MIRA
INFORM REPORT
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Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
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Name : |
IMPEXCO SCHMUCKWARENHANDEL GMBH |
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Registered Office : |
Max-Planck-Strasse 8, Idar-Oberstein, 55743 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
31.03.1980 |
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Com. Reg. No.: |
HRB10321 |
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Legal Form : |
Private Independent Company |
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Line of Business : |
Wholesaler of furniture Wholesaler of Jewellery wholesaler of musical instruments |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 6.5% in 2012. GDP contracted 5.1% in 2009 but grew
by 4.2% in 2010, and 3.0% in 2011, before dipping to 0.7% in 2012 - a
reflection of low investment spending due to crisis-induced uncertainty and the
decreased demand for German exports from recession-stricken periphery
countries. 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. In 2012 Germany reached a budget surplus of 0.1%. 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. By 2014, the federal government wants
to balance its budget. 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 electricity generating capacity and 46% of its base-load electricity
production.
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Source : CIA |
Company name & address
IMPEXCO Schmuckwarenhandel GmbH
Max-Planck-Strasse 8
Idar-Oberstein, 55743
Germany
Tel: +49 (0) 6781 46054
Fax: +49 (0) 6781 47917
Synthesis
Employees: 10
Company Type: Private Independent
Incorporation Date:
31-Mar-1980
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: NA
Total Assets: 4.9
Business Description
IMPEXCO Schmuckwarenhandel GmbH is primarily engaged in wholesale of furniture; wholesale of jewellery; wholesale of musical instruments; wholesale of photographic goods; wholesale of toys and games; wholesale of travel and fancy goods; and wholesale of other household goods not elsewhere classified.
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 3739 - Other Goods
Wholesaling Not Elsewhere Classified
NACE 2002: 5147 - Wholesale
of other household goods
NAICS 2002: 4232 - Furniture
and Home Furnishing Merchant Wholesalers
UK SIC 2003: 5147 - Wholesale
of other household goods
UK SIC 2007: 4649 - Wholesale
of other household goods
US SIC 1987: 5094 - Jewelry,
Watches, Precious Stones, and Precious Metals
Key Executives
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Name |
Title |
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Wolfgang Weinz |
Managing director |
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Christian Weinz |
Managing director |
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Heidrun Weinz |
Partner |
Key IDSM Number: 102301455 Registered No.(Other): HRB10321 Parent
Registered No.(UK): DEU
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
Location
Max-Planck-Strasse 8
Idar-Oberstein, 55743
Germany
Tel: +49 (0) 6781 46054
Fax: +49 (0) 6781 47917
Sales EUR(mil): NA
Assets EUR(mil): 3.7
Employees: 10
Fiscal Year End: 31-Dec-2011
Industry: Miscellaneous
Capital Goods
Incorporation Date: 31-Mar-1980
Company Type: Private
Independent
Quoted Status: Not
Quoted
Registered No.(): HRB10321
Parent Registered No.(UK): DEU
Managing director: Christian
Weinz
Industry Codes
ANZSIC 2006 Codes:
3739 - Other Goods Wholesaling Not Elsewhere Classified
2591 - Jewellery and Silverware Manufacturing
NACE 2002 Codes:
5147 - Wholesale of other household goods
3622 - Manufacture of jewellery and related articles not elsewhere
classified
NAICS 2002 Codes:
4232 - Furniture and Home Furnishing Merchant Wholesalers
339911 - Jewelry (except Costume) Manufacturing
US SIC 1987:
5094 - Jewelry, Watches, Precious Stones, and Precious Metals
3915 - Jewelers' Findings and Materials, and Lapidary Work
UK SIC 2003:
5147 - Wholesale of other household goods
3622 - Manufacture of jewellery and related articles not elsewhere
classified
UK SIC 2007:
4649 - Wholesale of other household goods
3212 - Manufacture of jewellery and related articles
Business
Description
IMPEXCO
Schmuckwarenhandel GmbH is primarily engaged in wholesale of furniture;
wholesale of jewellery; wholesale of musical instruments; wholesale of
photographic goods; wholesale of toys and games; wholesale of travel and fancy
goods; and wholesale of other household goods not elsewhere classified.
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Executive report
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Executives |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Partner |
Partner |
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Annual profit & loss
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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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) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Provisions |
0.0 |
0.0 |
0.0 |
Annual Balance Sheet
Financials in: USD (mil)
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Issued capital |
0.0 |
0.0 |
0.0 |
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Profits for the year |
4.3 |
4.4 |
4.6 |
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Profit brought forward from previous
year(s) |
4.1 |
4.2 |
4.3 |
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Total stockholders
equity |
4.3 |
4.4 |
4.7 |
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Provisions and allowances |
0.0 |
0.0 |
0.0 |
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Total current
liabilities |
0.5 |
0.6 |
0.6 |
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Total
liabilities (including net worth) |
4.9 |
5.0 |
5.3 |
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Total tangible
fixed assets |
0.1 |
0.1 |
0.1 |
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Total financial
assets |
0.8 |
- |
- |
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Total
non-current assets |
0.9 |
0.1 |
0.1 |
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Net stocks and work in progress |
0.1 |
0.1 |
0.1 |
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Total
receivables |
0.3 |
1.5 |
1.3 |
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Cash and liquid assets |
3.6 |
3.3 |
3.8 |
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Total current
assets |
4.0 |
4.9 |
5.2 |
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Prepaid expenses and deferred costs |
0.0 |
0.0 |
0.0 |
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Total assets |
4.9 |
5.0 |
5.3 |
Annual Ratios
Financials in: USD (mil)
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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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 |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Current ratio |
81.67 |
81.01 |
89.98 |
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Acid test ratio |
79.47 |
78.76 |
87.98 |
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Total liabilities to net worth |
0.01% |
0.01% |
0.01% |
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Net worth to total assets |
0.09% |
0.09% |
0.09% |
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Current liabilities to net worth |
0.01% |
0.01% |
0.01% |
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Current liabilities to stock |
0.46% |
0.45% |
0.50% |
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Fixed assets to net worth |
0.02% |
0.00% |
0.00% |
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Net worth |
4.3 |
4.4 |
4.7 |
DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century when
Brazilian fields were discovered in 1725 followed by emergence of S. Africa,
Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
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Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started falling
month-wise after the imposition of 2 % of import duty on the polished diamonds.
But February, 2013 has given a new ray of hope to the industry as the export of
polished diamonds has actually increased by 28 %. It means the industry
is on the track of recovery and round tripping of diamonds has stopped
completely.” Demand has started coming from the US, the UK, Japan and China.
India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
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The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
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UK Pound |
1 |
Rs.91.07 |
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Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
<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.