MIRA INFORM REPORT

Report Date :

07.07.2014

IDENTIFICATION DETAILS

Name :	HERSTAL A S

Registered Office :	Datavej 3, Odense SØ 5220

Country :	Denmark

Financials (as on) :	2013

Date of Incorporation :	24.02.1997

Com. Reg. No.:	16218693

Legal Form :	Limited company

Line of Business :	Wholesale of furniture, carpets and lighting equipment.

No. of Employees	33

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Denmark

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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, have since continued to decline. Household indebtedness is still relatively high at more than 275% of gross disposable income in the first half of 2013. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. Denmark made a modest recovery in 2010, 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 2010-13, 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, where it remains. 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 46% of GDP in 2013. 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 name and address

Business Name	HERSTAL A/S
Country	DENMARK
Company Registration Number/CVR	16218693
Main Code	464700
Main Activity	Wholesale of furniture, carpets and lighting equip
Company Status	Active
Latest Revenue
Latest Shareholder Equity	4.589
Provider Rating Description	Businesses at this level are regarded as having a reasonably good creditworthiness. This level has two characteristic features. A. Large businesses with less good operating and financial results. These are evaluated against factors such as size and age. B. Small businesses with good operating results. These figures are usually very good as the business "loses" points on, for example, size.

Activities
464700	Wholesale of furniture, carpets and lighting equip

Activities

Activity Code

Activity Description

464700

Wholesale of furniture, carpets and lighting equip

Previous Names
Previous Name	Date Changed from Previous Name
Herstal El, Odense ApS
Herstal Lampe Design A/S

Contact Information

Main Address
Address	Country	Telephone
Datavej 3, Odense SØ 5220	DENMARK	70204420

Email Addresses

info@herstal.dk

Web Pages

www.herstal.dk

DIRECTORS/MANAGEMENT

Directors/Managers

Current Directors
Name	Position	Start Date
Martin Herstal	General manager
Lotte Baaring Herstal	Member of the board
Martin Herstal	Member of the board
Per Søgaard	Member of the board
Jacob Stig Blomberg	Member of the board
Jeppe Keldsen	Sales
Martin Herstal	Sales
Jeppe Keldsen	Marketing
Brian Knudsen	Purchasing
Brian Knudsen	Production
Lotte Baaring Herstal	Personnel

NEGATIVE INFORMATION

Negative Information
Date	Detail	Current Status	Date Completed	Additional Information
2010-02-09	Mortgage on other assets

SHARE & SHARE CAPITAL INFORMATION

Share Capital Structure

Currency	DKK
Nominal Share Capital	504.000

PAYMENT INFORMATION

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Ultimate Holding Parent
Name	Country
Herstal Holding ApS

Subsidaries
Name	Country
Herstal Hong Kong Ltd	HONG KONG

FINANCIAL INFORMATION

Accounts

Profit and Loss
Financial Date	2013	2012	2011
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Revenue	-	-	-
Operating Profit	-6.017.000	-5.130.000	-10.897.000
Retained Profit	-5.107.000	-5.871.000	-8.564.000

Balance Sheet
Financial Date	2013	2012	2011
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Total Assets	115.161.000	109.494.000	120.071.000
Other Reserves	4.589.000	5.366.000	10.992.000

Additional Accounts Information
Date Format	MM-DD
Accounts Start Date	06-01
Accounts End Date	05-31

Additional Accounts Notes
Notes Date	Notes Detail
12/1-01-01T00:00:00	In the financial statement of 12/13 attention is drawn to leasing commitments.

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Other Information

Employee Information
Year Reported	Number of Employees
2013	33
2012	38
2011	29

Real Estate
Real Estate	No

Other Trading Names
Type	Name
Business name	Herstal Bad A/S
Business name	Herstal Biltilbehør A/S
Business name	Herstal Brand A/S
Business name	Herstal Eksklusiv A/S
Business name	Herstal Garden A/S
Business name	Herstal Gulve A/S
Business name	Herstal Indretning A/S
Business name	Herstal Inventar A/S
Business name	Herstal Køkkener A/S
Business name	Herstal Lampe Design A/S
Business name	Herstal Living A/S
Business name	Herstal Lys & Servietter A/S
Business name	Herstal Maritim A/S
Business name	Herstal Møbler A/S
Business name	Herstal Montage A/S
Business name	Herstal Outdoor A/S
Business name	Herstal Pejse A/S
Business name	Herstal Plus A/S
Business name	Herstal Tekstil A/S
Business name	Herstal Tooling A/S
Business name	Herstal Vin/tilbehør A/S
Business name	Pulz A/S

Global Trading Information
Export	Europe
Import

Other Information
Type	Text
No. of employees	According to information from the business the number of employees is 40.
Historical data	The company is a continuation of Martin Herstal's former personally owned business which was established in 1987.
Historical data	The company merged on 19.12.2007 with Herstal Living A/S (CVR 26593727), the registered company being the continuing one.
Historical data	The company merged on 13-12-2012 with Herstal Brand ApS (CVR 10124360), the registered company being the continuing one.
Historical data	The company was originally formed in 1987 under the name of Herstal El, Odense ApS, but in 1997 it changed its name and legal status in the present ones.
Historical data	The company's assets and liabilities have been transferred to CVR-no. 10124360, Herstal Brand ApS.
Capital conditions	fully paid up
Authorisation to sign	A General Manager alone or the entire Board of Directors

Other Trading Names
Type	Name
Business name	Herstal Bad A/S
Business name	Herstal Biltilbehør A/S
Business name	Herstal Brand A/S
Business name	Herstal Eksklusiv A/S
Business name	Herstal Garden A/S
Business name	Herstal Gulve A/S
Business name	Herstal Indretning A/S
Business name	Herstal Inventar A/S
Business name	Herstal Køkkener A/S
Business name	Herstal Lampe Design A/S
Business name	Herstal Living A/S
Business name	Herstal Lys & Servietter A/S
Business name	Herstal Maritim A/S
Business name	Herstal Møbler A/S
Business name	Herstal Montage A/S
Business name	Herstal Outdoor A/S
Business name	Herstal Pejse A/S
Business name	Herstal Plus A/S
Business name	Herstal Tekstil A/S
Business name	Herstal Tooling A/S
Business name	Herstal Vin/tilbehør A/S
Business name	Pulz A/S

Global Trading Information
Export	Europe
Import

Other Information
Type	Text
No. of employees	According to information from the business the number of employees is 40.
Historical data	The company is a continuation of Martin Herstal's former personally owned business which was established in 1987.
Historical data	The company merged on 19.12.2007 with Herstal Living A/S (CVR 26593727), the registered company being the continuing one.
Historical data	The company merged on 13-12-2012 with Herstal Brand ApS (CVR 10124360), the registered company being the continuing one.
Historical data	The company was originally formed in 1987 under the name of Herstal El, Odense ApS, but in 1997 it changed its name and legal status in the present ones.
Historical data	The company's assets and liabilities have been transferred to CVR-no. 10124360, Herstal Brand ApS.
Capital conditions	fully paid up
Authorisation to sign	A General Manager alone or the entire Board of Directors

Additional Information

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.79
UK Pound	1	Rs.102.66
Euro	1	Rs.81.32

INFORMATION DETAILS

Analysis Done by :	DIV

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%)

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.

Basic Information
Business Name	HERSTAL A/S
Registered Company Name	HERSTAL A/S
Company Registration Number	16218693
Country	DENMARK
Date of Company Registration	1997-02-24
Legal Form	Limited company
Company Status	Active
Currency of this Report	DKK
Principal Activity Code	464700
Principal Activity Description	Wholesale of furniture, carpets and lighting equip
Contact Address	Datavej 3, Odense SØ 5220
Contact Telephone Number	70204420