MIRA INFORM REPORT

Report Date :

03.01.2014

IDENTIFICATION DETAILS

Name :	LUNDH LABRADOREKSPORT AS
Registered Office :	Jegersborggata 3, Larvik 3256
Country :	Norway
Financials (as on) :	2012
Date of Incorporation :	19.02.1995
Com. Reg. No.:	914042038
Legal Form :	Limited company
Line of Business :	Estate Agents (Commercial & Industrial)
No. of Employees :	1

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 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 second largest sovereign wealth fund, valued at over $700 billion in January 2013 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 2010-12, however, the government budget is set to remain in surplus.

Source : CIA

company name and addres

Company Name

LUNDH LABRADOREKSPORT AS

Company Number

914042038

Company name	LUNDHS LABRADOREKSPORT A/S	Company number	914042038
Address	Jegersborggata 3
City	LARVIK 3256	Legal form	Limited company
Website address		E-mail address	-
Telephone Number	-	Fax Number	33184091
Registration date	19/02/1995	Status	Active
Previous Name	-	Share capital	242,379,500
Name change date	-	Currency	-
		Number of employees	1

Postal Address

Address	City	Postal Code
Postboks 93	LARVIK	3251

Ultimate Holding Company

Company Name	Company Number
Lundhs Labradoreksport A/S	914042038

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2012	225,478,000	23,763,000	735,840,000
2011	237,325,000	27,413,000	726,037,000
2010	214,939,000	10,723,000	707,304,000
2009	226,313,000	30,907,000	703,042,000
2008	263,425,000	97,415,000	687,633,000

Industry

Main Industry Code & Description	Other letting of real estate
Secondary Industry Code & Description	-
Other Industry Code & Description	-

Shareholders

Shareholder Name	Number of Shares	Percentage Share
THOMA HOLDING AS	9,440	33.2
AL HOLDING AS	9,440	33.2
TCL AS	9,440	33.2
THORUND LUNDH	50	0.2
THOR LUNDH	50	0.2

Current Directors

Name	Address	Function
HÃ¥kestad, Mette Lundh	HÃ¥kestadveien 285 TJODALYNG 3280	General manager/CEO
Lundh, Thor	Bergeskaret 1 LARVIK 3260	Chairman of the board
Lundh, Elin	Ødegårdsveien 4 LARVIK 3261	Board member(s)
Lundh, Anne	Prestegårdsveien 7 SANDEFJORD 3216	Board member(s)
HÃ¥kestad, Mette Lundh	HÃ¥kestadveien 285 TJODALYNG 3280	Board member(s)

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	No		Yes		Yes		Yes		Yes
Sales Revenue	225,478,000	-5.0 %	237,325,000	10.4 %	214,939,000	-5.0 %	226,313,000	-14.1 %	263,425,000
Other operating income	355,000	-13.4 %	410,000	0.7 %	407,000	-91.2 %	4,605,000	-78.2 %	21,131,000
Total Operating Income	225,833,000	-5.0 %	237,735,000	10.4 %	215,346,000	-6.7 %	230,918,000	-18.8 %	284,556,000
Total Operating Expenses	203,587,000	-6.6 %	217,912,000	4.4 %	208,712,000	1.0 %	206,656,000	-10.1 %	229,996,000
Operating Profit	22,246,000	12.2 %	19,822,000	198.7 %	6,635,000	-72.7 %	24,262,000	-55.5 %	54,561,000
Wages & Salaries	64,527,000	-2.7 %	66,297,000	17.6 %	56,389,000	-10.9 %	63,306,000	-8.6 %	69,296,000
Depreciation	1,718,000	4.4 %	1,646,000	26.9 %	1,297,000	0.5 %	1,290,000	-15.3 %	1,523,000
Financial Income	33,040,000	0.5 %	32,885,000	-4.9 %	34,583,000	-3.4 %	35,800,000	-63.9 %	99,103,000
Financial Expenses	31,523,000	24.6 %	25,293,000	-17.1 %	30,494,000	4.6 %	29,155,000	-48.2 %	56,248,000
Profit Before Tax	23,763,000	-13.3 %	27,413,000	155.6 %	10,723,000	-65.3 %	30,907,000	-68.3 %	97,415,000
Tax	-7,660,000	35.6 %	-11,903,000	-26.9 %	-9,383,000	41.7 %	-16,106,000	47.6 %	-30,730,000
Profit After Tax	16,103,000	3.8 %	15,510,000	1,057.5 %	1,340,000	-90.9 %	14,801,000	-77.8 %	66,685,000
Extraordinary Result	0	-	0	-	0	-	0	-	0
Dividends	-	-	-	-	-	-	-	-	-
Net Result after Dividends	16,103,000	3.8 %	15,510,000	1,057.5 %	1,340,000	-90.9 %	14,801,000	-77.8 %	66,685,000

Balance Sheet

Financial Year	2012		2011		2010		2009		2008
Currency	NOK		NOK		NOK		NOK		NOK
Consolidated Accounts	Yes		Yes		Yes		Yes		Yes
Complete Accounts	No		Yes		Yes		Yes		Yes
Land & Buildings	47,898,000	-1.4 %	48,555,000	2.9 %	47,188,000	10.2 %	42,825,000	6.5 %	40,214,000
Plant & Machinery	0	-100.0 %	1,761,000	-19.4 %	2,186,000	-	0	-100.0 %	2,126,000
Other Tangible Assets	3,003,000	625.4 %	414,000	0.0 %	414,000	-78.0 %	1,879,000	353.9 %	414,000
Total Tangible Assets	50,901,000	0.3 %	50,730,000	1.9 %	49,788,000	11.4 %	44,704,000	4.6 %	42,754,000
Intangible Assets	1,071,000	251.1 %	305,000	-	0	-	0	-	0
Other Fixed Assets	451,240,000	-6.6 %	482,874,000	-0.8 %	486,702,000	-3.4 %	503,802,000	1.9 %	494,251,000
TOTAL FIXED ASSETS	503,212,000	-5.7 %	533,909,000	-0.5 %	536,490,000	-2.2 %	548,506,000	2.1 %	537,005,000
Inventories	23,457,000	-8.8 %	25,730,000	56.6 %	16,428,000	8.3 %	15,173,000	10.5 %	13,726,000
Trade Receivables	38,446,000	-13.5 %	44,429,000	8.4 %	40,991,000	38.1 %	29,691,000	-24.5 %	39,340,000
Other Receivables	39,380,000	-3.5 %	40,800,000	46.8 %	27,788,000	-9.0 %	30,537,000	705.5 %	3,791,000
Cash & Bank Deposits	108,882,000	66.2 %	65,526,000	57.7 %	41,538,000	-36.5 %	65,432,000	-49.0 %	128,213,000
Other Current Assets	639,080,000	0.5 %	636,082,000	-8.3 %	693,869,000	-0.1 %	694,487,000	1.9 %	681,628,000
TOTAL CURRENT ASSETS	849,245,000	4.5 %	812,567,000	-1.0 %	820,614,000	-1.8 %	835,320,000	-3.6 %	866,698,000
TOTAL ASSETS	1,352,457,000	0.4 %	1,346,476,000	-0.8 %	1,357,105,000	-1.9 %	1,383,826,000	-1.4 %	1,403,703,000
Trade Creditors	15,439,000	10.3 %	13,998,000	-13.8 %	16,244,000	-5.3 %	17,157,000	-15.5 %	20,299,000
Short Term Liabilities to Financial Institutions	0	-	0	-	0	-	0	-	0
Short Term Liabilities to Group	0	-	0	-	0	-	0	-	0
Other Short Term Loans	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	184,869,000	-5.9 %	196,395,000	77.4 %	110,680,000	-28.7 %	155,247,000	12.8 %	137,604,000
TOTAL CURRENT LIABILITIES	200,308,000	-4.8 %	210,393,000	65.8 %	126,924,000	-26.4 %	172,404,000	9.2 %	157,903,000
Long Term Liabilities to Financial Institutions	0	-	0	-	0	-	0	-	0
Other Long Term Loans	0	-	0	-	0	-100.0 %	72,563,000	0.0 %	72,563,000
Long Term Pension Commitments	5,764,000	-4.1 %	6,011,000	-1.5 %	6,101,000	-5.7 %	6,470,000	588.3 %	940,000
Other Long Term Liabilities	410,545,000	1.6 %	404,036,000	-21.8 %	516,775,000	20.4 %	429,348,000	-11.4 %	484,664,000
TOTAL LONG TERM LIABILITIES	416,309,000	1.5 %	410,047,000	-21.6 %	522,876,000	2.9 %	508,381,000	-8.9 %	558,167,000
TOTAL LIABILITIES	616,617,000	-0.6 %	620,439,000	-4.5 %	649,800,000	-4.6 %	680,785,000	-4.9 %	716,070,000
Share Capital	242,380,000	0.0 %	242,380,000	0.0 %	242,380,000	0.0 %	242,380,000	0.0 %	242,380,000
Share Premium Reserve	0	-	0	-	0	-	0	-	0
Revaluation Fund	0	-	0	-	0	-	0	-	0
Total Retained Earnings	259,712,000	2.9 %	252,389,000	6.5 %	236,880,000	0.6 %	235,540,000	6.7 %	220,740,000
Other Reserves	233,748,000	1.1 %	231,268,000	1.4 %	228,044,000	1.3 %	225,122,000	0.3 %	224,513,000
TOTAL EQUITY	735,840,000	1.4 %	726,037,000	2.6 %	707,304,000	0.6 %	703,042,000	2.2 %	687,633,000

Other Financials

Financial Year	2012		2011		2010		2009		2008
Total Exports	-	-	-	-	-	-	-	-	-
Working Capital	648,937,000	7.8 %	602,174,000	-13.2 %	693,690,000	4.6 %	662,916,000	-6.5 %	708,795,000
Net Worth	734,769,000	1.2 %	725,732,000	2.6 %	707,304,000	0.6 %	703,042,000	2.2 %	687,633,000
Capital Employed	1,152,149,000	1.4 %	1,136,084,000	-7.6 %	1,230,180,000	1.5 %	1,211,423,000	-2.8 %	1,245,800,000

Ratios

Financial Year	2012	2011	2010	2009	2008
Pre-Tax Profit Margin	10.54	11.55	4.99	13.66	36.98
Return on Capital Employed	2.06	2.41	0.87	2.55	7.82
Return on Total Assets Employed	1.76	2.04	0.79	2.23	6.94
Return on Net Assets Employed	3.23	3.78	1.52	4.40	14.17
Sales/Net Working Capital	0.35	0.39	0.31	0.34	0.37
Stock Turnover Ratio	10.40	10.84	7.64	6.70	5.21
Debtor Days	62.24	68.33	69.61	47.89	54.51
Creditor Days	24.99	21.53	27.58	27.67	28.13
Current Ratio	4.24	3.86	6.47	4.85	5.49
Liquidity Ratio/Acid Test	4.12	3.74	6.34	4.76	5.40
Current Debt Ratio	0.27	0.29	0.18	0.25	0.23
Solvency Ratio	54.41	53.92	52.12	50.80	48.99
Equity in Percentage	81.75	84.10	81.26	79.89	75.61
Total Debt Ratio	0.84	0.85	0.92	0.97	1.04

Comments - not complete accounts

2012	Profit auditor specifies in his report does not match the net income in the income statement

Event History

Date	Description
18/07/2013	APPROVED END OF YEAR REPORT AND ACCOUNTS
23/08/2012	APPROVED END OF YEAR REPORT AND ACCOUNTS
08/09/2011	APPROVED END OF YEAR REPORT AND ACCOUNTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.90
UK Pound	1	Rs.102.74
Euro	1	Rs.85.16

INFORMATION DETAILS

Report Prepared by :

NNA

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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