MIRA INFORM REPORT

Report No. :	300198
Report Date :	06.01.2015

IDENTIFICATION DETAILS

Name :	VIA SCANDINAVIA AS
Registered Office :	Aslakveien 20 F OSLO 0753
Country :	Norway
Financials (as on) :	2013
Date of Incorporation :	20.02.1995
Com. Reg. No.:	967332917
Legal Form :	Limited Company
Line of Business :	Wholesale of Clothing.
No. of Employee :	14

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

REGISTERED NAME & COMPANY SUMMARY

Company Name

VIA SCANDINAVIA AS

Company Number

967332917

Company name	VIA SCANDINAVIA AS	Company number	967332917
Address	Aslakveien 20 F	Safe number	-
City	OSLO 0753	Legal form	Limited company
Website address	www.viascandinavia.no	E-mail address	post@viascandinavia.no
Telephone Number	00 47 22514700	Fax Number	00 47 22514701
Registration date	20/02/1995	Status	Active
Previous Name	-	Share capital	250,000
Name change date	-	Currency	-
		Number of employees	14

DIRECTORS / MANAGEMENT

Current Directors

Name	Address	Function
Berg, Nicolai	Holmendammen Terrasse 12 OSLO 0773	General manager/CEO
Berg, Nicolai	Holmendammen Terrasse 12 OSLO 0773	Board member(s)
Bråthen, Tom	Sønningveien 3 MANSTAD 1626	Board member(s)
Gjerde, Ole Einar	Froksveien 8 HØNEFOSS 3512	Chairman of the board

NEGATIVE INFORMATION

No negative information found.

SHARE & SHARE CAPITAL INFORMATION

Shareholders

Shareholder Name	Number of Shares	Percentage Share
BRÃ…THEN HOLDING AS	1,155	46.2
NIBE INVEST AS	525	21.0
EGO AS	400	16.0
DEFY AS	210	8.4
NORDPOLEN AS	210	8.4

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

N/a

FINANCIAL INFORMATION

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2013	30,226,000	-2,438,000	2,956,000
2012	34,894,000	-395,000	4,832,000
2011	40,468,000	1,371,000	5,132,000
2010	45,007,000	810,000	4,502,000
2009	50,048,000	1,895,000	3,948,000

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		Yes		Yes		Yes		Yes
Sales Revenue	30,226,000	-13.4 %	34,894,000	-13.8 %	40,468,000	-10.1 %	45,007,000	-10.1 %	50,048,000
Other operating income	0	-	0	-	0	-	0	-	0
Total Operating Income	30,226,000	-13.4 %	34,894,000	-13.8 %	40,468,000	-10.1 %	45,007,000	-10.1 %	50,048,000
Total Operating Expenses	32,604,000	-8.5 %	35,641,000	-11.2 %	40,121,000	-10.4 %	44,795,000	-7.7 %	48,533,000
Operating Profit	-2,379,000	-218.9 %	-746,000	-315.6 %	346,000	62.4 %	213,000	-85.9 %	1,514,000
Wages & Salaries	8,048,000	8.6 %	7,413,000	-1.6 %	7,530,000	-7.6 %	8,152,000	-5.9 %	8,666,000
Depreciation	75,000	10.3 %	68,000	70.0 %	40,000	90.5 %	21,000	-80.9 %	110,000
Financial Income	453,000	-26.0 %	612,000	-56.1 %	1,395,000	32.9 %	1,050,000	6.5 %	986,000
Financial Expenses	512,000	96.9 %	260,000	-29.7 %	370,000	-18.1 %	452,000	-25.3 %	605,000
Profit Before Tax	-2,438,000	-517.2 %	-395,000	-128.8 %	1,371,000	69.3 %	810,000	-57.3 %	1,895,000
Tax	563,000	492.6 %	95,000	127.9 %	-341,000	-33.7 %	-255,000	53.9 %	-553,000
Profit After Tax	-1,875,000	-525.0 %	-300,000	-129.1 %	1,030,000	85.6 %	555,000	-58.6 %	1,342,000
Extraordinary Result	0	-	0	-	0	-	0	-	0
Dividends	-	-	0	-100.0 %	400,000	-	-	-	-
Net Result after Dividends	-1,875,000	-525.0 %	-300,000	-147.6 %	630,000	13.5 %	555,000	-58.6 %	1,342,000

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		Yes		Yes		Yes		Yes
Land & Buildings	0	-	0	-	0	-	0	-	0
Plant & Machinery	0	-	0	-	0	-	0	-	0
Other Tangible Assets	156,000	4.7 %	149,000	50.5 %	99,000	167.6 %	37,000	-36.2 %	58,000
Total Tangible Assets	156,000	4.7 %	149,000	50.5 %	99,000	167.6 %	37,000	-36.2 %	58,000
Intangible Assets	750,000	301.1 %	187,000	101.1 %	93,000	4.5 %	89,000	-1.1 %	90,000
Other Fixed Assets	23,000	-91.6 %	274,000	-1.8 %	279,000	-1.4 %	283,000	644.7 %	38,000
TOTAL FIXED ASSETS	929,000	52.3 %	610,000	29.5 %	471,000	15.2 %	409,000	119.9 %	186,000
Inventories	4,665,000	8.2 %	4,313,000	-26.6 %	5,880,000	1.6 %	5,785,000	-12.5 %	6,611,000
Trade Receivables	5,971,000	-34.2 %	9,070,000	21.6 %	7,461,000	-30.9 %	10,801,000	8.0 %	9,999,000
Other Receivables	154,000	3.4 %	149,000	-72.2 %	536,000	-15.3 %	633,000	22.9 %	515,000
Cash & Bank Deposits	555,000	-77.0 %	2,417,000	326.3 %	567,000	38.6 %	409,000	-49.9 %	817,000
Other Current Assets	0	-	0	-	0	-	0	-100.0 %	1,000
TOTAL CURRENT ASSETS	11,345,000	-28.9 %	15,949,000	10.4 %	14,444,000	-18.1 %	17,628,000	-1.8 %	17,943,000
TOTAL ASSETS	12,275,000	-25.9 %	16,559,000	11.0 %	14,915,000	-17.3 %	18,037,000	-0.5 %	18,129,000
Trade Creditors	2,643,000	1.9 %	2,594,000	6.2 %	2,443,000	-43.7 %	4,343,000	9.6 %	3,964,000
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	2,206,000	-18.9 %	2,721,000	-33.1 %	4,066,000	-7.9 %	4,414,000	-19.3 %	5,472,000
TOTAL CURRENT LIABILITIES	4,849,000	-8.8 %	5,315,000	-18.3 %	6,509,000	-25.7 %	8,757,000	-7.2 %	9,436,000
Long Term Liabilities to Financial Institutions	4,469,000	-30.3 %	6,412,000	95.9 %	3,273,000	-31.5 %	4,777,000	0.7 %	4,745,000
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	4,469,000	-30.3 %	6,412,000	95.9 %	3,273,000	-31.5 %	4,777,000	0.7 %	4,745,000
TOTAL LIABILITIES	9,318,000	-20.5 %	11,727,000	19.9 %	9,782,000	-27.7 %	13,534,000	-4.6 %	14,182,000
Share Capital	250,000	0.0 %	250,000	0.0 %	250,000	0.0 %	250,000	0.0 %	250,000
Share Premium Reserve	0	-	0	-	0	-	0	-	0
Revaluation Fund	0	-	0	-	0	-	0	-	0
Total Retained Earnings	2,706,000	-40.9 %	4,582,000	-6.1 %	4,882,000	14.8 %	4,252,000	15.0 %	3,698,000
Other Reserves	0	-	0	-	0	-	0	-	0
TOTAL EQUITY	2,956,000	-38.8 %	4,832,000	-5.8 %	5,132,000	14.0 %	4,502,000	14.0 %	3,948,000

Other Financials

Financial Year	2013		2012		2011		2010		2009
Total Exports	-	-	-	-	-	-	-	-	-
Working Capital	6,496,000	-38.9 %	10,634,000	34.0 %	7,935,000	-10.6 %	8,871,000	4.3 %	8,507,000
Net Worth	2,206,000	-52.5 %	4,645,000	-7.8 %	5,039,000	14.2 %	4,413,000	14.4 %	3,858,000
Capital Employed	7,425,000	-34.0 %	11,244,000	33.8 %	8,405,000	-9.4 %	9,279,000	6.7 %	8,693,000

Ratios

Financial Year	2013	2012	2011	2010	2009
Pre-Tax Profit Margin	-8.07	-1.13	3.39	1.80	3.79
Return on Capital Employed	-32.84	-3.51	16.31	8.73	21.80
Return on Total Assets Employed	-19.86	-2.39	9.19	4.49	10.45
Return on Net Assets Employed	-82.48	-8.17	26.71	17.99	48.00
Sales/Net Working Capital	4.65	3.28	5.10	5.07	5.88
Stock Turnover Ratio	15.43	12.36	14.53	12.85	13.21
Debtor Days	72.10	94.87	67.29	87.59	72.92
Creditor Days	31.92	27.13	22.03	35.22	28.91
Current Ratio	2.34	3.00	2.22	2.01	1.90
Liquidity Ratio/Acid Test	1.38	2.19	1.32	1.35	1.20
Current Debt Ratio	1.64	1.10	1.27	1.95	2.39
Solvency Ratio	24.08	29.18	34.41	24.96	21.78
Equity in Percentage	25.70	30.02	35.29	25.49	21.93
Total Debt Ratio	3.15	2.43	1.91	3.01	3.59

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Industry

Main Industry Code & Description	Wholesale of clothing
Secondary Industry Code & Description	-
Other Industry Code & Description	-

Other Company Officials

Name	Address	Function
Sewell, Kirsti Aagot Engelsen	Gustav Jensens Gate 2 OSLO 0461	Accountant

Event History

Date	Description
10/07/2014	Limit Change
10/07/2014	Rating Change
28/06/2014	APPROVED END OF YEAR REPORT AND ACCOUNTS
13/01/2014	CHANGE OF GENERAL MANAGER
08/01/2014	CHANGE OF BOARD OF DIRECTORS
23/11/2013	CHANGE OF BOARD OF DIRECTORS
31/07/2013	Limit Change
31/07/2013	Rating Change
23/07/2013	APPROVED END OF YEAR REPORT AND ACCOUNTS
25/06/2012	Limit Change
25/06/2012	Rating Change
23/06/2012	APPROVED END OF YEAR REPORT AND ACCOUNTS
23/11/2011	Limit Change
23/11/2011	Rating Change

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.39
UK Pound	1	Rs.96.84
Euro	1	Rs.75.67

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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