MIRA INFORM REPORT

 

 

Report Date :

26.11.2012

 

IDENTIFICATION DETAILS

 

Name :

DURAVIT AG  

 

 

Registered Office :

Werderstrasse 36, Hornberg, 78132

 

 

Country :

Germany

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1817

 

 

Com. Reg. No.:

680291

 

 

Legal Form :

Public Parent Company

 

 

Line of Business :

Manufacture and sale of ceramic sanitary ware, bathroom furniture, accessories and bath taps

 

 

No. of Employees :

5684 employees

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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 in 2006 and 2007 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 6.0% in 2011. GDP contracted 5.1% in 2009 but grew by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable primarily to rebounding manufacturing orders and exports - increasingly outside the Euro Zone. Germany's central bank projects that GDP will grow 0.6% in 2012, a reflection of the worsening euro-zone financial crisis and the financial burden it places on Germany as well as falling demand for German exports. Domestic demand is therefore becoming a more significant driver of Germany's economic expansion. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's budget deficit to 3.3% in 2010, but slower spending and higher tax revenues reduce the deficit to 1.7% in 2011, below the EU's 3% limit. 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. 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 energy and 46% of its base-load electrical production.

 

 

 

Source : CIA

 

 

Company name & address 

 

DURAVIT AG 

Werderstrasse 36

Hornberg, 78132

Germany

 

Tel:       49 (7833) 70-0

Fax:      49 (7833) 70-289

 

Web:     www.duravit.de

           

 

synthesis

 

Employees:                  5684

Company Type:            Public Parent

Corporate Family:          7 Companies

Incorporation Date:         1817   

Financials in:                 USD (Millions)

Fiscal Year End:                        31-Dec-2011

Reporting Currency:       Euro

Annual Sales:               491.2

Total Assets:                436.9

 

 

Business Description     

 

Manufacture and sale of ceramic sanitary ware, bathroom furniture, accessories and bath taps

 

Industry             

Industry            Construction - Supplies and Fixtures

ANZSIC 2006:    2029 - Other Ceramic Product Manufacturing

NACE 2002:      2622 - Manufacture of ceramic sanitary fixtures

NAICS 2002:     327111 - Vitreous China Plumbing Fixture and China and Earthenware Bathroom Accessories Manufacturing

UK SIC 2003:    2622 - Manufacture of ceramic sanitary fixtures

UK SIC 2007:    2342 - Manufacture of ceramic sanitary fixtures

US SIC 1987:    3261 - Vitreous China Plumbing Fixtures and China and Earthenware Fittings and Bathroom Accessories

 

Key Executives   

 

Name

Title

Gregor Greinert

Chairman of the board of directors

Klaus Greinert

Chairman of the board of directors

Frank Richter

Chairman of the board

Franz Böckl

Member of the board of directors

Jutta Greinert

Member of the board of directors

 

 

news

 

Title

Date

Detached and private
Kent & Sussex Courier (UK) (235 Words)

28-Sep-2012

QS Supplies to Launch High End Toilet Seats for High Profile People
PR Web (630 Words)

19-Jul-2012

WSJ(5/16) In a Tub, and Up to Your Ears in Relaxation
Nikkei English News (539 Words)

15-May-2012

Duravit arrives in style at Boundary Bathrooms.
PR Web (574 Words)

14-May-2012

Putting sanitary ceramics to the test
India PRwire (1123 Words)

2-Mar-2012

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

 

 

Corporate Overview

 

Location

Werderstrasse 36

Hornberg, 78132

Germany

Tel:       49 (7833) 70-0

Fax:      49 (7833) 70-289

Web:    www.duravit.de

           

Sales EUR(mil):             353.3

Assets EUR(mil):           336.5

Employees:                   5684

Fiscal Year End:            31-Dec-2011

 

Industry:                        Construction - Supplies and Fixtures

Incorporation Date:         1817

Company Type:             Public Parent

Quoted Status:              Not Quoted

Registered No.(DEU):     680291

Chairman of the board:   Frank Richter

 

Contents

Industry Codes

Business Description

Brand/Trade Names

Financial Data

Subsidiaries

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

2029     -          Other Ceramic Product Manufacturing

3494     -          Other Electrical and Electronic Goods Wholesaling

 

NACE 2002 Codes:

2622     -          Manufacture of ceramic sanitary fixtures

5154     -          Wholesale of hardware, plumbing and heating equipment and supplies

 

NAICS 2002 Codes:

327111  -          Vitreous China Plumbing Fixture and China and Earthenware Bathroom Accessories Manufacturing

423720  -          Plumbing and Heating Equipment and Supplies (Hydronics) Merchant Wholesalers

 

US SIC 1987:

3261     -          Vitreous China Plumbing Fixtures and China and Earthenware Fittings and Bathroom Accessories

5074     -          Plumbing and Heating Equipment and Supplies (Hydronics)

 

UK SIC 2003:

2622     -          Manufacture of ceramic sanitary fixtures

5154     -          Wholesale of hardware, plumbing and heating equipment and supplies

 

UK SIC 2007:

2342     -          Manufacture of ceramic sanitary fixtures

4674     -          Wholesale of hardware, plumbing and heating equipment and supplies

 

Business Description

Manufacture and sale of ceramic sanitary ware, bathroom furniture, accessories and bath taps

 

More Business Descriptions

Duravit AG is primarily engaged in manufacture of ceramic sanitary fixtures.

 

Pottery, Ceramics, and Plumbing Fixture Manufacturing

 

Brand/Trade Names

DURAVIT

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

353.3

Assets:

336.5

Current Assets:

208.7

 

Total Liabilities:

336.5

 

Issued Capital:

12.5

 

Net Worth:

122.7

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

7.7%

NA

Subsidiaries

Company

Percentage Owned

Country

Duravit Sanitärporzellan MeiĂŸen GmbH

 

Germany

DURALOG Duravit Logistik GmbH

 

Germany

Duravit GrundstĂ¼cksverwaltungsgesellschaft mbH & Co. Vermietungs-KG

 

Germany

Duravit GrundstĂ¼cksverwaltungsgesellschaft mbH & Co. Objekt Hornberg-KG

 

Germany

Duravit UK Ltd.

 

England

Duravit Egypt Sanitaryware Manufacturing Company (S.A.E.)

 

 

Duravit BeLux S.P.R.L.

 

 

Duravit Egypt Sanitaryware Manufacturing (SAE)

 

 

Duravit Asia Ltd.

 

Hong Kong

Duravit Middle East S.A.L.

 

Lebanon

Duravit Austria GmbH

 

 

Duravit Espana S.L.

 

Spain

Duravit Schweiz AG

 

Switzerland

Duravit Sweden AB

 

Sweden

Duravit Italia S.r.l.

 

Italy

Duravit India Private Ltd.

 

India

Duravit Nederland B.V.

 

Netherlands

Duravit Denmark A/S

 

Denmark

Meco Australia Pty. Ltd.

 

 

Bina Warehouse Sdn. Bhd.

 

Malaysia

Duravit SA

100%

FRANCE

Duravit Egypt

56%

EGYPT

Duravit Sanitärporzellan Meissen GmbH

100%

GERMANY

Duravit

85%

TURKEY

 

 

 

Key Corporate Relationships

Bank:

Volksbank Triberg, Sparkasse Hornberg, Commerzbank AG, Deutsche Bank AG

 

 

 

 

 

 

 

 

 

Copyright © 2012 Graham & Whiteside Limited

 

 

Corporate Family

Corporate Structure News:

 

DURAVIT AG

DURAVIT AG 
Total Corporate Family Members: 7 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

DURAVIT AG

Parent

Hornberg, Baden-WĂ¼rttemberg

Germany

Construction - Supplies and Fixtures

491.2

5,400

Duravit

Subsidiary

Bischwiller

France

Construction - Supplies and Fixtures

60.8

409

Duravit Sanitärporzellan MeiĂŸen GmbH

Subsidiary

MeiĂŸen, Sachsen

Germany

Construction - Supplies and Fixtures

1.0

240

Duravit Yapi Urunleri Sanayi Ve Ticaret A S

Subsidiary

Istanbul (Anatolia)

Turkey

Construction - Supplies and Fixtures

 

180

DURALOG Duravit Logistik GmbH

Subsidiary

Achern, Baden-WĂ¼rttemberg

Germany

Personal Services

 

70

Duravit Italia SRL

Subsidiary

Ravenna, Ravenna

Italy

Construction - Raw Materials

34.3

40

Duravit UK Ltd.

Subsidiary

Milton Keynes

United Kingdom

Miscellaneous Capital Goods

26.2

28

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Klaus Greinert

 

Chairman of the board of directors

Chairman

 

Gregor Greinert

 

Chairman of the board of directors

Chairman

 

Franz Kook

 

Vorsitzender

Chairman

 

Frank Richter

 

Chairman of the board

Chairman

 

Franz Böckl

 

Member of the board of directors

Director/Board Member

 

Jutta Greinert

 

Member of the board of directors

Director/Board Member

 

Werner Griebe

 

Member of the board

Director/Board Member

 

Social: 

JĂ¼rgen Hassis

 

Member of the board of directors

Director/Board Member

 

 

Miguel Angel Munar

 

Member of the board of directors

Director/Board Member

 

 

Reinhard Karl Volk

 

Member of the board

Director/Board Member

 

 

 

 

 

Annual Profit & Loss

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71919

0.755078

0.719047

Consolidated

Yes

Yes

Yes

 

 

 

 

Total income

491.2

434.6

407.0

Net sales

491.2

434.6

407.0

Other operating income

5.9

6.7

8.5

Cost of sales

246.5

219.3

206.5

Gross profit

244.7

215.4

200.5

Advertising, distribution, and commercial expenses

161.6

142.7

139.9

General expenses

34.7

31.7

31.0

Other operating costs

3.0

3.1

2.2

Net operating income

51.3

44.6

35.9

Interest received from loans

-

-

0.8

Other income

0.6

0.5

0.4

Interest payable on loans

12.1

10.9

6.9

Total expenses

11.4

10.4

5.7

Profit before tax

39.8

34.2

30.2

Extraordinary income

0.7

-

-

Provisions

47.7

44.5

42.3

Extraordinary expenses

1.3

39.3

-

Extraordinary result

-0.6

-39.3

-

Total taxation

13.0

7.7

8.2

Net profit

26.2

-

22.0

Net loss

-

-12.9

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.770327

0.745406

0.696986

Consolidated

Yes

Yes

Yes

 

 

 

 

Issued capital

16.2

16.7

17.9

Other reserves

132.0

126.5

138.5

Total reserves

132.0

126.5

138.5

Profits for the year

9.7

1.7

8.7

Total stockholders equity

159.3

157.7

180.5

Minority interests

1.4

12.8

15.4

Deferred taxation

2.0

4.5

4.4

Other provisions

22.9

21.5

19.6

Provision for pensions

19.7

19.1

18.9

Provisions and allowances

44.6

45.1

43.7

Other debentures

29.7

44.4

51.2

Due to participants

-

-

4.2

Taxes and social security

3.4

3.6

-

Total long-term liabilities

33.1

47.9

55.4

Trade creditors

33.7

26.7

26.1

Advances received

11.4

7.7

2.5

Other loans

69.8

72.0

69.9

Taxation and social security

62.3

59.0

23.1

Total current liabilities

177.1

165.4

121.6

Regularisation account

22.8

15.5

-

Total liabilities (including net worth)

436.9

431.7

401.2

Non-issued capital

-

-

0.3

Organisational expenses

0.2

0.3

0.4

Patents

0.9

1.1

1.0

Intangibles

0.9

1.1

1.0

Land and buildings

77.8

82.2

60.6

Machinery and tools

44.7

52.4

42.8

Fixtures and equipment

77.8

82.2

60.6

Fixed assets under construction

2.1

0.9

22.2

Total tangible fixed assets

158.5

162.0

152.8

Long-term investments

-

-

5.6

Participating interest

-

0.0

1.1

Total financial assets

-

0.0

6.6

Total non-current assets

159.6

163.4

161.2

Raw materials

31.8

26.7

24.7

Work in progress

11.1

11.0

10.1

Finished goods

74.3

65.9

61.3

Prepayments

0.7

0.5

0.3

Net stocks and work in progress

117.9

104.2

96.5

Trade debtors

82.2

71.6

72.5

Other receivables

18.9

21.9

18.1

Total receivables

101.1

93.5

90.6

Cash and liquid assets

52.0

64.2

50.6

Recoverable taxation

3.5

3.6

-

Total current assets

271.0

261.9

237.7

Prepaid expenses and deferred costs

2.8

2.7

2.2

Total assets

436.9

431.7

401.2

 

 

Annual Ratios

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.770327

0.745406

0.696986

Consolidated

Yes

Yes

Yes

 

 

 

 

Current ratio

15.30

15.83

19.55

Acid test ratio

8.64

9.54

11.62

Total liabilities to net worth

0.13%

0.14%

0.10%

Net worth to total assets

0.04%

0.04%

0.05%

Current liabilities to net worth

0.11%

0.10%

0.07%

Current liabilities to stock

0.15%

0.16%

0.13%

Fixed assets to net worth

0.10%

0.10%

0.09%

Collection period

653.00

595.00

631.00

Stock turnover rate

2.57

2.37

2.30

Profit margin

0.01%

0.00%

0.01%

Return on assets

0.01%

0.00%

0.01%

Shareholders' return

0.02%

-0.01%

0.01%

Sales per employee

6.22

6.06

5.63

Profit per employee

0.34

0.37

0.30

Net worth

159.3

157.7

180.5

Number of employees

5,684

5,415

5,202

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.34

UK Pound

1

Rs.88.30

Euro

1

Rs.71.37

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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