MIRA INFORM REPORT

Report Date :

19.05.2014

IDENTIFICATION DETAILS

Name :	HEIMDAL GRANITT & BETONGVARE AS
Registered Office :	Postboks 58, Trondheim, Postal Code 7472
Country :	Norway
Financials (as on) :	2013
Date of Incorporation :	20.02.1995
Com. Reg. No.:	963327129
Legal Form :	Limited Company
Line of Business :	Wholesaler of construction materials
No of Employees :	Not Available

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 HEIMDAL GRANITT & BETONGVARE AS

Address Industriveien 49

City HEIMDAL 7080

Telephone Number 00 47 72595700

Registration date 20/02/1995

Previous Name –

Name change date –

Company number 963327129

Legal form Limited Company

E-mail address –

Fax Number 00 47 72595701

Status Active

Share capital 1,000,000

Currency –

Number of employees --

DIRECTORS/MANAGEMENT

Current Directors

Name	Address	Function
Berg, Atle	Martin Kregnes Veg 107 TILLER 7091	General manager/CEO
Berg, Atle	Martin Kregnes Veg 107 TILLER 7091	Chairman of the board
Tønnessen, Svein	Skyttervegen 22 HEIMDAL 7088	Deputy board member/substitute

NEGATIVE INFORMATION

No negative information found.

SHARE & SHARE CAPITAL INFORMATION

Shareholders

Shareholder Name	Number of Shares	Percentage Share
A-M HOLDING HEIMDAL AS	200	100.0

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company

Company Name	Company Number
GLITRETIND AS	989185373

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2013	149,611,000	5,068,000	23,980,000
2012	146,302,000	1,990,000	22,942,000
2011	146,792,000	7,196,000	22,810,000
2010	119,591,000	1,708,000	20,739,000
2009	133,945,000	15,458,000	20,354,000

FINANCIAL INFORMATION

Profit & Loss Account

Financial Year	2013		2012		2011		2010		2009
Currency	NOK		NOK		NOK		NOK		NOK
Consolidated Accounts	No		No		No		No		No
Complete Accounts	No		Yes		Yes		Yes		Yes
Sales Revenue	149,611,000	2.3 %	146,302,000	-0.3 %	146,792,000	22.7 %	119,591,000	-10.7 %	133,945,000
Other operating income	0	-100.0 %	134,000	-	0	-	0	-100.0 %	90,000
Total Operating Income	149,611,000	2.2 %	146,436,000	-0.2 %	146,792,000	22.7 %	119,591,000	-10.8 %	134,035,000
Total Operating Expenses	146,667,000	0.9 %	145,301,000	3.0 %	141,124,000	20.0 %	117,566,000	-3.4 %	121,759,000
Operating Profit	2,944,000	159.4 %	1,135,000	-80.0 %	5,667,000	179.9 %	2,025,000	-83.5 %	12,276,000
Wages & Salaries	12,819,000	-9.0 %	14,087,000	-0.9 %	14,222,000	10.0 %	12,933,000	-16.9 %	15,570,000
Depreciation	565,000	44.1 %	392,000	-14.2 %	457,000	44.6 %	316,000	75.6 %	180,000
Financial Income	4,677,000	55.1 %	3,016,000	-27.2 %	4,144,000	76.6 %	2,347,000	-54.8 %	5,196,000
Financial Expenses	2,552,000	18.1 %	2,160,000	-17.4 %	2,615,000	-1.9 %	2,665,000	32.3 %	2,014,000
Profit Before Tax	5,068,000	154.7 %	1,990,000	-72.3 %	7,196,000	321.3 %	1,708,000	-89.0 %	15,458,000
Tax	-1,419,000	-116.6 %	-655,000	68.5 %	-2,077,000	-269.6 %	-562,000	87.3 %	-4,421,000
Profit After Tax	3,649,000	173.3 %	1,335,000	-73.9 %	5,119,000	346.7 %	1,146,000	-89.6 %	11,037,000
Extraordinary Result	0	-	0	-	0	-	0	-	0
Dividends	-	-	-	-	-	-	-	-	-
Net Result after Dividends	3,649,000	173.3 %	1,335,000	-73.9 %	5,119,000	346.7 %	1,146,000	-89.6 %	11,037,000

Balance Sheet

Financial Year	2013		2012		2011		2010		2009
Currency	NOK		NOK		NOK		NOK		NOK
Consolidated Accounts	No		No		No		No		No
Complete Accounts	No		Yes		Yes		Yes		Yes
Land & Buildings	0	-	0	-	0	-	0	-	0
Plant & Machinery	0	-	0	-100.0 %	15,000	-	0	-	0
Other Tangible Assets	607,000	-12.9 %	697,000	-35.5 %	1,080,000	-8.5 %	1,180,000	22.2 %	966,000
Total Tangible Assets	607,000	-12.9 %	697,000	-36.3 %	1,095,000	-7.2 %	1,180,000	22.2 %	966,000
Intangible Assets	228,000	-63.9 %	632,000	26.9 %	498,000	51.4 %	329,000	210.4 %	106,000
Other Fixed Assets	5,266,000	-1.2 %	5,330,000	-7.2 %	5,742,000	-0.8 %	5,789,000	-30.1 %	8,284,000
TOTAL FIXED ASSETS	6,101,000	-8.4 %	6,659,000	-9.2 %	7,335,000	0.5 %	7,298,000	-22.0 %	9,356,000
Inventories	23,525,000	-8.9 %	25,816,000	-0.6 %	25,971,000	-0.3 %	26,060,000	29.6 %	20,104,000
Trade Receivables	16,490,000	21.5 %	13,567,000	-44.4 %	24,422,000	79.4 %	13,615,000	1.9 %	13,365,000
Other Receivables	20,117,000	5.7 %	19,031,000	26.2 %	15,086,000	37.3 %	10,988,000	-20.4 %	13,812,000
Cash & Bank Deposits	3,826,000	153.0 %	1,512,000	-50.4 %	3,049,000	163.3 %	1,158,000	-19.3 %	1,435,000
Other Current Assets	0	-	0	100.0 %	-1,000	-	0	100.0 %	-1,000
TOTAL CURRENT ASSETS	63,958,000	6.7 %	59,926,000	-12.6 %	68,527,000	32.2 %	51,821,000	6.4 %	48,715,000
TOTAL ASSETS	70,059,000	5.2 %	66,585,000	-12.2 %	75,862,000	28.3 %	59,119,000	1.8 %	58,071,000
Trade Creditors	11,085,000	42.1 %	7,801,000	-41.3 %	13,296,000	70.3 %	7,806,000	36.2 %	5,733,000
Short Term Liabilities to Financial Institutions	23,416,000	-2.9 %	24,127,000	-4.0 %	25,122,000	16.3 %	21,607,000	196.8 %	7,281,000
Short Term Liabilities to Group	0	-	0	-	0	-	0	-	0
Other Short Term Loans	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	10,237,000	24.9 %	8,198,000	-35.5 %	12,716,000	63.1 %	7,797,000	-68.0 %	24,369,000
TOTAL CURRENT LIABILITIES	44,738,000	11.5 %	40,126,000	-21.5 %	51,134,000	37.4 %	37,210,000	-0.5 %	37,383,000
Long Term Liabilities to Financial Institutions	1,275,000	-21.1 %	1,615,000	-	0	-	0	-	0
Other Long Term Loans	0	-	0	-	0	-	0	-	0
Long Term Pension Commitments	0	-100.0 %	1,770,000	3.0 %	1,718,000	90.0 %	904,000	-	0
Other Long Term Liabilities	66,000	-50.4 %	133,000	-33.5 %	200,000	-25.1 %	267,000	-20.1 %	334,000
TOTAL LONG TERM LIABILITIES	1,341,000	-61.9 %	3,518,000	83.4 %	1,918,000	63.8 %	1,171,000	250.6 %	334,000
TOTAL LIABILITIES	46,079,000	5.6 %	43,643,000	-17.7 %	53,052,000	38.2 %	38,380,000	1.8 %	37,717,000
Share Capital	1,000,000	0.0 %	1,000,000	0.0 %	1,000,000	0.0 %	1,000,000	0.0 %	1,000,000
Share Premium Reserve	0	-	0	-	0	-	0	-	0
Revaluation Fund	0	-	0	-	0	-	0	-	0
Total Retained Earnings	22,261,000	4.9 %	21,223,000	-0.4 %	21,304,000	10.8 %	19,233,000	-0.6 %	19,354,000
Other Reserves	719,000	0.0 %	719,000	42.1 %	506,000	0.0 %	506,000	-	0
TOTAL EQUITY	23,980,000	4.5 %	22,942,000	0.6 %	22,810,000	10.0 %	20,739,000	1.9 %	20,354,000

Other Financials

Financial Year	2013		2012		2011		2010		2009
Total Exports	-	-	-	-	-	-	-	-	-
Working Capital	19,220,000	-2.9 %	19,800,000	13.8 %	17,393,000	19.0 %	14,611,000	28.9 %	11,332,000
Net Worth	23,752,000	6.5 %	22,310,000	0.0 %	22,312,000	9.3 %	20,410,000	0.8 %	20,248,000
Capital Employed	25,321,000	-4.3 %	26,460,000	7.0 %	24,728,000	12.9 %	21,910,000	5.9 %	20,688,000

Ratios

Financial Year	2013	2012	2011	2010	2009
Pre-Tax Profit Margin	3.39	1.36	4.90	1.43	11.54
Return on Capital Employed	20.02	7.52	29.10	7.80	74.72
Return on Total Assets Employed	7.23	2.99	9.49	2.89	26.62
Return on Net Assets Employed	21.13	8.67	31.55	8.24	75.95
Sales/Net Working Capital	7.78	7.39	8.44	8.18	11.82
Stock Turnover Ratio	15.72	17.65	17.69	21.79	15.01
Debtor Days	40.23	33.85	60.73	41.55	36.42
Creditor Days	27.04	19.46	33.06	23.82	15.62
Current Ratio	1.43	1.49	1.34	1.39	1.30
Liquidity Ratio/Acid Test	0.90	0.85	0.83	0.69	0.77
Current Debt Ratio	1.87	1.75	2.24	1.79	1.84
Solvency Ratio	34.23	34.46	30.07	35.08	35.05
Equity in Percentage	37.14	37.84	32.76	39.13	40.97
Total Debt Ratio	1.92	1.90	2.33	1.85	1.85

Comments - not complete accounts

2013	Additional information is subject to registration

ADDITIONAL INFORMATION

Postal Address

Address	City	Postal Code
Postboks 58	TRONDHEIM	7472

Industry

Main Industry Code & Description

Wholesaler of construction materials n.e.c.

Other Company Officials

No data exist

Event History

Date	Description
30/04/2014	APPROVED END OF YEAR REPORT AND ACCOUNTS
29/04/2013	APPROVED END OF YEAR REPORT AND ACCOUNTS
14/04/2012	APPROVED END OF YEAR REPORT AND ACCOUNTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.86
UK Pound	1	Rs.98.82
Euro	1	Rs.80.72

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.