MIRA INFORM REPORT
|
Report Date : |
18.08.2011 |
Supplement
We refer to your enquiry
of 15.02.2011.
In the meantime there have been changes in particular in the
following areas subject to monitoring:
- Legal form
- Financial information
Company name & address
FRONTLINE Leather Fashion GmbH
Main address:
Werkstr. 11
D 21218 Seevetal
Telephone:04105/61050
Telefax: 04105/610564
Homepage: www.frontline.de
E-mail: info@frontline.de
Company Status:
insolvent since:
09.08.2011
VAT no
DE813349805
Tax ID number
81/334/49805
CONCLUSION
Business relations on credit basis are not permissible.
Synthesis
LEGAL FORM Private limited company
Date of foundation: 2001
Shareholders'
agreement: 12.11.2001
Registered on: 12.12.2001
Commercial Register: Local
court 21335 Lüneburg
under: HRB 111089
Share capital:
EUR 3,000,000.00
Shareholder
F.F.T. Holding PTE Limited
95 South Bridge Road
# 06-15 Pidemco Centre
SGP 058717 Singapur
Legal form: Other legal form
Share: EUR 3,000,000.00
Manager
Andreas Kläre
APT. B, 4/A 18 Coastline Villa
Discovery Bay
RC . Lantau Island/Hongkong
having sole power of representation
born: 03.03.1964
Profession: Businessman
Further functions/participations of
Andreas Kläre (Manager)
Shareholder:
Menke & Co. GmbH
Werkstr. 11
D 21218 Seevetal
Legal form: Private limited company
Share capital: EUR 226,200.00
Share: EUR 226,200.00
Registered
on: 10.03.1995
Reg. data: 21335 Lüneburg,
HRB 110509
Manager:
Menke & Co. GmbH
Werkstr. 11
D 21218 Seevetal
Legal form: Private limited company
Share capital: EUR 226,200.00
Registered
on: 10.03.1995
Reg. data: 21335 Lüneburg,
HRB 110509
COMPANY HISTORY
12.12.2001 - 15.02.2011
FRONTLINE Leather Fashion GmbH
Werkstr. 11
D
21218 Seevetal
Private limited company
RESIGNED ACTING PERSONS AND SHAREHOLDERS
19.02.2002 -
10.11.2010 Manager
Christian Ließ
D
21224 Rosengarten
BUSINESS ACTIVITIES
Sectors
46165 Agents involved in
the sale of footwear, leatherware and luggage
4618 Agents involved in
the sale of other goods
FINANCIAL INFORMATION
Payment experience: negative
information
Negative information: Negative
information is known to us.
Insolvency
Proceedings
Local court : 21335
Lüneburg
Insolvency administrator : Peter-Alexander
Borchardt
Deichstr. 1
D 20459 Hamburg
Preliminary insolvency
adminstrator : Yes
File No : 46 IN 77/11
Application of : 09.08.2011
Restraint on alienation
- passed on : 09.08.2011
REAL ESTATE
Type of ownership: Tenant
Address Werkstr.
11
D 21218 Seevetal
Land register documents were not available.
BANKERS
HSH NORDBANK HAMBURG, HAMBURG
Sort. code: 20050000, BIC: HSHNDEHH200
FINANCIAL FIGURES
Turnover: 2008/2009 EUR 5,775,000.00
2009/2010 EUR 5,775,000.00
further business figures:
Ac/ts receivable: EUR 3,206,864.00
Liabillities: EUR 4,076,631.00
Employees:
25
-
Trainees: 4
The
aforementioned business figures may partly be estimated information based on
average values in the line of business.
BALANCE SHEETS
Balance sheet ratios 01.04.2008 - 31.03.2009
Equity ratio [%]: 3.71
Liquidity ratio: 0.75
Return on total capital [%]: 3.44
Balance sheet ratios 01.04.2007 - 31.03.2008
Equity ratio [%]: -0.67
Liquidity ratio: 0.44
Return on total capital [%]: -25.10
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
Financial year: 01.04.2008 - 31.03.2009
ASSETS EUR 4,500,749.84
Fixed assets
EUR 922,201.67
Intangible assets
EUR 4,058.00
Tangible assets EUR 125,489.00
Financial assets
EUR 792,654.67
Current assets
EUR 3,578,548.17
Stocks
EUR 461,245.51
Accounts receivable
EUR 2,723,344.99
Liquid means
EUR 393,957.67
Remaining other assets
EUR 0.00
Accruals (assets)
EUR 0.00
LIABILITIES EUR 4,500,749.84
Shareholders' equity
EUR 168,795.73
Capital
EUR 3,000,000.00
Subscribed capital (share capital)
EUR 3,000,000.00
Balance sheet profit/loss (+/-)
EUR -2,831,204.27
Profit / loss brought forward
EUR -2,986,133.11
Annual surplus / annual deficit
EUR 154,928.84
Provisions
EUR 310,166.00
Liabilities
EUR 4,021,788.11
Type
of balance
sheet: Company balance sheet
Financial year: 01.04.2007 - 31.03.2008
ASSETS EUR 2,991,357.92
Fixed assets
EUR 964,252.67
Intangible assets
EUR 67,190.00
Tangible assets
EUR 104,408.00
Financial assets
EUR 792,654.67
Current assets
EUR 2,023,945.72
Stocks
EUR 496,113.36
Accounts receivable
EUR 909,282.33
Liquid means EUR 618,550.03
Remaining other assets
EUR 3,159.53
Accruals (assets)
EUR 3,159.53
LIABILITIES EUR 2,991,357.92
Shareholders' equity EUR 13,866.89
Capital
EUR 3,000,000.00
Subscribed capital (share capital)
EUR 3,000,000.00
Balance sheet profit/loss (+/-)
EUR -2,986,133.11
Profit / loss brought forward
EUR -2,243,844.27
Annual surplus / annual deficit
EUR -742,288.84
Provisions
EUR 284,019.00
Liabilities
EUR 2,693,472.03
Inconsistent balance sheets:
Financial year published on
01.04.2009 - 31.03.2010 05.07.2011
MIRA INFORM REPORT
|
Report Date : |
15.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
FRONTLINE LEATHER FASHION GMBH |
|
|
|
|
Registered Office : |
Werkstr. 11, D 21218 Seevetal |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2009 |
|
|
|
|
Date of Incorporation : |
12.12.2001 |
|
|
|
|
Com. Reg. No.: |
HRB
111089 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
FRONTLINE Leather Fashion GmbH
Main address:
Werkstr. 11
D 21218 Seevetal
Telephone: 04105/61050
Telefax: 04105/610564
E-mail: info@frontline.de
VAT no.
DE813349805
Tax ID number
81/334/49805
CONCLUSION
Business relations are permissible.
Synthesis
LEGAL FORM Private limited company
Date of foundation: 2001
Shareholders'
agreement: 12.11.2001
Registered on: 12.12.2001
Commercial Register: Local
court 21335 Lüneburg
under: HRB 111089
Share capital:
EUR 3.000.000,00
Shareholder
F.F.T. Holding PTE Limited
95 South Bridge Road
# 06-15 Pidemco Centre
SGP 058717 Singapur
Legal form: Other legal form
Share: EUR 3.000.000,00
Manager
Andreas Kläre
RC Discovery Bay/ Hong Kong
Islan
having sole power of representation
born: 03.03.1964
Nationality: Chinese
COMPANY HISTORY
12.12.2001 - 15.02.2011
FRONTLINE Leather Fashion GmbH
Werkstr. 11
D 21218 Seevetal
Private limited company
RESIGNED ACTING PERSONS AND
SHAREHOLDERS
19.02.2002 - 10.11.2010
Manager
Christian Ließ
D 21224 Rosengarten
BUSINESS ACTIVITIES
Sectors
46165 Agents involved in the sale of
footwear, leatherware and luggage
4618 Agents involved in the sale of
other goods
FINANCIAL INFORMATION
Payment experience: within
periods customary in this trade
Negative information: We
have no negative information at hand.
Balance sheet year: 2008/2009
REAL ESTATE
Type of ownership: Tenant
Address Werkstr. 11
D 21218 Seevetal
Land register documents
were not available.
BANKERS
HSH NORDBANK HAMBURG, HAMBURG
Sort. code: 20050000, BIC: HSHNDEHH200
FINANCIAL FIGURES
Turnover: 2008/2009 EUR 5.775.000,00
2009/2010 EUR 5.775.000,00
further business figures:
Employees:
25
-
Trainees:
4
The aforementioned business figures may partly be estimated
information based on average values in the line of business.
BALANCE SHEETS
Balance sheet ratios 2008/2009
Equity ratio [%]: 3,71
Liquidity ratio: 0,75
Return on total capital [%]: 3,44
Balance sheet ratios 2007/2008
Equity ratio [%]: -0,67
Liquidity ratio: 0,44
Return on total capital [%]: -25,10
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
Financial year: 01.04.2008 - 31.03.2009
ASSETS EUR 4.500.749,84
Fixed assets EUR 922.201,67
Intangible assets
EUR 4.058,00
Tangible assets
EUR 125.489,00
Financial assets
EUR 792.654,67
Current assets
EUR 3.578.548,17
Stocks
EUR 461.245,51
Accounts receivable
EUR 2.723.344,99
Liquid means
EUR 393.957,67
Remaining other assets
EUR 0,00
Accruals (assets)
EUR 0,00
LIABILITIES EUR 4.500.749,84
Shareholders' equity
EUR 168.795,73
Capital
EUR 3.000.000,00
Subscribed capital (share capital)
EUR 3.000.000,00
Balance sheet profit/loss (+/-)
EUR -2.831.204,27
Profit / loss brought forward
EUR -2.986.133,11
Annual surplus / annual deficit
EUR 154.928,84
Provisions
EUR 310.166,00
Liabilities
EUR 4.021.788,11
Type
of balance
sheet:
Company balance sheet
Financial year: 01.04.2007 - 31.03.2008
ASSETS EUR 2.991.357,92
Fixed assets
EUR 964.252,67
Intangible assets
EUR 67.190,00
Tangible assets
EUR 104.408,00
Financial assets
EUR 792.654,67
Current assets
EUR 2.023.945,72
Stocks EUR 496.113,36
Accounts receivable
EUR 909.282,33
Liquid means
EUR 618.550,03
Remaining other assets
EUR 3.159,53
Accruals
(assets) EUR 3.159,53
LIABILITIES EUR 2.991.357,92
Shareholders' equity
EUR 13.866,89
Capital
EUR 3.000.000,00
Subscribed capital (share capital)
EUR 3.000.000,00
Balance sheet profit/loss (+/-)
EUR -2.986.133,11
Profit / loss brought forward
EUR -2.243.844,27
Annual surplus / annual deficit
EUR -742.288,84
Provisions
EUR 284.019,00
Liabilities
EUR 2.693.472,03
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
|
1 |
Rs.74.56 |
|
Euro |
1 |
Rs.65.34 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.