MIRA INFORM REPORT

Report No. :	337693
Report Date :	21.08.2015

IDENTIFICATION DETAILS

Name :	HARLEM FOOD AS
Registered Office :	Skøyenveien 18 OSLO 0375
Country :	Norway
Financials (as on) :	2014
Date of Incorporation :	19.02.1995
Com. Reg. No.:	927665859
Legal Form :	Limited company
Line of Business :	Non-specialised wholesale of food.
No. of Employee :	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, 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 name and address

Company Name

HARLEM FOOD AS

Company Number

927665859

Company name	HARLEM FOOD AS	Company number	927665859
Address	Skøyenveien 18	Safe number	-
City	OSLO 0375	Legal form	Limited company
Website address		E-mail address	sales@harlemfood.no
Telephone Number	-	Fax Number	-
Registration date	19/02/1995	Status	Active
Previous Name	-	Share capital	607,500
Name change date	-	Currency	-
		Number of employees	0

Postal Address

Address	City	Postal Code
Postboks 57 Smestad	OSLO	0309

Ultimate Holding Company

Company Name	Company Number
HARLEM FOOD AS	927665859

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2014	644,215,000	59,116,000	156,671,000
2013	569,718,000	28,132,000	124,724,000
2012	504,890,000	53,889,000	111,082,000
2011	496,854,000	32,210,000	78,237,000
2010	462,617,000	29,216,000	50,503,000

Industry

Main Industry Code & Description	Non-specialised wholesale of food
Secondary Industry Code & Description	-
Other Industry Code & Description	-

Shareholders

Shareholder Name	Number of Shares	Percentage Share
CHRISTOPHER HARLEM	2,447	40.3
GUDMUND HARLEM	2,353	38.7
ERIK HARLEM	675	11.1
CATHRINE HARLEM	600	9.9

Current Directors

Name	Address	Function
Harlem, Erik	P. T. Mallings Vei 50 D OSLO 0286	Chairman of the board
Harlem, Hanne	P. T. Mallings Vei 50 D OSLO 0286	Deputy board member/substitute
Harlem, Christopher	Bygdøynesveien 26 OSLO 0286	General manager/CEO

Other Company Officials

No data exist

Profit & Loss Account

Financial Year	2014		2013		2012		2011		2010
Currency	NOK		NOK		NOK		NOK		NOK
Consolidated Accounts	Yes		Yes		Yes		Yes		Yes
Complete Accounts	Yes		Yes		Yes		Yes		Yes
Sales Revenue	644,215,000	13.1 %	569,718,000	12.8 %	504,890,000	1.6 %	496,854,000	7.4 %	462,617,000
Other operating income	0	-	0	-100.0 %	23,610,000	-	0	-	0
Total Operating Income	644,215,000	13.1 %	569,718,000	7.8 %	528,500,000	6.4 %	496,854,000	7.4 %	462,617,000
Total Operating Expenses	612,186,000	13.0 %	541,809,000	14.4 %	473,715,000	2.2 %	463,723,000	7.8 %	430,133,000
Operating Profit	32,029,000	14.8 %	27,909,000	-49.1 %	54,785,000	65.4 %	33,131,000	2.0 %	32,484,000
Wages & Salaries	12,742,000	5.2 %	12,110,000	-1.8 %	12,333,000	7.7 %	11,455,000	-0.4 %	11,498,000
Depreciation	394,000	-21.5 %	502,000	-42.8 %	877,000	-59.6 %	2,171,000	-7.8 %	2,355,000
Financial Income	29,197,000	1,492.0 %	1,834,000	13.3 %	1,618,000	6.2 %	1,523,000	-43.8 %	2,710,000
Financial Expenses	2,110,000	31.0 %	1,611,000	-35.9 %	2,514,000	2.9 %	2,444,000	-59.1 %	5,978,000
Profit Before Tax	59,116,000	110.1 %	28,132,000	-47.8 %	53,889,000	67.3 %	32,210,000	10.2 %	29,216,000
Tax	-16,271,000	-103.5 %	-7,994,000	30.7 %	-11,538,000	-50.5 %	-7,664,000	12.0 %	-8,710,000
Profit After Tax	42,845,000	112.8 %	20,138,000	-52.4 %	42,351,000	72.5 %	24,546,000	19.7 %	20,506,000
Extraordinary Result	0	-	0	-	0	-	0	-	0
Dividends	-	-	-	-	-	-	-	-	-
Net Result after Dividends	42,845,000	112.8 %	20,138,000	-52.4 %	42,351,000	72.5 %	24,546,000	19.7 %	20,506,000

Balance Sheet

Financial Year	2014		2013		2012		2011		2010
Currency	NOK		NOK		NOK		NOK		NOK
Consolidated Accounts	Yes		Yes		Yes		Yes		Yes
Complete Accounts	Yes		Yes		Yes		Yes		Yes
Land & Buildings	0	-100.0 %	23,185,000	12.6 %	20,597,000	-28.1 %	28,638,000	6.9 %	26,777,000
Plant & Machinery	32,501,000	-	0	-	0	-	0	-	0
Other Tangible Assets	0	-	0	-100.0 %	2,358,000	-	0	-100.0 %	3,662,000
Total Tangible Assets	32,501,000	40.2 %	23,185,000	1.0 %	22,955,000	-19.8 %	28,638,000	-5.9 %	30,439,000
Intangible Assets	1,883,000	90.6 %	988,000	-25.6 %	1,328,000	-25.9 %	1,793,000	-3.0 %	1,848,000
Other Fixed Assets	39,114,000	-9.2 %	43,087,000	5.9 %	40,705,000	5.3 %	38,659,000	-48.3 %	74,748,000
TOTAL FIXED ASSETS	73,498,000	9.3 %	67,260,000	3.5 %	64,988,000	-5.9 %	69,090,000	-35.5 %	107,035,000
Inventories	76,325,000	30.3 %	58,584,000	14.8 %	51,044,000	-1.3 %	51,738,000	26.6 %	40,852,000
Trade Receivables	0	-	0	-100.0 %	51,613,000	-	0	-	0
Other Receivables	58,299,000	5.6 %	55,232,000	3,326.3 %	1,612,000	-96.5 %	46,647,000	-0.1 %	46,699,000
Cash & Bank Deposits	37,032,000	317.5 %	8,869,000	-32.8 %	13,196,000	-40.6 %	22,231,000	84.4 %	12,053,000
Other Current Assets	4,900,000	-8.1 %	5,333,000	-	0	-	0	-	0
TOTAL CURRENT ASSETS	176,556,000	37.9 %	128,018,000	9.0 %	117,465,000	-2.6 %	120,616,000	21.1 %	99,604,000
TOTAL ASSETS	250,054,000	28.1 %	195,278,000	7.0 %	182,453,000	-3.8 %	189,706,000	-8.2 %	206,639,000
Trade Creditors	61,624,000	26.4 %	48,756,000	-8.9 %	53,507,000	30.3 %	41,077,000	-12.0 %	46,678,000
Short Term Liabilities to Financial Institutions	0	-	0	-	0	-100.0 %	29,131,000	59.6 %	18,257,000
Short Term Liabilities to Group	0	-	0	-	0	-	0	-	0
Other Short Term Loans	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	31,759,000	45.7 %	21,799,000	22.0 %	17,864,000	18.1 %	15,129,000	-31.0 %	21,938,000
TOTAL CURRENT LIABILITIES	93,383,000	32.4 %	70,555,000	-1.1 %	71,371,000	-16.4 %	85,337,000	-1.8 %	86,873,000
Long Term Liabilities to Financial Institutions	0	-	0	-	0	-100.0 %	26,133,000	-62.3 %	69,262,000
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	-	0	-	0
TOTAL LONG TERM LIABILITIES	0	-	0	-	0	-100.0 %	26,133,000	-62.3 %	69,262,000
TOTAL LIABILITIES	93,383,000	32.4 %	70,555,000	-1.1 %	71,371,000	-36.0 %	111,470,000	-28.6 %	156,135,000
Share Capital	3,645,000	0.0 %	3,645,000	0.0 %	3,645,000	0.0 %	3,645,000	0.0 %	3,645,000
Share Premium Reserve	0	-	0	-	0	-	0	-	0
Revaluation Fund	0	-	0	-	0	-	0	-	0
Total Retained Earnings	153,026,000	26.4 %	121,079,000	12.7 %	107,437,000	44.0 %	74,592,000	52.4 %	48,938,000
Other Reserves	0	-	0	-	0	-	0	100.0 %	-2,080,000
TOTAL EQUITY	156,671,000	25.6 %	124,724,000	12.3 %	111,082,000	42.0 %	78,237,000	54.9 %	50,503,000

Other Financials

Financial Year	2014		2013		2012		2011		2010
Total Exports	-	-	-	-	-	-	-	-	-
Working Capital	83,173,000	44.7 %	57,463,000	24.7 %	46,094,000	30.7 %	35,279,000	177.1 %	12,731,000
Net Worth	154,788,000	25.1 %	123,736,000	12.7 %	109,754,000	43.6 %	76,444,000	57.1 %	48,655,000
Capital Employed	156,671,000	25.6 %	124,724,000	12.3 %	111,082,000	6.4 %	104,370,000	-12.9 %	119,765,000

Ratios

Financial Year	2014	2013	2012	2011	2010
Pre-Tax Profit Margin	9.18	4.94	10.67	6.48	6.32
Return on Capital Employed	37.73	22.56	48.51	30.86	24.39
Return on Total Assets Employed	23.64	14.41	29.54	16.98	14.14
Return on Net Assets Employed	37.73	22.56	48.51	41.17	57.85
Sales/Net Working Capital	7.75	9.91	10.95	14.08	36.34
Stock Turnover Ratio	11.85	10.28	10.11	10.41	8.83
Debtor Days	-	-	37.31	-	-
Creditor Days	34.91	31.24	38.68	30.18	36.83
Current Ratio	1.89	1.81	1.65	1.41	1.15
Liquidity Ratio/Acid Test	1.07	0.98	0.93	0.81	0.68
Current Debt Ratio	0.60	0.57	0.64	1.09	1.72
Solvency Ratio	62.65	63.87	60.88	41.24	24.44
Equity in Percentage	74.94	82.49	79.11	52.42	38.84
Total Debt Ratio	0.60	0.57	0.64	1.42	3.09

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.23
UK Pound	1	Rs.102.21
Euro	1	Rs.72.57

INFORMATION DETAILS

Analysis Done by :	TRI
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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