MIRA INFORM REPORT
|
Report Date : |
20.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
LONDON BRØDR AS |
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Registered Office : |
Knud Brynsvei 1-3 OSLO 0581 |
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Country : |
Norway |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
19.02.1995 |
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Com. Reg. No.: |
913982894 |
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Legal Form : |
Limited company |
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Line of Business : |
Dismantling of wrecks |
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No. of Employees : |
31 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Norway |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
NORWAY - ECONOMIC OVERVIEW
The Norwegian economy is a prosperous mixed economy, with a
vibrant private sector, a large state sector, and an extensive social safety
net. The government controls key areas, such as the vital petroleum sector,
through extensive regulation and large-scale state-majority-owned enterprises.
The country is richly endowed with natural resources - petroleum, hydropower,
fish, forests, and minerals - and is highly dependent on the petroleum sector,
which accounts for the largest portion of export revenue and about 20% of
government revenue. Norway is the world's second-largest gas exporter; and
seventh largest oil exporter, making one of its largest offshore oil finds in
2011. Norway opted to stay out of the EU during a referendum in November 1994;
nonetheless, as a member of the European Economic Area, it contributes sizably
to the EU budget. In anticipation of eventual declines in oil and gas production,
Norway saves state revenue from the petroleum sector in the world's second
largest sovereign wealth fund, valued at over $500 billion in 2011 and uses the
fund's return to help finance public expenses. After solid GDP growth in
2004-07, the economy slowed in 2008, and contracted in 2009, before returning
to positive growth in 2010-11, however, the government budget is set to remain
in surplus.
Source
: CIA
|
Company Name |
LONDON BRØDR AS |
Company Number |
913982894 |
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|
|
BRØDRENE LONDON AS |
Company number |
913982894 |
|
|
Address |
Knud Brynsvei 1-3 |
Legal form |
Limited company |
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|
City |
OSLO 0581 |
E-mail address |
- |
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|
Website address |
Fax Number |
00 47 |
||
|
Telephone Number |
00 47 22649464 |
Status |
Active |
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|
Registration date |
19/02/1995 |
Share capital |
400,000 |
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|
Previous Name |
- |
Currency |
- |
|
|
Name change date |
- |
Number of employees |
31 |
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Postal Address
|
Address |
City |
Postal Code |
|
Postboks 6181 Etterstad |
OSLO |
0602 |
Current Directors
|
Name |
Address |
Function |
|
Bernhard Herres Vei 7 OSLO 0376 |
General manager/CEO |
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|
Bernhard Herres Vei 7 OSLO 0376 |
Chairman of the board |
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|
Bernhard Herres Vei 7 OSLO 0376 |
Deputy board member/substitute |
No negative information found.
Shareholders
|
Shareholder Name
|
Number of Shares
|
Percentage Share
|
|
JACK EDDY LONDON |
250 |
62.5 |
|
ANETTE LONDON |
150 |
37.5 |
N/a
Ultimate Holding Company
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Company Name |
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Company Number |
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Key Financials
|
Year to Date |
Sales Revenue |
Profit Before
Tax |
Total Equity |
|
2011 |
18,741,000 |
-276,000 |
4,427,000 |
|
2010 |
10,478,000 |
-1,000,000 |
4,626,000 |
|
2009 |
7,956,000 |
346,000 |
5,348,000 |
|
2008 |
9,767,000 |
-666,000 |
5,100,000 |
|
2007 |
14,672,000 |
115,000 |
-3,710,000 |
|
Profit &
Loss Account |
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Financial Year |
2011 |
|
2010 |
|
2009 |
|
2008 |
|
2007 |
|
Currency |
NOK |
|
NOK |
|
NOK |
|
NOK |
|
NOK |
|
Consolidated Accounts |
No |
|
No |
|
No |
|
No |
|
Yes |
|
Sales Revenue |
18741000 |
78.90% |
10478000 |
31.70% |
7956000 |
-18.50% |
9767000 |
-33.40% |
14672000 |
|
Other operating income |
9145000 |
1.20% |
9033000 |
6.20% |
8509000 |
2.30% |
8315000 |
34.50% |
6184000 |
|
Total Operating Income |
27886000 |
42.90% |
19511000 |
18.50% |
16465000 |
-8.90% |
18082000 |
-13.30% |
20856000 |
|
Total Operating Expenses |
27009000 |
38.80% |
19459000 |
30.20% |
14950000 |
-14.80% |
17556000 |
-18.60% |
21574000 |
|
Operating Profit |
877000 |
1586.50% |
52000 |
-96.60% |
1515000 |
188.60% |
525000 |
173.10% |
-718000 |
|
Wages & Salaries |
11117000 |
24.70% |
8913000 |
32.40% |
6731000 |
-1.90% |
6864000 |
13.00% |
6073000 |
|
Depreciation |
1899000 |
2.40% |
1855000 |
-2.70% |
1906000 |
9.90% |
1735000 |
12.90% |
1537000 |
|
Financial Income |
19000 |
26.70% |
15000 |
-25.00% |
20000 |
-63.60% |
55000 |
-97.90% |
2642000 |
|
Financial Expenses |
1173000 |
9.90% |
1067000 |
-10.30% |
1189000 |
-4.60% |
1246000 |
-31.10% |
1809000 |
|
Profit Before Tax |
-276000 |
72.40% |
-1000000 |
-389.00% |
346000 |
152.00% |
-666000 |
-679.10% |
115000 |
|
Tax |
77000 |
-72.30% |
278000 |
383.70% |
-98000 |
-155.40% |
177000 |
-85.30% |
1205000 |
|
Profit After Tax |
-199000 |
72.40% |
-722000 |
-391.10% |
248000 |
150.70% |
-489000 |
-137.00% |
1320000 |
|
Extraordinary Result |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net Result after Dividends |
-199000 |
72.40% |
-722000 |
-391.10% |
248000 |
150.70% |
-489000 |
-137.00% |
1320000 |
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Balance Sheet |
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Financial Year |
2011 |
|
2010 |
|
2009 |
|
2008 |
|
2007 |
|
Currency |
NOK |
|
NOK |
|
NOK |
|
NOK |
|
NOK |
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Consolidated Accounts |
No |
|
No |
|
No |
|
No |
|
Yes |
|
Land & Buildings |
18626000 |
-5.10% |
19617000 |
-6.40% |
20966000 |
-6.10% |
22318000 |
-6.40% |
23846000 |
|
Plant & Machinery |
90000 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Tangible Assets |
1180000 |
-18.00% |
1439000 |
-20.10% |
1802000 |
3.10% |
1747000 |
77.20% |
986000 |
|
Total Tangible Assets |
19896000 |
-5.50% |
21056000 |
-7.50% |
22768000 |
-5.40% |
24065000 |
-3.10% |
24832000 |
|
Intangible Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Fixed Assets |
4863000 |
6.30% |
4576000 |
-13.70% |
5302000 |
21.10% |
4379000 |
1116.40% |
360000 |
|
TOTAL FIXED ASSETS |
24759000 |
-3.40% |
25632000 |
-8.70% |
28070000 |
-1.30% |
28444000 |
12.90% |
25192000 |
|
Inventories |
2002000 |
195.30% |
678000 |
126.00% |
300000 |
-48.30% |
580000 |
-24.00% |
763000 |
|
Trade Receivables |
822000 |
10.50% |
744000 |
-38.50% |
1210000 |
1290.80% |
87000 |
-94.70% |
1629000 |
|
Other Receivables |
425000 |
197.20% |
143000 |
-32.20% |
211000 |
-64.50% |
594000 |
-0.80% |
599000 |
|
Cash & Bank Deposits |
3328000 |
-7.90% |
3613000 |
41.50% |
2553000 |
16.40% |
2193000 |
-8.40% |
2394000 |
|
Other Current Assets |
1000 |
0.00% |
1000 |
- |
0 |
-100.00% |
21000 |
5.00% |
20000 |
|
TOTAL CURRENT ASSETS |
6578000 |
27.00% |
5179000 |
21.20% |
4274000 |
23.00% |
3475000 |
-35.70% |
5405000 |
|
TOTAL ASSETS |
31338000 |
1.70% |
30811000 |
-4.70% |
32344000 |
1.30% |
31919000 |
4.30% |
30597000 |
|
Trade Creditors |
1965000 |
22.00% |
1610000 |
149.20% |
646000 |
27.90% |
505000 |
-51.50% |
1042000 |
|
Short Term Liabilities to Financial Institutions |
0 |
- |
0 |
- |
0 |
- |
0 |
-100.00% |
94000 |
|
Short Term Liabilities to Group |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Short Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Miscellaneous Current Liabilities |
2888000 |
117.80% |
1326000 |
-43.00% |
2327000 |
37.00% |
1698000 |
-4.50% |
1778000 |
|
TOTAL CURRENT LIABILITIES |
4853000 |
65.30% |
2936000 |
-1.20% |
2973000 |
35.00% |
2203000 |
-24.40% |
2914000 |
|
Long Term Liabilities to Financial Institutions |
15900000 |
0.00% |
15900000 |
0.00% |
15900000 |
0.00% |
15900000 |
14.40% |
13900000 |
|
Other Long Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Long Term Pension Commitments |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Long Term Liabilities |
6159000 |
-16.20% |
7349000 |
-9.50% |
8124000 |
-6.80% |
8716000 |
-50.20% |
17493000 |
|
TOTAL LONG TERM LIABILITIES |
22059000 |
-5.10% |
23249000 |
-3.20% |
24024000 |
-2.40% |
24616000 |
-21.60% |
31393000 |
|
TOTAL LIABILITIES |
26911000 |
2.80% |
26185000 |
-3.00% |
26997000 |
0.70% |
26819000 |
-21.80% |
34307000 |
|
Share Capital |
400000 |
0.00% |
400000 |
0.00% |
400000 |
0.00% |
400000 |
0.00% |
400000 |
|
Share Premium Reserve |
4027000 |
-4.70% |
4226000 |
-10.10% |
4700000 |
0.00% |
4700000 |
-9.40% |
5188000 |
|
Revaluation Fund |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Retained Earnings |
0 |
- |
0 |
-100.00% |
248000 |
- |
0 |
100.00% |
-9299000 |
|
Other Reserves |
0 |
- |
0 |
- |
0 |
- |
0 |
-100.00% |
1000 |
|
TOTAL EQUITY |
4427000 |
-4.30% |
4626000 |
-13.50% |
5348000 |
4.90% |
5100000 |
237.50% |
-3710000 |
|
Other Financials |
|
|
|
|
|
|
|
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|
|
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|
|
|
|
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|
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|
Financial Year |
2011 |
|
2010 |
|
2009 |
|
2008 |
|
2007 |
|
Total Exports |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Working Capital |
1725000 |
-23.10% |
2243000 |
72.40% |
1301000 |
2.30% |
1272000 |
-48.90% |
2491000 |
|
Net Worth |
4427000 |
-4.30% |
4626000 |
-13.50% |
5348000 |
4.90% |
5100000 |
237.50% |
-3710000 |
|
Capital Employed |
26486000 |
-5.00% |
27875000 |
-5.10% |
29372000 |
-1.20% |
29716000 |
7.30% |
27683000 |
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Ratios |
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Financial Year |
2011 |
2010 |
2009 |
2008 |
2007 |
|
Pre-Tax Profit Margin |
-1.47 |
-9.54 |
4.35 |
-6.82 |
0.78 |
|
Return on Capital Employed |
-1.04 |
-3.59 |
1.18 |
-2.24 |
0.42 |
|
Return on Total Assets Employed |
-0.88 |
-3.25 |
1.07 |
-2.09 |
0.38 |
|
Return on Net Assets Employed |
-6.23 |
-21.62 |
6.47 |
-13.06 |
-3.1 |
|
Sales/Net Working Capital |
10.86 |
4.67 |
6.12 |
7.68 |
5.89 |
|
Stock Turnover Ratio |
10.68 |
6.47 |
3.77 |
5.94 |
5.2 |
|
Debtor Days |
16.01 |
25.92 |
55.51 |
3.25 |
40.53 |
|
Creditor Days |
38.27 |
56.08 |
29.64 |
18.87 |
25.92 |
|
Current Ratio |
1.36 |
1.76 |
1.44 |
1.58 |
1.85 |
|
Liquidity Ratio/Acid Test |
0.94 |
1.53 |
1.34 |
1.31 |
1.59 |
|
Current Debt Ratio |
1.1 |
0.63 |
0.56 |
0.43 |
-0.79 |
|
Solvency Ratio |
14.13 |
15.01 |
16.53 |
15.98 |
-12.13 |
|
Equity in Percentage |
16.72 |
17.63 |
19.78 |
18.52 |
-12.27 |
|
Total Debt Ratio |
6.08 |
5.66 |
5.05 |
5.26 |
-9.25 |
N/a
Industry
|
Main Industry Code & Description |
Dismantling of wrecks |
|
Secondary Industry Code & Description |
- |
|
Other Industry Code & Description |
- |
Event History
|
Date |
Description |
|
17/09/2012 |
Rating Change |
|
31/08/2012 |
Rating Change |
|
27/08/2012 |
Limit Change |
|
27/08/2012 |
Rating Change |
|
23/08/2012 |
APPROVED END OF YEAR REPORT AND ACCOUNTS |
|
13/08/2012 |
Limit Change |
|
13/08/2012 |
Rating Change |
|
23/11/2011 |
Limit Change |
|
23/11/2011 |
Rating Change |
|
03/09/2011 |
APPROVED END OF YEAR REPORT AND ACCOUNTS |
Rating History
No data exist
N/a
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.97 |
|
|
1 |
Rs.85.45 |
|
Euro |
1 |
Rs.69.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.