3decades

MIRA INFORM REPORT

Report No. :	508739
Report Date :	12.05.2018

IDENTIFICATION DETAILS

Name :	UHRENHOLT A/S

Registered Office :	Teglgaardsparken 106 5500 Middelfart

Country :	Denmark

Financials (as on) :	31.12.2017

Date of Incorporation :	20.12.1995

Com. Reg. No.:	18981009

Legal Form :	Limited company - A/S

Line of Business :	Subject is engaged in the wholesale trading and distribution of dairy products including eggs, edible oils and fats.

No. of Employees :	192

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Denmark

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 name and Summary

Company name	Uhrenholt A/S
Operative address	Teglgaardsparken 106 5500 Middelfart Denmark

Legal form	Limited company - A/S
Registration number	Trade register number: 18981009
VAT-number	DK18 98 10 09
Year	2017	Mutation	2016	Mutation	2015
Fixed assets	11.496.204	-6,00	12.229.981	29,37	9.453.832
Total receivables	39.186.733	6,24	36.884.312	22,22	30.177.704

Total equity	40.490.445	4,67	38.683.258	9,63	35.284.874
Short term liabilities	62.689.558	6,05	59.114.491	31,28	45.030.805

Net result	1.458.853	-60,49	3.692.588	40,96	2.619.617

Working capital	29.840.728	8,75	27.440.988	3,48	26.518.122
Quick ratio	1,35	3,85	1,30	-7,80	1,41

Contact information

Company name	Uhrenholt A/S
Trade names	Danegoods A/S
Operative address	Teglgaardsparken 106 5500 Middelfart Denmark
Correspondence address	Teglgaardsparken 106 5500 Middelfart Denmark

Telephone number	+45 64 414041
Fax number	+45 64 212126
Email address	info@uhrenholt.com
Website	www.uhrenholt.com

Registration

Registration number	Trade register number: 18981009
VAT-number	DK18 98 10 09
Status	Active
Establishment date	1995-12-20

Legal form	Limited company - A/S
Subscribed share capital	DKK 50.000.000

Activities

NACE	4633: Groothandel in zuivelproducten, eieren en spijsoli?n en -vetten
Goal	Engaged in the wholesale trading and distribution of dairy products including eggs, edible oils and fats

Relations

Shareholders

ULTIMATE GLOBAL SHAREHOLDER
Name: MR SUNE UHRENHOLT
Country: DK
Type: One or more named individuals or families

SHAREHOLDERS
Name: F. UHRENHOLT HOLDING A/S
National id number: 26751578
Address: Teglgårdsparken 106
City: MIDDELFART
Country: DK
Phone: +45 64 414041
Fax: +45 64 417545
Website: www.uhrenholt.com
Type: Corporate
Share direct: 100.00%
Turnover: 378.37918888 mil. DKK
Total assets: 89.72737283 mil. DKK
Profit loss before tax: -28.44399871 mil. DKK
Profit loss after tax net income: -35.60500297 mil. DKK
Shareholders funds: 24.69899874 mil. DKK
Number of employees: 483

Structure

SUBSIDIARIES
Name: DANDELI FOODS, S.R.O. V LIKVIDACI
National id number: 47123656
Address: Holeckova 100/9
City: PRAHA 5
Country: CZ
Type: Corporate
Phone: +420 255 734 255
Website: www.dandeli.cz
Share direct: 100.00%
Turnover: 0.01515841 mil. DKK

Name: DANDELI S.R.O.
Country: CZ
Type: Corporate
Share direct: 100.00%

Name: EMBORG FOODS USA INC.
Country: US
Type: Corporate
Share direct: 100.00%

Name: F. UHRENHOLT HOLDING INTERNATIONAL APS
National id number: 18300087
Address: Teglgårdsparken 106
City: MIDDELFART
Country: DK
Type: Corporate
Phone: +45 64 414041
Fax: +45 64 417545
Share direct: 100.00%
Turnover: 0.30357664 mil. DKK
Total assets: 0.10435447 mil. DKK
Profit loss before tax: 0.04099793 mil. DKK
Profit loss after tax net income: 0.01100237 mil. DKK
Shareholders funds: 0.31799664 mil. DKK

Name: INTERNATIONAL FOOD S R L
Country: IT
Type: Corporate
Share direct: 100.00%

Name: LANDAUER INTERNATIONAL SEAFOOD
National id number: 499060358-00037
Address: 14 CHEMIN ROBERT
City: AIX EN PROVENCE
Country: FR
Type: Corporate
Website: uhrenholt.com
Share direct: 100.00%
Turnover: 19.5237725 mil. DKK
Total assets: 13.32891174 mil. DKK
Profit loss before tax: 1.62870305 mil. DKK
Profit loss after tax net income: 1.4755374 mil. DKK
Shareholders funds: 5.77913467 mil. DKK
Number of employees: 9

Name: UHRENHOLT ESPANA S.L.U
Country: ES
Type: Corporate
Share direct: 100.00%

Name: UHRENHOLT ESPAÑA SL
National id number: B65196602
Address: AVENIDA DIAGONAL, 415 PLT 2
City: BARCELONA
Country: ES
Type: Corporate
Share direct: 100.00%
Turnover: 0.33203695 mil. DKK
Total assets: 0.41741788 mil. DKK
Profit loss before tax: 1.10525131 mil. DKK
Profit loss after tax net income: 0.82893672 mil. DKK
Shareholders funds: 2.93322417 mil. DKK
Number of employees: 1

Name: UHRENHOLT GMBH
National id number: HRB 82331 (Frankfurt am Main)
Address: An der Welle 10
City: FRANKFURT
Country: DE
Type: Corporate
Phone: +49 69 272290
Fax: +45 96 376501
Website: www.uhrenholt.com
Share direct: 100.00%
Total assets: 0.45926337 mil. DKK
Shareholders funds: -45.85938092 mil. DKK
Number of employees: 3

Name: UHRENHOLT HELLAS
Country: GR
Type: Corporate
Share direct: 100.00%

Name: UHRENHOLT ITALIA S.R.L. IN LIQUIDAZIONE
National id number: MI2005415
Address: VIA SANT'ANNA 39
City: VIMODRONE
Country: IT
Type: Corporate
Phone: +39 0290754912
Website: www.uhrenholt.com
Share direct: 100.00%
Turnover: 0.22768248 mil. DKK
Total assets: 0.0948677 mil. DKK
Profit loss before tax: 0.48405481 mil. DKK
Profit loss after tax net income: 0.4088508 mil. DKK
Shareholders funds: -8.79831836 mil. DKK
Number of employees: 1

Name: UHRENHOLT MEAT A/S
National id number: 33745192
Address: Teglgårdsparken 106
City: MIDDELFART
Country: DK
Type: Corporate
Phone: +45 64 414041
Fax: +45 64 212126
Website: www.uhrenholt.com
Share direct: 100.00%
Turnover: 0 mil. DKK
Total assets: 1.87838044 mil. DKK
Profit loss before tax: 0.16899919 mil. DKK
Profit loss after tax net income: 0.1320002 mil. DKK
Shareholders funds: 13.93999983 mil. DKK

Name: UHRENHOLT MIDDLE EAST DMCC
National id number: 5493006U13YECCVQO654
Address: Indigo Icon Building
City: DUBAI
Country: AE
Type: Corporate
Phone: +971 44548306
Fax: +971 44548302
Website: www.uhrenholt.com
Share direct: 100.00%
Turnover: 1.4502212 mil. DKK
Number of employees: 10

Name: UHRENHOLT OCEANIA PTY. LTD.
National id number: 83 162 833 687
Address: L 9 550 Bourke St
City: MELBOURNE
Country: AU
Type: Corporate
Share direct: 100.00%
Number of employees: 3

Name: UHRENHOLT PHILIPPINES, INC.
Address: UNIT 2402 TRADE AND FINANCIAL TOWER 7TH AVENUE 32ND ST BONIFACIO
City: TAGUIG
Country: PH
Type: Corporate
Share direct: 100.00%

Name: UHRENHOLT POLSKA SP. Z O.O.
National id number: 147490332
Address: Plochocinska 99 A
City: WARSZAWA
Country: PL
Type: Corporate
Phone: +48 22 5103653
Share direct: 100.00%
Turnover: 0.29408987 mil. DKK
Total assets: 0.02846031 mil. DKK
Profit loss before tax: 0.06075282 mil. DKK
Profit loss after tax net income: 0.04893938 mil. DKK
Shareholders funds: 0.11306343 mil. DKK

Name: UHRENHOLT SDN. BHD
Country: MY
Type: Corporate
Share direct: 100.00%

Name: UHRENHOLT SVERIGE AB
National id number: 556780-5717
Address: C/o Bromma Kontorshotell Ab
City: BROMMA
Country: SE
Type: Corporate
Website: uhrenholt.com
Share direct: 100.00%
Turnover: 0.2846031 mil. DKK
Total assets: 0.71150774 mil. DKK
Profit loss before tax: -0.93936946 mil. DKK
Profit loss after tax net income: -0.93936946 mil. DKK
Shareholders funds: 4.75909529 mil. DKK
Number of employees: 1

Name: UHRENHOLT UGANDA LTD
National id number: 80010003459030
Country: UG
Type: Corporate
Share direct: 100.00%

Name: UHRENHOLT USA, LCC
Country: US
Type: Corporate
Share direct: 100.00%

Bank details

Accounts

Danske Bank

Management

Fullname: Mr Frank Uhrenholt
Type: Individual
Gender: Male
Country: Denmark
Number of involvements: 13
Function: Chairman
Level of responsibility: President / Chairman
Appointment date: 2001/06/06

Fullname: Mr Per Toelstang
Type: Individual
Gender: Male
date of birth: 1966/11/07
Age: 51
Country: Denmark
Number of involvements: 11
Function: Member of the Board
Level of responsibility: Member
Appointment date: 2017/10/17

Fullname: Mr Sune Uhrenholt
Type: Individual
Gender: Male
date of birth: 1973/03/03
Age: 45
Country: Denmark
Number of involvements: 12
Function: Member of the Board
Level of responsibility: Member
Appointment date: 2005/10/21

Fullname: Mr Sune Uhrenholt
Type: Individual
Gender: Male
date of birth: 1973/03/03
Age: 45
Country: Denmark
Number of involvements: 12
Function: Managing Director
Level of responsibility: Highest executive
Appointment date: 2007/08/27

Employees

Year	2017	2016	2015	2014	2013
Annual	192	189	212	211	208

Financial analysis

Trend	Constant
Profitability	More than sufficient
Solvability	Sufficient
Liquidity	Sufficient
Show amount in	Euro

Key figures

Year	2017	2016	2015	2014	2013
Quick ratio	1,35	1,30	1,41	1,65	1,53
Current ratio	1,48	1,46	1,59	1,85	1,68

Working capital/ balance total	0,29	0,28	0,33	0,42	0,37
Equity / balance total	0,39	0,39	0,44	0,41	0,36
Equity / Fixed assets	3,52	3,16	3,73	4,41	4,03
Working capital	29.840.728	27.440.988	26.518.122	32.914.041	31.119.994
Equity	40.490.445	38.683.258	35.284.874	32.596.495	30.134.549
Mutation equity	4,67	9,63	8,25	8,17
Mutation short term liabilities	6,05	31,28	16,93	-16,20

Return on total assets (ROA)	2,51	6,73	7,63	4,66	3,94
Return on equity (ROE)	6,44	17,18	17,51	11,27	11,06
Gross profit margin	0,67	2,02	2,10	1,46	1,44
Net profit margin	0,46	1,42	1,15	0,94	0,83

Average collection ratio	5,03	4,41	5,07	6,49	5,57
Average payment ratio	8,05	7,07	7,56	8,07	7,61
Equity turnover ratio	7,79	6,74	6,47	7,67	8,50
Total assets turnover ratio	3,03	2,64	2,82	3,17	3,03
Fixed assets turnover ratio	27,43	21,33	24,14	33,80	34,23
Inventory conversion ratio	38,66	27,08	27,92	32,43	37,14

Turnover	315.292.143	260.875.554	228.212.734	250.040.795	256.089.683
Gross margin	18.212.218	20.885.744	20.041.096	16.118.955	15.372.446
Operating result	2.108.157	5.260.175	4.785.349	3.642.360	3.690.325
Net result after taxes	1.458.853	3.692.588	2.619.617	2.352.531	2.119.857

Cashflow	2.571.024	5.034.197	3.394.783	3.090.556	2.747.481
Gross profit	19.260.588	22.177.989	21.506.704	17.990.862	16.746.656
EBITDA	3.220.329	6.601.785	5.560.516	4.380.385	4.317.949
Summary	The 2017 financial result structure is a postive working captial of 29.840.728 euro, which is in agreement with 29 % of the total assets of the company. The working capital has increased with 8.75 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2016 and 2017 has mainly been caused by a change of the current assets. The current ratio of the company in 2017 was 1.48. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2017 of the company was 1.35. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities. The 2016 financial result structure is a postive working captial of 27.440.988 euro, which is in agreement with 28 % of the total assets of the company. The working capital has increase with 3.48 % compared to previous year. The ratio with respect to the total assets of the company has however, declined. The improvement between 2015 and 2016 has mainly been caused by a change of the current liabilities. The current ratio of the company in 2016 was 1.46. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2016 of the company was 1.3. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Financial statement

Auditor	Name: PRICEWATERHOUSECOOPERS Statsautoriseret Revisions P/S
Last annual account	2017
Remark annual account	The company is obliged to file its financial statements.

Type of annual account	Corporate
Annual account	Uhrenholt A/S Teglgaardsparken 106 5500 Middelfart Denmark

Balance

Year	2017	2016	2015	2014	2013
End date	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Type of annual account	Corporate	Corporate	Corporate	Corporate	Corporate
Intangible fixed assets	2.485.194	2.758.411	1.239.809		33.893
Tangible fixed assets	3.460.762	3.935.648	3.427.463	2.898.145	2.595.432
Other fixed assets	5.550.248	5.535.922	4.786.560	4.500.272	4.851.263
Fixed assets	11.496.204	12.229.981	9.453.832	7.398.417	7.480.587

Total stock	8.155.390	9.632.176	8.173.677	7.710.581	6.894.492
Total receivables	39.186.733	36.884.312	30.177.704	31.001.096	33.669.609
Liquid funds	47.146	1.717.836	286.317	187.164	320.443
Other current assets	45.141.017	38.321.155	32.911.363	32.524.779	36.192.298
Current assets	92.530.286	86.555.479	71.548.927	71.423.619	77.076.843
Total assets	104.026.490	98.785.461	81.002.759	78.822.036	84.557.430

Total equity	40.490.445	38.683.258	35.284.874	32.596.495	30.134.549

Provisions	816.264	934.311	612.979	7.620.834	8.351.492
Long term liabilities	30.222	53.401	74.101	95.129	114.540
Accounts payable	26.953.513	22.454.677	20.159.711	16.773.961	20.874.375
Liabilities towards credit institutes	19.025.124	12.321.314	9.460.556	9.099.306	12.328.099
Other short term liabilities	16.710.920	24.338.499	15.410.673	12.636.311	12.754.375
Short term liabilities	62.689.558	59.114.491	45.030.805	38.509.578	45.956.849
Total liabilities	104.026.490	98.785.461	81.002.759	78.822.036	84.557.430
Summary	The total assets of the company increased with 5.31 % between 2016 and 2017. Despite the assets growth, the non current assets decreased with -6 %. In 2017 the assets of the company were 11.05 % composed of fixed assets and 88.95 % by current assets. The assets are being financed by an equity of 38.92 %, and total debt of 61.08 %. The total assets of the company increased with 21.95 % between 2015 and 2016. The total asset increase is retrievable in the fixed asset growth of 29.37 %. In 2016 the assets of the company were 12.38 % composed of fixed assets and 87.62 % by current assets. The assets are being financed by an equity of 39.16 %, and total debt of 60.84 %.

Profit and loss

Year	2017	2016	2015	2014	2013
Revenues	315.292.143	260.875.554	228.212.734	250.040.795	256.089.683
Net turnover	315.292.143	260.875.554	228.212.734	250.040.795	256.089.683

Cost of sales	297.079.925	239.989.810	208.171.638	233.921.839	240.717.236
Gross margin	18.212.218	20.885.744	20.041.096	16.118.955	15.372.446

Wages and salaries	14.991.889	14.283.960	14.480.580	11.738.570	11.054.497
Amorization and depreciation	1.112.172	1.341.610	775.167	738.025	627.624
Operating expenses	16.104.061	15.625.569	15.255.747	12.476.596	11.682.121
Operating result	2.108.157	5.260.175	4.785.349	3.642.360	3.690.325

Financial income	1.717.285	2.914.174	3.280.068	3.410.928	2.838.711
Financial expenses	1.216.942	1.526.831	1.888.561	3.380.250	3.195.861
Financial result	500.343	1.387.343	1.391.507	30.678	-357.150
Result on ordinary operations before taxes	2.608.500	6.647.653	6.176.857	3.673.038	3.333.175

Taxation on the result of ordinary activities	480.732	1.333.001	1.742.780	1.320.507	1.213.318
Result of ordinary activities after taxes	2.127.768	5.314.652	4.434.077	2.352.531	2.119.857

Extraordinary expense	668.915	1.622.064	1.814.460
Net result	1.458.853	3.692.588	2.619.617	2.352.531	2.119.857
Summary	The turnover of the company grew with 20.86 % between 2016 and 2017. The gross profit of the company decreased by -12.8 % between 2016 and 2017. The operating result of the company declined with -59.92 % between 2016 and 2017. This evolution implies an decrease of the company's economic profitability. The result of these changes is a reduction of the company's Economic Profitability of -62.7 % of the analysed period, being equal to 2.51 in the year 2017. Despite the decline the assets turnover increased by 14.77 % reaching 3.03. The Net Result of the company decreased by -60.49 % between 2016 and 2017. The company's Financial Profitability has been negatively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability reduction of -62.51 % of the analysed period, being 6.44 in the year 2017. The company's financial profitability has been positively affected by its financial structure. The turnover of the company grew with 14.31 % between 2015 and 2016. The gross profit of the company grew with 4.21 % between 2015 and 2016. The operating result of the company grew with 9.92 % between 2015 and 2016. This evolution implies an increase of the company's economic profitability. The result of these changes is a reduction of the company's Economic Profitability of -11.8 % of the analysed period, being equal to 6.73 in the year 2016. This fall has contributed to a asset turnover decrease, whose index evolved from -6.38 to a level of 2.64. The Net Result of the company increased by 40.96 % between 2015 and 2016. The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of -1.88 % of the analysed period, being 17.18 in the year 2016. The company's financial profitability has been positively affected by its financial structure.

Country information

Population	5.7 million
GDP per capita	53.745 USD
Country risk	Low
Company risk	Very Low

Publications

Remarks	Status: Active Category: Very large company Last year: 2017 Turnover last year: 315.292.143 EUR Result last year: 1.458.853 EUR TOTAL assets last year: 104.026.490 EUR Number of employees: 192 Number of shareholders: 1 Number of subsidiaries: 20 Number of branches: 4
History	Previous name: F. Uhrenholt A/S Industrial Cheese

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.22
UK Pound	1	INR 90.87
Euro	1	INR 80.87
DKK	1	INR 10.80

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

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	DNS

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)

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.