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Report Date : |
13.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
FRONTLINE HANDELS UND SERVICE GMBH |
|
|
|
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Registered Office : |
Werkstr. 11, D 21218 Seevetal |
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|
|
|
Country : |
Germany |
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|
|
|
Financials (as on) : |
31.12.2011 |
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|
|
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Date of Incorporation : |
16.12.1999 |
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|
|
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Com. Reg. No.: |
HRB 110903 |
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|
|
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Legal Form : |
Private
Limited Company |
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|
|
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Line of Business : |
Non-specialized wholesale trade |
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|
|
|
No. of Employees : |
05 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Poor |
|
Payment Behaviour : |
Slow and delayed |
|
Litigation : |
Exists |
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 (31.03.2012) |
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 |
Frontline Handels und Service GmbH
Werkstr. 11
D 21218 Seevetal
Telephone:04105/6105-0
Telefax: 04105/6105-64
Company Status:
insolvent since: 08.02.2013
Business relations on credit basis are not permissible.
LEGAL FORM Private limited company
Date of foundation: 16.12.1999
Shareholders'
agreement: 16.12.1999
Registered on: 24.01.2000
Commercial Register: Local
court 21335 Lüneburg
under: HRB 110903
Share capital:
EUR 26,000.00
Mohit Jain
D 21218 Seevetal
born: 27.07.1976
Share: EUR 26,000.00
Mohit Jain
D 21218 Seevetal
having sole power of representation
born: 27.07.1976
Profession: Businessman
Marital status: unknown
16.12.1999 -
03.06.2005 F. F. T. International
Fashion
Verwaltungsgesellschaft mbH
Werkstr. 11
D
21218 Seevetal
Private limited company
01.03.2000 - 26.09.2011
Manager
Christian Ließ
D 21224 Rosengarten
Main industrial
sector
4690 Non-specialized wholesale trade
Payment experience: negative
information
Negative information: Negative
information is known to us.
Balance sheet year: 2011
Insolvency Proceedings
Local court
: 21335 Lüneburg
Insolvency administrator :
Jörn Weitzmann
Arnold-Heise-Str. 9
D 20249
Hamburg
Tel.
040/460797-0
Preliminary insolvency
adminstrator : Yes
File No : 46 IN 7/13
Application of : 08.02.2013
Restraint on alienation
- passed on : 08.02.2013
Type of ownership: Tenant
Address Werkstr. 11
D 21218 Seevetal
Land register documents were not available.
VOLKSBANK LÜNEBURGER HEIDE, SEEVETAL
Sort. code: 24060300, BIC: GENODEF1NBU
ABN AMRO BANK, MONEYOU, FRANKFURT AM MAIN
Sort. code: 50324040, BIC: FTSBDEFAMYO
Turnover: 2011 EUR 2,000,000.00
Equipment: EUR 30,000.00
Ac/ts receivable: EUR 777,454.00
Liabilities: EUR 1,721,156.00
Employees:
5
The aforementioned business figures may partly be estimated information
based on average values in the line of business.
Balance sheet ratios 01.01.2011 - 31.12.2011
Equity ratio [%]: 18.63
Liquidity ratio: 0.77
Return on total capital [%]: -61.17
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: 01.01.2011 - 31.12.2011
ASSETS EUR 1,723,955.80
Fixed assets
EUR 208,877.00
Intangible assets
EUR 32,833.00
Other / unspecified intangible assetsEUR 32,833.00
Tangible assets
EUR 176,044.00
Other / unspecified tangible assets
EUR 176,044.00
Current assets
EUR 984,041.93
Stocks EUR 131,939.00
Other / unspecified stocks
EUR 131,939.00
Accounts receivable
EUR 777,454.32
Other debtors and assets
EUR 777,454.32
Liquid means
EUR 74,648.61
Remaining other assets
EUR 531,036.87
Deficit not covered by shareholders'
equity
EUR 531,036.87
LIABILITIES EUR 1,723,955.80
Shareholders' equity
EUR 0.00
Capital
EUR 26,000.00
Subscribed capital (share capital)
EUR 26,000.00
Balance sheet profit/loss (+/-)
EUR -557,036.87
Profit / loss brought forward
EUR 790.32
Annual surplus / annual deficit
EUR -557,827.19
Other shareholders' equity (+/-)
EUR 531,036.87
Deficit not covered by shareholders'
equity
EUR 531,036.87
Provisions
EUR 2,800.00
Other / unspecified provisions
EUR 2,800.00
Liabilities EUR 1,721,155.80
Other liabilities
EUR 1,721,155.80
Unspecified other liabilities
EUR 1,721,155.80
Inconsistent balance sheets:
Financial year published on
01.04.2010 - 31.12.2010 26.09.2011
01.04.2008 - 31.03.2009 04.10.2010
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
UK Pound |
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.