MIRA INFORM REPORT

 

 

Report Date :

19.09.2013

 

IDENTIFICATION DETAILS

 

Name :

CREADORE AS

 

 

Registered Office :

Nordager 20, Kolding 6000

 

 

Country :

Denmark

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

11.07.2008

 

 

Com. Reg. No.:

31605741

 

 

Legal Form :

Limited company

 

 

Line of Business :

Wholesale of textiles.

 

 

No. of Employees :

Not Available

 

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 but correct

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

Source : CIA

 

Company Summary

 

Company Name           Creadore A/S     Company Registration Number    31605741

Country                        DK                                 

Activity Code               464100                Activity Description      Wholesale of textiles

Company Status          Active                 Latest Turnover          872.00 (DKK)

Latest Shareholders  Equity     1,822.00 (DKK)

 

 

Company Identification

 

 

Activities

 

Activity Code                                       464100

Activity Description                              Wholesale of textiles

Previous Name                                    Beirholms Sapphire A/S

Company Name                                   Creadore A/S    

Registered Company Name                Creadore A/S

Company Registration Number           31605741         

Country                                                DK

VAT Registration Number                   31605741         

Date of Company Registration            11/07/2008                   

Legal Form                                          Limited company

Company Status                                  Active

Principal Activity Code                        464100

Principal Activity Description Wholesale of textiles

Contact Address                                  Nordager 20,   Kolding   6000    

Contact Telephone Number                75524555

 

Main Address

Address                                              Nordager 20,   Kolding   6000

Country                                                DK

Telephone                                           75524555

 

Web Addresses

www.creadore.com

 

 

Current Directors Managers

 

Name                           Peter Beirholm

Position                        General manager

Date Appointed            25/08/2008

 

Name                           Niels Bo Andersen

Position                        Chairman

Date Appointed            25/08/2008

 

Name                           Peter Beirholm

Position                        Member of the board

Date Appointed            11/07/2008

 

Name                           Nadeem Abdullah

Position                        Member of the board

Date Appointed            23/06/2009

 

Name                           Imran Choudhery

Position                        Member of the board

Date Appointed            23/06/2009

 

Share Capital Structure

 

Nominal Share

Capital                          7,500,000.00 (DKK)

 

 

Financial Statements

 

Profit & Loss

 

Financial Year                           2012                  2011                  2010

Number of Weeks                      52                     52                     52

Currency                                   EUR     EUR     DKK

Operating Profit              -1,732,000.00    -2,438,000.00    -1,347,000.00

Retained Profit                           -1,383,000.00    -2,043,000.00    -1,325,000.00

 

 

Balance Sheet

 

Financial Year                           2012                  2011                  2010

Number of Weeks                      52                     52                     52

Currency                                   EUR                 EUR                 DKK

Total Assets                              15,306,000.00    633,000.00        1,788,000.00

Other Reserves              1,822,000.00     -290,000.00       1,758,000.00

Other Financials

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.14

UK Pound

1

Rs.100.48

Euro

1

Rs.84.37

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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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