MIRA INFORM REPORT

 

 

Report Date :

08.07.2013

 

IDENTIFICATION DETAILS

 

Name :

BLUCHER METAL AS

 

 

Registered Office :

Pugdalvej 1, 7480 Vildbjerg

 

 

Country :

Denmark

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

19.07.2005

 

 

Com. Reg. No.:

49260016

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of tubes, pipes, hollow profiles and related fittings, of steel

 

 

No. of Employees :

304

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

 

Summary

 

Company name                       BLUCHER METAL A/S

Operative address                   PUGDALVEJ 1

7480 VILDBJERG

Denmark

Status                                      Active

Specification                           This company can meet all its obligations.

Legal form                               Limited company - A/S

Registration number                Trade register number: 49260016

Trade register number: 49260016

VAT-number                            DK49 26 00 16

 

 

Year                                                                                                2012            Mutation                   2011            Mutation                2010

 

Fixed assets                                                                          15.440.059                  -1,84          15.729.534                  11,87        14.060.747

 

Total equity                                                                            33.972.817                  19,88          28.339.714                  15,52        24.531.814

 

Short  term  liabilities                                                                15.972.964                  23,82          12.899.786                  18,77        10.861.525

 

Net result                                                                               11.607.667                  39,11            8.344.104                    1,32          8.235.463

 

Working capital                                                                       20.815.319                  35,36          15.378.187                  12,00        13.730.390

 

Quick  ratio                                                                                       1,85                  12,80                   1,64                    7,19                  1,53

 

 

 

 

Company information

 

Company name                       BLUCHER METAL A/S

 

Operative address                   PUGDALVEJ 1

7480 VILDBJERG

Denmark

Correspondence address         PUGDALVEJ 1

7480 VILDBJERG

Denmark

Telephone number                  +45 99920800

Fax number                             +45 97133350

Email address                          mail@blucher.dk

Website                                   www.blucher.dk   

 

 

Registration

 

Registration number                Trade register number: 49260016

Trade register number: 49260016

VAT-number                            DK49 26 00 16

Status                                      Active

Establishment date                  2005-07-19

Legal form                               Limited company - A/S

Subscribed share capital         DKK 18.000.000

 

 

Activities

 

NACE Manufacture of tubes, pipes, hollow profiles and related fittings, of steel (2420)

 

 

Relations

 

Shareholders                           ULTIMATE GLOBAL SHAREHOLDER

Name: HORNE TIMOTHY P

Type: One or more named individuals or families

Profit loss before tax: 6.97508 mil. EUR

Profit loss after tax net income: 4.92986 mil. EUR

Shareholders funds: 103.9291 mil. EUR

 

ULTIMATE DOMESTIC SHAREHOLDER

Name: W ATTS DENMARK HOLDING APS

Country: DK

Type: Industrial company

Share direct: 100.00%

Share TOTAL: 100.00%

Turnover: 72.11 mil. EUR

TOTAL assets : 171.77 mil. EUR

 

SHAREHOLDERS

Name: W ATTS DENMARK HOLDING APS

National id number: 31368006

Address: Pugdalvej 1

Zipcode: 7480

City: VILDBJERG

Country: DK

Type: Industrial company

Share direct: 100.00%

Turnover: 72.11 mil. EUR

TOTAL assets : 171.77 mil. EUR

Profit loss before tax: 6.97508 mil. EUR

Profit loss after tax net income: 4.92986 mil. EUR

Shareholders funds: 103.9291 mil. EUR

Number of employees: 308

 

Name: W ATTS W ATER TECHNOLOGIES, INC.

National id number: 04-2916536

Address: 815, Chestnut Street

Zipcode: 01845

City: NORTH ANDOVER

Country: US

Phone: +1 978 688 1811

FAX: +1 978 794 1848

Website: www.wattswater.com

Type: Industrial company

Turnover: 1445.6 mil. EUR

TOTAL assets : 1709 mil. EUR

Profit loss before tax: 100.3 mil. EUR

Profit loss after tax net income: 68.4 mil. EUR

Shareholders funds: 939.5 mil. EUR

Number of employees: 5900

 

 

Structure                                  SUBSIDIARIES

Name: BLUCHER FRANCE

National id number: 347577843-00035

Address: 1 ALLEE DU DAUPHINE

Zipcode: 91090

City: LISSES

Country: FR

Type: Industrial company

Share direct: 100.00%

Turnover: 4.46 mil. EUR

Total assets : 1.36 mil. EUR

Profit loss before tax: 0.1511 mil. EUR

Profit loss after tax net income: 0.11962 mil. EUR

Shareholders funds: 0.90106 mil. EUR

Number of employees: 14

 

Name: BLUCHER NORW AY AS

National id number: 965 245 820

Address: Holtesletta

Zipcode: 3748

City: SILJAN

Country: NO

Type: Industrial company

Phone: +47 35942650

Fax: +47 35941313

Share direct: 100.00%

Turnover: 7.97 mil. EUR

Total assets : 3.3 mil. EUR

Profit loss before tax: 1.3227 mil. EUR

Profit loss after tax net income: 0.93389 mil. EUR

Shareholders funds: 1.30417 mil. EUR

Number of employees: 7

 

Name: BLÜCHER GERMANY GMBH

National id number: HRB 381584 (Freiburg im Breisgau)

Address: Am Herrlebühl 17

Zipcode: 78479

City: REICHENAU

Country: DE

Type: Industrial company

Phone: +49 7531 97400

Fax: +49 7531 974031

Share direct: 100.00%

Turnover: 8.72 mil. EUR

Total assets : 1.93 mil. EUR

Profit loss before tax: 0.38422 mil. EUR

Profit loss after tax net income: 0.26389 mil. EUR

Shareholders funds: 1.39878 mil. EUR

 

Name: BLÜCHER GERMANY GMBH

National id number: HRB 381592

Address: Am Herrlebühl 17

Zipcode: 78479

City: REICHENAU

Country: DE

Type: Industrial company

Share direct: 100.00%

Turnover: 7.92 mil. EUR

Total assets : 2.04 mil. EUR

Profit loss before tax: 0.20377 mil. EUR

Profit loss after tax net income: 0.14098 mil. EUR

Shareholders funds: 1.43901 mil. EUR

 

Name: BLÜCHER METAL BETEILIGUNGS GMBH

Country: DE

Type: Industrial company

Share direct: 100.00%

Name: BLÜCHER SW EDEN AKTIEBOLAG

National id number: 556207-5464

Address: Box 965

Zipcode: 391 29

City: KALMAR

Country: SE

Type: Industrial company

Phone: +46 480 444700

W ebsite: www.blucher.se

Share direct: 100.00%

Turnover: 7.15 mil. EUR

Total assets : 3.03 mil. EUR

Profit loss before tax: 0.76528 mil. EUR

Profit loss after tax net income: 0.59628 mil. EUR

Shareholders funds: 1.64859 mil. EUR

Number of employees: 10

 

Name: BLÜCHER UK LTD

Country: GB

Type: Industrial company

Share direct: 100.00%

 

Branches                                 Name: JOHANNES BLYCHER SKIBBILD METAL A/S

National id number: 49260016-1288

Address: Blüchersvej 3

Zipcode: 7480

City: VILDBJERG

Country: DK

 

 

Bank details

 

Accounts                                  Danske Bank

 

 

Management

 

Management                           Fullname: Mr. John Dennis Cawte

Type: Individual

Gender: Male

date of birth: 1951/02/08

Age: 62

Country of nationality: United Kingdom

Address: United Kingdom

Country: United Kingdom

Number of involvements: 18

Function: Chairman

Level of responsibility: President / Chairman

Appointment date: 2008/05/30

 

Fullname: Mr. Jeffrey Glenn Allan

Type: Individual

Gender: Male

Address: United States

Number of involvements: 2

Function: Member of the board

Level of responsibility: Member

Appointment date: 2013/05/08

 

Fullname: Mr. Karel Jozef A. D'hulst

Type: Individual

Gender: Male

date of birth: 1968/01/23

Age: 45

Address: Belgium

Number of involvements: 2

Function: Member of the board

Level of responsibility: Member

Appointment date: 2013/05/08

 

Fullname: Mr. Per Thanning Johansen

Type: Individual

Gender: Male

date of birth: 1964/08/18

Age: 48

Country of nationality: Denmark

Address: Denmark

Number of involvements: 9

Function: Member of the board

Level of responsibility: Member

Appointment date: 2011/08/16

 

Fullname: Mr. Per Thanning Johansen

Type: Individual

Gender: Male

date of birth: 1964/08/18

Age: 48

Country of nationality: Denmark

Address: Denmark

Number of involvements: 9

Function: Managing Director

Level of responsibility: Highest executive

Appointment date: 2011/08/16

 

Fullname: Mr. Henning Aagaard Rasmussen

Type: Individual

Gender: Male

Address: Denmark

Number of involvements: 2

Function: Member of the board

Level of responsibility: Member

 

 

Employees

 

Year

2012

2011

2010

2009

2008

Total

304

308

307

311

344

 

 

 

 

 

Financial analysis

 

Trend                            Constant

Profitability                    More than  sufficient

Solvability                      More than  sufficient

Liquidity                        Positive

Show  amount  in           Euro

 

 

Key figures

 

Year

2012

2011

2010

2009

2008

Quick  ratio

1,85

1,64

1,53

1,43

1,06

Current  ratio

2,30

2,19

2,26

2,10

1,88

W orking capital/  balance total

0,40

0,35

0,36

0,34

0,30

Equity  / balance total

0,40

0,35

0,36

0,34

0,30

Equity  / Fixed assets

2,20

1,80

1,74

1,71

1,51

Solvability

2,86

2,81

2,74

2,41

2,12

W orking capital

20.815.319

15.378.187

13.730.390

12.642.072

10.424.621

Equity

33.972.817

28.339.714

24.531.814

21.494.183

18.079.966

Mutation equity

19,88

15,52

14,13

18,88

 

Mutation short  term  liabilities

23,82

18,77

-5,52

-3,04

 

Return  on total assets  (ROA)

29,93

25,99

28,84

28,25

37,66

Return  on equity  (ROE)

46,02

40,37

45,43

48,26

71,40

Gross  profit  margin

24,54

20,63

20,83

21,45

22,07

Net profit  margin

18,51

14,97

15,49

15,67

15,58

Average  collection ratio

3,93

4,32

4,89

4,27

5,20

Equity  turnover  ratio

1,85

1,97

2,17

2,29

3,41

Total assets  turnover  ratio

1,20

1,27

1,38

1,34

1,80

Fixed assets  turnover  ratio

4,06

3,54

3,78

3,91

5,14

Inventory  conversion ratio

8,66

7,77

6,68

6,40

6,34

Turnover

62.709.260

55.727.346

53.155.973

49.118.881

61.611.763

Gross  margin

29.298.545

23.999.790

22.449.994

21.096.155

25.054.278

Operating result

15.387.960

11.496.144

11.074.611

10.533.834

13.595.665

 

 Net result  after taxes

11.607.667

8.344.104

8.235.463

7.695.744

9.601.235

Cashflow

13.043.525

10.034.527

9.885.647

9.336.941

11.308.782

EBITDA

16.823.818

13.186.568

12.724.795

12.175.031

15.303.213

 

 

Summary

The 2012 financial result structure is a positive working capital of 20.815.319 euro,

which is in agreement with 40 % of the total assets of the company.

 

The working capital has increased with 35.36 % compared to previous year. The ratio,

with respect to the total assets of the company has however, increased.

 

The improvement between 2011 and 2012 has mainly been caused by an increase of

the current assets.

 

The current ratio of the company in 2012 was 2.3. A company with a current ratio

between 1.5 and 3.0 generally indicates good short-term financial strength.

 

The quick ratio in 2012 of the company was 1.85. A company with a Quick Ratio of

more than 1 can currently pay back its current liabilities.

The 2011 financial result structure is a positive working capital of 15.378.187 euro,

which is in agreement with 35 % of the total assets of the company.

 

The working capital has increase with 12 % compared to previous year. The ratio wit h

respect to the total assets of the company has however, declined.

 

The improvement between 2010 and 2011 has mainly been caused by a current

liabilities reduction.

 

The current ratio of the company in 2011 was 2.19. A company with a current ratio

between 1.5 and 3.0 generally indicates good short-term financial strength.

 

The quick ratio in 2011 of the company was 1.64. A company with a Quick Ratio of

more than 1 can currently pay back its current liabilities.

 

 

 

 

Financial statements

 

Auditor                                     Name: KPMG Statsautoriseret Revisionspartnerselskab

Last annual account                2012

Remark annual account          The company is obliged to file its financial statements.

Type of annual account                       Consolidated

 

Annual account                                   BLUCHER METAL A/S

PUGDALVEJ 1

7480 VILDBJERG

Denmark

 

 

Balance sheet

 

 

Year

2012

2011

2010

2009

2008

End Date

2012-12-31

2011-12-31

2010-12-31

2009-12-30

2008-12-31

Intangible  fixed  assets      

420.539

447.524

404.717

425.178

455.201

Tangible  fixed  assets        

12.111.644

12.534.180

13.629.778

12.062.015

11.461.740

Other fixed  assets

2.907.877

2.747.829

26.253

90.680

79.130

Fixed  assets

15.440.059

15.729.534

14.060.747

12.577.874

11.996.071

Inventories

7.241.031

7.173.842

7.953.880

7.673.943

9.715.579

Liquid funds

17.185.562

9.672.150

4.050.634

4.737.684

2.273.830

Current assets

36.788.283

28.277.973

24.591.915

24.138.208

22.280.787

Total assets

52.228.342

44.007.507

38.652.663

36.716.081

34.276.858

Total equity

33.972.817

28.339.714

24.531.814

21.494.183

18.079.966

Long  term liabilities

2.282.560

2.768.006

3.259.324

3.725.762

4.340.726

Accounts  payable

13.500.492

10.898.773

8.912.434

9.340.686

8.059.832

Short term liabilities

15.972.964

12.899.786

10.861.525

11.496.136

11.856.166

Total liabilities

52.228.342

44.007.507

38.652.663

36.716.081

34.276.858

 

Summary

 

The total assets of the company increased with 18.68 % between 2011 and 2012.

 

Despite the assets growth, the non current assets decreased with -1.84 %.

 

In 2012 the assets of the company were 29.56 % composed of fixed assets and 70.44

% by current assets. The assets are being financed by an equity of 65.05 %, and total

debt of 34.95 %.

 

The total assets of the company increased with 13.85 % between 2010 and 2011.

 

The fixed asset growth of 11.87 % is lower than the total asset growth.

 

In 2011 the assets of the company were 35.74 % composed of fixed assets and 64.26

% by current assets. The assets are being financed by an equity of 64.4 %, and total

debt of 35.6 %.

 

 

 

 

 

 
Profit and loss

 

Year

2012

2011

2010

2009

2008

Net turnover

62.709.260

55.727.346

53.155.973

49.118.881

61.611.763

Cost  of sales

33.410.715

31.727.556

30.705.979

28.022.726

36.557.486

Gross margin

29.298.545

23.999.790

22.449.994

21.096.155

25.054.277

W ages and  salaries

17.261.902

16.566.742

15.984.518

15.177.093

17.318.443

Amorization and  depreciation

1.435.858

1.690.424

1.650.184

1.641.197

1.707.548

Operating expenses

13.910.584

12.503.646

11.375.383

10.562.322

11.458.613

Operating  result

15.387.960

11.496.144

11.074.611

10.533.834

13.595.665

Financial income

414.914

148.233

279.850

72.223

158.124

Financial expenses

168.885

204.729

208.822

232.317

845.140

Financial result

246.028

-56.495

71.029

-160.094

-687.016

Result on  ordinary operations before  taxes

15.633.989

11.439.649

11.145.640

10.373.740

12.908.648

Taxation on the result  of ordinary  activities

4.026.322

3.095.545

2.910.177

2.677.996

3.307.414

Result of ordinary activities after taxes

11.607.667

8.344.104

8.235.463

7.695.744

9.601.235

Net result

11.607.667

8.344.104

8.235.463

7.695.744

9.601.235

 

Summary

The turnover of the company grew with 12.53 % between 2011 and 2012.

 

The gross profit of the company grew with 22.08 % between 2011 and 2012.

 

The operating result of the company grew with 33.85 % between 2011 and 2012. 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

15.16 % of the analysed period, being equal to 2011 % in the year 2012.

 

Despite the growth the assets turnover decreased, whose index evolved with -5.51 %

to a level of 1.2.

 

The Net Result of the company decreased by 39.11 % between 2011 and 2012. The

company's Financial Profitability has been negatively affected by the financial

activities in comparison to the EBITs behaviour. The result of these variations is a

profitability reduction of 14 % of the analysed period, being 46.02 % in the year 2012.

 

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

 

The turnover of the company grew with 4.84 % between 2010 and 2011.

 

The gross profit of the company grew with 6.9 % between 2010 and 2011.

 

The operating result of the company grew with 3.81 % between 2010 and 2011. This

evolution implies an increase of the company's economic profitability .

The result of these changes is a reduction of the company's Economic Profitability of -

9.88 % of the analysed period, being equal to 2010 % in the year 2011.

 

This fall has contributed to a asset turnover decrease, whose index evolved from -7.97

to a level of 1.27.

 

The Net Result of the company decreased by 1.32 % between 2010 and 2011.

Publications

The company's Financial Profitability has been positively affected by the financial

activities in comparison to the EBITs behaviour. The result of thes e variations is a

profitability increase of -11.14 % of the analysed period, being 40.37 % in the year

2011.

 

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

structure.

 

 

Publicatios

 

Remarks                                  Status:                                      Active

Category:                                  Large company

Last year:                                  2012

Turnover last year:                      62.709.260 EUR

Result last year:                        11.607.667 EUR

TOTAL assets last year:             52.228.342 EUR

Number of employees:                304

Number of shareholders: 2

Number of subsidiaries:             7

Number of branches:                  1

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.34

UK Pound

1

Rs.90.79

Euro

1

Rs.77.81

 

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%)

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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.