MIRA INFORM REPORT

 

 

Report No. :

357143

Report Date :

31.12.2015

 

IDENTIFICATION DETAILS

 

Name :

DURAVIT AKTIENGESELLSCHAFT

 

 

Registered Office :

Werderstr. 36 D 78132 Hornberg

 

 

Country :

Germany

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

1817

 

 

Legal Form :

Public limited company

 

 

Line of Business :
  • Manufacture of ceramic sanitary fixtures
  • Manufacture of other furniture

 

 

No. of Employee :

795

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

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 – 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

 

Company name and address

 

Duravit Aktiengesellschaft

Werderstr. 36

                    D 78132 Hornberg

                      Telephone:07833/70-0

                      Telefax:  07833/70-289

                      Homepage: www.duravit.de

                      E-mail:   info@duravit.de

 

 

Company Status

   

 Active

                     

 

VAT no.

 

DE143052417

 

 

Tax ID number

 

14011/70802

 

 

CONCLUSION

 

 Business relations are permissible.

 

 

Company summery

 

 LEGAL FORM              Public limited company

 Date of foundation:      1817

 Begin of business

 activities:                                 1817

 Registered on:             21.12.1987

 Commercial Register:   Local court 79098 Freiburg

 under:                          HRB 680291

 

 Share capital:                          EUR         12,480,000.00

 

 Shareholder:

                      Keramik-Holding AG

                      CH - Laufen

                      Legal form: Other legal form

                      Share:                              25.000 %

 Shareholder:

                      Greinert Verwaltungsgesellschaft mbH

                      O 7 17

                      D 68161 Mannheim

                      Legal form: Private limited company

                      Share capital:     EUR             25,000.00

                      Registered on: 03.01.2002

                      Reg. data: 68159 Mannheim, HRB 9047

 President of the Board of Directors:

                      Prof. Dr. Frank Richter

                      Barbara-Kluntz-Weg 5

                      D 89075 Ulm

                      having sole power of representation

                      born: 14.03.1963

 Member of the Board of Directors:

                      Dr. Reinhard Karl Volk

                      D 76337 Waldbronn

                      authorized to jointly represent the company

                      born: 26.03.1951

 Member of the Board of Directors:

                      Werner Griebe

                      D 78132 Hornberg

                      authorized to jointly represent the company

                      born: 05.03.1949

 President of the Supervisory Board:

                      Gregor Greinert

                      D 68159 Mannheim

                      born: 30.10.1974

                      Marital status: unknown

 Vice-president of the Supervisory Board:

                      Klaus Greinert

                      Hauptstr. 159a

                      D 68259 Mannheim

                      born: 03.06.1940

                      Profession: Businessman

 Member of the Supervisory Board:

                      Jutta Greinert

                      Hauptstr. 159a

                      D 68259 Mannheim

                      born: 06.06.1942

                      née: Röchling

 Member of the Supervisory Board:

                      Miguel Angel Munar

                      E 08029 Barcelona

                      born: 26.09.1962

                      Nationality: Spanish

 Representative of the Employees within the Supervisory Board:

                      Axel Schmider

                      D 77793 Gutach

                      born: 18.04.1974

 Representative of the Employees within the Supervisory Board:

                      Thomas Müller

                      D 78132 Hornberg

 Proxy:

                      Erich Fuhrer

                      Gartenstr. 13

                      D 78132 Hornberg

                      authorized to jointly represent the company

                      born: 08.11.1955

                      Profession: Businessman

 Proxy:

                      Rene Müller

                      D 77756 Hausach

                      authorized to jointly represent the company

                      born: 29.07.1964

 Proxy:

                      Thomas Stammel

                      D 78132 Hornberg

                      authorized to jointly represent the company

                      born: 23.01.1963

 Proxy:

                      Hansjörg Singler

                      D 79183 Waldkirch

                      authorized to jointly represent the company

                      born: 30.03.1963

 Proxy:

                      Michael Wenk

                      Christbauernweg 10

                      D 77756 Hausach

                      authorized to jointly represent the company

                      born: 07.10.1959

 Proxy:

                      Ulrich Hermann Weber

                      D 77716 Haslach

                      authorized to jointly represent the company

                      born: 17.01.1961

 Proxy:

                      Klaus Theodor Finckh

                      D 77781 Biberach

                      authorized to jointly represent the company

                      born: 30.07.1963

 Proxy:

                      Albrecht Joachim Graf von der Groeben

                      Riedweg 12

                      D 79297 Winden

                      authorized to jointly represent the company

                      born: 28.01.1954

 Proxy:

                      Mathias Schott

                      Vordere Steige 3

                      D 79104 Freiburg

                      authorized to jointly represent the company

                      born: 20.10.1960

 Proxy:

                      Ralf Mantel

                      D 77756 Hausach

                      authorized to jointly represent the company

                      born: 12.01.1966

 Proxy:

                      Wolfgang Martin Erny

                      D 77966 Kappel-Grafenhausen

                      authorized to jointly represent the company

                      born: 16.01.1963

 

 Further functions/participations of Prof. Dr. Frank Richter

 (President of the Board of Directors)

 Manager:

                      Duravit Sanitärporzellan Meißen GmbH

                      Ziegelstr. 3

                      D 01662 Meißen

                      Legal form: Private limited company

                      Share capital:     EUR            256,000.00

                      Registered

                      on:         12.05.1992

                      Reg. data:  01069 Dresden, HRB 4829

 

 Further functions/participations of Dr. Reinhard Karl Volk

 (Member of the Board of Directors)

 Manager:

                      Duravit Sanitärporzellan Meißen GmbH

                      Ziegelstr. 3

                      D 01662 Meißen

                      Legal form: Private limited company

                      Share capital:     EUR            256,000.00

                      Registered

                      on:         12.05.1992

                      Reg. data:  01069 Dresden, HRB 4829

 

 

BUSINESS ACTIVITIES

 

Main industrial sector

23420   Manufacture of ceramic sanitary fixtures

3109    Manufacture of other furniture

 

 

BRANCHES AND FACTORIES

 

Branch:

                      Duravit Aktiengesellschaft

                      Landstr. 62

                      D 77773 Schenkenzell

                      TEL.: 07836/93940

                      FAX.: 07836/7975

 

 

PARTICIPATIONS

 

 Limited partner:

                      Duravit Grundstücksverwaltungsgesellschaft

                      mbH & Co. Objekt Hornberg-KG

                      Emil-Riedl-Weg 6

                      D 82049 Pullach

                      Legal form: Ltd partnership with priv. ltd.

                                  company as general partner

                      Company Status: active

                      Total cap.         EUR             10,000.00

                      contribution:

                      Share:             EUR             10,000.00

                      Reg. data:  21.08.2007

                                  Local court 80333 München

                                  HRA 90746

 Shareholder:

                      Duravit Sanitärporzellan Meißen GmbH

                      Ziegelstr. 3

                      D 01662 Meißen

                      Legal form: Private limited company

                      Company Status: active

                      Share capital:     EUR            256,000.00

                      Share:             EUR            256,000.00

                      Reg. data:  12.05.1992

                                  Local court 01069 Dresden

                                  HRB 4829

 Shareholder:

                      DURALOG Duravit Logistik GmbH

                      Werderstr. 36

                      D 78132 Hornberg

                      Post Box:

                      240

                      Legal form: Private limited company

                      Company Status: active

                      Share capital:     EUR            256,000.00

                      Share:             EUR            256,000.00

                      Reg. data:  27.12.1996

                                  Local court 79098 Freiburg

                                  HRB 680461

 

 

FINANCIAL INFORMATION

 

 Payment experience:    Regular

 

 Negative information:   We have no negative information at hand.

 

 Balance sheet year:  2014

 

 

REAL ESTATE

 

 Type of ownership:       proprietor

 Share:                          100.00 %

 Address                       Werderstr. 36

                                    D 78132 Hornberg

 

 Type of ownership:       proprietor

 Share:                          100.00 %

 Address                       Landstr. 62

                                    D 77773 Schenkenzell

 

 Land register documents were not available.

 

 

BANKERS

 

 Principal bank

 SPARKASSE HASLACH-ZELL, 78128 HORNBERG, SCHWARZWALDBAHN

 Sort. code: 66451548, Account no.: 00500927

 BIC: SOLADES1HAL, IBAN: DE74664515480000500927

 

 Further banks

 BREMER KREDITBANK, 28195 BREMEN

 Sort. code: 29020100, Account no.: 700720

 BIC: BANVDEHBXXX, IBAN: DE68290201000000700720

 DEUTSCHE BANK VILLINGEN U SCHWENNINGEN, 78054

 VILLINGEN-SCHWENNINGEN

 Sort. code: 69470039, Account no.: 0112896

 BIC: DEUTDE6F694, IBAN: DE30694700390011289600

 LANDESBANK BADEN-WÜRTTEMBERG/BADEN-WÜRTTEMBERGISCHE BANK, 70144

 STUTTGART

 Sort. code: 60050101, Account no.: 4040626

 BIC: SOLADEST600, IBAN: DE25600501010004040626

 

 

 FINANCIAL FIGURES

 

 Turnover:            2013               EUR        235,692,001.00

                      2014               EUR        233,869,964.00

 Profit:              2013               EUR         16,453,020.00

                      2014               EUR         14,191,384.00

 further business figures:

 Equipment:                              EUR          5,287,134.00

 Ac/ts receivable:                       EUR         59,494,866.00

 Liabilities:                            EUR         37,181,999.00

 Employees:                                                    795

 - thereof permanent staff:                                    708

 - Part-time employees:                                         87

 

 

 BALANCE SHEETS

 

 Balance sheet ratios     01.01.2014 - 31.12.2014

 Equity ratio [%]:                                   72.12

 Liquidity ratio:                                      2.79

 Return on total capital [%]:                    6.35

 

 Balance sheet ratios     01.01.2013 - 31.12.2013

 Equity ratio [%]:                                   69.44

 Liquidity ratio:                                      1.95

 Return on total capital [%]:                    7.82

 

 Balance sheet ratios     01.01.2012 - 31.12.2012

 Equity ratio [%]:                                   62.49

 Liquidity ratio:                                      1.23

 Return on total capital [%]:                    8.91

 

 Balance sheet ratios     01.01.2011 - 31.12.2011

 Equity ratio [%]:                                   56.76

 Liquidity ratio:                                      1.19

 Return on total capital [%]:                    7.26

 

 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:      01.01.2014 - 31.12.2014

 

 ASSETS                                  EUR        226,960,167.58

  Fixed assets                           EUR        106,653,217.96

   Intangible assets                     EUR            780,644.00

    Concessions, licences, rights        EUR            780,644.00

   Tangible assets                       EUR         17,876,333.96

    Land / similar rights                EUR          9,903,383.38

    Plant / machinery                    EUR          2,066,593.00

    Other tangible assets / fixtures and

    fittings                             EUR          5,287,134.00

    Advance payments made / construction

    in progress                          EUR            619,223.58

   Financial assets                      EUR         87,996,240.00

    Shares in participations /

    subsidiaries and the like            EUR         87,996,240.00

     Shares in related companies         EUR         87,996,240.00

  Current assets                         EUR        119,585,172.98

   Stocks                                EUR         44,216,931.18

    Raw materials, consumables and

    supplies                             EUR          7,900,476.01

    Finished goods / work in progress    EUR         36,316,455.17

   Accounts receivable                   EUR         59,494,866.29

    Trade debtors                        EUR         10,069,611.79

    Amounts due from related companies   EUR         45,363,768.48

    Other debtors and assets             EUR          4,061,486.02

   Liquid means                          EUR         15,873,375.51

  Remaining other assets                 EUR            721,776.64

   Accruals (assets)                     EUR            721,776.64

 

 LIABILITIES                             EUR        226,960,167.58

  Shareholders' equity                   EUR        163,683,978.36

   Capital                               EUR         12,480,000.00

    Subscribed capital (share capital)   EUR         12,480,000.00

   Reserves                              EUR        144,107,000.00

    Retained earnings / revenue reserves EUR        144,107,000.00

   Balance sheet profit/loss (+/-)       EUR          7,096,978.36

    Balance sheet profit / loss          EUR          7,096,978.36

  Provisions                             EUR         25,803,190.62

   Pension provisions and comparable

   provisions                            EUR         17,527,100.00

   Other / unspecified provisions        EUR          8,276,090.62

  Liabilities                            EUR         37,181,998.60

   Financial debts                       EUR         12,650,000.00

    Liabilities due to banks             EUR         12,650,000.00

   Other liabilities                     EUR         24,531,998.60

    Trade creditors (for IAS incl. bills

    of exchange)                         EUR          4,232,862.53

    Liabililties due to related companiesEUR         14,651,768.42

    Unspecified other liabilities        EUR          5,647,367.65

  Other liabilities                      EUR            291,000.00

   Deferred taxes (not included under

   provisions/liabilities)               EUR            291,000.00

 

 

 PROFIT AND LOSS ACCOUNT (cost of sales method) according to Comm.

 Code (HGB)

  Sales                                  EUR        233,869,963.73

  Manufacturing costs                    EUR        146,709,794.50

  Gross result on sales                  EUR         87,160,169.23

  Other operating income                 EUR         14,141,993.07

  Other operating expenses               EUR         95,957,878.33

  Operating result from continuing

  operations                             EUR          5,344,283.97

  Result from participating interests

  (+/-)                                  EUR         12,741,311.29

   Expenses / income from participations EUR         12,741,311.29

    Income from transfer of profits      EUR          2,556,482.15

    Income from related companies        EUR         10,184,829.14

  Interest result (+/-)                  EUR         -1,709,600.62

   Interest and similar income           EUR            271,440.08

    thereof from related companies       EUR            239,579.94

   Interest and similar expenses         EUR          1,981,040.70

    thereof paid to related companies    EUR                  0.00

  Other financial result                 EUR            -31,890.00

   Depreciation on financial assets and

   marketable securities                 EUR             31,890.00

  Financial result (+/-)                 EUR         10,999,820.67

  Result from ordinary operations (+/-)  EUR         16,344,104.64

  Extraordinary expenses                 EUR            223,153.00

  Extraordinary result (+/-)             EUR           -223,153.00

  Income tax / refund of income tax (+/-)EUR         -1,929,567.75

  Tax (+/-)                              EUR         -1,929,567.75

  Annual surplus / annual deficit        EUR         14,191,383.89

 

 

 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        219,952,714.41

  Fixed assets                           EUR        102,565,693.38

   Intangible assets                     EUR            991,540.00

    Concessions, licences, rights        EUR            991,540.00

   Tangible assets                       EUR         16,303,423.38

    Land / similar rights                EUR          9,010,281.38

    Plant / machinery                    EUR          1,939,502.00

    Other tangible assets / fixtures and

    fittings                             EUR          5,185,983.00

    Advance payments made / construction

    in progress                          EUR            167,657.00

   Financial assets                      EUR         85,270,730.00

    Shares in participations /

    subsidiaries and the like            EUR         85,270,730.00

     Shares in related companies         EUR         85,270,730.00

  Current assets                         EUR        117,022,809.38

   Stocks                                EUR         47,281,538.93

    Raw materials, consumables and

    supplies                             EUR          8,066,509.30

    Finished goods / work in progress    EUR         39,215,029.63

   Accounts receivable                   EUR         57,032,982.57

    Trade debtors                        EUR         10,784,719.98

    Amounts due from related companies   EUR         40,764,457.19

    Other debtors and assets             EUR          5,483,805.40

   Liquid means                          EUR         12,708,287.88

  Remaining other assets                 EUR            364,211.65

   Accruals (assets)                     EUR            364,211.65

 

 LIABILITIES                             EUR        219,952,714.41

  Shareholders' equity                   EUR        152,740,594.47

   Capital                               EUR         12,480,000.00

    Subscribed capital (share capital)   EUR         12,480,000.00

   Reserves                              EUR        132,032,000.00

    Retained earnings / revenue reserves EUR        132,032,000.00

   Balance sheet profit/loss (+/-)       EUR          8,228,594.47

    Balance sheet profit / loss          EUR          8,228,594.47

  Provisions                             EUR         24,684,480.00

   Pension provisions and comparable

   provisions                            EUR         16,123,500.00

   Other / unspecified provisions        EUR          8,560,980.00

  Liabilities                            EUR         41,894,639.94

   Financial debts                       EUR         19,250,000.00

    Liabilities due to banks             EUR         19,250,000.00

   Other liabilities                     EUR         22,644,639.94

    Trade creditors (for IAS incl. bills

    of exchange)                         EUR          3,375,005.28

    Liabililties due to related companiesEUR         14,014,717.41

    Unspecified other liabilities        EUR          5,254,917.25

     thereof liabilities from tax /

     financial authorities               EUR            583,445.34

     thereof liabilities from social

     security                            EUR             58,733.47

  Other liabilities                      EUR            633,000.00

   Deferred taxes (not included under

   provisions/liabilities)               EUR            633,000.00

 

 

 PROFIT AND LOSS ACCOUNT (cost of sales method) according to Comm.

 Code (HGB)

  Sales                                  EUR        235,692,001.42

  Manufacturing costs                    EUR        147,831,469.83

  Gross result on sales                  EUR         87,860,531.59

  Distribution costs                     EUR         69,275,110.46

  General administration expenses        EUR         12,744,587.56

  Other operating income                 EUR         12,389,918.41

  Other operating expenses               EUR         12,371,300.03

  Operating result from continuing

  operations                             EUR          5,859,451.95

  Result from participating interests

  (+/-)                                  EUR         15,150,503.96

   Expenses / income from participations EUR         15,150,503.96

    Income from transfer of profits      EUR          4,007,448.57

    Income from related companies        EUR         11,143,055.39

  Interest result (+/-)                  EUR         -1,416,648.55

   Interest and similar income           EUR            307,284.07

    thereof from related companies       EUR            239,579.94

   Interest and similar expenses         EUR          1,723,932.62

    thereof paid to related companies    EUR                  0.00

  Financial result (+/-)                 EUR         13,733,855.41

  Result from ordinary operations (+/-)  EUR         19,593,307.36

  Extraordinary expenses                 EUR            751,444.19

  Extraordinary result (+/-)             EUR           -751,444.19

  Income tax / refund of income tax (+/-)EUR         -2,388,843.50

  Tax (+/-)                              EUR         -2,388,843.50

  Annual surplus / annual deficit        EUR         16,453,019.67

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.42

UK Pound

1

Rs.98.55

Euro

1

Rs.72.60

EUR

1

Rs.72.51

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

 

 

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.