MIRA INFORM REPORT

 

 

Report No. :

335182

Report Date :

08.08.2015

 

IDENTIFICATION DETAILS

 

Name :

ICEPUFFIN FISHING GEAR EHF.

 

 

Registered Office :

Breišuvķk 23, 112 Reykjavķk

 

 

Country :

Iceland

 

 

Date of Incorporation :

07.04.2014

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Subject is wholesale of fishing gear and fish-processing machinery

 

 

No. of Employee :

2

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New business 

 

 

Payment Behaviour :

Unknown

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. British and Dutch authorities claim Iceland owes approximately $6.5 billion for compensating British and Dutch citizens who lost deposits in Icesave savings accounts when parent bank Landsbanki failed in 2008. Iceland’s financial woes prompted an initial increase in public support to join the EU and the Eurozone, with accession negotiations beginning in July 2010. However, the election of a new center-right government and declining public support amidst the ongoing Eurozone crisis led to the suspension of negotiations in mid-2013.

 

Source : CIA

 

 

 

REGISTERED NAME & COMPANY SUMMARY

 

ICEPUFFIN FISHING GEAR EHF.

 

 

 

ID-number

630414-1640

Legal form

Private limited company

Address

Breišuvķk 23

Postal Code

112 Reykjavķk

Operation

Wholesale of fishing gear and fish-processing machinery (46691)

 

Date 05.08.2015 kl. 09:32

 

 

Updated

04.08.2015

Domicile

Breišuvķk 23

Established

07.04.2014

Postal code and place

112 Reykjavķk

Former name

 

Phone number

571 1212

Alias

 

Mobile phone

-

VAT no.

116689

Fax

 

Activity (NACE 2)

46691

Web page

www.icepuffin.is

Stock exchange listed

No

e-mail address

 

P.O. Box

 

 

 

 

Positive factors:

 

1

Avg age of board members

2

Registered Capital of Related Companies

3

Payment average

 

Negative factors:

 

1

LT score 12 months ago

2

ISAT Code

3

Avg. CIP-Score of Related Companies

 

 

DIRECTORS/MANAGEMENT

 

Company's Board of Directors

 

According to meeting on: 07.04.2014

Name

ID number

Address

Status

Company involvement

Ragnar Stefįnsson

190861-3179

Gulažingi 32, 203 Kópavogi

Chairman of the board

(5)

Įrsęll Ingi Ingason

010467-5009

Breišuvķk 23, 112 Reykjavķk

Board member

(6)

Signatures: Majority of board members

 

 

 

 

Management

 

 

 

Name

ID number

Address

Company involvement

Įrsęll Ingi Ingason

010467-5009

Breišuvķk 23, 112 Reykjavķk

(6)

 

Key employees

 

 

 

Name

ID-number

Address

Position

Įrsęll Ingi Ingason

010467-5009

Breišuvķk 23

CEO

Comments

 

 

 

Engar fęrslur fundust

 

 

 

 

 

NEGATIVE INFORMATION

 

No negative information found.

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Share capital:

ISK 500.000

Restrictions on handling of shares:

Yes

Liability for redemption of shares:

No

 

 

Founders

 

 

 

Name

ID number

Address

Company involvement

Ragnar Stefįnsson

190861-3179

Gulažingi 32, 203 Kópavogi

(5)

Įrsęll Ingi Ingason

010467-5009

Breišuvķk 23, 112 Reykjavķk

(6)

 

Shareholders

 

 

 

Name

Address

Share

Date of purchase

Ragnar Stefįnsson

Gulažingi 32 203 Kópavogi

50,00%

 

Įrsęll Ingi Ingason

Breišuvķk 23 112 Reykjavķk

50,00%

 

 

 

ADDITIONAL INFORMATION

 

Defaulting Debtors Database

No entries found

 

Auction claims

No entries found

 

Data from Reg. of enterprises

 

 

 

Stofndagsetning

07.04.2014

Skrįningardagsetning

23.04.2014

Data Updated:

05.08.2015

Secondary name

 

Date of Articles of Association

07.04.2014

Domicile:

Breišuvķk 23, 112 Reykjavķk

 

Power of procuration

 

 

 

Name

ID number

Address

Company involvement

Ragnar Stefįnsson

190861-3179

Gulažingi 32, 203 Kópavogi

(5)

Įrsęll Ingi Ingason

010467-5009

Breišuvķk 23, 112 Reykjavķk

(6)

 

 

Auditors / surveyors

 

 

Name

ID number

Address

Status

Company involvement

Ragnar Ulrich Valsson

160271-3379

Gulažingi 22, 203 Kópavogi

skošunarmašur

 

 

 

Historical summary

 

Engar fęrslur fundust

 

 

Operation

 

 

 

2014

2015

Number of employees

2

2

 

 

Customer type

 

Import countries

India, Korea

Export countries

Norway

Conditions of purchase

 

Conditions of sale

 

Main brands

 

 

Further information on the company‘s activities

Whole sale

 

 

Commercial banks

 

Bank no.

301

Name

Arion banki hf., Adalutibu

Address

Laugavegi 120

Postal code

105, Reykjavķk

Tel

5256000

Contact name

 

 

 

Real estate

 

Engar fęrslur fundust

Data from Financial statements

Engir įrsreikningar eru til um félagiš ķ gagnagrunni Creditinfo.

Engir įrsreikningar eru til um félagiš ķ gagnagrunni Creditinfo.

 

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.81

UK Pound

1

Rs.98.93

Euro

1

Rs.69.66

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ASH

 

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.