MIRA INFORM REPORT

Report No. :	315725
Report Date :	04.04.2015

IDENTIFICATION DETAILS

Name :	HERSTAL A/S
Formerly Known As :	Herstal El, Odense ApS
Registered Office :	Datavej 3, Odense S0 5220
Country :	Denmark
Date of Incorporation :	24.02.1997
Com. Reg. No.:	16218693
Legal Form :	Limited company
Line of Business :	Wholesale of furniture, carpets and lighting equip
No. of Employee :	31

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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, 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

HERSTAL A/S

business Name	HERSTAL A/S
Country	DENMARK
Company Registration Number	16218693
Activity Code	464700
Activity Description	Wholesale of furniture, carpets and lighting equip
Company Status	Active (Active)
Latest Turnover Figure -
Latest Shareholder Equity Figure	-31.430.000 DKK
Local Description	Businesses at this level have very poor operating results. These businesses are rated as not creditworthy.
Basic Information
Business Name	Herstal A/S
Registered Company Name	Herstal A/S
Company Registration Number	16218693
Country	DENMARK
Date of Company Registration	24/02/1997
Legal Form	Limited company
Company Status	Active (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 S0 5220
Contact Telephone Number	70204420
Main Address
Address	Country Telephone
Datavej 3, Odense S0 5220	DENMARK 70204420
Activities
Activity Code	Activity Description

Activity Code	Activity Description
464700	Wholesale of furniture, carpets and lighting equip
Email Addresses
pnfo@herstal.dk
Web Pages www.herstal.dk
Previous Names
Previous Name
Herstal El, Odense ApS
Herstal Lampe Design A/S
Employee Information Year		Number of Employees
2014		31
2013		33
2012		38
Real Estate Real Estate		No
Other Trading Names Type		Name
Business name		Herstal Bad A/S
Business name		Herstal Biltilbeh0r 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 Kakkener 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 Mabler 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/tilbehar A/S

Type	Name
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 30.
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 Accounts Information
Date Format	MM-DD
Accounts Start Date	06-01
Accounts End Date	05-31
Profit and Loss
Financial Year	2014 2013 2012
Number of Weeks	52 52 52
Currency	DKK DKK DKK
Operating Profit	-31.954.000 -6.017.000 -5.130.000
Retained Profit	-36.017.000 -5.107.000 -5.871.000
Balance Sheet
Financial Year	2014 2013 2012
Number of Weeks	52 52 52
Currency	DKK DKK DKK
TOTAL ASSETS	85.951.000 115.161.000 109.494.000
Other Reserves	-31.430.000 4.589.000 5.366.000
Share Capital Structure | Nominal Share Capital 504.000 DKK
Shareholders Shareholder		Address	% Shares Held
Herstal Holding ApS		Datavej 3 Odense S0 5220 DNK	100
Current Directors Name		Appointment Date	Position
Martin Herstal			General manager
Lotte Baaring Herstal		15/05/1997	Member of the board
Martin Herstal		15/05/1997	Member of the board
Jacob Stig Blomberg		02/11/2012	Member of the board
Jeppe Keldsen			Sales
Martin Herstal			Sales
Jeppe Keldsen			Marketing
Brian Knudsen			Purchasing
Brian Knudsen		15/03/2010	Production
Lotte Baaring Herstal		18/03/2003	Personnel
Ultimate Holding Parent
Company Name Ultimate Holding		Herstal Holding ApS

Subsidiary Companies

Subsidiary Name	Country
Herstal Hong Kong Ltd	HONG KONG

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	ASH

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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