MIRA INFORM REPORT

 

 

Report No. :

346058

Report Date :

24.10.2015

 

IDENTIFICATION DETAILS

 

Name :

ADAX A/S

 

 

Registered Office :

Vestre Hedevej 18 4000 Roskilde

 

 

Country :

Denmark

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

1982

 

 

Legal Form :

Limited company

 

 

Line of Business :

Wholesale of luggage and leather articles.

 

 

No. of Employee :

20

 

 

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 :

No complaints

 

 

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

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

 

REGISTERED NAME & COMPANY SUMMARY

 

Company name

Adax A/S

Phone-no.

43444410

Address

Vestre Hedevej 18

Fax

43444420

Postal code/city

4000 Roskilde

Www

www.adax.dk

Municipality/County

Roskilde/Sjælland

E-mail

adax@adax.dk

KOB-no.

176668

CVR-no.

71231518

 

Official registr.

No

 

Company name

Adax A/S

Phone-no.

43444410

Address

Vestre Hedevej 18

Fax

43444420

Postal code/city

4000 Roskilde

Www

www.adax.dk

Municipality/County

Roskilde/Sjælland

E-mail

adax@adax.dk

KOB-no.

176668

CVR-no.

71231518

Employees

20

 

 

Legal form

Limited company

Company status

Active

Established

1982

 

 

Activity (trade)

464930 Wholesale of luggage and leather articles

 

Business names

Cavalet A/S

Former names

Adax Scandinavia Handelshuset af 1982 ApS

 

 

DIRECTORS/MANAGEMENT

 

Management

 

Management

Eugen Silfen, General manager (Joined before 1994)

Board members

Eugen Silfen, Member of the board (Joined before 1994)

 

Helle Rørbæk Silfen, Member of the board (Joined - 20. July 2005)

 

Bente Rørbæk Heiberg, Member of the board (Joined - 1. June 2011)

Divisional managers

Helle Rørbæk Silfen , Sales

 

Helle Rørbæk Silfen , Marketing

 

 

NEGATIVE INFORMATION

 

Mortgage on property

No

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Group relations and ownership

 

Parent company

Adax Holding ApS (100%)

Subsidiaries

Adax Norway A/S (NOR) (100%)

 

 

PAYMENT INFORMATION

 

Payment remarks

No

 

 

Export - Import

 

Export areas

Europe

 

Scandinavia

Import areas

Europe

 

Asia

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Parent company

Adax Holding ApS

Subsidiaries

Adax Norway A/S (NOR)

 

FINANCIAL INFORMATION

 

Financial data

 

 

Share capital

DKK1.000.000,00

 

fully paid up

Financial period

1 January-31 December

Leasing commitments

In the financial statement of 2014 attention is drawn to leasing commitments.

Nomination

All financial figures stated in DKK 1.000

 

Financial year

2014

2013

2012

2011

2010

Published on

2015-05-18

2014-05-07

2013-05-01

2012-05-29

2011-04-29

Closing date

2014-12-31

2013-12-31

2012-12-31

2011-12-31

2010-12-31

No. of months

12

12

12

12

12

Number of employees

20

20

 

 

16

 

Profit and Loss account

2014

2013

2012

2011

2010

Gross turnover

N/A

N/A

N/A

N/A

N/A

Charges

N/A

N/A

N/A

N/A

N/A

Turnover

N/A

N/A

N/A

N/A

N/A

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

N/A

N/A

N/A

N/A

N/A

Gross profit

21.21

19.48

19.98

16.6

21.09

Marketing costs

N/A

N/A

N/A

N/A

N/A

Administration costs

N/A

N/A

N/A

N/A

N/A

RogD-costs

N/A

N/A

N/A

N/A

N/A

Personnel costs (A)

-10.64

-9.6

-9.88

-8.44

-8.32

Personnel costs (N)

N/A

N/A

N/A

N/A

N/A

Personnel costs

-10.64

-9.6

-9.88

-8.44

-8.32

Depreciation (acc.)

-567

-398

-675

-681

-878

Depreciation (note)

N/A

N/A

-635

N/A

N/A

Depreciation

-567

-398

-675

-681

-878

Other operat. costs

N/A

N/A

N/A

N/A

-7.37

Other income

N/A

N/A

N/A

N/A

N/A

Operating profit

10

9.49

9.43

7.48

4.52

Financing income

53

56

96

28

222

Financing costs

-1.11

-1.08

-774

-928

-627

Income from shares

1.25

410

990

1.11

1.92

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

1.3

466

1.09

1.13

2.14

Financial expenses

-1.11

-1.08

-774

-928

-627

Financial items net

194

-617

312

205

1.52

Secondary Items

N/A

N/A

N/A

N/A

N/A

Ordinary result

10.19

8.87

9.74

7.69

6.04

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

10.19

8.87

9.74

7.69

6.04

Tax o.ext.ord.result

N/A

N/A

N/A

N/A

N/A

Tax on annual result

-2.21

-2.34

-1.95

-1.72

-1.11

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

7.98

6.53

7.79

5.97

4.93

Min.int.share res.

N/A

N/A

N/A

N/A

N/A

Res.af.min.int.share

7.98

6.53

7.79

5.97

4.93

Dividend of result

6

2.5

10

5

N/A

 

Assets

2014

2013

2012

2011

2010

Goodwill

N/A

N/A

N/A

N/A

N/A

Developing project

N/A

N/A

N/A

N/A

N/A

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

N/A

N/A

N/A

N/A

N/A

Land and buildings

N/A

N/A

N/A

N/A

N/A

Plant, machinery etc

1.05

934

995

1.16

1.08

Assets under constr.

N/A

N/A

N/A

N/A

N/A

Other tangib.assets

N/A

N/A

N/A

N/A

N/A

Tang. fixed assets

1.05

934

995

1.16

1.08

Participating invest

3.23

2.24

2.1

1.42

557

Other investments

N/A

N/A

N/A

N/A

N/A

Receivables in group

N/A

N/A

N/A

N/A

N/A

Oth.fin. receivables

47

13

148

749

145

Own shares

N/A

N/A

N/A

N/A

N/A

Other fin. assets

N/A

N/A

N/A

N/A

574

Fin. fixed assets

3.28

2.25

2.25

2.17

1.28

Fixed assets

4.33

3.19

3.25

3.33

2.36

Inventories

23.44

14.49

12.36

11.31

11.8

 

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

13.14

6.8

9.6

7.05

8

Receivables in group

0

3

5.42

0

577

Receivables fr.owner

N/A

N/A

N/A

N/A

N/A

Other receivables

0

4

1

476

4

Pre-paym/accrued inc

46

39

27

299

411

Securities

N/A

N/A

N/A

N/A

N/A

Cash in hand/bank

1.82

14.7

7.06

7.98

2.57

Other current assets

N/A

N/A

N/A

N/A

N/A

Current assets

38.45

36.04

34.46

27.12

23.37

 

Balance

2014

2013

2012

2011

2010

Balance

42.79

39.23

37.7

30.45

25.73

 

Liabilities

2014

2013

2012

2011

2010

Share capital

1

1

1

1

1

Revaluation reserves

N/A

N/A

N/A

N/A

N/A

Transferred result

11.36

10.63

7.01

9.8

9.77

Expected dividend

6

2.5

10

5

N/A

Other reserve

3.13

2.14

2

1.32

378

Premium on issue

N/A

N/A

N/A

N/A

N/A

Own share of equity

21.49

16.26

20.01

17.12

11.14

Min. interests share

N/A

N/A

N/A

N/A

N/A

Equity

21.49

16.26

20.01

17.12

11.14

Deferred tax

624

351

N/A

N/A

N/A

Pensions

N/A

N/A

N/A

N/A

N/A

Other provisions

N/A

N/A

N/A

N/A

N/A

Provisions

624

351

N/A

N/A

N/A

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

N/A

Long-term liab.

N/A

N/A

N/A

N/A

N/A

Cur.liab.to creditin

N/A

N/A

N/A

N/A

N/A

Current bank debt

N/A

N/A

N/A

N/A

0

Cur.liab. to group

12.86

17

11.23

6.17

10.12

Cur.liab. to owner

N/A

N/A

N/A

N/A

N/A

Creditors

2.39

2.92

3.17

2.11

1.7

Company tax

1.49

534

816

475

84

Dividend

N/A

N/A

N/A

N/A

N/A

Dividends

6

2.5

10

5

N/A

Prepayment

N/A

N/A

N/A

N/A

N/A

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

3.93

2.17

2.48

4.58

2.68

Pre-paym/accrued inc

N/A

N/A

N/A

N/A

N/A

Oth.cur. liabilities

N/A

N/A

N/A

N/A

0

Short-term liab.

20.67

22.62

17.7

13.33

14.58

 

Balance

2014

2013

2012

2011

2010

Total liabilities

42.79

39.23

37.7

30.45

25.73

 

Property

2014

2013

2012

2011

2010

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

2014

2013

2012

2011

2010

Turnover/Employee

N/A

N/A

N/A

N/A

N/A

Oper.Profit/Employee

500

474

N/A

N/A

282

Ord. Res./Employee

510

444

N/A

N/A

377

Ann. Res./Employee

510

444

N/A

N/A

377

Fixed assets/Empl.

217

159

N/A

N/A

147

Pers. costs/Employee

-532

-480

N/A

N/A

-520

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

1,89

1,95

1,89

1,82

1,27

Return on investment

23,37

24,19

25,01

24,56

17,56

Operational leverage

2,12

2,05

2,12

2,22

4,67

Wage ratio

50,18

49,25

49,44

50,84

39,45

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

186,06

159,37

194,71

203,41

160,24

Acid test ratio II

72,62

95,29

124,86

118,55

79,32

Solvency ratio

50,24

41,46

53,06

56,22

43,32

Return on equity I

47,43

54,55

48,69

44,89

54,16

Return on equity II

47,43

54,55

48,69

44,89

54,16

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

21,49

16,26

20,01

17,12

11,14

Intrinsic value

2149,40

1626,40

2000,60

1711,90

1114,30

 

Property

 

Property

Not stated

 

 

FOREIGN EXCHANGE RATES

 

N/a

 

 

ADDITIONAL INFORMATION

 

Advisors

 

Bankers

REG-no.: 2191

 

Nordea Bank Danmark A/S, Erhvervsafdeling København

 

Vesterbrogade 8 Postboks 850, 900 København C

 

33 33 61 11

Auditor(s)

Deloitte Statsautoriseret Revisionspartnerselskab - (8. December 2011)

Insurance

IF Skadeforsikring, Filial af IF Skadeforsækring AB (Publ), Sverige

 

 

 

 

 

NOTES & COMMENTS

 

N/a

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.88

UK Pound

1

Rs.99.89

Euro

1

Rs.72.06

 

 

INFORMATION DETAILS

 

Analysis Done by :

HNA

 

 

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%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.