MIRA
INFORM REPORT
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Report Date : |
17.09.2012 |
IDENTIFICATION DETAILS
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Name : |
FREY & LAU GMBH |
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Registered Office : |
Immenhacken 12, Henstedt-Ulzburg, 24558 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
21.05.1981 |
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Com. Reg. No.: |
3346BB |
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Legal Form : |
Private Independent |
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Line of Business : |
Manufactures essential oils, fragrances and flavours. It develops a range
of rosewood, spearmint, thyme, eucalyptus, cinnamon leaf, lavender, lemon,
lemongrass, mint and wintergreen oils. |
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No. of Employees : |
130 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 declining 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 in 2006 and 2007 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 - and its decrease to 6.0% in 2011. GDP contracted 5.1% in
2009 but grew by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable
primarily to rebounding manufacturing orders and exports - increasingly outside
the Euro Zone. Germany's central bank projects that GDP will grow 0.6% in 2012,
a reflection of the worsening euro-zone financial crisis and the financial
burden it places on Germany as well as falling demand for German exports.
Domestic demand is therefore becoming a more significant driver of Germany's
economic expansion. Stimulus and stabilization efforts initiated in 2008 and
2009 and tax cuts introduced in Chancellor Angela MERKEL's second term
increased Germany's budget deficit to 3.3% in 2010, but slower spending and
higher tax revenues reduce the deficit to 1.7% in 2011, below the EU's 3%
limit. 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. 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 hopes to replace nuclear power with renewable energy. Before the
shutdown of the eight reactors, Germany relied on nuclear power for 23% of its
energy and 46% of its base-load electrical production.
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Source
: CIA |
Company name and address
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Frey & Lau GmbH |
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Employees: |
130 |
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Company Type: |
Private Independent |
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Incorporation Date: |
21-May-1981 |
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Fiscal Year End: |
31-Dec-2010 |
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Reporting Currency: |
Euro |
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Annual Sales: |
105.5 |
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Total Assets: |
51.7 |
Business Description
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Established in 1836 as a steam factory,
Frey & Lau GmbH manufactures essential oils, fragrances and flavours. It
develops a range of rosewood, spearmint, thyme, eucalyptus, cinnamon leaf,
lavender, lemon, lemongrass, mint and wintergreen oils. The company operates
production facilities and development and monitoring laboratories. Its oils
are used for aromatherapy, healing, pharmaceutical, and health and fitness
applications. The company also has a team of perfumers and chemists. It
maintains a network of sales agents and representatives. In addition, the
company’s fragrances are used in detergents, fabric softeners, cosmetics
and candles. It develops a variety of aroma chemicals, such as camphor and
ethyl vanillin. The company additionally offers warehousing and delivery
services. |
Industry
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Industry |
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ANZSIC 2006: |
1899 - Other Basic Chemical Product Manufacturing Not
Elsewhere Classified |
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NACE 2002: |
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NAICS 2002: |
325998 - All Other Miscellaneous Chemical Product and
Preparation Manufacturing |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
2899 - Chemicals and Chemical Preparations, Not Elsewhere
Classified |
Key Executives
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Registered No.(DEU)
3346BB
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064
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Industry Codes
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Annual Profit & Loss
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.683679 |
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Consolidated |
No |
No |
No |
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Total income |
105.5 |
93.9 |
91.4 |
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Raw materials and services |
71.0 |
63.8 |
- |
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Net sales |
105.5 |
93.9 |
91.4 |
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Other operating income |
1.6 |
2.5 |
2.2 |
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Raw materials and consumables employed |
71.0 |
63.8 |
- |
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Cost of goods sold |
71.0 |
63.8 |
60.7 |
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Cost of raw materials |
71.0 |
63.8 |
60.7 |
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Taxes and social security costs |
1.3 |
1.2 |
1.5 |
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Total payroll costs |
10.2 |
9.1 |
9.9 |
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Fixed asset depreciation and amortisation |
1.3 |
1.2 |
1.2 |
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Other operating costs |
24.1 |
20.6 |
32.7 |
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Net operating
income |
12.6 |
11.9 |
5.4 |
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Other income |
0.0 |
0.1 |
0.1 |
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Interest payable on loans |
0.8 |
1.0 |
1.7 |
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Other expenses |
- |
0.0 |
- |
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Total expenses |
0.8 |
1.0 |
1.5 |
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Profit before tax |
11.8 |
11.0 |
3.9 |
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Extraordinary income |
0.0 |
- |
- |
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Provisions |
21.9 |
23.3 |
24.1 |
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Extraordinary expenses |
0.4 |
- |
- |
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Extraordinary result |
-0.4 |
- |
- |
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Other taxes |
0.0 |
0.0 |
0.0 |
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Total taxation |
3.2 |
2.4 |
1.0 |
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Net profit |
8.2 |
8.5 |
2.9 |
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Annual Balance Sheet |
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Financials in: USD (mil) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
No |
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Issued capital |
1.0 |
1.0 |
1.0 |
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Profits for the year |
15.1 |
7.3 |
-1.5 |
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Profit brought forward from previous
year(s) |
6.8 |
-1.5 |
-4.2 |
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Total stockholders
equity |
16.1 |
8.3 |
-0.5 |
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Deferred taxation |
1.2 |
1.8 |
- |
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Other provisions |
16.9 |
18.2 |
19.0 |
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Provision for pensions |
4.2 |
4.1 |
3.9 |
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Provisions and allowances |
22.2 |
24.1 |
22.9 |
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Trade creditors |
2.5 |
3.2 |
1.2 |
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Other loans |
0.1 |
- |
0.0 |
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Taxation and social security |
10.4 |
16.5 |
19.2 |
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Due to group companies |
0.3 |
0.3 |
0.3 |
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Total current
liabilities |
13.4 |
20.0 |
20.7 |
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Total
liabilities (including net worth) |
51.7 |
52.4 |
43.1 |
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Patents |
0.0 |
0.0 |
0.0 |
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Intangibles |
0.0 |
0.0 |
0.2 |
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Land and buildings |
2.8 |
3.3 |
3.6 |
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Machinery and tools |
3.6 |
1.3 |
1.5 |
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Fixtures and equipment |
2.8 |
3.3 |
3.6 |
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Fixed assets under construction |
0.6 |
2.4 |
0.2 |
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Total tangible
fixed assets |
10.8 |
11.0 |
8.7 |
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Other financial assets |
0.1 |
0.4 |
0.0 |
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Shares held in associated companies |
0.1 |
0.1 |
0.1 |
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Total financial
assets |
0.2 |
0.5 |
0.1 |
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Total
non-current assets |
11.1 |
11.5 |
8.9 |
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Raw materials |
22.3 |
15.0 |
17.8 |
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Prepayments |
- |
- |
0.2 |
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Net stocks and work in progress |
22.3 |
15.0 |
17.9 |
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Trade debtors |
16.8 |
12.8 |
11.2 |
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Other receivables |
0.9 |
0.7 |
1.2 |
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Total
receivables |
17.7 |
13.5 |
12.4 |
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Cash and liquid assets |
0.6 |
12.4 |
3.9 |
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Total current
assets |
40.6 |
40.9 |
34.2 |
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Prepaid expenses and deferred costs |
0.0 |
0.0 |
0.0 |
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Total assets |
51.7 |
52.4 |
43.1 |
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Annual Ratios |
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Financials in: USD (mil) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
No |
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Current ratio |
30.37 |
20.42 |
16.52 |
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Acid test ratio |
13.65 |
12.92 |
7.85 |
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Total liabilities to net worth |
0.08% |
0.24% |
-4.34% |
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Net worth to total assets |
0.03% |
0.02% |
0.00% |
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Current liabilities to net worth |
0.08% |
0.24% |
-4.34% |
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Current liabilities to stock |
0.06% |
0.13% |
0.12% |
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Fixed assets to net worth |
0.07% |
0.14% |
-1.88% |
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Collection period |
573.00 |
482.00 |
467.00 |
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Stock turnover rate |
2.09 |
1.55 |
2.06 |
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Profit margin |
0.01% |
0.01% |
0.00% |
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Return on assets |
0.02% |
0.02% |
0.01% |
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Shareholders' return |
0.05% |
0.11% |
-0.57% |
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Sales per employee |
63.70 |
63.67 |
60.70 |
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Profit per employee |
5.21 |
5.79 |
1.90 |
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Average wage per employee |
6.13 |
6.19 |
6.57 |
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Net worth |
16.1 |
8.3 |
-0.5 |
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Number of employees |
125 |
106 |
103 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.72 |
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1 |
Rs.88.60 |
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Euro |
1 |
Rs.71.34 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.