|
Report Date : |
18.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
NORDICFORM AS |
|
|
|
|
Formerly Known As : |
NORDISK FJER NORGE AS |
|
|
|
|
Registered Office : |
Kjaarlighetsstien 1 Mysen 1850 |
|
|
|
|
Country : |
Norway |
|
|
|
|
Financials (as on) : |
2012 |
|
|
|
|
Date of Incorporation : |
11.01.2003 |
|
|
|
|
Com. Reg. No.: |
985215294 |
|
|
|
|
Legal Form : |
Limited company |
|
|
|
|
Line of Business : |
Manufacture of house-hold linen |
|
|
|
|
No. of Employees |
37 |
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, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 30% 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
largest sovereign wealth fund, valued at over $830 billion in January 2014 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 2010-13. Nevertheless, the government budget
remains in surplus.
|
Source
: CIA |
|
Company Name |
NORDICFORM AS |
Company Number |
985215294 |
|
Company name |
NORDICFORM AS |
Company number |
985215294 |
|
Address |
Kjærlighetsstien 1 |
Safe number |
- |
|
City |
MYSEN 1850 |
Legal form |
Limited company |
|
Website address |
E-mail address |
post@nf.no |
|
|
Telephone Number |
00 47 69894300 |
Fax Number |
00 47 69892174 |
|
Registration date |
11/01/2003 |
Status |
Active |
|
Previous Name |
NORDISK FJER NORGE AS |
Share capital |
1,000,000 |
|
Name change date |
13/01/2003 |
Currency |
- |
|
|
|
Number of employees |
37 |
Postal Address
|
Address |
City |
Postal Code |
|
Postboks 4 |
MYSEN |
1851 |
Current Directors
|
Name |
Address |
Function |
|
Konsul Schjelderups V. 2 OSLO 0286 |
General manager/CEO |
|
|
Konsul Schjelderups V. 2 OSLO 0286 |
Board member(s) |
|
|
Kolleveien 21 ASKIM 1832 |
Board member(s) |
|
|
Dusaveien 43 SKJEBERG 1747 |
Board member(s) |
|
|
Henstadkollen 10 ASKIM 1809 |
Chairman of the board |
Other Company Officials
No data exist
No negative information given.
Shareholders
|
Shareholder Name |
Number of Shares |
Percentage Share |
|
NORDICFORM HOLDING AS |
1,000 |
100.0 |
Na
Ultimate Holding Company
|
Safe Number |
Company Name |
|
Company Number |
|
|
Key Financials
|
Year to Date |
Sales Revenue |
Profit Before Tax |
Total Equity |
|
2012 |
118,306,000 |
3,622,000 |
20,803,000 |
|
2011 |
123,411,000 |
4,863,000 |
18,253,000 |
|
2010 |
129,700,000 |
7,768,000 |
14,780,000 |
|
2009 |
112,653,000 |
10,312,000 |
14,255,000 |
|
2008 |
99,625,000 |
221,000 |
13,383,000 |
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 |
118,306,000 |
-4.1 % |
123,411,000 |
-4.8 % |
129,700,000 |
15.1 % |
112,653,000 |
13.1 % |
99,625,000 |
|
Other operating income |
3,701,000 |
-10.7 % |
4,145,000 |
95.1 % |
2,125,000 |
-42.6 % |
3,699,000 |
33.5 % |
2,770,000 |
|
Total Operating Income |
122,007,000 |
-4.4 % |
127,556,000 |
-3.2 % |
131,825,000 |
13.3 % |
116,352,000 |
13.6 % |
102,395,000 |
|
Total Operating Expenses |
117,212,000 |
-4.1 % |
122,263,000 |
-1.0 % |
123,554,000 |
16.3 % |
106,205,000 |
8.2 % |
98,178,000 |
|
Operating Profit |
4,795,000 |
-9.4 % |
5,293,000 |
-36.0 % |
8,271,000 |
-18.5 % |
10,147,000 |
140.6 % |
4,217,000 |
|
Wages & Salaries |
21,693,000 |
5.4 % |
20,589,000 |
-3.3 % |
21,285,000 |
10.4 % |
19,288,000 |
2.4 % |
18,838,000 |
|
Depreciation |
623,000 |
-21.8 % |
797,000 |
-30.5 % |
1,147,000 |
116.4 % |
530,000 |
-4.8 % |
557,000 |
|
Financial Income |
887,000 |
-13.3 % |
1,023,000 |
124.3 % |
456,000 |
-68.2 % |
1,435,000 |
744.1 % |
170,000 |
|
Financial Expenses |
2,061,000 |
41.8 % |
1,453,000 |
51.5 % |
959,000 |
-24.5 % |
1,270,000 |
-69.5 % |
4,166,000 |
|
Profit Before Tax |
3,622,000 |
-25.5 % |
4,863,000 |
-37.4 % |
7,768,000 |
-24.7 % |
10,312,000 |
4,566.1 % |
221,000 |
|
Tax |
-1,072,000 |
22.9 % |
-1,390,000 |
36.9 % |
-2,204,000 |
24.6 % |
-2,923,000 |
-3,850.0 % |
-74,000 |
|
Profit After Tax |
2,550,000 |
-26.6 % |
3,473,000 |
-37.6 % |
5,564,000 |
-24.7 % |
7,389,000 |
4,926.5 % |
147,000 |
|
Extraordinary Result |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net Result after Dividends |
2,550,000 |
-26.6 % |
3,473,000 |
-37.6 % |
5,564,000 |
-24.7 % |
7,389,000 |
4,926.5 % |
147,000 |
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 |
4,000 |
-96.6 % |
117,000 |
-47.5 % |
223,000 |
-57.7 % |
527,000 |
-14.9 % |
619,000 |
|
Other Tangible Assets |
867,000 |
-23.5 % |
1,134,000 |
-25.5 % |
1,522,000 |
27.9 % |
1,190,000 |
-15.7 % |
1,411,000 |
|
Total Tangible Assets |
871,000 |
-30.4 % |
1,251,000 |
-28.3 % |
1,745,000 |
1.6 % |
1,717,000 |
-15.4 % |
2,030,000 |
|
Intangible Assets |
2,366,000 |
-4.8 % |
2,486,000 |
11.4 % |
2,232,000 |
9.4 % |
2,040,000 |
33.5 % |
1,528,000 |
|
Other Fixed Assets |
184,000 |
-60.9 % |
470,000 |
-93.5 % |
7,212,000 |
-29.4 % |
10,212,000 |
130.3 % |
4,434,000 |
|
TOTAL FIXED ASSETS |
3,421,000 |
-18.7 % |
4,207,000 |
-62.4 % |
11,189,000 |
-19.9 % |
13,969,000 |
74.8 % |
7,992,000 |
|
Inventories |
28,049,000 |
3.3 % |
27,165,000 |
-4.6 % |
28,483,000 |
36.3 % |
20,901,000 |
0.3 % |
20,842,000 |
|
Trade Receivables |
14,803,000 |
20.7 % |
12,267,000 |
-3.0 % |
12,643,000 |
-5.8 % |
13,422,000 |
-5.4 % |
14,184,000 |
|
Other Receivables |
1,295,000 |
-38.2 % |
2,097,000 |
-31.1 % |
3,044,000 |
-19.0 % |
3,756,000 |
-39.4 % |
6,200,000 |
|
Cash & Bank Deposits |
4,621,000 |
-24.7 % |
6,133,000 |
-3.9 % |
6,382,000 |
103.4 % |
3,137,000 |
329.7 % |
730,000 |
|
Other Current Assets |
0 |
- |
0 |
- |
0 |
100.0 % |
-1,000 |
0.0 % |
-1,000 |
|
TOTAL CURRENT ASSETS |
48,768,000 |
2.3 % |
47,662,000 |
-5.7 % |
50,552,000 |
22.7 % |
41,215,000 |
-1.8 % |
41,955,000 |
|
TOTAL ASSETS |
52,189,000 |
0.6 % |
51,869,000 |
-16.0 % |
61,741,000 |
11.9 % |
55,184,000 |
10.5 % |
49,947,000 |
|
Trade Creditors |
5,410,000 |
-12.9 % |
6,213,000 |
-39.1 % |
10,208,000 |
123.9 % |
4,559,000 |
-28.7 % |
6,390,000 |
|
Short Term Liabilities to Financial
Institutions |
12,138,000 |
81.5 % |
6,686,000 |
- |
0 |
- |
0 |
-100.0 % |
11,467,000 |
|
Short Term Liabilities to Group |
0 |
- |
0 |
- |
0 |
- |
0 |
-100.0 % |
904,000 |
|
Other Short Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Miscellaneous Current Liabilities |
11,213,000 |
-15.3 % |
13,242,000 |
-52.3 % |
27,778,000 |
7.3 % |
25,895,000 |
344.3 % |
5,828,000 |
|
TOTAL CURRENT LIABILITIES |
28,761,000 |
10.0 % |
26,141,000 |
-31.2 % |
37,986,000 |
24.7 % |
30,454,000 |
23.9 % |
24,589,000 |
|
Long Term Liabilities to Financial
Institutions |
2,625,000 |
-32.3 % |
3,875,000 |
-27.9 % |
5,375,000 |
-21.8 % |
6,875,000 |
-17.9 % |
8,375,000 |
|
Other Long Term Loans |
0 |
- |
0 |
-100.0 % |
3,600,000 |
0.0 % |
3,600,000 |
0.0 % |
3,600,000 |
|
Long Term Pension Commitments |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Long Term Liabilities |
0 |
-100.0 % |
3,600,000 |
- |
0 |
- |
0 |
- |
0 |
|
TOTAL LONG TERM LIABILITIES |
2,625,000 |
-64.9 % |
7,475,000 |
-16.7 % |
8,975,000 |
-14.3 % |
10,475,000 |
-12.5 % |
11,975,000 |
|
TOTAL LIABILITIES |
31,386,000 |
-6.6 % |
33,616,000 |
-28.4 % |
46,961,000 |
14.7 % |
40,929,000 |
11.9 % |
36,564,000 |
|
Share Capital |
1,000,000 |
0.0 % |
1,000,000 |
0.0 % |
1,000,000 |
0.0 % |
1,000,000 |
0.0 % |
1,000,000 |
|
Share Premium Reserve |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Revaluation Fund |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Retained Earnings |
19,803,000 |
14.8 % |
17,253,000 |
25.2 % |
13,780,000 |
4.0 % |
13,255,000 |
7.0 % |
12,383,000 |
|
Other Reserves |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
TOTAL EQUITY |
20,803,000 |
14.0 % |
18,253,000 |
23.5 % |
14,780,000 |
3.7 % |
14,255,000 |
6.5 % |
13,383,000 |
Other Financials
|
Financial Year |
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
Total Exports |
9,873,000 |
7.5 % |
9,180,000 |
70.0 % |
5,400,000 |
- |
- |
- |
- |
|
Working Capital |
20,007,000 |
-7.0 % |
21,521,000 |
71.3 % |
12,566,000 |
16.8 % |
10,761,000 |
-38.0 % |
17,366,000 |
|
Net Worth |
18,437,000 |
16.9 % |
15,767,000 |
25.7 % |
12,548,000 |
2.7 % |
12,215,000 |
3.0 % |
11,855,000 |
|
Capital Employed |
23,428,000 |
-8.9 % |
25,728,000 |
8.3 % |
23,755,000 |
-3.9 % |
24,730,000 |
-2.5 % |
25,358,000 |
Ratios
|
Financial Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
Pre-Tax Profit Margin |
3.06 |
3.94 |
5.99 |
9.15 |
0.22 |
|
Return on Capital Employed |
15.46 |
18.90 |
32.70 |
41.70 |
0.87 |
|
Return on Total Assets Employed |
6.94 |
9.38 |
12.58 |
18.69 |
0.44 |
|
Return on Net Assets Employed |
17.41 |
26.64 |
52.56 |
72.34 |
1.65 |
|
Sales/Net Working Capital |
5.91 |
5.73 |
10.32 |
10.47 |
5.74 |
|
Stock Turnover Ratio |
23.71 |
22.01 |
21.96 |
18.55 |
20.92 |
|
Debtor Days |
45.67 |
36.28 |
35.58 |
43.49 |
51.97 |
|
Creditor Days |
16.69 |
18.38 |
28.73 |
14.77 |
23.41 |
|
Current Ratio |
1.70 |
1.82 |
1.33 |
1.35 |
1.71 |
|
Liquidity Ratio/Acid Test |
0.72 |
0.78 |
0.58 |
0.67 |
0.86 |
|
Current Debt Ratio |
1.38 |
1.43 |
2.57 |
2.14 |
1.84 |
|
Solvency Ratio |
39.86 |
35.19 |
23.94 |
25.83 |
26.79 |
|
Equity in Percentage |
41.91 |
37.32 |
28.26 |
33.20 |
30.43 |
|
Total Debt Ratio |
1.51 |
1.84 |
3.18 |
2.87 |
2.73 |
Na
Industry
|
Main Industry Code & Description |
Manufacture of house-hold linen |
|
Secondary Industry Code & Description |
Wholesale of textiles |
|
Other Industry Code & Description |
- |
Event History
|
Date |
Description |
|
28/05/2013 |
APPROVED END OF YEAR REPORT AND ACCOUNTS |
|
08/10/2012 |
CHANGE OF AUDITOR |
|
23/07/2012 |
APPROVED END OF YEAR REPORT AND ACCOUNTS |
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.38 |
|
UK Pound |
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.