MIRA INFORM REPORT

 

 

Report No. :

309677

Report Date :

27.02.2015

 

IDENTIFICATION DETAILS

 

Name :

ESTER & ERIK A/S

 

 

Formerly Known as :

PSE 13 1275 A/S

 

 

Registered Office :

Bergsøesvej 23 8600 Silkeborg Silkeborg/Midtjylland

 

 

Country :

Denmark

 

 

Financials (as on) :

2014

 

 

Date of Incorporation :

01.11.1989

 

 

Legal Form :

Limited company

 

 

Line of Business :

Other manufacturing n.e.c.

 

[Note: We tried to confirm / obtain the detailed activity but the same is not available from any sources]

 

 

No. of Employee :

6

 

 

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

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Company name                         ESTER & ERIK A/S

Address                                    Bergsøesvej 23

                                                8600 Silkeborg

Municipality/County                   Silkeborg/Midtjylland

Phone-no.                                 +45 86 81 62 11

Fax-no.                                     +45 86 81 60 55

www                                                     www.ester-erik.dk

E-mail                                                   info@ester-erik.dk

CVR-no.                                    13665192

Legal form                                Limited company

Company Status                       Active

Established                               1989

Employees                               6

Activity (trade)                           32.99.00 Other manufacturing n.e.c.

 

DIRECTORS/MANAGEMENT

 

<** Management Information **>

Management                             Søren Bødker Møller, Managing director (Joined- 09-06)

Board of directors                     Ester Rønsholt Møller, Member of the board (Joined- before 94)

                                                Søren Bødker Møller, Member of the board (Joined- 02-07)

                                                Erik Bødker Møller, Member of the board (Joined- 95-04)

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

Area Managers                          Søren Bødker Møller, Sales

                                                Søren Bødker Møller, Marketing

                                                Søren Bødker Møller, Internet

                                                Søren Bødker Møller, Export

 

 

NEGATIVE INFORMATION

 

<** Public record information and payment remarks **>

Official registr.                          None

Payment remarks                       None

Mortgage                                  moveable pr 2008-08-14 Mortgage on other assets

DKK 2.000.000

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Shareholders                             Ester & Erik Holding ApS (30%)

Share Capital                            DKK 750.000,00

                                                fully paid up     

 

 

PAYMENT INFORMATION

 

<** Payment profile **>

-------------------------------------------------------

Tabel 1:                                                                       

 

Date of measuring: December 2014

The business's                                                              Time of payment

mode of payment                                              Days exceeding agreement

in relation to                                                                              3          12         24

payment custom                                                                       mth       mth       mth

                                                                        -------------------------------------------------------

                     The business's time of payment                N/A       1,64    1,00

                     Upper Quartile, Danish companies            0,00    0,00    0,00

                     Median, Danish companies                                   0,10    0,24    0,19

                     Lower Quartile, Danish companies             1,00    1,32    1,21

                                                            -------------------------------------------------------

 

                                                            -------------------------------------------------------

Tabel 2:                                                Month               Total   Within   Outside

The business's                                      From date         exp.   agreem.  agreement

payment time                                        -------------------------------------------------------

                                                            0          1-7        8-29      30-59    60-89    90 -

                                                                        days   days   days        days   days   days

                                                            ------------------------------------------------------

                        1 -  3        4       3          0          1          0          0          0

                        4 -  6        2      1          1          0          0          0          0

                        7 - 12       5      5          0          0          0          0          0

                        1 - 12       11    9          1          1          0          0          0

                        13 - 24      7                  7          0          0          0          0          0

                                    -------------------------------------------------------

 

 

 

 

 

 

                                                            -------------------------------------------------------

Tabel 3:                                                            Interval              Total   Within   Outside

The business's                                                                          exp.   agreem.  agreement

mode of payment                                              -------------------------------------------------------

divid. in amount                        1.000                            0          1-7        8-29      30-59  60-89   90 -

last 12 months                          DKK                days   days       days     days     days     days

                                                            -------------------------------------------------------

                                    100 -                 0          0          0          0          0          0          0

                                    25 - 99              0          0          0          0          0          0          0

                                    10 - 24              0          0          0          0          0          0          0

                                    1 -  9                 7          7          0          0          0          0          0

                                    0 -  1                 4          2          1          1          0          0          0

                                                            --------------------------------------------------------

 

<** Export - Import **>

Export areas                 Worldwide

Import areas                  Europe

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

<** Corporate Structure **

 

Parent company       Søren Møller Holding ApS (70%)

Subsidiaries                  None

 

 

FINANCIAL INFORMATION

 

<** Financial data **>

Financial period             1. May - 30. April.

Auditor's remarks          At the auditing of the financial statement of

                                    13/14 the audit department has found reason to

                                    comments.

                                    By analysing the financial statement of 13/14

                                    illegal loans have been ascertained.

Nomination                   All financial figures stated in DKK 1.000.

 

 

Financial year              13/14                12/13                11/12                10/11                09/10

Published on               2014-10-04        2013-09-25        2012-07-31        2011-10-06        2010-10-01

Closing date                 2014-04-30        2013-04-30        2012-04-30        2011-04-30        2010-04-30

No. of months                12                   12                     12                     12                     12

Number of employees     N/A                 N/A                   6                                  6                                  7

 

<* Profit & Loss *>

Turnover                    N/A          N/A                   N/A                   N/A                   N/A

Gross profit               3.323      3.953                3.726                3.531                3.395

Personnel costs          N/A        N/A                   N/A                   N/A                   N/A

Depreciation              N/A          N/A                   -62                    -62                    -62

Operating profit         282         69                     481                   359                   225

Financial income        13            19                     14                     34                     8

Financial expenses     -413         -472                  -482                  -460                  -467

Financial items net     -400         -453                  -468                  -426                  -459

Ordinary result          -118          -384                  12                     -67                    -234

Extraordinary items    N/A          N/A                   N/A                   N/A                   N/A

Pre-tax profit             -118         -384                  12                     -66                    -234

Annual result             -83            -291                  7                       -61                   -179

Dividends                   N/A        N/A                   N/A                   N/A                   N/A

 

<* Assets *>

Intang. fix. assets          N/A                   N/A                   N/A                   N/A                   N/A

Land and buildings        3.359                3.421                3.483                3.546                3.608

Tang. fixed assets         5.585                5.936                6.247                6.871                6.701

Fin. fixed assets           N/A                   N/A                   N/A                   N/A                   N/A

Fixed assets                 5.585                5.936                6.247                6.871                6.701

Inventories                    1.999                1.360                1.070                1.598                1.442

Debtors                        312                   686                   460                   451                   443

Cash in hand/bank         84                     41                     16                     43                     18

Current assets               2.632                2.204                1.719                2.259                2.124

 

<* Liabilities *>

Share capital                 750                   750                   750                   750                   750

Revaluation reserves    N/A                   N/A                   N/A                   N/A                   N/A

Equity                           443                   527                   819                   812                   873

Provisions                   66                     101                   193                   188                   193

Subord.loan capital       N/A                   N/A                   N/A                   N/A                   N/A

Mortgage debt             2.739                4.902                3.191                3.192                3.354

Long-term liab.              3.904                4.340                4.698                5.355                5.514

Creditors                       582                   500                   57                     167                   287

Short-term liab.             3.804                3.171                2.256                2.774                2.244

 

<* Balance Sheet *>

Balance                         8.217               8.140                7.966                9.130                8.825

Off. ratable value          N/A                   N/A                   3.750                3.750                4.150

Assessment date         N/A                   N/A                   2011-10-01        2010-10-01        2009-10-01

 

<* Company Ratios *>

Financial year              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   N/A                   N/A                   80                    60                     32

Ord. Res./Employee     N/A                   N/A                   2                      -11                    -33

Ann. Res./Employee     N/A                   N/A                   2                      -11                    -33

Fixed assets/Empl.                   N/A                   N/A                   1.041                1.145                957

Pers. costs/Employee               N/A                   N/A                   N/A                   N/A                   N/A

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               1,09                  1,02                  1,15                  1,11                  1,07

Return on investment    3,43                  0,85                  6,04                  3,93                  2,55

Operational leverage     11,78                57,29                7,75                  9,84                  15,09

Wage ratio                                N/A                   N/A                   N/A                   N/A                   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              69,19                69,50                76,20                81,43                94,65

Acid test ratio II             16,64                26,62                28,77                23,83                30,39

Solvency ratio               5,39                  6,47                  10,28                8,89                  9,89

Return on equity I          -26,64               -72,87               1,47                  -8,25                 -26,80

Return on equity II         -26,64               -72,87               1,47                  -8,13                 -26,80

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                  0,59                  0,70                  1,09                  1,08                  1,16

Intrinsic value                59,07                70,27                109,20              108,27              116,40

 

 

FOREIGN EXCHANGE RATES

 

Na

 

 

ADDITIONAL INFORMATION

 

Auditor(s)                      Vistisen & Lunde Statsautoriseret

                                    - Revisionspartnerselskab (14-03)

 

<** Credit Facilities **>

Bankers                        7734

                                    Vestjysk Bank A/S Silkeborg Afdeling

                                    Borgergade 28, 8600 Silkeborg

                                    96 63 37 00

 

<** Historical Data **>

Established                   1989

Date Incorporated         1. November 1989

Registered                    28. March 1990

Date Art. of assoc.        29. October 2003

 

 

 

Capital history               On 17. November 2003 the capital was

                                    increased by cash payment by DKK 250.000 at price

                                    100,00 to a total of DKK 750.000.

                                    On 9. September 1996 the capital was

                                    increased by transfer of reserves by DKK 200.000

                                    at price 100,00 to a total of DKK 500.000.

 

Board history                Alice Andsbjerg Vandborg, Member of the board

                                    - (Resigned 10-06)

                                    Bent Kristian Winkler-Kristensen, Chairman

                                    - (Resigned 14-09)

                                    Christina Fogtmann Møller, Member of the board

                                    - (Resigned 14-09)

Auditing history             Aktieselskabet af 10. August 1998 (99-08/14-03)

 

<** Other company names **>

Former names         PSE 13 1275 A/S

 

<** Events **>

                        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.

 

Description

  --------------------------------------------------

 February 2015              No. of employee-category changed from 2-4 to 5-9.

 October 2014               No. of employee-category changed from 5-9 to 2-4.

 October 2014               Credit rating changed from 30 to 25. Credit limit

                                    changed from DKK 50.000 to DKK 25.000.

 October 2014               Financial statement added: Financial year: 13/14,

                                    closing date: 2014-04-30.

 September 2014      Resigned as Member of the board: Christina

                                    Fogtmann Møller.

 September 2014      Resigned as Chairman: Bent Kristian

                                    Winkler-Kristensen.

 

 

 

NOTES & COMMENTS

 

- description                  Companies at this level have poor financial ratios, but

                        may be stable customers. At this level, you often find

                        small and newly established businesses without annual

                        accounts. A score in the upper part of this level

                        may be good for a small or newly established business.

                        All experience shows that the first operating year of the

                        business may be a critical phase.

 

- recommendation     Limit the amount of credit granted to newly established

                        businesses and ensure that they are monitored closely

                        during their first operating year. However, it should be

                        taken into consideration that the credit limits do not

                        become so low that these businesses have an almost

                        "impossible" establishment phase. Businesses with a longer

                        history are definitively weak with a poor earnings result

                        or with continuous draining of capital resources.

                        We strongly recommend credit monitoring of these businesses

                        Use www.experian.dk or contact us on tel.+45 70 10 01 07.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.94

UK Pound

1

Rs.96.24

Euro

1

Rs.70.39

 

 

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

--

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.