MIRA INFORM REPORT

 

 

Report No. :

315725

Report Date :

10.04.2015

 

IDENTIFICATION DETAILS

 

Name :

HERSTAL A/S

 

 

Registered Office :

Datavej 3, 5220 Odense/Syddanmark

 

 

Country :

Denmark

 

 

Financials (as on) :

31.05.2014

 

 

Year of Establishment :

1987

 

 

Legal Form :

Limited company

 

 

Line of Business :

Wholesale of Furniture, Carpets and Lighting Equip.

 

 

No. of Employees :

31 [2014]

 

 

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 :

Slow

 

 

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

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Company name

Herstal A/S

 

Phone-no.

70204420

Address

Datavej 3

 

Fax

65934133

Postal code/city

5220

Odense SØ

Www

www.herstal.dk

Municipality/County

Odense/Syddanmark

 

E-mail

info@herstal.dk

KOB-no.

116322

 

CVR-no.

16218693

 

 

DIRECTORS/MANAGEMENT

 

Management

Management Martin Herstal, General manager (Joined before 1994)

Board members Lotte Baaring Herstal, Member of the board (Joined - 15. May 1997)

Martin Herstal, Member of the board (Joined - 15. May 1997)

Jacob Stig Blomberg, Member of the board (Joined - 2. November 2012)

Divisional managers Jeppe Keldsen , Sales

Martin Herstal , Sales

Jeppe Keldsen , Marketing

Brian Knudsen , Purchasing

Brian Knudsen , Production

Lotte Baaring Herstal , Personnel

Authorisation to sign A General Manager alone or the entire Board of Directors

 

 

NEGATIVE INFORMATION

 

Mortgage on property No

 

 

SHARE & SHARE CAPITAL INFORMATION

 

N/A

 

 

PAYMENT INFORMATION

 

Payment remarks No

 

Export - Import

 

Export areas

 

Europe

 

 

 

Scandinavia

Import areas

 

Europe

 

 

 

Asia

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Group relations and ownership

Parent company Herstal Holding ApS (100%)

Associated business Herstal Hong Kong Ltd (HKG) (20%)

Subsidiaries None

 

 

FINANCIAL INFORMATION

 

Financial data

Share capital DKK 504.000,00

fully paid up

Financial period                         1. June - 31. May

Account change period              1. January 2000 - 31. May 2000

Auditor's remarks                      At the auditing of the financial statement of 13/14 the audit department has found  reason to comments.

Leasing commitments                In the financial statement of 13/14 attention is drawn to leasing commitments.

 

 

Nomination All financial figures stated in DKK 1.000

 

Financial year

13/14

 12/13

11/12

10/11

09/10

Published on

2014-12-04

2013-12-13

2012-12-29

2011-12-08

2010-12-11

Closing date

2014-05-31

2013-05-31

2012-05-31

2011-05-31

2010-05-31

No. of months

12

12

12

12

12

Number of employees

31

33

38

29

32

 

 

Profit and Loss account

13/14

12/13

11/12

10/11

09/10

Gross turnover

N/A

N/A

N/A

N/A

N/A

Charges

N/A

N/A

N/A

N/A

N/A

Turnover

N/A

N/A

N/A

N/A

N/A

Change in stocks

N/A

N/A

N/A

N/A

N/A

Work for own account

N/A

N/A

N/A

N/A

N/A

 

Other oper. income

N/A

N/A

N/A

N/A

N/A

Trade consumption

N/A

N/A

N/A

N/A

N/A

External costs

N/A

N/A

N/A

N/A

N/A

Production costs

N/A

N/A

N/A

N/A

N/A

Gross profit

7.250

12.547

12.998

5.067

-3.091

Marketing costs

N/A

N/A

N/A

N/A

N/A

Administration costs

N/A

N/A

N/A

N/A

N/A

RogD-costs

N/A

N/A

N/A

N/A

N/A

Personnel costs (A)

-8.391

-9.702

-12.145

-10.916

-11.969

Personnel costs (N)

N/A

N/A

N/A

N/A

N/A

Personnel costs

-8.391

-9.702

-12.145

-10.916

-11.969

Depreciation (acc.)

-30.793

-8.371

-5.863

-5.008

-5.222

Depreciation (note)

N/A

N/A

N/A

N/A

N/A

Depreciation

-30.793

-8.371

-5.863

-5.008

-5.222

Other operat. costs

-20

-491

-120

-41

-24

Other income

N/A

N/A

N/A

N/A

N/A

Operating profit

-31.954

-6.017

-5.130

-10.897

-20.305

Financing income

2.291

2.895

1.837

2.268

746

Financing costs

-4.881

-3.674

-4.336

-2.919

-3.505

Income from shares

106

43

-137

121

-83

Income other shares

N/A

N/A

N/A

N/A

N/A

Other fin. income

N/A

N/A

N/A

N/A

N/A

Amort. fin. assets

N/A

N/A

N/A

N/A

N/A

Other financial cost

N/A

N/A

N/A

N/A

N/A

Financial items

N/A

N/A

N/A

N/A

N/A

Financial income

2.397

2.938

1.837

2.389

746

Financial expenses

-4.881

-3.674

-4.473

-2.919

-3.588

Financial items net

-2.484

-736

-2.636

-530

-2.842

Secondary Items

N/A

N/A

N/A

N/A

N/A

Ordinary result

-34.438

-6.753

-7.766

-11.427

-23.146

Extraord. income

N/A

N/A

N/A

N/A

N/A

Extraord. costs

N/A

N/A

N/A

N/A

N/A

Extraord. result

N/A

N/A

N/A

N/A

N/A

Extraordinary items

N/A

N/A

N/A

N/A

N/A

Pre-tax profit

-34.438

-6.753

-7.766

-11.427

-23.146

Tax o.ext.ord.result

N/A

N/A

N/A

N/A

N/A

Tax on annual result

-1.579

1.646

1.894

2.863

5.746

Other fiscal

N/A

N/A

N/A

N/A

N/A

Tax-regulation

N/A

N/A

N/A

N/A

N/A

Annual result

-36.017

-5.107

-5.871

-8.564

-17.400

Min.int.share res.

N/A

N/A

N/A

N/A

N/A

Res.af.min.int.share

-36.017

-5.107

-5.871

-8.564

-17.400

Dividend of result

N/A

N/A

N/A

N/A

N/A

 

Assets

13/14

12/13

11/12

10/11

09/10

Goodwill

6.470

7.395

8.178

N/A

N/A

Developing project

0

21.050

12.833

9.895

8.967

Patents/other rights

0

0

N/A

N/A

N/A

Other intang.assets

N/A

N/A

N/A

N/A

N/A

Intang. fix. assets

6.470

28.445

21.011

9.895

8.967

Land and buildings

N/A

N/A

N/A

N/A

N/A

Plant, machinery etc

3.475

3.435

4.325

5.257

5.931

Assets under constr.

N/A

N/A

N/A

N/A

N/A

Other tangib.assets

N/A

N/A

N/A

N/A

N/A

Tang. fixed assets

3.475

3.435

4.325

5.257

5.931

Participating invest

470

364

321

458

336

Other investments

N/A

N/A

N/A

N/A

N/A

Receivables in group

2.280

2.280

2.280

2.280

2.280

Oth.fin. receivables

N/A

N/A

0

1.351

1.851

Own shares

N/A

N/A

N/A

N/A

N/A

Other fin. assets

N/A

N/A

N/A

N/A

N/A

 

Fin. fixed assets

2.750

2.644

2.601

4.089

4.467

Fixed assets

12.695

34.524

27.937

19.241

19.365

Inventories

24.959

25.291

26.592

28.656

22.578

Work in progress

N/A

N/A

N/A

N/A

N/A

Work in progr. gross

N/A

N/A

N/A

N/A

N/A

Property for sale

N/A

N/A

N/A

N/A

N/A

Debtors

9.368

12.715

10.712

11.135

10.863

Receivables in group

38.179

39.632

37.680

47.930

18.565

Receivables fr.owner

N/A

N/A

N/A

N/A

N/A

Other receivables

233

2.288

1.596

2.958

3.003

Pre-paym/accrued inc

336

477

3.776

8.158

4.672

Securities

N/A

N/A

N/A

N/A

N/A

Cash in hand/bank

181

234

1.201

1.992

550

Other current assets

N/A

N/A

N/A

N/A

N/A

Current assets

73.256

80.637

81.557

100.830

60.231

 

Balance

13/14

12/13

11/12

10/11

09/10

Balance

85.951

115.161

109.494

120.071

79.596

 

Liabilities

13/14

12/13

11/12

10/11

09/10

Share capital

504

504

503

503

502

Revaluation reserves

N/A

N/A

N/A

N/A

N/A

Transferred result

-32.212

3.913

4.734

10.224

-845

Expected dividend

N/A

N/A

N/A

N/A

N/A

Other reserve

278

172

129

266

145

Premium on issue

N/A

N/A

N/A

N/A

N/A

Own share of equity

-31.430

4.589

5.366

10.992

-199

Min. interests share

N/A

N/A

N/A

N/A

N/A

Equity

-31.430

4.589

5.366

10.992

-199

Deferred tax

N/A

0

0

336

780

Pensions

N/A

N/A

N/A

N/A

N/A

Other provisions

N/A

N/A

N/A

N/A

N/A

Provisions

N/A

0

0

336

780

Subord.loan cap. UDW

N/A

N/A

N/A

N/A

N/A

Subord.loan capital

N/A

N/A

N/A

N/A

N/A

Subord.loan capital

N/A

N/A

N/A

N/A

N/A

Lt.debt to creditins

N/A

N/A

N/A

N/A

N/A

Mortgage debt

N/A

N/A

N/A

N/A

N/A

Lt. bank debt

N/A

N/A

N/A

N/A

N/A

Lt. debt to group

N/A

N/A

N/A

N/A

N/A

Lt. debt to owner

N/A

N/A

N/A

N/A

N/A

Other long-term debt

N/A

N/A

N/A

N/A

N/A

Long-term liab.

N/A

N/A

N/A

N/A

N/A

Cur.liab.to creditin

N/A

N/A

N/A

N/A

N/A

Current bank debt

112.400

104.782

98.016

101.008

70.777

Cur.liab. to group

12

147

283

251

1.690

Cur.liab. to owner

N/A

N/A

N/A

N/A

N/A

Creditors

1.589

2.013

2.738

4.074

3.026

Company tax

0

489

N/A

N/A

N/A

Dividend

N/A

N/A

N/A

N/A

N/A

Dividends

N/A

N/A

N/A

N/A

N/A

Prepayment

N/A

N/A

N/A

N/A

N/A

On acc.work in progr

N/A

N/A

N/A

N/A

N/A

On acc.work prog. gr.

N/A

N/A

N/A

N/A

N/A

Other debt

3.380

3.142

3.091

3.410

3.523

Pre-paym/accrued inc

N/A

N/A

N/A

N/A

N/A

Oth.cur. liabilities

N/A

N/A

N/A

N/A

N/A

Short-term liab.

117.381

110.573

104.128

108.743

79.016

 

Balance

13/14

12/13

11/12

10/11

09/10

Total liabilities

85.951

115.162

109.494

120.071

79.597

 

Property

13/14

12/13

11/12

10/11

09/10

Off. ratable value

N/A

N/A

N/A

N/A

N/A

Assessment date

N/A

N/A

N/A

N/A

N/A

 

Ratios

13/14

12/13

11/12

10/11

09/10

Turnover/Employee

N/A

N/A

N/A

N/A

N/A

Oper.Profit/Employee

-1.031

-182

-135

-376

-635

Ord. Res./Employee

-1.111

-205

-204

-394

-723

Ann. Res./Employee

-1.111

-205

-204

-394

-723

Fixed assets/Empl.

410

1.046

735

663

605

Pers. costs/Employee

-271

-294

-320

-376

-374

Contribution ratio

N/A

N/A

N/A

N/A

N/A

Net profit ratio

N/A

N/A

N/A

N/A

N/A

Capacity ratio

0,18

0,68

0,72

0,32

-0,18

Return on investment

-37,18

-5,22

-4,69

-9,08

-25,51

Operational leverage

N/A

N/A

N/A

N/A

N/A

Wage ratio

115,74

77,33

93,44

215,43

N/A

Stock turnover

N/A

N/A

N/A

N/A

N/A

Asset turnover

N/A

N/A

N/A

N/A

N/A

Debtors credittime

N/A

N/A

N/A

N/A

N/A

Credittime creditors

N/A

N/A

N/A

N/A

N/A

Acid test ratio I

62,41

72,93

78,32

92,72

76,23

Acid test ratio II

41,15

50,05

52,79

66,37

47,65

Solvency ratio

-36,57

3,98

4,90

9,15

-0,25

Return on equity I

N/A

-147,16

-144,73

-103,96

N/A

Return on equity II

N/A

-147,16

-144,73

-103,96

N/A

Zero turnover

N/A

N/A

N/A

N/A

N/A

Margin of safety

N/A

N/A

N/A

N/A

N/A

Capital ratio

-62,36

9,11

10,67

21,85

-0,40

Intrinsic value

-6236,11

910,52

1066,80

2185,29

-39,64

 

 

FOREIGN EXCHANGE RATES

 

N/A

 

 

ADDITIONAL INFORMATION

 

Remarks

Official registr. No

 

Property

 

Property

Not stated

 

Expanded Identification - company profile

 

 

 

Company name

Herstal A/S

 

 

Phone-no.

70204420

Address

Datavej 3

 

 

Fax

65934133

Postal code/city

5220

Odense SØ

 

Www

www.herstal.dk

Municipality/County

Odense/Syddanmark

 

 

E-mail

info@herstal.dk

KOB-no.

116322

 

 

CVR-no.

16218693

Employees

30

 

 

 

 

Legal form

Limited company

 

Company status

Active

Established

1987

 

 

 

 

Activity (trade)

464700 Wholesale of furniture, carpets and lighting equip

 

 

Business names

Herstal Bad A/S

 

Herstal Biltilbehør A/S

 

Herstal Brand A/S

 

Herstal Eksklusiv A/S

 

Herstal Garden A/S

 

Herstal Gulve A/S

 

Herstal Indretning A/S

 

Herstal Inventar A/S

 

Herstal Køkkener A/S

 

Herstal Lampe Design A/S

 

Herstal Living A/S

 

Herstal Lys & Servietter A/S

 

Herstal Maritim A/S

 

Herstal Møbler A/S

 

Herstal Montage A/S

 

Herstal Outdoor A/S

 

Herstal Pejse A/S

 

 

Herstal Plus A/S

 

Herstal Tekstil A/S

 

Herstal Tooling A/S

 

Herstal Vin/tilbehør A/S

 

Pulz A/S

Former names

Herstal El, Odense ApS

 

Herstal Lampe Design A/S

 

Advisors

Bankers REG-no.: 2206

Nordea Bank Danmark A/S, Erhvervscenter Fyn

Vestre Stationsvej 7,2. Boks 189, 5000 Odense C

66 12 73 25

Insurance Danske Forsikring A/S

Topdanmark Forsikring A/S

Auditor(s) Deloitte Statsautoriseret Revisionspartnerselskab - (20. Feburary 2015)

 

Historical data

 

Established

1987

 

Foundation date

24.0

Feburary

Date of registration

15.0

May

Date Art. of assoc.

6.0

December

Historical data

The company is a continuation of Martin Herstal's former personally

owned business which was established in 1987.

 

The company merged on 19.12.2007 with Herstal Living A/S

(CVR 26593727), the registered company being the continuing one.

 

The company merged on 13-12-2012 with Herstal Brand ApS

(CVR 10124360), the registered company being the continuing one.

 

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.

 

The company's assets and liabilities have been transferred to

CVR-no. 10124360, Herstal Brand ApS.

 

Capital history

On 13. December 2012 the capital was increased by payment from merger by DKK 1.000 at price 100,00 to a total of DKK 504.000.

On 24. May 2011 the capital was increased by cash payment by DKK 1.000 at price 1500000,00 to a total of DKK 503.000.

On 29. May 2009 the capital was increased by conversion of debts by DKK 1.000 at price 250000,00 to a total of DKK 502.000.

On 19. December 2007 the capital was increased by payment from merger by DKK 1.000 at price 100,00 to a total of DKK 501.000.

On 15. May 1997 the capital was increased by transfer of reserves by DKK 300.000 at price 100,00 to a total of DKK 500.000.

 

Account change period

1.0

January

2000 -

31.0

May

2000

 

Board history

Henrik Grønning, Chairman (Resigned 12. October 2011)

Jan Bjærre, Member of the board (Resigned 18. September 2013)

Per Søgaard, Member of the board (Resigned 14. November 2014)

 

Auditor(s)

PriceWaterhouseCoopers Services Statsautoriseret Revisions A/S - (6. November 2003 - 23.September 2011)

Pricewaterhousecoopers Statsautoriseret Revisions P/S - (23. September 2011 - 23.September 2011)

PriceWaterhouseCoopers Services Statsautoriseret Revisions A/S - (23. September 2011 -26. September 2011)

Pricewaterhousecoopers Statsautoriseret Revisions P/S - (26. September 2011 - 20.Feburary 2015)

 

 

 

 

 

Below you will find a presentation of the registered events for the company

for the latest six

 

 

 

months, a maximum of 25 events are shown.

20.0

Feburary

2015

Retired as accountant: Pricewaterhousecoopers.

20.0

Feburary

2015

Joined as accountant: Deloitte Statsautoriseret Revisionspartnerselskab.

10.0

December

2014

Credit rating changed from 43 to B34. Credit Risk class changed from

Moderate to Very high.

 

 

 

Credit limit changed from DKK 700.000 to DKK 0.

10.0

December

2014

Financial statement added: Financial year: 13/14, closing date: 2014-05-31.

14.0

November

2014

Resigned as Member of the board: Per Soegaard.

 

 

NOTES & COMMENTS

 

N/A

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.26

UK Pound

1

Rs.92.49

Euro

1

Rs.66.99

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIT

 

               

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

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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.