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Report No. : |
326774 |
|
Report Date : |
13.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
HORN GLASS INDUSTRIES AG |
|
|
|
|
Registered Office : |
Bergstr. 2, D 95703 Plossberg |
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|
|
|
Country : |
Germany |
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|
|
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Financials (as on) : |
31.12.2013 |
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|
|
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Date of Incorporation : |
07.12.1999 |
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|
|
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Com. Reg. No.: |
HRB 2146 |
|
|
|
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Legal Form : |
Public Limited Company |
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|
|
|
Line of Business : |
·
Manufacture
of flat glass ·
Manufacture
and processing of other glass, including technical glassware ·
Manufacture
of metal structures and parts of structures · Manufacture of instruments and appliances for measuring, testing and navigation |
|
|
|
|
No. of Employees : |
215 |
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 |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Germany |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 5.3% 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. 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 accounts for 34% of total energy consumption, 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.
|
Source
: CIA |
HORN GLASS INDUSTRIES AG
Company Status: active
Bergstr. 2
D 95703 Plößberg
Telephone:09636/9204-35
Telefax: 09636/9204-10
Homepage: www.hornglas.de
E-mail:
info@hornglas.de
VAT
no.: DE812836914
Tax
ID number: 255/118/20742
Business
relations are permissible.
LEGAL FORM Public limited company
Date of foundation: 1999
Registered on: 07.12.1999
Commercial Register: Local court 92637 Weiden
under: HRB 2146
Share capital: EUR 2,500,000.00
Shareholder:
Certina Holding AG
Gabriel-von-Seidl-Str.
29a
D 82031 Grünwald
Legal form: Public
limited company
Share capital: EUR 7,050,000.00
Share: 100.000 %
Registered on: 31.08.2000
Reg. data: 80333 München,
HRB 132997
Member of the Board of Directors:
Christoph Jatzwauk
D 92637 Weiden
born: 29.10.1966
Marital status: married
Member of the Board of Directors:
Stephan Meindl
D 95671 Bärnau
having sole power of
representation
born: 07.06.1966
President of the Supervisory Board:
Hans Wehrmann
D 80333 München
Vice-president
of the Supervisory Board:
Klaus Wehrmann
Wunstorfer Landstr. 28a
D 30453 Hannover
born: 12.01.1935
Profession: Businessman
Marital status:
married
Member of the Supervisory Board:
Elke Reindl
Geroltstr. 37
D 80339 München
born: 23.02.1944
Proxy:
Wolfgang Lang
D 92685 Floß
authorized to jointly
represent the company
born: 18.05.1967
Further functions/participations of Christoph
Jatzwauk (Member of
the
Board of Directors)
Manager:
Eurox Sauerstoff
Mess-Systeme GmbH
Bergstr. 2
D 95703 Plößberg
Legal form: Private
limited company
Share capital: EUR 25,000.00
Registered
on: 08.01.2014
Reg. data: 92637 Weiden, HRB 4317
06.02.2014 - 19.12.2014 President of the Board of Directors
Maximilian Sollfrank
D 92637 Weiden
Main industrial sector
23110
Manufacture of flat glass
23190
Manufacture and processing of other glass, including technical glassware
25110
Manufacture of metal structures and parts of structures
26512
Manufacture of instruments and appliances for measuring, testing and
navigation
Shareholder:
Horn Bau & Service
GmbH
Bergstr. 2
D 95703 Plößberg
Legal form: Private
limited company
Company Status: active
Share capital: EUR 30,000.00
Share: EUR 30,000.00
Reg. data: 24.07.1997
Local court
92637 Weiden
HRB 1818
Shareholder:
Eurox Sauerstoff
Mess-Systeme GmbH
Bergstr. 2
D 95703 Plößberg
Legal form: Private
limited company
Company Status: active
Share capital: EUR 25,000.00
Share: EUR 25,000.00
Reg. data: 08.01.2014
Local court
92637 Weiden
HRB 4317
Payment experience: within agreed terms
Negative information:We have no negative
information at hand.
Type of ownership: proprietor
Share: 100.00 %
Address Bergstr. 2
D 95703 Plößberg
Land register documents were not available.
Principal bank
RAIFFEISENBANK
IM STIFTLAND HGS TIRSCHENREUTH, 95636
TIRSCHENREUTH
Sort. code: 78161575, Account no.: 306080332
BIC: GENODEF1WSS, IBAN: DE33781615750306080332
Further banks
COMMERZBANK VORMALS DRESDNER BANK, 95444
BAYREUTH
Sort. code: 76080040, Account no.: 682067000
BIC: DRESDEFF760, IBAN: DE16760800400682067000
DEUTSCHE BANK, 95403 BAYREUTH
Sort. code: 76070012, Account no.: 884888900
BIC: DEUTDEMM760, IBAN: DE39760700120884888900
DZ
BANK, 90002 NÜRNBERG, MITTELFR
Sort. code: 76060000
BIC: GENODEFF760
UNICREDIT BANK - HYPOVEREINSBANK, 92612 WEIDEN
I.D.OPF.
Sort. code: 75320075, Account no.: 7598912
BIC: HYVEDEMM454, IBAN: DE92753200750007598912
Turnover: 2013 EUR 80,075,808.00
Profit: 2013 EUR 455,647.00
Equipment: EUR
208,752.00
Ac/ts receivable: EUR
9,012,032.00
Liabilities: EUR 17,015,544.00
Real estate of the firm: EUR
2,364,909.00
Employees:
215
-
thereof permanent staff:
191
-
Trainees:
24
Balance sheet ratios 01.01.2013 - 31.12.2013
Equity ratio [%]: 26.20
Liquidity ratio: 0.91
Return on total capital [%]: 1.69
Balance sheet ratios 01.01.2012 - 31.12.2012
Equity ratio [%]: 19.76
Liquidity ratio: 0.80
Return on total capital [%]: 1.10
Balance sheet ratios 01.01.2011 - 31.12.2011
Equity
ratio [%]: 37.23
Liquidity ratio: 0.34
Return on total capital [%]: 7.66
Balance sheet ratios 01.01.2010 - 31.12.2010
Equity ratio [%]: 44.43
Liquidity ratio: 0.37
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
Financial year: 01.01.2013 - 31.12.2013
ASSETS EUR 26,961,978.58
Fixed assets
EUR 3,824,990.79
Intangible assets
EUR 124,715.08
Concessions, licences, rights
EUR 124,715.08
Tangible assets
EUR 3,239,719.15
Land / similar rights
EUR 2,364,909.12
Plant / machinery
EUR 666,058.01
Other
tangible assets / fixtures and
fittings
EUR 208,752.02
Financial assets
EUR 460,556.56
Shares in participations /
subsidiaries and the like
EUR 460,556.56
Shares in related companies
EUR 453,155.53
Shares in investee companies
EUR 7,401.03
Current assets
EUR 22,859,584.94
Stocks
EUR 6,725,570.71
Raw materials, consumables and
supplies
EUR 1,135,413.64
Finished goods / work in progress
EUR 56,293,124.51
Advance payments made
EUR 5,687,814.43
Minus received advance payments for
orders / installments for stocks
EUR -56,390,781.87
Accounts receivable
EUR 9,012,031.91
Trade debtors
EUR 4,402,858.13
Amounts due from related companies
EUR 3,045,519.40
Other debtors and assets
EUR 1,563,654.38
Liquid means
EUR 7,121,982.32
Remaining other assets
EUR 277,402.85
Accruals (assets)
EUR 277,402.85
LIABILITIES EUR 26,961,978.58
Shareholders' equity
EUR 7,064,534.45
Capital
EUR 2,500,000.00
Subscribed capital (share capital)
EUR 2,500,000.00
Reserves
EUR 250,000.00
Retained earnings / revenue reserves EUR 250,000.00
Balance sheet profit/loss (+/-)
EUR 4,314,534.45
Balance sheet profit / loss
EUR 4,314,534.45
Provisions
EUR 2,881,900.00
Other / unspecified provisions
EUR 2,881,900.00
Liabilities EUR 17,015,544.13
Financial debts
EUR 370,714.44
Liabilities due to banks
EUR 370,714.44
Other liabilities
EUR 16,644,829.69
Trade creditors (for IAS incl. bills
of exchange)
EUR 1,556,270.21
Liabilities from received advance
payments
EUR 13,725,201.91
Liabililties due to related companiesEUR 46,937.59
Liabilities due to investee companiesEUR 24,533.30
Unspecified other liabilities
EUR 1,291,886.68
Guarantees and other commitments
EUR 5,374,234.47
Guarantees / warranties
EUR 5,374,234.47
Guarantees
EUR 5,374,234.47
PROFIT AND LOSS ACCOUNT (cost-summary method)
according to Comm.
Code
(HGB)
Sales
EUR 80,075,807.59
Inventory change + own costs (+/-)
EUR -9,368,012.79
Inventory change (+/-)
EUR -9,368,012.79
Other operating income
EUR 1,218,368.95
Cost of materials
EUR 51,217,785.04
Raw materials and supplies, purchased
goods
EUR 36,943,514.78
Purchased services
EUR 14,274,270.26
Gross result (+/-)
EUR 20,708,378.71
Staff expenses EUR 10,332,950.02
Wages and salaries
EUR 8,730,991.08
Social security contributions and
expenses for pension plans and
benefits
EUR 1,601,958.94
Total depreciation
EUR 518,892.50
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus.
EUR 518,892.50
Other operating expenses
EUR 8,810,664.70
Operating result from continuing
operations
EUR 1,045,871.49
Interest result (+/-)
EUR -30,164.31
Interest and similar income
EUR 98,800.98
Interest
and similar expenses EUR 128,965.29
Financial result (+/-)
EUR -30,164.31
Result from ordinary operations (+/-)
EUR 1,015,707.18
Income tax / refund of income tax (+/-)EUR -537,823.84
Other taxes / refund of taxes
EUR -22,235.99
Tax
(+/-)
EUR -560,059.83
Annual surplus / annual deficit
EUR 455,647.35
Type
of balance
sheet: Company balance sheet
Financial year: 01.01.2012 - 31.12.2012
ASSETS EUR 34,120,521.23
Fixed assets
EUR 4,126,013.85
Intangible assets
EUR 150,754.08
Concessions, licences, rights
EUR 150,754.08
Tangible assets
EUR 3,514,805.67
Land / similar rights
EUR 2,514,664.12
Plant / machinery
EUR 738,513.52
Other tangible assets / fixtures and
fittings
EUR 261,628.03
Financial assets
EUR 460,454.10
Shares in participations /
subsidiaries and the like
EUR 460,454.10
Shares in related companies
EUR 453,053.07
Shares in investee companies
EUR 7,401.03
Current assets
EUR 29,560,425.12
Stocks EUR 6,652,110.80
Raw materials, consumables and
supplies
EUR 980,979.94
Finished goods / work in progress
EUR 65,661,137.30
Advance payments made EUR 13,800,612.69
Minus received advance payments for
orders / installments for stocks
EUR -73,790,619.13
Accounts receivable
EUR 7,075,874.84
Trade debtors
EUR 5,782,566.07
Amounts due from related companies
EUR 86,798.32
Other debtors and assets
EUR 1,206,510.45
Liquid means
EUR 15,832,439.48
Remaining other assets
EUR 434,082.26
Accruals (assets)
EUR 434,082.26
LIABILITIES EUR 34,120,521.23
Shareholders' equity
EUR 6,740,582.10
Capital EUR 2,500,000.00
Subscribed capital (share capital)
EUR 2,500,000.00
Reserves
EUR 250,000.00
Retained earnings / revenue reserves EUR 250,000.00
Balance sheet profit/loss (+/-)
EUR 3,990,582.10
Balance sheet profit / loss
EUR 3,990,582.10
Provisions
EUR 2,700,563.00
Other / unspecified provisions
EUR 2,700,563.00
Liabilities EUR 24,679,376.13
Financial debts
EUR 679,290.90
Liabilities due to banks
EUR 679,290.90
Other liabilities
EUR 24,000,085.23
Trade creditors (for IAS incl. bills
of exchange)
EUR 3,800,004.48
Liabilities from received advance
payments
EUR 18,920,944.31
Liabililties due to related companiesEUR 202,414.44
Liabilities due to investee companiesEUR 147,942.68
Unspecified other liabilities
EUR 928,779.32
Guarantees and other commitments
EUR 7,864,729.27
Guarantees / warranties
EUR 6,126,160.47
Guarantees
EUR 2,984,570.00
Warranties
EUR 3,141,590.47
Sureties / lendings of
creditworthiness
EUR 1,738,568.80
PROFIT AND LOSS ACCOUNT (cost-summary method)
according to Comm.
Code
(HGB)
Sales
EUR 41,687,395.22
Inventory change + own costs (+/-)
EUR 35,654,664.46
Inventory change (+/-)
EUR 35,654,664.46
Other operating income
EUR 944,017.50
Cost of materials
EUR 59,567,569.79
Raw materials and supplies, purchased
goods
EUR 46,308,179.45
Purchased services
EUR 13,259,390.34
Gross result (+/-)
EUR 18,718,507.39
Staff expenses
EUR 9,492,549.22
Wages and salaries EUR 7,974,306.91
Social security contributions and
expenses for pension plans and
benefits
EUR 1,518,242.31
Total depreciation
EUR 513,231.21
Depreciation on tangible / intangible
asssets (incl. start-up and exp. of
bus.
EUR 513,231.21
Other operating expenses
EUR 8,579,386.74
Operating result from continuing
operations EUR 133,340.22
Result from participating interests
(+/-)
EUR 300,000.00
Expenses / income from participations EUR 300,000.00
Income from related companies EUR 300,000.00
Interest result (+/-)
EUR -86,910.02
Interest and similar income
EUR 71,020.76
Interest and similar expenses
EUR 157,930.78
Financial
result (+/-) EUR 213,089.98
Result from ordinary operations (+/-)
EUR 346,430.20
Income tax / refund of income tax (+/-)EUR 54,145.53
Other taxes / refund of taxes
EUR -26,950.37
Tax
(+/-)
EUR 27,195.16
Annual surplus / annual deficit
EUR 373,625.36
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.03 |
|
|
1 |
Rs.99.27 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.