MIRA INFORM REPORT

 

 

Report Date :

27.12.2014

 

IDENTIFICATION DETAILS

 

Name :

MARGT SMÁTT EHF.

 

 

Formerly Known As :

GUDMUNDUR MAGNUSSON / ESRA

 

 

 

Registered Office :

Guđríđarstíg 6-8, 113 Reykjavík

 

 

Country :

Iceland

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

13.03.1989

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Import, Wholesale, Production and Retail Sale of Promotional Items and Gift Articles Including Working Clothes.

 

 

No. of Employee :

24

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Iceland

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

ICELAND - ECONOMIC OVERVIEW

 

Iceland's Scandinavian-type social-market economy combines a capitalist structure and free-market principles with an extensive welfare system. Prior to the 2008 crisis, Iceland had achieved high growth, low unemployment, and a remarkably even distribution of income. The economy depends heavily on the fishing industry, which provides 40% of export earnings, more than 12% of GDP, and employs nearly 5% of the work force. It remains sensitive to declining fish stocks as well as to fluctuations in world prices for its main exports: fish and fish products, aluminum, and ferrosilicon. Iceland's economy has been diversifying into manufacturing and service industries in the last decade, particularly within the fields of software production, biotechnology, and tourism. In fall 2013, the Icelandic government approved a joint application by Icelandic, Chinese and Norwegian energy firms to conduct oil exploration off Iceland’s northeast coast. Abundant geothermal and hydropower sources have attracted substantial foreign investment in the aluminum sector, boosted economic growth, and sparked some interest from high-tech firms looking to establish data centers using cheap green energy, although the financial crisis has put several investment projects on hold. Much of Iceland's economic growth in recent years came as the result of a boom in domestic demand following the rapid expansion of the country's financial sector. Domestic banks expanded aggressively in foreign markets, and consumers and businesses borrowed heavily in foreign currencies, following the privatization of the banking sector in the early 2000s. Worsening global financial conditions throughout 2008 resulted in a sharp depreciation of the krona vis-a-vis other major currencies. The foreign exposure of Icelandic banks, whose loans and other assets totaled more than 10 times the country's GDP, became unsustainable. Iceland's three largest banks collapsed in late 2008. The country secured over $10 billion in loans from the IMF and other countries to stabilize its currency and financial sector, and to back government guarantees for foreign deposits in Icelandic banks. GDP fell 6.8% in 2009, and unemployment peaked at 9.4% in February 2009. Since the collapse of Iceland's financial sector, government economic priorities have included: stabilizing the krona, implementing capital controls, reducing Iceland's high budget deficit, containing inflation, addressing high household debt, restructuring the financial sector, and diversifying the economy. Three new banks were established to take over the domestic assets of the collapsed banks. Two of them have foreign majority ownership, while the State holds a majority of the shares of the third. Iceland began making payments to the UK, the Netherlands, and other claimants in late 2011 following Iceland's Supreme Court ruling that upheld 2008 emergency legislation that gives priority to depositors for compensation from failed Icelandic banks. Iceland owes British and Dutch authorities approximately $5.5 billion for compensating British and Dutch citizens who lost deposits in Icesave when parent bank Landsbanki failed in 2008. Iceland began accession negotiations with the EU in July 2010, but decided in mid-2013 to suspend negotiations with the EU because of concern about losing control over fishing resources and worries over the ongoing Eurozone crisis.

 

Source : CIA

 

 

REGISTERED NAME & COMPANY SUMMARY

 

MARGT SMÁTT EHF.

ID-number

530389-1899

Legal form

Private limited company

Address

Guđríđarstíg 6-8

Postal Code

113 Reykjavík

Operation

Non-specialized wholesale trade (46900)

 

 

 

Date 23.12.2014 kl. 12:26

Updated

23.12.2014

Domicile

Guđríđarstíg 6-8

Established

13.03.1989

Postal code and place

113 Reykjavík

Former name

Gudmundur Magnusson / Esra

Phone number

5853500

Alias

Margt Smatt

Mobile phone

5579555

VAT no.

45178

Fax

5889018

Activity (NACE 2)

46900

Web page

www.margtsmatt.is

Stock exchange listed

No

e-mail address

hulda@margtsmatt.is

P.O. Box

 

 

 

 

 

DIRECTORS/MANAGEMENT

 

Company's Board of Directors according to meeting on: 27.05.2013

Name

ID number

Address

Status

Company involvement

Árni Esra Einarsson

080966-3269

Austurkór 94, 203 Kópavogi

Chairman of the board

(5)

Hulda Snorradóttir

260765-3299

Klettakór 1a, 203 Kópavogi

Board member

(2)

Signatures: Allir stjórnarmenn saman

 

Management

Name

ID number

Address

Company involvement

Hulda Snorradóttir

260765-3299

Klettakór 1a, 203 Kópavogi

(2)

Power of procuration

Name

ID number

Address

Company involvement

Árni Esra Einarsson

080966-3269

Austurkór 94, 203 Kópavogi

(5)

Stefán Bragi Bjarnason

131064-7999

Dalakri 7, 210 Garđabć

(11)

Hulda Snorradóttir

260765-3299

Klettakór 1a, 203 Kópavogi

(2)

 

 

NEGATIVE INFORMATION

 

Auction claims

No entries found

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Share capital:

ISK 1.428.571

Restrictions on handling of shares:

Yes

Liability for redemption of shares:

No

 

Founders

Name

ID number

Address

Company involvement

Lisbeth Thompson

090661-4269

Marargötu 1, 101 Reykjavík

(3)

Guđmundur Magnússon

130866-2989

Marargötu 1, 101 Reykjavík

(7)

 

 

Shareholders

Name

Address

Share

Date of purchase

Árni Esra Einarsson

Fjallalind 89 201 Kópavogi

95,00%

 

Hulda Snorradóttir

Klettakór 1a 203 Kópavogi

5,00%

 

 

 

PAYMENT INFORMATION

 

Defaulting Debtors Database

No entries found

 

Payment behaviour

Latest information

Days from deadline

Explanation

Direction

3/4 2014

-1

Payments received before final due date

 

 

Payment behaviour history

 

 

This company

Industry

All Companies

Quarter

Year

Days

Total

Days

Total

Days

Total

4

2012

0

13

1

881

2

89.068

1

2013

3

11

3

1022

2

83.949

2

2013

2

13

4

1068

2

89.846

3

2013

 

 

4

1069

2

87.480

4

2013

0

15

2

1087

2

92.814

1

2014

0

14

3

1083

2

91.771

2

2014

0

12

3

1146

2

99.603

3

2014

-1

11

1

1224

1

108.633

 

Explanations:

Days: The average number of days from deadline to the day payment is made. If a - (minus symbol) is before the average number of days in this respect, it means that the company has paid the bill a certain number of days before deadline.

Number: The number of entries about paid bills, that are used to calculate Payment Behaviour. Only data containing a minimum of 10 entries and 2 companies are shown.

This applies to each quarter.

Industry: Other companies categorised in the same type of activity to the NACE 2 classification.

All Companies: All Companies with registered Payment Behaviour.

For consideration: In case bills contain both payment day and deadline, the deadline date is referred to.

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Subsidiaries and affiliates

Name

IDID-- number

Address

Share %

Date of purchase

Bolur ehf

611298-5019

Guđríđarstíg 6-8 113

50,00%

0.0.1999

IGC Project U.A. .

 

 

2,00%

0.0.0

FINANCIAL INFORMATION

 

 

FOREIGN EXCHANGE RATES

 

Na

 

 

ADDITIONAL INFORMATION

 

About CIP-Risk for this company

 

 

Average

All companies:

Margt smátt ehf. has a better CIP-score than 85% of other companies

4,21%

Size

Margt smátt ehf. has a better CIP-score than 66% of companies in same size category

3,71%

Age

Margt smátt ehf. has a better CIP-Score than 78% of companies in the same age category

3,08%

Industry

Margt smátt ehf. has a better CIP-score than 89% of companies in the same industry

5,28%

 

If the information above are used to deny a company or an individual of service then the concerned party has to be informed.

 

Data from Reg. of enterprises

Stofndagsetning

13.03.1989

Skráningardagsetning

30.01.1995

Data Updated:

23.12.2014

Secondary name

 

Date of Articles of Association

28.02.2013

Domicile:

Guđríđarstíg 6-8, 113 Reykjavík

 

Auditors / surveyors

Name

ID number

Address

Status

Company involvement

PricewaterhouseCoopers ehf.

690681-0139

Skógarhlíđ 12, 105 Reykjavík

 

 

 

The company has been split up into the following companies

Accepting company

Division plan

Approved in stockholders' meeting

Settlement date

Stefnumiđ ehf

 

18.07.2005

01.01.2005

 

Key employees

Name

IDID--number

Address

Position

Árni Esra Einarsson

080966-3269

Austurkór 94

CMO

Hulda Snorradóttir

260765-3299

Klettakór 1a

CEO

 

Operation

 

2007

2008

2009

2010

2011

2012

2013

2014

Number of employees

28

30

20

20

24

21

21

24

 

Customer type

Companies, Consumers, Municipalities, Public Institutions, Sports Clubs

Import countries

Asia, Belgium, Netherlands, United Kingdom

Export countries

 

Conditions of purchase

Cash, Open Account

Conditions of sale

Cash, Open Account, Special Agreements

Main brands

 

 

 

Further information on the company‘s activities

Import, wholesale, production and retail sale of promotional items and gift articles including working clothes.

 

Commercial banks

Bank no.

526

Name

Islandsbanki hf.

Address

Suđurlandsbraut 30

Postal code

108, Reykjavík

Tel

560 8400

Contact name

 

 

Real estate

Address

Guđríđarstígur 6-8

Postal code

113, Reykjavík

Rateable value

0

Assessed valer for fire insurance

0

Size (m2)

2497

Owners name

 

Owners ID no

 

Insurance company

 

Type

Various types

Location

Suburban business area

Tenure

Rented

 

 

 

 

 

Media coverage in the past 12 months

 

des. 2013

jan. 2014

feb. 2014

mar. 2014

apr. 2014

maí 2014

jún. 2014

júl. 2014

ágú. 2014

sep. 2014

okt. 2014

nóv. 2014

Total

-

-

-

-

-

-

-

-

-

-

-

-

 Total number:

0

Total number of minutes in broadcast media news coverage:

 

 

For the collection of data for this report, the employee below was contacted on the date of18.09.2014

Hulda Snorradóttir

 

 

NOTES & COMMENTS

 

Comments

Engar fćrslur fundust

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.64

UK Pound

1

Rs.98.98

Euro

1

Rs.77.74

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

 

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.