|
Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
INEOS NORGE AS |
|
|
|
|
Registered Office : |
Rafnes, STATHELLE 3966 |
|
|
|
|
Country : |
Norway |
|
|
|
|
Financials (as on) : |
2011 |
|
|
|
|
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 : |
339 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Norway |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
third-largest natural 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 $700 billion in January 2013 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 2010-12, however, the government budget is set to remain in surplus
|
Source
: CIA |
|
Company Name |
INEOS NORGE AS
|
Company Number
|
981701046 |
|
Company name |
INEOS NORGE AS
|
Company number
|
981701046 |
|
Address |
Rafnes |
|
|
|
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 |
339 |
Current Directors
|
Name |
Address |
Function |
|
Trompetbakken
4 BREVIK 3950 |
General
manager/CEO |
|
|
Chemin du
Puits 10 1291 Commugny |
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) |
|
|
heyeswood,
tirley lane, utkinton tarporley, cw60jz chesire |
Board
member(s) |
|
|
De
Ribaucourtdreef 26, B-1820 Steenokkerzeel |
Board
member(s) |
|
|
cae mynydd,
pentre, wrexham, 2211 3dp, uk |
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 |
Other Company
Officials
|
Name |
Address |
Function |
|
Søndre Lensmannsveg 44 SKIEN 3736 |
Observer |
No negative information found.
Shareholders
|
Shareholder
Name |
Number of
Shares |
Percentage
Share |
|
INEOS NORGE
HOLDINGS AS |
700,000 |
100.0 |
N/a
Ultimate Holding Company
|
Safe Number |
Company Name |
Company Number
|
View linked
companies outside this company’s group structure |
|
|
11 companies in 2 countries. Click here to visit linked
companies |
Key Financials
|
Year to Date |
Sales Revenue |
Profit Before
Tax |
Total Equity |
|
2011 |
4,442,396,000 |
309,573,000 |
1,233,102,000 |
|
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 |
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 |
4,442,396,000 |
0.5 % |
4,418,801,000 |
26.1 % |
3,503,236,000 |
-30.3 % |
5,024,135,000 |
7.1 % |
4,689,871,000 |
|
Other
operating income |
43,974,000 |
- |
0 |
-100.0 % |
906,000 |
- |
0 |
- |
0 |
|
Total
Operating Income |
4,486,370,000 |
1.5 % |
4,418,801,000 |
26.1 % |
3,504,142,000 |
-30.3 % |
5,024,135,000 |
7.1 % |
4,689,871,000 |
|
Total
Operating Expenses |
4,109,077,000 |
-1.5 % |
4,172,039,000 |
27.4 % |
3,273,513,000 |
-25.5 % |
4,395,327,000 |
5.2 % |
4,178,957,000 |
|
Operating
Profit |
377,293,000 |
52.9 % |
246,762,000 |
7.0 % |
230,629,000 |
-63.3 % |
628,808,000 |
23.1 % |
510,914,000 |
|
Wages &
Salaries |
269,243,000 |
-2.5 % |
276,011,000 |
2.5 % |
269,177,000 |
-8.1 % |
292,889,000 |
-10.0 % |
325,268,000 |
|
Depreciation |
175,090,000 |
-8.8 % |
192,008,000 |
-4.2 % |
200,354,000 |
3.4 % |
193,761,000 |
-7.0 % |
208,421,000 |
|
Financial
Income |
360,805,000 |
217.2 % |
113,753,000 |
1.6 % |
111,965,000 |
275.7 % |
29,805,000 |
-83.2 % |
177,824,000 |
|
Financial
Expenses |
428,525,000 |
114.6 % |
199,658,000 |
32.4 % |
150,827,000 |
21.6 % |
124,054,000 |
28.8 % |
96,321,000 |
|
Profit Before
Tax |
309,573,000 |
92.5 % |
160,857,000 |
-16.1 % |
191,767,000 |
-64.1 % |
534,559,000 |
-9.8 % |
592,417,000 |
|
Tax |
-86,612,000 |
-92.1 % |
-45,092,000 |
13.2 % |
-51,979,000 |
65.6 % |
-151,223,000 |
13.5 % |
-174,856,000 |
|
Profit After
Tax |
222,961,000 |
92.6 % |
115,765,000 |
-17.2 % |
139,788,000 |
-63.5 % |
383,336,000 |
-8.2 % |
417,561,000 |
|
Extraordinary
Result |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net Result
after Dividends |
222,961,000 |
92.6 % |
115,765,000 |
-17.2 % |
139,788,000 |
-63.5 % |
383,336,000 |
-8.2 % |
417,561,000 |
Balance Sheet
|
Financial Year
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
2007 |
|
Currency |
NOK |
|
NOK |
|
NOK |
|
NOK |
|
NOK |
|
Consolidated
Accounts |
No |
|
No |
|
No |
|
No |
|
No |
|
Land &
Buildings |
232,912,000 |
-7.1 % |
250,661,000 |
-6.5 % |
268,168,000 |
-5.7 % |
284,317,000 |
-5.6 % |
301,044,000 |
|
Plant &
Machinery |
1,447,780,000 |
-9.2 % |
1,595,311,000 |
-9.5 % |
1,762,898,000 |
-1.3 % |
1,785,905,000 |
-7.2 % |
1,924,902,000 |
|
Other Tangible
Assets |
16,426,000 |
693.1 % |
2,071,000 |
- |
0 |
-100.0 % |
39,398,000 |
103.4 % |
19,367,000 |
|
Total Tangible
Assets |
1,697,118,000 |
-8.2 % |
1,848,043,000 |
-9.0 % |
2,031,066,000 |
-3.7 % |
2,109,620,000 |
-6.0 % |
2,245,313,000 |
|
Intangible
Assets |
33,590,000 |
90.8 % |
17,607,000 |
- |
0 |
-100.0 % |
4,470,000 |
- |
0 |
|
Other Fixed
Assets |
378,415,000 |
-14.9 % |
444,475,000 |
-4.6 % |
465,915,000 |
-9.7 % |
515,915,000 |
-12.3 % |
588,248,000 |
|
TOTAL FIXED
ASSETS |
2,109,123,000 |
-8.7 % |
2,310,125,000 |
-7.5 % |
2,496,981,000 |
-5.1 % |
2,630,005,000 |
-7.2 % |
2,833,561,000 |
|
Inventories |
279,353,000 |
10.6 % |
252,499,000 |
22.4 % |
206,348,000 |
15.4 % |
178,857,000 |
-46.4 % |
333,939,000 |
|
Trade
Receivables |
437,126,000 |
-12.1 % |
497,200,000 |
10.3 % |
450,658,000 |
-17.9 % |
548,786,000 |
61.5 % |
339,873,000 |
|
Other
Receivables |
799,606,000 |
330.8 % |
185,610,000 |
120.2 % |
84,306,000 |
104.7 % |
41,190,000 |
-90.1 % |
416,925,000 |
|
Cash &
Bank Deposits |
92,775,000 |
42.6 % |
65,058,000 |
-18.2 % |
79,529,000 |
-53.9 % |
172,667,000 |
71,844.6 % |
240,000 |
|
Other Current
Assets |
0 |
- |
0 |
- |
0 |
-100.0 % |
48,087,000 |
- |
0 |
|
TOTAL CURRENT
ASSETS |
1,608,860,000 |
60.8 % |
1,000,367,000 |
21.9 % |
820,841,000 |
-17.1 % |
989,587,000 |
-9.3 % |
1,090,977,000 |
|
TOTAL ASSETS |
3,717,983,000 |
12.3 % |
3,310,492,000 |
-0.2 % |
3,317,822,000 |
-8.3 % |
3,619,592,000 |
-7.8 % |
3,924,538,000 |
|
Trade
Creditors |
303,932,000 |
-2.4 % |
311,250,000 |
-31.2 % |
452,627,000 |
16.3 % |
389,286,000 |
-28.4 % |
543,322,000 |
|
Short Term
Liabilities to Financial Institutions |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Short Term
Liabilities to Group |
0 |
- |
0 |
- |
0 |
-100.0 % |
415,901,000 |
- |
0 |
|
Other Short
Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Miscellaneous
Current Liabilities |
700,048,000 |
50.2 % |
466,154,000 |
-58.0 % |
1,110,867,000 |
223.0 % |
343,907,000 |
-72.8 % |
1,263,373,000 |
|
TOTAL CURRENT
LIABILITIES |
1,003,980,000 |
29.1 % |
777,404,000 |
-50.3 % |
1,563,494,000 |
36.1 % |
1,149,094,000 |
-36.4 % |
1,806,695,000 |
|
Long Term
Liabilities to Financial Institutions |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Long
Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Long Term
Pension Commitments |
383,110,000 |
1.8 % |
376,456,000 |
4.1 % |
361,474,000 |
6.4 % |
339,727,000 |
0.1 % |
339,428,000 |
|
Other Long
Term Liabilities |
1,097,791,000 |
24.4 % |
882,675,000 |
2,185.7 % |
38,618,000 |
-89.0 % |
350,296,000 |
1,073.0 % |
29,864,000 |
|
TOTAL LONG
TERM LIABILITIES |
1,480,901,000 |
17.6 % |
1,259,131,000 |
214.7 % |
400,092,000 |
-42.0 % |
690,023,000 |
86.9 % |
369,292,000 |
|
TOTAL
LIABILITIES |
2,484,881,000 |
22.0 % |
2,036,535,000 |
3.7 % |
1,963,586,000 |
6.8 % |
1,839,117,000 |
-15.5 % |
2,175,987,000 |
|
Share Capital |
700,000,000 |
0.0 % |
700,000,000 |
0.0 % |
700,000,000 |
0.0 % |
700,000,000 |
0.0 % |
700,000,000 |
|
Share Premium
Reserve |
502,000 |
0.0 % |
502,000 |
0.0 % |
502,000 |
0.0 % |
502,000 |
-99.9 % |
568,502,000 |
|
Revaluation
Fund |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Retained
Earnings |
419,328,000 |
-8.9 % |
460,183,000 |
-14.9 % |
540,462,000 |
-44.1 % |
966,701,000 |
118.4 % |
442,544,000 |
|
Other Reserves
|
113,272,000 |
0.0 % |
113,272,000 |
0.0 % |
113,272,000 |
0.0 % |
113,272,000 |
202.0 % |
37,505,000 |
|
TOTAL EQUITY |
1,233,102,000 |
-3.2 % |
1,273,957,000 |
-5.9 % |
1,354,236,000 |
-23.9 % |
1,780,475,000 |
1.8 % |
1,748,551,000 |
Other Financials
|
Financial Year
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
2007 |
|
Total Exports |
3,461,942,000 |
- |
- |
- |
2,309,155,000 |
- |
- |
- |
- |
|
Working
Capital |
604,880,000 |
171.3 % |
222,963,000 |
130.0 % |
-742,653,000 |
-365.6 % |
-159,507,000 |
77.7 % |
-715,718,000 |
|
Net Worth |
1,199,512,000 |
-4.5 % |
1,256,350,000 |
-7.2 % |
1,354,236,000 |
-23.7 % |
1,776,005,000 |
1.6 % |
1,748,551,000 |
|
Capital
Employed |
2,714,003,000 |
7.1 % |
2,533,088,000 |
44.4 % |
1,754,328,000 |
-29.0 % |
2,470,498,000 |
16.7 % |
2,117,843,000 |
Ratios
|
Financial Year
|
2011 |
2010 |
2009 |
2008 |
2007 |
|
Pre-Tax Profit
Margin |
6.97 |
3.64 |
5.47 |
10.64 |
12.63 |
|
Return on
Capital Employed |
11.41 |
6.35 |
10.93 |
21.64 |
27.97 |
|
Return on
Total Assets Employed |
8.33 |
4.86 |
5.78 |
14.77 |
15.10 |
|
Return on Net
Assets Employed |
25.11 |
12.63 |
14.16 |
30.02 |
33.88 |
|
Sales/Net
Working Capital |
7.34 |
19.82 |
-4.72 |
-31.50 |
-6.55 |
|
Stock Turnover
Ratio |
6.29 |
5.71 |
5.89 |
3.56 |
7.12 |
|
Debtor Days |
35.92 |
41.07 |
46.95 |
39.87 |
26.45 |
|
Creditor Days |
24.97 |
25.71 |
47.16 |
28.28 |
42.29 |
|
Current Ratio |
1.60 |
1.29 |
0.53 |
0.86 |
0.60 |
|
Liquidity
Ratio/Acid Test |
1.32 |
0.96 |
0.39 |
0.71 |
0.42 |
|
Current Debt
Ratio |
0.81 |
0.61 |
1.15 |
0.65 |
1.03 |
|
Solvency Ratio
|
33.17 |
38.48 |
40.82 |
49.19 |
44.55 |
|
Equity in
Percentage |
37.30 |
44.73 |
47.49 |
57.45 |
52.41 |
|
Total Debt
Ratio |
2.02 |
1.60 |
1.45 |
1.03 |
1.24 |
N/a
Industry
|
Main Industry
Code & Description |
Manufacture of
other inorganic basic chemicals |
|
Secondary
Industry Code & Description |
Manufacture of
plastics in primary forms |
|
Other Industry
Code & Description |
- |
Event History
|
Date |
Description |
|
26/10/2012 |
CHANGE OF
BOARD OF DIRECTORS |
|
27/08/2012 |
Limit Change |
|
27/08/2012 |
Rating Change |
|
25/08/2012 |
APPROVED END
OF YEAR REPORT AND ACCOUNTS |
|
20/08/2012 |
Limit Change |
|
20/08/2012 |
Rating Change |
|
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 |
N/a
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.