MIRA INFORM REPORT
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Report No. : |
332658 |
|
Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
FLSMIDTH A/S |
|
|
|
|
Registered Office : |
Vigerslev Alle 77 2500 Valby Copenhagen/Hovedstaden |
|
|
|
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Country : |
Denmark |
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|
|
|
Financials (as on) : |
2014 |
|
|
|
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Date of Incorporation : |
1882 |
|
|
|
|
Legal Form : |
Limited company |
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|
|
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Line of Business : |
|
|
|
|
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No. of Employee : |
1238 |
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 |
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Payment Behaviour : |
No complaints |
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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 |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
REGISTERED
NAME & COMPANY SUMMARY
|
Identification -
company profile |
|||
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Company name |
FLSMIDTH A/S |
Phone-no. |
36181000 |
|
Address |
Vigerslev Alle 77 |
Fax |
|
|
Postal code/city |
2500 Valby |
Www |
www.flsmidth.com |
|
Municipality/County |
Copenhagen/Hovedstaden |
E-mail |
info@flsmidth.com |
|
KOB-no. |
100537 |
CVR-no. |
15028882 |
DIRECTORS/MANAGEMENT
|
Management |
|
|
Management |
Thomas Schulz, Managing director (Joined - 1. May 2013) Bjarne Moltke Hansen, General manager (Joined - 1. October 2005) Per Mejnert Kristensen, General manager (Joined - 30. July 2013) Lars Vestergaard, General manager (Joined - 1. April 2014) |
|
Board members |
Vagn Ove Sørensen, Chairman (Joined - 6. May 2009) Torkil Bentzen, Deputy Chairman (Joined - 30. January 2004) Hans Per Martin Ivert, Member of the board (Joined - 29. April 2008) Sten Erik Jakobsen, Member of the board (Joined - 11. May 2011) Caroline Grégoire Sainte Marie, Member of the board (Joined - 16.
April 2012) Tom Knutzen, Member of the board (Joined - 16. April 2012) Mette Dobel, Elected by employees (Joined - 6. May 2009) Jens Peter Koch, Elected by employees (Joined - 10. April 2013) Søren Quistgaard Larsen, Elected by employees (Joined - 10. April
2013) |
|
Divisional managers |
Jan Amtoft , IT |
|
Authorisation to sign |
The chairman of the board together with a member of the bord, or the
chairman of the board together with a manager, or two managers jointly |
NEGATIVE
INFORMATION
|
Remarks |
|
|
Mortgage on property |
No |
SHARE
& SHARE CAPITAL INFORMATION
Na
PAYMENT
INFORMATION
|
Remarks |
|
|
Official registr. |
No |
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Payment remarks |
No |
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Payment pattern |
|
Payments pattern compared to other Danish businesses (days beyond
terms). |
|
The graph shows how many days beyond terms the business has settled accounts
reported to KOB and how many days beyond terms other businesses on average
settle their accounts. |
|
The graph also shows the development in payment performance in the
last 24 months (0-3 months) (0-24 months) from time of measurement. |
|
On the basis of the above it is now possible to see whether the
business is beginning to settle invoices earlier or later. |
|
Payment performance broken down on time. |
|
The graph shows as a percent how many invoices reported to KOB that
the company settled on time (0 days) and how many it settled beyond due date. |
|
The graph also shows the development in the past 24 months (0-12
months) (0-24 months) from time of measurement, and it will thus appear
whether the business is beginning to settle accounts earlier or later. |
|
The graph shows as a percent how many of the accounts reported to KOB
that the company has settled on time (0 days) and how many it settled beyond
due date. Data on size of invoice will also show whether the company settles
large or small invoices early or late. |
|
The graph shows as a percent how many of the accounts reported to KOB
that the company has settled on time (0 days) and how many it settled beyond
due date. Data on size of invoice will also show whether the company settles large
or small invoices early or late. |
|
The graph shows invoices reported in the last 12 months from time of
measurement. |
|
Export - Import |
|
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Export areas |
Worldwide |
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Import areas |
Worldwide |
GROUP
STRUCTURE & AFFILIATED COMPANIES
|
Group relations
and ownership |
|
|
Parent company |
FLSmidth & Co. A/S (100%) |
|
Associated business |
FLS EurAsia AG (CHE) (33%) |
|
|
LFC International Engineering JSC (VNM) (40%) |
|
|
The Pennies and Pounds Holding Inc. (PHL) (33%) |
|
Subsidiaries |
FLSmidth Krebs GmbH (AUT) (100%) FLSmidth Qingdao Ltd. (CHN) (100%) FLSmidth Ltda. (BRA) (100%) FLSmidth S.A. (ESP) (100%) FLSmidth (Jersey) Limited (GBR) (100%) Flsmidth Tyskland A/S (100%) FLSmidth Argentina S.A (ARG) (100%) FLSmidth Ltd. (GBR) (100%) FLSmidth MAAG Gear AG (CHE) (100%) Pfister Holding GmbH (DEU) (100%) FLSmidth Ireland Limited (IRL) (100%) Flsmidth Rusland Holding A/S (90%) MAAG Gear Systems AG (CHE) (100%) Flsmidth Solutions ApS (100%) FLSmidth Minerals Holding ApS (100%) FLSmidth Ventomatic SpA (ITA) (100%) FLSmidth (Private) Ltd. (PAK) (100%) FLSmidth Shanghai Ltd. (CHN) (100%) FLSmidth Spol. s.r.o. (CZE) (100%) FLSmidth Zambia Ltd. (ZMB) (100%) FLSmidth Mongolia (MNG) (100%) FLSmidth SAS (FRA) (100%) FLSmidth AB (SWE) (100%) FLSmidth Co. Ltd. (VNM) (100%) FLS US Holdings, Inc. (USA) (100%) FLSmidth Machinery Industry (Qingdao) Co. Ltd. (CHN) (100%) FLSmidth Sales and Services Limited (NGA) (100%) FLSmidth Sales and Services Limited (TUR) (100%) P.T. FLSmidth Construction Indonesia (IDN) (67%) Philips Kiln Services International F.Z.E. (ARE) (100%) FLS Maroc (MAR) (100%) FLSmidth A/S Armenia limited liability company (ARM) (100%) FLSmidth Kenya Limited (KEN) (100%) FLSmidth, Inc. (PHL) (100%) PT FLSmidth Indonesia (IDN) (100%) |
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Branches, other
VAT-no. |
|
|
Branch addresses |
Flsmidth R&d Center Dania Daniavej 49 9550 Mariager FLSmidth A/S Munkerupgård Jørgenshvilevej 10 3250 Gilleleje Flsmidth Airtech Ramsingsvej 30 2500 Valby Flsmidth Airloq Klostermarken 6 9550 Mariager FLSmidth Aalborg Lindholm Brygge 31 9400 Nørresundby |
|
Other VAT-no. |
15685174 |
FINANCIAL
INFORMATION
FOREIGN
EXCHANGE RATES
Na
ADDITIONAL
INFORMATION
|
Property |
|
|
Property |
Yes |
|
Expanded
Identification - company profile |
|||
|
Company name |
FLSmidth A/S |
Phone-no. |
36181000 |
|
Address |
Vigerslev Alle 77 |
Fax |
|
|
Postal code/city |
2500 Valby |
Www |
www.flsmidth.com |
|
Municipality/County |
Copenhagen/Hovedstaden |
E-mail |
info@flsmidth.com |
|
KOB-no. |
100537 |
CVR-no. |
15028882 |
|
Employees |
1238 |
|
|
|
Legal form |
Limited company |
Company status |
Active |
|
Established |
1882 |
|
|
|
Activity (trade) |
551020 Conference centres and course facilities 332000 Installation of industrial machinery and equipment 711220 Consulting engineering activities within productio |
||
|
Business names |
FFE Minerals A/S |
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FFE Minerals Denmark A/S |
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F.L.Smidth Airtech A/S |
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FLS Airloq A/S |
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FLS Automation A/S |
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FLS Energy A/S |
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FLS Group A/S |
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FLSairtech A/S |
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FLSmidth Airtech A/S |
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Flsmidth Airloq A/S |
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Flsmidth Energy A/S |
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Flsmidth Group A/S |
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Flsmidth Minerals A/S |
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Flsmidth Technology A/S |
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Flsmidth (Thailand) Ltd. A/S |
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Fuller A/S |
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International Engineering A/S |
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International Holding Company A/S |
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Myfls A/S |
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S.A. Teknik Mariager A/S |
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F.L. Smidth Minerals A/S |
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F.L.Smidth A/S |
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F.L. Smidth-Fuller Engineering A/S |
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Valby Maskinfabrik A/S |
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Ventomatic A/S |
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Former names |
SLF Beta A/S |
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F.L. Smidth & Co. A/S |
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F.L. Smidth A/S |
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Advisors |
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Bankers |
REG-no.: 2149 Nordea Bank Danmark A/S, Storkundeafdelingen Strandgade 3, Postboks 850, 900 København C 33 33 33 33 REG-no.: 3100 Danske Bank, Corporate & Institutional Bank. Holmens Kanal 2, 1060 København K 45 12 75 00 |
|
Insurance |
Codan Forsikring A/S IF Skadeforsikring, Filial af IF Skadeforsækring AB (Publ), Sverige Tryg Forsikring A/S |
|
Auditor(s) |
Deloitte Statsautoriseret Revisionspartnerselskab - (7. November 2011) |
|
Historical data |
|
|
Established |
1882 |
|
Foundation date |
6. March 1991 |
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Date of registration |
19. June 1991 |
|
Date Art. of assoc. |
10. May 2010 |
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Historical data |
The company was formed in 1991 under the name of "SLF Beta
A/S", but in 1992 it changed its name to the present one. In 1992 the company took over the activities previously carried on by
"F.L.Smidth & Co A/S" Reg. 173.386. In 2004 the company took over the activities previously carried on by
F.L.Smidth Materials Handling A/S (CVR. 73336813). In 1994 the business took over the activities previously carried on by
"FLS Maskinteknik A/S" reg. 176.405. The company has per 01.01.1997 transferred some of its former
activities to MAAG Gear A/S, Reg.Nr.: 221.470. The company merged on 09-07-2001 with F.L. Smidth-Fuller Engineering
A/S cvr. 15109076 , the registered company being the continuing one. The company merged on 09-07-2001 with Fuller A/S cvr. 15109076 , the
registered company being the continuing one. The company merged on 11-06-2003 with FLS Automation A/S (Cvr.
14321608) , the registered company being the continuing one. The company merged on 07-09-2008 with FLSmith Techology A/S (Cvr.
15109084) , the registered company being the continuing one. The company merged on 30-10-2008 with FLSmidth Airtech A/S (Cvr. 26527848)
, the registered company being the continuing one. The company merged on 23-06-2009 with FLSmidth Minerals A/S (Cvr.
16660299) , the registered company being the continuing one. The company merged on 23-06-2009 with FLSmidth A/S (Cvr. 15028882) ,
the registered company being the continuing one. The company merged on 23-09-2009 with F L Smidth Airloq A/S (Cvr.
10364248) , the registered company being the continuing one. The company merged on 23-06-2009 with International Holding Company
A/S (Cvr. 16660302) , the registered company being the continuing one. |
|
Capital history |
On 23. June 2009 the capital was increased by payment from merger by DKK 100.000.000 at price 677,93 to a total of DKK 500.000.000. On 16. June 2005 the capital was increased by cash payment by DKK 100.000.000 at price 500,00 to a total of DKK 400.000.000. |
|
Management history |
Jørgen Huno Rasmussen, Managing director (Resigned 1. May 2013) Poul Erik Tofte, General manager (Resigned 13. April 2012) Christian Jepsen, General manager (Resigned 27. September 2012) Ben Guren, General manager (Resigned 7. March 2014) Peter Flanagan, General manager (Resigned 2. September 2014) Carsten Riisberg Lund, General manager (Resigned 6. January 2015) |
|
Board history |
Jørgen Worning, Chairman (Resigned 11. May 2011) Jens Severin Stephensen, Deputy Chairman (Resigned 16. April 2012) Jens Jesper Ovesen, Member of the board (Resigned 16. April 2012) Jens Palle Andersen, Elected by employees (Resigned 10. April 2013) Frank Lund, Elected by employees (Resigned 10. April 2013) |
|
Auditor(s) |
Deloitte Statsautoriseret Revisionsaktieselskab - (8. September 2005 -
7. November 2011) |
|
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. |
|
|
2. June 2015 |
Ownershare changed from 100 to 90 on Flsmidth Rusland Holding A/S. |
|
30. May 2015 |
Credit rating changed from 100 to 95. |
|
22. May 2015 |
Financial statement added: Financial year: 2014, closing date:
2014-12-31. |
|
20. May 2015 |
Ownership ceased: Subsidiaries FLSmidth (Jersey) Limited. |
|
20. May 2015 |
Ownership added: Subsidiaries FLSmidth (Jersey) Limited. |
|
19. May 2015 |
Ownershare changed from 90 to 100 on Flsmidth Rusland Holding A/S. |
|
19. May 2015 |
Ownership ceased: Subsidiaries FLSmidth (Jersey) Limited. |
|
19. May 2015 |
Ownership ceased: Subsidiaries FLSmidth SEPEC Environmental
Engineering Co., Ltd. |
|
19. May 2015 |
Ownership ceased: Subsidiaries FLSmidth LLC. |
|
19. May 2015 |
Ownership ceased: Subsidiaries PT FLSmidth. |
|
19. May 2015 |
Ownership added: Subsidiaries FLSmidth, Inc.. |
|
19. May 2015 |
Ownership added: Subsidiaries PT FLSmidth Indonesia. |
|
19. May 2015 |
Ownership added: Subsidiaries FLSmidth Kenya Limited. |
|
19. May 2015 |
Ownership added: Subsidiaries FLS Maroc. |
|
19. May 2015 |
Ownership added: Subsidiaries FLSmidth (Jersey) Limited. |
|
19. May 2015 |
Ownership added: Subsidiaries FLSmidth A/S Armenia limited liability
company. |
NOTES
& COMMENTS
|
- description |
Businesses at this level are regarded as having excellent
creditworthiness. Small businesses only have a limited possibility of achieving
this level. Businesses at this level are in a class by themselves and will
have results or financial foundations which are among the best in the
country. The credit risk is regarded as minimal. |
|
- recommendation |
Sales on credit to these businesses in order to increase the sales
volume can be recommended, however, provided that your own information and
normal sensible considerations are used in the analysis. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.49 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.