MIRA INFORM REPORT

 

 

Report Date :

12.12.2012

 

IDENTIFICATION DETAILS

 

Name :

INTER LEATHER AS

 

 

Registered Office :

Industrivej 1Skjern, 6900

 

 

Country :

Denmark

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1957

 

 

Com. Reg. No.:

18458306

 

 

Legal Form :

Private Subsidiary Company

 

 

Line of Business :

manufacturing personal leather goods (i.e., small articles of any material (except metal) normally carried on or about the person or in a handbag)

 

 

No. of Employees :

60 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Slow

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 name & address 

 

Inter Leather A/S

Industrivej 1

Skjern, 6900

Denmark

Tel:       +45 97 35 11 77

Fax:      +45 97 35 39 30

Web:    www.interleather.dk

 

 

Synthesis 

 

Employees:                 60

Company Type:            Private Subsidiary

Corporate Family:          2 Companies

Ultimate Parent:            Gax Holding ApS

Incorporation Date:        1957   

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2011

Reporting Currency:       Danish Krone

Annual Sales:                0.0

Net Income:                  0.0

Total Assets:                 1.8

 

 

Business Description     

 

Inter Leather A/S is primarily engaged in manufacturing personal leather goods (i.e., small articles of any material (except metal) normally carried on or about the person or in a handbag). Examples of personal leather goods made by these establishments are billfolds, coin purses, key cases, toilet kits, and watchbands (except metal).

 

Industry            

Industry           Apparel and Accessories

ANZSIC 2006:   1320 - Leather Tanning, Fur Dressing and Leather Product Manufacturing

NACE 2002:      1920 - Manufacture of luggage, handbags and the like, saddlery and harness

NAICS 2002:     316993 - Personal Leather Good (except Women's Handbag and Purse) Manufacturing

UK SIC 2003:    1920 - Manufacture of luggage, handbags and the like, saddlery and harness

UK SIC 2007:    1512 - Manufacture of luggage, handbags and the like, saddlery and harness

US SIC 1987:    3172 - Personal Leather Goods, Except Women's Handbags and Purses

 

           


Key Executives   

 

Name

Title

Gert Pultz Schjott Axelsen

Managing Director / Director, Board Member

Bjarne Egon Bodtker

Bestyrelsesnaestformand

Hans-Ole Jessen

Board Member

Kaj Schjott Axelsen

Bestyrelsesformand

 

1 - Profit & Loss Item Exchange Rate: USD 1 = DKK 5.358236

2 - Balance Sheet Item Exchange Rate: USD 1 = DKK 5.72535

 

 

Corporate Overview

 

Location

Industrivej 1

Skjern, 6900

Denmark

Tel:       +45 97 35 11 77

Fax:      +45 97 35 39 30

Web:    www.interleather.dk

           

Sales DKK(mil):             0.0

Assets DKK(mil):           10.3

Employees:                  60

Fiscal Year End:            31-Dec-2011

Industry:                       Apparel and Accessories

Incorporation Date:        1957

Company Type:             Private Subsidiary

Quoted Status:              Not Quoted

Registered No.(DNK):    18458306

 

Managing Director / Director, Board Member:  

Gert Pultz Schjott Axelsen

 

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

1320     -          Leather Tanning, Fur Dressing and Leather Product Manufacturing

1333     -          Cut and Sewn Textile Product Manufacturing

133       -          Textile Product Manufacturing

 

NACE 2002 Codes:

1920     -          Manufacture of luggage, handbags and the like, saddlery and harness

1740     -          Manufacture of made-up textile articles, except apparel

175       -          Manufacture of other textiles

1824     -          Manufacture of other wearing apparel and accessories not elsewhere classified

 

NAICS 2002 Codes:

316993  -          Personal Leather Good (except Women's Handbag and Purse) Manufacturing

31491   -          Textile Bag and Canvas Mills

31699   -          Other Leather and Allied Product Manufacturing

3149     -          Other Textile Product Mills

3169     -          Other Leather and Allied Product Manufacturing

316991  -          Luggage Manufacturing

314911  -          Textile Bag Mills

 

US SIC 1987:

3172     -          Personal Leather Goods, Except Women's Handbags and Purses

2393     -          Textile Bags

3199     -          Leather Goods, Not Elsewhere Classified

239       -          Miscellaneous Fabricated Textile Products

3161     -          Luggage

 

UK SIC 2003:

1920     -          Manufacture of luggage, handbags and the like, saddlery and harness

1824     -          Manufacture of other wearing apparel and accessories not elsewhere classified

1740     -          Manufacture of made-up textile articles, except apparel

175       -          Manufacture of other textiles

 

UK SIC 2007:

1512     -          Manufacture of luggage, handbags and the like, saddlery and harness

1392     -          Manufacture of made-up textile articles, except apparel

1419     -          Manufacture of other wearing apparel and accessories n.e.c.

139       -          Manufacture of other textiles

 

Business Description

Inter Leather A/S is primarily engaged in manufacturing personal leather goods (i.e., small articles of any material (except metal) normally carried on or about the person or in a handbag). Examples of personal leather goods made by these establishments are billfolds, coin purses, key cases, toilet kits, and watchbands (except metal).

 

Financial Data

Financials in:

DKK(mil)

Revenue:

0.0

Net Income:

0.0

Assets:

10.3

Total Liabilities:

0.0

Date of Financial Data:

31-Dec-2011

1 Year Growth

NA

NA

NA

Key Corporate Relationships

Bank:

Giro Account 6090494

 

 

 

 

Corporate Family

Corporate Structure News:

Inter Leather A/S

Inter Leather A/S 
Total Corporate Family Members: 2 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Gax Holding ApS

Parent

Inter Leather A/S

Subsidiary

Skjern

Denmark

Apparel and Accessories

0.0

60

 

 

 

Executive report

 

 

Board of Directors

 

Name

Title

Function

Bjarne Egon BOdtker

Bestyrelsesnaestformand

Director/Board Member

Hans-Ole Jessen

Board Member

Director/Board Member

Gert Pultz SchjOtt Axelsen

Managing Director / Director, Board Member

Director/Board Member

Kaj SchjOtt Axelsen

Bestyrelsesformand

Director/Board Member

 

 

Executives

 

Name

Title

Function

Gert Pultz SchjOtt Axelsen

Managing Director / Director, Board Member

Managing Director

 

 

Annual Profit & Loss

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

Period Length

12 Months

12 Months

12 Months

Filed Currency

DKK

DKK

DKK

Exchange Rate (Period Average)

5.358236

5.623146

5.354263

Consolidated

No

No

No

 

 

 

 

Gross Profit

0.8

0.6

0.7

Operating Income

0.1

0.1

0.1

Net Income

0.0

0.0

0.0

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

Filed Currency

DKK

DKK

DKK

Exchange Rate

5.72535

5.55485

5.18625

Consolidated

No

No

No

 

 

 

 

Total Assets

1.8

2.0

1.9

Total Liabilities

-

-

1.8

Total Equity

0.0

0.0

0.1

 

Annual Ratios

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

Period Length

12 Months

12 Months

12 Months

Filed Currency

-

-

-

Exchange Rate

-

-

-

Consolidated

No

No

No

 

 

 

 

Current Ratio

95.91

95.75

98.98

Total debt/total equity

1.42

0.89

2.64

Return on average equity

13.70

-

-

 

 

Annual Growth Rates

 

 

 

31-Dec-2010

31-Dec-2009

Period Length

12 Months

12 Months

Filed Currency

-

-

Exchange Rate

-

-

Consolidated

No

No

 

 

 

Marginal Contribution Percent Change

17.63%

2.32%

Operating Results Percent Change

77.03%

-31.86%

Profit/Loss for the Year Percent Change

112.58%

-960.00%

Assets Percent Change

-9.41%

14.87%

Equity Capital Percent Change

44.55%

-61.15%

Current Ratio Percent Change

0.17%

-3.26%

Debt/Equity Ratio Percent Change

59.55%

-66.29%

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.32

UK Pound

1

Rs.87.36

Euro

1

Rs.70.36

 

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.