MIRA INFORM REPORT

Report Date :

17.12.2014

IDENTIFICATION DETAILS

Name :	ACAL BFI NORDIC AB

Registered Office :	Box 3002, 75003 Uppsala

Country :	Sweden

Financials (as on) :	2014

Date of Incorporation :	01.10.1969

Com. Reg. No.:	5561293829

Legal Form :	Limited Liability Company

Line of Business :	· Engaged in Sales of electronic components, electrical instruments, components and instruments for refrigeration and air conditioning, control systems and medical as well as scientific instruments, and compatible therewith. · Wholesaler of measuring and precision instruments · Wholesaler of electronic components

No of Employees :	26 (2014)

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 :	Good
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)

Sweden

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Sweden ECONOMIC OVERVIEW

Aided by peace and neutrality for the whole of the 20th century, Sweden has achieved an enviable standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. It has a modern distribution system, excellent internal and external communications, and a highly skilled labor force. In September 2003, Swedish voters turned down entry into the euro system concerned about the impact on the economy and sovereignty. Timber, hydropower, and iron ore constitute the resource base of an economy heavily oriented toward foreign trade. Privately owned firms account for vast majority of industrial output, of which the engineering sector accounts for about 50% of output and exports. Agriculture accounts for little more than 1% of GDP and of employment. Until 2008, Sweden was in the midst of a sustained economic upswing, boosted by increased domestic demand and strong exports. This, and robust finances, offered the center-right government considerable scope to implement its reform program aimed at increasing employment, reducing welfare dependence, and streamlining the state's role in the economy. Despite strong finances and underlying fundamentals, the Swedish economy slid into recession in the third quarter of 2008 and the contraction continued in 2009 as deteriorating global conditions reduced export demand and consumption. Strong exports of commodities and a return to profitability by Sweden's banking sector drove a rebound in 2010, but growth slipped in 2013, as a result of continued economic weakness in the EU - Sweden’s main export market.

Source : CIA

Company Summary

Business Name	Acal BFi Nordic AB
Country	SWEDEN
Company Registration Number	5561293829
Main Activity	Wholesale of measuring and precision instruments
Activity Code	46691
Company Status	Active
Latest Turnover Figure	146.924.000
Latest Shareholder Equity Figure	23.980.000

Financial Information

Profit and Loss
Financial Year		2014		2013		2012
Number of Weeks		52		52		52
Currency		SEK		SEK		SEK
Consolidated Accounts		N		N		N
Revenue		146.924.000		147.516.000		166.203.000
Operating Costs		143.417.000		143.597.000		163.350.000
Operating Profit		3.507.000		3.919.000		2.853.000
Wages & Salaries
Financial Income		1.002.000		916.000		7.804.000
Financial Expenses		-1.767.000		-1.233.000		-1.770.000
Extraordinary Income
Extraordinary Costs		-1.767.000		-1.233.000		-1.770.000
Profit before Tax		2.742.000		3.602.000		2.395.000
Tax		-193.000		-347.000		-541.000
Profit after Tax		2.549.000		3.255.000		1.854.000
Other Appropriations
Retained Profit		2.549.000		3.255.000		1.854.000

Balance Sheet
Financial Year		2014		2013		2012
Number of Weeks		52		52		52
Currency		SEK		SEK		SEK
Consolidated Accounts		N		N		N
Land & Buildings		0		0		0
Plant & Machinery		0		0		0
Other Tangible Assets		394.000		481.000		387.000
Total Tangible Assets		394.000		481.000		387.000
Goodwill		1.362.000		2.724.000		4.085.000
Other Intangible Assets		0		0		0
Total Intangible Assets		1.362.000		2.724.000		4.085.000
Loans To Group		0		0		0
Other Loans		0		0		0
Miscellaneous Fixed Assets		18.621.000		18.621.000		12.621.000
Total Other Fixed Assets		18.621.000		18.621.000		12.621.000
TOTAL FIXED ASSETS		20.377.000		21.826.000		17.093.000
Work In Progress		0		0		0
Other Inventories		299.000		1.979.000		2.837.000
Total Inventories		299.000		1.979.000		2.837.000
Trade Receivables		26.635.000		25.256.000		24.845.000
Group Receivables		0		0		0
Miscellaneous Receivables		1.634.000		1.809.000		1.418.000
Total Receivables		28.269.000		27.065.000		26.263.000
Cash		9.347.000		7.976.000		16.006.000
Other Current Assets		0		0		0
TOTAL CURRENT ASSETS		37.915.000		37.020.000		45.106.000
TOTAL ASSETS		58.292.000		58.846.000		62.199.000
Trade Payables		143.000		1.323.000		2.959.000
Bank Liabilities		0		0		8.923.000
Group Payables		22.322.000		26.553.000		24.079.000
Miscellaneous Liabilities		11.847.000		9.457.000		14.063.000
TOTAL CURRENT LIABILITIES		34.312.000		37.333.000		50.024.000
Bank Liabilities Due After 1 Year		0		0		0
Other Loans Or Finance Due After 1 Year		0		0		0
Group Payables After 1 Year		0		0		0
Miscellaneous Liabilities Due After 1 Year		0		0		0
TOTAL LONG TERM LIABILITIES	0		0		0
TOTAL LIABILITIES	34.312.000		37.333.000		50.024.000
Called Up Share Capital	150.000		150.000		150.000
Share Premium	0		0		0
Revenue Reserves	23.210.000		14.743.000		11.405.000
Other Reserves	620.000		6.620.000		620.000
TOTAL SHAREHOLDERS EQUITY	23.980.000		21.513.000		12.175.000

Other Financials

Contingent Liabilities 0 0 2.431.000

Working Capital 3.603.000 -313.000 -4.918.000

Net Worth 22.618.000 18.789.000 8.090.000

Ratios
Pre-Tax Profit Margin	1.87 %	2.44 %	1.44 %
Return On Capital Employed	2.96 %	3.75 %	2.13 %
Return On Total Assets Employed	4.70 %	6.12 %	3.85 %
Return On Net Assets Employed	11.43 %	16.74 %	19.67 %
Sales/Net Working Capital	40.78	-471.30	-33.79
Stock Turnover Ratio	0.20 %	1.34 %	1.71 %
Debtor Days	66.17	62.49	54.56
Creditor Days	0.36	3.27	6.50
Current Ratio	1.11	0.99	0.90
Liquidity Ratio/Acid Test	1.10	0.94	0.84
Current Debt Ratio	1.43	1.74	4.11
Gearing			73.29 %
Equity In Percentage	62.60 %	57.37 %	26.76 %
Total Debt Ratio	1.43	1.74	4.11

Contact Information

Main Address
Address	Country	Telephone
Box 3002, 75003 UPPSALA	SWEDEN	018-565830

Other Address
Address	Country
Solna Strandvag 21, 17154	SWEDEN

Email Addresses

No information for this company.

Web Pages

www.acal.se

Share Capital Structure

Issued Share Capital			150.100

Directors/Managers
Current Directors
Name	Appointment Date		Position
Neville, Paul Howard	19/11/2014		Chairman of Board
Carl Stefan Lennart Lof	05/08/2011		Actual Member of Board
Kjell Erik Saeter	17/07/2012		Actual Member of Board

Previous Directors
Name		Appointment Date	Position

Lars Erik Gundersen 17/07/2012 Chairman of Board

Chevallier, Frederic Bruno Bernard Auguste Jean	19/10/2010	Actual Member of Board
Gibbins, Simon Mark	19/10/2010	Actual Member of Board
Gruson, Philippe Robert Marie	22/02/2010	Actual Member of Board
Kjell Erik Saeter	19/10/2010	External Signatory
Louis Moradi	19/10/2010	Actual Member of Board
Lennart Torgny Nordgren	12/02/2007	Actual Member of Board
Cooper, Malcolm Howard	18/08/2009	Actual Member of Board

Group Structure

Extended Group Structure
	Country	Number	Latest Annual Accounts
Acal B.V.	NL	171010340000	31/03/2014
Acal BR Nordic AB	SE	5561293829	31/03/2014
BFI Optilas AB	SE	5564732849	31/03/2014
Hectronic Aktiebolaq	SE	5563540292	31/03/2014

Other Information

Employee Information
Year	Number of Employees
2014	26
2013	29
2012	32
2011	35
2010	21

Advisors
Auditor Name	Ernst & Young Aktiebolag

Additional Information

Registered for Tax		Yes
Registered for VAT		Yes
Registered for Employee Tax		Yes

Certificates

No certificate information for this company.

Industry Comparison

Activity Code 46691

Activity Description Wholesale of measuring and precision instruments

Event History
Event Date	Event Description
20/11/2014	Company representatives, changed
20/11/2014	Authorised signatories amended or new/amended vacancy text
04/11/2014	Phone number, changed
04/11/2014	Fax number, removed
24/10/2014	Group Structure Change
22/10/2014	Limit, increase
22/10/2014	Annual account, new
15/10/2014	Annual report (PDF), new
20/06/2014	Group Structure Change
16/10/2013	Group Structure Change
14/10/2013	Annual account, new
14/10/2013	Limit, increase
09/10/2013	Annual report (PDF), new
21/11/2012	Annual report (PDF), new
05/11/2012	Limit, increase
05/11/2012	Annual account, new
19/10/2012	Annual report (PDF), new
05/10/2012	Company representatives, changed
18/07/2012	Company representatives, changed
18/07/2012	Authorised signatories amended or new/amended vacancy text
18/07/2012	Board, changed
05/12/2011	Interim report (PDF), new
25/10/2011	Limit, decrease
25/10/2011	Annual account, new
21/10/2011	Address, changed
06/10/2011	Annual report (PDF), new
06/08/2011	Board, changed
06/08/2011	Company representatives, changed
06/08/2011	Authorised signatories amended or new/amended vacancy text
10/05/2011	Authorised signatories amended or new/amended vacancy text
10/05/2011	Board, changed
10/05/2011	Company representatives, changed
29/11/2010	Interim report (PDF), new
10/11/2010	Board, changed
20/10/2010	Company representatives, changed
20/10/2010	Authorised signatories amended or new/amended vacancy text
20/10/2010	Board, changed
19/10/2010	Annual account, new
19/10/2010	Limit, increase
11/10/2010	Annual report (PDF), new
02/10/2010	Company name, changed (old name: Acal Technology AB)
23/02/2010	Company representatives, changed

23/02/2010 Authorised signatory, changed

23/02/2010 Board, changed

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.41
UK Pound	1	Rs.99.30
Euro	1	Rs.79.00

INFORMATION DETAILS

Analysis Done by :	SUB

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	Acal BFi Nordic AB
Registered Company Name	Acal BFi Nordic AB
Company Registration Number	5561293829
Country	SWEDEN
VAT Registration Number	SE556129382901
Date of Company Registration	01/10/1969
Legal Form	Limited liability company
Company Status	Active
Currency of this Report	SEK
Principal Activity Description	The company's corporate operations shall be to conduct SALES of electronic components, electrical instruments, components and instruments for refrigeration and air conditioning, control systems and medical as well as scientific instruments, and compatible therewith.
Contact Address	Box 3002, 75003 UPPSALA
Contact Telephone Number	018-565830

Activities
	Activity Description
46691	Wholesale of measuring and precision instruments
46521	Wholesale of electronic components

MIRA INFORM REPORT

Company Summary

Company Information