|
Report Date : |
11.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
MYRE REDSKAPSSENTRAL AS |
|
|
|
|
Registered Office : |
MYRE 8430 |
|
|
|
|
Country : |
Norway |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
19.02.1995 |
|
|
|
|
Com. Reg. No.: |
918312501 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Wholesale of Shipping Equipment and Fishing Tackle |
|
|
|
|
No. of Employees : |
5 |
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 : |
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 – March 31, 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 |
|
Company Name |
MYRE REDSKAPSSENTRAL AS |
Company Number |
918312501 |
|
Company name |
AS MYRE REDSKAPSSENTRAL |
Company number |
918312501 |
|
Address |
Sommarøy |
|
|
|
City |
MYRE 8430 |
Legal form |
Limited company |
|
Website address |
E-mail address |
- |
|
|
Telephone Number |
00 47 088331720 |
Fax Number |
00 47 |
|
Registration date |
19/02/1995 |
Status |
Active |
|
Previous Name |
- |
Share capital |
1,920,000 |
|
Name change date |
- |
Currency |
- |
|
|
|
Number of employees |
5 |
Postal Address
No data exist
Current Directors
|
Name |
Address |
Function |
|
Ringveien 17 MYRE 8430 |
General manager/CEO |
|
|
Ringveien 17 MYRE 8430 |
Chairman of the board |
|
|
Ringveien 6 MYRE 8430 |
Board member(s) |
|
|
FrivĂ¥gveien 7 MYRE 8430 |
Deputy chairman |
|
|
Vannverksveien 2 MYRE 8430 |
Deputy board member/substitute |
|
|
Langryggveien 136 MYRE 8430 |
Deputy board member/substitute |
|
|
T. Liens Vei 7 MYRE 8430 |
Deputy board member/substitute |
Other Company
Officials
No data exist
Na
Shareholders
|
Shareholder Name |
Number of Shares |
Percentage Share |
|
JĂ˜RN HERMOD MARTINUSSEN |
160 |
50.0 |
|
JĂ˜RN OLAV EIKEBĂ˜ |
160 |
50.0 |
Na
Na
Key Financials
|
Year to Date |
Sales Revenue |
Profit Before
Tax |
Total Equity |
|
2011 |
12,282,000 |
887,000 |
4,041,000 |
|
2010 |
8,528,000 |
63,000 |
3,406,000 |
|
2009 |
10,648,000 |
385,000 |
3,361,000 |
|
2008 |
9,175,000 |
179,000 |
3,073,000 |
|
2007 |
9,593,000 |
371,000 |
2,951,000 |
Profit & Loss
Account
|
Financial Year |
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
Currency |
NOK
|
|
NOK
|
|
NOK
|
|
NOK
|
|
NOK
|
|
Consolidated Accounts |
No |
|
No |
|
No |
|
No |
|
No |
|
Sales Revenue |
12,282,000 |
44.0 % |
8,528,000 |
-19.9 % |
10,648,000 |
16.1 % |
9,175,000 |
-4.4 % |
9,593,000 |
|
Other operating income |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Operating Income |
12,282,000 |
44.0 % |
8,528,000 |
-19.9 % |
10,648,000 |
16.1 % |
9,175,000 |
-4.4 % |
9,593,000 |
|
Total Operating Expenses |
11,409,000 |
34.8 % |
8,461,000 |
-17.3 % |
10,236,000 |
14.3 % |
8,952,000 |
-2.6 % |
9,193,000 |
|
Operating Profit |
873,000 |
1,222.7 % |
66,000 |
-83.9 % |
411,000 |
84.3 % |
223,000 |
-44.1 % |
399,000 |
|
Wages & Salaries |
2,615,000 |
25.5 % |
2,083,000 |
2.8 % |
2,027,000 |
-3.6 % |
2,102,000 |
-4.8 % |
2,209,000 |
|
Depreciation |
154,000 |
4.8 % |
147,000 |
0.0 % |
147,000 |
-3.9 % |
153,000 |
-5.0 % |
161,000 |
|
Financial Income |
31,000 |
121.4 % |
14,000 |
-33.3 % |
21,000 |
-4.5 % |
22,000 |
83.3 % |
12,000 |
|
Financial Expenses |
17,000 |
0.0 % |
17,000 |
-64.6 % |
48,000 |
-26.2 % |
65,000 |
58.5 % |
41,000 |
|
Profit Before Tax |
887,000 |
1,307.9 % |
63,000 |
-83.6 % |
385,000 |
115.1 % |
179,000 |
-51.8 % |
371,000 |
|
Tax |
-252,000 |
-1,300.0 % |
-18,000 |
81.4 % |
-97,000 |
-67.2 % |
-58,000 |
31.0 % |
-84,000 |
|
Profit After Tax |
635,000 |
1,311.1 % |
45,000 |
-84.4 % |
288,000 |
138.0 % |
121,000 |
-57.8 % |
287,000 |
|
Extraordinary Result |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net Result after Dividends |
635,000 |
1,311.1 % |
45,000 |
-84.4 % |
288,000 |
138.0 % |
121,000 |
-57.8 % |
287,000 |
Balance Sheet
|
Financial Year |
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
Currency |
NOK
|
|
NOK
|
|
NOK
|
|
NOK
|
|
NOK
|
|
Consolidated Accounts |
No |
|
No |
|
No |
|
No |
|
No |
|
Land & Buildings |
490,000 |
9.9 % |
446,000 |
-13.9 % |
518,000 |
-12.2 % |
590,000 |
-10.9 % |
662,000 |
|
Plant & Machinery |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Tangible Assets |
190,000 |
-22.4 % |
245,000 |
-23.4 % |
320,000 |
-11.6 % |
362,000 |
-1.6 % |
368,000 |
|
Total Tangible Assets |
680,000 |
-1.6 % |
691,000 |
-17.5 % |
838,000 |
-12.0 % |
952,000 |
-7.6 % |
1,030,000 |
|
Intangible Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Fixed Assets |
10,000 |
0.0 % |
10,000 |
0.0 % |
10,000 |
0.0 % |
10,000 |
0.0 % |
10,000 |
|
TOTAL FIXED ASSETS |
690,000 |
-1.6 % |
701,000 |
-17.3 % |
848,000 |
-11.9 % |
962,000 |
-7.5 % |
1,040,000 |
|
Inventories |
2,672,000 |
15.6 % |
2,311,000 |
-20.0 % |
2,887,000 |
4.0 % |
2,776,000 |
-10.8 % |
3,112,000 |
|
Trade Receivables |
1,181,000 |
-24.6 % |
1,567,000 |
13.7 % |
1,378,000 |
7.8 % |
1,278,000 |
43.9 % |
888,000 |
|
Other Receivables |
76,000 |
123.5 % |
34,000 |
9.7 % |
31,000 |
-45.6 % |
57,000 |
16.3 % |
49,000 |
|
Cash & Bank Deposits |
901,000 |
433.1 % |
169,000 |
50.9 % |
112,000 |
5.7 % |
106,000 |
-27.9 % |
147,000 |
|
Other Current Assets |
0 |
100.0 % |
-1,000 |
-200.0 % |
1,000 |
- |
0 |
100.0 % |
-1,000 |
|
TOTAL CURRENT ASSETS |
4,830,000 |
18.4 % |
4,080,000 |
-7.5 % |
4,409,000 |
4.6 % |
4,217,000 |
0.5 % |
4,195,000 |
|
TOTAL ASSETS |
5,520,000 |
15.5 % |
4,781,000 |
-9.1 % |
5,257,000 |
1.5 % |
5,178,000 |
-1.1 % |
5,234,000 |
|
Trade Creditors |
498,000 |
-36.0 % |
778,000 |
-11.9 % |
883,000 |
-12.2 % |
1,006,000 |
14.4 % |
879,000 |
|
Short Term Liabilities to Financial Institutions |
0 |
- |
0 |
-100.0 % |
205,000 |
138.4 % |
86,000 |
- |
0 |
|
Short Term Liabilities to Group |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Short Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Miscellaneous Current Liabilities |
981,000 |
64.3 % |
597,000 |
28.1 % |
466,000 |
-1.3 % |
472,000 |
-38.1 % |
763,000 |
|
TOTAL CURRENT LIABILITIES |
1,479,000 |
7.6 % |
1,375,000 |
-11.5 % |
1,554,000 |
-0.6 % |
1,564,000 |
-4.8 % |
1,642,000 |
|
Long Term Liabilities to Financial Institutions |
0 |
- |
0 |
-100.0 % |
42,000 |
-70.4 % |
142,000 |
-41.3 % |
242,000 |
|
Other Long Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Long Term Pension Commitments |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Long Term Liabilities |
0 |
- |
0 |
-100.0 % |
300,000 |
-25.0 % |
400,000 |
0.0 % |
400,000 |
|
TOTAL LONG TERM LIABILITIES |
0 |
- |
0 |
-100.0 % |
342,000 |
-36.9 % |
542,000 |
-15.6 % |
642,000 |
|
TOTAL LIABILITIES |
1,479,000 |
7.6 % |
1,375,000 |
-27.5 % |
1,896,000 |
-10.0 % |
2,106,000 |
-7.8 % |
2,283,000 |
|
Share Capital |
1,920,000 |
0.0 % |
1,920,000 |
0.0 % |
1,920,000 |
0.0 % |
1,920,000 |
0.0 % |
1,920,000 |
|
Share Premium Reserve |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Revaluation Fund |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Retained Earnings |
2,121,000 |
42.7 % |
1,486,000 |
3.1 % |
1,441,000 |
25.0 % |
1,153,000 |
11.8 % |
1,031,000 |
|
Other Reserves |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
TOTAL EQUITY |
4,041,000 |
18.6 % |
3,406,000 |
1.3 % |
3,361,000 |
9.4 % |
3,073,000 |
4.1 % |
2,951,000 |
Other Financials
|
Financial Year |
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
Total Exports |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Working Capital |
3,351,000 |
23.9 % |
2,705,000 |
-5.3 % |
2,855,000 |
7.6 % |
2,653,000 |
3.9 % |
2,553,000 |
|
Net Worth |
4,041,000 |
18.6 % |
3,406,000 |
1.3 % |
3,361,000 |
9.4 % |
3,073,000 |
4.1 % |
2,951,000 |
|
Capital Employed |
4,041,000 |
18.6 % |
3,406,000 |
-8.0 % |
3,703,000 |
2.4 % |
3,615,000 |
0.6 % |
3,593,000 |
Ratios
|
Financial Year |
2011
|
2010
|
2009
|
2008
|
2007
|
|
Pre-Tax Profit Margin |
7.22 |
0.74 |
3.62 |
1.95 |
3.87 |
|
Return on Capital Employed |
21.95 |
1.85 |
10.40 |
4.95 |
10.33 |
|
Return on Total Assets Employed |
16.07 |
1.32 |
7.32 |
3.46 |
7.09 |
|
Return on Net Assets Employed |
21.95 |
1.85 |
11.45 |
5.82 |
12.57 |
|
Sales/Net Working Capital |
3.67 |
3.15 |
3.73 |
3.46 |
3.76 |
|
Stock Turnover Ratio |
21.76 |
27.10 |
27.11 |
30.26 |
32.44 |
|
Debtor Days |
35.10 |
67.07 |
47.24 |
50.84 |
33.79 |
|
Creditor Days |
14.80 |
33.30 |
30.27 |
40.02 |
33.44 |
|
Current Ratio |
3.27 |
2.97 |
2.84 |
2.70 |
2.55 |
|
Liquidity Ratio/Acid Test |
1.46 |
1.29 |
0.98 |
0.92 |
0.66 |
|
Current Debt Ratio |
0.37 |
0.40 |
0.46 |
0.51 |
0.56 |
|
Solvency Ratio |
73.21 |
71.24 |
63.93 |
59.35 |
56.38 |
|
Equity in Percentage |
73.34 |
71.39 |
64.06 |
59.45 |
56.48 |
|
Total Debt Ratio |
0.37 |
0.40 |
0.56 |
0.69 |
0.77 |
Na
Industry
|
Main Industry Code & Description |
Wholesale of shipping equipment and fishing tackle |
|
Secondary Industry Code & Description |
- |
|
Other Industry Code & Description |
- |
|
Date |
Description |
|
20/06/2012 |
Limit Change |
|
20/06/2012 |
Rating Change |
|
16/06/2012 |
APPROVED END OF YEAR REPORT AND ACCOUNTS |
|
23/11/2011 |
Limit Change |
|
23/11/2011 |
Rating Change |
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 : |
SHG |
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.