|
Report Date : |
16.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
WÃRTSILÃ SHIP DESIGN NORWAY AS |
|
|
|
|
Formerly known as : |
VIK- SANDVIK AS |
|
|
|
|
Registered Office : |
N-5419 Fitjar |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
2012 |
|
|
|
|
Date of Incorporation : |
19.02.1995 |
|
|
|
|
Com. Reg. No.: |
951698431 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
·
Engaged in supplying Ship Design specializes in Advanced Offshore Vessels
and Special Vessels as well as providing Engineering Services for
the Global Shipping Industry. ·
Subject also
offers a range of environmental and liquid cargo solutions for the marine,
oil & gas and industrial sectors. ·
Subject
business activities also includes engineering of controllable pitch propellers
and marine reduction gears, development and manufacturing of manoeuvring
systems, electrical and automation systems, exhaust gas cleaning systems,
inert gas systems, liquid cargo handling solutions, oil separation systems
and gas recovery systems. |
|
|
|
|
No. of Employees |
91 |
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 : |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 |
WÃRTSILÃ SHIP DESIGN NORWAY AS |
Company
number |
951698431 |
|
Address
|
N-5419 Fitjar |
Legal
form |
Limited company |
|
Telephone
Number |
00 47 53457000 |
E-mail
address |
|
|
Registration
date |
19/02/1995 |
Fax
Number |
00 47 53457001 |
|
Previous
Name |
VIK- SANDVIK AS |
Status
|
Active |
|
Name
change date |
16/07/1998 |
Share
capital |
300,000 |
|
|
|
Currency
|
NOK |
|
|
|
Number
of employees |
91 |
Postal Address
No data exist
Current Directors
|
Name |
Address
|
Function
|
|
Underhaug, Sigurd Johan |
Varhaugsvegen 10 FITJAR 5419 |
Board member(s) |
|
Hansen, Sveinung Reidar |
Strongalio 53 STORD 5414 |
Board member(s) |
|
Vestbøstad, Lars |
Vestbø FITJAR 5419 |
Board member(s) |
|
Hägg, Riku-Pekka |
John Stenbergin ranta 2 FI-00530 Helsinki |
Chairman of the board |
|
Wilhelmsen, Ove Herheim |
Hagastølen 23 STORD 5414 |
General manager/CEO |
Other Company Officials
No data exist
No negative information given.
Shareholders
|
Shareholder
Name |
Number
of Shares |
Percentage
Share |
|
WARTSILA TECHNOLOGY OY AB |
100 |
100.0 |
Key Financials
|
Year
to Date |
Sales
Revenue |
Profit
Before Tax |
Total
Equity |
|
2012 |
195,723,000
|
7,635,000
|
30,748,000
|
|
2011 |
171,104,000
|
-5,342,000
|
30,812,000
|
|
2010 |
119,315,000
|
-102,060,000
|
28,397,000
|
|
2009 |
233,784,000
|
-24,495,000
|
121,152,000
|
|
2008 |
621,290,000
|
382,706,000
|
345,787,000
|
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 |
195,723,000 |
14.4 % |
171,104,000 |
43.4 % |
119,315,000 |
-49.0 % |
233,784,000 |
-62.4 % |
621,290,000 |
|
Other operating income |
87,000 |
-24.3 % |
115,000 |
-91.1 % |
1,291,000 |
319.2 % |
308,000 |
-96.3 % |
8,423,000 |
|
Total Operating Income |
195,810,000 |
14.4 % |
171,219,000 |
42.0 % |
120,606,000 |
-48.5 % |
234,092,000 |
-62.8 % |
629,713,000 |
|
Total Operating Expenses |
181,840,000 |
6.6 % |
170,515,000 |
0.0 % |
170,567,000 |
-33.0 % |
254,735,000 |
-1.5 % |
258,733,000 |
|
Operating Profit |
13,971,000 |
1,884.5 % |
704,000 |
101.4 % |
-49,960,000 |
-142.0 % |
-20,643,000 |
-105.6 % |
370,980,000 |
|
Wages & Salaries |
68,461,000 |
-8.2 % |
74,548,000 |
-4.0 % |
77,671,000 |
-17.4 % |
94,040,000 |
39.3 % |
67,498,000 |
|
Depreciation |
8,522,000 |
-16.8 % |
10,239,000 |
-12.5 % |
11,708,000 |
50.0 % |
7,805,000 |
34.2 % |
5,816,000 |
|
Financial Income |
784,000 |
-48.0 % |
1,509,000 |
29.1 % |
1,169,000 |
-84.4 % |
7,517,000 |
-78.2 % |
34,552,000 |
|
Financial Expenses |
7,120,000 |
-5.8 % |
7,555,000 |
-85.8 % |
53,269,000 |
368.5 % |
11,369,000 |
-50.2 % |
22,826,000 |
|
Profit Before Tax |
7,635,000 |
242.9 % |
-5,342,000 |
94.8 % |
-102,060,000 |
-316.7 % |
-24,495,000 |
-106.4 % |
382,706,000 |
|
Tax |
833,000 |
-39.8 % |
1,384,000 |
-86.6 % |
10,363,000 |
70.7 % |
6,070,000 |
105.4 % |
-113,305,000 |
|
Profit After Tax |
8,468,000 |
313.9 % |
-3,958,000 |
95.7 % |
-91,697,000 |
-397.7 % |
-18,425,000 |
-106.8 % |
269,401,000 |
|
Extraordinary Result |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net Result after Dividends |
8,468,000 |
313.9 % |
-3,958,000 |
95.7 % |
-91,697,000 |
-397.7 % |
-18,425,000 |
-106.8 % |
269,401,000 |
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 |
68,620,000 |
-3.6 % |
71,215,000 |
-3.5 % |
73,811,000 |
-3.4 % |
76,407,000 |
- |
0 |
|
Plant & Machinery |
0 |
- |
0 |
- |
0 |
-100.0 % |
780,000 |
174.6 % |
284,000 |
|
Other Tangible Assets |
1,882,000 |
-64.3 % |
5,276,000 |
-43.9 % |
9,398,000 |
-60.6 % |
23,824,000 |
3.7 % |
22,980,000 |
|
Total Tangible Assets |
70,502,000 |
-7.8 % |
76,491,000 |
-8.1 % |
83,209,000 |
-17.6 % |
101,011,000 |
334.2 % |
23,264,000 |
|
Intangible Assets |
1,981,000 |
-56.1 % |
4,514,000 |
-44.7 % |
8,166,000 |
-21.0 % |
10,338,000 |
- |
0 |
|
Other Fixed Assets |
1,906,000 |
-12.8 % |
2,185,000 |
-25.3 % |
2,926,000 |
-94.4 % |
51,877,000 |
-2.0 % |
52,947,000 |
|
TOTAL FIXED ASSETS |
74,389,000 |
-10.6 % |
83,190,000 |
-11.8 % |
94,301,000 |
-42.2 % |
163,226,000 |
114.2 % |
76,211,000 |
|
Inventories |
160,000 |
-74.2 % |
619,000 |
-85.8 % |
4,347,000 |
-95.2 % |
91,033,000 |
-29.0 % |
128,147,000 |
|
Trade Receivables |
177,512,000 |
-5.2 % |
187,288,000 |
-0.4 % |
188,014,000 |
34.9 % |
139,423,000 |
-44.1 % |
249,301,000 |
|
Other Receivables |
21,229,000 |
9.0 % |
19,469,000 |
-9.8 % |
21,579,000 |
-51.0 % |
44,069,000 |
-82.0 % |
244,328,000 |
|
Cash & Bank Deposits |
33,743,000 |
41.2 % |
23,889,000 |
214.1 % |
7,606,000 |
17.2 % |
6,488,000 |
-57.2 % |
15,151,000 |
|
Other Current Assets |
0 |
- |
0 |
- |
0 |
-100.0 % |
44,000 |
0.0 % |
44,000 |
|
TOTAL CURRENT ASSETS |
232,644,000 |
0.6 % |
231,265,000 |
4.4 % |
221,546,000 |
-21.2 % |
281,057,000 |
-55.9 % |
636,971,000 |
|
TOTAL ASSETS |
307,033,000 |
-2.4 % |
314,454,000 |
-0.4 % |
315,848,000 |
-28.9 % |
444,283,000 |
-37.7 % |
713,183,000 |
|
Trade Creditors |
8,018,000 |
1.8 % |
7,876,000 |
30.7 % |
6,025,000 |
-30.5 % |
8,664,000 |
-69.2 % |
28,086,000 |
|
Short Term Liabilities to Financial
Institutions |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Short Term Liabilities to Group |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Short Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Miscellaneous Current Liabilities |
240,609,000 |
1.0 % |
238,271,000 |
-2.6 % |
244,568,000 |
-4.4 % |
255,829,000 |
-7.6 % |
276,887,000 |
|
TOTAL CURRENT LIABILITIES |
248,627,000 |
1.0 % |
246,147,000 |
-1.8 % |
250,593,000 |
-5.3 % |
264,493,000 |
-13.3 % |
304,973,000 |
|
Long Term Liabilities to Financial
Institutions |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Long Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Long Term Pension Commitments |
2,192,000 |
-31.2 % |
3,184,000 |
-12.5 % |
3,639,000 |
-22.9 % |
4,720,000 |
63.4 % |
2,889,000 |
|
Other Long Term Liabilities |
25,466,000 |
-25.8 % |
34,312,000 |
3.3 % |
33,218,000 |
-38.4 % |
53,918,000 |
-9.4 % |
59,533,000 |
|
TOTAL LONG TERM LIABILITIES |
27,658,000 |
-26.2 % |
37,496,000 |
1.7 % |
36,857,000 |
-37.1 % |
58,638,000 |
-6.1 % |
62,422,000 |
|
TOTAL LIABILITIES |
276,285,000 |
-2.6 % |
283,643,000 |
-1.3 % |
287,451,000 |
-11.0 % |
323,131,000 |
-12.0 % |
367,395,000 |
|
Share Capital |
300,000 |
0.0 % |
300,000 |
0.0 % |
300,000 |
0.0 % |
300,000 |
0.0 % |
300,000 |
|
Share Premium Reserve |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Revaluation Fund |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Retained Earnings |
23,776,000 |
-0.3 % |
23,840,000 |
-14.2 % |
27,797,000 |
-76.9 % |
120,552,000 |
-65.1 % |
345,487,000 |
|
Other Reserves |
6,672,000 |
0.0 % |
6,672,000 |
2,124.0 % |
300,000 |
0.0 % |
300,000 |
- |
0 |
|
TOTAL EQUITY |
30,748,000 |
-0.2 % |
30,812,000 |
8.5 % |
28,397,000 |
-76.6 % |
121,152,000 |
-65.0 % |
345,787,000 |
Other Financials
|
Financial Year |
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
Total Exports |
195,723,000 |
14.4 % |
171,104,000 |
43.4 % |
119,315,000 |
-49.0 % |
233,784,000 |
- |
- |
|
Working Capital |
-15,983,000 |
-7.4 % |
-14,882,000 |
48.8 % |
-29,047,000 |
-275.4 % |
16,564,000 |
-95.0 % |
331,998,000 |
|
Net Worth |
28,767,000 |
9.4 % |
26,298,000 |
30.0 % |
20,231,000 |
-81.7 % |
110,814,000 |
-68.0 % |
345,787,000 |
|
Capital Employed |
58,406,000 |
-14.5 % |
68,308,000 |
4.7 % |
65,254,000 |
-63.7 % |
179,790,000 |
-56.0 % |
408,209,000 |
Ratios
|
Financial Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
Pre-Tax Profit Margin |
3.90 |
-3.12 |
-85.54 |
-10.48 |
61.60 |
|
Return on Capital Employed |
13.07 |
-7.82 |
-156.40 |
-13.62 |
93.75 |
|
Return on Total Assets Employed |
2.49 |
-1.70 |
-32.31 |
-5.51 |
53.66 |
|
Return on Net Assets Employed |
24.83 |
-17.34 |
-359.40 |
-20.22 |
110.68 |
|
Sales/Net Working Capital |
-12.25 |
-11.50 |
-4.11 |
14.11 |
1.87 |
|
Stock Turnover Ratio |
0.08 |
0.36 |
3.64 |
38.94 |
20.63 |
|
Debtor Days |
331.04 |
399.52 |
575.16 |
217.68 |
146.46 |
|
Creditor Days |
14.95 |
16.80 |
18.43 |
13.53 |
16.50 |
|
Current Ratio |
0.94 |
0.94 |
0.88 |
1.06 |
2.09 |
|
Liquidity Ratio/Acid Test |
0.94 |
0.94 |
0.87 |
0.72 |
1.67 |
|
Current Debt Ratio |
8.09 |
7.99 |
8.82 |
2.18 |
0.88 |
|
Solvency Ratio |
10.01 |
9.80 |
8.99 |
27.27 |
48.49 |
|
Equity in Percentage |
10.14 |
10.01 |
9.32 |
31.71 |
52.37 |
|
Total Debt Ratio |
8.99 |
9.21 |
10.12 |
2.67 |
1.06 |
Activity
·
Engaged in supplying Ship Design specializes in Advanced Offshore Vessels
and Special Vessels as well as providing Engineering Services for the
Global Shipping Industry.
·
Subject also
offers a range of environmental and liquid cargo solutions for the marine, oil
& gas and industrial sectors.
·
Subject business activities also includes engineering of controllable
pitch propellers and marine reduction gears, development and manufacturing of
manoeuvring systems, electrical and automation systems, exhaust gas cleaning
systems, inert gas systems, liquid cargo handling solutions, oil separation
systems and gas recovery systems.
Event History
|
Date |
Description
|
|
07/07/2014 |
Limit Change |
|
07/07/2014 |
Rating Change |
|
28/08/2013 |
Limit Change |
|
28/08/2013 |
Rating Change |
|
26/08/2013 |
APPROVED END OF YEAR REPORT AND ACCOUNTS |
|
12/02/2013 |
CHANGE OF BOARD OF DIRECTORS |
|
20/08/2012 |
Limit Change |
|
20/08/2012 |
Rating Change |
|
18/08/2012 |
APPROVED END OF YEAR REPORT AND ACCOUNTS |
|
26/03/2012 |
CHANGE OF GENERAL MANAGER |
|
23/11/2011 |
Limit Change |
|
23/11/2011 |
Rating Change |
Rating History
No
data exist
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.22 |
|
UK Pound |
1 |
Rs.102.79 |
|
Euro |
1 |
Rs.81.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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.