MIRA INFORM REPORT
|
Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
LIVING AS |
|
|
|
|
Registered Office : |
Lagerveien 9, Pb 192, 4033 Stavanger |
|
|
|
|
Country : |
Norway |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Year of Establishment : |
1985 |
|
|
|
|
Com. Reg. No.: |
837918162 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Retail Sale of Furniture in Specialised
Stores |
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 4.838.000 |
|
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Norway |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company
name & address
LIVING AS
LAGERVEIEN 9
PB 192
4033 STAVANGER
All figures in NOK
Text: GOOD
CREDITWORTHINESS
Credit limit min.-max.: 1% - 1% OF TURNOVER
Max. credit amount: 4.838.000 LIMITED TO 15% OF EQUITY
Turnover: 578.969.000 Trend: Positive
Equity: 32.254.000 Trend: Negative
Result: -27.749.000 Trend: Positive
Short-term debt: 172.933.000 Trend: Positive
Financial expenses: 5.694.000 Trend: Positive
Share capital: 229.900.000
Legal status: AS
Age of company: 26
Payment record: IRREPROACHABLE
Voluntary mortgage: YES
TREND
Date:
31.12.2009
31.12.2008
31.12.2007
Points: 57 58 66
Credit limit: 1 - 1% OF
TURNOVER 1 - 1% OF TURNOVER 1 - 2% OF TURNOVER
Max credit:
4.838.000, MAX 5
MILL. MAX 5 MILL.
15% OF
EQUITY
Turnover:
578.969.000
560.317.000
508.468.000
Equity: 32.254.000 40.003.000 89.264.000
Neg remarks NO NO NO
New remarks NO NO NO
BUSINESS
CERTIFICATE
Telephone: 81552356
Fax: 51815290
Legal status: AS
Regno. 837918162
Established: 1985
Date registered: 19.07.88
Certificate date: 11.04.11
General manager: TIDEMANDSEN
ØIVIND
Bank connection:
Employees: 2011: 312
2010: 310 2009: 292
Auditor: n 986352945 FORUS REVISJON AS
INDUSTRY
(NACE)
4759100 RETAIL SALE OF FURNITURE
IN SPECIALISED STORES
4759000 RETAIL SALE OF
FURNITURE, LIGHTING EQUIPMENT AND OTHER HOUSE
4771000 RETAIL SALE OF CLOTHING
IN SPECIALISED STORES
4770000 RETAIL SALE OF OTHER
GOODS IN SPECIALISED STORES
4759900 RETAIL SALE OF
NON-ELECTRICAL HOUSEHOLD ARTICLES IN SPECIALI
4759300 RETAIL SALE OF CHINA AND
GLASSWARE IN SPECIALISED STORES
4753200 RETAIL SALE OF CARPETS
IN SPECIALISED STORES
4753000 RETAIL SALE OF CARPETS,
RUGS, WALL AND FLOOR COVERINGS IN SP
4751000 RETAIL SALE OF TEXTILES
IN SPECIALISED STORES
4750000 RETAIL SALE OF OTHER
HOUSEHOLD EQUIPMENT IN SPECIALISED STOR
4700000 RETAIL TRADE, EXCEPT OF
MOTOR VEHICLES AND MOTORCYCLES
4666000 WHOLESALE OF OTHER
OFFICE MACHINERY AND EQUIPMENT
4660000 WHOLESALE OF OTHER
MACHINERY, EQUIPMENT AND SUPPLIES
4647300 WHOLESALE OF LIGHTING
EQUIPMENT
4647000 WHOLESALE OF FURNITURE,
CARPETS AND LIGHTING EQUIPMENT
4641000 WHOLESALE OF
TEXTILES
4640000 WHOLESALE OF HOUSEHOLD
GOODS
4600000 WHOLESALE TRADE, EXCEPT
OF MOTOR VEHICLES AND MOTORCYCLES
BOARD
SANDVIK BERNHARD JOHAN
CHAIRMAN Born: 03.09.50
STEINBERGET 16 7020 TRONDHEIM
MELBERG TOLLAK BOARD MEMBER Born: 13.09.50
TIDEMANDSEN ØIVIND BOARD MEMBER Born: 18.09.61
HENRIKSEN JON BOARD MEMBER Born: 16.01.53
KALMER ANDERS GEORG EMPLOYEES REPRESENTATIVE Born:
21.04.75
KVERNENES ARNT OVE EMPLOYEES REPRESENTATIVE Born:
03.04.65
TVEDT ARILD MAGNE BOARD MEMBER Born: 17.05.54
OWNERS
Name:
Business no.: Percentage:
NYE IDE HOLDING AS
991837515 100.00
SUBSIDIARIES
Name: Business no.: Percentage:
CURRENT
ITEMS
Date: Source: Item:
31.05.11 CI NEW
CREDIT-RATING CALCULATED
30.05.11 CI CHANGE
REMARKS ON PAYM.
03.05.11 CI CHANGE
REMARKS ON PAYM.
27.04.11 CI NEW
CREDIT-RATING CALCULATED
26.04.11 CI CHANGE
REMARKS ON PAYM.
12.04.11 FO CHANGE
IN SHARECAPITAL
28.03.11 CI CHANGE
REMARKS ON PAYM.
24.02.11 CI CHANGE
REMARKS ON PAYM.
29.01.11 CI CHANGE
REMARKS ON PAYM.
29.01.11 CI NEW
CREDIT-RATING CALCULATED
22.01.11 CI NEW
CREDIT-RATING CALCULATED
18.01.11 CI NEW
CREDIT-RATING CALCULATED
30.08.10 FO CHANGE
IN SHARECAPITAL
23.07.10 CI NEW
CREDIT-RATING CALCULATED
15.05.10 CI NEW
CREDIT-RATING CALCULATED
15.04.10 CI NEW
CREDIT-RATING CALCULATED
11.12.09 CI NEW
CREDIT-RATING CALCULATED
03.11.09 FO BOARD
DIRECTOR CHANGED
08.08.09 CI NEW
CREDIT-RATING CALCULATED
05.08.09 CI NEW
CREDIT-RATING CALCULATED
04.08.09 CI NEW
CREDIT-RATING CALCULATED
16.07.09 CI NEW
CREDIT-RATING CALCULATED
08.07.09 CI NEW
CREDIT-RATING CALCULATED
04.07.09 CI NEW
CREDIT-RATING CALCULATED
25.06.09 CI NEW
CREDIT-RATING CALCULATED
NEGATIVE
PAYMENT REMARKS
Date: Type: Amount: Status:
03.09.09 LEASING
AGREEEMENT
06.08.08 SECURITY-WAREHOUSE S40.000.000
31.07.08 LEASING
AGREEEMENT
26.06.08 LEASING
AGREEEMENT
10.01.08 SECURITY-WAREHOUSE S75.000.000
10.01.08 SECURITY OPERATING A25.000.000
10.01.08 FACTORING AGREEMENT
50.000.000
04.04.07 VENDOR'S LIEN 528.450
PROFIT/LOSS
ACC.
YEAR END:
31.12.2009
31.12.2008
31.12.2007
TOT.OPERAT.INCOME:
576.080.000
557.896.000 504.095.000
TOT.OPERAT.COSTS:
-601.026.000
-631.488.000 -509.841.000
OPERAT.PROF./LOSS:
-24.945.000
-73.593.000 -5.745.000
TOT.FINANC.INCOME:
2.889.000 2.421.000 4.373.000
TOT.FINANC.COSTS:
-5.694.000
-17.079.000 -8.747.000
PROF/LOSS B. TAX:
-27.749.000
-88.251.000 -10.119.000
YEAR TAX:
0 0 2.804.000
ORD.PROFIT/LOSS:
-27.749.000
-88.251.000 -7.315.000
TOT.EX.ORD. ITEMS: 0 0 0
PROF/LOSS F/YEAR:
-27.749.000
-88.251.000 -7.315.000
TOTAL TRANSFERS:
27.749.000
88.251.000 7.315.000
Subsidiaries
NOK NOK NOK
BALANCE
SHEET
Year End:
31.12.2009
31.12.2008
31.12.2007
TOT.CAPITAL ASSETS:
101.305.000
106.173.000 64.954.000
TOT.CURRENT ASSETS: 153.312.000 160.278.000 199.830.000
TOT.ASSETS:
254.617.000
266.451.000 264.784.000
TOT.SUBSCR. EQ.CAP.:
201.400.000
181.400.000 157.500.000
TOT.EARNED EQ.CAP.:
-169.146.000 -141.397.000 -68.236.000
TOT.EQUITY CAPITAL:
32.254.000
40.003.000 89.264.000
TOT.LONG-TERM DEBT:
49.430.000
29.287.000 3.895.000
TOT.SHORT-TERM DEBT:
172.933.000 197.161.000 171.626.000
TOT.EQ.CAP. & LIABIL
254.617.000
266.451.000 264.785.000
Subsidiaries
NOK NOK NOK
PROFIT/LOSS
ACC. DETAILS
Year End:
31.12.2009 31.12.2008 31.12.2007
Sales income:
564.762.000
544.004.000 487.347.000
Other income:
11.318.000
13.891.000 16.749.000
TOT.OPERAT.INCOME:
576.080.000 557.896.000 504.095.000
Cost of sales:
-355.782.000
-351.462.000 -308.733.000
Stocks own goods:
0 0 0
Payroll costs:
-98.309.000
-112.049.000 -76.532.000
Depreciation:
-11.548.000
-15.772.000 -14.236.000
Writedown:
0 0 0
Bad debts:
0 0 0
Other op.costs:
-135.387.000
-152.205.000 -110.340.000
TOT.OPERAT.COSTS:
-601.026.000
-631.488.000 -509.841.000
OPERAT.PROF./LOSS:
-24.945.000
-73.593.000 -5.745.000
Income f/inv.subs.:
0 0 0
Inc.f/inv.in.grou:
0 0 0
Inc.f/inv.ass.co:
0 0 0
Inc.groupinter: 911.000 1.707.000 707.000
Inc.Other interes:
273.000 712.000 358.000
Other fin.income:
1.705.000 2.000 3.308.000
TOTAL FIN.INCOME: 2.889.000 2.421.000 4.373.000
Val.fin.curr.ass.:
0 0 0
W.down curr.ass.:
0 0 0
W.down cap.ass.:
0 0 0
Intragroup charge:
0 -3.000 0
Oth.interest charge:
-3.163.000
-6.638.000 -2.900.000
Oth.fin.costs:
-2.531.000 -10.438.000 -5.847.000
Agio/Disagio:
0 0 0
TOT.FIN. COSTS:
-5.694.000
-17.079.000 -8.747.000
TOT.FIN. COSTS:
-2.805.000
-14.658.000 -4.374.000
ORD.PROF/LOSS B.TAX.
-27.749.000
-88.251.000 -10.119.000
Year Tax:
0 0 2.804.000
ORDINARY PROFIT:
-27.749.000
-88.251.000 -7.315.000
Ex.ord. income:
0 0 0
Ex.ord. costs:
0 0 0
Tax ex.ord.prof.:
0 0 0
TOT. EX.ORD. ITEMS:
0 0 0
PROF/LOSS THE YEAR:
-27.749.000
-88.251.000 -7.315.000
Group contribut:
0 0 0
Dividend: 0 0 0
Reserve value.diff.:
0 0 0
Other equity cap.:
27.749.000
88.251.000 7.315.000
TOTAL TRANSFERS:
27.749.000
88.251.000 7.315.000
Subsidiaries
NOK NOK NOK
BALANCE
SHEET DETAILS
Year End:
31.12.2009
31.12.2008
31.12.2007
Research & dev. good 0 0 0
Deferred tax adv.:
49.061.000
49.061.000 40.144.000
TOT. INTANGIBL. ASS.
49.061.000
49.061.000 40.144.000
Prop.sites & build: 0 0 0
Machinery/plant.:
0 0 0
Ships/rigs/planes:
0 0 0
Moveables etc.:
24.729.000 31.118.000 24.780.000
TOTAL FIXED ASS.:
24.729.000
31.118.000 24.780.000
Invest.subsidiary:
0 0 0
Intragroup invest.:
0 0 0
Intragroup loans:
27.515.000
25.986.000 0
Invest.associ.co.:
0 0 0
Loans ass.co.:
0 0 0
Invest.shares:
0 0 15.000
Bonds/oth.receiv.:
0 7.000 15.000
Pension funds:
0 0 0
Subord.loan cap.:
0 0 0
TOT.FIN.CAP.ASS.:
27.515.000
25.994.000 31.000
Oth.cap.assets:
0 0 0
TOT.FIXED.ASSETS: 101.305.000 106.173.000 64.954.000
STOCKS:
113.254.000
122.328.000 99.446.000
Trade debtors:
10.878.000
11.119.000 42.368.000
Oth.acc.receiv.: 15.811.000 17.420.000 49.147.000
Intragroup receiv.:
3.193.000 0 0
Claims com. -cap.:
0 0 0
TOT.ACC.RECEIVABLE:
29.882.000 28.539.000 91.515.000
Share intra.gr.:
0 0 0
Market shares:
0 0 0
Market bonds:
0 0 0
Market fin.instr.:
0 0 0
Oth.fin.elements:
0 0 0
TOTAL INVESTMENTS:
0 0 0
Cash/Bank:
10.175.000
9.411.000 8.869.000
Other current ass.:
0 0 0
TOTAL CURRENT ASS.:
153.312.000
160.278.000 199.830.000
TOTAL ASSETS:
254.617.000
266.451.000 264.784.000
Company capital:
189.900.000
179.900.000 157.500.000
Own shares:
0 0 0
Share reserve:
10.000.000
0 0
TOT.INVES.EQ.CAP:
201.400.000
181.400.000 157.500.000
Reserve value-dif.:
0 0 0
Other equity cap.: -169.146.000 -141.397.000 -68.236.000
TOT.EARNED EQ.CAP.:
-169.146.000
-141.397.000 -68.236.000
TOTAL EQUITY CAP.:
32.254.000
40.003.000 89.264.000
MINORITY INTEREST: 0 0 0
Pension liabil.:
4.075.000 3.871.000 3.421.000
Deferred tax:
0 0 0
Oth.prov.for liab.:
0 0 0
TOT.PROV.LIABLITY:
4.075.000 3.871.000 3.421.000
Convertible loans:
0 0 0
Bond loans:
0 0 0
Debt credit-insti.:
355.000 416.000 474.000
Subord.loan cap.:
45.000.000
0 0
Intragroup debt.:
0 0 0
Oth.longterm debt:
0 25.000.000 0
TOT.OTH.LONG.DEBT:
45.355.000
25.416.000 474.000
TOT.LONGTERM DEBT:
49.430.000
29.287.000 3.895.000
Convertible loans:
0 0 0
Certificate loans:
0 0 0
Debt credit-insti.:
67.819.000
97.000.000 51.216.000
Trade creditors:
61.680.000
66.981.000 65.464.000
Tax payable:
0 0 0
Unpaid public tax:
13.805.000
8.877.000 8.906.000
Dividend: 0 0 0
Intragroup debt:
0 0 0
Oth.short-t. debt:
29.629.000
24.304.000 46.040.000
TOT.SHORT-T. DEBT:
172.933.000
197.161.000 171.626.000
TOT.EC AND LIABIL.:
254.617.000
266.451.000 264.785.000
Subsidiaries
NOK NOK NOK
KEY FIGURES
Year End:
31.12.2009
31.12.2008
31.12.2007
Operating margin:
-4.3 % -13.2 % -1.1 %
Current ratio:
0.9 0.8 1.2
Capital adequacy rat
12.7 % 15 % 33.7 %
Dept-equity ratio
6.9 5.7 2
Interest cover:
-3.9 -4.2 -0.2
Cash flow:
-2.8 % -13 % 1.4 %
Stock financing:
-17.3 -30.2 28.4
Return on equity:
-86 % -220.6 % -8.2 %
Total return:
-8.7 % -26.7 % -0.5 %
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
UK Pound |
1 |
Rs.73.53 |
|
Euro |
1 |
Rs.64.36 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.