MIRA INFORM REPORT

Report No. :	349646
Report Date :	21.11.2015

IDENTIFICATION DETAILS

Name :	LUNDHS AS
Registered Office :	Nedre Fritzøegate 1, Larvik 3264
Country :	Norway
Financials (as on) :	2014
Date of Incorporation :	30.10.2008
Com. Reg. No.:	993071641
Legal Form :	Limited Company
Line of Business :	Quarrying of ornamental and building stone Wholesale of construction materials
No. of Employee :	144

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

LUNDHS AS

Company Number

993071641

Registration Details

Company name	LUNDHS AS	Company number	993071641
Address	Nedre Fritzøegate 1
City	LARVIK 3264	Legal form	Limited company
Website address	www.lundhs.no	E-mail address	post@lundhs.no
Telephone Number	00 47 33121164	Fax Number	00 47 33185535
Registration date	03/10/2008	Status	Active
Previous Name	-	Share capital	50,000,000
Name change date	-	Currency	-
		Number of employees	144

Postal Address

Address	City	Postal Code
Postboks 2051	LARVIK	3255

Ultimate Holding Company

Company Name	Company Number
LUNDHS AS	993071641

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2014	493,452,000	83,098,000	349,174,000
2013	396,768,000	70,629,000	362,862,000
2012	373,351,000	32,904,000	329,740,000
2011	386,551,000	42,703,000	385,778,000
2010	429,281,000	48,472,000	420,829,000

Industry

Main Industry Code & Description	Quarrying of ornamental and building stone
Secondary Industry Code & Description	Wholesale of construction materials n.e.c.
Other Industry Code & Description	-

Shareholders

Shareholder Name	Number of Shares	Percentage Share
MELA STEIN AS	250,000	50.0
TRESCHOW-FRITZØE AS	250,000	50.0

Current Directors

Name	Address	Function
Treschow, Mille-Marie	Brunlanesveien 201 LARVIK 3267	Chairman of the board
Eika, Thor Halvard	Husebygrenda 11 SANDEFJORD 3219	Board member(s)
Paulsrud, Øystein	Sundveien 23 R NØTTERØY 3128	Board member(s)
Johannessen, Tom Erling	Runden 38 HVITTINGFOSS 3647	Deputy board member/substitute
Halvorsen, Geir	Torpesvingen 11 HELGEROA 3295	Board member(s)
Sørlie, Steinar	Holtet 3 NEVLUNGHAMN 3296	Board member(s)
Treschow, Michael Stang	Buktaveien 8 STAVERN 3290	Board member(s)
Nyhagen, Ole Petter	Storsteinveien 4 LARVIK 3261	Deputy board member/substitute
Wiklund, Arne Harald	Lønneveien 9 SANDEFJORD 3229	Board member(s)
Lundh, Thor	Bergeskaret 1 LARVIK 3260	Board member(s)
Håkestad, Mette Lundh	Håkestadveien 285 TJODALYNG 3280	Board member(s)
Håkestad, Thor-Anders Lundh	Lyngveien 11 LARVIK 3260	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	No		No		No		Yes		Yes
Sales Revenue	493,452,000	24.4 %	396,768,000	6.3 %	373,351,000	-3.4 %	386,551,000	-10.0 %	429,281,000
Other operating income	5,953,000	90.7 %	3,121,000	-18.5 %	3,829,000	-44.7 %	6,928,000	-23.6 %	9,063,000
Total Operating Income	499,405,000	24.9 %	399,889,000	6.0 %	377,180,000	-4.1 %	393,479,000	-10.2 %	438,344,000
Total Operating Expenses	407,164,000	24.1 %	328,035,000	-2.5 %	336,516,000	-5.0 %	354,229,000	-7.9 %	384,763,000
Operating Profit	92,241,000	28.4 %	71,853,000	76.7 %	40,663,000	3.6 %	39,250,000	-26.7 %	53,581,000
Wages & Salaries	102,289,000	-3.5 %	106,019,000	5.8 %	100,247,000	-1.1 %	101,382,000	19.4 %	84,931,000
Depreciation	29,335,000	-1.3 %	29,711,000	-23.1 %	38,642,000	2.6 %	37,656,000	12.2 %	33,551,000
Financial Income	-5,748,000	-237.8 %	4,170,000	95.0 %	2,139,000	-72.1 %	7,653,000	107.5 %	3,689,000
Financial Expenses	3,396,000	-37.1 %	5,395,000	-45.5 %	9,899,000	135.7 %	4,200,000	-52.3 %	8,798,000
Profit Before Tax	83,098,000	17.7 %	70,629,000	114.7 %	32,904,000	-22.9 %	42,703,000	-11.9 %	48,472,000
Tax	-28,330,000	-9.4 %	-25,890,000	-85.6 %	-13,951,000	-435.8 %	-2,604,000	86.1 %	-18,770,000
Profit After Tax	54,768,000	22.4 %	44,739,000	136.1 %	18,953,000	-52.7 %	40,099,000	35.0 %	29,702,000
Extraordinary Result	0	-	0	-	0	-	0	-	0
Dividends	-	-	-	-	-	-	-	-	-
Net Result after Dividends	54,768,000	22.4 %	44,739,000	136.1 %	18,953,000	-52.7 %	40,099,000	35.0 %	29,702,000

Balance Sheet

Financial Year	2014		2013		2012		2011		2010
Currency	NOK		NOK		NOK		NOK		NOK
Consolidated Accounts	Yes		Yes		Yes		Yes		Yes
Complete Accounts	No		No		No		Yes		Yes
Land & Buildings	21,229,000	-6.6 %	22,719,000	-9.9 %	25,206,000	-8.6 %	27,563,000	-5.1 %	29,033,000
Plant & Machinery	76,754,000	37.0 %	56,039,000	-	0	-	0	-	0
Other Tangible Assets	0	-	0	-100.0 %	39,525,000	13.9 %	34,704,000	-10.0 %	38,546,000
Total Tangible Assets	97,983,000	24.4 %	78,758,000	21.7 %	64,731,000	4.0 %	62,267,000	-7.9 %	67,579,000
Intangible Assets	72,740,000	-21.6 %	92,781,000	-19.8 %	115,708,000	-4.9 %	121,724,000	-8.8 %	133,523,000
Other Fixed Assets	49,703,000	-13.4 %	57,388,000	425.6 %	10,919,000	4.3 %	10,465,000	13.0 %	9,264,000
TOTAL FIXED ASSETS	220,426,000	-3.7 %	228,927,000	19.6 %	191,358,000	-1.6 %	194,456,000	-7.6 %	210,366,000
Inventories	89,035,000	15.2 %	77,315,000	-10.9 %	86,787,000	-19.4 %	107,697,000	-26.6 %	146,672,000
Trade Receivables	117,353,000	25.5 %	93,481,000	16.8 %	80,069,000	-1.1 %	80,928,000	34.6 %	60,115,000
Other Receivables	17,177,000	75.8 %	9,771,000	38.8 %	7,038,000	-7.5 %	7,609,000	-34.1 %	11,541,000
Cash & Bank Deposits	110,744,000	81.0 %	61,196,000	-50.4 %	123,350,000	-23.3 %	160,733,000	24.9 %	128,663,000
Other Current Assets	0	-100.0 %	1,000	-	0	-	0	-	0
TOTAL CURRENT ASSETS	334,309,000	38.3 %	241,764,000	-18.7 %	297,244,000	-16.7 %	356,967,000	2.9 %	346,991,000
TOTAL ASSETS	554,735,000	17.9 %	470,690,000	-3.7 %	488,602,000	-11.4 %	551,423,000	-1.1 %	557,357,000
Trade Creditors	80,849,000	111.4 %	38,242,000	9.0 %	35,073,000	-5.4 %	37,081,000	8.9 %	34,050,000
Short Term Liabilities to Financial Institutions	0	-	0	-100.0 %	2,260,000	-	0	-	0
Short Term Liabilities to Group	0	-	0	-	0	-	0	-	0
Other Short Term Loans	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	116,502,000	97.7 %	58,928,000	-45.3 %	107,815,000	-2.9 %	111,010,000	21.8 %	91,133,000
TOTAL CURRENT LIABILITIES	197,351,000	103.1 %	97,170,000	-33.1 %	145,148,000	-2.0 %	148,091,000	18.3 %	125,183,000
Long Term Liabilities to Financial Institutions	4,000,000	-	0	-100.0 %	8,000,000	-20.0 %	10,000,000	279.8 %	2,633,000
Other Long Term Loans	0	-	0	-	0	-	0	-	0
Long Term Pension Commitments	110,000	-76.0 %	458,000	-65.1 %	1,313,000	-44.2 %	2,354,000	-36.6 %	3,712,000
Other Long Term Liabilities	4,100,000	-59.8 %	10,200,000	131.8 %	4,400,000	-15.4 %	5,200,000	4.0 %	5,000,000
TOTAL LONG TERM LIABILITIES	8,210,000	-23.0 %	10,658,000	-22.3 %	13,713,000	-21.9 %	17,554,000	54.7 %	11,345,000
TOTAL LIABILITIES	205,561,000	90.6 %	107,828,000	-32.1 %	158,861,000	-4.1 %	165,645,000	21.3 %	136,528,000
Share Capital	50,000,000	0.0 %	50,000,000	0.0 %	50,000,000	0.0 %	50,000,000	0.0 %	50,000,000
Share Premium Reserve	0	-	0	-	0	-	0	-	0
Revaluation Fund	0	-	0	-	0	-	0	-	0
Total Retained Earnings	299,174,000	-4.4 %	312,862,000	13.6 %	275,382,000	-16.9 %	331,415,000	-9.5 %	366,283,000
Other Reserves	0	-	0	-100.0 %	4,358,000	-0.1 %	4,363,000	-4.0 %	4,546,000
TOTAL EQUITY	349,174,000	-3.8 %	362,862,000	10.0 %	329,740,000	-14.5 %	385,778,000	-8.3 %	420,829,000

Other Financials

Financial Year	2014		2013		2012		2011		2010
Total Exports	-	-	-	-	-	-	-	-	-
Working Capital	136,958,000	-5.3 %	144,594,000	-4.9 %	152,096,000	-27.2 %	208,876,000	-5.8 %	221,808,000
Net Worth	276,434,000	2.4 %	270,081,000	26.2 %	214,032,000	-18.9 %	264,054,000	-8.1 %	287,306,000
Capital Employed	357,384,000	-4.3 %	373,520,000	8.8 %	343,453,000	-14.8 %	403,332,000	-6.7 %	432,174,000

Ratios

Financial Year	2014	2013	2012	2011	2010
Pre-Tax Profit Margin	16.84	17.80	8.81	11.05	11.29
Return on Capital Employed	23.25	18.91	9.58	10.59	11.22
Return on Total Assets Employed	14.98	15.01	6.73	7.74	8.70
Return on Net Assets Employed	23.80	19.46	9.98	11.07	11.52
Sales/Net Working Capital	3.60	2.74	2.45	1.85	1.94
Stock Turnover Ratio	18.04	19.49	23.25	27.86	34.17
Debtor Days	86.80	86.00	78.28	76.42	51.11
Creditor Days	59.80	35.18	34.29	35.01	28.95
Current Ratio	1.69	2.49	2.05	2.41	2.77
Liquidity Ratio/Acid Test	1.24	1.69	1.45	1.68	1.60
Current Debt Ratio	0.57	0.27	0.44	0.38	0.30
Solvency Ratio	62.94	77.09	67.49	69.96	75.50
Equity in Percentage	80.77	113.21	91.09	92.02	101.51
Total Debt Ratio	0.59	0.30	0.48	0.43	0.32

Comments - not complete accounts

2014	Profit auditor specifies in his report does not match the net income in the income statement
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

Event History

Date	Description
23/07/2015	CHANGE OF BOARD OF DIRECTORS
03/07/2015	CHANGE OF AUDITOR
23/04/2015	APPROVED END OF YEAR REPORT AND ACCOUNTS
25/10/2014	CHANGE OF SIGNATURE
25/10/2014	CHANGE OF BOARD OF DIRECTORS
22/04/2014	APPROVED END OF YEAR REPORT AND ACCOUNTS
30/01/2014	CHANGE OF SIGNATURE
30/01/2014	CHANGE OF BOARD OF DIRECTORS
30/10/2013	CHANGE OF BOARD OF DIRECTORS
15/06/2013	CHANGE OF BOARD OF DIRECTORS
30/04/2013	APPROVED END OF YEAR REPORT AND ACCOUNTS
06/09/2012	CHANGE OF SIGNATURE
06/09/2012	CHANGE OF BOARD OF DIRECTORS
25/02/2012	CHANGE OF BOARD OF DIRECTORS
03/10/2011	CHANGE OF GENERAL MANAGER
03/10/2011	CHANGE OF BOARD OF DIRECTORS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.09
UK Pound	1	Rs.101.04
Euro	1	Rs.70.86

INFORMATION DETAILS

Analysis Done by :	HEE
Report Prepared by :	ASH

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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