MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	BENZLERS SYSTEMS AB

Registered Office :	C/O AB Benzlers, Box 922, 25468 Helsingborg

Country :	Sweden

Financials (as on) :	2014

Date of Incorporation :	07.02.2007

Com. Reg. No.:	5567230817

Legal Form :	Limited Liability Company

Line of Business :	Business and other management consultancy activities.

No of Employees :	Not Available

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 :	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 – 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	BENZLERS SYSTEMS AB
Country	SWEDEN
Company Registration Number	5567230817
Activity Code	70220
Activity Description	Business and other management consultancy activities
Company Status	Active (Active)
Latest Turnover Figure -
Latest Shareholder Equity Figure	23.278.000 SEK

Basic Information

Business Name	Benzlers Systems AB
Registered Company Name	Benzlers Systems AB
Company Registration Number	5567230817
Country	SWEDEN
VAT Registration Number	SE556723081701
Date of Company Registration	07/02/2007
Legal Form	Limited liability company
Company Status	Active (Active)
Currency of this Report	SEK
Principal Activity Code	No code
Principal Activity Description	Preceded goal of the company's operations shall be to own and manage shares in companies in the engineering industry and conduct related business
Contact Address	C/O AB Benzlers, Box 922, 25468 HELSINGBORG
Contact Telephone Number

Main Address

Address	Country	Telephone
C/O AB Benzlers, Box 922, 25468 HELSINGBORG	SWEDEN

Other Addresses

Address	Country
No other addresses for this company

Activities

Activity Code	Activity Description
70220	Business and other management consultancy activities

Email Addresses

No email addresses for this company

Web Pages

No websites for this company

Employee Information

Year	Number of Employees
2014	0
2013	0
2012	0
2011	0
2009	0

Advisors

Auditor Name

Deloitte AB

Tax Registrations

Registered for FTax	Yes
Registered for VAT	Yes
Registered for Employee Tax	No

Certificates

Type	Category Issuer
No certificate information for this company		------------------------------

Industry Comparison

Activity Code	70220
Activity Description	Business and other management consultancy activities
Industry Average Credit Rating	73 (1 - 100)
Industry Average Credit Limit	25.000	------------------------------

Event History

Event Date	Event Description
05/12/2014	Group Structure Change
19/11/2014	Group Structure Change
17/11/2014	Annual account, new
Event Date	Event Description
17/11/2014	Group annual accout, new
10/11/2014	Annual report (PDF), new
25/09/2014	Authorised signatories amended or new/amended vacancy text
25/09/2014	Company representatives, changed
18/12/2013	Company representatives, changed
18/12/2013	Authorised signatories amended or new/amended vacancy text
18/12/2013	Address, changed
19/11/2013	Group Structure Change
18/11/2013	Group annual accout, new
18/11/2013	Annual account, new
11/11/2013	Annual report (PDF), new
18/05/2013	Authorised signatories amended or new/amended vacancy text
18/05/2013	Company representatives, changed
05/02/2013	Company representatives, changed
05/02/2013	Authorised signatories amended or new/amended vacancy text
05/12/2012	Annual account, new
05/12/2012	Group annual accout, new
28/11/2012	Annual report (PDF), new
27/03/2012	Company name, changed (old name: David Brown Systems Sweden AB)
25/11/2011	Annual account, new
25/11/2011	Group annual accout, new
16/11/2011	Annual report (PDF), new
22/12/2010	Board, changed
22/12/2010	Authorised signatories amended or new/amended vacancy text
22/12/2010	Company representatives, changed
05/10/2010	Annual account, new
05/10/2010	Annual account, new
05/10/2010	Annual account, new
04/10/2010	Annual account, new
22/09/2010	Annual report (PDF), new
01/09/2010	Place of residence, changed
27/08/2010	Annual account, new
19/08/2010	Annual report (PDF), new
05/07/2010	Annual account, new
22/06/2010	Annual report (PDF), new
03/03/2010	Annual account, new
18/02/2010	Annual report (PDF), new
23/12/2009	Annual account, new

Status History

No status history events for this company

Profit and Loss

Financial Year	2014	2013	2012
Number of Weeks	52	52	52
Currency	SEK	SEK	SEK
Consolidated Accounts	No	No	No
Revenue	135.000	0	0
Operating Costs	0	64.000	113.000
Operating Profit	135.000	-64.000	-113.000
Financial Income	173.000	118.000	14.000
Financial Expenses	-29.000	-110.000	-1.047.000
Extraordinary Income	0	0	0
Extraordinary Costs	0	0	0
Profit before Tax	279.000	-56.000	-31.021.000
Tax	0	0	0
Profit after Tax	279.000	-56.000	-31.021.000
Minority Interests	0	0	0
Other Appropriations	0	0	0
Retained Profit	279.000	-56.000	-31.021.000

Balance Sheet

Financial Year	2014	2013	2012
Number of Weeks	52	52	52
Currency	SEK	SEK	SEK
Consolidated Accounts	No	No	No
Land & Buildings	0	0	0
Plant & Machinery	0	0	0
Other Tangible Assets	0	0	0
Total Tangible Assets	0	0	0
Goodwill	0	0	0
Other Intangible Assets	0	0	0
Total Intangible Assets	0	0	0
Loans To Group	0	0	0
Other Loans	0	0	0
Miscellaneous Fixed Assets	51.384.000	51.384.000	51.384.000
Total Other Fixed Assets	51.384.000	51.384.000	51.384.000
TOTAL FIXED ASSETS	51.384.000	51.384.000	51.384.000
Work In Progress	0	0	0
Other Inventories	0	0	0
Total Inventories	0	0	0
Trade Receivables	0	0	0
Group Receivables	135.000	2.302.000	2.254.000
Miscellaneous Receivables	57.000	37.000	37.000
Total Receivables	192.000	2.339.000	2.291.000
Cash	2.410.000	48.000	57.000
Other Current Assets	0	0	0
TOTAL CURRENT ASSETS	2.602.000	2.387.000	2.348.000
TOTAL ASSETS	53.986.000	53.771.000	53.732.000
Trade Payables	0	0	0
Bank Liabilities	0	0	0
Group Payables	30.708.000	30.635.000	32.769.000
Miscellaneous Liabilities	0	137.000	81.000
TOTAL CURRENT LIABILITIES	30.708.000	30.772.000	32.850.000
Bank Liabilities Due After 1 Year	0	0	0
Other Loans Or Finance Due After 1 Year	0	0	0
Group Payables Due After 1 Year	0	0	0
Miscellaneous Liabilities Due After 1 Year	0	0	0
TOTAL LONG TERM LIABILITIES	0	0	0
TOTAL LIABILITIES	30.708.000	30.772.000	32.850.000
Called Up Share Capital	100.000	100.000	100.000
Share Premium	0	0	0
Revenue Reserves	23.178.000	20.725.000	20.782.000
Other Reserves	0	2.174.000	0
TOTAL SHAREHOLDERS EQUITY	23.278.000	22.999.000	20.882.000
Other Financials Contingent Liabilities	0	0	0
Working Capital	-28.106.000	-28.385.000	-30.502.000
Net Worth	23.278.000	22.999.000	20.882.000
Total Debt Ratio	1.32	1.34	1.57

Ratios

Pre-Tax Profit Margin	206.67 %	0	0
Return On Capital Employed	0.33 %	-0.07 %	-35.83 %
Return On Total Assets Employed	0.52 %	-0.10 %	-57.73 %
Return On Net Assets Employed	1.20 %	-0.24 %	-148.55 %
Sales/Net Working Capital	0.00	0.00	0.00
Stock Turnover Ratio	0	0	0
Debtor Days	0.00
Creditor Days	0.00
Current Ratio	0.08	0.08	0.07
Liquidity Ratio/Acid Test	0.08	0.08	0.07
Current Debt Ratio	1.32	1.34	1.57
Gearing	0	0	0
Equity In Percentage	894.62 %	963.51 %	889.35 %

Share Capital Structure

Issued Share Capital 100.000 SEK

Shareholders

No shareholders data for this company.

Current Directors

Name	Appointment Date Position
Amin, Prashant Chandrakant	21/12/2010	Actual Member of Board
Chasmawalla, Harish	24/09/2014	Managing Director
Patel, Pradip	24/09/2014	Actual Member of Board
Patel, Prayasvin Bhanubhai	21/12/2010	Actual Member of Board

Previous Directors

Name	Appointment Date	Position Resignation Date
Rolf Hakan Nidsjo	17/05/2013	Managing Director 24/09/2014
Cooper, Mark Ashley	08/09/2009	Actual Member of Board 17/12/2013
Charlson, Geoffrey	08/09/2009	Actual Member of Board 21/12/2010
Leif Lennart Veine Johansson	08/09/2009	Actual Member of Board 21/12/2010

Negative Information

Debt Balance
Currency			SEK
Number Of Private Claims			0
Balance Of Private Claims			0
Number Of Public Claims			0
Balance Of Public Claims			0

Debt Balance
Total Balance	0
Record of Non Payment
Number Of Distraint Or Repossessions	0
Number Of Public Claims	0
Number Of Private Claims	0
Number Of Applications	0
Number Of Revoked Applications	0

Latest Public Claim

No Latest Public Claim for this company.

Latest Private Claim

No Latest Private Claim for this company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ANK

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.