|
Report No. : |
335370 |
|
Report Date : |
12.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SCHIESSER AG |
|
|
|
|
Registered Office : |
Schützenstr. 18, D 78315 Radolfzell |
|
|
|
|
Country : |
Germany |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
1875 |
|
|
|
|
Com. Reg. No.: |
HRB 550026 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
·
Manufacture of corsetry · Manufacture of other wearing apparel and accessories ·
Wholesale of clothing |
|
|
|
|
No. of Employees : |
781 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 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 5.2% in 2014. The new German government introduced
a minimum wage of about $11.60 (8.50 euros) 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%. The budget was essentially in
balance in 2014. 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. The German economy suffers
from low levels of investment, and a government plan to invest 15 billion euros
2016-18, largely in infrastructure, is intended to spur needed private
investment. 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 plans to replace nuclear power with renewable energy, which
accounted for 27.8% of gross electricity consumption in 2014, up from 9% in
2000. 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. Extremely low inflation, caused largely by low global
energy prices and a weak euro, are expected to boost German GDP growth in 2015.
|
Source
: CIA |
SCHIESSER AG
Company Status: active
Schützenstr. 18
D 78315 Radolfzell
Telephone:07732/900
Telefax:
07732/905555
Homepage:
www.schiesser.com
E-mail:
info@schiesser.com
VAT
no.: DE142767206
Tax
ID number: 18150/30864
Business relations are permissible.
LEGAL FORM Public limited company
Date of foundation: 1875
Registered on: 24.10.1916
Commercial Register: Local court 79098
Freiburg
under: HRB 550026
Share capital: EUR 10,000,000.00
Shareholder:
Delta Galil Textile
Germany GmbH & Co. KG
Schützenstr. 18
D 78315 Radolfzell
Legal form: Ltd
partnership with priv. ltd.
company as general
partner
Total cap. EUR 10,000.00
contribution:
Registered on: 10.09.2012
Reg. data: 79098
Freiburg, HRA 702994
Control and profit
transfer agreement
President of the Board of Directors:
Franz-Rudolf Gustav
Bündgen
D 78343 Gaienhofen
born: 21.07.1955
Vice-president of the Board of Directors:
Karl-Achim Klein
Seestr. 37
D 88214 Ravensburg
born: 23.11.1966
Profession: Fully
qualified merchant
Member of the Board of Directors:
Johannes Molzberger
Buchenstr. 4
D 93080 Pentling
born: 26.05.1951
Profession: Fully
qualified merchant
Marital status: married
President of the Supervisory Board:
Isaac Dabah
USA New York
Nationality: USA
Marital status: unknown
Vice-president of the Supervisory Board:
Yossi Najaj
IL Tel Aviv
Nationality: Israeli
Marital status: unknown
Member of the Supervisory Board:
Daniela Trescher
D 78315 Radolfzell
Marital status: unknown
Representative
of the Employees within the Supervisory Board:
Bertram Kempter
D 78315 Radolfzell
Proxy:
Olaf-Peter Krom
Meßkircher Str. 6/1
D 88630 Pfullendorf
authorized to jointly
represent the company
born: 11.01.1968
Proxy:
Rainer Neumann
Am Baumgarten 14
D 35085 Ebsdorfergrund
authorized to jointly
represent the company
born: 16.02.1962
Proxy:
Tamara Dreyer
Karl-Bücheler-Str. 21
D 78315 Radolfzell
authorized to jointly
represent the company
born: 28.11.1970
Proxy:
Heike-Stefanie Bodamer
D 85551 Kirchheim
authorized to jointly
represent the company
born: 14.02.1970
Proxy:
Engelbert Fleischmann
D 78315 Radolfzell
authorized to jointly
represent the company
born: 13.03.1961
Proxy:
Ulla Rimmele
D 78462 Konstanz
authorized to jointly
represent the company
born: 27.07.1964
Proxy:
Werner Rebert
D 79189 Bad Krozingen
authorized to jointly represent the
company
born: 09.09.1960
Proxy:
Franz Albrecht
D 78315 Radolfzell
authorized to jointly
represent the company
born: 04.05.1953
Proxy:
Oliver Herrmann
D 78345 Moos
authorized to jointly
represent the company
born: 08.05.1967
Further functions/participations of Franz-Rudolf
Gustav Bündgen
(President of the Board of Directors)
Manager:
Delta Galil Germany GmbH
Schützenstr. 18
D 78315 Radolfzell
Legal form: Private
limited company
Share capital: EUR 25,000.00
Registered
on: 04.12.2012
Reg. data: 79098 Freiburg, HRB 709215
Manager:
Schiesser Marken GmbH
Schützenstr. 18
D 78315 Radolfzell
Legal form: Private
limited company
Share capital: EUR 25,000.00
Registered
on:
27.06.2012
Reg. data: 79098 Freiburg, HRB 708546
Further functions/participations of Karl-Achim
Klein
(Vice-president of the Board of Directors)
Manager:
Textilveredelung
Niederfrohna GmbH
Limbacher Str. 28
D 09243 Niederfrohna
Legal form: Private
limited company
Share capital: EUR 204,516.75
Registered
on:
06.02.2004
Reg. data: 09112 Chemnitz, HRB 21174
Manager:
Delta Galil Germany GmbH
Schützenstr. 18
D 78315 Radolfzell
Legal form: Private
limited company
Share capital: EUR 25,000.00
Registered
on: 04.12.2012
Reg. data: 79098 Freiburg, HRB 709215
Manager:
Schiesser Marken GmbH
Schützenstr. 18
D 78315 Radolfzell
Legal form: Private
limited company
Share capital: EUR 25,000.00
Registered
on: 27.06.2012
Reg. data: 79098 Freiburg, HRB 708546
Further functions/participations of Johannes
Molzberger (Member
of
the Board of Directors)
Shareholder:
SUCCESS + MODE Vertriebs
GmbH
Buchenstr. 4
D 93080 Pentling
Legal form: Private
limited company
Share capital: EUR 51,129.19
Share: EUR 51,129.19
Registered
on: 30.07.1992
Reg. data: 93049 Regensburg, HRB 4971
Shareholder:
apparel commerce
Deutschland GmbH
Waldhofer Str. 102
D 69123 Heidelberg
Legal form: Private
limited company
dissolved by
official decree
Share capital: EUR 50,000.00
Share: EUR 50,000.00
Registered
on: 30.08.2010
Reg. data: 68159 Mannheim, HRB 710043
Manager:
SUCCESS + MODE Vertriebs
GmbH
Buchenstr. 4
D 93080 Pentling
Legal form: Private
limited company
Share capital: EUR 51,129.19
Registered
on: 30.07.1992
Reg. data: 93049 Regensburg, HRB 4971
1875 - 24.10.1916 Jacques Schiesser
D 78315 Radolfzell
Unregistered
commercial enterprise
24.10.1916 - 1965 Jacques Schiesser AG
D 78315 Radolfzell
Public limited
company
1966 - 1990 Schiesser GmbH
D 78315 Radolfzell
Private limited company
1991 - 1995 Schiesser Eminence Holding AG
D 78315 Radolfzell
Public limited
company
Main industrial sector
14143
Manufacture of corsetry
14190
Manufacture of other wearing apparel and accessories n.e.c.
46421
Wholesale of clothing
Shareholder:
Textilveredelung
Niederfrohna GmbH
Limbacher Str. 28
D 09243 Niederfrohna
Legal form: Private
limited company
Company Status: active
Share capital: EUR 204,516.75
Share: EUR 204,516.75
Reg. data: 06.02.2004
Local court
09112 Chemnitz
HRB 21174
Shareholder:
Schiesser Marken GmbH
Schützenstr. 18
D 78315 Radolfzell
Legal form: Private
limited company
Company Status: active
Share capital: EUR 25,000.00
Share: EUR 25,000.00
Reg. data: 27.06.2012
Local court
79098 Freiburg
HRB 708546
Payment experience: within periods customary in this trade
Negative information:We have no negative
information at hand.
Type of ownership: proprietor
Share: 100.00 %
Address Schützenstr. 18
D 78315 Radolfzell
Land register documents were not available.
COMMERZBANK, 78202 SINGEN (HOHENTWIEL)
Sort. code: 69240075, Account no.: 447500000
BIC: COBADEFFXXX, IBAN: DE89692400750447500000
UNICREDIT BANK - HYPOVEREINSBANK, 89002 ULM,
DONAU
Sort. code: 63020086, Account no.: 10572096
BIC:
HYVEDEMM461, IBAN: DE28630200860010572096
Turnover: 2013 EUR 136,386,000.00
Profit: 2013 EUR 6,086,000.00
Ac/ts receivable: EUR 12,886,000.00
Liabilities: EUR 40,918,000.00
Employees:
781
-
thereof permanent staff:
624
- Part-time
employees:
131
-
Trainees:
26
Control and profit transfer agreement to:
Delta Galil Textile
Germany GmbH & Co. KG
Schützenstr. 18
D 78315 Radolfzell
Balance sheet ratios 01.01.2013 - 31.12.2013
Equity ratio [%]: 40.81
Liquidity ratio: 0.33
Return on total capital [%]: 7,765.2
8
Balance sheet ratios 01.01.2012 - 31.12.2012
Equity ratio [%]: 58.18
Liquidity ratio: 0.49
Return on total capital [%]: -1.98
Balance
sheet ratios 01.01.2011 - 31.12.2011
Equity ratio [%]: -20.07
Liquidity ratio: 0.19
Return on total capital [%]: 7.68
Balance sheet ratios 01.01.2010 - 31.12.2010
Equity ratio [%]: -30.13
Liquidity ratio: 0.20
Return on total capital [%]: 15.82
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 78,743.00
Fixed assets
EUR 36,526.00
Intangible assets
EUR 737.00
Tangible assets
EUR 9,256.00
Financial assets
EUR 26,533.00
Other / unspecified financial assets EUR 26,533.00
Current
assets EUR 41,566.00
Stocks
EUR 27,140.00
Accounts receivable
EUR 12,886.00
Trade debtors
EUR 7,338.00
Amounts due from related companies
EUR 5,270.00
Other debtors and assets
EUR 278.00
Liquid means
EUR 1,540.00
Remaining other assets
EUR 651.00
Accruals (assets)
EUR 651.00
LIABILITIES EUR 78,743.00
Shareholders' equity
EUR 32,350.00
Capital EUR 10,000.00
Subscribed capital (share capital)
EUR 10,000.00
Reserves
EUR 17,304.00
Capital reserves
EUR 17,000.00
Retained
earnings / revenue reserves EUR
304.00
Balance sheet profit/loss (+/-)
EUR 5,046.00
Balance sheet profit / loss
EUR 5,046.00
Provisions
EUR 5,475.00
Provisions for taxes
EUR 618.00
Other / unspecified provisions
EUR 4,857.00
Liabilities
EUR 40,918.00
Financial debts
EUR 8,223.00
Liabilities due to banks
EUR 8,223.00
Other liabilities
EUR 32,695.00
Trade creditors (for IAS incl. bills
of exchange)
EUR 4,373.00
Liabililties due to related companiesEUR 27,656.00
Unspecified other liabilities
EUR 666.00
PROFIT AND LOSS ACCOUNT (cost-summary method)
according to Comm.
Code
(HGB)
Sales
EUR 136,386,000.00
Other operating income
EUR 5,204,000.00
Cost of materials
EUR 71,991,000.00
Gross result (+/-)
EUR 69,599,000.00
Staff expenses EUR 27,737,000.00
Total depreciation
EUR 2,622,000.00
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus.
EUR 2,622,000.00
Other operating expenses
EUR 37,087,000.00
Operating result from continuing
operations
EUR 2,153,000.00
Result from participating interests
(+/-)
EUR 4,970,000.00
Expenses / income from participations EUR 4,970,000.00
Income from transfer of profits
EUR 2,321,000.00
Income from related companies
EUR 2,649,000.00
Interest result (+/-)
EUR -825,000.00
Interest and similar income
EUR 42,000.00
Interest and similar expenses
EUR 867,000.00
Financial result (+/-)
EUR 4,145,000.00
Result from ordinary operations (+/-)
EUR 6,298,000.00
Expenses for transfer of profits to a
parent company
EUR 5,782,000.00
Income tax / refund of income tax (+/-)EUR -119,000.00
Other taxes / refund of taxes
EUR -93,000.00
Tax
(+/-)
EUR -212,000.00
Annual surplus / annual deficit
EUR 304,000.00
Type
of balance
sheet: Company balance sheet
Financial year: 01.01.2012 - 31.12.2012
ASSETS EUR 84,908,000.00
Fixed assets
EUR 36,200,000.00
Intangible assets
EUR 585,000.00
Other / unspecified intangible assetsEUR 585,000.00
Tangible assets
EUR 7,832,000.00
Other / unspecified tangible assets
EUR 7,832,000.00
Financial assets
EUR 27,783,000.00
Other
/ unspecified financial assets EUR
27,783,000.00
Current assets
EUR 48,494,000.00
Stocks
EUR 29,009,000.00
Other / unspecified stocks
EUR 29,009,000.00
Accounts receivable
EUR 9,876,000.00
Trade debtors
EUR 6,490,000.00
Amounts due from related companies
EUR 2,191,000.00
Other debtors and assets
EUR 1,195,000.00
Liquid means
EUR 9,609,000.00
Remaining other assets
EUR 214,000.00
Accruals (assets)
EUR 214,000.00
LIABILITIES EUR 84,908,000.00
Shareholders' equity
EUR 32,046,000.00
Capital
EUR 10,000,000.00
Subscribed capital (share capital)
EUR 10,000,000.00
Reserves EUR 17,000,000.00
Capital reserves
EUR 17,000,000.00
Balance sheet profit/loss (+/-)
EUR 5,046,000.00
Balance sheet profit / loss
EUR 5,046,000.00
Provisions
EUR 5,519,000.00
Provisions for taxes
EUR 40,000.00
Other / unspecified provisions
EUR 5,479,000.00
Liabilities
EUR 47,075,000.00
Financial debts
EUR 20,000,000.00
Liabilities due to banks
EUR 20,000,000.00
Other liabilities
EUR 27,075,000.00
Trade creditors (for IAS incl. bills
of
exchange)
EUR 1,394,000.00
Liabilities due to shareholders
EUR 17,477,000.00
Liabililties due to related companiesEUR 5,587,000.00
Unspecified other liabilities
EUR 2,617,000.00
thereof liabilities from tax /
financial authorities
EUR 2,413,000.00
thereof liabilities from social
security
EUR 30,000.00
Other liabilities
EUR 268,000.00
Deferrals (liabilities)
EUR 12,000.00
Deferred taxes (not included under
provisions/liabilities)
EUR 256,000.00
PROFIT AND LOSS ACCOUNT (cost-summary method)
according to Comm.
Code
(HGB)
Sales
EUR 128,294,000.00
Other operating income
EUR 7,342,000.00
Cost of materials
EUR 73,032,000.00
Gross result (+/-) EUR 62,604,000.00
Staff expenses
EUR 25,875,000.00
Total depreciation
EUR 2,114,000.00
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus. EUR 2,114,000.00
Other operating expenses
EUR 32,974,000.00
Operating result from continuing
operations
EUR 1,641,000.00
Result
from participating interests
(+/-)
EUR 1,108,000.00
Expenses / income from participations EUR 1,108,000.00
Income from transfer of profits
EUR 1,108,000.00
Interest result (+/-)
EUR -846,000.00
Interest and similar income
EUR 149,000.00
Interest and similar expenses
EUR 995,000.00
Other financial result
EUR 112,000.00
Other financial income
EUR 112,000.00
Financial result (+/-)
EUR 374,000.00
Result from ordinary operations (+/-)
EUR 2,015,000.00
Extraordinary income
EUR 19,368,000.00
Extraordinary result (+/-)
EUR 19,368,000.00
Income tax / refund of income tax (+/-)EUR -3,575,000.00
Other taxes / refund of taxes
EUR -115,000.00
Tax
(+/-)
EUR -3,690,000.00
Annual surplus / annual deficit
EUR 17,693,000.00
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.17 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.