MIRA INFORM REPORT
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Report No. : |
322738 |
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Report Date : |
23.05.2015 |
IDENTIFICATION DETAILS
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Name : |
UNION ENGINEERING A/S |
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Registered Office : |
Snaremosevej 27, 7000 Fredericia, Fredericia/Syddanmark, 81852 |
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Country : |
Denmark |
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Financials (as on) : |
31.12.2014 |
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Year of Establishment : |
1989 |
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Legal Form : |
Limited Company |
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Line of Business : |
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No. of Employee : |
142 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Denmark |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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.
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Source
: CIA |
REGISTERED
NAME & COMPANY SUMMARY
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United Kingdom |
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Identification - company profile |
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Company name |
UNION
ENGINEERING A/S |
Phone-no. |
76207700 |
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Address |
Snaremosevej 27 |
Fax |
76207800 |
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Postal code/city |
7000 Fredericia |
Www |
www.union.dk |
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Municipality/County |
Fredericia/Syddanmark |
E-mail |
union@union.dk |
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KOB-no. |
81852 |
CVR-no. |
13827540 |
DIRECTORS/MANAGEMENT
Management Kim Christian
Dalum, Managing
director (Joined - 5.
May 2014)
Heidi Jørgensen, General
manager (Joined -
12. March 2015)
Michael Gregers Mortensen, General manager (Joined - 12. March 2015)
Board members Jens Thøger
Hansen, Chairman (Joined - 31. March 2010)
Claus Holm-Søberg, Member of the board (Joined - 30. December 2008)
Per Rud Jørgensen, Member
of the board (Joined - 1.
July 2010)
Carsten Riisberg Lund, Member of
the board (Joined - 1.
July 2010)
Jens Dalsgaard Løgstrup, Member of the
board (Joined - 13.
September 2011)
Peter Michael Kriklywi, Member
of the board (Joined - 12.
March 2015)
Lars Taarn Pedersen, Member
of the board (Joined - 12.
March 2015)
Divisional managers Heidi
Thousgaard Jørgensen , Finance
Michael Mortensen , Sales
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Management history |
Peter Michael Kriklywi, Managing director
(Resigned 5 May 2014) |
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Board history |
Hans Schmidt-Hansen, Chairman (Resigned
14April2011) |
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Erik Balleby Jensen, Member of the board
(Resigned 1 July 2010) |
NEGATIVE
INFORMATION
No negative information found.
SHARE
& SHARE CAPITAL INFORMATION
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Capital history |
On 18. |
January |
2002 the capital was reduced to cover
deficit |
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by DKK |
6.010.000 at price 100,00 to a total of DKK
10.000.000. |
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On 18. |
January |
2002 the capital was increased by cash
payment |
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by DKK |
10.000 at price 155000,00 to a total of DKK
16.010.000. |
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On 13. |
May |
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by DKK |
15.000.000 at price 100,00 to a total of
DKK 16.000.000. |
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PAYMENT
INFORMATION
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.
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Export - Import |
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Export areas |
Worldwide |
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Import areas |
Europe |
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South America |
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Asia |
GROUP
STRUCTURE & AFFILIATED COMPANIES
Group relations and
ownership
Parent company Union
Engineering Holding A/S (100%)
Subsidiaries Union
Engineering Inc. (USA) (100%)
Airco Diet A/S (52%)
Union Engineering (NingBO)
Co. Ltd. (CHN) (100%)
Union Engineering (Middle
East and Africa) (ARE) (100%)
Union Engineering (South
East Asia) (SGP) (100%)
Union Engineering Latam
Ltda. (BRA) (99%)
Union Engineering North
America Holding LLC (USA)
(100%)
Union Engineering North America
LLC (USA) (100%)
Union Engineering Oil &
Gas B.V. (NLD) (100%)
FINANCIAL
INFORMATION
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Financial data |
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Share capital |
DKK10.000.000,00 |
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fully paid up |
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Financial period |
1January-31December |
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Leasing commitments |
In the financial statement of 2014
attention is drawn to leasing commitments. |
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Nomination |
All financial figures stated in DKK 1.000 |
FOREIGN
EXCHANGE RATES
N/a
ADDITIONAL
INFORMATION
Remarks
Official registr. No
Payment remarks No
Mortgage on property No
Property
Property Not stated
Business names Union
Construction A/S
Union Separation A/S
Former names CTKM 264 ApS
Union Construction A/S
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Advisors |
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Bankers |
REG-no.: 3205 |
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Danske Bank, Fredericia Afdeling |
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Gothersgade 18, 7000 Fredericia |
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45 12 54 00 |
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REG-no.: 7051 |
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Sydbank, |
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Gothersgade 31-33, Postboks 307, 7000
Fredericia |
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74 37 59 30 |
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Insurance |
AON Denmark A/S |
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IF Skadeforsikring, Filial af IF
Skadeforsækring AB (Publ), Sverige |
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Codan Forsikring A/S |
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Auditor(s) |
Deloitte Statsautoriseret
Revisionspartnerselskab - (3. November 2011) |
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Historical data |
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Established |
1989 |
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Foundation date |
18 |
January |
1991 |
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Date of registration |
19 |
June |
1991 |
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Date Art. of assoc. |
5 |
March |
2015 |
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Historical data |
In 1991 the company took over some of the
activities previously carried on by "Hydrogas |
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Danmark A/S" Reg. 12.499. |
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The company was originally formed 1989, and
1994 it merged with "Danwater Systems ApS", |
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the registered company being the continuing
one. |
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In 1991 the legal form was changed. |
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Auditor(s) |
Deloitte Statsautoriseret Revisionsaktieselskab |
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Below you will find a presentation of the
registered events for the company for the latest six |
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months, a maximum of 25 events are shown. |
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26 |
March |
2015 |
Financial statement added: Financial year: 2014,
closing date: 2014-12-31. |
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20 |
March |
2015 |
Ownership added: Subsidiaries Union
Engineering North America LLC. |
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20 |
March |
2015 |
Ownership added: Subsidiaries Union
Engineering Oil & Gas B.V.. |
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20 |
March |
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Ownership ceased: Subsidiaries Union
Engineering Sulamericana LTDA. |
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20 |
March |
2015 |
Ownership ceased: Subsidiaries Union
Engineering South East Asia. |
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20 |
March |
2015 |
Ownership ceased: Subsidiaries Union
Engineering Middle East and Africa. |
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20 |
March |
2015 |
Ownership ceased: Subsidiaries Union
Engineering Oil and Gas. |
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20 |
March |
2015 |
Ownership ceased: Subsidiaries Uina Inc.. |
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20 |
March |
2015 |
Ownership added: Subsidiaries Union
Engineering (Middle East and Africa). |
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20 |
March |
2015 |
Ownership added: Subsidiaries Union
Engineering (South East Asia). |
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20 |
March |
2015 |
Ownership added: Subsidiaries Union
Engineering Latam Ltda.. |
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20 |
March |
2015 |
Ownership added: Subsidiaries Union Engineering
North America Holding LLC. |
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2015 |
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12 |
March |
2015 |
Articles of association changed. |
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12 |
March |
2015 |
Joined as General manager: Heidi
Joergensen. |
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12 |
March |
2015 |
Joined as General manager: Michael Gregers Mortensen. |
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12 |
March |
2015 |
Joined as Member of the board: Peter
Michael Kriklywi. |
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12 |
March |
2015 |
Joined as Member of the board: Lars Taarn
Pedersen. |
NOTES
& COMMENTS
N/a
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.57 |
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1 |
Rs.99.67 |
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Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.