MIRA INFORM REPORT

 

 

Report Date :

06.07.2013

 

IDENTIFICATION DETAILS

 

Name :

C. NøRGAARD A/S

 

 

Registered Office :

Wichmandsgade 15 Odense C, 5100

 

 

Country :

Denmark

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

1961

 

 

Com. Reg. No.:

15039736

 

 

Legal Form :

Private Independent

 

 

Line of Business :

Subject is engaged in manufacturing brooms, mops, and brushes.

 

 

No. of Employees :

20

 

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

 

 

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

 

C. NøRGAARD A/S                 

 

Wichmandsgade 15

Odense C, 5100

Denmark

 

 

Tel:

+45 66 11 70 30

Fax:

+45 65 90 81 55

 

www.cnsafety.dk

 

Employees:

20

Company Type:

Private Independent

 

 

Incorporation Date:

1961

Financials in:

USD (In Millions)

Fiscal Year End:

31-Dec-2011

Reporting Currency:

Danish Krone

Annual Sales:

0.0

Net Income:

0.0

Total Assets:

4.9

 

 

Business Description          

 

 

C. Nørgaard A/S is primarily engaged in manufacturing brooms, mops, and brushes.

 

 

Industry          

 

 

Industry

Personal and Household Products

ANZSIC 2006:

2599 - Other Manufacturing Not Elsewhere Classified

NACE 2002:

3662 - Manufacture of brooms and brushes

NAICS 2002:

339994 - Broom, Brush, and Mop Manufacturing

UK SIC 2003:

3662 - Manufacture of brooms and brushes

UK SIC 2007:

3291 - Manufacture of brooms and brushes

US SIC 1987:

3991 - Brooms and Brushes

 

 

Key Executives

                                       

Name

Title

Ole Leif Geert Petersen

Managing Director / Director, Board Member

Leif Petersen

Finance Manager, Finance Executive

Heine Bøgelund

Marketing / Communication Executive, Marketing / Communication Executive

Erik Nielsen

Purchasing Executive

Carsten Georg Lauth

Bestyrelsesformand

 

 

Registered No.(DNK): 15039736

 

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
Wichmandsgade 15
Odense C, 5100
Denmark

 

Tel:

+45 66 11 70 30

Fax:

+45 65 90 81 55

 

www.cnsafety.dk

Sales DKK(mil):

0.0

Assets DKK(mil):

27.9

Employees:

20

Fiscal Year End:

31-Dec-2011

 

KeyIDSM:

102063527

Industry:

Personal and Household Products

Incorporation Date:

1961

Company Type:

Private Independent

Quoted Status:

Not Quoted

Registered No.(DNK):

15039736

 

Managing Director / Director, Board Member:

Ole Leif Geert Petersen

 

 

Industry Codes

 

ANZSIC 2006 Codes:

2599

-

Other Manufacturing Not Elsewhere Classified

1351

-

Clothing Manufacturing

1352

-

Footwear Manufacturing

1320

-

Leather Tanning, Fur Dressing and Leather Product Manufacturing

 

NACE 2002 Codes:

3662

-

Manufacture of brooms and brushes

1824

-

Manufacture of other wearing apparel and accessories not elsewhere classified

1821

-

Manufacture of workwear

1920

-

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

1930

-

Manufacture of footwear

182

-

Manufacture of other wearing apparel and accessories

 

NAICS 2002 Codes:

339994

-

Broom, Brush, and Mop Manufacturing

3159

-

Apparel Accessories and Other Apparel Manufacturing

315992

-

Glove and Mitten Manufacturing

31599

-

Apparel Accessories and Other Apparel Manufacturing

315225

-

Men's and Boys' Cut and Sew Work Clothing Manufacturing

316999

-

All Other Leather Good Manufacturing

31522

-

Men's and Boys' Cut and Sew Apparel Manufacturing

316219

-

Other Footwear Manufacturing

31523

-

Women's and Girls' Cut and Sew Apparel Manufacturing

3162

-

Footwear Manufacturing

31621

-

Footwear Manufacturing

 

US SIC 1987:

3991

-

Brooms and Brushes

314

-

Footwear, Except Rubber

3149

-

Footwear, Except Rubber, Not Elsewhere Classified

23

-

Apparel and Other Finished Products Made From Fabrics and Similar Materials

3151

-

Leather Gloves and Mittens

238

-

Miscellaneous Apparel and Accessories

2326

-

Men's and Boys' Work Clothing

3199

-

Leather Goods, Not Elsewhere Classified

 

UK SIC 2003:

3662

-

Manufacture of brooms and brushes

182

-

Manufacture of other wearing apparel and accessories

1930

-

Manufacture of footwear

1821

-

Manufacture of workwear

1824

-

Manufacture of other wearing apparel and accessories not elsewhere classified

1920

-

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

 

UK SIC 2007:

3291

-

Manufacture of brooms and brushes

141

-

Manufacture of wearing apparel, except fur apparel

1412

-

Manufacture of workwear

1419

-

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

1520

-

Manufacture of footwear

1512

-

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

 

Business Description

 

C. Nørgaard A/S is primarily engaged in manufacturing brooms, mops, and brushes.

 

Financial Data

 

Financials in:

DKK(mil)

 

Revenue:

0.0

Net Income:

0.0

Assets:

27.9

Total Liabilities:

0.0

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

NA

NA

NA

 

Key Corporate Relationships

 

Bank:

Giro Account 6138551

 

 

 

 

 

 

 

 

Executives Report

 

Board of Directors

 

Name

Title

Function

Carsten Georg Lauth

 

Bestyrelsesformand

Director/Board Member

Ole Leif Geert Petersen

 

Managing Director / Director, Board Member

Director/Board Member

Nils Lykke Rasmussen

 

Sales Director, Export Executive

Director/Board Member

 

Executives

 

Name

Title

Function

Ole Leif Geert Petersen

 

Managing Director / Director, Board Member

Managing Director

Leif Petersen

 

Finance Manager, Finance Executive

Finance Executive

Nils Lykke Rasmussen

 

Sales Director, Export Executive

Sales Executive

Heine Bøgelund

 

Marketing / Communication Executive, Marketing / Communication Executive

Marketing Executive

Erik Nielsen

 

Purchasing Executive

Purchasing Executive

 

 

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

1.8

1.8

1.9

Operating Income

0.2

0.5

0.4

Net Income

0.0

0.2

0.2

 

 

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

4.9

6.0

5.8

Provisions

-

0.0

0.0

Total Liabilities

-

-

3.8

Total Equity

1.8

1.9

1.9

 

 

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

205.70

137.87

141.29

Total debt/total equity

37.04

31.04

33.77

Return on average equity

0.09

8.31

10.50

 

 

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

-6.01%

-0.66%

Operating Results Percent Change

-62.02%

30.77%

Profit/Loss for the Year Percent Change

-98.95%

-18.79%

Assets Percent Change

-16.16%

11.62%

Provisions Percent Change

-100.00%

-81.82%

Equity Capital Percent Change

0.08%

2.58%

Current Ratio Percent Change

49.20%

-2.42%

Debt/Equity Ratio Percent Change

19.33%

-8.08%

Retun On Equity Percent Change

-98.92%

-20.86%

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.34

UK Pound

1

Rs.90.78

Euro

1

Rs.77.81

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.