MIRA INFORM REPORT

Report Date :

17.07.2013

IDENTIFICATION DETAILS

Name :	ELPRESS AB
Registered Office :	Industrivagen 15, PO Box 186, Kramfors, 87232
Country :	Sweden
Financials (as on) :	31.03.2012
Year of Establishments:	1932
Com. Reg. No.:	5560315607
Legal Form :	Private Subsidiary Company
Line of Business :	Wholesaler of Electronic Parts & Equipment
No. of Employees :	150

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 – March 31^st 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Sweden	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

sweden ECONOMIC OVERVIEW

Aided by peace and neutrality for the whole of the 20th century, Sweden has achieved an enviable standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. It has a modern distribution system, excellent internal and external communications, and a highly skilled labor force. In September 2003, Swedish voters turned down entry into the euro system concerned about the impact on the economy and sovereignty. Timber, hydropower, and iron ore constitute the resource base of an economy heavily oriented toward foreign trade. Privately owned firms account for vast majority of industrial output, of which the engineering sector accounts for about 50% of output and exports. Agriculture accounts for little more than 1% of GDP and of employment. Until 2008, Sweden was in the midst of a sustained economic upswing, boosted by increased domestic demand and strong exports. This and robust finances offered the center-right government considerable scope to implement its reform program aimed at increasing employment, reducing welfare dependence, and streamlining the state's role in the economy. Despite strong finances and underlying fundamentals, the Swedish economy slid into recession in the third quarter of 2008 and growth continued downward in 2009 as deteriorating global conditions reduced export demand and consumption. Strong exports of commodities and a return to profitability by Sweden's banking sector drove the strong rebound in 2010, which continued in 2011, but growth slipped to 1.2% in 2012. The government proposed stimulus measures in 2012 to curb the effects of a global economic slowdown and boost employment and growth.

Source : CIA

Company name & address

Elpress AB

Industrivagen 15

PO Box 186

Kramfors, 87232

Sweden

Tel: 46-612717100

Fax: 46-61213020

Web www.elpress.se

Synthesis

Employees: 150

Company Type: Private Subsidiary

Corporate Family: 47 Companies

Ultimate Parent: Lagercrantz Group AB

Incorporation Date: 1932

Financials in: USD (Millions)

Fiscal Year End: 31-Mar-2012

Reporting Currency: Swedish Krona

Annual Sales: 37.5

Net Income: 4.8

Total Assets: 20.8

Business Description

Electronic Parts & Equipment Wholesaler

Industry

Industry Electronic Instruments and Controls

ANZSIC 2006: 3494 - Other Electrical and Electronic Goods Wholesaling

NACE 2002: 5186 - Wholesale of other electronic parts and equipment

NAICS 2002: 423690 - Other Electronic Parts and Equipment Merchant Wholesalers

UK SIC 2003: 5186 - Wholesale of other electronic parts and equipment

UK SIC 2007: 4652 - Wholesale of electronic and telecommunications equipment and parts

US SIC 1987: 5065 - Electronic Parts and Equipment, Not Elsewhere Classified

Key Executives

Name	Title
Sten Alfredsson	Managing Director
Peter Nyberg	Finance Manager
BOrje Brandefelt	Sales Director
Lars Eriksson	Purchasing Executive
Hans-Olof Haugen	ledamot

1 - Profit & Loss Item Exchange Rate: USD 1 = SEK 6.558241

2 - Balance Sheet Item Exchange Rate: USD 1 = SEK 6.680894

Corporate Overview

Location

Industrivagen 15

PO Box 186

Kramfors, 87232

Sweden

Tel: 46-612717100

Fax: 46-61213020

Web: www.elpress.se

Sales SEK(mil): 245.7

Assets SEK(mil): 138.6

Employees: 150

Fiscal Year End: 31-Mar-2012

Industry: Electronic Instruments and Controls

Incorporation Date: 1932

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(SWE): 5560315607

Managing Director: Sten Alfredsson

Industry Codes

ANZSIC 2006 Codes:

3494 - Other Electrical and Electronic Goods Wholesaling

NACE 2002 Codes:

5186 - Wholesale of other electronic parts and equipment

NAICS 2002 Codes:

423690 - Other Electronic Parts and Equipment Merchant Wholesalers

US SIC 1987:

5065 - Electronic Parts and Equipment, Not Elsewhere Classified

UK SIC 2003:

5186 - Wholesale of other electronic parts and equipment

UK SIC 2007:

4652 - Wholesale of electronic and telecommunications equipment and parts

Business Description

Electronic Parts & Equipment Whslr

More Business Descriptions

Elpress AB is primarily engaged in manufacturing noncurrent-carrying wiring devices.

Financial Data

Financials in:	SEK(mil)
Revenue:	245.7
Net Income:	31.2
Assets:	138.6
Total Liabilities:	80.6
Date of Financial Data:	31-Mar-2012

1 Year Growth

NA

NA

NA

Key Corporate Relationships

Bank:	Nordea

Corporate Family	Corporate Structure News:
	Lagercrantz Group AB Elpress AB
Elpress AB Total Corporate Family Members: 47

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Lagercrantz Group AB	Parent	Stockholm	Sweden	Electronic Instruments and Controls	345.4	889
Elpress AB	Subsidiary	Kramfors	Sweden	Electronic Instruments and Controls	37.5	150
Elpress GmbH	Subsidiary	Viersen	Germany	Electronic Instruments and Controls		7
Elpress A/S	Subsidiary	Silkeborg	Denmark	Electronic Instruments and Controls	0.0	6
Elpress (Beijing) Electrical Components Co. Ltd	Subsidiary	Beijing	China	Electronic Instruments and Controls
Elfac A/S	Subsidiary	Silkeborg	Denmark	Electronic Instruments and Controls	0.0	100
EFC Finland OY	Subsidiary	Vaasa, Helsingby	Finland	Electronic Instruments and Controls	7.1	60
Nordic Alarm AB	Subsidiary	Solna	Sweden	Miscellaneous Capital Goods	6.8	60
Enkom Oy	Subsidiary	Vaasa	Finland	Electronic Instruments and Controls		60
Kablageproduktion i Vasteras AB	Subsidiary	Vasteras	Sweden	Construction - Supplies and Fixtures	14.3	50
ISIC A/S	Subsidiary	Brabrand	Denmark	Computer Hardware	0.0	35
Unitronic AG	Subsidiary	Düsseldorf, Nordrhein-Westfalen	Germany	Electronic Instruments and Controls		30
STV Video Data AB	Subsidiary	Solna	Sweden	Communications Services		30
Svensk Stalinredning AB	Subsidiary	Varnamo	Sweden	Construction Services	11.8	28
Acquisition of Frontwall AB proposed/announced.See corporate structure news on Lagercrantz Group AB for details
Walter Meier (Klima Deutschland) GmbH	Subsidiary	Garching B. München, Bayern	Germany	Miscellaneous Capital Goods	73.1	35
Acquisition by Swegon AB proposed/announced.See corporate structure news on Lagercrantz Group AB for details Recently acquired (previously owned by Walter Meier AG).See corporate structure news on Lagercrantz Group AB for details
STV Sv Tele & Video Konsult AB	Subsidiary	Solna	Sweden	Motion Pictures	15.3	27
Idesco Oy	Subsidiary	Oulu	Finland	Engineering Consultants	7.7	26
Idesco UK Ltd	Subsidiary	Aberdeen	United Kingdom	Business Services	0.2
Plåt & Spiralteknik i Torsås AB	Subsidiary	Torsås, Kalmar	Sweden	Miscellaneous Capital Goods	6.4	25
ACTE A/S	Subsidiary	Brondby	Denmark	Electronic Instruments and Controls	0.0	25
Acte AS	Subsidiary	Skedsmokorset	Norway	Miscellaneous Capital Goods		25
Betech Data A/S	Subsidiary	Albertslund	Denmark	Software and Programming		25
Swed Wire AB	Subsidiary	Varberg, Halland	Sweden	Miscellaneous Fabricated Products	11.0	23
Acta Solutions AB	Subsidiary	Solna	Sweden	Electronic Instruments and Controls	19.1	22
Norwesco AB	Subsidiary	Taby	Sweden	Electronic Instruments and Controls	8.1	22
COBS AB	Subsidiary	Västra FrOlunda, Västra GOtaland	Sweden	Electronic Instruments and Controls	8.9	21
Lagercrantz Communication AB	Subsidiary	Solna	Sweden	Electronic Instruments and Controls	2.4	20
CAD-Kompagniet A/S	Subsidiary	Albertslund	Denmark	Computer Networks	0.0	20
ACTE Sp. z o.o.	Subsidiary	Warsaw	Poland	Computer Hardware		20
Direktronik AB	Subsidiary	Nynashamn	Sweden	Electronic Instruments and Controls	7.6	18
ACTE Supply AB	Subsidiary	Norrkoping	Sweden	Electronic Instruments and Controls		18
Vanpee AB	Subsidiary	Solna, Stockholm	Sweden	Electronic Instruments and Controls	10.7	17
Acte Oy	Subsidiary	Helsinki	Finland	Electronic Instruments and Controls	6.7	15
Heath Comm AS	Subsidiary	Bergen	Norway	Computer Hardware	7.7	14
K & K Active Oy	Subsidiary	Helsingfors	Finland	Electronic Instruments and Controls	7.0	12
ACTE Solutions AB	Subsidiary	Solna	Sweden	Electronic Instruments and Controls	20.1	10
ISG Systems AB	Subsidiary	Hoganas	Sweden	Electronic Instruments and Controls	3.1	10
VP LED-Belysning AB	Subsidiary	NykOping, SOdermanland	Sweden	Electronic Instruments and Controls	7.0	9
Vendig AB	Subsidiary	Skara, Västra GOtaland	Sweden	Miscellaneous Capital Goods	3.3	9
Thermod AB	Subsidiary	Klässbol, Värmland	Sweden	Retail (Home Improvement)	5.0	6
Acte Components Ltd	Subsidiary	Hampshire	United Kingdom	Electronic Instruments and Controls		6
SECOS GmbH	Subsidiary	Baar	Switzerland	Electronic Instruments and Controls
Lagercrantz A/S	Subsidiary	Brondby	Denmark	Electronic Instruments and Controls
Vanpee & Westerberg A/S	Subsidiary	Brondby	Denmark	Electronic Instruments and Controls		10
COBS AB	Subsidiary	Gothenburg	Sweden	Communications Equipment
Leteng AS	Subsidiary	Oslo	Norway	Electronic Instruments and Controls
Lagercrantz Asia Ltd	Subsidiary	Hong Kong	Hong Kong	Electronic Instruments and Controls

Executive report

Board of Directors

Name	Title	Function
Hans-Olof Haugen	ledamot	Director/Board Member
Anna Lise-Lotte Hellgren VÃ¥gstrOm	ledamot	Director/Board Member
BjOrn Mikael Sahlberg	ledamot	Director/Board Member
Bengt Johan Sandberg	verkst dir, ledamot	Director/Board Member
PÃ¥l JOrgen Wigh	ledamot	Director/Board Member

Executives

Name	Title	Function
Sten Alfredsson	Managing Director	Managing Director
Bengt Johan Sandberg	verkst dir, ledamot	Managing Director
Peter Nyberg	Finance Manager	Finance Executive
BOrje Brandefelt	Sales Director	Sales Executive
Magnus Edvall	Sales Director	Sales Executive
Andreas Renmar	Sales Director	Sales Executive
Anders TÃ¥ngring	Marketing / Communication Executive	Marketing Executive
Lars Eriksson	Purchasing Executive	Purchasing Executive

Annual Profit & Loss

	31-Mar-2012	31-Mar-2011	31-Mar-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	SEK	SEK	SEK
Exchange Rate (Period Average)	6.558241	7.033019	7.353727
Consolidated	Yes	Yes	Yes
Total Revenue	41.8	35.1	27.7
Gross Profit	7.0	4.5	3.1
Net Financial Items	0.1	0.4	-0.2
Operating Income	6.4	4.0	2.7
Income Before Tax	6.5	4.3	2.5
Net Income	4.8	3.2	1.8

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010
Filed Currency	SEK	SEK	SEK
Exchange Rate	6.680894	6.3084	7.197
Consolidated	Yes	Yes	Yes
Total Assets	20.8	21.0	15.8
Total Liabilities	12.1	11.0	7.4
Total Equity	8.7	10.0	8.4

Annual Ratios

	31-Mar-2012	31-Mar-2011	31-Mar-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	-	-	-
Exchange Rate	-	-	-
Consolidated	Yes	Yes	Yes
Operating Margin	15.90	12.58	10.53
Current Ratio	154.12	171.42	183.60
Total debt/total equity	41.84	47.57	52.98
Return on average equity	73.19	48.42	30.27

Annual Growth Rates

	31-Mar-2011	31-Mar-2010
Period Length	12 Months	12 Months
Filed Currency	-	-
Exchange Rate	-	-
Consolidated	Yes	Yes
Turnover Percent Change	10.91%	21.40%
Marginal Contribution Percent Change	46.20%	37.69%
Net Financial Items Percent Change	-87.16%	281.07%
Operating Results Percent Change	50.70%	42.40%
Profit/Loss Before Tax Percent Change	38.96%	67.96%
Profit/Loss for the Year Percent Change	38.79%	70.19%
Assets Percent Change	4.53%	16.92%
Debts Percent Change	15.98%	30.35%
Equity Capital Percent Change	-8.08%	4.99%
Operating Margin Percent Change	26.39%	19.47%
Current Ratio Percent Change	-10.09%	-6.63%
Debt/Equity Ratio Percent Change	-12.05%	-10.21%
Return On Equity Percent Change	51.16%	59.96%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.39
UK Pound	1	Rs.89.90
Euro	1	Rs.77.23

INFORMATION DETAILS

Report Prepared by :

MNL

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.