MIRA INFORM REPORT
|
Report Date : |
17.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
SELSTAD AS |
|
|
|
|
Formerly Known As : |
SELSTAD BRØDR AS |
|
|
|
|
Registered Office : |
Moldøen, 6700 Måløy |
|
|
|
|
Country : |
norway |
|
|
|
|
Financials (as on) : |
2010 |
|
|
|
|
Date of Incorporation : |
01.01.1985 |
|
|
|
|
Com. Reg. No.: |
937029349 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Manufacture of textiles |
|
|
|
|
No. of Employees
: |
107 |
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 |
|
Maximum Credit Limit : |
5.000.000 NOK |
|
|
|
|
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 – September 30th, 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 |
REGISTERED NAME & COMPANY
SUMMARY
Company Summary
Business Name SELSTAD AS
Country NORWAY
Company Registration
Number 937029349
Main Activity MANUFACTURE OF TEXTILES
Activity Code 1300000
Company Status Active
Latest Turnover Figure 177.788.000
NOK
Latest Shareholder Equity Figure 38.432.000 NOK
Basic Information
Business Name SELSTAD AS
Registered Company Name SELSTAD AS
Company Registration
Number 937029349
Country NORWAY
Date of Company
Registration 21 /02/1990
Date of Starting Operations 01 /01 /1985
Legal Form Limited liability company
Company Status Active
Currency of this Report NOK
Principal Activity Description MANUFACTURE OF TEXTILES
Contact Address MOLDØEN,
6700 MÅLØY
Contact
Telephone Number 57852500
Previous
Name SELSTAD BRØDR AS
CREDIT RECOMENDATION
Current Credit Limit: 5.000.000 NOK
DIRECTORS/MANAGEMENT
Directors/Managers
Current Directors
Name Date of Birth Position
GROTLE KIRSTEL 16/10/1960 Member of the board
MYKLEBUST ARNE 07/03/1947 Member of the board
SELSTAD ARVE 17/04/1963 Member of the board
SELSTAD HANS-PETTER 13/07/1960 Managing
Director
LYNG AGNAR JOHAN 17/04/1963 Chairman of the board of directors
NEGATIVE INFORMATION
Negative Information
Date 15/06/2010
Type SECURITY
IN DEBTS
Source BRØNNØYSUNDREGISTRENE
Status UNSETTLED
Case Number
Amount 50000000
Settlement Date
Name of Creditor DNB NOR BANK ASA
Type of Payment Remark VOLUNTARY
Date 15/06/2010
Type INVENTORY GIVEN AS SECURITY
Source BRØNNØYSUNDREGISTRENE
Status UNSETTLED
Case Number
Amount 50000000
Settlement Date
Name of Creditor DNB NOR BANK ASA
Type of Payment Remark VOLUNTARY
Date 15/06/2010
Type SECURITY IN OPERATING EQUIPMENT
Source BRØNNØYSUNDREGISTRENE
Status UNSETTLED
Case Number
Amount 50000000
Settlement Date
Name of Creditor DNB
NOR BANK ASA
Type of Payment Remark VOLUNTARY
Date 20/10/2009
Type LEASING AGREEMENT
Source BRØNNØYSUNDREGISTRENE
Status UNSETTLED
Case Number
Amount 0
Settlement Date
Name of Creditor SG
FINANS AS
Type of Payment Remark VOLUNTARY
Date 26/03/2009
Type LEASING AGREEMENT
Source BRØNNØYSUNDREGISTRENE
Status UNSETTLED
Case Number
Amount 0
Settlement Date
Name of Creditor SG
FINANS AS
Type of Payment Remark VOLUNTARY
Date 24/06/2008
Type LEASING AGREEMENT
Source BRØNNØYSUNDREGISTRENE
Status UNSETTLED
Case Number
Amount 0
Settlement Date
Name of Creditor MØLLER
BILFINANS AS
Type of Payment Remark VOLUNTARY
Date 18/10/2007
Type LEASING AGREEMENT
Source BRØNNØYSUNDREGISTRENE
Status UNSETTLED
Case Number
Amount 0
Settlement Date
Name of Creditor SG FINANS AS
Type of Payment Remark VOLUNTARY
SHARE & SHARE CAPITAL
INFORMATION
Share Capital Structure
Issued Share Capital 22.100.000
NOK
Shareholders
Name Share
Percent
No Shareholders for this company.
PAYMENT INFORMATION
Na
GROUP STRUCTURE & AFFILIATED
COMPANIES
Group Structure
Immediate
Holding Parent
Immediate Holding
Company Name SELSTAD HOLDING AS
Immediate Holding Company ID 937041284
Immediate Holding
Company Country NORWAY
Subsidiary
Companies
Subsidiary Name Subsidiary ID Country
AFRINET HOLDING AS NORWAY 983834973
Affiliated
Companies
Affiliate Name Affiliate ID Country
SELSTAD HOLDING AS NORWAY 937041284
SELSTAD AS NORWAY 937029349
AFRINET HOLDING AS NORWAY 983834973
FINANCIAL INFORMATION
Financial Information
|
Profit and Loss |
|
|
|
|
|||
|
Financial Year |
2010 |
2009 |
2008 |
|
|||
|
Number of Weeks |
52 |
52 |
52 |
|
|||
|
Currency |
NOK |
NOK |
NOK |
|
|||
|
Revenue |
177.788.000 |
174.609.000 |
193.336.000 |
|
|||
|
Operating Costs |
-170.746.000 |
-166.769.000 |
-184.444.000 |
|
|||
|
Operating Profit |
7.042.000 |
7.840.000 |
8.893.000 |
|
|||
|
Wages 8t Salaries |
-43.130.000 |
-44.338.000 |
-45.596.000 |
|
|||
|
Depreciation |
-3.905.000 |
-3.949.000 |
-3.576.000 |
|
|||
|
Financial Income |
2.292.000 |
5.946.000 |
2.480.000 |
|
|||
|
Financial Expenses |
-3.447.000 |
-4.325.000 |
-14.856.000 |
|
|||
|
Profit before Tax |
5.888.000 |
9.462.000 |
-3.482.000 |
|
|||
|
Tax |
-2.116.000 |
-3.148.000 |
589.000 |
|
|||
|
Profit after Tax |
5.888.000 |
9.462.000 |
-3.482.000 |
|
|||
|
Other
Appropriations |
- |
- |
- |
|
|||
|
Retained Profit |
3.772.000 |
6.313.000 |
-2.893.000 |
|
|||
|
|
|
|
|
|
|||
|
Balance Sheet |
|
|
|
|
|||
|
Financial Year |
2010 |
2009 |
2008 |
|
|||
|
Number of Weeks |
52 |
52 |
52 |
|
|||
|
Currency |
NOK |
NOK |
NOK |
|
|||
|
Land 8t
Buildings |
201.000 |
136.000 |
136.000 |
|
|||
|
Plant 8t
Machinery |
12.101.000 |
10.043.000 |
10.473.000 |
|
|||
|
Other Tangible Assets |
4.828.000 |
4.488.000 |
4.865.000 |
|
|||
|
Total Tangible Assets |
17.130.000 |
14.666.000 |
15.474.000 |
|
|||
|
Goodwill |
1.007.000 |
2.164.000 |
3.321.000 |
|
|||
|
Other Intangible Assets |
0 |
70.000 |
0 |
|
|||
|
Total Intangible Assets |
1.007.000 |
2.234.000 |
3.321.000 |
|
|||
|
Investments |
1.601.000 |
1.835.000 |
1.508.000 |
|
|||
|
Loans To Group |
8.113.000 |
8.539.000 |
8.205.000 |
|
|||
|
Other Loans |
0 |
0 |
0 |
|
|||
|
Miscellaneous
Fixed Assets |
0 |
0 |
0 |
|
|||
|
Total Other Fixed Assets |
9.714.000 |
10.375.000 |
9.713.000 |
|
|||
|
TOTAL FIXED ASSETS |
27.850.000 |
27.275.000 |
28.508.000 |
|
|||
|
Total Inventories |
49.870.000 |
43.753.000 |
45.952.000 |
|
|||
|
Trade
Receivables |
30.006.000 |
26.484.000 |
30.775.000 |
|
|||
|
Group Receivables |
0 |
0 |
0 |
|
|||
|
Miscellaneous
Receivables |
89.000 |
302.000 |
651.000 |
|
|||
|
Total Receivables |
30.095.000 |
26.785.000 |
31.427.000 |
|
|||
|
Cash |
5.463.000 |
94.000 |
161.000 |
|
|||
|
Other Current Assets |
0 |
0 |
0 |
|
|||
|
TOTAL CURRENT ASSETS |
85.428.000 |
70.633.000 |
77.540.000 |
|
|||
|
TOTAL ASSETS |
113.278.000 |
97.908.000 |
106.048.000 |
|
|||
|
Trade Payables |
22.190.000 |
13.026.000 |
22.452.000 |
|
|||
|
Bank Liabilities |
0 |
997.000 |
23.422.000 |
|
|||
|
Other Loans Or Finance |
0 |
0 |
0 |
|
|||
|
Group Payables |
0 |
0 |
0 |
|
|||
|
Miscellaneous Liabilities |
11.551.000 |
10.821.000 |
12.547.000 |
|
|||
|
TOTAL CURRENT LIABILITIES |
33.741.000 |
24.845.000 |
58.421.000 |
|
|||
|
Bank Liabilities Due After 1 Year |
0 |
0 |
0 |
|
|||
|
Other Loans Or Finance Due After 1
Year |
0 |
0 |
0 |
|
|||
|
Group Payables Due After 1 Year |
0 |
0 |
0 |
|
|||
|
Miscellaneous Liabilities Due After
1 Year |
41.105.000 |
38.402.000 |
19.557.000 |
|
|||
|
TOTAL LONG
TERM LIABILITIES |
41.105.000 |
38.402.000 |
19.557.000 |
|
|||
|
TOTAL LIABILITIES |
74.846.000 |
63.247.000 |
77.978.000 |
|
|||
|
Called Up Share Capital |
22.100.000 |
22.100.000 |
22.100.000 |
|
|||
|
Share Premium |
0 |
0 |
0 |
|
|||
|
Revenue Reserves TOTAL
SHAREHOLDERS EQUITY |
10.085.000 |
|
6.313.000 34.660.000 |
|
0 28.347.000 |
||
|
Other
Financials |
|
|
|
|
|
||
|
Working Capital |
51.687.000 |
|
45.788.000 |
|
19.119.000 |
||
|
Net Worth |
37.425.000 |
|
32.426.000 |
|
25.026.000 |
||
|
|
|
|
|
|
|
||
|
Ratios |
|
|
|
|
|
||
|
Pre-Tax Profit
Margin |
3.31 |
% |
5.42 |
% |
-1.80 % |
||
|
Return On
Capital Employed |
5.20 |
% |
9.66 |
% |
-3.27 % |
||
|
Return On Total
Assets Employed |
5.20 |
% |
9.66 |
% |
-3.28 % |
||
|
Return On
Net Assets Employed |
15.32 |
% |
27.30 |
% |
-12.40 % |
||
|
Sales/Net
Working Capital |
3.44 |
|
3.81 |
|
10.11 |
||
|
Stock Turnover Ratio |
147.80 |
% |
176.10 |
% |
78.66 % |
||
|
Debtor Days |
61.60 |
|
55.36 |
|
58.10 |
||
|
Creditor
Days |
45.56 |
|
27.23 |
|
42.39 |
||
|
Current Ratio |
2.50 |
|
2.80 |
|
1.30 |
||
|
Liquidity
Ratio/Acid Test |
1.05 |
|
1.08 |
|
0.54 |
||
|
Current Debt
Ratio |
0.88 |
|
0.72 |
|
2.06 |
||
|
Gearing |
106.96 |
% |
99700110.80 |
% |
2342200068.99
% |
||
|
Equity In
Percentage |
37.47 |
% |
40.63 |
% |
30.48 % |
||
|
Total Debt
Ratio |
1.90 |
|
1.80 |
|
2.80 |
||
FOREIGN EXCHANGE RATES
Na
ADDITIONAL INFORMATION
Activities
Activity Code Activity Description
1300000 MANUFACTURE OF TEXTILES
1390000 Manufacture
of other textiles
1393000 Manufacture of carpets and rugs
1394000 Manufacture
of cordage, rope, twine and netting
2800000 MANUFACTURE OF MACHINERY AND
EQUIPMENT N.E.C.
2820000 Manufacture
of other general-purpose machinery
2829000 Manufacture of other
general-purpose machinery n.e.c.
3300000 REPAIR
AND INSTALLATION OF MACHINERY AND EQUIPMENT
3310000 Repair of fabricated metal
products, machinery and equipment
3319000 Repair
of other equipment
4600000 WHOLESALE TRADE, EXCEPT OF MOTOR
VEHICLES AND MOTORCYCLES
4660000 Wholesale of other machinery, equipment and supplies
4669000 Wholesale of other machinery and
equipment
4669200 Wholesale of shipping equipment and fishing tackle
Previous Names
Contact
Information
Main Address
Address Country Telephone
MOLDØEN, 6700 MÅLØY NORWAY 57852500
Other Address
Address Country
PB 163, 6700 MÅLØY NORWAY
Email
Addresses
Web Pages
Other Information
Employee Information
Year Number of
Employees
2012 107
2011 106
2010 106
Bankers
No banker information for
this company.
Advisors
Auditor Name PRICEWATERHOUSECOOPERS AS
Additional
Information
Other Information
PRODUKSJON, REPARASJON OG HANDEL MED FISKERIUTSTYR OG OPPDRETTS- UTSTYR
OG
Company Purpose ALT
HVA HERVED STÅR I FORBINDELSE. SELSKAPET KAN OGSÅ DELTA IANDRE SELSKAPER
SOM
INTERESSENTER ELLER PÅ ANNEN MÅTE.
Comment
Other
Financial Information
Managing Director Salary 741000
Overdraft
Auditors Report
Date of Financials 31 / 12 /2010
Auditors Comment NORMAL REPORT
Auditors Comment 2
Auditors Comment 3
Auditors Comment 4
NOTES & COMMENTS
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.65 |
|
UK Pound |
1 |
Rs.79.09 |
|
Euro |
1 |
Rs.65.32 |
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.