MIRA INFORM REPORT

Report Date :

01.06.2012

IDENTIFICATION DETAILS

Name :	POGGENPOHL MABELWERKE GMBH
Registered Office :	Poggenpohlstrasse 1 Herford, 32051
Country :	Germany
Financials (as on) :	31.12.2010
Year of Establishment :	1892
Com. Reg. No.:	6777
Legal Form :	Private Subsidiary
Line of Business :	Manufacture of builders' carpentry and joinery
No. of Employees :	570

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Germany	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

Top of Form

Bottom of Form

Poggenpohl Mabelwerke GmbH

Poggenpohlstrasse 1
Herford, 32051
Germany
Tel:	(49) 52213810
Fax:	49 (5221) 381-321
www.poggenpohl.com

Employees:	570
Company Type:	Private Subsidiary
Corporate Family:	48 Companies
Ultimate Parent:	Nordea Bank AB
Incorporation Date:	1892

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2010
Reporting Currency:	Euro
Annual Sales:	84.1
Total Assets:	98.6

Business Description

Poggenpohl Möbelwerke GmbH is primarily engaged in manufacture of furniture for bedrooms, living rooms, gardens, etc. This class also includes: finishing of furniture such as spraying, painting, French polishing and upholstering except of chairs and seats.

Industry

Industry	Construction - Supplies and Fixtures
ANZSIC 2006:	1492 - Wooden Structural Fitting and Component Manufacturing
NACE 2002:	2030 - Manufacture of builders' carpentry and joinery
NAICS 2002:	337110 - Wood Kitchen Cabinet and Countertop Manufacturing
UK SIC 2003:	2030 - Manufacture of builders' carpentry and joinery
US SIC 1987:	2434 - Wood Kitchen Cabinets

Key Executives

Name	Title
Elmar Duffner	Managing Director
Matthias Weiss	Export
Thomas Wostbrock	Leiter-Einkauf & EDV
Hermann Josef Pöhls	Leiter-Technik
Claude Ampßler	Leiter-Personal

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location
Poggenpohlstrasse 1
Herford, 32051
Germany

Tel:	(49) 52213810
Fax:	49 (5221) 381-321

www.poggenpohl.com

Sales EUR(mil):	63.5
Assets EUR(mil):	73.5
Employees:	570
Fiscal Year End:	31-Dec-2010

Industry:	Construction - Supplies and Fixtures

Incorporation Date:	1892
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(DEU):	6777

Managing Director :	Elmar Duffner

Contents Industry Codes Business Description Brand/Trade Names Financial Data

Subsidiaries Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
2511	-	Wooden Furniture and Upholstered Seat Manufacturing
1912	-	Rigid and Semi-Rigid Polymer Product Manufacturing
1492	-	Wooden Structural Fitting and Component Manufacturing

NACE 2002 Codes:
3612	-	Manufacture of other office and shop furniture
2523	-	Manufacture of builders' ware of plastic
2030	-	Manufacture of builders' carpentry and joinery

NAICS 2002 Codes:
326191	-	Plastics Plumbing Fixture Manufacturing
337211	-	Wood Office Furniture Manufacturing
337110	-	Wood Kitchen Cabinet and Countertop Manufacturing

US SIC 1987:
2521	-	Wood Office Furniture
2434	-	Wood Kitchen Cabinets
3088	-	Plastics Plumbing Fixtures

UK SIC 2003:
2523	-	Manufacture of builders' ware of plastic
2030	-	Manufacture of builders' carpentry and joinery
3612	-	Manufacture of other office and shop furniture

Business Description

Manufacture and sale of kitchen furniture

More Business Descriptions

Kitchen & Bathroom Furnishings for Construction Related Industries

Poggenpohl Möbelwerke GmbH is primarily engaged in manufacture of furniture for bedrooms, living rooms, gardens, etc. This class also includes: finishing of furniture such as spraying, painting, French polishing and upholstering except of chairs and seats.

Wood Kitchen Cabinet and Countertop Manufacturing

Brand/Trade Names
Moderne Einbauküchen Bad-Möbel	Poggenpohl

Financial Data

Financials in:	EUR(mil)
Revenue:	63.5
Assets:	73.5
Current Assets:	36.9
Total Liabilities:	73.5
Issued Capital:	28.6
Net Worth:	49.4
Date of Financial Data:	31-Dec-2010

1 Year Growth

8.6%

NA

Subsidiaries

Company	Percentage Owned	Country
goldreif Möbelfabrik GmbH		Germany
OPTIFIT Jaka-Möbel Gesellschaft mit beschränkter Haftung		Germany
Möbelwerkstätten Josef Ritter GmbH		Germany
Poggenpohl Forum GmbH		Germany
WKF Wehdemer Komponenten Fertigung GmbH		Germany
OPTIFIT Jaka-Möbel GmbH	100%	GERMANY

Key Corporate Relationships

Bank:	Svenska Handelsbanken

Corporate Structure News

Poggenpohl Möbelwerke GmbH
Total Corporate Family Members: 48

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Nordea Bank AB	Parent	Stockholm	Sweden	Commercial Banks	22,247.3	32,557
Nordea Bank Finland Abp	Subsidiary	Helsinki	Finland	Commercial Banks	2.8	10,000
Nordea Finance Finland Ltd.	Subsidiary	Espoo	Finland	Rental and Leasing		500
Nordea Bank Finland Plc Eesti Filiaal	Branch	Tallinn	Estonia	Commercial Banks	164.5	376
Nordea Bank Lietuva	Subsidiary	Vilnius	Lithuania	Commercial Banks		330
Fidenta Oy	Subsidiary	Espoo	Finland	Consumer Financial Services	39.6	230
Nordea Bank Finland PLC	Branch	New York, NY	United States	Investment Services		150
Helsingen Pantti-Osakeyhtio	Subsidiary	Helsinki	Finland	Consumer Financial Services		50
Nordea Corporate Finance Oy	Subsidiary	Helsinki	Finland	Investment Services		20
Nordea Bank Sweden AB	Subsidiary	Stockholm	Sweden	Commercial Banks		9,000
Nordea Companies Finland	Subsidiary	Helsinki	Finland	Miscellaneous Financial Services		6,000
Nordea Bank Finland Plc	Subsidiary	London	United Kingdom	Consumer Financial Services		70
Nordea Bank Norway ASA	Subsidiary	Oslo	Norway	Consumer Financial Services		4,300
Nordea Norway A/S	Subsidiary	Oslo	Norway	Consumer Financial Services		1,000
Nordea Bank Norway ASA	Unit	Oslo	Norway	Real Estate Operations		500
Nordeakreditt A/S	Subsidiary	Oslo	Norway	Consumer Financial Services		300
Nordea Bank	Subsidiary	Alesund	Norway	Consumer Financial Services		150
Nordea Finans A/S	Subsidiary	Oslo	Norway	Consumer Financial Services		125
Nordea Liv AS	Subsidiary	Stockholm	Sweden	Consumer Financial Services		100
Nordea Bank Norge ASA	Unit	Oslo	Norway	Commercial Banks		75
Nordea Finans Norge AS	Subsidiary	Oslo	Norway	Commercial Banks		176
Vestbase AS	Subsidiary	Kristiansund, Møre og Romsdal	Norway	Oil and Gas Operations	82.7	140
Nordea Eiendomskdreditt AS	Subsidiary	Oslo	Norway	Consumer Financial Services		31
Nordea Investment Management	Subsidiary	Bergen	Norway	Consumer Financial Services	25.5	50
Nordea Companies Denmark	Subsidiary	Copenhagen	Denmark	Consumer Financial Services		3,000
Nordea Bank Danmark A/S	Subsidiary	Copenhagen K	Denmark	Commercial Banks		7,280
Nordea Finans Danmark A/S	Subsidiary	Taastrup	Denmark	Consumer Financial Services		164
Nordea Kredit Realkreditaktieselskab	Subsidiary	København C	Denmark	Consumer Financial Services		138
Nordea Investment Denmark	Subsidiary	Copenhagen	Denmark	Investment Services	22.5
Nordea Bank Polska SA	Subsidiary	Gdynia	Poland	Commercial Banks	468.2	2,283
Nordea Bank SA	Subsidiary	Luxembourg	Luxembourg	Commercial Banks		380
Nordea Bank A/S	Subsidiary	Frankfurt Am Main, Hessen	Germany	Consumer Financial Services	1.0	35
Nordea Bank Moscow	Subsidiary	Moscow	Russian Federation	Consumer Financial Services		15
Nordea Bank SA	Subsidiary	Fuengirola	Spain	Consumer Financial Services		3
Nordea Bank	Subsidiary	Brussels	Belgium	Investment Services		1
Poggenpohl Möbelwerke GmbH	Subsidiary	Herford, Nordrhein-Westfalen	Germany	Construction - Supplies and Fixtures	84.1	570
Nordea Liv & Pension, Livsforsikringsselskab A/S	Subsidiary	Ballerup	Denmark	Investment Services		535
Nordea Bank SA	Subsidiary	Findel	Luxembourg	Commercial Banks		400
Nordea Bank SA, Luxemburg, Zweigniederlassung Zürich	Branch	Zürich	Switzerland	Commercial Banks		35
Nordea Bank Beijing Representative Office	Subsidiary	Beijing, Beijing	China	Commercial Banks		100
Nordea Securities	Subsidiary	Stockholm	Sweden	Commercial Banks		100
Nordea Liv & Pension	Subsidiary	Stockholm	Sweden	Investment Services		90
Forenede Gruppeliv A/S	Subsidiary	Valby	Denmark	Insurance (Accident and Health)		40
Nordea Life Holding Finland Ab	Subsidiary	Helsinki	Finland	Insurance (Accident and Health)	27.4	1
Nordea Investment Funds S.A.	Subsidiary	Findel	Luxembourg	Miscellaneous Financial Services	2.5
Nordea Pankki Suomi Oyj	Subsidiary	Helsinki	Finland	Commercial Banks
Nordea Finance Finland Ltd.	Subsidiary	Nordea	Finland	Miscellaneous Financial Services
Nordeabank	Subsidiary	Moscow	Russian Federation	Commercial Banks

Executives Report

Executives

Name	Title	Function
Marianne Boskamp	General Manager	Division Head Executive
Thomas Hoeppner	General Manager	Division Head Executive
Norbert Klapszus	General Manager	Division Head Executive
Michael Schmidt	General Manager	Division Head Executive
Henning Ueck	General Manager	Division Head Executive
Elmar Duffner	Managing Director	Managing Director
Lars Völkel	Managing director	Managing Director
Claude Ampßler	Leiter-Personal	Human Resources Executive
Denise Gummich	Leiterin-Ausbildung	Training Executive
Matthias Weiss	Export	Sales Executive
Christiane Danielsmeyer	Leiterin-Marketing	Marketing Executive
Thomas Wostbrock	Leiter-Einkauf & EDV	Information Executive
Hermann Josef Pöhls	Leiter-Technik	Engineering/Technical Executive
Henning Kantner	Leiter-Deutschland	Other
Thomas Oberle	Manager-Public Rel	Other

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No
Total income	84.1	81.3	103.9
Raw materials and services	35.3	39.4	49.4
Net sales	84.1	81.3	103.9
Change in stock	-0.9	0.9	-0.1
Own work capitalised	0.2	0.2	0.1
Other operating income	11.0	8.1	10.2
Raw materials and consumables employed	35.3	39.4	49.4
Other external charges	1.8	2.1	2.3
Cost of goods sold	37.1	41.5	51.7
Cost of raw materials	37.1	41.5	51.7
Taxes and social security costs	4.6	5.1	5.6
Total payroll costs	27.2	28.9	30.8
Fixed asset depreciation and amortisation	1.8	2.4	2.9
Other operating costs	37.4	30.3	44.5
Net operating income	9.5	2.5	6.4
Interest received from loans	0.9	0.5	1.8
Other income	0.8	0.8	0.5
Interest payable on loans	1.3	1.2	2.3
Total expenses	-3.8	-3.9	-0.4
Profit before tax	13.3	6.4	6.8
Provisions	14.1	14.6	17.8
Extraordinary expenses	0.1	-	-
Extraordinary result	-0.1	-	-
Other taxes	0.1	0.2	0.1
Total taxation	3.2	0.8	5.0
Net profit	10.0	5.5	1.7

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Issued capital	38.4	41.1	39.8
Capital reserves	8.9	9.5	9.2
Profits for the year	11.6	5.9	1.6
Profit brought forward from previous year(s)	1.5	0.2	0.0
Total stockholders equity	66.2	56.4	56.7
Deferred taxation	1.6	1.0	3.5
Other provisions	6.4	7.2	6.6
Provision for pensions	6.4	6.9	6.8
Provisions and allowances	14.3	15.1	16.9
Trade creditors	-	3.9	-
Advances received	-	0.3	-
Taxation and social security	-	2.0	-
Due to group companies	-	43.1	-
Total current liabilities	18.1	49.4	44.6
Total liabilities (including net worth)	98.6	120.9	118.2
Patents	0.6	0.6	0.7
Intangibles	0.6	0.6	0.7
Land and buildings	5.7	6.2	6.4
Machinery and tools	2.2	2.4	2.8
Fixtures and equipment	5.7	6.2	6.4
Total tangible fixed assets	9.4	10.6	12.1
Long-term investments	0.0	0.0	0.0
Shares held in associated companies	38.9	53.8	52.2
Total financial assets	38.9	53.8	52.2
Total non-current assets	49.0	65.0	65.0
Raw materials	7.5	7.5	9.2
Work in progress	0.1	0.1	0.2
Finished goods	2.4	3.5	2.4
Net stocks and work in progress	9.9	11.2	11.8
Trade debtors	8.6	9.6	13.2
Other receivables	2.9	4.7	3.8
Total receivables	39.3	43.9	39.6
Owing from associated companies	27.8	29.5	22.6
Cash and liquid assets	0.3	0.8	1.6
Total current assets	49.4	55.8	53.0
Prepaid expenses and deferred costs	0.2	0.1	0.2
Total assets	98.6	120.9	118.2

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Current ratio	27.36	11.30	11.89
Acid test ratio	21.87	9.04	9.25
Total liabilities to net worth	0.03%	0.09%	0.08%
Net worth to total assets	0.07%	0.05%	0.05%
Current liabilities to net worth	0.03%	0.09%	0.08%
Current liabilities to stock	0.18%	0.44%	0.38%
Fixed assets to net worth	0.07%	0.12%	0.11%
Collection period	369.00	420.00	489.00
Stock turnover rate	1.17	1.33	1.19
Profit margin	0.01%	0.01%	0.00%
Return on assets	0.01%	0.01%	0.00%
Shareholders' return	0.02%	0.01%	0.00%
Sales per employee	17.74	15.63	18.41
Profit per employee	2.11	1.06	0.30
Average wage per employee	5.75	5.56	5.46
Net worth	66.2	56.4	56.7
Number of employees	358	374	386

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.42
UK Pound	1	Rs.87.37
Euro	1	Rs.69.95

INFORMATION DETAILS

Report Prepared by :

PRL

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.