|
Report Date : |
18.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
INEOS NORGE AS |
|
|
|
|
Formerly Known As : |
HYDRO POLYMERS AS |
|
|
|
|
Registered Office : |
Rafnes Stathelle 3966 |
|
|
|
|
Country : |
Norway |
|
|
|
|
Financials (as on) : |
2010 |
|
|
|
|
Date of Incorporation : |
22.03.2000 |
|
|
|
|
Com. Reg. No.: |
981701046 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture of other inorganic basic chemicals |
|
|
|
|
No. of Employees : |
349 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
27,000,000 NOK |
|
Status : |
Good |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
INEOS NORGE AS |
Company number |
981701046 |
|
Address |
Rafnes |
Safe number |
- |
|
City |
STATHELLE 3966 |
Legal form |
Limited company |
|
Website address |
E-mail address |
rafnes@ineos.com |
|
|
Telephone Number
|
00 47 35006000 |
Fax Number |
00 47 35006298 |
|
Registration
date |
22/03/2000 |
Status |
Active |
|
Previous Name |
HYDRO POLYMERS AS |
Share capital |
700,000,000 |
|
Name change date
|
23/03/2000 |
Currency |
- |
|
|
|
Number of
employees |
349 |
No data exist
Current Credit Limit: 27,000,000
|
Name |
Address |
Function |
|
Trompetbakken 4 BREVIK 3950 |
General manager/CEO |
|
|
Cedar Hall, The Green Gresford |
Chairman of the board |
|
|
Trompetbakken 4 BREVIK 3950 |
Board member(s) |
|
|
Grenlandsgata 1 PORSGRUNN 3915 |
Board member(s) |
|
|
Flåttenlia 18 PORSGRUNN 3925 |
Board member(s) |
|
|
Verksgata 1 SKIEN 3725 |
Board member(s) |
|
|
De Ribaucourtdreef 26, B-1820 Steenokkerzeel |
Board member(s) |
|
|
cae, mymydd, pentre, wrexham LL11 3dp |
Board member(s) |
|
|
Magnus Den Godes Vei 28 STATHELLE 3960 |
Deputy board member/substitute |
|
|
Ekeliveien 14 STATHELLE 3960 |
Deputy board member/substitute |
|
|
Humlebakken 1 PORSGRUNN 3929 |
Deputy board member/substitute |
|
|
Solvangvegen 28 PORSGRUNN 3944 |
Deputy board member/substitute |
Na
|
Shareholder Name
|
Number of Shares
|
Percentage Share
|
|
INEOS NORGE HOLDINGS AS |
700,000 |
100.0 |
Na
|
Safe Number |
Company Name |
|
Company Number |
|
|
|
|
Year to Date |
Sales Revenue |
Profit Before
Tax |
Total Equity |
|
2010 |
4,418,801,000 |
160,857,000 |
1,273,957,000 |
|
2009 |
3,503,236,000 |
191,767,000 |
1,354,236,000 |
|
2008 |
5,024,135,000 |
534,559,000 |
1,780,475,000 |
|
2007 |
4,689,871,000 |
592,417,000 |
1,748,551,000 |
|
2006 |
4,370,733,000 |
437,086,000 |
1,486,007,000 |
|
Financial Year |
2010 |
|
2009 |
|
2008 |
|
|
Currency |
NOK |
|
NOK |
|
NOK |
|
|
Consolidated Accounts |
No |
|
No |
|
No |
|
|
Sales Revenue |
4,418,801,000 |
26.1 % |
3,503,236,000 |
-30.3 % |
5,024,135,000 |
7.1 % |
|
Other operating income |
0 |
-100.0 % |
906,000 |
- |
0 |
- |
|
Total Operating Income |
4,418,801,000 |
26.1 % |
3,504,142,000 |
-30.3 % |
5,024,135,000 |
7.1 % |
|
Total Operating Expenses |
4,172,039,000 |
27.4 % |
3,273,513,000 |
-25.5 % |
4,395,327,000 |
5.2 % |
|
Operating Profit |
246,762,000 |
7.0 % |
230,629,000 |
-63.3 % |
628,808,000 |
23.1 % |
|
Wages & Salaries |
276,011,000 |
2.5 % |
269,177,000 |
-8.1 % |
292,889,000 |
-10.0 % |
|
Depreciation |
192,008,000 |
-4.2 % |
200,354,000 |
3.4 % |
193,761,000 |
-7.0 % |
|
Financial Income |
113,753,000 |
1.6 % |
111,965,000 |
275.7 % |
29,805,000 |
-83.2 % |
|
Financial Expenses |
199,658,000 |
32.4 % |
150,827,000 |
21.6 % |
124,054,000 |
28.8 % |
|
Profit Before Tax |
160,857,000 |
-16.1 % |
191,767,000 |
-64.1 % |
534,559,000 |
-9.8 % |
|
Tax |
-45,092,000 |
13.2 % |
-51,979,000 |
65.6 % |
-151,223,000 |
13.5 % |
|
Profit After Tax |
115,765,000 |
-17.2 % |
139,788,000 |
-63.5 % |
383,336,000 |
-8.2 % |
|
Extraordinary Result |
0 |
- |
0 |
- |
0 |
- |
|
Dividends |
- |
- |
- |
- |
- |
- |
|
Net Result after Dividends |
115,765,000 |
-17.2 % |
139,788,000 |
-63.5 % |
383,336,000 |
-8.2 % |
|
Financial Year |
2007 |
|
2006 |
|
Currency |
NOK |
|
NOK |
|
Consolidated Accounts |
No |
|
No |
|
Sales Revenue |
4,689,871,000 |
7.3 % |
4,370,733,000 |
|
Other operating income |
0 |
- |
0 |
|
Total Operating Income |
4,689,871,000 |
7.3 % |
4,370,733,000 |
|
Total Operating Expenses |
4,178,957,000 |
8.2 % |
3,860,625,000 |
|
Operating Profit |
510,914,000 |
0.2 % |
510,108,000 |
|
Wages & Salaries |
325,268,000 |
2.9 % |
316,114,000 |
|
Depreciation |
208,421,000 |
-6.9 % |
223,791,000 |
|
Financial Income |
177,824,000 |
87.6 % |
94,771,000 |
|
Financial Expenses |
96,321,000 |
157.4 % |
-167,793,000 |
|
Profit Before Tax |
592,417,000 |
35.5 % |
437,086,000 |
|
Tax |
-174,856,000 |
-43.7 % |
-121,662,000 |
|
Profit After Tax |
417,561,000 |
32.4 % |
315,424,000 |
|
Extraordinary Result |
0 |
- |
0 |
|
Dividends |
- |
- |
- |
|
Net Result after Dividends |
417,561,000 |
32.4 % |
315,424,000 |
|
Financial Year |
2010 |
|
2009 |
|
2008 |
|
|
Currency |
NOK |
|
NOK |
|
NOK |
|
|
Consolidated Accounts |
No |
|
No |
|
No |
|
|
Land & Buildings |
250,661,000 |
-6.5 % |
268,168,000 |
-5.7 % |
284,317,000 |
-5.6 % |
|
Plant & Machinery |
1,595,311,000 |
-9.5 % |
1,762,898,000 |
-1.3 % |
1,785,905,000 |
-7.2 % |
|
Other Tangible Assets |
2,071,000 |
- |
0 |
-100.0 % |
39,398,000 |
103.4 % |
|
Total Tangible Assets |
1,848,043,000 |
-9.0 % |
2,031,066,000 |
-3.7 % |
2,109,620,000 |
-6.0 % |
|
Intangible Assets |
17,607,000 |
- |
0 |
-100.0 % |
4,470,000 |
- |
|
Other Fixed Assets |
444,475,000 |
-4.6 % |
465,915,000 |
-9.7 % |
515,915,000 |
-12.3 % |
|
TOTAL FIXED ASSETS |
2,310,125,000 |
-7.5 % |
2,496,981,000 |
-5.1 % |
2,630,005,000 |
-7.2 % |
|
Inventories |
252,499,000 |
22.4 % |
206,348,000 |
15.4 % |
178,857,000 |
-46.4 % |
|
Trade Receivables |
497,200,000 |
10.3 % |
450,658,000 |
-17.9 % |
548,786,000 |
61.5 % |
|
Other Receivables |
185,610,000 |
120.2 % |
84,306,000 |
104.7 % |
41,190,000 |
-90.1 % |
|
Cash & Bank Deposits |
65,058,000 |
-18.2 % |
79,529,000 |
-53.9 % |
172,667,000 |
71,844.6 % |
|
Other Current Assets |
0 |
- |
0 |
-100.0 % |
48,087,000 |
- |
|
TOTAL CURRENT ASSETS |
1,000,367,000 |
21.9 % |
820,841,000 |
-17.1 % |
989,587,000 |
-9.3 % |
|
TOTAL ASSETS |
3,310,492,000 |
-0.2 % |
3,317,822,000 |
-8.3 % |
3,619,592,000 |
-7.8 % |
|
Trade Creditors |
311,250,000 |
-31.2 % |
452,627,000 |
16.3 % |
389,286,000 |
-28.4 % |
|
Short Term Liabilities to Financial Institutions |
0 |
- |
0 |
- |
0 |
- |
|
Short Term Liabilities to Group |
0 |
- |
0 |
-100.0 % |
415,901,000 |
- |
|
Other Short Term Loans |
0 |
- |
0 |
- |
0 |
- |
|
Miscellaneous Current Liabilities |
466,154,000 |
-58.0 % |
1,110,867,000 |
223.0 % |
343,907,000 |
-72.8 % |
|
TOTAL CURRENT LIABILITIES |
777,404,000 |
-50.3 % |
1,563,494,000 |
36.1 % |
1,149,094,000 |
-36.4 % |
|
Long Term Liabilities to Financial Institutions |
0 |
- |
0 |
- |
0 |
- |
|
Other Long Term Loans |
0 |
- |
0 |
- |
0 |
- |
|
Long Term Pension Commitments |
376,456,000 |
4.1 % |
361,474,000 |
6.4 % |
339,727,000 |
0.1 % |
|
Other Long Term Liabilities |
882,675,000 |
2,185.7 % |
38,618,000 |
-89.0 % |
350,296,000 |
1,073.0 % |
|
TOTAL LONG TERM LIABILITIES |
1,259,131,000 |
214.7 % |
400,092,000 |
-42.0 % |
690,023,000 |
86.9 % |
|
TOTAL LIABILITIES |
2,036,535,000 |
3.7 % |
1,963,586,000 |
6.8 % |
1,839,117,000 |
-15.5 % |
|
Share Capital |
700,000,000 |
0.0 % |
700,000,000 |
0.0 % |
700,000,000 |
0.0 % |
|
Share Premium Reserve |
502,000 |
0.0 % |
502,000 |
0.0 % |
502,000 |
-99.9 % |
|
Revaluation Fund |
0 |
- |
0 |
- |
0 |
- |
|
Total Retained Earnings |
460,183,000 |
-14.9 % |
540,462,000 |
-44.1 % |
966,701,000 |
118.4 % |
|
Other Reserves |
113,272,000 |
0.0 % |
113,272,000 |
0.0 % |
113,272,000 |
202.0 % |
|
TOTAL EQUITY |
1,273,957,000 |
-5.9 % |
1,354,236,000 |
-23.9 % |
1,780,475,000 |
1.8 % |
|
Financial Year |
2007 |
|
2006 |
|
Currency |
NOK |
|
NOK |
|
Consolidated Accounts |
No |
|
No |
|
Land & Buildings |
301,044,000 |
-1.2 % |
304,822,000 |
|
Plant & Machinery |
1,924,902,000 |
0.0 % |
1,924,752,000 |
|
Other Tangible Assets |
19,367,000 |
- |
0 |
|
Total Tangible Assets |
2,245,313,000 |
0.7 % |
2,229,574,000 |
|
Intangible Assets |
0 |
- |
0 |
|
Other Fixed Assets |
588,248,000 |
-7.8 % |
638,248,000 |
|
TOTAL FIXED ASSETS |
2,833,561,000 |
-1.2 % |
2,867,822,000 |
|
Inventories |
333,939,000 |
15.0 % |
290,318,000 |
|
Trade Receivables |
339,873,000 |
-6.2 % |
362,162,000 |
|
Other Receivables |
416,925,000 |
3,906.6 % |
10,406,000 |
|
Cash & Bank Deposits |
240,000 |
2.1 % |
235,000 |
|
Other Current Assets |
0 |
-100.0 % |
758,546,000 |
|
TOTAL CURRENT ASSETS |
1,090,977,000 |
-23.3 % |
1,421,667,000 |
|
TOTAL ASSETS |
3,924,538,000 |
-8.5 % |
4,289,489,000 |
|
Trade Creditors |
543,322,000 |
28.5 % |
422,741,000 |
|
Short Term Liabilities to Financial Institutions |
0 |
- |
0 |
|
Short Term Liabilities to Group |
0 |
-100.0 % |
470,716,000 |
|
Other Short Term Loans |
0 |
- |
0 |
|
Miscellaneous Current Liabilities |
1,263,373,000 |
544.7 % |
195,949,000 |
|
TOTAL CURRENT LIABILITIES |
1,806,695,000 |
65.8 % |
1,089,406,000 |
|
Long Term Liabilities to Financial Institutions |
0 |
- |
0 |
|
Other Long Term Loans |
0 |
- |
0 |
|
Long Term Pension Commitments |
339,428,000 |
138.8 % |
142,137,000 |
|
Other Long Term Liabilities |
29,864,000 |
-98.1 % |
1,571,939,000 |
|
TOTAL LONG TERM LIABILITIES |
369,292,000 |
-78.5 % |
1,714,076,000 |
|
TOTAL LIABILITIES |
2,175,987,000 |
-22.4 % |
2,803,482,000 |
|
Share Capital |
700,000,000 |
0.0 % |
700,000,000 |
|
Share Premium Reserve |
568,502,000 |
0.0 % |
568,502,000 |
|
Revaluation Fund |
0 |
- |
0 |
|
Total Retained Earnings |
442,544,000 |
145.9 % |
180,000,000 |
|
Other Reserves |
37,505,000 |
0.0 % |
37,505,000 |
|
TOTAL EQUITY |
1,748,551,000 |
17.7 % |
1,486,007,000 |
|
Financial Year |
2010 |
|
2009 |
|
2008 |
|
|
Total Exports |
- |
- |
2,309,155,000 |
- |
- |
- |
|
Working Capital |
222,963,000 |
130.0 % |
-742,653,000 |
-365.6 % |
-159,507,000 |
77.7 % |
|
Net Worth |
1,256,350,000 |
-7.2 % |
1,354,236,000 |
-23.7 % |
1,776,005,000 |
1.6 % |
|
Capital Employed |
2,533,088,000 |
44.4 % |
1,754,328,000 |
-29.0 % |
2,470,498,000 |
16.7 % |
|
Financial Year |
2007 |
|
2006 |
|
Total Exports |
- |
- |
- |
|
Working Capital |
-715,718,000 |
-315.4 % |
332,261,000 |
|
Net Worth |
1,748,551,000 |
17.7 % |
1,486,007,000 |
|
Capital Employed |
2,117,843,000 |
-33.8 % |
3,200,083,000 |
|
Financial Year |
2010 |
2009 |
2008 |
2007 |
2006 |
|
Pre-Tax Profit Margin |
3.64 |
5.47 |
10.64 |
12.63 |
10.00 |
|
Return on Capital Employed |
6.35 |
10.93 |
21.64 |
27.97 |
13.66 |
|
Return on Total Assets Employed |
4.86 |
5.78 |
14.77 |
15.10 |
10.19 |
|
Return on Net Assets Employed |
12.63 |
14.16 |
30.02 |
33.88 |
29.41 |
|
Sales/Net Working Capital |
19.82 |
-4.72 |
-31.50 |
-6.55 |
13.15 |
|
Stock Turnover Ratio |
5.71 |
5.89 |
3.56 |
7.12 |
6.64 |
|
Debtor Days |
41.07 |
46.95 |
39.87 |
26.45 |
30.24 |
|
Creditor Days |
25.71 |
47.16 |
28.28 |
42.29 |
35.30 |
|
Current Ratio |
1.29 |
0.53 |
0.86 |
0.60 |
1.30 |
|
Liquidity Ratio/Acid Test |
0.96 |
0.39 |
0.71 |
0.42 |
1.04 |
|
Current Debt Ratio |
0.61 |
1.15 |
0.65 |
1.03 |
0.73 |
|
Solvency Ratio |
38.48 |
40.82 |
49.19 |
44.55 |
34.64 |
|
Equity in Percentage |
44.73 |
47.49 |
57.45 |
52.41 |
40.70 |
|
Total Debt Ratio |
1.60 |
1.45 |
1.03 |
1.24 |
1.89 |
Na
|
Main Industry
Code & Description |
Manufacture of other inorganic basic chemicals |
|
Secondary Industry
Code & Description |
Manufacture of plastics in primary forms |
|
Other Industry
Code & Description |
- |
|
Name |
Address |
Function |
|
Søndre Lensmannsveg 44 SKIEN 3736 |
Observer |
|
Date |
Description |
|
07/12/2011 |
CHANGE OF BOARD OF DIRECTORS |
|
23/11/2011 |
Limit Change |
|
23/11/2011 |
Rating Change |
|
07/09/2011 |
APPROVED END OF YEAR REPORT AND ACCOUNTS |
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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.