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Report No. : |
336541 |
|
Report Date : |
13.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SOLAR
FRONTIER EUROPE GMBH |
|
|
|
|
Registered Office : |
Bavariafilmplatz
8 D 82031 Grünwald |
|
|
|
|
Country : |
Germany |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
03.03.2010 |
|
|
|
|
Legal Form : |
Private limited company |
|
|
|
|
Line of Business : |
·
Wholesale of electronic and
telecommunications equipment and parts ·
Activities of holding companies
|
|
|
|
|
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 : |
Slow but correct |
|
|
|
|
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 |
Solar
Frontier Europe GmbH
Bavariafilmplatz 8
D 82031 Grünwald
Telephone:089/9286142-0
Telefax:
089/9286142-01
Homepage: www.solar-frontier.com
E-mail:
info@solar-frontier.eu
Active
DE271302199
Business relations are permissible.
LEGAL FORM Private
limited company
Date of foundation: 03.03.2010
Shareholders'
agreement: 03.03.2010
Registered on: 26.03.2010
Commercial Register: Local court 80333 München
under: HRB
184850
Share capital: EUR 25,000.00
Shareholder:
Solar Frontier K.K.
Daiba Frontier Building
3-2
J 135-8074 Tokyo
Legal form: Other legal
form
Share: EUR 25,000.00
Manager:
Wolfgang Lange
Alte Pasinger Str. 106
D 82166 Gräfelfing
having sole power of
representation
born: 04.03.1961
Manager:
Atsuhiko Hirano
J Yokohama-shi
having sole power of
representation
born: 25.08.1962
Nationality: Japanese
Manager:
Yuichi Kuroda
J Aoba-ku, Yokohama-city, Kanaga
having sole power of
representation
born: 24.02.1970
Nationality: Japanese
Proxy:
Kazuhiko Kobe
D 80331 München
having sole power of
representation
born: 06.05.1961
Further functions/participations of Wolfgang
Lange (Manager)
Proprietor:
Wolfgang Lange
Alte Pasinger Str. 106
D 82166 Gräfelfing
Legal form: Unregistered commercial
enterprise
Liquidator:
PV CIStems Management
GmbH
Bavariafilmplatz 8
D 82031 Grünwald
Legal form: Private
limited company in
liquidation
Share capital: EUR 25,000.00
Registered
on: 15.06.2012
Reg. data: 80333 München, HRB 199291
03.03.2010 - 28.12.2010 Solar
Frontier Europe GmbH
D 80331 München
Private limited company
11.01.2011 - 17.09.2013 Manager
Toshiyuki Tai
J Yokohama-shi
Main industrial sector
4652
Wholesale of electronic and telecommunications equipment and parts
64200
Activities of holding companies
7010
Activities of head offices
Shareholder:
SFE KOD1 GmbH
Bavariafilmplatz 8
D 82031 Grünwald
Legal form: Private
limited company
Company Status: in
liquidation
since: 16.03.2015
Share capital: EUR 25,000.00
Share: EUR 25,000.00
Reg. data: 15.11.2011
Local court
80333 München
HRB 195388
Shareholder:
SFE KOM1 GmbH
Bavariafilmplatz 8
D 82031 Grünwald
Legal form: Private limited company
Company Status: in
liquidation
since: 16.03.2015
Share capital: EUR 25,000.00
Share: EUR 25,000.00
Reg. data: 15.11.2011
Local court
80333 München
HRB 195391
within periods customary in this trade
We have no negative information at hand.
Type of ownership: Tenant
Address Bavariafilmplatz
8
D 82031 Grünwald
Land register documents were not available.
A bank
connection is unknown.
Gross
profit or loss:2013
EUR 5,647,404.00
Profit: 2013 EUR 375,193.00
Equipment: EUR 76,076.00
Ac/ts receivable: EUR 573,138.00
Liabilities: EUR 211,396.00
Employees:
26
BALANCE SHEETS
Balance sheet ratios 01.01.2013 - 31.12.2013
Equity ratio [%]: 85.04
Liquidity ratio: 10.00
Return on total capital [%]: 6.10
Balance sheet ratios 01.01.2012 - 31.12.2012
Equity ratio [%]: 85.86
Liquidity ratio: 10.00
Return on total capital [%]: 13.79
Balance sheet ratios 01.01.2011 - 31.12.2011
Equity ratio [%]: 91.45
Liquidity ratio: 10.00
Return on total capital [%]: 6.75
Balance
sheet ratios 03.03.2010 - 31.12.2010
Equity ratio [%]: 85.41
Liquidity ratio: 10.00
Return on total capital [%]: 4.05
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 6,281,158.50
Fixed assets EUR 130,103.25
Intangible assets EUR 4,027.70
Concessions, licences, rights EUR 4,027.70
Tangible assets EUR 76,075.55
Other tangible assets / fixtures and
fittings EUR 76,075.55
Financial assets EUR 50,000.00
Shares in participations /
subsidiaries and the like EUR 50,000.00
Shares in related companies EUR 50,000.00
Current assets EUR 6,104,362.87
Stocks EUR 111,879.20
Finished goods / work in progress EUR 111,879.20
Accounts receivable EUR 573,138.37
Amounts due from shareholders EUR 128,378.40
Trade debtors EUR 235,737.08
Other
debtors and assets EUR 209,022.89
Liquid means EUR 5,419,345.30
Remaining other assets EUR 46,692.38
Accruals (assets) EUR 46,692.38
LIABILITIES EUR 6,281,158.50
Shareholders' equity EUR 5,360,810.15
Capital EUR 25,000.00
Subscribed capital (share capital) EUR 25,000.00
Reserves EUR 255,000.00
Capital reserves EUR 255,000.00
Balance sheet profit/loss (+/-) EUR 5,080,810.15
Profit / loss brought forward EUR 4,705,617.21
Annual surplus / annual deficit EUR 375,192.94
Provisions EUR 708,952.15
Provisions for taxes EUR 12.00
Other / unspecified provisions EUR 708,940.15
Liabilities EUR 211,396.20
Other liabilities EUR 211,396.20
Trade creditors (for IAS incl. bills
of exchange) EUR 53,072.42
Liabilities from received advance
payments EUR 77,984.80
Liabilities due to shareholders EUR 0.00
Unspecified other liabilities EUR 80,338.98
thereof liabilities from tax /
financial authorities EUR 63,450.94
thereof liabilities from social
security EUR 7,834.06
PROFIT
AND LOSS ACCOUNT (cost-summary method) according to Comm.
Code (HGB)
Gross result (+/-) EUR 5,647,404.48
Staff expenses EUR 3,075,927.36
Wages and salaries EUR 2,661,141.60
Social security contributions and
expenses for pension plans and
benefits EUR 414,785.76
Total depreciation EUR 22,594.48
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus. EUR 22,594.48
Other operating expenses EUR 2,025,040.00
Operating result from continuing
operations EUR 523,842.64
Interest result (+/-) EUR 725.25
Interest and similar income EUR 725.25
thereof from related companies EUR 0.00
Financial result (+/-) EUR 725.25
Result from ordinary operations (+/-) EUR
524,567.89
Income tax / refund of income tax
(+/-)EUR -149,374.95
Tax (+/-) EUR -149,374.95
Annual surplus / annual deficit EUR 375,192.94
Type of balance
sheet: Company balance sheet
Financial year: 01.01.2012 - 31.12.2012
ASSETS EUR 7,301,539.76
Fixed assets EUR 138,150.29
Intangible assets EUR 4,899.93
Concessions, licences, rights EUR 4,899.93
Tangible assets EUR 83,250.36
Other tangible assets / fixtures and
fittings EUR 83,250.36
Financial assets EUR 50,000.00
Shares in participations /
subsidiaries and the like EUR 50,000.00
Shares in related companies EUR 50,000.00
Current assets EUR 7,101,451.63
Stocks EUR 418,354.60
Finished goods / work in progress EUR 418,354.60
Accounts receivable EUR 2,142,385.67
Amounts due from shareholders EUR 152,128.82
Trade debtors EUR 575,247.35
Other debtors and assets EUR 1,415,009.50
Liquid means EUR 4,540,711.36
Remaining other assets EUR 61,937.84
Accruals (assets) EUR 61,937.84
LIABILITIES EUR 7,301,539.76
Shareholders' equity EUR 4,985,617.21
Capital EUR 25,000.00
Subscribed capital (share capital) EUR
25,000.00
Reserves EUR 255,000.00
Capital reserves EUR 255,000.00
Balance sheet profit/loss (+/-) EUR 4,705,617.21
Profit / loss brought forward EUR 3,719,917.79
Annual surplus / annual deficit EUR 985,699.42
Provisions EUR 750,178.19
Provisions for taxes EUR 227,446.00
Other / unspecified provisions EUR 522,732.19
Liabilities EUR 1,565,744.36
Other liabilities EUR 1,565,744.36
Trade creditors (for IAS incl. bills
of exchange) EUR 123,441.59
Liabilities from received advance
payments EUR 88,384.08
Liabilities due to shareholders EUR 1,304,691.15
Unspecified other liabilities EUR 49,227.54
thereof liabilities from tax /
financial authorities EUR 17,226.41
thereof liabilities from social
security EUR 27,403.89
PROFIT AND LOSS ACCOUNT (cost-summary method)
according to Comm.
Code (HGB)
Gross result (+/-) EUR 8,725,752.81
Staff expenses EUR 3,496,211.29
Wages and salaries EUR 2,990,902.22
Social security contributions and
expenses for pension plans and
benefits EUR 505,309.07
Total depreciation EUR 19,350.21
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus. EUR 19,350.21
Other operating expenses EUR 3,881,157.32
Operating result from continuing
operations EUR 1,329,033.99
Interest result (+/-) EUR 10,805.84
Interest and similar income EUR 12,694.72
thereof from related companies EUR 0.00
Interest and similar expenses EUR 1,888.88
Financial result (+/-) EUR 10,805.84
Result from ordinary operations (+/-) EUR
1,339,839.83
Income tax / refund of income tax
(+/-)EUR -354,140.41
Tax (+/-) EUR -354,140.41
Annual surplus / annual deficit
EUR 985,699.42
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.83 |
|
UK Pound |
1 |
Rs.101.00 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
TRU |
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.