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Report Date : |
28.09.2012 |
IDENTIFICATION DETAILS
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Name : |
CO-RO FOOD AS |
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Registered Office : |
Ellekær 1, 3600 Frederikssund |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
30.04.1959 |
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Com. Reg. No.: |
63548715 A/S |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture of other food products Manufacture of soft drinks, production of mineral |
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No. of Employees : |
314 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Denmark |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
Main name CO-RO FOOD A/S
Main address ELLEKÆR 1
City 3600 FREDERIKSSUND
Country Denmark
Phone-no. +45-47-365100
Fax-no. +45-47-383888
Nat. partner ID-no. 165422
ID-/Reg.-no. 63548715 A/S
Legal form Limited company
Company Status Active
Latest change 2012-08-27
Activity 10.89 Manufacture of other food products n.e.c.
11.07 Manufacture of soft drinks, production of mineral
11.01 Distilling, rectifying and blending of spirits
No of employees empl 314
Management OLE JØRGENSEN (Managing director)
Board of directors MICHAEL RING (Chairman of the board)
OLE JØRGENSEN (Member of the board)
PREBEN EDVARD KØNIG (Member of the board)
BO LUNDBERG (Member of the board)
ANNETTE STOUGAARD (Member of the board)
HANS KASPER MADSEN (Member of the board)
Established 1964
Registered 1959-04-30
Bankers DANSKE BANK FREDERIKSSUND AFDELING JERNBANEGADE 7,
- BOX 39 3600 FREDER
Currency Danish Krone
<* *>
Closing date 2011-12-31 2010-12-31 2009-12-31
Source Ann. report Ann. report Ann. report
Turnover 906.624.000 867.965.000 701.460.000
Costs 862.666.000 788.895.000 634.745.000
Ordinary result 60.142.000 103.694.000 81.238.000
Tax 14.809.000 20.875.000 18.394.000
Annual result 45.333.000 82.819.000 62.844.000
<* Assets *>
Fixed assets 366.661.000 337.371.000 240.502.000
Current assets 281.134.000 291.033.000 501.724.000
<* Liabilities *>
Equity capital 537.332.000 479.796.000 645.092.000
Share capital 23.000.000 22.000.000 22.000.000
Short-term debts 97.505.000 135.535.000 84.305.000
Gearing I 57,13 95,16 20,84
Acid test ratio I 288,33 214,73 595,13
Acid test ratio II 184,18 143,84 505,30
Return on investment 6,79 12,58 8,99
Return on equity 11,19 21,61 12,59
Solvency ratio 82,95 76,35 86,91
Property Yes
Property ass. value 113.685.000 (Annual report)
Mortgaging I No
Parent company CO-RO HOLDING A/S (ID:97225) (100%)
Subsidiaries XINDEBAO FOOD LTD (100%)
CO-RO FOOD GUANGDONG LTD. (100%)
Associated business BARKATH CO RO SDN BHD (50%)
BINZAGR CO RO LTD (50%)
Secondary names(s) BIGARO FOOD A/S
CADISO FOOD A/S
UNICAD FOOD A/S
Payment profile Payment regular
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.58 |
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UK Pound |
1 |
Rs.86.60 |
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Euro |
1 |
Rs.68.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.