MIRA INFORM REPORT
|
Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
KWINTET NORGE AS |
|
|
|
|
Formerly Known As : |
WENAAS AS |
|
|
|
|
Registered Office : |
Mandalen 6386 |
|
|
|
|
Country : |
Norway |
|
|
|
|
Financials (as on) : |
2011 |
|
|
|
|
Date of Incorporation : |
06.06.1996 |
|
|
|
|
Com. Reg. No.: |
976502132 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Wholesaler of Clothing |
|
|
|
|
No. of Employees : |
280 |
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
REGISTERED NAME & COMPANY
SUMMARY
|
Company name |
KWINTET NORGE AS |
Company number |
976502132 |
|
Address |
- |
Legal form |
Limited company |
|
City |
MĂ…NDALEN 6386 |
E-mail address |
post@wenaas.no |
|
Website address |
Fax Number |
00 47 71227309 |
|
|
Telephone Number |
00 47 71227300 |
Status |
Active |
|
Registration date |
06/06/1996 |
Share capital |
46,000,000 |
|
Previous Name |
WENAAS AS |
Currency |
- |
|
Name change date |
09/09/2004 |
Number of employees |
280 |
DIRECTORS/MANAGEMENT
Current Directors
|
Name |
Address |
Function |
|
Tyslevveien 7 OSLO 1163 |
General manager/CEO |
|
|
Bukkeballevej 25 A DK-2960 Rungsted Kyst |
Chairman of the board |
|
|
Fredriksberg Allè 68 1820 Fredriksberg |
Board member(s) |
|
|
Kildevei 26 DK-2960 Rungsted Kyst |
Board member(s) |
NEGATIVE INFORMATION
No negative information found
SHARE & SHARE CAPITAL
INFORMATION
|
Share capital |
46,000,000 |
Shareholders
|
Shareholder Name |
Number of Shares |
Percentage Share |
|
COTTON NO AS |
91,712,300 |
100.0 |
PAYMENT INFORMATION
N/a
GROUP STRUCTURE & AFFILIATED
COMPANIES
Ultimate Holding Company
|
Company Name |
|
Company Number |
View linked companies outside this company’s group structure |
|
|
82
companies in 20 countries. Click here to visit linked companies |
FINANCIAL INFORMATION
Key Financials
|
Year to Date |
Sales Revenue |
Profit Before Tax |
Total Equity |
|
2011 |
855,035,003 |
-59,140,447 |
42,359,669 |
|
2010 |
813,453,000 |
-26,998,000 |
116,358,000 |
|
2009 |
630,782,000 |
-65,636,000 |
143,939,000 |
|
2008 |
765,549,000 |
29,059,000 |
195,554,000 |
|
2007 |
716,802,000 |
72,195,000 |
187,613,000 |
Profit & Loss Account
|
|
Financial Year |
2011 |
|
2010 |
|
2009 |
|
2008 |
|
2007 |
|
|
Currency |
NOK |
|
NOK |
|
NOK |
|
NOK |
|
NOK |
|
|
Consolidated Accounts |
Yes |
|
No |
|
No |
|
No |
|
No |
|
|
Sales Revenue |
855,035,003 |
5.1 % |
813,453,000 |
29.0 % |
630,782,000 |
-17.6 % |
765,549,000 |
6.8 % |
716,802,000 |
|
|
Other operating income |
6,856,938 |
651.0 % |
913,000 |
10.1 % |
829,000 |
- |
0 |
- |
0 |
|
|
Total Operating Income |
861,891,940 |
5.8 % |
814,366,000 |
28.9 % |
631,611,000 |
-17.5 % |
765,549,000 |
6.8 % |
716,802,000 |
|
|
Total Operating Expenses |
851,474,900 |
6.7 % |
797,815,000 |
31.9 % |
604,674,000 |
-12.2 % |
688,606,000 |
9.5 % |
628,591,000 |
|
|
Operating Profit |
10,417,041 |
-37.1 % |
16,551,000 |
-38.6 % |
26,937,000 |
-65.0 % |
76,943,000 |
-12.8 % |
88,211,000 |
|
|
Wages & Salaries |
152,074,946 |
-2.9 % |
156,653,000 |
15.6 % |
135,556,000 |
-4.7 % |
142,169,000 |
21.7 % |
116,801,000 |
|
|
Depreciation |
14,636,169 |
-20.8 % |
18,490,000 |
31.0 % |
14,113,000 |
51.6 % |
9,309,000 |
10.2 % |
8,444,000 |
|
|
Financial Income |
18,864,699 |
-13.1 % |
21,698,000 |
39.8 % |
15,526,000 |
-42.1 % |
26,801,000 |
50.6 % |
17,796,000 |
|
|
Financial Expenses |
88,421,332 |
35.5 % |
65,247,000 |
-39.6 % |
108,100,000 |
44.7 % |
74,685,000 |
120.9 % |
33,812,000 |
|
|
Profit Before Tax |
-59,140,447 |
-119.1 % |
-26,998,000 |
58.9 % |
-65,636,000 |
-325.9 % |
29,059,000 |
-59.7 % |
72,195,000 |
|
|
Tax |
10,845,279 |
1,860.6 % |
-616,000 |
84.4 % |
-3,937,000 |
51.8 % |
-8,176,000 |
60.0 % |
-20,427,000 |
|
|
Profit After Tax |
-48,295,168 |
-74.9 % |
-27,614,000 |
60.3 % |
-69,573,000 |
-433.2 % |
20,883,000 |
-59.7 % |
51,768,000 |
|
|
Extraordinary Result |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Dividends |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
- |
|
|
Net Result after Dividends |
-48,295,168 |
-74.9 % |
-27,614,000 |
60.3 % |
-69,573,000 |
-433.2 % |
20,883,000 |
-59.7 % |
51,768,000 |
![[ghyper]](KWINTET%20NORGE%20AS%20%20-%20222274%2024-May-2013_files/image003.gif){kind=small}
Balance Sheet
|
|
Financial Year |
2011 |
|
2010 |
|
2009 |
|
2008 |
|
2007 |
|
|
Currency |
NOK |
|
NOK |
|
NOK |
|
NOK |
|
NOK |
|
|
Consolidated Accounts |
Yes |
|
No |
|
No |
|
No |
|
No |
|
|
Land & Buildings |
56,193,211 |
-7.6 % |
60,824,000 |
-4.1 % |
63,449,000 |
15.7 % |
54,851,000 |
10.2 % |
49,764,000 |
|
|
Plant & Machinery |
8,206,614 |
-20.1 % |
10,266,000 |
-55.0 % |
22,820,000 |
22.5 % |
18,630,000 |
68.9 % |
11,027,000 |
|
|
Other Tangible Assets |
2,150,593 |
-70.9 % |
7,380,000 |
564.9 % |
1,110,000 |
-67.0 % |
3,359,000 |
31.2 % |
2,560,000 |
|
|
Total Tangible Assets |
66,550,418 |
-15.2 % |
78,470,000 |
-10.2 % |
87,379,000 |
13.7 % |
76,840,000 |
21.3 % |
63,351,000 |
|
|
Intangible Assets |
27,154,226 |
63.4 % |
16,618,000 |
159.4 % |
6,406,000 |
37.3 % |
4,664,000 |
-48.4 % |
9,034,000 |
|
|
Other Fixed Assets |
62,880,905 |
-74.0 % |
242,117,000 |
-1.0 % |
244,502,000 |
-16.6 % |
293,215,000 |
0.9 % |
290,712,000 |
|
|
TOTAL FIXED ASSETS |
156,585,549 |
-53.6 % |
337,205,000 |
-0.3 % |
338,287,000 |
-9.7 % |
374,719,000 |
3.2 % |
363,097,000 |
|
|
Inventories |
202,307,015 |
10.4 % |
183,176,000 |
4.6 % |
175,149,000 |
-14.0 % |
203,605,000 |
6.9 % |
190,481,000 |
|
|
Trade Receivables |
131,360,532 |
18.2 % |
111,092,000 |
6.4 % |
104,380,000 |
-14.7 % |
122,348,000 |
8.1 % |
113,159,000 |
|
|
Other Receivables |
19,047,619 |
-70.1 % |
63,757,000 |
-6.4 % |
68,137,000 |
-8.4 % |
74,389,000 |
66.9 % |
44,562,000 |
|
|
Cash & Bank Deposits |
433,367 |
-9.3 % |
478,000 |
191.5 % |
164,000 |
-98.2 % |
8,981,000 |
1,401.8 % |
598,000 |
|
|
Other Current Assets |
855 |
-85.8 % |
6,000 |
-14.3 % |
7,000 |
16.7 % |
6,000 |
20.0 % |
5,000 |
|
|
TOTAL CURRENT ASSETS |
353,149,388 |
-1.5 % |
358,509,000 |
3.1 % |
347,837,000 |
-15.0 % |
409,329,000 |
17.4 % |
348,805,000 |
|
|
TOTAL ASSETS |
509,734,082 |
-26.7 % |
695,714,000 |
1.4 % |
686,124,000 |
-12.5 % |
784,048,000 |
10.1 % |
711,902,000 |
|
|
Trade Creditors |
76,545,204 |
76.6 % |
43,345,000 |
-4.2 % |
45,232,000 |
-54.3 % |
98,947,000 |
68.5 % |
58,724,000 |
|
|
Short Term Liabilities to Financial Institutions |
0 |
-100.0 % |
80,623,000 |
- |
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 |
245,452,214 |
-13.7 % |
284,582,000 |
-13.8 % |
329,955,000 |
5.0 % |
314,302,000 |
8.1 % |
290,793,000 |
|
|
TOTAL CURRENT LIABILITIES |
321,997,419 |
-21.2 % |
408,550,000 |
8.9 % |
375,187,000 |
-9.2 % |
413,249,000 |
18.2 % |
349,517,000 |
|
|
Long Term Liabilities to Financial Institutions |
138,570,488 |
-14.5 % |
162,115,000 |
0.0 % |
162,115,000 |
-5.2 % |
171,015,000 |
0.0 % |
171,015,000 |
|
|
Other Long Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Long Term Pension Commitments |
6,806,506 |
-21.7 % |
8,690,000 |
78.0 % |
4,882,000 |
15.4 % |
4,229,000 |
12.6 % |
3,757,000 |
|
|
Other Long Term Liabilities |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
TOTAL LONG TERM LIABILITIES |
145,376,995 |
-14.9 % |
170,805,000 |
2.3 % |
166,997,000 |
-4.7 % |
175,244,000 |
0.3 % |
174,772,000 |
|
|
TOTAL LIABILITIES |
467,374,413 |
-19.3 % |
579,356,000 |
6.9 % |
542,184,000 |
-7.9 % |
588,493,000 |
12.2 % |
524,289,000 |
|
|
Share Capital |
39,196,177 |
-14.5 % |
45,856,000 |
0.0 % |
45,856,000 |
0.0 % |
45,856,000 |
0.0 % |
45,856,000 |
|
|
Share Premium Reserve |
3,163,491 |
-86.7 % |
23,783,000 |
-74.3 % |
92,404,000 |
0.0 % |
92,404,000 |
0.0 % |
92,404,000 |
|
|
Revaluation Fund |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Total Retained Earnings |
0 |
- |
0 |
- |
0 |
-100.0 % |
57,294,000 |
16.1 % |
49,352,000 |
|
|
Other Reserves |
0 |
-100.0 % |
46,719,000 |
722.7 % |
5,679,000 |
- |
0 |
-100.0 % |
1,000 |
|
|
TOTAL EQUITY |
42,359,669 |
-63.6 % |
116,358,000 |
-19.2 % |
143,939,000 |
-26.4 % |
195,554,000 |
4.2 % |
187,613,000 |
Other Financials
|
|
Financial Year |
2011 |
|
2010 |
|
2009 |
|
2008 |
|
2007 |
|
|
Total Exports |
15,613,167 |
-88.8 % |
139,524,000 |
718.9 % |
17,038,000 |
- |
- |
- |
- |
|
|
Working Capital |
31,151,969 |
162.3 % |
-50,041,000 |
-83.0 % |
-27,350,000 |
-597.7 % |
-3,920,000 |
-450.6 % |
-712,000 |
|
|
Net Worth |
15,205,443 |
-84.8 % |
99,740,000 |
-27.5 % |
137,533,000 |
-28.0 % |
190,890,000 |
6.9 % |
178,579,000 |
|
|
Capital Employed |
187,736,664 |
-34.6 % |
287,163,000 |
-7.6 % |
310,936,000 |
-16.1 % |
370,798,000 |
2.3 % |
362,385,000 |
Ratios
|
|
Financial Year |
2011 |
2010 |
2009 |
2008 |
2007 |
|
|
Pre-Tax Profit Margin |
-6.92 |
-3.32 |
-10.41 |
3.80 |
10.07 |
|
|
Return on Capital Employed |
-31.50 |
-9.40 |
-21.11 |
7.84 |
19.92 |
|
|
Return on Total Assets Employed |
-11.60 |
-3.88 |
-9.57 |
3.71 |
10.14 |
|
|
Return on Net Assets Employed |
-139.61 |
-23.20 |
-45.60 |
14.86 |
38.48 |
|
|
Sales/Net Working Capital |
27.45 |
-16.26 |
-23.06 |
-195.29 |
-1,006.74 |
|
|
Stock Turnover Ratio |
23.66 |
22.52 |
27.77 |
26.60 |
26.57 |
|
|
Debtor Days |
56.08 |
49.85 |
60.40 |
58.33 |
57.62 |
|
|
Creditor Days |
32.68 |
19.45 |
26.17 |
47.18 |
29.90 |
|
|
Current Ratio |
1.10 |
0.88 |
0.93 |
0.99 |
1.00 |
|
|
Liquidity Ratio/Acid Test |
0.47 |
0.43 |
0.46 |
0.50 |
0.45 |
|
|
Current Debt Ratio |
7.60 |
3.51 |
2.61 |
2.11 |
1.86 |
|
|
Solvency Ratio |
8.31 |
16.72 |
20.98 |
24.94 |
26.35 |
|
|
Equity in Percentage |
10.09 |
26.63 |
33.07 |
40.22 |
45.52 |
|
|
Total Debt Ratio |
11.03 |
4.98 |
3.77 |
3.01 |
2.79 |
FOREIGN EXCHANGE RATES
N/a
ADDITIONAL INFORMATION
Industry
|
Main Industry Code & Description |
Wholesale of clothing |
|
Secondary Industry Code & Description |
Retail sale of clothing in specialised stores |
|
Other Industry Code & Description |
Manufacture of workwear |
Other Company Officials
No data exist
Event History
|
Date |
Description |
|
28/01/2013 |
CHANGE OF GENERAL MANAGER |
|
27/12/2012 |
CHANGE OF CAPITAL |
|
27/12/2012 |
CHANGE OF DATE IN ARTICLES OF ASSOCIATON |
|
17/09/2012 |
Limit Change |
|
17/09/2012 |
Rating Change |
|
15/09/2012 |
APPROVED END OF YEAR REPORT AND ACCOUNTS |
|
23/11/2011 |
Limit Change |
|
23/11/2011 |
Rating Change |
|
21/11/2011 |
CHANGE IN BUSINESS NAME |
|
21/11/2011 |
CHANGE OF DATE IN ARTICLES OF ASSOCIATON |
|
21/11/2011 |
Mandatory notifiable agreement |
|
24/08/2011 |
APPROVED END OF YEAR REPORT AND ACCOUNTS |
Rating History
No data exist
NOTES & COMMENTS
N/a
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.99 |
|
|
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.