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MIRA INFORM REPORT
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Report No. : |
487771 |
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Report Date : |
23.01.2018 |
IDENTIFICATION DETAILS
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Name : |
CORSINA EUROPE GMBH |
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Registered Office : |
Marsstr. 40, D 80335 München |
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Country : |
Germany |
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Financials (as on) : |
31.12.2015 |
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Date of Incorporation : |
02.09.1969 |
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Com. Reg. No.: |
HRB 41744 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
·
Manufacture
of Corsetry ·
Wholesale
of Textiles |
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No. of Employees : |
77 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Germany |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 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, bolstered by low energy prices and a weak euro, and exports are likely to drive German GDP growth again in 2018.
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Source
: CIA |
company
name and address
CORSINA
EUROPE GMBH
Company Status: Active
Marsstr. 40
D 80335 München
Telephone:089/5522470
Telefax: 089/55224799
Homepage: www.dorina.de
E-mail: info@corsina.eu
VAT
No.
DE129399561
CONCLUSION
Business relations are permissible.
Company
Summary
LEGAL FORM Private
Limited Company
Date of foundation: 02.09.1969
Shareholders'
agreement: 02.09.1969
Registered on: 02.09.1969
Commercial Register: Local court 80333 München
under: HRB
41744
Share
capital
EUR 51,129.19
Shareholder:
Corsina International AG
CH Bad Zurzach
Legal form: Other legal
form
Share: EUR 51,129.19
Manager:
Steffen Gentner
D 73540 Heubach
born: 01.05.1984
Proxy:
Ursula Marek
D 82380 Peißenberg
authorized to jointly
represent the company
born: 17.02.1964
Proxy:
Britta Dietze
D 84574 Taufkirchen
authorized to jointly represent the
company
born: 06.10.1978
COMPANY
HISTORY
Company name and legal form
20.03.2008 - 21.03.2016 Corsina Europe GmbH
Werinherstr. 45 Haus
C 3.
D 81541 München
Private limited
company
28.07.1998 - 20.03.2008 Dorina Textil GmbH
Werinherstr. 45 Haus
C 3.
D 81541 München
Private limited company
02.09.1969 - 28.07.1998 Kosmos Textil-Handels GmbH
Schwanthalerstr. 2-6
D 80336 München
Private limited
company
RESIGNED ACTING PERSONS AND SHAREHOLDERS
27.03.2015 - 21.07.2017 Manager
Martin Kemmler
D 89134 Blaustein
14.03.2002 - 21.03.2016 Manager
Ulrich Daiss
D 70173 Stuttgart
08.03.2011 - 22.06.2015 Manager
Dr. Mathias Klaus Olav
Kerp
A Feldkirch
BUSINESS
ACTIVITIES
Main industrial sector
14143
Manufacture of corsetry
46410
Wholesale of textiles
BRANCHES
AND FACTORIES
Branch:
Corsina Europe GmbH
Denisstr. 1
D 80335 München
TEL.: 089/552247-0
Branch:
Corsina Europe GmbH
Alte Steige 2
D 73540 Heubach
TEL.: 07173/1826-0
FAX.: 07173/1826-182
Branch:
Corsina Europe GmbH
Burgstallstr. 7
D 73431 Aalen
TEL.: 07361/56120
FINANCIAL
INFORMATION
Payment experience: within periods customary in this trade
Negative information:We have no negative
information at hand.
Balance sheet year: 2015
REAL
ESTATE
Type of ownership: Tenant
Address Marsstr.
40
D 80335 München
Land register documents were not available.
BANKERS
DEUTSCHE BANK, 73502 SCHWÄBISCH GMÜND
Sort. code: 61370086, Account no.: 0221499
BIC: DEUTDESS613, IBAN: DE73613700860022149900
COMMERZBANK VORMALS DRESDNER BANK, 80273
MÜNCHEN
Sort. code: 70080000
BIC: DRESDEFF700
FINANCIAL
FIGURES
Equipment: EUR 73,270.00
Ac/ts receivable: EUR 6,488,394.00
Liabilities: EUR 30,080,013.00
Employees:
77
-
thereof permanent staff: 77
BALANCE SHEETS
Balance
sheet ratios 01.01.2015 - 31.12.2015
Equity ratio [%]: 11.81
Liquidity ratio: 0.30
Return on total capital [%]: -6.39
Balance sheet ratios 01.01.2014 - 31.12.2014
Equity ratio [%]: 26.53
Liquidity ratio: 0.39
Return on total capital [%]: 1.90
Balance sheet ratios 01.01.2013 - 31.12.2013
Equity ratio [%]: 26.68
Liquidity ratio: 0.33
Return on total capital [%]: 2.31
Balance sheet ratios 01.01.2012 - 31.12.2012
Equity ratio [%]: 21.39
Liquidity ratio: 0.39
Return on total capital [%]: 4.25
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: 01.01.2015 - 31.12.2015
ASSETS EUR 35,999,796.68
Fixed assets
EUR 73,561.68
Intangible assets
EUR 291.67
Concessions, licences, rights
EUR 291.67
Tangible assets
EUR 73,270.01
Other tangible assets / fixtures and
fittings
EUR 73,270.01
Current assets
EUR 35,924,541.00
Stocks
EUR 20,990,941.26
Finished
goods / work in progress EUR 20,990,941.26
Accounts receivable
EUR 6,488,394.05
thereof total due from shareholders
EUR 0.00
Trade debtors
EUR 4,647,009.67
Amounts due from related companies
EUR 732,586.36
Other debtors and assets
EUR 1,108,798.02
Liquid means
EUR 8,445,205.69
Remaining other assets
EUR 1,694.00
Accruals (assets)
EUR 1,694.00
LIABILITIES EUR 35,999,796.68
Shareholders' equity
EUR 4,253,216.19
Capital EUR 51,129.19
Subscribed capital (share capital)
EUR 51,129.19
Reserves
EUR 3,019,135.82
Capital reserves
EUR 3,000,000.00
Retained earnings / revenue reserves EUR 19,135.82
Balance sheet profit/loss (+/-)
EUR 1,182,951.18
Profit / loss brought forward
EUR 3,484,761.95
Annual surplus / annual deficit
EUR -2,301,810.77
Provisions
EUR 1,618,889.38
Other / unspecified provisions
EUR 1,618,889.38
Liabilities
EUR 30,080,012.79
thereof total due to shareholders
EUR 0.00
Other liabilities
EUR 30,080,012.79
Trade creditors (for IAS incl. bills
of exchange)
EUR 9,208,456.13
Liabililties due to related companiesEUR 20,731,344.64
Unspecified other liabilities
EUR 140,212.02
thereof liabilities from tax /
financial authorities
EUR 55,817.16
thereof liabilities from social
security
EUR 56,981.69
Other liabilities
EUR 47,678.32
Deferred taxes (not included under
provisions/liabilities)
EUR 47,678.32
PROFIT AND LOSS ACCOUNT (cost-summary method)
according to Comm.
Code
(HGB)
Sales
EUR 61,141,470.92
Other operating income
EUR 669,831.60
Cost of materials
EUR 52,256,310.71
Raw materials and supplies, purchased
goods EUR 52,256,310.71
Gross result (+/-)
EUR 9,554,991.81
Staff expenses
EUR 5,338,204.29
Wages and salaries
EUR 4,575,811.61
Social security contributions and
expenses for pension plans and
benefits
EUR 762,392.68
Total depreciation
EUR 56,829.24
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus.
EUR 56,829.24
Other operating expenses
EUR 6,535,530.75
Operating result from continuing
operations
EUR -2,375,572.47
Interest result (+/-)
EUR 11,817.53
Interest and similar income
EUR 14,434.77
thereof from related companies
EUR 0.00
Interest and similar expenses
EUR 2,617.24
thereof paid to related companies
EUR 0.00
Financial result (+/-)
EUR 11,817.53
Result from ordinary operations (+/-)
EUR -2,363,754.94
Income tax / refund of income tax (+/-)EUR 65,855.17
Other taxes / refund of taxes
EUR -3,911.00
Tax
(+/-)
EUR 61,944.17
Annual surplus / annual deficit
EUR -2,301,810.77
Type
of balance
sheet: Company balance sheet
Origin of the present
balance sheet: electronic German Federal Gazette
Financial year: 01.01.2014 - 31.12.2014
ASSETS EUR 24,711,354.92
Fixed assets EUR 143,725.94
Intangible assets
EUR 686.33
Concessions, licences, rights
EUR 686.33
Tangible assets
EUR 143,039.61
Other
tangible assets / fixtures and
fittings
EUR 143,039.61
Current assets
EUR 24,565,549.98
Stocks
EUR 17,439,905.87
Finished goods / work in progress
EUR 17,439,905.87
Accounts receivable
EUR 6,420,560.91
Trade debtors
EUR 5,431,714.49
Amounts due from related companies
EUR 86,728.08
Other
debtors and assets EUR 902,118.34
Liquid means
EUR 705,083.20
Remaining other assets
EUR 2,079.00
Accruals (assets)
EUR 2,079.00
LIABILITIES EUR 24,711,354.92
Shareholders' equity
EUR 6,555,026.96
Capital
EUR 51,129.19
Subscribed capital (share capital)
EUR 51,129.19
Reserves
EUR 3,019,135.82
Capital reserves
EUR 3,000,000.00
Retained earnings / revenue reserves EUR 19,135.82
Balance sheet profit/loss (+/-)
EUR 3,484,761.95
Profit / loss brought forward
EUR 3,014,834.12
Annual surplus / annual deficit
EUR 469,927.83
Provisions
EUR 790,680.79
Other / unspecified provisions
EUR 790,680.79
Liabilities
EUR 17,361,101.55
Other liabilities
EUR 17,361,101.55
Trade creditors (for IAS incl. bills
of exchange) EUR 7,373,573.81
Liabililties due to related companiesEUR 9,833,526.85
Unspecified other liabilities
EUR 154,000.89
thereof liabilities from tax /
financial authorities
EUR 83,502.57
thereof liabilities from social
security
EUR 52,869.95
Other liabilities
EUR 4,545.62
Deferred taxes (not included under
provisions/liabilities) EUR 4,545.62
PROFIT AND LOSS ACCOUNT (cost-summary method)
according to Comm.
Code
(HGB)
Sales
EUR 59,032,896.27
Other operating income
EUR 420,125.82
Cost of materials
EUR 48,397,884.74
Raw materials and supplies, purchased
goods
EUR 48,397,884.74
Gross result (+/-)
EUR 11,055,137.35
Staff expenses EUR 4,627,598.07
Wages and salaries
EUR 3,888,369.13
Social security contributions and
expenses for pension plans and
benefits
EUR 739,228.94
Total depreciation
EUR 69,449.05
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus.
EUR 69,449.05
Other operating expenses
EUR 5,690,557.83
Operating result from continuing
operations
EUR 667,532.40
Interest result (+/-)
EUR 25,409.08
Interest and similar income
EUR 28,888.59
thereof
from related companies EUR 0.00
Interest and similar expenses
EUR 3,479.51
thereof paid to related companies
EUR 0.00
Financial result (+/-)
EUR 25,409.08
Result from ordinary operations (+/-)
EUR 692,941.48
Income tax / refund of income tax (+/-)EUR -218,270.65
Other taxes / refund of taxes
EUR -4,743.00
Tax
(+/-) EUR -223,013.65
Annual surplus / annual deficit
EUR 469,927.83
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.89 |
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|
1 |
INR 88.60 |
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Euro |
1 |
INR 78.12 |
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EUR |
1 |
INR 78.14 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.