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Report Date : |
22.07.2013 |
IDENTIFICATION DETAILS
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Name : |
ROSSITTIS GMBH |
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Registered Office : |
Stehfenstrasse 59-61 Holzwickede, 59439 |
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Country : |
Germany |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
14.05.1959 |
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Com. Reg. No.: |
HRB3049 |
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Legal Form : |
Private Independent |
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Line of Business : |
Wholesale of other household goods |
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No. of Employees : |
60 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Germany |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 6.5% 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.
Source
: CIA
Rossittis GmbH
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Business
Description
|
Rossittis GmbH is primarily engaged in wholesale of paint and varnish;
wholesale of wood in the rough; wholesale of products of primary processing
of wood; wholesale of construction materials (sand, gravel); wholesale of
flat glass; and wholesale of sanitary equipment (baths, washbasins, toilets
and other sanitary porcelain). |
Industry
|
Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
423940 - Jewelry, Watch, Precious Stone, and
Precious Metal Merchant Wholesalers |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
5094 - Jewelry, Watches, Precious Stones, and
Precious Metals |
Key Executives
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
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Executives
Report
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Taxes and social security costs |
0.8 |
0.7 |
0.8 |
|
Total payroll costs |
5.2 |
4.5 |
4.7 |
|
Fixed asset depreciation and amortisation |
0.5 |
1.0 |
0.5 |
|
Other operating costs |
8.2 |
8.5 |
7.4 |
|
Net operating income |
0.5 |
0.0 |
2.4 |
|
Other income |
0.0 |
0.0 |
0.0 |
|
Interest payable on loans |
0.6 |
0.6 |
0.7 |
|
Total expenses |
0.6 |
0.6 |
0.7 |
|
Profit before tax |
-0.1 |
-0.6 |
1.7 |
|
Provisions |
2.8 |
2.3 |
0.7 |
|
Extraordinary expenses |
- |
0.0 |
- |
|
Extraordinary result |
- |
0.0 |
- |
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Other taxes |
0.0 |
0.0 |
0.0 |
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Total taxation |
0.0 |
-0.1 |
-0.1 |
|
Profit distributed to shareholders |
0.1 |
0.6 |
-1.8 |
|
|
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Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
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Issued capital |
0.0 |
0.0 |
0.0 |
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Capital reserves |
0.0 |
0.0 |
0.0 |
|
Profits for the year |
25.3 |
26.1 |
25.5 |
|
Profit brought forward from previous year(s) |
25.3 |
26.1 |
25.5 |
|
Total stockholders equity |
25.3 |
26.2 |
25.5 |
|
Provisions and allowances |
2.6 |
2.4 |
0.8 |
|
Other debentures |
9.1 |
13.3 |
- |
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Total long-term liabilities |
9.1 |
13.3 |
- |
|
Trade creditors |
2.3 |
1.0 |
0.6 |
|
Advances received |
0.1 |
- |
- |
|
Other loans |
12.3 |
6.0 |
19.8 |
|
Taxation and social security |
0.6 |
0.6 |
0.6 |
|
Other current liabilities |
0.3 |
0.0 |
4.4 |
|
Total current liabilities |
15.7 |
7.6 |
25.4 |
|
Total liabilities (including net worth) |
52.7 |
49.4 |
51.7 |
|
Patents |
0.1 |
0.0 |
0.0 |
|
Intangibles |
0.1 |
0.0 |
0.0 |
|
Land and buildings |
0.1 |
0.2 |
0.3 |
|
Machinery and tools |
0.9 |
1.1 |
1.1 |
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Fixtures and equipment |
0.1 |
0.2 |
0.3 |
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Total tangible fixed assets |
2.3 |
2.4 |
2.3 |
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Shares held in associated companies |
0.2 |
0.2 |
0.2 |
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Total financial assets |
0.2 |
0.2 |
0.2 |
|
Loans to associated companies |
0.0 |
0.0 |
0.0 |
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Total non-current assets |
2.6 |
2.7 |
2.5 |
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Net stocks and work in progress |
44.2 |
41.0 |
42.3 |
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Trade debtors |
3.9 |
3.7 |
4.0 |
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Other receivables |
2.0 |
1.9 |
2.4 |
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Total receivables |
5.9 |
5.6 |
6.3 |
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Cash and liquid assets |
0.0 |
0.2 |
0.6 |
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Total current assets |
50.1 |
46.8 |
49.2 |
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Total assets |
52.7 |
49.4 |
51.7 |
|
|
|
Annual Ratios |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
31.96 |
61.46 |
19.33 |
|
Acid test ratio |
3.75 |
7.59 |
2.71 |
|
Total liabilities to net worth |
0.10% |
0.08% |
0.10% |
|
Net worth to total assets |
0.05% |
0.05% |
0.05% |
|
Current liabilities to net worth |
0.06% |
0.03% |
0.10% |
|
Current liabilities to stock |
0.04% |
0.02% |
0.06% |
|
Fixed assets to net worth |
0.01% |
0.01% |
0.01% |
|
Return on assets |
0.00% |
- |
0.01% |
|
Shareholders' return |
0.00% |
0.00% |
0.01% |
|
Profit per employee |
-0.06 |
-0.54 |
1.64 |
|
Average wage per employee |
4.47 |
4.39 |
4.32 |
|
Net worth |
25.3 |
26.2 |
25.5 |
|
Number of employees |
83 |
78 |
78 |
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.
-
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.
-
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.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
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.
-
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.