MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	GLUNZ & JENSEN A S
Formerly Known As :	GLUNZ & JENSEN INTERNATIONAL AF 1986 A/S
Registered Office :	Selandia Park 1, Ringsted 4100
Country :	Denmark
Financials (as on) :	2014
Date of Incorporation :	03.10.1986
Com. Reg. No.:	10239680
Legal Form :	Limited company
Line of Business :	Manufacture of other special-purpose machinery
No. of Employees :	58

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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, 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 name and address

Business Name	GLUNZ & JENSEN A/S
Country	DENMARK
Company Registration Number/CVR	10239680
Main Code	289900
Main Activity	Manufacture of other special-purpose machinery n.e
Company Status	Active
Latest Revenue
Latest Shareholder Equity	118.509.000

Company Information

Business Name	GLUNZ & JENSEN A/S
Registered Company Name	GLUNZ & JENSEN A/S
Company Registration Number	10239680
Country	DENMARK
Date of Company Registration	1986-10-03
Legal Form	Limited company
Company Status	Active
Currency of this Report	DKK
Principal Activity Code	289900
Principal Activity Description	Manufacture of other special-purpose machinery n.e
Contact Address	Selandia Park 1, Ringsted 4100
Contact Telephone Number	57688181

Activities
289900	Manufacture of other special-purpose machinery n.e

Previous Names

Previous Name

GLUNZ & JENSEN INTERNATIONAL AF 1986 A/S

Profit and Loss
Financial Date	2014	2013	2012
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Revenue	187.719.000	231.766.000	265.111.000
Operating Profit	-533.000	8.751.000	15.629.000
Retained Profit	12.732.000	24.639.000	13.117.000

Balance Shee

Financial Date 2014 2013 2012

Number of Weeks 52 52 52

Currency DKK DKK DKK

Total Assets 285.845.000 288.848.000 243.318.000

Other Reserves 118.509.000 119.042.000 99.970.000

Contact Information

Main Address

Address Country Telephone

Selandia Park 1, Ringsted 4100 DENMARK 57688181

Email Addresses

gj@glunz-jensen.com

Web Pages

www.glunz-jensen.com

Share Capital Structure
Currency	DKK
Nominal Share Capital	33.200.000

Current Directors
Name	Position	Start Date
Keld Thorsen	Managing director
Jens Christian Nielsen	General manager
Soren Stensdal	Chairman
Lene Hall	Deputy Chairman
Dan Korsgaard	Member of the board
Soren Heimann Andersen	Elected by employees
Jorgen Staxen Lagerbon	Elected by employees
Gitte Jacobsen	Finance
Sten Andreasen	Marketing
Per Arild	Sales
Steen Rasmussen	IT
Steen Pedersen	Production

Group Structure

Ultimate Holding Parent

Name

AG 1 ApS

Subsidaries
Name	Country
Glunz & Jensen Inc	UNITED STATES
Glunz & Jensen sro	SLOVAKIA
Degraf	ITALY
Glunz & Jensen Microflex A/S	DENMARK
Grafisk Kvik Service Administration ApS	DENMARK
Glunz & Jensen Limited	UNITED KINGDOM

Employee Information
Year Reported	Number of Employees
2014	58
2013	72
2012	75

Other Trading Names

Business name Ajax-Graphic Production, Ballerup A/S

Business name Ajax-Graphic Production, Sorø A/S

Business name Ajax International A/S

Business name Ajax Maskinfabrik A/S

Business name Artica A/S

Business name Get Asset Management A/S

Business name Graphic Equipment Technologies A/S

Business name Lima-Graphic Production, Slagelse A/S

Business name Hans Lüth International A/S

Business name Lüth International A/S

Business name Maskinfabrikken Neotek Ringsted A/S

Business name Mediflex A/S

Business name Mediflex-Technologies A/S

Business name Rama-Graphic Production, Slagelse A/S

Business name Revomatt A/S

Business name Ritema A/S

Business name Suma-Graphic Production, Slagelse A/S

Business name Systems For Automatic Plate Processing Sapp A/S

Business name Unilight A/S

Global Trading Information

Export Worldwide

Other Information

Type Text

No. of employees According to information from the business the number of employees is 35.

Historical data ^{The company was originally formed in 1986 under the name of "CTKM 226 ApS", but in 1987 it changed its name and legal}

status in the present ones.

Capital conditions fully paid up

Additional Information

Additional Accounts Information

Date Format MM-DD

Accounts Start Date 06-01

Accounts End Date 05-31

Other Trading Names

Type Name

Business name Ajax-Graphic Production, Ballerup A/S

Business name Ajax-Graphic Production, Sorø A/S

Business name Ajax International A/S

Business name Ajax Maskinfabrik A/S

Business name Artica A/S

Business name Get Asset Management A/S

Business name Graphic Equipment Technologies A/S

Business name Lima-Graphic Production, Slagelse A/S

Business name Hans Lüth International A/S

Business name Lüth International A/S

Business name Maskinfabrikken Neotek Ringsted A/S

Business name Mediflex A/S

Business name Mediflex-Technologies A/S

Business name Rama-Graphic Production, Slagelse A/S

Business name Revomatt A/S

Business name Ritema A/S

Business name Suma-Graphic Production, Slagelse A/S

Business name Systems For Automatic Plate Processing Sapp A/S

Business name Unilight A/S

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 :	NIS

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.