MIRA INFORM REPORT

 

 

Report No. :

306544

Report Date :

04.02.2015

 

IDENTIFICATION DETAILS

 

Name :

HAAS-MEINCKE A/S

 

 

Formerly Known As :

DFE MEINCKE A/S

 

 

Registered Office :

Tonsbakken 10 2740 Skovlunde Ballerup Hovedstaden

 

 

Country :

Denmark

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

01.01.10990

 

 

Legal Form :

Limited company

 

 

Line of Business :

·         Manufacture of machinery for food, beverage

·         Wholesale of other machinery and equipment

 

 

No. of Employee :

126

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

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 – 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

 

Identification - company profile

Company name

Haas-Meincke A/S

Phone-no.

77429200

Address

Tonsbakken 10

Fax

77429201

Postal code/city

2740 Skovlunde

Www

www.haas-meincke.com

Municipality/County

Ballerup/Hovedstaden

E-mail

mail@haas-meincke.com

KOB-no.

82843

CVR-no.

13882037

 

Expanded Identification - company profile

Company name

Haas-Meincke A/S

Phone-no.

77429200

Address

Tonsbakken 10

Fax

77429201

Postal code/city

2740 Skovlunde

Www

www.haas-meincke.com

Municipality/County

Ballerup/Hovedstaden

E-mail

mail@haas-meincke.com

KOB-no.

82843

CVR-no.

13882037

Employees

126

 

 

Legal form

Limited company

Company status

Active

Established

1990

Activity (trade)

289300 Manufacture of machinery for food, beverage and to 466900 Wholesale of other machinery and equipment

 

Business names

Danish Food Equipment International A/S

 

Meincke A/S

 

DFE Meincke A/S

 

Meincke Food Processing Equipment A/S

Former names

DFE Meincke A/S

 

Meincke A/S

 

Meincke Food Processing Equipment A/S

 

Newco A/S

 

Sasib Bakery Nordic A/S

 

Sasib Nordic A/S

 

 

DIRECTORS/MANAGEMENT

 

Management

Management

Frank Müntzberg, General manager (Joined - 19. December 2002)

 

Rolf Brandhøj Overgaard, General manager (Joined - 22. May 2014)

Board members

Stefan Jiraschek, Chairman (Joined - 22. December 2009)

 

Johannes Haas, Deputy Chairman (Joined - 22. December 2009)

 

 

Frank Müntzberg, Member of the board (Joined - 7. August 2003)

 

Josef Haas, Member of the board (Joined - 22. December 2009)

 

Rolf Brandhøj Overgaard, Member of the board (Joined - 22. May 2014)

 

Hans-Christian Jørgensen, Elected by employees (Joined - 21. November 2014)

 

Claus Møller Madsen, Elected by employees (Joined - 21. November 2014)

Divisional managers

Lene Bundgaard , Finance

 

Frank Müntzberg , Sales

 

Bjarne Marstal , IT

 

Bjarne Marstal , Internet

 

Rolf Brandhøj Overgaard , Production

 

Jørgen Maartonson , Purchasing

 

Henrik Berg , Purchasing

 

Anders Petterson , Purchasing

Authorisation to sign

The chairman of the board alone or the deputy chairman of the board together with another member of the board

 

 

NEGATIVE INFORMATION

 

Mortgage on property

No

 

 

SHARE & SHARE CAPITAL INFORMATION

 

N/a

 

 

PAYMENT INFORMATION

 

Payment remarks

No

 

Export - Import

 

Export areas

Worldwide

Import areas

Europe

 

Scandinavia

 

North America

 

Asia

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Group relations and ownership

Parent company

Haas-Meincke Holding A/S (100%)

Subsidiaries

2E Ellgard Equipment A/S (100%)

 

Haas-Meincke BV (NLD) (100%)

 

Haas-Meincke Austria G.m.b.H (AUT) (100%)

 

 

FINANCIAL INFORMATION

 

Financial data

Share capital

DKK 5.000.000,00

 

fully paid up

Financial period

1. January - 31.0 December

Account change period

1. August 1990 - 31. December 1990

Leasing commitments

In the financial statement of 2013 attention is drawn to leasing commitments.

Nomination

All financial figures stated in DKK 1.000

 

 

Financial year

2013

2012

2011

2010

2009

Published on

2014-05-16

2013-05-10

2012-05-23

2011-04-05

2010-06-03

Closing date

2013-12-31

2012-12-31

2011-12-31

2010-12-31

2009-12-31

No. of months

12

12

12

12

12

Number of employees

126

109

96

77

87

 

 

Profit and Loss account

2013

2012

2011

2010

2009

Gross turnover

N/A

N/A

N/A

N/A

N/A

Charges

N/A

N/A

N/A

N/A

N/A

Turnover

601.758

559.622

477.289

309.769

263.939

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

-573.439

-517.074

-425.303

-263.794

-236.538

Gross profit

28.319

42.548

51.986

45.975

27.401

Marketing costs

-36.148

-28.561

-26.768

-22.665

-24.917

Administration costs

-29.429

-25.073

-23.111

-14.761

-17.600

RogD-costs

N/A

N/A

N/A

N/A

N/A

Personnel costs (A)

N/A

N/A

N/A

N/A

N/A

Personnel costs (N)

-78.953

-71.941

-61.545

-46.748

-51.263

Personnel costs

-78.953

-71.941

-61.545

-46.748

-51.263

Depreciation (acc.)

N/A

N/A

N/A

N/A

N/A

Depreciation (note)

-7.324

-6.745

-6.983

-2.785

-1.716

Depreciation

-7.324

-6.745

-6.983

-2.785

-1.716

Other operat. costs

N/A

N/A

N/A

N/A

N/A

Other income

N/A

N/A

N/A

N/A

N/A

Operating profit

-37.258

-11.086

2.107

8.549

-15.116

Financing income

208

216

5.281

3.807

3.175

Financing costs

-3.528

-2.545

-5.561

-5.625

-3.647

Income from shares

8.884

12.899

9.734

5.636

-51

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

9.092

13.115

15.015

9.443

3.175

Financial expenses

-3.528

-2.545

-5.561

-5.625

-3.698

Financial items net

5.564

10.570

9.454

3.818

-523

Secondary Items

N/A

N/A

N/A

N/A

N/A

Ordinary result

-31.694

-516

11.561

12.367

-15.639

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

-31.694

-516

11.561

12.367

-15.639

Tax o.ext.ord.result

N/A

N/A

N/A

N/A

N/A

Tax on annual result

9.783

3.116

-421

-1.954

4.900

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

-21.911

2.600

11.140

10.413

-10.739

Min.int.share res.

N/A

N/A

N/A

N/A

N/A

Res.af.min.int.share

-21.911

2.600

11.140

10.413

-10.739

Dividend of result

N/A

N/A

0

9.330

0

 

 

Assets

2013

2012

2011

2010

2009

Goodwill

12.070

13.672

15.274

16.876

N/A

Developing project

5.957

7.901

9.846

11.740

13.734

Patents/other rights

N/A

N/A

N/A

N/A

N/A

Other intang.assets

N/A

N/A

N/A

N/A

N/A

Intang. fix. assets

18.027

21.573

25.120

28.616

13.734

Land and buildings

N/A

N/A

N/A

N/A

N/A

Plant, machinery etc

8.638

11.007

8.697

9.700

9.073

Assets under constr.

2.397

0

2.797

0

1.754

Other tangib.assets

N/A

N/A

N/A

N/A

N/A

Tang. fixed assets

11.035

11.007

11.494

9.700

10.827

Participating invest

27.767

29.673

21.726

21.324

31.977

Other investments

N/A

N/A

N/A

N/A

N/A

Receivables in group

N/A

N/A

1.078

0

3.721

Oth.fin. receivables

N/A

N/A

N/A

N/A

N/A

Own shares

N/A

N/A

N/A

N/A

N/A

Other fin. assets

2.853

2.255

N/A

N/A

N/A

Fin. fixed assets

30.620

31.928

22.804

21.324

35.698

Fixed assets

59.682

64.508

59.418

59.640

60.259

 

 

Inventories

59.923

40.125

39.336

30.635

25.963

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

88.352

171.029

104.205

61.182

32.498

Receivables in group

27.961

21.138

19.703

2.197

11.628

Receivables fr.owner

N/A

N/A

N/A

N/A

N/A

Other receivables

10.954

6.344

9.347

9.816

3.433

Pre-paym/accrued inc

1.970

1.893

1.274

1.173

1.189

Securities

N/A

N/A

N/A

N/A

N/A

Cash in hand/bank

7.164

11.490

19.009

9.135

3.790

Other current assets

N/A

N/A

N/A

N/A

N/A

Current assets

196.324

252.019

192.874

114.138

78.501

 

 

Balance

2013

2012

2011

2010

2009

Balance

256.006

316.527

252.292

173.778

138.760

 

 

Liabilities

2013

2012

2011

2010

2009

Share capital

5.000

5.000

5.000

5.000

5.000

Revaluation reserves

N/A

N/A

N/A

N/A

N/A

Transferred result

19.895

22.785

27.025

17.219

28.270

Expected dividend

N/A

N/A

0

9.330

N/A

Other reserve

10.190

12.025

4.078

3.676

N/A

Premium on issue

N/A

N/A

N/A

N/A

N/A

Own share of equity

35.085

39.810

36.103

35.225

33.270

Min. interests share

N/A

N/A

N/A

N/A

N/A

Equity

35.085

39.810

36.103

35.225

33.270

Deferred tax

0

406

1.281

N/A

0

Pensions

N/A

N/A

N/A

N/A

N/A

Other provisions

40.410

46.920

49.380

29.997

20.523

Provisions

40.410

47.326

50.661

29.997

20.523

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

0

Long-term liab.

N/A

N/A

N/A

N/A

0

Cur.liab.to creditin

N/A

N/A

N/A

N/A

N/A

Current bank debt

6.595

1

0

6.196

17.727

Cur.liab. to group

30.200

111.388

86.906

41.620

25.652

Cur.liab. to owner

N/A

N/A

N/A

N/A

N/A

Creditors

51.926

49.158

39.460

23.295

19.756

Company tax

N/A

N/A

N/A

N/A

N/A

Dividend

N/A

N/A

N/A

N/A

0

Dividends

N/A

N/A

0

9.330

0

Prepayment

72.045

44.245

18.189

19.917

145

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

19.333

24.186

20.571

17.528

20.187

Pre-paym/accrued inc

412

410

403

N/A

N/A

Oth.cur. liabilities

N/A

N/A

N/A

0

1.500

Short-term liab.

180.511

229.388

165.529

108.556

84.967

 

Balance

2013

2012

2011

2010

2009

Total liabilities

256.006

316.524

252.293

173.778

138.760

Property

2013

2012

2011

2010

2009

 

 

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

2013

2012

2011

2010

2009

Turnover/Employee

4.776

5.134

4.972

4.023

3.034

Oper.Profit/Employee

-296

-102

22

111

-174

Ord. Res./Employee

-252

-5

120

161

-180

Ann. Res./Employee

-252

-5

120

161

-180

Fixed assets/Empl.

474

592

619

775

693

Pers. costs/Employee

-627

-660

-641

-607

-589

Contribution ratio

4,71

7,60

10,89

14,84

10,38

Net profit ratio

-6,19

-1,98

0,44

2,76

-5,73

Capacity ratio

0,43

0,79

1,04

1,23

0,64

Return on investment

-14,55

-3,50

0,84

4,92

-10,89

Operational leverage

N/A

N/A

24,67

5,38

N/A

Wage ratio

278,80

169,08

118,39

101,68

187,08

Stock turnover

10,04

13,95

12,13

10,11

10,17

Asset turnover

2,35

1,77

1,89

1,78

1,90

Debtors credittime

42,87

89,24

63,75

57,67

35,95

Credittime creditors

25,20

25,65

24,14

21,96

21,86

Acid test ratio I

108,76

109,87

116,52

105,14

92,39

Acid test ratio II

75,56

92,37

92,76

76,92

61,83

Solvency ratio

13,70

12,58

14,31

20,27

23,98

Return on equity I

-90,33

-1,30

32,02

35,11

-47,01

Return on equity II

-90,33

-1,30

32,02

35,11

-47,01

Zero turnover

1.393.463

705.433

457.944

252.168

409.543

Margin of safety

0,00

0,00

4,05

18,59

0,00

Capital ratio

7,02

7,96

7,22

7,05

6,65

Intrinsic value

701,70

796,20

722,06

704,50

665,40

 

 

FOREIGN EXCHANGE RATES

 

N/a

 

 

ADDITIONAL INFORMATION

 

Remarks

 

Official registr.

No

 

Property

 

Property

Not stated

 

Advisors

Bankers

REG-no.: 2228

 

Nordea Bank Danmark A/S, Erhvervsfilial Lyngby

 

Lyngby Hovedgade 96, 2800 Kongens Lyngby

 

45 26 31 11

Insurance

Tryg Forsikring A/S

Auditor(s)

BDO Statsautoriseret Revisionsaktieselskab - (31. October 2005)

 

Historical data

Established

1990

Foundation date

1. January 1990

Date of registration

11. July 1990

Date Art. of assoc.

12. December 2014

Historical data

The company was originally formed 1990, and 1990 it merged with Meincke Food Processing

Equipment A/S (reg. 49432), the registered company being the continuing one.

The company merged on 09-01-2011 with Danish Food Equipment International (CVR

19266680) , the registered company being the continuing one.

The company was originally formed in 1990 under the name of Newco A/S, but has changed its

name several times, most recently in 2010 to its present name.

The company's assets and liabilities have been transferred to CVR-no. 29153744, Meincke

Ejendomme A/S.

Capital history

On 20. December

2013 the capital was

DKK 10.000 at price 100,00 to a total of DKK 5.000.000.

On 20. December

2013 the capital was increased by cash payment

by DKK 10.000 at price 1713500,00 to a total of DKK 5.010.000.

Account change period

1. August 1990 - 31. December1990

Management history

Christoph Norbert Jiraschek, General manager (Resigned 22. May 2014)

Board history

Peter Josef Bernhard Karl-Hein Z Keller, Member of the board (Resigned 14. January 2011)

Christoph Norbert Jiraschek, Member of the board (Resigned 22. May 2014)

Jens Christian Fauerby, Elected by employees (Resigned 21. November 2014)

Christian Courtois, Elected by employees (Resigned 21. November 2014)

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

 

 

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.

1.0

Feburary

2015

Credit rating changed from 55 to 52.

7.0

January

2015

The company plans to merge with: Haas-Meincke Holding A/S.

18.0

December

2014

Articles of association changed.

21.0

November

2014

Joined as Elected by employees: Claus Moeller Madsen.

21.0

November

2014

Resigned as Elected by employees: Christian Courtois.

21.0

November

2014

Resigned as Elected by employees: Jens Christian Fauerby.

21.0

November

2014

Joined as Elected by employees: Hans-Christian Joergensen.

14.0

August

2014

Deleted as Marketing: Jane Solby.

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.74

UK Pound

1

Rs.92.71

Euro

1

Rs.69.94

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 

 

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

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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.