MIRA INFORM REPORT

Report Date :

09.01.2013

IDENTIFICATION DETAILS

Name :	HAARSLEV INDUSTRIES AS
Registered Office :	Bogensvej 85 Sonderso¸, 5471
Country :	Denmark
Financials (as on) :	31.12.2011
Year of Incorporation :	1973
Com. Reg. No.:	89523818
Legal Form :	Private Subsidiary
Line of Business :	Manufacturer of Processing Equipment for the Meat, Pet Food, Fish, Oil, Environmental Protection & Biofuel Industries
No. of Employees :	568

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
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 among the highest standards of living in the world 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, continued to decline in 2011 though at a slower pace. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. The global financial crises cut Danish real GDP by 0.8% in 2008 and 5.8% in 2009. Denmark made a modest recovery in 2010 with real GDP growth of 1.3%, in part because of increased government spending; however, the country experienced a technical recession in late 2010-early 2011. Historically low levels of unemployment rose sharply with the recession and have remained at about 6% in 2010-11, 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. In spite of the deficits, the new coalition government plans to deliver a modest stimulus to the economy in 2012. Nonetheless, Denmark's fiscal position remains among the strongest in the EU at 46.5% of GDP in 2011. Despite previously meeting the criteria to join the European Economic and Monetary Union (EMU), so far Denmark has decided not to join, although the Danish krone remains pegged to the euro. Denmark held the EU presidency during the first half of 2012; priorities included promoting a responsible, dynamic, green, and safe Europe, while working to steer Europe out of its euro zone economic crisis.

Source : CIA

Company name and addressTop of Form

Bottom of Form

Top of Form

Haarslev Industries AS

Bogensvej 85
Søndersø, 5471
Denmark
Tel:	45-63831100
Fax:	45 63 83 11 20
www.haarslev.com

Employees:	568
Company Type:	Private Subsidiary
Corporate Family:	240 Companies
Ultimate Parent:	Altor Equity Partners AB
Incorporation Date:	1973

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2010
Reporting Currency:	Danish Krone
Annual Sales:	157.7
Total Assets:	NA

Business Description

Mfr of Processing Equipment for the Meat, Pet Food, Fish, Oil, Environmental Protection & Biofuel Industries

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	2469 - Other Specialised Machinery and Equipment Manufacturing
NACE 2002:	2953 - Manufacture of machinery for food, beverage and tobacco processing
NAICS 2002:	333294 - Food Product Machinery Manufacturing
UK SIC 2003:	2953 - Manufacture of machinery for food, beverage and tobacco processing
UK SIC 2007:	2893 - Manufacture of machinery for food, beverage and tobacco processing
US SIC 1987:	3556 - Food Products Machinery

Key Executives

Name	Title
Claus Ostergaard Nielsen	CEO
Claus Nielsen	President
Leo Bøgebjerg	IT Manager, Finance Manager
Henning Haugaard	Sales Director
Henrik Devantier	Purchasing Executive

1 - Profit & Loss Item Exchange Rate: USD 1 = DKK 5.623146
2 - Balance Sheet Item Exchange Rate: USD 1 = DKK 5.55485

Corporate Overview

Location
Bogensvej 85
Søndersø, 5471
Denmark

Tel:	45-63831100
Fax:	45 63 83 11 20

www.haarslev.com

Sales DKK(mil):	887.0
Assets DKK(mil):	NA
Employees:	568
Fiscal Year End:	31-Dec-2010

Industry:

Miscellaneous Capital Goods

Incorporation Date:	1973
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(DNK):	89523818

CEO :

Claus Ostergaard Nielsen

Industry Codes

ANZSIC 2006 Codes:
2469	-	Other Specialised Machinery and Equipment Manufacturing

NACE 2002 Codes:
2953	-	Manufacture of machinery for food, beverage and tobacco processing

NAICS 2002 Codes:
333294	-	Food Product Machinery Manufacturing

US SIC 1987:
3556	-	Food Products Machinery

UK SIC 2003:
2953	-	Manufacture of machinery for food, beverage and tobacco processing

UK SIC 2007:
2893	-	Manufacture of machinery for food, beverage and tobacco processing

Business Description

Design, manufacture and installation of processing equipment for the meat, pet food, fish, oil, environmental protection and biofuel industries.

More Business Descriptions

Mfr of Processing Equipment for the Meat, Pet Food, Fish, Oil, Environmental Protection & Biofuel Industries

Haarslev Industries A/S is primarily engaged in manufacturing conveyors and conveying equipment, such as gravity conveyors, trolley conveyors, tow conveyors, pneumatic tube conveyors, carousel conveyors, farm conveyors, and belt conveyors.

All Other General Purpose Machinery Manufacturing

Financial Data

Financials in:	DKK(mil)
Revenue:	887.0
Date of Financial Data:	31-Dec-2010

1 Year Growth

NA

Key Corporate Relationships

Bank:

Odense

Corporate Structure News

Haarslev Industries A/S
Total Corporate Family Members: 240

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Altor Equity Partners AB	Parent	Stockholm	Sweden	Consumer Financial Services	28.4	47
Papyrus AB	Subsidiary	Molndal	Sweden	Miscellaneous Financial Services	20.3	2,700
Papyrus Norge AS	Subsidiary	Oslo	Norway	Containers and Packaging	38.7	318
Groupe Papyrus France SASU	Subsidiary	Pantin	France	Office Supplies	281.7	233
Papyrus A/S	Subsidiary	Taastrup	Denmark	Office Supplies	112.7	118
Papyrus Belgium Papier	Subsidiary	Bruxelles	Belgium	Office Supplies	138.7	103
Papyrus Hungaria Zrt.	Subsidiary	Budapest	Hungary	Office Supplies		60
Papyrus Sp. z o.o.	Subsidiary	Warsaw	Poland	Office Supplies		60
Papyrus Finland Oy	Subsidiary	Vantaa	Finland	Office Supplies		60
Papyrus Bohemia S.R.O.	Subsidiary	RÃcany	Czech Republic	Paper and Paper Products	38.2	45
Papyrus SRL	Subsidiary	Bussolengo, Verona	Italy	Office Supplies	36.8	17
Papyrus Croatia D.O.O.	Subsidiary	Zagreb, Grad Zagreb	Croatia	Paper and Paper Products	16.3	15
Papyrus Romania Srl	Subsidiary	Bucuresti	Romania	Paper and Paper Products	14.1	11
Papyrus, S.R.O.	Subsidiary	Bratislava - Stare Mesto	Slovakia	Paper and Paper Products		9
Isis Papyrus Italy SRL	Subsidiary	Ivrea, Torino	Italy	Computer Services	1.7	8
Papyrus Belgium Papier Sa	Subsidiary	Bruxelles, Bruxelles-Capitale	Belgium	Office Supplies	125.0
Papyrus Papir D.O.O.	Subsidiary	Ljubljana	Slovenia	Paper and Paper Products	9.4
Papyrus AS	Subsidiary	Tallinn	Estonia	Office Supplies
UAB Papyrus Lietuva	Subsidiary	Kaunas	Lithuania	Office Supplies
Papyrus SIA	Subsidiary	Riga	Latvia	Office Supplies
Giger Papier AG	Subsidiary	Dintikon	Switzerland	Paper and Paper Products
Vatus Medical Ab	Subsidiary	Solna, Stockholm	Sweden	Medical Equipment and Supplies
Scaldia	Subsidiary	Wijchen	Sweden	Paper and Paper Products
Papyrus Group Germany GmbH	Subsidiary	Ettlingen, Baden-Württemberg	Germany	Miscellaneous Capital Goods
Papyrus GmbH	Subsidiary	Ettlingen, Baden-Württemberg	Germany	Commercial Banks	12.9	45
Papyrus Group AB	Subsidiary	Mölndal	Sweden	Office Supplies	2,625.2	2,517
Ã…kers AB	Subsidiary	Ã…kers Styckebruk	Sweden	Iron and Steel	341.6	1,538
Meyn Food Processing Technology B.V.	Subsidiary	Oostzaan	Netherlands	Miscellaneous Capital Goods		1,200
Meyn Poultry LLC	Subsidiary	Ball Ground, GA	United States	Miscellaneous Capital Goods	15.0	150
Meyn France Sarl	Subsidiary	Questembert	France	Miscellaneous Capital Goods	3.2	14
Meyn Asia Company Limited	Subsidiary		Thailand	Fish and Livestock	0.4	10
Meyn Do Brasil-Maquinas E Equipamentos Industriais Ltda	Subsidiary	Campinas, Sao Paulo	Brazil	Fish and Livestock		4
Meyn Food Equipment Iberica Sa	Subsidiary	Sant Fruitos De Bages, Barcelona	Spain	Fish and Livestock	0.4	3
Meyn Food Processing Technology	Subsidiary	Toluca de Lerdo	Mexico	Fish and Livestock
Meyn Philippines Inc.	Subsidiary	Quezon City	Philippines	Fish and Livestock
Constructor Group AS	Subsidiary	Sandvika	Norway	Business Services	416.1	1,000
Constructor Group UK Ltd.	Subsidiary	Bromsgrove	United Kingdom	Miscellaneous Fabricated Products	23.4	3,200
Gb Storage Systems Ltd.	Subsidiary	Swindon	United Kingdom	Office Equipment
Dexion (Australia) Pty. Ltd.	Subsidiary	Blacktown, NSW	Australia	Construction - Supplies and Fixtures		200
Bruynzeel Storage Systems bv	Subsidiary	Panningen	Netherlands	Construction - Supplies and Fixtures		170
Bruynzeel Rangements	Subsidiary	Eckbolsheim	France	Construction - Supplies and Fixtures	19.3	34
Bruynzeel Storage Systems	Subsidiary	Bruxelles	Belgium	Miscellaneous Transportation	15.3	20
Constructor Finland Oy	Subsidiary	Lohja	Finland	Miscellaneous Transportation	35.3	120
Constructor Dexion (Singapore) Pte. Ltd.	Subsidiary	Singapore	Singapore	Construction - Supplies and Fixtures	1.0	100
Dexion Storage Equipment (Shanghai) Co. Ltd.	Subsidiary	Shanghai	China	Construction - Supplies and Fixtures	1.0	100
Constructor Sverige AB	Subsidiary	Göteborg	Sweden	Construction Services	40.0	68
Constructor Dexion Holland B.V.	Subsidiary	Mijdrecht, Utrecht	Netherlands	Miscellaneous Capital Goods		32
Constructor Norge AS	Subsidiary	Hovik	Norway	Construction - Supplies and Fixtures	23.0	30
Constructor Danmark A/S	Subsidiary	Roskilde, Lejre	Denmark	Construction - Supplies and Fixtures	0.0	30
Compactus & Bruynzeel AG	Subsidiary	Frauenfeld	Switzerland	Miscellaneous Transportation	1.0	26
Constructor Bruynzeel SA/NV	Subsidiary	Brussels	Belgium	Construction - Supplies and Fixtures		21
Constructor Dexion (Hong Kong) Ltd.	Subsidiary	Kwai Chung	Hong Kong	Construction - Supplies and Fixtures		10
Constructor Dexion Italia SRL	Subsidiary	Agrate Brianza, MI	Italy	Construction - Supplies and Fixtures	2.6	5
Constructor Dexion France SARL	Subsidiary	Survilliers	France	Construction - Supplies and Fixtures	0.8	4
Dexion Austria Gmbh In Liqu.	Subsidiary	Wien, Wien	Austria	Construction Services	1.0	3
Dexion s.r.o.	Subsidiary	Prague	Czech Republic	Construction - Supplies and Fixtures
Dexion Polska Sp. z.o.o.	Subsidiary	Warsaw	Poland	Miscellaneous Transportation
Constructor Danmark AS	Subsidiary	Roskilde	Denmark	Miscellaneous Transportation
Constructor Dexion (Malaysia) Ltd.	Subsidiary	Shah Alam, Selangor Darul Ehsan	Malaysia	Construction - Supplies and Fixtures
Dexion Kft.	Subsidiary	Budapest	Hungary	Construction - Supplies and Fixtures
Constructor Dexion (Thailand) Ltd.	Subsidiary	Bangkok	Thailand	Construction - Supplies and Fixtures
Constructor Lagertechnik GmbH	Subsidiary	Wipperfurth, Hammern	Germany	Construction - Supplies and Fixtures
Byggmax Group AB	Holding	Solna	Sweden	Retail (Home Improvement)	460.0	984
Carnegie Investment Bank AB	Holding	Stockholm	Sweden	Consumer Financial Services		703
Banque Carnegie Luxembourg SA	Subsidiary	Luxembourg	Luxembourg	Commercial Banks		49
Carnegie Fonder AB	Subsidiary	Stockholm, Stockholm	Sweden	Miscellaneous Financial Services	63.0	35
Carnegie Inc.	Subsidiary	New York, NY	United States	Investment Services	0.8	17
Alternativa Fonder Sverige Ab	Subsidiary	Stockholm, Stockholm	Sweden	Miscellaneous Financial Services	0.1
Carnegie Fonder AB	Subsidiary	Stockholm	Sweden	Miscellaneous Financial Services
Ferrosan A/S	Subsidiary	Søborg	Denmark	Medical Equipment and Supplies	209.5	644
Ferrosan International A/S	Subsidiary	Søborg	Denmark	Biotechnology and Drugs	70.8	171
Ferrosan Saglik Urun Ve Hizmetleri A S	Subsidiary	Istanbul (Europe)	Turkey	Personal and Household Products		92
Ferrosan do Brasil Ltda.	Subsidiary	Sao Paulo	Brazil	Biotechnology and Drugs		25
Ferrosan Poland Sp. z.o.o.	Subsidiary	Warsaw	Poland	Biotechnology and Drugs		6
Ferrosan International A/S	Subsidiary	Dallas, TX	United States	Biotechnology and Drugs		3
Ferrosan Norge AS	Subsidiary	Kolbotn	Norway	Biotechnology and Drugs	6.5	1
Ferrosan A/S	Subsidiary	Soborg, Frederiksborg	Denmark	Medical Equipment and Supplies	104.7
Oy Ferrosan AB	Subsidiary	Espoo	Finland	Biotechnology and Drugs	11.4	17
Ferrosan Czech s.r.o.	Subsidiary	Prague	Czech Republic	Healthcare Facilities
Ferrosan Ltd.	Subsidiary	London	United Kingdom	Biotechnology and Drugs
Ferrosan S.R.L	Subsidiary	Cluj-Napoca	Romania	Biotechnology and Drugs
Ferrosan International A/S	Subsidiary	Paris	France	Biotechnology and Drugs
Haarslev Industries A/S	Subsidiary	Søndersø	Denmark	Miscellaneous Capital Goods	157.7	568
Haarslev Inc.	Subsidiary	Kansas City, MO	United States	Miscellaneous Capital Goods	21.8	20
Haarslev UK Ltd.	Subsidiary	Skelmersdale	United Kingdom	Construction Services		10
Haarslev Industries GmbH	Subsidiary	Krefeld	Germany	Miscellaneous Capital Goods		4
Helly Hansen Group AS	Subsidiary	Oslo	Norway	Apparel and Accessories		500
Helly Hansen AS	Subsidiary	Oslo	Norway	Apparel and Accessories	250.3	600
Helly-Hansen Spesialprodukter AS	Subsidiary	Moss	Norway	Medical Equipment and Supplies		100
Helly-Hansen Distributie B.V.	Subsidiary	Born, Limburg	Netherlands	Apparel and Accessories		81
Helly-Hansen Deutschland Gmbh	Subsidiary	München, Bayern	Germany	Apparel and Accessories	21.5	25
Helly Hansen Italy SRL Con Unico	Subsidiary	Milano, Milano	Italy	Apparel and Accessories	7.9	4
Helly-Hansen Benelux B.V.	Subsidiary	Born, Limburg	Netherlands	Apparel and Accessories		3
Helly-Hansen (U.K.) Ltd.	Subsidiary	Bridgend	United Kingdom	Apparel and Accessories	21.9	21
Eurcen Retail (UK) Ltd.	Subsidiary	Tamworth	United Kingdom	Retail (Apparel)	5.3	38
Sarl Helly Hansen France	Subsidiary	Poisy	France	Miscellaneous Capital Goods	5.4	7
Helly-Hansen Canada Ltd	Division	Dartmouth, NS	Canada	Retail (Apparel)	23.7	100
Helly-Hansen (US), Inc.	Division	Auburn, WA	United States	Apparel and Accessories	40.0	40
Helly Hansen	Branch	Lynnwood, WA	United States	Retail (Apparel)	1.2	8
Helly Hansen	Branch	Centralia, WA	United States	Retail (Apparel)	1.2	8
Helly Hansen	Branch	Newport, RI	United States	Retail (Apparel)	1.0	8
Helly Hansen	Branch	Boise, ID	United States	Retail (Apparel)	0.7	5
Helly Hansen	Branch	Bozeman, MT	United States	Retail (Apparel)	0.7	5
Helly Hansen	Branch	Woodburn, OR	United States	Retail (Apparel)	0.7	5
Helly Hansen	Branch	Truckee, CA	United States	Retail (Apparel)	0.6	4
Helly Hansen	Branch	Annapolis, MD	United States	Retail (Apparel)	0.6	4
Helly Hansen	Branch	Seward, AK	United States	Retail (Apparel)	0.4	3
Helly-Hansen (Far East) Ltd.	Division	Hong Kong	Hong Kong	Consumer Financial Services		30
Helly Hansen Schweiz AG	Division	Zurich, Glattpark	Switzerland	Apparel and Accessories		3
Helly-Hansen Pro B.V.	Division	Eindhoven	Netherlands	Apparel and Accessories
AGR Group ASA	Subsidiary	Straume	Norway	Oil Well Services and Equipment	333.1	443
AGR Asia Pacific	Subsidiary	Melbourne, VIC	Australia	Metal Mining	12.6	130
Agr Petroleum Services As	Subsidiary	Oslo, Oslo	Norway	Business Services	135.2	42
Reservoir Evaluation Services Kazakhstan Ltd.	Subsidiary	Guildford	United Kingdom	Business Services	0.0	6
Tracs International Consultancy Ltd.	Subsidiary	Aberdeen	United Kingdom	Business Services	17.8	36
Traks Konsalt Ooo	Subsidiary	Moscow	Russian Federation	Business Services	2.1	26
Tracs International Training Ltd.	Subsidiary	Aberdeen	United Kingdom	Oil Well Services and Equipment
Agr Group (Holdings) Ltd.	Subsidiary	Aberdeen	United Kingdom	Commercial Banks		28
Agr Consultancy Solutions Ltd.	Subsidiary	Aberdeen	United Kingdom	Business Services	31.0	11
Agr Well Management Ltd.	Subsidiary	Aberdeen	United Kingdom	Business Services	20.7
Agr Solution Systems Ltd.	Subsidiary	Aberdeen	United Kingdom	Computer Services	1.5
Steinsvik & Co. AS	Subsidiary	Stavanger, Rogaland	Norway		8.9	18
Agr Holdings AS	Subsidiary	Straume	Norway	Oil and Gas Operations	7.2	7
RC Consultants AS	Subsidiary	Sandnes	Norway	Engineering Consultants	170.5	271
Agr Emiteam As	Subsidiary	Straume	Norway	Oil and Gas Operations	112.9	222
Agr Subsea AS	Subsidiary	Straume, Hordaland	Norway	Oil Well Services and Equipment	47.2	111
Oceaneering Pipetech AS	Subsidiary	Straume, Hordaland	Norway	Business Services	11.5	27
Technology Design Ltd.	Subsidiary	Winsford	United Kingdom	Miscellaneous Capital Goods	5.7	16
Rogaland Consultants AS	Subsidiary	Sandnes, Rogaland	Norway	Business Services	7.3	21
Agr Consultancy Services AS	Subsidiary	Stavanger, Rogaland	Norway	Business Services	30.5	11
Reservoir Evaluation Services (Rezervuar Ivelyueishn Services) Too	Subsidiary	Almaty	Kazakhstan	Oil Well Services and Equipment		5
Agr Asia Pacific Sdn. Bhd.	Subsidiary	Kuala Lumpur	Malaysia	Metal Mining	1.4
AGR Tunisia SA	Subsidiary	Tunis	Tunisia	Business Services
Liquegas Energy Pty Ltd.	Subsidiary	South Brisbane, QLD	Australia	Chemical Manufacturing
AGR Group Brazil Servicos	Subsidiary	Rio de Janeiro	Brazil	Metal Mining
Reservoir Service LLC	Subsidiary	Moscow	Russian Federation	Metal Mining
Tracs Consult LLC	Subsidiary	Moscow	Russian Federation	Metal Mining
AGR Asia Pacific Pty Ltd	Subsidiary	Perth, WA	Australia	Oil Well Services and Equipment
NorthStar Battery Co. LLC	Holding	Springfield, MO	United States	Electronic Instruments and Controls	219.0	400
Max Matthiessen AB	Subsidiary	Stockholm, Stockholm	Sweden	Investment Services	109.5	389
Dustin AB	Subsidiary	Stockholm	Sweden	Retail (Specialty)	461.9	341
Dustin Group AB	Subsidiary	Stockholm	Sweden	Retail (Specialty)	460.0	341
Dustin Financial Services AB	Subsidiary	Nacka Strand, Stockholm	Sweden	Rental and Leasing	8.0
Papyrus Sverige AB	Subsidiary	Mölndal	Sweden	Office Supplies	243.7	273
Spt Group As	Subsidiary	Kjeller	Norway	Biotechnology and Drugs		270
Spt Group Pty Ltd	Subsidiary	Subiaco East, WA	Australia	Engineering Consultants	5.0	20
Spt Group Gmbh	Subsidiary	Hamburg, Hamburg	Germany	Biotechnology and Drugs	1.7
SPT Group FZ LLC	Subsidiary	Dubai	United Arab Emirates	Biotechnology and Drugs
SPT Group, LLC	Subsidiary	Moscow	Russian Federation	Biotechnology and Drugs
Dustin AB	Holding	Stockholm	Sweden	Retail (Catalog and Mail Order)	518.3	200
Papyrus Groep Nederland BV	Subsidiary	Nijmegen	Netherlands	Office Supplies	137.5	170
Sonion A/S	Subsidiary	Roskilde	Denmark	Medical Equipment and Supplies	110.2	143
Sonion Polska Sp Z O O	Subsidiary	Szczecin	Poland	Medical Equipment and Supplies	73.8	150
Q-Matic AB	Subsidiary	Mölndal, Västra Götaland	Sweden	Business Services	38.8	90
Q Matic Sistemas Sa	Subsidiary	Alcobendas, Madrid	Spain	Business Services	2.2	24
Qmatic Holland B.V.	Subsidiary	Katwijk Zh, Zuid-Holland	Netherlands	Miscellaneous Transportation		22
Q-Matic(Shanghai)Techinologies Co., Ltd.	Subsidiary	Shanghai, Shanghai	China	Business Services		20
Q-Matic Del Peru Sociedad Anonima Cerrada	Subsidiary	San Isidro, Lima	Peru	Business Services		12
Q-Matic Sverige AB	Subsidiary	Mölndal, Västra Götaland	Sweden	Computer Hardware	1.7	11
Q-MATIC Australia	Subsidiary	Alexandria, NSW	Australia	Business Services	1.7	10
Q Matic France	Subsidiary	Villejuif, Val De Marne	France	Business Services	2.8	8
Q-Matic Norge AS	Subsidiary	Oslo, Oslo	Norway	Business Services	2.3	5
Q Matic De Mexico, S.A. De C.V.	Subsidiary	Ciudad De Mexico, Distrito Federal	Mexico	Business Services	0.0	1
Q-matic Italy S.r.l.	Subsidiary	Roma	Italy	Business Services
Q-matic Poland Sp. z o.o.	Subsidiary	Warsaw	Poland	Business Services
Piab AB	Subsidiary	Täby, Stockholm	Sweden	Miscellaneous Capital Goods	42.5	78
Piab Polska Sp Z O O	Subsidiary	Gdansk	Poland	Miscellaneous Capital Goods	3.2	22
PIAB Vakuum GmbH	Subsidiary	Butzbach, Hessen	Germany	Scientific and Technical Instruments		20
Piab Sa	Subsidiary	St Thibault Des Vignes	France	Construction and Agriculture Machinery	6.3	14
Piab (Shanghai) Co.,Ltd	Subsidiary	Shanghai, Shanghai	China	Miscellaneous Capital Goods		12
Piab Do Brasil Produtos Para Vácuo Ltda.	Subsidiary	Jundiai, Sao Paulo	Brazil	Miscellaneous Capital Goods		11
Piab Japan Ltd.	Subsidiary	Toda, Saitama	Japan	Miscellaneous Capital Goods	1.4	9
Piab Italia SRL	Subsidiary	Torino, Torino	Italy	Miscellaneous Capital Goods	4.4	6
PIAB Asia Pacific Pte Ltd	Subsidiary	Singapore	Singapore	Miscellaneous Capital Goods	4.4	4
Vacio Piab Sl	Subsidiary	Castelldefels, Barcelona	Spain	Miscellaneous Capital Goods	1.4	4
Wrist Group A/S	Subsidiary	Noerresundby	Denmark	Oil and Gas Operations	8,045.3
O W Bunker & Trading A/S	Subsidiary	Noerresundby	Denmark	Oil and Gas Operations	7,647.0	453
O.W. Bunker Far East (Singapore) Pte Ltd	Subsidiary	Singapore	Singapore	Oil and Gas Operations	1,338.9	11
O.W. Bunkers (UK) Ltd.	Subsidiary	Windsor	United Kingdom	Personal and Household Products	506.7	10
O.W. Bunker China Limited	Subsidiary	Wan Chai, Hong Kong	Hong Kong	Oil and Gas Operations	500.0	8
BBS Bremer Bunkerservice GmbH	Subsidiary	Bremen, Bremen	Germany	Oil and Gas Operations		1
Ove Wrist & Co A/S	Subsidiary	Noerresundby	Denmark	Miscellaneous Capital Goods	284.3	450
Wrist Middle East (U.A.E) Llc.	Subsidiary	Sharjah, Sharjah	United Arab Emirates	Water Transportation		80
Wrist Far East (Singapore) Pte Ltd	Subsidiary	Singapore	Singapore	Water Transportation	30.3	50
Wrist Europe (Marseille)	Subsidiary	Sete	France	Appliance and Tool	6.9	14
Wrist Europe (Rotterdam) B.V.	Subsidiary	Vondelingenplaat Rt, Zuid-Holland	Netherlands	Chemical Manufacturing		11
Wrist Shipping A/S	Subsidiary	Nørresundby	Denmark	Trucking
J A Arocha Sociedad Limitada	Subsidiary	Las Palmas De Gran Canaria, Las Palmas	Spain	Trucking	6.7	10
Saga Shipping ApS	Subsidiary	Skagen	Denmark	Trucking	0.0	5
Schultz Shipping Copenhagen A/S	Subsidiary	Kobenhavn, København	Denmark	Trucking	1.0	3
Frederikshavn Shipping Aps	Joint Venture	Frederikshavn, Nordjylland	Denmark	Trucking	0.5	3
O. W. Bunker Holding	Subsidiary
O.W. Supply & Trading A/S	Subsidiary	Nørresundby	Denmark	Water Transportation	1,677.7	15
Piab Vakuum AG	Subsidiary	Wiler bei Seedorf	Switzerland	Miscellaneous Capital Goods
Piab Korea Ltd.	Subsidiary	Seoul	Korea, Republic of	Miscellaneous Capital Goods
Northstar Marine Electronics	Holding	Acton, MA	United States	Aerospace and Defense		45
Ã…KERS AB	Subsidiary	Ã…kers Styckebruk	Sweden	Iron and Steel	159.6	32
Ã…kers France SA	Subsidiary	Thionville	France	Miscellaneous Capital Goods	103.9	341
Akers Belgium	Subsidiary	Seraing	Belgium	Miscellaneous Capital Goods	2.0	53
Walzengiesserei Meiderich GmbH	Subsidiary	Duisburg, Nordrhein-Westfalen	Germany	Iron and Steel		144
Ã…kers Specialty Rolls AB	Subsidiary	Ã…kers Styckebruk	Sweden	Miscellaneous Capital Goods	9.9	29
Akers Brazil Ltda.	Subsidiary	Piracicaba, Sao Paulo	Brazil	Miscellaneous Capital Goods		5
Akers Uk Ltd.	Subsidiary	Sheffield	United Kingdom	Iron and Steel	0.1	1
Ã…kers Istanbul Ltd.	Subsidiary	Istanbul	Turkey	Miscellaneous Capital Goods
Ã…kers Cairo LLC	Subsidiary	Cairo	Egypt	Miscellaneous Capital Goods
Ã…kers Iberia S.L.	Subsidiary	Madrid	Spain	Miscellaneous Capital Goods
Ã…kers Pacific Pte.Ltd.	Subsidiary	Singapore	Singapore	Miscellaneous Capital Goods
Brookes & Gatehouse Ltd.	Subsidiary	Romsey	United Kingdom	Nonclassifiable Industries		30
Navico Norway AS	Subsidiary	Lysaker, Akershus	Norway	Electronic Instruments and Controls	2.2	10
Navico Australia	Subsidiary	Lane Cove, NSW	Australia	Scientific and Technical Instruments	3.3	25
Navico APAC Limited	Subsidiary	Auckland	New Zealand	Scientific and Technical Instruments
Navico Marine Electronics S.L.	Subsidiary	Barcelona	Spain	Electronic Instruments and Controls
Helly Hansen Holding As	Subsidiary	MOSS	Norway	Apparel and Accessories
Apotek Hjärtat	Subsidiary	Solna	Sweden	Retail (Drugs)
Relacom Holding As	Subsidiary
Relacom AB	Subsidiary	Stockholm	Sweden	Communications Equipment	266.2	2,175
Relacom AS	Subsidiary	Oslo	Norway	Communications Equipment	328.3	1,879
Orbion Consulting AS	Subsidiary	Oslo, Oslo	Norway	Software and Programming	8.4	29
Westnet AS	Subsidiary	Stavanger, Rogaland	Norway	Business Services	4.3	15
Relacom México, S.A. De C.V.	Subsidiary	Tlalnepantla De Baz, Estado De Mexico	Mexico	Construction Services	8.4	154
Relacom Denmark A/S	Subsidiary	Taastrup	Denmark	Construction Services	0.0	75
Relacom A/S	Subsidiary	Taastrup	Denmark	Communications Equipment
Lindorff Group	Subsidiary
Lindorff AS	Joint Venture	Oslo	Norway	Business Services		671
Lindorff Oy	Subsidiary	Turku	Finland	Consumer Financial Services	86.2	500
Lindorff Sverige AB	Subsidiary	Stockholm	Sweden	Consumer Financial Services	3.4	200
Lindorff Deutschland GmbH	Subsidiary	Heppenheim (Bergstraße), Hessen	Germany	Miscellaneous Financial Services		200
Lindorff Netherlands B.V.	Subsidiary	Zwolle	Netherlands	Consumer Financial Services		170
Lindorff B.V.	Subsidiary	Zwolle, Overijssel	Netherlands	Consumer Financial Services		150
Lindorff A/S	Subsidiary	Tastrup	Denmark	Consumer Financial Services	0.0	75
Senzum AB	Subsidiary	Linköping, Östergötland	Sweden	Communications Services	4.6	74
Lindorff Oy Latvijas Filiale Filiale	Subsidiary	Riga	Latvia	Business Services	1.4	39
Lindorff Obligations AS	Subsidiary	Oslo, Oslo	Norway		7.7	18
Lindorff Sverige AB	Subsidiary	Göteborg, Västra Götaland	Sweden	Business Services	22.6
Lindorff Sverige AB	Subsidiary	Stockholm, Stockholm	Sweden	Business Services	22.6
Lindorff Sverige AB	Subsidiary	Stockholm, Stockholm	Sweden	Business Services	108.1	218
Mirror Accounting AB	Subsidiary	Kista, Stockholm	Sweden	Business Services	11.3	115
Lindorff Eesti AS	Subsidiary	Tallinn	Estonia	Consumer Financial Services
EBH Finansservice A/S	Subsidiary	Horsens	Denmark	Real Estate Operations		118
Solveon Incasso B.V.	Subsidiary	Amersfoort, Utrecht	Netherlands	Business Services		92

Executives Report

Board of Directors

Name	Title	Function
Claus Nielsen	President	Chairman
Peter Christopher Vestermark Bason	Board Member	Director/Board Member
Søren Dan Johansen	Bestyrelsesformand	Director/Board Member
Leif Østergaard Nielsen	Board Member	Director/Board Member
Thomas Stegeager Kvorning	Bestyrelsesnæstformand	Director/Board Member

Executives

Name	Title	Function
Claus Ostergaard Nielsen	CEO	Chief Executive Officer
Claus Nielsen	President	President
Lars Vestergaard	Chief Operating Officer	Operations Executive
Leo Bøgebjerg	IT Manager, Finance Manager	Finance Executive
Henning Haugaard	Sales Director	Sales Executive
Peter E. Madsen	Technical Executive	Engineering/Technical Executive
Carsten Ravnshøj	R&D / Engineering Executive	Engineering/Technical Executive
Leif Andersen	Production Director	Product Management Executive
Henrik Devantier	Purchasing Executive	Purchasing Executive

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	DKK	DKK	DKK
Exchange Rate (Period Average)	5.358236	5.623146	5.354263
Consolidated	Yes	Yes	Yes
Total Revenue	195.4	157.8	113.2
Gross Profit	44.4	28.7	20.1
Operating Income	26.2	12.7	5.5
Net Income	15.2	5.0	-1.5

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	DKK	DKK	DKK
Exchange Rate	5.72535	5.55485	5.18625
Consolidated	Yes	Yes	Yes
Total Assets	163.7	161.7	141.3
Provisions	12.4	10.2	5.5
Total Liabilities	-	-	124.9
Total Equity	25.5	16.6	10.9

Annual Ratios

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	-	-	-
Exchange Rate	-	-	-
Consolidated	Yes	Yes	Yes
Operating Margin	13.43	8.06	4.83
Current Ratio	122.33	129.07	159.07
Total debt/total equity	15.58	10.24	7.70
Return on average equity	55.64	30.41	-

Annual Growth Rates

	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months
Filed Currency	-	-
Exchange Rate	-	-
Consolidated	Yes	Yes
Turnover Percent Change	18.03%	46.34%
Marginal Contribution Percent Change	47.30%	50.27%
Operating Results Percent Change	96.63%	144.30%
Profit/Loss for the Year Percent Change	190.75%	452.00%
Assets Percent Change	4.37%	22.54%
Provisions Percent Change	25.38%	98.28%
Equity Capital Percent Change	58.89%	62.90%
Operating Margin Percent Change	66.63%	66.87%
Current Ratio Percent Change	-5.22%	-18.86%
Debt/Equity Ratio Percent Change	52.15%	32.99%
Retun On Equity Percent Change	82.97%	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.33
UK Pound	1	Rs.89.05
Euro	1	Rs.72.57

INFORMATION DETAILS

Report Prepared by :

PRL

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.