MIRA INFORM REPORT

Report Date :

20.12.2012

IDENTIFICATION DETAILS

Name :	BIK BOK AS

Registered Office :	Bergerveien 5, Billingstad 1377

Country :	Norway

Financials (as on) :	2011

Date of Incorporation :	02.05.2000

Com. Reg. No.:	981930010

Legal Form :	Limited company

Line of Business :	Retail sale of clothing in specialised stores

No. of Employees :	707 Employees

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Norway

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

norway - ECONOMIC OVERVIEW

The Norwegian economy is a prosperous mixed economy, with a vibrant private sector, a large state sector, and an extensive social safety net. The government controls key areas, such as the vital petroleum sector, through extensive regulation and large-scale state-majority-owned enterprises. The country is richly endowed with natural resources - petroleum, hydropower, fish, forests, and minerals - and is highly dependent on the petroleum sector, which accounts for the largest portion of export revenue and about 20% of government revenue. Norway is the world's second-largest gas exporter; and seventh largest oil exporter, making one of its largest offshore oil finds in 2011. Norway opted to stay out of the EU during a referendum in November 1994; nonetheless, as a member of the European Economic Area, it contributes sizably to the EU budget. In anticipation of eventual declines in oil and gas production, Norway saves state revenue from the petroleum sector in the world's second largest sovereign wealth fund, valued at over $500 billion in 2011 and uses the fund's return to help finance public expenses. After solid GDP growth in 2004-07, the economy slowed in 2008, and contracted in 2009, before returning to positive growth in 2010-11, however, the government budget is set to remain in surplus.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company name	BIK BOK AS	Company number	981930010
Address	Bergerveien 5
City	BILLINGSTAD 1377	Legal form	Limited company
Website address		E-mail address	-
Telephone Number	00 47 66773450	Fax Number	00 47 66773487
Registration date	02/05/2000	Status	Active
Previous Name	-	Share capital	1,290,000
Name change date	-	Currency	-
		Number of employees	707

Postal Address

Address	City	Postal Code
Postboks 194	BILLINGSTAD	1377

DIRECTORS/MANAGEMENT

Current Directors

Name	Address	Function
Bjarstad, Marianne	Niels Juels Gate 48 OSLO 0257	General manager/CEO
Varner, Stein Marius	Odden 13 A NESÃ˜YA 1397	Chairman of the board
Varner, Joakim	Odden 15 NESÃ˜YA 1397	Board member(s)
Varner, Petter	Odden 11 NESÃ˜YA 1397	Board member(s)
Oksebaas, Petter Marius	Industrigata 58 A OSLO 0357	Board member(s)
Martinsen, Rune	Otto Sverdrups Vei 5 FJELLHAMAR 1472	Board member(s)

NEGATIVE INFORMATION

No negative information found

SHARE & SHARE CAPITAL INFORMATION

Shareholders

Shareholder Name	Number of Shares	Percentage Share
VARNER RETAIL AS	1,290	100.0

Share capital

1,290,000

PAYMENT INFORMATION

Industry

Main Industry Code & Description	Retail sale of clothing in specialised stores
Secondary Industry Code & Description	-
Other Industry Code & Description	-

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company

Company Name		Company Number	View linked companies outside this companyâ€™s group structure
VARNER-GRUPPEN AS		946743348	7 companies in 3 countries. Click here to visit linked companies

FINANCIAL INFORMATION

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2011	683,155,000	73,732,000	63,095,000
2010	609,896,000	76,052,000	79,890,000
2009	529,074,000	59,343,000	76,372,000
2008	597,320,000	26,092,000	68,226,000
2007	628,240,000	97,735,000	63,084,000

Profit & Loss Account

Financial Year	2011		2010		2009		2008		2007
Currency	NOK		NOK		NOK		NOK		NOK
Consolidated Accounts	No		No		No		No		No
Sales Revenue	683,155,000	12.0 %	609,896,000	15.3 %	529,074,000	-11.4 %	597,320,000	-4.9 %	628,240,000
Other operating income	396,000	-51.0 %	808,000	77.6 %	455,000	-33.6 %	685,000	-30.4 %	984,000
Total Operating Income	683,551,000	11.9 %	610,704,000	15.3 %	529,529,000	-11.5 %	598,005,000	-5.0 %	629,224,000
Total Operating Expenses	581,261,000	14.2 %	509,020,000	17.0 %	434,942,000	-15.1 %	512,112,000	3.5 %	494,913,000
Operating Profit	102,291,000	0.6 %	101,684,000	7.5 %	94,588,000	10.1 %	85,893,000	-36.0 %	134,311,000
Wages & Salaries	143,768,000	13.5 %	126,622,000	19.2 %	106,220,000	-16.6 %	127,408,000	3.3 %	123,338,000
Depreciation	14,032,000	-10.4 %	15,664,000	-8.8 %	17,172,000	-29.5 %	24,349,000	15.7 %	21,047,000
Financial Income	3,955,000	-29.2 %	5,589,000	-5.8 %	5,932,000	469.8 %	1,041,000	-73.7 %	3,964,000
Financial Expenses	32,513,000	4.1 %	31,221,000	-24.2 %	41,177,000	-32.3 %	60,842,000	50.1 %	40,539,000
Profit Before Tax	73,732,000	-3.1 %	76,052,000	28.2 %	59,343,000	127.4 %	26,092,000	-73.3 %	97,735,000
Tax	-29,327,000	0.0 %	-29,334,000	-3.3 %	-28,386,000	-35.5 %	-20,950,000	45.1 %	-38,174,000
Profit After Tax	44,405,000	-5.0 %	46,718,000	50.9 %	30,957,000	502.0 %	5,142,000	-91.4 %	59,561,000
Extraordinary Result	0	-	0	-	0	-	0	-	0
Dividends	-	-	-	-	-	-	-	-	-
Net Result after Dividends	44,405,000	-5.0 %	46,718,000	50.9 %	30,957,000	502.0 %	5,142,000	-91.4 %	59,561,000

Balance Sheet

Financial Year	2011		2010		2009		2008		2007
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	48,587,000	51.8 %	31,998,000	1.2 %	31,630,000	-52.1 %	65,986,000	-4.4 %	69,001,000
Total Tangible Assets	48,587,000	51.8 %	31,998,000	1.2 %	31,630,000	-52.1 %	65,986,000	-4.4 %	69,001,000
Intangible Assets	964,000	-13.8 %	1,118,000	-16.8 %	1,344,000	-35.9 %	2,097,000	6.7 %	1,965,000
Other Fixed Assets	23,547,000	-8.7 %	25,780,000	-41.5 %	44,048,000	6.7 %	41,281,000	-28.0 %	57,346,000
TOTAL FIXED ASSETS	73,098,000	24.1 %	58,896,000	-23.5 %	77,022,000	-29.6 %	109,364,000	-14.8 %	128,312,000
Inventories	86,720,000	-13.5 %	100,274,000	37.9 %	72,719,000	23.0 %	59,115,000	-15.7 %	70,158,000
Trade Receivables	423,000	-73.1 %	1,575,000	195.5 %	533,000	-54.2 %	1,164,000	38.1 %	843,000
Other Receivables	1,335,000	-87.3 %	10,530,000	2,792.9 %	364,000	-19.6 %	453,000	-99.5 %	82,415,000
Cash & Bank Deposits	7,434,000	10.2 %	6,746,000	13.2 %	5,960,000	-2.2 %	6,095,000	-22.5 %	7,862,000
Other Current Assets	92,249,000	26.0 %	73,206,000	74.3 %	42,009,000	11,284.6 %	369,000	37,000.0 %	-1,000
TOTAL CURRENT ASSETS	188,161,000	-2.2 %	192,331,000	58.2 %	121,585,000	80.9 %	67,196,000	-58.3 %	161,277,000
TOTAL ASSETS	261,259,000	4.0 %	251,228,000	26.5 %	198,607,000	12.5 %	176,560,000	-39.0 %	289,590,000
Trade Creditors	18,238,000	-23.7 %	23,894,000	252.9 %	6,771,000	-66.4 %	20,169,000	104.5 %	9,864,000
Short Term Liabilities to Financial Institutions	0	-	0	-	0	-	0	-	0
Short Term Liabilities to Group	88,546,000	39.8 %	63,356,000	93.5 %	32,740,000	336.3 %	7,504,000	-	0
Other Short Term Loans	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	91,380,000	8.7 %	84,087,000	1.6 %	82,724,000	2.6 %	80,661,000	-62.8 %	216,641,000
TOTAL CURRENT LIABILITIES	198,164,000	15.7 %	171,337,000	40.2 %	122,235,000	12.8 %	108,334,000	-52.2 %	226,505,000
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	198,164,000	15.7 %	171,337,000	40.2 %	122,235,000	12.8 %	108,334,000	-52.2 %	226,505,000
Share Capital	1,290,000	0.0 %	1,290,000	0.0 %	1,290,000	0.0 %	1,290,000	0.0 %	1,290,000
Share Premium Reserve	21,116,000	0.0 %	21,116,000	0.0 %	21,116,000	0.0 %	21,116,000	0.0 %	21,116,000
Revaluation Fund	0	-	0	-	0	-	0	-	0
Total Retained Earnings	38,076,000	-30.6 %	54,871,000	6.9 %	51,353,000	18.9 %	43,206,000	13.5 %	38,065,000
Other Reserves	2,613,000	0.0 %	2,613,000	0.0 %	2,613,000	0.0 %	2,614,000	0.0 %	2,613,000
TOTAL EQUITY	63,095,000	-21.0 %	79,890,000	4.6 %	76,372,000	11.9 %	68,226,000	8.2 %	63,084,000

Other Financials

Financial Year	2011		2010		2009		2008		2007
Total Exports	-	-	-	-	-	-	-	-	-
Working Capital	-10,003,000	-147.6 %	20,994,000	3,329.8 %	-650,000	98.4 %	-41,138,000	36.9 %	-65,228,000
Net Worth	62,131,000	-21.1 %	78,772,000	5.0 %	75,028,000	13.5 %	66,129,000	8.2 %	61,119,000
Capital Employed	63,095,000	-21.0 %	79,890,000	4.6 %	76,372,000	11.9 %	68,226,000	8.2 %	63,084,000

Ratios

Financial Year	2011	2010	2009	2008	2007
Pre-Tax Profit Margin	10.79	12.47	11.22	4.37	15.56
Return on Capital Employed	116.86	95.20	77.70	38.24	154.93
Return on Total Assets Employed	28.22	30.27	29.88	14.78	33.75
Return on Net Assets Employed	116.86	95.20	77.70	38.24	154.93
Sales/Net Working Capital	-68.30	29.05	-813.96	-14.52	-9.63
Stock Turnover Ratio	12.69	16.44	13.74	9.90	11.17
Debtor Days	0.23	0.94	0.37	0.71	0.49
Creditor Days	9.74	14.30	4.67	12.32	5.73
Current Ratio	0.95	1.12	0.99	0.62	0.71
Liquidity Ratio/Acid Test	0.51	0.54	0.40	0.07	0.40
Current Debt Ratio	3.14	2.14	1.60	1.59	3.59
Solvency Ratio	24.15	31.80	38.45	38.64	21.78
Equity in Percentage	26.65	35.61	49.85	51.23	27.39
Total Debt Ratio	3.14	2.14	1.60	1.59	3.59

ADDITIONAL INFORMATION

Other Company Officials

No data exist

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.73
UK Pound	1	Rs.89.01
Euro	1	Rs.72.47

INFORMATION DETAILS

Report Prepared by :

NLM

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.