|
Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
WOLFF & OLSEN GMBH & CO. KG |
|
|
|
|
Registered Office : |
Schnackenburgallee
50, D 22525 Hamburg, Post Box 10 66 20, D 20044 Hamburg |
|
|
|
|
Country : |
Germany |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Establishments: |
1896 |
|
|
|
|
Com. Reg. No.: |
HRA 7282 |
|
|
|
|
Legal Form : |
Ltd partnership with priv. ltd.
company as general partner |
|
|
|
|
Line of Business : |
Activities of head offices |
|
|
|
|
No. of Employees : |
34 |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not recommended |
|
Status : |
Poor |
|
Payment Behaviour : |
---- |
|
Litigation : |
--- |
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 |
|
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 |
Wolff & Olsen GmbH & Co. KG
Schnackenburgallee 50
D 22525 Hamburg
Post Box:
10 66 20, D 20044 Hamburg
Telephone: 040/85560-0
Telefax: 040/85560-490
E-mail: info@olsenfashion.com
insolvent since: 26.07.2013
DE118907919
Business relations on credit basis are not permissible.
LEGAL FORM Ltd partnership with priv. ltd. company as
general partner
Date of foundation: 1896
Registered on: 30.01.1901
Register of
companies: Local court 20355 Hamburg
under: HRA 7282
Total cap. contribution:
EUR 11,300,000.00
Manfred Albrecht Wolff
Blumenstr. 48
D 22301 Hamburg
born: 20.02.1934
Share: EUR 5,519,050.00
Limited partner:
Carl
Michael Wolff
Brentanostr. 8
D
22609 Hamburg
born:
25.11.1959
Share: EUR 2,015,425.00
Limited partner:
Johann
Peter Wolff
Polostr. 15
D
22609 Hamburg
born:
28.01.1956
Share: EUR 2,015,425.00
Limited partner:
Dr.
Christian Bühring-Uhle
Heimhuder Str. 26
D
20148 Hamburg
born:
15.08.1962
Share:
EUR 1,378,000.00
Limited partner:
Sigrid
Antje Jebsen
Elbchaussee 166
D
22605 Hamburg
born:
04.01.1937
née:
Wolff
Share: EUR 372,100.00
Verwaltungsgesellschaft Wolff & Olsen mbH
Schnackenburgallee 50
D 22525 Hamburg
Legal form: Private limited company
insolvent
Share capital: EUR 120,000.00
Registered on: 08.12.1993
Reg. data: 20355 Hamburg, HRB 54451
Negative
remark(s) regarding
Verwaltungsgesellschaft Wolff & Olsen mbH
Insolvency Proceedings
Local court :
20355 Hamburg
Insolvency
administrator : Stefan Denkhaus
Jungfernstieg 30
D 20354 Hamburg
Tel. 040/35006-0
adminstrator : No
File No : 67g
IN 309/13
Application of : 01.08.2013
Restraint on alienation
- passed on :
01.08.2013
Order of institution
of : 30.09.2013
Claims to be filed by : 12.11.2013
Creditors' meeting
- Date for pres. of
report on :
12.12.2013
- Date of hearing on :
12.12.2013
Wolff & Olsen GmbH & Co. KG
Schnackenburgallee 50
D 22525 Hamburg
Post Box:
10 66 20, D 20044 Hamburg
Legal form: Ltd partnership with priv. ltd.
company as general partner insolvent
Total cap. EUR 11,300,000.00
contribution:
Share: EUR 120,000.00
Registered on: 30.01.1901
Reg. data: 20355 Hamburg, HRA 7282
Carl Michael Wolff
Brentanostr. 8
D 22609 Hamburg
having sole power of representation
born: 25.11.1959
Profession: Businessman
Marital status: unknown
Johann Peter Wolff
Polostr. 15
D 22609 Hamburg
having sole power of representation
born: 28.01.1956
30.01.1901 -
11.05.1980 Alfred L. Wolff
D
22525 Hamburg
Sole
proprietorship
12.05.1980 -
30.11.1994 Alfred L. Wolff (GmbH &
Co)
D
22525 Hamburg
Ltd partnership with priv. ltd. company
as
general partner
01.12.1994 -
20.02.2003 Wolff & Olsen (GmbH &
Co.)
Große Bäckerstr. 13
D
20095 Hamburg
Ltd partnership with priv. ltd. company
as
general partner
20.02.2003 -
01.09.2003 Wolff & Olsen (GmbH &
Co.) KG
Große Bäckerstr. 13
D
20095 Hamburg
Ltd partnership with priv. ltd. company
as
general partner
26.08.2005 -
01.07.2007 Wolff & Olsen GmbH &
Co. KG
Große Bäckerstr. 13 Sudanhaus
D
20095 Hamburg
Ltd partnership with priv. ltd. company
as
general partner
Main industrial sector
7010 Activities of head
offices
Limited partner:
Wolff
& Olsen Fashion GmbH & Co. KG
Schnackenburgallee 50
D
22525 Hamburg
Post
Box:
54 05
24
Legal
form: Ltd partnership with priv. ltd.
company as general partner
Company Status: insolvent
since: 26.07.2013
Total
cap. EUR 3,000,000.00
contribution:
Share: EUR 3,000,000.00
Reg.
data: 19.06.1905
Local court 20355 Hamburg
HRA 1270
Shareholder:
British Continental Trading GmbH
Bahnhofstr. 14
D
21493 Möhnsen
Legal
form: Private limited company
Company Status: insolvent
since: 31.07.2013
Share
capital: EUR 500,000.00
Share: EUR 500,000.00
Reg. data: 12.01.1984
Local court 23568 Lübeck
HRB 225 SB
Shareholder:
Verwaltungsgesellschaft Wolff & Olsen mbH
Schnackenburgallee
50
D
22525 Hamburg
Legal
form: Private limited company
Company Status: insolvent
since: 01.08.2013
Share
capital: EUR 120,000.00
Share: EUR 120,000.00
Reg.
data: 08.12.1993
Local court 20355 Hamburg
HRB 54451
Shareholder:
Olsen
Verwaltungs GmbH
Schnackenburgallee 50
D
22525 Hamburg
Legal
form: Private limited company
Company Status: insolvent
since: 26.07.2013
Share
capital: EUR 25,000.00
Share: EUR 25,000.00
Reg.
data: 19.11.1999
Local court 20355 Hamburg
HRB 73413
Shareholder:
Le
Flacon GmbH
Gerresheimer Landstr. 22 (
Gutweyersberg )
D
40627 Düsseldorf
Legal
form: Private limited company
Company Status: active
Share
capital: EUR 25,000.00
Share: EUR 7,500.00
Reg.
data: 23.08.1999
Local court 40227 Düsseldorf
HRB 37803
Payment experience: negative
information
Negative information: Negative
information is known to us.
Balance sheet year: 2011
Insolvency
Proceedings
Local court
: 20355 Hamburg
Insolvency administrator :
Stefan Denkhaus
Jungfernstieg
30
D 20354
Hamburg
Tel. 040/35006-0
Preliminary insolvency
adminstrator : No
File No : 67g
IN 308/13
Application of : 01.08.2013
Restraint on alienation
- passed on : 01.08.2013
Order of institution of :
30.09.2013
Claims to be filed by :
12.11.2013
Creditors' meeting
- Date for pres. of
report on : 12.12.2013
- Date of hearing on :
12.12.2013
Insolvency Proceedings
Local court : 20355 Hamburg
Insolvency administrator
: Stefan Denkhaus
Jungfernstieg 30
D 20354 Hamburg
Tel. 040/35006-0
Preliminary insolvency
adminstrator : Yes
File No : 67g IN 293/13
Application of : 26.07.2013
Restraint on alienation
- passed on : 26.07.2013
Type of ownership: Tenant
Address Schnackenburgallee 50
D 22525 Hamburg
Land register documents were not available.
Principal bank
DEUTSCHE BANK, HAMBURG
Sort. code: 20070000, BIC: DEUTDEHHXXX
Further banks
COMMERZBANK, HAMBURG
Sort. code: 20040000, BIC: COBADEHHXXX
HSH NORDBANK HAMBURG, HAMBURG
Sort. code: 20050000, BIC: HSHNDEHH200
Turnover: 2011 EUR 3,600,000.00
Equipment: EUR 2,504.00
Ac/ts receivable: EUR 21,029,226.00
Liabilities: EUR 32,558,588.00
Real
estate of the firm:
EUR 1,693,450.00
Employees: 34
Balance sheet ratios 01.01.2011 - 31.12.2011
Equity ratio [%]: 20.02
Liquidity ratio: 0.69
Balance sheet ratios 01.01.2010 - 31.12.2010
Equity ratio [%]: 25.80
Liquidity ratio: 0.64
Balance sheet ratios 01.01.2009 - 31.12.2009
Equity ratio [%]: 23.03
Liquidity ratio: 0.59
Balance sheet ratios 01.01.2008 - 31.12.2008
Equity ratio [%]: 40.74
Liquidity ratio: 0.57
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.
Balance sheet
grade
The balance sheet grade is based on the following ratios: equity
ratio, liquidity ratio and return on total capital from the
balance sheets published in the Federal Gazette.
Type
of balance
sheet: Company balance sheet
Financial year: 01.01.2011 - 31.12.2011
ASSETS EUR 38,940,788.52
Fixed assets
EUR 17,903,867.76
Tangible assets
EUR 1,695,954.73
Land / similar rights
EUR 1,693,450.73
Other tangible assets / fixtures and
fittings
EUR 2,504.00
Financial assets
EUR 16,207,913.03
Shares in participations /
subsidiaries and the like
EUR 16,207,913.03
Current assets
EUR 21,036,920.76
Accounts receivable
EUR 21,029,225.97
Trade debtors EUR 99,696.33
Amounts due from related companies
EUR 20,916,045.05
Other debtors and assets
EUR 13,484.59
Liquid means
EUR 7,694.79
LIABILITIES EUR 38,940,788.52
Shareholders' equity
EUR 5,621,695.54
Capital
EUR 5,204,213.06
Limited partner's capital / capital
of partially liable partner (LP)
EUR 5,204,213.06
Limited partner's capital, fixed
capital, capital account I
EUR 11,300,000.00
- Loss brought forward account
EUR -6,095,786.94
Reserves
EUR 417,482.48
Reserves for business partnerships
EUR 417,482.48
Items between shareholders' equity and
debt capital
EUR 120,000.00
Balancing items for capitalised own
shares in cos. acting as general
partners
EUR 120,000.00
Provisions
EUR 640,504.76
Pension provisions and comparable
provisions
EUR 3,674.00
Provisions for taxes
EUR 383,684.81
Other / unspecified provisions
EUR 253,145.95
Liabilities
EUR 32,558,588.22
Financial debts
EUR 14,779,861.97
Liabilities due to banks
EUR 14,779,861.97
Other liabilities
EUR 17,778,726.25
Trade creditors (for IAS incl. bills
of exchange)
EUR 1,213,172.73
Liabilities due to shareholders
EUR 2,173,088.57
Unspecified other liabilities
EUR 14,392,464.95
thereof liabilities from tax /
financial authorities
EUR 437,077.83
Type
of balance
sheet: Company balance sheet
Financial year: 01.01.2010 - 31.12.2010
ASSETS EUR 38,499,787.68
Fixed assets
EUR 20,279,129.43
Intangible assets EUR 19,908.67
Concessions, licences, rights
EUR 19,908.67
Tangible assets
EUR 1,823,117.16
Land / similar rights
EUR 1,763,061.23
Other tangible assets / fixtures and
fittings
EUR 60,055.93
Financial assets
EUR 18,436,103.60
Shares in participations /
subsidiaries and the like
EUR 18,436,103.60
Current
assets EUR 18,174,422.30
Accounts receivable
EUR 17,360,463.46
Trade debtors
EUR 201,972.92
Amounts due from related companies
EUR 17,018,441.55
Other debtors and assets
EUR 140,048.99
Liquid means
EUR 813,958.84
Remaining other assets
EUR 46,235.95
Accruals (assets)
EUR 46,235.95
LIABILITIES EUR 38,499,787.68
Shareholders' equity
EUR 8,132,230.01
Capital
EUR 7,714,747.53
Limited partner's capital / capital
of partially liable partner (LP)
EUR 7,714,747.53
Limited partner's capital, fixed
capital, capital account I
EUR 11,300,000.00
- Loss brought forward account
EUR -3,585,252.47
Reserves EUR 417,482.48
Reserves for business partnerships
EUR 417,482.48
Items between shareholders' equity and
debt capital
EUR 120,000.00
Balancing items for capitalised own
shares in cos. acting as general
partners
EUR 120,000.00
Provisions
EUR 489,147.67
Pension provisions and comparable
provisions EUR 17,764.00
Provisions for taxes
EUR 285,880.97
Other / unspecified provisions
EUR 185,502.70
Liabilities
EUR 29,758,410.00
Financial debts
EUR 11,845,621.60
Liabilities due to banks
EUR 11,845,621.60
Other liabilities
EUR 17,912,788.40
Trade creditors (for IAS incl. bills
of exchange) EUR 1,570,346.21
Liabilities due to shareholders
EUR 1,807,763.34
Unspecified other liabilities
EUR 14,534,678.85
thereof liabilities from tax /
financial authorities
EUR 554,891.79
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
|
UK Pound |
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.84.24 |
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.