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MIRA INFORM REPORT
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Report No. : |
491646 |
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Report Date : |
16.02.2018 |
IDENTIFICATION DETAILS
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Name : |
FUNKE WÄRMEAUSTAUSCHER
APPARATEBAU GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG |
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Registered Office : |
Zur Deßel 1, D 31028 Gronau, Post Box:
11 52, D 31021 Gronau |
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Country : |
Germany |
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Financials (as on) : |
31.12.2015 |
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Date of Incorporation : |
1974 |
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Com. Reg. No.: |
HRB 15080 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
· Manufacture of other general-purpose machinery · Wholesale of other machinery |
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No. of Employees : |
277 |
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 : |
Satisfactory |
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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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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 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, bolstered by low energy prices and a weak
euro, and exports are likely to drive German GDP growth again in 2018.
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Source
: CIA |
Company
name & address
FUNKE WÄRMEAUSTAUSCHER APPARATEBAU GESELLSCHAFT
MIT BESCHRÄNKTER HAFTUNG
Company Status: active
Zur Deßel 1
D 31028 Gronau
Post Box:
11 52, D 31021 Gronau
Telephone:05182/582-0
Telefax:
05182/582-48
Homepage: www.funke.de
E-mail:
info@funke.de
VAT
no.: DE178234018
Tax
ID number: 11/201/19410
CONCLUSION
Business relations are permissible.
LEGAL FORM Private Limited Company
Date of foundation: 1974
Shareholders'
agreement: 24.09.1983
Registered on: 01.11.1983
Commercial Register: Local court 31134
Hildesheim
under: HRB 15080
Share capital: EUR 256,200.00
Shareholder:
FUNKE Wärmeaustauscher
Apparatebau
Verwaltungs GmbH
Zur Deßel 1
D 31028 Gronau
Legal form: Private
limited company
Share capital: EUR 511,300.00
Share: EUR 256,200.00
Registered on: 17.10.2012
Reg. data: 31134 Hildesheim, HRB
203154
Manager:
Christoph Wolfgang
Brünner
D 20146 Hamburg
having sole power of
representation
born: 17.02.1967
Proxy:
Helgard Funke
D 31028 Gronau
born: 01.07.1937
née: Kahle
Profession: Businessman
Proxy:
Jörg Hinz
D 31162 Bad Salzdetfurth
having sole power of
representation
born: 20.04.1963
Further functions/participations of Christoph
Wolfgang Brünner
(Manager)
Shareholder:
M.O.N.K. GmbH
Hauptstr. 23
D 55469 Schönborn
Legal form: Private
limited company
dissolved by
official decree
Share capital: EUR 25,200.00
Share: EUR 16,800.00
Registered
on: 16.01.2008
Reg. data: 67655 Kaiserslautern, HRB 30401
COMPANY
HISTORY
company name and legal form
01.11.1983
- 31.12.2001 FUNKE Wärmeaustauscher
Apparatebau
Gesellschaft mbH (HRB
80 AG Elze)
Zur Deßel 1
D 31028 Gronau
Private limited
company
RESIGNED
ACTING PERSONS AND SHAREHOLDERS
19.10.2017 - 09.01.2018 Manager
Peter Funke
Mainauer Str. 7
D 12161 Berlin
14.02.2014 - 18.10.2017 Manager
Bernd Timmermann
D 31028 Gronau
19.09.2016 - 12.07.2017 Manager
Andreas Naujeck
D 24103 Kiel
11.05.2013 - 08.02.2016 Manager
Jean-Pierre
Castenetto
D 31191 Algermissen
BUSINESS
ACTIVITIES
Main industrial sector
28290
Manufacture of other general-purpose machinery
46692
Wholesale of other machinery
FINANCIAL
INFORMATION
Payment experience: No Complaints
Negative information: We have no negative
information at hand.
Balance sheet year: 2015
PMI: present: 100
01.02.2018
Ø 6 months:95
The "Payment
Morality Index" evaluates
payment delays that have been reported
to
the "DDMonitor"
100: No payment delays are shown in the
"DDMonitor".
80-99: The "DDMonitor" confirms the
payment
delay of a few
days.
40-79: The "DDMonitor" confirms the
payment
delay of some
days to weeks.
0-39: The "DDMonitor" confirms the
payment
delay of several
months.
Important note: In the
past months only
single or slight payment
delays have become
known.
REAL
ESTATE
Type of ownership: Tenant
Address Zur Deßel 1
D 31028 Gronau
Land register documents were not available.
BANKERS
DEUTSCHE BANK, 31042 ALFELD (LEINE)
Sort. code: 25971071, Account no.: 0101508000
BIC: DEUTDE2H253, IBAN: DE24259710710101508000
VOLKSBANK HILDESHEIM, 31113 HILDESHEIM
Sort. code: 25990011, Account no.: 1717870300
BIC: GENODEF1HIH, IBAN: DE86259900111717870300
VOLKSBANK HILDESHEIMER BÖRDE, 31185 SÖHLDE
Sort. code: 25991528
BIC: GENODEF1SLD, IBAN: DE24259710710101508000
SPARKASSE
HILDESHEIM, 31134 HILDESHEIM
Sort. code: 25950130, Account no.: 4006563
BIC: NOLADE21HIK, IBAN: DE45259501300004006563
POSTBANK, 30139 HANNOVER
Sort. code: 25010030, Account no.: 381238309
BIC: PBNKDEFFXXX, IBAN: DE17250100300381238309
FINANCIAL
FIGURES
Turnover: 2016 EUR 39,585,347.00
2017 EUR 40,500,000.00
Profit: 2016 EUR -682,875.00
further business figures:
Equipment: EUR 597,110.00
Ac/ts receivable: EUR 10,217,202.00
Liabilities: EUR 9,425,500.00
Real
estate of the firm:
EUR 36,477.00
Total numbers of vehicles: 10
-
Passenger cars:
10
Employees:
277
-
thereof permanent staff:
266
-
Trainees:
11
BALANCE SHEETS
Balance sheet ratios 01.01.2015 - 31.12.2015
Equity ratio [%]: 48.06
Liquidity ratio: 1.07
Return on total capital [%]: -10.50
Balance sheet ratios 01.01.2014 - 31.12.2014
Equity ratio [%]: 50.16
Liquidity ratio: 1.30
Return on total capital [%]: 0.67
Balance sheet ratios 01.01.2013 - 31.12.2013
Equity ratio [%]: 47.68
Liquidity ratio: 1.19
Return on total capital [%]: -5.35
Balance sheet ratios 01.01.2012 - 31.12.2012
Equity ratio [%]: 49.82
Liquidity ratio: 1.63
Return on total capital [%]: 4.88
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: self-disclosure
Financial year: 01.01.2015 - 31.12.2015
ASSETS EUR 32,158,764.81
Fixed assets
EUR 11,003,881.25
Intangible assets
EUR 30,005.00
Concessions, licences, rights
EUR 30,004.50
Goodwill
EUR 0.50
Tangible assets
EUR 4,889,867.73
Land / similar rights EUR 34,069.00
Plant / machinery
EUR 4,259,035.00
Other tangible assets / fixtures and
fittings
EUR 526,842.00
Advance payments made / construction
in progress
EUR 69,921.73
Financial assets
EUR 6,084,008.52
Shares in participations /
subsidiaries and the like
EUR 4,389,998.92
Shares in related companies
EUR 4,343,332.92
Shares in investee companies
EUR 46,666.00
Loans to participations /
subsidiaries and the like
EUR 1,000,000.00
Loans to related companies
EUR 1,000,000.00
Other / unspecified financial assets EUR 694,009.60
Current assets
EUR 21,054,078.86
Stocks
EUR 9,050,976.24
Raw
materials, consumables and
supplies
EUR 5,508,921.36
Finished goods / work in progress
EUR 3,542,054.88
Accounts receivable
EUR 10,001,412.06
Amounts due from shareholders
EUR 2,480,541.15
Trade debtors
EUR 3,442,944.06
Amounts due from related companies
EUR 2,388,598.19
Amounts due from investee companies
EUR 178,419.93
Other debtors and assets
EUR 1,510,908.73
Liquid means
EUR 2,001,690.56
Remaining other assets
EUR 100,804.70
Accruals (assets)
EUR 100,804.70
LIABILITIES EUR 32,158,764.81
Shareholders' equity
EUR 16,676,613.35
Capital
EUR 256,200.00
Subscribed capital (share capital)
EUR 256,200.00
Reserves
EUR 10,425,547.06
Retained earnings / revenue reserves EUR 10,425,547.06
Balance sheet profit/loss (+/-)
EUR 5,994,866.29
Balance sheet profit / loss
EUR 5,994,866.29
Provisions
EUR 6,352,723.89
Pension provisions and comparable
provisions
EUR 4,989,494.00
Other / unspecified provisions
EUR 1,363,229.89
Liabilities
EUR 9,129,427.57
Financial debts
EUR 3,275,952.65
Liabilities due to banks
EUR 3,275,952.65
Other liabilities
EUR 5,853,474.92
Trade creditors (for IAS incl. bills
of exchange)
EUR 1,983,974.62
Liabilities from received advance
payments
EUR 166,076.50
Liabilities
due to shareholders EUR 66,234.87
Liabililties due to related companiesEUR 21,522.05
Unspecified other liabilities
EUR 3,615,666.88
thereof liabilities from tax /
financial authorities
EUR 263,900.47
thereof liabilities from social
security
EUR 67,234.65
PROFIT AND LOSS ACCOUNT (cost-summary method)
according to Comm.
Code
(HGB)
Sales EUR 38,186,715.02
Inventory change + own costs (+/-)
EUR 226,759.82
Inventory change (+/-)
EUR 226,759.82
Other operating income
EUR 953,609.94
Cost of materials
EUR 18,457,143.90
Raw materials and supplies, purchased
goods
EUR 16,828,485.13
Purchased services
EUR 1,628,658.77
Gross result (+/-) EUR 20,909,940.88
Staff expenses
EUR 15,265,765.95
Wages and salaries
EUR 12,553,328.82
Social security contributions and
expenses for pension plans and
benefits EUR 2,712,437.13
Total depreciation
EUR 3,791,186.03
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus.
EUR 1,271,178.26
Depreciation on current assets (+/-)
EUR 2,520,007.77
Other operating expenses
EUR 4,668,412.51
Operating result from continuing
operations
EUR -2,815,423.61
Result from participating interests
(+/-)
EUR 22,412.25
Expenses / income from participations EUR 22,412.25
Income from related companies
EUR 22,412.25
Interest result (+/-) EUR -339,994.04
Interest and similar income
EUR 181,709.92
thereof from related companies
EUR 172,927.18
Interest and similar expenses
EUR 521,703.96
Financial result (+/-)
EUR -317,581.79
Result from ordinary operations (+/-)
EUR -3,133,005.40
Income tax / refund of income tax (+/-)EUR 42,584.34
Other taxes / refund of taxes
EUR -25,820.87
Tax
(+/-)
EUR 16,763.47
Annual surplus / annual deficit
EUR -3,116,241.93
Type
of balance
sheet: Company balance sheet
Origin of the present
balance sheet: electronic German Federal Gazette
Financial year: 01.01.2014 - 31.12.2014
ASSETS EUR 37,049,528.15
Fixed assets
EUR 12,099,150.28
Intangible assets
EUR 34,309.00
Goodwill
EUR 34,309.00
Tangible assets
EUR 5,974,007.90
Advance payments made / construction
in progress
EUR 5,974,007.90
Financial assets EUR 6,090,833.38
Other / unspecified financial assets EUR 6,090,833.38
Current assets
EUR 24,830,644.49
Stocks
EUR 9,468,286.25
Finished goods / work in progress
EUR 9,468,286.25
Accounts receivable
EUR 13,799,539.35
Amounts due from shareholders
EUR 2,628,639.89
Trade debtors
EUR 5,531,871.71
Amounts due from related companies
EUR 3,423,610.38
Amounts due from investee companies
EUR 151,366.28
Other debtors and assets
EUR 2,064,051.09
Investments in current assets EUR 41,624.04
Other investments
EUR 41,624.04
Liquid means
EUR 1,521,194.85
Remaining other assets
EUR 119,733.38
Accruals (assets) EUR 119,733.38
LIABILITIES EUR 37,049,528.15
Shareholders' equity
EUR 19,792,855.28
Capital
EUR 256,200.00
Subscribed capital (share capital)
EUR 256,200.00
Reserves
EUR 10,425,547.06
Retained earnings / revenue reserves EUR 10,425,547.06
Balance sheet profit/loss (+/-)
EUR 9,111,108.22
Balance sheet profit / loss
EUR 9,111,108.22
Provisions
EUR 6,991,054.25
Pension provisions and comparable
provisions
EUR 4,711,013.00
Provisions
for taxes EUR 156,114.30
Other / unspecified provisions
EUR 2,123,926.95
Liabilities
EUR 10,265,618.62
Financial debts
EUR 4,958,112.73
Liabilities due to banks
EUR 4,958,112.73
Other liabilities
EUR 5,307,505.89
Trade creditors (for IAS incl. bills
of exchange)
EUR 1,640,644.77
Liabilities from received advance
payments
EUR 130,123.26
Liabilities due to shareholders
EUR 120,098.41
Liabililties due to related companiesEUR 61,097.02
Unspecified other liabilities
EUR 3,355,542.43
thereof liabilities from tax /
financial authorities
EUR 187,046.95
thereof liabilities from social
security
EUR 61,078.09
PROFIT
AND LOSS ACCOUNT (cost-summary method) according to Comm.
Code
(HGB)
Sales
EUR 46,068,553.64
Inventory change + own costs (+/-)
EUR 131,919.21
Inventory change (+/-)
EUR 87,899.21
Capitalised own costs
EUR 44,020.00
Other operating income
EUR 977,069.77
Cost of materials
EUR 24,723,826.22
Raw
materials and supplies, purchased
goods
EUR 22,318,478.53
Purchased services
EUR 2,405,347.69
Gross result (+/-)
EUR 22,453,716.40
Staff expenses EUR 15,220,467.07
Wages and salaries
EUR 12,547,107.37
Social security contributions and
expenses for pension plans and
benefits
EUR 2,673,359.70
Total depreciation EUR 1,385,362.96
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus.
EUR 1,285,723.73
Depreciation on current assets (+/-)
EUR 99,639.23
Other operating expenses
EUR 4,904,509.36
Operating result from continuing
operations
EUR 943,377.01
Result from participating interests
(+/-) EUR 10,542.96
Expenses / income from participations EUR 10,542.96
Income from related companies
EUR 10,542.96
Interest result (+/-)
EUR -318,987.71
Interest and similar income
EUR 258,068.40
thereof from related companies
EUR 255,500.51
Interest and similar expenses
EUR 577,056.11
Other financial result
EUR -7,356.28
Depreciation on financial assets and
marketable securities
EUR 7,356.28
Financial result (+/-)
EUR -315,801.03
Result from ordinary operations (+/-)
EUR 627,575.98
Extraordinary income
EUR 720,000.00
Extraordinary result (+/-)
EUR 720,000.00
Income tax / refund of income tax (+/-)EUR -388,960.77
Other taxes / refund of taxes
EUR -6,673.89
Tax
(+/-)
EUR -395,634.66
Annual surplus / annual deficit
EUR 951,941.32
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.92 |
|
|
1 |
INR 89.55 |
|
Euro |
1 |
INR 79.68 |
|
EUR |
1 |
INR 80.29 |
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.