|
Report Date : |
12.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
KÖRTING HANNOVER AG |
|
|
|
|
Registered Office : |
Badenstedter Str. 56, D 30453 Hannover, Post Box: 91 13 63, D 30433 Hannover |
|
|
|
|
Country : |
Germany |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
30.08.1931 |
|
|
|
|
Com. Reg. No.: |
HRB 3815 |
|
|
|
|
Legal Form : |
Public limited company |
|
|
|
|
Line of Business : |
·
Manufacture
of taps and valves ·
Manufacture of
ovens, furnaces and furnace burners |
|
|
|
|
No. of Employees : |
257 |
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
KÖRTING HANNOVER AG
Company Status: active
Badenstedter Str. 56
D 30453 Hannover
Post Box:
91 13 63, D 30433 Hannover
Telephone:0511/2129-0
Telefax:
0511/2129-223
Homepage: www.koerting.de
E-mail:
info@koerting.de
VAT no.: DE115664672
Business relations are permissible.
LEGAL FORM Public
limited company
Date of foundation: 01.01.1871
Registered on: 30.08.1931
Commercial Register: Local court 30175 Hannover
under: HRB
3815
Share
capital: EUR 6,646,794.45
President of
the Board of Directors:
Dr. York Fusch
Sudetenstr. 10a
D 30559 Hannover
born: 02.09.1965
Member of
the Board of Directors:
Frank Hensel
Leo-Sympher-Promenade 26
D 30655 Hannover
born: 11.05.1957
Marital status:
married
President of
the Supervisory Board:
Horst Erhard Wilmsmeyer
Buchenweg 13
D 30989 Gehrden
born: 31.08.1936
Profession: graduate engineer
Vice-president of the Supervisory Board:
Dr. Bernd Schulze-Borges
D 30159 Hannover
born: 01.09.1947
Profession: Solicitor
Representative
of the Employees within the Supervisory Board:
Manfred Thiemann
D 30159 Hannover
Proxy:
Klaus Galda
Bonhoefferstr. 26
D 30457 Hannover
authorized to
jointly represent the company
Marital status: married
Proxy:
Achim Rosenberg
Hauptstr. 14
D 29690 Schwarmstedt
authorized to jointly
represent the company
born: 24.11.1956
Proxy:
Jürgen Sack
D 30159 Hannover
authorized to jointly
represent the company
born: 12.01.1960
Proxy:
Dr. Michael Malobabic
D 29342 Wienhausen
authorized to jointly
represent the company
Proxy:
Martin Fusch
D 30453 Hannover
born:
17.10.1977
Proxy:
Christoph Saul
D 30926 Seelze
authorized to jointly
represent the company
born: 06.07.1977
Further
functions/participations of Dr. York Fusch (President of
the Board of
Directors)
Shareholder:
Matthäi Verwaltung GmbH
Bremer Str. 135
D 27283 Verden
Legal form: Private
limited company
Share
capital: EUR 40,000.00
Share: EUR 5,000.00
Registered
on: 01.01.1911
Reg. data: 29664 Walsrode, HRB 120074
Manager:
Körting Export und
Service GmbH
Badenstedter Str. 56
D 30453 Hannover
Legal form: Private
limited company
Share capital: EUR 25,000.00
Registered
on: 28.07.2008
Reg. data: 30175 Hannover, HRB 203155
Manager:
Ingenieurbüro Körting
GmbH
Badenstedter Str. 56
D 30453 Hannover
Legal form: Private
limited company dormant
Share capital: EUR 26,075.89
Registered
on: 17.05.1979
Reg. data: 30175 Hannover, HRB 9359
01.01.1871 - 29.08.1931 Gebr.
Körting AG
Badenstedter Str. 56
D 30453 Hannover
Public limited company
30.08.1931 - 31.12.1978 Körting AG
Badenstedter Str. 56
D 30453 Hannover
Public limited company
Main
industrial sector
28140
Manufacture of taps and valves n.e.c.
2821
Manufacture of ovens, furnaces and furnace burners
Secondary
industrial sector
28290
Manufacture of other general-purpose machinery
46692
Wholesale of other machinery
Branch:
Körting Hannover AG
Heimkehrerweg 21
D 48153 Münster
Branch:
Körting Hannover AG
Bogenstr. 28
D 21445 Wulfsen
TEL.: 04173/8887
FAX.: 04173/6403
Shareholder:
Ingenieurbüro Körting
GmbH
Badenstedter Str. 56
D 30453 Hannover
Legal form: Private limited company
Company Status: dormant
Share capital: EUR 26,075.89
Share: EUR 26,075.89
Reg. data: 17.05.1979
Local court
30175 Hannover
HRB 9359
Shareholder:
Körting Export und
Service GmbH
Badenstedter Str. 56
D 30453 Hannover
Legal form: Private
limited company
Company Status: active
Share capital: EUR 25,000.00
Share: EUR 25,000.00
Reg. data: 28.07.2008
Local court
30175 Hannover
HRB 203155
Shareholder:
Hans Hennig GmbH
Am Rosenbaum 27
D 40882 Ratingen
Legal form: Private
limited company
Company Status: active
Share capital: EUR 25,001.00
Share: EUR 18,751.00
Reg.
data: 09.02.2009
Local court
40227 Düsseldorf
HRB 60411
Payment experience: takes
advantage of cash discount
Negative information: We have no negative information at hand.
Balance sheet year: 2012
Type of ownership: proprietor
Share: 100.00 %
Address Badenstedter Str. 56
D 30453 Hannover
Land
register documents were not available.
DEUTSCHE BANK, 30002 HANNOVER
Sort. code: 25070070
BIC: DEUTDE2HXXX
COMMERZBANK VORMALS DRESDNER BANK, 30002
HANNOVER
Sort. code: 25080020
BIC: DRESDEFF250
BUNDESBANK, 30002 HANNOVER
Sort. code: 25000000
BIC: MARKDEF1250
VOLKSWAGEN BANK, 38112 BRAUNSCHWEIG
Sort. code: 27020000
BIC: VOWADE2BXXX
Turnover: 2012 EUR 36,810,435.00
Profit: 2012 EUR 1,406,900.00
Equipment: EUR 1,499,891.00
Ac/ts receivable: EUR
8,392,576.00
Liabilities: EUR 2,827,737.00
Employees: 257
- thereof permanent staff: 236
- Trainees:
16
Balance sheet ratios 01.01.2012 - 31.12.2012
Equity
ratio [%]: 52.85
Liquidity ratio: 10.00
Return on total capital [%]: 5.76
Balance sheet ratios 01.01.2011 - 31.12.2011
Equity ratio [%]: 48.37
Liquidity ratio: 10.00
Return on total capital [%]: 5.50
Balance sheet ratios 01.01.2010 - 31.12.2010
Equity ratio [%]: 48.37
Liquidity ratio: 10.00
Return on total capital [%]: 6.21
Balance sheet ratios 01.01.2009 - 31.12.2009
Equity ratio [%]: 45.68
Liquidity ratio: 10.00
Return on total capital [%]: 5.26
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 29,243,161.11
Fixed assets EUR 5,585,200.00
Intangible assets
EUR 8,000.00
Concessions, licences, rights
EUR 8,000.00
Tangible assets
EUR 3,676,518.02
Land / similar rights
EUR 465,428.80
Plant / machinery
EUR 1,652,293.00
Other tangible assets / fixtures and
fittings
EUR 1,499,891.22
Advance payments made / construction
in progress
EUR 58,905.00
Financial assets
EUR 1,900,681.98
Shares in participations /
subsidiaries and the like
EUR 1,900,681.98
Shares in related companies
EUR 1,900,681.98
Current assets
EUR 23,626,044.43
Stocks
EUR 4,447,465.55
Raw materials, consumables and
supplies EUR 1,897,473.16
Finished goods / work in progress
EUR 3,946,845.95
Advance payments made
EUR 251,395.00
Minus received advance payments for
orders / installments for stocks
EUR -1,648,248.56
Accounts receivable
EUR 8,392,575.79
Trade debtors
EUR 6,118,229.46
Amounts due from related companies
EUR 1,377,016.67
Other debtors and assets
EUR 897,329.66
Investments in current assets
EUR 5,397,868.69
Other investments
EUR 5,397,868.69
Liquid means
EUR 5,388,134.40
Remaining other assets
EUR 31,916.68
Accruals (assets)
EUR 31,916.68
LIABILITIES EUR 29,243,161.11
Shareholders' equity
EUR 15,453,723.48
Capital EUR 6,285,720.12
Subscribed capital (share capital)
EUR 6,646,794.45
Other capital
EUR -361,074.33
Reserves
EUR 7,761,103.34
Retained earnings / revenue reserves EUR 7,761,103.34
Balance sheet profit/loss (+/-)
EUR 1,406,900.02
Balance sheet profit / loss
EUR 1,406,900.02
Provisions
EUR 10,955,700.48
Pension provisions and comparable
provisions
EUR 5,506,723.77
Provisions for taxes
EUR 261,807.00
Other / unspecified provisions
EUR 5,187,169.71
Liabilities
EUR 2,827,737.15
Other liabilities
EUR 2,827,737.15
Trade creditors (for IAS incl. bills
of exchange)
EUR 1,468,490.57
Liabilities from received advance
payments
EUR 115,470.03
Liabililties due to related companiesEUR 388,983.93
Unspecified other liabilities
EUR 854,792.62
thereof liabilities from tax /
financial authorities
EUR 633,000.00
thereof liabilities from social
security
EUR 9,000.00
Other liabilities
EUR 6,000.00
Deferrals (liabilities)
EUR 6,000.00
PROFIT AND
LOSS ACCOUNT (cost-summary method) according to Comm. Code (HGB)
Sales
EUR 36,810,434.51
Inventory change + own costs (+/-)
EUR 1,198,711.61
Inventory change (+/-)
EUR 1,198,711.61
Other operating income
EUR 2,006,138.15
Cost of materials
EUR 11,854,190.51
Raw materials and supplies, purchased
goods
EUR 11,434,681.23
Purchased services
EUR 419,509.28
Gross result (+/-)
EUR 28,161,093.76
Staff expenses
EUR 17,163,702.29
Wages and salaries
EUR 14,223,293.76
Social security contributions and
expenses for pension plans and
benefits
EUR 2,940,408.53
Total depreciation
EUR 664,956.72
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus.
EUR 664,956.72
Other operating expenses
EUR 7,808,703.37
Operating result from continuing
operations
EUR 2,523,731.38
Result from participating interests
(+/-)
EUR 431,879.75
Expenses / income from participations EUR 431,879.75
Income from related companies
EUR 431,879.75
Interest result (+/-)
EUR -438,710.34
Interest and similar income
EUR 113,754.84
Interest and similar expenses
EUR 552,465.18
Financial result (+/-)
EUR -6,830.59
Result from ordinary operations (+/-)
EUR 2,516,900.79
Extraordinary expenses
EUR 277,289.12
Extraordinary result (+/-)
EUR -277,289.12
Income tax / refund of income tax (+/-)EUR -784,104.68
Other taxes / refund of taxes
EUR -48,606.97
Tax (+/-)
EUR -832,711.65
Annual
surplus / annual deficit EUR 1,406,900.02
Type of
balance sheet: Company balance sheet
Financial
year: 01.01.2011 - 31.12.2011
ASSETS EUR 30,065,391.15
Fixed assets
EUR 4,934,555.00
Intangible assets
EUR 14,474.00
Concessions, licences, rights
EUR 14,474.00
Tangible assets
EUR 3,019,399.02
Land / similar rights EUR 515,646.80
Plant / machinery
EUR 994,817.00
Other tangible assets / fixtures and
fittings
EUR 1,508,935.22
Financial assets
EUR 1,900,681.98
Shares in participations /
subsidiaries and the like
EUR 1,900,681.98
Shares in related companies
EUR 1,900,681.98
Current assets
EUR 25,079,769.47
Stocks
EUR 4,135,339.54
Raw materials, consumables and
supplies
EUR 1,736,365.33
Finished goods / work in progress
EUR 2,019,604.78
Advance payments made
EUR 379,369.43
Accounts receivable
EUR 7,799,991.34
Trade debtors
EUR 6,170,641.37
Amounts due from related companies
EUR 746,412.26
Other debtors and assets
EUR 882,937.71
Investments in current assets
EUR 4,545,486.56
Other investments
EUR 4,545,486.56
Liquid means EUR 8,598,952.03
Remaining other assets
EUR 51,066.68
Accruals (assets)
EUR 51,066.68
LIABILITIES EUR 30,065,391.15
Shareholders' equity EUR 14,541,642.54
Capital
EUR 6,285,720.12
Subscribed capital (share capital)
EUR 6,646,794.45
Other capital
EUR -361,074.33
Reserves
EUR 6,335,267.90
Retained earnings / revenue reserves EUR 6,335,267.90
Balance sheet profit/loss (+/-)
EUR 1,920,654.52
Balance sheet profit / loss
EUR 1,920,654.52
Provisions
EUR 11,529,816.27
Pension provisions and comparable
provisions
EUR 5,415,504.68
Provisions for taxes
EUR 536,173.00
Other / unspecified provisions
EUR 5,578,138.59
Liabilities
EUR 3,992,615.34
Other liabilities
EUR 3,992,615.34
Trade creditors (for IAS incl. bills
of exchange) EUR 1,477,889.02
Liabilities from received advance
payments
EUR 1,725,652.67
Liabililties due to related companiesEUR 277,360.73
Unspecified other liabilities
EUR 511,712.92
Other liabilities
EUR 1,317.00
Deferrals (liabilities)
EUR 1,317.00
PROFIT AND
LOSS ACCOUNT (cost-summary method) according to Comm. Code (HGB)
Sales EUR 36,826,880.49
Inventory change + own costs (+/-)
EUR -89,553.58
Inventory change (+/-)
EUR -89,553.58
Other operating income
EUR 1,712,471.75
Cost of materials
EUR 11,023,136.96
Raw materials and supplies, purchased
goods
EUR 10,642,961.80
Purchased services
EUR 380,175.16
Gross result (+/-) EUR 27,426,661.70
Staff expenses
EUR 16,837,113.39
Wages and salaries
EUR 13,984,498.34
Social security contributions and
expenses for pension plans and
benefits
EUR 2,852,615.05
Total depreciation
EUR 604,445.79
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus.
EUR 604,445.79
Other operating expenses
EUR 7,278,104.07
Operating result from continuing
operations
EUR 2,706,998.45
Result from participating interests
(+/-) EUR 194,783.44
Expenses / income from participations EUR 194,783.44
Income from related companies
EUR 194,783.44
Interest result (+/-)
EUR -373,118.26
Interest
and similar income EUR 115,875.80
Interest and similar expenses
EUR 488,994.06
Other financial result
EUR -74.00
Depreciation on financial assets and
marketable securities
EUR 74.00
Financial result (+/-)
EUR -178,408.82
Result from ordinary operations (+/-)
EUR 2,528,589.63
Extraordinary expenses
EUR 101,841.00
Extraordinary result (+/-)
EUR -101,841.00
Income tax / refund of income tax (+/-)EUR -832,199.36
Other taxes / refund of taxes
EUR -43,147.89
Tax (+/-)
EUR -875,347.25
Annual surplus / annual deficit
EUR 1,551,401.38
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NNA |
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.