MIRA INFORM REPORT
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Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
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Name : |
ROYAL GREENLAND SEAFOOD AS |
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Registered Office : |
Hellebarden 7, Svenstrup J, 9230 |
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Country : |
Denmark |
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Financials (as on) : |
30.09.2011 |
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Year of Establishments: |
1987 |
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Com. Reg. No.: |
10977231 |
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Legal Form : |
Private Parent Company |
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Line of Business : |
Subject is a seafood company |
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No. of Employees : |
2080 |
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 : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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.
Source
cia
Company name & address
Royal Greenland Seafood A/S
Hellebarden 7
Svenstrup J, 9230
Denmark
Tel: 45 98 15 44 00
Fax: 4598154435
Synthesis
Employees: 2,080
Company Type: Private Parent
Corporate Family: 6
Companies
Incorporation Date: 1987
Financials in: USD (Millions)
Fiscal Year End:
30-Sep-2010
Reporting Currency: Danish
Krone
Annual Sales: 331.5
Total Assets: NA
Business Description
Royal Greenland A/S (Royal Greenland) is a seafood company. The company, along with its subsidiaries carries out fishing, processing, production, marketing and distribution of seafood products. The core products of the company include prawn and shellfish products, fillet products, ready to eat products and smoked products. The company operates through a number of production sites across Greenland, Denmark, Germany and Poland, and sales offices in Europe, the US and Japan. Royal Greenland is headquartered at Nuuk in Denmark.
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
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Name |
Title |
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Niels Duus Kinnerup |
Chief Financial Officer |
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Bruno Olesen |
dir. Royal Greenland Seafood, Board Member |
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Kai Andersen |
indkøbsdir. |
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Lars Nielsen |
Produktionsdirektør |
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Lars Berthelesen |
Director |
Registered No.(DNK): 10977231
1 - Profit & Loss Item Exchange Rate: USD 1 = DKK 5.510584
2 - Balance Sheet Item Exchange Rate: USD 1 = DKK 5.4587
Corporate Overview
Location
Hellebarden 7
Svenstrup J, 9230
Denmark
Tel: 45 98 15 44 00
Fax: 4598154435
Sales DKK(mil): 1,827.0
Assets DKK(mil): NA
Employees: 2,080
Fiscal Year End: 30-Sep-2010
Industry: Food
Processing
Incorporation Date: 1987
Company Type: Private
Parent
Quoted Status: Not
Quoted
Registered No.(DNK): 10977231
Chairman: Niels
Harald De Coninck-Smith
Industry Codes
ANZSIC 2006 Codes:
1120 - Seafood Processing
0414 - Fish Trawling, Seining and Netting
0419 - Other Fishing
NACE 2002 Codes:
1520 - Processing and preserving of fish and fish products
0501 - Fishing
NAICS 2002 Codes:
311712 - Fresh and Frozen Seafood Processing
114112 - Shellfish Fishing
311711 - Seafood Canning
114111 - Finfish Fishing
US SIC 1987:
2092 - Prepared Fresh or Frozen Fish and Seafoods
0913 - Shellfish
0912 - Finfish
2091 - Canned and Cured Fish and Seafoods
UK SIC 2003:
1520 - Processing and preserving of fish and fish products
0501 - Fishing
UK SIC 2007:
1020 - Processing and preserving of fish, crustaceans and molluscs
0311 - Marine fishing
Business
Description
Supply of seafood
More Business Descriptions
Royal Greenland
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.
Royal Greenland is
a one of the world leading companies in seafood industry. The company, together
with its subsidiaries conducts fishing, processing, production, marketing and
distribution of seafood products. It is also one of the world's largest
suppliers of cold-water prawns. The group operates with production sites
located across Greenland, Denmark, Norway, Germany and Poland with offices in
Europe, the US and Japan. The company also owns a fleet of production trawlers
and has part-ownership in others. Royal Greenland is a co-owner of the world's
largest seafood smokehouse.The products range of the company includes the
prawn- and shellfish products, fillet products, ready-to-eat products and
smoked products. The Prawn and shellfish products are made from the prawns and
shellfishes that are grown in the ice-cold and crystal-clear waters around
Greenland thus making the products fresh and delicate taste. These prawns are
collected at a depth of 200-500 meters. The company uses single-frozen prawns
in its brine products. The company’s production area includes Germany,
Poland, Denmark, Canada, and China. Royal Greenland offers several varieties of
exciting natural fish fillets. The fillet product range includes traditional
cod halibut, hake, coalfish and hoki. The ready-to-eat products include
high-quality fish dishes, which can be prepared in no time. The fish used in
ready-to-eat products are boneless and are easy to prepare in the oven or the
frying-pan, and can be cooked straight from frozen condition. The company also
supplies these products in packets. The company mainly smokes fish of the
salmon family, with the largest category consisting of farmed salmon from
Norway. The company also smokes wild salmon from Alaska and some Danish farmed
lake trout. Smoking comprises of two types, namely, cold and hot-smoking. At
Royal Greenland, glowing beechwood chips and whole beech logs are used for cold
smoking. These smoked fish are seasoned in grill; juniper, garlic and pepper
are all popular seasonings. Hot-smoked products have firmer consistency than
cold-smoked products. The consistency is caused by the heat-treatment that
takes place during smoking.Royal Greenland caters to all parts of the food
service industry such as hotel/restaurant, canteens, institutions and
assortments. The company primarily markets its products through shops. The
subsidiaries, through which the company operates, include Royal Greenland
Seafood GmbH, Royal Greenland Seafood Sp.z.o.o, Royal Greenland Italy S.p.A,
Royal Greenland Narsaq, Royal Greenland France, Royal Greenland Finland, Royal
Greenland U.S. Inc. and Royal Greenland Japan. Geographically, the company’s
revenue generation regions are Europe and Other markets. For fiscal year 2011,
the Europe region generated DKK3,683m and the other market region contributed
DKK860m.
Royal Greenland
A/S (Royal Greenland) is a seafood company. The company, along with its
subsidiaries carries out fishing, processing, production, marketing and
distribution of seafood products. The core products of the company include
prawn and shellfish products, fillet products, ready to eat products and smoked
products. The company operates through a number of production sites across
Greenland, Denmark, Germany and Poland, and sales offices in Europe, the US and
Japan. Royal Greenland is headquartered at Nuuk in Denmark.
Seafood Product Preparation and Packaging
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Corporate Family |
Corporate
Structure News: |
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Royal
Greenland Seafood A/S |
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Royal Greenland Seafood A/S |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Svenstrup J |
Denmark |
Food Processing |
331.5 |
2,080 |
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Subsidiary |
Koszalin |
Poland |
Food Processing |
96.5 |
400 |
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Subsidiary |
Wilhelmshaven, Niedersachsen |
Germany |
Food Processing |
260.2 |
359 |
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Subsidiary |
Bremen, Bremen |
Germany |
Retail (Grocery) |
357.0 |
37 |
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Subsidiary |
Cheadle |
United Kingdom |
Retail (Grocery) |
50.1 |
9 |
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Subsidiary |
Nova Milanese, Monza E Brianza |
Italy |
Food Processing |
21.4 |
7 |
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Competitors Report
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Company
Name |
Location |
Employees |
Ownership |
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Brake Bros Ltd. |
Ashford, United Kingdom |
9,326 |
Private |
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George Weston Limited |
Toronto, Ontario, Canada |
140,800 |
Public |
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Nichirei Corp |
Tokyo, Japan |
12,082 |
Public |
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Schwan Food Company |
Marshall, Minnesota, United
States |
16,000 |
Private |
Executive report
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Board of
Directors |
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Chairman |
Chairman |
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Deputy Chairman |
Deputy Chairman |
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Medarbejderrepræsentant |
Director/Board Member |
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dir. Royal Greenland Seafood, Board Member |
Director/Board Member |
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Medarbejderrepræsentant |
Director/Board Member |
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Bestyrelsesformand |
Director/Board Member |
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Executives |
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Chief Financial Officer |
Finance Executive |
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dir. Royal Greenland Seafood, Board Member |
Sales Executive |
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Produktionsdirektør |
Product Management Executive |
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indkøbsdir. |
Purchasing Executive |
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Director |
Other |
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Director |
Other |
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Director |
Other |
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Director |
Other |
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Director |
Other |
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Director |
Other |
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Director |
Other |
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Annual Profit & Loss
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30-Sep-2011 |
30-Sep-2010 |
30-Sep-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) |
5.35043 |
5.510584 |
5.509748 |
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Consolidated |
No |
No |
No |
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Total Revenue |
373.5 |
331.6 |
350.5 |
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Gross Profit |
12.5 |
10.5 |
11.6 |
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Operating Income |
-0.1 |
-1.1 |
-3.1 |
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Net Income |
3.4 |
-11.5 |
-22.2 |
Annual Balance Sheet
Financials in: USD (mil)
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|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
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Filed Currency |
DKK |
DKK |
DKK |
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Exchange Rate |
5.5461 |
5.4587 |
5.09315 |
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Consolidated |
No |
No |
No |
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Total Assets |
397.0 |
358.4 |
357.2 |
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Provisions |
- |
0.8 |
0.8 |
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Total Liabilities |
- |
- |
287.9 |
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Total Equity |
308.4 |
55.5 |
68.5 |
Annual Ratios
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|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-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 |
-0.02 |
-0.34 |
-0.88 |
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Current Ratio |
275.02 |
73.42 |
75.63 |
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Total debt/total equity |
77.68 |
15.50 |
19.17 |
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Return on average equity |
1.07 |
- |
- |
Annual Growth Rates
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|
30-Sep-2010 |
30-Sep-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 |
9.36% |
-5.38% |
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Marginal Contribution Percent Change |
15.66% |
-10.05% |
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Operating Results Percent Change |
93.51% |
63.19% |
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Profit/Loss for the Year Percent Change |
128.76% |
48.11% |
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Assets Percent Change |
12.55% |
7.53% |
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Provisions Percent Change |
-100.00% |
- |
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Equity Capital Percent Change |
464.02% |
-13.05% |
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Operating Margin Percent Change |
94.12% |
61.36% |
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Current Ratio Percent Change |
274.58% |
-2.92% |
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Debt/Equity Ratio Percent Change |
401.16% |
-19.14% |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
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UK Pound |
1 |
Rs.81.94 |
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Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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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 |
|
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 |
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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 |
---- |
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.