|
Report Date : |
28.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
JACOBSEN ELEKTRO AS |
|
|
|
|
Registered Office : |
Ringeriksveien 16, Lierstranda 3414 |
|
|
|
|
Country : |
Norway |
|
|
|
|
Financials (as on) : |
2012 |
|
|
|
|
Date of Incorporation : |
12.03.1995 |
|
|
|
|
Com. Reg. No.: |
942542887 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
EPC contractor and power project
developer |
|
|
|
|
No. of Employees : |
61 |
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 : |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
JACOBSEN ELEKTRO AS |
Company number |
942542887 |
|
Address |
Ringeriksveien 16 |
Number of employees |
61 |
|
City |
LIERSTRANDA 3414 |
Legal form |
Limited company |
|
Website address |
|
E-mail address |
|
|
Telephone Number |
00 47 32229300 |
Fax Number |
00 47 32229301 |
|
Registration date |
12/03/1995 |
Status |
Active |
|
Previous Name |
- |
Share capital |
6,000,000 |
|
Name change date |
- |
Currency |
- |
Current Directors
|
Name |
Address |
Function |
|
Gjersdal, Geir |
Fjellheimveien
5 KROKSTADELVA 3055 |
General
manager/CEO |
|
Svendsen, Johan |
Vestre Hole 53 RAMNES
3175 |
Chairman of the board |
|
Svendsen,
Karl Johan |
Muusøya
50 DRAMMEN 3023 |
Board member(s) |
|
Strand, Clas-Eirik |
Sulzbergerstrasse 6
CH-8400 Winterthur |
Board member(s) |
|
Røtnes,
Mikal Albert |
Brøttetveien
28 JEVNAKER 3520 |
Deputy chairman |
Other Company Officials
No data exist.
No negative information found.
Shareholders
|
Shareholder Name |
Number of Shares |
Percentage Share |
|
JACOBSEN ELEKTRO HOLDING
AS |
5,988,000
|
99.8
|
|
MAGNAR
S. KRISTIANSEN |
6,000 |
0.1 |
|
SVEIN HAUGEN |
6,000 |
0.1 |
Ultimate Holding
Company
|
Company Name |
Company Number |
|
SVETEK HOLDING AS |
950359463 |
Key Financials
|
Year to Date |
Sales Revenue |
Profit Before Tax |
Total Equity |
|
2012 |
505,310,000 |
-43,101,000 |
125,920,000 |
|
2011 |
504,136,000 |
44,137,000 |
157,429,000 |
|
2010 |
670,034,000 |
31,840,000 |
111,672,000 |
|
2009 |
278,908,000 |
29,187,000 |
96,992,000 |
|
2008 |
155,535,000 |
33,760,000 |
77,544,000 |
Profit & Loss
Account
|
Financial Year |
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
Currency |
NOK |
|
NOK |
|
NOK |
|
NOK |
|
NOK |
|
Consolidated Accounts |
No |
|
No |
|
No |
|
No |
|
No |
|
Complete Accounts |
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Sales Revenue |
505,310,000 |
0.2 % |
504,136,000 |
-24.8 % |
670,034,000 |
140.2 % |
278,908,000 |
79.3 % |
155,535,000 |
|
Other operating income |
0 |
-100.0 % |
27,794,000 |
188.4 % |
-31,432,000 |
-235.1 % |
23,258,000 |
- |
0 |
|
Total Operating Income |
505,310,000 |
-5.0 % |
531,930,000 |
-16.7 % |
638,602,000 |
111.3 % |
302,166,000 |
94.3 % |
155,535,000 |
|
Total Operating Expenses
|
544,442,000 |
9.0 % |
499,380,000 |
-18.0 % |
608,955,000 |
110.7 % |
288,957,000 |
118.6 % |
132,166,000 |
|
Operating Profit |
-39,132,000 |
-220.2 % |
32,550,000 |
9.8 % |
29,647,000 |
124.5 % |
13,208,000 |
-43.5 % |
23,369,000 |
|
Wages & Salaries |
50,834,000 |
25.7 % |
40,448,000 |
-2.1 % |
41,316,000 |
96.5 % |
21,026,000 |
-17.5 % |
25,495,000 |
|
Depreciation |
690,000 |
-59.7 % |
1,713,000 |
30.2 % |
1,316,000 |
2.3 % |
1,286,000 |
30.6 % |
985,000 |
|
Financial Income |
10,983,000 |
-73.1 % |
40,767,000 |
78.8 % |
22,801,000 |
-14.3 % |
26,616,000 |
22.2 % |
21,774,000 |
|
Financial Expenses |
14,953,000 |
-48.8 % |
29,179,000 |
41.6 % |
20,608,000 |
93.7 % |
10,638,000 |
-6.5 % |
11,383,000 |
|
Profit Before Tax |
-43,101,000 |
-197.7 % |
44,137,000 |
38.6 % |
31,840,000 |
9.1 % |
29,187,000 |
-13.5 % |
33,760,000 |
|
Tax |
10,934,000 |
949.3 % |
1,042,000 |
109.3 % |
-11,225,000 |
-94.6 % |
-5,768,000 |
47.7 % |
-11,027,000 |
|
Profit After Tax |
-32,167,000 |
-171.2 % |
45,179,000 |
119.2 % |
20,615,000 |
-12.0 % |
23,419,000 |
3.0 % |
22,733,000 |
|
Extraordinary Result |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Dividends |
- |
- |
0 |
-100.0 % |
12,000 |
9.1 % |
11,000 |
-99.8 % |
5,000,000 |
|
Net Result after
Dividends |
-32,167,000 |
-171.2 % |
45,179,000 |
119.3 % |
20,603,000 |
-12.0 % |
23,408,000 |
32.0 % |
17,733,000 |
Balance Sheet
|
Financial Year |
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
Currency |
NOK |
|
NOK |
|
NOK |
|
NOK |
|
NOK |
|
Consolidated Accounts |
No |
|
No |
|
No |
|
No |
|
No |
|
Complete Accounts |
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Land & Buildings |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Plant & Machinery |
1,205,000 |
23.3 % |
977,000 |
-26.1 % |
1,322,000 |
-9.0 % |
1,453,000 |
- |
0 |
|
Other Tangible Assets |
1,479,000 |
-54.9 % |
3,280,000 |
-17.5 % |
3,974,000 |
-9.8 % |
4,408,000 |
98.5 % |
2,221,000 |
|
Total Tangible Assets |
2,684,000 |
-37.0 % |
4,257,000 |
-19.6 % |
5,296,000 |
-9.6 % |
5,861,000 |
163.9 % |
2,221,000 |
|
Intangible Assets |
293,000 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Fixed Assets |
42,183,000 |
-25.7 % |
56,809,000 |
380.6 % |
11,821,000 |
-9.2 % |
13,020,000 |
-67.8 % |
40,481,000 |
|
TOTAL FIXED ASSETS |
45,160,000 |
-26.0 % |
61,066,000 |
256.8 % |
17,117,000 |
-9.3 % |
18,881,000 |
-55.8 % |
42,702,000 |
|
Inventories |
25,212,000 |
1.6 % |
24,810,000 |
2,418.8 % |
985,000 |
-40.8 % |
1,663,000 |
-5.4 % |
1,758,000 |
|
Trade Receivables |
265,741,000 |
358.6 % |
57,944,000 |
-76.1 % |
242,521,000 |
1,412.8 % |
16,031,000 |
-56.2 % |
36,599,000 |
|
Other Receivables |
67,042,000 |
-26.9 % |
91,726,000 |
51.3 % |
60,607,000 |
18.5 % |
51,140,000 |
112.5 % |
24,061,000 |
|
Cash & Bank Deposits
|
24,349,000 |
-2.1 % |
24,879,000 |
15.4 % |
21,551,000 |
-60.7 % |
54,825,000 |
97.7 % |
27,726,000 |
|
Other Current Assets |
24,324,000 |
-64.4 % |
68,307,000 |
39.3 % |
49,021,000 |
-7.8 % |
53,183,000 |
1,392.6 % |
3,563,000 |
|
TOTAL CURRENT ASSETS |
406,668,000 |
51.9 % |
267,666,000 |
-28.6 % |
374,685,000 |
111.9 % |
176,842,000 |
88.7 % |
93,707,000 |
|
TOTAL ASSETS |
451,829,000 |
37.4 % |
328,732,000 |
-16.1 % |
391,802,000 |
100.2 % |
195,722,000 |
43.5 % |
136,408,000 |
|
Trade Creditors |
26,487,000 |
-59.0 % |
64,625,000 |
-67.8 % |
200,605,000 |
372.0 % |
42,498,000 |
1,316.1 % |
3,001,000 |
|
Short Term Liabilities
to Financial Institutions |
33,732,000 |
283.1 % |
8,806,000 |
- |
0 |
- |
0 |
- |
0 |
|
Short Term Liabilities
to Group |
351,000 |
- |
0 |
- |
0 |
- |
0 |
-100.0 % |
2,837,000 |
|
Other Short Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Miscellaneous Current
Liabilities |
264,988,000 |
206.5 % |
86,467,000 |
41.3 % |
61,213,000 |
38.7 % |
44,132,000 |
109.7 % |
21,050,000 |
|
TOTAL CURRENT
LIABILITIES |
325,558,000 |
103.6 % |
159,898,000 |
-38.9 % |
261,818,000 |
202.2 % |
86,630,000 |
222.2 % |
26,888,000 |
|
Long Term Liabilities to
Financial Institutions |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Long Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Long Term Pension
Commitments |
351,000 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Long Term
Liabilities |
0 |
-100.0 % |
11,405,000 |
-37.7 % |
18,312,000 |
51.3 % |
12,100,000 |
-62.2 % |
31,976,000 |
|
TOTAL LONG TERM
LIABILITIES |
351,000 |
-96.9 % |
11,405,000 |
-37.7 % |
18,312,000 |
51.3 % |
12,100,000 |
-62.2 % |
31,976,000 |
|
TOTAL LIABILITIES |
325,909,000 |
90.3 % |
171,303,000 |
-38.8 % |
280,130,000 |
183.7 % |
98,730,000 |
67.7 % |
58,864,000 |
|
Share Capital |
6,000,000 |
0.0 % |
6,000,000 |
0.0 % |
6,000,000 |
0.0 % |
6,000,000 |
0.0 % |
6,000,000 |
|
Share Premium Reserve |
6,325,000 |
0.0 % |
6,325,000 |
0.0 % |
6,325,000 |
0.0 % |
6,325,000 |
0.0 % |
6,325,000 |
|
Revaluation Fund |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Retained Earnings |
112,359,000 |
-22.3 % |
144,526,000 |
45.5 % |
99,347,000 |
17.3 % |
84,668,000 |
29.8 % |
65,219,000 |
|
Other Reserves |
1,236,000 |
113.8 % |
578,000 |
- |
0 |
100.0 % |
-1,000 |
- |
0 |
|
TOTAL EQUITY |
125,920,000 |
-20.0 % |
157,429,000 |
41.0 % |
111,672,000 |
15.1 % |
96,992,000 |
25.1 % |
77,544,000 |
Other Financials
|
Financial Year |
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
Total Exports |
347,153,000 |
-17.9 % |
423,014,000 |
-31.6 % |
618,229,000 |
155.3 % |
242,165,000 |
- |
- |
|
Working Capital |
81,110,000 |
-24.7 % |
107,768,000 |
-4.5 % |
112,867,000 |
25.1 % |
90,212,000 |
35.0 % |
66,819,000 |
|
Net Worth |
125,627,000 |
-20.2 % |
157,429,000 |
41.0 % |
111,672,000 |
15.1 % |
96,992,000 |
25.1 % |
77,544,000 |
|
Capital Employed |
126,271,000 |
-25.2 % |
168,834,000 |
29.9 % |
129,984,000 |
19.2 % |
109,092,000 |
-0.4 % |
109,520,000 |
Ratios
|
Financial Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
Pre-Tax Profit Margin |
-8.53 |
8.75 |
4.75 |
10.46 |
21.71 |
|
Return on Capital
Employed |
-34.13 |
26.14 |
24.50 |
26.75 |
30.83 |
|
Return on Total Assets
Employed |
-9.54 |
13.43 |
8.13 |
14.91 |
24.75 |
|
Return on Net Assets
Employed |
-34.23 |
28.04 |
28.51 |
30.09 |
43.54 |
|
Sales/Net Working
Capital |
6.23 |
4.68 |
5.94 |
3.09 |
2.33 |
|
Stock Turnover Ratio |
4.99 |
4.92 |
0.15 |
0.60 |
1.13 |
|
Debtor Days |
191.95 |
41.95 |
132.11 |
20.98 |
85.89 |
|
Creditor Days |
19.13 |
46.79 |
109.28 |
55.62 |
7.04 |
|
Current Ratio |
1.25 |
1.67 |
1.43 |
2.04 |
3.49 |
|
Liquidity Ratio/Acid
Test |
1.17 |
1.52 |
1.43 |
2.02 |
3.42 |
|
Current Debt Ratio |
2.59 |
1.02 |
2.34 |
0.89 |
0.35 |
|
Solvency Ratio |
27.87 |
47.89 |
28.50 |
49.56 |
56.85 |
|
Equity in Percentage |
30.76 |
57.89 |
29.39 |
53.09 |
80.84 |
|
Total Debt Ratio |
2.59 |
1.09 |
2.51 |
1.02 |
0.76 |
Postal Address
No data exist.
Industry
|
Main Industry Code &
Description |
EPC contractor and power
project developer |
|
Secondary Industry Code
& Description |
- |
|
Other Industry Code
& Description |
- |
Event History
|
Date |
Description |
|
12/09/2013 |
Limit Change |
|
12/09/2013 |
Rating Change |
|
10/09/2013 |
APPROVED END OF YEAR
REPORT AND ACCOUNTS |
|
12/01/2013 |
Correction of mandatory
notifiable agreement |
|
13/11/2012 |
Mandatory notifiable
agreement |
|
09/10/2012 |
Correction of business
address |
|
06/10/2012 |
Mandatory notifiable
agreement |
|
16/08/2012 |
Limit Change |
|
14/08/2012 |
APPROVED END OF YEAR
REPORT AND ACCOUNTS |
|
14/02/2012 |
Limit Change |
|
14/02/2012 |
Rating Change |
|
23/11/2011 |
Limit Change |
|
23/11/2011 |
Rating Change |
|
27/10/2011 |
CHANGE OF SIGNATURE |
|
13/10/2011 |
CHANGE OF DATE IN ARTICLES
OF ASSOCIATON |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
UK Pound |
1 |
Rs.101.11 |
|
Euro |
1 |
Rs.84.68 |
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.