|
Report Date : |
12.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
AS PALS |
|
|
|
|
Registered Office : |
Billingstadsletta 38, Billingstad 1396 |
|
|
|
|
Country : |
Norway |
|
|
|
|
Financials (as on) : |
2012 |
|
|
|
|
Date of Incorporation : |
19.02.1995 |
|
|
|
|
Com. Reg. No.: |
915101739 |
|
|
|
|
Legal Form : |
Limited company |
|
|
|
|
Line of Business : |
|
|
|
|
|
No of Employees : |
88 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Norway |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
AS PALS |
|
Address |
Billingstadsletta 38 |
|
City |
BILLINGSTAD 1396 |
|
Website address |
|
|
Telephone Number |
00 47 66770500 |
|
Registration date |
19/02/1995 |
|
Previous Name |
- |
|
Name change date |
- |
Postal Address
|
Address |
City |
Postal Code |
|
Postboks 214 |
BILLINGSTAD |
1377 |
Current Directors
|
Name
|
Address
|
Function
|
|
Holmenveien 33 OSLO 0374 |
Board member(s) |
|
|
Sofies Gate 66 B OSLO 0168 |
Board member(s) |
|
|
Holmenveien 36 B OSLO 0374 |
General manager/CEO |
|
|
Holmenveien 36 B OSLO 0374 |
Chairman of the board |
No negative information found.
|
Share capital |
800,000 |
Shareholders
|
Shareholder Name |
Number of Shares |
Percentage Share |
|
AS ELJE |
320 |
100.0 |
N/a
Ultimate Holding Company
|
Company
Name |
|
Company
Number |
|
|
|
|
Key Financials
|
Year
to Date |
Sales
Revenue |
Profit
Before Tax |
Total
Equity |
|
2012 |
282,795,000 |
8,163,000 |
73,081,000 |
|
2011 |
276,344,000 |
5,129,000 |
69,215,000 |
|
2010 |
259,560,000 |
10,548,000 |
69,252,000 |
|
2009 |
259,098,000 |
8,695,000 |
61,383,000 |
|
2008 |
281,996,000 |
12,171,000 |
55,161,000 |
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 |
282,795,000 |
2.3 % |
276,344,000 |
6.5 % |
259,560,000 |
0.2 % |
259,098,000 |
-8.1 % |
281,996,000 |
|
Other operating income |
2,342,000 |
14.4 % |
2,047,000 |
7.7 % |
1,900,000 |
-13.6 % |
2,199,000 |
-14.9 % |
2,583,000 |
|
Total Operating Income |
285,137,000 |
2.4 % |
278,391,000 |
6.5 % |
261,460,000 |
0.1 % |
261,297,000 |
-8.2 % |
284,579,000 |
|
Total Operating Expenses |
276,489,000 |
1.4 % |
272,659,000 |
8.7 % |
250,907,000 |
-0.3 % |
251,579,000 |
-6.5 % |
268,993,000 |
|
Operating Profit |
8,647,000 |
50.9 % |
5,732,000 |
-45.7 % |
10,554,000 |
8.6 % |
9,719,000 |
-37.6 % |
15,586,000 |
|
Wages & Salaries |
56,700,000 |
1.7 % |
55,749,000 |
3.9 % |
53,633,000 |
8.0 % |
49,659,000 |
-0.6 % |
49,964,000 |
|
Depreciation |
7,588,000 |
15.1 % |
6,595,000 |
-0.5 % |
6,628,000 |
-18.0 % |
8,079,000 |
-11.4 % |
9,118,000 |
|
Financial Income |
1,544,000 |
-26.6 % |
2,104,000 |
35.6 % |
1,552,000 |
32.2 % |
1,174,000 |
-44.2 % |
2,105,000 |
|
Financial Expenses |
2,028,000 |
-25.1 % |
2,707,000 |
73.9 % |
1,557,000 |
-29.2 % |
2,198,000 |
-60.2 % |
5,521,000 |
|
Profit Before Tax |
8,163,000 |
59.2 % |
5,129,000 |
-51.4 % |
10,548,000 |
21.3 % |
8,695,000 |
-28.6 % |
12,171,000 |
|
Tax |
-2,298,000 |
-64.0 % |
-1,401,000 |
47.7 % |
-2,679,000 |
-8.3 % |
-2,473,000 |
33.8 % |
-3,735,000 |
|
Profit After Tax |
5,865,000 |
57.3 % |
3,728,000 |
-52.6 % |
7,869,000 |
26.5 % |
6,222,000 |
-26.2 % |
8,436,000 |
|
Extraordinary Result |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Dividends |
2,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net Result after Dividends |
3,865,000 |
3.7 % |
3,728,000 |
-52.6 % |
7,869,000 |
26.5 % |
6,222,000 |
-26.2 % |
8,436,000 |
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 |
14,820,000 |
-10.6 % |
16,576,000 |
-9.3 % |
18,266,000 |
-8.8 % |
20,039,000 |
21.2 % |
16,534,000 |
|
Plant & Machinery |
5,405,000 |
-6.8 % |
5,802,000 |
-34.3 % |
8,827,000 |
8.6 % |
8,129,000 |
36.3 % |
5,963,000 |
|
Other Tangible Assets |
17,218,000 |
21.5 % |
14,175,000 |
57.9 % |
8,976,000 |
-6.4 % |
9,585,000 |
-49.7 % |
19,062,000 |
|
Total Tangible Assets |
37,443,000 |
2.4 % |
36,553,000 |
1.3 % |
36,069,000 |
-4.5 % |
37,753,000 |
-9.2 % |
41,559,000 |
|
Intangible Assets |
1,710,000 |
12.0 % |
1,527,000 |
-17.6 % |
1,853,000 |
18.6 % |
1,563,000 |
150.1 % |
625,000 |
|
Other Fixed Assets |
22,920,000 |
6.7 % |
21,477,000 |
13.2 % |
18,977,000 |
13.9 % |
16,657,000 |
7.2 % |
15,536,000 |
|
TOTAL FIXED ASSETS |
62,073,000 |
4.2 % |
59,557,000 |
4.7 % |
56,899,000 |
1.7 % |
55,973,000 |
-3.0 % |
57,720,000 |
|
Inventories |
28,462,000 |
-13.0 % |
32,707,000 |
8.7 % |
30,077,000 |
6.8 % |
28,152,000 |
-9.8 % |
31,208,000 |
|
Trade Receivables |
27,436,000 |
-8.2 % |
29,881,000 |
-6.5 % |
31,952,000 |
26.3 % |
25,307,000 |
-11.2 % |
28,487,000 |
|
Other Receivables |
18,652,000 |
8.1 % |
17,254,000 |
63.4 % |
10,557,000 |
44.1 % |
7,325,000 |
-34.0 % |
11,092,000 |
|
Cash & Bank Deposits |
12,333,000 |
81.1 % |
6,809,000 |
-29.4 % |
9,649,000 |
-28.8 % |
13,547,000 |
44.7 % |
9,362,000 |
|
Other Current Assets |
331,000 |
26.3 % |
262,000 |
-5.1 % |
276,000 |
1.8 % |
271,000 |
-3.6 % |
281,000 |
|
TOTAL CURRENT ASSETS |
87,214,000 |
0.3 % |
86,913,000 |
5.3 % |
82,511,000 |
10.6 % |
74,602,000 |
-7.2 % |
80,430,000 |
|
TOTAL ASSETS |
149,287,000 |
1.9 % |
146,470,000 |
5.1 % |
139,411,000 |
6.8 % |
130,574,000 |
-5.5 % |
138,150,000 |
|
Trade Creditors |
9,377,000 |
-9.0 % |
10,304,000 |
10.4 % |
9,330,000 |
-14.8 % |
10,953,000 |
-0.2 % |
10,977,000 |
|
Short Term Liabilities to Financial Institutions |
0 |
-100.0 % |
4,974,000 |
- |
0 |
- |
0 |
- |
0 |
|
Short Term Liabilities to Group |
0 |
-100.0 % |
4,840,000 |
- |
0 |
- |
0 |
- |
0 |
|
Other Short Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Miscellaneous Current Liabilities |
21,421,000 |
37.8 % |
15,540,000 |
-17.4 % |
18,814,000 |
-0.1 % |
18,830,000 |
-25.0 % |
25,109,000 |
|
TOTAL CURRENT LIABILITIES |
30,798,000 |
-13.6 % |
35,658,000 |
26.7 % |
28,144,000 |
-5.5 % |
29,783,000 |
-17.5 % |
36,086,000 |
|
Long Term Liabilities to Financial Institutions |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Long Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Long Term Pension Commitments |
214,000 |
-52.4 % |
450,000 |
-48.4 % |
872,000 |
664.9 % |
114,000 |
22.6 % |
93,000 |
|
Other Long Term Liabilities |
45,195,000 |
9.8 % |
41,147,000 |
0.0 % |
41,142,000 |
4.7 % |
39,294,000 |
-16.1 % |
46,811,000 |
|
TOTAL LONG TERM LIABILITIES |
45,409,000 |
9.2 % |
41,597,000 |
-1.0 % |
42,014,000 |
6.6 % |
39,408,000 |
-16.0 % |
46,904,000 |
|
TOTAL LIABILITIES |
76,207,000 |
-1.4 % |
77,255,000 |
10.1 % |
70,158,000 |
1.4 % |
69,191,000 |
-16.6 % |
82,989,000 |
|
Share Capital |
1,600,000 |
0.0 % |
1,600,000 |
0.0 % |
1,600,000 |
0.0 % |
1,600,000 |
0.0 % |
1,600,000 |
|
Share Premium Reserve |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Revaluation Fund |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Retained Earnings |
71,481,000 |
5.7 % |
67,615,000 |
-0.1 % |
67,652,000 |
13.2 % |
59,783,000 |
11.6 % |
53,561,000 |
|
Other Reserves |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
TOTAL EQUITY |
73,081,000 |
5.6 % |
69,215,000 |
-0.1 % |
69,252,000 |
12.8 % |
61,383,000 |
11.3 % |
55,161,000 |
Other Financials
|
Financial Year |
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
Total Exports |
2,400,000 |
-63.6 % |
6,600,000 |
288.2 % |
1,700,000 |
- |
- |
- |
- |
|
Working Capital |
56,416,000 |
10.1 % |
51,255,000 |
-5.7 % |
54,367,000 |
21.3 % |
44,819,000 |
1.1 % |
44,344,000 |
|
Net Worth |
71,371,000 |
5.4 % |
67,688,000 |
0.4 % |
67,399,000 |
12.7 % |
59,820,000 |
9.7 % |
54,536,000 |
|
Capital Employed |
118,490,000 |
6.9 % |
110,812,000 |
-0.4 % |
111,266,000 |
10.4 % |
100,791,000 |
-1.2 % |
102,065,000 |
Ratios
|
Financial Year |
2012 |
2011 |
2010 |
2009 |
2008 |
|
Pre-Tax Profit Margin |
2.89 |
1.86 |
4.06 |
3.36 |
4.32 |
|
Return on Capital Employed |
6.89 |
4.63 |
9.48 |
8.63 |
11.92 |
|
Return on Total Assets Employed |
5.47 |
3.50 |
7.57 |
6.66 |
8.81 |
|
Return on Net Assets Employed |
11.17 |
7.41 |
15.23 |
14.17 |
22.06 |
|
Sales/Net Working Capital |
5.01 |
5.39 |
4.77 |
5.78 |
6.36 |
|
Stock Turnover Ratio |
10.06 |
11.84 |
11.59 |
10.87 |
11.07 |
|
Debtor Days |
35.41 |
39.47 |
44.93 |
35.65 |
36.87 |
|
Creditor Days |
12.10 |
13.61 |
13.12 |
15.43 |
14.21 |
|
Current Ratio |
2.83 |
2.44 |
2.93 |
2.50 |
2.23 |
|
Liquidity Ratio/Acid Test |
1.91 |
1.52 |
1.86 |
1.56 |
1.36 |
|
Current Debt Ratio |
0.42 |
0.52 |
0.41 |
0.49 |
0.65 |
|
Solvency Ratio |
48.95 |
47.26 |
49.67 |
47.01 |
39.93 |
|
Equity in Percentage |
58.63 |
56.06 |
58.40 |
54.63 |
45.22 |
|
Total Debt Ratio |
1.04 |
1.12 |
1.01 |
1.13 |
1.50 |
N/a
|
Company number |
915101739 |
|
Legal form |
Limited company |
|
E-mail address |
- |
|
Fax Number |
00 47 66770566 |
|
Status |
Active |
|
Number of employees |
88 |
Industry
|
Main Industry Code &
Description |
Manufacture of cocoa |
|
Secondary Industry Code &
Description |
Wholesale of other food n.e.c. |
|
Other Industry Code &
Description |
- |
Other Company
Officials
No data exist
Event History
|
Date
|
Description
|
|
09/12/2013 |
CHANGE OF DATE IN ARTICLES OF ASSOCIATON |
|
09/12/2013 |
CHANGE OF CAPITAL |
|
09/12/2013 |
Execution of demerger |
|
30/11/2013 |
Mandatory notifiable agreement |
|
10/10/2013 |
Decision to demerger |
|
25/07/2013 |
Limit Change |
|
25/07/2013 |
Rating Change |
|
17/07/2013 |
APPROVED END OF YEAR REPORT AND ACCOUNTS |
|
16/07/2012 |
Limit Change |
|
16/07/2012 |
Rating Change |
|
11/07/2012 |
APPROVED END OF YEAR REPORT AND ACCOUNTS |
|
23/11/2011 |
Limit Change |
|
23/11/2011 |
Rating Change |
|
31/08/2011 |
APPROVED END OF YEAR REPORT AND ACCOUNTS |
|
30/08/2011 |
APPROVED END OF YEAR REPORT AND ACCOUNTS |
Rating History
No data exist
N/a
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.32 |
|
|
1 |
Rs. 99.41 |
|
Euro |
1 |
Rs. 80.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
DPT |
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.