MIRA INFORM REPORT

Report Date :

27.01.2011

IDENTIFICATION DETAILS

Name :	ALLWEILER AS
Registered Office :	Nye Vakås Vei 4, 1395 Hvalstad
Country :	Norway
Financials (as on) :	31.12.2009
Date of Incorporation :	17.11.1988
Com. Reg. No.:	919674237
Legal Form :	Private Limited Company
Line of Business :	Wholesale of mining, construction and civil engineering mach

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	5 Million
Status :	Good
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Norway	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name & address

 
ALLWEILER AS
NYE VAKÅS VEI 4
1395 HVALSTAD
 
All figures in NOK
 
Text:  BEST CREDITWORTHINESS 
 
Credit limit min.-max.: 2% - 3% OF TURNOVER
 
Max. credit amount: 0 MAX 5 MILL.
 
Turnover: 271.328.000 Trend: Positive 
Equity:  52.970.000 Trend: Positive 
Result: 23.940.000 Trend: Positive 
Short-term debt: 44.892.000 Trend: Positive 
Financial expenses: 3.089.000 Trend: Positive 
 
Share capital: 7.250.000
Legal status: AS
Age of company: 40
Payment record: IRREPROACHABLE
Voluntary mortgage: YES
 
 

TREND

 
Date: 31.12.2009 31.12.2008  31.12.2007 
Points: 94 91 93 
Credit limit: 2 - 3% OF TURNOVER 2 - 3% OF TURNOVER 2 - 3% OF TURNOVER 
 
Max credit: MAX 5 MILL. MAX 5 MILL. MAX 5 MILL. 
 
Turnover: 271.328.000 256.947.000 224.033.000 
 
Equity: 52.970.000 49.992.000 33.797.000 
 
Neg remarks NO NO NO  
New remarks NO NO NO 
 
 

BUSINESS CERTIFICATE

 
Telephone:   66775050 
Fax:   66847910 
Legal status:  AS 
Regno.   919674237 
Established:  1971 
Date registered:  17.11.88 
Certificate date:  07.07.10 
General manager: JOHANSEN KÅRE 
Bank connection: 
Employees:  2011: 34 2010: 34 2009: 34 
Auditor:  976389387 ERNST & YOUNG AS
 
 

INDUSTRY (NACE)

 
4663000 WHOLESALE OF MINING, CONSTRUCTION AND CIVIL ENGINEERING MACH
4660000 WHOLESALE OF OTHER MACHINERY, EQUIPMENT AND SUPPLIES 
4690000 NON-SPECIALISED WHOLESALE TRADE 
4669400 WHOLESALE OF MACHINERY AND EQUIPMENT FOR TRADE, TRANSPORT AN
4669200 WHOLESALE OF SHIPPING EQUIPMENT AND FISHING TACKLE 
4669000 WHOLESALE OF OTHER MACHINERY AND EQUIPMENT  
4652000 WHOLESALE OF ELECTRONIC AND TELECOMMUNICATIONS EQUIPMENT AND
4650000 WHOLESALE OF INFORMATION AND COMMUNICATION EQUIPMENT 
4600000 WHOLESALE TRADE, EXCEPT OF MOTOR VEHICLES AND MOTORCYCLES 
 
 

BOARD

KIRCHNER FRANK MARTIN CHAIRMAN Born: 06.05.59

FORSLUND JAN ARNE  BOARD MEMBER Born: 27.09.63 
JOHANSEN KÅRE  BOARD MEMBER Born: 21.05.49 
 
 

OWNERS

 
Name:  Business no.: Percentage:
ALLWEILER AG 100.00

SUBSIDIARIES

 
Name: Business no.: Percentage: 
 
 

CURRENT ITEMS

 
Date: Source: Item:
14.08.10 CI NEW CREDIT-RATING CALCULATED 
12.07.10 FO BOARD DIRECTOR CHANGED 
01.09.09 CI NEW CREDIT-RATING CALCULATED 
31.08.09 CI CHANGE REMARKS ON PAYM. 
25.07.09 CI NEW CREDIT-RATING CALCULATED 
01.07.09 FO CHAIRMAN CHANGED  
01.07.09 FO BOARD DIRECTOR CHANGED 
16.06.09 CI NEW CREDIT-RATING CALCULATED 
09.06.09 CI NEW CREDIT-RATING CALCULATED 
22.07.08 CI NEW CREDIT-RATING CALCULATED 
11.07.08 FO BOARD DIRECTOR CHANGED 
05.07.07 CI NEW CREDIT-RATING CALCULATED 
 
 

NEGATIVE PAYMENT REMARKS

 
Date: Type: Amount: Status: 
08.07.08 SECURITY-WAREHOUSE S 3.000.000 
09.11.07 FACTORING AGREEMENT 10.000.000 
21.04.94 FACTORING AGREEMENT 3.000.000 
04.05.90 FACTORING AGREEMENT 
 
 

PROFIT/LOSS ACC.

 
YEAR END: 31.12.2009 31.12.2008 31.12.2007 
TOT.OPERAT.INCOME: 271.255.000 256.811.000 224.203.000
TOT.OPERAT.COSTS: -244.300.000 -230.340.000 -198.673.000
OPERAT.PROF./LOSS: 26.955.000 26.471.000 25.531.000
TOT.FINANC.INCOME: 73.000 136.000 -170.000
TOT.FINANC.COSTS: -3.089.000 -4.046.000 -338.000
PROF/LOSS B. TAX: 23.940.000 22.561.000 25.023.000
YEAR TAX: -6.741.000 -6.367.000 -7.034.000
ORD.PROFIT/LOSS: 17.199.000 16.194.000 17.989.000
TOT.EX.ORD. ITEMS: 0 0 0
PROF/LOSS F/YEAR: 17.199.000 16.194.000 17.989.000
TOTAL TRANSFERS: -17.199.000 -16.194.000 -17.989.000
Subsidiaries NOK NOK NOK
 

BALANCE SHEET

 
Year End: 31.12.2009 31.12.2008 31.12.2007 
TOT.CAPITAL ASSETS:  5.615.000 2.678.000 2.110.000
TOT.CURRENT ASSETS: 92.335.000 125.828.000 78.297.000
TOT.ASSETS: 97.950.000 128.506.000 80.407.000
TOT.SUBSCR. EQ.CAP.: 7.250.000 7.250.000 7.250.000
TOT.EARNED EQ.CAP.: 45.720.000 42.742.000 26.547.000
TOT.EQUITY CAPITAL: 52.970.000 49.992.000 33.797.000
TOT.LONG-TERM DEBT: 89.000  288.000 137.000
TOT.SHORT-TERM DEBT: 44.892.000 78.226.000 46.474.000
TOT.EQ.CAP. & LIABIL 97.951.000 128.506.000 80.408.000
Subsidiaries NOK NOK  NOK
 
 

PROFIT/LOSS ACC. DETAILS

 
Year End: 31.12.2009 31.12.2008 31.12.2007 
Sales income: 271.255.000 256.811.000 224.203.000
Other income: 0  0 0
TOT.OPERAT.INCOME: 271.255.000 256.811.000 224.203.000
 
Cost of sales: -217.450.000 -201.228.000 -175.367.000
Stocks own goods: 0 0 0
Payroll costs: -18.320.000 -17.542.000 -15.580.000
Depreciation: -588.000 -257.000 -142.000
Writedown: 0 0  0
Bad debts: 0 0 0
Other op.costs: -7.942.000 -11.313.000 -7.584.000
TOT.OPERAT.COSTS: -244.300.000 -230.340.000 -198.673.000
 
OPERAT.PROF./LOSS: 26.955.000 26.471.000 25.531.000
 
Income f/inv.subs.: 0 0 0
Inc.f/inv.in.grou: 0 0 0
Inc.f/inv.ass.co: 0 0 0
Inc.groupinter: 0 0 0
Inc.Other interes: 73.000 136.000 182.000
Other fin.income:  0 0 -352.000
TOTAL FIN.INCOME: 73.000 136.000 -170.000
 
Val.fin.curr.ass.: 0 0 0
W.down curr.ass.: 0  0 0
W.down cap.ass.: 0 0 0
Intragroup charge: 0 0 0
Oth.interest charge: -1.089.000 -585.000 -338.000
Oth.fin.costs: -2.000.000 -3.461.000 0
Agio/Disagio: 0 0 0
TOT.FIN. COSTS: -3.089.000 -4.046.000  -338.000
 
TOT.FIN. COSTS: -3.016.000 -3.910.000 -508.000
 
ORD.PROF/LOSS B.TAX. 23.940.000 22.561.000 25.023.000
Year Tax: -6.741.000 -6.367.000 -7.034.000
ORDINARY PROFIT: 17.199.000 16.194.000 17.989.000
Ex.ord. income: 0 0 0
Ex.ord. costs: 0 0 0
Tax ex.ord.prof.: 0 0 0
TOT. EX.ORD. ITEMS: 0 0 0
PROF/LOSS THE YEAR: 17.199.000 16.194.000 17.989.000
 
Group contribut:  0 0 0
Dividend: 0 0 -7.500.000
Reserve value.diff.: 0 0 0
Other equity cap.: -17.199.000 -16.194.000 -10.489.000
TOTAL TRANSFERS: -17.199.000 -16.194.000 -17.989.000
Subsidiaries NOK NOK NOK
 
 

BALANCE SHEET DETAILS

 
Year End:  31.12.2009 31.12.2008 31.12.2007 
Research & dev. good 0 0 0
Deferred tax adv.: 3.230.000 1.211.000 1.727.000
TOT. INTANGIBL. ASS. 3.230.000 1.211.000 1.727.000
 
Prop.sites & build: 0 0 0
Machinery/plant.: 0 0 0
Ships/rigs/planes: 0  0 0
Moveables etc.: 2.385.000 1.467.000 383.000
TOTAL FIXED ASS.: 2.385.000 1.467.000 383.000
 
Invest.subsidiary: 0 0 0
Intragroup invest.: 0 0 0
Intragroup loans: 0 0 0
Invest.associ.co.: 0 0  0
Loans ass.co.: 0 0 0
Invest.shares: 0 0 0
Bonds/oth.receiv.: 0 0 0
Pension funds: 0 0 0
Subord.loan cap.: 0 0 0
TOT.FIN.CAP.ASS.: 0 0 0
 
Oth.cap.assets:  0 0 0
 
TOT.FIXED.ASSETS: 5.615.000 2.678.000 2.110.000
 
STOCKS: 35.867.000 36.050.000 17.810.000
 
Trade debtors:  48.188.000 74.318.000 44.443.000
Oth.acc.receiv.: 2.910.000 7.981.000 12.485.000
Intragroup receiv.: 1.489.000 1.015.000 0
Claims com. -cap.: 0 0 0
TOT.ACC.RECEIVABLE: 52.587.000 83.313.000 56.929.000
 
Share intra.gr.: 0 0 0
Market shares: 0  0 0
Market bonds: 0 0 0
Market fin.instr.: 0 0 0
Oth.fin.elements: 0 0  0
TOTAL INVESTMENTS: 0 0 0
 
Cash/Bank: 3.882.000 6.465.000 3.559.000
Other current ass.: 0 0  0
TOTAL CURRENT ASS.: 92.335.000 125.828.000 78.297.000
 
TOTAL ASSETS: 97.950.000 128.506.000 80.407.000
 
Company capital: 7.250.000 7.250.000 7.250.000
Own shares: 0 0 0
Share reserve: 0 0 0
TOT.INVES.EQ.CAP: 7.250.000 7.250.000 7.250.000
 
Reserve value-dif.: 0 0 0
Other equity cap.: 45.720.000 42.742.000 26.547.000
TOT.EARNED EQ.CAP.: 45.720.000 42.742.000 26.547.000
 
TOTAL EQUITY CAP.: 52.970.000 49.992.000 33.797.000
 
MINORITY INTEREST: 0 0 0
 
Pension liabil.: 89.000 288.000 137.000
Deferred tax: 0  0 0
Oth.prov.for liab.: 0 0 0
TOT.PROV.LIABLITY: 89.000 288.000 137.000
 
Convertible loans: 0  0 0
Bond loans: 0 0 0
Debt credit-insti.: 0 0 0
Subord.loan cap.: 0 0  0
Intragroup debt.: 0 0 0
Oth.longterm debt: 0 0 0
TOT.OTH.LONG.DEBT: 0 0 0
 
TOT.LONGTERM DEBT: 89.000 288.000 137.000
 
Convertible loans: 0 0 0
Certificate loans: 0 0 0
Debt credit-insti.: 0 0 0
Trade creditors: 16.641.000 28.671.000 20.612.000
Tax payable: 8.760.000 5.778.000 8.235.000
Unpaid public tax:  2.036.000 2.012.000 1.899.000
Dividend: 0 0 0
Intragroup debt: 11.202.000 34.580.000 0
Oth.short-t. debt: 6.253.000 7.184.000 15.728.000
TOT.SHORT-T. DEBT: 44.892.000 78.226.000 46.474.000
TOT.EC AND LIABIL.: 97.951.000 128.506.000 80.408.000
 
Subsidiaries NOK  NOK NOK
 
 

KEY FIGURES

 
Year End: 31.12.2009 31.12.2008 31.12.2007 
Operating margin: 9.9 % 10.3 % 11.4 %
Current ratio: 2.1  1.6 1.7
Capital adequacy rat 54.1 % 38.9 % 42 %
Dept-equity ratio 0.8 1.6 1.4
Interest cover: 8.7 6.6 75
Cash flow: 6.6 % 6.4 % 8.1 %
Stock financing: 132.3 132 178.7
Return on equity: 32.5 % 32.4 %  53.2 %
Total return: 27.6 % 20.7 % 31.5 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.53
UK Pound	1	Rs.72.78
Euro	1	Rs.62.14

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

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.