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Report No. : |
350292 |
|
Report Date : |
21.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
MORE & MORE AG |
|
|
|
|
Registered Office : |
Schorn 1, D 82319 Starnberg, Post Box:
15 68 |
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|
|
|
Country : |
Germany |
|
|
|
|
Financials (as on) : |
31.12.2013 |
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|
|
|
Date of Incorporation : |
01.01.1979 |
|
|
|
|
Com. Reg. No.: |
HRB 132852 |
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|
|
|
Legal Form : |
Public Limited Company |
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|
|
|
Line of Business : |
· Manufacture of women's and girls' outerwear · Wholesale of clothing · Retail sale of clothing |
|
|
|
|
No. of Employees : |
352 |
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 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 |
MORE & MORE AG
Company Status: active
Schorn 1
D 82319 Starnberg
Post Box:
15 68
Telephone:08178/908-0
Telefax:
08178/908-509
Homepage:
www.more-and-more.com
E-mail:
service@more-and-more.de
VAT
no.: DE129419745
Business relations are permissible.
LEGAL FORM Public limited company
Date of foundation: 01.01.1979
Registered on: 28.08.2000
Commercial Register: Local court 80333 München
under: HRB 132852
Share capital: EUR 3,586,000.00
Member of the Board of Directors:
Karl Heinz Mohr
Possenhofener Str. 101
D 82319 Starnberg
born: 08.11.1951
Profession: Textile
merchant
Marital status: married
President of the Supervisory Board:
Dr. Gerd Wernekke
Wilhelmshöhenstr. 43
D 82319 Starnberg
born: 28.09.1943
Profession: Fully
qualified merchant
Marital status: married
Vice-president of the Supervisory Board:
Dr. Rainer Salfeld
Keltenstr. 33
D 82343 Pöcking
Profession: Lawyer
Marital status: unknown
Member of the Supervisory Board:
Yasar Esgin
TR 34077 Eyüp
born: 24.11.1954
Nationality: Turkish
Marital status: unknown
Proxy:
Joachim Bertele
D 93047 Regensburg
authorized to jointly
represent the company
born: 16.02.1971
Further functions/participations of Karl Heinz
Mohr (Member of
the
Board of Directors)
Shareholder:
MM Beteiligungs GmbH
Schorn 1
D 82319 Starnberg
Legal form: Private
limited company
Share capital: EUR 25,000.00
Share: EUR 25,000.00
Registered
on: 27.10.2003
Reg. data: 80333 München, HRB 149623
Manager:
MM Beteiligungs GmbH
Schorn 1
D 82319 Starnberg
Legal form: Private
limited company
Share capital: EUR 25,000.00
Registered
on: 27.10.2003
Reg. data: 80333 München, HRB 149623
01.01.1979 - 08.10.1982 Karl-Heinz Mohr
D 80333 München
Private limited
company
08.10.1982 - 19.03.1991 "more & more" Textilvertriebs
GmbH
D 80331 München
Private limited
company
19.03.1991 - 01.01.1996 "more & more" Textilvertriebs
GmbH
Fraunhoferstr. 8
D 82152 Planegg
Private limited
company
19.08.1997 - 28.08.2000 "more & more" Textilvertriebs
GmbH (AG
München, HRB 69388)
Emslander Str.3
D 82319 Starnberg
Private limited
company
28.08.2000 - 20.11.2000 More & More AG
Emslander Str.3
D 82319 Starnberg
Public limited company
21.03.2003 - 19.07.2004 More & More AG
Emslanderstr. 3
D 82319 Starnberg
Public limited
company
03.06.2008 - 09.05.2014 Vice-president of the Supervisory Board
Dr. Markus Brixle
D 80801 München
03.06.2008 - 26.09.2013 Member of the Supervisory Board
Horst Michel
D 80331 München
Main industrial sector
14132
Manufacture of women's and girls' outerwear
46421
Wholesale of clothing
47710
Retail sale of clothing
Branch:
More & More AG
Flinger Str. 50
D 40213 Düsseldorf
TEL.: 0211/1365521
Payment experience: within periods customary in this trade
Negative information: We have no negative information
at hand.
Balance sheet year: 2013
PMI: No significant / relevant
payment experience
information pertaining to
the company
inquired upon is shown in
the Deutscher
Debitoren Monitor (DDMonitor).
Type of ownership: Tenant
Address Schorn 1
D 82319 Starnberg
Land register documents were not available.
Principal bank
COMMERZBANK
VORMALS DRESDNER BANK, 80273 MÜNCHEN
Sort. code: 70080000, Account no.: 341599500
BIC: DRESDEFF700, IBAN: DE39700800000341599500
Further banks
BAYERISCHE LANDESBANK, 80277 MÜNCHEN
Sort. code: 70050000, Account no.: 1185104
BIC: BYLADEMMXXX, IBAN: DE25700500000001185104
DZ
BANK, 80268 MÜNCHEN
Sort. code: 70160000, Account no.: 103237
BIC: GENODEFF701, IBAN: DE21701600000000103237
Turnover: 2013 EUR 44,557,879.00
2014 EUR 45,000,000.00
Profit: 2013 EUR -1,592,174.00
further business figures:
Equipment: EUR 2,776,315.00
Ac/ts receivable: EUR 11,381,046.00
Liabilities: EUR 20,735,817.00
Employees:
352
-
thereof permanent staff: 275
Balance
sheet ratios 01.01.2013 - 31.12.2013
Equity ratio [%]: -8.89
Liquidity ratio: 0.58
Return on total capital [%]: -7.79
Balance sheet ratios 01.01.2012 - 31.12.2012
Equity ratio [%]: 0.65
Liquidity ratio: 0.59
Return on total capital [%]: 6.37
Balance sheet ratios 01.01.2011 - 31.12.2011
Equity ratio [%]: -25.52
Liquidity ratio: 0.38
Return on total capital [%]: -9.74
Balance
sheet ratios 01.01.2010 - 31.12.2010
Equity ratio [%]: 9.25
Liquidity ratio: 0.52
Return on total capital [%]: -16.99
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
Origin of the present
balance sheet: electronic German Federal Gazette
Financial year: 01.01.2013 - 31.12.2013
ASSETS EUR 23,106,072.01
Fixed assets
EUR 3,740,249.42
Intangible assets
EUR 32,911.00
Concessions, licences, rights EUR 26,436.00
Goodwill
EUR 6,475.00
Tangible assets
EUR 2,776,315.00
Other tangible assets / fixtures and
fittings
EUR 2,776,315.00
Financial assets
EUR 931,023.42
Shares in participations /
subsidiaries and the like
EUR 326,186.02
Shares in related companies
EUR 326,186.02
Other loans
EUR 604,837.40
Current assets
EUR 16,471,993.72
Stocks
EUR 4,974,639.29
Raw materials, consumables and
supplies EUR 5,000.00
Finished goods / work in progress
EUR 4,338,435.15
Advance payments made
EUR 631,204.14
Accounts receivable
EUR 11,381,046.29
Trade debtors
EUR 1,980,521.01
Amounts due from investee companies
EUR 2,752,830.00
Other debtors and assets
EUR 6,647,695.28
Liquid means
EUR 116,308.14
Remaining
other assets EUR 2,893,828.87
Accruals (assets)
EUR 231,968.12
Deferred taxes (assets)
EUR 1,794,000.00
Deficit not covered by shareholders'
equity EUR 867,860.75
LIABILITIES EUR 23,106,072.01
Shareholders' equity
EUR 0.00
Capital
EUR 3,144,000.00
Subscribed capital (share capital)
EUR 3,144,000.00
Reserves
EUR 314,400.00
Capital reserves
EUR 256,320.00
Retained earnings / revenue reserves EUR 58,080.00
Balance sheet profit/loss (+/-)
EUR -4,326,260.75
Balance sheet profit / loss
EUR -4,326,260.75
Other shareholders' equity (+/-)
EUR 867,860.75
Deficit not covered by shareholders'
equity
EUR 867,860.75
Provisions
EUR 2,370,255.00
Pension provisions and comparable
provisions
EUR 854,610.00
Provisions for taxes EUR 129,320.00
Other / unspecified provisions
EUR 1,386,325.00
Liabilities
EUR 20,735,817.01
thereof total due to shareholders
EUR 852,109.18
Financial debts
EUR 10,479,739.85
Liabilities due to banks
EUR 2,479,739.85
Loans / obligations / debentures
EUR 8,000,000.00
Other liabilities
EUR 10,256,077.16
Trade creditors (for IAS incl. bills
of exchange)
EUR 2,934,115.73
Notes payable
EUR 2,933,202.33
Liabililties due to related companiesEUR 202,978.81
Unspecified other liabilities
EUR 4,185,780.29
thereof liabilities from tax /
financial authorities
EUR 540,565.32
thereof liabilities from social
security
EUR 1,006.28
PROFIT AND LOSS ACCOUNT (cost-summary method)
according to Comm.
Code
(HGB)
Sales
EUR 44,557,879.25
Other operating income
EUR 1,446,665.76
Cost of materials
EUR 20,279,352.78
Raw materials and supplies, purchased
goods
EUR 20,279,352.78
Gross result (+/-)
EUR 25,725,192.23
Staff expenses
EUR 9,187,669.92
Wages and salaries
EUR 7,635,523.15
Social security contributions and
expenses for pension plans and
benefits
EUR 1,552,146.77
Total depreciation
EUR 611,189.54
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus.
EUR 611,189.54
Other operating expenses
EUR 16,774,120.70
Operating result from continuing
operations
EUR -847,787.93
Interest result (+/-)
EUR -696,020.05
Interest and similar income
EUR 289,019.87
Interest and similar expenses EUR 985,039.92
Financial result (+/-)
EUR -696,020.05
Result from ordinary operations (+/-)
EUR -1,543,807.98
Income tax / refund of income tax (+/-)EUR -40,490.78
Other taxes / refund of taxes
EUR -7,875.00
Tax
(+/-)
EUR -48,365.78
Annual surplus / annual deficit
EUR -1,592,173.76
Type
of balance
sheet: Company balance sheet
Origin of the present
balance sheet: electronic German Federal Gazette
Financial year: 01.01.2012 - 31.12.2012
ASSETS EUR 20,006,340.42
Fixed assets
EUR 3,499,546.91
Intangible
assets EUR 49,984.00
Concessions, licences, rights
EUR 39,418.00
Goodwill
EUR 10,566.00
Tangible assets
EUR 2,551,271.49
Other tangible assets / fixtures and
fittings
EUR 2,551,271.49
Financial assets
EUR 898,291.42
Shares in participations /
subsidiaries and the like
EUR 326,186.02
Shares in related companies
EUR 326,186.02
Other loans
EUR 572,105.40
Current assets
EUR 14,674,322.51
Stocks EUR 5,065,632.36
Raw materials, consumables and
supplies
EUR 5,000.00
Finished goods / work in progress
EUR 4,144,747.62
Advance payments made
EUR 915,884.74
Accounts receivable
EUR 9,529,996.54
Trade debtors
EUR 2,095,371.81
Amounts due from investee companies
EUR 2,997,967.70
Other debtors and assets EUR
4,436,657.03
Liquid means
EUR 78,693.61
Remaining other assets
EUR 1,832,471.00
Accruals (assets)
EUR 38,471.00
Deferred taxes (assets)
EUR 1,794,000.00
LIABILITIES EUR 20,006,340.42
Shareholders' equity
EUR 724,313.01
Capital
EUR 3,144,000.00
Subscribed
capital (share capital) EUR 3,144,000.00
Reserves
EUR 314,400.00
Capital reserves
EUR 256,320.00
Retained earnings / revenue reserves EUR 58,080.00
Balance sheet profit/loss (+/-)
EUR -2,734,086.99
Balance sheet profit / loss
EUR -2,734,086.99
Provisions
EUR 1,851,208.00
Pension provisions and comparable
provisions
EUR 778,938.00
Provisions for taxes
EUR 84,320.00
Other / unspecified provisions
EUR 987,950.00
Liabilities
EUR 17,430,819.41
Financial debts
EUR 5,292,674.55
Liabilities due to banks
EUR 5,292,674.55
Other liabilities
EUR 12,138,144.86
Trade creditors (for IAS incl. bills
of exchange)
EUR 4,081,426.28
Notes payable
EUR 2,918,957.89
Liabilities from received advance
payments
EUR 3,401.99
Liabilities due to shareholders
EUR 1,198,394.62
Liabililties due to related companiesEUR 203,478.81
Unspecified other liabilities
EUR 3,732,485.27
thereof liabilities from tax /
financial authorities
EUR 1,095,864.15
thereof liabilities from social
security
EUR 0.00
Guarantees and other commitments
EUR 4,497,000.00
Discounted bills of exchange
EUR 2,919,000.00
Guarantees / warranties
EUR 1,578,000.00
Guarantees
EUR 1,578,000.00
PROFIT AND LOSS ACCOUNT (cost-summary method)
according to Comm.
Code
(HGB)
Sales
EUR 45,189,388.62
Other operating income
EUR 2,034,512.03
Cost of materials
EUR 20,624,437.49
Raw materials and supplies, purchased
goods
EUR 20,624,437.49
Gross result (+/-)
EUR 26,599,463.16
Staff expenses
EUR 9,325,863.22
Wages and salaries
EUR 7,794,583.49
Social security contributions and
expenses for pension plans and
benefits
EUR 1,531,279.73
Total depreciation
EUR 533,673.94
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus. EUR 533,673.94
Other operating expenses
EUR 15,112,605.10
Operating result from continuing
operations
EUR 1,627,320.90
Interest result (+/-) EUR -465,307.22
Interest and similar income
EUR 178,666.98
Interest and similar expenses
EUR 643,974.20
Financial result (+/-)
EUR -465,307.22
Result from ordinary operations (+/-)
EUR 1,162,013.68
Extraordinary income
EUR 3,300,000.00
Extraordinary result (+/-)
EUR 3,300,000.00
Income tax / refund of income tax (+/-)EUR 5,035.41
Other
taxes / refund of taxes EUR -8,482.00
Tax
(+/-)
EUR -3,446.59
Annual surplus / annual deficit
EUR 4,458,567.09
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.09 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.70.85 |
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.