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MIRA
INFORM REPORT
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Report No. : |
489032 |
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Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
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Name : |
SOCIÉTÉ ANONYME PAUL WURTH SA |
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Registered Office : |
32, Rue
d'Alsace, 1122 |
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Country : |
Luxembourg |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
28.05.1920 |
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Com. Reg. No.: |
Luxembourg B 4.446 |
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Legal Form : |
Limited
Company |
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Line of Business : |
The subject
designs and supplies a range of technological solutions for the iron and
steel industry and other metal sectors worldwide. Its activities include
ironmaking, including blast furnace construction and modernization,
stockhouse and charging, blast furnace top charging, blast furnace design,
furnace lining and cooling, hot blast generation and supply, pulverized coal
injection, blast furnace gas cleaning, blast furnace valves design and
supply, furnace automation and supervision, furnace probes design and supply,
casthouse layout and equipment design, slag granulation, and pig casting
machines supply; and cokemaking, including coke oven plants design, coke oven
automation and control, environmental control system development, and
cokemaking by-product plants development. The company’s activities also
include energy and environment activities, such as blast furnace gas
cleaning, dedusting and air pollution control, EFA sinterplant off-gas
treatment, hot stoves waste gas heat recovery, and top gas recovery turbines;
developing various recycling technologies; a set of services and technologies
in the field of non-ferrous metal operations, primarily copper, zinc, nickel,
precious metals, and ferro-alloys refining operations; civil and
environmental engineering; and customer support, including spare parts,
reconditioning and repair, servicing, assessment and inspection, maintenance
support, and training. |
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No. of Employees : |
500 [2017] |
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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Luxembourg |
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 |
LUXEMBOURG - ECONOMIC OVERVIEW
This small, stable, high-income economy has historically featured solid growth, low inflation, and low unemployment. Luxembourg, the only Grand Duchy in the world, is a landlocked country in northwestern Europe surrounded by Belgium, France, and Germany. Despite its small landmass and small population, Luxembourg is the second-wealthiest country in the world when measured on a gross domestic product (PPP) per capita basis. Luxembourg has one of the highest current account surpluses as a share of GDP in the euro zone, and it maintains a healthy budgetary position, with a 2017 surplus of 0.5% of GDP, and the lowest public debt level in the region.
Since 2002, Luxembourg’s government has proactively implemented policies and programs to support economic diversification and to attract foreign direct investment. The government focused on key innovative industries that showed promise for supporting economic growth: logistics, information and communications technology (ICT); health technologies, including biotechnology and biomedical research; clean energy technologies, and more recently, space technology and financial services technologies. The economy has evolved and flourished, posting strong GDP growth of 3.4% in 2017, far outpacing the European average of 1.8%.
Luxembourg remains a financial powerhouse – the financial sector accounts for more than 35% of GDP - because of the exponential growth of the investment fund sector through the launch and development of cross-border funds (UCITS) in the 1990s. Luxembourg is the world’s second-largest investment fund asset domicile, after the US, with $4 trillion of assets in custody in financial institutions.
Luxembourg has lost some of its advantage as a favorable tax
location because of OECD and EU pressure, as well as the “LuxLeaks” scandal,
which revealed advantageous tax treatments offered to foreign corporations. In
2015, the government’s compliance with EU requirements to implement automatic
exchange of tax information on savings accounts - thus ending banking secrecy -
has constricted banking activity. Likewise, changes to the way EU members collect
taxes from e-commerce has cut Luxembourg’s sales tax revenues, requiring the
government to raise additional levies and to reduce some direct social benefits
as part of the tax reform package of 2017. The tax reform package also included
reductions in the corporate tax rate and increases in deductions for families, both intended to increase purchasing power and increase
competitiveness.
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Source
: CIA |
Summary
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Company
name |
Société Anonyme Paul Wurth SA |
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Status |
Active |
Contact information
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Company
name |
Société Anonyme Paul Wurth SA |
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Trading
name |
|
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Registered
address |
32, Rue
d'Alsace 1122
Luxembourg |
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Correspondence
address |
32, Rue
d'Alsace 1122
Luxembourg |
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Telephone
number |
+352 49701 |
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Fax
number |
+352
49702209 |
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Email
address |
paulwurth@paulwurth.com |
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Website |
www.paulwurth.com |
Registration
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Registration
number |
Luxembourg B
4.446 |
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Fiscal
number |
1920/2200/128 |
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VAT-number |
LU 110.769.53 |
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Status |
Active |
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Establishment
date |
28-05-1920 |
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Legal
form |
Limited Company |
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Subscribed
share capital |
EUR 13.767.840 Recent history As per 10-05-2016 the capital decreased from EUR
13.773.600 to EUR 13.767.840. |
Activities
|
The subject
designs and supplies a range of technological solutions for the iron and
steel industry and other metal sectors worldwide. Its activities include
ironmaking, including blast furnace construction and modernization,
stockhouse and charging, blast furnace top charging, blast furnace design,
furnace lining and cooling, hot blast generation and supply, pulverized coal
injection, blast furnace gas cleaning, blast furnace valves design and
supply, furnace automation and supervision, furnace probes design and supply,
casthouse layout and equipment design, slag granulation, and pig casting
machines supply; and cokemaking, including coke oven plants design, coke oven
automation and control, environmental control system development, and
cokemaking by-product plants development. The company’s activities also
include energy and environment activities, such as blast furnace gas
cleaning, dedusting and air pollution control, EFA sinterplant off-gas
treatment, hot stoves waste gas heat recovery, and top gas recovery turbines;
developing various recycling technologies; a set of services and technologies
in the field of non-ferrous metal operations, primarily copper, zinc, nickel,
precious metals, and ferro-alloys refining operations; civil and
environmental engineering; and customer support, including spare parts,
reconditioning and repair, servicing, assessment and inspection, maintenance
support, and training. |
Relations
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Shareholders
(main) |
SMS Holding GmbH 57271 Hilchenbach, Wiesenstr. 30, Germany 59,10% Société Nationale de Crédit et
d'Investissement-Luxembourg, Etablissement Public 1475 Luxembourg, 7, Rue du Saint Esprit 18,80% Banque et Caisse d'Épargne de l'État Luxembourg 1930 Luxembourg, 1, Place de Metz 11,00% l'État du Grand-Duché de
Luxembourg 1352 Luxembourg, 4, Rue de la Congrégation 11,00% |
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Structure |
Subsidiaries/participations: TMT - Tapping Measuring Technology Sàrl 1122 Luxembourg, 32, Rue d'Alsace |
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Branches |
No branches on record |
Management
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Name |
Aloyse Kohll, born 13.01.19662954 Luxembourg, 1, Place de Metz |
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Postition |
Director |
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Startdate |
09-05-207 |
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Name |
Georges Rassel, born 23.10.1964, Dipl.-Ingenieur 3630 Kayl, 88, Rue de Dudelange |
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Postition |
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Startdate |
Unknown |
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Name |
Michel Wurth, born 17.04.1954, Jurist 5321 Sandweiler, 43, Rue d'Itzig |
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Postition |
Director |
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Startdate |
10-05-2011 |
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Name |
Dr. Heinrich Weiss, born 05.06.1942 40237 Düsseldorf, Eduard-Schloemann-Str.
4, Germany |
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Director |
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Startdate |
18-01-2013 |
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Name |
Marco Walentiny, born 24.12.1962, Staatsbeamter 2449 Luxembourg, 19-21, Bld Royal |
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Postition |
Director |
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Startdate |
26-03-2010 |
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Name |
Eva Kremer, born 25.02.1970 1475 Luxembourg, 7, Rue du Saint Esprit |
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Postition |
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Startdate |
22-12-2012 |
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Name |
Patrick Nickels, born 03.05.1960 2449 Luxembourg, 19-21, Bld Royal |
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Postition |
Director |
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Startdate |
10-05-2011 |
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Name |
Burkhard Dahmen, born 15.02.1964 40237 Düsseldorf, Eduard-Schloemann-Str.
4, Germany |
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Postition |
Director |
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Startdate |
18-01-2013 |
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Name |
Dr. Guido Kleinschmidt, born 28.10.1968 40237 Düsseldorf, Eduard-Schloemann-Str.
4, Germany |
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Postition |
Director |
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Startdate |
18-01-2013 |
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Name |
Eckhard Schulte, born 18.01.1956 40237 Düsseldorf, Eduard-Schloemann-Str.
4, Germany |
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Postition |
Director |
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Startdate |
18-01-2013 |
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Name |
Sabine Schmeinck, born 21.12.1965 40237 Düsseldorf, Eduard-Schloemann-Str.
4, Germany |
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Postition |
Director |
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Startdate |
01-01-2016 |
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Other recent history: As per 22-09-2016 Jean-Claude Finck resigned As per 31-12-2015 Ulrich Hallmeier resigned |
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Employees
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Year |
2017 |
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500 |
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Bank
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Banque et Caisse d'Epargne de
l'Etat, Luxembourg 1930 LUXEMBOURG BCEELULL BGL BNP Paribas 1855 LUXEMBOURG BGLLLULL BIL Banque Internationale à Luxembourg S.A. 1470 Luxembourg BILLLULL |
Payments
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No complaints on record. |
Remarks
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Auditor: BDO Audit SA 2350 Luxembourg, 1, Rue Jean Piret |
Finances
Balance sheet
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Profit & Loss
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Legal system |
HGB |
HGB |
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Reporting period |
01.01.2016 -
31.12.2016 |
01.01.2015 -
31.12.2015 |
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in EUR |
in EUR |
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Sales revenues |
115.000.797,24 |
119.399.018,78 |
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Change in stock (+/-) |
6.474.426,94 |
821.161,96 |
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Own work capitalized |
0,00 |
0,00 |
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Other operating income |
18.745.119,61 |
20.948.014,94 |
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Cost of materials |
92.046.297,59 |
86.959.185,31 |
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Gross result |
48.174.046,20 |
54.209.010,37 |
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Staff costs |
51.654.545,71 |
51.268.025,09 |
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Depreciations |
2.210.393,37 |
1.884.103,05 |
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Other operating expenses |
417.940,64 |
11.520.575,64 |
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Operating result |
-6.108.833,52 |
-10.463.693,41 |
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Income from participations |
7.534.780,20 |
11.515.522,09 |
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Interests and similar income |
3.827.616,83 |
1.405.194,13 |
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Interests and similar expenses |
2.294.732,70 |
1.087.806,75 |
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Interest income |
1.532.884,13 |
317.387,38 |
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Result on
ordinary activities |
2.958.830,81 |
1.369.216,06 |
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Extraordinary result |
0,00 |
0,00 |
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Taxes on income |
0,00 |
464.013,70 |
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Other taxes |
210.534,54 |
324.299,90 |
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Other balance sheet items that change the annual result |
0,00 |
0,00 |
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Net profit / net
loss |
2.748.296,27 |
580.902,46 |
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Changes following annual result |
0,00 |
0,00 |
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Balance sheet profit / balance sheet loss |
2.748.296,27 |
580.902,46 |
Ratios
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Reporting period |
01.01.2016 -
31.12.2016 |
01.01.2015 -
31.12.2015 |
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Financial
position |
||
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Equity ratio (%) |
30,67 |
28,41 |
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Creditor days
(days) |
30,87 |
56,88 |
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Net asset
position |
||
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Short term
capital commitment (%) |
21,04 |
28,41 |
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Capital turnover |
0,37 |
0,36 |
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Earnings
position |
||
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Return on assets
(%) |
0,94 |
0,24 |
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Net profit ratio
(%) |
-5,46 |
-8,96 |
CONSOLIDATED
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Balance sheet
category |
large balance
sheet |
large balance
sheet |
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Legal system |
IAS |
IAS |
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Reporting period |
01.01.2016 -
31.12.2016 |
01.01.2015 -
31.12.2015 |
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Assets |
in EUR |
in EUR |
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Balance sheet
total |
4.275.013.000,00 |
4.538.890.000,00 |
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Concessions and industrial rights |
83.541.000,00 |
127.012.000,00 |
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Goodwill |
266.680.000,00 |
266.982.000,00 |
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Down payment made |
5.857.000,00 |
670.000,00 |
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Land and buildings |
435.196.000,00 |
449.178.000,00 |
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Technical equipment and machines |
151.104.000,00 |
171.200.000,00 |
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Factory and office equipment |
52.374.000,00 |
59.081.000,00 |
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Down payments made, plant under construction |
37.316.000,00 |
25.965.000,00 |
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Shares in affiliated companies |
60.857.000,00 |
59.775.000,00 |
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Participations |
53.750.000,00 |
48.967.000,00 |
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Securities of fixed assets |
98.119.000,00 |
94.619.000,00 |
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Other fixed assets |
8.329.000,00 |
9.612.000,00 |
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Raw materials and supplies |
140.692.000,00 |
124.904.000,00 |
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Finished goods |
17.121.000,00 |
33.820.000,00 |
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Down payments made |
200.879.000,00 |
251.446.000,00 |
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Accounts receivable |
548.236.000,00 |
604.664.000,00 |
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Receivables from affiliates |
1.925.000,00 |
3.894.000,00 |
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Other assets |
303.483.000,00 |
284.749.000,00 |
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Other receivables |
284.460.000,00 |
289.180.000,00 |
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Securities |
577.985.000,00 |
551.066.000,00 |
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Cheque, cash in hand and in banks |
808.334.000,00 |
971.687.000,00 |
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Deferred items - assets - |
138.775.000,00 |
110.419.000,00 |
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Liabilities |
in EUR |
in EUR |
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Balance sheet
total |
4.275.013.000,00 |
4.538.890.000,00 |
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Subscribed capital, credit balance, capital accounts |
10.000.000,00 |
10.000.000,00 |
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Capital reserves |
109.125.000,00 |
109.125.000,00 |
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Other reserves |
220.457.000,00 |
201.293.000,00 |
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Balance sheet profit |
579.679.000,00 |
615.644.000,00 |
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Pension provision |
760.962.000,00 |
706.417.000,00 |
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Other provisions |
1.532.806.000,00 |
1.519.026.000,00 |
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Liabilities towards credit institutes |
75.921.000,00 |
60.428.000,00 |
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Down payment received |
139.198.000,00 |
318.648.000,00 |
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Accounts payable |
354.755.000,00 |
384.096.000,00 |
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Liabilities towards affiliates |
48.264.000,00 |
67.876.000,00 |
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Miscellaneous items |
294.779.000,00 |
353.002.000,00 |
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Deferred items - liabilities - |
149.067.000,00 |
193.335.000,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.03 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.73 |
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Euro |
1 |
INR 79.61 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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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.