MIRA INFORM REPORT

 

 

Report Date :

29.05.2013

 

IDENTIFICATION DETAILS

 

Name :

KEN AS

 

 

Registered Office :

Bogebjergvej 60, 5672 Broby Denmark

 

 

Country :

Denmark

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

26.09.1987       

 

 

Com. Reg. No.:

10676096

 

 

Legal Form :

Limited Company 

 

 

Line of Business :

Manufacturer of other general-purpose machinery

 

 

No. of Employees :

226

 

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

summary

 

Company  name                        KEN A/S

Operative  address                    BOGEBJERGVEJ 60

5672 BROBY Denmark

Status                                       Active

Legal  form                               Limited company  - A/S

Registration  number                 Trade  register number:  10676096

Trade  register number:  10676096

VAT-number                              DK10 67 60 96

 

Year

2012

Mutation

2011

Mutation

2010

Fixed assets

5.798.096

-8, 02

6. 303. 603

-5,92

6. 700. 181

Total receivables

7.461.128

8,47

6.878.450

6,05

6.486.273

Total equity

12.145.607

7,87

11.259.059

12,61

9. 997. 898

Short term liabilities

7. 226.951

10, 65

6.531.155

-2, 58

6. 704. 060

Net result

969.374

-25,80

1.306.446

21, 77

1.072.885

Working capital

10.566.728

15,71

9.131.845

27,44

7.165. 856

Quick ratio

1,41

6,82

1,32

18,92

1,11

 

 

 

 

 

Contact information

 

Company  name                        KEN A/S

 

Operative  address                    BOGEBJERGVEJ 60

5672 BROBY Denmark

 

Correspondence address           BOGEBJERGVEJ 60

5672 BROBY Denmark

 

Telephone number                     +45 62631091

Fax number                               +45 62631607

Email address                           ken@ken.dk

Website                                    www.ken.dk 

 

 

Registration

 

Registration  number                 Trade  register number:  10676096

Trade  register number:  10676096

VAT-number                              DK10 67 60 96

Status                                       Active

Establishment date                    1987-09-26

Legal  form                               Limited company  - A/S

Subscribed  share capital          DKK 5.000.000

 

 

activities

 

NACE                                       Manufacture of other general-purpose machinery  n.e.c.  (2829)

 

 

Relations

 

Shareholders               ULTIMATE GLOBAL SHAREHOLDER

Name: FABRIKANT KAJ E. NIELSEN OG GUDRUN E. NIELSENS FOND

National id number: 74311628

Address: Bøgebjergvej 60

Zipcode: 5672

City: BROBY

Country: DK

Phone: +45 70102092

Type: Mutual & Guest-house Fund/Nominee/Trust/Trustee

Share direct: 100.00%

Share TOTAL: 100.00%

TOTAL assets : 23.58 mil. EUR

Profit loss before tax: 1.5051 mil. EUR

Profit loss after tax net income: 1.5051 mil. EUR

Shareholders funds: 23.4209 mil. EUR

 

SHAREHOLDERS

Name: FABRIKANT KAJ E. NIELSEN OG GUDRUN E. NIELSENS FOND

National id number: 74311628

Address: Bøgebjergvej 60

Zipcode: 5672

City: BROBY

Country: DK

Phone: +45 70102092

Type: Mutual & Guest-house Fund/Nominee/Trust/Trustee

Share direct: 100.00%

TOTAL assets : 23.58 mil. EUR

Profit loss before tax: 1.5051 mil. EUR

Profit loss after tax net income: 1.5051 mil. EUR

Shareholders funds: 23.4209 mil. EUR

Number of employees: 0

 

Structure                      SUBSIDIARIES

Name: EJENDOMMEN KASTANIEVEJ 18 APS

National id number: 30804929

Address: Gærupvej 20

Zipcode: 5600

City: FAABORG

Country: DK

Type: Industrial company

Phone: Array

Share direct: 100.00%

Total assets : 0.13 mil. EUR

Profit loss before tax: 0.006 mil. EUR

Profit loss after tax net income: 0.0046 mil. EUR

Shareholders funds: 0.0307 mil. EUR

 

Name: KEN NORGE AS

National id number: 924 869 860

Address: Verkseier Furulunds Vei 21

Zipcode: 0668

City: OSLO

Country: NO

Type: Industrial company

Phone: Array

Fax: +47 22302642

W ebsite: www.ken-nimo.no

Share direct: 100.00%

Turnover: 4.17 mil. EUR

Total assets : 1.79 mil. EUR

Profit loss before tax: 0.0784 mil. EUR

Profit loss after tax net income: 0.0552 mil. EUR

Shareholders funds: 1.0564 mil. EUR

Number of employees: 10

 

Name: KEN SLOVAK S.R.O.

Country: SK

Type: Industrial company

Share direct: 100.00%

 

Name: KEN STORKØKKEN A/S

National id number: 20218428

Address: Runetoften 15

Zipcode: 8210

City: AARHUS V

Country: DK

Type: Industrial company

Fax: +45 86248300

W ebsite: www.kenstorkoekken.dk

Share direct: 56.00%

Turnover: 24.54 mil. EUR

Total assets : 12.34 mil. EUR

Profit loss before tax: 0.4231 mil. EUR

Profit loss after tax net income: 0.3135 mil. EUR

Shareholders funds: 4.1741 mil. EUR

Number of employees: 45

 

Branches                      Name: KAJ E NIELSEN (KEN) MASKINFABRIK A/S EKSPORT

National id number: 10676096-E14

Address: Bøgebjergvej 60

Zipcode: 5672

City: BROBY

 

Country: DK

 

Name: KEN A/S, LAGER LILLE SKENSVED

National id number: 10676096-A90

Address: Hjørnegårdsvej 7

Zipcode: 4623

City: LILLE SKENSVED

Country: DK

 

Name: MONTØR BJARKE TØNNING STEPHANSEN

National id number: 10676096-D63

Address: Alperne 4

Zipcode: 7870

City: ROSLEV

Country: DK

 

 

Bank details

Bank details

Accounts                      Danske Bank

Sydbank

 

Management

 

Management                Fullname: Mr. Mogens Karby Nielsen

Type: Individual

Gender: Male

date of birth: 1938/06/01

Age: 75

Address: Denmark

Number of involvements: 6

Function: Chairman

Level of responsibility: President / Chairman

 

Fullname: Mr. PETER Eriksen Jensen

Type: Individual

Gender: Male

Country of nationality: Denmark

Address: Denmark

Number of involvements: 21

Function: Member of the board

Level of responsibility: Member

Appointment date: 2007/01/17

 

Fullname: Mrs. Birgit Karby Schmidt

Type: Individual

Gender: Female

Address: Denmark

Number of involvements: 3

Function: Member of the board

Level of responsibility: Member

 

Fullname: Mr. Jesper Torp

Type: Individual

Gender: Male

Address: Denmark

Number of involvements: 1

Function: Member of the board

Level of responsibility: Member

Appointment date: 2011/09/02

 

Fullname: Mr. Per Juul Nielsen

Type: Individual

Gender: Male

date of birth: 1963/07/01

Age: 49

Address: Denmark

Number of involvements: 4

Function: Managing Director

Level of responsibility: Highest executive

Appointment date: 2009/01/06

 

 

Employees

 

Year

2012

2011

2010

2009

2008

Total

226

233

222

234

256

 

 

 

 

Financial analysis

           

Trend                           Constant

Profitability                  Sufficient

Solvability                    Sufficient

Liquidity                      Positive

Show amount in           Euro

 

Key figures

Year

2012

2011

2010

2009

2008

Quick  ratio

1,41

1,32

1,11

0,83

0,82

Current  ratio

2,46

2,40

2,07

1,54

1,66

W orking capital/  balance total

0,45

0,42

0,35

0,24

0,29

Equity  / balance total

0,45

0,42

0,35

0,24

0,29

Equity  / Fixed assets

2,09

1,79

1,49

1,28

1,77

Solvability

2,38

2,41

2,25

1,81

2,06

W orking capital

10.566.728

9.131.845

7.165.856

5.456.388

6.267.628

Equity

12.145.607

11.259.059

9.997.898

9.049.675

9.959.537

Mutation equity

7,87

12,61

10,48

-9,14

 

Mutation short  term  liabilities

10,65

-2,58

-33,36

5,72

 

Return  on total assets  (ROA)

5,61

7,95

6,81

-3,61

-0,33

Return  on equity  (ROE)

10,91

15,52

14,01

-9,01

-0,71

Gross  profit  margin

3,56

4,77

3,89

-1,40

-0,14

Net profit  margin

2,56

3,41

2,97

-2,07

-0,15

Average  collection ratio

5,24

5,87

5,38

3,54

4,11

Average  payment  ratio

5,07

5,57

5,56

5,30

5,50

Equity  turnover  ratio

3,12

3,40

3,61

3,94

3,93

Total assets  turnover  ratio

1,60

1,74

1,75

1,58

1,83

Fixed assets  turnover  ratio

6,53

6,08

5,38

5,03

6,94

Inventory  conversion ratio

4,99

5,46

5,61

4,95

4,90

Turnover

37.837.714

38.314.672

36.078.237

35.641.530

39.105.904

Gross  margin

9.041.755

9.397.746

8.716.590

6.184.336

7.414.909

Operating result

1.347.525

1.828.595

1.401.975

-498.904

-55.213

Net result  after taxes

969.374

1.306.446

1.072.885

-738.420

-57.759

Cashflow

1.817.358

2.236.767

2.056.542

138.152

761.459

EBITDA

2.195.509

2.758.916

2.385.631

377.668

764.005

 

Summary

 

The 2012 financial result structure is a postive working captial of 10.566.728 euro,

which is in agreement with 45 % of the total assets of the company.

 

The working capital has increased with 15.71 % 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 2.46. A company with a current ratio

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

 

The quick ratio in 2012 of the company was 1.41. A company with a Quick Ratio of

more than 1 can currently pay back its current liabilities.

 

The 2011 financial result structure is a postive working captial of 9.131.845 euro, which

is in agreement with 42 % of the total assets of the company.

 

The working capital has increased with 27.44 % compared to previous year. The ratio,

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

 

The improvement between 2010 and 2011 has mainly been caused by an increase of

the current assets.

 

The current ratio of the company in 2011 was 2.4. 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 1.32. A company

 

 

 

 

 

Financial statement

 

Auditor             Name:                           BDO Statsautoriseret  Revisionsaktieselskab

 

Last annual  account                  2012

 

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

 

Type of annual  account            Consolidated

 

Annual  account                        KEN A/S

BOGEBJERGVEJ 60

5672 BROBY Denmark

 

 

Balance sheet

 

Year

2012

2011

2010

2009

2008

End Date

1970-01-01

1970-01-01

1970-01-01

1970-01-01

1970-01-01

Intangible fixed  assets

243.587

192.957

155.047

137.883

125.972

tangible fixed  assets

5.252.310

5.795.802

6.232.499

6.633.162

5.266.555

Other fixed assets

302.198

314.845

312.635

313.627

241.624

Fixed  assets

5.798.096

6.303.603

6.700.181

7.084.672

5.634.151

Inventories

7.584.535

7.021.391

6.428.482

7.206.444

7.977.493

Total receivables

7.461.128

6.878.450

6.486.273

6.723.517

7.111.906

Liquid funds

1.797.597

1.162.432

540.456

880.063

289.735

Other current  assets

950.419

600.726

414.706

706.467

404.316

Current assets

17.793.679

15.663.000

13.869.916

15.516.491

15.783.450

Total assets

23.591.774

21.966.603

20.570.097

22.601.163

21.417.601

Total equity

12.145.607

11.259.059

9.997.898

9.049.675

9.959.537

Provisions

1.546.616

1.577.845

1.411.339

1.058.358

1.051.328

Long  term liabilities

2.672.466

2.598.409

2.456.666

2.433.162

890.781

Accounts  payable

2.881.639

2.780.639

2.262.557

1.975.610

2.890.380

Short term liabilities

7.226.951

6.531.155

6.704.060

10.060.103

9.515.822

Total liabilities

23.591.774

21.966.603

20.570.097

22.601.163

21.417.601

 

Summary

The total assets  of the company  increased with 7.4 % between 2011 and  2012. Despite the assets  growth, the non current  assets  decreased with -8.02 %.

 

In 2012 the assets  of the company  were 2359177400 % composed of fixed assets  and -2359177300 % by current  assets. The assets  are  being financed by an equity  of 2359177400 %, and  total debt  of -2359177300 %.

 

The total assets  of the company  increased with 6.79 % between 2010 and  2011. Despite the assets  growth, the non current  assets  decreased with -5.92 %.

 

In 2011 the assets  of the company  were 2196660300 % composed of fixed assets  and

 

 
 
 -2196660200 % by current  assets. The assets  are  being financed by an equity  of 2196660300 %, and  total debt  of -2196660200

 

%

 

 

 

 

 

 

Profit & loss

 

Year

2012

2011

2010

2009

2008

Net Turnover

37.837.714

38.314.672

36.078.237

35.641.530

39.105.904

Cost  of sales

28.795.959

28.916.926

27.361.648

29.457.194

31.690.995

Gross margin

9.041.755

9.397.746

8.716.590

6.184.336

7.414.909

W ages and  salaries

13.501.332

13.300.187

12.459.514

12.728.754

13.211.483

Amorization and  depreciation

847.984

930.321

983.656

876.572

819.218

Operating expenses

7.694.229

7.569.151

7.314.615

6.683.240

7.470.122

Operating  result

1.347.525

1.828.595

1.401.975

-498.904

-55.213

Financial income

222.213

284.138

328.019

264.623

289.065

Financial expenses

245.066

365.531

329.625

581.338

304.476

Financial result

-22.853

-81.393

-1.605

-316.715

-15.411

Result on  ordinary operations before  taxes

1.324.672

1.747.202

1.400.369

-815.619

-70.625

Taxation on the result  of ordinary  activities

 

355.298

 

440.756

 

327.484

 

-77.198

 

-12.865

Result on ordinary operations after  taxes

969.374

1.306.446

1.072.885

-738.420

-57.759

Net results

969.374

1.306.446

1.072.885

-738.420

-57.759

 

Summary        

The turnover  of the company  decreased by -1.24 % between 2011 and  2012.

 

The gross  profit  of the company  decreased by -3.79 % between 2011 and  2012.

 

The operating result  of the company  declined with -26.31  % between 2011 and  2012. This  evolution implies  an decrease of the company's economic  profitability.

 

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

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

 

This  fall has  contributed to a asset  turnover  decrease, whose  index  evolved from  -8.05 to a level of 1.6.

 

The Net Result  of the company  increased by -25.8 % 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 -29.7 % of the analysed period,  being 10.91  % in the year 2012.

 

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

 

The turnover  of the company  grew with 6.2 % between 2010 and  2011.

 

The gross  profit  of the company  grew with 7.81 % between 2010 and  2011.

 

The operating result  of the company  grew with 30.43  % between 2010 and  2011.  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 16.74  % of the analysed period,  being equal to 2010 % in the year 2011. Despite the growth the asset  turnover  remained the same at 1.74.

 

The Net Result  of the company  decreased by 21.77  % between 2010 and  2011. The company's Financial Profitability  has  been  positively  affected by the financial activities  in comparison to the EBITs  behaviour.  The result  of these variations  is  a profitability  increase of 10.78  % of the analysed period,  being 15.52  % in the year 2011. The company's financial structure  has  slowed down its  financial profitability.

 

 

 

 

 

Publications

 

Remarks

Status: Active

Category:  Large company

Last  year:  2012

Turnover last  year:  37.837.714 EUR Result  last  year:  969.374  EUR

TOTAL assets  last  year:  23.591.775 EUR Number  of employees:  226

Number  of shareholders:  1

Number  of subsidiaries:  4

Number  of branches: 3

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.74

UK Pound

1

Rs.84.17

Euro

1

Rs.72.03

 

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.