MIRA INFORM REPORT

 

 

Report Date :

20.11.2013.

 

IDENTIFICATION DETAILS

 

Name :

MORENOT KARMSUND AS

 

 

Registered Office :

Husøyvegen 270  Avaldsnes, 4262

 

 

Country :

Norway

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

1997

 

 

Com. Reg. No.:

978667724

 

 

Legal Form :

Private Subsidiary

 

 

Line of Business :

Subject is engaged in manufacturing rope, cable, cordage, twine, and related products from all materials (e.g., abaca, sisal, henequen, hemp, cotton, paper, jute, flax, manmade fibers including glass).

 

 

No. of Employees :

27

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

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 and address

 

MORENOT KARMSUND AS                  

 

Husøyvegen 270

Avaldsnes, 4262

Norway

 

 

Tel:

+47 52 84 57 70

Fax:

+47 52 84 57 79

 

morenot.no

 

Employees:

27

Company Type:

Private Subsidiary

Corporate Family:

2 Companies

Ultimate Parent:

Mørenot Holding AS

 

 

Incorporation Date:

1997

Financials in:

USD (In Millions)

Fiscal Year End:

31-Dec-2012

Reporting Currency:

Norwegian Krone

Annual Sales:

10.7

Net Income:

0.7

Total Assets:

11.5

    

 

Business Description          

 

 

Mørenot Karmsund AS is primarily engaged in manufacturing rope, cable, cordage, twine, and related products from all materials (e.g., abaca, sisal, henequen, hemp, cotton, paper, jute, flax, manmade fibers including glass).

 

             

Industry            

 

 

Industry

Textile Manufacturing

ANZSIC 2006:

1332 - Rope, Cordage and Twine Manufacturing

ISIC Rev 4:

1394 - Manufacture of cordage, rope, twine and netting

NACE Rev 2:

1394 - Manufacture of cordage, rope, twine and netting

NAICS 2012:

314994 - Rope, Cordage, Twine, Tire Cord, and Tire Fabric Mills

UK SIC 2007:

1394 - Manufacture of cordage, rope, twine and netting

US SIC 1987:

2298 - Cordage and Twine

                      

 

Key Executives     

   

Name

Title

Roar Østebøvik

Daglig leder

Bente Kristin Jacobsen

Styreleder

 

 

Registered No.(NOR):     978667724

 

1 - Profit & Loss Item Exchange Rate: USD 1 = NOK 5.821343
2 - Balance Sheet Item Exchange Rate: USD 1 = NOK 5.58875

 

Corporate Overview

 

Location
Husøyvegen 270
Avaldsnes, 4262
Norway

 

Tel:

+47 52 84 57 70

Fax:

+47 52 84 57 79

 

morenot.no

Sales NOK(mil):

62.5

Assets NOK(mil):

64.4

Employees:

27

Fiscal Year End:

31-Dec-2012

 

KeyIDSM:

50395042

Industry:

Textiles - Non Apparel

Incorporation Date:

1997

Company Type:

Private Subsidiary

Quoted Status:

Not Quoted

Registered No.(NOR):

978667724

 

Styreleder:

Bente Kristin Jacobsen

 

 

Industry Codes

 

ANZSIC 2006 Codes:

1332

-

Rope, Cordage and Twine Manufacturing

1312

-

Natural Textile Manufacturing

 

ISIC Rev 4 Codes:

1394

-

Manufacture of cordage, rope, twine and netting

1311

-

Preparation and spinning of textile fibres

 

NACE Rev 2 Codes:

1394

-

Manufacture of cordage, rope, twine and netting

1310

-

Preparation and spinning of textile fibres

 

NAICS 2012 Codes:

314994

-

Rope, Cordage, Twine, Tire Cord, and Tire Fabric Mills

313110

-

Fiber, Yarn, and Thread Mills

 

US SIC 1987:

2298

-

Cordage and Twine

2281

-

Yarn Spinning Mills

 

UK SIC 2007:

1394

-

Manufacture of cordage, rope, twine and netting

1310

-

Preparation and spinning of textile fibres

 

 

Business Description

 

Mørenot Karmsund AS is primarily engaged in manufacturing rope, cable, cordage, twine, and related products from all materials (e.g., abaca, sisal, henequen, hemp, cotton, paper, jute, flax, manmade fibers including glass).

 

 

Financial Data

 

Financials in:

NOK(mil)

 

Revenue:

62.5

Net Income:

4.1

Assets:

64.4

Total Liabilities:

35.4

 

 

 

Date of Financial Data:

31-Dec-2012

 

1 Year Growth

NA

NA

NA

 

 

Corporate Family      

 

Corporate Structure News:

Total Corporate Family Members: 2

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Mørenot Holding AS

Parent

 

 

 

 

 

Mørenot Karmsund AS

Subsidiary

Avaldsnes, Rogaland

Norway

Textile Manufacturing

10.7

27

 

 

Executives Report

 

Board of Directors

 

Name

Title

Function

Bente Kristin Jacobsen

 

Styreleder

Chairman

 

Executives

 

Name

Title

Function

Roar Østebøvik

 

Daglig leder

Managing Director

 

 

Annual Profit & Loss

 

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

Period Length

12 Months

12 Months

12 Months

Filed Currency

NOK

NOK

NOK

Exchange Rate (Period Average)

5.821343

5.606842

6.047155

Consolidated

No

No

No

 

 

 

 

Total Revenue

10.7

14.6

8.0

Net Financial Items

-0.1

-0.1

-0.1

Operating Income

1.1

1.1

0.7

Income Before Tax

1.0

1.1

0.6

Net Income

0.7

0.8

0.4

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

Filed Currency

NOK

NOK

NOK

Exchange Rate

5.58875

5.96795

5.8125

Consolidated

No

No

No

 

 

 

 

Total Assets

11.5

9.7

9.2

Total Liabilities

6.3

5.2

5.1

Total Equity

5.2

4.4

4.1

 

 

Annual Ratios

 

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

Period Length

12 Months

12 Months

12 Months

Filed Currency

-

-

-

Exchange Rate

-

-

-

Consolidated

No

No

No

 

 

 

 

Operating Margin

10.43

7.88

8.64

Current Ratio

3.41

2.44

2.51

Total debt/total equity

45.11

45.73

44.19

Return on average equity

14.17

16.19

10.44

 

 

Annual Growth Rates

 

 

 

 

31-Dec-2011

31-Dec-2010

Period Length

12 Months

12 Months

Filed Currency

-

-

Exchange Rate

-

-

Consolidated

No

No

 

 

 

Turnover Percent Change

-23.42%

69.18%

Net Financial Items Percent Change

-57.03%

32.03%

Operating Results Percent Change

1.40%

54.33%

Profit/Loss Before Tax Percent Change

-3.36%

73.09%

Profit/Loss for the Year Percent Change

-3.42%

73.52%

Assets Percent Change

11.89%

8.11%

Debts Percent Change

13.18%

5.11%

Equity Capital Percent Change

10.36%

11.89%

Operating Margin Percent Change

32.36%

-8.80%

Current Ratio Percent Change

39.75%

-2.79%

Debt/Equity Ratio Percent Change

-1.36%

3.48%

Retun On Equity Percent Change

-12.48%

55.08%

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.56

UK Pound

1

Rs.100.77

Euro

1

Rs.84.71

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.