MIRA INFORM REPORT

Report No. :	354508
Report Date :	18.12.2015

IDENTIFICATION DETAILS

Name :	HERSTAL A/S

Registered Office :	Datavej 3, Odense SØ 5220

Country :	Denmark

Financials (as on) :	2015

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 Employee :	31

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 and has been slow to emerge from it in 2012-14 . 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. Despite previously meeting the criteria to join the European Economic and Monetary Union (EMU), Denmark has negotiated an opt-out with the EU and is not required to adopt the euro.

Source : CIA

Company Summary

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	-32.374.000 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 SØ 5220
Contact Telephone Number	70204420
Main Address
Address	Datavej 3, Odense SØ 5220
Country	DENMARK
Telephone	70204420

Activities

Activity Code	Activity Description
464700	Wholesale of furniture, carpets and lighting equip

Email Addresses

info@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
2015	31
2014	31
2013	33

Real Estate

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 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

Additional Accounts Information

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

Profit and Loss

Financial Year	2015	2014	2013
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Operating Profit	-3.107.000	-31.954.000	-6.017.000
Retained Profit	-944.000	-36.017.000	-5.107.000
Balance Sheet
Financial Year	2015	2014	2013
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Land & Buildings	-
Plant & Machinery	-
TOTAL ASSETS	87.053.000	85.951.000	115.161.000
Other Reserves	-32.374.000	-31.430.000	4.589.000

Share Capital Structure

Nominal Share Capital	504.000 DKK
Shareholders

Shareholder	Address	% Shares Held
Herstal Holding ApS	Datavej 3 Odense SØ 5220 DNK	100

Current Directors
Name	Appointment Date	Position
Martin Herstal		Managing director
Jacob Stig Blomberg	10/11/2015	General manager
Peter Eriksen Jensen	10/11/2015	Chairman
Lotte Baaring Herstal	15/05/1997	Member of the board
Palle Larsen	10/11/2015	Member of the board
Steen Overholdt Hansen	10/11/2015	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

Ultimate Holding Company Name	Herstal Holding ApS
Ultimate Holding Company Country

Subsidiary Companies

Subsidiary Name	Country
Herstal Hong Kong Ltd	HONG KONG

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.65
UK Pound	1	Rs.99.61
Euro	1	Rs.72.33
DKK	1	Rs.9.64

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KAS

Report Prepared by :	TRU

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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