MIRA INFORM REPORT

 

 

Report Date :

26.04.2013

 

IDENTIFICATION DETAILS

 

Name :

CNS GROUP AS

 

 

Registered Office :

Trianglen 24 6000 Kolding Denmark

 

 

Country :

Denmark

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

11.10.1995

 

 

Com. Reg. No.:

Trade  Register Number:  18680181

 

 

Legal Form :

Limited Company  - A/S

 

 

Line of Business :

Wholesale of Clothing and Footwear

 

 

No. of Employees :

85

 

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 :

No Complaints

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 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 a high standard of living 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, has since continued to decline. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. The global financial crisis cut Danish real GDP in 2008-09. 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 2010-12, 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 delivered a modest stimulus to the economy in 2012. Nonetheless, Denmark's fiscal position remains among the strongest in the EU with public debt at about 45% of GDP in 2012. 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 and Address

 

Company  name                      CNS GROUP A/S

Operative  address                    TRIANGLEN 24

6000 KOLDING

Denmark

 

 

Summary

 

 

Year                                                                      2011       Mutation           2010       Mutation         2009

 

Fixed assets                                                   2.484.050          -5,64       2.632.459         -73,74    10.025.73

 

Total receivables                                             3.668.570          22,77       2.988.269         -27,37     4.114.561

 

Total equity                                                     2.868.218        510,76        469.616         -94,13     8.006.302

 

Short  term  liabilities                                       17.701.493         -8,65      19.378.037          2,24    18.953.143

 

Net result                                                          -957.463          86,08      -6.877.122      -3.476,19     203.695

 

W orking capital                                                 418.470         119,59     -2.136.591          -7,50    -1.987.599

 

Quick  ratio                                                                0,72            7,46            0.67              3.08          0.65

 

 

 

 

 

Contact information

 

Company  name                                         CNS GROUP  A/S

 

 

Operative  address                                    TRIANGLEN 24

6000 KOLDING Denmark

Correspondence address                             TRIANGLEN 24

6000 KOLDING Denmark

 

Telephone number                                      +45 76325200

 

Fax number                                                +45 76325222

 

Email address                                             peppercorn@peppercorn.dk

 

 

Website                                                       www.cnsgroup.dk

 

 

 

Registration

 

 

Registration  number                                        Trade  register number:  18680181

Trade  register number: 18680181

 

VAT-number                                                    DK18 68 01 81

 

 

Status                                                              Active

 

Establishment date                                         1995-10-11

 

 

Legal  form                                                      Limited company  - A/S

 

 

Subscribed  share capital                                 DKK 4.000.000

 

 

Activities

 

NACE                                                              Wholesale of clothing and  footwear (4642)

 

Relations

 

Shareholders                                       ULTIMATE GLOBALSHAREHOLDER

Name:  CNS HOLDING AS

National id number:  18680181

Address:  Trianglen 24

Zipcode:  6000

City:  HAUGESUND

Country:  NO

Phone: +45 76325200

FAX: +45 76325222

Website:  www.cnsgroup.dk

Type: Mutual & Guest-house Fund/Nominee/Trust/Trustee

Share direct:  0.00% Share

TOTAL: 100.00%  

Turnover:  89.88  mil.  EUR

TOTAL assets:  51.97  mil.  EUR

Profit  loss  before tax: -1.6094  mil.  EUR

Profit  loss  after tax net  income:  -1.2389  mil.  EUR

Shareholders  funds:  3.7112  mil.  EUR

 

SHAREHOLDERS

Name:  CONSEPTOR AS

National id number:  976 626 923

Address:  Sundgata 109

Zipcode:  5527

City:  HAUGESUND

Country:  NO

Phone: +47 52709240

FAX: +47 52709251

Website:  conseptor.no Type: Industrial company

Share direct:  100.00%

Turnover:  1.06 mil.  EUR

TOTAL assets: 42.45  mil.  EUR

Profit  loss  before tax: -10.498  mil.  EUR

Profit  loss  after tax net  income:  -10.6033  mil.  EUR

Shareholders  funds:  -0.1085  mil.  EUR

Number  of employees:  9

 

 

Structure                                             SUBSIDIARIES

Name:  CONSEPTOR FINANS AS

National id number:  979 181 353

                                                Address:  Sundgata 109

Zipcode:  5527

City:  HAUGESUND

Country:  NO

Type: Industrial company

Phone: +47 52709240

Fax:  +47 52709251

Website:  www.conseptor.no

Share direct:  100.00%

Turnover:  3.81 mil.  EUR

Total assets: 3.09 mil.  EUR

Profit  loss  before tax: -0.694  mil.  EUR

Profit  loss  after tax net  income:  -0.8693  mil.  EUR

Shareholders  funds:  -2.4503  mil.  EUR

 

Name:  PEPPNO AS

National id number:  979 462 034

Address:  Sundgata 109

Zipcode:  5527

City:  HAUGESUND

Country:  NO

Type: Industrial company

Phone: +47 52737740

Fax:  +47 52709251

W ebsite:  conseptor.no

Share direct:  100.00%

Turnover:  3.61 mil.  EUR

Total assets: 0.84 mil.  EUR

Profit  loss  before tax: 0.0326  mil.  EUR

Profit  loss  after tax net  income:  0.0235  mil.  EUR

Shareholders  funds:  0.724  mil.  EUR

Number  of employees:  3

 

 

Branches                                             Name:  PEPPERCORN A/S - DEL REG.

National id number:  18680181-1021

Address:  Jyllandsgade 28

Zipcode:  6400

City:  SØNDERBORG

Country:  DK

 

 

Bank details

 

Accounts                                             Dnb Bank Aa

 

 

Management

 

Management                                        Full name:  Mr. Stein Lande

Type: Individual

Gender:  Male

date of birth:  1961/12/15

Age: 51

Country  of nationality:  Norway

Address:  Norway

Number  of involvements:  77

Function: Member of the board

Level of responsibility: Member

Appointment date:  2002/10/24

 

Full name:  Mr. PETER  Mazur

Type: Individual

Gender:  Male

Address:  Denmark

Number  of involvements:  1

Function: Member of the board

Level of responsibility: Member

Appointment  date:  2012/05/01

 

Full name:  Mr. PETER  Mazur

Type: Individual

Gender:  Male

Address:  Denmark

Number  of involvements:  1

Function:  General Manager

Level of responsibility:  Highest  executive

Appointment  date:  2004/02/23

 

Full name:  Mr. Henning Damgard Nissen

Type: Individual

Gender:  Male

date  of birth:  1967/09/01

Age: 45

Address:  Denmark

Number of involvements:  4

Function: Member of the board

Level of responsibility: Member

Appointment date:  2012/05/01

 

 

Employees

 

Year

2011

2010

2009

2008

2007

Total

85

91

101

109

66

 

 

Financial analysis

 

Trend                           Chaneable

Profitability                 Negative

Solvability                   Limited

Liquidity                     Limited

Show  amount  in       Euro

 

 

Key Figures

 

Year

2011

2010

2009

2008

2007

Quick  ratio

0,72

0,67

0,65

1,21

0,89

Current  ratio

1,02

0,89

0,90

1,48

1,26

Working capital/  balance total

0,02

-0,11

-0,07

0,29

0,17

Equity/ balance total

0,02

-0,11

-0,07

0,29

0,17

Equity/ Fixed assets

1,15

0,18

0,80

3,99

2,15

Solvability

1,16

1,03

1,42

1,64

1,48

Working capital

418.470

-2.136.591

-1.987.599

6.309.592

1.504.281

Equity

2.868.218

469.616

8.006.302

8.365.883

2.780.088

Mutation equity

510,76

-94,13

-4,30

200,92

 

Mutation short  term  liabilities

-8,65

2,24

45,31

122,92

 

Return  on total assets  (ROA)

-6,04

-47,18

0,86

19,40

32,04

Return  on equity  (ROE)

-43,37

-1.996,62

2,90

49,73

99,67

Gross  margin

4.673.516

3.652.313

5.838.948

10.291.242

7.100.729

Operating result

-112.856

-10.262.912

-787.363

3.769.277

3.198.353

Net result  after taxes

-957.463

-6.877.122

203.695

3.174.171

2.119.699

 

Cash flow

 

-844.875

 

1.986.671

 

400.302

 

3.366.013

 

2.223.830

EBITDA

-269

-1.399.118

-590.756

3.961.119

3.302.484

 

 

Summary

 

The 2011 financial result  structure  is  a postive working captial of 418.470  euro,  which is  in agreement with 2 % of the total assets  of the company.

 

The working capital has  increased with 119.59  % compared to previous  year.  The ratio, with respect to the total assets  of the company  has  however,  increased.

 

The improvement  between 2010 and  2011 has  mainly  been  caused by an increase of the current  assets.

 

The current  ratio of the company  in 2011 was  1.02.  When  the current  ratio is  below  1.5,  the company  may have  problems  meeting its  short-term  obligations.

 

The quick  ratio in 2011 of the company  was  0.72.  A company  with a Quick  Ratio of less  than  1 cannot  currently  pay  back  its  current  liabilities.

 

The 2010 financial result  structure  is  a negative working captial of -2.136.591 euro, which is  in agreement with -11 % of the total assets  of the company.

 

The working capital has  diminished with -7.5 % compared to previous  year.  The ratio, with respect to the total assets  of the company  has  however,  declined.

 

The deterioration between 2009 and  2010 has  mainly  been  caused by an increase of the current  liabilities.

 

The current  ratio of the company  in 2010 was  0.89.  W hen  the current  ratio is  below 1.5,  the company  may have  problems  meeting its  short-term  obligations.

 

The quick  ratio in 2010 of the company  was  0.67.  A company  with a Quick  Ratio of less  than  1 cannot  currently  pay  back  its  current  liabilities.

 

 

 

 

 

 

 

 

Financial statement

           

Auditor                                                            Name:  DELOITTE Statsautoriseret  Revisionspartnerselskab

 

 

Last annual  account                                      2011

           

Remark annual  account                                 The company  is  obligated to publish its  annual accounts

 

Type of annual  account                                Corporate

 

Annual  account                                              CNS GROUP A/S

TRIANGLEN 24

6000 KOLDING

Denmark

 

 

Balance

 

Year

2011

2010

2009

2008

2007

End Date

2011-12-31

2010-12-31

2009-12-31

2008-12-31

2007-12-31

Intangible fixed  assets

40.085

49.707

8.790.321

70.972

79.905

Tangible  fixed  assets

251.136

214.552

364.993

353.094

289.908

Other fixed assets

2.192.829

2.368.200

870.419

1.672.062

922.458

Fixed  assets

2.484.050

2.632.459

10.025.733

2.096.127

1.292.271

Inventories

5.385.089

4.304.365

4.600.193

3.578.114

2.146.601

Total receivables

3.668.570

2.988.269

4.114.561

5.543.718

1.829.791

Liquid funds

3.671.798

4.766.118

3.634.413

1.444.053

374.096

 

Other current  assets

5.394.505

5.182.695

4.616.376

8.787.230

3.004.947

Current assets

18.119.963

17.241.446

16.965.544

19.353.115

7.355.436

Total assets

20.604.012

19.873.905

26.991.277

21.449.243

8.647.706

Total equity

2.868.218

469.616

8.006.302

8.365.883

2.780.088

Provisions

34.435

26.386

31.965

39.973

16.597

Accounts  payable

1.978.012

1.297.306

2.648.839

1.628.418

1.511.910

Short term liabilities

17.701.493

19.378.037

18.953.143

13.043.523

5.851.155

Total liabilities

20.604.012

19.873.905

26.991.277

21.449.243

8.647.706

 

 

Summary

 

The total assets  of the company  increased with 3.67 % between 2010 and  2011. Despite the assets  growth, the non current  assets  decreased with -5.64 %. In 2011 the assets  of the company  were 12.06  % composed of fixed assets  and  87.94 % by current  assets. The assets  are  being financed by an equity  of 13.92  %, and  total debt  of 86.08  %.

 

The total assets  of the company  decreased with -26.37  % between 2009 and  2010. This  downturn is  mainly  retrievable in the fixed asset  decrease of -73.74  %. In 2010 the assets  of the company  were 13.25  % composed of fixed assets  and  86.75 % by current  assets. The assets  are  being financed by an equity  of 2.36 %, and  total debt  of 97.64  %.

 

 

 

 

 

 

 

 

Profit and Loss

 

Year

2011

2010

2009

2008

2007

Gross margin

4.673.516

3.652.313

5.838.948

10.291.242

7.100.729

Wages and salaries

4.673.785

5.051.432

6.429.704

6.330.123

3.798.245

Amorization and  depreciation

112.587

8.863.793

196.607

191.843

104.131

Operating expenses

4.786.372

13.915.225

6.626.311

6.521.965

3.902.376

Operating  result

-112.856

-10.262.912

-787.363

3.769.277

3.198.353

Financial income

410.937

1.433.633

2.463.200

1.481.171

788.479

Financial expenses

1.541.921

547.174

1.443.654

1.090.008

1.215.979

Financial result

-1.130.984

886.459

1.019.546

391.163

-427.500

Result on  ordinary operations before  taxes

-1.243.841

-9.376.452

232.183

4.160.440

2.770.853

Taxation on the result  of ordinary  activities

-286.512

-2.499.330

28.622

986.269

651.154

Result of ordinary activities after taxes

-957.328

-6.877.122

203.561

3.174.171

2.119.699

Net result

-957.463

-6.877.122

203.695

3.174.171

2.119.699

 

Summary

 

The gross  profit  of the company  grew with 27.96  % between 2010 and  2011.

 

The operating result  of the company  grew with 98.9 % between 2010 and  2011.  This evolution implies  an increase of the company's economic  profitability.

 

The result  of these changes is  an increase of the company's Economic  Profitability  of 87.2 % of the analysed period,  being equal to 2010 % in the year 2011.

 

The Net Result  of the company  decreased by 86.08  % between 2010 and  2011. The company's Financial Profitability  has  been  positively  affected by the financial activities  in comparison to the EBITs  behaviour.  The result  of these variations  is  a profitability  increase of 97.83  % of the analysed period,  being -43.37  % in the year 2011.

 

The company's financial structure  has  slowed down its  financial profitability.

 

The gross  profit  of the company  decreased by -37.45  % between 2009 and  2010.

 

The operating result  of the company  declined with -1203.45  % between 2009 and  2010. This  evolution implies  an decrease of the company's economic  profitability.

 

The result  of these changes is  a reduction of the company's Economic  Profitability  of - 5586.05  % of the analysed period,  being equal to 2009 % in the year 2010.

 

The Net Result  of the company  increased by -3476.18  % between 2009 and  2010. The company's Financial Profitability  has  been  positively  affected by the financial activities  in comparison to the EBITs  behaviour.  The result  of these variations  is  a profitability  increase of -68948.97  % of the analysed period,  being -1996.62  % in the year 2010.

 

The company's financial profitability  has  been  positively  affected by its  financial structure.

 

 

 

 

Publications

 

Remarks                                  Status: Active

Category:  Large company

Last  year:  2011

Result  last  year:  -957.463  EUR

TOTAL assets  last  year:  20.604.012 EUR

Number  of employees:  85

Number  of shareholders:  1

Number  of subsidiaries:  2

Number  of branches: 1

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.17

UK Pound

1

Rs.82.99

Euro

1

Rs.70.62

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.