MIRA INFORM REPORT

Report No. :	493145
Report Date :	24.02.2018

IDENTIFICATION DETAILS

Name :	PETER JUSTESEN COMPANY A/S
Registered Office :	Tuborg Boulevard 5, 2900 Hellerup
Country :	Denmark
Financials (as on) :	December 2016
Date of Incorporation :	29.04.2003
Com. Reg. No.:	27130364
Legal Form :	Limited company
Line of Business :	Retail sale of groceries via internet
No. of Employees :	50 - 99

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow but Correct
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Denmark	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

DENMARK - ECONOMIC OVERVIEW

This thoroughly modern market economy features advanced industry with world-leading firms in pharmaceuticals, maritime shipping, and renewable energy, and a high-tech agricultural sector. Danes enjoy a high standard of living, and the Danish economy is characterized by extensive government welfare measures and an equitable distribution of income. An aging population will be a long-term issue.

Denmark’s small open economy is highly dependent on foreign trade, and the government strongly supports trade liberalization. Denmark is a net exporter of food, oil, and gas and enjoys a comfortable balance of payments surplus, but depends on imports of raw materials for the manufacturing sector.

Denmark is a member of the EU but not the eurozone. Despite previously meeting the criteria to join the European Economic and Monetary Union, Denmark has negotiated an opt-out with the EU and is not required to adopt the euro.

Denmark is experiencing a modest economic expansion. The economy grew by 2.0% in 2016 and an estimated 2.3% in 2017. The expansion is expected to decline slightly in 2018. Unemployment stood at 5.8% in 2017, based on the national measure. The labor market was tight in 2017, with corporations experiencing some difficulty finding appropriately-skilled workers to fill billets. The Danish Government offers extensive programs to train unemployed persons to work in sectors that need qualified workers.

Denmark maintained a healthy budget surplus for many years up to 2008, but the global financial crisis swung the budget balance into deficit. The 2017 deficit was 0.6%. The government projects a lower deficit in 2018, and public debt (EMU debt) as a share of GDP is expected to decline. The Danish Government plans to address tax reform and increased defense spending in 2018.

Source : CIA

Company Summary
Business Name	PETER JUSTESEN COMPANY A/S
Country	DENMARK
Company Registration Number	27130364
Activity Code	479111
Activity Description	Retail sale of groceries via internet
Company Status	Normal (Active)
Latest Turnover Figure	230,031,009 DKK
Latest Shareholder Equity Figure	8,500,138 DKK

Basic Information
Business Name	PETER JUSTESEN COMPANY A/S
Registered Company Name	PETER JUSTESEN COMPANY A/S
Company Registration Number	27130364
Country	DENMARK
VAT Registration Number	27130364
Date of Company Registration	29/04/2003
Legal Form	Limited company
Company Status	Normal (Active)
Currency of this Report	DKK
Principal Activity Code	479111
Principal Activity Description	Retail sale of groceries via internet
Contact Address	Tuborg Boulevard 5, 2900 Hellerup
Contact Telephone Number -

Main Address
Address	Tuborg Boulevard 5, 2900 Hellerup
Country	DENMARK
Telephone

Activities

Activity Code	Activity Description
479111	Retail sale of groceries via internet

Email Addresses

No email addresses for this company

Employee Information
Year	Number of Employees
2017	50 - 99
2016	50 - 99
2015	50 - 99

Real Estate

Value N/A

Other Trading Names

BRDR. OSTERMANN PETERSEN A/S

Advisors

Auditor Name

Grant Thornton, Statsautoriseret Revisionspartnerselskab

Financials

Profit and Loss
Financial Year	12/2016	12/2015	12/2014
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Consolidated Accounts	No	No	No
Revenue	230,031,009	243,891,377	269,606,823
Operating Costs	232,337,876	259,831,028	278,709,630
Operating Profit	-2,306,867	-15,939,651	-9,102,807
Wages & Salaries	35,934,956	36,579,767	38,848,734
Pension Costs	2,195,762	2,485,804	2,937,982
Depreciation	7,004,261	7,764,519	6,867,300
Financial Income	9,956	168,382	248,359
Financial Expenses	2,520,683	2,729,461	2,673,314
Profit before Tax	-4,817,594	-18,500,730	-10,579,218
Tax		-287,000	2,428,000
Profit after Tax	-4,817,594	-18,213,730	-8,151,000
Retained Profit	-4,817,594	-18,213,730	-8,151,000
Balance Sheet
Financial Year	12/2016	12/2015	12/2014
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Consolidated Accounts	No	No	No
Plant & Machinery	1,890,807
Other Tangible Assets	913,291	3,391,840	4,197,625
Total Tangible Assets	2,804,098	3,391,840	4,197,625
Other Intangible Assets	17,436,629	21,781,188	26,889,082
Total Intangible Assets	17,436,629	21,781,188	26,889,082
Miscellaneous Fixed Assets	-	-	-
Total Other Fixed Assets	-	-	-
TOTAL FIXED ASSETS	20,240,727	25,173,028	31,086,707
Finished Goods	13,220,573	21,184,831	25,828,351
Other Inventories	-	-	-
Total Inventories	13,220,573	21,184,831	25,828,351
Trade Receivables	22,797,971	25,530,054	29,781,530
Group Receivables	30,497
Miscellaneous Receivables	3,663,490	4,657,360	1,246,693
Total Receivables	26,491,958	30,187,414	31,028,223
Cash	4,851,453	1,437,114	938,994
Other Current Assets	878,034	2,218,260	2,073,630
TOTAL CURRENT ASSETS	45,442,018	55,027,619	59,869,198
TOTAL ASSETS	65,682,745	80,200,647	90,956,000
Trade Payables	27,252,697	44,150,749	47,262,008
Bank Liabilities	21,981,663
Group Payables		753
Miscellaneous Liabilities	7,948,247	22,731,413	23,888,535
TOTAL CURRENT LIABILITIES	57,182,607	66,882,915	71,150,543
Miscellaneous Liabilities Due After 1 Year			7,473,900
TOTAL LONG TERM LIABILITIES			7,473,900
TOTAL LIABILITIES	57,182,607	66,882,915	78,624,443
Called Up Share Capital	17,000,000	17,000,000	16,000,000
Revenue Reserves	-8,499,862	-3,682,268	-3,668,538
Other Reserves	-	-	-
TOTAL SHAREHOLDERS EQUITY	8,500,138	13,317,732	12,331,462

Other Financials
Financial Year	12/2016	12/2015	12/2014
Working Capital	-11,740,589	-11,855,296	-11,281,345
Net Worth	-8,936,491	-8,463,456	-14,557,620

Ratios
Financial Year	12/2016	12/2015	12/2014
Pre-Tax Profit Margin (%)	-2.02 %	-7.45 %	-3.77 %
Return On Capital Employed (%)	-56.68 %	-138.92 %	-53.42 %
Return On Total Assets Employed (%)	-7.33 %	-23.07 %	-11.63 %
Return On Net Assets Employed (%)	-56.68 %	-138.92 %	-85.79 %
Sales/Net Working Capital	-20.27	-20.96	-24.90
Stock Turnover Ratio (%)	5.55 %	8.53 %	9.20 %
Debtor Days	34.96	37.51	38.70
Creditor Days	41.80	64.87	61.42
Current Ratio	0.79	0.82	0.84
Liquidity Ratio/Acid Test	0.56	0.51	0.48
Current Debt Ratio	6.73	5.02	5.77
Gearing (%)	-	-	-
Equity In Percentage (%)	12.94 %	16.61 %	13.56 %
Total Debt Ratio	6.73	5.02	6.38

Additional financials
Financial Year	12/2016	12/2015	12/2014
Cost Of Sales	-	-	-
Gross Profit	42,828,112	30,890,439	39,551,209
Change In Stock	-7,964,258	-4,543,521	-11,246,177
Other Operating Income	-	-	-
Audit Fees	-	-	-
Other Operating Expenses	-	-	-
Extraordinary Net Result	-	-	-
Investment Property	-	-	-
Contract Work In Progress	-	-	-
Revaluation Reserve	-	-	-
Minority Interests	-	-	-

Share Capital Structure
Nominal Share Capital	5,000,000 DKK
Issued Share Capital	17,000,000 DKK

Shareholders
Shareholder	% Shares Held
PETER JUSTESEN HOLDING A/S		90

Current Directors
Name	Appointment Date	Position
Ole Justesen	28/06/2011	Reel ejer
Jens Albert Harsaae	01/06/2015	FORMAND
Niels Jorgen Kornerup	21/04/2008	BESTYRELSE
GRANT THORNTON,STATSAUTORISERET REVISIONSPARTNERSELSKAB	15/09/2016	REVISION
Charlotte Fischer Larsen	13/04/2016	SUPPLEANT
Maria Charlotte Thomsen	13/04/2016	BESTYRELSESMEDLEM
Marie Louise Hahn-Petersen	18/05/2016	BESTYRELSESMEDLEM
Carsten 0rnbo	01/06/2015	ADM. DIR.
Erik Justesen	28/06/2011	Reel ejer
Erik Justesen	01/06/2015	BESTYRELSESMEDLEM
Jens Peder Larsson	13/04/2016	BESTYRELSESMEDLEM

Previous Directors
Name	Appointment Date	Position	Resignation Date
Lisbeth Elsenius Nielsen	08/02/2012	PERSONLIG_SUPPLEANT	13/04/2016
Bjarne Spellerberg	21/04/2008	BESTYRELSE	10/03/2011
Jesper Egholm Nielsen	08/02/2012	BESTYRELSE	18/05/2016
Steen Hundevad Knudsen	26/10/2007	formand	21/04/2008
Ole Justesen	29/04/2003	BESTYRELSE	31/12/2014
DELOITTE STATSAUTORISERET REVISIONSPARTNERSELSKAB	13/10/2011	REVISION	15/09/2016
Ib Helge S0ndergaard	31/12/2007	BESTYRELSE	08/02/2012
Ib Helge S0ndergaard	29/04/2003	PERSONLIG_SUPPLEANT	31/12/2007
CLNPSU. STATSAUTORISERET REVISIONSHOLDINGANPARTSSELSKAB	29/04/2003	REVISION	29/10/2003
Jorgen Wensh0j	01/11/2008	adm. dir	01/06/2015
J0rn Petersen	08/02/2012	PERSONLIG_SUPPLEANT	13/04/2016
J0rgen Wensh0j	01/11/2008	BESTYRELSE	10/03/2011
J0rgen Wensh0j	01/06/2015	BESTYRELSESMEDLEM	09/07/2015
S0ren Bach	26/10/2007	BESTYRELSE	18/05/2016
Hanne Prang Lasson	29/04/2003	BESTYRELSE	13/04/2016
Erik Justesen	21/04/2008	formand	31/05/2015
Erik Justesen	29/04/2003	formand	26/10/2007
Henning Steen Pedersen	29/04/2003	BESTYRELSE	13/03/2008
Henning Steen Pedersen	29/04/2003	adm. dir	30/06/2008
John Halqvist	29/04/2003	BESTYRELSE	31/12/2007
Ebbe K0hler	29/04/2003	PERSONLIG_SUPPLEANT	31/12/2007
J0rgen Rossen	21/04/2008	BESTYRELSE	31/07/2008

Immediate Holding Parent

Immediate Holding Company Name VAT/Registration Number

PETER JUSTESEN HOLDING A/S 33774257

Subsidiary Companies

No subsidaries for this company

Affiliates

No affiliates for this company

Negative Information

No negative information for this company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.82
UK Pound	1	INR 90.40
Euro	1	INR 79.76
DKK	1	INR 10.69

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	KET

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.