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Report Date : |
05.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHOKSI GMBH & CO. KG |
|
|
|
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Registered Office : |
Feldstr. 21a D 55743 Idar-Oberstein |
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|
|
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Country : |
Germany |
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|
|
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Financials (as on) : |
31.12.2011 |
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|
|
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Date of Incorporation : |
06.07.1988 |
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|
|
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Com. Reg. No.: |
HRA 11507 |
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|
|
|
Legal Form : |
Ltd partnership with priv. ltd.
company as general partner |
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|
|
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Line of Business : |
Wholesale of clocks and watches and
jewelry |
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|
|
|
No. of Employees : |
3 |
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 |
CHOKSI GMBH & CO. KG
Company Status: active
Feldstr. 21a
D 55743 Idar-Oberstein
Telephone:06781/94660
Telefax:
06781/946666
Homepage:
www.choksidiamonds.com
E-mail:
info@choksidiamonds.com
VAT no.: DE148288289
Business relations are permissible.
LEGAL FORM Ltd
partnership with priv. ltd. company as general partner
Date of foundation: 06.07.1988
Registered on: 06.07.1988
Register of
companies: Local
court 55543 Bad Kreuznach
under: HRA
11507
Total cap. contribution: EUR 40,000.00
Limited partner:
Bipin Choksi
Mozartstr.9
D 55743 Idar-Oberstein
born: 02.09.1941
Share: EUR 20,000.00
Limited
partner:
Ashish Anit Choksi
Mozartstr. 9
D 55743 Idar-Oberstein
born: 10.08.1967
Share: EUR 20,000.00
General
partner:
Choksi Beteiligungs-GmbH
Feldstr. 21a
D 55743 Idar-Oberstein
Legal form: Private
limited company
Share capital: EUR 25,000.00
Registered on: 06.12.2001
Reg. data: 55543 Bad
Kreuznach, HRB 11171
Shareholder:
Bipin Choksi
Mozartstr.9
D 55743 Idar-Oberstein
born: 02.09.1941
Share: EUR 12,500.00
Shareholder:
Ashish Anit Choksi
Mozartstr. 9
D 55743 Idar-Oberstein
born: 10.08.1967
Share: EUR 12,500.00
Manager:
Bipin Choksi
Mozartstr.9
D 55743 Idar-Oberstein
having sole power of
representation
born: 02.09.1941
Nationality: Indian
Marital status: married
Manager:
Ashish Anit Choksi
Mozartstr. 9
D 55743 Idar-Oberstein
having sole power of
representation
born: 10.08.1967
Nationality: Indian
Marital status: married
06.07.1988 - 29.08.2001 Choksi oHG
Kobachstr. 13
D 55743
Idar-Oberstein
General Partnership
29.08.2001 - 19.02.2002 Choksi oHG
Feldstr. 21 A
D 55743
Idar-Oberstein
General Partnership
Main
industrial sector
46480
Wholesale of clocks and watches and jewelry
Payment experience: within
periods customary in this trade
Negative information: We have no negative information at hand.
Balance sheet year: 2011
Type of ownership: Tenant
Address Feldstr. 21a
D 55743
Idar-Oberstein
Land register documents were not available.
COMMERZBANK, IDAR-OBERSTEIN
Sort. code: 56240050, BIC: COBADEFF562
Turnover: 2011 EUR 8,500,000.00
2012 EUR 8,500,000.00
further business figures:
Equipment: EUR 24,000.00
Ac/ts receivable: EUR 1,501,016.00
Liabilities: EUR
3,097,505.00
Total numbers of vehicles: 2
Employees: 3
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 [%]: 1.27
Liquidity ratio: 0.49
Balance sheet ratios 01.01.2010 - 31.12.2010
Equity ratio [%]: 1.15
Liquidity ratio: 0.57
Balance sheet ratios 01.01.2009 - 31.12.2009
Equity ratio [%]: 1.23
Liquidity ratio: 0.44
Balance sheet ratios 01.01.2008 - 31.12.2008
Equity ratio [%]: 1.15
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.
Type of balance
sheet: Company balance sheet
Financial year: 01.01.2011 - 31.12.2011
ASSETS EUR 3,153,239.08
Fixed assets
EUR 21,145.00
Tangible assets
EUR 21,145.00
Other / unspecified tangible assets
EUR 21,145.00
Current assets
EUR 3,130,341.08
Stocks
EUR 1,611,000.00
Accounts receivable
EUR 1,501,015.50
Other debtors and assets
EUR 1,501,015.50
Liquid means
EUR 18,325.58
Remaining other assets
EUR 1,753.00
Accruals (assets)
EUR 1,753.00
LIABILITIES EUR 3,153,239.08
Shareholders' equity EUR 40,000.00
Capital
EUR 40,000.00
Limited partner's capital / capital
of partially liable partner (LP)
EUR 40,000.00
Provisions
EUR 15,734.00
Liabilities
EUR 3,097,505.08
Other liabilities
EUR 3,097,505.08
Unspecified other liabilities
EUR 3,097,505.08
Type of balance
sheet: Company balance sheet
Financial year: 01.01.2010 - 31.12.2010
ASSETS EUR 3,484,614.75
Fixed assets
EUR 11,695.00
Tangible assets
EUR 11,695.00
Other / unspecified tangible assets
EUR 11,695.00
Current assets
EUR 3,466,419.75
Stocks
EUR 1,503,000.00
Accounts receivable EUR 1,956,039.04
Other debtors and assets
EUR 1,956,039.04
Liquid means
EUR 7,380.71
Remaining other assets
EUR 6,500.00
Accruals (assets)
EUR 6,500.00
LIABILITIES EUR 3,484,614.75
Shareholders' equity
EUR 40,000.00
Capital
EUR 40,000.00
Limited partner's capital / capital
of partially liable partner (LP)
EUR 40,000.00
Provisions
EUR 13,389.00
Liabilities
EUR 3,431,225.75
Other liabilities
EUR 3,431,225.75
Unspecified other liabilities
EUR 3,431,225.75
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following prudent
risk management norms when lending money to gems and jewellery sector. This
follows the implementation of Basel III accord – a global voluntary regulatory
standard on bank capital adequacy, stress testing and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.03 |
|
|
1 |
Rs.104.32 |
|
Euro |
1 |
Rs.88.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.