MIRA INFORM REPORT

Report Date :

23.05.2011

Note:

Having searched the given address we are unable to locate any companies at this address.

IDENTIFICATION DETAILS

Name :	HAVSERVICE AS
Registered Office :	7270 Dyrvik
Country :	Norway
Financials (as on) :	31.12.2009
Date of Incorporation :	19.12.2006
Com. Reg. No.:	890647022
Legal Form :	Limited Company
Line of Business :	Wholesale of shipping equipment and fishing tackle

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	NOK 139.000
Status :	Moderate
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 – March 31^st, 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

Bottom of Form

Company name & address

 
HAVSERVICE AS
7270 DYRVIK
 
All figures in NOK
 
 
Credit limit min.-max.: 1% - 2% OF TURNOVER
Max. credit amount: 139.000 LIMITED TO 15% OF EQUITY
 
Turnover: 8.340.000 Trend: Negative  
Equity: 931.000 Trend: Positive 
Result: 575.000 Trend: Positive 
Short-term debt: 1.132.000 Trend: Negative 
Financial expenses:  56.000 Trend: Positive 
 
Share capital: 334.000
Legal status: AS
Age of company: 4
Payment record: IRREPROACHABLE
Voluntary mortgage: YES
 
 

TREND

 
 
Date: 31.12.2009 31.12.2008 31.12.2007 
Points: 61 54 56 
Credit limit: 1 - 2% OF TURNOVER 1 - 1% OF TURNOVER 1 - 1% OF TURNOVER 
 
Max credit: 139.000, 107.000, 83.000, 
 15% OF EQUITY 15% OF EQUITY 15% OF EQUITY 
 
Turnover: 8.340.000 8.381.000 7.837.000 
 
Equity:  931.000 718.000 558.000 
 
Neg remarks NO NO NO 
New remarks NO NO NO 
 
 

BUSINESS CERTIFICATE

 
Telephone:  72448030 
Fax: 
Legal status:  AS 
Regno.  890647022 
Established:  2006 
Date registered:  19.12.06 
Certificate date:  31.01.11 
General manager: ESPNES STIG OVE 
Bank connection: 
Employees:  2011: 5 2010: 5 2009: 3 
Auditor:  970895167 ALL REVISJON AS
 
 

INDUSTRY (NACE)

 
4669200 WHOLESALE OF SHIPPING EQUIPMENT AND FISHING TACKLE 
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

 
ESPNES STIG OVE  CHAIRMAN  Born: 20.04.54 
 7270 DYRVIK 
 
HUNSKÅR ROY GUSTAV BOARD MEMBER Born: 02.06.82 
MATHISEN ARILD  BOARD MEMBER Born: 24.07.55 
 
 

OWNERS

 
Name: Business no.: Percentage:
ESPNES STIG OVE 20.04.54 100.00
 
 

SUBSIDIARIES

 
 
Name:  Business no.: Percentage: 
 
 

CURRENT ITEMS

 
Date: Source: Item:
07.02.11 FO CHANGE IN SHARECAPITAL 
07.02.11 FO BOARD DIRECTOR CHANGED 
31.01.11 LY COMPANYNAME CHANGED 
25.08.10 CI NEW CREDIT-RATING CALCULATED 
03.01.10 CI NEW CREDIT-RATING CALCULATED 
18.07.09 CI NEW CREDIT-RATING CALCULATED 
17.06.08 CI NEW CREDIT-RATING CALCULATED 
06.01.08 CI NEW CREDIT-RATING CALCULATED 
28.06.07 CI NEW CREDIT-RATING CALCULATED 
 
 

NEGATIVE PAYMENT REMARKS

 
Date:   Type: Amount:  Status: 
02.03.11 SECURITY OPERATING A  4.000.000 
02.03.11 FACTORING AGREEMENT  4.000.000 
02.03.11 SECURITY-WAREHOUSE S  4.000.000 
08.01.07 FACTORING AGREEMENT  1.500.000 
08.01.07 SECURITY OPERATING A  1.500.000 
08.01.07 SECURITY-WAREHOUSE S  1.500.000 
 
 

PROFIT/LOSS ACC.

 
YEAR END: 31.12.2009 31.12.2008 31.12.2007 
TOT.OPERAT.INCOME: 8.325.000 8.381.000 7.835.000
TOT.OPERAT.COSTS: -7.709.000 -8.075.000 -7.276.000
OPERAT.PROF./LOSS: 616.000 306.000 558.000
TOT.FINANC.INCOME: 15.000 0 2.000
TOT.FINANC.COSTS: -56.000 -82.000 -82.000
PROF/LOSS B. TAX: 575.000 224.000 478.000
YEAR TAX:  -162.000 -64.000 -134.000
ORD.PROFIT/LOSS: 413.000 160.000 344.000
TOT.EX.ORD. ITEMS: 0 0 0
PROF/LOSS F/YEAR: 413.000 160.000 344.000
TOTAL TRANSFERS: -413.000 -160.000 -344.000
Subsidiaries NOK NOK NOK
 
 

BALANCE SHEET

 
Year End:  31.12.2009 31.12.2008 31.12.2007 
TOT.CAPITAL ASSETS: 762.000 553.000 528.000
TOT.CURRENT ASSETS: 1.965.000 1.977.000 2.035.000
TOT.ASSETS: 2.727.000 2.530.000 2.563.000
TOT.SUBSCR. EQ.CAP.: 200.000 200.000 200.000
TOT.EARNED EQ.CAP.: 731.000 518.000 358.000
TOT.EQUITY CAPITAL: 931.000 718.000 558.000
TOT.LONG-TERM DEBT: 664.000 802.000 917.000
TOT.SHORT-TERM DEBT: 1.132.000 1.010.000 1.088.000
TOT.EQ.CAP. & LIABIL 2.727.000 2.530.000  2.563.000
Subsidiaries NOK NOK NOK
 
 

PROFIT/LOSS ACC. DETAILS

 
Year End: 31.12.2009 31.12.2008 31.12.2007 
Sales income: 8.325.000  8.246.000 7.648.000
Other income: 0 135.000 187.000
TOT.OPERAT.INCOME: 8.325.000 8.381.000 7.835.000
 
Cost of sales: -5.210.000 -6.092.000  -5.118.000
Stocks own goods: 0 0 0
Payroll costs: -1.478.000 -1.197.000 -1.198.000
Depreciation: -176.000 -127.000 -52.000
Writedown: 0 0 0
Bad debts: 0 0 0
Other op.costs: -845.000 -659.000 -908.000
TOT.OPERAT.COSTS: -7.709.000 -8.075.000 -7.276.000
 
OPERAT.PROF./LOSS: 616.000 306.000 558.000
 
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:  16.000 0 0
Other fin.income: -1.000 0 2.000
TOTAL FIN.INCOME: 15.000 0 2.000
 
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: -56.000 0 0
Oth.fin.costs: 0 -82.000 -82.000
Agio/Disagio: 0 0  0
TOT.FIN. COSTS: -56.000 -82.000 -82.000
 
TOT.FIN. COSTS: -41.000 -82.000 -80.000
 
ORD.PROF/LOSS B.TAX. 575.000 224.000 478.000
Year Tax: -162.000 -64.000 -134.000
ORDINARY PROFIT: 413.000 160.000 344.000
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:  413.000 160.000 344.000
 
Group contribut: 0 0 0
Dividend: -200.000 0 0
Reserve value.diff.:  0 0 0
Other equity cap.: -213.000 -160.000 -344.000
TOTAL TRANSFERS: -413.000 -160.000 -344.000
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.: 53.000 0 4.000
TOT. INTANGIBL. ASS. 53.000 0 4.000
 
Prop.sites & build: 0 0 0
Machinery/plant.: 0  0 0
Ships/rigs/planes: 0 0 0
Moveables etc.: 709.000 553.000 524.000
TOTAL FIXED ASS.: 709.000 553.000  524.000
 
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.: 0 0 0
Pension funds: 0 0 0
Subord.loan cap.: 0 0 0
TOT.FIN.CAP.ASS.: 0 0 0
 
Oth.cap.assets: 0 0 0
 
TOT.FIXED.ASSETS: 762.000 553.000 528.000
 
STOCKS:  1.258.000 1.055.000 1.320.000
 
Trade debtors: 216.000 857.000 593.000
Oth.acc.receiv.: 11.000 13.000 -20.000
Intragroup receiv.: 0 0 0
Claims com. -cap.: 0 0 0
TOT.ACC.RECEIVABLE: 227.000 871.000 573.000
 
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: 480.000 52.000 142.000
Other current ass.: 0 0 0
TOTAL CURRENT ASS.: 1.965.000 1.977.000 2.035.000
 
TOTAL ASSETS: 2.727.000 2.530.000 2.563.000
 
Company capital: 200.000 200.000 200.000
Own shares: 0 0 0
Share reserve: 0 0 0
TOT.INVES.EQ.CAP:  200.000 200.000 200.000
 
Reserve value-dif.: 0 0 0
Other equity cap.: 731.000 518.000 358.000
TOT.EARNED EQ.CAP.:  731.000 518.000 358.000
 
TOTAL EQUITY CAP.: 931.000 718.000 558.000
 
MINORITY INTEREST: 0 0 0
 
Pension liabil.: 0  0 0
Deferred tax: 0 4.000 0
Oth.prov.for liab.: 0 0 0
TOT.PROV.LIABLITY: 0  4.000 0
 
Convertible loans: 0 0 0
Bond loans: 0 0 0
Debt credit-insti.: 664.000 798.000  917.000
Subord.loan cap.: 0 0 0
Intragroup debt.: 0 0 0
Oth.longterm debt: 0 0 0
TOT.OTH.LONG.DEBT: 664.000 798.000 917.000
 
TOT.LONGTERM DEBT: 664.000 802.000 917.000
 
Convertible loans: 0 0 0
Certificate loans: 0 0 0
Debt credit-insti.: 0 28.000 0
Trade creditors: 410.000 516.000 538.000
Tax payable:  219.000 56.000 143.000
Unpaid public tax: 106.000 102.000 286.000
Dividend: 200.000 0 0
Intragroup debt:  0 0 0
Oth.short-t. debt: 196.000 308.000 120.000
TOT.SHORT-T. DEBT: 1.132.000 1.010.000 1.088.000
TOT.EC AND LIABIL.: 2.727.000  2.530.000 2.563.000
 
Subsidiaries NOK NOK NOK
 
 

KEY FIGURES

 
Year End: 31.12.2009 31.12.2008 31.12.2007 
Operating margin: 7.4 %  3.7 % 7.1 %
Current ratio: 1.7 2 1.9
Capital adequacy rat 34.1 % 28.4 % 21.8 %
Dept-equity ratio 1.9 2.5 3.6
Interest cover: 11.3 3.7 6.8
Cash flow: 7.1 % 3.4 % 5.1 %
Stock financing: 66.2 91.7  71.7
Return on equity: 44.4 % 22.3 % 61.6 %
Total return: 23.1 % 12.1 % 21.8 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.93
UK Pound	1	Rs.72.92
Euro	1	Rs.64.34

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.