MIRA INFORM REPORT

 

 

Report No. :

505411

Report Date :

27.04.2018

 

 

IDENTIFICATION DETAILS

 

Name :

EAE ENGINEERING AUTOMATION ELECTRONICS GMBH

 

 

Registered Office :

Kornkamp 8  D 22926 Ahrensburg

 

 

Country :

Germany

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

21.01.2014

 

 

Com. Reg. No.:

HRB 14141 HL

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

·         Manufacture of electronic components

Manufacture of other electric equipment n.e.c.

Installation of machines and equipment n.e.c.

Electrical installation

 

 

No. of Employees :

100

 

 

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

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

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

 

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 and address

 

EAE ENGINEERING AUTOMATION ELECTRONICS GMBH

 

Company Status:      Active

                     Kornkamp 8

                     D 22926 Ahrensburg

                     Telephone:04102/480-0

                     Telefax:  04102/480-211

                     Homepage: www.eae.com

                     E-mail:   info@eae.com

 

 

VAT no.   

 

DE815494126

 

 

Company Summary

 

LEGAL FORM               Private limited company

Date of foundation:         21.01.2014

Shareholders'

agreement:                    21.01.2014

Registered on:               01.08.2014

Commercial Register:     Local court 23568 Lübeck

under:                                       HRB 14141 HL

 

 

Share capital                      

 

EUR                             500,000.00

 

Shareholder:

                     EAE Participatie B.V.

                     Everdenberg 26

                     NL 4902TT Oosterhout

                     Legal form: Other legal form

                     Share:             EUR            500,000.00

Manager:

                     Jörg Westphal

                     Siemssenstr. 5

                     D 20251 Hamburg

                     having sole power of representation

                     born: 08.05.1967

Manager:

                     Heiko Küttner

                     D 23843 Bad Oldesloe

                     having sole power of representation

                     born: 15.12.1969

Proxy:

                     Bernhard Schmiedeberg

                     D 22926 Ahrensburg

                     authorized to jointly represent the company

                     born: 23.01.1964

 

Further functions/participations of Heiko Küttner (Manager)

Proxy:

                     EAE Ewert Ahrensburg Electronic GmbH

                     Kornkamp 8

                     D 22926 Ahrensburg

                     Legal form: Private limited company

                                 insolvent

                     Share capital:     EUR          2,560,000.00

                     Registered

                     on:         28.10.1986

                     Reg. data:  23568 Lübeck, HRB 2697 AH

 

 

COMPANY HISTORY

 

Company name and legal form

03.04.2014 - 01.08.2014  EAE Engineering Automation Electronics

                         GmbH (AG Hamburg, HRB 130553)

                         Kornkamp 8

                         D 22926 Ahrensburg

                         Private limited company

21.01.2014 - 03.04.2014  Alstersee 181. V V GmbH

                         Kurt-Schumacher-Str. 18-20

                         D 53113 Bonn

                         Private limited company

 

 

RESIGNED ACTING PERSONS AND SHAREHOLDERS

 

06.08.2014 - 04.10.2017  Manager

                         Werner Gerhard Ringel

                         D 33397 Rietberg

04.04.2014 - 04.10.2017  Manager

                         Erik Andreas van Holten

                         NL . Teteringen

 

 

BUSINESS ACTIVITIES

 

Main industrial sector

2611    Manufacture of electronic components

2790    Manufacture of other electric equipment n.e.c.

33200   Installation of machines and equipment n.e.c.

4321    Electrical installation

 

 

FINANCIAL INFORMATION

 

Payment experience:  within periods customary in this trade

 

Negative information:We have no negative information at hand.

 

Balance sheet year:  2016

 

 

REAL ESTATE

 

Type of ownership:         Unknown

Address                        Kornkamp 8

                                    D 22926 Ahrensburg

 

Land register documents were not available.

 

 

BANKERS

 

A bank connection is unknown.

 

 

FINANCIAL FIGURES

 

Turnover:            2016               EUR         13,434,234.00

                     2017              *EUR         14,642,500.00

Profit:              2016               EUR            206,030.00

further business figures:

Equipment:                              EUR             39,526.00

Ac/ts receivable:                       EUR          1,537,347.00

Liabilities:                            EUR          1,876,832.00

Employees:                                                    100

 

The business figures marked with an asterisk are estimates based on average values in the line of business.

 

 

BALANCE SHEETS

 

Balance sheet ratios 01.01.2016 - 31.12.2016

Equity ratio [%]:                 28.70

Liquidity ratio:                   2.44

Return on total capital [%]:       4.76

 

Balance sheet ratios 01.01.2015 - 31.12.2015

Equity ratio [%]:                 30.72

Liquidity ratio:                   2.13

Return on total capital [%]:       6.10

 

Balance sheet ratios 21.01.2014 - 31.12.2014

Equity ratio [%]:                 24.63

Liquidity ratio:                  10.00

Return on total capital [%]:      12.25

 

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

Origin of the present

balance sheet:       electronic German Federal Gazette

 

Financial year:      01.01.2016 - 31.12.2016

 

ASSETS                                  EUR          4,535,439.93

 Fixed assets                           EUR             39,526.00

  Tangible assets                       EUR             39,526.00

   Other tangible assets / fixtures and

   fittings                             EUR             39,526.00

 Current assets                         EUR          4,453,022.36

  Stocks                                EUR          1,584,841.63

   Raw materials, consumables and

   supplies                             EUR            888,757.81

   Finished goods / work in progress    EUR          3,129,501.82

   Minus received advance payments for

   orders / installments for stocks     EUR         -2,433,418.00

  Accounts receivable                   EUR          1,537,347.42

   Amounts due from shareholders        EUR            204,100.00

   Trade debtors                        EUR            633,006.62

   Amounts due from related companies   EUR            206,412.18

   Other debtors and assets             EUR            493,828.62

  Liquid means                          EUR          1,330,833.31

 Remaining other assets                 EUR             42,891.57

  Accruals (assets)                     EUR             42,891.57

 

LIABILITIES                             EUR          4,535,439.93

 Shareholders' equity                   EUR          1,447,038.20

  Capital                               EUR            500,000.00

   Subscribed capital (share capital)   EUR            500,000.00

  Balance sheet profit/loss (+/-)       EUR            947,038.20

   Profit / loss brought forward        EUR            741,008.66

   Annual surplus / annual deficit      EUR            206,029.54

 Provisions                             EUR            995,998.14

  Pension provisions and comparable

  provisions                            EUR             14,754.00

  Other / unspecified provisions        EUR            981,244.14

 Liabilities                            EUR          1,876,832.33

  Other liabilities                     EUR          1,876,832.33

   Trade creditors (for IAS incl. bills

   of exchange)                         EUR            254,057.28

   Liabilities from received advance

   payments                             EUR          1,316,432.38

   Unspecified other liabilities        EUR            306,342.67

 Other liabilities                      EUR            215,571.26

  Deferrals (liabilities)               EUR            215,571.26

 

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

Code (HGB)

 Sales                                  EUR         13,434,233.88

 Inventory change + own costs (+/-)     EUR          1,305,130.79

  Inventory change (+/-)                EUR          1,305,130.79

 Other operating income                 EUR            103,728.92

 Cost of materials                      EUR          4,457,466.86

  Raw materials and supplies, purchased

  goods                                 EUR          3,148,650.67

  Purchased services                    EUR          1,308,816.19

 Gross result (+/-)                     EUR         10,385,626.73

 Staff expenses                         EUR          7,096,705.61

  Wages and salaries                    EUR          6,056,229.77

  Social security contributions and

  expenses for pension plans and

  benefits                              EUR          1,040,475.84

 Total depreciation                     EUR             94,044.97

  Depreciation on tangible / intangible

  asssets (incl. start-up and exp. of

  bus.                                  EUR             94,044.97

 Other operating expenses               EUR          2,901,689.99

 Operating result from continuing

 operations                             EUR            293,186.16

 Interest result (+/-)                  EUR             -5,576.72

  Interest and similar expenses         EUR              5,576.72

 Financial result (+/-)                 EUR             -5,576.72

 Result from ordinary operations (+/-)  EUR            287,609.44

 Income tax / refund of income tax (+/-)EUR            -81,579.90

 Tax (+/-)                              EUR            -81,579.90

 Annual surplus / annual deficit        EUR            206,029.54

 

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          4,040,220.68

 Current assets                         EUR          3,993,509.12

  Stocks                                EUR          1,890,154.52

   Raw materials, consumables and

   supplies                             EUR            977,330.49

   Finished goods / work in progress    EUR          1,891,871.03

   Minus received advance payments for

   orders / installments for stocks     EUR           -979,047.00

  Accounts receivable                   EUR          1,373,498.02

   Trade debtors                        EUR            632,609.84

   Amounts due from related companies   EUR            314,200.71

   Other debtors and assets             EUR            426,687.47

  Liquid means                          EUR            729,856.58

 Remaining other assets                 EUR             46,711.56

  Accruals (assets)                     EUR             46,711.56

 

LIABILITIES                             EUR          4,040,220.68

 Shareholders' equity                   EUR          1,241,008.66

  Capital                               EUR            500,000.00

   Subscribed capital (share capital)   EUR            500,000.00

  Balance sheet profit/loss (+/-)       EUR            741,008.66

   Profit / loss brought forward        EUR            494,503.73

   Annual surplus / annual deficit      EUR            246,504.93

 Provisions                             EUR          1,230,875.00

  Pension provisions and comparable

  provisions                            EUR             10,342.00

  Other / unspecified provisions        EUR          1,220,533.00

 Liabilities                            EUR          1,374,329.62

  Other liabilities                     EUR          1,374,329.62

   Trade creditors (for IAS incl. bills

   of exchange)                         EUR            219,287.15

   Liabilities from received advance

   payments                             EUR            889,123.56

   Unspecified other liabilities        EUR            265,918.91

    thereof liabilities from tax /

    financial authorities               EUR            263,000.00

 Other liabilities                      EUR            194,007.40

  Deferrals (liabilities)               EUR            194,007.40

 Guarantees and other commitments       EUR            130,803.70

  Sureties / lendings of

  creditworthiness                      EUR            130,803.70

 

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

Code (HGB)

 Sales                                  EUR         12,120,531.96

 Inventory change + own costs (+/-)     EUR          1,052,547.37

  Inventory change (+/-)                EUR          1,052,547.37

 Other operating income                 EUR             58,166.20

 Cost of materials                      EUR          3,654,376.80

  Raw materials and supplies, purchased

  goods                                 EUR          2,987,586.51

  Purchased services                    EUR            666,790.29

 Gross result (+/-)                     EUR          9,576,868.73

 Staff expenses                         EUR          6,297,658.68

  Wages and salaries                    EUR          5,321,252.63

  Social security contributions and

  expenses for pension plans and

  benefits                              EUR            976,406.05

 Total depreciation                     EUR             10,945.55

  Depreciation on tangible / intangible

  asssets (incl. start-up and exp. of

  bus.                                  EUR             10,945.55

 Other operating expenses               EUR          2,882,361.35

 Operating result from continuing

 operations                             EUR            385,903.15

 Interest result (+/-)                  EUR             -8,600.04

  Interest and similar income           EUR                 32.41

  Interest and similar expenses         EUR              8,632.45

   thereof paid to related companies    EUR              9,000.00

 Financial result (+/-)                 EUR             -8,600.04

 Result from ordinary operations (+/-)  EUR            377,303.11

 Income tax / refund of income tax (+/-)EUR           -123,174.18

 Other taxes / refund of taxes          EUR             -7,624.00

 Tax (+/-)                              EUR           -130,798.18

 Annual surplus / annual deficit        EUR            246,504.93

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.83

UK Pound

1

INR 93.17

Euro

1

INR 81.38

EUR

1

INR 80.74

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

NIT

 

 

 

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)

 

 

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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.