MIRA INFORM REPORT

Report No. :	315992
Report Date :	09.04.2015

IDENTIFICATION DETAILS

Name :	VATAN ENGROS AS
Registered Office :	Herslebs gate 6 OSLO 0561
Country :	Norway
Financials (as on) :	2013
Date of Incorporation :	24.10.2000
Legal Form :	Limited company
Line of Business :	Wholesale of fruit and vegetables
No. of Employee :	16

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.

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

Top of Form

company name

VATAN ENGROS AS

Company Number

982524067

Company summary

Company name	VATAN ENGROS AS	Company number	982524067
Address	Herslebs gate 6	Safe number	-
City	OSLO 0561	Legal form	Limited company
Website address		E-mail address	-
Telephone Number	00 47 22375583	Fax Number	00 47 22370056
Registration date	24/10/2000	Status	Active
Previous Name	-	Share capital	100,000
Name change date	-	Currency	-
		Number of employees	16

Postal Address

No data exist

Ultimate Holding Company

Company Name	Company Number
VATAN HOLDING AS	982524016

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2013	63,734,000	2,689,000	2,827,000
2012	50,038,000	2,135,000	3,790,000
2011	42,020,000	-1,913,000	1,851,000
2010	40,501,000	1,552,000	3,763,000
2009	40,800,000	5,406,000	3,389,000

Industry

Main Industry Code & Description	Wholesale of fruit and vegetables
Secondary Industry Code & Description	-
Other Industry Code & Description	-

Shareholders

Shareholder Name	Number of Shares	Percentage Share
VATAN HOLDING AS	100	100.0

Current Directors

Name	Address	Function
Ayhan, Ramazan	Edelgranveien 30 BEKKESTUA 1356	General manager/CEO
Kuyu, Yasar Hanim	Edelgranveien 38 BEKKESTUA 1356	Chairman of the board
Ayhan, Ramazan	Edelgranveien 30 BEKKESTUA 1356	Board member(s)
Kuyu, Seher	Edelgranveien 30 BEKKESTUA 1356	Board member(s)
Ayhan, Osman	Edelgranveien 30 BEKKESTUA 1356	Board member(s)

Other Company Officials

Name	Address	Function
ABACI AS	Grini Næringspark 1 ØSTERÅS 1361	Accountant

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		No		Yes		Yes		Yes
Sales Revenue	63,734,000	27.4 %	50,038,000	19.1 %	42,020,000	3.8 %	40,501,000	-0.7 %	40,800,000
Other operating income	83,000	84.4 %	45,000	181.3 %	16,000	-86.6 %	119,000	-	0
Total Operating Income	63,817,000	27.4 %	50,083,000	19.1 %	42,036,000	3.5 %	40,620,000	-0.4 %	40,800,000
Total Operating Expenses	60,921,000	26.9 %	47,989,000	9.2 %	43,937,000	13.1 %	38,861,000	10.2 %	35,253,000
Operating Profit	2,897,000	38.3 %	2,094,000	210.2 %	-1,901,000	-208.1 %	1,759,000	-68.3 %	5,547,000
Wages & Salaries	2,207,000	-	0	-	0	-	0	-	0
Depreciation	201,000	55.8 %	129,000	130.4 %	56,000	-1.8 %	57,000	533.3 %	9,000
Financial Income	57,000	-88.9 %	515,000	88.6 %	273,000	-33.9 %	413,000	29.5 %	319,000
Financial Expenses	264,000	-44.2 %	473,000	65.4 %	286,000	-53.9 %	620,000	34.5 %	461,000
Profit Before Tax	2,689,000	25.9 %	2,135,000	211.6 %	-1,913,000	-223.3 %	1,552,000	-71.3 %	5,406,000
Tax	-654,000	-1,134.0 %	-53,000	-5,400.0 %	1,000	100.6 %	-161,000	26.5 %	-219,000
Profit After Tax	2,035,000	-2.3 %	2,082,000	208.9 %	-1,912,000	-237.5 %	1,391,000	-73.2 %	5,187,000
Extraordinary Result	0	-	0	-	0	-	0	-	0
Dividends	2,100,000	-	-	-	-	-	-	-	-
Net Result after Dividends	-65,000	-103.1 %	2,082,000	208.9 %	-1,912,000	-237.5 %	1,391,000	-73.2 %	5,187,000

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		No		Yes		Yes		Yes
Land & Buildings	0	-	0	-	0	-	0	-	0
Plant & Machinery	0	-	0	-	0	-	0	-	0
Other Tangible Assets	736,000	12.2 %	656,000	256.5 %	184,000	-20.0 %	230,000	521.6 %	37,000
Total Tangible Assets	736,000	12.2 %	656,000	256.5 %	184,000	-20.0 %	230,000	521.6 %	37,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Other Fixed Assets	0	-	0	-	0	-100.0 %	200,000	0.0 %	200,000
TOTAL FIXED ASSETS	736,000	12.2 %	656,000	256.5 %	184,000	-57.2 %	430,000	81.4 %	237,000
Inventories	13,030,000	-2.7 %	13,392,000	11.0 %	12,066,000	-3.7 %	12,525,000	4.7 %	11,963,000
Trade Receivables	7,097,000	44.5 %	4,910,000	-24.7 %	6,519,000	13.6 %	5,738,000	25.2 %	4,583,000
Other Receivables	5,216,000	-19.4 %	6,473,000	4.5 %	6,192,000	3.3 %	5,996,000	68.0 %	3,568,000
Cash & Bank Deposits	329,000	-16.7 %	395,000	28.7 %	307,000	-65.9 %	900,000	368.8 %	192,000
Other Current Assets	0	-	0	-	0	-	0	-100.0 %	1,000
TOTAL CURRENT ASSETS	25,672,000	2.0 %	25,170,000	0.3 %	25,084,000	-0.3 %	25,159,000	23.9 %	20,307,000
TOTAL ASSETS	26,409,000	2.3 %	25,826,000	2.2 %	25,268,000	-1.3 %	25,588,000	24.6 %	20,543,000
Trade Creditors	11,071,000	-32.9 %	16,488,000	2.9 %	16,029,000	32.3 %	12,120,000	85.4 %	6,538,000
Short Term Liabilities to Financial Institutions	513,000	-0.2 %	514,000	158.3 %	199,000	6.4 %	187,000	-55.4 %	419,000
Short Term Liabilities to Group	0	-	0	-	0	-	0	-	0
Other Short Term Loans	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	11,998,000	138.3 %	5,034,000	-30.0 %	7,188,000	-23.5 %	9,392,000	-6.7 %	10,068,000
TOTAL CURRENT LIABILITIES	23,582,000	7.0 %	22,036,000	-5.9 %	23,416,000	7.9 %	21,699,000	27.5 %	17,025,000
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	0	-	0	-	0	-100.0 %	126,000	-2.3 %	129,000
TOTAL LONG TERM LIABILITIES	0	-	0	-	0	-100.0 %	126,000	-2.3 %	129,000
TOTAL LIABILITIES	23,582,000	7.0 %	22,036,000	-5.9 %	23,416,000	7.3 %	21,825,000	27.2 %	17,154,000
Share Capital	100,000	0.0 %	100,000	0.0 %	100,000	0.0 %	100,000	0.0 %	100,000
Share Premium Reserve	0	-	0	-	0	-	0	-	0
Revaluation Fund	0	-	0	-	0	-	0	-	0
Total Retained Earnings	2,727,000	-26.1 %	3,690,000	110.7 %	1,751,000	-52.2 %	3,663,000	11.4 %	3,289,000
Other Reserves	0	-	0	-	0	-	0	-	0
TOTAL EQUITY	2,827,000	-25.4 %	3,790,000	104.8 %	1,851,000	-50.8 %	3,763,000	11.0 %	3,389,000

Other Financials

Financial Year	2013		2012		2011		2010		2009
Total Exports	-	-	-	-	-	-	-	-	-
Working Capital	2,090,000	-33.3 %	3,134,000	87.9 %	1,668,000	-51.8 %	3,460,000	5.4 %	3,282,000
Net Worth	2,827,000	-25.4 %	3,790,000	104.8 %	1,851,000	-50.8 %	3,763,000	11.0 %	3,389,000
Capital Employed	2,827,000	-25.4 %	3,790,000	104.8 %	1,851,000	-52.4 %	3,889,000	10.5 %	3,518,000

Ratios

Financial Year	2013	2012	2011	2010	2009
Pre-Tax Profit Margin	4.22	4.27	-4.55	3.83	13.25
Return on Capital Employed	95.12	56.33	-103.35	39.91	153.67
Return on Total Assets Employed	10.18	8.27	-7.57	6.07	26.32
Return on Net Assets Employed	95.12	56.33	-103.35	41.24	159.52
Sales/Net Working Capital	30.49	15.97	25.19	11.71	12.43
Stock Turnover Ratio	20.44	26.76	28.71	30.93	29.32
Debtor Days	40.64	35.82	56.63	51.71	41.00
Creditor Days	63.40	120.27	139.23	109.23	58.49
Current Ratio	1.09	1.14	1.07	1.16	1.19
Liquidity Ratio/Acid Test	0.54	0.53	0.56	0.58	0.49
Current Debt Ratio	8.34	5.81	12.65	5.77	5.02
Solvency Ratio	10.70	14.68	7.33	14.71	16.50
Equity in Percentage	10.71	14.68	7.33	14.82	16.66
Total Debt Ratio	8.34	5.81	12.65	5.80	5.06

Comments - not complete accounts

2012	Profit auditor specifies in his report does not match the net income in the income statement

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.33
UK Pound	1	Rs.92.53
Euro	1	Rs.67.60

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ANK

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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