MIRA INFORM REPORT

Report No. :	317894
Report Date :	18.04.2015

IDENTIFICATION DETAILS

Name :	GLOBAL RECYCLING EUROPE AB

Registered Office :	Scheelegatan 19,21228 Malmo

Country :	Sweden

Financials (as on) :	2012

Date of Incorporation :	13.05.1997

Com. Reg. No.:	5565418125

Legal Form :	Limited Liability Company

Line of Business :	The Company shall conduct agency and wholesale business in atervinningsbranschen. Import and export of scrap metal and paper waste, and related business activities.

No. of Employees :	3 (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 :	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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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. In September 2003, Swedish voters voted against a referendum on euro zone entry because of concerns with the impact on the country’s economy, welfare system 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; the engineering sector accounts for about 50% of output and exports. Agriculture accounts for little more than 1% of GDP and employment. Until 2008, Sweden was in the midst of a sustained economic upswing, boosted by increased domestic demand and strong exports. Despite sound public finances, the Swedish economy slid into recession in the third quarter of 2008 and the contraction continued into 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 slowed in 2013, as a result of continued economic weakness in the EU - Sweden’s main export market – and remained weak in 2014.

Source : CIA

Company Summary

Country	SWEDEN
Company Registration Number	5565418125
Activity Code	38320
Activity Description	Recovery of sorted materials
Company Status	Active (Active)
Latest Turnover Figure	21.040.000 SEK
Latest Shareholder Equity Figure	-1.632.000 SEK
Local Description	Comment on account

Basic Information

Business Name	Global Recycling Europe AB
Registered Company Name	Global Recycling Europe AB
Company Registration Number	5565418125
Country	SWEDEN
VAT Registration Number	SE556541812501
Date of Company Registration	13/05/1997
Legal Form	Limited liability company
Company Status	Active (Active)
Currency of this Report	SEK
Principal Activity Code	No code
Principal Activity Description	The Company shall conduct agency and wholesale business in atervinningsbranschen. Import and export of scrap metal and paper waste, and related business activities.
Contact Address	Scheelegatan 19,21228 MALMO
Contact Telephone Number	040-929248

Main Address

Address	Country	Telephone
Scheelegatan 19,21228 MALMO	SWEDEN	040-929248

Other Addresses

Address	Country
No other addresses for this company

Activities

Activity Code	Activity Description
38320	Recovery of sorted materials

Email Addresses

No email addresses for this company

Web Pages

No websites for this company

Employee Information

Year	Number of Employees
2012	3
2011	3
2010	3
2009	0
2008	0

Advisors

Auditor Name

Jan Daniel Hakansson

Tax Registrations

Registered for FTax	Yes
Registered for VAT	Yes
Registered for Employee Tax	Yes

Certificates

No certificate information for this company

Industry Comparison

Activity Code	38320
Activity Description	Recovery of sorted materials
Industry Average Credit Rating	75 (1 - 100)
Industry Average Credit Limit	1.183.000

Event History

Event Date	Event Description
23/01/2014	Annual account, new
23/01/2014	Limit, decrease
16/01/2014	Annual report (PDF), new
24/03/2013	Limit, increase
19/03/2013	Limit, increase
10/03/2013	Limit, decrease
09/03/2013	Limit, increase
05/03/2013	Limit, decrease
09/02/2013	Limit, decrease
21/11/2012	Annual report (PDF), new
07/11/2012	Annual account, new
07/11/2012	Limit, decrease
19/10/2012	Annual report (PDF), new
13/09/2011	Annual account, new
13/09/2011	Limit, increase
10/08/2011	Annual report (PDF), new
09/05/2011	Status, changed
05/11/2010	Phone number, new
04/11/2010	Phone number, new
22/10/2010	VAT, changed
22/10/2010	Company tax, changed
22/10/2010	Employment tax, changed
11/08/2010	Annual account, new
30/07/2010	Annual report (PDF), new

Status History

No status history events for this company

Profit and Loss

Financial Year	2012		2011		2010
Number of Weeks	52		52		52
Currency	SEK		SEK		SEK
Consolidated Accounts	No		No		No
Revenue	21.040.000		31.509.000		12.486.000
Operating Costs	22.534.000		32.774.000		11.916.000
Operating Profit	-1.494.000		-1.265.000		570.000
Wages & Salaries	-883.000		-950.000		-437.000
Depreciation	-60.000		0		0
Financial Income	7.000		1.000		281.000
Financial Expenses	-245.000		-23.000		-229.000
Extraordinary Income	0		0		0
Extraordinary Costs	0		0		0
Profit before Tax	-1.733.000		-1.286.000		622.000
Tax	0		0		-123.000
Profit after Tax	-1.733.000		-1.286.000		499.000
Minority Interests	0		0		0
Other Appropriations	0		155.000		-155.000
Retained Profit	-1.733.000	-1.131.000		344.000

Balance Sheet

Financial Year	2012		2011		2010
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	240.000		0		0
Total Tangible Assets	240.000		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	1.500.000		0		0
Total Other Fixed Assets	1.500.000		0		0
TOTAL FIXED ASSETS	1.740.000		0		0
Work In Progress	0		0		0
Other Inventories	0		0		0
Total Inventories	0	0		0
Trade Receivables	4.344.000	4.795.000		2.021.000
Group Receivables	0	0		0
Miscellaneous Receivables	10.004.000	4.092.000		384.000
Total Receivables	14.348.000	8.887.000		2.405.000
Cash	2.095.000	625.000		432.000
Other Current Assets	0	0		0
TOTAL CURRENT ASSETS	16.444.000	9.511.000		2.837.000
TOTAL ASSETS	18.184.000	9.511.000		2.837.000
Trade Payables	8.416.000	8.302.000		213.000
Bank Liabilities	0	0		0
Group Payables	0	0		0
Miscellaneous Liabilities	9.121.000	279.000		412.000
TOTAL CURRENT LIABILITIES	17.537.000	8.581.000		625.000
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	2.279.000	829.000		1.768.000
TOTAL LONG TERM LIABILITIES	2.279.000	829.000		1.768.000
TOTAL LIABILITIES	19.816.000	9.410.000		2.393.000
Called Up Share Capital	100.000	100.000		100.000
Share Premium	0	0		0
Revenue Reserves	-1.732.000	-787.000		344.000
Other Reserves	0	788.000		0

Other Financials

Contingent Liabilities	0	0	0
Working Capital	-1.093.000	930.000	2.212.000
Net Worth	-1.632.000	101.000	444.000

Ratios

Pre-Tax Profit Margin	-8.24 %	-4.08 %	4.98 %
Return On Capital Employed	-4.85 %	-7.11 %	17.97 %
Return On Total Assets Employed	-9.53 %	-13.52 %	21.92 %
Return On Net Assets Employed	106.19 %	-1273.27 %	140.09 %
Sales/Net Working Capital	-19.25	33.88	5.64
Stock Turnover Ratio	0	0	0
Debtor Days	75.36	55.55	59.08
Creditor Days	146.00	96.17	6.23
Current Ratio	0.94	1.11	4.54
Liquidity Ratio/Acid Test	0.94	1.11	4.54
Current Debt Ratio	-10.75	84.96	1.41
Gearing	-139.64 %	820.79 %	363.29 %
Equity In Percentage	-9.78 %	1.06 %	15.65 %
Total Debt Ratio	-12.14	93.17	5.39

Share Capital Structure

Issued Share Capital

100.000 SEK

Shareholders

No shareholders data for this company.

Current Directors

Name	Appointment Date	Position
Amin Ur Rashid	25/01/2005	Chairman of Board
Majeed, Abdul	01/11/2003	Actual Member of Board
Farah Deeba Rashid	01/11/2003	Substitute

Group Structure

No group structure for this company

Negative Information

Currency	SEK
Number Of Private Claims	0
Balance Of Private Claims	0
Number Of Public Claims	1
Balance Of Public Claims	600
Total Balance	600

Record of Non Payment

Number Of Distraint Or Repossessions	0
Number Of Public Claims	3
Number Of Private Claims	0
Number Of Applications	0
Number Of Revoked Applications	1

Latest Public Claim

Type	Tax account - Term 3
Date	2015-03-11
Amount	4814646 (SEK)
Currency	SEK

Latest Private Claim

No Latest Private Claim for this company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.37
UK Pound	1	Rs.93.10
Euro	1	Rs.67.13

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	VNT

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.