MIRA INFORM
REPORT
|
Report Date : |
07.01.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
GLAMOX ASA |
|
|
|
|
Registered Office : |
Birger Hatlebakksvei 15, Molde 6405 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
16.10.1951 |
|
|
|
|
Com. Reg. No.: |
912007782 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer of
Lighting Equipment |
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 : |
11,700,000 NOK |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment
Behaviour : |
Slow but Correct |
|
|
|
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company Summary
|
Company Name |
GLAMOX ASA |
|
Company Number |
912007782 |
|
Company Type |
PUBLIC LIMITED
COMPANY |
|
Status |
Active |
|
Address |
BIRGER
HATLEBAKKSVEI 15 |
|
City |
MOLDE |
|
Postcode |
6405 |
|
Phone |
71246000 |
|
Fax |
71246001 |
|
Registered in
Entity Reg |
1990-02-17 |
|
Established Date |
1951-10-16 |
|
Settled Stock
Capital |
65,988,668
NOK |
|
Email |
|
|
Website |
|
Credit Decision Score
|
Max Recommended
Credit |
11,700,000 NOK |
Payment Remarks Summary
|
No. of remarks |
11 |
|
Total payment
remarks |
269384 |
|
Last registered |
Debt Collection |
|
Date |
2010-12-06 |
|
Amount |
162,205 |
|
Status |
|
|
Source |
Kredinor FLI |
Number of Employees
|
Date |
No. of
Employees |
|
2010 |
536 |
|
2009 |
436 |
|
2008 |
518 |
|
2007 |
497 |
|
|
0 |
Line of Business
|
Business Code |
27400# Produksjon av belysningsutstyr |
|
|
# 27400 Manufacture of lighting equipment |
|
Line of
Business |
PRODUKTUTVIKLING,
PRODUKSJON, SALG, EKSPORT, IMPORT, INVESTERING OG FINANSIERING. |
|
|
Product Development, Production, Sales, Exports,
Imports, Investment And Financin |
|
Authorised
Signatory |
STYRETS FORMANN
SAMMEN MED ETT AV DE ØVRIGE STYREMEDLEMMENE. |
|
Proxy |
DAGLIG LEDER
ALENE. |
Payment Remarks
|
No. |
Reg. date |
Description |
Source |
Amount |
Changed |
Status |
Creditor |
|
02 a |
2010-05-14 |
Debt Collection |
VF |
6,125 |
-- |
|
FINDEXA FORLAG AS |
|
03 a |
2010-07-12 |
Debt Collection |
LINDORFF |
23,993 |
-- |
|
BRAVIDA NORGE AS |
|
04 a |
2010-07-20 |
Debt Collection |
|
7,883 |
-- |
|
NSB AS |
|
05 a |
2010-08-24 |
Debt Collection |
Intrum Justitia |
1,840 |
2010-10-20 |
Partly Settled |
|
|
06 a |
2010-09-09 |
Debt Collection |
Kredinor FLI |
820 |
-- |
|
CARGO PARTNER
AS(IN) |
|
07 a |
2010-10-07 |
Debt Collection |
LINDORFF |
1,651 |
-- |
|
SCHENKER AS |
|
08 a |
2010-10-18 |
Debt Collection |
Kreditorforeningen
i Øst |
604 |
-- |
|
PLANTASJEN NORGE
AS |
|
09 a |
2010-10-27 |
Debt Collection |
Kreditorforeningen
Vest |
13,531 |
-- |
|
PROFITEK IT AS |
|
10 a |
2010-11-09 |
Debt Collection |
LINDORFF |
2,894 |
-- |
|
SCHENKER AS |
|
11 a |
2010-11-17 |
Debt Collection |
LINDORFF |
47,838 |
-- |
|
ISS COLLECTIONS
LTD |
|
12 a |
2010-12-06 |
Debt Collection |
Kredinor FLI |
162,205 |
-- |
|
YIT AS |
Voluntary pledge
|
No. |
Reg. date |
Description |
Source |
Amount |
Changed |
Status |
Creditor |
|
01 a |
1996-07-12 |
Leasing Contract
Motor Vehicle |
BRØNNØYSUNDREGISTRENE |
- |
-- |
|
VOLVO FINANS NORGE
AS, KOLBOTN |
Annual Accounts
Income Statement
|
Accounts Date |
2009-12-31 |
2008-12-31 |
2007-12-31 |
|
Currency |
K NOK ('000) |
K NOK ('000) |
K NOK ('000) |
|
Total Operating
Income |
884,496 |
927,998 |
927,502 |
|
Total Operating
Cost |
799,942 |
852,833 |
844,841 |
|
Operating Profit |
84,554 |
75,165 |
82,661 |
|
Total Finance
Income |
101,208 |
16,466 |
13,441 |
|
Total Finance
Cost |
4,083 |
60,671 |
15,543 |
|
Ordinary Profit
Before Tax |
181,679 |
30,960 |
80,559 |
|
Ordinary Profit
After Tax |
147,772 |
24,722 |
57,024 |
|
Net Profit |
147,772 |
24,722 |
57,024 |
Balance Sheet
|
Accounts Date |
2009-12-31 |
2008-12-31 |
2007-12-31 |
|
Currency |
K NOK ('000) |
K NOK ('000) |
K NOK ('000) |
|
Intangible
Assets |
2,312 |
41,006 |
33,619 |
|
Tangible Assets |
172,982 |
182,816 |
180,272 |
|
Financial Fixed
Assets |
381,287 |
224,593 |
218,444 |
|
Total Fixed
assets |
556,581 |
448,415 |
432,335 |
|
Goods/Materials |
87,234 |
104,578 |
87,989 |
|
Receivables |
95,615 |
93,434 |
102,988 |
|
Investments |
0 |
0 |
0 |
|
Bank Deposits
& Cash |
101,685 |
158,158 |
164,053 |
|
Other Assets |
0 |
0 |
0 |
|
Total Current
Assets |
284,534 |
356,170 |
355,030 |
|
TOTAL ASSETS |
841,115 |
804,585 |
787,365 |
|
|
|||
|
Short Term
Debts |
203,677 |
212,898 |
206,569 |
|
Long Term Debts |
229,116 |
314,437 |
264,971 |
|
Total Debts |
432,793 |
527,335 |
471,540 |
|
Paid In Equity |
201,443 |
201,443 |
201,443 |
|
Retained
Earnings |
206,878 |
75,806 |
114,381 |
|
Total Equity |
408,321 |
277,249 |
315,824 |
|
TOTAL DEBTS
& EQUITY |
841,114 |
804,584 |
787,364 |
Ratios
|
Accounts Date |
2009-12-31 |
2008-12-31 |
2007-12-31 |
|
Earnings |
Acceptable |
Acceptable |
Acceptable |
|
Gross Profit
Margin |
9.56 |
8.10 |
8.91 |
|
Interest Contribution
Ratio |
45.50 |
1.51 |
6.18 |
|
|
|||
|
Solidity |
Very good |
Very good |
Very good |
|
Equity to
Revenues Ratio |
46.16 |
29.88 |
34.05 |
|
Debt to Equity
Ratio |
48.55 |
34.46 |
40.11 |
|
|
|||
|
Liquidity |
Acceptable |
Good |
Good |
|
Quick Ratio |
0.97 |
1.18 |
1.29 |
|
Quick Ratio 3 |
0.50 |
0.74 |
0.79 |
Auditor Remarks
|
Date |
Remarks |
|
2009-12-31 |
No registered
remarks |
|
2008-12-31 |
No registered
remarks |
|
2007-12-31 |
No registered
remarks |
Parent Company
|
There is no parent
for this company. |
Subsidiaries
|
Company Number |
Company Name |
|
|
LUXO NORGE AS |
|
|
LUXO UKM LTD |
|
|
LUXO SCHWEIZ GMBH |
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|
LUXO GMBH |
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|
LUXO |
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LUXO SVERIGE AB |
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LUXO DANMARK AS |
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LUXO LAMP LTD |
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|
LUXO USA INC |
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|
LUXO CORPORATION |
|
|
BURTON MEDICAL
PRODUCTS CORP |
|
957558208 |
LUXO AS |
|
|
GLAMAX KOREA CO
LTD |
|
982734894 |
BIRGER HATLEBAKKS
VEG 15 AS |
|
|
GLAMOX ( |
|
945958871 |
NORSELIGHT A/S |
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|
GLAMOX IRELAND LTD |
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|
GLAMOX FAR EAST
PTE LTD |
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|
MARITEAM LIGHTNING
INC |
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|
AQUA SIGNAL
CORPORATION |
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|
AQUA SIGNAL
TETEROW GMBH & CO KG |
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|
AQUA SIGNAL AG |
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AS GLAMOX HE |
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|
GLAMOX MARKETING
OY |
|
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GLAMOX LICHT GMBH |
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GLAMOX ELECTRIC
LTD. |
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GLAMOX ELEKTRO AB |
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|
GLAMOX AS |
Stockholders
|
Stockholder
Name |
Share |
|
DAG HENNING LARSEN |
0,88% |
|
ERIK MUST |
1,42% |
|
985672903 SNEFONN
AS |
1,60% |
|
KJELL STAMNES |
2,11% |
|
931048198 VICAMA
AS |
2,37% |
|
889867442 HAVFONN
AS |
2,43% |
|
SUNDIAL 2000
LIMITED |
3,54% |
|
ØVRIGE AKSJONÆRER |
3,77% |
|
879876052
AKSJEFONDET SKAGEN VEKST |
9,01% |
|
987081112
FONDSAVANSE AS |
22,97% |
|
910261525 ARENDALS
FOSSEKOMPANI ASA |
49,90% |
Group Structure
|
GLAMOX ASA |
|
NORSELIGHT A/S |
|
LUXO AS |
|
LUXO SVERIGE AB |
|
LUXO DANMARK AS |
|
LUXO |
|
LUXO LAMP LTD |
|
LUXO NORGE AS |
|
LUXO SCHWEIZ GMBH |
|
BIRGER HATLEBAKKS VEG 15 AS |
Subdivisions
|
Name |
Address |
|
GLAMOX ASA |
BIRGER HATLEBAKKS
VEG 15, 6415, MOLDE, |
|
GLAMOX ASA |
BRYGGERIGATA
42, 2315, HAMAR, |
|
GLAMOX ASA |
PORSGRUNNSVEGEN
190, 3736, SKIEN, |
|
GLAMOX ASA |
ASBJØRN SELSBANES
GATE 2, 9405, HARSTAD, |
|
GLAMOX ASA |
ØSTRE ROSTEN
84, 7075, TILLER, |
|
GLAMOX ASA |
CONRAD MOHRS VEG 9
C, 5068, |
|
GLAMOX ASA |
SANDAKERVEIEN
138, 0484, |
|
GLAMOX ASA |
HAUGESUNDSGATA
7, 4014, |
|
GALMOX ASA |
BIRGER HATLEBAKKS
VEI 15, 6405, MOLDE, |
|
GLAMOX ASA |
SØRLIVEIEN
84, 1788, BERG I ØSTFOLD, |
|
GLAMOX ASA |
2260,
KIRKENÆR, |
Board Data
|
Managing
Director |
Status |
|
KJELL ØYVIND
STAMNES |
|
|
|
|
|
Chairman of the
board |
Status |
|
BJØRN ARNESTAD |
|
|
|
|
|
Board member |
Status |
|
HEIDI MARIE
PETERSEN |
|
|
SVERRE VALVIK |
|
|
OLAV KJELL HOLTAN |
|
|
KRISTINE LANDMARK |
|
|
|
|
|
Substitute |
Status |
|
GEIR LIABØ |
|
|
NILS ERIK IVERSEN |
|
|
LIV KARI ENGELAND |
|
|
|
|
|
Employee
Representative |
Status |
|
SIGMUND MONRAD
JOHANSEN |
|
|
HENNY ODDRUN
SANDBLÅST EIDEM |
|
|
BJØRN NORVALD
LARSEN |
|
|
|
|
|
Auditor |
Status |
|
KPMG AS |
|
Current Events / History
|
Capital History |
|
|
Date |
Capital |
|
2007-06-29 |
65,988,668 |
|
Managing Director
History |
|
|
Date |
Name |
|
2001-11-17 |
KJELL ØYVIND
STAMNES |
|
Auditor History |
|
No information for
this event. |
|
Company Name |
|
No information for
this event. |
|
Board Change |
|
|
The board
changed on 2010-10-26 |
|
|
BJØRN ARNESTAD |
Chairman of the
board |
|
HEIDI MARIE
PETERSEN |
Board member |
|
SVERRE VALVIK |
Board member |
|
OLAV KJELL HOLTAN |
Board member |
|
KRISTINE LANDMARK |
Board member |
|
SIGMUND MONRAD
JOHANSEN |
ANSATTES REP. |
|
HENNY ODDRUN
SANDBLÅST EIDEM |
ANSATTES REP. |
|
BJØRN NORVALD
LARSEN |
ANSATTES REP. |
|
GEIR LIABØ |
VARA REP. |
|
NILS ERIK IVERSEN |
VARA REP. |
|
LIV KARI ENGELAND |
VARA REP. |
|
Company Address |
|
. No information
for this event. |
|
Bankruptcy
Information |
|
|
|
|
|
No information for
this event. |
|
|
Annual Report /
Accounts Received |
|
|
|
|
|
Date |
|
|
2010-06-11 |
|
|
Company
Merged/Divided |
|
Date |
|
2010-03-12 |
|
Expiry
Notification |
|
No information for
this event. |
|
Deletion
Notification |
|
No information for
this event. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.31 |
|
|
1 |
Rs.70.26 |
|
Euro |
1 |
Rs.59.56 |
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 |
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.