BYSANT AS

Att: HELLEIK RABBE 

VÅRVEIEN 51 

1182 OSLO 

 

Business Report
Date:14-08-2006 for
BYSANT AS
                              1    Identification & Credit Rating
                              2    Credit Rating Allocation & Bankruptcy risk
                              3    History/Operation
                              4    Management/Shareholder
                              5     Financial - Data
                              5.1     Financial statement/ Assets/ Liability & equity
                              6     Financial - set up
                              6.1     Financial statement (NOK/1000)
                              6.2     Assets
                              6.3     Debt/Equity capital
                              7     Financial ratios
                              11    Ability to pay

          1. Identification
BYSANT AS
Street Address VÅRVEIEN 51
P.O. Box
Postal Address 1182 OSLO
National ID./ VAT 951 133 191
D-U-N-S ® number 51-526-7201
Phone no. +47 23 03 53 00
Telefax +47 23 03 53 01

          Rating
Rating AAA
Limit (NOK/1000) 120 Special event NO
History/Operation Management/Shareholder Economy Ability to pay
Well established Excellent Excellent Clear
Established Good Good Satisfactory
Newly established Weak Satisfactory Weak
Unknown Weak Weak Poor
Liquidated Negative Poor Not solvent
No information Bankrupt
Auditors remark
Accounts too old

          History of Credit Rating
  06-2000 07-2001 06-2002 05-2003 07-2004 04-2005 07-2006
AAA           AAA AAA
AA     AA AA AA    
A A A          
AN              
-              
B              
C              
Date Fiscal Year Rating Limit (NOK/1000) Special event
06-2000 1999 A 0 NO
07-2001 2000 A 0 NO
06-2002 2001 AA 75 NO
05-2003 2002 AA 90 NO
07-2004 2003 AA 50 NO
04-2005 2004 AAA 160 NO
07-2006 2005 AAA 120 NO

          2. Rating Categories and Bankruptcy-risk

The rating system we use is a dynamic one. It provides the user with a newly calculated rating-code each time an online search is performed. This entails that the rating code for a particular business entity may change in the transcource of the day if new elements of information is registered. Therefore, a rating-code from our online system is always considered to be the latest update. The rating code is determined, based on the assessment given to the 4 sub-categories: Organizational facts, Shareholders/management, Finance, and Payment history. The following rating-codes are used in the rating system; the percentage of Norwegian companies included in each rating group is shown to the right.

Rating explaination Rating Number of companies Bankruptcy risk (ltd)
Highest creditworthiness AAA 5 071 0,01%
Excellent creditworthiness AA 38 181 0,09%
Creditworthy A 54 015 0,21%
Newly established AN 18 070 0,39%
No rating - 4 523 1,96%
Credit with guarantee/security B 27 823 1,20%
Credit not recommended C 6 529 20,78%

 

Characteristics of companies within each of the rating categories

AAA :  The entity has a strong financial structure, is well established, and there are no registered payment defaults associated with the entity itself , the key persons, or the shareholders.

AA :  The characteristics of an 'AA' rated entity are that it is well established, and has good or acceptable financial structure. Moreover, there are no negative payment defaults registered on the legal entity or the owner.

A :  An 'A' rated entity is usually characterized by a somewhat weak financial structure; nevertheless, it is still considered to be a creditworthy entity. There are no registered payment defaults associated with the owner or relatively insignificant negative information related to the company's payment history. There exists no record of any negative information that might be considered of crucial imporrtance to the company's ability to continue operating.

AN :  Newly established entity (between 0-2 years old), where accounting records have not yet been received. No payment defaults or negative information is associated with the entity, owner, general manager, Chairman of the board, or the shareholders.

No Rating :  Payment defaults and negative events that are of significance to the future operation of the entity often characterize these types of entities. Additionally, key elements of information might not be available, making it impossible for us to assess the entity's creditworthiness.

B :  A 'B' rated company is characterized as having a weak or poor financial structure. The entity has been operating at a loss and the paid-in capital has been partially or wholly lost. No negative information has been registered with respect to payment defaults.

C :  This entity has a weak or poor financial structure and there are severe payment defaults registered. The entity may also be recently established, without accounting records. In the latter case there would be negative information registered on the entity, general manager, the Chairman of the Board.

          3. History/Operation
Credit profile: Well established
Legal form Private Limited Company
Year started 1989
Date Founded 15-02-1989
Share capital 200 000- fully paid
Reg. Place Register of Business Enterprises, Norway
Date Registered 19-03-1989
Auditor EGIL NILSEN
Bankers SVEA FINANS NUF
Line of Business 722200 OTHER SOFTWARE CONSULTANCY AND SUPPLY
Line of Business II
No. of employees 2006 5
2005 5
2003 8

          Signature & Procuration
Signature CHAIRMAN AND ONE MEMBER OF THE BOARD JOINTLY
Procuration Procuration not announced
Owner structure Privately owned

 

          4. Management/Shareholder
Credit profile: Excellent

          Function
Function Date of Birth Name Postal Address
Managing Director 130456 RABBE HELLEIK 1182 OSLO
Chairman 130456 RABBE HELLEIK 1182 OSLO
Board member 221255 AKERLIE ASBJØRN 0853 OSLO
Board member 161079 LORENTSEN EIRIK 0574 OSLO

          Shareholders
ID Name Postal Address Share
161079 LORENTSEN EIRIK 0574 OSLO 40,6 %
0 LARSEN JOHN ERIK   34,0 %
221255 AKERLIE ASBJØRN 0853 OSLO 11,9 %
130456 RABBE HELLEIK 1182 OSLO 11,8 %
60559 JARLSBO ANNE KRISTIN 3612 KONGSBERG 0,1 %

 

          5.1 Financial Data (compact)
Credit profile: Excellent

          Financial statement (NOK/1000)
Fiscal year 12-2005 12-2004 12-2003
Operating revenue 5 558 6 016 6 277
Cost of goods 259 526 558
Wages/Social costs 2 533 2 638 2 981
Depreciation (ordinary on fixed assets and intangible assets 64 79 83
Other operating costs 1 402 1 269 1 367
P/L after depreciation 1 300 1 504 1 288
Pre-tax profit (operating result before tax) 1 311 1 407 1 095
Total tax 394 397 71
Net profit 917 1 010 218

          Assets
Fiscal year 12-2005 12-2004 12-2003
TOTAL FIXED ASSETS 1 025 1 482 1 799
Real estate (Land, buildings and other property) 0 0 0
Machines/Equipment 0 0 0
Investments in shares 0 0 0
TOTAL CURRENT ASSETS (TOTAL) 1 986 2 231 1 732
Stock of goods (total) 0 0 0
Claims on customers (Trade debtors) 696 391 686
Cash / Bank deposits etc. 1 276 1 840 1 029
Total assets 3 011 3 713 3 531

          Liability & equity
Fiscal year 12-2005 12-2004 12-2003
EQUITY CAPITAL (TOTAL) 1 126 1 618 472
Share capital 200 501 500
Total long-term liabilities 1 001 1 242 2 500
Total current liabilities 884 853 559
Accounts payable (Trade creditors) 76 182 97
Public duties payable 371 368 183
TOTAL LIABILITIES & EQUITY 3 011 3 713 3 531

          Auditors remarks
No auditor remarks registered

          6.1 Financial Data (complete)
Credit profile: Excellent

          Financial statement (NOK/1000)
Fiscal year 12-2005 12-2004 12-2003
Operating revenue 5 558 6 016 6 277
Sales income 5 550 6 016 6 234
Other operating income 8 0 43
Cost of goods 259 526 558
Movement in inventories 0 0 0
Wages/Social costs 2 533 2 638 2 981
Depreciation (ordinary on fixed assets and intangible assets 64 79 83
Write-down (on fixed assets and tangible assets) 0 0 0
Other operating costs 1 402 1 269 1 367
P/L after depreciation 1 300 1 504 1 288
Investment subsidiaries (income from subsidiaries) 0 0 0
Investment group (income from other group entities) 0 0 0
Other investments (income from associates) 0 0 0
Interest income group 0 0 0
Other interest income 28 45 27
Other financial income 2 0 0
Change of value financial current assets 0 0 0
Depreciation current financial assets (write-down) 0 0 0
Depreciation fixed financial assets (write-down) 0 0 0
Interest costs group (interest paid to group companies) 0 0 12
Other interest costs 20 142 202
Other financial costs 0 0 5
Pre-tax profit (operating result before tax) 1 311 1 407 1 095
Tax on ordinary profit 394 397 71
Ordinary operating profit 917 1 010 1 024
Extraordinary income 0 0 3
Extraordinary costs 0 0 809
Tax on extraordinary profit 0 0 0
Total tax 394 397 71
Minority interests 0 0 0
Net profit 917 1 010 218
Group contribution 0 0 0
Dividend 0 0 0
Transfer assessment differences 0 0 0
Transfer other equity 917 1 010 218

          6.2 Financial Data (complete)
Credit profile: Excellent

          Assets
Fiscal year 12-2005 12-2004 12-2003
TOTAL FIXED ASSETS 1 025 1 482 1 799
Capitalised costs (total) 1 007 1 400 1 614
Research and development 0 0 0
Patents etc. (Patents, Concessions, Licences, Trade mark) 0 0 0
Deferred tax asset 1 007 1 400 1 614
Goodwill 0 0 0
Durable assets (total) (Tangible fixed assets) 18 82 93
Real estate (Land, buildings and other property) 0 0 0
Machines/Equipment 0 0 0
Ships, rigs, aeroplanes etc. 0 0 0
Working moveable property (Fixtures and fittings, tools office machinery etc.) 18 82 93
Financial fixed assets (total) 0 0 93
Investments in subsidiaries 0 0 5
Investments in other group companies 0 0 0
Loan to group companies 0 0 88
Investments in other associates 0 0 0
Loans to associates and joint ventures 0 0 0
Investments in shares 0 0 0
Bonds and other receivables 0 0 0
Pension fund 0 0 0
Other fixed assets 0 0 - 1
TOTAL CURRENT ASSETS (TOTAL) 1 986 2 231 1 732
Stock of goods (total) 0 0 0
Raw materials 0 0 0
Produced goods 0 0 0
Finished goods 0 0 0
Account receivables (total) 710 391 703
Claims on customers (Trade debtors) 696 391 686
Other receivables 14 0 17
Group receivables 0 0 0
Claim on payment company capital (Subscribed capital but not paid) 0 0 0
Investments (total) 0 0 0
Shares in group companies 0 0 0
Other shares (Quoted investment shares) 0 0 0
Other bonds (Quoted bonds) 0 0 0
Other quoted financial instruments 0 0 0
Other financial instruments 0 0 0
Cash / Bank deposits etc. 1 276 1 840 1 029
Other current assets 0 0 0
Total assets 3 011 3 713 3 531
Pledges 0 0 0

          6.3 Financial Data (complete)
Credit profile: Excellent

          Total liabilities & equity
Fiscal year 12-2005 12-2004 12-2003
EQUITY CAPITAL (TOTAL) 1 126 1 618 472
Deposit equity (Paid-in capital) 199 657 500
Share capital 200 501 500
Own shares - 1 0 0
Profit fund 0 157 0
Earned equity 926 961 - 28
Fund assessment differences (Reserve for valuation variances) 0 0 0
Other equity capital 926 961 - 28
LIABILITIES 1 885 2 095 3 059
Total long-term liabilities 1 001 1 242 2 500
Allocation liabilities (Provisions) 0 0 0
Pension liabilities 0 0 0
Deferred tax liabilities 0 0 0
Other allocations liabilities (Other provisions) 0 0 0
Other long-term liabilities 1 001 1 242 2 500
Converted debt (Convertible loans) 0 0 0
Bond loan (Certificate loans) 0 0 0
Debt to credit companies (Liabilities to financial institutions) 0 1 242 2 500
Long-term group liabilities 0 0 0
Subordinated loan capital 0 0 0
Other long-term debt 1 001 0 0
Total current liabilities 884 853 559
Converted debt (Convertible loans) 0 0 0
Certificate loans 0 0 0
Gjeld til kredittinstitusjoner (kortsiktig) 100 0 0
Bank overdraft 0 0 0
Accounts payable (Trade creditors) 76 182 97
Tax payable 11 11 13
Public duties payable 371 368 183
Intercompany payable (short-term) 0 0 0
Dividends 0 0 0
Other current liabilities 326 292 266
TOTAL LIABILITIES & EQUITY 3 011 3 713 3 531

          7. Financial ratios

          Profitability
Fiscal year 2005 2004 2003
  The Company Industry The Company Industry The Company Industry
Profit margin 23,6 % 0,0 % 23,4 % 6,6 % 17,4 % -0,7 %
Interest coverage >999 % 0,0 % >999 % 0,0 % 611,7 % 0,0 %
Return on total assets 39,6 % 0,0 % 42,8 % 8,4 % 59,2 % 4,3 %
Return on equity 66,8 % 0,0 % 96,7 % 10,4 % 236,5 % -4,7 %

          Financial Strength
Fiscal year 2005 2004 2003
  The Company Industry The Company Industry The Company Industry
Equity ratio 37,4 % 0,0 % 43,6 % 44,3 % 13,4 % 36,9 %
Loss factor 20,3 % 0,0 % 26,9 % 45,9 % 7,5 % 42,1 %

          Liquidity
Fiscal year 2005 2004 2003
  The Company Industry The Company Industry The Company Industry
Quick ratio 2,25 ,00 2,62 1,36 3,10 1,38
Current ratio 2,25 ,00 2,62 1,33 3,10 1,36
Liquidity in % of sales 23,0 % 0,0 % 30,6 % 20,3 % 16,4 % 18,3 %

          Financing
Fiscal year 2005 2004 2003
  The Company Industry The Company Industry The Company Industry
Long-term storefinancing 0,0 % 0,0 % 0,0 % 100,0 % 0,0 % 100,0 %
Interest on liability 1,0 % 0,0 % 5,5 % 1,4 % 12,3 % 1,4 %

          Inventory turnover
Fiscal year 2005 2004 2003
  The Company Industry The Company Industry The Company Industry
Avarage storage time (days) - - - 16,5d - 19,9d

          11. Ability to pay
Credit profile: Clear

          Summary
  Debt collection/Judgement debt/Public Announcement Pledge of chattels Compulsory pledge Property
Number 0 1 0

          Secured goods
Type of remark FACTORING AGREEMENT
Date Registered 28-09-2005
Amount in NOK 200 000
Source LØSØREREGISTERET BRØNNØYSUND
Creditor SVEA FINANS NUF

          Payment remarks

There are no registered payment remarks