MIRA INFORM REPORT

Report No. :	494475
Report Date :	03.03.2018

IDENTIFICATION DETAILS

Name :	IBEKO POWER AB
Registered Office :	Stockholmsvagen 18 2 tr 181 50 Lidingo
Country :	Sweden
Financials (as on) :	30.06.2017
Date of Incorporation :	01.08.2003
Com. Reg. No.:	556647-7005
Legal Form :	Private limited liability company - AB
Line of Business :	Manufacture of measurement, control and navigation instruments and equipment
No. of Employees :	7 (2017)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Sweden	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SWEDEN - ECONOMIC OVERVIEW

Sweden’s small, open, and competitive economy has been thriving and Sweden has achieved an enviable standard of living with its combination of free-market capitalism and extensive welfare benefits. Sweden remains outside the euro zone largely out of concern that joining the European Economic and Monetary Union would diminish the country’s sovereignty over its welfare system.

Timber, hydropower, and iron ore constitute the resource base of a manufacturing economy that relies heavily on foreign trade. Exports, including engines and other machines, motor vehicles, and telecommunications equipment, account for more than 44% of GDP. Sweden enjoys a current account surplus of about 5% of GDP, which is one of the highest margins in Europe.

GDP grew an estimated 3.3% in 2016 and 2017 driven largely by investment in the construction sector. Economic growth is expected to ease slightly in the coming years as this investment subsides. Global economic growth boosted exports of Swedish manufactures further, helping drive domestic economic growth in 2017. The central bank is keeping an eye on deflationary pressures and is expected to maintain its expansionary monetary policy in 2018. Swedish prices and wages have grown only slightly over the past few years, helping to support the country’s competitiveness.

In the short and medium term Sweden’s economic challenges include keeping rising house prices in check and successfully integrating migrants into the labor market.

Source : CIA

Summary

Company name	Ibeko Power AB
Operative address	Stockholmsvagen 18 2 tr 181 50 Lidingo Sweden
Status	Active

Legal form	Private limited liability company - AB
Registration number	Trade register number: 556647-7005
VAT-number	SE556647700501
Year	2017	Mutation	2016	Mutation	2015
Fixed assets	4.876
Total receivables	524.180	-1,77	533.629	41,30	377.644
Total equity	243.365	-6,23	259.546	39,05	186.651
Short term liabilities	429.365	-9,82	476.117	8,06	440.584
Net result	59.130	-23,24	77.036	179,48	27.564
Working capital	365.359	26,03	289.893	-7,76	314.269
Quick ratio	1,49	15,50	1,29	-7,86	1,40

Contact information

Company name	Ibeko Power AB
Operative address	Stockholmsvagen 18 2 tr 181 50 Lidingo Sweden
Correspondence address	Stockholmsvagen 18 2 tr 181 50 Lidingo Sweden

Telephone number	+46 8 7317699
Website	www.dv-power.com

Registration

Registration number	Trade register number: 556647-7005
VAT-number	SE556647700501
Status	Active
Establishment date	2003-08-01

Legal form	Private limited liability company - AB
Subscribed share capital	SEK 100.000

Activities

NACE	Manufacture of measurement, control and navigation instruments and equipment

Relations

Shareholders

ULTIMATE GLOBAL SHAREHOLDER Name: IBEKO POWER AB National id number: 556647-7005 Address: Stockholmsvägen 18 2 tr City: LIDINGÖ Country: SE Phone: +46 8 7317699 Website: www.dv-power.com Type: Corporate Share direct: 100.00% Share total: 100.00% Turnover: 3.23343999 mil. SEK Total assets: 0.79740661 mil. SEK Profit loss before tax: 0.68599743 mil. SEK Profit loss after tax net income: 0.57000186 mil. SEK Shareholders funds: 2.34599617 mil. SEK

Structure

SUBSIDIARIES Name: KV TEAM D.O.O. SARAJEVO National id number: 4200736080005 Address: ul. Pavla Lukaca broj 5 City: SARAJEVO-NOVO SARAJEVO Country: BA Type: Corporate Phone: +387 33661052 Fax: +387 33661014 Website: www.dv-power.com Status: UO+ Share direct: 100.00% Turnover: 1.17782662 mil. SEK Total assets: 0.50242954 mil. SEK Profit loss before tax: 1.25827292 mil. SEK Profit loss after tax net income: 1.26307735 mil. SEK Shareholders funds: 2.9151587 mil. SEK Number of employees: 62

Management

Management

Fullname: Mr Milan Vujovic Type: Individual Gender: Male Number of involvements: 1 Function: Regular Member Level of responsibility: Member Appointment date: 2003/08/08

Employees

Year	2017	2016	2015	2014	2013
Annual	7	6	6	5	6

Financial analysis

Trend	Constant
Profitability	Positive
Solvability	Sufficient
Liquidity	Sufficient
Show amount in	Euro

Key figures

Year	2017	2016	2015	2014	2013
Quick ratio	1,49	1,29	1,40	0,97	1,16
Current ratio	1,85	1,61	1,71	1,32	1,59
Working capital/ balance total	0,46	0,38	0,42	0,24	0,37
Equity / balance total	0,30	0,34	0,25	0,24	0,24
Equity / Fixed assets	49,91
Working capital	365.359	289.893	314.269	159.760	261.355
Equity	243.365	259.546	186.651	159.760	165.540
Mutation equity	-6,23	39,05	16,83	-3,49
Mutation short term liabilities	-9,82	8,06	-10,97	12,38
Return on total assets (ROA)	8,90	12,08	4,43	0,33	-7,23
Return on equity (ROE)	29,24	35,65	17,91	1,36	-30,63
Gross profit margin	2,23	3,47	1,47	0,18	-1,79
Net profit margin	1,83	2,77	0,98	0,06	-2,21
Average collection ratio	7,53	5,85	6,39	4,57	5,30
Average payment ratio	6,17	5,22	7,46	6,63	6,33
Equity turnover ratio	13,29	10,73	15,09	14,17	14,09
Total assets turnover ratio	4,05	3,64	3,73	3,46	3,32
Fixed assets turnover ratio	663,39
Inventory conversion ratio	20,83	18,61	20,18	12,88	12,26
Turnover	3.234.706	2.786.032	2.816.050	2.263.450	2.331.688
Operating result	71.993	96.666	41.454	4.141	-41.698
Net result after taxes	59.130	77.036	27.564	1.417	-51.610
Cashflow	60.375	92.953	47.097
Gross profit	453.743	469.114	324.470
EBITDA	73.238	112.583	60.987

Summary

The 2017 financial result structure is a postive working captial of 365.359 euro, which is in agreement with 46 % of the total assets of the company. The working capital has increased with 26.03 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2016 and 2017 has mainly been caused by a change of the current assets. The current ratio of the company in 2017 was 1.85. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2017 of the company was 1.49. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities. The 2016 financial result structure is a postive working captial of 289.893 euro, which is in agreement with 38 % of the total assets of the company. The working capital has diminished with -7.76 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined. The deterioration between 2015 and 2016 has mainly been caused by a change of the current liabilities. The current ratio of the company in 2016 was 1.61. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2016 of the company was 1.29. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Financial statement

Auditor	Name: Merseburg Björn Harald
Last annual account	2017
Remark annual account	The company is obliged to file its financial statements.

Type of annual account	Corporate
Annual account	Ibeko Power AB Stockholmsvagen 18 2 tr 181 50 Lidingo Sweden

Balance

Year	2017	2016	2015	2014	2013
End date	2017-06-30	2016-06-30	2015-06-30	2014-06-30	2013-06-30
Type of annual account	Corporate	Corporate	Corporate	Corporate	Corporate
Tangible fixed assets	4.876
Fixed assets	4.876
Total stock	155.293	149.722	139.555	175.780	190.149
Total receivables	524.180	533.629	377.644	341.642	368.563
Liquid funds	58.818	51.994	181.985	81.733	110.740
Other current assets	56.433	30.666	55.670	55.360	32.242
Current assets	794.724	766.010	754.853	654.624	701.694
Total assets	799.599	766.010	754.853	654.624	701.694
Total equity	243.365	259.546	186.651	159.760	165.540
Long term liabilities	126.870	30.348	127.726		95.929
Accounts payable	192.742	164.365	253.282	129.791	101.511
Other short term liabilities	236.623	311.752	187.303	365.073	338.827
Short term liabilities	429.365	476.117	440.584	494.864	440.339
Total liabilities	799.599	766.010	754.853	654.624	701.694
Summary	The total assets of the company increased with 4.38 % between 2016 and 2017. In 2017 the assets of the company were 0.61 % composed of fixed assets and 99.39 % by current assets. The assets are being financed by an equity of 30.44 %, and total debt of 69.56 %. The total assets of the company increased with 1.48 % between 2015 and 2016.

Profit and loss

Year	2017	2016	2015	2014	2013
Revenues	3.204.622	2.761.096	2.773.728	2.248.738	2.294.546
Net turnover	3.234.706	2.786.032	2.816.050	2.263.450	2.331.688
Wages and salaries	378.638	355.257	263.265	263.070	264.203
Amorization and depreciation	1.245	15.917	19.533
Production costs	2.495.584	2.106.184	2.227.338	1.798.881	1.858.651
Operating result	71.993	96.666	41.454	4.141	-41.698
Financial income	1.867	1.379	109	1.853
Financial expenses	2.697	5.412	8.247	3.705	9.000
Financial result	-830	-4.032	-8.139	-1.853	-9.000
Result on ordinary operations before taxes	71.163	92.528	33.424	2.180	-50.699
Taxation on the result of ordinary activities	12.033	15.492	5.860	763	911
Result of ordinary activities after taxes	59.130	77.036	27.564	1.417	-51.610
Net result	59.130	77.036	27.564	1.417	-51.610

Summary

The turnover of the company grew with 16.1 % between 2016 and 2017. The operating result of the company declined with -25.52 % between 2016 and 2017. This evolution implies an decrease of the company's economic profitability. The result of these changes is a reduction of the company's Economic Profitability of -26.32 % of the analysed period, being equal to 8.9 in the year 2017. Despite the decline the assets turnover increased by 11.26 % reaching 4.05. The Net Result of the company decreased by -23.24 % between 2016 and 2017. The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of -17.98 % of the analysed period, being 29.24 in the year 2017. The company's financial profitability has been positively affected by its financial structure. The turnover of the company decreased by -1.07 % between 2015 and 2016. The operating result of the company grew with 133.19 % between 2015 and 2016. This evolution implies an increase of the company's economic profitability. The result of these changes is an increase of the company's Economic Profitability of 172.69 % of the analysed period, being equal to 12.08 in the year 2016. Despite the growth the assets turnover decreased, whose index evolved with -2.41 % to a level of 3.64. The Net Result of the company increased by 179.48 % between 2015 and 2016. The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of 99.05 % of the analysed period, being 35.65 in the year 2016. The company's financial structure has slowed down its financial profitability.

Country information

Population	10.0 million
GDP per capita	21,125 USD
Country risk	Very Low
Company risk	Very Low

Publications

Remarks

Status: Active Category: Medium sized company Last year: 2017 Turnover last year: 3.234.706 EUR Result last year: 59.130 EUR TOTAL assets last year: 799.599 EUR Number of employees: 7 Number of shareholders: 0 Number of subsidiaries: 1 Number of branches: 0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.23
UK Pound	1	INR 89.71
Euro	1	INR 79.50
Euro	1	INR 80.31

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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