondran

D 32469 Petershagen

born: 17.03.1971

 

 

Member of the Board of Directors

 

Susanne Küfe-Vorholt

D 27232 Sulingen

born: 07.10.1956

 

Member of the Board of Directors:

Ralf Nädtke

D 27232 Sulingen

born: 14.09.1968

 

Member of the Board of Directors:

Frank Behrens

D 27245 Kirchdorf

born: 20.08.1968

 

President of the Supervisory Board

 

Horst Lieberwirth

Turm 2

D 17252 Roggentin

born: 09.12.1949

Profession: Businessman

Vice-president of the Supervisory Board

 

Dr. Uwe Lenz

D 28195 Bremen

Profession: lawyer and notary

 

Member of the Supervisory Board

 

Erwin Naujoks

Schelmenbühl 12

D 78333 Stockach

born: 16.03.1949

Marital status: married

 

Proxy

 

Hannelore Koop

D 27232 Sulingen

authorized to jointly represent the company

born: 06.09.1962

 

 

COMPANY HISTORY

 

 05.10.1972 - 25.08.1999  DT - Diesel Technic GmbH

                          Wehrmannsdamm 5-9

                          D 27245 Kirchdorf

                          Private limited company

 25.08.1999 - 08.12.2008  DT - Dieseltechnic Aktiengesellschaft

                          (bis 08.12.2008)

                          Wehrmannsdamm 5-9

                          D 27245 Kirchdorf

                          Public limited company

 08.12.2008 - 22.08.2011  DT-Diesel Technic AG (bis 22.08.2011)

                          Wehrmannsdamm 5-9

                          D 27245 Kirchdorf

                          Public limited company

 

 

BUSINESS ACTIVITIES

Main industrial sector

45310   Wholesale trade in motor vehicle parts and accessories

Secondary industrial sector

29320   Manufacture of other parts and accessories for motor vehicles

 

 

FINANCIAL INFORMATION

 

Payment experience:     cash discount/within agreed terms

           

Negative information:    We have no negative information at hand.

 

Balance sheet year:       2012

 

 

REAL ESTATE

 

Type of ownership:        proprietor

Share:                           100.00 %

Address                        Wehrmannsdamm 5-9

                                    D 27245 Kirchdorf

 

Land register documents were not available.

 

 

BANKERS

 

KREISSPARKASSE GRAFSCHAFT DIEPHOLZ, 49343 DIEPHOLZ

Sort. code: 25651325

BIC: BRLADE21DHZ

 

COMMERZBANK, 49005 OSNABRÜCK

Sort. code: 26540070

BIC: COBADEFF265

 

DEUTSCHE BANK, 28189 BREMEN

Sort. code: 29070050

BIC: DEUTDEHBXXX

 

VOLKSBANK SULINGEN, 27223 SULINGEN

Sort. code: 25691633

BIC: GENODEF1SUL

 

 

FINANCIAL FIGURES

 

 Turnover:            2012               EUR         98,802,118.00

 Profit:              2012               EUR         12,679,545.00

 Equipment:                              EUR          4,345,498.00

 Ac/ts receivable:                       EUR         15,648,954.00

 Liabilities:                            EUR         24,340,478.00

 Employees:                                                    279

 - thereof permanent staff:                                    267

 - Temporary workers:                                           12

 

BALANCE SHEETS

 

 Balance sheet ratios 01.01.2012 - 31.12.2012

 Equity ratio [%]:                 56.52

 Liquidity ratio:                   1.00

 Return on total capital [%]:      15.50

 

 Balance sheet ratios 01.01.2011 - 31.12.2011

 Equity ratio [%]:                 61.48

 Liquidity ratio:                   1.74

 Return on total capital [%]:      18.82

 

 Balance sheet ratios 01.01.2010 - 31.12.2010

 Equity ratio [%]:                 61.91

 Liquidity ratio:                   2.02

 Return on total capital [%]:      23.67

 

 Balance sheet ratios 01.01.2009 - 31.12.2009

 Equity ratio [%]:                 70.70

 Liquidity ratio:                   3.33

 Return on total capital [%]:      17.10

 

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.

 Type of balance

 sheet:               Company balance sheet

 

 Financial year:      01.01.2012 - 31.12.2012

 

 ASSETS                                  EUR         81,879,381.71

  Fixed assets                           EUR         26,139,558.73

   Intangible assets                     EUR            628,264.20

    Concessions, licences, rights        EUR            628,264.20

   Tangible assets                       EUR         18,402,857.87

    Land / similar rights                EUR         13,930,457.49

    Other tangible assets / fixtures and

    fittings                             EUR          4,345,497.92

    Advance payments made / construction

    in progress                          EUR            126,902.46

   Financial assets                      EUR          7,108,436.66

    Shares in participations /

    subsidiaries and the like            EUR          1,219,201.59

     Shares in related companies         EUR          1,219,201.59

    Loans to participations /

    subsidiaries and the like            EUR          5,169,962.07

     Loans to related companies          EUR          5,169,962.07

    Securities included in fixed assets  EUR            719,273.00

  Current assets                         EUR         55,453,474.45

   Stocks                                EUR         31,089,629.91

    Raw materials, consumables and

    supplies                             EUR            806,151.89

    Finished goods / work in progress    EUR         30,187,435.36

    Advance payments made                EUR             96,042.66

   Accounts receivable                   EUR         15,648,954.45

    Trade debtors                        EUR         10,745,577.00

    Amounts due from related companies   EUR          3,053,226.31

    Other debtors and assets             EUR          1,850,151.14

   Liquid means                          EUR          8,714,890.09

  Remaining other assets                 EUR            286,348.53

   Accruals (assets)                     EUR            286,348.53

 

 LIABILITIES                             EUR         81,879,381.71

  Shareholders' equity                   EUR         46,281,238.06

   Capital                               EUR          2,700,000.00

    Subscribed capital (share capital)   EUR          2,700,000.00

   Reserves                              EUR            270,000.00

    Retained earnings / revenue reserves EUR            270,000.00

   Balance sheet profit/loss (+/-)       EUR         43,311,238.06

    Balance sheet profit / loss          EUR         43,311,238.06

  Provisions                             EUR         11,257,666.00

   Pension provisions and comparable

   provisions                            EUR            845,966.00

   Other / unspecified provisions        EUR         10,411,700.00

  Liabilities                            EUR         24,340,477.65

   Financial debts                       EUR         17,283,318.13

    Liabilities due to banks             EUR         17,283,318.13

   Other liabilities                     EUR          7,057,159.52

    Trade creditors (for IAS incl. bills

    of exchange)                         EUR          4,408,034.37

    Liabililties due to related companiesEUR            154,240.74

    Unspecified other liabilities        EUR          2,494,884.41

     thereof liabilities from tax /

     financial authorities               EUR            786,502.85

 

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

 Code (HGB)

  Sales                                  EUR         98,802,117.78

  Other operating income                 EUR          2,588,433.94

  Cost of materials                      EUR         56,893,701.42

   Raw materials and supplies, purchased

   goods                                 EUR         56,891,308.56

   Purchased services                    EUR              2,392.86

  Gross result (+/-)                     EUR         44,496,850.30

  Staff expenses                         EUR         15,985,801.87

   Wages and salaries                    EUR         14,130,354.01

   Social security contributions and

   expenses for pension plans and

   benefits                              EUR          1,855,447.86

  Total depreciation                     EUR          1,261,369.99

   Depreciation on tangible / intangible

   asssets (incl. start-up and exp. of

   bus.                                  EUR          1,261,369.99

  Other operating expenses               EUR         12,570,165.32

  Operating result from continuing

  operations                             EUR         14,679,513.12

  Result from participating interests

  (+/-)                                  EUR          2,458,837.58

   Expenses / income from participations EUR          2,458,837.58

    Income from related companies        EUR          2,458,837.58

  Interest result (+/-)                  EUR           -347,517.41

   Interest and similar income           EUR             59,606.76

    thereof from related companies       EUR                452.86

   Interest and similar expenses         EUR            407,124.17

  Other financial result                 EUR             61,578.49

   Income from securities and loans from

   financial assets                      EUR             61,578.49

    thereof related companies            EUR             61,578.49

  Financial result (+/-)                 EUR          2,172,898.66

  Result from ordinary operations (+/-)  EUR         16,852,411.78

  Extraordinary expenses                 EUR              9,831.00

  Extraordinary result (+/-)             EUR             -9,831.00

  Income tax / refund of income tax (+/-)EUR         -4,140,722.86

  Other taxes / refund of taxes          EUR            -22,312.56

  Tax (+/-)                              EUR         -4,163,035.42

  Annual surplus / annual deficit        EUR         12,679,545.36

 

 Type of balance

 sheet:               Company balance sheet

 

 Financial year:      01.01.2011 - 31.12.2011

 

 ASSETS                                  EUR         66,858,449.41

  Fixed assets                           EUR         20,248,070.93

   Intangible assets                     EUR            617,119.45

    Concessions, licences, rights        EUR            617,119.45

   Tangible assets                       EUR         16,751,713.43

    Land / similar rights                EUR          5,696,711.49

    Other tangible assets / fixtures and

    fittings                             EUR          1,708,184.08

    Advance payments made / construction

    in progress                          EUR          9,346,817.86

   Financial assets                      EUR          2,879,238.05

    Shares in participations /

    subsidiaries and the like            EUR          1,219,201.59

     Shares in related companies         EUR          1,219,201.59

    Loans to participations /

    subsidiaries and the like            EUR            724,771.96

     Loans to related companies          EUR            724,771.96

    Securities included in fixed assets  EUR            935,264.50

  Current assets                         EUR         46,365,034.94

   Stocks                                EUR         26,753,992.56

    Raw materials, consumables and

    supplies                             EUR            579,553.69

    Finished goods / work in progress    EUR         26,047,814.58

    Advance payments made                EUR            126,624.29

   Accounts receivable                   EUR         12,881,755.69

    Trade debtors                        EUR          8,906,216.44

    Amounts due from related companies   EUR          2,448,503.21

    Other debtors and assets             EUR          1,527,036.04

   Liquid means                          EUR          6,729,286.69

  Remaining other assets                 EUR            245,343.54

   Accruals (assets)                     EUR            245,343.54

 

 LIABILITIES                             EUR         66,858,449.41

  Shareholders' equity                   EUR         41,101,692.70

   Capital                               EUR          2,700,000.00

    Subscribed capital (share capital)   EUR          2,700,000.00

   Reserves                              EUR            270,000.00

    Retained earnings / revenue reserves EUR            270,000.00

   Balance sheet profit/loss (+/-)       EUR         38,131,692.70

    Balance sheet profit / loss          EUR         38,131,692.70

  Provisions                             EUR         11,643,806.00

   Pension provisions and comparable

   provisions                            EUR            835,971.00

   Provisions for taxes                  EUR          1,522,935.00

   Other / unspecified provisions        EUR          9,284,900.00

  Liabilities                            EUR         14,112,950.71

   Financial debts                       EUR          8,070,984.17

    Liabilities due to banks             EUR          8,070,984.17

   Other liabilities                     EUR          6,041,966.54

    Trade creditors (for IAS incl. bills

    of exchange)                         EUR          4,610,522.02

    Unspecified other liabilities        EUR          1,431,444.52

     thereof liabilities from tax /

     financial authorities               EUR            673,025.58

     thereof liabilities from social

     security                            EUR                  0.00

 

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

 Code (HGB)

  Sales                                  EUR         89,103,109.05

  Other operating income                 EUR          1,740,280.85

  Cost of materials                      EUR         50,551,208.73

   Raw materials and supplies, purchased

   goods                                 EUR         50,542,985.95

   Purchased services                    EUR              8,222.78

  Gross result (+/-)                     EUR         40,292,181.17

  Staff expenses                         EUR         13,572,158.38

   Wages and salaries                    EUR         12,139,390.11

   Social security contributions and

   expenses for pension plans and

   benefits                              EUR          1,432,768.27

  Total depreciation                     EUR            822,675.58

   Depreciation on tangible / intangible

   asssets (incl. start-up and exp. of

   bus.                                  EUR            822,675.58

  Other operating expenses               EUR         10,550,821.56

  Operating result from continuing

  operations                             EUR         15,346,525.65

  Result from participating interests

  (+/-)                                  EUR          1,818,123.38

   Expenses / income from participations EUR          1,818,123.38

    Income from related companies        EUR          1,818,123.38

  Interest result (+/-)                  EUR           -252,544.28

   Interest and similar income           EUR             80,507.27

    thereof from related companies       EUR              2,654.82

   Interest and similar expenses         EUR            333,051.55

  Other financial result                 EUR             19,832.51

   Income from securities and loans from

   financial assets                      EUR             19,832.51

    thereof related companies            EUR             19,832.51

  Financial result (+/-)                 EUR          1,585,411.61

  Result from ordinary operations (+/-)  EUR         16,931,937.26

  Extraordinary expenses                 EUR              9,831.00

  Extraordinary result (+/-)             EUR             -9,831.00

  Income tax / refund of income tax (+/-)EUR         -4,326,819.22

  Other taxes / refund of taxes          EUR            -21,311.39

  Tax (+/-)                              EUR         -4,348,130.61

  Annual surplus / annual deficit        EUR         12,573,975.65

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.33

UK Pound

1

Rs.99.68

Euro

1

Rs.80.30

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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%)

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.