MIRA INFORM REPORT

 

 

Report Date :

27.09.2007

 

IDENTIFICATION DETAILS

 

Name :

GLAMOX ASA

 

 

Registered Office :

Birger Hatlebakks Veg, 6405 Molde No

 

 

Country :

Norway

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

1951

 

 

Com. Reg. No.:

912007782

 

 

Legal Form :

Private / Public Limited Company

 

 

Line of Business :

Manufacture of electric motors, generators and transformers.

Manufacture of lighting equipment and electric lamps.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

5000000 NOK

 

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear


name & address

 

GLAMOX ASA

BIRGER HATLEBAKKS VEG

6405 MOLDE NO

Tel. Number       +47--71246000

Fax number       +47--71246001

web-address      WWW.GLAMOX.COM

 

 

Business founded

00 1951

Business registered

17 February 1990 - Private/Public Limited company

Registration number,

912007782,

Legal form

Private/Public Limited company

Activities

No Match!

 

Manufacture of electric motors, generators and transformers

 

Manufacture of lighting equipment and electric lamps

 

 

Payment experience

Payment incident

Credit opinion

High creditworthiness

 

Maximum credit limit 5000000 NOK is advised

Employees (Business)

 476

Debt collection .30 July 2007

 435

Debt collection .22 June 2007

 3431

Debt collection .26 February 2007

 265

Debt collection .06 January 2005

 16737

Debt collection .17 September 2004

 429

Debt collection .09 August 2004

 18480

L4:F

OKUS BANK ASA, TRONDHEIM

Total share capital02 March 2004

NOK 65988668

Bank

FOKUS BANK ASA   

Boardmembers

ARNESTAD BJ!ORN   Chairman of the board

 

OLSEN EYVIN MAGNE   Boardmember

 

PETERSEN HEIDI MARIE   Boardmember

 

ULRICHSEN MARIANNE   Boardmember

 

VALVIK SVERRE   Boardmember

 

JOHANSEN SIGMUND MONRAD   Boardmember

 

SKIPNES RANDI HAMMERVOLL   Boardmember

 

AAS RUDI   Boardmember

Management

STAMNES KJELL !OYVIND   Managing director

(Part-) Owner

910261525   ARENDALS FOSSEKOMPANI ASA   49 %   Shareholder

 

987081112   FONDSAVANSE AS   24 %   Shareholder

 

SKAGEN VEKST   11 %   Shareholder

Subsidiary company.

GLAMOX ELEKTRO AS   100 %   

 

982734894   BIRGER HATLEBAKKS VEG 15 AS   100 %   

 

GLAMOX ELECTRIC LTD   100 %   

 

GLAMOX ELEKTRO AB   100 %   

 

GLAMOX MARKETING OY   100 %   

 

MARITEAM LIGHTING INC   100 %   

 

GLAMOX IRELAND LTD   100 %   

 

945958871   NORSELIGHT AS   100 %   

 

GLAMOX LICHT GMBH   100 %   

 

GLAMOX INDOPRATAMA PT   95 %   

 

GLAMOX FAR EAST PTE LTD   94 %   

Associate company.

GLAMOX HARJU ELEKTER AS   20 %   

Authorized signature.

   The Chairman and a member jointly

 

 

 

Corporate balance sheet for the year: 01 January 2006 - 31 December 2006  in  NOK 

Concessions and industrial rights, goodwill

7.757.000,-

Total intangible fixed assets

49.217.000,-

Land and buildings

99.518.000,-

Plant, machinery and equipment

72.257.000,-

Total tangible fixed assets

177.701.000,-

Subordinate loan capital

1.720.000,-

Total financial fixed assets

243.775.000,-

Total fixed assets

470.693.000,-

Inventories and work in progress (incl. prepayments)

82.830.000,-

Accounts receivable (trade)

108.012.000,-

Outstanding deposit on the subscribed capital, from which amount called

0,-

Receivables from affiliates and companies in which participations are held

0,-

Investments (short-term)

0,-

Cash in hand and at bank

98.162.000,-

Total Current assets

295.264.000,-

Total assets incl. prepaid expenses and accrued income

765.957.000,-

Issued (subscribed) capital

64.181.000,-

Share premium account (capital reserve)

0,-

Profit reserves

109.864.000,-

Total equity (Shareholders' funds)

309.499.000,-

Minority interests

0,-

Total provisions

7.858.000,-

Long-term liabilities to credit institutions

257.563.000,-

Long-term payables to affiliated companies and to companies in which participations are held

0,-

Long-term Loans, Mortgage debts

5.572.000,-

Total long-term liabilities

264.855.000,-

Current liabilities to credit institutions

0,-

Current accounts payable (trade)

100.853.000,-

Income and social tax liabilities

203.000,-

Current payables to affiliated companies and to companies in which participations are held

0,-

Total current liabilities

183.746.000,-

Total liabilities

448.601.000,-

Total equity, provisions, liabilities, accrued expenses and deferred income

765.958.000,-

Operating margin

7,-

Current ratio

2,-

Equity ratio

40,-

Debt-equity ratio

1,-

Interest Cover

3,-

Cash flow

11,-

Stock financing

135,-

Return on equity

19,-

Total return

9,-

 

Corporate balance sheet for the year: 01 January 2005 - 31 December 2005  in  NOK 

Concessions and industrial rights, goodwill

17.126.000,-

Total intangible fixed assets

45.126.000,-

Land and buildings

108.131.000,-

Plant, machinery and equipment

57.985.000,-

Total tangible fixed assets

170.256.000,-

Subordinate loan capital

85.000.000,-

Total financial fixed assets

273.705.000,-

Total fixed assets

489.087.000,-

Inventories and work in progress (incl. prepayments)

60.692.000,-

Accounts receivable (trade)

78.012.000,-

Outstanding deposit on the subscribed capital, from which amount called

0,-

Receivables from affiliates and companies in which participations are held

0,-

Investments (short-term)

0,-

Cash in hand and at bank

84.312.000,-

Total Current assets

229.100.000,-

Total assets incl. prepaid expenses and accrued income

718.187.000,-

Issued (subscribed) capital

15.050.000,-

Share premium account (capital reserve)

0,-

Profit reserves

52.991.000,-

Total equity (Shareholders' funds)

203.495.000,-

Minority interests

0,-

Total provisions

4.442.000,-

Long-term liabilities to credit institutions

266.980.000,-

Long-term payables to affiliated companies and to companies in which participations are held

0,-

Long-term Loans, Mortgage debts

7.256.000,-

Total long-term liabilities

359.236.000,-

Current liabilities to credit institutions

0,-

Current accounts payable (trade)

93.138.000,-

Income and social tax liabilities

0,-

Current payables to affiliated companies and to companies in which participations are held

0,-

Total current liabilities

151.015.000,-

Total liabilities

510.251.000,-

Total equity, provisions, liabilities, accrued expenses and deferred income

718.188.000,-

Operating margin

6,-

Current ratio

2,-

Equity ratio

28,-

Debt-equity ratio

3,-

Interest Cover

2,-

Cash flow

9,-

Stock financing

129,-

Return on equity

18,-

Total return

8,-

 

Corporate balance sheet for the year: 01 January 2004 - 31 December 2004  in  NOK 

Concessions and industrial rights, goodwill

27.021.000,-

Total intangible fixed assets

50.021.000,-

Land and buildings

104.979.000,-

Plant, machinery and equipment

49.852.000,-

Total tangible fixed assets

158.598.000,-

Subordinate loan capital

85.000.000,-

Total financial fixed assets

301.938.000,-

Total fixed assets

510.556.000,-

Inventories and work in progress (incl. prepayments)

71.056.000,-

Accounts receivable (trade)

76.565.000,-

Outstanding deposit on the subscribed capital, from which amount called

0,-

Receivables from affiliates and companies in which participations are held

0,-

Investments (short-term)

0,-

Cash in hand and at bank

62.664.000,-

Total Current assets

212.419.000,-

Total assets incl. prepaid expenses and accrued income

722.975.000,-

Issued (subscribed) capital

15.050.000,-

Share premium account (capital reserve)

0,-

Profit reserves

16.241.000,-

Total equity (Shareholders' funds)

166.745.000,-

Minority interests

0,-

Total provisions

1.287.000,-

Long-term liabilities to credit institutions

241.738.000,-

Long-term payables to affiliated companies and to companies in which participations are held

0,-

Long-term Loans, Mortgage debts

92.065.000,-

Total long-term liabilities

418.803.000,-

Current liabilities to credit institutions

0,-

Current accounts payable (trade)

80.518.000,-

Income and social tax liabilities

0,-

Current payables to affiliated companies and to companies in which participations are held

0,-

Total current liabilities

136.141.000,-

Total liabilities

554.944.000,-

Total equity, provisions, liabilities, accrued expenses and deferred income

722.976.000,-

Operating margin

3,-

Current ratio

2,-

Equity ratio

23,-

Debt-equity ratio

3,-

Interest Cover

2,-

Cash flow

5,-

Stock financing

107,-

Return on equity

11,-

Total return

4,-

 

Corporate profit and loss account for the year: 01 January 2006 - 31 December 2006  in  NOK 

Main revenue (sales/turnover)

743.175.000,-

Total operating income/revenue

802.571.000,-

Cost of materials (type of expenditure format)

-410.319.000,-

Personnel costs

-222.247.000,-

Depreciation

-7.000.000,-

Total operating expenses

-746.202.000,-

Gross profit or loss after cost of materials or after cost of goods sold

56.369.000,-

Financial income

13.117.000,-

Financial expenses

-21.299.000,-

Result of ordinary operations

48.187.000,-

Extraordinary income

0,-

Extraordinary expenses

0,-

Extraordinary result

0,-

Taxes

11.100.000,-

Net profit or loss

59.287.000,-

Appropriations

-59.286.000,-

 

Corporate profit and loss account for the year: 01 January 2005 - 31 December 2005  in  NOK 

Main revenue (sales/turnover)

674.097.000,-

Total operating income/revenue

719.033.000,-

Cost of materials (type of expenditure format)

-382.284.000,-

Personnel costs

-178.887.000,-

Depreciation

-10.559.000,-

Total operating expenses

-674.274.000,-

Gross profit or loss after cost of materials or after cost of goods sold

44.759.000,-

Financial income

9.364.000,-

Financial expenses

-22.682.000,-

Result of ordinary operations

31.441.000,-

Extraordinary income

0,-

Extraordinary expenses

0,-

Extraordinary result

0,-

Taxes

5.297.000,-

Net profit or loss

36.738.000,-

Appropriations

-36.738.000,-

 

Corporate profit and loss account for the year: 01 January 2004 - 31 December 2004  in  NOK 

Main revenue (sales/turnover)

656.722.000,-

Total operating income/revenue

704.403.000,-

Cost of materials (type of expenditure format)

-378.836.000,-

Personnel costs

-172.363.000,-

Depreciation

-2.483.000,-

Total operating expenses

-679.919.000,-

Gross profit or loss after cost of materials or after cost of goods sold

24.484.000,-

Financial income

6.942.000,-

Financial expenses

-16.673.000,-

Result of ordinary operations

14.752.000,-

Extraordinary income

0,-

Extraordinary expenses

0,-

Extraordinary result

0,-

Taxes

2.778.000,-

Net profit or loss

17.529.000,-

Appropriations

-17.529.000,-

 

Turnover for the period: 26 September 2007 - 26 September 2007  in  NOK 65.988.668,00

 Fully paid in share capital: 

 

 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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