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Report No. : |
323073 |
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Report Date : |
23.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
SORTECH AKTIENGESELLSCHAFT |
|
|
|
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Registered Office : |
Zscherbener Landstr. 17 D 06126 Halle |
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|
|
|
Country : |
Germany |
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|
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Financials (as on) : |
31.12.2013 |
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|
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Date of Incorporation : |
19.03.2002 |
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|
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Com. Reg. No.: |
HRB 215591 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
·
Manufacture
of non-domestic cooling and ventilation
equipment · Other research and experimental development on natural sciences and engineering |
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|
|
No. of Employees : |
30 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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|
|
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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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
SORTECH AKTIENGESELLSCHAFT
Zscherbener Landstr. 17
D 06126 Halle
Telephone:0345/2798090
Telefax: 0345/27980998
Homepage: www.sortech.de
E-mail: office@sortech.de
Active
DE221337150
Business relations are permissible.
LEGAL FORM Public
limited company
Date of foundation: 19.03.2002
Registered on: 20.04.2006
Commercial Register: Local court 39576 Stendal
under: HRB
215591
Share capital: EUR 1,477,845.00
Shareholder:
tbg Technologie -
Beteiligungs -
Gesellschaft mbH
Ludwig-Erhard-Platz 1-3
D 53179 Bonn
Legal form: Private limited company
Share capital: EUR
168,600,000.00
Registered on: 22.09.1989
Reg. data: 53111 Bonn,
HRB 4940
Agreement to transfer a
portion of the
profit
Shareholder:
S-Unternehmensbeteiligungs gesellschaft der
Sparkasse Leipzig mbH
Nordstr. 21
D 04105 Leipzig
Legal form: Private limited company
Share capital: EUR
10,000,000.00
Registered on: 18.06.1999
Reg. data: 04275 Leipzig,
HRB 15819
Agreement to transfer a
portion of the
profit
President of the Board of Directors:
Norbert Oliver Philipp
D 74357 Bönnigheim
having sole power of
representation
born: 08.01.1965
Member of the Board of Directors:
Walter Mittelbach
D 06108 Halle
having sole power of
representation
born: 20.10.1965
President of the Supervisory Board:
Dr. Walter F. Grassl
Possartstr. 9
D 81679 München
born: 15.08.1956
Marital status: unknown
Vice-president of the Supervisory Board:
Dr. Ingo Potthof
D 85622 Feldkirchen
born: 04.07.1967
Member of the Supervisory Board:
Thomas Kauss
Wittekindstr. 18
D 32584 Löhne
born: 19.09.1967
Member of the Supervisory Board:
Dr. Günter Rommel
Ringseisweg 2
D 82327 Tutzing
born: 07.07.1946
Member of the Supervisory Board:
Dr. Martin Kröner
D 80331 München
Marital status: unknown
Further functions/participations of Norbert
Oliver Philipp
(President of the Board of Directors)
Member of the Board of Directors:
MAGE Solar AG
An der Bleicherei 15
D 88214 Ravensburg
Legal form: Public
limited company insolvent
Share capital: EUR 8,000,000.00
Registered
on: 14.03.2011
Reg. data: 89073 Ulm, HRB 726304
25.04.2002 - 19.04.2006 Sortech AG
Hanferstr. 23
D 79108 Freiburg
Public limited
company
20.04.2006 - 24.11.2011 Sortech AG
Weinbergweg 23
D 06120 Halle
Public limited
company
02.09.2013 - 11.03.2014 President of the Supervisory Board
Harriet Krzyzowski
D 39167 Irxleben
12.08.2002 - 17.06.2013 President of the Board of Directors
Walter Mittelbach
D 06108 Halle
Main industrial sector
2825
Manufacture of non-domestic cooling and ventilation equipment
7219 Other research and experimental development
on natural sciences and engineering
Payment
experience: Slow
Negative information :We have no negative
information at hand.
The
maximum credit is our recommendation for the maximum credit limit for the
inquired company.
Balance
sheet year: 2013
Type of ownership: Tenant
Address Zscherbener Landstr. 17
D 06126 Halle
Land register documents were not available.
VOLKSBANK FREIBURG, 79005 FREIBURG IM BREISGAU
Sort. code: 68090000
BIC: GENODE61FR1
SAALESPARKASSE, 06093 HALLE (SAALE)
Sort. code: 80053762
BIC: NOLADE21HAL
Turnover: 2013 EUR 1,200,000.00
2014 EUR 1,300,000.00
Profit: 2013 EUR -2,969,876.00
further business figures:
Ac/ts receivable: EUR 243,475.00
Liabilities: EUR 1,883,398.00
Total numbers of vehicles: 2
- Passenger cars:
2
Employees:
30
- thereof permanent staff: 29
- Freelancer:
1
Agreement to transfer a portion of the profit
to:
tbg Technologie -
Beteiligungs -
Gesellschaft mbH
Ludwig-Erhard-Platz 1-3
D 53179 Bonn
Agreement to transfer a portion of the profit
to:
S-Unternehmensbeteiligungs gesellschaft der
Sparkasse Leipzig mbH
Nordstr. 21
D 04105 Leipzig
Balance sheet ratios 01.01.2013 - 31.12.2013
Equity ratio [%]: -66.62
Liquidity ratio: 0.15
Return on total capital [%]: -207.68
Balance sheet ratios 01.01.2012 - 31.12.2012
Equity ratio [%]: 17.18
Liquidity ratio: 10.00
Return on total capital [%]: -106.76
Balance sheet ratios 01.01.2011 - 31.12.2011
Equity ratio [%]: -445.40
Liquidity ratio: 0.03
Return on total capital [%]: -109.74
Balance sheet ratios 01.01.2010 - 31.12.2010
Equity ratio [%]: -397.88
Liquidity ratio: 0.06
Return on total capital [%]: -172.39
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 2,385,615.22
Fixed assets
EUR 557,812.74
Intangible assets
EUR 87,155.00
Tangible assets
EUR 470,657.74
Current assets
EUR 898,822.61
Stocks
EUR 363,643.47
Accounts receivable
EUR 243,475.17
Liquid
means EUR 291,703.97
Remaining other assets
EUR 928,979.87
Accruals (assets)
EUR 16,968.55
Deficit not covered by shareholders'
equity EUR 912,011.32
LIABILITIES EUR 2,385,615.22
Shareholders' equity
EUR 0.00
Capital
EUR 1,477,845.00
Subscribed capital (share
capital) EUR 1,477,845.00
Reserves
EUR 10,036,357.38
Capital reserves
EUR 10,036,357.38
Balance sheet profit/loss (+/-)
EUR -12,426,213.70
Balance sheet profit / loss
EUR -12,426,213.70
Other shareholders' equity (+/-)
EUR 912,011.32
Deficit not covered by shareholders'
equity
EUR 912,011.32
Items between shareholders' equity and
debt capital
EUR 5,877.92
Special items with reserve funds
EUR 5,877.92
Provisions
EUR 496,338.94
Liabilities EUR 1,883,398.36
Type of balance
sheet: Company balance sheet
Financial year: 01.01.2012 - 31.12.2012
ASSETS EUR 2,060,832.86
Fixed assets EUR 616,813.85
Intangible assets
EUR 57,773.11
Internally generated industrial
property rights and similar rights
and assets
EUR 14,222.11
Concessions, licences, rights
EUR 43,551.00
Tangible assets
EUR 559,040.74
Plant / machinery
EUR 123,664.00
Other tangible assets / fixtures and
fittings EUR 435,376.74
Current assets
EUR 1,359,363.88
Stocks
EUR 224,344.46
Raw materials, consumables and
supplies
EUR 93,012.60
Finished goods / work in progress
EUR 131,331.86
Accounts receivable
EUR 207,177.03
Trade debtors
EUR 116,746.20
Other debtors and assets EUR 90,430.83
Liquid means
EUR 927,842.39
Remaining other assets
EUR 84,655.13
Accruals (assets)
EUR 22,976.25
Deficit not covered by shareholders'
equity
EUR 61,678.88
LIABILITIES EUR 2,060,832.86
Shareholders' equity
EUR 0.00
Capital EUR 1,427,427.00
Subscribed capital (share capital)
EUR 1,427,427.00
Reserves
EUR 7,967,231.86
Capital reserves
EUR 7,967,231.86
Balance sheet profit/loss (+/-)
EUR -9,456,337.74
Profit / loss brought forward
EUR -10,955,989.12
Annual surplus / annual deficit
EUR 1,499,651.38
Other shareholders' equity (+/-)
EUR 61,678.88
Deficit not covered by shareholders'
equity
EUR 61,678.88
Items between shareholders' equity and
debt capital
EUR 660,350.41
Special items with reserve funds
EUR 10,350.41
Mezzanine financing
EUR 650,000.00
Contributions of silent partners
EUR 650,000.00
Provisions
EUR 340,280.61
Provisions for taxes
EUR 78,231.00
Other / unspecified provisions
EUR 262,049.61
Liabilities
EUR 1,060,201.84
Financial debts
EUR 74,595.04
Liabilities due to banks
EUR 74,595.04
Other liabilities
EUR 985,606.80
Trade creditors (for IAS incl. bills
of exchange)
EUR 230,118.89
Liabilities from received advance
payments EUR 21,096.86
Liabilities due to shareholders
EUR 400,000.00
Unspecified other liabilities
EUR 334,391.05
thereof liabilities from tax /
financial authorities
EUR 27,052.83
thereof liabilities from social
security
EUR 209.44
PROFIT AND LOSS ACCOUNT (cost-summary method)
according to Comm.
Code (HGB)
Sales EUR 789,305.97
Inventory change + own costs (+/-)
EUR 81,021.68
Inventory change (+/-)
EUR 61,359.75
Capitalised own costs
EUR 19,661.93
Other operating income
EUR 697,402.62
Cost of materials
EUR 708,931.92
Raw materials and supplies, purchased
goods
EUR 666,356.47
Purchased services
EUR 42,575.45
Gross result (+/-)
EUR 858,798.35
Staff expenses
EUR 1,297,963.98
Wages and salaries
EUR 1,049,130.84
Social security contributions and
expenses for pension plans and
benefits
EUR 198,503.86
Other staff expenses
EUR 50,329.28
Total depreciation
EUR 161,104.68
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus.
EUR 161,104.68
Other operating expenses
EUR 1,251,277.66
Operating result from continuing
operations
EUR -1,851,547.97
Interest result (+/-)
EUR -198,476.93
Interest and similar income
EUR 365.50
Interest and similar expenses
EUR 198,842.43
Financial result (+/-)
EUR -198,476.93
Result from ordinary operations (+/-)
EUR -2,050,024.90
Extraordinary income
EUR 4,253,902.07
Extraordinary expenses
EUR 620,000.02
Extraordinary result (+/-)
EUR 3,633,902.05
Income tax / refund of income tax (+/-)EUR -78,312.42
Other taxes / refund of taxes
EUR -5,913.35
Tax (+/-) EUR -84,225.77
Annual surplus / annual deficit EUR 1,499,651.38
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.99.67 |
|
Euro |
1 |
Rs.70.83 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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|
|
Report Prepared
by : |
VNT |
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.