MIRA INFORM REPORT

Report Date :

09.10.2014

IDENTIFICATION DETAILS

Name :	PROXIMION FIBER SYSTEMS AB

Registered Office :	Skalholtsgatan 10, 16440 Kista

Country :	Sweden

Financials (as on) :	2011

Date of Incorporation :	10.03.2003

Com. Reg. No.:	5566415153

Legal Form :	Limited Liability Company

Line of Business :	The company will utvecka, manufacturing and selling fiber optic components, instruments and systems, and conduct related business.

No of Employees :	79

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

REGISTERED NAME & COMPANY SUMMARY

COMPANY SUMMARY

Business Name	PROXIMION FIBER SYSTEMS AB
Country	SWEDEN
Company Registration Number	5566415153
Main Activity
Activity Code
Company Status	Bankruptcy concluded
Latest Turnover Figure	66.709.000
Latest Shareholder Equity Figure	87.317.000
Common Credit Rating	E
Provider Rating Description	Bankruptcy

DIRECTORS/MANAGEMENT

Current Directors
Name		Appointment Date		Position
Lage Gustav Thomas Jonason		17/02/2012		Chairman of Board
Erik Göran Mikael Strandberg		04/08/2008		Actual Member of Board
Lars Erik Egnell		24/03/2004		Actual Member of Board
Previous Directors
Name	Appointment Date		Position		Resignation Date
Claes Peter Lövgren	30/08/2011		Actual Member of Board
Klas Rudolf Wiklund	04/01/2006		Actual Member of Board
Lage Gustav Thomas Jonason	10/09/2009		Chairman of Board

NEGATIVE INFORMATION

Latest Private Claim
Date	26/09/2012
Amount	5.238 SEK
Creditor	Kuusakoski Sverige Aktiebolag
Comments	Decision

SHARE & SHARE CAPITAL INFORMATION

Issued Share Capital

33.545.486

PAYMENT INFORMATION

Debt balance at the Swedish Enforcement Agency
Number of Private Claims	-
Balance of Private Claims	-
Number of Public Claims	11
Balance of Public Claims	1.384.649
Total Balance	1.384.649
Record of non-payment
Number of distraint attempts and repossessions	-
Number of public claims	13
Number of private claims	5
Number of applications for an order to pay	-
Number of reclaimed/revoked applications	6

GROUP STRUCTURE & AFFILIATED COMPANIES

Extended Group Structure
Company Name	Country	Number	Latest Annual Accounts
0Proximion Fiber Systems AB	SE	5566415153	31/12/2011
1Proximion Asia Pacific Ltd	HK
1Proximion Fiber Optics (U.S.) Inc.	US
1Proximion Metrology AB	SE	5567317572	31/12/2011
1Proxopt Sweden AB	SE	5566576244	31/12/2011

FINANCIAL INFORMATION

Profit and Loss
Financial Year	2011	2010	2009
Number of Weeks	52	52	52
Currency	SEK	SEK	SEK
Consolidated Accounts	N	N	N
Revenue	75.580.000	116.377.000	117.407.000
Operating Costs	117.954.000	113.464.000	89.121.000
Operating Profit	-42.374.000	2.913.000	28.286.000
Wages & Salaries	-50.399.000	-46.214.000	-39.308.000
Depreciation	-15.546.000	-12.896.000	-14.074.000
Financial Income	25.000	7.000	4.000
Financial Expenses	-3.360.000	-2.455.000	-1.610.000
Extraordinary Income	-	-	-
Extraordinary Costs	-3.360.000	-2.455.000	-1.610.000
Profit before Tax	-45.709.000	465.000	26.791.000
Tax	-	-	-
Profit after Tax	-45.709.000	465.000	26.791.000
Minority Interests	-	-	-
Other Appropriations	-	-	-
Retained Profit	-45.709.000	465.000	26.791.000

Balance Sheet
Financial Year	2011	2010	2009
Number of Weeks	52	52	52
Currency	SEK	SEK	SEK
Consolidated Accounts	N	N	N
Land & Buildings	0	0	0
Plant & Machinery	33.350.000	15.377.000	20.630.000
Other Tangible Assets	32.696.000	31.993.000	2.040.000
Total Tangible Assets	66.046.000	47.370.000	22.670.000
Goodwill	0	0	0
Other Intangible Assets	43.932.000	45.775.000	34.161.000
Total Intangible Assets	43.932.000	45.775.000	34.161.000
Loans To Group	0	0	0
Other Loans	0	0	0
Miscellaneous Fixed Assets	200.000	200.000	200.000
Total Other Fixed Assets	200.000	200.000	200.000
TOTAL FIXED ASSETS	110.177.000	93.345.000	57.030.000
Work In Progress	0	0	0
Other Inventories	14.080.000	16.248.000	11.396.000
Total Inventories	14.080.000	16.248.000	11.396.000
Trade Receivables	9.502.000	7.857.000	6.518.000
Group Receivables	5.383.000	4.310.000	2.154.000
Miscellaneous Receivables	9.891.000	10.179.000	4.925.000
Total Receivables	24.776.000	22.346.000	13.597.000
Cash	1.045.000	3.880.000	1.833.000
Other Current Assets	0	0	0
TOTAL CURRENT ASSETS	39.901.000	42.474.000	26.825.000
TOTAL ASSETS	150.078.000	144.268.000	83.855.000
Trade Payables	11.080.000	25.888.000	4.520.000
Bank Liabilities	6.695.000	4.706.000	6.334.000
Group Payables	0	0	0
Miscellaneous Liabilities	23.949.000	19.189.000	14.782.000
TOTAL CURRENT LIABILITIES	41.724.000	49.783.000	25.636.000
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	20.938.000	10.286.000	6.636.000
TOTAL LONG TERM LIABILITIES	21.038.000	10.409.000	6.759.000
TOTAL LIABILITIES	62.761.000	60.193.000	32.394.000
Called Up Share Capital	21.158.000	1.543.000	1.543.000
Share Premium	215.545.000	201.795.000	158.722.000
Revenue Reserves	-221.229.000	-175.521.000	-175.985.000
Other Reserves	71.843.000	56.258.000	67.181.000
TOTAL SHAREHOLDERS EQUITY	87.317.000	84.075.000	51.461.000

Other Financials
Contingent Liabilities	0	0	75.000
Working Capital	-1.823.000	-7.309.000	1.189.000
Net Worth	43.385.000	38.300.000	17.300.000

Ratios
Pre-Tax Profit Margin	-60.48 %	0.40 %	22.82 %
Return On Capital Employed	-23.83 %	0.24 %	24.47 %
Return On Total Assets Employed	-30.46 %	0.32 %	31.95 %
Return On Net Assets Employed	-52.35 %	0.55 %	52.06 %
Sales/Net Working Capital	-41.46	-15.92	98.74
Stock Turnover Ratio	18.63 %	13.96 %	9.71 %
Debtor Days	45.89	24.64	20.26
Creditor Days	53.51	81.19	14.05
Current Ratio	0.96	0.85	1.05
Liquidity Ratio/Acid Test	0.62	0.53	0.60
Current Debt Ratio	0.48	0.59	0.50
Gearing	29.68 %	17.76 %	25.14 %
Equity In Percentage	82.42 %	93.58 %	103.97 %
Total Debt Ratio	0.72	0.72	0.63

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Employee Information
Year	Number of Employees
2011	79
2010	72
2009	60
2008	82
2007	73

Advisor
Auditor Name	Öhrlings PricewaterhouseCoopers AB

Tax Registrations
Registered for FTax	No
Registered for VAT	No
Registered for Employee Tax	No

Certificates
Type	Category	Issuer
No certificate information for this company.

Industry Comparison
Activity Code
Activity Description	Industry unknown

Event History
Event Date	Event Description
03/01/2014	Status, changed
22/10/2013	Group Structure Change
08/01/2013	Certificate, deregistered
15/12/2012	Company tax, changed
15/12/2012	VAT, changed
15/12/2012	Employment tax, changed
05/12/2012	Status, changed
04/12/2012	Status, changed
17/08/2012	Annual account, new
17/08/2012	Group annual accout, new
24/07/2012	Annual report (PDF), new
25/04/2012	Status, changed
21/03/2012	Share capital, new issue
18/02/2012	Authorised signatories amended or new/amended vacancy text
18/02/2012	Company representatives, changed
18/02/2012	Board, changed
31/01/2012	Authorised signatories amended or new/amended vacancy text
31/01/2012	Board, changed
31/01/2012	Share capital, new issue
31/01/2012	Company representatives, changed
31/01/2012	Limit, decrease
12/09/2011	Annual account, new
12/09/2011	Group annual accout, new
12/09/2011	Limit, increase
10/09/2011	Limit, increase
01/09/2011	Annual report (PDF), new
31/08/2011	Authorised signatories amended or new/amended vacancy text
31/08/2011	Company representatives, changed
31/08/2011	Board, changed
16/07/2011	Limit, decrease
09/07/2011	Limit, increase
02/07/2011	Limit, decrease
26/05/2011	Share capital, new issue
14/05/2011	Limit, increase
07/05/2011	Limit, decrease
29/03/2011	Fax number, removed
25/01/2011	Address, changed
23/10/2010	Share capital, new issue
19/08/2010	Share capital, new issue
02/08/2010	Annual account, new
02/08/2010	Limit, increase
27/07/2010	Annual report (PDF), new
12/01/2010	Company business activity, changed

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.35
UK Pound	1	Rs.98.71
Euro	1	Rs.77.47

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	TPT

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.

Main Address
Address	Country	Telephone
Skalholtsgatan 10, 16440 KISTA	SWEDEN	08-7504888

Basic Information
Business Name	Proximion Fiber Systems AB
Registered Company Name	Proximion Fiber Systems AB
Company Registration Number	5566415153
Country	SWEDEN
VAT Registration Number
Date of Company Registration	10/03/2003
Legal Form	Limited liability company
Company Status	Bankruptcy concluded
Currency of this Report	SEK
Principal Activity Description	The company will utvecka, manufacturing and selling fiber optic components, instruments and systems, and conduct related business.
Contact Address	Skalholtsgatan 10, 16440 Kista
Contact Telephone Number	08-7504888

Other Address
Address	Country
No other addresses for this company.