MIRA INFORM REPORT

Report Date :

21.04.2014

IDENTIFICATION DETAILS

Name :	KRONOS TITAN AS

Registered Office :	Titangata 1, Gamle Fredrikstad 1630

Country :	Norway

Financials (as on) :	2012

Date of Incorporation :	12.03.1995

Com. Reg. No.:	948616491

Legal Form :	Limited Company

Line of Business :	Manufacturer of dyes and pigments

No of Employees :	191

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Norway

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 30% of government revenue. Norway is the world's third-largest natural 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 largest sovereign wealth fund, valued at over $830 billion in January 2014 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 2010-13. Nevertheless, the government budget remains in surplus.

Source CIA

Company summary

Company name	KRONOS TITAN AS	Company number	948616491
Address	Titangata 1	Legal form	Limited Company
City	Gamle Fredrikstad 1630	Fax Number	00 47 69309001
Telephone Number	00 47 69309000	Status	Active
Registration date	12/03/1995	Share capital	25,000,000
Previous Name	-	Currency	-
Name change date	-	Number of employees	191

Postal Address

Address	City	Postal Code
Postboks 1415	FREDRIKSTAD	1602

Ultimate Holding Company

Company Name		Company Number
KRONOS DENMARK APS		-

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2012	763,007,000	82,527,000	143,759,000
2011	762,965,000	93,617,000	92,744,000
2010	596,203,000	15,195,000	108,274,000
2009	447,069,000	-91,484,000	92,681,000
2008	502,235,000	-78,480,000	90,092,000

Industry

Main Industry Code & Description

Manufacturer of dyes and pigments

Shareholders

Shareholder Name	Number of Shares	Percentage Share
KRONOS NORGE AS	50,000	100.0

Current Directors

Name	Address	Function
Olsen, Sigurd Edvin	Ferjebakken 4 KRÅKERØY 1676	Board member(s)
Karlsen, Bjørn Olav	Rektor Østbyes Gate 10 FREDRIKSTAD 1604	Deputy board member/substitute
Gundersen, Øivind Mikal	Jotneveien 2 SELLEBAKK 1654	Deputy board member/substitute
Thoen, Per	Tyrilia 28 GAMLE FREDRIKSTAD 1639	Board member(s)
Karlsen, Terje Robert	Harestien 39 FREDRIKSTAD 1615	Deputy chairman
Kivijärvi, Per Øistein	Utsiktsveien 48 C SARPSBORG 1722	Board member(s)
Wattne, Ola	Ryghs Vei 26 A OSLO 0785	Board member(s)
Kabelac, Ulrich Fritz	Schöne Aussicht 62 Wiesbaden	Deputy board member/substitute
Schlüter, Karl Klemens Theodor	Felder Weg 5 D-42799 Leichlingen	Chairman of the board
Thoen, Per	Tyrilia 28 GAMLE FREDRIKSTAD 1639	General manager/CEO

Other Company Officials

No data exist

Profit & Loss Account

Financial Year	2012		2011		2010		2009		2008
Currency	NOK		NOK		NOK		NOK		NOK
Consolidated Accounts	No		No		No		No		No
Complete Accounts	Yes		Yes		Yes		Yes		Yes
Sales Revenue	763,007,000	0.0 %	762,965,000	28.0 %	596,203,000	33.4 %	447,069,000	-11.0 %	502,235,000
Other operating income	0	-	0	-	0	-	0	-	0
Total Operating Income	763,007,000	0.0 %	762,965,000	28.0 %	596,203,000	33.4 %	447,069,000	-11.0 %	502,235,000
Total Operating Expenses	678,494,000	2.2 %	664,179,000	14.9 %	578,111,000	7.5 %	537,674,000	-5.5 %	569,206,000
Operating Profit	84,512,000	-14.4 %	98,786,000	446.0 %	18,092,000	120.0 %	-90,606,000	-35.3 %	-66,971,000
Wages & Salaries	112,525,000	6.5 %	105,618,000	3.3 %	102,290,000	15.6 %	88,508,000	-6.8 %	94,928,000
Depreciation	14,376,000	5.2 %	13,660,000	17.2 %	11,651,000	-9.1 %	12,821,000	-11.7 %	14,525,000
Financial Income	7,971,000	158.3 %	3,086,000	-50.7 %	6,260,000	-47.5 %	11,935,000	197.6 %	4,010,000
Financial Expenses	9,957,000	20.6 %	8,255,000	-9.8 %	9,156,000	-28.5 %	12,814,000	-17.4 %	15,519,000
Profit Before Tax	82,527,000	-11.8 %	93,617,000	516.1 %	15,195,000	116.6 %	-91,484,000	-16.6 %	-78,480,000
Tax	-23,179,000	11.5 %	-26,203,000	-513.1 %	-4,274,000	-116.7 %	25,599,000	16.7 %	21,935,000
Profit After Tax	59,348,000	-12.0 %	67,414,000	517.3 %	10,921,000	116.6 %	-65,885,000	-16.5 %	-56,545,000
Extraordinary Result	0	-	0	-	0	-	0	-	0
Dividends	-	-	-	-	-	-	-	-	-
Net Result after Dividends	59,348,000	-12.0 %	67,414,000	517.3 %	10,921,000	116.6 %	-65,885,000	-16.5 %	-56,545,000

Balance Sheet

Financial Year	2012		2011		2010		2009		2008
Currency	NOK		NOK		NOK		NOK		NOK
Consolidated Accounts	No		No		No		No		No
Complete Accounts	Yes		Yes		Yes		Yes		Yes
Land & Buildings	0	-	0	-	0	-	0	-	0
Plant & Machinery	122,176,000	-5.0 %	128,604,000	4.5 %	123,019,000	21.6 %	101,144,000	-26.1 %	136,889,000
Other Tangible Assets	0	-	0	-	0	-	0	-	0
Total Tangible Assets	122,176,000	-5.0 %	128,604,000	4.5 %	123,019,000	21.6 %	101,144,000	-26.1 %	136,889,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Other Fixed Assets	16,192,000	52,132.3 %	31,000	-77.0 %	135,000	-44.9 %	245,000	-28.4 %	342,000
TOTAL FIXED ASSETS	138,368,000	7.6 %	128,635,000	4.5 %	123,154,000	21.5 %	101,389,000	-26.1 %	137,231,000
Inventories	180,844,000	10.3 %	163,963,000	90.9 %	85,895,000	-3.2 %	88,774,000	-38.0 %	143,073,000
Trade Receivables	3,174,000	-46.0 %	5,883,000	-20.9 %	7,433,000	-17.1 %	8,964,000	80.1 %	4,978,000
Other Receivables	100,656,000	16.2 %	86,622,000	112.4 %	40,789,000	-53.5 %	87,732,000	-13.1 %	100,904,000
Cash & Bank Deposits	5,669,000	16.0 %	4,886,000	-1.1 %	4,942,000	15.0 %	4,299,000	-11.2 %	4,839,000
Other Current Assets	0	-	0	100.0 %	-1,000	-	0	100.0 %	-1,000
TOTAL CURRENT ASSETS	290,343,000	11.1 %	261,354,000	87.9 %	139,058,000	-26.7 %	189,769,000	-25.2 %	253,793,000
TOTAL ASSETS	428,711,000	9.9 %	389,989,000	48.7 %	262,212,000	-9.9 %	291,158,000	-25.5 %	391,025,000
Trade Creditors	30,233,000	-17.6 %	36,692,000	22.7 %	29,892,000	12.1 %	26,665,000	-30.3 %	38,230,000
Short Term Liabilities to Financial Institutions	0	-	0	-	0	-100.0 %	49,890,000	68.6 %	29,595,000
Short Term Liabilities to Group	0	-	0	-	0	-	0	-	0
Other Short Term Loans	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	219,590,000	3.4 %	212,317,000	118.5 %	97,179,000	-7.2 %	104,721,000	-46.1 %	194,256,000
TOTAL CURRENT LIABILITIES	249,823,000	0.3 %	249,009,000	96.0 %	127,071,000	-29.9 %	181,276,000	-30.8 %	262,081,000
Long Term Liabilities to Financial Institutions	0	-	0	-	0	-	0	-	0
Other Long Term Loans	0	-	0	-	0	-	0	-	0
Long Term Pension Commitments	7,044,000	-79.1 %	33,645,000	454.7 %	6,065,000	148.5 %	2,441,000	-85.9 %	17,345,000
Other Long Term Liabilities	28,085,000	92.5 %	14,591,000	-29.9 %	20,802,000	40.9 %	14,759,000	-31.4 %	21,507,000
TOTAL LONG TERM LIABILITIES	35,129,000	-27.2 %	48,236,000	79.5 %	26,867,000	56.2 %	17,200,000	-55.7 %	38,852,000
TOTAL LIABILITIES	284,952,000	-4.1 %	297,245,000	93.1 %	153,938,000	-22.4 %	198,476,000	-34.0 %	300,933,000
Share Capital	25,000,000	0.0 %	25,000,000	0.0 %	25,000,000	0.0 %	25,000,000	0.0 %	25,000,000
Share Premium Reserve	0	-	0	-	0	-	0	-	0
Revaluation Fund	0	-	0	-	0	-	0	-	0
Total Retained Earnings	-60,823,000	45.6 %	-111,838,000	-16.1 %	-96,308,000	9.9 %	-106,861,000	-119.1 %	-48,770,000
Other Reserves	179,582,000	0.0 %	179,582,000	0.0 %	179,582,000	2.9 %	174,542,000	53.3 %	113,862,000
TOTAL EQUITY	143,759,000	55.0 %	92,744,000	-14.3 %	108,274,000	16.8 %	92,681,000	2.9 %	90,092,000

Other Financials

Financial Year	2012		2011		2010		2009		2008
Total Exports	763,007,000	0.0 %	762,965,000	28.0 %	596,202,000	33.4 %	447,069,000	-	-
Working Capital	40,520,000	228.2 %	12,345,000	3.0 %	11,987,000	41.1 %	8,493,000	202.5 %	-8,288,000
Net Worth	143,759,000	55.0 %	92,744,000	-14.3 %	108,274,000	16.8 %	92,681,000	2.9 %	90,092,000
Capital Employed	178,888,000	26.9 %	140,980,000	4.3 %	135,141,000	23.0 %	109,881,000	-14.8 %	128,944,000

Ratios

Financial Year	2012	2011	2010	2009	2008
Pre-Tax Profit Margin	10.82	12.27	2.55	-20.46	-15.63
Return on Capital Employed	46.13	66.40	11.24	-83.26	-60.86
Return on Total Assets Employed	19.25	24.01	5.79	-31.42	-20.07
Return on Net Assets Employed	57.41	100.94	14.03	-98.71	-87.11
Sales/Net Working Capital	18.83	61.80	49.74	52.64	-60.60
Stock Turnover Ratio	23.70	21.49	14.41	19.86	28.49
Debtor Days	1.52	2.81	4.55	7.32	3.62
Creditor Days	14.46	17.55	18.30	21.77	27.78
Current Ratio	1.16	1.05	1.09	1.05	0.97
Liquidity Ratio/Acid Test	0.44	0.39	0.42	0.56	0.42
Current Debt Ratio	1.74	2.68	1.17	1.96	2.91
Solvency Ratio	33.53	23.78	41.29	31.83	23.04
Equity in Percentage	34.85	23.78	41.31	31.86	23.06
Total Debt Ratio	1.98	3.21	1.42	2.14	3.34

Event History

Date	Description
15/10/2013	Limit Change
15/10/2013	Rating Change
29/07/2013	Limit Change
29/07/2013	Rating Change
18/07/2013	APPROVED END OF YEAR REPORT AND ACCOUNTS
25/04/2013	CHANGE OF BOARD OF DIRECTORS
26/07/2012	Limit Change
26/07/2012	Rating Change
19/07/2012	APPROVED END OF YEAR REPORT AND ACCOUNTS
23/11/2011	Limit Change
23/11/2011	Rating Change

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.38
UK Pound	1	Rs.101.63
Euro	1	Rs.83.57

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	MNL

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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