MIRA INFORM REPORT

Report No. :	344409
Report Date :	11.10.2015

IDENTIFICATION DETAILS

Name :	LARVIK GRANITE AS
Registered Office :	Dronningens gate 28, Larvik 3262
Country :	Norway
Financials (as on) :	2014
Date of Incorporation :	12.03.1995
Com. Reg. No.:	930307378
Legal Form :	Limited company
Line of Business :	Quarrying of ornamental and building stone
No. of Employee :	50

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

LARVIK GRANITE AS

Company name	LARVIK GRANITE AS	Company number	930307378
Address	Dronningens gate 28	Safe number	-
City	LARVIK 3262	Legal form	Limited company
Website address		E-mail address	mail@larvik-granite.no
Telephone Number	00 47 33138200	Fax Number	00 47 33138210
Registration date	12/03/1995	Status	Active
Previous Name	-	Share capital	1,000,000
Name change date	-	Currency	-
		Number of employees	50

Ultimate Holding Company

Company Name	Company Number
BRACHOT HERMANT NV B.V.	-

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2014	177,307,000	57,381,000	56,306,000
2013	151,282,000	28,468,000	65,485,000
2012	143,253,000	17,052,000	44,812,000
2011	129,560,000	21,548,000	40,576,000
2010	117,053,000	9,541,000	33,010,000

Industry

Main Industry Code & Description	Quarrying of ornamental and building stone
Secondary Industry Code & Description	-
Other Industry Code & Description	-

Shareholders

Shareholder Name	Number of Shares	Percentage Share
BRACHOT HERMANT NV	10,000	100.0

Current Directors

Name	Address	Function
Overberghe, Dirk Ghislain Maurice van	Schalumstrasse 33 9490 Vaduz	Chairman of the board
Van Overberghe, Gilles Ferdina G	Molenstraat 1	Board member(s)
Vaernewyck, Vinciana L R	Schalumstrasse 33 9490 Vaduz	Board member(s)
Hansen, Even Askemyr	Skaufaret 12 B STAVERN 3292	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	177,307,000	17.2 %	151,282,000	5.6 %	143,253,000	10.6 %	129,560,000	10.7 %	117,053,000
Other operating income	927,000	283.1 %	242,000	7,966.7 %	3,000	-97.7 %	128,000	-33.7 %	193,000
Total Operating Income	178,234,000	17.6 %	151,524,000	5.8 %	143,256,000	10.5 %	129,688,000	10.6 %	117,246,000
Total Operating Expenses	117,760,000	-0.8 %	118,662,000	-5.3 %	125,251,000	18.8 %	105,463,000	-0.6 %	106,065,000
Operating Profit	60,474,000	84.0 %	32,862,000	82.5 %	18,005,000	-25.7 %	24,225,000	116.7 %	11,181,000
Wages & Salaries	39,574,000	15.2 %	34,358,000	1.4 %	33,879,000	-2.0 %	34,582,000	9.2 %	31,675,000
Depreciation	13,525,000	-0.4 %	13,573,000	-6.3 %	14,482,000	-2.5 %	14,846,000	24.0 %	11,976,000
Financial Income	7,127,000	13.0 %	6,306,000	41.4 %	4,460,000	27.2 %	3,507,000	-65.8 %	10,269,000
Financial Expenses	10,220,000	-4.5 %	10,699,000	97.7 %	5,413,000	-12.5 %	6,184,000	-48.1 %	11,909,000
Profit Before Tax	57,381,000	101.6 %	28,468,000	66.9 %	17,052,000	-20.9 %	21,548,000	125.8 %	9,541,000
Tax	-15,525,000	-94.6 %	-7,978,000	-68.1 %	-4,746,000	24.0 %	-6,244,000	-131.2 %	-2,701,000
Profit After Tax	41,856,000	104.3 %	20,490,000	66.5 %	12,306,000	-19.6 %	15,304,000	123.7 %	6,840,000
Extraordinary Result	0	-	0	-	0	-	0	-	0
Dividends	14,000,000	-	-	-	-	-	-	-	-
Net Result after Dividends	27,856,000	35.9 %	20,490,000	66.5 %	12,306,000	-19.6 %	15,304,000	123.7 %	6,840,000

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	20,212,000	-12.3 %	23,042,000	-11.5 %	26,029,000	-8.2 %	28,362,000	249.1 %	8,124,000
Plant & Machinery	39,134,000	-1.0 %	39,539,000	-2.3 %	40,482,000	-4.4 %	42,336,000	-6.0 %	45,060,000
Other Tangible Assets	74,000	-44.8 %	134,000	-28.0 %	186,000	-54.9 %	412,000	-12.2 %	469,000
Total Tangible Assets	59,420,000	-5.3 %	62,715,000	-6.0 %	66,697,000	-6.2 %	71,110,000	32.5 %	53,653,000
Intangible Assets	388,000	-35.2 %	599,000	-	0	-	0	-	0
Other Fixed Assets	9,000	-10.0 %	10,000	0.0 %	10,000	0.0 %	10,000	0.0 %	10,000
TOTAL FIXED ASSETS	59,817,000	-5.5 %	63,324,000	-5.1 %	66,707,000	-6.2 %	71,120,000	32.5 %	53,663,000
Inventories	25,361,000	24.7 %	20,341,000	-10.8 %	22,812,000	-33.1 %	34,079,000	26.3 %	26,980,000
Trade Receivables	28,560,000	-3.3 %	29,542,000	-0.2 %	29,594,000	15.8 %	25,559,000	41.2 %	18,104,000
Other Receivables	1,591,000	-39.9 %	2,647,000	104.2 %	1,296,000	-51.5 %	2,672,000	346.8 %	598,000
Cash & Bank Deposits	2,247,000	47.1 %	1,528,000	28.2 %	1,192,000	-1.2 %	1,206,000	14.7 %	1,051,000
Other Current Assets	0	-	0	-	0	-	0	-	0
TOTAL CURRENT ASSETS	57,759,000	6.8 %	54,058,000	-1.5 %	54,894,000	-13.6 %	63,516,000	35.9 %	46,733,000
TOTAL ASSETS	117,576,000	0.2 %	117,382,000	-3.5 %	121,601,000	-9.7 %	134,636,000	34.1 %	100,396,000
Trade Creditors	11,713,000	-23.7 %	15,353,000	94.9 %	7,878,000	-34.4 %	12,010,000	30.6 %	9,199,000
Short Term Liabilities to Financial Institutions	-2,746,000	-346.3 %	1,115,000	334.2 %	-476,000	22.0 %	-610,000	-110.9 %	5,622,000
Short Term Liabilities to Group	0	-	0	-	0	-	0	-100.0 %	2,948,000
Other Short Term Loans	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	43,344,000	112.4 %	20,408,000	-21.1 %	25,863,000	44.3 %	17,925,000	94.6 %	9,210,000
TOTAL CURRENT LIABILITIES	52,311,000	41.9 %	36,876,000	10.9 %	33,265,000	13.4 %	29,325,000	8.7 %	26,979,000
Long Term Liabilities to Financial Institutions	1,122,000	-82.4 %	6,372,000	-81.4 %	34,241,000	-35.5 %	53,057,000	45.4 %	36,499,000
Other Long Term Loans	0	-	0	-	0	-	0	-	0
Long Term Pension Commitments	0	-	0	-	0	-	0	-	0
Other Long Term Liabilities	7,838,000	-9.4 %	8,648,000	-6.8 %	9,283,000	-20.5 %	11,679,000	198.9 %	3,907,000
TOTAL LONG TERM LIABILITIES	8,960,000	-40.3 %	15,020,000	-65.5 %	43,524,000	-32.8 %	64,736,000	60.2 %	40,406,000
TOTAL LIABILITIES	61,271,000	18.1 %	51,897,000	-32.4 %	76,789,000	-18.4 %	94,061,000	39.6 %	67,386,000
Share Capital	1,000,000	0.0 %	1,000,000	0.0 %	1,000,000	0.0 %	1,000,000	0.0 %	1,000,000
Share Premium Reserve	0	-	0	-	0	-	0	-	0
Revaluation Fund	0	-	0	-	0	-	0	-	0
Total Retained Earnings	55,306,000	-14.2 %	64,485,000	47.2 %	43,812,000	12.1 %	39,077,000	23.4 %	31,667,000
Other Reserves	0	-	0	-	0	-100.0 %	499,000	45.5 %	343,000
TOTAL EQUITY	56,306,000	-14.0 %	65,485,000	46.1 %	44,812,000	10.4 %	40,576,000	22.9 %	33,010,000

Other Financials

Financial Year	2014		2013		2012		2011		2010
Total Exports	177,307,000	18.1 %	150,187,000	7.0 %	140,389,000	10.6 %	126,969,000	16.0 %	109,500,000
Working Capital	5,448,000	-68.3 %	17,182,000	-20.6 %	21,629,000	-36.7 %	34,191,000	73.1 %	19,754,000
Net Worth	55,918,000	-13.8 %	64,886,000	44.8 %	44,812,000	10.4 %	40,576,000	22.9 %	33,010,000
Capital Employed	65,266,000	-18.9 %	80,505,000	-8.9 %	88,336,000	-16.1 %	105,312,000	43.4 %	73,416,000

Ratios

Financial Year	2014	2013	2012	2011	2010
Pre-Tax Profit Margin	32.36	18.82	11.90	16.63	8.15
Return on Capital Employed	87.92	35.36	19.30	20.46	13.00
Return on Total Assets Employed	48.80	24.25	14.02	16.00	9.50
Return on Net Assets Employed	101.91	43.47	38.05	53.11	28.90
Sales/Net Working Capital	32.55	8.80	6.62	3.79	5.93
Stock Turnover Ratio	14.30	13.45	15.92	26.30	23.05
Debtor Days	58.79	71.28	75.40	72.01	56.45
Creditor Days	24.11	37.04	20.07	33.83	28.68
Current Ratio	1.10	1.47	1.65	2.17	1.73
Liquidity Ratio/Acid Test	0.62	0.91	0.96	1.00	0.73
Current Debt Ratio	0.93	0.56	0.74	0.72	0.82
Solvency Ratio	47.89	55.79	36.85	30.14	32.88
Equity in Percentage	48.05	56.08	36.85	30.14	32.88
Total Debt Ratio	1.09	0.79	1.71	2.32	2.04

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.78
UK Pound	1	Rs.99.54
Euro	1	Rs.73.08

INFORMATION DETAILS

Analysis Done by :	KAS
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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