MIRA INFORM REPORT

 

 

 

Report Date :

29.08.2008

 

IDENTIFICATION DETAILS

 

Name :

VONIN LTD

 

 

Registered Office :

Bakkavegur 22 Fuglafjordur 530

 

 

Country :

Faroe Islands

 

 

Year of Establishment  :

1969

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Manufacturer of Marine Products, Ships & Boats

 

 

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 :

EUR 150,000.00  

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints 

 

 

Litigation :

Clear

 

Name

 

VONIN LTD

 

 

Company Details

Identifier

:

P1089699

Country

:

Faroe Islands

Operating Address

:

Bakkavegur 22 Fuglafjordur 530

Tel

:

[+298] 474200

Fax

:

[+298] 474201

Email

:

info@vonin.com

Website

:

www.vonin.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Marine Products, Ships & Boats

 

 

Key Facts

Registered Legal Address

:

Bakkavegur 22 Fuglafjordur 530

Operational Address

:

Bakkavegur 22 Fuglafjordur 530

License Number

:

136

Issuing Authority

:

Skraseting Foroya (Company Registration Authority)

Legal Form

:

Private company with limited liability

Operational Status of Business

:

Normal

Employees

:

100

Capital

:

US$ 1,621,622

 

 

Financial Summary  (Currency: U.S. $'s)

 

Year

Sales

Assets

Net Income

2007

$66,162,570.89

n/a

n/a

 

 

 

Recommended Credit Limit - Trade Finance

 

 

Maximum Recommended Credit

:

EUR 150,000.00  based on  90 days

 

 

 

 

Management & Products

 

 

 Management

:

Mr. Eyafinn Olsen, Manager

 

 

Mr. Bogir Nou, Manager

 

 

Mr. Eystein Elttor, Manager

 

 Products

:

Bobbins

 

 

Chains & chain slings, metal

 

 

Cordages

 

 

Fish cage nets

 

 

Fishing nets

 

 

 

 

Int´l Trade Activity  (Currency: U.S. $'s)

 

Year

Imports

Exports

Total

2007

n/a

$23,156,899.81

$23,156,899.81

 

 

 

 

Commercial Credit Inquiries

 

 

Date of Inquiry

Industry
in which Inquirer Operates

Credit Type
(* / **)

Credit Amount

Period

28 Aug, 2008

Professional Services

MRC

EUR 150,000.00

90 days

 

Note:

*

MRC

:

Maximum Recommended Credit

**

ISC

:

Inquirer Specified Credit

 

 

 

Fullcheck Report Details

 

 

 

 

 

Country

:

Faroe Islands

Company Name

:

VONIN LTD

Primary Business Activity

:

Manufacturer

Key Industry

:

Marine Products, Ships & Boats

Office Contact Details

Operating Address

:

Bakkavegur 22

Zip

:

530

City

:

Fuglafjordur

Tel

:

[+298] 474200

Cell

:

[+298] 214392

Fax

:

[+298] 474201

E-Mail

:

info@vonin.com

Web Site

:

www.vonin.com

Postal Details

P.O. Box

:

19

P.O.Zip

:

530

 

 

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Activity

Code

Product/Service Description

Exporting

0919

Miscellaneous marine products, nspf

Exporting

2298

Cordage and twine

Exporting

5091

Sporting/Rec Goods & Supplies

Manufacturing

0919

Miscellaneous marine products, nspf

Manufacturing

2298

Cordage and twine

Manufacturing

5091

Sporting/Rec Goods & Supplies

 

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Activity

Code

Product/Service Description

Exporting

5608

Knotted net of twine etc; fish net etc of textiles

Exporting

7312

Stranded wire, ropes etc, no elec ins, iron or steel

Exporting

7312900000

Plaited bands, slings and the like, of iron or steel, not electrically insulated, not stranded wire, ropes or cables

Exporting

9507

Fishing rods & tackle; nets; decoys etc; parts etc

Exporting

9507100080

Fishing rods parts and accessories

Exporting

9507308000

Fishing reels parts and accessories

Manufacturing

5608

Knotted net of twine etc; fish net etc of textiles

Manufacturing

7312

Stranded wire, ropes etc, no elec ins, iron or steel

Manufacturing

7312900000

Plaited bands, slings and the like, of iron or steel, not electrically insulated, not stranded wire, ropes or cables

Manufacturing

9507

Fishing rods & tackle; nets; decoys etc; parts etc

 

 

 

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Activity

Product/Service Description

Exporter

Steel wire ropes

Exporter

Fishing ropes

Exporter

Cordages

Exporter

Fishing tackles

Exporter

Pelagic trawls

Exporter

Shackles

Exporter

Purse seine nets

Manufacturer

Slings

Manufacturer

Fishing ropes

Manufacturer

Cordages

 

 

 

OWNERSHIP

 

Chairman

:

Mr. Klaus Rasmussen

Nationality

:

Faroese

 

 

 

Brand

Bridon

Brand

Cerfil

Brand

Euronete

Brand

Parsons MM

Brand

Pelters

Brand

Vonin 100

Brand

Vonin 2000

Brand

Vonin Bacalao

Brand

Vonin Pelagic

Brand

Vonin Turbot

 

 

 

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Eyafinn Olsen

Faroese

Manager

Finance

2

Mr. Bogir Nou

Faroese

Manager

Marketing

3

Mr. Eystein Elttor

Faroese

Manager

Marketing

4

Mr. Aslakkur Hansen

Faroese

Manager

Production

5

Mr. Eydfinn Petersen

Faroese

Manager

Production

6

Mr. Kenneth Jacobsen

Faroese

Manager

Purchasing

7

Mr. Bogi Non

Faroese

Representative

Sales

8

Mr. Jan Klein

Faroese

Representative

Sales

9

Mr. Signar Poulsen

Faroese

Representative

Sales

10

Mr. Jhohn Poulsen

Faroese

General Director

-

11

Mr. Jogvan Hendrik Johannessen

Faroese

Manager

-

12

Mr. Steingrim Av Vollanum

Faroese

Manager

-

13

Mr. Hjalmar Hentza Petersen

Faroese

Managing Director

-

14

Mr. Herman Dam

Faroese

Store Manager

-

15

Mr. Jogvan S. Jacobsen

Faroese

Store Manager

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI02028814

Name

:

Mr. Eyafinn Olsen

Sex

:

M

Email

:

eydfinn@vonin.com

Tel

:

[+298] 474211

Mobile No.

:

213883

Other Details

:

 

 

 

Management Details - 2

Personal Unique Identifier

:

MI02028750

Name

:

Mr. Bogir Nou

Sex

:

M

 

 

Management Details - 3

Personal Unique Identifier

:

MI02028806

Name

:

Mr. Eystein Elttor

Sex

:

M

Email

:

eystein@vonin.com

Tel

:

[+298] 474214

Mobile No.

:

224214

 

 

Management Details - 4

Personal Unique Identifier

:

MI02028754

Name

:

Mr. Aslakkur Hansen

Sex

:

M

Email

:

aslakkur@vonin.com

Tel

:

[+298] 474216

Mobile No.

:

219428

 

 

Management Details - 5

Personal Unique Identifier

:

MI02028753

Name

:

Mr. Eydfinn Petersen

Sex

:

M

Email

:

eydfinnp@vonin.com

Tel

:

[+298] 354398

Mobile No.

:

214398

 

 

Management Details - 6

Personal Unique Identifier

:

MI02028751

Name

:

Mr. Kenneth Jacobsen

Sex

:

M

Email

:

kenneth@vonin.com

Tel

:

[+298] 474221

Mobile No.

:

219606

Other Details

:

Other tel no. : 354397 (Torshavn)
Other fax no. : 313319 (Torshavn)

 

 

Management Details - 7

Personal Unique Identifier

:

MI02028807

Name

:

Mr. Bogi Non

Sex

:

M

Email

:

bogi@vonin.com

Tel

:

[+298] 354393

Mobile No.

:

214393

 

 

Management Details - 8

Personal Unique Identifier

:

MI02028820

Name

:

Mr. Jan Klein

Sex

:

M

Email

:

jan@vonin.com

Tel

:

[+298] 354390

Mobile No.

:

283212

Other Details

:

Responsibility : Shrimp & bottom trawls

 

 

Management Details - 9

Personal Unique Identifier

:

MI02028808

Name

:

Mr. Signar Poulsen

Sex

:

M

Email

:

signar@vonin.com

Tel

:

[+298] 474230

Mobile No.

:

222026

 

 

Management Details - 10

Personal Unique Identifier

:

MI02028839

Name

:

Mr. Jhohn Poulsen

Sex

:

M

 

 

Management Details - 11

Personal Unique Identifier

:

MI02028813

Name

:

Mr. Jogvan Hendrik Johannessen

Sex

:

M

Email

:

jhj@vonin.com

Tel

:

[+298] 474218

Mobile No.

:

219508

Other Details

:

Responsibility : Test and lifting

 

 

Management Details - 12

Personal Unique Identifier

:

MI02028812

Name

:

Mr. Steingrim Av Vollanum

Sex

:

M

Email

:

steingrim@vonin.com

Tel

:

[+298] 474228

Mobile No.

:

215715

 

 

Management Details - 13

Personal Unique Identifier

:

MI02028749

Name

:

Mr. Hjalmar Hentza Petersen

Sex

:

M

Email

:

hjalmar@vonin.com

Tel

:

[+298] 474210

Registered address

:

Storagerdi 13 Torshavn 100

Country of Residence

:

Faroe Islands

Mobile No.

:

214392

 

 

Management Details - 14

Personal Unique Identifier

:

MI02028752

Name

:

Mr. Herman Dam

Sex

:

M

Email

:

hermann@vonin.com

Tel

:

[+298] 354396

Mobile No.

:

214396

Other Details

:

Area of responsibility : Torshavn

 

 

Management Details - 15

Personal Unique Identifier

:

MI02028815

Name

:

Mr. Jogvan S. Jacobsen

Sex

:

M

Email

:

jogvan@vonin.com

Tel

:

[+298] 474221

Mobile No.

:

217846

Other Details

:

Area of responsibility : Fuglafjordur

 

 

 

 

 

FINANCIAL & LEGAL STATUS

 

 

 

 

 

*Financial History*
===============
2007          - Total equity amounted to DKK 114 millions.

*Financials*
==========
As a private limited company there is no legal requirement according to local corporate law for public
disclosure of detailed financials.

*Payment Terms*
=============
Sales
-------
Local: Cash or Credit
Export  : Letter of Credit (L/C)
               Telegraphic Transfer (T/T)

Purchases
--------------
Local   : Cash or Credit
Import  : Letter of Credit (L/C)
               Telegraphic Transfer (T/T)

*Company Name*
==============
Also known to its local name, VONIN P/F.

 

 

 

 

ADVERSE DATA MONITORING

 

 

 

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE PRESS COVERAGE

 

No Record Found

 

 

FORMER COMPANY RELATIONSHIPS

 

No Record Found

 

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

FOROYA BANKI P/F

Global Identifier

:

P0897874

Branch

:

Torshavn

Branch Address

:

Husagota 3 Torshavn 100 (Head Office)

SWIFT Code

:

FIFBFOTX

 

 

 

 

 

 

 

 

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

VONIN LTD - TORSHAVN

Branch Address

:

Vestara Bryggia 12 Torshavn, 100

Branch Tel

:

[+298] 354391

Branch Fax

:

[+298] 313319

 

 

 

 

 

PRODUCT, TECHNOLOGY, SERVICES DESCRIPTION

 

 

 

 

 

*Main Products & Services*
======================
Specializes in the following areas of work :
1. Manufacture of wide range pelagic trawls, fishing nets, fishing tackle and other fishing items.
2. Sales and distribution of manufactured products to local and international markets.

*Quality Certification*
==================
Type of certification : ISO 9000

 

 

 

 

FACTORY FACILITIES & MANUFACTURING CAPABILITIES

 

 

 

 

 

*Machinery & Equipment*
=====================
The company is equipped with good machinery, rigging shop with a 1000-ton press and a 70-ton testbench.

 

 

 

 

ORGANIZATION STRUCTURE

 

 

 

 

 

*Corporate & Organization Structure*
=============================
Company's personnel has received the acquired quality control training at Certex, Aberdeen and Scotland.

*Company History*
===============
1969                              - Founded by five seamen as a shipping company.
1973                              - Started producing and selling pelagic trawls and have studied the development within
                                         pelagic fishing.
November 1995           - M/S Vonin was sold, and the company works solely in the trawl making industry
22 January,  2004        - Has been certified by the Food and Environmental Agency's Fish and Agrecultural
                                         Department as a transporting company of used equipment for aquaculture.
16 December, 2005     - Purchased Royal Greenland trawl manufacture activities.
20 November,  2006    - Expanded the service in Greenland.
                                      - Has purchased the majority of Qalut Sisimiut shares.
21 December, 2006     - Invested in Icelandic trawl company.
                                      - Has purchased 22% of HAMPIDJAN GROUP in Iceland.
1 January,  2007          - Has offered service to its customers in Nuuk, Ilulissat and Sisimiut.
5 February,  2007        - Has delivered trawl, codends, nets and various fittings to the pelagic vessels Hercules
                                         and Poseidon, owned by THOR FISHERIES LTD of Hosvik, Faroe Islands.
6 February,  2007        - Introduced the new Redfish trawl RED LION at the SINTEF flume tank in Hirtshals,
                                         together with the new trawl doors 'Stealth F15' from INJECTOR A/S.

*Office & Facilities*
================
Facilities                : Has two (2) complete trawl stocks.
Comment               : Serves as office, workshops, research and development center.

Other contact details
----------------------------
Tel no.                  : 44246
Fax no.                  : 44579
Telex no.               : 81317

 

 

 

 

TRADE REFERENCES

 

 

 

 

*Domestic Customers*
==================
Major local customers include:
- ARCTIC VIKING
- NAPOLEON
- HOGIFOSSUR
- BORGIN
- SOLBORG
- KAPPIN
- MARKUS
- REGINA CNAPOLEON
- FUGLBERG
- NORTHERN EAGLE
- TAURUS
- SKALABERG
- STJORNAN & POLARHAV
- ENNIBERG
- AKRABERG
- POLAR PRINCESS II
- SUNDABERG
- SISIMIUT
- VESTURVON
- BRESTIR
- MYLINGUR
- ATLANTIC ENTERPRICE
- VESTURVON
- SUNDABERG
- GIDEON
- ENNIBERG
- STJORNAN AND POLARHAV
- RAN
- EYSTURBUGVIN & VESTURBUGVIN
- KRUNBORG
- TRONDUR I GOTU
- CHRISTIAN I GROTINUM
- HOFFELL
- FINNUR FRIDI
- GITTE HENNING
- FRANK BONEFAAS
- TOR-ON
- NAERABERG
- HOLMABORG
- JUPITER
- FATHER MCKEE
- NORDBORG
- HOGABERG
- SHEANNE

 

 

RELATED PARTIES(Subsidiaries, Joint-ventures & Affiliates)

 

Company Name

:

QALUT VONIN A/S

Global Identifier

:

P1089786

Address

:

Aqqusinersuaq B 2815 Nuuk 3900 Greenland

Country

:

Greenland

Relationship

:

Subsidiary

Legal Form

:

Private company with limited liability

Company Type

:

Trader

Industry

:

Toys, Sporting & Leisure Equipment

 

Company Name

:

SKIPSHANDILIN P/F

Global Identifier

:

P1089787

Address

:

Havnargota Torshavn 110 Faroe Islands

Country

:

Faroe Islands

Relationship

:

Subsidiary

Legal Form

:

Private company with limited liability

Company Type

:

Service

Industry

:

Professional Services

 

Company Name

:

VONIN LTD

Global Identifier

:

P1089782

Address

:

Port-de-Grave A0A 3J0 Newfoundland Canada

Country

:

Canada

Relationship

:

Subsidiary

Legal Form

:

Private company with limited liability

Company Type

:

Trader

Industry

:

Toys, Sporting & Leisure Equipment

 

 

 

RELATED PARTIES DESCRIPTION

 

 

*Subsidiaries, Joint-ventures & Affiliates*
=================================
Maintains two (2) branches abroad, one in Greenland and one in Newfoundland.

*Strategic Partners & Alliances*
=========================
Group name : VONIN Group

*Mergers  & Acquisitions*
=====================
Type                          : Merger
Parties involved       : RFG A/S (Also known as REFA FROYSTAD GROUP LTD)
Date of transaction  : 4 July, 2008
Details                        : The company and RFG will continue as two independent companies, but with a very
                                      close cooperation.

 

 

 

SHAREHOLDERS

 

Total number of shareholders

:

4

Total number of shares

:

n/a

 

No.

Shareholders

Country

Shares

Number

Amount

%

1

KERID P/F

Faroe Islands

n/a

n/a

38.00

2

HAVILA A/S

Faroe Islands

n/a

n/a

23.00

3

TF HOLDING P/F

Faroe Islands

n/a

n/a

22.00

4

Froystad's Family

Faroe Islands

n/a

n/a

17.00

 

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI02028754

Name

:

Mr. Aslakkur Hansen

Nationality

:

Faroese

 

 

 

2

 

 

Personal Unique Identifier

:

MI02028909

Name

:

Mr. Fridrik Johannesson

Nationality

:

Icelandic

 

 

 

3

 

 

Personal Unique Identifier

:

MI02028749

Name

:

Mr. Hjalmar Hentza Petersen

Nationality

:

Faroese

Registered Address

:

Storagerdi 13 ,Torshavn 100

Country of Residence

:

Faroe Islands

 

 

 

4

 

 

Personal Unique Identifier

:

MI02028934

Name

:

Mr. Janus Av Reyni

Nationality

:

Faroese

Registered Address

:

Heygsmannavegur 13 ,Torshavn 100

Country of Residence

:

Faroe Islands

 

 

 

5

 

 

Personal Unique Identifier

:

MI02028907

Name

:

Mr. Jon Rasmussen

Nationality

:

Faroese

Registered Address

:

Hamarssnidid 6 ,Klaksvik 700

Country of Residence

:

Faroe Islands

 

 

 

6

 

 

Personal Unique Identifier

:

MI02028905

Name

:

Mr. Klaus Rasmussen

Nationality

:

Faroese

 

 

 

7

 

 

Personal Unique Identifier

:

MI02028906

Name

:

Mr. Olaf Olsen

Nationality

:

Faroese

Registered Address

:

625 Glyvrar

Country of Residence

:

Faroe Islands

 

 

 

8

 

 

Personal Unique Identifier

:

MI02028935

Name

:

Mr. Otto Christian Dam

Nationality

:

Faroese

Registered Address

:

Gardsgota 12 ,Argir 160

Country of Residence

:

Faroe Islands

 

 

 

9

 

 

Personal Unique Identifier

:

MI02028908

Name

:

Mr. Per Saevik

Nationality

:

Norwegian

 

 

 

10

 

 

Personal Unique Identifier

:

MI02028918

Name

:

Mr. Philip Kivuva Muinde

Nationality

:

British

Registered Address

:

235 Westburn Rd ,Aberdeen AB2OE

Country of Residence

:

United Kingdom

 

 

 

11

 

 

Personal Unique Identifier

:

MI02028920

Name

:

Mr. Runi Martinsson Hansen

Nationality

:

Faroese

Registered Address

:

Paetursgota 17 ,Hoyvik 188

Country of Residence

:

Faroe Islands

 

 

 

12

 

 

Personal Unique Identifier

:

MI02028919

Name

:

Mr. Samal Georgson Jacobsen

Nationality

:

Faroese

Country of Residence

:

Faroe Islands

 

 

 

 

 

 

LOCAL DISTRIBUTION & WAREHOUSING

 

 

 

 

 

*Local Distribution Network*
=======================
An estimated 65% of the annual turnover is attributed to local sales.

 

 

 

INTERNATIONAL TRADE : ACTIVITY & MARKETS

 

 

 

 

 

Country / Region

Main Trading Activity

Asia / Pacific

Importing

Europe

Exporting,Importing

Denmark

Importing

Portugal

Importing

 

 

 

 

INTERNATIONAL TRADE ACTIVITY DESCRIPTION

 

 

 

 

*Export Markets*
==============
An estimated 35% of the annual turnover is attributed to export.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.79

UK Pound

1

Rs.80.05

Euro

1

Rs.64.56

 

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