MIRA INFORM REPORT

Report Date :

09.08.2014

IDENTIFICATION DETAILS

Name :	ELLEGAARD COMPONENTS A/S

Registered Office :	Vennershabvej 4, Viborg 8800

Country :	Denmark

Financials (as on) :	2013

Date of Incorporation :	01.07.1995

Com. Reg. No.:	18660644

Legal Form :	Limited company

Line of Business :	· Manufacture of other rubber products · Wholesale of mining, construction and civil engine

No. of Employees	30

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 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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Denmark

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, 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	ELLEGAARD COMPONENTS A/S
Country	DENMARK
Company Registration Number/CVR	18660644
Main Code	221900
Main Activity	Manufacture of other rubber products
Company Status	Active
Latest Shareholder Equity	2.417

Accounts

Operating Profit	1.200.000	1.046.000	2.808.000
Retained Profit	368.000	325.000	1.508.000

Balance Sheet
Financial Date	2013	2012	2011
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Total Assets	24.874.000	25.702.000	30.248.000
Other Reserves	2.417.000	4.049.000	11.224.000

Contact Information

Main Address
Address	Country	Telephone
Vennershabvej 4, Viborg 8800	DENMARK	80208020

Email Addresses

pe@ellegaard.com

Web Pages

www.ellegaard.com

Share Capital Structure

Currency	DKK
Nominal Share Capital	1.500.000

Directors/Managers

Current Directors
	Position	Start Date
Henrik Kjeldal Hansen	Managing director
Peter Fejerskov	Chairman
Jesper Peer Ellegaard	Member of the board
Thomas Egebol	Member of the board
Henrik Hansen	Sales
Henrik Hansen	Production
Henrik Hansen	Purchasing

Group Structure

Ultimate Holding Parent

	Country
Oxpo Holding ApS

Subsidaries

Name Country No group structure for this company.

Additional Information

Negative Information

Date

Detail

Current Status

Date

Completed

Additional Information

2011-11-14

Mortgage on other assets

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.

Other Trading Names
Type
Business name	Ellegaard Metal A/S
Business name	Ellegaard Conveyor A/S
Business name	Ellegaard Milj0 A/S
Business name	P.Ellegaard A/S
Business name	Multiscreen A/S
Business name	Polymax A/S
Business name	Polymax Ellegaard A/S

Global Trading Information
Export	Worldwide
Import

Other Information
Type	Text
No. of employees	According to information from the business the number of employees is 30.
Historical data	In 1996 (01.01) the company took over the activities previously carried on by "P. Ellegaard A/S" (reg.nr. 53.870).
Capital conditions	fully paid up
Authorisation to sign	the entire board of directors, or a member of the board together with a manager, or two managers jointly

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.56
UK Pound	1	Rs.103.50
Euro	1	Rs.82.41

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	SDA

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.

Basic Information
Business Name	Ellegaard Components A/S
Registered Company Name	Ellegaard Components A/S
Company Registration Number	18660644
Country	DENMARK
Date of Company Registration	1995-07-01
Legal Form	Limited company
Company Status	Active
Currency of this Report	DKK
Principal Activity Code	221900
Principal Activity Description	Manufacture of other rubber products
Contact Address	Vennershabvej 4, Viborg 8800
Contact Telephone Number	80208020

Activities
Activity Code	Activity Description
221900	Manufacture of other rubber products
466300	Wholesale of mining, construction and civil engine

Previous Names

P. Ellegaard A/S
PJC Gruppen A/S
VICH 4321 A/S
Profit and Loss
Financial Date	2013	2012	2011
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK