MIRA INFORM REPORT

Report Date :

22.09.2014

IDENTIFICATION DETAILS

Name :	DRABLA S AS
Registered Office :	Kalva Yvegen 22 A Lesund 6014
Country :	Norway
Financials (as on) :	2013
Date of Incorporation :	19.02.1995
Com. Reg. No.:	843009352
Legal Form :	Limited company
Line of Business :	Agents involved in the sale of food
No. of Employees :	9

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 :	Slow but correct
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 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

DRABLØS AS

Company Number

843009352

Company name	DRABLØS AS	Company number	843009352
Address	Kalvøyvegen 22
City	Ã…LESUND 6014	Legal form	Limited company
Website address		E-mail address	-
Telephone Number	00 47 70178680	Fax Number	00 47 70178681
Registration date	19/02/1995	Status	Active
Previous Name	DRABLØS O AGENTUR AS	Share capital	923,040
Name change date	01/01/1987	Currency	-
Postal Address	No data exist	Number of employees	9

DIRECTORS/MANAGEMENT

Current Directors

Name	Address	Function
Drabløs, Ove Harald	Per Bolstads Veg 12 A ÅLESUND 6008	General manager/CEO
Drabløs, Simen Emil Syltevik	Bestumveien 36 OSLO 0281	Deputy board member/substitute
Drabløs, Ove Harald	Per Bolstads Veg 12 A ÅLESUND 6008	Chairman of the board
Vatneødegård, Frode	Rødsethagen 1 ÅLESUND 6011	Board member(s)
Drabløs, Knut Olav Syltevik	Bestumveien 36 OSLO 0281	Deputy board member/substitute

NEGATIVE INFORMATION

No negative information found.

SHARE & SHARE CAPITAL INFORMATION

Shareholders

Shareholder Name	Number of Shares	Percentage Share
OVE HARALD DRABLØS	4,763	61.9
KNUT OLAV SYLTEVIK DRABLØS	1,050	13.7
SIMEN EMIL SYLTEVIK DRABLØS	1,050	13.7
FRODE VATNEØDEGÅRD	829	10.8

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

N/a

FINANCIAL INFORMATION

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2013	13,506,000	143,000	2,910,000
2012	11,764,000	373,000	2,807,000
2011	11,464,000	609,000	2,542,000
2010	4,290,000	249,000	1,670,000
2009	2,773,000	114,000	1,491,000

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	Yes		Yes		Yes		Yes		Yes
Sales Revenue	13,506,000	14.8 %	11,764,000	2.6 %	11,464,000	167.2 %	4,290,000	54.7 %	2,773,000
Other operating income	917,000	-31.3 %	1,335,000	-38.1 %	2,156,000	69.6 %	1,271,000	23.3 %	1,031,000
Total Operating Income	14,423,000	10.1 %	13,099,000	-3.8 %	13,620,000	144.9 %	5,561,000	46.2 %	3,804,000
Total Operating Expenses	14,331,000	12.0 %	12,791,000	-2.1 %	13,063,000	145.1 %	5,329,000	43.9 %	3,702,000
Operating Profit	93,000	-69.8 %	308,000	-44.7 %	557,000	140.1 %	232,000	127.5 %	102,000
Wages & Salaries	3,574,000	4.4 %	3,422,000	-2.8 %	3,520,000	67.1 %	2,106,000	18.7 %	1,774,000
Depreciation	159,000	82.8 %	87,000	-36.0 %	136,000	3.0 %	132,000	0.0 %	132,000
Financial Income	103,000	-11.2 %	116,000	22.1 %	95,000	106.5 %	46,000	-19.3 %	57,000
Financial Expenses	53,000	3.9 %	51,000	15.9 %	44,000	46.7 %	30,000	-33.3 %	45,000
Profit Before Tax	143,000	-61.7 %	373,000	-38.8 %	609,000	144.6 %	249,000	118.4 %	114,000
Tax	-40,000	63.0 %	-108,000	41.6 %	-185,000	-164.3 %	-70,000	-118.8 %	-32,000
Profit After Tax	103,000	-61.1 %	265,000	-37.5 %	424,000	136.9 %	179,000	118.3 %	82,000
Extraordinary Result	0	-	0	-	0	-	0	-	0
Dividends	-	-	-	-	-	-	-	-	-
Net Result after Dividends	103,000	-61.1 %	265,000	-37.5 %	424,000	136.9 %	179,000	118.3 %	82,000

Balance Sheet

Financial Year	2013		2012		2011		2010		2009
Currency	NOK		NOK		NOK		NOK		NOK
Consolidated Accounts	No		No		No		No		No
Complete Accounts	Yes		Yes		Yes		Yes		Yes
Land & Buildings	0	-	0	-	0	-	0	-	0
Plant & Machinery	0	-	0	-	0	-	0	-	0
Other Tangible Assets	756,000	-15.4 %	894,000	85.5 %	482,000	-19.7 %	600,000	-16.4 %	718,000
Total Tangible Assets	756,000	-15.4 %	894,000	85.5 %	482,000	-19.7 %	600,000	-16.4 %	718,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Other Fixed Assets	218,000	-40.1 %	364,000	184.4 %	128,000	103.2 %	63,000	103.2 %	31,000
TOTAL FIXED ASSETS	974,000	-22.6 %	1,258,000	106.2 %	610,000	-8.0 %	663,000	-11.5 %	749,000
Inventories	720,000	-22.5 %	929,000	47.9 %	628,000	14.0 %	551,000	84.9 %	298,000
Trade Receivables	1,659,000	9.6 %	1,513,000	-31.8 %	2,217,000	259.3 %	617,000	10.4 %	559,000
Other Receivables	72,000	-32.1 %	106,000	20.5 %	88,000	109.5 %	42,000	-22.2 %	54,000
Cash & Bank Deposits	3,015,000	48.1 %	2,036,000	-40.0 %	3,392,000	109.5 %	1,619,000	-2.1 %	1,653,000
Other Current Assets	0	-	0	100.0 %	-1,000	-	0	-	0
TOTAL CURRENT ASSETS	5,466,000	19.2 %	4,584,000	-27.5 %	6,324,000	123.5 %	2,829,000	10.3 %	2,564,000
TOTAL ASSETS	6,441,000	10.3 %	5,842,000	-15.7 %	6,934,000	98.6 %	3,492,000	5.4 %	3,312,000
Trade Creditors	1,292,000	66.5 %	776,000	-56.7 %	1,794,000	386.2 %	369,000	459.1 %	66,000
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	1,998,000	1.6 %	1,967,000	-13.7 %	2,280,000	109.2 %	1,090,000	-18.7 %	1,340,000
TOTAL CURRENT LIABILITIES	3,290,000	19.9 %	2,743,000	-32.7 %	4,074,000	179.2 %	1,459,000	3.8 %	1,406,000
Long Term Liabilities to Financial Institutions	0	-	0	-	0	-	0	-	0
Other Long Term Loans	0	-	0	-	0	-	0	-	0
Long Term Pension Commitments	0	-	0	-	0	-	0	-	0
Other Long Term Liabilities	240,000	-18.1 %	293,000	-7.9 %	318,000	-12.6 %	364,000	-12.5 %	416,000
TOTAL LONG TERM LIABILITIES	240,000	-18.1 %	293,000	-7.9 %	318,000	-12.6 %	364,000	-12.5 %	416,000
TOTAL LIABILITIES	3,530,000	16.3 %	3,035,000	-30.9 %	4,393,000	141.0 %	1,823,000	0.1 %	1,822,000
Share Capital	923,000	0.0 %	923,000	0.0 %	923,000	28.2 %	720,000	0.0 %	720,000
Share Premium Reserve	347,000	0.0 %	347,000	0.0 %	347,000	-	0	-	0
Revaluation Fund	0	-	0	-	0	-	0	-	0
Total Retained Earnings	1,640,000	6.7 %	1,537,000	20.9 %	1,271,000	33.8 %	950,000	23.2 %	771,000
Other Reserves	0	-	0	-100.0 %	1,000	-	0	-	0
TOTAL EQUITY	2,910,000	3.7 %	2,807,000	10.4 %	2,542,000	52.2 %	1,670,000	12.0 %	1,491,000

Other Financials

Financial Year	2013		2012		2011		2010		2009
Total Exports	-	-	-	-	-	-	-	-	-
Working Capital	2,176,000	18.2 %	1,841,000	-18.2 %	2,250,000	64.2 %	1,370,000	18.3 %	1,158,000
Net Worth	2,910,000	3.7 %	2,807,000	10.4 %	2,542,000	52.2 %	1,670,000	12.0 %	1,491,000
Capital Employed	3,150,000	1.6 %	3,100,000	8.4 %	2,860,000	40.6 %	2,034,000	6.7 %	1,907,000

Ratios

Financial Year	2013	2012	2011	2010	2009
Pre-Tax Profit Margin	1.06	3.17	5.31	5.80	4.11
Return on Capital Employed	4.54	12.03	21.29	12.24	5.98
Return on Total Assets Employed	2.22	6.38	8.78	7.13	3.44
Return on Net Assets Employed	4.91	13.29	23.96	14.91	7.65
Sales/Net Working Capital	6.21	6.39	5.10	3.13	2.39
Stock Turnover Ratio	5.33	7.90	5.48	12.84	10.75
Debtor Days	44.83	46.94	70.59	52.50	73.58
Creditor Days	34.92	24.08	57.12	31.40	8.69
Current Ratio	1.66	1.67	1.55	1.94	1.82
Liquidity Ratio/Acid Test	1.44	1.33	1.40	1.56	1.61
Current Debt Ratio	1.13	0.98	1.60	0.87	0.94
Solvency Ratio	45.18	48.05	36.66	47.82	45.02
Equity in Percentage	46.77	51.24	37.35	48.70	45.43
Total Debt Ratio	1.21	1.08	1.73	1.09	1.22

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Industry

Main Industry Code & Description	Agents involved in the sale of food
Secondary Industry Code & Description	-
Other Industry Code & Description

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.80
UK Pound	1	Rs.100.06
Euro	1	Rs.78.46

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	PDT

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.