MIRA INFORM REPORT

 

 

Report No. :

309853

Report Date :

25.02.2015

 

IDENTIFICATION DETAILS

 

Name :

FONGS EUROPE GMBH

 

 

Registered Office :

Milchgrundstr. 32, D 74544 Michelbach an der Bilz, Post Box: 40 01 71, D 74510 Schwäbisch Hall

 

 

Country :

Germany

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

27.08.2004

 

 

Com. Reg. No.:

HRB 571697

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

·         Manufacture of Other Electronic Components.

·         Manufacture of Machinery for Textile, Apparel and Leather Production.

·         Agents involved in the Sale of Machines (Except Agricultural Machinery and Office Machinery) and Industrial Supplies n.e.c.

·         Wholesale of machinery for the textile industry and of sewing and knitting machines

 

 

No. of Employees :

107

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

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

Company Name and address  

 

FONGS EUROPE GMBH

 

Company Status:      Active

 

Main address:        Milchgrundstr. 32

                      D 74544 Michelbach an der Bilz

                      Post Box:

                      40 01 71, D 74510 Schwäbisch Hall

                      Telephone:0791/4030

                      Telefax:  0791/403160

                      Homepage: www.fongs.com

                      E-mail:   info@fongs.eu

 

 

Legal office

 

D 74523 Schwäbisch Hall

 

 

VAT no.

        

DE814079539

 

 

CONCLUSION

 

Business relations are permissible.

 

 

Compsny Summary

 

 LEGAL FORM              Private limited company

 Registered on:             27.08.2004

 Commercial Register:   Local court 70190 Stuttgart

 under:                          HRB 571697

 

 

Share capital

 

EUR          1,900,000.00

 

 Shareholder:

                      Easy Smart Investment Limited

                      RC  Hongkong

                      Legal form: Other legal form

                      Share:             EUR          1,900,000.00

 Manager:

                      Thomas Archner

                      D 74523 Schwäbisch Hall

                      having sole power of representation

                      born: 23.11.1957

                      Profession: Businessman

                      Marital status: married

 Manager:

                      Du Qianyi

                      RC  Hong Kong

                      born: 05.11.1965

                      Nationality: Chinese

 Manager:

                      Xin Ji

                      RC  New Terriories /Hong Kong

                      born: 16.12.1969

                      Nationality: Chinese

 Manager:

                      Tinghong Shi

                      HK  Kowloon

                      born: 20.09.1962

                      Nationality: Chinese

 Proxy:

                      Heinz Scheungraber

                      D 74523 Schwäbisch Hall

                      having sole power of representation

                      born: 01.04.1956

                      Marital status: married

 

 Further functions/participations of Du Qianyi (Manager)

 Manager:

                      A. Monforts Textilmaschinen-Verwaltungs-GmbH

                      Blumenberger Str. 143/145

                      D 41061 Mönchengladbach

                      Legal form: Private limited company

                      Share capital:     EUR             26,000.00

                      Registered

                      on:         29.07.1993

                      Reg. data:  41061 Mönchengladbach, HRB 4634

 Manager:

                      ABT Vermögensverwaltungs-Gesellschaft mbH

                      Blumenberger Str. 143 /145

                      D 41061 Mönchengladbach

                      Legal form: Private limited company

                      Share capital:     EUR             75,000.00

                      Registered

                      on:         06.12.2002

                      Reg. data:  41061 Mönchengladbach, HRB 7094

 

 

COMPANY HISTORY

 

 30.06.2004 - 27.08.2004  Lenzhalde dreißig Gesellschaft für die

                          Verwaltung eigenen Ver mögens mbH

                          D 70173 Stuttgart

                          Private limited company

 28.08.2004 - 18.06.2010  Then Maschinen GmbH

                          Milchgrundstr. 32

                          D 74544 Michelbach an der Bilz

                          Private limited company

 

 

RESIGNED ACTING PERSONS AND SHAREHOLDERS

 

 07.02.2012 - 04.07.2014  Manager

                          Fengxian He

                          RC Hong Kong

 07.02.2012 - 17.07.2013  Manager

                          Alexander Wai Yung Wan

                          RC Kowloon, Hong Kong

 07.02.2012 - 18.06.2012  Manager

                          Stephen Yiu Hee Lo

                          RC Tsuen Wan /Hongkong

 

 

BUSINESS ACTIVITIES

 

Main industrial sector

26119   Manufacture of other electronic components

2894    Manufacture of machinery for textile, apparel and leather production

46141   Agents involved in the sale of machines (except agricultural machineryand office machinery) and industrial supplies n.e.c.

4664    Wholesale of machinery for the textile industry and of sewing and knitting machines

 

 

BRANCHES AND FACTORIES

 

Works:

                      FONGS EUROPE GMBH

                      Am Hammeranger 1

                      D 95126 Schwarzenbach

 

 

FINANCIAL INFORMATION

 

Payment experience:  within periods customary in this trade

 

Negative information:We have no negative information at hand.

 

Balance sheet year:  2013

 

 

REAL ESTATE

 

 Type of ownership:       Tenant

 Address                       Milchgrundstr. 32

                                    D 74544 Michelbach an der Bilz

 

 Real Estate of:             Thomas Archner

 Type of ownership:       Tenant

 Address                       Kettelerstr. 15

                                    D 68766 Hockenheim

 

 Land register documents were not available.

 

 

BANKERS

 

 DEUTSCHE BANK, 74005 HEILBRONN, NECKAR

 Sort. code: 62070081

 BIC: DEUTDESS620

 

 

FINANCIAL FIGURES

 

 Gross profit or loss:2013               EUR         11,919,417.00

 Profit:              2013               EUR           -338,561.00

 Ac/ts receivable:                       EUR          5,973,389.00

 Liabilities:                            EUR         28,895,632.00

 Employees:                                                    107

 

 

BALANCE SHEETS

 

 Balance sheet ratios 01.01.2013 - 31.12.2013

 Equity ratio [%]:               -167.53

 Liquidity ratio:                   0.23

 Return on total capital [%]:      -2.90

 

 Balance sheet ratios 01.01.2012 - 31.12.2012

 Equity ratio [%]:               -103.38

 Liquidity ratio:                   0.43

 Return on total capital [%]:     -39.57

 

 Balance sheet ratios 01.01.2011 - 31.12.2011

 Equity ratio [%]:                -82.45

 Liquidity ratio:                   0.41

 Return on total capital [%]:     -37.30

 

 Balance sheet ratios 01.01.2010 - 31.12.2010

 Equity ratio [%]:                -49.40

 Liquidity ratio:                   0.37

 Return on total capital [%]:     -52.60

 

 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         31,221,019.14

  Fixed assets                           EUR            346,865.00

   Intangible assets                     EUR             52,091.00

   Tangible assets                       EUR            285,351.00

   Financial assets                      EUR              9,423.00

    Other / unspecified financial assets EUR              9,423.00

  Current assets                         EUR         11,145,162.70

   Stocks                                EUR          2,355,869.26

    Raw materials, consumables and

    supplies                             EUR          2,033,130.12

    Finished goods / work in progress    EUR          1,982,044.65

    Advance payments made                EUR             42,813.37

    Minus received advance payments for

    orders / installments for stocks     EUR         -1,702,118.88

   Accounts receivable                   EUR          5,973,389.06

    Trade debtors                        EUR          5,134,443.51

    Amounts due from related companies   EUR            597,625.11

    Other debtors and assets             EUR            241,320.44

   Liquid means                          EUR          2,815,904.38

  Remaining other assets                 EUR         19,728,991.44

   Accruals (assets)                     EUR            204,204.04

   Deficit not covered by shareholders'

   equity                                EUR         19,524,787.40

 

 LIABILITIES                             EUR         31,221,019.14

  Shareholders' equity                   EUR                  0.00

   Capital                               EUR          1,900,000.00

    Subscribed capital (share capital)   EUR          1,900,000.00

   Reserves                              EUR         14,740,000.00

    Capital reserves                     EUR         14,740,000.00

   Balance sheet profit/loss (+/-)       EUR        -36,164,787.40

    Profit / loss brought forward        EUR        -35,826,226.04

    Annual surplus / annual deficit      EUR           -338,561.36

   Other shareholders' equity (+/-)      EUR         19,524,787.40

    Deficit not covered by shareholders'

    equity                               EUR         19,524,787.40

  Provisions                             EUR          2,231,789.81

   Other / unspecified provisions        EUR          2,231,789.81

  Liabilities                            EUR         28,895,631.90

   Other liabilities                     EUR         28,895,631.90

    Trade creditors (for IAS incl. bills

    of exchange)                         EUR          1,596,202.29

    Liabililties due to related companiesEUR         27,129,337.40

    Unspecified other liabilities        EUR            170,092.21

  Other liabilities                      EUR             93,597.43

   Deferrals (liabilities)               EUR             93,597.43

 

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

 Code (HGB)

  Gross result (+/-)                     EUR         11,919,417.27

  Staff expenses                         EUR          6,762,808.76

   Wages and salaries                    EUR          5,731,781.01

   Social security contributions and

   expenses for pension plans and

   benefits                              EUR          1,031,027.75

  Total depreciation                     EUR             86,721.36

  Other operating expenses               EUR          5,559,659.51

  Operating result from continuing

  operations                             EUR           -489,772.36

  Interest result (+/-)                  EUR            154,981.73

   Interest and similar income           EUR            244,419.65

   Interest and similar expenses         EUR             89,437.92

  Financial result (+/-)                 EUR            154,981.73

  Result from ordinary operations (+/-)  EUR           -334,790.63

  Other taxes / refund of taxes          EUR             -3,770.73

  Tax (+/-)                              EUR             -3,770.73

  Annual surplus / annual deficit        EUR           -338,561.36

 

 Type of balance

 sheet:               Company balance sheet

 

 Financial year:      01.01.2012 - 31.12.2012

 

 ASSETS                                  EUR         37,782,650.75

  Fixed assets                           EUR            274,211.00

   Intangible assets                     EUR             38,917.00

   Tangible assets                       EUR            225,871.00

   Financial assets                      EUR              9,423.00

  Current assets                         EUR         18,200,700.82

   Stocks                                EUR          2,485,206.50

    Raw materials, consumables and

    supplies                             EUR          1,987,862.22

    Finished goods / work in progress    EUR          1,856,514.30

    Advance payments made                EUR            495,000.00

    Minus received advance payments for

    orders / installments for stocks     EUR         -1,854,170.02

   Accounts receivable                   EUR         14,865,339.16

    Trade debtors                        EUR          6,919,231.75

    Amounts due from related companies   EUR          7,771,251.68

    Other debtors and assets             EUR            174,855.73

   Liquid means                          EUR            850,155.16

  Remaining other assets                 EUR         19,307,738.93

   Accruals (assets)                     EUR            121,512.89

   Deficit not covered by shareholders'

   equity                                EUR         19,186,226.04

 

 LIABILITIES                             EUR         37,782,650.75

  Shareholders' equity                   EUR                  0.00

   Capital                               EUR          1,900,000.00

    Subscribed capital (share capital)   EUR          1,900,000.00

   Reserves                              EUR         14,740,000.00

    Capital reserves                     EUR         14,740,000.00

   Balance sheet profit/loss (+/-)       EUR        -35,826,226.04

    Profit / loss brought forward        EUR        -28,475,973.04

    Annual surplus / annual deficit      EUR         -7,350,253.00

   Other shareholders' equity (+/-)      EUR         19,186,226.04

    Deficit not covered by shareholders'

    equity                               EUR         19,186,226.04

  Provisions                             EUR          2,024,200.47

   Other / unspecified provisions        EUR          2,024,200.47

  Liabilities                            EUR         35,758,450.28

   Financial debts                       EUR          1,500,000.00

    Liabilities due to banks             EUR          1,500,000.00

   Other liabilities                     EUR         34,258,450.28

    Trade creditors (for IAS incl. bills

    of exchange)                         EUR          1,093,041.82

    Liabililties due to related companiesEUR         32,892,105.03

    Unspecified other liabilities        EUR            273,303.43

  Guarantees and other commitments       EUR          1,211,000.00

   Guarantees / warranties               EUR          1,211,000.00

    Guarantees                           EUR          1,211,000.00

 

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

 Code (HGB)

  Gross result (+/-)                     EUR          7,097,856.23

  Staff expenses                         EUR          8,505,935.50

   Wages and salaries                    EUR          7,338,746.09

   Social security contributions and

   expenses for pension plans and

   benefits                              EUR          1,167,189.41

  Total depreciation                     EUR             99,740.31

  Other operating expenses               EUR          5,629,666.69

  Operating result from continuing

  operations                             EUR         -7,137,486.27

  Interest result (+/-)                  EUR           -200,909.93

   Interest and similar income           EUR            120,029.34

   Interest and similar expenses         EUR            320,939.27

  Financial result (+/-)                 EUR           -200,909.93

  Result from ordinary operations (+/-)  EUR         -7,338,396.20

  Other taxes / refund of taxes          EUR            -11,856.80

  Tax (+/-)                              EUR            -11,856.80

  Annual surplus / annual deficit        EUR         -7,350,253.00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.28

UK Pound

1

Rs.96.21

Euro

1

Rs.70.60

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.