MIRA INFORM REPORT

Report Date :

20.05.2014

IDENTIFICATION DETAILS

Name :	RAGN SELLS AS
Registered Office :	Skedsmogata 3a, Lillestrom 2000
Country :	Norway
Financials (as on) :	2012
Date of Incorporation :	19.02.1995
Com. Reg. No.:	952187627
Legal Form :	Limited Company
Line of Business :	Engaged as Collection of Non-Hazardous Waste
No of Employees :	265

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 summary

Company name	RAGN SELLS AS	Company number	952187627
Address	Skedsmogata 3A	Legal form	Limited company
City	LILLESTROM 2000	E-mail address	info@ragnsells.no
Website address	http://www.ragnsells.no	Fax Number	00 47 67910101
Telephone Number	00 47 67910100	Status	Active
Registration date	19/02/1995	Share capital	30,000,000
Previous Name	-	Currency	-
Name change date	-	Number of employees	265

Postal Address

Address	City	Postal Code
Postboks 49	LILLESTROM	2001

Ultimate Holding Company

Company Name	Company Number
Ragn-Sells Aktiebolag	5560573452

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2012	790,797,583	16,416,647	175,763,948
2011	745,413,750	23,123,146	161,909,036
2010	644,594,029	34,754,810	142,567,377
2009	604,345,633	-2,329,239	114,175,449
2008	634,571,890	24,655,743	114,194,254

Industry

Main Industry Code & Description	Collection of non-hazardous waste
Secondary Industry Code & Description	Recovering of sorted materials

Shareholders

Shareholder Name	Number of Shares	Percentage Share
RAGN-SELLS AB	30,000	100.0

Current Directors

Name	Address	Function
Hoel, Bjorn	Kastellvegen 11 B EIDSVOLL 2080	Board member(s)
Sellberg, Erik Ragnar	Sjostigen 4 B S-18162 LIDINGO	Chairman of the board
Bartholf, Per Erik Arvid	Grangardevagen 11 S-16775 Bromma	Board member(s)
Hoel, Born	Kastellvegen 11 B EIDSVOLL 2080	General manager/CEO

Other Company Officials

Name	Address	Function
VISMA SERVICES NORGE AS	Kanalveien 52 BERGEN 5068	Accountant

Profit & Loss Account

Financial Year	2012		2011		2010		2009		2008
Currency	NOK		NOK		NOK		NOK		NOK
Consolidated Accounts	No		No		Yes		Yes		Yes
Complete Accounts	Yes		Yes		Yes		Yes		Yes
Sales Revenue	790,797,583	6.1 %	745,413,750	15.6 %	644,594,029	6.7 %	604,345,633	-4.8 %	634,571,890
Other operating income	829,124	83.4 %	452,172	12.8 %	400,886	6.3 %	376,952	146.4 %	153,003
Total Operating Income	791,626,706	6.1 %	745,865,921	15.6 %	644,994,914	6.7 %	604,722,585	-4.7 %	634,724,893
Total Operating Expenses	781,102,820	7.1 %	729,632,194	17.7 %	620,033,165	0.9 %	614,359,224	0.2 %	613,300,168
Operating Profit	10,523,886	-35.2 %	16,234,582	-35.0 %	24,961,749	359.0 %	-9,636,639	-145.0 %	21,424,725
Wages & Salaries	142,989,632	6.1 %	134,740,279	27.0 %	106,053,457	7.2 %	98,905,899	-2.5 %	101,424,896
Depreciation	42,432,324	-4.4 %	44,372,644	9.1 %	40,659,538	0.6 %	40,407,382	7.1 %	37,717,431
Financial Income	14,165,192	-5.4 %	14,968,673	-13.3 %	17,262,012	29.3 %	13,350,600	-16.6 %	16,017,471
Financial Expenses	8,273,286	2.4 %	8,079,254	8.2 %	7,468,951	23.6 %	6,042,345	-52.7 %	12,786,454
Profit Before Tax	16,416,647	-29.0 %	23,123,146	-33.5 %	34,754,810	1,592.1 %	-2,329,239	-109.4 %	24,655,743
Tax	-2,561,736	29.2 %	-3,619,937	43.1 %	-6,362,883	-375.5 %	2,309,579	159.8 %	-3,863,545
Profit After Tax	13,854,912	-29.0 %	19,503,210	-31.3 %	28,391,928	144,514.7 %	-19,660	-100.1 %	20,792,198
Extraordinary Result	0	-	0	-	0	-	0	-	0
Dividends	-	-	-	-	-	-	-	-	-
Net Result after Dividends	13,854,912	-29.0 %	19,503,210	-31.3 %	28,391,928	144,514.7 %	-19,660	-100.1 %	20,792,198

Balance Sheet

Financial Year	2012		2011		2010		2009		2008
Currency	NOK		NOK		NOK		NOK		NOK
Consolidated Accounts	No		No		Yes		Yes		Yes
Complete Accounts	Yes		Yes		Yes		Yes		Yes
Land & Buildings	105,404,689	0.2 %	105,227,753	8.7 %	96,850,185	39.6 %	69,379,696	-1.3 %	70,273,782
Plant & Machinery	0	-	0	-	0	-	0	-100.0 %	14,350,677
Other Tangible Assets	94,581,634	6.8 %	88,570,916	12.8 %	78,506,894	3.5 %	75,865,665	1.9 %	74,426,238
Total Tangible Assets	199,986,324	3.2 %	193,798,668	10.5 %	175,357,079	20.7 %	145,245,361	-8.7 %	159,050,696
Intangible Assets	23,856,536	-14.3 %	27,852,570	10.8 %	25,133,557	-5.5 %	26,608,030	-5.4 %	28,113,274
Other Fixed Assets	55,665,820	50.2 %	37,067,809	-24.2 %	48,898,633	35.9 %	35,975,417	7.7 %	33,388,038
TOTAL FIXED ASSETS	279,508,680	8.0 %	258,719,047	3.7 %	249,389,269	20.0 %	207,828,807	-5.8 %	220,552,008
Inventories	4,039,627	-25.6 %	5,432,042	9.9 %	4,943,115	-	0	-100.0 %	2,919,028
Trade Receivables	88,081,134	4.4 %	84,378,286	22.9 %	68,642,887	10.9 %	61,891,940	-15.4 %	73,190,245
Other Receivables	17,876,589	850.6 %	1,880,487	-47.2 %	3,560,103	107.1 %	1,718,936	-65.7 %	5,004,658
Cash & Bank Deposits	20,671,676	-11.2 %	23,274,440	-48.6 %	45,238,523	85.2 %	24,424,101	11.4 %	21,933,311
Other Current Assets	41,582,686	-10.5 %	46,475,370	253.4 %	13,149,729	17.7 %	11,170,090	385.6 %	2,300,177
TOTAL CURRENT ASSETS	172,251,712	6.7 %	161,440,624	19.1 %	135,534,357	36.6 %	99,205,067	-5.8 %	105,347,420
TOTAL ASSETS	451,760,392	7.5 %	420,160,525	9.2 %	384,923,627	25.4 %	307,033,874	-5.8 %	325,899,428
Trade Creditors	88,248,669	27.2 %	69,370,293	18.1 %	58,751,528	1.8 %	57,719,825	-3.2 %	59,610,568
Short Term Liabilities to Financial Institutions	0	-	0	-	0	-	0	-	0
Short Term Liabilities to Group	2,595,071	-44.5 %	4,673,864	50.6 %	3,102,803	-86.3 %	22,575,241	362.5 %	4,880,717
Other Short Term Loans	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	47,921,635	-11.3 %	54,027,233	-8.9 %	59,337,898	62.3 %	36,552,384	8.3 %	33,759,007
TOTAL CURRENT LIABILITIES	138,765,375	8.4 %	128,071,390	5.7 %	121,192,228	3.7 %	116,847,450	18.9 %	98,250,293
Long Term Liabilities to Financial Institutions	65,698,216	4.7 %	62,772,350	-8.2 %	68,381,328	349.4 %	15,214,846	0.0 %	15,214,846
Other Long Term Loans	0	-	0	-	0	-	0	-	0
Long Term Pension Commitments	0	-	0	-	0	-	0	-	0
Other Long Term Liabilities	71,532,853	6.1 %	67,407,749	27.7 %	52,783,547	-13.2 %	60,796,130	-38.1 %	98,239,181
TOTAL LONG TERM LIABILITIES	137,231,069	5.4 %	130,180,099	7.4 %	121,164,876	59.4 %	76,010,975	-33.0 %	113,454,026
TOTAL LIABILITIES	275,996,444	6.9 %	258,251,489	6.6 %	242,356,250	25.7 %	192,858,425	-8.9 %	211,704,319
Share Capital	25,642,998	0.0 %	25,642,998	0.0 %	25,642,998	0.0 %	25,642,998	0.0 %	25,642,998
Share Premium Reserve	0	-	0	-	0	-	0	-	0
Revaluation Fund	0	-	0	-	0	-	0	-	0
Total Retained Earnings	150,120,949	10.2 %	136,266,038	16.5 %	116,924,379	32.1 %	88,532,451	0.0 %	88,551,256
Other Reserves	0	-	0	-	0	-	0	-	0
TOTAL EQUITY	175,763,948	8.6 %	161,909,036	13.6 %	142,567,377	24.9 %	114,175,449	0.0 %	114,194,254

Other Financials

Financial Year	2012		2011		2010		2009		2008
Total Exports	-	-	-	-	-	-	-	-	-
Working Capital	33,486,337	0.4 %	33,369,234	132.7 %	14,342,129	181.3 %	-17,642,383	-348.6 %	7,097,127
Net Worth	151,907,412	13.3 %	134,056,466	14.2 %	117,433,820	34.1 %	87,567,420	1.7 %	86,080,981
Capital Employed	312,995,017	7.2 %	292,089,135	10.8 %	263,732,253	38.7 %	190,186,425	-16.5 %	227,648,281

Ratios

Financial Year	2012	2011	2010	2009	2008
Pre-Tax Profit Margin	2.08	3.10	5.39	-0.39	3.89
Return on Capital Employed	5.25	7.92	13.18	-1.22	10.83
Return on Total Assets Employed	3.63	5.50	9.03	-0.76	7.57
Return on Net Assets Employed	9.34	14.28	24.38	-2.04	21.59
Sales/Net Working Capital	23.62	22.34	44.94	-34.26	89.41
Stock Turnover Ratio	0.51	0.73	0.77	0.00	0.46
Debtor Days	40.65	41.32	38.87	37.38	42.10
Creditor Days	40.73	33.97	33.27	34.86	34.29
Current Ratio	1.24	1.26	1.12	0.85	1.07
Liquidity Ratio/Acid Test	1.21	1.22	1.08	0.85	1.04
Current Debt Ratio	0.79	0.79	0.85	1.02	0.86
Solvency Ratio	38.91	38.54	37.04	37.19	35.04
Equity in Percentage	47.22	45.58	45.86	46.71	43.19
Total Debt Ratio	1.57	1.60	1.70	1.69	1.85

Event History

Date	Description
10/05/2014	APPROVED END OF YEAR REPORT AND ACCOUNTS
10/10/2013	Merger decision
03/06/2013	Limit Change
22/05/2013	APPROVED END OF YEAR REPORT AND ACCOUNTS
12/06/2012	Limit Change
12/06/2012	Rating Change
21/05/2012	APPROVED END OF YEAR REPORT AND ACCOUNTS
23/11/2011	Limit Change
23/11/2011	Rating Change

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.43
UK Pound	1	Rs.98.28
Euro	1	Rs.80.12

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%)

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