MIRA INFORM REPORT

 

 

Report Date :

05.01.2013

 

IDENTIFICATION DETAILS

 

Name :

GASCOGNE LAMINATES GERMANY GMBH

 

 

Registered Office :

Rurstr. 58 D 52441 Linnich

 

 

Country :

Germany

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1984

 

 

Com. Reg. No.:

HRB 3891

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture of corrugated paper and paperboard and of containers of paper and paperboard

 

 

No. of Employees :

153

 

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

 

Maximum Credit Limit:

250,000 EUR

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Germany

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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.

Source : CIA

 Company name and address

 

Gascogne Laminates Germany GmbH

 

 Company Status:      active

                      Rurstr. 58

                      D 52441 Linnich

                      Telephone:02462/79-0

                      Telefax:  02462/79-2494

                      Homepage: www.gascognelaminates.com

                      E-mail:   customers@gascognelaminates.de

 

 

VAT no.        

 

DE811114322

 

Tax ID number     

 

213/5703/0260

 

CONCLUSION

 

 Business relations are permissible.

 

 

Registartion data

 

 LEGAL FORM              Private limited company

 Date of foundation:        1984

 Shareholders'

 agreement:                   16.01.1984

 Registered on:              13.03.1984

 Commercial Register:    Local court 52349 Düren

 under:                          HRB 3891

 

 

Share capital                       

 

EUR          5,113,000.00

 

Shareholder

 

                      Sopal S.A.S.

                      Rue Louis Blanc PBP 78

                      F 40102 DAX Cedix

                      Legal form: Other legal form

                      Share:             EUR          5,113,000.00

 Manager:

                      Frédéric Doulcet

                      F  Paris

                      born: 01.03.1958

                      Nationality: French

 Proxy:

                      Frank Radmacher

                      D 52445 Titz

                      authorized to jointly represent the company

                      born: 15.12.1969

 Proxy:

                      Mikael Broman

                      D 40210 Düsseldorf

                      authorized to jointly represent the company

                      born: 12.02.1959

 Proxy:

                      Thomas Braun

                      D 65604 Elz

                      authorized to jointly represent the company

                      born: 14.07.1958

 

 

 FURTHER FUNCTIONS/PARTICIPATIONS OF FRÉDÉRIC DOULCET (MANAGER)

 

 Manager:

                      Gascogne Sack Deutschland GmbH

                      Südstr. 4-6

                      D 37447 Wieda

                      Legal form: Private limited company

                      Share capital:     EUR          6,135,502.57

                      Registered

                      on:         02.12.1949

                      Reg. data:  37073 Göttingen, HRB 120055

 

 

COMPANY HISTORY

 

 13.03.1984 - 30.12.1993  Berner Verpackungsmittel GmbH

                          Brückäckerstr. 26

                          D 74523 Schwäbisch Hall

                          Private limited company

 30.12.1993 - 04.04.1996  PKL Flexpack GmbH

                          Brückäckerstr. 26

                          D 74523 Schwäbisch Hall

                          Private limited company

 04.04.1996 - 02.03.2004  PKL Flexible Verpackungen GmbH

                          Rurstr. 58

                          D 52441 Linnich

                          Private limited company

 02.03.2004 - 14.03.2007  SOPAL PKL Flexible Verpackungen GmbH

                          Rurstr. 58

                          D 52441 Linnich

                          Private limited company

 

 

RESIGNED ACTING PERSONS AND SHAREHOLDERS

 

 24.06.2004 - 10.12.2012  Manager

                          Wolfhard Fischer

                          D 52441 Linnich

 

 

BUSINESS ACTIVITIES

 

 Secondary industrial sector

 17210   Manufacture of corrugated paper and paperboard and of containers of paper and paperboard

 

 

FINANCIAL INFORMATION

 

 Payment experience:  within periods customary in this trade

 

 Negative information:We have no negative information at hand.

 

 Maximum credit:      250,000 EUR

 

 Balance sheet year:  2010

 

REAL ESTATE

 

 Type of ownership:   Tenant

 Address              Rurstr. 58

                      D 52441 Linnich

 

 Land register documents were not available.

BANKERS

 

 Principal bank

 DEUTSCHE BANK, DÜSSELDORF

 Sort. code: 30070010, Account no.: 3350063, BIC: DEUTDEDDXXX

 

 

FINANCIAL FIGURES

 

 Turnover:            2011               EUR         35,000,000.00

                      2012               EUR         35,200,000.00

 further business figures:

 Equipment:                              EUR          2,584,433.00

 Ac/ts receivable:                       EUR          4,213,510.00

 Liabilities:                            EUR          4,884,859.00

 Total numbers of vehicles:                                      5

 - Passenger cars:                                               5

 Employees:                                                    153

 - thereof permanent staff:                                    140

 - Part-time employees:                                         13

 

 

BALANCE SHEETS

 

 Balance sheet ratios 01.01.2010 - 31.12.2010

 Equity ratio [%]:                 64.24

 Liquidity ratio:                   1.07

 Return on total capital [%]:       0.55

 

 Balance sheet ratios 01.01.2009 - 31.12.2009

 Equity ratio [%]:                 68.87

 Liquidity ratio:                   2.55

 Return on total capital [%]:       4.73

 

 Balance sheet ratios 01.01.2008 - 31.12.2008

 Equity ratio [%]:                 68.88

 Liquidity ratio:                   4.48

 Return on total capital [%]:       6.77

 

 Balance sheet ratios 01.01.2007 - 31.12.2007

 Equity ratio [%]:                 67.88

 Liquidity ratio:                   9.58

 Return on total capital [%]:       9.25

 

 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:      01.01.2010 - 31.12.2010

 

 ASSETS                                  EUR         20,758,411.29

  Fixed assets                           EUR          6,679,956.44

   Tangible assets                       EUR          6,679,956.44

    Land / similar rights                EUR            298,613.00

    Plant / machinery                    EUR          3,796,910.00

    Other tangible assets / fixtures and

    fittings                             EUR          2,584,433.44

  Current assets                         EUR         14,018,046.34

   Stocks                                EUR          8,859,628.30

    Raw materials, consumables and

    supplies                             EUR          3,011,114.98

    Finished goods / work in progress    EUR          5,848,513.32

   Accounts receivable                   EUR          4,213,510.52

    Trade debtors                        EUR          3,594,831.59

    Amounts due from related companies   EUR             62,010.90

    Other debtors and assets             EUR            556,668.03

   Liquid means                          EUR            944,907.52

  Remaining other assets                 EUR             60,408.51

   Accruals (assets)                     EUR              6,262.19

   Other assets                          EUR             54,146.32

 

 LIABILITIES                             EUR         20,758,411.29

  Shareholders' equity                   EUR         13,336,191.13

   Capital                               EUR          5,113,000.00

    Subscribed capital (share capital)   EUR          5,113,000.00

   Reserves                              EUR          2,518,615.93

    Capital reserves                     EUR          2,518,615.93

   Balance sheet profit/loss (+/-)       EUR          5,704,575.20

    Profit / loss brought forward        EUR          5,624,317.06

    Annual surplus / annual deficit      EUR             80,258.14

  Provisions                             EUR          2,494,053.22

   Pension provisions and comparable

   provisions                            EUR          1,870,153.00

   Other / unspecified provisions        EUR            623,900.22

  Liabilities                            EUR          4,884,859.94

   Other liabilities                     EUR          4,884,859.94

    Trade creditors (for IAS incl. bills

    of exchange)                         EUR          4,689,908.29

    Liabililties due to related companiesEUR            107,683.70

    Unspecified other liabilities        EUR             87,267.95

     thereof liabilities from tax /

     financial authorities               EUR             69,146.73

  Other liabilities                      EUR             43,307.00

   Deferrals (liabilities)               EUR             43,307.00

 

 PROFIT AND LOSS ACCOUNT (cost-summary method) according to Comm.

 Code (HGB)

  Sales                                  EUR         34,952,062.92

  Inventory change + own costs (+/-)     EUR          1,074,690.52

   Inventory change (+/-)                EUR          1,074,690.52

  Other operating income                 EUR            517,093.61

  Cost of materials                      EUR         23,148,861.22

   Raw materials and supplies, purchased

   goods                                 EUR         21,497,577.94

   Purchased services                    EUR          1,651,283.28

  Gross result (+/-)                     EUR         13,394,985.83

  Staff expenses                         EUR          7,632,989.37

   Wages and salaries                    EUR          6,364,766.32

   Social security contributions and

   expenses for pension plans and

   benefits                              EUR          1,268,223.05

  Total depreciation                     EUR            911,279.81

   Depreciation on tangible / intangible

   asssets (incl. start-up and exp. of

   bus.                                  EUR            911,279.81

  Other operating expenses               EUR          4,553,333.42

  Operating result from continuing

  operations                             EUR            297,383.23

  Interest result (+/-)                  EUR           -175,859.26

   Interest and similar income           EUR              5,828.00

    thereof from related companies       EUR              2,488.09

   Interest and similar expenses         EUR            181,687.26

    thereof paid to related companies    EUR              7,518.82

  Other financial result                 EUR              1,037.02

   Income from securities and loans from

   financial assets                      EUR              1,037.02

  Financial result (+/-)                 EUR           -174,822.24

  Result from ordinary operations (+/-)  EUR            122,560.99

  Extraordinary expenses                 EUR             33,696.00

  Extraordinary result (+/-)             EUR            -33,696.00

  Other taxes / refund of taxes          EUR             -8,606.85

  Tax (+/-)                              EUR             -8,606.85

  Annual surplus / annual deficit        EUR             80,258.14

 

 Type of balance

 sheet:               Company balance sheet

 

 Financial year:      01.01.2009 - 31.12.2009

 

 ASSETS                                  EUR         19,247,898.20

  Fixed assets                           EUR          6,638,387.30

   Tangible assets                       EUR          6,497,171.44

    Land / similar rights                EUR            317,854.00

    Plant / machinery                    EUR          4,170,634.00

    Other tangible assets / fixtures and

    fittings                             EUR          2,008,683.44

   Financial assets                      EUR            141,215.86

    Securities included in fixed assets  EUR            141,215.86

  Current assets                         EUR         12,602,307.42

   Stocks                                EUR          6,004,045.53

    Raw materials, consumables and

    supplies                             EUR          1,233,610.39

    Finished goods / work in progress    EUR          4,770,435.14

   Accounts receivable                   EUR          5,103,599.05

    Trade debtors                        EUR          4,051,813.86

    Amounts due from related companies   EUR            654,965.54

    Other debtors and assets             EUR            396,819.65

   Liquid means                          EUR          1,494,662.84

  Remaining other assets                 EUR              7,203.48

   Accruals (assets)                     EUR              7,203.48

 

 LIABILITIES                             EUR         19,247,898.20

  Shareholders' equity                   EUR         13,255,932.99

   Capital                               EUR          5,113,000.00

    Subscribed capital (share capital)   EUR          5,113,000.00

   Reserves                              EUR          2,518,615.93

    Capital reserves                     EUR          2,518,615.93

   Balance sheet profit/loss (+/-)       EUR          5,624,317.06

    Profit / loss brought forward        EUR          4,713,850.95

    Annual surplus / annual deficit      EUR            910,466.11

  Provisions                             EUR          2,440,200.08

   Pension provisions and comparable

   provisions                            EUR          1,742,471.00

   Other / unspecified provisions        EUR            697,729.08

  Liabilities                            EUR          3,499,998.13

   thereof total due to shareholders     EUR                  0.00

   Other liabilities                     EUR          3,499,998.13

    Trade creditors (for IAS incl. bills

    of exchange)                         EUR          3,344,650.05

    Unspecified other liabilities        EUR            155,348.08

     thereof liabilities from tax /

     financial authorities               EUR             61,631.00

  Other liabilities                      EUR             51,767.00

   Deferrals (liabilities)               EUR             51,767.00

 

 PROFIT AND LOSS ACCOUNT (cost-summary method) according to Comm.

 Code (HGB)

  Sales                                  EUR         31,828,832.56

  Inventory change + own costs (+/-)     EUR           -525,850.32

   Inventory change (+/-)                EUR           -525,850.32

  Other operating income                 EUR            756,929.56

  Cost of materials                      EUR         19,502,066.51

   Raw materials and supplies, purchased

   goods                                 EUR         17,952,489.45

   Purchased services                    EUR          1,549,577.06

  Gross result (+/-)                     EUR         12,557,845.29

  Staff expenses                         EUR          7,195,012.20

   Wages and salaries                    EUR          5,932,829.30

   Social security contributions and

   expenses for pension plans and

   benefits                              EUR          1,262,182.90

  Total depreciation                     EUR            517,628.91

   Depreciation on tangible / intangible

   asssets (incl. start-up and exp. of

   bus.                                  EUR            517,628.91

  Other operating expenses               EUR          3,982,399.64

  Operating result from continuing

  operations                             EUR            862,804.54

  Interest result (+/-)                  EUR             56,754.20

   Interest and similar income           EUR             56,754.20

  Financial result (+/-)                 EUR             56,754.20

  Result from ordinary operations (+/-)  EUR            919,558.74

  Other taxes / refund of taxes          EUR             -9,092.63

  Tax (+/-)                              EUR             -9,092.63

  Annual surplus / annual deficit        EUR            910,466.11

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.84

UK Pound

1

Rs.88.16

Euro

1

Rs.71.54

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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

--

NB

New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.