MIRA INFORM REPORT

 

 

 

 

Report Date :

19.10.2013

 

IDENTIFICATION DETAILS

 

Name :

LERROS MODEN GMBH

 

 

Registered Office :

Im Taubental 35 D 41468 Neuss

 

 

Country :

Germany

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

13.01.1983

 

 

Legal Form :

Private limited company

 

 

Line of Business :

Manufacture of other outerwear

 

 

No. of Employees :

162

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

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

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

Company name

 

"LERROS MODEN GMBH"

 

 Company Status:          active

Im Taubental 35

D 41468 Neuss

Telephone:702131/3606-0

Telefax:  02131/3606-100

Homepage: www.lerros.de

E-mail:   info@lerros.de

 

 VAT no.:                      DE120683723

 

 

 CONCLUSION

 

 Business relations are permissible.

 

 

Company summary

 

 LEGAL FORM               Private limited company

 Date of foundation:         13.01.1983

 Shareholders'

 agreement:                   13.01.1983

 Registered on:               09.05.1983

 Commercial Register:    Local court 41460 Neuss

 under:                          HRB 3775

 

 Share capital:                          EUR          1,500,000.00

 

 

 Shareholder:

 

                      Pallas Holding Ltd.

                      MS - Port Louis

                      Legal form: Other legal form

                      Share:             EUR            825,000.00

 

Shareholder:

                      Transnational Textile Group Limited

                      MS - Port Louis

                      Legal form: Other legal form

                      Share:             EUR            673,721.00

 

 Shareholder:

                      Arun Gujral

                      Hildegundisallee 39

                      D 40667 Meerbusch

                      born: 28.01.1954

                      Share:             EUR              1,279.00

 

 Manager:

                      Arun Gujral

                      Hildegundisallee 39

                      D 40667 Meerbusch

                      having sole power of representation

                      born: 28.01.1954

                      Profession: Businessman

                      Marital status: married

 Manager:

                      Pulkit Seth -Kaufmann-

                      RC - Hong Kong

                      having sole power of representation

                      born: 05.02.1980

                      Nationality: Chinese

 

 Manager:

                      Pallak Seth

                      GB - London

                      having sole power of representation

                      born: 13.08.1977

                      Profession: Businessman

                      Nationality: British

 

 Manager:

                      Jan ten Brinke

                      D 50667 Köln

                      born: 13.11.1973

 

 Proxy:

                      Gaurav Dar

                      D 41460 Neuss

                      authorized to jointly represent the company

                      born: 01.08.1975

 

 

 Further functions/participations of Arun Gujral (Manager)

 Shareholder:

                      Request Werbeagentur GmbH

                      Im Taubental 35

                      D 41468 Neuss

                      Legal form: Private limited company

                      Share capital:     EUR             25,564.60

                      Share:             EUR             12,782.30

                      Registered

                      on:         11.05.1987

                      Reg. data:  41460 Neuss, HRB 4800

 

 Manager:

                      Request Werbeagentur GmbH

                      Im Taubental 35

                      D 41468 Neuss

                      Legal form: Private limited company

                      Share capital:     EUR             25,564.60

                      Registered

                      on:         11.05.1987

                      Reg. data:  41460 Neuss, HRB 4800

 

 Manager:

                      LERROS Retail GmbH

                      Im Taubental 35

                      D 41468 Neuss

                      Legal form: Private limited company

                      Share capital:     EUR            500,000.00

                      Registered

                      on:         13.11.2007

                      Reg. data:  41460 Neuss, HRB 14403

 

 

 Further functions/participations of Pallak Seth (Manager)

 permanent representative:

 

                      Norwest Industries Limited

                      Zweigniederlassung Deutschland

                      Tiergartenstr. 9

                      D 64646 Heppenheim

                      Legal form: Branch of a private limited

                                  company under foreign law

                      Share capital:     USD          1,200,000.00

                      Registered

                      on:         02.05.2013

                      Reg. data:  64283 Darmstadt, HRB 92162

 

 Shareholder:

 

                      GALLERY NATURE MORTE BERLIN GMBH

                      Weydingerstr. 6

                      D 10178 Berlin

                      Legal form: Private limited company

                      Share capital:     EUR             28,000.00

                      Share:             EUR             28,000.00

                      Registered

                      on:         08.07.2013

                      Reg. data:  14057 Berlin, HRB 151208 B

 

 Manager:

 

                      Norwest Industries Limited

                      Zweigniederlassung Deutschland

                      Tiergartenstr. 9

                      D 64646 Heppenheim

                      Legal form: Branch of a private limited

                                  company under foreign law

                      Share capital:     USD          1,200,000.00

                      Registered

                      on:        02.05.2013

                      Reg. data:  64283 Darmstadt, HRB 92162

 

 

 RESIGNED ACTING PERSONS AND SHAREHOLDERS

 

 04.04.2012 - 16.07.2013            Manager

                                                Marianne Ritter

                                                D 30159 Hannover

 

 

 BUSINESS ACTIVITIES

 

 Main industrial sector

 1413    Manufacture of other outerwear

46421   Wholesale of clothing

 

 

 PARTICIPATIONS

 

 Limited partner:

 

                      BT Solar Zwei GmbH & Co KG

                      Pastoratsweg 8

                      D 40489 Düsseldorf

                      Legal form: Ltd partnership with priv. ltd.

                                      company as general partner

                      Company Status: active

                      Total cap.         EUR              2,000.00

                      contribution:

                      Share:              EUR              1,000.00

                      Reg. data:  09.12.2010

                                    Local court 40227 Düsseldorf

                                    HRA 21323

 

 Shareholder:

                      LERROS Retail GmbH

                      Im Taubental 35

                      D 41468 Neuss

                      Legal form: Private limited company

                      Company Status: active

                      Share capital:     EUR            500,000.00

                      Share:                 EUR            500,000.00

                      Reg. data:  13.11.2007

                      Local court 41460 Neuss

                      HRB 14403

 

 Payment experience:  within agreed terms

 

 Negative information:We have no negative information at hand.

 

 Balance sheet year:  2011/2012

 

 

 REAL ESTATE

 

 Type of ownership:   proprietor

 Share:                100.00 %

 Address              Im Taubental 35

                          D 41468 Neuss

 

 Real Estate of:      Arun Gujral

 Type of ownership:   unknown

 Address              Hildegundisallee 39

                            D 40667 Meerbusch

 

 Land register documents were not available.

 

 

 BANKERS

 

 Principal bank

 WARBURG, M.M.- BANK, HAMBURG

 Sort. code: 20120100, BIC: WBWCDEHHXXX

 

 Further banks

 BHF-BANK, DÜSSELDORF

 Sort. code: 30020500, BIC: BHFBDEFF300

 VOLKSBANK DÜSSELDORF NEUSS, DÜSSELDORF

 Sort. code: 30160213, BIC: GENODED1DNE

 

 

 FINANCIAL FIGURES

 

 Gross profit or loss:       2010/2011          EUR         22,585,773.00

                                     2011/2012         EUR         24,823,630.00

 Profit:                           2011/2012          EUR           -371,605.00

 further business figures:

 Equipment:                                            EUR            940,907.00

 Ac/ts receivable:                                    EUR          8,717,837.00

 Liabilities:                                              EUR         11,515,692.00

 Employees:                                                                   162

 - thereof permanent staff:                                                152

 - Temporary workers:                                                       10

 

 

 BALANCE SHEETS

 

 Balance sheet ratios               01.04.2011 - 31.03.2012

 Equity ratio [%]:                                    33.39

 Liquidity ratio:                                       0.81

 Return on total capital [%]:                     -1.88

 Balance sheet grade:                             3.2

 

 Balance sheet ratios               01.04.2010 - 31.03.2011

 Equity ratio [%]:                                    37.95

 Liquidity ratio:                                       0.93

 Return on total capital [%]:                    -1.60

 Balance sheet grade:                                        2.9

 

 Balance sheet ratios               01.04.2009 - 31.03.2010

 Equity ratio [%]:                                     38.57

 Liquidity ratio:                                       1.30

 Return on total capital [%]:                    3.20

 Balance sheet grade:                            2.4

 

 Balance sheet ratios               01.04.2008 - 31.03.2009

 Equity ratio [%]:                                     42.60

 Liquidity ratio:                                        2.15

 Return on total capital [%]:                     0.19

 Balance sheet grade:                              2.7

 

 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:                                   01.04.2011 - 31.03.2012

 

 ASSETS                                              EUR         20,050,766.05

Fixed assets                                         EUR          3,499,412.93

Intangible assets                                    EUR            212,071.00

Other / unspecified intangible assets       EUR            212,071.00

Tangible assets                                     EUR          2,147,135.00

Land / similar rights                                EUR          1,206,228.00

Other tangible assets / fixtures and

fittings                                                   EUR            940,907.00

Financial assets                                    EUR          1,140,206.93

Shares in participations /

subsidiaries and the like                         EUR            741,114.70

Shares in related companies                   EUR            740,770.00

Shares in investee companies                 EUR                344.70

Other / unspecified financial assets         EUR            399,092.23

Current assets                                       EUR         16,436,732.86

Stocks                                                  EUR          6,713,644.00

Accounts receivable                               EUR          8,717,837.07

Amounts due from related companies      EUR            894,228.00

Other debtors and assets                       EUR          7,823,609.07

Liquid means                                         EUR          1,005,251.79

Remaining other assets                          EUR            114,620.26

Accruals (assets)                                   EUR             86,789.26

Deferred taxes (assets)                          EUR             27,831.00

 

 

LIABILITIES                                         EUR         20,050,766.05

Shareholders' equity                              EUR          6,530,383.68

Capital                                                  EUR            766,937.82

Subscribed capital (share capital)            EUR            766,937.82

Balance sheet profit/loss (+/-)                 EUR          5,763,445.86

Profit / loss brought forward                     EUR          6,135,051.14

Annual surplus / annual deficit                 EUR           -371,605.28

Items between shareholders' equity and

debt capital                                           EUR            329,903.00

Mezzanine financing                               EUR            329,903.00

Contributions for capital increase             EUR            329,903.00

Provisions                                             EUR          1,674,787.00

Liabilities                                               EUR         11,515,692.37

Financial debts                                      EUR          4,005,962.00

Liabilities due to banks                           EUR          4,005,962.00

Other liabilities                                       EUR          7,509,730.37

Liabililties due to related companies        EUR          1,146,989.00

Unspecified other liabilities                      EUR          6,362,741.37

 

PROFIT AND LOSS ACCOUNT (cost-summary method) according to Comm.

Code (HGB)

Gross result (+/-)                                   EUR         24,823,629.67

Staff expenses                                       EUR          9,459,152.37

Wages and salaries                               EUR          8,111,742.42

Social security contributions and

expenses for pension plans and

benefits                                                 EUR          1,347,409.95

Total depreciation                                   EUR            489,631.61

Depreciation on tangible / intangible

asssets (incl. start-up and exp. of

bus.                                                      EUR            489,631.61

Other operating expenses                       EUR         13,429,579.24

Operating result from continuing

operations                                             EUR          1,445,266.45

Result from participating interests

(+/-)                                                      EUR           -972,755.56

Expenses for participations                     EUR            972,755.56

Expenses for other participations             EUR            972,755.56

Interest result (+/-)                                 EUR           -245,020.41

Interest and similar income                     EUR             37,161.74

Interest and similar expenses                  EUR            282,182.15

Other financial result                              EUR           -476,100.24

Income from securities and loans from

financial assets                                      EUR              6,170.32

Depreciation on financial assets and

marketable securities                             EUR            482,270.56

Financial result (+/-)                               EUR         -1,693,876.21

Result from ordinary operations (+/-)        EUR           -248,609.76

Income tax / refund of income tax (+/-)     EUR            -95,170.28

Other taxes / refund of taxes                   EUR            -27,825.24

Tax (+/-)                                                EUR           -122,995.52

Annual surplus / annual deficit                 EUR           -371,605.28

 

Type of balance sheet:               Company balance sheet

 

Financial year:                         01.04.2010 - 31.03.2011

 

ASSETS                                               EUR         18,041,231.43

Fixed assets                                         EUR          3,926,904.79

Intangible assets                                    EUR            175,668.00

Other / unspecified intangible assets       EUR            175,668.00

Tangible assets                                     EUR          2,112,526.00

Land / similar rights                                EUR          1,215,662.00

Other tangible assets / fixtures and

fittings                                                   EUR            896,864.00

Financial assets                                    EUR          1,638,710.79

Shares in participations /

subsidiaries and the like                          EUR          1,224,040.79

Shares in related companies                   EUR              1,000.00

Other / unspecified financial assets         EUR            414,670.00

Current assets                                       EUR         14,012,577.68

Stocks                                                  EUR          5,465,404.23

Accounts receivable                                           EUR          7,710,079.21

Amounts due from related companies      EUR            942,853.00

Other debtors and assets                       EUR          6,767,226.21

Liquid means                                         EUR            837,094.24

Remaining other assets                          EUR            101,748.96

Accruals (assets)                                   EUR             82,077.96

Deferred taxes (assets)                          EUR             19,671.00

 

LIABILITIES                                         EUR         18,041,231.43

Shareholders' equity                                           EUR          6,901,988.96

Capital                                                  EUR            766,937.82

Subscribed capital (share capital)            EUR            766,937.82

Balance sheet profit/loss (+/-)                  EUR          6,135,051.14

Profit / loss brought forward        EUR          6,469,694.22

Annual surplus / annual deficit                 EUR           -334,643.08

Provisions                                             EUR          1,976,239.20

Liabilities                                                EUR          9,163,003.27

Financial debts                                      EUR          3,735,621.53

Liabilities due to banks                           EUR          3,735,621.53

Other liabilities                                       EUR          5,427,381.74

Liabililties due to related companies        EUR          1,081,646.93

Unspecified other liabilities                      EUR          4,345,734.81

 

PROFIT AND LOSS ACCOUNT (cost-summary method) according to Comm.

Code (HGB)

Gross result (+/-)                                   EUR         22,585,773.33

Staff expenses                                       EUR          9,016,608.85

Wages and salaries                                           EUR          7,761,014.66

Social security contributions and

expenses for pension plans and

benefits                                                 EUR          1,255,594.19

Total depreciation                                   EUR            891,325.91

Depreciation on tangible / intangible

asssets (incl. start-up and exp. of

bus.                                                      EUR            891,325.91

Other operating expenses                       EUR         10,827,304.78

Operating result from continuing

operations                                             EUR          1,850,533.79

Result from participating interests

(+/-)                                                      EUR           -967,727.00

Expenses for participations                     EUR            967,727.00

Expenses for other participations             EUR            967,727.00

Interest result (+/-)                                 EUR           -229,967.46

Interest and similar income                     EUR             19,446.15

Interest and similar expenses                  EUR            249,413.61

Other financial result                              EUR           -699,932.00

Income from securities and loans from

financial assets                                      EUR                 68.00

Depreciation on financial assets and

marketable securities                                         EUR            700,000.00

Financial result (+/-)                               EUR         -1,897,626.46

Result from ordinary operations (+/-)        EUR            -47,092.67

Extraordinary expenses                          EUR             47,307.00

Extraordinary result (+/-)                         EUR            -47,307.00

Income tax / refund of income tax (+/-)     EUR           -208,706.47

Other taxes / refund of taxes                   EUR            -31,536.94

Tax (+/-)                                                EUR           -240,243.41

Annual surplus / annual deficit                 EUR           -334,643.08

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.28

UK Pound

1

Rs.99.03

Euro

1

Rs.83.80

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.