MIRA INFORM REPORT
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Report Date : |
10.09.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
CUBUS AS |
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Registered Office : |
PO Box 254, Billingstad, 1396 |
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Country : |
Norway |
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Date of Incorporation : |
Not Available |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Retail of women's clothing |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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Litigation : |
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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) |
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Norway |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Cubus AS
PO Box 254
Billingstad, 1396
Norway
Tel: 47 66 77 32 00
Fax: 47 68 85 30 59
Web: www.cubus.no
Synthesis
Employees: 122
Company Type: Private Subsidiary
Corporate Family: 9
Companies
Ultimate Parent: Varner-Gruppen
AS
Fiscal Year End:
31-Dec-2010
Reporting Currency:
Norwegian Krone
Annual Sales: NA
Net Income: 388.4
Total Assets: NA
Business Description
Retail of women's clothing
Industry
Industry Retail (Apparel)
ANZSIC 2006: 4251 - Clothing
Retailing
NACE 2002: 5242 - Retail sale
of clothing
NAICS 2002: 448120 - Women's
Clothing Stores
UK SIC 2003: 52423 - Retail
sale of other women's clothing
US SIC 1987: 5621 - Women's
Clothing Stores
Key Executives
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Name |
Title |
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Marius Warner |
Administrerende direktor |
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Randi Slette-Hovi |
Okonomidirektor |
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Petter M. Oksebås |
Salgs & markedssjef |
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Hege Svensoy |
Sekretær |
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Oyvind Bustnes |
IT-sjef |
news
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Title |
Date |
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One of the
largest credit unions in the country chooses CUBUS Solutions' products |
20-Jul-2011 |
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Montenegro
Launches New Tender for 30-year Lease on Valdanos Resort |
22-Jun-2011 |
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Montenegro
To Tender 90-year Lease on Valdanos Resort on June 20 |
14-Jun-2011 |
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UK-listed
Developer Cubus Lux Mulls Sale of Marina Business in Croatia |
5-Apr-2011 |
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Montenegro
Likely To Call New Tender for Lease of Valdanos Resort |
2-Mar-2011 |
1 - Profit & Loss Item Exchange Rate: USD 1 = NOK 6.047155
2 - Balance Sheet Item Exchange Rate: USD 1 = NOK 5.8125
Corporate Overview
Location
PO Box 254
Billingstad, 1396
Norway
Tel: 47 66 77 32 00
Fax: 47 68 85 30 59
Web: www.cubus.no
Sales NOK(mil): NA
Assets NOK(mil): NA
Employees: 122
Fiscal Year End: 31-Dec-2010
Industry: Retail
(Apparel)
Company Type: Private
Subsidiary
Quoted Status: Not
Quoted
Administrerende direktor: Marius Warner
Contents
· Industry Codes
· Business Description
· Financial Data
Industry Codes
ANZSIC 2006 Codes:
4251 - Clothing Retailing
NACE 2002 Codes:
5242 - Retail sale of clothing
NAICS 2002 Codes:
448120 - Women's Clothing Stores
US SIC 1987:
5621 - Women's Clothing Stores
UK SIC 2003:
52423 - Retail sale of other women's clothing
Business
Description
Retail of women's clothing
More Business
Descriptions
Men's Clothing Stores
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Corporate Family |
Corporate Structure News: |
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Total Corporate Family Members: 9 |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Billingstad |
Norway |
Apparel and Accessories |
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8,458 |
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Subsidiary |
Billingstad |
Norway |
Retail (Apparel) |
|
831 |
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Subsidiary |
Örebro |
Sweden |
Retail (Apparel) |
197.6 |
793 |
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|
Subsidiary |
Billingstad |
Norway |
Retail (Apparel) |
564.4 |
628 |
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|
Subsidiary |
Billingstad |
Norway |
Retail (Apparel) |
|
122 |
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|
Subsidiary |
Billingstad |
Norway |
Retail (Apparel) |
111.5 |
75 |
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Subsidiary |
Billingstad |
Norway |
Retail (Apparel) |
515.9 |
390 |
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Subsidiary |
Billingstad |
Norway |
Real Estate Operations |
199.7 |
10 |
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Subsidiary |
Billingstad |
Norway |
Retail (Apparel) |
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Executive report
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Board of
Directors |
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Chairman |
Chairman |
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Executives |
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Administrerende direktor |
Chief Executive Officer |
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Sekretær |
Company Secretary |
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Regnskapssjef |
Finance Executive |
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Okonomidirektor |
Finance Executive |
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Salgs & markedssjef |
Sales Executive |
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IT-sjef |
E-Commerce Executive |
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Press clippings
One of the largest
credit unions in the country chooses CUBUS Solutions' products
PR Web: 20 July
2011
[What follows is
the full text of the news story.]
Livermore, CA
(PRWEB) July 20, 2011
CUBUS Solutions, a
leader in online banking solutions for credit unions, announced today that one
of the largest credit unions in the country, Teachers Federal Credit Union
(TFCU) has chosen the CUBUS Solutions� CUStatements to add to their delivery
of next generation online banking services to members.
TFCU has more than
217,000 members and over $4 billion dollars in assets. CUStatements is the
second CUBUS product in use by the credit union, which continues to develop
their online channel as a crucial area of ongoing growth.
�We view the
online channel as a key aspect of our overall delivery strategy. Offering tools
to our members to help them better manage their financial lives is a great way
to expand the depth of our relationship with them,� said Myk Valentin, SVP of
Information Systems of Teachers Federal Credit Union. �Adding the CUBUS
electronic statements system to our mix of other CUBUS products, is not only
paper reducing and environmentally responsible, but also extends our philosophy
of offering a full-service online solution that is convenient and easy for our
members to use.�
�Teachers
Federal Credit Union is an example of our ability to scale to service a top 50
credit union,� said John-Ashley Paul, CEO, CUBUS Solutions. �They have been
a customer for over eight years and throughout, we�ve worked collaboratively
to implement services that enhance their member�s experience and achieve
greater operational efficiency through our online banking products and
platform.�
CUStatements is an
electronic statement management system that supports month-end, credit card,
mortgage and tax statements in easy to use PDF format. CUStatements lets
members view several years of statement history online, increases e-statement
efficiency with integrated email bounce managements and saves thousands in
paper cost.
Based on U.S.
Postal estimates, over 687,000 tons of paper are utilized every year in the
United States in the form of banking statements, monthly billing statements,
the checks used to pay them, and the envelopes in which they are sent. If every
U.S. household went �paperless� for its banking and bill paying needs, over
16.5 million trees would be saved.
Teachers Federal
Credit Union is currently using the CUBUS product, CUAlerts, which lets members
set up custom electronic alerts such as when account balances goes above or
below a certain level, how many times a day to receive alerts, specific email
addresses and more.
About CUBUS
Solutions
CUBUS Solutions,
headquartered in Livermore, CA, is a software company that provides powerful
online banking applications to credit unions helping them better serve and
retain their members through innovative service offerings, more efficient and
cost-effective operations, and creative membership rewards programs. The
company has a suite of cost-saving and green business software solutions
specifically for credit unions which include electronic statements, electronic
alerts, electronic notices, remote deposit capture, rewards checking, card cash
back, loyalty points, and several other online banking solutions. For more
information visit http://www.cubussolutions.com.
Media contact:
Ginny Cain
Cain
Communications for CUBUS Solutions
Direct:
925.426.0646
Mobile:
510.918.0331
Email: ginny(at)ginnycain(dot)com
Montenegro Launches New Tender for 30-year Lease on
Valdanos Resort
SeeNews: 22 June 2011
[What follows is the full text of the news story.]
PODGORICA
(Montenegro), June 22 (SeeNews) - Montenegro called a new tender to lease the
Valdanos resort after earlier this year an attempt to find a lessee failed, the
government's privatisation council said.
The 30-year lease
contract will contain an extension option, the privatisation council said on
its website on Tuesday. Interested parties could file their bids until
September 19.
Successful bidders
should have at least five-year experience in managing four-plus stars hotels
and a minimum turnover of 100 million euro in the past year, or a total capital
under management of at least 100 million euro, profitable operations in the
past five years and at least 200 million euro turnover in the past year.
Bidders should
also file a proposal for the structure and size of the annual rent which should
not be below 0.2 euro per square metre, and a detailed investment plan which
should be supported by a bank guarantee if they are awarded a contract.
Montenegro
selected British-based Cubus Lux as lessee of the resort in the previous tender
last year. In February, however, Montenegro revoked its decision after Cubux
Lux informed the tender commission that media reports of allegedly unsolved
property rights at the resort required it to review the risk of its investment.
Cubus Lux had
offered to invest at least 222.5 million euro ($321 million) in an exclusive
four-star and five-star holiday complex there.
Valdanos bay is
located northwest of the Adriatic town of Ulcinj and has 3.36 square kilometers
of beach. There is a former military camp, which is no longer in function. It
is surrounded by olive trees.
Montenegro To Tender 90-year Lease on Valdanos
Resort on June 20
SeeNews: 14 June
2011
[What follows is
the full text of the news story.]
PODGORICA
(Montenegro), June 14 (SeeNews) - Montenegro will call a new tender to lease the
Valdanos resort on June 20 after the previous attempt failed earlier this year,
the government's tender commission for tourism said on Tuesday.
The only change in
the tender conditions is that the lease period was extended to 90 years from 30
years proposed in the previous tender, the commission said in a statement
posted on the website of Montenegro's sell-off body.
Montenegro
selected British-based Cubus Lux as the winner in the previous tender last
year. In February of this year, however, Montenegro canceled its choice after
Cubux Lux informed the tender commission that media reports of allegedly
unsolved property rights at the resort required it to review the risk of its
investment.
Cubus Lux had
offered to invest at least 222.5 million euro ($321.3 million) in an exclusive
four-star and five-star holiday complex there.
UK-listed
Developer Cubus Lux Mulls Sale of Marina Business in Croatia
SeeNews: 05 April
2011
[What follows is
the full text of the news story.]
ZAGREB (Croatia),
April 5 (SeeNews) - UK-listed leisure resort operator and developer Cubus Lux
said on Tuesday it is considering the sale of its marina business in Croatia as
part of its divestment plans.
The company has
had some preliminary discussions with a view to the sale of its marina
operations, Cubus Lux said in a regulatory filing with the London bourse.
The developer
currently operates one 200-berth marina on the Croatian island of Ugljan, just
off the Adriatic coast of Zadar, according to data from its website
(www.cubuslux.com).
The marina
business has continued to trade steadily but revenues for the year are likely
to come in behind budget and those of the previous financial year, the
statement said.
Last year, Cubus
Lux said it will dispose of its casino business in Croatia to focus on managed
resorts and other leisure related tourism facilities.
"Despite
lengthy negotiations and due diligence to conclude a sale of the casino
business discussions remain ongoing and whilst the directors continue to believe
that a sale will occur in due course, there is no immediate certainty as to
when it will complete," the statement said.
"In the
meantime and whilst the casino has undertaken a refurbishment, the casino has
not generated any revenues of note since the half year and will be
significantly behind the revenues for the year ended March 31, 2010."
Cubus Lux
currently operates two year-round casinos in the Croatian tourist resorts of
Pula and Selce.
Montenegro Likely
To Call New Tender for Lease of Valdanos Resort
SeeNews: 02 March
2011
[What follows is
the full text of the news story.]
PODGORICA (Montenegro), March 2 (SeeNews) - Montenegro is expected to
call a new tender for a 30-year lease of the Valdanos resort by the end of
April after the tender commission declared unsuccessful the previous attempt to
find a lessee.
After considering a letter by the candidate lessee it had selected,
British company Cubus Lux, the tender commission decided that the tender should
be announced unsuccessful, the commission said earlier this week. It added that
it will recommend to the Privatisation Council to open a new tender procedure
by the end of April.
In November, Montenegro said it plans to lease Valdanos to British
company Cubus Lux which had offered to invest at least 222.5 million euro ($308
million) in an exclusive four- and five-star tourist complex there.
In a recent letter to the tender commission, however, Cubus Lux said
media reports about unsolved property issues require it to review the risk of
the investment. The company also said it was particularly concerned by the fact
the government insists on receiving a bank guarantee before the legally
prescribed deadline, the tender commission said in its statement on Monday.
Cubux Lux will not
give up the Valdanos project so easily since it has invested "three years
and a big amount of money", Montenegrin media quoted Cubus Lux's financial
director Steve McCann as saying after the tender commission released its
statement. McCann also said that the company has the bank guarantee but will
not deposit it in advance.
Valdanos is
located close to Montenegro's Adriatic resort of Ulcinj.
($=0.7227 euro)
Montenegro - Media Review - Feb 25
SeeNews: 25 February 2011
[What follows is the full text of the news story.]
PODGORICA
(Montenegro), February 25 (SeeNews) - Following are some of the main news
stories in the online versions of Montenegrin media on Friday morning. SeeNews
has not verified these reports and cannot vouch for their accuracy:
RTCG
- U.K. leisure
resort operator and developer Cubus Lux is ready to secure all guarantees on
the multi-million euro Valdanos resort project in Montenegro but has decided to
reconsider its investment decision following the ongoing public campaign
against it in Montenegro, Deputy Prime Minister Vujica Lazovic said. He added a
Cubus Lux decision to withdraw from Valdanos would send negative signal to
other investors.
- Thirteen more
Montenegrin citizens are expected to arrive in Moscow from Libya on Friday
morning, the Foreign Ministry said. Twenty Montenegrins have been evacuated
from Libya so far and further 40 remain in the North African country.
Cubus Lux Sees
Valdanos Resort Project Cost at 135 Mln Euro
SeeNews: 22 December
2010
[What follows is
the full text of the news story.]
ZAGREB (Croatia),
December 22 (SeeNews) - UK-listed leisure resort operator and developer Cubus
Lux said on Wednesday it sees the full development costs for its Valdanos
resort project in Montenegro at 135 million euro ($177.4 million).
The project is now
approved, subject to signing the purchase agreement and the company can focus
further on its development and financing, Cubus Lux said in a filing with the
London Stock Exchange.
The Montenegrin
parliament has approved the detailed plan for the Valdanos resort subject to
contract, the statement said.
Although credit
market conditions do still remain difficult for large-scale projects, Cubus Lux
is more than confident that it will be able very soon to close the purchase
contract in respect of Olive Island Resort, located on the Croatian Adriatic
island of Ugljan.
In the event that
appropriate funding is not secured then the directors would release the
company's interest in the project.
Cubus Lux sad it
needs approximately 70 million euro to complete the land purchase and phase one
development for the Olive Island Resort and Hotel.
The company
continues to explore new leisure related project opportunities in Croatia and
Montenegro to further its vision of becoming the number one leisure and tourism
company in this region, the statement said. "We are engaged in the
development of numerous projects but, as we have commented previously, all are
subject to financing."
Negotiations on several
financing options are in progress and the company said it hopes for at least
one of these to be finalised early in the New Year. In the event that financing
is delayed it has contingency plans to streamline the company and to maintain a
healthy liquidity which will guarantee continued operation in the meantime.
Cubus Lux said it
is also assessing the viability of increasing the number of berths at its
current Ugljan island marina at Sutomiscica but this expansion is restricted to
its cash resources. "[...] in respect of our overall strategy, we are
reviewing possible disposal opportunities for the marina at Sutomiscica."
The company
confirmed that it will dispose of its casino business in Croatia to focus on
managed resorts and other leisure related tourism facilities.
Cubus Lux
currently operates two year-round casinos in the Croatian tourist resorts of
Pula and Selce.
The company's
pre-tax loss widened to 1.4 million British pounds ($2.2 million/1.65 million
euro) in the six months to the end of September from 600,000 pounds a year
earlier while revenues fell to 679,000 pounds over the review period from
965,000 pounds a year earlier.
(1 euro=0.8505
British pounds)
Montenegro To
Lease Sea Resort to UK's Cubus Lux, Tenant Vows 222.5 Mln Euro Investment
SeeNews: 26
November 2010
[What follows is
the full text of the news story.]
PODGORICA
(Montenegro), November 26 (SeeNews) - Montenegro said it plans to lease one of
its Adriatic resorts to British company Cubus Lux in return for a minimum
investment of 222.5 million euro ($295 million).
Cubus Lux,
first-ranked in the tender for the Valdanos resort held last year, would be
able to later on extend the term of the 30-year leasehold, the government's
Privatisation Council said earlier this week after adopting a draft contract on
the deal.
The investor will
be obliged to build an exclusive four- and five-star tourist complex at the
location, the statement said.
As part of the
offer made by Cubus Lux, at least 400 jobs will be created in the first three
years of the project.
Valdanos is
located close to Montenegro's Adriatic resort of Ulcinj.
($=0.7553 euro)
CUBUS LUX PLC -
Nominated Adviser and Broker - Change of Name
PR Newswire Europe
& UK Disclose: 03 November 2010
[What follows is the
full text of the news story.]
Cubus Lux plc
(the "Company")
Change of Name of Nominated Adviser
The Company announces that Astaire Securities Plc, the Company's
Nominated
Adviser, has changed its name to Northland Capital Partners Limited
following
its recent acquisition by Sandfire Capital Inc.
For further information about the Company please see www.cubuslux.com or
contact:
Cubus Lux plc Steve
McCann +44 (0) 7787
183 184
Northland Capital Luke
Cairns +44 (0) 20 7492 4750
Partners Ltdwww.northlandcp.co.uk
Business: Smallcap
oil and gas explorers scoop North Sea licences
SMALL TALK
Independent (UK):
01 November 2010
[What follows is
the full text of the news story.]
It has been a busy
week for small-cap oil exploration and production (E&P) companies with an
interest in the North Sea. The Government's 26th offshore licensing round -
postponed from early 2009 on account of the financial crisis - finally
concluded. And out of 2,818 possible blocks on offer, a thoroughly healthy 114
licences covering 268 blocks have been awarded, with another 90 still
undergoing environmental assessment which may yet turn into licences.
One of the biggest
winners was Faroe Petroleum, which was awarded 23 blocks on the same day as the
company announced its �60m purchase of an 18 per cent interest in the Blane
field off Scotland from Italy's ENI. But Faroe was just one of a slew of
successful AIM-listed exploration and production (E&P) companies including
Xcite Energy, Valiant Petroleum, Antrim Resources and Zeus Petroleum (a
subsidiary of Rheochem). Of the majors, only France's Total made a strong
showing, with 11 blocks.
The changing shape
of the North Sea industry is a direct result of government policies aimed at
getting the most out of the maturing North Sea fields. Alongside tax changes
offering incentives for development of challenging finds, such as high-pressure
high-temperature deposits, a tweak to the licensing terms sees the window for
licence-holders to fulfil their survey commitments lengthened from six to nine
years, to help smaller explorers.
"The ambition
is to extract as much hydrocarbon out of the North Sea as possible and as the
field becomes more and more mature, the finds will get smaller and will be more
economically suited to smaller players," Graham Sadler, the managing
director of Deloitte's Petroleum Services Group, said. "The latest
licensing round targeted smaller companies more than in the past and what we
are seeing is a higher proportion of independents with a different economic
threshold to their larger counterparts."
Cubus Lux
The Croatian
tourist group Cubus Lux may be finally reaching the end of its two-year funding
saga. The London-listed company has been battling for funding to build the
Olive Island hotel and resort complex to go with the marina it opened in 2007.
The first such agreement went belly-up when the bank in question announced a
moratorium on lending at the end of 2008 and then folded completely early the
following year. With the global banking industry in crisis and recession
sucking the life out of economies across the world, finding a successor has
proved to be a tricky task.
So far the company
is not counting its chickens. But at the AGM last week, chairman Gerhard Huber
said the board "has made substantial progress in relation to a number of
projects and is also in discussion with third parties in relation to a variety
of financing options for individual developments". And sources suggest
that good news from Cubus Lux could be as little as weeks away, finally
allowing the group to get the Olive Island resort scheme into construction.
There are also
several other schemes on the books. Last year, Cubus Lux won the tender for the
Valdanos project in Montenegro, which will convert a disused military base into
an eco-friendly resort complete with health spas and golf course. And with the
Croatian government increasingly interested in developing the country's marina
facilities, the group has identified seven sites around the coast of Croatia
and its neighbours that could form a "string of pearls across the
Adriatic".
Perhaps
unsurprisingly with so much going on elsewhere, Cubus Lux is losing interest in
the casino business where it all began. Mr Huber told investors last week he is
expecting to offload the company's casinos to allow directors to concentrate on
the company's real estate projects.
If Cubus Lux's plans start to take shape, the worst of the credit crunch
must finally be over.
Forte Energy
The West Africa-focused
uranium miner Forte Energy is sure it is on to a good thing. It has been a
rough 18 months, including a military coup and bloody unrest in Guinea, one of
the company's two areas of operations - and a mass desertion of shareholders as
a result. But Forte started drilling at its catchily-named A238 prospect in
Mauritania last week, and it has high hopes of success.
The uranium
industry is certainly hotting up. Nuclear power is well and truly back in
fashion - given a boost by concerns over climate change and booming energy
needs in emerging economies such as India and China. If the International
Energy Agency has got its sums right, nuclear capacity is set to more than
triple over the next decade. And uranium supplies are expected to run short within
just a few years.
It has all the
makings of a scramble, with Russia already investing more than 20 billion
roubles (�405m) in uranium mining and doing deals with the Chinese, who have
plans in train for a whopping 120 new reactors.
If Forte can withstand
the vagaries of West Africa's political climate, it has plenty of potential.
The company owns nearly 13,000 square kilometres of prospective tenements in
Mauritania and Guinea. It also already has two so-called maiden JORC resources
- conforming to Australian reporting standards - on its books, at Bir En Nar
and Firawa, A238 is expected to join the list by the middle of next year.
In a recent
interview, Forte COO Brad George dubbed uranium "next year's gold". He
may be right. But the company will need luck as well as judgement.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.38 |
|
UK Pound |
1 |
Rs.74.01 |
|
Euro |
1 |
Rs.64.48 |
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.