MIRA INFORM REPORT

Report No. :	339849
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	CHR. HANSEN A S
Registered Office :	Bøge Alle 10,  Hørsholm  2970
Country :	Denmark
Financials (as on) :	2014
Date of Incorporation :	01.09.1988
Com. Reg. No.:	12516479
Legal Form :	Limited Company
Line of Business :	Subject is manufacture of Basic Pharmaceutical Products.
No. of Employees :	948 [2014]

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:

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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	Chr. Hansen A/S
Country	DENMARK
Company Registration Number	12516479
Activity Code	211000
Activity Description	Manufacture of basic pharmaceutical products
Company Status	Active (Active)
Credit Limit	100.000 DKK

Basic Information
Business Name	Chr. Hansen A/S
Registered Company Name	Chr. Hansen A/S
Company Registration Number	12516479
Country	DENMARK
Date of Company Registration	01/09/1988
Legal Form	Limited company
Company Status	Active (Active)
Currency of this Report	DKK
Principal Activity Code	211000
Principal Activity Description	Manufacture of basic pharmaceutical products
Contact Address	Bøge Alle 10,  Hørsholm  2970
Contact Telephone Number	45747474
Main Address
Address	Bøge Alle 10,  Hørsholm  2970
Country	DENMARK
Telephone	45747474

Activities

Activity Code	Activity Description
211000	Manufacture of basic pharmaceutical products
201400	Manufacture of other organic basic chemicals
201200	Manufacture of dyes and pigments

Email Addresses

info@chr-hansen.com

Web Pages

www.chr-hansen.com

Previous Names

Previous Name

Chr. Hansen's Laboratorium Danmark A/S PSE 2770 A/S

Employee Information

Year	Number of Employees
2014	948
2013	924
2012	891
Real Estate
Real Estate	No
Other Trading Names
Type	Name
Business name	Biopax A/S
Business name	CHL Bio Products A/S
Business name	CHL Bioindustries A/S
Business name	CHL Food Ingredients A/S
Business name	CHL International A/S
Business name	Richard Eilersen A/S, Chemical Works
Business name	Gastronomisk Institut A/S
Business name	Gourmet Food Institute A/S
Business name	Gourmet Ingredients A/S
Business name	Chr. Hansen Biosystems A/S
Business name	Chr. Hansen's A/S
Business name	Chr. Hansens Lab Danmark A/S
Business name	Chr. Hansen's Laboratorium Danmark A/S
Business name	Chr. Hansen's Bio Farming A/S
Business name	Chr. Hansen's Agro Systems A/S
Business name	Chr. Hansen's Bio Systems A/S
Business name	N. Kjærgaard-Jensen's Tekn. Kem. Fabrik, Eftf. A/S

Type	Name
Business name	Starter Corporation A/S
Business name	G. C. Starup A/S

Global Trading Information
Export	Worldwide
Import

Other Information
Type	Text
Historical data	The company was formed in 1988 under the name of Chr. Hansens Lab Danmark A/S, but in 1994 it changed its name to the present one.
Historical data	In 1998 the company took over the activities previously carried on by Chr. Hansens Biosystems A/S (REG 7.556).
Historical data	In 1989 the company took over the activities previously carried on by Chr. Hansens Laboratorium A/S (REG 2.919).
Historical data	The company has per 01-09-2014 transferred some of its former activities to Chr. Hansen Natural Colors A/S (CVR 35638784).
Historical data	The company merged on 2000-04-10 with G. C. Starup A/S (CVR 24526410), the registered company being the continuing one.
Historical data	The company merged on 2000-04-10 with Chr. Hansen Biosystems A/S (CVR 24526712), the registered company being the continuing one.
Historical data	The company's assets and liabilities have been transferred to CVR-no. 35638784, Chr. Hansen Natural Colors A/S.
Capital conditions	fully paid up

Additional Accounts Information
Date Format	MM-DD
Accounts Start Date	09-01
Accounts End Date	08-31

Profit and Loss
Financial Year	2014	2013	2012
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Revenue	3.712.202.000	3.698.835.000	3.386.878.000
Operating Profit	1.157.820.000	1.138.078.000	1.072.272.000
Retained Profit	911.545.000	892.903.000	817.450.000
Balance Sheet
Financial Year	2014	2013	2012
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
TOTAL ASSETS	3.634.010.000	3.000.206.000	2.926.081.000
Other Reserves	1.679.324.000	1.142.337.000	1.049.434.000

Share Capital Structure
Nominal Share Capital	194.101.000  DKK
Shareholders
Shareholder	Address	% Shares Held
Chr. Hansen Holding A/S	Bøge Alle 10 Hørsholm 2970 DNK	100
Current Directors
Name	Appointment Date	Position
Knud Vindfeldt	02/03/2006	Managing director
Jesper Preben Allentoft	11/05/2011	General manager
Cornelis De Jong	10/04/2013	Chairman
Leif Nørgaard	03/12/2001	Deputy Chairman
Klaus Pedersen	11/10/2011	Deputy Chairman
Winnie Højvang Bügel	02/03/2006	Member of the board
Lisbeth Grubov	08/12/2014	Elected by employees
Kim Ib Sørensen	08/12/2014	Elected by employees
Klaus Pedersen	11/10/2011	Finance
Thomas Okke Frahm	30/04/2014	IT
Jesper Preben Allentoft		Personnel

Ultimate Holding Parent
Ultimate Holding Company Name	Chr. Hansen Holding A/S
Ultimate Holding Company Country
Subsidiary Companies
Subsidiary Name	Country
Chr. Hansen France SA	FRANCE
Chr Hansen (Tianjin) Food Ingredients Co Ltd	CHINA
Chr Hansen India Pvt Ltd	INDIA
Peyma Chr. Hansen Turkey	TURKEY
Chr. Hansen Malaysia SDN	MALAYSIA
Chr. Hansen CZ	CZECH REPUBLIC

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ASH

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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