MIRA INFORM REPORT

Report Date :

24.01.2013

IDENTIFICATION DETAILS

Name :	LIVING AS
Registered Office :	Idrettsveien 11 Ski 1400 Kim Tvedt As
Country :	Norway
Financials (as on) :	2011
Date of Incorporation :	19.02.1995
Com. Reg. No.:	837918162
Legal Form :	Limited Company
Line of Business :	Retail sale of furniture in specialised stores
No. of Employees :	373

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

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Norway	A1	A1

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

LIVING AS

Company Number

837918162

Company name	LIVING AS	Company number	837918162
Address	Idrettsveien 11
City	SKI 1400	Legal form	Limited company
Website address		E-mail address	-
Telephone Number	00 47 51815100	Fax Number	00 47 51815290
Registration date	19/02/1995	Status	Active
Previous Name	KIM TVEDT AS	Share capital	229,900,000
Name change date	01/01/1988	Currency	-
		Number of employees	373

DIRECTORS/MANAGEMENT

Current Directors

Name	Address	Function
Moe, Erik Ola	Gamleveien 35 B SKI 1406	General manager/CEO
Berntsen, Thomas	Langoddveien 57 SNARØYA 1367	Chairman of the board
Andresen, Morten	Vestveien 44 SKI 1400	Board member(s)
Andresen, Martin	Taglugnveien 1 NESØYA 1397	Board member(s)
Hvidsten, Morten	Utsikten 8 A STAVANGER 4026	Board member(s)
Tvedt, Arild Magne	Tungenesveien 25 RANDABERG 4070	Board member(s)
Tidemandsen, Øivind	Bjerkåsen 6 BLOMMENHOLM 1365	Board member(s)
Saxeide, Ove Schanche	Hjerteskjellveien 73 HOMMERSÃ…K 4310	Board member(s)
Kvernenes, Arnt Ove	Kolstøvegen 83 HÅVIK 4265	Deputy board member/substitute
Kalmer, Anders Georg	Leitet 35 ALVERSUND 5911	Deputy board member/substitute
Topp, Anne Katrine Sveen	Akerlia 8 C OSLO 0951	Deputy board member/substitute
Kjønigsen, Jan Erik	Åbyfaret 32 VETTRE 1392	Deputy board member/substitute

Other Company Officials

No data exist

NEGATIVE INFORMATION

No negative information found.

SHARE & SHARE CAPITAL INFORMATION

Shareholders

Shareholder Name	Number of Shares	Percentage Share
SKEIDARLIVING GROUP AS	2,299,000	100.0

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company

Company Name	Company Number
NYE IDE HOLDING AS	991837515

FINANCIAL INFORMATION

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2011	695,826,000	-18,919,000	115,329,000
2010	647,562,000	-3,617,000	81,137,000
2009	564,762,000	-27,749,000	32,254,000
2008	544,004,000	-88,251,000	40,003,000
2007	487,347,000	-10,119,000	89,264,000

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	695,826,000	7.5 %	647,562,000	14.7 %	564,762,000	3.8 %	544,004,000	11.6 %	487,347,000
Other operating income	24,453,000	89.5 %	12,902,000	14.0 %	11,318,000	-18.5 %	13,892,000	-17.1 %	16,748,000
Total Operating Income	720,279,000	9.1 %	660,464,000	14.6 %	576,080,000	3.3 %	557,896,000	10.7 %	504,095,000
Total Operating Expenses	733,258,000	11.1 %	660,173,000	9.8 %	601,025,000	-4.8 %	631,489,000	23.9 %	509,841,000
Operating Profit	-12,978,000	-4,575.2 %	290,000	101.2 %	-24,945,000	66.1 %	-73,593,000	-1,181.0 %	-5,745,000
Wages & Salaries	118,596,000	13.2 %	104,757,000	6.6 %	98,309,000	-12.3 %	112,049,000	46.4 %	76,532,000
Depreciation	7,502,000	-1.9 %	7,644,000	-33.8 %	11,548,000	-26.8 %	15,772,000	10.8 %	14,236,000
Financial Income	1,451,000	9.2 %	1,329,000	-54.0 %	2,889,000	19.3 %	2,421,000	-44.6 %	4,373,000
Financial Expenses	7,391,000	41.2 %	5,236,000	-8.0 %	5,694,000	-66.7 %	17,079,000	95.3 %	8,747,000
Profit Before Tax	-18,919,000	-423.1 %	-3,617,000	87.0 %	-27,749,000	68.6 %	-88,251,000	-772.1 %	-10,119,000
Tax	38,711,000	-	0	-	0	-	0	-100.0 %	2,804,000
Profit After Tax	19,792,000	647.2 %	-3,617,000	87.0 %	-27,749,000	68.6 %	-88,251,000	-1,106.4 %	-7,315,000
Extraordinary Result	0	-	0	-	0	-	0	-	0
Dividends	-	-	-	-	-	-	-	-	-
Net Result after Dividends	19,792,000	647.2 %	-3,617,000	87.0 %	-27,749,000	68.6 %	-88,251,000	-1,106.4 %	-7,315,000

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	24,573,000	26.5 %	19,426,000	-21.4 %	24,729,000	-20.5 %	31,118,000	25.6 %	24,780,000
Total Tangible Assets	24,573,000	26.5 %	19,426,000	-21.4 %	24,729,000	-20.5 %	31,118,000	25.6 %	24,780,000
Intangible Assets	84,472,000	72.2 %	49,061,000	0.0 %	49,061,000	0.0 %	49,061,000	22.2 %	40,144,000
Other Fixed Assets	1,759,000	-94.7 %	33,365,000	21.3 %	27,515,000	5.9 %	25,994,000	86,546.7 %	30,000
TOTAL FIXED ASSETS	110,804,000	8.8 %	101,852,000	0.5 %	101,305,000	-4.6 %	106,173,000	63.5 %	64,954,000
Inventories	135,986,000	-0.5 %	136,675,000	20.7 %	113,254,000	-7.4 %	122,328,000	23.0 %	99,446,000
Trade Receivables	9,088,000	27.6 %	7,122,000	-34.5 %	10,878,000	-2.2 %	11,119,000	-73.8 %	42,368,000
Other Receivables	15,687,000	14.9 %	13,653,000	-13.6 %	15,811,000	-9.2 %	17,420,000	-64.6 %	49,147,000
Cash & Bank Deposits	11,733,000	69.7 %	6,916,000	-32.0 %	10,175,000	8.1 %	9,411,000	6.1 %	8,869,000
Other Current Assets	20,000,000	455.9 %	3,598,000	12.6 %	3,194,000	-	0	-	0
TOTAL CURRENT ASSETS	192,494,000	14.6 %	167,964,000	9.6 %	153,312,000	-4.3 %	160,278,000	-19.8 %	199,830,000
TOTAL ASSETS	303,298,000	12.4 %	269,815,000	6.0 %	254,617,000	-4.4 %	266,451,000	0.6 %	264,784,000
Trade Creditors	60,780,000	4.4 %	58,198,000	-5.6 %	61,680,000	-7.9 %	66,981,000	2.3 %	65,464,000
Short Term Liabilities to Financial Institutions	39,858,000	-45.0 %	72,468,000	6.9 %	67,819,000	-30.1 %	97,000,000	89.4 %	51,216,000
Short Term Liabilities to Group	0	-	0	-	0	-	0	-	0
Other Short Term Loans	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	84,964,000	54.8 %	54,899,000	26.4 %	43,434,000	30.9 %	33,180,000	-39.6 %	54,946,000
TOTAL CURRENT LIABILITIES	185,602,000	0.0 %	185,565,000	7.3 %	172,933,000	-12.3 %	197,161,000	14.9 %	171,626,000
Long Term Liabilities to Financial Institutions	200,000	-28.1 %	278,000	-21.7 %	355,000	-14.7 %	416,000	-12.2 %	474,000
Other Long Term Loans	0	-	0	-100.0 %	45,000,000	-	0	-	0
Long Term Pension Commitments	2,167,000	-23.6 %	2,836,000	-30.4 %	4,075,000	5.3 %	3,871,000	13.2 %	3,421,000
Other Long Term Liabilities	0	-	0	-	0	-100.0 %	25,000,000	-	0
TOTAL LONG TERM LIABILITIES	2,367,000	-24.0 %	3,114,000	-93.7 %	49,430,000	68.8 %	29,287,000	651.9 %	3,895,000
TOTAL LIABILITIES	187,970,000	-0.4 %	188,679,000	-15.1 %	222,363,000	-1.8 %	226,448,000	29.0 %	175,520,000
Share Capital	229,900,000	0.0 %	229,900,000	21.1 %	189,900,000	5.6 %	179,900,000	14.2 %	157,500,000
Share Premium Reserve	18,750,000	0.0 %	18,750,000	87.5 %	10,000,000	-	0	-	0
Revaluation Fund	0	-	0	-	0	-	0	-	0
Total Retained Earnings	-149,221,000	11.7 %	-169,013,000	0.1 %	-169,146,000	-19.6 %	-141,397,000	-107.2 %	-68,236,000
Other Reserves	15,900,000	960.0 %	1,500,000	0.0 %	1,500,000	0.0 %	1,500,000	-	0
TOTAL EQUITY	115,329,000	42.1 %	81,137,000	151.6 %	32,254,000	-19.4 %	40,003,000	-55.2 %	89,264,000

Other Financials

Financial Year	2011		2010		2009		2008		2007
Total Exports	-	-	-	-	-	-	-	-	-
Working Capital	6,892,000	139.2 %	-17,601,000	10.3 %	-19,621,000	46.8 %	-36,883,000	-230.8 %	28,204,000
Net Worth	30,857,000	-3.8 %	32,076,000	290.8 %	-16,807,000	-85.5 %	-9,058,000	-118.4 %	49,120,000
Capital Employed	117,696,000	39.7 %	84,251,000	3.1 %	81,684,000	17.9 %	69,290,000	-25.6 %	93,159,000

Ratios

Financial Year	2011	2010	2009	2008	2007
Pre-Tax Profit Margin	-2.72	-0.56	-4.91	-16.22	-2.08
Return on Capital Employed	-16.07	-4.29	-33.97	-127.36	-10.86
Return on Total Assets Employed	-6.24	-1.34	-10.90	-33.12	-3.82
Return on Net Assets Employed	-16.40	-4.46	-86.03	-220.61	-11.34
Sales/Net Working Capital	100.96	-36.79	-28.78	-14.75	17.28
Stock Turnover Ratio	19.54	21.11	20.05	22.49	20.41
Debtor Days	4.77	4.01	7.03	7.46	31.73
Creditor Days	31.88	32.80	39.86	44.94	49.03
Current Ratio	1.04	0.91	0.89	0.81	1.16
Liquidity Ratio/Acid Test	0.30	0.17	0.23	0.19	0.58
Current Debt Ratio	1.61	2.29	5.36	4.93	1.92
Solvency Ratio	38.02	30.07	12.67	15.01	33.71
Equity in Percentage	53.13	43.30	18.12	20.90	39.74
Total Debt Ratio	1.63	2.33	6.89	5.66	1.97

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Industry

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

Event History

Date	Description
24/11/2012	CHANGE OF DATE IN ARTICLES OF ASSOCIATON
24/11/2012	CHANGE OF MISSION/BUSINESS/INDUSTRY
24/11/2012	CHANGE OF BUSINESS ADDRESS
24/11/2012	CHANGE OF SIGNATURE
16/06/2012	CHANGE OF AUDITOR
19/05/2012	CHANGE OF BUSINESS ADDRESS
19/05/2012	CHANGE OF DATE IN ARTICLES OF ASSOCIATON
30/04/2012	Limit Change
30/04/2012	Rating Change
26/04/2012	APPROVED END OF YEAR REPORT AND ACCOUNTS
19/01/2012	CHANGE OF BOARD OF DIRECTORS
19/01/2012	CHANGE OF GENERAL MANAGER
23/11/2011	Limit Change
23/11/2011	Rating Change
19/09/2011	CHANGE OF BOARD OF DIRECTORS
06/09/2011	APPROVED END OF YEAR REPORT AND ACCOUNTS

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.77
UK Pound	1	Rs.85.13
Euro	1	Rs.71.57

INFORMATION DETAILS

Report Prepared by :

PRL

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.