MIRA INFORM REPORT

Report No. :	510780
Report Date :	24.05.2018

IDENTIFICATION DETAILS

Name :	HUMMEL A/S
Formerly Known As :	HUMMEL INTERNATIONAL SPORT & LEISURE A/S
Registered Office :	Balticagade 20, 8000 Aarhus C
Country :	Denmark
Financials (as on) :	December 2016
Date of Incorporation :	08.07.1977
Com. Reg. No.:	81198411
Legal Form :	Limited company
Line of Business :	Wholesale of clothing
No. of Employees :	100 – 199 [2017]

RATING & COMMENTS

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

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
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 name

HUMMEL A/S

Company Summary

Business Name	HUMMEL A/S
Country	DENMARK
Company Registration Number	81198411
Activity Code	464210
Activity Description	Wholesale of clothing
Company Status	Normal (Active)
Latest Turnover Figure	616,242,381 DKK
Latest Shareholder Equity Figure	215,295,839 DKK

Basic Information

Business Name	HUMMEL A/S
Registered Company Name	HUMMEL A/S
Company Registration Number	81198411
Country	DENMARK
VAT Registration Number	81198411
Date of Company Registration	08/07/1977
Legal Form	Limited company
Company Status	Normal (Active)
Currency of this Report	DKK
Principal Activity Code	464210
Principal Activity Description	Wholesale of clothing
Contact Address	Balticagade 20, 8000 Aarhus C

Main Address

Address	Balticagade 20, 8000 Aarhus C
Country	DENMARK

Activities

Activity Code Activity Description

464210 Wholesale of clothing

Email Addresses

No email addresses for this company

Previous Names

Previous Name	Date Changed from Previous Name
HUMMEL INTERNATIONAL SPORT & LEISURE A/S	07/05/2013

Employee Information

Year	Number of Employees
2017	100 - 199
2016	100 - 199
2015	100 - 199

Real Estate

Value

N/A

Other Trading Names

HUMMEL INTERNATIONAL SPORT & LEISURE A/S

HUMMEL FASHION A/S

BUMBLEBEE A/S

Advisors

Auditor Name

PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab

Events

--

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	616,242,381	591,972,007	593,013,026
Operating Costs	546,056,999	515,115,190	527,630,286
Operating Profit	70,185,382	76,856,817	65,382,740
Wages & Salaries	68,725,468	68,250,235	65,288,640
Pension Costs	6,109,809	5,608,824	5,209,533
Depreciation	3,606,260	3,832,549	3,746,097
Financial Income	1,799,021	605,062	2,164,245
Financial Expenses	1,133,017	868,024	2,630,939
Profit before Tax	69,258,235	73,705,835	66,547,987
Tax	15,408,853	18,090,621	16,457,964
Profit after Tax	53,849,382	55,615,214	50,090,023
Dividends	-	40,000,000	30,000,000
Retained Profit	53,849,382	15,615,214	20,090,023
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
Other Tangible Assets	5,190,428	4,382,924	4,830,484
Total Tangible Assets	5,190,428	4,382,924	4,830,484
Other Intangible Assets	9,588,930	5,434,176	3,366,168
Total Intangible Assets	9,588,930	5,434,176	3,366,168
Total Other Fixed Assets	8,297,098	9,766,411	11,462,970
TOTAL FIXED ASSETS	23,076,456	19,583,511	19,659,622
Finished Goods	-	170,107,520	135,323,472
Other Inventories	165,967,120	-	10,410,506
Total Inventories	165,967,120	170,107,520	145,733,978
Trade Receivables	56,562,563	54,669,903	45,603,225
Group Receivables	66,969,892	37,380,522	74,601,060
Miscellaneous Receivables	35,573,714	58,802,883	37,418,977
Total Receivables	159,106,169	150,853,308	157,623,262
Cash	1,961,125	17,758,373	67,159,155
Other Current Assets	13,773,981	12,655,351	12,076,224
TOTAL CURRENT ASSETS	340,808,395	351,374,552	382,592,619
TOTAL ASSETS	363,884,851	370,958,063	402,252,241
Trade Payables	56,015,506	83,822,020	76,658,298
Other Loans Or Finance	21,707,577	6,273,324	98,568,285
Group Payables	23,574,493	925,086	12,769,044
Miscellaneous Liabilities	35,246,407	44,735,027	25,636,961
TOTAL CURRENT LIABILITIES	136,543,983	135,755,457	213,632,588
Miscellaneous Liabilities Due After 1 Year	12,045,029	16,508,281	11,640,378
TOTAL LONG TERM LIABILITIES	12,045,029	16,508,281	11,640,378
TOTAL LIABILITIES	148,589,012	152,263,738	225,272,966
Called Up Share Capital	10,000,000	10,000,000	10,000,000
Revenue Reserves	193,044,954	159,244,173	125,832,564
Other Reserves	12,250,885	49,450,152	41,146,711
TOTAL SHAREHOLDERS EQUITY	215,295,839	218,694,325	176,979,275
Other Financials
Financial Year	12/2016	12/2015	12/2014
Working Capital	204,264,412	215,619,095	168,960,031
Net Worth	205,706,909	213,260,149	173,613,107
Ratios
Financial Year	12/2016	12/2015	12/2014
Pre-Tax Profit Margin (%)	11.25 %	12.46 %	11.23 %
Return On Capital Employed (%)	30.46 %	31.34 %	35.28 %
Return On Total Assets Employed (%)	19.03 %	19.87 %	16.54 %
Return On Net Assets Employed (%)	32.17 %	33.70 %	37.60 %
Sales/Net Working Capital	3.02	2.74	3.51
Stock Turnover Ratio (%)	26.95 %	28.75 %	24.59 %
Debtor Days	33.52	33.73	28.08
Creditor Days	33.20	51.71	47.21
Current Ratio	2.50	2.59	1.79
Liquidity Ratio/Acid Test	1.28	1.34	1.11
Current Debt Ratio	0.63	0.62	1.21
Gearing (%)	-	-	-
Equity In Percentage (%)	59.17 %	58.95 %	44.00 %
Total Debt Ratio	0.69	0.70	1.27
Additional financials
Financial Year	12/2016	12/2015	12/2014
Cost Of Sales	-	-	-
Gross Profit	151,225,995	157,692,887	142,273,494
Change In Stock	-	-	-
Other Operating Income	346,980	349,109	340,000
Audit Fees	-	-	-
Other Operating Expenses	-	-	-
Extraordinary Net Result	-	-	-
Investment Property	-	-	-
Contract Work In Progress	-	-	-
Revaluation Reserve	7,980,839	9,450,152	11,146,711
Minority Interests	-	-	-

Share Capital Structure

Nominal Share Capital	10,000,000 DKK
Issued Share Capital	10,000,000 DKK

Shareholders

Shareholder	% Shares Held
HUMMEL HOLDING A/S	100

Current Directors

Name	Appointment Date	Position
Christian Nicholas Stadil	22/08/2017	FORMAND
Christian Nicholas Stadil	29/11/2017	Reel ejer
Marianne Schelde	09/02/2017	BESTYRELSESMEDLEM
Thor Stadil	22/08/2017	BESTYRELSESMEDLEM
Allan Vad Nielsen	22/08/2017	ADM. DIR.
PRICEWATERHOUSECOOPERS STATSAUTORISERET REVISIONSPARTNERSELSKAB	11/05/2012	REVISION

Previous Directors

Name	Appointment Date	Position	Resignation Date
Jens Peter Ilkjasr Thorsen	08/07/1977	REVISION	29/11/1993
Carl Peter Mysager	08/07/1977	DIREKTION	30/05/1988
Jens Josefsen	08/07/1977	BESTYRELSE	13/08/1992
Christian Richard Charles Dahlager	08/07/1977	BESTYRELSE	22/06/1999
Kurt Sondergaard	08/07/1977	DIREKTION	06/11/1997
Karl Aage Moller Jensen	08/07/1977	BESTYRELSE	11/08/1999
Anders Peder Jensen	08/07/1977	BESTYRELSE	11/08/1999
Valdemar Bandolowski	08/07/1977	BESTYRELSE	04/10/1993
Thor Stadil	09/02/2017	FORMAND	21/08/2017
Valdemar Bandolowski	08/07/1977	DIREKTION	04/10/1993
Poul Oluf Nyrup Rasmussen	08/07/1977	BESTYRELSE	30/05/1988
Erik Reitzel	08/07/1977	BESTYRELSE	09/10/1990
Jorgen Vodsgaard	08/07/1977	BESTYRELSE	13/08/1992
Jorgen Vodsgaard	08/07/1977	DIREKTION	13/08/1992
Jesper Orla Hartmann Weng	08/07/1977	BESTYRELSE	04/10/1993
Kurt Egon Behrens	08/07/1977	BESTYRELSE	13/08/1992
Kirsten Malling Stadil	11/08/1999	BESTYRELSE	20/06/2002
Christian Nicholas Stadil	27/05/2008	formand	08/02/2017
Christian Nicholas Stadil	09/02/2017	BESTYRELSESMEDLEM	21/08/2017
Christian Nicholas Stadil	09/02/2017	ADM. DIR.	22/08/2017
Soren Schriver	20/06/2002	BESTYRELSE	09/02/2017
Soren Schriver	08/07/1977	DIREKTION	09/02/2017
Henning Anker Pedersen	08/07/1977	BESTYRELSE	13/08/1992
Thor Stadil	27/05/2008	BESTYRELSE	08/02/2017
BDO STATSAUTORISERET REVISIONSAKTIESELSKAB	08/07/1977	REVISION	04/10/1993

Immediate Holding Parent

Immediate Holding Company Name	VAT/Registration Number
HUMMEL HOLDING A/S	15238712

Subsidiary Companies

Subsidiary Name	Number
HUMMEL INTERNATIONAL A/S	25042573
BEE SPORT ApS	30835263

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 68.21
UK Pound	1	INR 91.43
Euro	1	INR 80.24
DKK	1	INR 10.73

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

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	SYL

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.