MIRA INFORM REPORT

Report Date :

19.04.2012

IDENTIFICATION DETAILS

Name :	BERY MARITIME AS
Registered Office :	Bygdã¸Y Allã© 2 Oslo 0257
Country :	Norway
Financials (as on) :	2010
Date of Incorporation :	19.02.1995
Com. Reg. No.:	930318671
Legal Form :	Limited Company
Line of Business :	Ship Brokerage Services
No. of Employees :	14

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 :	420,000 NOK
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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 and address

Top of Form

Company Name

BERY MARITIME AS

Company Number

930318671

Company name	BERY MARITIME A/S	Company number	930318671
Address	Bygdøy Allé 2
City	OSLO 0257	Legal form	Limited company
Website address	www.bery.no	E-mail address	bery@bery.no
Telephone Number	00 47 23113500	Fax Number	00 47 23113510
Registration date	19/02/1995	Status	Active
Previous Name	-	Share capital	3,000,000
Name change date	-	Currency	-
		Number of employees	14

Postal Address

Address	City	Postal Code
Postboks 573 Sentrum BA2 Centre	OSLO	0105

Credit Rating & Limit

Current rating trend	(-)
Limit	420,000 NOK

Ultimate Holding Company

Company Name	Company Number
BROSCO AS	987831332

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2010	41,519,000	18,860,000	5,812,000
2009	36,900,000	12,637,000	8,298,000
2008	47,661,000	23,999,000	13,440,000
2007	43,092,000	16,147,000	4,301,000
2006	23,999,000	7,149,000	3,203,000

Industry

Main Industry Code & Description	Ship brokerage services
Secondary Industry Code & Description	-
Other Industry Code & Description	-

Shareholders

Shareholder Name	Number of Shares	Percentage Share
BROSCO AS	1,200	60.0
LATIN LINK AS	800	40.0

Current Directors

Name	Address	Function
Rynning, Ole Sylow	Christian Benneches V. 6 G OSLO 0286	General manager/CEO
Skaug, Odd Ingar	Maries Vei 18 B HØVIK 1363	Chairman of the board
Berg, Otto Jacob	Øvre Ullern Terrasse 75 OSLO 0380	Board member(s)
Rodriguez, Jesus Escudero	Mylskerudveien 26 D OSLO 1160	Board member(s)
Wolff, Erik	Drammensveien 70 OSLO 0271	Board member(s)
Rynning, Ole Sylow	Christian Benneches V. 6 G OSLO 0286	Board member(s)

Other Company Officials

Name	Address	Function
AS SOLREGN	Industriveien 5 HAGAN 1483	Accountant

Profit & Loss Account

Financial Year	2010		2009		2008		2007		2006
Currency	NOK		NOK		NOK		NOK		NOK
Consolidated Accounts	No		No		No		No		No
Sales Revenue	41,519,000	12.5 %	36,900,000	-22.6 %	47,661,000	10.6 %	43,092,000	79.6 %	23,999,000
Other operating income	0	-	0	-	0	-	0	-	0
Total Operating Income	41,519,000	12.5 %	36,900,000	-22.6 %	47,661,000	10.6 %	43,092,000	79.6 %	23,999,000
Total Operating Expenses	24,647,000	15.9 %	21,261,000	-23.9 %	27,937,000	5.7 %	26,438,000	57.5 %	16,786,000
Operating Profit	16,872,000	7.9 %	15,639,000	-20.7 %	19,723,000	18.4 %	16,654,000	130.9 %	7,213,000
Wages & Salaries	18,781,000	23.9 %	15,163,000	-28.6 %	21,223,000	19.8 %	17,714,000	79.4 %	9,874,000
Depreciation	216,000	-25.0 %	288,000	255.6 %	81,000	-71.6 %	285,000	-17.2 %	344,000
Financial Income	2,101,000	67.0 %	1,258,000	-75.6 %	5,160,000	182.3 %	1,828,000	142.1 %	755,000
Financial Expenses	113,000	-97.3 %	4,260,000	381.9 %	884,000	-62.1 %	2,334,000	185.0 %	819,000
Profit Before Tax	18,860,000	49.2 %	12,637,000	-47.3 %	23,999,000	48.6 %	16,147,000	125.9 %	7,149,000
Tax	-5,346,000	-46.7 %	-3,643,000	46.9 %	-6,860,000	-43.8 %	-4,769,000	-126.0 %	-2,110,000
Profit After Tax	13,514,000	50.3 %	8,994,000	-47.5 %	17,139,000	50.6 %	11,378,000	125.8 %	5,039,000
Extraordinary Result	0	-	0	-	0	-	0	-	0
Dividends	12,000,000	0.0 %	12,000,000	50.0 %	8,000,000	-	-	-	-
Net Result after Dividends	1,514,000	150.4 %	-3,006,000	-132.9 %	9,139,000	-19.7 %	11,378,000	125.8 %	5,039,000

Balance Sheet

Financial Year	2010		2009		2008		2007		2006
Currency	NOK		NOK		NOK		NOK		NOK
Consolidated Accounts	No		No		No		No		No
Land & Buildings	0	-	0	-	0	-	0	-	0
Plant & Machinery	0	-	0	-	0	-	0	-	0
Other Tangible Assets	214,000	-50.2 %	430,000	-14.5 %	503,000	96.5 %	256,000	-38.3 %	415,000
Total Tangible Assets	214,000	-50.2 %	430,000	-14.5 %	503,000	96.5 %	256,000	-38.3 %	415,000
Intangible Assets	67,000	24.1 %	54,000	-81.1 %	286,000	-19.4 %	355,000	582.7 %	52,000
Other Fixed Assets	413,000	0.0 %	413,000	-	0	-	0	-	0
TOTAL FIXED ASSETS	694,000	-22.6 %	897,000	13.7 %	789,000	29.1 %	611,000	30.8 %	467,000
Inventories	0	-	0	-	0	-	0	-	0
Trade Receivables	5,086,000	30.5 %	3,896,000	-0.7 %	3,925,000	-28.2 %	5,468,000	205.1 %	1,792,000
Other Receivables	5,235,000	21.2 %	4,318,000	-3.8 %	4,490,000	-30.3 %	6,446,000	105.4 %	3,138,000
Cash & Bank Deposits	22,864,000	-8.6 %	25,029,000	-64.7 %	70,968,000	145.7 %	28,887,000	146.8 %	11,703,000
Other Current Assets	0	-100.0 %	1,000	0.0 %	1,000	0.0 %	1,000	0.0 %	1,000
TOTAL CURRENT ASSETS	33,185,000	-0.2 %	33,244,000	-58.1 %	79,384,000	94.6 %	40,802,000	145.3 %	16,634,000
TOTAL ASSETS	33,880,000	-0.8 %	34,141,000	-57.4 %	80,173,000	93.6 %	41,413,000	142.2 %	17,101,000
Trade Creditors	1,133,000	-70.8 %	3,878,000	-90.4 %	40,312,000	226.8 %	12,336,000	349.1 %	2,747,000
Short Term Liabilities to Financial Institutions	0	-	0	-	0	-	0	-	0
Short Term Liabilities to Group	12,000,000	-	0	-	0	-	0	-	0
Other Short Term Loans	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	14,934,000	-32.0 %	21,965,000	-16.9 %	26,421,000	6.6 %	24,776,000	122.2 %	11,151,000
TOTAL CURRENT LIABILITIES	28,067,000	8.6 %	25,843,000	-61.3 %	66,733,000	79.8 %	37,112,000	167.0 %	13,898,000
Long Term Liabilities to Financial Institutions	0	-	0	-	0	-	0	-	0
Other Long Term Loans	0	-	0	-	0	-	0	-	0
Long Term Pension Commitments	0	-	0	-	0	-	0	-	0
Other Long Term Liabilities	0	-	0	-	0	-	0	-	0
TOTAL LONG TERM LIABILITIES	0	-	0	-	0	-	0	-	0
TOTAL LIABILITIES	28,067,000	8.6 %	25,843,000	-61.3 %	66,733,000	79.8 %	37,112,000	167.0 %	13,898,000
Share Capital	3,000,000	0.0 %	3,000,000	0.0 %	3,000,000	0.0 %	3,000,000	0.0 %	3,000,000
Share Premium Reserve	0	-	0	-	0	-	0	-	0
Revaluation Fund	0	-	0	-	0	-	0	-	0
Total Retained Earnings	2,812,000	-46.9 %	5,298,000	-49.3 %	10,440,000	702.5 %	1,301,000	540.9 %	203,000
Other Reserves	0	-	0	-	0	-	0	-	0
TOTAL EQUITY	5,812,000	-30.0 %	8,298,000	-38.3 %	13,440,000	212.5 %	4,301,000	34.3 %	3,203,000

Other Financials

Financial Year	2010		2009		2008		2007		2006
Total Exports	-	-	-	-	-	-	-	-	-
Working Capital	5,118,000	-30.8 %	7,401,000	-41.5 %	12,651,000	242.8 %	3,690,000	34.9 %	2,736,000
Net Worth	5,745,000	-30.3 %	8,244,000	-37.3 %	13,154,000	233.4 %	3,946,000	25.2 %	3,151,000
Capital Employed	5,812,000	-30.0 %	8,298,000	-38.3 %	13,440,000	212.5 %	4,301,000	34.3 %	3,203,000

Ratios

Financial Year	2010	2009	2008	2007	2006
Pre-Tax Profit Margin	45.42	34.25	50.35	37.47	29.79
Return on Capital Employed	324.50	152.29	178.56	375.42	223.20
Return on Total Assets Employed	55.67	37.01	29.93	38.99	41.80
Return on Net Assets Employed	324.50	152.29	178.56	375.42	223.20
Sales/Net Working Capital	8.11	4.99	3.77	11.68	8.77
Stock Turnover Ratio	0.00	0.00	0.00	0.00	0.00
Debtor Days	44.71	38.54	30.06	46.32	27.25
Creditor Days	9.96	38.36	308.72	104.49	41.78
Current Ratio	1.18	1.29	1.19	1.10	1.20
Liquidity Ratio/Acid Test	1.18	1.29	1.19	1.10	1.20
Current Debt Ratio	4.83	3.11	4.97	8.63	4.34
Solvency Ratio	17.15	24.31	16.76	10.39	18.73
Equity in Percentage	17.40	24.64	16.82	10.48	18.79
Total Debt Ratio	4.83	3.11	4.97	8.63	4.34

Event History

Date	Description
23/11/2011	Limit Change
23/11/2011	Rating Change

Rating History

No data exist

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.89
UK Pound	1	Rs.83.18
Euro	1	Rs.68.06

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.