MIRA INFORM REPORT

Report Date :

19.04.2012

IDENTIFICATION DETAILS

Name :	KONGSBERG MARITIME AS

Registered Office :	Strandpromenaden 50 , Horten 3183

Country :	Norway

Financials (as on) :	2010

Date of Incorporation :	13.05.1998

Com. Reg. No.:	979750730

Legal Form :	Limited company

Line of Business :	Manufacture of instruments and appliances for measuring

No. of Employees :	1,827

RATING & COMMENTS

MIRA’s Rating :

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

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

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

REGISTERED NAME & COMPANY SUMMARY

Company Name	KONGSBERG MARITIME AS	Company Number	979750730
Company name	KONGSBERG MARITIME AS	Company number	979750730
Address	Strandpromenaden 50
City	HORTEN 3183	Legal form	Limited company
Head Quarters	Kirkegardsvein 45, Carpus P O Box 483 N-3601 Kongsberg, Norway
Website address		E-mail address	-
Telephone Number	00 47 33034100	Fax Number	00 47 33044424
Registration date	13/05/1998	Status	Active
Previous Name	-	Share capital	92,643,000
Name change date	-	Currency	-
		Number of employees	1,827

Postal Address

Address	City	Postal Code
Postboks 483	KONGSBERG	3601

DIRECTORS/MANAGEMENT

Current Directors

Name	Address	Function
HÃ¥Ã¸y, Geir	GranerÃ¸dveien 20 STOKKE 3160	General manager/CEO
Qvam, Walter Hafslo	Askerveien 10 D ASKER 1384	Chairman of the board
Wibstad, Hans-JÃ¸rgen	MyrbrÃ¥ten 30 DRAMMEN 3031	Board member(s)
Zangeneh, Amir Klepper	Rosteds Vei 14 KONGSBERG 3610	Board member(s)
Karde, Christian Thraning	Hemingveien 3 B OSLO 0772	Board member(s)
HusÃ¸y, Thor Stor	Kniveveien 70 DRAMMEN 3036	Board member(s)
Hansen, Liv Kristin Fines	Ã…sheimgata 4 HORTEN 3181	Board member(s)
KjÃ¦rÃ¥s, Gaute NyerrÃ¸d	Rugdestien 4 HORTEN 3189	Deputy board member/substitute
Skullerud, Vegard Ryen	Olaf Ryes Gate 21 NOTODDEN 3681	Deputy board member/substitute
Steensen, Inger Helga RÃ¸dssÃ¦teren	Gamleveien 3 A HORTEN 3189	Deputy board member/substitute

Other Company Officials

No data exist

NEGATIVE INFORMATION

SHARE & SHARE CAPITAL INFORMATION

Shareholders

Shareholder Name	Number of Shares	Percentage Share
KONGSBERG GRUPPEN ASA	81,989	88.5
KONGSBERG BASETEC AS	10,654	11.5

PAYMENT INFORMATION

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company

Company Name		Company Number
KONGSBERG GRUPPEN ASA		943753709

Financial information

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2010	NA	701,256,000	1,678,185,000
2009	5,391,727,000	447,299,000	1,570,170,000
2008	5,072,576,000	305,954,000	730,380,000
2007	3,922,053,000	410,004,000	1,415,852,000
2006	2,756,882,000	149,195,000	926,027,000

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	0	-100.0 %	5,391,727,000	6.3 %	5,072,576,000	29.3 %	3,922,053,000	42.3 %	2,756,882,000
Other operating income	4,927,770,000	-	0	-	0	-	0	-	0
Total Operating Income	4,927,770,000	-8.6 %	5,391,727,000	6.3 %	5,072,576,000	29.3 %	3,922,053,000	42.3 %	2,756,882,000
Total Operating Expenses	4,269,481,000	-13.3 %	4,925,892,000	4.4 %	4,720,058,000	35.3 %	3,488,297,000	34.9 %	2,585,510,000
Operating Profit	658,289,000	41.3 %	465,835,000	32.1 %	352,518,000	-18.7 %	433,756,000	153.1 %	171,372,000
Wages & Salaries	1,495,990,000	-4.5 %	1,565,693,000	12.9 %	1,386,319,000	16.9 %	1,185,670,000	28.9 %	919,913,000
Depreciation	73,329,000	8.1 %	67,850,000	-3.3 %	70,181,000	50.6 %	46,615,000	6.2 %	43,891,000
Financial Income	48,412,000	84.3 %	26,268,000	-31.8 %	38,517,000	5.0 %	36,691,000	6.3 %	34,522,000
Financial Expenses	5,445,000	-87.8 %	44,804,000	-47.3 %	85,081,000	40.8 %	60,443,000	6.6 %	56,699,000
Profit Before Tax	701,256,000	56.8 %	447,299,000	46.2 %	305,954,000	-25.4 %	410,004,000	174.8 %	149,195,000
Tax	-186,141,000	-50.0 %	-124,075,000	-35.2 %	-91,787,000	18.5 %	-112,622,000	-173.9 %	-41,117,000
Profit After Tax	515,115,000	59.4 %	323,224,000	50.9 %	214,167,000	-28.0 %	297,382,000	175.2 %	108,078,000
Extraordinary Result	0	-	0	-	0	-	0	-	0
Dividends	-	-	-	-	-	-	-	-	-
Net Result after Dividends	515,115,000	59.4 %	323,224,000	50.9 %	214,167,000	-28.0 %	297,382,000	175.2 %	108,078,000

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	-100.0 %	25,831,000	13.4 %	22,783,000
Plant & Machinery	0	-	0	-	0	-100.0 %	37,570,000	-	0
Other Tangible Assets	115,472,000	-14.7 %	135,392,000	-1.7 %	137,742,000	62.3 %	84,893,000	-24.8 %	112,836,000
Total Tangible Assets	115,472,000	-14.7 %	135,392,000	-1.7 %	137,742,000	-7.1 %	148,294,000	9.3 %	135,619,000
Intangible Assets	388,931,000	-9.3 %	428,669,000	0.8 %	425,277,000	-0.2 %	426,285,000	19.1 %	358,028,000
Other Fixed Assets	808,186,000	-29.5 %	1,146,335,000	5.6 %	1,085,230,000	17.0 %	927,854,000	19.7 %	775,467,000
TOTAL FIXED ASSETS	1,312,589,000	-23.3 %	1,710,396,000	3.8 %	1,648,249,000	9.7 %	1,502,433,000	18.4 %	1,269,114,000
Inventories	827,794,000	-8.5 %	904,687,000	-60.5 %	2,289,040,000	170.7 %	845,582,000	71.0 %	494,574,000
Trade Receivables	685,247,000	146.9 %	277,488,000	-27.2 %	381,249,000	-60.0 %	952,109,000	165.4 %	358,739,000
Other Receivables	752,074,000	-31.1 %	1,091,744,000	1,361.1 %	74,719,000	-87.8 %	614,208,000	25.0 %	491,218,000
Cash & Bank Deposits	1,190,293,000	457.7 %	213,438,000	91.2 %	111,624,000	-72.9 %	411,944,000	44.8 %	284,394,000
Other Current Assets	235,859,000	-67.8 %	731,990,000	-11.4 %	826,326,000	-	0	-100.0 %	527,094,000
TOTAL CURRENT ASSETS	3,691,267,000	14.7 %	3,219,347,000	-12.6 %	3,682,958,000	30.4 %	2,823,843,000	31.0 %	2,156,019,000
TOTAL ASSETS	5,003,856,000	1.5 %	4,929,743,000	-7.5 %	5,331,207,000	23.2 %	4,326,276,000	26.3 %	3,425,133,000
Trade Creditors	420,304,000	76.6 %	237,937,000	-42.9 %	416,781,000	79.3 %	232,431,000	47.9 %	157,195,000
Short Term Liabilities to Financial Institutions	0	-	0	-	0	-	0	-	0
Short Term Liabilities to Group	325,000,000	161.6 %	124,245,000	-53.7 %	268,447,000	-	0	-100.0 %	167,436,000
Other Short Term Loans	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	2,153,714,000	-13.0 %	2,474,653,000	-22.1 %	3,177,888,000	99.4 %	1,593,741,000	37.3 %	1,161,052,000
TOTAL CURRENT LIABILITIES	2,899,018,000	2.2 %	2,836,835,000	-26.6 %	3,863,116,000	111.5 %	1,826,172,000	22.9 %	1,485,683,000
Long Term Liabilities to Financial Institutions	0	-	0	-	0	-	0	-	0
Other Long Term Loans	0	-	0	-	0	-	0	-	0
Long Term Pension Commitments	84,107,000	-30.1 %	120,251,000	17.2 %	102,646,000	-7.0 %	110,385,000	-59.1 %	269,759,000
Other Long Term Liabilities	342,547,000	-14.9 %	402,487,000	-36.6 %	635,065,000	-34.8 %	973,867,000	31.0 %	743,664,000
TOTAL LONG TERM LIABILITIES	426,654,000	-18.4 %	522,738,000	-29.1 %	737,711,000	-32.0 %	1,084,252,000	7.0 %	1,013,423,000
TOTAL LIABILITIES	3,325,672,000	-1.0 %	3,359,573,000	-27.0 %	4,600,827,000	58.1 %	2,910,424,000	16.5 %	2,499,106,000
Share Capital	92,643,000	-7.4 %	100,000,000	0.0 %	100,000,000	0.0 %	100,000,000	0.0 %	100,000,000
Share Premium Reserve	138,825,000	0.0 %	138,825,000	0.0 %	138,825,000	0.0 %	138,825,000	0.0 %	138,825,000
Revaluation Fund	0	-	0	-	0	-	0	-	0
Total Retained Earnings	1,366,077,000	9.2 %	1,250,705,000	204.4 %	410,915,000	-62.5 %	1,096,387,000	74.7 %	627,442,000
Other Reserves	80,640,000	0.0 %	80,640,000	0.0 %	80,640,000	0.0 %	80,640,000	34.9 %	59,760,000
TOTAL EQUITY	1,678,185,000	6.9 %	1,570,170,000	115.0 %	730,380,000	-48.4 %	1,415,852,000	52.9 %	926,027,000

Other Financials

Financial Year	2010		2009		2008		2007		2006
Total Exports	4,072,000,000	1.1 %	4,029,000,000	-	-	-	-	-	-
Working Capital	792,249,000	107.1 %	382,512,000	312.3 %	-180,158,000	-118.1 %	997,671,000	48.8 %	670,336,000
Net Worth	1,289,254,000	12.9 %	1,141,501,000	274.1 %	305,103,000	-69.2 %	989,567,000	74.2 %	567,999,000
Capital Employed	2,104,839,000	0.6 %	2,092,908,000	42.6 %	1,468,091,000	-41.3 %	2,500,104,000	28.9 %	1,939,450,000

Ratios

Financial Year	2010	2009	2008	2007	2006
Pre-Tax Profit Margin	-	8.30	6.03	10.45	5.41
Return on Capital Employed	33.32	21.37	20.84	16.40	7.69
Return on Total Assets Employed	14.01	9.07	5.74	9.48	4.36
Return on Net Assets Employed	41.79	28.49	41.89	28.96	16.11
Sales/Net Working Capital	0.00	14.10	-28.16	3.93	4.11
Stock Turnover Ratio	-	16.78	45.13	21.56	17.94
Debtor Days	-	18.78	27.43	88.61	47.50
Creditor Days	-	16.11	29.99	21.63	20.81
Current Ratio	1.27	1.13	0.95	1.55	1.45
Liquidity Ratio/Acid Test	0.99	0.82	0.36	1.08	1.12
Current Debt Ratio	1.73	1.81	5.29	1.29	1.60
Solvency Ratio	33.54	31.85	13.70	32.73	27.04
Equity in Percentage	44.08	46.80	19.12	47.64	40.41
Total Debt Ratio	1.98	2.14	6.30	2.06	2.70

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Industry

Main Industry Code & Description	Manufacture of instruments and appliances for measuring
Secondary Industry Code & Description	-
Other Industry Code & Description	-

Event History

Date	Description
21/03/2012	CHANGE OF BOARD OF DIRECTORS
23/11/2011	Limit Change
23/11/2011	Rating Change

Rating History

No data exist

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.50
UK Pound	1	Rs.81.99
Euro	1	Rs.67.54

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.