MIRA INFORM REPORT

Report Date :

02.08.2014

IDENTIFICATION DETAILS

Name :	DACAPO STAINLESS A/S

Registered Office :	Neptunvej 1, Silkeborg 8600

Country :	Denmark

Date of Incorporation :	05.07.2002

Com. Reg. No.:	26688248

Legal Form :	Limited Company

Line of Business :	Wholesaler of metals and metal ores

No of Employees :	50

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow

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 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Denmark

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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, have since continued to decline. Household indebtedness is still relatively high at more than 275% of gross disposable income in the first half of 2013. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. Denmark made a modest recovery in 2010, 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 2010-13, 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, where it remains. 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 46% of GDP in 2013. 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 Summary

Business Name	Dacapo Stainless A/S
Country	DENMARK
Company Registration Number/CVR	26688248
Main Code	467200
Main Activity	Wholesale of metals and metal ores
Company Status	Active
Latest Revenue
Latest Shareholder Equity	2.698
Provider Rating Description	Businesses at this level are regarded as creditworthy. Small businesses at this level generate results which are among the best in the country or are run on a sound financial platform. Large businesses at this level have good results or are normally run on a sound financial platform.

Accounts

Profit and Loss
Financial Date	2013	2012	2011
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Revenue	392.168.000	359.605.000	393.334.000
Operating Profit	3.708.000	7.769.000	4.427.000
Retained Profit	-4.669.000	-1.758.000	-4.229.000

Balance Sheet

Financial Date	2013	2012	2011
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Total Assets	193.669.000	206.330.000	199.102.000
Other Reserves	2.698.000	2.698.000	1.875.000

Contact Information

Main Address
Address	Country	Telephone
Neptunvej 1, Silkeborg 8600	DENMARK	87430000

Email Addresses

adm@dacaposteel.com

Web Pages

www.dacapo.com

Share Capital Structure

Currency	DKK
Nominal Share Capital	2.222.500

Directors/Managers

Current Directors
Name	Position	Start Date
Kristian Saxtrup Sylvest	Managing director
Henrik Saxtrup Sylvest	General manager
Andy Norregaard Andersen	Chairman
Jesper Klein-Petersen	Member of the board
Michael Mortensen	Member of the board
Jesper Christensen	Finance
Kim Hansen	Production
Jesper Christensen	Personnel
Peter Kristiansen	Purchasing

Group Structure

Ultimate Holding Parent
Name	Country
2-F Finans A/S

Subsidaries

Name	Country
Dacapo Stainless Bv	NETHERLANDS
Dacapo Stainless GmbH	GERMANY
Dacapo Stainless As	NORWAY
Dacapo Stainless AB	SWEDEN

Other Information

Employee Information
Year Reported	Number of Employees
2013	50
2012	69
2011	47

Real Estate
Real Estate	No

Other Trading Names

Type Name

No other trading names for this company.

Global Trading Information

Export Scandinavia

Import

Other Information
Type	Text
Capital conditions	fully paid up
Authorisation to sign	A General Manager or two Members of the Board jointly

Additional Information

Additional Accounts Information
Date Format	MM-DD
Accounts Start Date	01-01
Accounts End Date	12-31

Additional Accounts Notes
Notes Date	Notes Detail
2013-01-01T00:00:00	In the financial statement of 2013 attention is drawn to leasing commitments.

Global Trading Information
Export	Scandinavia
Import

Other Information
Type	Text
Capital conditions	fully paid up
Authorisation to sign	A General Manager or two Members of the Board jointly

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.85
UK Pound	1	Rs. 102.68
Euro	1	Rs. 81.46

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	DPT

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.

Activities
Activity Code	Activity Description
467200	Wholesale of metals and metal ores

Basic Information
Business Name	Dacapo Stainless A/S
Registered Company Name	Dacapo Stainless A/S
Company Registration Number	26688248
Country	DENMARK
Date of Company Registration	2002-07-05
Legal Form	Limited company
Company Status	Active
Currency of this Report	DKK
Principal Activity Code	467200
Principal Activity Description	Wholesale of metals and metal ores
Contact Address	Neptunvej 1, Silkeborg 8600
Contact Telephone Number	87430000