|
Report Date : |
21.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
OPTIMARIN AS
|
|
|
|
|
Formerly Known As : |
OPTIMARIN MARKETING AS |
|
|
|
|
Registered Office : |
Fabrikkveien 21, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
2010 |
|
|
|
|
Date of Incorporation : |
20.02.1995 |
|
|
|
|
Com. Reg. No.: |
970942327 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in Ballast Water Treatment Systems |
|
|
|
|
No. of Employees : |
26 |
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 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 |
|
Company name |
OPTIMARIN AS |
Company number |
970942327 |
|
Address |
Fabrikkveien 21 |
|
|
|
City |
STAVANGER 4033 |
Legal form |
Limited company |
|
Website address |
E-mail address |
||
|
Telephone Number
|
00 47 51114533 |
Fax Number |
00 47 51123103 |
|
Registration
date |
20/02/1995 |
Status |
Active |
|
Previous Name |
OPTIMARIN MARKETING AS |
Share capital |
1,998,084 |
|
Name change date
|
20/02/1995 |
Currency |
- |
|
|
|
Number of
employees |
26 |
|
Activity |
Subject is engaged in Ballast Water Treatment Systems |
||
Current Directors
|
Name |
Address |
Function |
|
Sanner, PĂ¥l |
Byfoged
Christensens G 11 STAVANGER 4011 |
General
manager/CEO |
|
Ahlqvist, Rolf Einar |
Vinterveien 5
HAFRSFJORD 4041 |
Chairman of the
board |
|
Nilsen, Reidar |
Vølstadveien 66 STAVANGER 4025 |
Board member(s) |
|
Erga, Karl |
Mikkelsmessveien 13 HAFRSFJORD 4046 |
Board member(s) |
|
Nilsen, Birgir |
6 Howes Ave
US-06906 Stamford LT |
Board member(s) |
|
Dahle, Tor |
Rektor Erichsens
Gate 3 STAVANGER 4022 |
Board member(s) |
|
Nylund, Jan |
Elisenbergveien 26 OSLO 0265 |
Board member(s) |
No negative information
found
|
Share capital |
1,998,084 |
Shareholders
|
Shareholder Name
|
Number of Shares
|
Percentage Share
|
|
KLAVENESS INVEST AS |
475,046 |
25.3 |
|
SR-INVESTERING AS |
250,041 |
13.3 |
|
Birgir Nilsen |
189,155 |
10.1 |
|
Halvor Nilsen |
177,222 |
9.4 |
|
Ragny Marie Nilsen |
173,222 |
9.2 |
|
Reidar Nilsen |
163,404 |
8.7 |
|
Oscar Nilsen |
160,787 |
8.6 |
|
PV INVEST 3 AS |
121,546 |
6.5 |
|
ERGA RĂ…DGIVNING AS |
73,552 |
3.9 |
|
PĂ¥l Sanner |
23,517 |
1.3 |
|
AHLQVIST INVEST AS |
15,091 |
0.8 |
|
Tor Ă˜ystein Kleppa |
14,000 |
0.8 |
|
Svein Berglia |
11,800 |
0.6 |
|
Jon Ivar Monsen |
8,800 |
0.5 |
|
BERGELAND INVEST AS |
6,196 |
0.3 |
|
Rush Seldon |
3,636 |
0.2 |
|
Kim Stian Haugland |
3,636 |
0.2 |
|
Erling Eimhjellen |
3,222 |
0.2 |
|
Jone Ingvaldsen |
2,222 |
0.1 |
|
Frode Stokka |
2,123 |
0.1 |
|
SBS TORRENT AS |
10 |
0.0 |
Na
Na
Key Financials
|
Year to Date |
Sales Revenue |
Profit Before
Tax |
Total Equity |
|
2010 |
11,750,000 |
-13,942,000 |
22,236,000 |
|
2009 |
4,222,000 |
-8,795,000 |
27,288,000 |
|
2008 |
2,428,000 |
-6,110,000 |
23,274,000 |
|
2007 |
103,000 |
-1,931,000 |
16,177,000 |
|
2006 |
74,000 |
-1,524,000 |
3,814,000 |
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 |
11,750,000 |
178.3 % |
4,222,000 |
73.9 % |
2,428,000 |
2,257.3 % |
103,000 |
39.2 % |
74,000 |
|
Other operating income |
277,000 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Operating Income |
12,027,000 |
184.9 % |
4,222,000 |
73.9 % |
2,428,000 |
2,257.3 % |
103,000 |
39.2 % |
74,000 |
|
Total Operating Expenses |
25,581,000 |
97.7 % |
12,939,000 |
51.9 % |
8,520,000 |
297.9 % |
2,141,000 |
34.6 % |
1,591,000 |
|
Operating Profit |
-13,554,000 |
-55.5 % |
-8,717,000 |
-43.1 % |
-6,091,000 |
-198.9 % |
-2,038,000 |
-34.3 % |
-1,518,000 |
|
Wages & Salaries |
7,179,000 |
44.4 % |
4,971,000 |
75.3 % |
2,835,000 |
1,828.6 % |
147,000 |
-49.3 % |
290,000 |
|
Depreciation |
1,827,000 |
355.6 % |
401,000 |
854.8 % |
42,000 |
4,100.0 % |
1,000 |
- |
0 |
|
Financial Income |
118,000 |
-11.3 % |
133,000 |
-50.7 % |
270,000 |
106.1 % |
131,000 |
991.7 % |
12,000 |
|
Financial Expenses |
505,000 |
138.2 % |
212,000 |
-26.6 % |
289,000 |
1,104.2 % |
24,000 |
26.3 % |
19,000 |
|
Profit Before Tax |
-13,942,000 |
-58.5 % |
-8,795,000 |
-43.9 % |
-6,110,000 |
-216.4 % |
-1,931,000 |
-26.7 % |
-1,524,000 |
|
Tax |
3,890,000 |
-17.3 % |
4,703,000 |
- |
0 |
- |
0 |
-100.0 % |
426,000 |
|
Profit After Tax |
-10,052,000 |
-145.7 % |
-4,092,000 |
33.0 % |
-6,110,000 |
-216.4 % |
-1,931,000 |
-75.9 % |
-1,098,000 |
|
Extraordinary Result |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net Result after Dividends |
-10,052,000 |
-145.7 % |
-4,092,000 |
33.0 % |
-6,110,000 |
-216.4 % |
-1,931,000 |
-75.9 % |
-1,098,000 |
Balance Sheet
|
Financial Year |
2010 |
|
2009 |
|
2008 |
|
2007 |
|
2006 |
|
Currency |
NOK |
|
NOK |
|
NOK |
|
NOK |
|
NOK |
|
Consolidated Accounts |
No |
|
No |
|
No |
|
No |
|
No |
|
Land & Buildings |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Plant & Machinery |
194,000 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Tangible Assets |
701,000 |
123.2 % |
314,000 |
-14.7 % |
368,000 |
951.4 % |
35,000 |
- |
0 |
|
Total Tangible Assets |
895,000 |
185.0 % |
314,000 |
-14.7 % |
368,000 |
951.4 % |
35,000 |
- |
0 |
|
Intangible Assets |
27,636,000 |
3.8 % |
26,636,000 |
53.9 % |
17,309,000 |
81.4 % |
9,543,000 |
137.4 % |
4,019,000 |
|
Other Fixed Assets |
-1,000 |
- |
0 |
100.0 % |
-1,000 |
- |
0 |
- |
0 |
|
TOTAL FIXED ASSETS |
28,530,000 |
5.9 % |
26,950,000 |
52.5 % |
17,676,000 |
84.5 % |
9,578,000 |
138.3 % |
4,019,000 |
|
Inventories |
585,000 |
-78.9 % |
2,778,000 |
103.5 % |
1,365,000 |
- |
0 |
-100.0 % |
50,000 |
|
Trade Receivables |
557,000 |
1,137.8 % |
45,000 |
-6.3 % |
48,000 |
- |
0 |
-100.0 % |
8,000 |
|
Other Receivables |
1,133,000 |
5.7 % |
1,072,000 |
-12.8 % |
1,229,000 |
61.9 % |
759,000 |
- |
0 |
|
Cash & Bank Deposits |
2,382,000 |
185.6 % |
834,000 |
-88.3 % |
7,127,000 |
-1.9 % |
7,265,000 |
9,586.7 % |
75,000 |
|
Other Current Assets |
1,000 |
- |
0 |
100.0 % |
-1,000 |
0.0 % |
-1,000 |
- |
0 |
|
TOTAL CURRENT ASSETS |
4,658,000 |
-1.5 % |
4,729,000 |
-51.6 % |
9,768,000 |
21.7 % |
8,023,000 |
5,932.3 % |
133,000 |
|
TOTAL ASSETS |
33,188,000 |
4.8 % |
31,679,000 |
15.4 % |
27,444,000 |
55.9 % |
17,601,000 |
323.9 % |
4,152,000 |
|
Trade Creditors |
1,812,000 |
158.1 % |
702,000 |
30.5 % |
538,000 |
-58.9 % |
1,309,000 |
26,080.0 % |
5,000 |
|
Short Term Liabilities to Financial Institutions |
2,498,000 |
89.5 % |
1,318,000 |
- |
0 |
- |
0 |
- |
0 |
|
Short Term Liabilities to Group |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Short Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Miscellaneous Current Liabilities |
2,652,000 |
11.9 % |
2,371,000 |
-34.7 % |
3,632,000 |
3,058.3 % |
115,000 |
-65.5 % |
333,000 |
|
TOTAL CURRENT LIABILITIES |
6,962,000 |
58.6 % |
4,391,000 |
5.3 % |
4,170,000 |
192.8 % |
1,424,000 |
321.3 % |
338,000 |
|
Long Term Liabilities to Financial Institutions |
3,990,000 |
- |
0 |
- |
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 |
- |
0 |
|
TOTAL LONG TERM LIABILITIES |
3,990,000 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
TOTAL LIABILITIES |
10,952,000 |
149.4 % |
4,391,000 |
5.3 % |
4,170,000 |
192.8 % |
1,424,000 |
321.3 % |
338,000 |
|
Share Capital |
1,878,000 |
7.4 % |
1,748,000 |
7.5 % |
1,626,000 |
22.7 % |
1,325,000 |
32.5 % |
1,000,000 |
|
Share Premium Reserve |
48,399,000 |
16.5 % |
41,529,000 |
16.8 % |
35,545,000 |
57.0 % |
22,639,000 |
161.1 % |
8,670,000 |
|
Revaluation Fund |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Retained Earnings |
-28,041,000 |
-55.9 % |
-17,990,000 |
-29.5 % |
-13,897,000 |
-78.5 % |
-7,787,000 |
-33.0 % |
-5,856,000 |
|
Other Reserves |
0 |
-100.0 % |
2,001,000 |
- |
0 |
- |
0 |
- |
0 |
|
TOTAL EQUITY |
22,236,000 |
-18.5 % |
27,288,000 |
17.2 % |
23,274,000 |
43.9 % |
16,177,000 |
324.1 % |
3,814,000 |
Other Financials
|
Financial Year |
2010 |
|
2009 |
|
2008 |
|
2007 |
|
2006 |
|
Total Exports |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Working Capital |
-2,304,000 |
-781.7 % |
338,000 |
-94.0 % |
5,598,000 |
-15.2 % |
6,599,000 |
3,319.0 % |
-205,000 |
|
Net Worth |
-5,400,000 |
-928.2 % |
652,000 |
-89.1 % |
5,965,000 |
-10.1 % |
6,634,000 |
3,336.1 % |
-205,000 |
|
Capital Employed |
26,226,000 |
-3.9 % |
27,288,000 |
17.2 % |
23,274,000 |
43.9 % |
16,177,000 |
324.1 % |
3,814,000 |
Ratios
|
Financial Year |
2010 |
2009 |
2008 |
2007 |
2006 |
|
Pre-Tax Profit Margin |
-118.66 |
-208.31 |
-251.65 |
-1,874.76 |
-2,059.46 |
|
Return on Capital Employed |
-53.16 |
-32.23 |
-26.25 |
-11.94 |
-39.96 |
|
Return on Total Assets Employed |
-42.01 |
-27.76 |
-22.26 |
-10.97 |
-36.71 |
|
Return on Net Assets Employed |
-62.70 |
-32.23 |
-26.25 |
-11.94 |
-39.96 |
|
Sales/Net Working Capital |
-5.10 |
12.49 |
0.43 |
0.02 |
-0.36 |
|
Stock Turnover Ratio |
4.98 |
65.80 |
56.22 |
0.00 |
67.57 |
|
Debtor Days |
17.30 |
3.89 |
7.22 |
0.00 |
39.46 |
|
Creditor Days |
56.29 |
60.69 |
80.88 |
4,638.69 |
24.66 |
|
Current Ratio |
0.67 |
1.08 |
2.34 |
5.63 |
0.39 |
|
Liquidity Ratio/Acid Test |
0.59 |
0.44 |
2.02 |
5.63 |
0.25 |
|
Current Debt Ratio |
0.31 |
0.16 |
0.18 |
0.09 |
0.09 |
|
Solvency Ratio |
67.00 |
86.14 |
84.81 |
91.91 |
91.86 |
|
Equity in Percentage |
400.43 |
541.11 |
229.62 |
200.76 |
2,867.67 |
|
Total Debt Ratio |
0.49 |
0.16 |
0.18 |
0.09 |
0.09 |
Na
|
Number of
employees |
26 |
Event History
|
Date |
Description |
|
23/11/2011 |
Limit Change |
|
23/11/2011 |
Rating Change |
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.86 |
|
UK Pound |
1 |
Rs.87.93 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.