MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	DAMSTAHL A/S
Registered Office :	Danmarksvej 28, Skanderborg, 8660
Country :	Denmark
Financials (as on) :	31.12.2012
Year of Establishment :	1969
Com. Reg. No.:	23256118
Legal Form :	Private Subsidiary
Line of Business :	Subject engaged in fabricating, such as cutting, threading and bending metal pipes and pipe fittings made from purchased metal pipe.
No. of Employees :	255

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 :	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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 a high standard of living 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, has since continued to decline. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. The global financial crisis cut Danish real GDP in 2008-09. 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 2010-12, 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 delivered a modest stimulus to the economy in 2012. Nonetheless, Denmark's fiscal position remains among the strongest in the EU with public debt at about 45% of GDP in 2012. 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.

Source : CIA

COMPANY NAME & ADDRESS

DAMSTAHL A/S

Danmarksvej 28

Skanderborg, 8660

Denmark

Tel: 45 87 94 40 00

Fax: 45 87 94 41 51

 Website: www.damstahl.dk

SYNTHESIS

Employees: 255

Company Type: Private Subsidiary

Corporate Family: 5 Companies

Ultimate Parent: Damstahl AG

Incorporation Date: 1969

Financials in: USD (mil)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Danish Krone

Annual Sales: 321.2

Total Assets: NA

Business Description

Damstahl a/s is primarily engaged in fabricating, such as cutting, threading and bending metal pipes and pipe fittings made from purchased metal pipe.

Industry

Industry Metals and Minerals Wholesale

ANZSIC 2006: 3322 - Metal and Mineral Wholesaling

ISIC Rev 4: 4662 - Wholesale of metals and metal ores

NACE Rev 2: 4672 - Wholesale of metals and metal ores

NAICS 2012: 423510 - Metal Service Centers and Other Metal Merchant Wholesalers

UK SIC 2007: 4672 - Wholesale of metals and metal ores

US SIC 1987: 5051 - Metals Service Centers and Offices

 Key Executives

Name	Title
Jens Harmsen	Group Finance Director and Chief Financial Officer
Brian Sejr	Sales Manager
Per Molberg	Administration Executive
John Rixen	Group IT Manager
Lars Flojstrup Degn	Logistics Manager

News

Title	Date
No substantial improvement in stainless steel market before early 2014 - Damsthal Steel Guru (197 Words)	25-Oct-2013
Damstahl: Lower activity in European stainless steel market in H1 SteelOrbis (324 Words)	13-Aug-2013
Damstahl sees stainless steel demand to drop 3% this year Steel Guru (136 Words)	13-Aug-2013
European stainless steel Q1 output down 3% Steel Guru (170 Words)	25-Jun-2013
Damstahl sees European stainless steel demand remain weak Steel Guru (92 Words)	21-Jun-2013
Damstahl: European stainless steel output down 3% in Q1 SteelOrbis (279 Words)	21-Jun-2013

Registered No.(DNK): 23256118

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
Danmarksvej 28
Skanderborg, 8660
Denmark

Tel:	45 87 94 40 00
Fax:	45 87 94 41 51

www.damstahl.dk

Sales DKK(mil):	1,806.0
Assets DKK(mil):	NA
Employees:	255
Fiscal Year End:	31-Dec-2010

Industry:	Miscellaneous Capital Goods

Incorporation Date:	1969
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(DNK):	23256118

Bestyrelsesformand:	Harry Joseph Ehrenberg

Industry Codes

ANZSIC 2006 Codes:
3322	-	Metal and Mineral Wholesaling

ISIC Rev 4 Codes:
4662	-	Wholesale of metals and metal ores

NACE Rev 2 Codes:
4672	-	Wholesale of metals and metal ores

NAICS 2012 Codes:
423510	-	Metal Service Centers and Other Metal Merchant Wholesalers

US SIC 1987:
5051	-	Metals Service Centers and Offices

UK SIC 2007:
4672	-	Wholesale of metals and metal ores

Business Description

Wholesale of iron and steel products

More Business Descriptions

Damstahl a/s is primarily engaged in fabricating, such as cutting, threading and bending metal pipes and pipe fittings made from purchased metal pipe.

Iron and Steel Mills and Ferroalloy Manufacturing

Financial Data

Financials in:	DKK(mil)
Revenue:	1,806.0
Date of Financial Data:	31-Dec-2010

1 Year Growth

NA

Subsidiaries

Company	Percentage Owned	Country
Damstahl AB	100%	SWEDEN

Key Corporate Relationships

Bank:	Giro Account 7057210

CORPORATE FAMILY	CORPORATE STRUCTURE NEWS:
	Damstahl A/S
Damstahl A/S Total Corporate Family Members: 5

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Damstahl AG	Parent
Damstahl A/S	Subsidiary	Skanderborg	Denmark	Metals and Minerals Wholesale	321.2	255
Damstahl GmbH	Subsidiary	Langenfeld (Rheinland), Nordrhein-Westfalen	Germany	Metals and Minerals Wholesale	152.1	90
Damstahl AB	Subsidiary	Malmö	Sweden	Metals and Minerals Wholesale	54.8	54
Neumo UK Ltd.	Subsidiary	Telford	United Kingdom	Miscellaneous Personal Services	9.1	12

Executives Report

Board of Directors

Name	Title	Function
Harry Joseph Ehrenberg	Bestyrelsesformand	Chairman
Wolf Ehrenberg	Bestyrelsesnstformand	Deputy Chairman
Casper Moltke	Board Member	Director/Board Member
Ilona Senderowicz	Board Member	Director/Board Member

Executives

Name	Title	Function
Illhami Alici	Group Logistics Director	Division Head Executive
Jens Harmsen	Group Finance Director and Chief Financial Officer	Division Head Executive
Adam Nathansen	Group Purchasing Manager	Division Head Executive
Kaj Nielsen	Group Purchasing Director	Division Head Executive
Svend-Erik Olsen	Group Purchasing Manager	Division Head Executive
Mikael Staalros	Managing Director	Managing Director
Jan-Mikael Sthaalros	Managing Director / Director	Managing Director
Per Molberg	Administration Executive	Administration Executive
Michael Lund	Sales Director	Sales Executive
Brian Sejr	Sales Manager	Sales Executive
John Rixen	Group IT Manager	Information Executive
Lars Flojstrup Degn	Logistics Manager	Logistics Executive

News
	No substantial improvement in stainless steel market before early 2014 - Damsthal Steel Guru (197 Words)	25-Oct-2013
	Damstahl: Lower activity in European stainless steel market in H1 SteelOrbis (324 Words)	13-Aug-2013
	Damstahl sees stainless steel demand to drop 3% this year Steel Guru (136 Words)	13-Aug-2013
	European stainless steel Q1 output down 3% Steel Guru (170 Words)	25-Jun-2013
	Damstahl sees European stainless steel demand remain weak Steel Guru (92 Words)	21-Jun-2013
	Damstahl: European stainless steel output down 3% in Q1 SteelOrbis (279 Words)	21-Jun-2013
	European stainless steel demand remains sluggish: Damstahl Mjunction.in (263 Words)	21-Jun-2013
	European stainless steel output down Stainless Steel (36 Words)	27-May-2013
	European stainless steel output down slightly in Jan to Feb Steel Guru (304 Words)	11-May-2013
	Damstahl: European stainless steel output down slightly in Jan-Feb SteelOrbis (344 Words)	09-May-2013
	European stainless steel output stable in January - Damstahl Steel Guru (180 Words)	15-Apr-2013

Annual Profit & Loss

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	DKK	DKK	DKK
Exchange Rate (Period Average)	5.793028	5.358236	5.623146
Consolidated	Yes	Yes	Yes
Total Revenue	341.9	408.1	321.1
Gross Profit	55.7	60.0	58.7
Operating Income	5.2	7.5	14.5
Net Income	6.2	7.6	11.5

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Filed Currency	DKK	DKK	DKK
Exchange Rate	5.6443	5.72535	5.55485
Consolidated	Yes	Yes	Yes
Total Assets	166.4	164.5	153.8
Provisions	3.4	3.6	3.5
Total Equity	98.9	92.2	92.2

Annual Ratios

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	-	-	-
Exchange Rate	-	-	-
Consolidated	Yes	Yes	Yes
Operating Margin	1.51	1.83	4.52
Current Ratio	209.28	201.51	221.29
Total debt/total equity	59.45	56.04	59.97
Return on average equity	6.45	7.70	12.64

Annual Growth Rates

	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months
Filed Currency	-	-
Exchange Rate	-	-
Consolidated	Yes	Yes
Turnover Percent Change	-9.42%	21.09%
Marginal Contribution Percent Change	0.37%	-2.73%
Operating Results Percent Change	-25.28%	-51.11%
Profit/Loss for the Year Percent Change	-11.47%	-37.21%
Assets Percent Change	-0.26%	10.21%
Provisions Percent Change	-7.05%	8.30%
Equity Capital Percent Change	5.80%	3.00%
Operating Margin Percent Change	-17.49%	-59.51%
Current Ratio Percent Change	3.86%	-8.94%
Debt/Equity Ratio Percent Change	6.08%	-6.55%
Retun On Equity Percent Change	-16.23%	-39.08%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.29
UK Pound	1	Rs.101.36
Euro	1	Rs.84.59

INFORMATION DETAILS

Report Prepared by :

NLM

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%)

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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.