MIRA INFORM REPORT

 

 

Report Date :

13.07.2013

 

IDENTIFICATION DETAILS

 

Name :

NORDIC SEAFOOD AS 

 

 

Registered Office :

Soren Nordbysvej 15, Hirtshals, 9850

 

 

Country :

Denmark

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

Not Available 

 

 

Com. Reg. No.:

11142141

 

 

Legal Form :

Private Parent Company

 

 

Line of Business :

Wholesaler of frozen seafood products including fish, raw prawns, cooked shellfish and prawns and squid

 

 

No. of Employees :

100

 

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 :

Satisfactory

 

 

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 & address

 

Nordic Seafood A/S

Soren Nordbysvej 15

Hirtshals, 9850

Denmark

Tel:       45 9894 1533

Fax:      45 9894 5233

Web:     www.nordicseafood.com

           

 

Synthesis

 

Employees:                   100

Company Type:            Private Parent

Corporate Family:          5 Companies

Financials in:                 USD (Millions)

Fiscal Year End:            30-Apr-2011

Reporting Currency:       Danish Krone

Annual Sales:                289.1

Total Assets:                 NA

 

 

Business Description     

 

Wholesale of frozen seafood products including fish, raw prawns, cooked shellfish and prawns and squid

 

Industry             

Industry            Food Processing

ANZSIC 2006:    1120 - Seafood Processing

NACE 2002:      1520 - Processing and preserving of fish and fish products

NAICS 2002:     311712 - Fresh and Frozen Seafood Processing

UK SIC 2003:    1520 - Processing and preserving of fish and fish products

UK SIC 2007:    1020 - Processing and preserving of fish, crustaceans and molluscs

US SIC 1987:    2092 - Prepared Fresh or Frozen Fish and Seafoods

 

           

Key Executives   

 

Name

Title

Alex Jensen

Chief Executive Officer

Carl Hojrup

Finance Manager

Lars Hermes Olsen

Managing Director / Director

Terry Edward Shaff

Board Member

Tatsuo Ishii

Board Member

 

1 - Profit & Loss Item Exchange Rate: USD 1 = DKK 5.610002

2 - Balance Sheet Item Exchange Rate: USD 1 = DKK 5.02665

 

 

Corporate Overview

 

Location

SOren Nordbysvej 15

Hirtshals, 9850

Denmark

Tel:       45 9894 1533

Fax:      45 9894 5233

Web:    www.nordicseafood.com

           

Sales DKK(mil):             1,622.0

Assets DKK(mil):           NA

Employees:                   100

Fiscal Year End:            30-Apr-2011

Industry:                        Food Processing

Company Type:             Private Parent

Quoted Status:              Not Quoted

Registered No.(DNK):     11142141

Chief Executive Officer:   Alex Jensen

 

Industry Codes

ANZSIC 2006 Codes:

1120     -          Seafood Processing

 

NACE 2002 Codes:

1520     -          Processing and preserving of fish and fish products

 

NAICS 2002 Codes:

311712  -          Fresh and Frozen Seafood Processing

 

US SIC 1987:

2092     -          Prepared Fresh or Frozen Fish and Seafoods

 

UK SIC 2003:

1520     -          Processing and preserving of fish and fish products

 

UK SIC 2007:

1020     -          Processing and preserving of fish, crustaceans and molluscs

 

Business Description

Wholesale of frozen seafood products including fish, raw prawns, cooked shellfish and prawns and squid

More Business Descriptions

Nordic Seafood A/S is primarily engaged in the commercial catching or taking of shellfish (e.g., clams, crabs, lobsters, mussels, oysters, sea urchins, shrimp) from their natural habitat.

Financial Data

Financials in:

DKK(mil)

 

Revenue:

1,622.0

 

Date of Financial Data:

30-Apr-2011

1 Year Growth

NA

 

Key Corporate Relationships

Bank:

Danske Bank

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Nordic Seafood A/S

Nordic Seafood A/S 
Total Corporate Family Members: 5 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Nordic Seafood A/S

Parent

Hirtshals

Denmark

Food Processing

289.1

100

 

J P Klausen & Co A/S

Subsidiary

Svendborg

Denmark

Food Processing

141.6

13

 

Pesca Nordica ApS

Subsidiary

Hirtshals

Denmark

Business Services

0.0

5

 

Nordic Seafood Supply ApS

Subsidiary

Esbjerg

Denmark

Business Services

0.0

5

 

Nordic Seafood UK Ltd.

Subsidiary

Louth

United Kingdom

Miscellaneous Capital Goods

 

4

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Terry Edward Shaff

 

Board Member

Director/Board Member

 

Tatsuo Ishii

 

Board Member

Director/Board Member

 

Naoya Kakizoe

 

Bestyrelsesformand

Director/Board Member

 

Volker Kuntzsch

 

Board Member

Director/Board Member

 

Jonathan Peter Safey

 

Board Member

Director/Board Member

 

Daniel Rivera

 

Board Member

Director/Board Member

 

Graham Robert Stuart

 

Board Member

Director/Board Member

 

 

 

 

Executives

 

Name

Title

Function

 

Alex Jensen

 

Chief Executive Officer

Chief Executive Officer

 

Lars Hermes Olsen

 

Managing Director / Director

Managing Director

 

Alex Lynnerup Jensen

 

Managing Director / Director

Managing Director

 

Carl Mouritz Hojrup

 

Managing Director / Director

Managing Director

 

Carl Hojrup

 

Finance Manager

Finance Executive

 

 

 

Annual Profit & Loss

 

 

 

31-Dec-2011

31-Dec-2010

30-Apr-2010

Period Length

12 Months

8 Months

12 Months

Filed Currency

DKK

DKK

DKK

Exchange Rate (Period Average)

5.358236

5.623146

5.266698

Consolidated

Yes

Yes

Yes

 

 

 

 

Total Revenue

456.6

288.5

312.9

Gross Profit

23.7

15.1

20.0

Operating Income

11.7

8.3

10.5

Net Income

7.2

5.8

7.4

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

30-Apr-2010

Filed Currency

DKK

DKK

DKK

Exchange Rate

5.72535

5.55485

5.59745

Consolidated

Yes

Yes

Yes

 

 

 

 

Total Assets

125.0

115.4

88.6

Provisions

0.0

-

0.1

Total Liabilities

-

-

62.1

Total Equity

28.6

22.4

26.4

 

 

Annual Ratios

 

 

 

 

31-Dec-2011

31-Dec-2010

30-Apr-2010

Period Length

12 Months

8 Months

12 Months

Filed Currency

-

-

-

Exchange Rate

-

-

-

Consolidated

Yes

Yes

Yes

 

 

 

 

Operating Margin

2.57

2.86

3.37

Current Ratio

123.64

117.07

132.40

Total debt/total equity

22.90

19.42

29.84

Return on average equity

23.55

39.56

26.34

 

Annual Growth Rates

 

 

 

 

31-Dec-2010

30-Apr-2010

Period Length

8 Months

12 Months

Filed Currency

-

-

Exchange Rate

-

-

Consolidated

Yes

Yes

 

 

 

Turnover Percent Change

50.82%

-1.56%

Marginal Contribution Percent Change

49.98%

-19.63%

Operating Results Percent Change

35.45%

-16.22%

Profit/Loss for the Year Percent Change

17.53%

-15.81%

Assets Percent Change

11.63%

29.23%

Provisions Percent Change

-

-100.00%

Equity Capital Percent Change

31.64%

-15.91%

Operating Margin Percent Change

-10.14%

-15.13%

Current Ratio Percent Change

5.61%

-11.58%

Debt/Equity Ratio Percent Change

17.92%

-34.92%

Return On Equity Percent Change

-40.47%

50.19%

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.89

UK Pound

1

Rs.90.88

Euro

1

Rs.78.32

 

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%)

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.