MIRA INFORM REPORT

 

 

Report Date :

23.12.2008

 

IDENTIFICATION DETAILS

 

Name :

SELSTAD AS

 

 

Registered Office :

PB 163, 6701 Maloy

 

 

Country :

Norway

 

 

Financials (as on) :

31.12.2007

 

 

Year of Establishment :

1985

 

 

Com. Reg. No.:

937029349

 

 

Legal Form :

Private/Public Limited Company

 

 

Line of Business :

Manufacture of Carpets and Rugs

Manufacture of Cordage, Rope, Twine and Netting

 

 

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

 

Maximum Credit Limit :

NOK 3303500

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

name & address

 

SELSTAD AS

 PB 163

 6701 Måløy NO

Tel. Number +47--57852500

Fax number +47--57852525

web-address WWW.SELSTAD.NO

 

 

summary

 

Business founded                        00 1985

Business registered                     21 February 1990 - Private/Public Limited company

Registration number,                    937029349,

Legal form                                   Private/Public Limited company

 

 

Activities  

 

1700

 1750

 Manufacture of carpets and rugs

 Manufacture of cordage, rope, twine and netting

 

 

Payment experience

 

Payment incident

 

 

Credit opinion

 

Normal creditworthiness

Maximum credit limit 3303500 NOK is advised

 

 

Employees (Business)   

 

 114

 

 

Debt collection

 

28 October 2008                           697

Total share capital

 

NOK 22100000

 

 

Bank 

 

DNB NOR BANK ASA   

 

 

Board members   

 

LYNG AGNAR JOHAN   Chairman of the board

SELSTAD HANS-PETTER   Board member

SELSTAD ARVE   Board member

MYKLEBUST ARNE   Board member

 

 

Management   

 

SELSTAD HANS-PETTER   Managing director

 

 

(Part-) Owner 

 

937041284   SELSTAD HOLDING AS   99 %   Shareholder

 

 

Parent company

 

937041284   SELSTAD HOLDING AS   99 %   

 

 

Subsidiary company.    

 

983834973   AFRINET HOLDING AS   100 %   

 

 

Authorized signature.   

 

The Chairman and two members jointly

                                                 

 

 

 

Corporate balance sheet for the year: 01 January 2007 - 31 December 2007  in  NOK 

Concessions and industrial rights, goodwill

4.528.000,-

Total intangible fixed assets

4.615.000,-

Land and buildings

0,-

Plant, machinery and equipment

10.116.000,-

Total tangible fixed assets

12.347.000,-

Subordinate loan capital

0,-

Total financial fixed assets

11.444.000,-

Total fixed assets

28.405.000,-

Inventories and work in progress (incl. prepayments)

45.764.000,-

Accounts receivable (trade)

23.068.000,-

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

2.342.000,-

Total Current assets

72.325.000,-

Total assets incl. prepaid expenses and accrued income

100.730.000,-

Issued (subscribed) capital

16.800.000,-

Share premium account (capital reserve)

0,-

Profit reserves

0,-

Total equity (Shareholders' funds)

23.740.000,-

Minority interests

0,-

Total provisions

694.000,-

Long-term liabilities to credit institutions

0,-

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

0,-

Long-term Loans, Mortgage debts

26.267.000,-

Total long-term liabilities

26.267.000,-

Current liabilities to credit institutions

17.638.000,-

Current accounts payable (trade)

23.515.000,-

Income and social tax liabilities

568.000,-

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

0,-

Total current liabilities

50.029.000,-

Total liabilities

76.296.000,-

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

100.730.000,-

Operating margin

-1,-

Current ratio

1,-

Equity ratio

24,-

Debt-equity ratio

3,-

Interest Cover

0,-

Cash flow

1,-

Stock financing

49,-

Return on equity

-7,-

Total return

1,-

 

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

Concessions and industrial rights, goodwill

0,-

Total intangible fixed assets

0,-

Land and buildings

0,-

Plant, machinery and equipment

10.251.000,-

Total tangible fixed assets

10.914.000,-

Subordinate loan capital

0,-

Total financial fixed assets

10.997.000,-

Total fixed assets

21.911.000,-

Inventories and work in progress (incl. prepayments)

31.045.000,-

Accounts receivable (trade)

23.119.000,-

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)

118.000,-

Cash in hand and at bank

1.142.000,-

Total Current assets

59.156.000,-

Total assets incl. prepaid expenses and accrued income

81.067.000,-

Issued (subscribed) capital

16.800.000,-

Share premium account (capital reserve)

0,-

Profit reserves

1.867.000,-

Total equity (Shareholders' funds)

25.607.000,-

Minority interests

0,-

Total provisions

1.189.000,-

Long-term liabilities to credit institutions

0,-

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

0,-

Long-term Loans, Mortgage debts

245.000,-

Total long-term liabilities

245.000,-

Current liabilities to credit institutions

26.535.000,-

Current accounts payable (trade)

17.740.000,-

Income and social tax liabilities

1.214.000,-

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

0,-

Total current liabilities

54.026.000,-

Total liabilities

54.271.000,-

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

81.067.000,-

Operating margin

5,-

Current ratio

1,-

Equity ratio

32,-

Debt-equity ratio

2,-

Interest Cover

3,-

Cash flow

5,-

Stock financing

17,-

Return on equity

15,-

Total return

10,-

 

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

Concessions and industrial rights, goodwill

0,-

Total intangible fixed assets

0,-

Land and buildings

0,-

Plant, machinery and equipment

12.007.000,-

Total tangible fixed assets

12.795.000,-

Subordinate loan capital

0,-

Total financial fixed assets

7.447.000,-

Total fixed assets

20.242.000,-

Inventories and work in progress (incl. prepayments)

27.694.000,-

Accounts receivable (trade)

21.250.000,-

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)

158.000,-

Cash in hand and at bank

773.000,-

Total Current assets

54.860.000,-

Total assets incl. prepaid expenses and accrued income

75.102.000,-

Issued (subscribed) capital

2.100.000,-

Share premium account (capital reserve)

0,-

Profit reserves

0,-

Total equity (Shareholders' funds)

23.740.000,-

Minority interests

0,-

Total provisions

982.000,-

Long-term liabilities to credit institutions

0,-

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

0,-

Long-term Loans, Mortgage debts

6.177.000,-

Total long-term liabilities

6.177.000,-

Current liabilities to credit institutions

25.490.000,-

Current accounts payable (trade)

14.234.000,-

Income and social tax liabilities

0,-

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

0,-

Total current liabilities

44.202.000,-

Total liabilities

50.379.000,-

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

75.101.000,-

Operating margin

-1,-

Current ratio

1,-

Equity ratio

32,-

Debt-equity ratio

2,-

Interest Cover

0,-

Cash flow

0,-

Stock financing

38,-

Return on equity

-10,-

Total return

-1,-

 

Corporate profit and loss account for the year: 01 January 2007 - 31 December 2007  in  NOK 

Main revenue (sales/turnover)

161.027.000,-

Total operating income/revenue

162.421.000,-

Cost of materials (type of expenditure format)

-89.712.000,-

Personnel costs

-38.536.000,-

Depreciation

0,-

Total operating expenses

-163.809.000,-

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

-1.388.000,-

Financial income

2.757.000,-

Financial expenses

-2.970.000,-

Result of ordinary operations

-1.601.000,-

Extraordinary income

0,-

Extraordinary expenses

0,-

Extraordinary result

0,-

Taxes

-92.000,-

Net profit or loss

-1.693.000,-

Appropriations

1.693.000,-

 

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

Main revenue (sales/turnover)

128.182.000,-

Total operating income/revenue

129.474.000,-

Cost of materials (type of expenditure format)

-70.924.000,-

Personnel costs

-26.626.000,-

Depreciation

0,-

Total operating expenses

-122.364.000,-

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

7.110.000,-

Financial income

694.000,-

Financial expenses

-2.644.000,-

Result of ordinary operations

5.160.000,-

Extraordinary income

0,-

Extraordinary expenses

0,-

Extraordinary result

0,-

Taxes

-1.368.000,-

Net profit or loss

3.792.000,-

Appropriations

-3.792.000,-

 

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

Main revenue (sales/turnover)

101.807.000,-

Total operating income/revenue

103.191.000,-

Cost of materials (type of expenditure format)

-58.845.000,-

Personnel costs

-23.094.000,-

Depreciation

0,-

Total operating expenses

-104.389.000,-

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

-1.198.000,-

Financial income

598.000,-

Financial expenses

-2.656.000,-

Result of ordinary operations

-3.255.000,-

Extraordinary income

0,-

Extraordinary expenses

0,-

Extraordinary result

0,-

Taxes

844.000,-

Net profit or loss

-2.411.000,-

Appropriations

2.411.000,-

 

Turnover for the period: 22 December 2008 - 22 December 2008  in  NOK 22.100.000,00

 Fully paid in share capital: 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.49

UK Pound

1

Rs.71.89

Euro

1

Rs.67.86

 

 

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