MIRA INFORM REPORT
|
Report
Date : |
7th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
NOREX INTERNATIONAL AB |
|
|
|
|
Registered
Office : |
Högåsadungen 3,
423 63 Torslanda, Sweden |
|
|
|
|
Country
: |
Sweden |
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|
Date
of Incorporation : |
1991 |
|
|
|
|
Com.
Reg. No.: |
556430-4425 |
|
|
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|
Legal
Form : |
Private Limited Company |
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|
Line
of Business : |
Wholesale of metals and metal
ores. |
RATING & COMMENTS
|
MIRA’s
Rating : |
A |
|
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 |
|
Maximum
Credit Limit : |
6000 TSEK |
|
|
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|
Status
: |
Good |
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|
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|
Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
|
Norex
International AB |
Company
no |
556430-4425 |
|
Högåsadungen
3 |
Telephone |
+46-31-92
75 70 |
|
423 63 Torslanda |
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Debt with the Enforcement Service
No data on balance of debt with the
Enforcement Service as at 2005-10-21
Group of companies
Part of Hergit AB-group
Note
Chattel mortgages have increased
substantially since the last annual report. Be aware of that the holders of the
mortgages are privileged at a distribution from a bankrupt's estate.
|
Chattel
mortg. issued |
2005-05 |
|
|
|
Credit opinion
Risk forecast: 0,5 %
The forecast states the probability
that the company will become insolvent within 12 months.
Industry Risk Forecast:
0,4 %
Median value for limited company in
industry 51520, such as Wholesale of metals and metal ores.
Other information may of course
affect your assessment of the risk
Credit limit: 6.000 TSEK
Applies to short-term credit
facilities. The limit has been set using a formula that takes into
consideration the annual accounts included in this credit report and the
current credit rating. Other information may of course influence the size of
the credit you may grant.
|
Legal
form |
Limited
company, private |
|
|
|
|
Vat-number |
SE
556430442501 |
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|
|
|
Registered
office |
Göteborg municipality
in Västra Götalands county |
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|
Number of
locations |
1 |
|
Description
of business activities |
|
Wholesale
of metals and metal ores. |
|
(Main
business according to Statistics Sweden, SNI2002: 51520) |
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History |
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1991-08 |
Company
reg under the current reg no and name |
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1993-04 |
Company
registered to pay business tax |
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|
--- |
Company
was registered to pay VAT |
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1995-06 |
Company
registered to pay employer contributions |
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2003-04 |
David
Fredriksson new Managing Director |
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|
2004-05 |
Articles
of Association adopted |
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|
Matters pending with Registration
Office
No notes of imminent changes
Non categorized information
Customs have granted the company to
bring home goods/credit permit
Link to homepage
Board members according to Reg
Office
Board members etc reg prior to
1991-04 unless otherwise stated.
|
David
Fredriksson, Birth:1969 |
MD and
Regular member |
Reg. in
company 2003-04-11 |
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||
|
Leif
Fredriksson, Birth:1947 |
Regular
member |
Reg. in
company 1991-08-07 |
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||
|
Sture
Lennart Fredriksson, Birth:1948 |
Regular
member |
Reg. in
company 1991-08-07 |
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||
|
Henrik
Fredriksson, Birth:1975 |
Regular
member |
Reg. in
company 2004-09-06 |
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||
|
Anna
Fredriksson, Birth:1975 |
Regular
member |
Reg. in
company 1996-03-25 |
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|
Peter
Fredriksson, Birth:1976 |
Deputy
member |
Reg. in
company 2004-09-06 |
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||
|
Rune
Sven-Inge Karlsson |
Authorized
public Accountant |
Reg. in
company 1991-08-07 |
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||
|
Jan-Erik
Johansson |
Deputy
auditor |
Reg. in
company 1996-03-25 |
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||
|
Authorized
signatory (available in Swedish only) |
|
Firman
tecknas av styrelsen |
|
firman
tecknas var för sig av |
|
-Fredriksson,
John Sture David |
|
-Fredriksson,
Leif Nore |
|
-Fredriksson,
Sture Lennart |
|
|
Group relationship etc
|
Parent
company etc |
Proprietary int |
As of |
Comments |
|
Hergit
AB, 556233-4291 |
100 % |
2004-12 |
Cr.
rating 4 |
|
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|||
|
Former
subsidiaries etc |
Ownership |
Comments |
|
Norex
Scandinavia AB, 556529-9723 |
51 % |
Sold
during 01 |
|
|
Former
subsidiary |
|
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||
Annual accounts and ratios
|
Annual accounts |
|
||||
|
Inc.
statement in TSEK |
0309-0412 |
0209-0308 |
0109-0208 |
0009-0108 |
9909-0008 |
|
Net sales |
+203.631 |
+99.344 |
+61.814 |
+49.233 |
+60.192 |
|
Profit/loss
after financial items |
+16.916 |
+9.766 |
+6.001 |
+513 |
+1.577 |
|
Balance
sheet in TSEK |
0309-0412 |
0209-0308 |
0109-0208 |
0009-0108 |
9909-0008 |
|
Total
fixed assets |
471 |
290 |
290 |
358 |
358 |
|
Total
current assets |
57.161 |
27.827 |
21.032 |
10.594 |
11.657 |
|
Total
equity |
8.455 |
120 |
120 |
110 |
110 |
|
Total
long-term liabilities |
0 |
2.278 |
3.820 |
4.044 |
2.709 |
|
Total
current liabilities |
39.503 |
25.209 |
17.005 |
6.675 |
9.101 |
|
Total
equity and liabilities |
57.632 |
28.117 |
21.322 |
10.952 |
12.016 |
|
Notes etc |
0309-0412 |
0209-0308 |
0109-0208 |
0009-0108 |
9909-0008 |
|
Employees |
16 |
14 |
10 |
9 |
11 |
|
Audit
report |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
Ratios |
||||||
|
Ratios 1) |
|
0309-0412 |
0209-0308 |
0109-0208 |
0009-0108 |
9909-0008 |
|
Equity/assets
% |
31,2 1) |
21,3 |
1,7 |
1,8 |
1,8 |
1,5 |
|
Consolidation
Ratio % |
33,3 1) |
24,2 |
2,2 |
2,3 |
2,1 |
1,7 |
|
Quick
ratio % |
109,2 1) |
58,0 |
66,9 |
65,0 |
106,8 |
93,1 |
|
Return on
total assets % |
11,5 1) |
22,3 |
35,8 |
29,4 |
7,8 |
16,0 |
|
Cash
Flow/Total liabilities % |
14,6 1) |
22,9 |
31,5 |
20,9 |
3,4 |
9,8 |
|
Risk
margin % |
8,7 1) |
21,9 |
34,7 |
28,1 |
4,6 |
13,1 |
1) Values for the industry
in 2004 = Median for companies with 5-19 employees in
industry 51520 i.e. Wholesale of metals and metal ores
Note: the
forecast for the company's insolvency is low.
For the complete annual accounts
and all ratios, see enclosure
|
Share
capital |
|
|
|
Total |
100 TSEK |
|
The most recently registered change
in share capital
|
1997-01 |
50 TSEK |
|
Bonus
issue |
|
|
|||
Chattel mortgages
|
Total |
25.500,0 TSEK |
|
The most recently issued mortgages
|
2005-05 |
11.000,0 TSEK |
|
|
|
||
|
2004-04 |
4.000,0 TSEK |
|
|
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||
|
2004-01 |
1.000,0 TSEK |
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|
|
||
|
2001-07 |
2.500,0 TSEK |
|
|
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||
|
2000-07 |
1.000,0 TSEK |
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|
|
||
|
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||
Unprivileged claims in clients'
bankruptcies
We have not been notified about any
unprivileged claims in bankruptcies in the last 2 years.
Properties
We have not been notified about any
property ownership.
Note
Chattel mortgages have increased
substantially since the last annual report. Be aware of that the holders of the
mortgages are privilegied at a distribution from a bankrupt's estate.
No complaints have been registered.
1 claim totaling 0,3 TSEK has been
registered.
|
Claims |
|
Amount SEK |
|
Creditor |
|
Pet. for
inj. to pay |
2003-09 |
300 |
|
Göteborgs
Stads Parkerin |
|
|
|
|
|
|
No data on balance of debt with the
Enforcement Service as at 2005-10-21
Enclosure 1.
Annual accounts and ratios
|
Annual accounts |
||||||
|
Inc.
statement in TSEK |
0309-0412 |
0209-0308 |
0109-0208 |
0009-0108 |
9909-0008 |
|
|
Net sales |
+203.631 |
+99.344 |
+61.814 |
+49.233 |
+60.192 |
|
|
Other
operating income |
+4.131 |
+2.019 |
+2.200 |
+1.313 |
0 |
|
|
Goods for
resale |
-153.087 |
-75.352 |
-48.048 |
-39.842 |
-51.266 |
|
|
Other
external costs |
-16.729 |
-8.166 |
-5.047 |
-4.793 |
-3.995 |
|
|
Personnel
costs |
-16.479 |
-6.143 |
-3.597 |
-3.774 |
-3.115 |
|
|
Depreciation |
0 |
-1.661 |
0 |
0 |
0 |
|
|
Other
operating expenses |
-4.383 |
0 |
-1.532 |
-1.312 |
0 |
|
|
Operating
profit/loss |
+17.085 |
+10.041 |
+5.790 |
+825 |
+1.816 |
|
|
Result
from participations in group and associated companies |
0 |
0 |
+432 |
0 |
0 |
|
|
External
interest income |
+53 |
+11 |
+20 |
+25 |
+44 |
|
|
Other
financial income |
0 |
0 |
+36 |
0 |
+61 |
|
|
Total
financial income |
+53 |
+11 |
+488 |
+25 |
+105 |
|
|
External
interest expenses |
-222 |
-285 |
-278 |
-342 |
-344 |
|
|
Total
financial expenses |
-222 |
-285 |
-278 |
-342 |
-344 |
|
|
Financial
items affecting comparability |
0 |
0 |
0 |
+6 |
0 |
|
|
Profit/loss
after financial items |
+16.916 |
+9.766 |
+6.001 |
+513 |
+1.577 |
|
|
|
||||||
|
Profit/loss
before appropriations |
+16.916 |
+9.766 |
+6.001 |
+513 |
+1.577 |
|
|
Appropriations |
-4.982 |
-133 |
-254 |
-27 |
-96 |
|
|
Profit/loss
before tax |
+11.934 |
+9.633 |
+5.747 |
+486 |
+1.481 |
|
|
Tax |
-3.598 |
-2.760 |
-1.656 |
-147 |
-420 |
|
|
Net
profit/loss for the year |
+8.335 |
+6.874 |
+4.091 |
+338 |
+1.061 |
|
|
Balance
sheet in TSEK |
0309-0412 |
0209-0308 |
0109-0208 |
0009-0108 |
9909-0008 |
|
|
Total
intangible assets |
0 |
0 |
0 |
0 |
0 |
|
|
Total
tangible assets |
0 |
0 |
0 |
0 |
0 |
|
|
Participations
in group and associated companies |
471 |
290 |
290 |
358 |
358 |
|
|
Total
financial assets |
471 |
290 |
290 |
358 |
358 |
|
|
Total
fixed assets |
471 |
290 |
290 |
358 |
358 |
|
|
|
||||||
|
Other
inventories |
34.240 |
10.952 |
9.969 |
3.465 |
3.186 |
|
|
Total
inventories |
34.240 |
10.952 |
9.969 |
3.465 |
3.186 |
|
|
Accounts
receivable |
10.033 |
11.604 |
7.486 |
4.398 |
4.706 |
|
|
Receivables
from group and associated companies |
1.354 |
0 |
0 |
922 |
388 |
|
|
Other
current receivables |
3.564 |
1.436 |
2.528 |
1.326 |
3.078 |
|
|
Total
current receivables |
14.951 |
13.040 |
10.014 |
6.646 |
8.172 |
|
|
Total
short-term investments |
0 |
0 |
0 |
0 |
51 |
|
|
Total
cash and bank balances |
7.970 |
3.835 |
1.050 |
483 |
249 |
|
|
Total
current assets |
57.161 |
27.827 |
21.032 |
10.594 |
11.657 |
|
|
|
||||||
|
Total
assets |
57.632 |
28.117 |
21.322 |
10.952 |
12.016 |
|
|
Balance
sheet in TSEK |
0309-0412 |
0209-0308 |
0109-0208 |
0009-0108 |
9909-0008 |
|
|
Share
capital |
100 |
100 |
100 |
100 |
100 |
|
|
Other
restricted equity |
20 |
20 |
10 |
10 |
10 |
|
|
Group
contribution |
0 |
0 |
0 |
0 |
-1.061 |
|
|
Profit/loss
brought forward |
0 |
-6.874 |
-4.081 |
-338 |
0 |
|
|
Net
profit/loss for the year |
8.335 |
6.874 |
4.091 |
338 |
1.061 |
|
|
Total
equity |
8.455 |
120 |
120 |
110 |
110 |
|
|
|
||||||
|
Total
untaxed reserves |
5.492 |
510 |
377 |
123 |
96 |
|
|
Total
provisions |
4.182 |
0 |
0 |
0 |
0 |
|
|
Liabilities
to credit institutions |
0 |
2.278 |
3.820 |
4.044 |
2.709 |
|
|
Utilized
overdraft facilities |
0 |
2.178 |
3.520 |
3.544 |
2.009 |
|
|
Total
long-term liabilities |
0 |
2.278 |
3.820 |
4.044 |
2.709 |
|
|
|
||||||
|
Liabilities
to credit institutions |
0 |
0 |
0 |
0 |
200 |
|
|
Accounts
payable |
23.834 |
6.594 |
5.909 |
2.973 |
5.251 |
|
|
Liabilities
to group and associated companies |
6.829 |
0 |
6.546 |
1.775 |
1.920 |
|
|
Other
current liabilities |
8.840 |
18.615 |
4.550 |
1.927 |
1.730 |
|
|
Total
current liabilities |
39.503 |
25.209 |
17.005 |
6.675 |
9.101 |
|
|
|
||||||
|
Total
equity and liabilities |
57.632 |
28.117 |
21.322 |
10.952 |
12.016 |
|
|
Notes etc
in TSEK |
0309-0412 |
0209-0308 |
0109-0208 |
0009-0108 |
9909-0008 |
|
Employees |
16 |
14 |
10 |
9 |
11 |
|
Salaries
board/MD |
2.200 |
1.299 |
700 |
911 |
748 |
|
Salaries
others |
5.177 |
3.009 |
1.760 |
1.678 |
1.337 |
|
Total
salaries |
7.377 |
4.308 |
2.460 |
2.589 |
2.085 |
|
Total
salaries and remuneration |
7.377 |
4.308 |
2.460 |
2.589 |
2.085 |
|
Social
security expenses |
8.844 |
1.759 |
1.081 |
1.148 |
973 |
|
Dividend |
0 |
0 |
0 |
0 |
0 |
|
Contractual
severance pay |
No |
No |
No |
No |
No |
|
Total
depreciation |
0 |
1.661 |
0 |
0 |
0 |
|
Bank
overdraft facilities granted |
1.000 |
4.604 |
5.581 |
5.764 |
2.939 |
|
Utilised
overdraft facilities |
0 |
2.178 |
3.520 |
3.544 |
2.009 |
|
Floating
charges |
14.500 |
9.500 |
9.500 |
9.500 |
7.000 |
|
Total
pledged assets |
14.500 |
9.500 |
9.500 |
9.500 |
7.000 |
|
Total
contingent liabilities |
0 |
0 |
0 |
0 |
0 |
|
Audit
report |
0309-0412 |
0209-0308 |
0109-0208 |
0009-0108 |
9909-0008 |
|
Audit
report |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
Original
annual account |
|||||
|
Order by
additional choice |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Ratios 1) |
|
||||||||
|
Profitability |
|
0309-0412 |
0209-0308 |
0109-0208 |
0009-0108 |
9909-0008 |
|||
|
Return on
equity % |
29,1 1) |
103,2 |
>999,9 |
>999,9 |
261,6 |
890,0 |
|||
|
Return on
total assets % |
11,5 1) |
22,3 |
35,8 |
29,4 |
7,8 |
16,0 |
|||
|
Average
interest rate % |
-1,5 1) |
-0,4 |
-1,0 |
-1,3 |
-3,2 |
-2,9 |
|||
|
Risk
margin % |
8,7 1) |
21,9 |
34,7 |
28,1 |
4,6 |
13,1 |
|||
|
Gross
margin % |
4,6 1) |
8,2 |
11,5 |
9,0 |
1,6 |
3,0 |
|||
|
Operating
margin % |
4,1 1) |
8,2 |
9,9 |
9,0 |
1,6 |
3,0 |
|||
|
Net
margin % |
3,8 1) |
8,1 |
9,6 |
9,4 |
1,0 |
2,6 |
|||
|
Interest
cover |
9,3 1) |
77,2 |
35,3 |
22,6 |
2,5 |
5,6 |
|||
|
Capital
circulation |
|||||||||
|
Capital
turnover rate |
2,5 1) |
2,7 |
3,6 |
3,0 |
4,6 |
5,0 |
|||
|
Cash
Flow/Total liabilities % |
14,6 1) |
22,9 |
31,5 |
20,9 |
3,4 |
9,8 |
|||
|
Cash
fl/finexp % |
724,2 1) |
>999,9 |
>999,9 |
>999,9 |
107,0 |
336,3 |
|||
|
Self-financing
ratio % |
337,2 1) |
>999,9 |
- |
- |
- |
- |
|||
|
Stock
turnover/year |
6,4 1) |
4,6 |
9,3 |
6,4 |
14,6 |
18,9 |
|||
|
Turnover/employee TSEK |
3.703,5 1) |
9.738,0 |
7.240,0 |
6.401,0 |
5.616,0 |
5.472,0 |
|||
|
Lab
costs/turnover % |
-8,0 1) |
-3,6 |
-4,2 |
-3,8 |
-5,1 |
-3,5 |
|||
|
Working
capital/turn % |
13,8 1) |
11,3 |
2,6 |
6,3 |
7,8 |
4,2 |
|||
|
Acc
rec/turnover % |
12,4 1) |
6,4 |
11,4 |
11,7 |
8,7 |
7,8 |
|||
|
Stock/turnover
% |
14,7 1) |
22,0 |
10,8 |
15,6 |
6,8 |
5,3 |
|||
|
Short
liabilities/turnover % |
18,4 1) |
25,4 |
24,9 |
26,6 |
13,2 |
15,1 |
|||
|
Customer
credit time |
41,0 1) |
17,4 |
23,5 |
23,2 |
22,5 |
- |
|||
|
Credit
period granted |
24,8 1) |
24,4 |
15,4 |
17,3 |
20,3 |
- |
|||
|
Liquidity |
|||||||||
|
Current
ratio % |
168,2 1) |
144,7 |
110,4 |
123,7 |
158,7 |
128,1 |
|||
|
Quick
ratio % |
109,2 1) |
58,0 |
66,9 |
65,0 |
106,8 |
93,1 |
|||
|
Consolidation |
|||||||||
|
Equity/assets
% |
31,2 1) |
21,3 |
1,7 |
1,8 |
1,8 |
1,5 |
|||
|
Consolidation
Ratio % |
33,3 1) |
24,2 |
2,2 |
2,3 |
2,1 |
1,7 |
|||
|
Debt/equity
ratio |
2,2 1) |
3,7 |
58,0 |
54,5 |
54,8 |
66,8 |
|||
|
Fixed
assets structure |
|||||||||
|
Financial
assets structure % |
52,9 1) |
100,0 |
100,0 |
100,0 |
100,0 |
100,0 |
|||
1) Values for the industry in 2004 =
Median for companies with 5-
19 employees in
industry 51520 i.e. Wholesale of metals and metal ores
Analysis of the annual accounts (three years)
Turnover/Capital employed
The balance sheet total rose very
steeply in 2003/04. This may indicate that the company has completely changed
its operations. If this is the case then events etc. which have occurred
previously may be irrelevant.
Liquidity
Quick ratio is low and decreasing.
It is primarily accounts payable
that are increasing.
Warning signals
Company has changed financial
period during the period analyzed. (This has been taken into consideration in
the analysis.)
Note: the
forecast for the company's insolvency is low.
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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |