MIRA INFORM REPORT

Report Date :

12.07.2014

IDENTIFICATION DETAILS

Name :	DRESSMANN AS
Registered Office :	Bergerveien 5, Billingstad 1396
Country :	Norway
Financials (as on) :	2012
Date of Incorporation :	19.02.1995
Com. Reg. No.:	946927201
Legal Form :	Limited Company
Line of Business :	Retail sale of clothing in Specialised Stores (We tried to confirm / obtain the detailed activity but the same is not available from any sources.)
No of Employees :	870

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

REGISTERED NAME & COMPANY SUMMARY

Company name	DRESSMANN A/S	Company number	946927201
Address	Bergerveien 5	Legal form	Limited company
City	BILLINGSTAD 1396	E-mail address	dressmann@dressmann.no
Website address	www.dressmann.com	Fax Number	00 47 66982995
Telephone Number	00 47 66773100	Status	Active
Registration date	19/02/1995	Share capital	200,000,000
Previous Name	-	Currency	-
Name change date	-	Number of employees	870

Postal Address

Address	City	Postal Code
Postboks 124	BILLINGSTAD	1376

DIRECTORS/MANAGEMENT

Current Directors

Name	Address	Function
Varner, Petter	Odden 11 NESØYA 1397	General manager/CEO
Varner, Joakim	Odden 15 NESØYA 1397	Board member(s)
Oksebaas, Petter Marius	Industrigata 58 A OSLO 0357	Board member(s)
Skaug, Petter	Østvangveien 2 B OSLO 0588	Board member(s)
Skaug, Lars Erik	Oppegårdgata 1 OSLO 0196	Board member(s)
Bustnes, Øyvind Kristian	Gartnerveien 19 NÆRSNES 3478	Board member(s)
Varner, Stein Marius	Odden 13 A NESØYA 1397	Chairman of the board

Other Company Officials

No data exist

NEGATIVE INFORMATION

No negative information given.

SHARE & SHARE CAPITAL INFORMATION

Shareholders

Shareholder Name	Number of Shares	Percentage Share
VARNER RETAIL AS	80,000	100.0

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company

Company Name	Company Number
VARNER-GRUPPEN AS	946743348

FINANCIAL INFORMATION

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2012	1,148,103,000	370,022,000	1,355,371,000
2011	1,073,640,000	126,564,000	483,932,000
2010	1,084,908,000	177,738,000	399,855,000
2009	1,007,422,000	133,967,000	400,549,000
2008	937,181,000	46,406,000	413,033,000

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	1,148,103,000	6.9 %	1,073,640,000	-1.0 %	1,084,908,000	7.7 %	1,007,422,000	7.5 %	937,181,000
Other operating income	454,000	-26.5 %	618,000	-31.2 %	898,000	-12.9 %	1,031,000	8.2 %	953,000
Total Operating Income	1,148,557,000	6.9 %	1,074,258,000	-1.1 %	1,085,806,000	7.7 %	1,008,453,000	7.5 %	938,134,000
Total Operating Expenses	944,815,000	2.7 %	919,684,000	3.4 %	889,470,000	6.6 %	834,099,000	-0.3 %	836,701,000
Operating Profit	203,742,000	31.8 %	154,573,000	-21.3 %	196,335,000	12.6 %	174,354,000	71.9 %	101,433,000
Wages & Salaries	242,539,000	18.5 %	204,680,000	-3.0 %	211,102,000	4.1 %	202,817,000	-4.0 %	211,162,000
Depreciation	31,459,000	13.1 %	27,806,000	20.8 %	23,027,000	21.9 %	18,885,000	12.9 %	16,721,000
Financial Income	182,149,000	2,949.0 %	5,974,000	-18.7 %	7,344,000	-34.1 %	11,143,000	-31.9 %	16,370,000
Financial Expenses	15,869,000	-53.3 %	33,983,000	31.0 %	25,941,000	-49.7 %	51,529,000	-27.8 %	71,398,000
Profit Before Tax	370,022,000	192.4 %	126,564,000	-28.8 %	177,738,000	32.7 %	133,967,000	188.7 %	46,406,000
Tax	-57,309,000	-34.9 %	-42,487,000	24.2 %	-56,033,000	-8.3 %	-51,718,000	-123.7 %	-23,124,000
Profit After Tax	312,713,000	271.9 %	84,077,000	-30.9 %	121,705,000	48.0 %	82,249,000	253.3 %	23,282,000
Extraordinary Result	0	-	0	-	0	-	0	-	0
Dividends	-	-	-	-	-	-	-	-	-
Net Result after Dividends	312,713,000	271.9 %	84,077,000	-30.9 %	121,705,000	48.0 %	82,249,000	253.3 %	23,282,000

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	0	-	0	-	0	-	0	-	0
Other Tangible Assets	111,496,000	-5.3 %	117,728,000	34.4 %	87,584,000	14.6 %	76,428,000	18.4 %	64,556,000
Total Tangible Assets	111,496,000	-5.3 %	117,728,000	34.4 %	87,584,000	14.6 %	76,428,000	18.4 %	64,556,000
Intangible Assets	2,285,000	163.6 %	867,000	407.0 %	171,000	-86.9 %	1,310,000	-64.7 %	3,707,000
Other Fixed Assets	1,289,030,000	349.1 %	287,030,000	-0.8 %	289,468,000	4.6 %	276,802,000	-5.9 %	294,126,000
TOTAL FIXED ASSETS	1,402,811,000	245.8 %	405,625,000	7.5 %	377,223,000	6.4 %	354,540,000	-2.2 %	362,389,000
Inventories	279,408,000	-12.8 %	320,468,000	10.4 %	290,375,000	20.2 %	241,516,000	14.8 %	210,295,000
Trade Receivables	2,146,000	172.0 %	789,000	-34.4 %	1,203,000	-37.5 %	1,924,000	-9.9 %	2,136,000
Other Receivables	9,743,000	-35.9 %	15,196,000	-76.6 %	64,869,000	455.7 %	11,673,000	68.2 %	6,939,000
Cash & Bank Deposits	10,910,000	-41.4 %	18,617,000	37.0 %	13,590,000	-7.6 %	14,706,000	-45.2 %	26,813,000
Other Current Assets	171,297,000	2,025.8 %	8,058,000	-80.9 %	42,222,000	-62.2 %	111,597,000	2,059.8 %	5,167,000
TOTAL CURRENT ASSETS	473,504,000	30.4 %	363,128,000	-11.9 %	412,259,000	8.1 %	381,416,000	51.7 %	251,350,000
TOTAL ASSETS	1,876,315,000	144.1 %	768,753,000	-2.6 %	789,481,000	7.3 %	735,955,000	19.9 %	613,739,000
Trade Creditors	49,103,000	-21.7 %	62,730,000	-12.6 %	71,785,000	23.1 %	58,329,000	-3.4 %	60,412,000
Short Term Liabilities to Financial Institutions	0	-	0	-	0	-	0	-	0
Short Term Liabilities to Group	315,349,000	446.1 %	57,749,000	-66.1 %	170,600,000	26.0 %	135,410,000	2,322.4 %	5,590,000
Other Short Term Loans	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	154,811,000	-4.8 %	162,588,000	11.1 %	146,383,000	5.4 %	138,927,000	6.5 %	130,421,000
TOTAL CURRENT LIABILITIES	519,263,000	83.4 %	283,067,000	-27.2 %	388,768,000	16.9 %	332,666,000	69.4 %	196,423,000
Long Term Liabilities to Financial Institutions	0	-	0	-	0	-	0	-	0
Other Long Term Loans	0	-	0	-	0	-	0	-	0
Long Term Pension Commitments	1,681,000	-4.2 %	1,754,000	104.4 %	858,000	-68.7 %	2,740,000	-36.0 %	4,283,000
Other Long Term Liabilities	0	-	0	-	0	-	0	-	0
TOTAL LONG TERM LIABILITIES	1,681,000	-4.2 %	1,754,000	104.4 %	858,000	-68.7 %	2,740,000	-36.0 %	4,283,000
TOTAL LIABILITIES	520,944,000	82.9 %	284,821,000	-26.9 %	389,627,000	16.2 %	335,406,000	67.1 %	200,705,000
Share Capital	200,000,000	19.8 %	167,000,000	0.0 %	167,000,000	0.0 %	167,000,000	0.0 %	167,000,000
Share Premium Reserve	846,500,000	964.8 %	79,500,000	0.0 %	79,500,000	0.0 %	79,500,000	0.0 %	79,500,000
Revaluation Fund	0	-	0	-	0	-	0	-	0
Total Retained Earnings	308,871,000	30.1 %	237,432,000	54.8 %	153,355,000	-0.5 %	154,049,000	-7.5 %	166,533,000
Other Reserves	0	-	0	-	0	-	0	-	0
TOTAL EQUITY	1,355,371,000	180.1 %	483,932,000	21.0 %	399,855,000	-0.2 %	400,549,000	-3.0 %	413,033,000

Other Financials

Financial Year	2012		2011		2010		2009		2008
Total Exports	-	-	-	-	-	-	-	-	-
Working Capital	-45,759,000	-157.2 %	80,061,000	240.8 %	23,491,000	-51.8 %	48,750,000	-11.2 %	54,927,000
Net Worth	1,353,086,000	180.1 %	483,065,000	20.9 %	399,684,000	0.1 %	399,239,000	-2.5 %	409,326,000
Capital Employed	1,357,052,000	179.4 %	485,686,000	21.2 %	400,713,000	-0.6 %	403,289,000	-3.4 %	417,316,000

Ratios

Financial Year	2012	2011	2010	2009	2008
Pre-Tax Profit Margin	32.23	11.79	16.38	13.30	4.95
Return on Capital Employed	27.27	26.06	44.36	33.22	11.12
Return on Total Assets Employed	19.72	16.46	22.51	18.20	7.56
Return on Net Assets Employed	27.30	26.15	44.45	33.45	11.24
Sales/Net Working Capital	-25.09	13.41	46.18	20.67	17.06
Stock Turnover Ratio	24.34	29.85	26.76	23.97	22.44
Debtor Days	0.68	0.27	0.40	0.70	0.83
Creditor Days	15.61	21.33	24.15	21.13	23.53
Current Ratio	0.91	1.28	1.06	1.15	1.28
Liquidity Ratio/Acid Test	0.37	0.15	0.31	0.42	0.21
Current Debt Ratio	0.38	0.58	0.97	0.83	0.48
Solvency Ratio	72.24	62.95	50.65	54.43	67.30
Equity in Percentage	231.69	100.64	80.00	87.49	130.75
Total Debt Ratio	0.38	0.59	0.97	0.84	0.49

ADDITIONAL INFORMATION

Industry

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

Event History

Date	Description
23/05/2013	Limit Change
23/05/2013	Rating Change
21/05/2013	APPROVED END OF YEAR REPORT AND ACCOUNTS
18/02/2013	Limit Change
18/02/2013	Rating Change
27/08/2012	Limit Change
27/08/2012	Rating Change
25/08/2012	APPROVED END OF YEAR REPORT AND ACCOUNTS
20/08/2012	Limit Change
20/08/2012	Rating Change
19/07/2012	CHANGE OF DATE IN ARTICLES OF ASSOCIATON
19/07/2012	CHANGE OF CAPITAL
23/11/2011	Limit Change
23/11/2011	Rating Change

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.19
UK Pound	1	Rs.103.15
Euro	1	Rs.81.87

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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.