MIRA INFORM REPORT

 

 

Report No. :

321020

Report Date :

06.05.2015

 

IDENTIFICATION DETAILS

 

Name :

ER-WE-PA GMBH

 

 

Registered Office :

Mettmanner Str. 51 D 40699 Erkrath  Post Box:15 65

 

 

Country :

Germany

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

20.12.1979

 

 

Com. Reg. No.:

HRB 12758

 

 

Legal Form :

Private limited company

 

 

Line of Business :

Manufacture of other general-purpose machinery

 

 

No. of Employee :

123

 

 

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 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 5.3% 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. 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 accounts for 34% of total energy consumption, 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.

 

Source : CIA

 

 

 

Comapny name and address

 

ER-WE-PA GMBH

 

 

 Company Status:      active

                      Mettmanner Str. 51

                      D 40699 Erkrath

                      Post Box:

                      15 65

                      Telephone:0211/2404-0

                      Telefax:  0211/2404-281

                      Homepage: www.davis-standard.de

                      E-mail:   info@davis-standard.de

 

 VAT no.:             DE811119441

 

 

 CONCLUSION

 

 Business relations are permissible.

 

 

Summary

 

 LEGAL FORM              Private limited company

 Date of foundation:      20.12.1979

 Shareholders'

 agreement:                   20.12.1979

 Registered on:             16.01.1980

 Commercial Register:   Local court 42103 Wuppertal

 under:                          HRB 12758

 

 

 Share capital

 

EUR          5,112,918.81

 

 Shareholder:

                      Davis-Standard (Deutschland) GmbH

                      Mettmanner Str. 51

                      D 40699 Erkrath

                      Post Box:

                      15 65

                      Legal form: Private limited company

                      Share capital:     EUR             25,564.59

                      Share:             EUR          5,112,918.81

                      Registered on: 28.08.1998

                      Reg. data: 42103 Wuppertal, HRB 13735

 Manager:

                      Kai Möllendorf

                      D 32479 Hille

                      having sole power of representation

                      born: 04.03.1970

 

 Further functions/participations of Kai Möllendorf (Manager)

 Manager:

                      Davis-Standard (Deutschland) GmbH

                      Mettmanner Str. 51

                      D 40699 Erkrath

                      Post Box:

                      15 65

                      Legal form: Private limited company

                      Share capital:     EUR             25,564.59

                      Registered

                      on:         28.08.1998

                      Reg. data:  42103 Wuppertal, HRB 13735

 

 

 COMPANY HISTORY

 

 16.01.1980 - 17.05.1988  ER-WE-PA Maschinenfabrik und

                          Eisengießerei GmbH

                          D 40699 Erkrath

                          Private limited company

 18.05.1988 - 28.11.1991  ER-WE-PA Maschinenfabrik GmbH

                          D 40699 Erkrath

                          Private limited company

 28.11.1991 - 12.02.1996  KLÖCKNER ER-WE-PA GmbH

                          Mettmanner Str. 51

                          D 40699 Erkrath

                          Private limited company

 12.02.1996 - 28.08.2001  ER-WE-PA Davis-Standard GmbH

                          Mettmanner Str. 51

                          D 40699 Erkrath

                          Private limited company

 28.08.2001 - 18.08.2008  Davis Standard GmbH

                          Mettmanner Str. 51

                          D 40699 Erkrath

                          Private limited company

 18.08.2008 - 26.03.2009  Davis-Standard GmbH

                          Mettmanner Str. 51

                          D 40699 Erkrath

                          Private limited company

 26.03.2009 - 09.11.2009  ER-WE-PA Davis-Standard GmbH (bis

                          09.11.2009)

                          Mettmanner Str. 51

                          D 40699 Erkrath

                          Private limited company

 

 

 RESIGNED ACTING PERSONS AND SHAREHOLDERS

 

 23.07.2013 - 17.06.2014  Manager

                          Todd Pearson

                          GB Stonington CT

 06.04.2009 - 16.07.2013  Manager

                          Andreas Kandt

                          D 41366 Schwalmtal

 

 

 BUSINESS ACTIVITIES

 

 Main industrial sector

 28290   Manufacture of other general-purpose machinery

 

 

 FINANCIAL INFORMATION

 

 Payment experience:  within periods customary in this trade

 

 Negative information:We have no negative information at hand.

 

 Balance sheet year:  2013

 

 

 REAL ESTATE

 

 Type of ownership:   proprietor

 Share:                100.00 %

 Address              Mettmanner Str. 49-51

                      D 40699 Erkrath

 

 Type of ownership:   Tenant

 Address              Mettmanner Str. 51

                      D 40699 Erkrath

 

 Land register documents were not available.

 

 

 BANKERS

 

 COMMERZBANK, 40675 ERKRATH

 Sort. code: 30040000

 BIC: COBADEDDXXX

 COMMERZBANK, 40002 DÜSSELDORF

 Sort. code: 30040000

 BIC: COBADEDDXXX

 UNICREDIT BANK - HYPOVEREINSBANK, 40212 DÜSSELDORF

 Sort. code: 30220190

 BIC: HYVEDEMM414

 

 

 FINANCIAL FIGURES

 

 Gross profit or loss:2013               EUR          7,997,739.00

 Equipment:                              EUR            243,758.00

 Ac/ts receivable:                       EUR          6,991,298.00

 Liabilities:                            EUR         16,929,185.00

 Employees:                                                    123

 - thereof permanent staff:                                    123

 

 

 BALANCE SHEETS

 

 Balance sheet ratios 01.01.2013 - 31.12.2013

 Equity ratio [%]:                -26.08

 Liquidity ratio:                   0.07

 Return on total capital [%]:     -13.21

 

 Balance sheet ratios 01.10.2012 - 31.12.2012

 Equity ratio [%]:                -21.15

 Liquidity ratio:                   0.44

 Return on total capital [%]:       1.62

 

 Balance sheet ratios 01.10.2011 - 30.09.2012

 Equity ratio [%]:                -17.59

 Liquidity ratio:                   0.27

 Return on total capital [%]:       4.16

 

 Balance sheet ratios 01.10.2010 - 30.09.2011

 Equity ratio [%]:                -23.08

 Liquidity ratio:                   0.34

 Return on total capital [%]:     -13.25

 

 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         65,846,711.35

  Fixed assets                           EUR          1,760,182.09

   Intangible assets                     EUR            884,851.00

    Concessions, licences, rights        EUR            884,851.00

   Tangible assets                       EUR            875,331.09

    Land / similar rights                EUR            429,429.09

    Plant / machinery                    EUR            161,798.00

    Other tangible assets / fixtures and

    fittings                             EUR            284,104.00

  Current assets                         EUR         50,409,227.59

   Stocks                                EUR         46,129,425.45

    Raw materials, consumables and

    supplies                             EUR            388,871.45

    Finished goods / work in progress    EUR         41,470,698.64

    Advance payments made                EUR          4,269,855.36

   Accounts receivable                   EUR          3,910,930.50

    Amounts due from shareholders        EUR             51,898.50

    Trade debtors                        EUR          2,436,493.17

    Amounts due from related companies   EUR            722,451.27

    Other debtors and assets             EUR            700,087.56

   Liquid means                          EUR            368,871.64

  Remaining other assets                 EUR         13,677,301.67

   Accruals (assets)                     EUR            107,289.53

   Deficit not covered by shareholders'

   equity                                EUR         13,570,012.14

 

 LIABILITIES                             EUR         65,846,711.35

  Shareholders' equity                   EUR                  0.00

   Capital                               EUR          5,112,918.81

    Subscribed capital (share capital)   EUR          5,112,918.81

   Reserves                              EUR          6,056,459.41

    Capital reserves                     EUR          6,056,459.41

   Balance sheet profit/loss (+/-)       EUR        -24,739,390.36

    Profit / loss brought forward        EUR        -15,290,575.76

    Annual surplus / annual deficit      EUR         -9,448,814.60

   Other shareholders' equity (+/-)      EUR         13,570,012.14

    Deficit not covered by shareholders'

    equity                               EUR         13,570,012.14

  Provisions                             EUR         13,083,308.28

   Pension provisions and comparable

   provisions                            EUR          2,618,808.00

   Provisions for taxes                  EUR             62,515.00

   Other / unspecified provisions        EUR         10,401,985.28

  Liabilities                            EUR         52,760,333.07

   Other liabilities                     EUR         52,760,333.07

    Trade creditors (for IAS incl. bills

    of exchange)                         EUR          4,635,355.60

    Liabilities from received advance

    payments                             EUR         43,232,192.35

    Liabililties due to related companiesEUR          4,474,999.48

    Unspecified other liabilities        EUR            417,785.64

  Other liabilities                      EUR              3,070.00

   Deferrals (liabilities)               EUR              3,070.00

 

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

 Code (HGB)

  Gross result (+/-)                     EUR          7,997,739.36

  Staff expenses                         EUR          9,216,633.93

   Wages and salaries                    EUR          7,917,602.47

   Social security contributions and

   expenses for pension plans and

   benefits                              EUR          1,299,031.46

  Total depreciation                     EUR            447,247.27

   Depreciation on tangible / intangible

   asssets (incl. start-up and exp. of

   bus.                                  EUR            447,247.27

  Other operating expenses               EUR          4,719,324.74

  Operating result from continuing

  operations                             EUR         -6,385,466.58

  Interest result (+/-)                  EUR           -457,037.18

   Interest and similar expenses         EUR            457,037.18

  Financial result (+/-)                 EUR           -457,037.18

  Result from ordinary operations (+/-)  EUR         -6,842,503.76

  Extraordinary expenses                 EUR          2,550,460.01

  Extraordinary result (+/-)             EUR         -2,550,460.01

  Income tax / refund of income tax (+/-)EUR               -101.66

  Other taxes / refund of taxes          EUR            -55,749.17

  Tax (+/-)                              EUR            -55,850.83

  Annual surplus / annual deficit        EUR         -9,448,814.60

 

 Type of balance

 sheet:               Company balance sheet

 

 Financial year:      01.10.2012 - 31.12.2012

 

 ASSETS                                  EUR         23,605,448.75

  Fixed assets                           EUR          1,828,891.61

   Intangible assets                     EUR            840,379.52

    Concessions, licences, rights        EUR             94,710.00

    Advance payments for intang. assets  EUR            745,669.52

   Tangible assets                       EUR            988,512.09

    Land / similar rights                EUR            559,156.09

    Plant / machinery                    EUR            185,598.00

    Other tangible assets / fixtures and

    fittings                             EUR            243,758.00

  Current assets                         EUR         17,634,901.38

   Stocks                                EUR          9,515,935.48

    Raw materials, consumables and

    supplies                             EUR            341,027.06

    Finished goods / work in progress    EUR          8,983,489.52

    Advance payments made                EUR            191,418.90

   Accounts receivable                   EUR          6,991,297.56

    Trade debtors                        EUR          6,280,252.63

    Amounts due from related companies   EUR            205,228.27

    Other debtors and assets             EUR            505,816.66

   Liquid means                          EUR          1,127,668.34

  Remaining other assets                 EUR          4,141,655.76

   Accruals (assets)                     EUR             20,458.22

   Deficit not covered by shareholders'

   equity                                EUR          4,121,197.54

 

 LIABILITIES                             EUR         23,605,448.75

  Shareholders' equity                   EUR                  0.00

   Capital                               EUR          5,112,918.81

    Subscribed capital (share capital)   EUR          5,112,918.81

   Reserves                              EUR          6,056,459.41

    Capital reserves                     EUR          6,056,459.41

   Balance sheet profit/loss (+/-)       EUR        -15,290,575.76

    Profit / loss brought forward        EUR        -15,566,987.57

    Annual surplus / annual deficit      EUR            276,411.81

   Other shareholders' equity (+/-)      EUR          4,121,197.54

    Deficit not covered by shareholders'

    equity                               EUR          4,121,197.54

  Provisions                             EUR          6,676,263.41

   Pension provisions and comparable

   provisions                            EUR          2,682,618.00

   Provisions for taxes                  EUR             62,515.00

   Other / unspecified provisions        EUR          3,931,130.41

  Liabilities                            EUR         16,929,185.34

   Other liabilities                     EUR         16,929,185.34

    Trade creditors (for IAS incl. bills

    of exchange)                         EUR          3,883,065.37

    Liabilities from received advance

    payments                             EUR          8,306,033.30

    Liabililties due to related companiesEUR          4,530,637.10

    Unspecified other liabilities        EUR            209,449.57

 

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

 Code (HGB)

  Gross result (+/-)                     EUR          4,010,952.78

  Staff expenses                         EUR          2,430,447.69

   Wages and salaries                    EUR          2,067,106.44

   Social security contributions and

   expenses for pension plans and

   benefits                              EUR            363,341.25

  Total depreciation                     EUR             69,767.00

   Depreciation on tangible / intangible

   asssets (incl. start-up and exp. of

   bus.                                  EUR             69,767.00

  Other operating expenses               EUR          1,132,937.91

  Operating result from continuing

  operations                             EUR            377,800.18

  Interest result (+/-)                  EUR            -73,252.00

   Interest and similar income           EUR                640.72

   Interest and similar expenses         EUR             73,892.72

  Financial result (+/-)                 EUR            -73,252.00

  Result from ordinary operations (+/-)  EUR            304,548.18

  Extraordinary expenses                 EUR             39,698.00

   Other extraordinary expenses          EUR             39,698.00

  Extraordinary result (+/-)             EUR            -39,698.00

  Income tax / refund of income tax (+/-)EUR             17,676.30

  Other taxes / refund of taxes          EUR             -6,114.67

  Tax (+/-)                              EUR             11,561.63

  Annual surplus / annual deficit        EUR            276,411.81

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.52

UK Pound

1

Rs.95.96

Euro

1

Rs.70.54

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.