MIRA INFORM REPORT

Report Date :

29.09.2014

IDENTIFICATION DETAILS

Name :	DANSK SUPERMARKED A/S

Registered Office :	Bjødstrupvej 18, Højbjerg 8270

Country :	Denmark

Financials (as on) :	2013

Date of Incorporation :	24.07.1956

Com. Reg. No.:	35954716

Legal Form :	Limited company

Line of Business :	Other retail sale in non-specialized stores

No. of Employees :	16353

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Denmark

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, 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

REGISTERED NAME & COMPANY SUMMARY

Company Summary

Business Name	DANSK SUPERMARKED A/S
Country	DENMARK
Company Registration Number/CVR	35954716
Main Code	471900
Main Activity	Other retail sale in non-specialized stores
Company Status	Active
Latest Revenue
Latest Shareholder Equity	22.570.000

DIRECTORS/MANAGEMENT

Directors/Managers

Current Directors
Name	Position	Start Date
Per Bank	Managing director
Nils Smedegaard Andersen	Chairman
Per Bank	Member of the board
Jens Bjerg Sørensen	Member of the board
Margit Alexandra Sandersen	Elected by employees
Kenneth Wedel	Elected by employees
Stefan Buch	Finance

NEGATIVE INFORMATION

No negative information given.

SHARE & SHARE CAPITAL INFORMATION

Share Capital Structure

Currency	DKK
Nominal Share Capital	500.000.000

PAYMENT INFORMATION

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Ultimate Holding Parent
Name	Country
A.P. Møller - Mærsk A/S

Subsidaries
Name	Country
Netto Supermarkt GmbH	GERMANY
D.S. Forsikring A/S	DENMARK
Netto Sp. Z.o.o	POLAND
Dansk Supermarked Ejendomme A/S	DENMARK
NETTO Ukraine LLC	UKRAINE
FutureExpress Ltd.	UNITED KINGDOM
Netto Marknad	SWEDEN
Dansk Netto Deutschland ApS	DENMARK

FINANCIAL INFORMATION

Accounts

Profit and Loss
Financial Date	2013	2012	2011
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Revenue	39.135.000.000	38.521.000.000	37.498.000.000
Operating Profit	992.000.000	481.000.000	875.000.000
Retained Profit	1.771.000.000	1.317.000.000	5.262.000.000

Balance Sheet
Financial Date	2013	2012	2011
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Total Assets	28.828.000.000	26.826.000.000	26.427.000.000
Other Reserves	22.570.000.000	21.247.000.000	20.709.000.000

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Other Information

Employee Information
Year Reported	Number of Employees
2013	16353
2012	16504
2011	16424

Real Estate
Real Estate	No

Other Trading Names
Type	Name
Business name	Administrationsselskabet af 11/3 1980 A/S
Business name	Aktieselskabet af 1. Juli 1978
Business name	Bilka A/S
Business name	Bilka Lavprisvarehus A/S
Business name	Bilka Stormarked A/S
Business name	Dansk Supermarked International A/S
Business name	Dansk Supermarked Vin A/S
Business name	Dansk Supermarked Indkøb A/S
Business name	Dansk Supermarked Administration A/S
Business name	Dansk Supermarked Forsyning A/S
Business name	Divi Lavprisvarehus A/S
Business name	Føtex A/S
Business name	Føtex Drugstore A/S
Business name	Føtex Supermarked A/S
Business name	Føtex Varehus A/S
Business name	Jysk Supermarked A/S
Business name	Maxi Marked A/S
Business name	Maxi Varehus A/S
Business name	Maxis A/S
Business name	Næstved Storcenter A/S
Business name	Netto A/S
Business name	Netto Blomster A/S
Business name	Netto Bolig A/S
Business name	Netto Brød A/S
Business name	Netto Catering A/S
Business name	Netto Center A/S
Business name	Netto Dagligvarer A/S
Business name	Netto Data A/S
Business name	Netto - Din Nærbutik A/S
Business name	Netto Discount A/S
Business name	Netto Discount, Århus A/S
Business name	Netto Drugstore A/S
Business name	Netto Fritid A/S
Business name	Netto Frugt A/S
Business name	Netto Gardiner A/S
Business name	Netto Garn A/S
Business name	Netto Gigant A/S
Business name	Netto Grønt A/S
Business name	Netto Handel A/S
Business name	Netto Helse A/S
Business name	Netto Hobby A/S
Business name	Netto Kiosk A/S
Business name	Netto Køb A/S
Business name	Netto Kød A/S
Business name	Netto Køkken A/S
Business name	Netto Konto A/S
Business name	Netto Kontor A/S
Business name	Netto Lavpris A/S
Business name	Netto Leasing A/S
Business name	Netto Marked, Esbjerg A/S
Business name	Netto Marked, Fredericia A/S
Business name	Netto Marked, Frederikshavn A/S
Business name	Netto Marked, Gladsaxe A/S
Business name	Netto Marked, Holbæk A/S
Business name	Netto Marked, Horsens A/S
Business name	Netto Marked, København A/S
Business name	Netto Marked, Middelfart A/S
Business name	Netto Marked, Odense A/S
Business name	Netto Marked, Roskilde A/S
Business name	Netto Marked, Silkeborg A/S
Business name	Netto Marked, Slagelse A/S
Business name	Netto Marked, Svendborg A/S
Business name	Netto Marked, Sønderborg A/S
Business name	Netto Marked, Viborg A/S
Business name	Netto Marked, Ålborg A/S
Business name	Netto Materialist A/S
Business name	Netto Mega A/S
Business name	Netto Mode A/S
Business name	Netto Møbler A/S
Business name	Netto Nærbutik A/S
Business name	Netto Nyt A/S
Business name	Netto Øl A/S
Business name	Netto Ost A/S
Business name	Netto Parfume A/S
Business name	Netto Radio A/S
Business name	Netto Salater A/S
Business name	Netto Sko A/S
Business name	Netto Slagter A/S
Business name	Netto Sommerbutik A/S
Business name	Netto Sport A/S
Business name	Netto Super A/S
Business name	Netto Superdiscount A/S
Business name	Netto Supermarked A/S
Business name	Netto Textil A/S
Business name	Netto Tøj A/S
Business name	Netto Tv A/S
Business name	Netto Vand A/S
Business name	Netto Video A/S
Business name	Netto Vin A/S
Business name	Den Nye Århus Hal A/S
Business name	Suma Dagligvarer A/S
Business name	Super Discount A/S
Business name	Superfrisk A/S
Popular name	Føtex Textil

Other Information
Type	Text
Historical data	The company merged on 04-10-2005 with Føtex A/S (89492416) , the registered company being the continuing one.
Historical data	The company merged on 04-10-2005 with Føtex A/S (89492416) , the registered company being the continuing one.
Historical data	The company merged on 04-10-2005 with Bilka Lavprisvarehus A/S (89492513) , the registered company being the continuing one.
Historical data	The company merged on 04-10-2005 with Netto A/S (24603717) , the registered company being the continuing one.
Historical data	The company merged on 04-10-2005 with Dansk Supermarked Indkøb Århus A/S (89492718) , the registered company being the continuing one.
Historical data	The company merged on 04-10-2005 with Dansk Supermarked Administration A/S (89492912) , the registered company being the continuing one.
Historical data	The company merged on 15-10-2009 with Aktieselskabet af 1. Juli 1978 (CVR 87614816) , the registered company being the continuing one.
Historical data	The company merged on 15-10-2009 with Dansk Supermarked Forsyning A/S (CVR 19496384) , the registered company being the continuing one.
Historical data	The company merged on 13-04-2004 with Dansk Supermarked Vin A/S (Cvr. 24597210) , the registered company being the continuing one.
Historical data	The company merged on 13-04-2004 with Netto Vin A/S (Cvr. 87403211) , the registered company being the continuing one.
Historical data	The company merged on 13-04-2004 with Aero Invest I A/S (Cvr. 19496341) , the registered company being the continuing one.
Historical data	The company merged on 13-04-2004 with Dansk Supermarked International A/S(37682519) , the registered company being the continuing one.
Capital conditions	fully paid up

Additional Accounts Information
Date Format	MM-DD
Accounts Start Date	01-01
Accounts End Date	12-31

Additional Accounts Notes
Notes Date	Notes Detail
2013-01-01T00:00:00	In the financial statement of 2013 attention is drawn to leasing commitments.

Other Trading Names
Type	Name
Business name	Administrationsselskabet af 11/3 1980 A/S
Business name	Aktieselskabet af 1. Juli 1978
Business name	Bilka A/S
Business name	Bilka Lavprisvarehus A/S
Business name	Bilka Stormarked A/S
Business name	Dansk Supermarked International A/S
Business name	Dansk Supermarked Vin A/S
Business name	Dansk Supermarked Indkøb A/S
Business name	Dansk Supermarked Administration A/S
Business name	Dansk Supermarked Forsyning A/S
Business name	Divi Lavprisvarehus A/S
Business name	Føtex A/S
Business name	Føtex Drugstore A/S
Business name	Føtex Supermarked A/S
Business name	Føtex Varehus A/S
Business name	Jysk Supermarked A/S
Business name	Maxi Marked A/S
Business name	Maxi Varehus A/S
Business name	Maxis A/S
Business name	Næstved Storcenter A/S
Business name	Netto A/S
Business name	Netto Blomster A/S
Business name	Netto Bolig A/S
Business name	Netto Brød A/S
Business name	Netto Catering A/S
Business name	Netto Center A/S
Business name	Netto Dagligvarer A/S
Business name	Netto Data A/S
Business name	Netto - Din Nærbutik A/S
Business name	Netto Discount A/S
Business name	Netto Discount, Århus A/S
Business name	Netto Drugstore A/S
Business name	Netto Fritid A/S
Business name	Netto Frugt A/S
Business name	Netto Gardiner A/S
Business name	Netto Garn A/S
Business name	Netto Gigant A/S
Business name	Netto Grønt A/S
Business name	Netto Handel A/S
Business name	Netto Helse A/S
Business name	Netto Hobby A/S
Business name	Netto Kiosk A/S
Business name	Netto Køb A/S
Business name	Netto Kød A/S
Business name	Netto Køkken A/S
Business name	Netto Konto A/S
Business name	Netto Kontor A/S
Business name	Netto Lavpris A/S
Business name	Netto Leasing A/S
Business name	Netto Marked, Esbjerg A/S
Business name	Netto Marked, Fredericia A/S
Business name	Netto Marked, Frederikshavn A/S
Business name	Netto Marked, Gladsaxe A/S
Business name	Netto Marked, Holbæk A/S
Business name	Netto Marked, Horsens A/S
Business name	Netto Marked, København A/S
Business name	Netto Marked, Middelfart A/S
Business name	Netto Marked, Odense A/S
Business name	Netto Marked, Roskilde A/S
Business name	Netto Marked, Silkeborg A/S
Business name	Netto Marked, Slagelse A/S
Business name	Netto Marked, Svendborg A/S
Business name	Netto Marked, Sønderborg A/S
Business name	Netto Marked, Viborg A/S
Business name	Netto Marked, Ålborg A/S
Business name	Netto Materialist A/S
Business name	Netto Mega A/S
Business name	Netto Mode A/S
Business name	Netto Møbler A/S
Business name	Netto Nærbutik A/S
Business name	Netto Nyt A/S
Business name	Netto Øl A/S
Business name	Netto Ost A/S
Business name	Netto Parfume A/S
Business name	Netto Radio A/S
Business name	Netto Salater A/S
Business name	Netto Sko A/S
Business name	Netto Slagter A/S
Business name	Netto Sommerbutik A/S
Business name	Netto Sport A/S
Business name	Netto Super A/S
Business name	Netto Superdiscount A/S
Business name	Netto Supermarked A/S
Business name	Netto Textil A/S
Business name	Netto Tøj A/S
Business name	Netto Tv A/S
Business name	Netto Vand A/S
Business name	Netto Video A/S
Business name	Netto Vin A/S
Business name	Den Nye Århus Hal A/S
Business name	Suma Dagligvarer A/S
Business name	Super Discount A/S
Business name	Superfrisk A/S
Popular name	Føtex Textil

Other Information
Type	Text
Historical data	The company merged on 04-10-2005 with Føtex A/S (89492416) , the registered company being the continuing one.
Historical data	The company merged on 04-10-2005 with Føtex A/S (89492416) , the registered company being the continuing one.
Historical data	The company merged on 04-10-2005 with Bilka Lavprisvarehus A/S (89492513) , the registered company being the continuing one.
Historical data	The company merged on 04-10-2005 with Netto A/S (24603717) , the registered company being the continuing one.
Historical data	The company merged on 04-10-2005 with Dansk Supermarked Indkøb Århus A/S (89492718) , the registered company being the continuing one.
Historical data	The company merged on 04-10-2005 with Dansk Supermarked Administration A/S (89492912) , the registered company being the continuing one.
Historical data	The company merged on 15-10-2009 with Aktieselskabet af 1. Juli 1978 (CVR 87614816) , the registered company being the continuing one.
Historical data	The company merged on 15-10-2009 with Dansk Supermarked Forsyning A/S (CVR 19496384) , the registered company being the continuing one.
Historical data	The company merged on 13-04-2004 with Dansk Supermarked Vin A/S (Cvr. 24597210) , the registered company being the continuing one.
Historical data	The company merged on 13-04-2004 with Netto Vin A/S (Cvr. 87403211) , the registered company being the continuing one.
Historical data	The company merged on 13-04-2004 with Aero Invest I A/S (Cvr. 19496341) , the registered company being the continuing one.
Historical data	The company merged on 13-04-2004 with Dansk Supermarked International A/S(37682519) , the registered company being the continuing one.
Capital conditions	fully paid up

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.45

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	SDA

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.

Activities
Activity Code	Activity Description
471900	Other retail sale in non-specialized stores
471130	Discount stores
463900	Non-specialized wholesale of food, beverages and t
477110	Retail sale of clothing
Main Address
Address	Country	Telephone
Bjødstrupvej 18, Højbjerg 8270	DENMARK	87785000

Basic Information
Business Name	Dansk Supermarked A/S
Registered Company Name	Dansk Supermarked A/S
Company Registration Number	35954716
Country	DENMARK
Date of Company Registration	1956-07-24
Legal Form	Limited company
Company Status	Active
Currency of this Report	DKK
Principal Activity Code	471900
Principal Activity Description	Other retail sale in non-specialized stores
Contact Address	Bjødstrupvej 18, Højbjerg 8270
Contact Telephone Number	87785000