MIRA INFORM REPORT

 

 

Report Date :

06.05.2011

 

IDENTIFICATION DETAILS

 

Name :

MOE & FLINSTAD AS   

 

 

Registered Office :

Haraldrudveien 35 0581 Oslo

 

 

Country :

Norway

 

 

Financials (as on) :

31.12.2010         

 

 

Date of Incorporation :

12.04.1989           

 

 

Legal Form :

AS

 

 

Line of Business :

Wholesale of furniture                                     

 

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 :

660.000 LIMITED TO 3% OF TURNOVER

 

 

Status :

Good

 

 

Payment Behaviour :

Unknown

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Norway

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

REGISTERED NAME & COMPANY SUMMARY

 

MOE & FLINSTAD AS       

HARALDRUDVEIEN 35

0581 OSLO

BUSINESS CERTIFICATE

 

Telephone:                                22071450           

Fax:                                          22071451           

Legal status:                             AS                 

Regno.                                      914344905          

Established:                              1948               

Date registered:                         12.04.89            

Certificate date:                         21.04.07           

General manager:                      FLINSTAD PÅL-GEORG 

Bank connection:                       

Employees:                               2011: 14 2010: 14 2009: 13

Auditor:                                     976389387           ERNST & YOUNG AS

Share capital:                            2.211.000

Legal status:                             AS

Age of company:                        63

Payment record:                        IRREPROACHABLE

Voluntary mortgage:                   YES

 

CREDIT recommendation

 

Current Credit Limit: 660.000 LIMITED TO 3% OF TURNOVER

 

DIRECTORS/MANAGEMENT

 

BOARD

 

FLINSTAD PÅL-GEORG                         CHAIRMAN                             Born: 17.02.68

JOMFRUBRÅTVEIEN 50 1179 OSLO           

 

FLINSTAD KARL GEORG                       DEPUTY MEMBER                 Born: 16.09.35

FLINSTAD CHRISTIN                             DEPUTY MEMBER                   Born: 27.04.68

 

NEGATIVE INFORMATION

 

NEGATIVE PAYMENT REMARKS

 

Date:          Type:               Amount:      Status:  

21.02.95       FACTORING AGREEMENT  1.200.000 

SHARE & SHARE CAPITAL INFORMATION

 

Share capital:                 2.211.000

 

OWNERS

 

Name:                                           Business no.:  Percentage:

FLINSTAD PÅL-GEORG                              17.02.68            100.00

 

PAYMENT INFORMATION

 

Nothing to disclosed.

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

SUBSIDIARIES

 

Name:                                           Business no.:  Percentage:

 

FINANCIAL INFORMATION

 

Turnover:                     22.014.000        Trend: Negative           

Equity:                        9.336.000        Trend: Positive           

Result:                        1.275.000        Trend: Negative           

Short-term debt:               9.341.000        Trend: Positive           

Financial expenses:              226.000        Trend: Positive           

 

PROFIT/LOSS ACC.

 

YEAR END:                   31.12.2010          31.12.2009          31.12.2008 

TOT.OPERAT.INCOME:            21.866.000          22.939.000          24.526.000

TOT.OPERAT.COSTS:            -20.514.000         -21.337.000         -22.361.000

OPERAT.PROF./LOSS:             1.352.000           1.601.000           2.165.000

TOT.FINANC.INCOME:               148.000             402.000             189.000

TOT.FINANC.COSTS:               -226.000            -241.000            -585.000

PROF/LOSS B. TAX:              1.275.000           1.762.000           1.769.000

YEAR TAX:                       -375.000            -516.000            -538.000

ORD.PROFIT/LOSS:                 899.000           1.246.000           1.231.000

TOT.EX.ORD. ITEMS:                     0                   0                   0

PROF/LOSS F/YEAR:                899.000           1.246.000           1.231.000

TOTAL TRANSFERS:                -899.000          -1.246.000          -1.231.000

Subsidiares                          NOK                 NOK                 NOK

 

 

BALANCE SHEET

 

Year End:                   31.12.2010          31.12.2009          31.12.2008 

TOT.CAPITAL ASSETS:            6.692.000           6.616.000           6.758.000

TOT.CURRENT ASSETS:           11.985.000          11.527.000          11.670.000

TOT.ASSETS:                   18.677.000          18.143.000          18.428.000

TOT.SUBSCR. EQ.CAP.:           2.211.000           2.211.000           2.211.000

TOT.EARNED EQ.CAP.:            7.125.000           6.225.000           4.979.000

TOT.EQUITY CAPITAL:            9.336.000           8.436.000           7.190.000

TOT.LONG-TERM DEBT:                    0                   0                   0

TOT.SHORT-TERM DEBT:           9.341.000           9.706.000          11.238.000

TOT.EQ.CAP. & LIABIL          18.677.000          18.142.000          18.428.000

Subsidiares                          NOK                 NOK                 NOK

 

 

PROFIT/LOSS ACC. DETAILS

 

Year End:                   31.12.2010          31.12.2009          31.12.2008 

Sales income:                 21.715.000          22.763.000          24.385.000

Other income:                    151.000             175.000             141.000

TOT.OPERAT.INCOME:            21.866.000          22.939.000          24.526.000

 

Cost of sales:                -9.426.000         -10.831.000         -10.739.000

Stocks own goods:                      0                   0                   0

Payroll costs:                -6.220.000          -6.010.000          -5.988.000

Depreciation:                   -277.000            -202.000            -311.000

Writedown:                             0                   0                   0

Bad debts:                             0                   0                   0

Other op.costs:               -4.591.000          -4.294.000          -5.323.000

TOT.OPERAT.COSTS:            -20.514.000         -21.337.000         -22.361.000

 

OPERAT.PROF./LOSS:             1.352.000           1.601.000           2.165.000

 

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:                        0                   0                   0

Inc.Other interes:                68.000              59.000             118.000

Other fin.income:                 80.000             343.000              71.000

TOTAL FIN.INCOME:                148.000             402.000             189.000

 

Val.fin.curr.ass.:                     0                   0                   0

W.down curr.ass.:                      0                   0                   0

W.down cap.ass.:                       0                   0                   0

Intragroup charge:                     0                   0                   0

Oth.interest charge:            -109.000            -130.000            -312.000

Oth.fin.costs:                  -117.000            -111.000            -273.000

Agio/Disagio:                          0                   0                   0

TOT.FIN. COSTS:                 -226.000            -241.000            -585.000

 

TOT.FIN. COSTS:                  -78.000             161.000            -396.000

 

ORD.PROF/LOSS B.TAX.           1.275.000           1.762.000           1.769.000

Year Tax:                       -375.000            -516.000            -538.000

ORDINARY PROFIT:                 899.000           1.246.000           1.231.000

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:              899.000           1.246.000           1.231.000

 

Group contribut:                       0                   0                   0

Dividend:                              0                   0            -160.000

Reserve value.diff.:                   0                   0                   0

Other equity cap.:              -899.000          -1.246.000          -1.071.000

TOTAL TRANSFERS:                -899.000          -1.246.000          -1.231.000

Subsidiares                          NOK                 NOK                 NOK

 

 

BALANCE SHEET DETAILS

 

Year End:                   31.12.2010          31.12.2009          31.12.2008 

Research & dev. good                   0                   0                   0

Deferred tax adv.:               135.000             228.000             327.000

TOT. INTANGIBL. ASS.             135.000             228.000             327.000

 

Prop.sites & build:                    0                   0                   0

Machinery/plant.:                      0                   0                   0

Ships/rigs/planes:                     0                   0                   0

Moveables etc.:                  458.000             289.000             332.000

TOTAL FIXED ASS.:                458.000             289.000             332.000

 

Invest.subsidiary:                     0                   0                   0

Intragroup invest.:                    0                   0                   0

Intragroup loans:                      0                   0                   0

Invest.associ.co.:                     0                   0                   0

Loans ass.co.:                         0                   0                   0

Invest.shares:                         0                   0                   0

Bonds/oth.receiv.:             6.099.000           6.099.000           6.099.000

Pension funds:                         0                   0                   0

Subord.loan cap.:                      0                   0                   0

TOT.FIN.CAP.ASS.:              6.099.000           6.099.000           6.099.000

 

Oth.cap.assets:                        0                   0                   0

 

TOT.FIXED.ASSETS:              6.692.000           6.616.000           6.758.000

 

STOCKS:                        6.403.000           7.108.000           7.648.000

 

Trade debtors:                 1.007.000           1.240.000             612.000

Oth.acc.receiv.:                 140.000             495.000             446.000

Intragroup receiv.:                    0                   0                   0

Claims com. -cap.:                     0                   0                   0

TOT.ACC.RECEIVABLE:            1.147.000           1.735.000           1.057.000

 

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:                     4.435.000           2.684.000           2.964.000

Other current ass.:                    0                   0                   0

TOTAL CURRENT ASS.:           11.985.000          11.527.000          11.670.000

 

TOTAL ASSETS:                 18.677.000          18.143.000          18.428.000

 

Company capital:               2.211.000           2.211.000           2.211.000

Own shares:                            0                   0                   0

Share reserve:                         0                   0                   0

TOT.INVES.EQ.CAP:              2.211.000           2.211.000           2.211.000

 

Reserve value-dif.:                    0                   0                   0

Other equity cap.:             7.125.000           6.225.000           4.979.000

TOT.EARNED EQ.CAP.:            7.125.000           6.225.000           4.979.000

 

TOTAL EQUITY CAP.:             9.336.000           8.436.000           7.190.000

 

MINORITY INTEREST:                     0                   0                   0

 

Pension liabil.:                       0                   0                   0

Deferred tax:                          0                   0                   0

Oth.prov.for liab.:                    0                   0                   0

TOT.PROV.LIABLITY:                     0                   0                   0

 

Convertible loans:                     0                   0                   0

Bond loans:                            0                   0                   0

Debt credit-insti.:                    0                   0                   0

Subord.loan cap.:                      0                   0                   0

Intragroup debt.:                      0                   0                   0

Oth.longterm debt:                     0                   0                   0

TOT.OTH.LONG.DEBT:                     0                   0                   0

 

TOT.LONGTERM DEBT:                     0                   0                   0

 

Convertible loans:                     0                   0                   0

Certificate loans:                     0                   0                   0

Debt credit-insti.:                    0                   0                   0

Trade creditors:               1.313.000           1.187.000           1.646.000

Tax payable:                     293.000             424.000             529.000

Unpaid public tax:               563.000             488.000             458.000

Dividend:                              0                   0                   0

Intragroup debt:                       0                   0                   0

Oth.short-t. debt:             7.173.000           7.606.000           8.605.000

TOT.SHORT-T. DEBT:             9.341.000           9.706.000          11.238.000

TOT.EC AND LIABIL.:           18.677.000          18.142.000          18.428.000

 

Subsidiares                          NOK                 NOK                 NOK

 

 

KEY FIGURES

 

Year End:                   31.12.2010          31.12.2009          31.12.2008 

Operating margin:                  6.2 %                 7 %               8.8 %

Current ratio:                       1.3                 1.2                   1

Capital adequacy rat                50 %              46.5 %                39 %

Dept-equity ratio                      1                 1.2                 1.6

Interest cover:                      6.6                 8.3                   4

Cash flow:                         5.4 %               6.3 %               6.3 %

Stock financing:                    41.3                25.6                 5.6

Return on equity:                  9.6 %              14.8 %              17.1 %

Total return:                        8 %                11 %              12.8 %

 

FOREIGN EXCHANGE RATES

 

Na

 

ADDITIONAL INFORMATION

 

INDUSTRY (NACE)

 

4647100   WHOLESALE OF FURNITURE                                     

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  

TREND

 

Date:               31.12.2010          31.12.2009          31.12.2008         

Points:             73                  72                  70                 

Credit limit:       0 - 10% OF EQUITY   0 - 10% OF EQUITY   0 - 10% OF EQUITY  

 

Max credit:         660.000,            700.000,            719.000,           

                    3% OF TURNOVER      3% OF TURNOVER      10% OF EQUITY      

 

Turnover:           22.014.000          23.341.000          24.715.000         

 

Equity:             9.336.000           8.436.000           7.190.000           

 

Neg remarks         NO                  NO                  NO                 

New remarks         NO                  NO                  NO

 

CURRENT ITEMS

 

Date:                   Source:                 Item:

22.03.11                CI                      NEW CREDIT-RATING CALCULATED                   

04.02.11                CI                      NEW CREDIT-RATING CALCULATED                   

03.02.11                CI                      CHANGE REMARKS ON PAYM.                

25.01.11                CI                      NEW CREDIT-RATING CALCULATED                   

27.03.10                CI                      NEW CREDIT-RATING CALCULATED                   

05.04.08                CI                      NEW CREDIT-RATING CALCULATED                   

21.02.08                CI                      NEW CREDIT-RATING CALCULATED                   

 

NOTES & COMMENTS

 

Na

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.57

UK Pound

1

Rs.73.58

Euro

1

Rs.66.23

 

 

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%)

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.