MIRA
INFORM REPORT
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Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
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Name : |
ESPRIT EUROPE SERVICES GMBH |
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Registered Office : |
Esprit-Allee 1, Ratingen, 40882 |
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Country : |
Germany |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
09.02.1996 |
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Com. Reg. No.: |
32901 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
wholesaler of
adults' fur and leather clothing; wholesale |
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No. of Employees : |
212 |
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 : |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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.
|
Source
: CIA |
Company name & address
Esprit Europe Services GmbH
Esprit-Allee 1
Ratingen, 40882
Germany
Tel: +49 (0) 800 8443444
Fax: +49 (0) 2102 12315100
Web: www.esprit.de
Synthesis
Employees: 212
Company Type: Private Subsidiary
Corporate Family: 8
Companies
Ultimate Parent: Efe (Investments-Ii) Sarl
Incorporation Date:
09-Feb-1996
Financials in: USD
(Millions)
Fiscal Year End:
30-Jun-2011
Reporting Currency: Euro
Annual Sales: 2,038.4
Total Assets: 1,140.4
Business Description
Esprit Europe Services GmbH is primarily engaged in wholesale of adults' fur and leather clothing; wholesale of children's and infants' clothing; wholesale of footwear; and wholesale of clothing not elsewhere classified.
Industry
Industry Apparel and Accessories
ANZSIC 2006: 371 - Textile,
Clothing and Footwear Wholesaling
NACE 2002: 5142 - Wholesale
of clothing and footwear
NAICS 2002: 4243 - Apparel, Piece
Goods, and Notions Merchant Wholesalers
UK SIC 2003: 5142 - Wholesale
of clothing and footwear
UK SIC 2007: 4642 - Wholesale
of clothing and footwear
US SIC 1987: 5137 - Women's,
Children's, and Infants' Clothing and Accessories
Key Executives
Name Title
Tanya Todd Managing director
Ernst-Peter Vogel Managing
director
Registered No.(DEU): 32901
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7347003
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6897265
Corporate Overview
Location
Esprit-Allee 1
Ratingen, 40882
Germany
Tel: +49 (0) 800 8443444
Fax: +49 (0) 2102 12315100
Web: www.esprit.de
Sales EUR(mil): 1,497.6
Assets EUR(mil): 786.5
Employees: 212
Fiscal Year End: 30-Jun-2011
Industry: Apparel
and Accessories
Incorporation Date: 09-Feb-1996
Company Type: Private Subsidiary
Quoted Status: Not
Quoted
Registered No.(DEU): 32901
Managing director: Tanya
Todd
Industry Codes
ANZSIC 2006 Codes:
371 - Textile, Clothing and Footwear Wholesaling
6240 - Financial Asset Investing
7220 - Travel Agency and Tour Arrangement Services
NACE 2002 Codes:
5142 - Wholesale of clothing and footwear
6340 - Activities of other transport agencies
6523 - Other financial intermediation not elsewhere classified
NAICS 2002 Codes:
4243 - Apparel, Piece Goods, and Notions Merchant Wholesalers
5259 - Other Investment Pools and Funds
4889 - Other Support Activities for Transportation
US SIC 1987:
5137 - Women's, Children's, and Infants' Clothing and Accessories
67 - Holding and Other Investment Offices
4729 - Arrangement of Passenger Transportation, Not Elsewhere
Classified
UK SIC 2003:
5142 - Wholesale of clothing and footwear
6523 - Other financial intermediation not elsewhere classified
6340 - Activities of other transport agencies
UK SIC 2007:
4642 - Wholesale of clothing and footwear
6499 - Other financial service activities, except insurance and
pension funding, n.e.c.
5229 - Other transportation support activities
Business
Description
Esprit Europe Services GmbH is primarily engaged in wholesale of adults'
fur and leather clothing; wholesale of children's and infants' clothing;
wholesale of footwear; and wholesale of clothing not elsewhere classified.
More Business
Descriptions
Men's Clothing Stores
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Corporate Family |
Corporate
Structure News: |
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Esprit
Europe Services GmbH |
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Esprit Europe Services GmbH |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Efe (Investments-Ii) Sarl |
Parent |
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Subsidiary |
Amstelveen, Noord-Holland |
Netherlands |
Apparel and Accessories |
249.4 |
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Subsidiary |
Ratingen, Nordrhein-Westfalen |
Germany |
Retail (Catalog and Mail Order) |
1,234.1 |
4,903 |
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Subsidiary |
Ratingen, Nordrhein-Westfalen |
Germany |
Apparel and Accessories |
246.1 |
500 |
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Subsidiary |
Paris |
France |
Retail (Apparel) |
296.4 |
937 |
LEX |
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Subsidiary |
London |
United Kingdom |
Business Services |
38.8 |
380 |
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Subsidiary |
Ratingen, Nordrhein-Westfalen |
Germany |
Apparel and Accessories |
2,038.4 |
200 |
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Subsidiary |
Amstelveen, Noord-Holland |
Netherlands |
Investment Services |
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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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Annual
Profit & Loss
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|
30-Jun-2011 |
30-Jun-2010 |
30-Jun-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) |
0.7347 |
0.721483 |
0.731067 |
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Consolidated |
No |
No |
No |
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Total income |
2,038.4 |
2,157.8 |
2,510.9 |
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Raw materials and services |
1,770.3 |
1,804.3 |
2,113.8 |
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Net sales |
2,038.4 |
2,157.8 |
2,510.9 |
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Other operating income |
23.9 |
24.1 |
11.9 |
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Raw materials and consumables employed |
1,770.3 |
1,804.3 |
2,113.8 |
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Cost of goods sold |
1,770.3 |
1,804.3 |
2,113.8 |
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Cost of raw materials |
1,770.3 |
1,804.3 |
2,113.8 |
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Taxes and social security costs |
2.5 |
2.3 |
2.2 |
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Total payroll costs |
18.3 |
15.9 |
14.1 |
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Fixed asset depreciation and amortisation |
0.5 |
0.3 |
0.3 |
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Other operating costs |
266.9 |
254.7 |
262.3 |
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Net operating income |
6.2 |
106.7 |
132.3 |
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Other income |
7.3 |
4.3 |
18.8 |
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Interest payable on loans |
2.0 |
0.4 |
14.9 |
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Other expenses |
- |
- |
0.1 |
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Total expenses |
-5.2 |
-4.0 |
-3.8 |
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Profit before tax |
11.4 |
110.7 |
136.1 |
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Provisions |
61.1 |
44.9 |
54.4 |
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Other taxes |
- |
0.0 |
0.0 |
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Total taxation |
0.0 |
0.5 |
0.3 |
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Profit distributed to shareholders |
-11.4 |
-110.2 |
-135.8 |
Annual Balance Sheet
Financials in: USD (mil)
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|
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.689727 |
0.816393 |
0.712936 |
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Consolidated |
No |
No |
No |
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Issued capital |
3.9 |
3.3 |
3.8 |
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Total stockholders equity |
3.9 |
3.3 |
3.8 |
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Deferred taxation |
- |
0.0 |
1.4 |
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Other provisions |
65.1 |
39.6 |
54.3 |
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Provisions and allowances |
65.1 |
39.6 |
55.8 |
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Trade creditors |
36.8 |
25.6 |
29.0 |
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Taxation and social security |
1.6 |
0.5 |
2.6 |
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Due to group companies |
1,032.9 |
585.9 |
921.5 |
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Total current liabilities |
1,071.3 |
612.0 |
953.0 |
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Total liabilities (including net worth) |
1,140.4 |
654.9 |
1,012.6 |
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Patents |
0.7 |
0.1 |
0.2 |
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Intangibles |
0.7 |
0.1 |
0.2 |
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Fixed assets under construction |
33.8 |
- |
- |
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Total tangible fixed assets |
34.3 |
0.3 |
0.3 |
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Total financial assets |
4.6 |
3.8 |
4.3 |
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Loans to associated companies |
4.6 |
3.8 |
4.3 |
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Total non-current assets |
39.5 |
4.2 |
4.8 |
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Finished goods |
255.5 |
150.1 |
- |
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Net stocks and work in progress |
255.5 |
150.1 |
189.1 |
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Trade debtors |
4.1 |
2.0 |
4.9 |
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Other receivables |
1.7 |
0.9 |
2.4 |
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Total receivables |
776.7 |
409.8 |
568.3 |
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Owing from associated companies |
770.9 |
406.9 |
561.0 |
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Cash and liquid assets |
68.3 |
90.4 |
250.3 |
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Total current assets |
1,100.5 |
650.4 |
1,007.8 |
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Prepaid expenses and deferred costs |
0.3 |
0.4 |
0.0 |
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Total assets |
1,140.4 |
654.9 |
1,012.6 |
Annual Ratios
Financials in: USD (mil)
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|
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.689727 |
0.816393 |
0.712936 |
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Consolidated |
No |
No |
No |
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Current ratio |
10.27 |
10.63 |
10.57 |
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Acid test ratio |
7.89 |
8.17 |
8.59 |
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Total liabilities to net worth |
27.37% |
18.50% |
25.17% |
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Net worth to total assets |
0.00% |
0.00% |
0.00% |
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Current liabilities to net worth |
27.37% |
18.50% |
25.17% |
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Current liabilities to stock |
0.42% |
0.41% |
0.50% |
|
Fixed assets to net worth |
1.01% |
0.13% |
0.13% |
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Collection period |
7.00 |
4.00 |
7.00 |
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Stock turnover rate |
1.18 |
0.79 |
0.73 |
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Profit margin |
0.00% |
0.01% |
0.01% |
|
Return on assets |
0.00% |
0.01% |
0.02% |
|
Shareholders' return |
0.31% |
2.94% |
3.68% |
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Sales per employee |
706.42 |
782.33 |
946.21 |
|
Profit per employee |
3.96 |
39.95 |
51.17 |
|
Average wage per employee |
6.35 |
5.77 |
5.32 |
|
Net worth |
3.9 |
3.3 |
3.8 |
|
Number of employees |
212 |
199 |
194 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.77 |
|
UK Pound |
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.70.68 |
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 |
|
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 |
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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.