MIRA INFORM REPORT
|
Report No. : |
335183 |
|
Report Date : |
10.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
ÍSFELL EHF. |
|
|
|
|
Formerly Known As : |
ÍSFELL-NETASALAN EHF./ICEDAN EHF |
|
|
|
|
Registered Office : |
Óseyrarbraut 28 |
|
|
|
|
Country : |
Iceland |
|
|
|
|
Financials (as on) : |
2013 |
|
|
|
|
Date of Incorporation : |
08.02.1969 |
|
|
|
|
Legal Form : |
Not Available |
|
|
|
|
Line of Business : |
Subject is engaged in wholesale of fishing gear and fish-processing
machinery |
|
|
|
|
No. of Employee : |
56 |
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, 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
|
ÍSFELL EHF. |
|
|
|
ID-number |
480269-4119 |
Legal form |
|
Address |
Óseyrarbraut 28 |
Postal Code |
|
Operation |
Wholesale of fishing gear and
fish-processing machinery (46691) |
|
|
Date 07.08.2015 kl. 09:43 |
|
|
|
|
Updated |
05.08.2015 |
Domicile |
Óseyrarbraut 28 |
|
Established |
08.02.1969 |
Postal code and place |
220 Hafnarfirði |
|
Former name |
ÍSFELL-NETASALAN EHF./ICEDAN EHF. |
Phone number |
5200500 |
|
|
|
Mobile phone |
6608850 |
|
VAT no. |
13459 |
Fax |
5200501 |
|
Activity (NACE 2) |
46691 |
Web page |
www.isfell.is |
|
Stock exchange listed |
No |
e-mail address |
gunnarsk@isfell.is |
|
P.O. Box |
|
|
|
|
Negative factors: |
|
|
1 |
Cash ratio |
|
2 |
|
|
3 |
|
|
Positive factors: |
|
|
1 |
Registered Capital of Related Companies |
|
2 |
Years in business |
|
3 |
Total Board Members |
DIRECTORS/MANAGEMENT
|
Company's Board of Directors |
According to meeting on: 23.03.2015 |
|||
|
Name |
ID number |
Address |
Status |
Company involvement |
|
Pétur Björnsson |
110855-2739 |
Starhaga 6, 107 Reykjavík |
Chairman of the board |
(18) |
|
Marta Eiríksdóttir |
251257-5159 |
Vesturbrún 33, 104 Reykjavík |
Board member |
(13) |
|
Hans-Petter Selstad |
130760-3689 |
Aldrei haft lögheimili á Íslandi |
Board member |
(1) |
|
Benedikt Sveinsson |
130751-4319 |
Sóltúni 7, 105 Reykjavík |
Board member |
(6) |
|
Marit Selstad |
211290-3829 |
Aldrei haft lögheimili á Íslandi |
Board member |
(1) |
|
Signatures: Þrír stjórnarmenn saman |
|
|
||
|
Management |
|
|
|
|
Name |
ID number |
Address |
Company involvement |
|
Gunnar Skúlason |
290566-3989 |
Kvisthaga 4, 107 Reykjavík |
(6) |
|
Key employees |
|
|
|
|
Name |
ID-number |
Address |
Position |
|
Arnbjörn Ólafsson |
150766-4359 |
Sæbraut 4 |
CFO |
|
Gunnar Skúlason |
290566-3989 |
Kvisthaga 4 |
CEO |
|
Comments |
|
Engar færslur fundust |
NEGATIVE
INFORMATION
No negative information found.
SHARE
& SHARE CAPITAL INFORMATION
|
Share capital: |
ISK 7.000.000 |
|
Restrictions on handling of shares: |
Yes |
|
Liability for redemption of shares: |
No |
|
Founders |
|
|
|
|
Name |
ID number |
Address |
Company involvement |
|
Andrés Pétursson |
000000-6666 |
|
|
|
Konráð Axelsson |
000000-6666 |
|
|
|
Sigríður Skúladóttir |
000000-6666 |
|
|
|
Svanhvít Reynisdóttir |
000000-6666 |
|
|
|
Pétur Pétursson |
000000-6666 |
|
|
|
Shareholders |
|
|
|
|
Name |
Address |
Share |
Date of purchase |
|
Pétur Björnsson |
Starhaga 6 107 Reykjavík |
57,00% |
|
|
Selstad Holding AS |
|
43,00% |
|
|
Subsidiaries and affiliates |
|
|
|
|
|
Name |
ID-number |
Address |
Share % |
Date of purchase |
|
Ísnet ehf |
631288-2869 |
Óseyrarbraut 28 220 |
100,00% |
0.0.0 |
|
Kristbjörg ehf. |
550196-2399 |
Óseyrarbraut 28 220 |
100,00% |
0.0.0 |
|
North Atlantic Marine Supply and Services
(Canada) |
|
|
80,00% |
0.0.0 |
PAYMENT
INFORMATION
N/a
GROUP
STRUCTURE & AFFILIATED COMPANIES
N/a
FINANCIAL
INFORMATION
|
Data from Financial statements |
|
|
|
||
|
Other information |
2009 |
2010 |
2011 |
2012 |
2013 |
|
Consolidated financial statement |
No |
Yes |
No |
No |
No |
|
Source |
RSK |
RSK |
RSK |
RSK |
RSK |
|
Date of filing |
08.09.2010 |
02.09.2011 |
31.08.2012 |
11.10.2013 |
28.08.2014 |
|
Number of months |
12 |
12 |
12 |
12 |
12 |
|
Period ends |
01.01.2009-31.12.2009 |
01.01.2010-31.12.2010 |
01.01.2011-31.12.2011 |
01.01.2012-31.12.2012 |
01.01.2013-31.12.2013 |
|
Currency (thousand) |
'000 ISK |
'000 ISK |
'000 ISK |
'000 ISK |
'000 ISK |
|
Audited |
Yes |
Yes |
Yes |
Without reservation |
Without reservation |
|
Condensed balance sheet |
Yes |
No |
No |
No |
No |
|
Comment |
\ |
|
|
|
|
|
Profit and loss account |
|
|
|
|
|
|
|
|
2009 |
2010 |
2011 |
2012 |
2013 |
Change |
|
Total operating revenue |
0 |
2.948.427 |
2.854.771 |
3.034.388 |
2.449.123 |
-19,29% |
|
Total operating expenses |
0 |
2.582.571 |
2.532.671 |
2.745.520 |
2.208.824 |
-19,55% |
|
Operating profit |
337.27 |
365.86 |
322.1 |
288.87 |
240.3 |
-16,81% |
|
Annual result, Net profit / loss |
199.88 |
262.64 |
195.13 |
181.88 |
173.17 |
-4,78% |
|
Cash flow |
|
|
|
|
|
|
|
|
2009 |
2010 |
2011 |
2012 |
2013 |
Change |
|
Working capital provided by operating activities |
347.84 |
-- |
304.35 |
265.79 |
184.82 |
-30,46% |
|
Net cash provided by operating activities |
368.48 |
280.45 |
122.93 |
219.22 |
130.26 |
-40,58% |
|
Increase/decrease in cash and cash
equivalents |
250.16 |
108.51 |
-327.48 |
-29.04 |
3.28 |
111,29% |
|
Investing activities |
-1.72 |
-41.62 |
-15.77 |
-323.05 |
-123.32 |
61,83% |
|
Financial activities |
-116.59 |
-130.32 |
-434.64 |
74.79 |
-3.67 |
-104,91% |
|
Balance sheet - Assets |
|
|
|
|
|
|
|
|
2009 |
2010 |
2011 |
2012 |
2013 |
Change |
|
Intangible assets |
3.58 |
1.94 |
377 |
-- |
97.86 |
N/A |
|
Venture capital and long-term claims |
710 |
500 |
500 |
500 |
330.48 |
65.995,80% |
|
Tangible assets |
690.29 |
695.24 |
719.93 |
1.001.933 |
603 |
-39,82% |
|
Fixed assets |
694.58 |
697.68 |
720.81 |
1.002.433 |
1.031.340 |
2,88% |
|
Inventory |
801.14 |
974.28 |
1.077.504 |
1.307.704 |
882.08 |
-32,55% |
|
Receivables |
348.41 |
308.69 |
347.1 |
355.76 |
330.81 |
-7,01% |
|
Other receivables |
7.58 |
27.58 |
35.01 |
11.32 |
7.64 |
-32,51% |
|
Cash |
250.85 |
359.35 |
31.87 |
2.83 |
5.24 |
84,95% |
|
Current assets |
1.407.966 |
1.669.902 |
1.491.476 |
1.677.619 |
1.225.762 |
-26,93% |
|
Total assets |
2.102.545 |
2.367.584 |
2.212.282 |
2.680.052 |
2.257.102 |
-15,78% |
|
Balance sheet - debts and capital |
|
|
|
|
|
|
|
|
2009 |
2010 |
2011 |
2012 |
2013 |
Change |
|
Capital stock and initial capitalization |
13.24 |
12.81 |
9.55 |
8.21 |
6.87 |
-16,33% |
|
Revaluation Reserve |
-- |
132.28 |
152.8 |
145.1 |
138.48 |
-4,56% |
|
Other equity |
369.7 |
405.72 |
301.71 |
353.66 |
343.58 |
-2,85% |
|
Total equity |
382.94 |
587.27 |
514.44 |
562.56 |
488.93 |
-13,09% |
|
Minority interest |
0 |
36.45 |
50.38 |
55.59 |
-- |
N/A |
|
Pension fund obligations |
0 |
-- |
-- |
-- |
-- |
N/A |
|
Deferred tax obligations |
27.01 |
72.33 |
93.39 |
101.19 |
81.63 |
-19,33% |
|
Other obligations |
0 |
-- |
-- |
-- |
-- |
N/A |
|
Total obligations |
27.01 |
72.33 |
93.39 |
101.19 |
81.63 |
-19,33% |
|
Long-term debt |
872.14 |
968.81 |
884.63 |
762.46 |
853.4 |
11,93% |
|
Overdraft account |
173.63 |
344.84 |
191.36 |
423.44 |
196.14 |
-53,68% |
|
Accounts payable |
290.04 |
192.95 |
284.81 |
442.78 |
257.61 |
-41,82% |
|
Current Maturities |
289.94 |
106.31 |
109.47 |
267.59 |
150.29 |
-43,84% |
|
Other liabilities |
66.86 |
95.08 |
134.18 |
120.04 |
229.1 |
90,85% |
|
Total Current Debts |
820.46 |
739.18 |
719.82 |
1.253.845 |
833.14 |
-33,55% |
|
Total debts |
1.719.608 |
1.780.319 |
1.697.839 |
2.117.492 |
1.768.172 |
-16,50% |
|
Total Debts and Equity |
2.102.545 |
2.367.584 |
2.212.282 |
2.680.052 |
2.257.102 |
-15,78% |
|
Financial ratios |
|
|
|
|
|
|
|
|
2009 |
2010 |
2011 |
2012 |
2013 |
Change |
|
Current ratio |
1,72 |
2,26 |
2,07 |
1,34 |
1,47 |
9,96% |
|
Quick ratio |
0,74 |
0,94 |
0,58 |
0,30 |
0,41 |
39,82% |
|
Equity ratio (%) |
18,21% |
24,80% |
23,25% |
20,99% |
21,66% |
3,20% |
|
Return on equity (%) |
52,20% |
44,72% |
37,93% |
32,33% |
35,42% |
9,55% |
|
Return on assets (%) |
9,51% |
11,09% |
8,82% |
6,79% |
7,67% |
13,06% |
|
Profit margin (%) |
-- |
8,91% |
6,84% |
5,99% |
7,07% |
17,97% |
|
Debt ratio |
81,79% |
75,20% |
76,75% |
79,01% |
78,34% |
-0,85% |
|
Days sales outstanding |
-- |
-- |
-- |
42 |
51 |
21,03% |
|
Inventory turnover |
-- |
-- |
-- |
1,67 |
1,48 |
-11,47% |
|
EBITDA |
-- |
417.27 |
376.8 |
343.45 |
302.14 |
N/A |
FOREIGN
EXCHANGE RATES
N/a
ADDITIONAL
INFORMATION
|
Defaulting Debtors Database |
|
No entries found |
|
Auction claims |
|
No entries found |
|
Data from Reg. of enterprises |
|
|
|
|
Stofndagsetning |
08.02.1969 |
Skráningardagsetning |
27.08.1990 |
|
Data Updated: |
07.08.2015 |
Secondary name |
|
|
Date of Articles of Association |
23.03.2015 |
Domicile: |
Óseyrarbraut 28, 220 Hafnarfirði |
|
Power of procuration |
|
|
|
|
Name |
ID number |
Address |
Company involvement |
|
Gunnar Skúlason |
290566-3989 |
Kvisthaga 4, 107 Reykjavík |
(6) |
|
Auditors / surveyors |
|
|
|
|
|
Name |
ID number |
Address |
Status |
Company involvement |
|
Sigurður Heiðar Steindórsson |
220658-6279 |
Jóruseli 15, 109 Reykjavík |
löggiltur endurskoðandi |
|
Merger
|
|
|
|
|
Name |
ID-number |
Address |
Date |
|
Icedan ehf (samruni) |
600792-2299 |
Óseyrarbraut 4 |
31.12.2003 |
|
Icedan-eignarhaldsfélag hf (samruni) |
600100-4080 |
Óseyrarbraut 4 |
31.12.2002 |
|
Netagerðin Ingólfur ehf |
551297-2419 |
Flötum 19 |
31.12.2004 |
|
Veiðarfæragerð Hornafjarðar hf |
450771-1559 |
Álaugarvegi 4 |
31.12.2003 |
|
Ísfell ehf (samruni) |
530390-1449 |
Fiskislóð 82 |
30.9.2001 |
Historical
summary
|
|
--Júly 2007: The operation of Netagerd Jons
Holbergssonar ehf (reg.no.621297-3419) was merged with Isfell ehf. --July
2007:The company moved its´operation from Fiskislod |
|
14,Reykjavik to Oseyrarbraut
4,Hafnarfjordur. |
|
Operation |
|
|
|
|
|
|
|
|
|
|
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
Number of employees |
52 |
50 |
50 |
50 |
45 |
50 |
54 |
56 |
|
Customer type |
Boat Owners, Companies, Fishery Companies,
Net-makers |
|
Import countries |
Asia, Europe, Latin America, United
Kingdom, United States |
|
Export countries |
Canada, Faroe Islands, Greenland, Norway |
|
Conditions of purchase |
Cash, Open Account |
|
Conditions of sale |
Cash Against Documents, Open Account,
Special Agreements |
|
|
Among suppliers are; Blue Line, Bridon, Comet,
Cyklop, DSB, Eagle Claw, Garware-Wall Ropes Lt, Gunnebo, King net, Markus
Life Net, |
|
Main brands |
Morgére, Mustang Survival, Net Systems,
Parsons, Pelters, Rapp Marine Group, Selstad, Sæplast, Talurit Sam
Seilklemmen, Van Beelen |
|
|
Industrie,Vinycon, Van Beest |
|
Further information on the company‘s
activities |
|
Import, wholesale and retail sale of nets
and fishing gear. Operating 7 net lofts. |
|
Commercial banks |
|
|
|
|
Bank no. |
322 |
Name |
Arion banki hf., Kopavogur |
|
Address |
Smáratorgi 3 |
Postal code |
201, Kópavogi |
|
Tel |
554 2222 |
Contact name |
|
|
Real estate |
|
|
|
|
Address |
Strandvegur 91 |
Postal code |
900, Vestmannaeyjum |
|
Rateable value |
24800 |
Assessed valer for fire insurance |
37200 |
|
Size (m2) |
543 |
Owners name |
Ísfell ehf |
|
Owners ID no |
|
Insurance company |
6602692079 |
|
Type |
Warehouse |
Location |
Industrial area |
|
Tenure |
Owned |
|
|
|
Address |
Flatir 19 |
Postal code |
900, Vestmannaeyjum |
|
Rateable value |
103500 |
Assessed valer for fire insurance |
314350 |
|
Size (m2) |
2494 |
Owners name |
Ísfell ehf |
|
Owners ID no |
|
Insurance company |
6602692079 |
|
Type |
Works |
Location |
Industrial area |
|
Tenure |
Owned |
|
|
|
Address |
Lágeyri 1 |
Postal code |
550, Sauðárkróki |
|
Rateable value |
37200 |
Assessed valer for fire insurance |
117200 |
|
Size (m2) |
584 |
Owners name |
Ísfell ehf |
|
Owners ID no |
|
Insurance company |
6602692079 |
|
Type |
Works |
Location |
Industrial area |
|
Tenure |
Owned |
|
|
|
Address |
Óseyrarbraut 28 |
Postal code |
220, Hafnarfirði |
|
Rateable value |
491950 |
Assessed valer for fire insurance |
656900 |
|
Size (m2) |
3646 |
Owners name |
Ísfell ehf |
|
Owners ID no |
4802694119 |
Insurance company |
6602692079 |
|
Type |
Various types |
Location |
Close to a sea port |
|
Tenure |
Owned |
|
|
NOTES
& COMMENTS
N/a
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.81 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.