MIRA INFORM REPORT

Report No. :	354169
Report Date :	16.12.2015

IDENTIFICATION DETAILS

Name :	ICELANDMON EHF.
Registered Office :	103 Reykjavík
Country :	Iceland
Financials (as on) :	2011
Date of Incorporation :	17.03.2011
Legal Form :	Not Available
Line of Business :	Not Available
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Delisted
Payment Behaviour :	--
Litigation :	--

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)
Iceland	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

ICELAND - ECONOMIC OVERVIEW

Iceland's Scandinavian-type social-market economy combines a capitalist structure and free-market principles with an extensive welfare system. Prior to the 2008 crisis, Iceland had achieved high growth, low unemployment, and a remarkably even distribution of income. The economy depends heavily on the fishing industry, which provides 40% of export earnings, more than 12% of GDP, and employs nearly 5% of the work force. It remains sensitive to declining fish stocks as well as to fluctuations in world prices for its main exports: fish and fish products, aluminum, and ferrosilicon. Iceland's economy has been diversifying into manufacturing and service industries in the last decade, particularly within the fields of software production, biotechnology, and tourism. In fall 2013, the Icelandic government approved a joint application by Icelandic, Chinese and Norwegian energy firms to conduct oil exploration off Iceland’s northeast coast. Abundant geothermal and hydropower sources have attracted substantial foreign investment in the aluminum sector, boosted economic growth, and sparked some interest from high-tech firms looking to establish data centers using cheap green energy, although the financial crisis has put several investment projects on hold. Much of Iceland's economic growth in recent years came as the result of a boom in domestic demand, following the rapid expansion of the country's financial sector. Domestic banks expanded aggressively in foreign markets, and consumers and businesses borrowed heavily in foreign currencies, following the privatization of the banking sector in the early 2000s. Worsening global financial conditions throughout 2008 resulted in a sharp depreciation of the krona vis-a-vis other major currencies. The foreign exposure of Icelandic banks, whose loans and other assets totaled more than 10 times the country's GDP, became unsustainable. Iceland's three largest banks collapsed in late 2008. The country secured over $10 billion in loans from the IMF and other countries to stabilize its currency and financial sector, and to back government guarantees for foreign deposits in Icelandic banks. GDP fell 6.8% in 2009, and unemployment peaked at 9.4% in February 2009. Since the collapse of Iceland's financial sector, government economic priorities have included: stabilizing the krona, implementing capital controls, reducing Iceland's high budget deficit, containing inflation, addressing high household debt, restructuring the financial sector, and diversifying the economy. Three new banks were established to take over the domestic assets of the collapsed banks. Two of them have foreign majority ownership, while the State holds a majority of the shares of the third. Iceland began making payments to the UK, the Netherlands, and other claimants in late 2011 following Iceland's Supreme Court ruling that upheld 2008 emergency legislation that gives priority to depositors for compensation from failed Icelandic banks. British and Dutch authorities claim Iceland owes approximately $6.5 billion for compensating British and Dutch citizens who lost deposits in Icesave savings accounts when parent bank Landsbanki failed in 2008. Iceland’s financial woes prompted an initial increase in public support to join the EU and the Eurozone, with accession negotiations beginning in July 2010. However, the election of a new center-right government and declining public support amidst the ongoing Eurozone crisis led to the suspension of negotiations in mid-2013.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

ICELANDMON EHF.
Domicile	Efstaleiti 5	Mobile phone	-
Established	17.03.2011	Postal code and place	103 Reykjavík
Former name		Phone number
Alias
VAT no.		Fax
Activity (NACE 2)	68202	Web page
Stock exchange listed	No	E-mail address

DIRECTORS/MANAGEMENT

Company's Board of Directors according to meeting on: 18.05.2011
Name	ID number	Address	Status	Company involvement
Stephane Leon Jean T. Lagonico	010472-3269	Aldrei haft lögheimili á Íslandi	Board member	(0)
Yves Noel Daniel G. Bonnard	271264-2919	Aldrei haft lögheimili á Íslandi	Vice Board Member	(0)

Signatures:

Board member

Management

General manager not registered

NEGATIVE INFORMATION

No negative information found.

SHARE & SHARE CAPITAL INFORMATION

Share capital:	ISK 500.000
Restrictions on handling of shares:	Yes
Liability for redemption of shares:	No

Founders
Name	ID number	Address	Company involvement
Logos slf.	460100-2320	Efstaleiti 5, 103 Reykjavík	(206)

Comment:

Félaginu slitið á grundvelli 83.gr. a laga nr. 138/1994 um einkahlutafélög, samkvæmt tilkynningu mótttekin þann 04.07.2013

PAYMENT INFORMATION

N/A

GROUP STRUCTURE & AFFILIATED COMPANIES

N/A

FINANCIAL INFORMATION

Data from Financial statements
Other information	2011
Consolidated financial statement	No
Source	RSK
Date of filing	14.02.2013
Number of months	12
Period ends	01.01.2011-31.12.2011
Currency (thousand)	'000 ISK
Audited	Without evaluation
Condensed balance sheet	No
Comment

Profit and loss account
	2011	Change
Total operating revenue	--	N/A
Total operating expenses	--	N/A
Operating profit	--	N/A
Annual result Net profit / loss	--	N/A

Cash flow
	2011	Change
Working capital provided by operating activities	--	N/A
Net cash provided by operating activities	-148	N/A
Increase/decrease in cash and cash equivalents	362	N/A
Investing activities	--	N/A
Financial activities	500	N/A

Balance sheet - Assets
	2011	Change
Intangible assets	--	N/A
Venture capital and long-term claims	--	N/A
Tangible assets	--	N/A
Fixed assets	0	N/A
Inventory	--	N/A
Receivables	--	N/A
Other receivables	138	N/A
Cash	362	N/A
Current assets	500	N/A
Total assets	500	N/A

Balance sheet - debts and capital
	2011	Change
Capital stock and initial capitalisation	500	N/A
Revaluation Reserve	--	N/A
Other equity	--	N/A
Total equity	500	N/A
Minority interest	--	N/A
Pension fund obligations	--	N/A
Deferred tax obligations	--	N/A
Other obligations	--	N/A
Total obligations	--	N/A
Long-term debt	--	N/A
Overdraft account	--	N/A
Accounts payable	--	N/A
Current Maturities	--	N/A
Other liabilities	--	N/A
Total Current Debts	--	N/A
Total debts	0	N/A
Total Debts and Equity	500	N/A

Financial ratios
	2011	Change
Current ratio	--	N/A
Quick ratio	--	N/A
Equity ratio (%)	100,00%	N/A
Return on equity (%)	--	N/A
Return on assets (%)	--	N/A
Profit margin (%)	--	N/A
Debt ratio	0,00%	N/A
Days sales outstanding	--	N/A
Inventory turnover	--	N/A
EBITDA	--	N/A

FOREIGN EXCHANGE RATES

N/A

ADDITIONAL INFORMATION

DEFAULTING DEBTORS DATABASE

No entries found

AUCTION CLAIMS

No entries found

DATA FROM REG. OF ENTERPRISES
Stofndagsetning	17.03.2011	Skráningardagsetning	25.03.2011
Data Updated:	11.12.2015	Secondary name
Date of Articles of Association	18.05.2011	Domicile	Efstaleiti 5, 103 Reykjavík
Dagsetning afskráningar:	30.08.2013	Reason	Félagsslit

Power of procuration

Power of procuration not registered

Auditors / surveyors
Name	ID number	Address	Status	Company involvement
KPMG ehf.	590975-0449	Borgartúni 27, 105 Reykjavík

Historical summary

Engar færslur fundust

Further information on the company‘s activities

No operation. Subjest delisted from Company Registry

Commercial banks

Engar færslur fundust

Real estate

Engar færslur fundust

Comparison to industry
MEDIA COVERAGE IN THE PAST 12 MONTHS
	des.	jan.	feb.	mar.	apr.	maí	jún.	júl.	ágú.	sep.	okt.	nóv.
	2014	2015	2015	2015	2015	2015	2015	2015	2015	2015	2015	2015
Total	-	-	-	-	-	-	-	-	-	-	-	-

Total number:	0
Total number of minutes in broadcast media news coverage:

NOTES & COMMENTS

Comments

July 2013: Subject company was delisted from Company Registry of Iceland

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.67.04
UK Pound	1	Rs.101.67
Euro	1	Rs.73.93
ISK	1	Rs.0.52

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	TPT

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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