MIRA INFORM REPORT

Report Date :

22.04.2014

IDENTIFICATION DETAILS

Name :	COOP NORGE HANDEL AS
Formerly Known As :	COOP NORGE AS
Registered Office :	Østre Aker vei 264
Country :	Norway
Financials (as on) :	2012
Date of Incorporation :	20.02.1995
Com. Reg. No.:	961271460
Legal Form :	Limited company
Line of Business :	Wholesale of household and personal goods
No. of Employees	1,446

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 :	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	A1	A1

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 name and address

Company name	COOP NORGE HANDEL AS	Company number	961271460
Address	Østre Aker vei 264
City	OSLO 0977	Legal form	Limited company
Website address		E-mail address	-
Telephone Number	00 47 22899595	Fax Number	00 47 22899745
Registration date	20/02/1995	Status	Active
Previous Name	COOP NORGE AS	Share capital	750,000,000
Name change date	14/12/2001	Currency	-
		Number of employees	1,446

Postal Address

Address	City	Postal Code
Postboks 21 Haugenstua	OSLO	0915

Rating Definitions

Ultimate Holding Company

Company Name	Company Number
COOP NORGE SA	936560288

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2012	27,376,000,000	279,000,000	1,690,000,000
2011	26,618,000,000	264,000,000	1,434,000,000
2010	25,963,000,000	249,000,000	1,224,000,000
2009	25,360,000,000	246,000,000	1,203,000,000
2008	24,071,000,000	275,000,000	1,278,000,000

Industry

Main Industry Code & Description	Non-specialised wholesale of food
Secondary Industry Code & Description	Wholesale of other household and personal goods n.e.c.
Other Industry Code & Description	-

Shareholders

Shareholder Name	Number of Shares	Percentage Share
COOP NORGE SA	100,000	100.0

Current Directors

Name	Address	Function
Skei, Torbjørn	Hognesaunvegen 70 STJØRDAL 7513	Deputy chairman
Kristoffersen, Ada Oliva	Kortbølgen 11 B TROMSØ 9017	Board member(s)
Røtnes, Svein	Nils Tollers Vei 4 OSLO 0851	Board member(s)
Pettersen, Kjell Olav	Brinkvegen 47 TROMSØ 9012	Deputy board member/substitute
Thunes, John	Grenaderveien 15 SANDNES 4309	Board member(s)
Behring, Anne Berg	Grønlivegen 13 C PORSGRUNN 3922	Chairman of the board
Brattåker, John	Langedalen 302 HAUKELAND 5268	Board member(s)
Storstad, Unni	Hyllavegen 93 INDERØY 7670	Deputy board member/substitute
Fanebust, Svein Terje	Havnegata 9 SANDNES 4306	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	Yes		Yes		Yes		Yes		Yes
	Complete Accounts	Yes		Yes		Yes		Yes		Yes
	Sales Revenue	27,376,000,000	2.8 %	26,618,000,000	2.5 %	25,963,000,000	2.4 %	25,360,000,000	5.4 %	24,071,000,000
	Other operating income	2,689,000,000	8.8 %	2,471,000,000	3.9 %	2,379,000,000	1.5 %	2,344,000,000	11.1 %	2,110,000,000
	Total Operating Income	30,065,000,000	3.4 %	29,089,000,000	2.6 %	28,342,000,000	2.3 %	27,704,000,000	5.8 %	26,181,000,000
	Total Operating Expenses	29,753,000,000	3.3 %	28,802,000,000	2.5 %	28,088,000,000	2.4 %	27,442,000,000	5.9 %	25,924,000,000
	Operating Profit	312,000,000	8.7 %	287,000,000	13.0 %	254,000,000	-3.1 %	262,000,000	1.9 %	257,000,000
	Wages & Salaries	1,345,000,000	8.4 %	1,241,000,000	3.4 %	1,200,000,000	1.7 %	1,180,000,000	9.3 %	1,080,000,000
	Depreciation	116,000,000	-1.7 %	118,000,000	-2.5 %	121,000,000	2.5 %	118,000,000	14.6 %	103,000,000
	Financial Income	22,000,000	-50.0 %	44,000,000	57.1 %	28,000,000	250.0 %	8,000,000	-85.2 %	54,000,000
	Financial Expenses	55,000,000	-17.9 %	67,000,000	103.0 %	33,000,000	37.5 %	24,000,000	-33.3 %	36,000,000
	Profit Before Tax	279,000,000	5.7 %	264,000,000	6.0 %	249,000,000	1.2 %	246,000,000	-10.5 %	275,000,000
	Tax	-81,000,000	-2.5 %	-79,000,000	-6.8 %	-74,000,000	-4.2 %	-71,000,000	9.0 %	-78,000,000
	Profit After Tax	198,000,000	7.0 %	185,000,000	5.7 %	175,000,000	0.0 %	175,000,000	-11.2 %	197,000,000
	Extraordinary Result	0	-	0	-	0	-	0	-	0
	Dividends	-	-	-	-	-	-	-	-	-
	Net Result after Dividends	198,000,000	7.0 %	185,000,000	5.7 %	175,000,000	0.0 %	175,000,000	-11.2 %	197,000,000

Balance Sheet

	Financial Year	2012		2011		2010		2009		2008
	Currency	NOK		NOK		NOK		NOK		NOK
	Consolidated Accounts	Yes		Yes		Yes		Yes		Yes
	Complete Accounts	Yes		Yes		Yes		Yes		Yes
	Land & Buildings	1,933,000,000	-	0	-100.0 %	975,000,000	12.1 %	870,000,000	4.4 %	833,000,000
	Plant & Machinery	206,000,000	-	0	-	0	-	0	-100.0 %	251,000,000
	Other Tangible Assets	30,000,000	-98.0 %	1,537,000,000	556.8 %	234,000,000	-15.5 %	277,000,000	-	0
	Total Tangible Assets	2,169,000,000	41.1 %	1,537,000,000	27.1 %	1,209,000,000	5.4 %	1,147,000,000	5.8 %	1,084,000,000
	Intangible Assets	29,000,000	-23.7 %	38,000,000	-25.5 %	51,000,000	75.9 %	29,000,000	-	0
	Other Fixed Assets	86,000,000	1.2 %	85,000,000	51.8 %	56,000,000	-17.4 %	67,800,000	-29.4 %	96,000,000
	TOTAL FIXED ASSETS	2,284,000,000	37.6 %	1,660,000,000	26.1 %	1,316,000,000	5.8 %	1,243,800,000	5.4 %	1,180,000,000
	Inventories	966,000,000	4.7 %	923,000,000	11.3 %	829,000,000	10.4 %	751,000,000	-7.4 %	811,000,000
	Trade Receivables	2,084,000,000	-18.1 %	2,546,000,000	7.9 %	2,360,000,000	3.3 %	2,285,000,000	4.3 %	2,191,000,000
	Other Receivables	404,000,000	14.1 %	354,000,000	10.6 %	320,000,000	27.4 %	251,200,000	-4.8 %	264,000,000
	Cash & Bank Deposits	495,000,000	319.5 %	118,000,000	257.6 %	33,000,000	-63.7 %	91,000,000	23.0 %	74,000,000
	Other Current Assets	0	-	0	-	0	-	0	-	0
	TOTAL CURRENT ASSETS	3,949,000,000	0.2 %	3,941,000,000	11.3 %	3,542,000,000	4.8 %	3,378,200,000	1.1 %	3,340,000,000
	TOTAL ASSETS	6,233,000,000	11.3 %	5,601,000,000	15.3 %	4,858,000,000	5.1 %	4,622,000,000	2.3 %	4,520,000,000
	Trade Creditors	2,673,000,000	7.3 %	2,490,000,000	-0.7 %	2,507,000,000	10.9 %	2,261,000,000	0.4 %	2,253,000,000
	Short Term Liabilities to Financial Institutions	0	-	0	-100.0 %	11,000,000	-93.2 %	162,000,000	-	0
	Short Term Liabilities to Group	0	-	0	-	0	-	0	-	0
	Other Short Term Loans	0	-	0	-	0	-	0	-	0
	Miscellaneous Current Liabilities	920,000,000	8.5 %	848,000,000	8.2 %	784,000,000	-21.0 %	992,000,000	1.4 %	978,000,000
	TOTAL CURRENT LIABILITIES	3,593,000,000	7.6 %	3,338,000,000	1.1 %	3,302,000,000	-3.3 %	3,415,000,000	5.7 %	3,231,000,000
	Long Term Liabilities to Financial Institutions	0	-	0	-100.0 %	321,000,000	-	0	-	0
	Other Long Term Loans	0	-	0	-	0	-	0	-	0
	Long Term Pension Commitments	0	-	0	-	0	-100.0 %	4,000,000	-42.9 %	7,000,000
	Other Long Term Liabilities	950,000,000	14.6 %	829,000,000	7,436.4 %	11,000,000	-	0	-100.0 %	4,000,000
	TOTAL LONG TERM LIABILITIES	950,000,000	14.6 %	829,000,000	149.7 %	332,000,000	8,200.0 %	4,000,000	-63.6 %	11,000,000
	TOTAL LIABILITIES	4,543,000,000	9.0 %	4,167,000,000	14.7 %	3,634,000,000	6.3 %	3,419,000,000	5.5 %	3,242,000,000
	Share Capital	550,000,000	83.3 %	300,000,000	200.0 %	100,000,000	0.0 %	100,000,000	0.0 %	100,000,000
	Share Premium Reserve	325,000,000	0.0 %	325,000,000	0.0 %	325,000,000	0.0 %	325,000,000	0.0 %	325,000,000
	Revaluation Fund	0	-	0	-	0	-	0	-	0
	Total Retained Earnings	718,000,000	1.4 %	708,000,000	1.1 %	700,000,000	-5.3 %	739,000,000	-9.4 %	816,000,000
	Other Reserves	97,000,000	-4.0 %	101,000,000	2.0 %	99,000,000	153.8 %	39,000,000	5.4 %	37,000,000
	TOTAL EQUITY	1,690,000,000	17.9 %	1,434,000,000	17.2 %	1,224,000,000	1.7 %	1,203,000,000	-5.9 %	1,278,000,000

Other Financials

	Financial Year	2012		2011		2010		2009		2008
	Total Exports	-	-	-	-	-	-	-	-	-
	Working Capital	356,000,000	-41.0 %	603,000,000	151.3 %	240,000,000	752.2 %	-36,800,000	-133.8 %	109,000,000
	Net Worth	1,661,000,000	19.0 %	1,396,000,000	19.0 %	1,173,000,000	-0.1 %	1,174,000,000	-8.1 %	1,278,000,000
	Capital Employed	2,640,000,000	16.7 %	2,263,000,000	45.4 %	1,556,000,000	28.9 %	1,207,000,000	-6.4 %	1,289,000,000

Ratios

	Financial Year	2012	2011	2010	2009	2008
	Pre-Tax Profit Margin	1.02	0.99	0.96	0.97	1.14
	Return on Capital Employed	10.57	11.67	16.00	20.38	21.33
	Return on Total Assets Employed	4.48	4.71	5.13	5.32	6.08
	Return on Net Assets Employed	16.51	18.41	20.34	20.45	21.52
	Sales/Net Working Capital	76.90	44.14	108.18	-689.13	220.83
	Stock Turnover Ratio	3.53	3.47	3.19	2.96	3.37
	Debtor Days	27.79	34.91	33.18	32.89	33.22
	Creditor Days	35.64	34.14	35.24	32.54	34.16
	Current Ratio	1.10	1.18	1.07	0.99	1.03
	Liquidity Ratio/Acid Test	0.83	0.90	0.82	0.77	0.78
	Current Debt Ratio	2.13	2.33	2.70	2.84	2.53
	Solvency Ratio	27.11	25.60	25.20	26.03	28.27
	Equity in Percentage	27.62	26.18	25.76	26.58	28.89
	Total Debt Ratio	2.69	2.91	2.97	2.84	2.54

Event History

Date	Description
17/02/2014	CHANGE OF BOARD OF DIRECTORS
26/10/2013	CHANGE OF BOARD OF DIRECTORS
29/08/2013	CHANGE OF BOARD OF DIRECTORS
05/08/2013	CHANGE OF DATE IN ARTICLES OF ASSOCIATON
05/08/2013	CHANGE OF CAPITAL
02/07/2013	APPROVED END OF YEAR REPORT AND ACCOUNTS
21/06/2013	Limit Change
19/06/2013	APPROVED END OF YEAR REPORT AND ACCOUNTS
08/08/2012	APPROVED END OF YEAR REPORT AND ACCOUNTS
07/07/2012	CHANGE OF DATE IN ARTICLES OF ASSOCIATON
07/07/2012	CHANGE OF CAPITAL
26/01/2012	CHANGE OF CAPITAL
26/01/2012	CHANGE OF DATE IN ARTICLES OF ASSOCIATON
07/01/2012	CHANGE OF CAPITAL
07/01/2012	CHANGE OF DATE IN ARTICLES OF ASSOCIATON
07/01/2012	Execution of demerger
03/11/2011	Decision to demerger

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.34
UK Pound	1	Rs.101.41
Euro	1	Rs.83.38

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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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