MIRA INFORM REPORT

Report No. :	335181
Report Date :	05.08.2015

IDENTIFICATION DETAILS

Name :	AS FISKEVEGN
Registered Office :	Flatraket 6717
Country :	Norway
Financials (as on) :	2013
Date of Incorporation :	19.02.1995
Com. Reg. No.:	924407573
Legal Form :	Limited company
Line of Business :	Manufacture of cordage Wholesale of shipping equipment and fishing tackle
No. of Employees :	36

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 $870 billion in December 2014 and annually uses up to 4% of the fund, it’s projected long term 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 2010-14. Nevertheless, the government budget remains in surplus. Lower oil prices in 2015 may cause the economy to contract as higher costs production costs in the North Sea deter investment.

Source : CIA

Company Summery

Company Name

FISKEVEGN AS

Company Number

924407573

Company name	AS FISKEVEGN	Company number	924407573
Address	-
City	FLATRAKET 6717	Legal form	Limited company
Website address		E-mail address	-
Telephone Number	00 47 57858400	Fax Number	00 47 57858425
Registration date	19/02/1995	Status	Active
Previous Name	-	Share capital	20,100,000
Name change date	-	Currency	-
		Number of employees	36

Postal Address

No data exist

Ultimate Holding Company

Company Name	Company Number
AS FISKEVEGN	924407573

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2013	75,492,000	1,620,000	35,114,000
2012	71,077,000	-762,000	34,201,000
2011	69,303,000	-1,008,000	34,642,000
2010	70,902,000	-5,892,000	35,492,000
2009	63,320,000	-5,493,000	39,708,000

Industry

Main Industry Code & Description	Manufacture of cordage
Secondary Industry Code & Description	Wholesale of shipping equipment and fishing tackle
Other Industry Code & Description	-

Shareholders

Shareholder Name	Number of Shares	Percentage Share
HELGE SOLHEIM	10,050	50.0
REIDUN KAREN VETRHUS	10,050	50.0

Current Directors

Name	Address	Function
Kvernevik, Trond-Inge	Gate 2 90 MÅLØY 6700	General manager/CEO
Vetrhus, Reidun Karen	FLATRAKET 6717	Board member(s)
Aahjem, Harald	Pileberg SELJE 6740	Board member(s)
Solheim, Helge	FLATRAKET 6717	Chairman of the board

Other Company Officials

Name	Address	Function
Flataker, Sigurd	DEKNEPOLLEN 6718	Observer

Profit & Loss Account

	Financial Year	2013		2012		2011		2010		2009
	Currency	NOK		NOK		NOK		NOK		NOK
	Consolidated Accounts	Yes		Yes		Yes		Yes		Yes
	Complete Accounts	Yes		Yes		Yes		Yes		Yes
	Sales Revenue	75,492,000	6.2 %	71,077,000	2.6 %	69,303,000	-2.3 %	70,902,000	12.0 %	63,320,000
	Other operating income	194,000	-66.2 %	574,000	46.4 %	392,000	101.0 %	195,000	8.3 %	180,000
	Total Operating Income	75,686,000	5.6 %	71,651,000	2.8 %	69,695,000	-2.0 %	71,097,000	12.0 %	63,500,000
	Total Operating Expenses	71,333,000	2.1 %	69,843,000	1.4 %	68,876,000	-7.3 %	74,309,000	13.0 %	65,760,000
	Operating Profit	4,352,000	140.7 %	1,808,000	120.8 %	819,000	125.5 %	-3,213,000	-42.2 %	-2,260,000
	Wages & Salaries	20,277,000	6.6 %	19,019,000	6.3 %	17,897,000	19.8 %	14,939,000	-0.7 %	15,040,000
	Depreciation	2,159,000	-11.7 %	2,446,000	-3.9 %	2,545,000	-2.9 %	2,620,000	-7.8 %	2,841,000
	Financial Income	1,061,000	92.9 %	550,000	137.1 %	232,000	-71.6 %	818,000	-54.7 %	1,805,000
	Financial Expenses	3,794,000	21.6 %	3,121,000	51.5 %	2,060,000	-41.1 %	3,499,000	-30.5 %	5,037,000
	Profit Before Tax	1,620,000	312.6 %	-762,000	24.4 %	-1,008,000	82.9 %	-5,892,000	-7.3 %	-5,493,000
	Tax	-708,000	-319.9 %	322,000	103.8 %	158,000	-90.6 %	1,675,000	5.5 %	1,588,000
	Profit After Tax	912,000	307.3 %	-440,000	48.2 %	-850,000	79.8 %	-4,217,000	-8.0 %	-3,905,000
	Extraordinary Result	0	-	0	-	0	-	0	-	0
	Dividends	-	-	-	-	-	-	-	-	-
	Net Result after Dividends	912,000	307.3 %	-440,000	48.2 %	-850,000	79.8 %	-4,217,000	-8.0 %	-3,905,000

Balance Sheet

	Financial Year	2013		2012		2011		2010		2009
	Currency	NOK		NOK		NOK		NOK		NOK
	Consolidated Accounts	Yes		Yes		Yes		Yes		Yes
	Complete Accounts	Yes		Yes		Yes		Yes		Yes
	Land & Buildings	9,539,000	-10.1 %	10,608,000	-3.2 %	10,954,000	-11.4 %	12,369,000	-10.2 %	13,774,000
	Plant & Machinery	2,784,000	-9.2 %	3,066,000	-10.9 %	3,442,000	-12.4 %	3,930,000	-20.4 %	4,940,000
	Other Tangible Assets	0	-	0	-	0	-100.0 %	1,000	200.0 %	-1,000
	Total Tangible Assets	12,323,000	-9.9 %	13,674,000	-5.0 %	14,396,000	-11.7 %	16,300,000	-12.9 %	18,713,000
	Intangible Assets	6,753,000	21.3 %	5,569,000	31.4 %	4,239,000	3.7 %	4,088,000	68.9 %	2,420,000
	Other Fixed Assets	7,016,000	-13.3 %	8,095,000	-0.4 %	8,124,000	-5.4 %	8,587,000	-27.5 %	11,845,000
	TOTAL FIXED ASSETS	26,092,000	-4.6 %	27,338,000	2.2 %	26,759,000	-7.6 %	28,975,000	-12.1 %	32,978,000
	Inventories	29,658,000	2.4 %	28,966,000	-1.4 %	29,382,000	-8.7 %	32,176,000	-14.4 %	37,579,000
	Trade Receivables	12,254,000	-5.9 %	13,018,000	15.3 %	11,293,000	1.0 %	11,185,000	-31.0 %	16,204,000
	Other Receivables	2,680,000	143.6 %	1,100,000	-23.8 %	1,443,000	-22.9 %	1,872,000	2.5 %	1,826,000
	Cash & Bank Deposits	1,242,000	27.4 %	975,000	-14.3 %	1,138,000	7.3 %	1,061,000	-47.1 %	2,007,000
	Other Current Assets	1,000	-	0	-	0	-	0	100.0 %	-1,000
	TOTAL CURRENT ASSETS	45,835,000	4.0 %	44,059,000	1.9 %	43,256,000	-6.6 %	46,294,000	-19.6 %	57,615,000
	TOTAL ASSETS	71,927,000	0.7 %	71,397,000	2.0 %	70,015,000	-7.0 %	75,269,000	-16.9 %	90,594,000
	Trade Creditors	6,630,000	30.1 %	5,096,000	2.3 %	4,981,000	-30.3 %	7,142,000	-27.3 %	9,819,000
	Short Term Liabilities to Financial Institutions	16,377,000	-1.2 %	16,577,000	35.7 %	12,216,000	4.0 %	11,742,000	-25.7 %	15,795,000
	Short Term Liabilities to Group	0	-	0	-	0	-	0	-	0
	Other Short Term Loans	0	-	0	-	0	-	0	-	0
	Miscellaneous Current Liabilities	5,156,000	13.1 %	4,560,000	-2.6 %	4,681,000	10.2 %	4,249,000	-11.0 %	4,775,000
	TOTAL CURRENT LIABILITIES	28,163,000	7.4 %	26,233,000	19.9 %	21,878,000	-5.4 %	23,133,000	-23.9 %	30,389,000
	Long Term Liabilities to Financial Institutions	3,490,000	-35.3 %	5,393,000	-28.6 %	7,553,000	-26.4 %	10,261,000	-21.4 %	13,059,000
	Other Long Term Loans	0	-	0	-	0	-	0	-	0
	Long Term Pension Commitments	90,000	-33.3 %	135,000	-25.0 %	180,000	-34.8 %	276,000	-77.9 %	1,250,000
	Other Long Term Liabilities	5,070,000	-6.7 %	5,434,000	-5.7 %	5,763,000	-5.6 %	6,108,000	-1.3 %	6,188,000
	TOTAL LONG TERM LIABILITIES	8,650,000	-21.1 %	10,962,000	-18.8 %	13,496,000	-18.9 %	16,645,000	-18.8 %	20,497,000
	TOTAL LIABILITIES	36,813,000	-1.0 %	37,196,000	5.2 %	35,374,000	-11.1 %	39,778,000	-21.8 %	50,885,000
	Share Capital	20,100,000	0.0 %	20,100,000	0.0 %	20,100,000	0.0 %	20,100,000	0.0 %	20,100,000
	Share Premium Reserve	0	-	0	-	0	-	0	-	0
	Revaluation Fund	0	-	0	-	0	-	0	-	0
	Total Retained Earnings	15,014,000	6.5 %	14,101,000	-3.0 %	14,542,000	-5.5 %	15,392,000	-21.5 %	19,608,000
	Other Reserves	0	-	0	-	0	-	0	-	0
	TOTAL EQUITY	35,114,000	2.7 %	34,201,000	-1.3 %	34,642,000	-2.4 %	35,492,000	-10.6 %	39,708,000

Other Financials

	Financial Year	2013		2012		2011		2010		2009
	Total Exports	34,263,000	-	-	-	14,554,000	-33.2 %	21,798,000	-0.3 %	21,872,000
	Working Capital	17,672,000	-0.9 %	17,826,000	-16.6 %	21,378,000	-7.7 %	23,161,000	-14.9 %	27,226,000
	Net Worth	28,361,000	-0.9 %	28,632,000	-5.8 %	30,403,000	-3.2 %	31,404,000	-15.8 %	37,288,000
	Capital Employed	43,764,000	-3.1 %	45,163,000	-6.2 %	48,138,000	-7.7 %	52,137,000	-13.4 %	60,205,000

Ratios

	Financial Year	2013	2012	2011	2010	2009
	Pre-Tax Profit Margin	2.15	-1.07	-1.45	-8.31	-8.67
	Return on Capital Employed	3.70	-1.69	-2.09	-11.30	-9.12
	Return on Total Assets Employed	2.25	-1.07	-1.44	-7.83	-6.06
	Return on Net Assets Employed	4.61	-2.23	-2.91	-16.60	-13.83
	Sales/Net Working Capital	4.27	3.99	3.24	3.06	2.33
	Stock Turnover Ratio	39.29	40.75	42.40	45.38	59.35
	Debtor Days	59.25	66.85	59.48	57.58	93.41
	Creditor Days	32.06	26.17	26.23	36.77	56.60
	Current Ratio	1.63	1.68	1.98	2.00	1.90
	Liquidity Ratio/Acid Test	0.57	0.58	0.63	0.61	0.66
	Current Debt Ratio	0.80	0.77	0.63	0.65	0.77
	Solvency Ratio	48.82	47.90	49.48	47.15	43.83
	Equity in Percentage	60.38	59.24	60.09	56.70	52.02
	Total Debt Ratio	1.05	1.09	1.02	1.12	1.28

Event History

Date	Description
24/10/2014	CHANGE OF BOARD OF DIRECTORS
24/09/2014	APPROVED END OF YEAR REPORT AND ACCOUNTS
30/08/2013	APPROVED END OF YEAR REPORT AND ACCOUNTS
17/07/2013	CHANGE OF DATE IN ARTICLES OF ASSOCIATON
17/07/2013	CHANGE OF MISSION/BUSINESS/INDUSTRY
17/07/2013	CHANGE OF SIGNATURE

Rating History

No data exist

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.93
UK Pound	1	Rs.99.82
Euro	1	Rs.70.05

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TRU

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.