MIRA INFORM REPORT

 

 

Report Date :

27.10.2008

 

IDENTIFICATION DETAILS

 

Name :

HAUG ERLING AS

 

 

Registered Office :

7486 Trondheim 

 

 

Country :

Norway

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

19.08.2002

 

 

Com. Reg. No.:

984706146

 

 

Legal Form :

Private/Public Limited Company

 

 

Line of Business :

Manufacture of Metal Structures and Parts of Structures

 

 

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 4577000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

name & address

 

HAUG ERLING AS

                                    

 7486 TRONDHEIM NO

Tel. Number +47--73539700

Fax number +47--73539701

Web-address WWW.HAUG.NO

 

 

summary    

 

Business founded            00 2002

Business registered         19 August 2002 - Private/Public Limited company

Registration number,       984706146,

Legal form                      Private/Public Limited company

 

 

Activities  

 

Manufacture of metal structures and parts of structures

 

 

Payment experience

 

Payment regular

 

 

Credit opinion

 

High creditworthiness

Maximum credit limit 4577000 NOK is advised

 

 

Employees (Business)   

 

55

 

 

Total share capital

 

NOK 900000

 

 

Bank 

 

ASKIM SPAREBANK   

 

 

Board members   

 

VANDRAAS BJ!ORN JOHAN   Chairman of the board

HAUG ERLING   Board member

 

 

Management   

 

HAUG ERLING   Managing director

 

 

(Part-) Owner 

 

935708745   CERTEX NORGE AS   100 %   Shareholder

 

 

Parent company

 

935708745   CERTEX NORGE AS   100 %   

 

 

Associate company.

 

HAUG AQUA LIMITADA SA   40 %   

 

 

Authorized signature.    

 

The Chairman alone or two members jointly

 

 

 

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

Concessions and industrial rights, goodwill

1.044.000,-

Total intangible fixed assets

1.074.000,-

Land and buildings

300.000,-

Plant, machinery and equipment

1.638.000,-

Total tangible fixed assets

3.498.000,-

Subordinate loan capital

0,-

Total financial fixed assets

2.107.000,-

Total fixed assets

6.679.000,-

Inventories and work in progress (incl. prepayments)

21.185.000,-

Accounts receivable (trade)

24.310.000,-

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

9.191.000,-

Total Current assets

56.633.000,-

Total assets incl. prepaid expenses and accrued income

63.312.000,-

Issued (subscribed) capital

900.000,-

Share premium account (capital reserve)

11.694.000,-

Profit reserves

17.430.000,-

Total equity (Shareholders' funds)

30.515.000,-

Minority interests

0,-

Total provisions

0,-

Long-term liabilities to credit institutions

5.904.000,-

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

0,-

Long-term Loans, Mortgage debts

0,-

Total long-term liabilities

5.904.000,-

Current liabilities to credit institutions

0,-

Current accounts payable (trade)

17.208.000,-

Income and social tax liabilities

3.910.000,-

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

0,-

Total current liabilities

26.893.000,-

Total liabilities

32.797.000,-

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

63.312.000,-

Operating margin

6,-

Current ratio

2,-

Equity ratio

48,-

Debt-equity ratio

1,-

Interest Cover

7,-

Cash flow

6,-

Stock financing

140,-

Return on equity

38,-

Total return

28,-

 

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

 

Concessions and industrial rights, goodwill

85.000,-

Total intangible fixed assets

85.000,-

Land and buildings

350.000,-

Plant, machinery and equipment

1.118.000,-

Total tangible fixed assets

2.799.000,-

Subordinate loan capital

0,-

Total financial fixed assets

3.035.000,-

Total fixed assets

5.920.000,-

Inventories and work in progress (incl. prepayments)

19.108.000,-

Accounts receivable (trade)

21.016.000,-

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

40.000,-

Total Current assets

40.343.000,-

Total assets incl. prepaid expenses and accrued income

46.263.000,-

Issued (subscribed) capital

900.000,-

Share premium account (capital reserve)

11.694.000,-

Profit reserves

5.850.000,-

Total equity (Shareholders' funds)

18.935.000,-

Minority interests

0,-

Total provisions

167.000,-

Long-term liabilities to credit institutions

7.055.000,-

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

0,-

Long-term Loans, Mortgage debts

0,-

Total long-term liabilities

7.055.000,-

Current liabilities to credit institutions

3.421.000,-

Current accounts payable (trade)

10.706.000,-

Income and social tax liabilities

1.027.000,-

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

0,-

Total current liabilities

20.105.000,-

Total liabilities

27.160.000,-

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

46.262.000,-

Operating margin

5,-

Current ratio

2,-

Equity ratio

41,-

Debt-equity ratio

1,-

Interest Cover

5,-

Cash flow

4,-

Stock financing

106,-

Return on equity

34,-

Total return

24,-

 

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

 

Concessions and industrial rights, goodwill

40.000,-

Total intangible fixed assets

40.000,-

Land and buildings

400.000,-

Plant, machinery and equipment

1.542.000,-

Total tangible fixed assets

3.366.000,-

Subordinate loan capital

0,-

Total financial fixed assets

2.016.000,-

Total fixed assets

5.423.000,-

Inventories and work in progress (incl. prepayments)

16.650.000,-

Accounts receivable (trade)

17.473.000,-

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

18.000,-

Total Current assets

35.255.000,-

Total assets incl. prepaid expenses and accrued income

40.678.000,-

Issued (subscribed) capital

900.000,-

Share premium account (capital reserve)

11.694.000,-

Profit reserves

2.185.000,-

Total equity (Shareholders' funds)

15.270.000,-

Minority interests

0,-

Total provisions

760.000,-

Long-term liabilities to credit institutions

2.577.000,-

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

0,-

Long-term Loans, Mortgage debts

539.000,-

Total long-term liabilities

3.116.000,-

Current liabilities to credit institutions

7.659.000,-

Current accounts payable (trade)

8.287.000,-

Income and social tax liabilities

0,-

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

0,-

Total current liabilities

21.533.000,-

Total liabilities

24.649.000,-

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

40.679.000,-

Operating margin

3,-

Current ratio

2,-

Equity ratio

38,-

Debt-equity ratio

2,-

Interest Cover

4,-

Cash flow

3,-

Stock financing

82,-

Return on equity

24,-

Total return

16,-

 

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

 

Main revenue (sales/turnover)

213.171.000,-

Total operating income/revenue

214.200.000,-

Cost of materials (type of expenditure format)

-152.254.000,-

Personnel costs

-29.225.000,-

Depreciation

0,-

Total operating expenses

-200.349.000,-

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

13.850.000,-

Financial income

3.815.000,-

Financial expenses

-2.373.000,-

Result of ordinary operations

15.292.000,-

Extraordinary income

0,-

Extraordinary expenses

0,-

Extraordinary result

0,-

Taxes

-3.712.000,-

Net profit or loss

11.580.000,-

Appropriations

-11.580.000,-

 

 

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

 

Main revenue (sales/turnover)

185.990.000,-

Total operating income/revenue

186.945.000,-

Cost of materials (type of expenditure format)

-136.410.000,-

Personnel costs

-24.414.000,-

Depreciation

0,-

Total operating expenses

-177.648.000,-

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

9.298.000,-

Financial income

1.928.000,-

Financial expenses

-2.456.000,-

Result of ordinary operations

8.769.000,-

Extraordinary income

0,-

Extraordinary expenses

0,-

Extraordinary result

0,-

Taxes

-2.239.000,-

Net profit or loss

6.530.000,-

Appropriations

-6.530.000,-

 

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

 

Main revenue (sales/turnover)

143.953.000,-

Total operating income/revenue

144.943.000,-

Cost of materials (type of expenditure format)

-103.775.000,-

Personnel costs

-21.030.000,-

Depreciation

0,-

Total operating expenses

-140.209.000,-

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

4.735.000,-

Financial income

1.811.000,-

Financial expenses

-1.475.000,-

Result of ordinary operations

5.071.000,-

Extraordinary income

0,-

Extraordinary expenses

0,-

Extraordinary result

0,-

Taxes

-1.432.000,-

Net profit or loss

3.639.000,-

Appropriations

-3.639.000,-

 

Turnover for the period: 27 October 2008 - 27 October 2008  in  NOK 900.000,00

 Fully paid in share capital: 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.77

UK Pound

1

Rs.79.78

Euro

1

Rs.63.36

 

 

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