MIRA INFORM REPORT

Report No. :	504981
Report Date :	20.04.2018

IDENTIFICATION DETAILS

Name :	ESO-TEXTIL GMBH
Registered Office :	Eisenacher Landstr. 2, D 99986 Oberdorla
Country :	Germany
Financials (as on) :	31.12.2016
Date of Incorporation :	19.02.1992
Com. Reg. No.:	HRB 401555
Legal Form :	Private Limited Company
Line of Business :	· Manufacture of Uphostered Furniture · Wholesale of Textiles · Wholesale of Furniture, Carpets and Rugs and Lighting
No. of Employees :	90

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Excellent
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Germany	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 a large increase in 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 economic 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. The German Government introduced a minimum wage in 2015 that increased to $9.79 (8.84 euros) in January 2017.

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 2017 Germany reached a budget surplus of 0.7%. 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 during 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 largely with renewable energy, which accounted for 29.5% of gross electricity consumption in 2016, 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. Domestic consumption, investment, and exports are likely to drive German GDP growth in 2018, and the country’s budget and trade surpluses are likely to remain high.

Source : CIA

Company name and address

ESO-TEXTIL GMBH

Company Status: Active

Eisenacher Landstr. 2

D 99986 Oberdorla

Telephone:03601/753-0

Telefax: 03601/753-20

Homepage: www.eso-textil.de

E-mail: info@eso-textil.de

VAT no.

DE150373940

CONCLUSION

Business relations are permissible.

Company Summary

LEGAL FORM Private limited company

Date of foundation: 19.02.1992

Shareholders'

agreement: 19.02.1992

Registered on: 02.07.1992

Commercial Register: Local court 07745 Jena

under: HRB 401555

Share capital

EUR 25,564.60

Shareholder

Joseph Eckart Szabo

Erzbergerstr. 11

D 99752 Bleicherode

born: 19.02.1956

Share: EUR 8,691.96

Shareholder:

Christoph Machalke

Stöcken 7

D 96215 Lichtenfels

born: 26.03.1943

Share: EUR 8,436.32

Shareholder:

Pius Machalke

Kohlmarkt 7/1/5

A 1010 wien

born: 11.11.1950

Share: EUR 8,436.32

Manager:

Joseph Eckart Szabo

Erzbergerstr. 11

D 99752 Bleicherode

having sole power of representation

born: 19.02.1956

Profession: graduate engineer

Marital status: married

Further functions/participations of Joseph Eckart Szabo (Manager)

Manager:

ergomed GmbH

Eisenacher Landstr. 2

D 99986 Oberdorla

Legal form: Private limited company

Share capital: EUR 25,500.00

Registered

on: 02.12.2002

Reg. data: 07745 Jena, HRB 405671

COMPANY HISTORY

Company name and legal form

10.02.1994 - 28.03.2006 ESO-Textil GmbH (AG Mühlhausen, HRB

1555)

Eisenacher Landstr. 2

D 99986 Oberdorla

Private limited company

19.02.1992 - 09.02.1994 ESO-Textil GmbH (AG Erfurt, HRB 4450)

Eisenacher Landstr. 2

D 99986 Oberdorla

Private limited company

BUSINESS ACTIVITIES

Main industrial sector

31091 Manufacture of uphostered furniture

Secondary industrial sector

4641 Wholesale of textiles

46470 Wholesale of furniture, carpets and rugs and lighting

FINANCIAL INFORMATION

Payment experience: cash discount/within agreed terms

Negative information:We have no negative information at hand.

Balance sheet year: 2016

REAL ESTATE

Type of ownership: Tenant

Address Eisenacher Landstr. 2

D 99986 Oberdorla

Land register documents were not available.

BANKERS

Principal bank

COMMERZBANK VORMALS DRESDNER BANK, 99961 MÜHLHAUSEN/THÜRINGEN

Sort. code: 82080000

BIC: DRESDEFF827

Further banks

SPARKASSE UNSTRUT-HAINICH, 99962 MÜHLHAUSEN/THÜRINGEN

Sort. code: 82056060

BIC: HELADEF1MUE

UNICREDIT BANK - HYPOVEREINSBANK, 95326 KULMBACH

Sort. code: 77120073

BIC: HYVEDEMM289

FINANCIAL FIGURES

Turnover: 2016 *EUR 14,962,500.00

Ac/ts receivable: EUR 584,932.00

Liabilities: EUR 970,449.00

Total numbers of vehicles: 8

- Lorries: 4

- Passenger cars: 4

Employees: 90

The business figures marked with an asterisk are estimates based on average values in the line of business.

BALANCE SHEETS

Balance sheet ratios 01.01.2016 - 31.12.2016

Equity ratio [%]: 44.93

Liquidity ratio: 0.78

Return on total capital [%]: 3.87

Balance sheet ratios 01.01.2015 - 31.12.2015

Equity ratio [%]: 41.94

Liquidity ratio: 0.79

Return on total capital [%]: -3.49

Balance sheet ratios 01.01.2014 - 31.12.2014

Equity ratio [%]: 45.51

Liquidity ratio: 0.76

Return on total capital [%]: 0.53

Balance sheet ratios 01.01.2013 - 31.12.2013

Equity ratio [%]: 45.36

Liquidity ratio: 0.80

Return on total capital [%]: 2.10

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: 01.01.2016 - 31.12.2016

ASSETS EUR 1,986,101.43

Fixed assets EUR 604,374.98

Intangible assets EUR 2,686.00

Tangible assets EUR 592,016.00

Financial assets EUR 9,672.98

Current assets EUR 1,381,726.45

Stocks EUR 573,747.26

Accounts receivable EUR 584,932.46

Liquid means EUR 223,046.73

LIABILITIES EUR 1,986,101.43

Shareholders' equity EUR 893,160.86

Capital EUR 25,564.59

Subscribed capital (share capital) EUR 25,564.59

Balance sheet profit/loss (+/-) EUR 867,596.27

Balance sheet profit / loss EUR 867,596.27

Provisions EUR 122,491.55

Liabilities EUR 970,449.02

Type of balance

sheet: Company balance sheet

Origin of the present

balance sheet: electronic German Federal Gazette

Financial year: 01.01.2015 - 31.12.2015

ASSETS EUR 1,941,904.11

Fixed assets EUR 593,394.98

Intangible assets EUR 7,103.00

Tangible assets EUR 576,619.00

Financial assets EUR 9,672.98

Other / unspecified financial assets EUR 9,672.98

Current assets EUR 1,348,509.13

Stocks EUR 554,725.02

Accounts receivable EUR 639,566.84

Liquid means EUR 154,217.27

LIABILITIES EUR 1,941,904.11

Shareholders' equity EUR 816,402.24

Capital EUR 25,564.59

Subscribed capital (share capital) EUR 25,564.59

Balance sheet profit/loss (+/-) EUR 790,837.65

Balance sheet profit / loss EUR 790,837.65

Provisions EUR 159,996.98

Liabilities EUR 965,504.89

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.78
UK Pound	1	INR 93.42
Euro	1	INR 81.39
EUR	1	INR 81.53

Note: Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	NIT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.