|
Report Date : |
26.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
DUN OF NORWAY AS |
|
|
|
|
Registered Office : |
c/o Håvar Bjerregård Vennevold, Skreia 2848 |
|
|
|
|
Country : |
Norway |
|
|
|
|
Financials (as on) : |
2012 |
|
|
|
|
Date of Incorporation : |
22.06.2010 |
|
|
|
|
Com. Reg. No.: |
995652064 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Wholesalers of Textiles |
|
|
|
|
No of Employees : |
3 |
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, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
DUN OF NORWAY AS |
Company Number |
995652064 |
|
Company name |
DUN OF NORWAY AS |
Company number |
995652064 |
|
Address |
c/o
Håvar Bjerregård Vennevold |
|
|
|
City |
SKREIA 2848 |
Legal form |
Limited company |
|
Website address |
|
E-mail address |
- |
|
Telephone Number |
- |
Fax Number |
- |
|
Registration date |
22/06/2010 |
Status |
Active |
|
Previous Name |
- |
Share capital |
100,000 |
|
Name change date |
- |
Currency |
- |
|
|
|
Number of employees |
3 |
Postal Address
|
Address |
City |
Postal Code |
|
c/o
Raufoss Regnskapsbyrå AS Sagvollvegen 1 |
RAUFOSS |
2830 |
Current Directors
|
Name |
Address |
Function |
|
Totenvegen
678 SKREIA 2848 |
General
manager/CEO |
|
|
Rognlyvegen
7 RAUFOSS 2830 |
Deputy board
member/substitute |
|
|
Totenvegen
678 SKREIA 2848 |
Board
member(s) |
|
|
Tordenskjolds
Gate 17 GJØVIK 2821 |
Chairman of the board |
Other Company Officials
|
Name |
Address |
Function |
|
RAUFOSS
REGNSKAPSBYRÃ… AS |
Sagvollvegen
1 RAUFOSS 2830 |
Accountant
|
No Negative Information Found.
Shareholders
|
Shareholder Name |
Number of Shares |
Percentage Share |
|
LINNERUD HOLDING AS |
51 |
51.0 |
|
BJERRE INVEST AS |
49 |
49.0 |
N/a
Ultimate Holding Company
|
Company Name |
Company Number |
|
LINNERUD HOLDING AS |
989086790 |
Key Financials
|
Year to Date |
Sales Revenue |
Profit Before Tax |
Total Equity |
|
2012 |
21,879,000 |
5,690,000 |
5,194,000 |
|
2011 |
8,976,000 |
-462,000 |
1,097,000 |
|
2010 |
9,608,000 |
2,884,000 |
1,430,000 |
Profit & Loss Account
|
Financial Year |
2012 |
|
2011 |
|
2010 |
|
Currency |
NOK |
|
NOK |
|
NOK |
|
Consolidated Accounts |
No |
|
No |
|
No |
|
Complete Accounts |
Yes |
|
Yes |
|
Yes |
|
Sales Revenue |
21,879,000 |
143.8 % |
8,976,000 |
-6.6 % |
9,608,000 |
|
Other operating income |
288,000 |
- |
0 |
-100.0 % |
95,000 |
|
Total Operating Income |
22,167,000 |
147.0 % |
8,976,000 |
-7.5 % |
9,703,000 |
|
Total Operating Expenses
|
16,230,000 |
76.5 % |
9,196,000 |
33.1 % |
6,911,000 |
|
Operating Profit |
5,937,000 |
2,786.4 % |
-221,000 |
-107.9 % |
2,792,000 |
|
Wages & Salaries |
2,399,000 |
44.7 % |
1,658,000 |
170.0 % |
614,000 |
|
Depreciation |
8,000 |
-91.6 % |
95,000 |
4.4 % |
91,000 |
|
Financial Income |
99,000 |
73.7 % |
57,000 |
-63.5 % |
156,000 |
|
Financial Expenses |
346,000 |
16.1 % |
298,000 |
373.0 % |
63,000 |
|
Profit Before Tax |
5,690,000 |
1,331.6 % |
-462,000 |
-116.0 % |
2,884,000 |
|
Tax |
-1,593,000 |
-1,325.4 % |
130,000 |
116.2 % |
-804,000 |
|
Profit After Tax |
4,097,000 |
1,334.0 % |
-332,000 |
-116.0 % |
2,080,000 |
|
Extraordinary Result |
0 |
- |
0 |
- |
0 |
|
Dividends |
- |
- |
- |
- |
750,000 |
|
Net Result after
Dividends |
4,097,000 |
1,334.0 % |
-332,000 |
-125.0 % |
1,330,000 |
Balance Sheet
|
Financial Year |
2012 |
|
2011 |
|
2010 |
|
Currency |
NOK |
|
NOK |
|
NOK |
|
Consolidated Accounts |
No |
|
No |
|
No |
|
Complete Accounts |
Yes |
|
Yes |
|
Yes |
|
Land & Buildings |
0 |
- |
0 |
- |
0 |
|
Plant & Machinery |
0 |
- |
0 |
- |
0 |
|
Other Tangible Assets |
467,000 |
31.9 % |
354,000 |
-21.2 % |
449,000 |
|
Total Tangible Assets |
467,000 |
31.9 % |
354,000 |
-21.2 % |
449,000 |
|
Intangible Assets |
0 |
-100.0 % |
103,000 |
- |
0 |
|
Other Fixed Assets |
0 |
- |
0 |
- |
0 |
|
TOTAL FIXED ASSETS |
467,000 |
2.2 % |
457,000 |
1.8 % |
449,000 |
|
Inventories |
6,388,000 |
40.1 % |
4,560,000 |
47.2 % |
3,097,000 |
|
Trade Receivables |
103,000 |
186.1 % |
36,000 |
- |
0 |
|
Other Receivables |
947,000 |
36.8 % |
692,000 |
83.1 % |
378,000 |
|
Cash & Bank Deposits
|
1,715,000 |
620.6 % |
238,000 |
-83.7 % |
1,456,000 |
|
Other Current Assets |
-1,000 |
0.0 % |
-1,000 |
- |
0 |
|
TOTAL CURRENT ASSETS |
9,152,000 |
65.6 % |
5,525,000 |
12.0 % |
4,931,000 |
|
TOTAL ASSETS |
9,619,000 |
60.8 % |
5,983,000 |
11.2 % |
5,380,000 |
|
Trade Creditors |
1,367,000 |
45.6 % |
939,000 |
-31.0 % |
1,361,000 |
|
Short Term Liabilities
to Financial Institutions |
0 |
-100.0 % |
2,435,000 |
- |
0 |
|
Short Term Liabilities
to Group |
0 |
- |
0 |
- |
0 |
|
Other Short Term Loans |
0 |
- |
0 |
- |
0 |
|
Miscellaneous Current
Liabilities |
2,548,000 |
68.5 % |
1,512,000 |
-24.9 % |
2,012,000 |
|
TOTAL CURRENT
LIABILITIES |
3,915,000 |
-19.9 % |
4,886,000 |
44.9 % |
3,373,000 |
|
Long Term Liabilities to
Financial Institutions |
459,000 |
- |
0 |
-100.0 % |
551,000 |
|
Other Long Term Loans |
0 |
- |
0 |
- |
0 |
|
Long Term Pension
Commitments |
0 |
- |
0 |
- |
0 |
|
Other Long Term
Liabilities |
51,000 |
- |
0 |
-100.0 % |
26,000 |
|
TOTAL LONG TERM
LIABILITIES |
510,000 |
- |
0 |
-100.0 % |
577,000 |
|
TOTAL LIABILITIES |
4,425,000 |
-9.4 % |
4,886,000 |
23.7 % |
3,950,000 |
|
Share Capital |
100,000 |
0.0 % |
100,000 |
0.0 % |
100,000 |
|
Share Premium Reserve |
0 |
- |
0 |
- |
0 |
|
Revaluation Fund |
0 |
- |
0 |
- |
0 |
|
Total Retained Earnings |
5,094,000 |
410.9 % |
997,000 |
-25.0 % |
1,330,000 |
|
Other Reserves |
0 |
- |
0 |
- |
0 |
|
TOTAL EQUITY |
5,194,000 |
373.5 % |
1,097,000 |
-23.3 % |
1,430,000 |
Other Financials
|
Financial Year |
2012 |
|
2011 |
|
2010 |
|
Total Exports |
- |
- |
- |
- |
- |
|
Working Capital |
5,237,000 |
719.6 % |
639,000 |
-59.0 % |
1,558,000 |
|
Net Worth |
5,194,000 |
422.5 % |
994,000 |
-30.5 % |
1,430,000 |
|
Capital Employed |
5,704,000 |
420.0 % |
1,097,000 |
-45.3 % |
2,007,000 |
Ratios
|
Financial Year |
2012 |
2011 |
2010 |
|
Pre-Tax Profit Margin |
26.01 |
-5.15 |
30.02 |
|
Return on Capital
Employed |
99.75 |
-42.11 |
143.70 |
|
Return on Total Assets
Employed |
59.15 |
-7.72 |
53.61 |
|
Return on Net Assets
Employed |
109.55 |
-42.11 |
201.68 |
|
Sales/Net Working
Capital |
4.18 |
14.05 |
6.17 |
|
Stock Turnover Ratio |
29.20 |
50.80 |
32.23 |
|
Debtor Days |
1.72 |
1.46 |
- |
|
Creditor Days |
22.81 |
38.18 |
51.70 |
|
Current Ratio |
2.34 |
1.13 |
1.46 |
|
Liquidity Ratio/Acid
Test |
0.71 |
0.20 |
0.54 |
|
Current Debt Ratio |
0.75 |
4.45 |
2.36 |
|
Solvency Ratio |
54.00 |
18.34 |
26.58 |
|
Equity in Percentage |
54.00 |
18.66 |
26.58 |
|
Total Debt Ratio |
0.85 |
4.45 |
2.76 |
N/a
Industry
|
Main Industry Code &
Description |
Wholesale of textiles |
|
Secondary Industry Code
& Description |
- |
|
Other Industry Code
& Description |
- |
Event History
|
Date |
Description |
|
12/09/2013 |
Rating Change |
|
11/09/2013 |
Rating Change |
|
09/09/2013 |
Limit Change |
|
09/09/2013 |
Rating Change |
|
07/09/2013 |
APPROVED END OF YEAR
REPORT AND ACCOUNTS |
|
05/11/2012 |
CHANGE OF BOARD OF
DIRECTORS |
|
29/10/2012 |
CHANGE OF BOARD OF
DIRECTORS |
|
09/10/2012 |
CHANGE OF AUDITOR |
|
17/09/2012 |
Limit Change |
|
17/09/2012 |
Rating Change |
|
15/09/2012 |
APPROVED END OF YEAR
REPORT AND ACCOUNTS |
|
23/11/2011 |
Limit Change |
|
23/11/2011 |
Rating Change |
|
03/09/2011 |
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. 58.48 |
|
|
1 |
Rs. 98.67 |
|
Euro |
1 |
Rs. 79.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.