MIRA INFORM REPORT

Report Date :

27.01.2014

IDENTIFICATION DETAILS

Name :	UNITED INITIATORS AB

Registered Office :	Engelbrektsgatan 43b, 11432 Stockholm

Country :	Sweden

Financials (as on) :	2012

Date of Incorporation :	26.04.2006

Com. Reg. No.:	5567027197

Legal Form :	Limited Liability Company

Line of Business :	· Manufacturer of chemicals and chemical products Manufacturer of other organic basic chemicals Wholesale trade, except of motor vehicles and motorcycles Wholesaler of solid, liquid and gaseous fuels and related products

No. of Employees :	21 (2012)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow

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, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 the strong rebound in 2010, which continued in 2011, but growth slipped to 1.2% in 2012. The government proposed stimulus measures in 2012 to curb the effects of a global economic slowdown and boost employment and growth.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Summary

Business Name	United Initiators AB
Country	SWEDEN
Company Registration Number	5567027197
Main Activity	Manufacture of other organic basic chemicals
Activity Code	20140
Company Status	Active
Latest Turnover Figure	77.891.000
Latest Shareholder Equity Figure	4.919.000

DIRECTORS/MANAGEMENT

Current Directors
Name		Appointment Date		Position
Hoozemans, Eduard		26/09/2012		Chairman of Board
Rutsch, Andreas Gerhard		04/07/2013		Actual Member of Board
Volpert, Edgar		04/07/2013		Substitute
Previous Directors
Name	Appointment Date		Position		Resignation Date
Carl Mats Benny Fahrman	26/09/2012		Actual Member of Board
Birnböck, Gerd	01/08/2012		Substitute
Harris, Andrew Merrit	17/09/2007		Actual Member of Board
Malin Margareta Thor	17/09/2007		Actual Member of Board

NEGATIVE INFORMATION

No negative information found.

SHARE & SHARE CAPITAL INFORMATION

Issued Share Capital

100.000

PAYMENT INFORMATION

Debt balance at the Swedish Enforcement Agency
Number of Private Claims	-
Balance of Private Claims	-
Number of Public Claims	-
Balance of Public Claims	-
Total Balance	-
Record of non-payment
Number of distrait attempts and repossessions		-
Number of public claims		-
Number of private claims		-
Number of applications for an order to pay		-
Number of reclaimed/revoked applications		1

GROUP STRUCTURE & AFFILIATED COMPANIES

Extended Group Structure
Company Name	Country	Number	Latest Annual Accounts
0United Initiators Spi Inc	US
1United Initiators AB	SE	5567027197	31/12/2012

FINANCIAL INFORMATION

Profit and Loss
Financial Year		2012				2011				2010
Number of Weeks		52				52				52
Currency		SEK				SEK				SEK
Consolidated Accounts		N				N				N
Revenue		77.891.000				92.650.000				85.599.000
Operating Costs		82.245.000				90.679.000				81.812.000
Operating Profit		-4.354.000				1.971.000				3.787.000
Wages & Salaries		-12.530.000				-				-11.770.000
Depreciation		-4.079.000				-4.089.000				-4.303.000
Financial Income		4.058.000				1.099.000				3.781.000
Financial Expenses		-2.054.000				-6.376.000				-6.744.000
Extraordinary Income		-				-				-
Extraordinary Costs		-2.054.000				-6.376.000				-6.744.000
Profit before Tax		-2.350.000				-3.307.000				823.000
Tax		269.000				-909.000				-712.000
Profit after Tax		-2.081.000				-4.216.000				111.000
Minority Interests		-				-				-
Other Appropriations		-				4.412.000				-
Retained Profit		-2.081.000				197.000				111.000
Balance Sheet
Financial Year				2012				2011				2010
Number of Weeks				52				52				52
Currency				SEK				SEK				SEK
Consolidated Accounts				N				N				N
Land & Buildings				5.268.000				6.043.000				6.631.000
Plant & Machinery				4.480.000				5.308.000				5.846.000
Other Tangible Assets				0				0				0
Total Tangible Assets				9.748.000				11.351.000				12.477.000
Goodwill				30.327.000				32.395.000				34.463.000
Other Intangible Assets				378.000				586.000				991.000
Total Intangible Assets				30.705.000				32.981.000				35.454.000
Loans To Group				0				0				0
Other Loans				0				0				0
Miscellaneous Fixed Assets				0				0				5.103.000
Total Other Fixed Assets				0				0				5.103.000
TOTAL FIXED ASSETS				40.453.000				44.332.000				53.034.000
Work In Progress				0				0				0
Other Inventories				11.659.000				12.372.000				10.545.000
Total Inventories				11.659.000				12.372.000				10.545.000
Trade Receivables				15.724.000				23.238.000				14.826.000
Group Receivables				0				0				0
Miscellaneous Receivables				2.679.000				3.680.000				1.816.000
Total Receivables				18.403.000				26.918.000				16.642.000
Cash				9.610.000				2.505.000				9.607.000
Other Current Assets				0				0				0
TOTAL CURRENT ASSETS				39.672.000				41.795.000				36.794.000
TOTAL ASSETS				80.125.000				86.127.000				89.829.000
Trade Payables				4.897.000				7.413.000				3.190.000
Bank Liabilities				0				0				0
Group Payables				0				0				0
Miscellaneous Liabilities				2.764.000				5.287.000				4.335.000
TOTAL CURRENT LIABILITIES				7.661.000				12.700.000				7.525.000
Bank Liabilities Due After 1 Year				0				63.522.000				68.040.000
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				67.545.000				2.906.000				7.460.000
TOTAL LONG TERM LIABILITIES				67.545.000				66.428.000				75.500.000
TOTAL LIABILITIES				75.206.000				79.127.000				83.026.000
Called Up Share Capital				100.000				100.000				100.000
Share Premium				0				0				0
Revenue Reserves				4.819.000				6.900.000				6.703.000
Other Reserves				0				0				0
TOTAL SHAREHOLDERS EQUITY				4.919.000				7.000.000				6.803.000
Other Financials
Contingent Liabilities	0				0				0
Working Capital	32.011.000				29.095.000				29.269.000
Net Worth	-25.786.000				-25.981.000				-28.651.000
Ratios
Pre-Tax Profit Margin			-3.02 %				-3.57 %				0.96 %
Return On Capital Employed			-2.68 %				-3.35 %				0.85 %
Return On Total Assets Employed			-2.93 %				-3.84 %				0.92 %
Return On Net Assets Employed			-47.77 %				-47.24 %				12.10 %
Sales/Net Working Capital			2.43				3.18				2.92
Stock Turnover Ratio			14.97 %				13.35 %				12.32 %
Debtor Days			73.68				91.55				63.22
Creditor Days			22.95				29.20				13.60
Current Ratio			5.18				3.29				4.89
Liquidity Ratio/Acid Test			3.66				2.32				3.49
Current Debt Ratio			1.56				1.81				1.11
Gearing			1322.40 %				907.46 %				1000.15 %
Equity In Percentage			9.95 %				13.17 %				13.81 %
Total Debt Ratio			15.29				11.30				12.20

ADDITIONAL INFORMATION

Employee Information
Year	Number of Employees
2012	21
2011	21
2010	20
2009	20
2008	23

Advisors
Auditor Name	Ragnar Carl Gudmund Torkel Santesson
Tax Registrations
Registered for Tax			Yes
Registered for VAT			Yes
Registered for Employee Tax			Yes
Certificates
Type		Category		Issuer
No certificate information for this company.

Industry Comparison
Activity Code		20140
Activity Description		Manufacture of other organic basic chemicals
Event History
Event Date	Event Description
17/10/2013	Group Structure Change
16/10/2013	Limit, decrease
16/10/2013	Annual account, new
14/10/2013	Group Structure Change
11/10/2013	Annual report (PDF), new
10/07/2013	Company representatives, changed
10/07/2013	Authorised signatories amended or new/amended vacancy text
05/07/2013	Limit, decrease
05/07/2013	Company representatives, changed
05/07/2013	Authorised signatories amended or new/amended vacancy text
03/07/2013	Limit, increase
09/06/2013	Limit, decrease
06/06/2013	Limit, decrease
08/11/2012	Limit, increase
27/09/2012	Company representatives, changed
27/09/2012	Authorised signatories amended or new/amended vacancy text
27/09/2012	Limit, increase
27/09/2012	Company business activity, changed
27/09/2012	Company name, changed (old name: Syrgis Performance Initiators AB)
02/08/2012	Limit, decrease
02/08/2012	Authorised signatories amended or new/amended vacancy text
02/08/2012	Board, changed
02/08/2012	Company representatives, changed
20/07/2012	Limit, decrease
20/07/2012	Annual account, new
02/07/2012	Annual report (PDF), new
04/08/2011	Limit, decrease
04/08/2011	Annual account, new
22/07/2011	Annual report (PDF), new
31/05/2011	Address, changed
03/08/2010	Annual account, new
03/08/2010	Limit, increase
23/07/2010	Annual report (PDF), new
31/08/2009	Limit, increase
31/08/2009	Annual account, new
18/08/2009	Annual report (PDF), new

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.18
UK Pound	1	Rs.103.38
Euro	1	Rs.85.09

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%)

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	United Initiators AB
Registered Company Name	United Initiators AB
Company Registration Number	5567027197
Country	SWEDEN
VAT Registration Number	SE556702719701
Date of Company Registration	26/04/2006
Legal Form	Limited liability company
Company Status	Active
Currency of this Report	SEK
Principal Activity Description	Bolaget ska tillverka och handla med organiska polymerisations- initiatorer för användning i plast-, färg-, gummi- och polymer- tillverkande industri, samt driva därmed förenlig verksamhet. (The company will manufacture and trade in organic polymerization initiators for use in plastics, paint, rubber and polymer manufacturing industry, and operate related business.)
Contact Address	Engelbrektsgatan 43B, 11432 STOCKHOLM
Contact Telephone Number	08-54512160
Activities
· Manufacturer of chemicals and chemical products Manufacturer of other organic basic chemicals Wholesale trade, except of motor vehicles and motorcycles Wholesaler of solid, liquid and gaseous fuels and related products
Main Address
Address		Country	Telephone
Engelbrektsgatan 43B, 11432 STOCKHOLM		SWEDEN	08-54512160