MIRA INFORM REPORT

 

 

Report Date :

18.09.2013

 

IDENTIFICATION DETAILS

 

Name :

AF DECOM AS

 

 

Formerly Known As :

AF DECOM ONSHORE AS

 

 

Registered Office :

Innspurten 15, Oslo 0663

 

 

Country :

Norway

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

20.12.2007

 

 

Com. Reg. No.:

992097442

 

 

Legal Form :

Limited Company

 

 

Line of Business :

·         Demolition contractor

·         Taking on contracts and environmental clean-up work for buildings, industrial facilities, shipwrecks and other types of installation throughout Scandinavia.

 

 

No. of Employees :

152

 

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 :

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 Summary

 

Company Name                                   AF DECOM AS

Company Registration Number            992097442

Country                                                NO

Activity Description                              Demolition contractor

Taking on contracts and environmental clean-up work for buildings, industrial facilities, shipwrecks and other types of installation throughout Scandinavia.

Company Status                                  Active

Latest Turnover                                   558,683,000.00 (NOK)

Latest Shareholders Equity                  51,747,000.00 (NOK)

Profit  Before Tax                                67,724,000.00 (NOK)

 

 

Company Identification

 

Activities

Activity Code                                       43.110

Activity Description                              Demolition contractor.

Taking on contracts and environmental clean-up work for buildings, industrial facilities, shipwrecks and other types of installation throughout Scandinavia.

 

Previous Names

Previous Name                                    AF DECOM ONSHORE AS

Date Changed                                      04/02/2009

 

Basic Information

Company Name                                   AF DECOM AS

Registered Company Name                 AF DECOM AS

Company Registration Number            992097442

Country                                                NO

Date of Company Registration             20/12/2007

Date of Starting Operations                 20/12/2007

Commercial Court Legal Form            Limited company

Company Status                                  Active

 

Principal Activity Code                        43.110

Principal Activity Description               Demolition contractor

Taking on contracts and environmental clean-up work for buildings, industrial facilities, shipwrecks and other types of installation throughout Scandinavia.

 

Contact Address                                   Innspurten 15, OSLO 0663

Contact Telephone Number                 22891100

 

Main Address

 

Address                        Innspurten 15, OSLO 0663

Telephone                   22891100

 

 

Other Addresses

 

Address                        Postboks 6272 Etterstad, OSLO 0603

 

 

Current Directors Managers

 

Name                           Wraal, Eirik

Address                        Rasmus Winderens Vei 32 OSLO 0373

Date of Birth                06/01/1979

Position                       GENERAL MANAGER / CEO

 

Name                           Haugen, Robert

Address                        Bygdevegen 157 EDLAND 3895

Date of Birth                17/12/1959

Position                       CHAIRMAN OF THE BOARD

 

Name                           Gundersen, Paul Terje Kaasa

Address                        Helsetdammen 21 BÆRUMS VERK 1353

Date of Birth                15/03/1957

Position                       BOARD MEMBER

 

Name                           Hærem, Sverre Alf

Address                        Solvikveien 32 A HØVIK 1363

Date of Birth                28/05/1965

Position                       BOARD MEMBER

 

 

Share Capital Structure

 

Issued Share capital    100,000.00 (NOK)

Name                           AF MILJØ AS

Share Percent                         100.00 %

 

 

Extended Group Structure  

 

Company Name

Registration Number

Status

Last Financials

1  AF GRUPPEN ASA

938702675

Active

31/12/2012

2  AF MILJØ AS                                                            892998132                       Active           31/12/2012

3  AF DECOM OFFSHORE UK LIMITED

06715021

Active

31/12/2011

3  AF Decom AB

5567464408

Active

31/12/2012

3  BA GJENVINNING AS

932770504

Active

31/12/2012

3  PALMER GOTHEIM SKIFERBRUDD AS

984631359

Active

31/12/2012

3  AF DECOM OFFSHORE AS

992097426

Active

31/12/2012

3  AF DECOM AS

992097442

Active

31/12/2012

3  AF DECOM OFFSHORE UK LTD. (GBP)

 

Other

 

2  AF GRUPPEN NORGE AS

938333572

Active

31/12/2012

3  KIRKEVEIEN UTBYGGINGSSELSKAP AS

876549662

Active

31/12/2012

3  JOHAN ROGNERUD AS

934763505

Active

31/12/2012

3  KILEN BRYGGE AS

977205204

Active

31/12/2012

4  KILEN HØYHUS AS

895897612

Active

31/12/2012

4  KILEN BYGG AS

987032073

Active

31/12/2012

4  BOLIGENERGI AS

995898012

Active

31/12/2011

3  ROLVSRUD UTBYGGING AS

980348393

Active

31/12/2012

4  ROLVSRUD BYGG AS

986029176

Active

31/12/2012

3  BLOMSTERSTYKKET UTBYGGING AS

994917005

Active

31/12/2012

3  AF BRØDR. GLOMSRØD AS

 

Other

 

3  PÅLPLINTAR I SVERIGE

 

Other

 

3  AF BYGG GØTEBORG AS

 

Other

 

3  KIRKEVEIEN UTBYGGING AS

 

Other

 

2  AF OFFSHORE AS                                                   993000396                       Active           31/12/2012

3  AERON AS

937775741

Active

31/12/2012

3  MOLLIER AS

980364186

Active

31/12/2012

3  AF ENERGI & MILJØTEKNIKK AS

983480535

Active

31/12/2012

3  RCO2 AS

990732876

NonActive

31/12/2011

2  VICI VENTUS CONSTRUCTION AS

994917056

Active

31/12/2012

2  AF OFFSHORE MANDAL AS

994917072

Active

31/12/2012

 

 

AFFILIATED COMPANIES

 

Affiliate Name  ba Gjenvinning AS

Affiliate ID        NO017/X/932770504

Country            NO

Affiliate Name PALMER GOTHEIM SKIFERBRUDD AS

Affiliate ID        NO017/X/984631359

Country            NO

 

Affiliate Name AF DECOM OFFSHORE AS

Affiliate ID        NO017/X/992097426

Country            NO

 

Affiliate Name AF GRUPPEN NORGE AS

Affiliate ID        NO017/X/938333572

Country            NO

 

Affiliate Name KIRKEVEIEN UTBYGGINGSSELSKAP AS

Affiliate ID        NO017/X/876549662

Country            NO

 

Affiliate Name JOHAN ROGNERUD AS

Affiliate ID        NO017/X/934763505

Country            NO

 

Affiliate Name KILEN BRYGGE AS

Affiliate ID        NO017/X/977205204

Country            NO

 

Affiliate Name KILEN HØYHUS AS

Affiliate ID        NO017/X/895897612

Country            NO

 

Affiliate Name KILEN BYGG AS

Affiliate ID        NO017/X/987032073

Country            NO

 

Affiliate Name BOLIGENERGI AS

Affiliate ID        NO017/X/995898012

Country            NO

 

Affiliate Name ROLVSRUD UTBYGGING AS

Affiliate ID        NO017/X/980348393

Country            NO

 

Affiliate Name ROLVSRUD BYGG AS

Affiliate ID        NO017/X/986029176

Country            NO

 

Affiliate Name BLOMSTERSTYKKET UTBYGGING AS

Affiliate ID        NO017/X/994917005

Country            NO

Affiliate Name AF OFFSHORE AS

Affiliate ID        NO017/X/993000396

Country            NO

 

Affiliate Name AERON AS

Affiliate ID        NO017/X/937775741

Country            NO

 

Affiliate Name MOLLIER AS

Affiliate ID        NO017/X/980364186

Country            NO

 

Affiliate Name AF ENERGI & MILJØTEKNIKK AS

Affiliate ID        NO017/X/983480535

Country            NO

 

Affiliate Name RCO2 AS

Affiliate ID        NO017/X/990732876

Country            NO

 

Affiliate Name VICI VENTUS CONSTRUCTION AS

Affiliate ID        NO017/X/994917056

Country            NO

 

Affiliate Name AF OFFSHORE MANDAL AS

Affiliate ID        NO017/X/994917072

Country            NO

 

 

Employee Information

 

Year

Number of Employees             152

 

 

Financial Statements

 

 

Profit & Loss

Financial Year                      2012                                     2011                                     2010

Number of Weeks                 52                                        52                                         52

Currency                               NOK                                    NOK                                     NOK

Consolidated  Accounts         False                                   False                                    False

Revenue                                567,293,000.00                     410,340,000.00                      350,033,000.00

Operating Costs                    499,123,000.00                     371,062,000.00                      328,441,000.00

Operating Profit                    68,170,000.00                       39,278,000.00                       21,592,000.00

Wages & Salaries                 107,095,000.00                     90,974,000.00                       87,390,000.00

Depreciation                         5,936,000.00                        6,873,000.00                         11,361,000.00

Financial Income                  79,000.00                             87,000.00                              9,000.00

Financial Expenses              524,000.00                           552,000.00                            1,238,000.00

Profit Before Tax                  67,724,000.00                       38,812,000.00                       20,364,000.00

Tax                                        -19,033,000.00                      -10,902,000.00                      -5,853,000.00

Profit After Tax                     48,691,000.00                       27,910,000.00                       14,511,000.00

Dividends                              0.00                                     0.00                                      0.00

Other Appropriations            0.00                                     0.00                                      0.00

Retained Profit                      48,691,000.00                       27,910,000.00                       14,511,000.00

 

Balance Sheet

Financial Year                      2012                                     2011                                     2010

Number of Weeks                 52                                        52                                         52

Currency                               NOK                                    NOK                                     NOK

Consolidated  Accounts         False                                   False                                    False

Land & Buildings                  0.00                                     0.00                                      11,922,000.00

Plant & Machinery                0.00                                     0.00                                      0.00

Other Tangible Assets          23,616,000.00                       10,417,000.00                       15,266,000.00

Total Tangible Assets           23,616,000.00                       10,417,000.00                       27,188,000.00

Other Intangible Assets        36,628,000.00                       36,628,000.00                       36,628,000.00

Total Intangible Assets         36,628,000.00                       36,628,000.00                       36,628,000.00

Miscellaneous  Fixed Assets 0.00                                     0.00                                      0.00

Total Other Fixed Assets      0.00                                     0.00                                      0.00

Total Fixed Assets                60,244,000.00                       47,045,000.00                       63,816,000.00

Other Inventories                  19,737,000.00                       21,052,000.00                       12,579,000.00

Total Inventories                   19,737,000.00                       21,052,000.00                       12,579,000.00

Trade Receivables                162,032,000.00                     135,203,000.00                      62,637,000.00

Miscellaneous  Receivables 66,264,000.00                       0.00                                      26,571,000.00

Total Receivables                 228,296,000.00                     135,203,000.00                      89,208,000.00

Cash                                      114,000.00                           84,000.00                              133,000.00

Other Current Assets            0.00                                     0.00                                      -1,000.00

Total Current Assets             248,147,000.00                     156,339,000.00                      101,919,000.00

Total Assets                           308,390,000.00                     203,383,000.00                      165,735,000.00

Trade Payables                     196,457,000.00                     61,550,000.00                       39,087,000.00

Bank Liabilities                     0.00                                     0.00                                      0.00

Other Loans/Finance            0.00                                     0.00                                      0.00

Group Payables                    0.00                                     3,704,000.00                         17,063,000.00

Miscellaneous  Liabilities      17,857,000.00                       7,094,000.00                         17,077,000.00

Total Current Liabilities      214,314,000.00                     72,348,000.00                       73,227,000.00

Bank Liabilities due

after 1 year                          0.00                                     0.00                                      0.00

 

Other Loans/Finance  due after 1

year

0.00

0.00

0.00

Miscellaneous  Liabilities due after 1 year

42,330,000.00

31,261,000.00

20,658,000.00

Total Long Term Liabilities

42,330,000.00

31,261,000.00

20,658,000.00

Total Liabilities

256,644,000.00

103,609,000.00

93,885,000.00

Called Up Share Capital

100,000.00

100,000.00

100,000.00

Share Premium

0.00

0.00

0.00

Revenue Reserves

10,415,000.00

58,629,000.00

30,719,000.00

Other Reserves

41,232,000.00

41,046,000.00

41,031,000.00

Total Shareholders  Equity

51,747,000.00

99,775,000.00

71,850,000.00

Other Financials

 

 

 

Working Capital

33,833,000.00

83,991,000.00

28,692,000.00

Net Worth

15,119,000.00

63,147,000.00

35,222,000.00

 

Ratios

Pre-Tax Profit Margin

12.12

9.59

5.84

Return on Capital Employed

71.99

29.62

22.01

Return on Total Assets

Employed

21.96

19.08

12.29

Return on Net Assets Employed

130.88

38.90

28.34

Sales/Net Working Capital

16.51

4.82

12.15

Stock Turnover Ratio

3.53

5.20

3.61

Debtor Days

105.86

121.97

65.56

Creditor Days

128.35

55.52

40.91

Current Ratio

1.16

2.16

1.39

Liquidity Ratio/Acid Test

1.07

1.87

1.22

Current Debt Ratio

4.14

0.73

1.02

Gearing

81.80

31.33

28.75

Equity in Percentage

19.04

59.83

55.65

Total Debt Ratio

4.96

1.04

1.31

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.38

UK Pound

1

Rs.100.86

Euro

1

Rs.84.59

 

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%)

 

 

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.