MIRA INFORM REPORT

 

 

Report No. :

336418

Report Date :

10.08.2015

           

IDENTIFICATION DETAILS

 

Name :

SAARSTAHL-EXPORT GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG

 

 

Registered Office :

Kasernenstr. 1 D 40213 Düsseldorf Post Box:10 44 41, D 40035 Düsseldorf

 

 

Country :

Germany

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

30.06.1966

 

 

Com. Reg. No.:

HRB 10629

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of iron ores, iron, steel and iron and steel semi-finished goods.

 

 

No. of Employee :

13

 

 

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 :

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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, 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 5.2% in 2014. The new German government introduced a minimum wage of about $11.60 (8.50 euros) 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%. The budget was essentially in balance in 2014. 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. The German economy suffers from low levels of investment, and a government plan to invest 15 billion euros 2016-18, largely in infrastructure, is intended to spur needed private investment. 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 plans to replace nuclear power with renewable energy, which accounted for 27.8% of gross electricity consumption in 2014, up from 9% in 2000. 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. Extremely low inflation, caused largely by low global energy prices and a weak euro, are expected to boost German GDP growth in 2015.

 

Source : CIA

 

Company name and address

 

SAARSTAHL-EXPORT GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG

 

Company Status:      active

                     Kasernenstr. 1

                     D 40213 Düsseldorf

                     Post Box:

                     10 44 41, D 40035 Düsseldorf

                     Telephone:0211/8777-0

                     Telefax:  0211/8777-277

                     Homepage: www.saarstahl.de

                     E-mail:   sales@saarstahlexport.com

 

 

Summary

 

LEGAL FORM               Private limited company

Date of foundation:       1966

Shareholders'

agreement:                    27.04.1966

Registered on:              30.06.1966

Commercial Register:    Local court 40227 Düsseldorf

under:                                       HRB 10629

 

 

Share capital

 

 EUR            512,000.00

 

Shareholder:

                     Saarstahl Aktiengesellschaft

                     Bismarckstr. 57-59

                     D 66333 Völklingen

                     Legal form: Public limited company

                     Share capital:     EUR        200,000,000.00

                     Share:             EUR            512,000.00

                     Registered on: 06.06.1989

                     Reg. data: 66121 Saarbrücken, HRB 74820

                     Control and profit transfer agreement

Manager:

                     Jean-Paul Timmerman

                     D 66111 Saarbrücken

                     born: 06.09.1958

Manager:

                     Uwe Schnur

                     D 66649 Oberthal

                     born: 01.12.1970

Proxy:

                     Carsten Kai Bäcker

                     D 66130 Saarbrücken

                     authorized to jointly represent the company

                     born: 15.08.1967

Proxy:

                     Jörg Disteldorf

                     D 66693 Mettlach

                     authorized to jointly represent the company

                     born: 22.10.1977

 

Further functions/participations of Jean-Paul Timmerman (Manager)

Proxy:

                     Saarstahl Aktiengesellschaft

                     Bismarckstr. 57-59

                     D 66333 Völklingen

                     Legal form: Public limited company

                     Share capital:     EUR        200,000,000.00

                     Registered

                     on:         06.06.1989

                     Reg. data:  66121 Saarbrücken, HRB 74820

 

Further functions/participations of Uwe Schnur (Manager)

Proxy:

                     Saarstahl Aktiengesellschaft

                     Bismarckstr. 57-59

                     D 66333 Völklingen

                     Legal form: Public limited company

                     Share capital:     EUR        200,000,000.00

                     Registered

                     on:         06.06.1989

                     Reg. data:  66121 Saarbrücken, HRB 74820

 

 

COMPANY HISTORY

 

27.04.1966 - 23.09.1980  RÖCHLING-STAHLEXPORT GmbH

                         Kasernenstr. 1

                         D 40213 Düsseldorf

                         Private limited company

 

 

RESIGNED ACTING PERSONS AND SHAREHOLDERS

 

29.10.2012 - 06.07.2015  Manager

                         Dr. Christian Dieter Biegus

                         D 40210 Düsseldorf

29.10.2009 - 12.10.2012  Manager

                         Ralf Joachim Becker

                         D 40822 Mettmann

 

 

BUSINESS ACTIVITIES

 

Main industrial sector

46721   Wholesale of iron ores, iron, steel and iron and steel

semi-finished goods

 

 

FINANCIAL INFORMATION

 

Payment experience:  within agreed terms

 

Negative information:We have no negative information at hand.

 

Balance sheet year:  2013

 

 

REAL ESTATE

 

Type of ownership:   Tenant

Address              Kasernenstr. 1

                     D 40213 Düsseldorf

 

Land register documents were not available.

 

 

BANKERS

 

Principal bank

COMMERZBANK, 40002 DÜSSELDORF

Sort. code: 30040000

BIC: COBADEDDXXX

 

Further banks

DEUTSCHE BANK, 40189 DÜSSELDORF

Sort. code: 30070010

BIC: DEUTDEDDXXX

UNICREDIT BANK - HYPOVEREINSBANK, 40212 DÜSSELDORF

Sort. code: 30220190

BIC: HYVEDEMM414

HSBC TRINKAUS & BURKHARDT, 40002 DÜSSELDORF

Sort. code: 30030880

BIC: TUBDDEDDXXX

 

 

FINANCIAL FIGURES

 

Turnover:            2013               EUR         12,182,000.00

Profit:              2013               EUR          1,422,000.00

Ac/ts receivable:                       EUR          2,453,000.00

Liabilities:                            EUR          2,403,000.00

Employees:                                                     13

 

Control and profit transfer agreement to:

Saarstahl Aktiengesellschaft

Bismarckstr. 57-59

D 66333 Völklingen

 

 

BALANCE SHEETS

 

Balance sheet ratios 01.01.2013 - 31.12.2013

Equity ratio [%]:                 43.82

Liquidity ratio:                  10.00

Return on total capital [%]:      15.07

 

Balance sheet ratios 01.01.2012 - 31.12.2012

Equity ratio [%]:                 58.90

Liquidity ratio:                  10.00

Return on total capital [%]:      10.28

 

Balance sheet ratios 01.01.2011 - 31.12.2011

Equity ratio [%]:                 58.55

Liquidity ratio:                  10.00

Return on total capital [%]:      13.16

 

Balance sheet ratios 01.01.2010 - 31.12.2010

Equity ratio [%]:                 48.14

Liquidity ratio:                  10.00

Return on total capital [%]:      12.17

 

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:      01.01.2013 - 31.12.2013

 

ASSETS                                  EUR          9,436,000.00

 Fixed assets                           EUR            247,000.00

  Tangible assets                       EUR              7,000.00

  Financial assets                      EUR            240,000.00

   Other / unspecified financial assets EUR            240,000.00

 Current assets                         EUR          9,169,000.00

  Stocks                                EUR             11,000.00

   Finished goods / work in progress    EUR             11,000.00

  Accounts receivable                   EUR          2,453,000.00

   Trade debtors                        EUR          1,765,000.00

   Amounts due from related companies   EUR            379,000.00

   Other debtors and assets             EUR            309,000.00

  Liquid means                          EUR          6,705,000.00

 Remaining other assets                 EUR             20,000.00

  Accruals (assets)                     EUR             20,000.00

 

LIABILITIES                             EUR          9,436,000.00

 Shareholders' equity                   EUR          2,585,000.00

  Capital                               EUR            512,000.00

   Subscribed capital (share capital)   EUR            512,000.00

  Reserves                              EUR            322,000.00

   Retained earnings / revenue reserves EUR            322,000.00

  Balance sheet profit/loss (+/-)       EUR          1,751,000.00

   Balance sheet profit / loss          EUR          1,751,000.00

 Provisions                             EUR          4,448,000.00

  Pension provisions and comparable

  provisions                            EUR          3,321,000.00

  Provisions for taxes                  EUR            192,000.00

  Other / unspecified provisions        EUR            935,000.00

 Liabilities                            EUR          2,403,000.00

  Other liabilities                     EUR          2,403,000.00

   Trade creditors (for IAS incl. bills

   of exchange)                         EUR            126,000.00

   Liabililties due to related companiesEUR          2,054,000.00

   Unspecified other liabilities        EUR            223,000.00

 

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

Code (HGB)

 

 Sales                                  EUR         12,182,000.00

 Other operating income                 EUR            428,000.00

 Cost of materials                      EUR          7,348,000.00

 Gross result (+/-)                     EUR          5,262,000.00

 Staff expenses                         EUR          1,113,000.00

 Total depreciation                     EUR              9,000.00

  Depreciation on tangible / intangible

  asssets (incl. start-up and exp. of

  bus.                                  EUR              9,000.00

 Other operating expenses               EUR          2,238,000.00

 Operating result from continuing

 operations                             EUR          1,902,000.00

 Result from participating interests

 (+/-)                                  EUR            416,000.00

 Interest result (+/-)                  EUR           -224,000.00

 Financial result (+/-)                 EUR            192,000.00

 Result from ordinary operations (+/-)  EUR          2,094,000.00

 Income tax / refund of income tax (+/-)EUR           -570,000.00

 Other taxes / refund of taxes          EUR           -102,000.00

 Tax (+/-)                              EUR           -672,000.00

 Annual surplus / annual deficit        EUR          1,422,000.00

 

Type of balance

sheet:               Company balance sheet

 

Financial year:      01.01.2012 - 31.12.2012

 

ASSETS                                  EUR         12,796,000.00

 Fixed assets                           EUR            256,000.00

  Tangible assets                       EUR             16,000.00

   Other / unspecified tangible assets  EUR             16,000.00

  Financial assets                      EUR            240,000.00

   Other / unspecified financial assets EUR            240,000.00

 Current assets                         EUR         12,517,000.00

  Stocks                                EUR             69,000.00

   Finished goods / work in progress    EUR             69,000.00

  Accounts receivable                   EUR          3,233,000.00

   Trade debtors                        EUR          2,405,000.00

   Amounts due from related companies   EUR            184,000.00

   Other debtors and assets             EUR            644,000.00

  Liquid means                          EUR          9,215,000.00

 Remaining other assets                 EUR             23,000.00

  Accruals (assets)                     EUR             23,000.00

 

LIABILITIES                             EUR         12,796,000.00

 Shareholders' equity                   EUR          6,163,000.00

  Capital                               EUR            512,000.00

   Subscribed capital (share capital)   EUR            512,000.00

  Reserves                              EUR            322,000.00

   Retained earnings / revenue reserves EUR            322,000.00

  Balance sheet profit/loss (+/-)       EUR          5,329,000.00

   Balance sheet profit / loss          EUR          5,329,000.00

 Provisions                             EUR          4,413,000.00

  Pension provisions and comparable

  provisions                            EUR          3,676,000.00

  Provisions for taxes                  EUR            317,000.00

  Other / unspecified provisions        EUR            420,000.00

 Liabilities                            EUR          2,220,000.00

  Other liabilities                     EUR          2,220,000.00

   Trade creditors (for IAS incl. bills

   of exchange)                         EUR             94,000.00

   Liabililties due to related companiesEUR          1,788,000.00

   Unspecified other liabilities        EUR            338,000.00

 

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

Code (HGB)

 

 Sales                                  EUR         13,714,000.00

 Other operating income                 EUR            526,000.00

 Cost of materials                      EUR          9,832,000.00

 Gross result (+/-)                     EUR          4,408,000.00

 Staff expenses                         EUR          1,394,000.00

 Total depreciation                     EUR             14,000.00

  Depreciation on tangible / intangible

  asssets (incl. start-up and exp. of

  bus.                                  EUR             14,000.00

 Other operating expenses               EUR          1,598,000.00

 Operating result from continuing

 operations                             EUR          1,402,000.00

 Result from participating interests

 (+/-)                                  EUR            501,000.00

 Interest result (+/-)                  EUR           -152,000.00

 Financial result (+/-)                 EUR            349,000.00

 Result from ordinary operations (+/-)  EUR          1,751,000.00

 Income tax / refund of income tax (+/-)EUR           -434,000.00

 Other taxes / refund of taxes          EUR             -1,000.00

 Tax (+/-)                              EUR           -435,000.00

 Annual surplus / annual deficit        EUR          1,316,000.00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.81

UK Pound

1

Rs.98.92

Euro

1

Rs.69.66

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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.