MIRA INFORM REPORT

Report Date :

26.02.2014

IDENTIFICATION DETAILS

Name :	BRUEL & KJAER SOUND & VIBRATION MEASUREMENT AS
Registered Office :	Skodsborgvej 307, Naerum 2850
Country :	Denmark
Financials (as on) :	2012
Date of Incorporation :	03.09.1957
Com. Reg. No.:	23958414
Legal Form :	Limited Company
Line of Business :	manufacturer and supplier of sound and vibration measurement systems.
No. of Employees	496 (2012)

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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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, has since continued to decline. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. The global financial crisis cut Danish real GDP in 2008-09. Denmark made a modest recovery in 2010 with real GDP growth of 1.3%, 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 2010-12, 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. 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 45% of GDP in 2012. 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	Bruel & Kjaer Sound & Vibration Measurement A/S
Country	DENMARK
Company Registration Number/CVR	23958414
Main Code	265100
Main Activity	manufacturer and supplier of sound and vibration measurement systems
Company Status	Active
Latest Shareholder Equity	396.555
Company Information
Basic Information
Business Name	Bruel & Kjaer Sound & Vibration Measurement A/S
Registered Company Name	Bruel & Kjaer Sound & Vibration Measurement A/S
Company Registration Number	23958414
Country	DENMARK
Date of Company Registration	1957-09-03
Legal Form	Limited company
Company Status	Active
Currency of this Report	DKK
Principal Activity Code	265100
Principal Activity Description	manufacturer and supplier of sound and vibration measurement systems
Contact Address	Skodsborgvej 307, Naerum 2850
Contact Telephone Number	77412000

Activities
Activity Code	Activity Description
265100	manufacturer and supplier of sound and vibration measurement systems.

Previous Names

Previous Name	Date Changed from Previous Name
Bruel & Kjaer Measurements A/S
Spectris Holding Denmark A/S

Accounts

Profit and Loss
Financial Date	2012	2011	2010
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Revenue	1.040.296.000	991.036.000	848.037.000
Operating Profit	206.590.000	187.619.000	111.342.000
Retained Profit	149.615.000	143.400.000	78.204.000

Balance Sheet
Financial Date	2012	2011	2010
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Total Assets	674.986.000	669.139.000	561.564.000
Other Reserves	396.555.000	379.382.000	298.446.000

Contact Information

Main Address
Address	Country	Telephone
Skodsborgvej 307, Naerum 2850	DENMARK	77412000

Email Addresses

info@bksv.com

Web Pages

www.bksv.com

Share Capital Structure

Currency	DKK
Nominal Share Capital	102.000.000

Directors/Managers

Current Directors
	Position
Lars Ronn	Managing director
Arne Rasmussen	General manager
Eoghan Pol O'lionaird	Chairman
Clive Graeme Watson	Deputy Chairman
Arne Rasmussen	Member of the board
Lars Ronn	Member of the board
Torben Bjorn	Member of the board
Karl-Erik Rasmussen	Elected by employees
Lars Birger Nielsen	Elected by employees
Peter Gaardsdal	Elected by employees
Mikkel Amstrup	Finance
Arne Rasmussen	IT
Torben Bjorn	Production
Lars Winberg	Export

Group Structure

Ultimate Holding Parent
Name
Spectris Denmark ApS	DENMARK

Subsidiaries

Name

No group structure for this company.

Other Information

Employee Information
Year Reported	Number of Employees
2012	496
2011	485
2010	464
Real Estate
Real Estate	No
Other Trading Names
Type	Name
Business name	Bruel & Kjar Danmark A/S
Business name	Bruel & Kjar Export A/S
Business name	Bruel & Kjar Holding A/S
Business name	Bruel & Kjar Industri A/S
Business name	Bruel & Kjar Measurement A/S
Business name	Bruel & Kjar Sound & Vibration A/S
Business name	BTG Danmark A/S
Business name	Spectris Holding Denmark A/S
Business name	Spectris Nordic A/S

Global Trading Information

Export Worldwide

Import

Other Information
Type	Text
Historical data	The company merged on 18-07-2001 with Bruel & Kjar Sound & Vibration Measurement A/S , the registered company being the continuing one.
Capital conditions	fully paid up

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
2012-01-01T00:00:00	In the financial statement of 2012 attention is drawn to leasing commitments.

Other Trading Names
Type	Name
Business name	Bruel & Kjar Danmark A/S
Business name	Bruel & Kjar Export A/S
Business name	Bruel & Kjar Holding A/S
Business name	Bruel & Kjaer Industri A/S
Business name	Bruel & Kjar Measurement A/S
Business name		Bruel & Kjar Sound & Vibration A/S
Business name		BTG Danmark A/S
Business name		Spectris Holding Denmark A/S
Business name		Spectris Nordic A/S
Global Trading Information
Export		Worldwide
Import
Other Information
		Text
Historical data		The company merged on 18-07-2001 with Bruel & Kjaer Sound & Vibration Measurement A/S , the registered company being the continuing one.
Capital conditions		fully paid up

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.98
UK Pound	1	Rs.103.31
Euro	1	Rs.85.14

INFORMATION DETAILS

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%)

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