melkus sportwagen: modefinance credit report
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Melkus Sportwagen: modeFinance Credit reportTRANSCRIPT
If you want to know more, ASKMORE TM
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modeFinanceTM HeadquarterBuilding A - AREA Science ParkPadriciano 99 - 34149 Trieste - ItalyPh.: +39 040 375 5337Fax: +39 040 375 [email protected]
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MELKUS SPORTWAGEN GMBHTuesday, 21 August 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAAnot
available
non return extremlypathological
pathological highdanger
weak sufficient adequate good very
strongextremely
strong
Company name MELKUS SPORTWAGEN GMBH
Identification number DE3070352986
Country Germany
ZIP code and city 01328 - DRESDEN
Address AM WEISSIGER BACH 149
+49 351 3141330
www.melkus - sportwagen.de
b.melkus@melkus - sportwagen.de
Legal form Limited liability company
Account Unconsolidated
Incorporation date 2006/05/04
NACE 2 Sector 2910 - Manufacture of motor vehicles
Listed
Status Active
MORE Credit limit Not assessable on the base of the available informations
31/12/2010 31/12/2009 31/12/2008
Turnover (th e) - - 496
Rating C CC CC
Probability of default 45.00% 35.00% 35.00%
Confidence Level 50% 50% 100%
Solvency ratios
Leverage ratio -2.35 -5.54 9.24
Total asset/Total liabilities 0.57 0.82 1.11
Liquidity ratios
Current Ratio 0.56 1.29 2.15
Quick Ratio 0.41 0.81 1.47
Profitability and economic equili-
brium ratios
Return on investement ROI (%) - - -18.10
Return on equity ROE (%) - - -214.71
Asset turnover - - 1.45
Interest paid weight - - -0.14
EBITDA/Sales - - -0.12
Interest Coverage ratios
EBIT interest coverage ratio - - -7.44
EBITDA interest coverage ratio - - -6.56
Analysis and trend of financial
strength
MELKUS SPORTWAGEN GMBHTuesday, 21 August 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis
Company Healthy Balanced Vulnerable Risky
Solvency ratios
Leverage ratio -2.35 0.64 1.82 3.68 -2.25
Total asset/Total liabilities 0.57 2.57 1.54 1.20 0.90
Liquidity ratios
Current Ratio 0.56 2.07 1.31 1.04 0.69
Quick Ratio 0.41 1.55 0.87 0.64 0.44
Profitability and economic equilibrium ratios
Return on investement ROI (%) - 17.46 5.59 1.09 -9.59
Return on equity ROE (%) - 21.03 9.54 -4.85 -78.73
Asset turnover - 1.45 1.33 1.10 0.95
Interest paid weight - 0.01 0.14 0.13 -0.14
EBITDA/Sales - 0.12 0.07 0.03 -0.10
Interest Coverage ratios
EBIT interest coverage ratio - 86.00 5.28 0.50 -5.91
EBITDA interest coverage ratio - 79.59 10.98 2.16 -4.14
Cash Conversion Cycle (days)
Days Sales Of Inventory (DIO) - 40 44 47 88
Days Sales Outstanding (DSO) - 41 41 45 44
Days Payable Outstanding (DPO) - 31 42 57 84
Cash Conversion Cycle (DIO + DSO - DPO) - 50 46 44 32
Numer of analyzed companies - 114 371 242 95
(Average) Rating C A BB B C
The sector has been chosen according to:
international companies in the sector NACE 2 2910with financial data of year 2010.
MELKUS SPORTWAGEN GMBHTuesday, 21 August 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis - Graphs
MELKUS SPORTWAGEN GMBHTuesday, 21 August 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Balance Sheet
BALANCE SHEET (th e) 31/12/2010 31/12/2009 31/12/2008
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate EUR - EUR 1 1 1
Total assets 551 727 348
Fixed assets 341 409 138
Intangible fixed assets 24 7 9
Tangible fixed assets 317 403 129
Other fixed assets 0 0 0
Current assets 210 317 209
Stocks 59 118 67
Debtors 0 0 0
Other current assets 151 199 143
Cash & cash equivalent 1 1 108
Shareholders funds -408 -160 34
Capital -423 -186 34
Other shareholders funds 15 26 0
Total liabilities 959 887 314
Non current liabilities 587 642 217
Long term debt 554 630 203
Other non-current liabilities 33 11 14
Current liabilities 372 245 97
Loans 0 0 2
Creditors 0 0 44
Other current liabilities 372 245 50
Total shareh. funds & liab. 551 727 348
NET DEBT (th e) 31/12/2010 31/12/2009 31/12/2008
Short term debts 0 0 2
Long term debt 554 630 203
Cash & cash equivalent 1 1 108
Net debt 553 630 98
31/12/2010 31/12/2009 31/12/2008
Working capital 59 118 22
Net Current Assets -162 72 112
31/12/2010 31/12/2009 31/12/2008
Days Sales Of Inventory (DIO) - - 49
Days Sales Outstanding (DSO) - - 0
Days Payable Outstanding (DPO) - - 33
Cash Conversion Cycle (DIO + DSO - DPO) - - 16
MELKUS SPORTWAGEN GMBHTuesday, 21 August 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Income Statement
INCOME STATEMENT (th e) 31/12/2010 31/12/2009 31/12/2008
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate EUR - EUR 1 1 1
Sales - - 506
Revenues growth (%) - - -
Other revenues +/- variation in inventories and contract in progress + Fixed assets
own construction capitalized- - -11
Operating revenue / turnover - - 496
Total costs - - 555
Costs growth (%) - - -
Service costs - - 320
Material costs - - 117
Costs of employees - - 117
EBITDA - - -59
Depreciation - - 8
EBIT - - -67
Financial P/L - - -5
Financial revenue - - 3
Financial expenses - - 9
Interest paid - - 9
P/L before tax - - -72
Extr. and other P/L - - -
Extr. and other revenue - - -
Extr. and other expenses - - -
P/L before tax + Extr. and other P/L - - -
Taxation - - 1
P/L for period - - -73
31/12/2010 31/12/2009 31/12/2008
Cash flow - - -65
Added value - - 62
31/12/2010 31/12/2009 31/12/2008
Number of employees 9 - -
MELKUS SPORTWAGEN GMBHTuesday, 21 August 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Evolutions and trends
MELKUS SPORTWAGEN GMBHTuesday, 21 August 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Qualitative information
Full overview Not available.
History Not available.
Primary business line Not available.
Secondary business line Not available.
Main activity Not available.
Secondary activity Not available.
Main products and services Not available.
Size estimate Not available.
Strategy, organization and policy Not available.
Strategic alliances Not available.
Membership of a network Not available.
Main brand names Not available.
Main domestic country Not available.
Main foreign countries or regions Not available.
Main production sites Not available.
Main distribution sites Not available.
Main sales representation sites Not available.
Main customers Not available.
Auditor/Advisor/Bank
name type address
Ostsächsische Sparkasse Dresden, Dresden Banker -
MELKUS SPORTWAGEN GMBHTuesday, 21 August 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Board
Not available.
Sharehoders (the first twenty shareholders ordered by Direct %))
MELKUS, SEPP Rating:
Country ISO code DE Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 47.00 Number of Employees -
Total % - Information date 2011/11
Address : Not available
JKL KUNSTSTOFF LACKIERUNG GMBH Rating: A
Country ISO code DE Operating Revenue (MIL $) 7
NACE Rev. 2, Core code - Total Assets (MIL $) 2.84
Direct % 24.50 Number of Employees 0
Total % - Information date 2011/11
Address : Not available
NEBEL, BERND Rating:
Country ISO code DE Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 24.50 Number of Employees -
Total % - Information date 2011/11
Address : Not available
MELKUS, KLAUS - PETER Rating:
Country ISO code DE Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 4.00 Number of Employees -
Total % - Information date 2011/08
Address : Not available
Subsidiaries (the first twenty subsidiaries ordered by Direct %)
Not available.
MELKUS SPORTWAGEN GMBHTuesday, 21 August 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
ASKMORE rating guide
General vision A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of
an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk
factors.
The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial
companies by using data included in financial statements.
The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy
model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the
model are obtained by applying newly developed numerical methodologies, drawing together financial theory,
data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective
algorithm that produces a classification of each company, by taking into account any attributes (such as sector and
country) characterizing a firm.
The model gives the opportunity to assign a rating to a company even without considering a complete data analysis
and allows to process quality information. It induces a better understanding of a company’s strength and weakness
thanks to sophisticated data mining tools and taking into account the analyst knowledge.
The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the
rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium
between the different aspects, better will be the final rating.
This is done studying, evaluating and aggregating the most important sections of the financial and economic
behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.
MELKUS SPORTWAGEN GMBHTuesday, 21 August 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Rating scale
Rating class Rating macro class Assessment
AAA
Healthy
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
economic and financial flow and fund equilibrium.
AAThe company has very strong creditworthiness. It also has a good capital structure and economic and financial
equilibrium. Difference from AAA is slight.
AThe company has a high solvency. The company is however more susceptible to the adverse effects of changes in
circumstances and economic conditions than companies in higher rated categories.
BBB
Balanced
Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial
commitments could be affected by serious unfavourable events.
BBA company rated BB is more vulnerable than companies rated BBB. Furthermore the company faces major ongoing
uncertainties or exposure to adverse business, financial, or economic conditions.
B
Vulnerable
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments.
CCC
A company rated CCC has a dangerous disequilibrium on the capital structure and on its economic and financial
fundamentals. Adverse market events and an inadequate management could affect with high probability the
company’s solvency.
CC
Risky
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the
company’s strong disequilibrium could increase.
CThe company shows considerable pathological situations. The company’s capacity to meet its financial
commitments is very low.
D The company has not any longer the capacity to meet its financial commitments.
MELKUS SPORTWAGEN GMBHTuesday, 21 August 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Fundamental Credit Rating Ratios
Analysis area Ratio Assessment
Solvency ratios
Leverage ratioThis measures the level of total liabilities of the company in comparison
with equity.
Assets to debtThis indicates company’s solvency. The company shows a level of deficit
when the value of this ratio is under one unit.
Financial ratios Fixed Assets coverage ratioThis is calculated only for holdings. It measures the capital structure i.e.
whether a company covers the fixed assets with long term capital.
Liquidity ratios
Current ratioThis measures whether a company has sufficient short-term assets to cover
its short-term liabilities.
Quick ratioThis compares current liabilities only to those assets that can be readily
turned into cash.
Profitability and economic ratios
Return on Investement(ROI)This measures the profitability of company investments without regard to
the way the investment is financed.
Return on Equity(ROE) This measures the profitability of the equity.
Asset turnover
This indicates the investments turnover with regards to sales. The level
assumed from the ratio depends on the sector in which the company
operates.
Profit margin This indicates the profitability of sales.
Interest coverage ratio Interest Paid coverage
This indicate the ability of the company to cover interest expenses through
the economic margins (Gross profit and EBIT) and through the cash flow
from operating activities.
MELKUS SPORTWAGEN GMBHTuesday, 21 August 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
MORE Credit Limit, Probability of default and Confidence Level
MORE Credit Limit MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial
relationship with the analyzed company with an outlook of one year.
modeFinance used the following values associated with the company analyzed while computing the credit limit:
• Size;
• Years in Business;
• Average number of suppliers;
• Liquidity of the company and the comparison with its sector;
• The funds dedicated to be paid to suppliers;
• The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).
The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual
public data. This value should be reviewed by paying attention to the Confidence Level value and by using other
information such as other business information, news... etc; and private information such as the relationship with
client, history of payments, guarantees and the knowledge of the sector.
Probability of default e Confidence
Level
In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of
confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go
into default.
As the probability of default is strongly affected by the economic climate that the company is operating in,
companies in the same MORE class will not necessarily have the same probability of default.
The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:
Confidence =
∑Available Information∑
Total Information
The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in
availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the
MORE rating is able to take into account for each company.
For companies with fully populated records a confidence level of 100% would be applied: companies where no
financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
MELKUS SPORTWAGEN GMBHTuesday, 21 August 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Notes and disclaimer
NOTES modeFinance has based the present analysis on the company available financial statements, coming from one or
more of the following sources: local providers, Commercial Register (Companies House), websites, modeFinance’s
database etc.
DISCLAIMER All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any
form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of
the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot
be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will
be based on information gathered in good faith from both primary and secondary sources, whose accuracy we
are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken
based on any information that may subsequently prove to be incorrect.
Contacts
Company modeFinance
Products MORE rating
Where AREA Science Park
34149 Trieste, via Padriciano 99 - ITALY
Info [email protected]
web www.modefinance.com
Phone +39 040 3755337