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MIRA INFORM REPORT
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Report No. : |
501353 |
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Report Date : |
07.04.2018 |
IDENTIFICATION DETAILS
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Name : |
ELAFLEX-GUMMI
EHLERS GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG |
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Registered Office : |
Schnackenburgallee
121, D 22525 Hamburg, Post Box: 54 01 66, D 22501 Hamburg |
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Country : |
Germany |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
29.12.1955 |
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Com. Reg. No.: |
HRB 7788 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
·
Manufacture of taps and valves n.e.c. · Other manufacturing n.e.c. ·
Wholesale of other equipment and accessories
for machinery and technical supplies |
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No. of Employees : |
133 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Germany |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 a large
increase in 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 economic 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. The German Government
introduced a minimum wage in 2015 that increased to $9.79 (8.84 euros) in
January 2017.
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 2017 Germany reached a budget surplus of 0.7%. 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 during 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 largely with renewable energy, which accounted for 29.5% of gross
electricity consumption in 2016, 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. Domestic
consumption, investment, and exports are likely to drive German GDP growth in
2018, and the country’s budget and trade surpluses are likely to remain high.
|
Source
: CIA |
Company name & address
ELAFLEX-GUMMI EHLERS GESELLSCHAFT MIT
BESCHRÄNKTER HAFTUNG
Company Status: active
Schnackenburgallee 121
D 22525 Hamburg
Post Box:
54 01 66, D 22501 Hamburg
Telephone:040/540005-0
Telefax:
040/540005-67
Homepage: www.elaflex.de
E-mail:
info@elaflex.de
VAT
no.: DE118546641
CONCLUSION
Business relations are permissible.
LEGAL FORM Private Limited Company
Date of foundation: 29.12.1955
Registered on: 21.01.1956
Commercial Register: Local court 20355 Hamburg
under: HRB 7788
Share capital: EUR 1,000,000.00
Shareholder:
Katrin Jakobsen, Kai
Ehlers, Karsten Ehlers
Schnackenburgallee 121
D 22525 Hamburg
Legal form: Community of
heirs
Share: EUR 1,000,000.00
Manager:
Achim Aehle
Ellerrade 4
D 24582 Bordesholm
authorized to jointly
represent the company
born: 19.02.1953
Marital status: married
Manager:
Jürgen Harengel
Bornblick 7
D 22179 Hamburg
authorized to jointly
represent the company
born: 12.08.1965
Profession: Businessman
Marital status: married
Manager:
Stefan Kunter
Rathenaustr. 208
D 22337 Hamburg
authorized to jointly
represent the company
born: 06.04.1966
Profession: graduate
engineer
Marital status: single
Proxy:
Michael Zimmermann
D 20095 Hamburg
authorized to jointly
represent the company
born: 06.06.1967
Profession: Businessman
Proxy:
Ulf Peemöller
D 24568 Kaltenkirchen
authorized to jointly
represent the company
born: 25.06.1962
Proxy:
Tobias Cienia
Pulvermühlenweg 49
D 21217 Seevetal
authorized to jointly
represent the company
born: 07.03.1972
Proxy:
Christoph Bretthauer
D 22844 Norderstedt
authorized to jointly
represent the company
born: 09.09.1976
Further functions/participations of Jürgen
Harengel (Manager)
Manager:
Verwaltungsgesellschaft
ELAFLEX HIBY
Tanktechnik mbH
Schnackenburgallee
121
D 22525 Hamburg
Post Box:
540166, D 22501 Hamburg
Legal form: Private
limited company
Share capital: EUR
30,000.00
Registered
on: 10.04.1997
Reg. data: 20355 Hamburg, HRB 64037
Member of the Board of Directors:
INDUSTRIEVERBAND TEXTIL
SERVICE - intex e.V.
Frankfurter Str. 10-14
D 65760 Eschborn
Legal form: Registered
association
Registered
on: 17.09.1999
Reg. data: 60313 Frankfurt, VR 11724
Further functions/participations of Stefan
Kunter (Manager)
Manager:
Verwaltungsgesellschaft
ELAFLEX HIBY
Tanktechnik mbH
Schnackenburgallee 121
D 22525 Hamburg
Post Box:
540166, D 22501 Hamburg
Legal form: Private
limited company
Share capital: EUR 30,000.00
Registered
on: 10.04.1997
Reg. data: 20355 Hamburg, HRB 64037
Manager:
ELAFLEX HIBY
International GmbH
Schnackenburgallee 121
D 22525 Hamburg
Legal form: Private limited
company
Share capital: EUR 100,000.00
Registered
on: 09.12.1996
Reg. data: 20355 Hamburg, HRB 63008
COMPANY
HISTORY
company name and legal form
21.01.1956 - 1960 Elaflex-Gummi-Ehlers Gesellschaft mit
beschränkter Haftung
Gotenstr. 20
D 20097 Hamburg
Private limited
company
BUSINESS
ACTIVITIES
Main industrial sector
28140
Manufacture of taps and valves n.e.c.
32990
Other manufacturing n.e.c.
46693
Wholesale of other equipment and accessories for machinery and technical
supplies
PARTICIPATIONS
Limited partner:
ELAFLEX HIBY Tanktechnik
GmbH & Co. KG
Schnackenburgallee 121
D 22525 Hamburg
Post Box:
540166
Legal form: Ltd partnership with priv.
ltd.
company as
general partner
Company Status: active
Total cap. EUR 800,000.00
contribution:
Share: EUR 400,000.00
Reg. data: 10.04.1997
Local court
20355 Hamburg
HRA 90671
Shareholder:
REIFLEXA P. Reischl GmbH
Am Knick 5
D 22113 Oststeinbek
Post Box:
74 06 28
Legal form: Private
limited company
Company Status: active
Share capital: EUR 100,000.00
Share: EUR 51,000.00
Reg. data: 12.02.2010
Local court
23568 Lübeck
HRB
9863 HL
Shareholder:
Verwaltungsgesellschaft
ELAFLEX HIBY
Tanktechnik mbH
Schnackenburgallee 121
D 22525 Hamburg
Post Box:
540166
Legal form: Private
limited company
Company Status: active
Share capital: EUR 30,000.00
Share: EUR 15,000.00
Reg. data: 10.04.1997
Local court
20355 Hamburg
HRB 64037
FINANCIAL
INFORMATION
Payment experience: Regular
Negative information: We have no negative
information at hand.
Balance sheet year: 2016
PMI: No significant / relevant
payment experience
information pertaining to
the company
inquired upon is shown in
the Deutscher
Debitoren Monitor
(DDMonitor).
REAL
ESTATE
Type of ownership: Tenant
Address Schnackenburgallee 121
D 22525 Hamburg
Land register documents were not available.
BANKERS
Principal bank
COMMERZBANK,
20454 HAMBURG
Sort. code: 20040000, Account no.: 6278154
BIC: COBADEHHXXX, IBAN: DE97200400000627815400
Further bank
DEUTSCHE BANK, 20079 HAMBURG
Sort. code: 20070000, Account no.: 646496000
BIC: DEUTDEHHXXX, IBAN: DE10200700000646496000
FINANCIAL
FIGURES
Turnover: 2016 EUR 63,147,651.00
Profit: 2016 EUR 2,591,729.00
Equipment: EUR 1,237,484.00
Ac/ts receivable: EUR 9,903,839.00
Liabilities: EUR 2,232,659.00
Employees:
133
-
thereof permanent staff: 59
-
Trainees: 5
BALANCE
SHEETS
Balance sheet ratios 01.01.2016 - 31.12.2016
Equity ratio [%]: 88.10
Liquidity ratio: 10.00
Return on total capital [%]: 4.79
Balance sheet ratios 01.01.2015 - 31.12.2015
Equity ratio [%]: 90.21
Liquidity ratio: 10.00
Return on total capital [%]: 4.90
Balance sheet ratios 01.01.2014 - 31.12.2014
Equity ratio [%]: 87.91
Liquidity ratio: 10.00
Return on total capital [%]: 5.85
Balance sheet ratios 01.01.2013 - 31.12.2013
Equity ratio [%]: 84.68
Liquidity ratio: 10.00
Return on total capital [%]: 5.45
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
Origin of the present
balance sheet: electronic German Federal Gazette
Financial year: 01.01.2016 - 31.12.2016
ASSETS EUR 54,120,810.56
Fixed assets
EUR 25,496,398.52
Intangible assets
EUR 412,819.10
Concessions, licences, rights
EUR 155,950.25
Advance payments for intang. assets
EUR 256,868.85
Tangible assets
EUR 6,131,676.68
Land / similar rights
EUR 4,050,153.05
Plant / machinery
EUR 603,446.29
Other tangible assets / fixtures and
fittings
EUR 1,237,484.36
Advance
payments made / construction
in progress
EUR 240,592.98
Financial assets
EUR 18,951,902.74
Shares in participations /
subsidiaries and the like
EUR 16,736,318.65
Shares in related companies
EUR 9,347,542.72
Shares in investee companies
EUR 7,388,775.93
Loans to participations /
subsidiaries and the like
EUR 2,215,584.09
Loans to related companies
EUR 2,215,584.09
Current assets
EUR 28,518,259.06
Stocks
EUR 11,448,013.90
Finished goods / work in progress
EUR 11,448,013.90
Accounts receivable
EUR 9,903,838.85
Other debtors and assets
EUR 9,903,838.85
Liquid means
EUR 7,166,406.31
Remaining other assets
EUR 106,152.98
Accruals (assets)
EUR 106,152.98
LIABILITIES EUR 54,120,810.56
Shareholders' equity
EUR 47,681,069.76
Capital
EUR 1,000,000.00
Subscribed capital (share capital)
EUR 1,000,000.00
Reserves
EUR 2,147,425.90
Retained earnings / revenue reserves EUR 2,147,425.90
Balance sheet profit/loss (+/-)
EUR 44,533,643.86
Profit / loss brought forward
EUR 41,941,914.56
Annual surplus / annual deficit
EUR 2,591,729.30
Provisions
EUR 4,207,081.37
Pension
provisions and comparable
provisions
EUR 161,924.74
Provisions for taxes
EUR 160,371.63
Other / unspecified provisions
EUR 3,884,785.00
Liabilities EUR 2,232,659.43
Other liabilities
EUR 2,232,659.43
Trade creditors (for IAS incl. bills
of exchange)
EUR 1,222,169.23
Liabilities from received advance
payments
EUR 144,592.41
Liabililties due to related companiesEUR 38,741.61
Unspecified other liabilities
EUR 827,156.18
thereof liabilities from tax /
financial authorities
EUR 588,196.20
thereof liabilities from social
security
EUR 0.00
PROFIT AND LOSS ACCOUNT (cost-summary method)
according to Comm.
Code
(HGB)
Sales EUR 63,147,651.23
Other operating income
EUR 270,831.53
Cost of materials
EUR 35,502,154.70
Raw materials and supplies, purchased
goods EUR
33,655,802.94
Purchased services
EUR 1,846,351.76
Gross result (+/-)
EUR 27,916,328.06
Staff expenses
EUR 8,923,663.17
Wages and salaries EUR 7,700,048.14
Social security contributions and
expenses for pension plans and
benefits
EUR 1,223,615.03
Total depreciation
EUR 858,362.86
Depreciation
on tangible / intangible
asssets (incl. start-up and exp. of
bus.
EUR 858,362.86
Other operating expenses
EUR 14,668,498.55
Operating result from continuing
operations
EUR 3,465,803.48
Result from participating interests
(+/-)
EUR 3,001,154.10
Expenses / income from participations EUR 3,001,154.10
Income from related companies
EUR 3,001,154.10
Interest result (+/-)
EUR -13,679.82
Interest and similar income
EUR 9,126.79
Interest and similar expenses
EUR 22,806.61
Other financial result
EUR -131,831.89
Income from securities and loans from
financial assets
EUR 19,016.93
thereof related companies
EUR 19,016.93
Depreciation on financial assets and
marketable securities
EUR 150,848.82
Financial result (+/-)
EUR 2,855,642.39
Result from ordinary operations (+/-)
EUR 6,321,445.87
Income tax / refund of income tax (+/-)EUR -3,698,690.33
Other taxes / refund of taxes
EUR -31,026.24
Tax
(+/-)
EUR -3,729,716.57
Annual surplus / annual deficit
EUR 2,591,729.30
Type
of balance
sheet:
Company balance sheet
Origin of the present
balance sheet: electronic German Federal Gazette
Financial year: 01.01.2015 - 31.12.2015
ASSETS EUR 49,980,853.45
Fixed assets EUR 19,439,764.32
Intangible assets
EUR 409,073.74
Concessions, licences, rights
EUR 334,556.71
Advance payments for intang. assets
EUR 74,517.03
Tangible assets EUR 6,052,240.69
Land / similar rights
EUR 3,875,350.69
Plant / machinery
EUR 644,154.97
Other tangible assets / fixtures and
fittings EUR 1,312,694.96
Advance payments made / construction
in progress
EUR 220,040.07
Financial assets
EUR 12,978,449.89
Shares in participations /
subsidiaries and the like
EUR 12,978,449.89
Shares in related companies
EUR 5,589,673.96
Shares in investee companies
EUR 7,388,775.93
Current assets
EUR 30,530,485.16
Stocks EUR 9,900,458.07
Finished goods / work in progress
EUR 9,900,458.07
Accounts receivable
EUR 9,603,289.17
Other debtors and assets
EUR 9,603,289.17
Liquid means
EUR 11,026,737.92
Remaining other assets
EUR 10,603.97
Accruals (assets)
EUR 10,603.97
LIABILITIES EUR 49,980,853.45
Shareholders' equity
EUR 45,089,340.46
Capital
EUR 1,000,000.00
Subscribed capital (share capital)
EUR 1,000,000.00
Reserves EUR 2,147,425.90
Retained earnings / revenue reserves EUR 2,147,425.90
Balance sheet profit/loss (+/-)
EUR 41,941,914.56
Profit / loss brought forward
EUR 39,494,401.50
Annual surplus / annual deficit
EUR 2,447,513.06
Provisions
EUR 3,055,363.64
Pension provisions and comparable
provisions
EUR 199,659.64
Other / unspecified provisions EUR 2,855,704.00
Liabilities
EUR 1,836,149.35
Other liabilities
EUR 1,836,149.35
Trade creditors (for IAS incl. bills
of exchange)
EUR 803,877.34
Liabilities from received advance
payments
EUR 127,319.48
Liabililties due to related companiesEUR 44,417.53
Liabilities due to affiliated
companies / persons / organs
EUR 4,661.66
Unspecified other liabilities
EUR 855,873.34
thereof liabilities from tax /
financial authorities
EUR 488,717.35
thereof liabilities from social
security EUR 2,426.14
PROFIT AND LOSS ACCOUNT (cost-summary method)
according to Comm.
Code
(HGB)
Sales
EUR 53,461,362.53
Other operating income
EUR 9,866,813.78
Cost of materials
EUR 36,256,171.36
Raw materials and supplies, purchased
goods
EUR 34,402,996.78
Purchased services
EUR 1,853,174.58
Gross
result (+/-) EUR 27,072,004.95
Staff expenses
EUR 8,631,040.96
Wages and salaries
EUR 7,395,255.24
Social security contributions and
expenses for pension plans and
benefits
EUR 1,235,785.72
Total depreciation
EUR 864,234.11
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus. EUR 864,234.11
Other operating expenses
EUR 14,744,793.80
Operating result from continuing
operations
EUR 2,831,936.08
Result from participating interests
(+/-) EUR 3,253,818.59
Expenses / income from participations EUR 3,253,818.59
Income from related companies
EUR 3,253,818.59
Interest result (+/-)
EUR -4,483.53
Interest and similar income
EUR 21,697.18
Interest and similar expenses
EUR 26,180.71
Financial result (+/-)
EUR 3,249,335.06
Result from ordinary operations (+/-)
EUR 6,081,271.14
Income tax / refund of income tax (+/-)EUR -3,602,931.84
Other taxes / refund of taxes
EUR -30,826.24
Tax
(+/-)
EUR -3,633,758.08
Annual surplus / annual deficit
EUR 2,447,513.06
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.98 |
|
|
1 |
INR 90.95 |
|
Euro |
1 |
INR 79.51 |
|
EUR |
1 |
INR 79.84 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.