|
Report Date : |
17.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
WURSTER DIAMONDS GMBH |
|
|
|
|
Registered Office : |
Karlsruher Str. 38 D 75179 Pforzheim |
|
|
|
|
Country : |
Germany |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
10.03.1981 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacture of jewelry and related articles |
|
|
|
|
No. of Employees |
26 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Germany |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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, has contributed to strong growth 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 5.3% in 2013. The new German government introduced a minimum wage of $11 per hour to take effect in 2015. 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 and 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. 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 |
WURSTER DIAMONDS GMBH
Company Status: active
Karlsruher Str. 38
D 75179 Pforzheim
Telephone:07231/9315-0
Telefax: 07231/9315-30
Homepage: www.wurster.de
E-mail: info@wurster.de
VAT no.: DE811116002
LEGAL FORM Private limited company
Date of foundation: 01.01.1945
Shareholders'
agreement: 04.12.1980
Registered on: 10.03.1981
Commercial Register: Local court 68159 Mannheim
under: HRB 501390
Share capital: EUR 230,100.00
Shareholder:
Alfred Wurster
Am Nagoldhang 6a
D 75173 Pforzheim
born: 10.04.1946
Share: EUR 230,100.00
Manager:
Alfred Wurster
Am Nagoldhang 6a
D 75173 Pforzheim
having sole power of representation
born: 10.04.1946
Profession: Master goldsmith
Marital status: married
Manager:
Andre Stumpf
Am Nagoldhang 28a
D 75173 Pforzheim
having sole power of representation
born: 15.06.1970
Profession: Businessman
Proxy:
Simone Stumpf
Am Nagoldhang 28a
D 75173 Pforzheim
having sole power of representation
born: 28.05.1973
née: geb. Wurster
Profession: Businessman
Marital status: married
Further functions/participations of Alfred Wurster (Manager)
Limited partner:
Schäfer Gold + Silber GmbH & Co. KG
Karlsruher Str. 38
D 75179 Pforzheim
Legal form: Ltd partnership with priv. ltd.
company as general partner
dissolved by official decree
Total cap. EUR 250,000.00
contribution:
Share: EUR 250,000.00
Registered
on: 09.11.2005
Reg. data: 68159 Mannheim, HRA 504016
Shareholder:
Creazione Monasso Schmuckwaren GmbH
Karlsruher Str. 38
D 75179 Pforzheim
Legal form: Private limited company
Share capital: EUR 102,258.38
Share: EUR 51,129.19
Registered
on: 15.12.1988
Reg. data: 68159 Mannheim, HRB 502458
Shareholder:
Weiler GmbH
Karlsruher Str. 38
D 75179 Pforzheim
Legal form: Private limited company
Share capital: EUR 51,129.19
Share: EUR 51,129.19
Registered
on: 01.10.1998
Reg. data: 68159 Mannheim, HRB 504480
Shareholder:
Wurster Holding GmbH
Karlsruher Str. 39
D 75179 Pforzheim
Legal form: Private limited company
Share capital: EUR 50,000.00
Share: EUR 50,000.00
Registered
on: 27.06.2005
Reg. data: 68159 Mannheim, HRB 505838
Manager:
Valoro GmbH
Karlsruher Str. 38
D 75179 Pforzheim
Legal form: Private limited company
insolvent
Share capital: EUR 512,000.00
Registered
on: 21.06.2010
Reg. data: 68159 Mannheim, HRB 709567
Manager:
Wurster GmbH
Ostenhellweg 47
D 44135 Dortmund
Legal form: Private limited company
Share capital: EUR 25,564.59
Registered
on: 10.10.1988
Reg. data: 44135 Dortmund, HRB 8508
Manager:
Creazione Monasso Schmuckwaren GmbH
Karlsruher Str. 38
D 75179 Pforzheim
Legal form: Private limited company
Share capital: EUR 102,258.38
Registered
on: 15.12.1988
Reg. data: 68159 Mannheim, HRB 502458
Manager:
Wurster Holding GmbH
Karlsruher Str. 39
D 75179 Pforzheim
Legal form: Private limited company
Share capital: EUR 50,000.00
Registered
on: 27.06.2005
Reg. data: 68159 Mannheim, HRB 505838
Further functions/participations of Andre Stumpf (Manager)
Manager:
Weiler GmbH
Karlsruher Str. 38
D 75179 Pforzheim
Legal form: Private limited company
Share capital: EUR 51,129.19
Registered
on: 01.10.1998
Reg. data: 68159 Mannheim, HRB 504480
01.01.1945 - 01.04.1969 Alfred Wurster (Inh. Alfred Wurster
sen.)
D 75223 Niefern-Öschelbronn
Sole proprietorship
02.04.1969 - 04.12.1980 Alfred Wurster (Inh. Alfred Wurster
jun.)
D 75223 Niefern-Öschelbronn
Sole proprietorship
05.12.1980 - 31.12.1983 Wurster Brillantschmuck GmbH
D 75223 Niefern-Öschelbronn
Private limited company
Sectors
32120 Manufacture of jewelry and related articles (except
imitation jewelry)
46480 Wholesale of clocks and watches and jewelry
Payment experience: within agreed terms
Negative information:We have no negative information at hand.
BALANCE SHEET
YEAR: 2011/2012
Type of ownership: Tenant
Address Karlsruher Str. 38
D 75179 Pforzheim
Real Estate of: Alfred Wurster
Type of ownership: proprietor
Share: 100.00 %
Address Karlsruher Str. 38
D 75179 Pforzheim
Type of real estate: residential and business location
Real Estate of: Alfred Wurster
Type of ownership: proprietor
Share: 100.00 %
Address Heumarkt 43
D 50667 Köln
Real Estate of: Alfred Wurster
Type of ownership: proprietor
Share: 100.00 %
Address Münsterplatz 18-20
D 79098 Freiburg
Real Estate of: Alfred Wurster
Type of ownership: proprietor
Share: 100.00 %
Address Am Nagoldhang 6a
D 75173 Pforzheim
Real Estate of: Alfred Wurster
Type of ownership: part owner
Share: 25.00 %
Address Im Ludlein 6
D 75181 Pforzheim
Real Estate of: Alfred Wurster
Type of ownership: proprietor
Share: 100.00 %
Address Südliche Hauptstr. 47
D 83703 Gmund
Real Estate of: Alfred Wurster
Type of ownership: part owner
Share: 50.00 %
Address Baccarat-Str. 37-39
D 76593 Gernsbach
Land register documents were not available.
SPARKASSE PFORZHEIM CALW, 75162 PFORZHEIM
Sort. code: 66650085, Account no.: 906808
BIC: PZHSDE66XXX, IBAN: DE62666500850000906808
BADEN-WÜRTTEMBERGISCHE BANK, 75101 PFORZHEIM
Sort. code: 66620020, Account no.: 7498502735
BIC: SOLADEST666
Turnover: 2012 EUR 5,900,000.00
2013 EUR 5,950,000.00
Expected turnover: EUR 5,950,000.00
further business figures:
Equipment: EUR 129,406.00
Ac/ts receivable: EUR 1,302,682.00
Liabilities: EUR 2,416,015.00
Total numbers of vehicles: 5
Employees: 26
- thereof permanent staff: 24
- Temporary workers: 2
Balance sheet ratios 01.04.2011 - 31.03.2012
Equity ratio [%]: 80.05
Liquidity ratio: 1.29
Return on total capital [%]: 2.51
Balance sheet ratios 01.04.2010 - 31.03.2011
Equity ratio [%]: 76.30
Liquidity ratio: 1.01
Return on total capital [%]: 3.11
Balance sheet ratios 01.04.2009 - 31.03.2010
Equity ratio [%]: 66.19
Liquidity ratio: 0.57
Return on total capital [%]: -11.27
Balance sheet ratios 01.04.2008 - 31.03.2009
Equity ratio [%]: 53.88
Liquidity ratio: 0.56
Balance sheet grade: 2.5
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 4,192,275.72
Fixed assets EUR 158,240.43
Intangible assets EUR 27,334.00
Other / unspecified intangible
assetsEUR 27,334.00
Tangible assets EUR 129,406.43
Other / unspecified tangible assets EUR
129,406.43
Financial assets EUR 1,500.00
Other / unspecified financial assets EUR 1,500.00
Current assets EUR 3,993,160.97
Stocks EUR 2,679,603.00
Accounts receivable EUR 1,302,681.57
Other debtors and assets EUR 1,302,681.57
Liquid means EUR 10,876.40
Remaining other assets EUR 40,874.32
Accruals (assets) EUR 40,874.32
LIABILITIES EUR 4,192,275.72
Shareholders' equity EUR 1,733,525.95
Capital EUR 230,100.00
Subscribed capital (share capital) EUR 230,100.00
Balance sheet profit/loss (+/-) EUR 1,503,425.95
Balance sheet profit / loss EUR 1,503,425.95
Provisions EUR 42,392.00
Liabilities EUR 2,416,014.77
Other liabilities EUR 2,416,014.77
Unspecified other liabilities EUR 2,416,014.77
Other liabilities EUR 343.00
Deferrals (liabilities) EUR 343.00
Type of balance
sheet: Company balance sheet
Financial year: 01.04.2010
- 31.03.2011
ASSETS EUR 3,847,490.31
Fixed assets EUR 187,496.45
Intangible assets EUR 23,738.00
Other / unspecified intangible
assetsEUR 23,738.00
Tangible assets EUR 162,258.45
Other / unspecified tangible assets EUR
162,258.45
Financial assets EUR 1,500.00
Other / unspecified financial assets
EUR 1,500.00
Current assets EUR 3,652,972.86
Stocks EUR 2,771,032.00
Accounts receivable EUR 871,135.55
Other debtors and assets EUR 871,135.55
Liquid means EUR 10,805.31
Remaining other assets EUR 7,021.00
Accruals (assets) EUR 7,021.00
LIABILITIES EUR 3,847,490.31
Shareholders' equity EUR 1,638,622.56
Capital EUR 230,100.00
Subscribed capital (share capital) EUR 230,100.00
Balance sheet profit/loss (+/-) EUR 1,408,522.56
Balance sheet profit / loss EUR 1,408,522.56
Provisions EUR 37,871.00
Liabilities EUR 2,169,069.75
Other liabilities EUR 2,169,069.75
Unspecified other liabilities EUR 2,169,069.75
Other liabilities EUR 1,927.00
Deferrals (liabilities) EUR 1,927.00
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.60.23 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.83.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.