MIRA INFORM REPORT

Report Date :

27.03.2014

IDENTIFICATION DETAILS

Name :	E A SMITH AS
Registered Office :	Heggstadmoen 13, Heimdal 7080
Country :	Norway
Financials (as on) :	2012
Date of Incorporation :	19.02.1995
Com. Reg. No.:	816051142
Legal Form :	Limited company
Line of Business :	Wholesale of construction materials
No. of Employees :	628

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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 largest sovereign wealth fund, valued at over $822 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	E A SMITH AS	Company number	816051142
Address	Heggstadmoen 13
City	HEIMDAL 7080	Legal form	Limited company
Website address		E-mail address	-
Telephone Number	00 47 72592500	Fax Number	00 47 72592403
Registration date	19/02/1995	Status	Active
Previous Name	-	Currency	-
Name change date	-

DIRECTORS/MANAGEMENT

Current Directors

Name	Address	Function
Kjeldsberg, Ingrid Eva Christina	Borchgrevinks Vei 10 TRONDHEIM 7020	General manager/CEO
Reinertsen, Trond Reime	Fjeldheimveien 4 Fjeldheim Gård LØKKEN VERK 7332	Chairman of the board
Forseth, Guri Merethe Børseth	Spydvegen 15 KLÆBU 7540	Board member(s)
Reinertsen, Ingerid Reime	Schiøtz' Vei 6 TRONDHEIM 7020	Board member(s)
Knutsen, Fredrik	Altersmyrvegen 15 SKOGSVÃ…G 5382	Board member(s)
Reinertsen, Arne	Seestrasse 120 8802 Kilchberg	Board member(s)
Høglund, Jan	Leinbakkan 30 HEIMDAL 7089	Board member(s)
Stavseth, Sverre	Bergsbygdavegen 223 PORSGRUNN 3949	Deputy chairman
Bjorøy, Knut	Bjorøyvegen 97 BJØRØYHAMN 5177	Deputy board member/substitute
Tangen, Henrik	Valstadmyrvegen 4 C KLÆBU 7540	Deputy board member/substitute
Sæther, Håvard Borge	Øvrevollen 1 ÅLESUND 6018	Deputy board member/substitute

NEGATIVE INFORMATION

No negative information found.

SHARE & SHARE CAPITAL INFORMATION

Share capital

39,078,300

Shareholders

Shareholder Name	Number of Shares	Percentage Share
TRR INVEST AS	390,783	100.0

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company

Company Name	Company Number
TRR INVEST AS	889036702

FINANCIAL INFORMATION

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2012	2,689,622,000	95,349,000	494,678,000
2011	2,613,959,000	86,795,000	431,309,000
2010	2,421,356,000	31,320,000	375,729,000
2009	2,438,819,000	15,485,000	361,956,000
2008	3,251,718,000	99,172,000	352,374,000

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	2,689,622,000	2.9 %	2,613,959,000	8.0 %	2,421,356,000	-0.7 %	2,438,819,000	-25.0 %	3,251,718,000
Other operating income	76,535,000	20.0 %	63,789,000	-4.1 %	66,495,000	67.4 %	39,721,000	-13.7 %	46,018,000
Total Operating Income	2,766,157,000	3.3 %	2,677,748,000	7.6 %	2,487,851,000	0.4 %	2,478,540,000	-24.8 %	3,297,736,000
Total Operating Expenses	2,648,036,000	2.7 %	2,577,664,000	6.2 %	2,427,259,000	-0.8 %	2,446,467,000	-22.4 %	3,151,183,000
Operating Profit	118,121,000	18.0 %	100,084,000	65.2 %	60,592,000	88.9 %	32,073,000	-78.1 %	146,553,000
Wages & Salaries	278,262,000	11.2 %	250,337,000	2.6 %	244,001,000	5.4 %	231,399,000	-15.2 %	272,880,000
Depreciation	43,192,000	-8.4 %	47,144,000	0.0 %	47,136,000	-4.5 %	49,338,000	5.6 %	46,722,000
Financial Income	5,233,000	-74.0 %	20,155,000	223.8 %	6,224,000	-69.1 %	20,114,000	29.8 %	15,494,000
Financial Expenses	28,005,000	-16.3 %	33,444,000	-5.8 %	35,496,000	-3.3 %	36,702,000	-41.6 %	62,875,000
Profit Before Tax	95,349,000	9.9 %	86,795,000	177.1 %	31,320,000	102.3 %	15,485,000	-84.4 %	99,172,000
Tax	-25,210,000	-13.6 %	-22,186,000	-101.7 %	-10,998,000	-203.7 %	-3,621,000	87.9 %	-30,032,000
Profit After Tax	70,139,000	8.6 %	64,609,000	217.9 %	20,322,000	71.3 %	11,864,000	-82.8 %	69,140,000
Extraordinary Result	0	-	0	-	0	-	0	-	0
Dividends	-	-	-	-	-	-	-	-	-
Net Result after Dividends	70,139,000	8.6 %	64,609,000	217.9 %	20,322,000	71.3 %	11,864,000	-82.8 %	69,140,000

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	401,816,000	-1.0 %	405,690,000	1.9 %	397,932,000	-3.0 %	410,101,000	6.0 %	386,907,000
Plant & Machinery	0	-	0	-	0	-	0	-100.0 %	14,184,000
Other Tangible Assets	83,622,000	2.6 %	81,487,000	-5.3 %	86,031,000	8.9 %	78,990,000	1.4 %	77,896,000
Total Tangible Assets	485,438,000	-0.4 %	487,177,000	0.7 %	483,963,000	-1.0 %	489,091,000	2.1 %	478,987,000
Intangible Assets	72,447,000	-8.9 %	79,542,000	-8.0 %	86,419,000	-12.3 %	98,591,000	-13.6 %	114,153,000
Other Fixed Assets	14,931,000	-1.9 %	15,226,000	-24.4 %	20,150,000	-2.2 %	20,599,000	-23.6 %	26,977,000
TOTAL FIXED ASSETS	572,816,000	-1.6 %	581,945,000	-1.5 %	590,532,000	-2.9 %	608,281,000	-1.9 %	620,117,000
Inventories	402,240,000	-1.4 %	407,786,000	7.8 %	378,120,000	-6.6 %	404,999,000	-14.0 %	471,178,000
Trade Receivables	209,314,000	-16.1 %	249,623,000	22.0 %	204,677,000	-9.3 %	225,609,000	-20.3 %	282,909,000
Other Receivables	69,295,000	57.6 %	43,958,000	34.7 %	32,640,000	-28.5 %	45,625,000	7.3 %	42,539,000
Cash & Bank Deposits	28,537,000	-12.0 %	32,423,000	19.6 %	27,099,000	-7.3 %	29,239,000	38.7 %	21,081,000
Other Current Assets	1,728,000	15.1 %	1,501,000	-18.6 %	1,844,000	8.7 %	1,697,000	31.6 %	1,290,000
TOTAL CURRENT ASSETS	711,114,000	-3.3 %	735,291,000	14.1 %	644,380,000	-8.9 %	707,169,000	-13.7 %	818,997,000
TOTAL ASSETS	1,283,930,000	-2.5 %	1,317,236,000	6.7 %	1,234,912,000	-6.1 %	1,315,450,000	-8.6 %	1,439,114,000
Trade Creditors	165,649,000	1.1 %	163,810,000	10.7 %	147,927,000	-22.4 %	190,528,000	1.0 %	188,691,000
Short Term Liabilities to Financial Institutions	153,372,000	-29.5 %	217,396,000	18.4 %	183,580,000	-6.7 %	196,774,000	-18.7 %	241,922,000
Short Term Liabilities to Group	0	-	0	-	0	-	0	-	0
Other Short Term Loans	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	115,069,000	2.9 %	111,877,000	60.3 %	69,807,000	19.6 %	58,374,000	-54.0 %	126,879,000
TOTAL CURRENT LIABILITIES	434,090,000	-12.0 %	493,083,000	22.9 %	401,314,000	-10.0 %	445,676,000	-20.1 %	557,492,000
Long Term Liabilities to Financial Institutions	270,578,000	-12.1 %	307,718,000	-14.9 %	361,727,000	-10.7 %	405,111,000	-6.7 %	434,092,000
Other Long Term Loans	6,419,000	-33.3 %	9,629,000	-43.8 %	17,143,000	-20.0 %	21,428,000	-16.7 %	25,714,000
Long Term Pension Commitments	6,215,000	-24.6 %	8,247,000	-23.0 %	10,712,000	39.3 %	7,690,000	-10.7 %	8,612,000
Other Long Term Liabilities	71,950,000	7.0 %	67,250,000	-1.5 %	68,287,000	-7.2 %	73,589,000	21.0 %	60,830,000
TOTAL LONG TERM LIABILITIES	355,162,000	-9.6 %	392,844,000	-14.2 %	457,869,000	-9.8 %	507,818,000	-4.0 %	529,248,000
TOTAL LIABILITIES	789,252,000	-10.9 %	885,927,000	3.1 %	859,183,000	-9.9 %	953,494,000	-12.3 %	1,086,740,000
Share Capital	39,078,000	0.0 %	39,078,000	0.0 %	39,078,000	0.0 %	39,078,000	0.0 %	39,078,000
Share Premium Reserve	41,879,000	0.0 %	41,879,000	0.0 %	41,879,000	0.0 %	41,879,000	0.0 %	41,879,000
Revaluation Fund	0	-	0	-	0	-	0	-	0
Total Retained Earnings	413,721,000	18.1 %	350,352,000	18.9 %	294,772,000	4.9 %	280,999,000	3.5 %	271,417,000
Other Reserves	0	-	0	-	0	-	0	-	0
TOTAL EQUITY	494,678,000	14.7 %	431,309,000	14.8 %	375,729,000	3.8 %	361,956,000	2.7 %	352,374,000

Other Financials

Financial Year	2012		2011		2010		2009		2008
Total Exports	-	-	-	-	-	-	-	-	-
Working Capital	277,024,000	14.4 %	242,208,000	-0.4 %	243,066,000	-7.0 %	261,493,000	0.0 %	261,505,000
Net Worth	422,231,000	20.0 %	351,767,000	21.6 %	289,310,000	9.9 %	263,365,000	10.6 %	238,221,000
Capital Employed	849,840,000	3.1 %	824,153,000	-1.1 %	833,598,000	-4.2 %	869,774,000	-1.3 %	881,622,000

Ratios

Financial Year	2012	2011	2010	2009	2008
Pre-Tax Profit Margin	3.55	3.32	1.29	0.63	3.05
Return on Capital Employed	11.22	10.53	3.76	1.78	11.25
Return on Total Assets Employed	7.43	6.59	2.54	1.18	6.89
Return on Net Assets Employed	19.27	20.12	8.34	4.28	28.14
Sales/Net Working Capital	9.71	10.79	9.96	9.33	12.43
Stock Turnover Ratio	14.96	15.60	15.62	16.61	14.49
Debtor Days	28.41	34.86	30.85	33.77	31.76
Creditor Days	22.48	22.87	22.30	28.51	21.18
Current Ratio	1.64	1.49	1.61	1.59	1.47
Liquidity Ratio/Acid Test	0.71	0.66	0.66	0.68	0.62
Current Debt Ratio	0.88	1.14	1.07	1.23	1.58
Solvency Ratio	38.53	32.74	30.43	27.52	24.49
Equity in Percentage	41.34	35.28	33.30	30.26	27.15
Total Debt Ratio	1.60	2.05	2.29	2.63	3.08

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Number of employees

628

Industry

Main Industry Code & Description	Wholesale of construction materials n.e.c.
Secondary Industry Code & Description	-
Other Industry Code & Description	-

Other Company Officials

No data exist

Event History

Date	Description
08/07/2013	APPROVED END OF YEAR REPORT AND ACCOUNTS
13/08/2012	APPROVED END OF YEAR REPORT AND ACCOUNTS
28/04/2012	Merger decision

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.17
UK Pound	1	Rs.99.39
Euro	1	Rs.83.09

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.