MIRA INFORM REPORT

Report Date :

19.05.2011

IDENTIFICATION DETAILS

Name :	KLARO RENSEANLEGG NORGE AS
Registered Office :	Risør Næringspark 4994 Akland
Country :	Norway
Financials (as on) :	31.12.2009
Date of Incorporation :	12.11.1997
Com. Reg. No.:	979346085
Legal Form :	Limited Company
Line of Business :	Wholesale of Machinery and Equipment For Trade, Transport.

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 405.000
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 – 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

Name and address

 
KLARO RENSEANLEGG NORGE AS
RISØR NÆRINGSPARK
 
4994 AKLAND
 
 
ALL FIGURES IN NOK
 
Text:  BEST CREDITWORTHINESS 
Credit limit min.-max.:  0% - 11% OF EQUITY
Max. credit amount:  405.000 LIMITED TO 3% OF TURNOVER
 
Turnover:     13.526.000 Trend: Positive 
Equity:     7.317.000 Trend: Positive 
Result:    2.557.000 Trend: Positive 
Short-term debt:  2.784.000 Trend: Negative 
Financial expenses:  183.000 Trend: Negative 
 
Share capital:  500.000
Legal status:  AS (Limited Company)
Age of company: 13
Payment record:  IRREPROACHABLE
Voluntary mortgage: YES
 
 

TREND

 
 
Date: 31.12.2009 31.12.2008 31.12.2007 
Points: 76 71 74 
Credit limit: 0 - 11% OF EQUITY 0 - 10% OF EQUITY 0 - 10% OF EQUITY 
 
Max credit: 405.000, 274.000, 311.000, 
 3% OF TURNOVER 3% OF TURNOVER 3% OF TURNOVER 
 
Turnover:  13.526.000 9.153.000 10.377.000 
 
Equity: 7.317.000 5.673.000 5.322.000 
 
Neg remarks NO NO NO 
New remarks NO  NO NO 
 

BUSINESS CERTIFICATE

 
Telephone:  37156800 
Fax:  37153436 
Legal status:  AS 
Regno.  979346085 
Established:  1997 
Date registered:  12.11.97 
Certificate date:   20.05.09 
General manager:  STIANSEN BJØRN 
Bank connection: 
Employees:  2011: 7 2010: 7 2009: 3 
Auditor:  993604798 REVISJON AGDER AS
 
 

INDUSTRY (NACE)

 
4669400 WHOLESALE OF MACHINERY AND EQUIPMENT FOR TRADE, TRANSPORT AN
4669000 WHOLESALE OF OTHER MACHINERY AND EQUIPMENT 
4660000 WHOLESALE OF OTHER MACHINERY, EQUIPMENT AND SUPPLIES 
4600000 WHOLESALE TRADE, EXCEPT OF MOTOR VEHICLES AND MOTORCYCLES 
 
 

BOARD

 
STIANSEN BJØRN   CHAIRMAN Born: 08.09.52 
 4950 RISØR 
 
VEREIDE SOLVEIG  DEPUTY MEMBER Born: 24.10.61 
 
 

OWNERS

 
Name: Business no.:  Percentage:
STIANSEN BJØRN 08.09.52  100.00
 
 

SUBSIDIARIES

 
Name:  Business no.: Percentage: 
 
 

CURRENT ITEMS

 
Date: Source: Item:
20.07.10 CI NEW CREDIT-RATING CALCULATED 
11.06.09 CI NEW CREDIT-RATING CALCULATED 
13.12.08 CI NEW CREDIT-RATING CALCULATED 
12.12.08 CI CHANGE REMARKS ON PAYM. 
28.10.08 CI NEW CREDIT-RATING CALCULATED 
06.08.08 CI NEW CREDIT-RATING CALCULATED 
23.04.08 CI NEW CREDIT-RATING CALCULATED 
05.02.08 CI NEW CREDIT-RATING CALCULATED 
06.01.08 CI NEW CREDIT-RATING CALCULATED 
09.07.07  CI NEW CREDIT-RATING CALCULATED 
06.06.07 LY COMPANYNAME CHANGED 
 
 

NEGATIVE PAYMENT REMARKS

 
Date: Type:  Amount: Status: 
21.11.05 SECURITY-WAREHOUSE S  1.000.000 
12.12.01 SECURITY OPERATING A  400.000 
 
 

PROFIT/LOSS ACC.

 
 
YEAR END: 31.12.2009 31.12.2008 31.12.2007 
TOT.OPERAT.INCOME: 13.353.000 9.095.000 10.310.000
TOT.OPERAT.COSTS:  -10.786.000 -8.343.000 -7.827.000
OPERAT.PROF./LOSS: 2.567.000 752.000 2.484.000
TOT.FINANC.INCOME: 173.000 58.000 67.000
TOT.FINANC.COSTS: -183.000  -159.000 -92.000
PROF/LOSS B. TAX: 2.557.000 651.000 2.459.000
YEAR TAX: -713.000 -201.000 -671.000
ORD.PROFIT/LOSS: 1.844.000 451.000 1.788.000
TOT.EX.ORD. ITEMS: 0 0 0
PROF/LOSS F/YEAR: 1.844.000 451.000 1.788.000
TOTAL TRANSFERS: -1.844.000 -451.000  -1.788.000
Subsidiares NOK NOK NOK
 

BALANCE SHEET

 
Year End: 31.12.2009 31.12.2008 31.12.2007 
TOT.CAPITAL ASSETS: 7.498.000 4.378.000  3.471.000
TOT.CURRENT ASSETS: 7.351.000 4.683.000 5.938.000
TOT.ASSETS: 14.849.000 9.061.000 9.409.000
TOT.SUBSCR. EQ.CAP.: 500.000 500.000 500.000
TOT.EARNED EQ.CAP.: 6.817.000 5.173.000 4.822.000
TOT.EQUITY CAPITAL: 7.317.000 5.673.000 5.322.000
TOT.LONG-TERM DEBT: 4.748.000 2.231.000 1.527.000
TOT.SHORT-TERM DEBT: 2.784.000 1.158.000 2.560.000
TOT.EQ.CAP. & LIABIL 14.849.000 9.062.000 9.409.000
Subsidiares NOK NOK NOK
 
 

PROFIT/LOSS ACC. DETAILS

 
Year End: 31.12.2009 31.12.2008 31.12.2007 
Sales income: 13.447.000 9.055.000 9.973.000
Other income: -94.000 40.000 337.000
TOT.OPERAT.INCOME: 13.353.000 9.095.000 10.310.000
 
Cost of sales: -6.002.000 -3.945.000 -4.803.000
Stocks own goods: 0 0 0
Payroll costs:  -1.872.000 -1.859.000 -1.091.000
Depreciation: -258.000 -195.000 -209.000
Writedown: 0 0 0
Bad debts:  0 0 0
Other op.costs: -2.654.000 -2.344.000 -1.724.000
TOT.OPERAT.COSTS: -10.786.000 -8.343.000 -7.827.000
 
OPERAT.PROF./LOSS: 2.567.000 752.000 2.484.000
 
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: 77.000 0 67.000
Other fin.income: 71.000 58.000  0
TOTAL FIN.INCOME: 173.000 58.000 67.000
 
Val.fin.curr.ass.: 25.000 0 0
W.down curr.ass.: 0 0  0
W.down cap.ass.: 0 0 0
Intragroup charge: 0 0 0
Oth.interest charge: -172.000 0 -92.000
Oth.fin.costs: -11.000 -159.000 0
Agio/Disagio: 0 0 0
TOT.FIN. COSTS: -183.000 -159.000 -92.000
 
TOT.FIN. COSTS:  -10.000 -101.000 -25.000
 
ORD.PROF/LOSS B.TAX. 2.557.000 651.000 2.459.000
Year Tax: -713.000 -201.000 -671.000
ORDINARY PROFIT: 1.844.000 451.000 1.788.000
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: 1.844.000 451.000 1.788.000
 
Group contribut: 0  0 0
Dividend: -200.000 -50.000 0
Reserve value.diff.: 0 0 0
Other equity cap.: -1.644.000 -401.000 -1.788.000
TOTAL TRANSFERS: -1.844.000 -451.000 -1.788.000
Subsidiares 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.: 0 0 0
TOT. INTANGIBL. ASS. 0 0  0
 
Prop.sites & build: 5.053.000 2.990.000 2.737.000
Machinery/plant.: 0 0 0
Ships/rigs/planes: 0 0 0
Moveables etc.: 1.762.000 988.000 734.000
TOTAL FIXED ASS.: 6.815.000 3.978.000 3.471.000
 
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.: 683.000 400.000 0
Pension funds: 0 0 0
Subord.loan cap.: 0 0 0
TOT.FIN.CAP.ASS.: 683.000 400.000 0
 
Oth.cap.assets: 0  0 0
 
TOT.FIXED.ASSETS: 7.498.000 4.378.000 3.471.000
 
STOCKS: 1.028.000 1.318.000 678.000
 
Trade debtors: 2.593.000 643.000  1.021.000
Oth.acc.receiv.: 263.000 1.097.000 1.251.000
Intragroup receiv.: 0 0 0
Claims com. -cap.: 0 0  0
TOT.ACC.RECEIVABLE: 2.856.000 1.740.000 2.271.000
 
Share intra.gr.: 0 0 0
Market shares: 0 0 0
Market bonds: 70.000 45.000 855.000
Market fin.instr.: 0 0 0
Oth.fin.elements: 0 0 0
TOTAL INVESTMENTS:  70.000 45.000 855.000
 
Cash/Bank: 3.398.000 1.581.000 2.134.000
Other current ass.: 0 0 0
TOTAL CURRENT ASS.: 7.351.000 4.683.000 5.938.000
 
TOTAL ASSETS: 14.849.000 9.061.000 9.409.000
 
Company capital: 500.000 500.000 500.000
Own shares: 0  0 0
Share reserve: 0 0 0
TOT.INVES.EQ.CAP: 500.000 500.000 500.000
 
Reserve value-dif.: 0  0 0
Other equity cap.: 6.817.000 5.173.000 4.822.000
TOT.EARNED EQ.CAP.: 6.817.000 5.173.000 4.822.000
 
TOTAL EQUITY CAP.: 7.317.000 5.673.000  5.322.000
 
MINORITY INTEREST: 0 0 0
 
Pension liabil.: 0 0 0
Deferred tax: 221.000 150.000 194.000
Oth.prov.for liab.: 0 0 0
TOT.PROV.LIABLITY: 221.000 150.000 194.000
 
Convertible loans: 0 0 0
Bond loans: 0 0 0
Debt credit-insti.: 4.527.000 2.081.000 1.333.000
Subord.loan cap.: 0 0 0
Intragroup debt.:  0 0 0
Oth.longterm debt: 0 0 0
TOT.OTH.LONG.DEBT: 4.527.000 2.081.000 1.333.000
 
TOT.LONGTERM DEBT: 4.748.000 2.231.000 1.527.000
 
Convertible loans: 0 0 0
Certificate loans: 0 0 0
Debt credit-insti.: 0  0 0
Trade creditors: 1.264.000 229.000 1.582.000
Tax payable: 642.000 245.000 663.000
Unpaid public tax: 233.000 396.000 204.000
Dividend: 200.000 50.000 0
Intragroup debt: 0 0 0
Oth.short-t. debt: 446.000 238.000  111.000
TOT.SHORT-T. DEBT: 2.784.000 1.158.000 2.560.000
TOT.EC AND LIABIL.: 14.849.000 9.062.000 9.409.000
 
Subsidiares NOK NOK NOK
 
 

KEY FIGURES

 
Year End: 31.12.2009 31.12.2008 31.12.2007 
Operating margin: 19.2 % 8.3 % 24.1 %
Current ratio: 2.6 4  2.3
Capital adequacy rat 49.3 % 62.6 % 56.6 %
Dept-equity ratio 1 0.6 0.8
Interest cover: 15 5.1 27.7
Cash flow: 15.7 % 7.1 % 19.4 %
Stock financing: 444.3 267.5 498.2
Return on equity: 25.2 % 7.9 % 33.6 %
Total return:  18.5 % 8.9 % 27.1 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.08
UK Pound	1	Rs.73.35
Euro	1	Rs.64.30

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%)

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