|
|
|
MIRA INFORM REPORT
|
Report No. : |
502835 |
|
Report Date : |
07.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
THERMOFIN GMBH |
|
|
|
|
Registered Office : |
Am Windrad 1, D 08468 Heinsdorfergrund |
|
|
|
|
Country : |
Germany |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
29.05.2002 |
|
|
|
|
Com. Reg. No.: |
HRB 20024 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
· Manufacture of non-domestic cooling and ventilation equipment · Wholesale of other machinery, equipment and supplies |
|
|
|
|
No. of Employees : |
366 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Germany |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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
THERMOFIN GMBH
Company Status: active
Am Windrad 1
D 08468 Heinsdorfergrund
Telephone:03765/38000
Telefax: 03765/38008038
Homepage: www.thermofin.de
E-mail: info@thermofin.de
VAT no.: DE223360359
Tax ID number: 223/121/02149
LEGAL FORM Private Limited Company
Date of foundation: 29.05.2002
Begin of business
activities: 08.2003
Shareholders'
agreement: 29.05.2002
Registered on: 22.08.2002
Commercial Register: Local court 09112 Chemnitz
under: HRB 20024
Share capital: EUR 1,000,000.00
Shareholder:
Bernd Löffler
D 08468 Reichenbach
born: 21.12.1966
Share: EUR 945,000.00
Shareholder:
SLH Beteiligungs GmbH
Am Schloßberg 24
D 82547 Eurasburg
Legal form: Private limited company
Share capital: EUR 37,500.00
Share: EUR 35,000.00
Registered on: 25.03.1999
Reg. data: 80333 München, HRB 124789
Shareholder:
Willi Löffler
Am Schloßberg 24
D 82547 Eurasburg
born: 05.01.1941
Share: EUR 20,000.00
Manager:
Bernd Löffler
D 08468 Reichenbach
having sole power of representation
born: 21.12.1966
Marital status: married
Proxy:
Ron Bauer
Hauptstr. 96
D 08485 Lengenfeld
having sole power of representation
born: 18.02.1988
Further functions/participations of Bernd Löffler (Manager)
Manager:
thermofin Holding GmbH
Am Windrad 1
D 08468 Heinsdorfergrund
Legal form: Private limited company
Share capital: EUR 111,224.00
Registered
on: 20.03.2008
Reg. data: 09112 Chemnitz, HRB 24089
BUSINESS
ACTIVITIES
Main industrial sector
28250 Manufacture of non-domestic cooling and ventilation equipment
Secondary industrial sector
4669 Wholesale of other machinery, equipment and supplies
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: proprietor
Share: 100.00 %
Address Am Windrad 1
D 08468 Heinsdorfergrund
Size: 35,000.00 sq.m
Value at selling price: EUR 500,000.00
Land register documents were not available.
BANKERS
Principal bank
SPARKASSE VOGTLAND, 08502 PLAUEN
Sort. code: 87058000, Account no.: 3250000379
BIC: WELADED1PLX, IBAN: DE03870580003250000379
Further banks
COMMERZBANK, 09004 CHEMNITZ
Sort. code: 87040000, Account no.: 358040400
BIC: COBADEFFXXX, IBAN: DE04870400000358040400
DEUTSCHE BANK, 09003 CHEMNITZ
Sort. code: 87070000, Account no.: 3090107
BIC: DEUTDE8CXXX, IBAN: DE05870700000309010700
LANDESBANK BADEN-WÜRTTEMBERG/BADEN-WÜRTTEMBERGISCHE BANK, 70144
STUTTGART
Sort. code: 60050101, Account no.: 2949523
BIC: SOLADEST600, IBAN: DE33600501010002949523
FINANCIAL
FIGURES
Turnover: 2016 EUR 63,095,510.00
2017 EUR
64,000,000.00
Profit: 2016 EUR 1,551,875.00
further business
figures:
Equipment: EUR 1,115,196.00
Ac/ts
receivable:
EUR 9,937,478.00
Liabilities: EUR 14,121,918.00
Real estate of the
firm: EUR 500,000.00
Employees:
366
- Trainees:
16
BALANCE
SHEETS
Balance sheet ratios 01.01.2016 - 31.12.2016
Equity ratio [%]: 64.74
Liquidity ratio: 1.13
Return on total capital [%]: 3.99
Balance sheet ratios 01.01.2015 - 31.12.2015
Equity ratio [%]: 57.87
Liquidity ratio: 1.01
Return on total capital [%]: 8.91
Balance sheet ratios 01.01.2014 - 31.12.2014
Equity ratio [%]: 54.26
Liquidity ratio: 0.89
Return on total capital [%]: 13.01
Balance sheet ratios 01.01.2013 - 31.12.2013
Equity ratio [%]: 55.51
Liquidity ratio: 0.97
Return on total capital [%]: 10.35
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 38,915,711.03
Fixed assets EUR 15,116,137.73
Intangible assets EUR 118,851.82
Concessions, licences, rights EUR 118,851.82
Tangible assets EUR 14,672,285.91
Land / similar rights EUR 7,517,686.91
Plant / machinery EUR 4,466,858.03
Other tangible assets / fixtures and
fittings EUR 1,115,195.75
Advance payments made / construction
in progress EUR 1,572,545.22
Financial assets EUR 325,000.00
Other loans EUR 325,000.00
Current assets EUR 23,690,887.01
Stocks EUR 11,385,036.19
Raw materials, consumables and
supplies EUR 7,295,891.83
Finished goods / work in progress EUR
4,069,897.00
Advance payments made EUR 19,247.36
Accounts receivable EUR 9,937,477.50
Trade debtors EUR 8,945,368.26
Other debtors and assets EUR 992,109.24
Liquid means EUR 2,368,373.32
Remaining other assets EUR 108,686.29
Accruals (assets) EUR 108,686.29
LIABILITIES EUR 38,915,711.03
Shareholders' equity EUR 22,208,035.58
Capital EUR 1,000,000.00
Subscribed capital (share capital) EUR
1,000,000.00
Reserves EUR 18,000,000.00
Retained earnings / revenue reserves
EUR 18,000,000.00
Balance sheet profit/loss (+/-) EUR 3,208,035.58
Profit / loss brought forward EUR 2,906,160.32
Annual surplus / annual deficit EUR 1,551,875.26
Transfer to reserve EUR -1,000,000.00
withdrawn/distributed EUR 250,000.00
Provisions EUR 2,585,757.34
Other / unspecified provisions EUR 2,585,757.34
Liabilities EUR 14,121,918.11
Financial debts EUR 6,750,157.54
Liabilities due to banks EUR 6,750,157.54
Other liabilities EUR 7,371,760.57
Trade creditors (for IAS incl. bills
of exchange) EUR 2,867,225.62
Liabilities from received advance
payments EUR 494,983.04
Unspecified other liabilities EUR 4,009,551.91
Guarantees and other commitments EUR 397,380.53
Guarantees / warranties EUR 397,380.53
Guarantees EUR 34,000.00
Warranties EUR 363,380.53
PROFIT AND LOSS
ACCOUNT (cost-summary method) according to Comm.
Code (HGB)
Sales EUR 63,095,509.84
Inventory change + own costs (+/-) EUR -106,358.00
Inventory change (+/-) EUR -106,358.00
Other operating income EUR 467,965.24
Cost of materials EUR 36,733,235.27
Raw materials and supplies, purchased
goods EUR 28,615,738.51
Purchased services EUR 8,117,496.76
Gross result (+/-) EUR 26,723,881.81
Staff expenses EUR 14,699,022.23
Wages and salaries EUR 12,308,624.10
Social security contributions and
expenses for pension plans and
benefits EUR 2,390,398.13
Total depreciation EUR 1,534,637.61
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus. EUR 1,534,637.61
Other operating expenses EUR 8,019,104.78
Operating result from continuing
operations EUR 2,471,117.19
Interest result (+/-) EUR -280,967.19
Interest and similar income EUR 26,391.92
Interest and similar expenses EUR 307,359.11
Financial result (+/-) EUR -280,967.19
Result from ordinary operations (+/-) EUR
2,190,150.00
Income tax / refund of income tax
(+/-)EUR -606,696.30
Other taxes / refund of taxes EUR -31,578.44
Tax (+/-) EUR -638,274.74
Annual surplus / annual deficit EUR 1,551,875.26
Type of balance
sheet: Company balance sheet
Origin of the
present
balance sheet: self-disclosure
Financial year: 01.01.2015 - 31.12.2015
ASSETS EUR 36,128,739.41
Fixed assets EUR 13,467,367.94
Intangible assets EUR 151,373.16
Concessions, licences, rights EUR 151,373.16
Tangible assets EUR 12,990,994.78
Land / similar rights EUR 6,519,104.97
Plant / machinery EUR 3,745,742.39
Other tangible assets / fixtures and
fittings EUR 1,138,484.13
Advance payments made / construction
in progress EUR 1,587,663.29
Financial assets EUR 325,000.00
Other loans EUR 325,000.00
Current assets EUR 22,495,412.08
Stocks EUR 9,546,801.73
Raw materials, consumables and
supplies EUR 5,370,546.73
Finished goods / work in progress EUR
4,176,255.00
Accounts receivable EUR 11,335,661.06
Trade debtors EUR 10,259,363.77
Other debtors and assets EUR 1,076,297.29
Liquid means EUR 1,612,949.29
Remaining other assets EUR 165,959.39
Accruals (assets) EUR 165,959.39
LIABILITIES EUR 36,128,739.41
Shareholders' equity EUR
20,906,160.32
Capital EUR 1,000,000.00
Subscribed capital (share capital) EUR
1,000,000.00
Reserves EUR 17,000,000.00
Retained earnings / revenue reserves
EUR 17,000,000.00
Balance sheet profit/loss (+/-) EUR 2,906,160.32
Profit / loss brought forward EUR 1,685,308.90
Annual surplus / annual deficit EUR 3,220,851.42
Transfer to reserve EUR -2,000,000.00
Provisions EUR 2,388,426.73
Other / unspecified provisions EUR 2,388,426.73
Liabilities EUR 12,834,152.36
Financial debts EUR 5,355,972.86
Liabilities due to banks EUR 5,355,972.86
Other liabilities EUR 7,478,179.50
Trade creditors (for IAS incl. bills
of exchange) EUR 2,607,646.15
Liabilities from received advance
payments EUR 608,889.28
Unspecified other liabilities EUR 4,261,644.07
PROFIT AND LOSS
ACCOUNT (cost-summary method) according to Comm.
Code (HGB)
Sales EUR 62,029,511.37
Inventory change + own costs (+/-) EUR 1,126,241.00
Inventory change (+/-) EUR 1,126,241.00
Other operating income EUR 3,446,554.70
Cost of materials EUR 39,646,233.62
Raw materials and supplies, purchased
goods EUR 29,787,692.92
Purchased services EUR 9,858,540.70
Gross result (+/-) EUR 26,956,073.45
Staff expenses EUR 12,627,434.85
Wages and salaries EUR 10,569,889.20
Social security contributions and
expenses for pension plans and
benefits EUR 2,057,545.65
Total depreciation EUR 1,508,714.21
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus. EUR 1,508,714.21
Other operating expenses EUR 7,997,080.00
Operating result from continuing
operations EUR 4,822,844.39
Interest result (+/-) EUR -357,492.85
Interest and similar income EUR 17,779.82
Interest and similar expenses EUR 375,272.67
Financial result (+/-) EUR -357,492.85
Result from ordinary operations (+/-) EUR
4,465,351.54
Income tax / refund of income tax
(+/-)EUR -1,216,793.72
Other taxes / refund of taxes EUR -27,706.40
Tax (+/-) EUR -1,244,500.12
Annual surplus / annual deficit EUR 3,220,851.42
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
: |
VIV |
|
|
|
|
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.