|
Report Date : |
17.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
COMEX AS
|
|
|
|
|
Registered Office : |
Olav Ingstads Vei 5, RUD 1351 |
|
|
|
|
Country : |
Norway |
|
|
|
|
Financials (as on) : |
2011 |
|
|
|
|
Date of Incorporation : |
13.03.2003 |
|
|
|
|
Com. Reg. No.: |
985463913 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Wholesaler of machinery and equipment for trade |
|
|
|
|
No. of Employees : |
01 |
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 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 |
COMEX AS |
Company Number |
985463913 |
|
Company name |
COMEX AS |
Company number |
985463913 |
|
Address |
Olav Ingstads vei 5 |
|
|
|
City |
RUD 1351 |
Legal form |
Limited company |
|
Website address |
E-mail address |
||
|
Telephone Number |
- |
Fax Number |
92573665 |
|
Registration date |
13/03/2003 |
Status |
Active |
|
Previous Name |
- |
Share capital |
147,980 |
|
Name change date |
- |
Currency |
- |
|
|
|
Number of employees |
1 |
Postal Address
|
Address |
City |
Postal Code |
|
Postboks 53 |
RUD |
1309 |
Current Directors
|
Name |
Address |
Function |
|
Sleiverudåsen 94 BÆRUMS VERK 1354 |
General manager/CEO |
|
|
Stokkanhaugen 104 TRONDHEIM 7048 |
Chairman of the board |
|
|
Hasselbakkvegen 15 B RANHEIM 7053 |
Board member(s) |
|
|
Søbstadvegen 27 B HEIMDAL 7088 |
Board member(s) |
Other Company
Officials
|
Name |
Address |
Function |
|
Munins vei 1 RYKKINN 1348 |
Accountant |
Shareholders
|
Shareholder Name |
Number of Shares |
Percentage Share |
|
LEIV EIRIKSSON NYSKAPING AS |
47,980 |
32.4 |
|
SPINOUT VENTURE II AS |
38,000 |
25.7 |
|
SÃ…KORNINVEST MIDT-NORGE AS |
32,000 |
21.6 |
|
JACEK KOLACZ |
30,000 |
20.3 |
Ultimate Holding
Company
|
Company Name |
|
Company Number |
|
|
COMEX AS |
|
985463913 |
|
Key Financials
|
Year to Date |
Sales Revenue |
Profit Before Tax |
Total Equity |
|
2011 |
11,352,000 |
-111,000 |
6,701,000 |
|
2010 |
11,789,000 |
787,000 |
6,520,000 |
|
2009 |
19,445,000 |
1,877,000 |
5,781,000 |
|
2008 |
15,066,000 |
333,000 |
4,228,000 |
|
2007 |
8,503,000 |
540,000 |
3,763,000 |
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 |
11,352,000 |
-3.7 % |
11,789,000 |
-39.4 % |
19,445,000 |
29.1 % |
15,066,000 |
77.2 % |
8,503,000 |
|
Other operating income |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Operating Income |
11,352,000 |
-3.7 % |
11,789,000 |
-39.4 % |
19,445,000 |
29.1 % |
15,066,000 |
77.2 % |
8,503,000 |
|
Total Operating Expenses |
11,395,000 |
5.0 % |
10,855,000 |
-36.8 % |
17,172,000 |
14.7 % |
14,971,000 |
87.2 % |
7,998,000 |
|
Operating Profit |
-43,000 |
-104.6 % |
934,000 |
-58.9 % |
2,273,000 |
2,292.6 % |
95,000 |
-81.2 % |
505,000 |
|
Wages & Salaries |
1,272,000 |
-23.6 % |
1,665,000 |
13.4 % |
1,468,000 |
24.0 % |
1,184,000 |
10.2 % |
1,074,000 |
|
Depreciation |
12,000 |
1,100.0 % |
1,000 |
-99.3 % |
142,000 |
-7.2 % |
153,000 |
0.0 % |
153,000 |
|
Financial Income |
102,000 |
-69.2 % |
331,000 |
44.5 % |
229,000 |
-27.5 % |
316,000 |
201.0 % |
105,000 |
|
Financial Expenses |
170,000 |
-64.4 % |
478,000 |
-23.5 % |
625,000 |
701.3 % |
78,000 |
11.4 % |
70,000 |
|
Profit Before Tax |
-111,000 |
-114.1 % |
787,000 |
-58.1 % |
1,877,000 |
463.7 % |
333,000 |
-38.3 % |
540,000 |
|
Tax |
292,000 |
721.3 % |
-47,000 |
85.5 % |
-324,000 |
-347.3 % |
131,000 |
2,283.3 % |
-6,000 |
|
Profit After Tax |
181,000 |
-75.5 % |
740,000 |
-52.4 % |
1,553,000 |
234.7 % |
464,000 |
-13.1 % |
534,000 |
|
Extraordinary Result |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net Result after Dividends |
181,000 |
-75.5 % |
740,000 |
-52.4 % |
1,553,000 |
234.7 % |
464,000 |
-13.1 % |
534,000 |
Balance Sheet
|
Financial Year |
2011 |
|
2010 |
|
2009 |
|
2008 |
|
2007 |
|
Currency |
NOK |
|
NOK |
|
NOK |
|
NOK |
|
NOK |
|
Consolidated Accounts |
No |
|
No |
|
No |
|
No |
|
No |
|
Land & Buildings |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Plant & Machinery |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Tangible Assets |
24,000 |
-33.3 % |
36,000 |
- |
0 |
- |
0 |
- |
0 |
|
Total Tangible Assets |
24,000 |
-33.3 % |
36,000 |
- |
0 |
- |
0 |
- |
0 |
|
Intangible Assets |
290,000 |
- |
0 |
- |
0 |
-100.0 % |
260,000 |
-11.6 % |
294,000 |
|
Other Fixed Assets |
107,000 |
0.0 % |
107,000 |
0.0 % |
107,000 |
-0.9 % |
108,000 |
0.0 % |
108,000 |
|
TOTAL FIXED ASSETS |
421,000 |
194.4 % |
143,000 |
33.6 % |
107,000 |
-70.9 % |
368,000 |
-8.5 % |
402,000 |
|
Inventories |
10,000 |
0.0 % |
10,000 |
-99.7 % |
3,046,000 |
5,992.0 % |
50,000 |
-88.3 % |
429,000 |
|
Trade Receivables |
3,215,000 |
186.3 % |
1,123,000 |
-65.7 % |
3,274,000 |
177.7 % |
1,179,000 |
101.2 % |
586,000 |
|
Other Receivables |
1,048,000 |
-37.2 % |
1,670,000 |
68.7 % |
990,000 |
19.9 % |
826,000 |
23.8 % |
667,000 |
|
Cash & Bank Deposits |
2,753,000 |
-50.4 % |
5,551,000 |
32.9 % |
4,176,000 |
-1.6 % |
4,244,000 |
53.4 % |
2,767,000 |
|
Other Current Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
TOTAL CURRENT ASSETS |
7,026,000 |
-15.9 % |
8,354,000 |
-27.3 % |
11,486,000 |
82.3 % |
6,299,000 |
41.6 % |
4,449,000 |
|
TOTAL ASSETS |
7,447,000 |
-12.4 % |
8,497,000 |
-26.7 % |
11,593,000 |
73.9 % |
6,666,000 |
37.4 % |
4,851,000 |
|
Trade Creditors |
370,000 |
7.6 % |
344,000 |
-62.0 % |
906,000 |
337.7 % |
207,000 |
-70.1 % |
692,000 |
|
Short Term Liabilities to Financial Institutions |
0 |
- |
0 |
- |
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 |
375,000 |
-77.0 % |
1,630,000 |
-66.8 % |
4,906,000 |
119.9 % |
2,231,000 |
482.5 % |
383,000 |
|
TOTAL CURRENT LIABILITIES |
745,000 |
-62.3 % |
1,974,000 |
-66.0 % |
5,812,000 |
138.4 % |
2,438,000 |
126.8 % |
1,075,000 |
|
Long Term Liabilities to Financial Institutions |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Long Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Long Term Pension Commitments |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Long Term Liabilities |
0 |
-100.0 % |
3,000 |
- |
0 |
- |
0 |
-100.0 % |
12,000 |
|
TOTAL LONG TERM LIABILITIES |
0 |
-100.0 % |
3,000 |
- |
0 |
- |
0 |
-100.0 % |
12,000 |
|
TOTAL LIABILITIES |
745,000 |
-62.3 % |
1,977,000 |
-66.0 % |
5,812,000 |
138.4 % |
2,438,000 |
124.3 % |
1,087,000 |
|
Share Capital |
148,000 |
0.0 % |
148,000 |
0.0 % |
148,000 |
0.0 % |
148,000 |
0.0 % |
148,000 |
|
Share Premium Reserve |
1,020,000 |
0.0 % |
1,020,000 |
0.0 % |
1,020,000 |
0.0 % |
1,020,000 |
0.0 % |
1,020,000 |
|
Revaluation Fund |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Retained Earnings |
5,534,000 |
3.4 % |
5,353,000 |
16.0 % |
4,613,000 |
50.8 % |
3,060,000 |
17.9 % |
2,596,000 |
|
Other Reserves |
-1,000 |
0.0 % |
-1,000 |
- |
0 |
- |
0 |
100.0 % |
-1,000 |
|
TOTAL EQUITY |
6,701,000 |
2.8 % |
6,520,000 |
12.8 % |
5,781,000 |
36.7 % |
4,228,000 |
12.4 % |
3,763,000 |
Other Financials
|
Financial Year |
2011 |
|
2010 |
|
2009 |
|
2008 |
|
2007 |
|
Total Exports |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Working Capital |
6,281,000 |
-1.6 % |
6,380,000 |
12.4 % |
5,674,000 |
47.0 % |
3,861,000 |
14.4 % |
3,374,000 |
|
Net Worth |
6,411,000 |
-1.7 % |
6,520,000 |
12.8 % |
5,781,000 |
45.7 % |
3,968,000 |
14.4 % |
3,469,000 |
|
Capital Employed |
6,701,000 |
2.7 % |
6,523,000 |
12.8 % |
5,781,000 |
36.7 % |
4,228,000 |
12.0 % |
3,775,000 |
Ratios
|
Financial Year |
2011 |
2010 |
2009 |
2008 |
2007 |
|
Pre-Tax Profit Margin |
-0.98 |
6.68 |
9.65 |
2.21 |
6.35 |
|
Return on Capital Employed |
-1.66 |
12.07 |
32.47 |
7.88 |
14.30 |
|
Return on Total Assets Employed |
-1.49 |
9.26 |
16.19 |
5.00 |
11.13 |
|
Return on Net Assets Employed |
-1.66 |
12.07 |
32.47 |
7.88 |
14.35 |
|
Sales/Net Working Capital |
1.81 |
1.85 |
3.43 |
3.90 |
2.52 |
|
Stock Turnover Ratio |
0.09 |
0.08 |
15.66 |
0.33 |
5.05 |
|
Debtor Days |
103.37 |
34.77 |
61.46 |
28.56 |
25.15 |
|
Creditor Days |
11.90 |
10.65 |
17.01 |
5.01 |
29.70 |
|
Current Ratio |
9.43 |
4.23 |
1.98 |
2.58 |
4.14 |
|
Liquidity Ratio/Acid Test |
9.42 |
4.23 |
1.45 |
2.56 |
3.74 |
|
Current Debt Ratio |
0.11 |
0.30 |
1.01 |
0.58 |
0.29 |
|
Solvency Ratio |
89.98 |
76.73 |
49.87 |
63.43 |
77.57 |
|
Equity in Percentage |
95.05 |
77.71 |
50.33 |
67.12 |
84.58 |
|
Total Debt Ratio |
0.11 |
0.30 |
1.01 |
0.58 |
0.29 |
Industry
|
Main Industry Code & Description |
Wholesale of machinery and equipment for trade |
|
Secondary Industry Code & Description |
- |
|
Other Industry Code & Description |
- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.77 |
|
UK Pound |
1 |
Rs.83.31 |
|
Euro |
1 |
Rs.70.46 |
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.