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Report Date : |
18.03.2013 |
IDENTIFICATION DETAILS
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Name : |
GEORG A. STEINMANN LEDERWARENFABRIK GMBH + CO. KG |
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Registered Office : |
Am Waldrand 29
NĂĽrnberg, 90455 |
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Country : |
Germany |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
01.10.1982 |
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Com. Reg. No.: |
6718 |
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Legal Form : |
Private Parent |
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Line of Business : |
Manufacture of luggage, handbags and the like, saddlery and harness |
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No. of Employees : |
45 |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 (31.03.2011) |
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 |
GREMANY - 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
Georg A. Steinmann Lederwarenfabrik GmbH + Co. KG
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Business Description
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Georg A. Steinmann Lederwarenfabrik GmbH + Co.
KG is primarily engaged in manufacture of luggage, handbags and the like, of
leather, composition leather and of any other materials, such as plastic
sheeting, textile materials, vulcanised fibre or paperboard, where the same
technology is used as for leather; manufacture of non-metallic watch straps;
manufacture of diverse articles of leather or composition leather: driving
belts, packings, etc.; and manufacture of saddlery and harness. |
Industry
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.717768
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7453231
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Georg A. Steinmann Lederwarenfabrik GmbH + Co. KG |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
NĂĽrnberg, Bayern |
Germany |
Apparel and Accessories |
|
45 |
|
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Subsidiary |
Kirn, Rheinland-Pfalz |
Germany |
Apparel and Accessories |
|
|
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate (Period Average) |
0.717768 |
0.740255 |
0.73971 |
|
Consolidated |
No |
No |
No |
|
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|
|
|
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Taxes and social security costs |
0.4 |
0.4 |
0.4 |
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Total payroll costs |
2.6 |
2.5 |
2.4 |
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Fixed asset depreciation and amortisation |
0.7 |
0.4 |
0.2 |
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Other operating costs |
3.7 |
3.1 |
3.1 |
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Net operating income |
1.3 |
0.6 |
0.1 |
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Interest received from loans |
0.2 |
- |
- |
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Other income |
0.0 |
0.0 |
0.0 |
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Interest payable on loans |
0.2 |
0.1 |
0.2 |
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Total expenses |
0.1 |
0.1 |
0.2 |
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Profit before tax |
1.2 |
0.5 |
-0.1 |
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Provisions |
1.2 |
1.0 |
0.7 |
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Other taxes |
0.0 |
0.0 |
0.0 |
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Total taxation |
0.2 |
0.1 |
0.0 |
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Net profit |
1.0 |
0.4 |
- |
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Net loss |
- |
- |
-0.1 |
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Annual Balance Sheet |
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Financials in: USD (mil) |
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|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745323 |
0.732493 |
0.684135 |
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Consolidated |
No |
No |
No |
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Capital reserves |
0.9 |
1.0 |
1.0 |
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Total stockholders equity |
3.1 |
3.1 |
3.3 |
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Provisions and allowances |
1.1 |
1.0 |
0.8 |
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Total current liabilities |
7.5 |
6.7 |
4.8 |
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Total liabilities (including net worth) |
11.8 |
10.8 |
8.8 |
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Intangibles |
1.5 |
1.9 |
0.1 |
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Land and buildings |
0.7 |
0.7 |
0.7 |
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Machinery and tools |
0.0 |
0.0 |
0.0 |
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Fixtures and equipment |
0.7 |
0.7 |
0.7 |
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Fixed assets under construction |
- |
- |
0.0 |
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Total tangible fixed assets |
1.2 |
1.2 |
1.3 |
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Shares held in associated companies |
0.8 |
0.8 |
0.9 |
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Total financial assets |
0.8 |
0.8 |
0.9 |
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Total non-current assets |
3.5 |
3.9 |
2.3 |
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Net stocks and work in progress |
5.4 |
4.3 |
4.1 |
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Total receivables |
2.1 |
1.7 |
1.8 |
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Cash and liquid assets |
0.8 |
0.8 |
0.5 |
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Total current assets |
8.2 |
6.8 |
6.5 |
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Prepaid expenses and deferred costs |
0.0 |
0.0 |
0.0 |
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Total assets |
11.8 |
10.8 |
8.8 |
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Annual Ratios |
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Financials in: USD (mil) |
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30-Sep-2011 |
30-Sep-2010 |
30-Sep-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 |
0.745323 |
0.732493 |
0.684135 |
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Consolidated |
No |
No |
No |
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Current ratio |
10.93 |
10.23 |
13.60 |
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Acid test ratio |
3.82 |
3.77 |
4.89 |
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Total liabilities to net worth |
0.24% |
0.21% |
0.15% |
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Net worth to total assets |
0.03% |
0.03% |
0.04% |
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Current liabilities to net worth |
0.24% |
0.21% |
0.15% |
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Current liabilities to stock |
0.14% |
0.15% |
0.11% |
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Fixed assets to net worth |
0.11% |
0.13% |
0.07% |
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Return on assets |
0.01% |
0.00% |
0.00% |
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Shareholders' return |
0.03% |
0.01% |
0.00% |
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Profit per employee |
1.64 |
0.64 |
-0.13 |
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Average wage per employee |
4.30 |
4.33 |
3.74 |
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Net worth |
3.1 |
3.1 |
3.3 |
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Number of employees |
44 |
43 |
47 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.54.16 |
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|
1 |
Rs.81.74 |
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Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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<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.