MIRA INFORM REPORT

 

 

Report Date :

10.12.2012

 

IDENTIFICATION DETAILS

 

Name :

TRENDCARE AS

 

 

Registered Office :

Niels Bohrs Vej 17, Dk-8660 Skanderborg

 

 

Country :

Denmark

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

07.09.2009                                        

 

 

Com. Reg. No.:

AS462644

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Warehouse and logistics, especially for the textile business.

 

 

No. of Employees :

09 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but Correct 

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)

Denmark

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Denmark - ECONOMIC OVERVIEW

 

This thoroughly modern market economy features a high-tech agricultural sector, state-of-the-art industry with world-leading firms in pharmaceuticals, maritime shipping and renewable energy, and a high dependence on foreign trade. Denmark is a member of the European Union (EU); Danish legislation and regulations conform to EU standards on almost all issues. Danes enjoy among the highest standards of living in the world and the Danish economy is characterized by extensive government welfare measures and an equitable distribution of income. Denmark is a net exporter of food and energy and enjoys a comfortable balance of payments surplus but depends on imports of raw materials for the manufacturing sector. Within the EU, Denmark is among the strongest supporters of trade liberalization. After a long consumption-driven upswing, Denmark's economy began slowing in 2007 with the end of a housing boom. Housing prices dropped markedly in 2008-09 and, following a short respite in 2010, continued to decline in 2011 though at a slower pace. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. The global financial crises cut Danish real GDP by 0.8% in 2008 and 5.8% in 2009. Denmark made a modest recovery in 2010 with real GDP growth of 1.3%, in part because of increased government spending; however, the country experienced a technical recession in late 2010-early 2011. Historically low levels of unemployment rose sharply with the recession and have remained at about 6% in 2010-11, based on the national measure, about two-thirds average EU unemployment. An impending decline in the ratio of workers to retirees will be a major long-term issue. Denmark maintained a healthy budget surplus for many years up to 2008, but the budget balance swung into deficit in 2009. In spite of the deficits, the new coalition government plans to deliver a modest stimulus to the economy in 2012. Nonetheless, Denmark's fiscal position remains among the strongest in the EU at 46.5% of GDP in 2011. Despite previously meeting the criteria to join the European Economic and Monetary Union (EMU), so far Denmark has decided not to join, although the Danish krone remains pegged to the euro. Denmark held the EU presidency during the first half of 2012; priorities included promoting a responsible, dynamic, green, and safe Europe, while working to steer Europe out of its euro zone economic crisis.

 

Source CIA

 

Company summary

 

COMPANY’S NAME                          TRENDCARE A/S

 

ADDRESS                                         Niels Bohrs Vej 17

                                                         DK-8660 SKANDERBORG

                                                           

TELEPHONE-NO                                +45 70 25 70 80   

 

TELEFAX-NO                                     +45 86 57 26 64

 

E-MAIL-ADDRESS                             info@trendcare.dk

                                                        

LOCAL CURRENCY                           D K K

 

FOUNDATION                                    07.09.2009          

                                                        

CENTRAL BUSINESS-REG-NO           CVR.-No.:32470300

 

COMPANY-REG-NO                           AS462644

 

EU-VAT-ID-NO                                   DK32 47 03 00     

 

LEGAL FORM                                    Private Limited Company

 

SHARE CAPITAL                               DKK 1.876.334,00

 

PRINCIPAL SHAREHOLDERS            Hanssen Distribution A/S                           50 %

                                                         Storskovvej 8

                                                         8721 DAMGÅRD

 

                                                         Worldtrans Air-Sea Services A/S                47 %

                                                         Klamsagervej 21 A

                                                         8230 ÅBYHØJ     

 

AUDITORS                                         KPMG

                                                         Mølmarksvej 198

                                                         5700 SVENDBORG

 

BOARD OF DIRECTORS                    Lars Jacob Engbo, Chairman

                                                         Jesper Møberg

                                                         Preben Lindum

 

MANAGING DIRECTOR                      Preben Lindum

 

AUTHORISED SIGNATORY                The MD and Chairman jointly, or 2 BoD-members

                                                         jointly, or the complete BoD together.

 

ACTIVITY                                           Warehouse and logistics, especially for the

                                                         textile business.

 

EMPLOYEES                                    9

 

TURNOVER                                       Figures are strictly confidential

 

GROSS RESULTS                             2010 DKK 2.963.974,00

                                                         2011 DKK 3.493.801,00

 

SUBSIDIARIES                                  None

 

FINANCIAL STANDING                       Subject recorded net losses in 2010 and 2011.

                                                         Equity is insufficient.

                                                         Further development should be followed.

 

ACCOUNTS                                       See latest published balance-sheet on page 3.                   

REAL ESTATE                                   Facilities are rented

 

PAYMENTS                                       Nothing detrimental has been noted

 

BANKERS                                         Confidential

 

 

Financial data

 

ACCOUNTS CLOSED AT                                   31.12.2011             31.12.2010               

 

EXTRACT IN 1000 DKK

 

PROFIT & LOSS ACCOUNT

                                                                           

OPERATING RESULTS                                   -377                          -2.236

 

RESULTS BEFORE TAXES                             -447                          -2.290

 

YEAR’S NET RESULT                                     -359                          -1.940                    

 

TOTAL ASSETS                                               3.270               3.548            

 

ASSETS

 

FIXED ASSETS                                                 191                   309

-Tangible assets                                                191                   309

-Financial assets                                                 0                           0

-Intangible assets                                                0                           0

 

CURRENT ASSETS                                             3.079                     3.239

-Current receivables                                             2.851                     2.365

-Inventories                                                      115                         50

-Cash, bank etc.                                              113                       824

 

EQUITY & LIABILITIES

 

SHORTTERM LIABILITIES                                    1.695                     1.664

-Suppliers                                                           1.182                     1.097

 

LONGTERM LIABILITIES                                      1.054                     1.004

                   

PROVISIONS/RESERVES                                 0                                  0

 

SHAREHOLDER’S EQUITY                              521                       880

 

                                                        

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.20

UK Pound

1

Rs.86.99

Euro

1

Rs.70.22

 

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.