|
Report No. : |
306909 |
|
Report Date : |
07.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
FIRE FIGHTING SYSTEMS AS |
|
|
|
|
Formerly Known As : |
UNITOR FIFI SYSTEMS AS |
|
|
|
|
Registered Office : |
Tykkemyr 27, MOSS 1597 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
2013 |
|
|
|
|
Date of Incorporation : |
08.10.2001 |
|
|
|
|
Com. Reg. No.: |
883747062 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Subject is wholesale of machinery and equipment for trade. |
|
|
|
|
No. of Employee : |
19 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
|
FIRE FIGHTING
SYSTEMS AS |
Company number |
883747062 |
|
|
Address |
Tykkemyr 27 |
|
|
|
City |
MOSS 1597 |
Legal form |
Limited company |
|
Website address |
E-mail address |
ffs@fifisystems.com |
|
|
Telephone Number
|
00 47 69244990 |
Fax Number |
00 47 69244995 |
|
Registration
date |
08/10/2001 |
Status |
Active |
|
Previous Name |
UNITOR FIFI SYSTEMS AS |
Share capital |
1,798,500 |
|
Name change date
|
09/10/2001 |
Currency |
- |
|
|
|
Number of
employees |
19 |
|
Safe Number |
Company Name |
|
Company Number |
|
|
|
|
|
Year to Date |
Sales Revenue |
Profit Before
Tax |
Total Equity |
|
2013 |
360,210,000 |
35,168,000 |
110,693,000 |
|
2012 |
276,345,000 |
22,211,000 |
86,521,000 |
|
2011 |
222,715,000 |
18,433,000 |
75,199,000 |
|
2010 |
220,708,000 |
24,787,000 |
73,323,000 |
|
2009 |
237,798,000 |
39,921,000 |
63,259,000 |
|
Main Industry
Code & Description |
Wholesale of machinery and equipment for trade |
|
Secondary
Industry Code & Description |
- |
|
Other Industry
Code & Description |
- |
|
Shareholder Name
|
Number of Shares
|
Percentage Share
|
|
CHIEF AS |
248 |
21.5 |
|
TRULS FREDRIK AANNESTAD |
185 |
16.0 |
|
PĂ…L HOLST-RONESS |
185 |
16.0 |
|
RICHARD SPJUDVIK |
148 |
12.8 |
|
OLE RAGNAR BJERKEBÆK |
124 |
10.7 |
|
OLE IVAR BERG |
110 |
9.5 |
|
DANNY TAN KIM TECK |
100 |
8.7 |
|
KONG WEI LEE |
55 |
4.8 |
|
Name |
Address |
Function |
|
Glimmerveien 41 SON 1555 |
General manager/CEO |
|
|
Elveveien 43 KRĂ…KSTAD 1408 |
Deputy board member/substitute |
|
|
Kjøiaveien 39 ASKER 1386 |
Board member(s) |
|
|
Glimmerveien 41 SON 1555 |
Chairman of the board |
|
|
Elveveien 43 KRĂ…KSTAD 1408 |
Board member(s) |
|
|
Byfogd Grundts Vei 5 MOSS 1532 |
Board member(s) |
|
|
242 Westwood Ave #08-50 The Floravale |
Board member(s) |
|
|
6 Bishan Street 25 # 16-12 |
Deputy board member/substitute |
|
2013 |
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
|
Currency |
NOK |
|
NOK |
|
NOK |
|
NOK |
|
NOK |
|
Consolidated Accounts |
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Complete Accounts |
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Sales Revenue |
360,210,000 |
30.3 % |
276,345,000 |
24.1 % |
222,715,000 |
0.9 % |
220,708,000 |
-7.2 % |
237,798,000 |
|
Other operating income |
3,491,000 |
27.6 % |
2,735,000 |
-28.7 % |
3,834,000 |
-32.6 % |
5,690,000 |
386.3 % |
1,170,000 |
|
Total Operating Income |
363,701,000 |
30.3 % |
279,080,000 |
23.2 % |
226,549,000 |
0.1 % |
226,398,000 |
-5.3 % |
238,968,000 |
|
Total Operating Expenses |
324,665,000 |
25.7 % |
258,211,000 |
23.6 % |
208,848,000 |
3.7 % |
201,413,000 |
-1.1 % |
203,726,000 |
|
Operating Profit |
39,036,000 |
87.1 % |
20,869,000 |
17.9 % |
17,701,000 |
-29.2 % |
24,985,000 |
-29.1 % |
35,242,000 |
|
Wages & Salaries |
43,968,000 |
44.1 % |
30,519,000 |
4.7 % |
29,159,000 |
13.0 % |
25,807,000 |
5.6 % |
24,435,000 |
|
Depreciation |
3,033,000 |
14.9 % |
2,640,000 |
13.3 % |
2,331,000 |
46.0 % |
1,597,000 |
111.2 % |
756,000 |
|
Financial Income |
2,575,000 |
45.0 % |
1,776,000 |
-36.1 % |
2,781,000 |
-59.0 % |
6,790,000 |
-0.8 % |
6,848,000 |
|
Financial Expenses |
6,442,000 |
1,384.3 % |
434,000 |
-78.8 % |
2,049,000 |
-70.7 % |
6,988,000 |
222.2 % |
2,169,000 |
|
Profit Before Tax |
35,168,000 |
58.3 % |
22,211,000 |
20.5 % |
18,433,000 |
-25.6 % |
24,787,000 |
-37.9 % |
39,921,000 |
|
Tax |
-6,712,000 |
-45.9 % |
-4,599,000 |
-45.2 % |
-3,168,000 |
32.7 % |
-4,704,000 |
44.9 % |
-8,540,000 |
|
Profit After Tax |
28,456,000 |
61.6 % |
17,612,000 |
15.4 % |
15,265,000 |
-24.0 % |
20,083,000 |
-36.0 % |
31,381,000 |
|
Extraordinary Result |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Dividends |
10,000,000 |
- |
0 |
- |
- |
- |
- |
- |
- |
|
Net Result after Dividends |
18,456,000 |
4.8 % |
17,612,000 |
15.4 % |
15,265,000 |
-24.0 % |
20,083,000 |
-36.0 % |
31,381,000 |
|
2013 |
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
|
Currency |
NOK |
|
NOK |
|
NOK |
|
NOK |
|
NOK |
|
Consolidated Accounts |
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Complete Accounts |
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Land & Buildings |
28,415,000 |
437.2 % |
5,289,000 |
-5.0 % |
5,565,000 |
-2.7 % |
5,722,000 |
14.5 % |
4,996,000 |
|
Plant & Machinery |
2,868,000 |
12.1 % |
2,559,000 |
-18.1 % |
3,123,000 |
23.9 % |
2,520,000 |
- |
0 |
|
Other Tangible Assets |
7,482,000 |
51.2 % |
4,950,000 |
83.3 % |
2,701,000 |
-2.5 % |
2,771,000 |
-31.5 % |
4,047,000 |
|
Total Tangible Assets |
38,765,000 |
202.9 % |
12,798,000 |
12.4 % |
11,389,000 |
3.4 % |
11,013,000 |
21.8 % |
9,043,000 |
|
Intangible Assets |
4,558,000 |
132.9 % |
1,957,000 |
-19.0 % |
2,417,000 |
1.2 % |
2,389,000 |
- |
0 |
|
Other Fixed Assets |
177,000 |
-2.7 % |
182,000 |
-44.7 % |
329,000 |
-48.0 % |
633,000 |
-33.5 % |
952,000 |
|
TOTAL FIXED ASSETS |
43,500,000 |
191.2 % |
14,937,000 |
5.7 % |
14,135,000 |
0.7 % |
14,035,000 |
40.4 % |
9,995,000 |
|
Inventories |
106,996,000 |
96.9 % |
54,343,000 |
4.3 % |
52,116,000 |
531.1 % |
8,258,000 |
210.3 % |
2,661,000 |
|
Trade Receivables |
63,205,000 |
39.3 % |
45,359,000 |
43.5 % |
31,618,000 |
-32.5 % |
46,856,000 |
-19.1 % |
57,887,000 |
|
Other Receivables |
17,036,000 |
53.1 % |
11,126,000 |
6.9 % |
10,404,000 |
-70.4 % |
35,177,000 |
80.9 % |
19,441,000 |
|
Cash & Bank Deposits |
49,555,000 |
17.6 % |
42,129,000 |
-20.6 % |
53,074,000 |
25.1 % |
42,412,000 |
34.1 % |
31,638,000 |
|
Other Current Assets |
0 |
-100.0 % |
1,156,000 |
584.0 % |
169,000 |
-55.2 % |
377,000 |
37,600.0 % |
1,000 |
|
TOTAL CURRENT ASSETS |
236,792,000 |
53.6 % |
154,113,000 |
4.6 % |
147,381,000 |
10.7 % |
133,080,000 |
19.2 % |
111,628,000 |
|
TOTAL ASSETS |
280,292,000 |
65.8 % |
169,051,000 |
4.7 % |
161,516,000 |
9.8 % |
147,114,000 |
21.0 % |
121,623,000 |
|
Trade Creditors |
35,333,000 |
56.4 % |
22,589,000 |
155.4 % |
8,844,000 |
-50.5 % |
17,855,000 |
64.9 % |
10,830,000 |
|
Short Term Liabilities to Financial Institutions |
0 |
- |
0 |
- |
0 |
- |
0 |
-100.0 % |
232,000 |
|
Short Term Liabilities to Group |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Short Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Miscellaneous Current Liabilities |
107,093,000 |
87.6 % |
57,091,000 |
-24.1 % |
75,247,000 |
42.4 % |
52,850,000 |
32.4 % |
39,927,000 |
|
TOTAL CURRENT LIABILITIES |
142,426,000 |
78.7 % |
79,680,000 |
-5.2 % |
84,091,000 |
18.9 % |
70,705,000 |
38.7 % |
50,989,000 |
|
Long Term Liabilities to Financial Institutions |
24,811,000 |
11,026.0 % |
223,000 |
-29.4 % |
316,000 |
- |
0 |
-100.0 % |
2,711,000 |
|
Other Long Term Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Long Term Pension Commitments |
686,000 |
-2.4 % |
703,000 |
48.9 % |
472,000 |
4.4 % |
452,000 |
35.7 % |
333,000 |
|
Other Long Term Liabilities |
1,677,000 |
-12.8 % |
1,923,000 |
33.8 % |
1,437,000 |
-45.4 % |
2,634,000 |
-39.2 % |
4,332,000 |
|
TOTAL LONG TERM LIABILITIES |
27,174,000 |
853.8 % |
2,849,000 |
28.0 % |
2,225,000 |
-27.9 % |
3,086,000 |
-58.2 % |
7,376,000 |
|
TOTAL LIABILITIES |
169,599,000 |
105.5 % |
82,529,000 |
-4.4 % |
86,317,000 |
17.0 % |
73,791,000 |
26.4 % |
58,364,000 |
|
Share Capital |
1,733,000 |
0.0 % |
1,733,000 |
0.0 % |
1,733,000 |
0.0 % |
1,733,000 |
0.0 % |
1,733,000 |
|
Share Premium Reserve |
488,000 |
0.0 % |
488,000 |
0.0 % |
488,000 |
0.0 % |
488,000 |
0.0 % |
488,000 |
|
Revaluation Fund |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Retained Earnings |
108,473,000 |
28.7 % |
84,301,000 |
15.5 % |
72,979,000 |
2.6 % |
71,103,000 |
18.7 % |
59,886,000 |
|
Other Reserves |
-1,000 |
0.0 % |
-1,000 |
0.0 % |
-1,000 |
0.0 % |
-1,000 |
-100.1 % |
1,152,000 |
|
TOTAL EQUITY |
110,693,000 |
27.9 % |
86,521,000 |
15.1 % |
75,199,000 |
2.6 % |
73,323,000 |
15.9 % |
63,259,000 |
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
|
Total Exports |
- |
- |
276,346,000 |
24.1 % |
222,715,000 |
3.7 % |
214,718,000 |
- |
- |
|
Working Capital |
94,366,000 |
26.8 % |
74,433,000 |
17.6 % |
63,290,000 |
1.5 % |
62,375,000 |
2.9 % |
60,639,000 |
|
Net Worth |
106,135,000 |
25.5 % |
84,564,000 |
16.2 % |
72,782,000 |
2.6 % |
70,934,000 |
12.1 % |
63,259,000 |
|
Capital Employed |
137,867,000 |
54.3 % |
89,370,000 |
15.4 % |
77,424,000 |
1.3 % |
76,409,000 |
8.2 % |
70,635,000 |
|
2013 |
2012 |
2011 |
2010 |
2009 |
|
|
Pre-Tax Profit Margin |
9.76 |
8.04 |
8.28 |
11.23 |
16.79 |
|
Return on Capital Employed |
25.51 |
24.85 |
23.81 |
32.44 |
56.52 |
|
Return on Total Assets Employed |
12.55 |
13.14 |
11.41 |
16.85 |
32.82 |
|
Return on Net Assets Employed |
31.77 |
25.67 |
24.51 |
33.81 |
63.11 |
|
Sales/Net Working Capital |
3.82 |
3.71 |
3.52 |
3.54 |
3.92 |
|
Stock Turnover Ratio |
29.70 |
19.66 |
23.40 |
3.74 |
1.12 |
|
Debtor Days |
64.05 |
59.91 |
51.82 |
77.49 |
88.85 |
|
Creditor Days |
35.80 |
29.84 |
14.49 |
29.53 |
16.62 |
|
Current Ratio |
1.66 |
1.93 |
1.75 |
1.88 |
2.19 |
|
Liquidity Ratio/Acid Test |
0.91 |
1.25 |
1.13 |
1.77 |
2.14 |
|
Current Debt Ratio |
1.29 |
0.92 |
1.12 |
0.96 |
0.81 |
|
Solvency Ratio |
39.49 |
51.18 |
46.56 |
49.84 |
52.01 |
|
Equity in Percentage |
40.17 |
51.84 |
47.36 |
50.89 |
52.42 |
|
Total Debt Ratio |
1.53 |
0.95 |
1.15 |
1.01 |
0.92 |
|
Date |
Description |
|
18/09/2014 |
CHANGE OF DATE IN ARTICLES OF ASSOCIATON |
|
18/09/2014 |
CHANGE OF CAPITAL |
|
03/06/2014 |
Limit Change |
|
03/06/2014 |
Rating Change |
|
31/05/2014 |
APPROVED END OF YEAR REPORT AND ACCOUNTS |
|
24/09/2013 |
CHANGE OF AUDITOR |
|
18/07/2013 |
Limit Change |
|
18/07/2013 |
Rating Change |
|
15/07/2013 |
APPROVED END OF YEAR REPORT AND ACCOUNTS |
|
21/11/2012 |
CHANGE OF BOARD OF DIRECTORS |
|
25/07/2012 |
Rating Change |
|
19/07/2012 |
APPROVED END OF YEAR REPORT AND ACCOUNTS |
|
23/11/2011 |
Limit Change |
|
23/11/2011 |
Rating Change |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.73 |
|
UK Pound |
1 |
Rs. 94.65 |
|
Euro |
1 |
Rs. 70.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.