MIRA
INFORM REPORT
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Report Date : |
25.02.2013 |
IDENTIFICATION DETAILS
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Name : |
JYSK AS |
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Registered Office : |
Sødalsparken 18, Brabrand, 8220 |
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Country : |
Denmark |
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Financials (as on) : |
31.08.2011 |
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Year of Establishments: |
1979 |
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Com. Reg. No.: |
13590400 |
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Legal Form : |
Private Subsidiary Company |
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Line of Business : |
merchant wholesale distribution of piece goods, fabrics, knitting yarns (except industrial), thread and other notions, and/or hair accessories. |
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No. of Employees : |
1246 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 : |
Good |
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Payment Behaviour : |
Regular |
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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 |
A2 |
A2 |
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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.
Company name & address
Jysk A/S
Sødalsparken 18
Brabrand, 8220
Denmark
Tel: 45 89 39 75 00
Fax: 45 89 39 75 01
synthesis
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Employees: |
1,246 |
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Company Type: |
Private Subsidiary |
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Corporate
Family: |
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Ultimate Parent: |
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Incorporation
Date: |
1979 |
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Fiscal Year End:
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31-Aug-2010 |
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Reporting
Currency: |
Danish Krone |
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Annual Sales: |
507.4 |
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Total Assets: |
NA |
Business description
Jysk A/S is primarily engaged in the merchant wholesale distribution of piece goods, fabrics, knitting yarns (except industrial), thread and other notions, and/or hair accessories.
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Industry |
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
5244
- Retail sale of furniture, lighting equipment and household articles not
elsewhere classified |
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NAICS 2002: |
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UK SIC 2003: |
5244
- Retail sale of furniture, lighting equipment and household articles not
elsewhere classified |
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UK SIC 2007: |
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US SIC 1987: |
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Key Executives
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Name |
Title |
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Jan Bøgh |
Managing Director |
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Henrik Naundrup |
Finance Director |
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Henrik Bøgelund |
Purchasing Executive |
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Jan Verhoek |
HR Executive |
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Lars Larsen |
Chairman |
News
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Title |
Date |
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OrderDynamics Sees Strong eCommerce Adoption
Among Canadian Retailers in 2012 |
19-Feb-2013 |
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Delivery of hoists and standing hoists
etc.. to jysk fællesindkøb |
16-Feb-2013 |
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Supply of recycled aids jysk
fællesindkøb |
16-Feb-2013 |
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JYSK Favours LE SAC PLUS and Quebecor
Media's Printing Solutions to Support its Growth in Quebec and English Canada |
15-Feb-2013 |
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OrderDynamics Clients Enjoy 55% More Sales
in 2012 Holiday Season While Far Exceeding Industry Average |
25-Jan-2013 |
Registered
No.(DNK):
13590400
1 - Profit &
Loss Item Exchange Rate: USD 1 = DKK 5.462648
2 - Balance Sheet Item Exchange Rate:
USD 1 = DKK 5.8571
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Corporate
Family |
Corporate
Structure News: |
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Jysk Holding A/S |
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Jysk A/S |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Jysk Holding A/S |
Parent |
Brabrand |
Denmark |
Retail (Specialty) |
1,678.6 |
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Jysk Sp Z O O |
Subsidiary |
Gdansk |
Poland |
Furniture and Fixtures |
362.8 |
1,500 |
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Jysk A/S |
Subsidiary |
Brabrand |
Denmark |
Retail (Specialty) |
507.4 |
1,246 |
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Jysk AB |
Subsidiary |
Arlöv |
Sweden |
Retail (Specialty) |
389.0 |
1,240 |
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Jysk AS |
Subsidiary |
Oslo |
Norway |
Furniture and Fixtures |
224.6 |
717 |
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Jysk Kereskedelmi Korlatolt Felelossegu Tarsasag |
Subsidiary |
Budapest |
Hungary |
Retail (Specialty) |
68.8 |
462 |
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Jysk Oy |
Subsidiary |
Vantaa |
Finland |
Retail (Specialty) |
110.4 |
426 |
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Jysk Ab |
Subsidiary |
Arlöv, Skåne |
Sweden |
Retail (Specialty) |
423.9 |
50 |
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Executive report
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Board of
Directors |
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Chairman |
Chairman |
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Board Member |
Director/Board Member |
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Bestyrelsesformand |
Director/Board Member |
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Executives |
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Managing Director |
Managing Director |
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Managing Director / Director |
Managing Director |
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Finance Director |
Finance Executive |
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HR Executive |
Human Resources Executive |
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Purchasing Executive |
Purchasing Executive |
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Purchasing Executive |
Purchasing Executive |
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Annual Profit & Loss
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31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
DKK |
DKK |
DKK |
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Exchange Rate
(Period Average) |
5.375306 |
5.462648 |
5.516123 |
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Consolidated |
No |
No |
No |
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Total Revenue |
529.6 |
507.4 |
524.4 |
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Gross Profit |
152.1 |
140.2 |
130.3 |
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Operating Income |
58.0 |
47.1 |
45.8 |
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Net Income |
43.7 |
36.5 |
29.1 |
Annual Balance Sheet
Financials in: USD (mil)
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31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
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Filed Currency |
DKK |
DKK |
DKK |
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Exchange Rate |
5.1737 |
5.8571 |
5.18685 |
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Consolidated |
No |
No |
No |
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Total Assets |
305.0 |
215.0 |
253.4 |
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Provisions |
0.6 |
1.0 |
1.0 |
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Total Liabilities |
- |
- |
133.5 |
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Total Equity |
206.1 |
141.9 |
118.9 |
Annual Ratios
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31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
- |
- |
- |
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Exchange Rate |
- |
- |
- |
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Consolidated |
No |
No |
No |
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Operating Margin |
10.95 |
9.29 |
8.73 |
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Current Ratio |
262.94 |
228.53 |
147.12 |
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Total debt/total equity |
67.56 |
66.01 |
46.90 |
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Return on average equity |
22.05 |
24.02 |
26.06 |
Annual Growth Rates
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31-Aug-2010 |
31-Aug-2009 |
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Period Length |
12 Months |
12 Months |
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Filed Currency |
- |
- |
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Exchange Rate |
- |
- |
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Consolidated |
No |
No |
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Turnover Percent Change |
2.71% |
-4.17% |
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Marginal Contribution Percent Change |
6.78% |
6.57% |
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Operating Results Percent Change |
21.08% |
1.97% |
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Profit/Loss for the Year Percent Change |
17.79% |
24.25% |
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Assets Percent Change |
25.33% |
-4.21% |
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Provisions Percent Change |
-46.71% |
8.57% |
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Equity Capital Percent Change |
28.29% |
34.81% |
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Operating Margin Percent Change |
17.87% |
6.41% |
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Current Ratio Percent Change |
15.06% |
55.34% |
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Debt/Equity Ratio Percent Change |
2.35% |
40.75% |
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Return On Equity Percent Change |
-8.20% |
-7.83% |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.43 |
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UK Pound |
1 |
Rs.83.20 |
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Euro |
1 |
Rs.71.91 |
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.