MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	AASTED APS

Registered Office :	Bygmarken 7, Farum 3520

Country :	Denmark

Financials (as on) :	2013

Date of Incorporation :	16.09.1986

Com. Reg. No.:	10422345

Legal Form :	Private Limited Company

Line of Business :	· manufacturer of Production Solutions within the Chocolate, Bakery, and Confectionery Industries · Subject Supplies Complete Processing Lines, Machinery and Equipment for the Chocolate, Bakery and Confectionery Industries

No of Employees :	263 (2013)

RATING & COMMENTS

MIRA’s Rating :

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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	Aasted ApS
Country	DENMARK
Company Registration Number/CVR	10422345
Main Code	289300
Main Activity	manufacturer of Production Solutions within the Chocolate, Bakery, and Confectionery Industries Subject Supplies Complete Processing Lines, Machinery and Equipment for the Chocolate, Bakery and Confectionery Industries
Company Status	Active
Latest Shareholder Equity	118.526.000

Activities

· manufacturer of Production Solutions within the Chocolate, Bakery, and Confectionery Industries

· Subject Supplies Complete Processing Lines, Machinery and Equipment for the Chocolate, Bakery and Confectionery Industries

Previous Name

Aasted-Mikroverk ApS

Frederiksgades Selskabslager 10452 ApS

Accounts

Profit and Loss
Financial Date	2013	2012		2011
Number of Weeks	52	52		52
Currency	DKK	DKK		DKK
Revenue - - -
Operating Profit	53.653.000	36.274.000		21.165.000
Retained Profit	38.087.000	27.076.000		15.004.000
Balance Sheet
Financial Date	2013		2012		2011
Number of Weeks	52		52		52
Currency	DKK		DKK		DKK
Total Assets	242.786.000		176.903.000		161.257.000
Other Reserves	118.526.000		92.438.000		70.664.000

Contact Information

Main Address

Bygmarken 7, Farum 3520

Country DENMARK

Telephone 44348000

Email Address mail@aasted.eu

Website www.aasted.eu

Share Capital Structure

Currency	DKK
Nominal Share Capital	320.000

Directors/Managers

Current Directors
Name	Position	Start Date
Lars Allan Aasted	Managing director
Lars Aasted	General manager
Poul Christian Aasted	General manager
Thomas Aasted	General manager
Piet Taestensen	General manager
Mads Hedstram	General manager
Mikael Rye	Finance
Mads Hedstram	Sales
Christian Aasted	Purchasing
Lars Allan Aasted	Export

Group Structure

Ultimate Holding Parent


Name
Aasted Holding ApS

Subsidiaries

No group structure for this company.

Other Information

Employee Information
Year Reported	Number of Employees
2013	263
2012	246
2011	230

Real Estate
Real Estate
Real Estate	No

Other Trading Names
Type	Name
Business name	Aasted-DFT ApS
Business name	Aasted-Mikroverk ApS
Business name	Mikrovaerk ApS
Business name	M.V. ApS
Business name	M.V.T. ApS
Business name	A.E. Nielsen ApS

Global Trading Information

Export Worldwide

Import Worldwide

Other Information
Type	Text
No. of employees	According to information from the business the number of employees is 280.
Historical data	In 1987 the company took over the activities previously carried on by "Mikroverk A/S".
Historical data	The company was originally formed 1986, and 1987 it merged with "L.Aasted Production ApS" & "L.Aasted Internationa,
Historical data	the registered company being the continuing one.
Historical data	The company merged on 03-06-2010 with A. E. Nielsen Maskinfabrik ApS (CVR 73787416) , the registered company being
Historical data	the continuing one.
Capital conditions	fully paid up
Authorisation to sign	Two General Managers 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.

Other Trading Names
Type	Name
Business name	Aasted-DFT ApS
Business name	Aasted-Mikroverk ApS
Business name	Mikrovark ApS
Business name	M.V. ApS
Business name	M.V.T. ApS
Business name	A.E. Nielsen ApS
Global Trading Information
Export		Worldwide
Import

Other Information
Type	Text
No. of employees	According to information from the business the number of employees is 280.
Historical data	In 1987 the company took over the activities previously carried on by "Mikroverk A/S".
Historical data	The company was originally formed 1986, and 1987 it merged with "L.Aasted Production ApS" & "L.Aasted Internationa, the registered company being the continuing one.
Historical data	The company merged on 03-06-2010 with A. E. Nielsen Maskinfabrik ApS (CVR 73787416) , the registered company being the continuing one.
Capital conditions	fully paid up
Authorisation to sign	Two General Managers jointly.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.93
UK Pound	1	Rs.96.37
Euro	1	Rs.76.10

INFORMATION DETAILS

Analysis Done by :	RAS

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.

Basic Information
Business Name	Aasted ApS
Registered Company Name	Aasted ApS
Company Registration Number	10422345
Country	DENMARK
Date of Company Registration	1986-09-16
Legal Form	Private limited company
Company Status	Active
Currency of this Report	DKK
Principal Activity Description	manufacturer of Production Solutions within the Chocolate, Bakery, and Confectionery Industries Subject Supplies Complete Processing Lines, Machinery and Equipment for the Chocolate, Bakery and Confectionery Industries
Contact Address	Bygmarken 7, Farum 3520
Contact Telephone Number	44348000