MIRA
INFORM REPORT
|
Report Date : |
11.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
J WANGSVIK AS |
|
|
|
|
Registered Office : |
ØYaveien 71, BALLSTAD 8373 |
|
|
|
|
Country : |
Norway |
|
|
|
|
Financials (as on) : |
2010 |
|
|
|
|
Date of Incorporation : |
19.02.1995 |
|
|
|
|
Com. Reg. No.: |
929625870 |
|
|
|
|
Legal Form : |
Limited company |
|
|
|
|
Line of Business : |
Wholesale of shipping equipment and fishing tackle |
|
|
|
|
No. of Employees : |
8 |
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
|
Company
name |
J WANGSVIK AS |
Company
number |
929625870 |
|
Address
|
Øyaveien 71 |
Safe
number |
- |
|
City
|
BALLSTAD 8373 |
Legal
form |
Limited company |
|
Website
address |
E-mail
address |
- |
|
|
Telephone
Number |
00 47 76055090 |
Fax
Number |
00 47 76055099 |
|
Registration
date |
19/02/1995 |
Status
|
Active |
|
Previous
Name |
- |
Share
capital |
1,000,000 |
|
Name
change date |
- |
Currency
|
- |
|
|
|
Number
of employees |
8 |
DIRECTORS/MANAGEMENT
Current Directors
|
Name |
Address |
Function |
|
Sentralbaneveien 20 LEKNES 8370 |
General manager/CEO |
|
|
Alstadveien 24 BODØ 8079 |
Chairman of the board |
|
|
Legdaveien 9 GRAVDAL 8372 |
Board member(s) |
|
|
Skarsjyveien 46
BALLSTAD 8373 |
Board member(s) |
|
|
Værret 35 BALLSTAD 8373 |
Deputy chairman |
Other Company Officials
No data exist
NEGATIVE INFORMATION
Na
SHARE & SHARE CAPITAL
INFORMATION
Na
PAYMENT INFORMATION
Na
GROUP STRUCTURE & AFFILIATED
COMPANIES
Ultimate Holding Company
|
Safe Number |
Company Name |
|
Company Number |
|
|
|
|
FINANCIAL INFORMATION
Key Financials
|
Year to Date |
Sales Revenue |
Profit Before Tax |
Total Equity |
|
2010 |
16,851,000 |
1,441,000 |
1,219,000 |
|
2009 |
18,314,000 |
589,000 |
1,182,000 |
|
2008 |
18,131,000 |
1,342,000 |
1,513,000 |
|
2007 |
18,650,000 |
1,526,000 |
1,191,000 |
|
2006 |
19,778,000 |
1,520,000 |
2,173,000 |
Profit & Loss Account
|
|
Financial Year |
2010 |
|
2009 |
|
2008 |
|
2007 |
|
2006 |
|
|
Currency |
NOK |
|
NOK |
|
NOK |
|
NOK |
|
NOK |
|
|
Consolidated Accounts |
No |
|
No |
|
No |
|
No |
|
No |
|
|
Sales Revenue |
16,851,000 |
-8.0 % |
18,314,000 |
1.0 % |
18,131,000 |
-2.8 % |
18,650,000 |
-5.7 % |
19,778,000 |
|
|
Other operating income |
1,000 |
-98.0 % |
49,000 |
- |
0 |
- |
0 |
-100.0 % |
50,000 |
|
|
Total Operating Income |
16,852,000 |
-8.2 % |
18,363,000 |
1.3 % |
18,131,000 |
-2.8 % |
18,650,000 |
-5.9 % |
19,828,000 |
|
|
Total Operating Expenses |
15,342,000 |
-13.1 % |
17,647,000 |
6.1 % |
16,634,000 |
-2.1 % |
16,989,000 |
-6.4 % |
18,150,000 |
|
|
Operating Profit |
1,510,000 |
110.9 % |
716,000 |
-52.1 % |
1,496,000 |
-9.9 % |
1,661,000 |
-1.0 % |
1,678,000 |
|
|
Wages & Salaries |
3,674,000 |
-1.3 % |
3,721,000 |
-0.5 % |
3,739,000 |
1.1 % |
3,698,000 |
26.2 % |
2,930,000 |
|
|
Depreciation |
153,000 |
-21.9 % |
196,000 |
56.8 % |
125,000 |
2.5 % |
122,000 |
4.3 % |
117,000 |
|
|
Financial Income |
65,000 |
441.7 % |
12,000 |
-20.0 % |
15,000 |
-40.0 % |
25,000 |
-7.4 % |
27,000 |
|
|
Financial Expenses |
134,000 |
-4.3 % |
140,000 |
-17.2 % |
169,000 |
5.6 % |
160,000 |
- |
0 |
|
|
Profit Before Tax |
1,441,000 |
144.7 % |
589,000 |
-56.1 % |
1,342,000 |
-12.1 % |
1,526,000 |
0.4 % |
1,520,000 |
|
|
Tax |
-403,000 |
-135.7 % |
-171,000 |
54.5 % |
-376,000 |
12.4 % |
-429,000 |
-0.7 % |
-426,000 |
|
|
Profit After Tax |
1,038,000 |
148.3 % |
418,000 |
-56.7 % |
966,000 |
-11.9 % |
1,097,000 |
0.3 % |
1,094,000 |
|
|
Extraordinary Result |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Dividends |
1,000,000 |
33.3 % |
750,000 |
16.5 % |
644,000 |
-40.4 % |
1,080,000 |
8.1 % |
999,000 |
|
|
Net Result after Dividends |
38,000 |
111.4 % |
-332,000 |
-203.1 % |
322,000 |
1,794.1 % |
17,000 |
-82.1 % |
95,000 |
![[ghyper]](J%20WANGSVIK%20AS%20-%20190090%2011-Aug-2012_files/image002.gif){kind=small}
Balance Sheet
|
|
Financial Year |
2010 |
|
2009 |
|
2008 |
|
2007 |
|
2006 |
|
|
Currency |
NOK |
|
NOK |
|
NOK |
|
NOK |
|
NOK |
|
|
Consolidated Accounts |
No |
|
No |
|
No |
|
No |
|
No |
|
|
Land & Buildings |
103,000 |
-22.0 % |
132,000 |
-18.0 % |
161,000 |
-15.3 % |
190,000 |
- |
0 |
|
|
Plant & Machinery |
0 |
-100.0 % |
368,000 |
-19.8 % |
459,000 |
- |
0 |
-100.0 % |
495,000 |
|
|
Other Tangible Assets |
279,000 |
- |
0 |
-100.0 % |
43,000 |
-78.5 % |
200,000 |
- |
0 |
|
|
Total Tangible Assets |
382,000 |
-23.6 % |
500,000 |
-24.6 % |
663,000 |
70.0 % |
390,000 |
-21.2 % |
495,000 |
|
|
Intangible Assets |
181,000 |
4.6 % |
173,000 |
3.0 % |
168,000 |
-7.2 % |
181,000 |
- |
0 |
|
|
Other Fixed Assets |
181,000 |
0.0 % |
181,000 |
0.0 % |
181,000 |
0.0 % |
181,000 |
0.0 % |
181,000 |
|
|
TOTAL FIXED ASSETS |
744,000 |
-12.9 % |
854,000 |
-15.6 % |
1,012,000 |
34.6 % |
752,000 |
11.2 % |
676,000 |
|
|
Inventories |
3,877,000 |
0.8 % |
3,848,000 |
-2.1 % |
3,931,000 |
-10.9 % |
4,410,000 |
20.9 % |
3,649,000 |
|
|
Trade Receivables |
1,943,000 |
-16.8 % |
2,334,000 |
15.4 % |
2,022,000 |
0.3 % |
2,015,000 |
-60.8 % |
5,140,000 |
|
|
Other Receivables |
9,000 |
50.0 % |
6,000 |
-40.0 % |
10,000 |
-92.1 % |
127,000 |
-45.5 % |
233,000 |
|
|
Cash & Bank Deposits |
208,000 |
52.9 % |
136,000 |
-29.2 % |
192,000 |
12.3 % |
171,000 |
11.8 % |
153,000 |
|
|
Other Current Assets |
-1,000 |
0.0 % |
-1,000 |
-100.9 % |
114,000 |
- |
0 |
-100.0 % |
121,000 |
|
|
TOTAL CURRENT ASSETS |
6,036,000 |
-4.5 % |
6,323,000 |
0.9 % |
6,269,000 |
-6.8 % |
6,723,000 |
-27.7 % |
9,296,000 |
|
TOTAL ASSETS |
6,780,000 |
-5.5 % |
7,176,000 |
-1.4 % |
7,281,000 |
-2.6 % |
7,475,000 |
-25.0 % |
9,971,000 |
|
|
Trade Creditors |
1,283,000 |
-6.8 % |
1,376,000 |
-20.1 % |
1,723,000 |
7.0 % |
1,611,000 |
-21.9 % |
2,064,000 |
|
|
Short Term Liabilities to Financial Institutions |
1,484,000 |
-20.6 % |
1,868,000 |
-0.5 % |
1,878,000 |
13.7 % |
1,652,000 |
-12.2 % |
1,881,000 |
|
|
Short Term Liabilities to Group |
390,000 |
- |
0 |
-100.0 % |
390,000 |
- |
0 |
-100.0 % |
641,000 |
|
|
Other Short Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Miscellaneous Current Liabilities |
2,170,000 |
-11.2 % |
2,445,000 |
37.6 % |
1,777,000 |
-41.2 % |
3,021,000 |
-4.3 % |
3,157,000 |
|
|
TOTAL CURRENT LIABILITIES |
5,327,000 |
-6.4 % |
5,689,000 |
-1.4 % |
5,768,000 |
-8.2 % |
6,284,000 |
-18.8 % |
7,743,000 |
|
|
Long Term Liabilities to Financial Institutions |
234,000 |
-23.5 % |
306,000 |
- |
0 |
- |
0 |
- |
0 |
|
|
Other Long Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Long Term Pension Commitments |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Other Long Term Liabilities |
0 |
- |
0 |
- |
0 |
- |
0 |
-100.0 % |
1,054,000 |
|
|
TOTAL LONG TERM LIABILITIES |
234,000 |
-23.5 % |
306,000 |
- |
0 |
- |
0 |
-100.0 % |
1,054,000 |
|
|
TOTAL LIABILITIES |
5,561,000 |
-7.2 % |
5,995,000 |
3.9 % |
5,768,000 |
-8.2 % |
6,284,000 |
-28.6 % |
8,797,000 |
|
|
|
Share Capital |
1,000,000 |
0.0 % |
1,000,000 |
0.0 % |
1,000,000 |
0.0 % |
1,000,000 |
0.0 % |
1,000,000 |
|
|
Share Premium Reserve |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Revaluation Fund |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Total Retained Earnings |
219,000 |
20.3 % |
182,000 |
-64.5 % |
513,000 |
168.6 % |
191,000 |
-83.7 % |
1,173,000 |
|
|
Other Reserves |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
TOTAL EQUITY |
1,219,000 |
3.1 % |
1,182,000 |
-21.9 % |
1,513,000 |
27.0 % |
1,191,000 |
-45.2 % |
2,173,000 |
Other Financials
|
|
Financial Year |
2010 |
|
2009 |
|
2008 |
|
2007 |
|
2006 |
|
|
Total Exports |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Working Capital |
709,000 |
11.8 % |
634,000 |
26.5 % |
501,000 |
14.1 % |
439,000 |
-71.7 % |
1,553,000 |
|
|
Net Worth |
1,038,000 |
2.9 % |
1,009,000 |
-25.0 % |
1,345,000 |
33.2 % |
1,010,000 |
-53.5 % |
2,173,000 |
|
|
Capital Employed |
1,453,000 |
-2.4 % |
1,488,000 |
-1.7 % |
1,513,000 |
27.0 % |
1,191,000 |
-63.1 % |
3,227,000 |
Ratios
|
|
Financial Year |
2010 |
2009 |
2008 |
2007 |
2006 |
|
|
Pre-Tax Profit Margin |
8.55 |
3.22 |
7.40 |
8.18 |
7.69 |
|
|
Return on Capital Employed |
99.17 |
39.58 |
88.70 |
128.13 |
47.10 |
|
|
Return on Total Assets Employed |
21.25 |
8.21 |
18.43 |
20.41 |
15.24 |
|
|
Return on Net Assets Employed |
118.21 |
49.83 |
88.70 |
128.13 |
69.95 |
|
|
Sales/Net Working Capital |
23.77 |
28.89 |
36.19 |
42.48 |
12.74 |
|
|
Stock Turnover Ratio |
23.01 |
21.01 |
21.68 |
23.65 |
18.45 |
|
|
Debtor Days |
42.09 |
46.52 |
40.71 |
39.44 |
94.86 |
|
|
Creditor Days |
27.79 |
27.42 |
34.69 |
31.53 |
38.09 |
|
|
Current Ratio |
1.13 |
1.11 |
1.09 |
1.07 |
1.20 |
|
|
Liquidity Ratio/Acid Test |
0.41 |
0.44 |
0.41 |
0.37 |
0.73 |
|
|
Current Debt Ratio |
4.37 |
4.81 |
3.81 |
5.28 |
3.56 |
|
|
Solvency Ratio |
17.98 |
16.47 |
20.78 |
15.93 |
21.79 |
|
|
Equity in Percentage |
18.99 |
17.32 |
21.83 |
16.74 |
22.19 |
|
|
Total Debt Ratio |
4.56 |
5.07 |
3.81 |
5.28 |
4.05 |
FOREIGN EXCHANGE RATES
Na
ADDITIONAL INFORMATION
Industry
|
Main Industry Code & Description |
Wholesale of shipping equipment and fishing tackle |
|
Secondary Industry Code &
Description |
- |
|
Other Industry Code & Description |
- |
Event History
|
Date |
Description |
|
02/08/2012 |
Rating Change |
|
24/07/2012 |
APPROVED END OF YEAR REPORT
AND ACCOUNTS |
|
23/11/2011 |
Limit Change |
|
23/11/2011 |
Rating Change |
Rating History
No data exist
NOTES & COMMENTS
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
|
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.04 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.