MIRA INFORM REPORT

Report Date :

18.03.2014

IDENTIFICATION DETAILS

Name :	SCANDINAVIAN AVIONICS AS

Registered Office :	Stratusvej 9, Billund 7190

Country :	Denmark

Financials (as on) :	2012

Date of Incorporation :	24.03.2004

Com. Reg. No.:	27661440

Legal Form :	Limited Company

Line of Business :	· Wholesaler of electronic equipment · Engaged in supplying avionics including certification, design, installation and maintenance for civil and military aviation.

No. of Employees	33 (2012)

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 :	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

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	Scandinavian Avionics A/S
Country	DENMARK
Company Registration Number/CVR	27661440
Main Code	465210
Main Activity	· Wholesaler of electronic equipment · Engaged in supplying avionics including certification, design, installation and maintenance for civil and military aviation.
Company Status	Active

Company Information

Basic Information
Business Name	Scandinavian Avionics A/S
Registered Company Name	Scandinavian Avionics A/S
Company Registration Number	27661440
Country	DENMARK
Date of Company Registration	2004-03-24
Legal Form	Limited company
Company Status	Active
Currency of this Report	DKK
Principal Activity Code	465210
Principal Activity Description	· Wholesaler of electronic equipment · Engaged in supplying avionics including certification, design, installation and maintenance for civil and military aviation.
Contact Address	Stratusvej 9, Billund 7190
Contact Telephone Number	79508000

Activities

465210

· Wholesaler of electronic equipment

· Engaged in supplying avionics including certification, design, installation and maintenance for civil and military aviation.

Accounts

Profit and Loss
Financial Date		2012		2011		2010
Number of Weeks		52		52		52
Currency		DKK		DKK		DKK
Revenue - - -
Operating Profit		6.779.000		-2.254.000		1.078.000
Retained Profit		3.475.000		-2.528.000		691.000

Balance Sheet
Financial Date		2012		2011		2010
Number of Weeks		52		52		52
Currency		DKK		DKK		DKK
Total Assets		61.210.000		48.969.000		46.042.000
Other Reserves	10.172.000		6.424.000		8.921.000

Contact Information

Main Address
	Country	Telephone
Stratusvej 9, Billund 7190	DENMARK	79508000

Email Addresses

sa@scanav.com

Web Pages

www.scanav.com

Share Capital Structure

Currency	DKK
Nominal Share Capital	500.000

Directors/Managers

Current Directors
Name	Position
Michael Raundal Truelsen	Managing director
Gert Kristiansen	Chairman
Hardy Bruno Truelsen	Member of the board
Michael Raundal Truelsen	Member of the board
Kim Rune Brarup	Member of the board
Hardy Bruno Truelsen	Sales
Ivan Jensen	Marketing
Torben Lindberg Hyrm	Production
Peter Albertsen	Production
Keld Poulsen	Purchasing

Group Structure

Ultimate Holding Parent
Name	Country
The SA Group ApS	DENMARK

Subsidiaries

No group structure for this company.

Other Information

Employee Information

2012	33
2011	22
2010	23

Real Estate
Real Estate	No

Other Trading Names

Business name	SA Design A/S
Business name	SA Production A/S
Business name	SA System Sales A/S
Business name	SA Training A/S

Global Trading Information

Export Worldwide

Import

Other Information
Type	Text
Historical data	In 2004 the company took over the activities previously carried on by Scandinavian Avionics A/S (Cvr. 83820411).
Capital conditions	fully paid up
Authorisation to sign	a manager or the chairman of the board together with a manager or the entire board of directors

Additional Information

Additional Accounts Information
Date Format	MM-DD
Accounts Start Date	10-01
Accounts End Date	09-30

Other Trading Names
Type
Business name	SA Design A/S
Business name	SA Production A/S
Business name	SA System Sales A/S
Business name	SA Training A/S

Global Trading Information
Export	Worldwide
Import

Other Information
Type	Text
Historical data	In 2004 the company took over the activities previously carried on by Scandinavian Avionics A/S
Historical data	(Cvr. 83820411).
Capital conditions	fully paid up
Authorisation to sign	a manager or the chairman of the board together with a manager or the entire board of directors

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.52
UK Pound	1	Rs.102.22
Euro	1	Rs.85.23

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.