MIRA INFORM REPORT

 

 

Report No. :

316648

Report Date :

09.04.2015

 

IDENTIFICATION DETAILS

 

Name :

MIP EUROPE GMBH

 

 

Registered Office :

Liebigstr. 71, D 22113 Hamburg

 

 

Country :

Germany

 

 

Financials (as on) :

31.12.2013

 

 

Year of Establishment :

1922

 

 

Com. Reg. No.:

HRB 20162

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

·         Manufacture of Other Textiles n.e.c.

·         Manufacture of Workwear

 

 

No. of Employees :

50

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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, 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

 

and address

 

MIP EUROPE GMBH

 

Company Status:      active

                      Liebigstr. 71

                      D 22113 Hamburg

                      Telephone:040/739320-0

                      Telefax:  040/739320-20

                      Homepage: www.mip-europe.com

                      E-mail:   info@mip-europe.com

 

 

VAT no.           

 

DE118575958

 

 

CONCLUSION

 

Business relations are permissible.

 

 

Company Summary

 

 LEGAL FORM              Private limited company

 Date of foundation:      1922

 Shareholders'

 agreement:                   21.12.1976

 Registered on:             03.08.1977

 Commercial Register:   Local court 20355 Hamburg

 under:                          HRB 20162

 

 

Share capital                  

 

EUR            127,822.97

 

 

Shareholder

 

                      Med.I.Pant Inc.

                      9100 Ray Lawson Blvd Montreal

                      CDN H1J 1K8 Quebec

                      Legal form: Other legal form

                      Share:             EUR            127,822.97

 Manager:

                      Ralf Guido Töpfer

                      D 50999 Köln

                      having sole power of representation

                      born: 04.07.1971

                      Profession: Businessman

 Manager:

                      David Arditi

                      23 EAST GABLES COURT

                      CDN H94G9 Beaconsfield QC

                      having sole power of representation

                      born: 08.01.1949

                      Nationality: Canadian

 

 

COMPANY HISTORY

 

 03.08.1977 - 31.12.1993  Josef Löning Hospital-Textil GmbH

                          Hochallee 11

                          D 20149 Hamburg

                          Private limited company

 01.01.1994 - 09.06.1997  Josef Löning hospital-textil G.m.b.H.

                          Rudorffweg 23

                          D 21031 Hamburg

                          Private limited company

 10.06.1997 - 21.02.2012  Löning HOSPITEX GmbH

                          Rudorffweg 23

                          D 21031 Hamburg

                          Private limited company

 

 

BUSINESS ACTIVITIES

 

Main industrial sector

1399    Manufacture of other textiles n.e.c.

1412    Manufacture of workwear

4641    Wholesale of textiles

46421   Wholesale of clothing

 

 

BRANCHES AND FACTORIES

 

 Works:

                      MIP Europe GmbH

                      Am Rossauer Wald 2

                      D 09661 Rossau

                      TEL.: 037207/687-0

 

 

FINANCIAL INFORMATION

 

 Payment experience:  within agreed terms

 

 Negative information:We have no negative information at hand.

 

 Balance sheet year:  2013

 

 

REAL ESTATE

 

 Type of ownership:       Tenant

 Address                       Liebigstr. 71

                                    D 22113 Hamburg

 

 Land register documents were not available.

 

 

BANKERS

 

 COMMERZBANK VORMALS DRESDNER BANK, 20349 HAMBURG

 Sort. code: 20080000

 BIC: DRESDEFF200

 HAMBURGER SPARKASSE, 20454 HAMBURG

 Sort. code: 20050550

 BIC: HASPDEHHXXX

 

 

FINANCIAL FIGURES

 

 Turnover:            2013               EUR         11,634,832.00

                      2014               EUR         11,500,000.00

 Profit:              2013               EUR            182,502.00

 further business figures:

 Equipment:                              EUR             63,305.00

 Ac/ts receivable:                       EUR          1,085,567.00

 Liabilities:                            EUR          2,592,611.00

 Total numbers of vehicles:                                      8

 Employees:                                                     50

 

 

BALANCE SHEETS

 

 Balance sheet ratios 01.01.2013 - 31.12.2013

 Equity ratio [%]:                 80.73

 Liquidity ratio:                  10.00

 Return on total capital [%]:       4.26

 

 Balance sheet ratios 01.01.2012 - 31.12.2012

 Equity ratio [%]:                 24.99

 Liquidity ratio:                   0.48

 Return on total capital [%]:      -5.63

 

 Balance sheet ratios 01.01.2011 - 31.12.2011

 Equity ratio [%]:                 70.63

 Liquidity ratio:                   4.08

 Return on total capital [%]:       1.21

 

 Balance sheet ratios 01.01.2010 - 31.12.2010

 Equity ratio [%]:                 71.78

 Liquidity ratio:                   1.92

 Return on total capital [%]:       2.33

 

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:                    01.01.2013 - 31.12.2013

 

 ASSETS                                  EUR          4,279,115.85

  Fixed assets                           EUR            610,631.17

   Intangible assets                     EUR              5,758.00

    Concessions, licences, rights        EUR              5,758.00

   Tangible assets                       EUR            604,873.17

    Land / similar rights                EUR            436,587.17

    Plant / machinery                    EUR            104,981.00

    Other tangible assets / fixtures and

    fittings                             EUR             63,305.00

  Current assets                         EUR          3,659,620.78

   Stocks                                EUR          2,173,696.87

    Raw materials, consumables and

    supplies                             EUR            620,367.36

    Finished goods / work in progress    EUR          1,553,329.51

   Accounts receivable                   EUR          1,085,567.15

    Trade debtors                        EUR          1,047,537.53

    Amounts due from related companies   EUR             30,000.00

    Other debtors and assets             EUR              8,029.62

   Liquid means                          EUR            400,356.76

  Remaining other assets                 EUR              8,863.90

   Accruals (assets)                     EUR              8,863.90

 

 LIABILITIES                             EUR          4,279,115.85

  Shareholders' equity                   EUR          1,060,893.38

   Capital                               EUR            127,822.97

    Subscribed capital (share capital)   EUR            127,822.97

   Balance sheet profit/loss (+/-)       EUR            933,070.41

    Profit / loss brought forward        EUR            750,568.11

    Annual surplus / annual deficit      EUR            182,502.30

  Items between shareholders' equity and

  debt capital                           EUR            297,865.64

   Special items with reserve funds      EUR            297,865.64

  Provisions                             EUR            327,745.69

   Other / unspecified provisions        EUR            327,745.69

  Liabilities                            EUR          2,592,611.14

   Other liabilities                     EUR          2,592,611.14

    Trade creditors (for IAS incl. bills

    of exchange)                         EUR            180,958.89

    Liabililties due to related companiesEUR          2,244,673.48

    Unspecified other liabilities        EUR            166,978.77

 

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

 Code (HGB)

  Sales                                  EUR         11,634,832.29

  Inventory change + own costs (+/-)     EUR             90,833.19

   Inventory change (+/-)                EUR             90,833.19

  Other operating income                 EUR            125,448.79

  Cost of materials                      EUR          8,104,921.36

   Raw materials and supplies, purchased

   goods                                 EUR          7,781,897.86

   Purchased services                    EUR            323,023.50

  Gross result (+/-)                     EUR          3,746,192.91

  Staff expenses                         EUR          2,243,333.65

   Wages and salaries                    EUR          1,933,230.49

   Social security contributions and

   expenses for pension plans and

   benefits                              EUR            310,103.16

  Total depreciation                     EUR             98,337.32

   Depreciation on tangible / intangible

   asssets (incl. start-up and exp. of

   bus.                                  EUR             98,337.32

  Other operating expenses               EUR          1,160,169.83

  Operating result from continuing

  operations                             EUR            244,352.11

  Interest result (+/-)                  EUR            -59,611.94

   Interest and similar income           EUR                 35.53

   Interest and similar expenses         EUR             59,647.47

  Financial result (+/-)                 EUR            -59,611.94

  Result from ordinary operations (+/-)  EUR            184,740.17

  Income tax / refund of income tax (+/-)EUR                  3.13

  Other taxes / refund of taxes          EUR             -2,241.00

  Tax (+/-)                              EUR             -2,237.87

  Annual surplus / annual deficit        EUR            182,502.30

 

 Type of balance sheet:                   Company balance sheet

 

 Financial year:                    01.01.2012 - 31.12.2012

 

 ASSETS                                  EUR          4,149,885.91

  Fixed assets                           EUR            685,341.17

   Intangible assets                     EUR             13,448.00

    Concessions, licences, rights        EUR              8,992.00

    Goodwill                             EUR              4,456.00

   Tangible assets                       EUR            671,893.17

    Land / similar rights                EUR            453,200.17

    Plant / machinery                    EUR            138,452.00

    Other tangible assets / fixtures and

    fittings                             EUR             80,241.00

  Current assets                         EUR          3,453,370.88

   Stocks                                EUR          2,049,362.59

    Raw materials, consumables and

    supplies                             EUR            785,763.39

    Finished goods / work in progress    EUR          1,263,599.20

   Accounts receivable                   EUR          1,205,021.40

    Trade debtors                        EUR          1,100,829.79

    Other debtors and assets             EUR            104,191.61

   Liquid means                          EUR            198,986.89

  Remaining other assets                 EUR             11,173.86

   Accruals (assets)                     EUR             11,173.86

 

 LIABILITIES                             EUR          4,149,885.91

  Shareholders' equity                   EUR            878,391.08

   Capital                               EUR            127,822.97

    Subscribed capital (share capital)   EUR            127,822.97

   Balance sheet profit/loss (+/-)       EUR            750,568.11

    Profit / loss brought forward        EUR            984,058.51

    Annual surplus / annual deficit      EUR           -233,490.40

  Items between shareholders' equity and

  debt capital                           EUR            323,721.68

   Special items with reserve funds      EUR            323,721.68

  Provisions                             EUR            233,646.07

   Provisions for taxes                  EUR            233,646.07

  Liabilities                            EUR          2,714,127.08

   Other liabilities                     EUR          2,714,127.08

    Trade creditors (for IAS incl. bills

    of exchange)                         EUR            276,611.01

    Liabilities due to investee companiesEUR          2,264,933.94

    Unspecified other liabilities        EUR            172,582.13

 

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

 Code (HGB)

  Sales                                  EUR         11,562,524.42

  Other operating income                 EUR            105,791.25

  Cost of materials                      EUR          7,945,765.82

   Raw materials and supplies, purchased

   goods                                 EUR          7,933,801.44

   Purchased services                    EUR             11,964.38

  Gross result (+/-)                     EUR          3,722,549.85

  Staff expenses                         EUR          2,506,591.19

   Wages and salaries                    EUR             20,157.12

   Social security contributions and

   expenses for pension plans and

   benefits                              EUR          2,486,434.07

  Total depreciation                     EUR            168,046.68

  Other operating expenses               EUR          1,261,202.03

  Operating result from continuing

  operations                             EUR           -213,290.05

  Interest result (+/-)                  EUR            -16,610.60

   Interest and similar income           EUR             27,500.30

   Interest and similar expenses         EUR             44,110.90

  Financial result (+/-)                 EUR            -16,610.60

  Result from ordinary operations (+/-)  EUR           -229,900.65

  Income tax / refund of income tax (+/-)EUR             -2,501.14

  Other taxes / refund of taxes          EUR             -1,088.61

  Tax (+/-)                              EUR             -3,589.75

  Annual surplus / annual deficit        EUR           -233,490.40

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.33

UK Pound

1

Rs.92.53

Euro

1

Rs.67.60

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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.