MIPL-Logo

 

MIRA INFORM REPORT

 

 

Report No. :

332626

Report Date :

18.07.2015

           

IDENTIFICATION DETAILS

 

Name :

MORGAN REKOFA GMBH

 

 

Registered Office :

Bergstr. 41, D 53533 Antweiler

 

 

Country :

Germany

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

25.07.1974

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :
  • Manufacture of refractory products
  • Manufacture of other electric equipment

·         Wholesale of other equipment and accessories for machinery and technical supplies

 

 

No. of Employee :

132

 

 

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, 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

 

MORGAN REKOFA GMBH

 

Company Status:      active

                      Bergstr. 41

                      D 53533 Antweiler

                      Telephone:02693/93330

                      Telefax:  02693/9333209

                      Homepage: www.morgan-rekofa.de

                      E-mail:   info@morgan-rekofa.de

 

 VAT no.:             DE119997588

 

 

 CONCLUSION

 

 Business relations are permissible.

 LEGAL FORM           Private limited company

 Date of foundation:  25.07.1974

 Shareholders'

 agreement:           25.07.1974

 Registered on:       30.10.1995

 Commercial Register: Local court 56068 Koblenz

 under:               HRB 13616

 

 

Share capital

 

EUR             26,100.00

 

 

Shareholder

 

                      Morgan Holding GmbH

                      Zeppelinstr. 26

                      D 53424 Remagen

                      Legal form: Private limited company

                      Share capital:     EUR          1,346,231.52

                      Share:             EUR             26,100.00

                      Registered on: 27.02.1986

                      Reg. data: 56068 Koblenz, HRB 11916

 

 

Manager

 

                      Klaus Hoffmann

                      Am Ketschenbach 1 a

                      D 96450 Coburg

                      having sole power of representation

                      born: 24.03.1957

                      Profession: graduate engineer

 

 

Proxy

 

                      Udo Reget

                      Südallee 10

                      D 53501 Grafschaft

                      authorized to jointly represent the company

                      born: 02.01.1951

                      Marital status: married

 Proxy:

                      Michael Richard Pick

                      D 50321 Brühl

                      authorized to jointly represent the company

                      born: 22.10.1963

                      Profession: Information technology expert

                      Marital status: single

 Proxy:

                      Oliver Gerd Follmann

                      Ringener Str. 6

                      D 53501 Grafschaft

                      authorized to jointly represent the company

                      born: 20.05.1970

 

 Further functions/participations of Klaus Hoffmann (Manager)

 Manager:

                      Morgan Deutschland Holding GmbH

                      Zeppelinstr. 26

                      D 53424 Remagen

                      Legal form: Private limited company

                      Share capital:     EUR             25,000.00

                      Registered

                      on:         19.06.2012

                      Reg. data:  60313 Frankfurt, HRB 94025

 

 

BUSINESS ACTIVITIES

 

 Main industrial sector

 23200   Manufacture of refractory products

 

 Secondary industrial sector

 27900   Manufacture of other electric equipment n.e.c.

 46693   Wholesale of other equipment and accessories for

 machinery and technical supplies

 

 

BRANCHES AND FACTORIES

 

 Branch:

                      Morgan REKOFA GmbH

                      Zeppelinstr. 26

                      D 53424 Remagen

                      TEL.: 02642/90400

                      FAX.: 02642/9040251

 

 

 FINANCIAL INFORMATION

 

 Payment experience:  within periods customary in this trade

 

 Negative information:We have no negative information at hand.

 

 PMI:                 present:   100        01.07.2015

                      Ø 6 months:90

 

 

 REAL ESTATE

 

 Type of ownership:   Tenant

 Address              Bergstr. 41

                      D 53533 Antweiler

 

 Land register documents were not available.

 

 

 

BANKERS

 

 COMMERZBANK, 53003 BONN

 Sort. code: 38040007

 BIC: COBADEFFXXX

 VOLKSBANK RHEINAHREIFEL, 53474 BAD NEUENAHR-AHRWEILER

 Sort. code: 57761591

 BIC: GENODED1BNA

 

 

 FINANCIAL FIGURES

 

 Turnover:            2013               EUR         29,481,372.00

 Profit:              2013               EUR          3,067,976.00

 Equipment:                              EUR          1,199,569.00

 Ac/ts receivable:                       EUR          5,325,200.00

 Liabilities:                            EUR         11,003,103.00

 Employees:                                                    141

 - thereof permanent staff:                                    132

 

 

 BALANCE SHEETS

 

 Balance sheet ratios 01.01.2013 - 31.12.2013

 Equity ratio [%]:                 32.31

 Liquidity ratio:                   0.76

 Return on total capital [%]:      24.13

 

 Balance sheet ratios 01.01.2012 - 31.12.2012

 Equity ratio [%]:                 23.18

 Liquidity ratio:                   0.66

 Return on total capital [%]:      20.39

 

 Balance sheet ratios 01.01.2011 - 31.12.2011

 Equity ratio [%]:                 36.14

 Liquidity ratio:                   1.03

 Return on total capital [%]:      27.98

 

 Balance sheet ratios 01.01.2010 - 31.12.2010

 Equity ratio [%]:                  3.08

 Liquidity ratio:                   0.40

 Return on total capital [%]:      11.19

 

 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         12,734,837.65

  Fixed assets                           EUR          1,956,438.19

   Intangible assets                     EUR             58,206.25

    Concessions, licences, rights        EUR             38,592.25

    Goodwill                             EUR             19,614.00

   Tangible assets                       EUR          1,898,231.94

    Land / similar rights                EUR            653,422.03

    Plant / machinery                    EUR             45,240.50

    Other tangible assets / fixtures and

    fittings                             EUR          1,199,569.41

  Current assets                         EUR         10,714,399.46

   Stocks                                EUR          4,826,734.64

    Raw materials, consumables and

    supplies                             EUR          2,244,995.84

    Finished goods / work in progress    EUR          2,581,738.80

   Accounts receivable                   EUR          5,325,200.48

    Trade debtors                        EUR          3,085,044.14

    Amounts due from related companies   EUR          2,239,943.45

    Other debtors and assets             EUR                212.89

   Liquid means                          EUR            562,464.34

  Remaining other assets                 EUR             64,000.00

   Accruals (assets)                     EUR             64,000.00

 

 LIABILITIES                             EUR         12,734,837.65

  Shareholders' equity                   EUR            698,075.31

   Capital                               EUR             26,100.00

    Subscribed capital (share capital)   EUR             26,100.00

   Reserves                              EUR            671,975.31

    Capital reserves                     EUR            671,975.31

  Provisions                             EUR          1,033,659.36

   Other / unspecified provisions        EUR          1,033,659.36

  Liabilities                            EUR         11,003,102.98

   thereof total due to shareholders     EUR          3,429,528.93

   Financial debts                       EUR                572.07

    Liabilities due to banks             EUR                572.07

   Other liabilities                     EUR         11,002,530.91

    Trade creditors (for IAS incl. bills

    of exchange)                         EUR            933,342.53

    Liabililties due to related companiesEUR          4,077,573.98

    Unspecified other liabilities        EUR          5,991,614.40

     thereof liabilities from tax /

     financial authorities               EUR            147,115.23

 

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

 Code (HGB)

  Sales                                  EUR         29,481,371.63

  Inventory change + own costs (+/-)     EUR             37,906.91

   Inventory change (+/-)                EUR             37,906.91

  Other operating income                 EUR            138,831.73

  Cost of materials                      EUR         13,011,357.98

   Raw materials and supplies, purchased

   goods                                 EUR         10,369,023.20

   Purchased services                    EUR          2,642,334.78

  Gross result (+/-)                     EUR         16,646,752.29

  Staff expenses                         EUR          8,119,111.99

   Wages and salaries                    EUR          6,777,546.88

   Social security contributions and

   expenses for pension plans and

   benefits                              EUR          1,341,565.11

  Total depreciation                     EUR          1,122,372.80

   Depreciation on tangible / intangible

   asssets (incl. start-up and exp. of

   bus.                                  EUR          1,122,372.80

  Other operating expenses               EUR          4,032,489.47

  Operating result from continuing

  operations                             EUR          3,372,778.03

  Interest result (+/-)                  EUR           -222,468.89

   Interest and similar income           EUR             93,658.16

   Interest and similar expenses         EUR            316,127.05

  Financial result (+/-)                 EUR           -222,468.89

  Result from ordinary operations (+/-)  EUR          3,150,309.14

  Expenses for transfer of profits to a

  parent company                         EUR          3,067,975.71

  Income tax / refund of income tax (+/-)EUR            -82,333.43

  Tax (+/-)                              EUR            -82,333.43

  Annual surplus / annual deficit        EUR                  0.00

 

 Type of balance

 sheet:               Company balance sheet

 

 Financial year:      01.01.2012 - 31.12.2012

 

 ASSETS                                  EUR         13,216,177.83

  Fixed assets                           EUR          3,012,043.66

   Intangible assets                     EUR            970,088.00

    Concessions, licences, rights        EUR             31,244.00

    Goodwill                             EUR            938,844.00

   Tangible assets                       EUR          2,041,955.66

    Land / similar rights                EUR            679,543.54

    Plant / machinery                    EUR             46,413.00

    Other tangible assets / fixtures and

    fittings                             EUR          1,315,999.12

  Current assets                         EUR         10,156,134.17

   Stocks                                EUR          4,821,555.27

    Raw materials, consumables and

    supplies                             EUR          2,277,723.38

    Finished goods / work in progress    EUR          2,543,831.89

   Accounts receivable                   EUR          5,316,960.17

    Trade debtors                        EUR          1,671,819.83

    Amounts due from related companies   EUR          3,645,140.34

   Liquid means                          EUR             17,618.73

  Remaining other assets                 EUR             48,000.00

   Accruals (assets)                     EUR             48,000.00

 

 LIABILITIES                             EUR         13,216,177.83

  Shareholders' equity                   EUR            698,075.31

   Capital                               EUR             26,100.00

    Subscribed capital (share capital)   EUR             26,100.00

   Reserves                              EUR            671,975.31

    Capital reserves                     EUR            671,975.31

  Provisions                             EUR          1,413,054.97

   Other / unspecified provisions        EUR          1,413,054.97

  Liabilities                            EUR         11,105,047.55

   thereof total due to shareholders     EUR          3,087,127.49

   Financial debts                       EUR            110,696.21

    Liabilities due to banks             EUR            110,696.21

   Other liabilities                     EUR         10,994,351.34

    Trade creditors (for IAS incl. bills

    of exchange)                         EUR            544,849.48

    Liabililties due to related companiesEUR          4,502,623.36

    Unspecified other liabilities        EUR          5,946,878.50

     thereof liabilities from tax /

     financial authorities               EUR             99,705.40

  Guarantees and other commitments       EUR         61,000,000.00

   Sureties / lendings of

   creditworthiness                      EUR         61,000,000.00

 

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

 Code (HGB)

  Sales                                  EUR         25,226,815.42

  Inventory change + own costs (+/-)     EUR            173,294.30

   Inventory change (+/-)                EUR            173,294.30

  Other operating income                 EUR          1,795,786.25

  Cost of materials                      EUR         10,939,329.17

   Raw materials and supplies, purchased

   goods                                 EUR          8,049,523.12

   Purchased services                    EUR          2,889,806.05

  Gross result (+/-)                     EUR         16,256,566.80

  Staff expenses                         EUR          8,100,032.25

   Wages and salaries                    EUR          6,739,055.15

   Social security contributions and

   expenses for pension plans and

   benefits                              EUR          1,360,977.10

  Total depreciation                     EUR          1,085,583.30

   Depreciation on tangible / intangible

   asssets (incl. start-up and exp. of

   bus.                                  EUR          1,085,583.30

  Other operating expenses               EUR          4,304,259.04

  Operating result from continuing

  operations                             EUR          2,766,692.21

  Interest result (+/-)                  EUR           -179,520.76

   Interest and similar income           EUR            134,304.97

   Interest and similar expenses         EUR            313,825.73

  Financial result (+/-)                 EUR           -179,520.76

  Result from ordinary operations (+/-)  EUR          2,587,171.45

  Expenses for transfer of profits to a

  parent company                         EUR          2,503,210.49

  Income tax / refund of income tax (+/-)EUR            -83,960.96

  Tax (+/-)                              EUR            -83,960.96

  Annual surplus / annual deficit        EUR                  0.00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.49

UK Pound

1

Rs.99.43

Euro

1

Rs.69.14

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ASH

 

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.