MIRA INFORM REPORT

 

 

Report No. :

303079

Report Date :

20.01.2015

 

 

IDENTIFICATION DETAILS

 

Name :

SIXTY RETAIL GERMANY GMBH

 

 

Registered Office :

Kurhessenstr. 1 D 64546 Mörfelden-Walldorf

 

 

Country :

Germany

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

22.08.2012

 

 

Com. Reg. No.:

HRB 92812

 

 

Legal Form :

Private limited company

 

 

Line of Business :

·         Subject is Manufacturer of other textiles n.e.c.

·         Wholesale of textiles

·         Retail sale of textiles

 

 

No. of Employee :

Not Available

 

 

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 :

Unknown

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

 

 SIXTY RETAIL GERMANY GMBH

 

 Company Status:         active

                                    Kurhessenstr. 1

                                    D 64546 Mörfelden-Walldorf

                                    Telephone:06105/9793179

                                    E-mail:   deutschland@sixty.net

 

 

CONCLUSION

 

Business relations are permissible.

 

 

Comapny summary

 

Legal Form                               Private limited company

Date of foundation:                   22.08.2012

Shareholders' agreement:          22.08.2012

Registered on:                          10.01.2014

Commercial Register:                Local court 64283 Darmstadt

under:                                                   HRB 92812

Share capital:                            EUR             25,000.00

 

 

Shareholder                       

 

SIXTY EUROPE S.A.                                        

2. Avenue Charles de Gaulles                                                    

L L-1653 Luxembur

Legal form:                               Other legal form

Share:                                       EUR             25,000.00

 

 

Manager

                                                Andre Chen

                                                RC  Shanghai

                                                 having sole power of representation

                                                born: 09.02.1967

                                                Nationality: Chinese

 

 

COMPANY HISTORY

 

27.08.2012 - 22.11.2012             pertus Einundsechzigste GmbH

                                                Torstr. 138

                                                D 10119 Berlin

                                                Private limited company

 

22.11.2012 - 13.12.2012             Sixty Distribution Germany GmbH

                                                Speditionstr. 5

                                                D 40221 Düsseldorf

                                                Private limited company

 

13.12.2012 - 10.01.2014             Sixty Retail Germany GmbH

                                                Speditionstr. 5

                                                D 40221 Düsseldorf

                                                Private limited company

 

 

RESIGNED ACTING PERSONS AND HAREHOLDERS

 

10.12.2012 - 08.10.2013             Manager

                                                Shiu Leung Ho

                                                RC Hong Kong

 

06.09.2012 - 27.11.2012             Manager

                                                Cornelia Wendt

                                                D 10119 Berlin

 

 

BUSINESS ACTIVITIES

 

Main industrial sector

 

1399    Manufacture of other textiles n.e.c.

4641     Wholesale of textiles

47510   Retail sale of textiles

70109   Other activities of head offices

 

 

Financial Information

 

Payment experience:                Unknown

 

Negative information:               We have no negative information at hand.

 

Balance sheet year:                  2012

 

 

REAL ESTATE

 

Type of ownership:        Tenant

Address                        Kurhessenstr. 1

                                    D 64546 Mörfelden-Walldorf

 

Land register documents were not available.

 

 

BANKERS

 

 A bank connection is unknown.

 

 

FINANCIAL FIGURES

 

 Ac/ts receivable:                                  EUR            265,623.00

 Liabilities:                                EUR            888,258.00

 

The number of employees is not known.

 

 

BALANCE SHEETS

 

Balance sheet ratios                  22.08.2012 - 31.12.2012

Equity ratio [%]:                                    6.03

Liquidity ratio:                                       0.31

Return on total capital [%]:                     3.43

 

 

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:                                     22.08.2012 - 31.12.2012

 

ASSETS                                               EUR            962,272.50

Current assets                                       EUR            962,272.50

Stocks                                                  EUR            671,680.00

Accounts receivable                                          EUR            265,622.50

Liquid means                                        EUR             24,970.00

 

LIABILITIES                                                     EUR            962,272.50

Shareholders' equity                                          EUR             58,014.68

Capital                                                  EUR             25,000.00

Subscribed capital (share capital)           EUR             25,000.00

Balance sheet profit/loss (+/-)                EUR             33,014.68

Annual surplus / annual deficit                EUR             33,014.68

Provisions                                            EUR             16,000.00

Liabilities                                              EUR            888,257.82

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 61.84

UK Pound

1

Rs. 93.26

Euro

1

Rs. 71.56

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

 

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%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.