MIRA INFORM REPORT

Report No. :	347551
Report Date :	29.10.2015

IDENTIFICATION DETAILS

Name :	ARLA FOODS AMBA
Registered Office :	Sønderhøj 14, Viby J 8260
Country :	Denmark
Financials (as on) :	2014
Date of Incorporation :	17.04.2000
Com. Reg. No.:	25313763
Legal Form :	Co-operative with limited liability
Line of Business :	Operation of dairies and cheese making
No. of Employee :	5403

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

Company Summary

Business Name	ARLA FOODS AMBA
Country	DENMARK
Company Registration Number	25313763
Activity Code	105100
Activity Description	Operation of dairies and cheese making
Company Status	Active (Active)
Latest Turnover Figure	55.975.872.000 DKK
Latest Shareholder Equity Figure	15.631.560.000 DKK
Local 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.

Basic Information

Business Name	Arla Foods AmbA
Registered Company Name	Arla Foods AmbA
Company Registration Number	25313763
Country	DENMARK
Date of Company Registration	17/04/2000
Legal Form	Co-operative with limited liability
Company Status	Active (Active)
Currency of this Report	DKK
Principal Activity Code	105100
Principal Activity Description	Operation of dairies and cheese making
Contact Address	Sønderhøj 14, Viby J 8260
Contact Telephone Number	89381000

Main Address

Address	Sønderhøj 14, Viby J 8260
Country	DENMARK
Telephone	89381000

Activities

Activity Code	Activity Description
105100	Operation of dairies and cheese making
463300	Wholesale of dairy products, eggs and edible oils
494100	Freight transport by road
108900	Manufacture of other food products n.e.c.

Email Addresses

arla@arlafoods.com

Web Pages

www.arlafoods.dk

Employee Information

Year	Number of Employees
2014	5403
2013	5590
2012	5974

Real Estate

Real Estate No

Other Trading Names

Type	Name
Business name	Akafa A.m.b.A.
Business name	Akafa Sales AMBA
Business name	Ambaship A.m.b.A.
Business name	Ambaship Overseas Division A.m.b.A.
Business name	Andelsmejeriet Landmandslyst
Business name	Anna A.m.b.A.
Business name	Arinco Sales AMBA
Business name	Arla Foods Ingredients AMBA
Business name	Birkum Ost A.m.b.A.
Business name	Borup Andelsmejeri A.M.B.A
Business name	Buko Cheese A.m.b.A.
Business name	Buko Ost A.m.b.A.
Business name	Canadane Cheese Trading A.m.b.A.
Business name	Chesco Cheese A.m.b.A.
Business name	Cho-Cho A.m.b.A.
Business name	Chr. Jacobsen-Ost Export A.m.b.A.
Business name	Dan Kase A.m.b.A.
Business name	Danish Dairy Farms AmbA
Business name	Danish Longlife Milk A.m.b.A.
Business name	Danland Foods A.m.b.A.
Business name	Danmælk A.m.b.A.
Business name	Danmark Milk Powder A.m.b.A.
Business name	Danogros A.m.b.A.
Business name	Danos Milk Export A.m.b.A.
Business name	Dansk Ost A.m.b.A. af 17.6.1977
Business name	Danvic Food A.m.b.A.
Business name	Den Grønne Linie A.m.b.A.
Business name	Dofo A.m.b.A. (Danske Ostemejeriers Fællessalg og Osteeksport)
Business name	Dofo Cheese A.m.b.A.
Business name	Donath-Cheese A.m.b.A.
Business name	Fynsk Mælk A.m.b.A.
Business name	Gimo Cheese Company A.m.b.A.
Business name	Gimo Company A.m.b.A.
Business name	Hjedding Andelsmejeri
Business name	Høng-Buko A.m.b.A.
Business name	Høng Ost A.m.b.A.
Business name	Johs. Esmarchs Eftf. A.m.b.A.
Business name	Kian AmbA
Business name	Kløver Mælk AmbA
Business name	Krarup Andelsmejeri
Business name	Mælko Ost A.m.b.A.
Business name	Marslev Cream A.m.b.A.
Business name	MD A.m.b.A.
Business name	MD Foods AmbA
Business name	MD Foods Ingredients AMBA
Business name	Mejeri Kjældsdam
Business name	Mejeriselskabet Danmark A.m.b.A.
Business name	Mejeriselskabet Danske Landmænd AmbA
Business name	Milco Export AMBA
Business name	Milco International AMBA
Business name	Nordjydsk Mejeriselskab, Andelsselskab
Business name	O. Roth-Cheese A.m.b.A.
Business name	Oerum Dairies A.m.b.A.
Business name	Ørum Dairies
Business name	Ørum Ost A.m.b.A.
Business name	Østlige Øers Mejeriselskab A.m.b.A.
Business name	P. M. Frølich-Ost A.m.b.A.
Business name	Randers & Viborg Mejeriselskab
Business name	Rasmus Hansen-Cheese A.m.b.A.
Business name	Rasmus Hansen Eftf. Ost Export A.m.b.A.
Business name	Rosenborg Cheese A.m.b.A.
Business name	Rosenborg Cheese Overseas Division A.m.b.A.
Business name	Spedition Rasha A.m.b.A.
Business name	Sydjydsk Andels-Mælkekondensering af 1969 (SAMDEN 1969)
Business name	Trading Company Dan-Cheese
Business name	United Dairy Export A.m.b.A.
Business name	Vejle Cheese Company A.m.b.A.
Business name	Vesterlyng AmbA
Business name	Vimo Ost
Business name	Vrinners Dairy & Cheese Export A.m.b.A.

Global Trading Information

Export	Worldwide
Import

Other Information

Type	Text
Historical data	In 2000 the company took over the activities previously carried on by Kirkeby Mejeri A/S (CVR 73444217).
Historical data	In 2000 (04.11) Arla Foods A.m.b.A took over the activities previously carried on by MD Foods A.m.b.A (CVR 29152810).
Historical data	The company merged on 18-10-2011 with Arla Foods Ingredients AmbA (CVR 24259838), the registered company being the continuing one.
Historical data	The co-operative society has 12758 members.

Additional Accounts Information

Date Format	MM-DD
Accounts Start Date	01-01
Accounts End Date	12-31

Profit and Loss

Financial Year	2014	2013	2012
Number of Weeks	52	52	52
Currency	EUR	DKK	DKK
Revenue	55.975.872.000	46.758.000.000	37.741.000.000
Operating Profit	1.756.689.000	1.647.000.000	1.665.000.000
Retained Profit	2.501.049.000	2.219.000.000	2.019.000.000

Balance Sheet

Financial Year	2014	2013	2012
Number of Weeks	52	52	52
Currency	EUR	DKK	DKK
Land & Buildings	-
Plant & Machinery	-
TOTAL ASSETS	30.384.775.000	28.928.000.000	26.643.000.000
Other Reserves	15.631.560.000	14.145.000.000	12.393.000.000

Shareholders

No shareholders data for this company.

Current Directors

Name	Appointment Date	Position
Povl Krogsgaard	15/01/2004	Vice managing director
Peder Tuborgh	05/07/2005	Managing director
Åke Hantoft	17/04/2000	Chairman
Jan Toft Nørgaard	17/04/2000	Deputy Chairman
Mandfred Sievers	03/06/2013	Member of the board
Thomas Erling Johansen	12/03/2002	Member of the board
Viggo Ølgaard Bloch	25/03/2003	Member of the board
Johan Von Scheele	22/03/2005	Member of the board
Steen Nørgaard Madsen	22/03/2005	Member of the board
Torben Myrup	17/05/2006	Member of the board
Hans Palle Borgström	23/07/2008	Member of the board
Karin Helene Gunnarson	23/07/2008	Member of the board
Bjørn Jepsen	29/08/2011	Member of the board
Carl Jonas Hugo Carlgren	04/01/2012	Member of the board
John Hugo Trenchard Russel	07/11/2012	Member of the board
Manfred Graf	07/11/2012	Member of the board
Jonathan Jesse Ovens	22/01/2014	Member of the board
Mathieu Camille Francois Dobbelstein	09/09/2014	Member of the board
Ib Bjerglund Nielsen	03/06/2013	Elected by employees
John Harry Shaw	03/06/2013	Elected by employees
Bror Håkan Gillström	08/09/2015	Elected by employees

Subsidiary Companies

Subsidiary Name	Country
Arla GlobalFinancial Services Center Sp. Z.O.O	POLAND
Danos Eksport K/S	DENMARK
Kohave Foods Eksport K/S	DENMARK
Rasmus Hansen Oversøisk K/S	DENMARK
Arla Foods Srl	ITALY
Arla Foods Deutschland GmbH	GERMANY
Arla Foods Inc	CANADA
Arla Foods Inc	UNITED STATES
Arla Foods AS	NORWAY
Arla Foods Hellas SA	GREECE
Arla Foods SARL	FRANCE
Arla Foods SA	POLAND
Cocio Chokolademælk A/S	DENMARK
Arla Foods AB	SWEDEN
Arla Foods Holding AB	SWEDEN
Arla Foods SA	SPAIN
Arla National Food Products LLC	UNITED ARAB EMIRATES
Mejeriforeningen Danish Dairy Board	DENMARK
Arla Foods Holding A/S	DENMARK
Aktieselskabet J. Hansen	DENMARK
Danland Foods Eksport K/S	DENMARK
Dofo Cheese Eksport K/S	DENMARK
Oerum Dairies Eksport K/S	DENMARK
Marygold Trading K/S	DENMARK
Arla Foods Ingredients Group P/S	DENMARK

There are more than 25 entities. To see the full list

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.04
UK Pound	1	Rs.99.58
Euro	1	Rs.71.75

INFORMATION DETAILS

Analysis Done by :	DIV
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.