MIRA INFORM REPORT

Report No. :	309142
Report Date :	21.02.2015

IDENTIFICATION DETAILS

Name :	LUNDH LABRADOREKSPORT AS
Registered Office :	Jegersborggata 3 Larvik 3256
Country :	Norway
Financials (as on) :	2013
Date of Incorporation :	19.02.1995
Com. Reg. No.:	914042038
Legal Form :	Limited Company
Line of Business :	Other Letting of Real Estate
No. of Employees :	2

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

Company Name and summary

Company name	LUNDHS LABRADOREKSPORT A/S	Company number	914042038
Address	Jegersborggata 3	Legal form	Limited company
City	LARVIK 3256	E-mail address	-
Website address		Fax Number	33184091
Telephone Number	-	Status	Active
Registration date	19/02/1995	Share capital	242,379,500
Previous Name	-	Currency	-
Name change date	-	Number of employees	2

Postal Address

Address	City	Postal Code
Postboks 93	LARVIK	3251

Ultimate Holding Company

Company Name	Company Number
Lundhs Labradoreksport A/S	914042038

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2013	259,630,000	41,451,000	769,717,000
2012	225,478,000	23,763,000	735,840,000
2011	237,325,000	27,413,000	726,037,000
2010	214,939,000	10,723,000	707,304,000
2009	226,313,000	30,907,000	703,042,000

Industry

Main Industry Code & Description	Other letting of real estate
Secondary Industry Code & Description	-
Other Industry Code & Description	-

Shareholders

Shareholder Name	Number of Shares	Percentage Share
TCL AS	9,440	33.2
AL HOLDING AS	9,440	33.2
THOMA HOLDING AS	9,440	33.2
THOR LUNDH	50	0.2
THORUND LUNDH	50	0.2

Current Directors

Name	Address	Function
Lundh, Elin	Ødegårdsveien 4 LARVIK 3261	Board member(s)
Lundh, Anne	Prestegårdsveien 7 SANDEFJORD 3216	Board member(s)
Lundh, Thor	Bergeskaret 1 LARVIK 3260	Chairman of the board
HÃ¥kestad, Mette Lundh	HÃ¥kestadveien 285 TJODALYNG 3280	General manager/CEO
HÃ¥kestad, Mette Lundh	HÃ¥kestadveien 285 TJODALYNG 3280	Board member(s)

Other Company Officials

No Data Exist

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	No		No		Yes		Yes		Yes
	Sales Revenue	259,630,000	15.1 %	225,478,000	-5.0 %	237,325,000	10.4 %	214,939,000	-5.0 %	226,313,000
	Other operating income	151,000	-57.5 %	355,000	-13.4 %	410,000	0.7 %	407,000	-91.2 %	4,605,000
	Total Operating Income	259,781,000	15.0 %	225,833,000	-5.0 %	237,735,000	10.4 %	215,346,000	-6.7 %	230,918,000
	Total Operating Expenses	242,826,000	19.3 %	203,587,000	-6.6 %	217,912,000	4.4 %	208,712,000	1.0 %	206,656,000
	Operating Profit	16,955,000	-23.8 %	22,246,000	12.2 %	19,822,000	198.7 %	6,635,000	-72.7 %	24,262,000
	Wages & Salaries	74,513,000	15.5 %	64,527,000	-2.7 %	66,297,000	17.6 %	56,389,000	-10.9 %	63,306,000
	Depreciation	2,109,000	22.8 %	1,718,000	4.4 %	1,646,000	26.9 %	1,297,000	0.5 %	1,290,000
	Financial Income	50,560,000	53.0 %	33,040,000	0.5 %	32,885,000	-4.9 %	34,583,000	-3.4 %	35,800,000
	Financial Expenses	26,064,000	-17.3 %	31,523,000	24.6 %	25,293,000	-17.1 %	30,494,000	4.6 %	29,155,000
	Profit Before Tax	41,451,000	74.4 %	23,763,000	-13.3 %	27,413,000	155.6 %	10,723,000	-65.3 %	30,907,000
	Tax	-6,734,000	12.1 %	-7,660,000	35.6 %	-11,903,000	-26.9 %	-9,383,000	41.7 %	-16,106,000
	Profit After Tax	34,717,000	115.6 %	16,103,000	3.8 %	15,510,000	1,057.5 %	1,340,000	-90.9 %	14,801,000
	Extraordinary Result	0	-	0	-	0	-	0	-	0
	Dividends	-	-	-	-	-	-	-	-	-
	Net Result after Dividends	34,717,000	115.6 %	16,103,000	3.8 %	15,510,000	1,057.5 %	1,340,000	-90.9 %	14,801,000

Balance Sheet

	Financial Year	2013		2012		2011		2010		2009
	Currency	NOK		NOK		NOK		NOK		NOK
	Consolidated Accounts	Yes		Yes		Yes		Yes		Yes
	Complete Accounts	No		No		Yes		Yes		Yes
	Land & Buildings	47,177,000	-1.5 %	47,898,000	-1.4 %	48,555,000	2.9 %	47,188,000	10.2 %	42,825,000
	Plant & Machinery	0	-	0	-100.0 %	1,761,000	-19.4 %	2,186,000	-	0
	Other Tangible Assets	4,427,000	47.4 %	3,003,000	625.4 %	414,000	0.0 %	414,000	-78.0 %	1,879,000
	Total Tangible Assets	51,604,000	1.4 %	50,901,000	0.3 %	50,730,000	1.9 %	49,788,000	11.4 %	44,704,000
	Intangible Assets	1,353,000	26.3 %	1,071,000	251.1 %	305,000	-	0	-	0
	Other Fixed Assets	497,833,000	10.3 %	451,240,000	-6.6 %	482,874,000	-0.8 %	486,702,000	-3.4 %	503,802,000
	TOTAL FIXED ASSETS	550,790,000	9.5 %	503,212,000	-5.7 %	533,909,000	-0.5 %	536,490,000	-2.2 %	548,506,000
	Inventories	24,818,000	5.8 %	23,457,000	-8.8 %	25,730,000	56.6 %	16,428,000	8.3 %	15,173,000
	Trade Receivables	54,581,000	42.0 %	38,446,000	-13.5 %	44,429,000	8.4 %	40,991,000	38.1 %	29,691,000
	Other Receivables	2,546,000	-93.5 %	39,380,000	-3.5 %	40,800,000	46.8 %	27,788,000	-9.0 %	30,537,000
	Cash & Bank Deposits	100,508,000	-7.7 %	108,882,000	66.2 %	65,526,000	57.7 %	41,538,000	-36.5 %	65,432,000
	Other Current Assets	649,579,000	1.6 %	639,080,000	0.5 %	636,082,000	-8.3 %	693,869,000	-0.1 %	694,487,000
	TOTAL CURRENT ASSETS	832,032,000	-2.0 %	849,245,000	4.5 %	812,567,000	-1.0 %	820,614,000	-1.8 %	835,320,000
	TOTAL ASSETS	1,382,823,000	2.2 %	1,352,457,000	0.4 %	1,346,476,000	-0.8 %	1,357,105,000	-1.9 %	1,383,826,000
	Trade Creditors	26,837,000	73.8 %	15,439,000	10.3 %	13,998,000	-13.8 %	16,244,000	-5.3 %	17,157,000
	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	161,470,000	-12.7 %	184,869,000	-5.9 %	196,395,000	77.4 %	110,680,000	-28.7 %	155,247,000
	TOTAL CURRENT LIABILITIES	188,307,000	-6.0 %	200,308,000	-4.8 %	210,393,000	65.8 %	126,924,000	-26.4 %	172,404,000
	Long Term Liabilities to Financial Institutions	0	-	0	-	0	-	0	-	0
	Other Long Term Loans	0	-	0	-	0	-	0	-100.0 %	72,563,000
	Long Term Pension Commitments	5,587,000	-3.1 %	5,764,000	-4.1 %	6,011,000	-1.5 %	6,101,000	-5.7 %	6,470,000
	Other Long Term Liabilities	419,212,000	2.1 %	410,545,000	1.6 %	404,036,000	-21.8 %	516,775,000	20.4 %	429,348,000
	TOTAL LONG TERM LIABILITIES	424,799,000	2.0 %	416,309,000	1.5 %	410,047,000	-21.6 %	522,876,000	2.9 %	508,381,000
	TOTAL LIABILITIES	613,106,000	-0.6 %	616,617,000	-0.6 %	620,439,000	-4.5 %	649,800,000	-4.6 %	680,785,000
	Share Capital	242,380,000	0.0 %	242,380,000	0.0 %	242,380,000	0.0 %	242,380,000	0.0 %	242,380,000
	Share Premium Reserve	0	-	0	-	0	-	0	-	0
	Revaluation Fund	0	-	0	-	0	-	0	-	0
	Total Retained Earnings	286,334,000	10.3 %	259,712,000	2.9 %	252,389,000	6.5 %	236,880,000	0.6 %	235,540,000
	Other Reserves	241,003,000	3.1 %	233,748,000	1.1 %	231,268,000	1.4 %	228,044,000	1.3 %	225,122,000
	TOTAL EQUITY	769,717,000	4.6 %	735,840,000	1.4 %	726,037,000	2.6 %	707,304,000	0.6 %	703,042,000

Other Financials

	Financial Year	2013		2012		2011		2010		2009
	Total Exports	-	-	-	-	-	-	-	-	-
	Working Capital	643,725,000	-0.8 %	648,937,000	7.8 %	602,174,000	-13.2 %	693,690,000	4.6 %	662,916,000
	Net Worth	768,364,000	4.6 %	734,769,000	1.2 %	725,732,000	2.6 %	707,304,000	0.6 %	703,042,000
	Capital Employed	1,194,516,000	3.7 %	1,152,149,000	1.4 %	1,136,084,000	-7.6 %	1,230,180,000	1.5 %	1,211,423,000

Ratios

	Financial Year	2013	2012	2011	2010	2009
	Pre-Tax Profit Margin	15.97	10.54	11.55	4.99	13.66
	Return on Capital Employed	3.47	2.06	2.41	0.87	2.55
	Return on Total Assets Employed	3.00	1.76	2.04	0.79	2.23
	Return on Net Assets Employed	5.39	3.23	3.78	1.52	4.40
	Sales/Net Working Capital	0.40	0.35	0.39	0.31	0.34
	Stock Turnover Ratio	9.56	10.40	10.84	7.64	6.70
	Debtor Days	76.73	62.24	68.33	69.61	47.89
	Creditor Days	37.73	24.99	21.53	27.58	27.67
	Current Ratio	4.42	4.24	3.86	6.47	4.85
	Liquidity Ratio/Acid Test	4.29	4.12	3.74	6.34	4.76
	Current Debt Ratio	0.24	0.27	0.29	0.18	0.25
	Solvency Ratio	55.66	54.41	53.92	52.12	50.80
	Equity in Percentage	87.11	81.75	84.10	81.26	79.89
	Total Debt Ratio	0.80	0.84	0.85	0.92	0.97

Comments - not complete accounts

2013	Profit auditor specifies in his report does not match the net income in the income statement
2012	Profit auditor specifies in his report does not match the net income in the income statement

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.26
UK Pound	1	Rs.96.01
Euro	1	Rs.70.72

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

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.