MIRA
INFORM REPORT
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Report Date : |
12.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
Oy Norex Spirits Ab |
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Registered Office : |
Vesikuja 4,
02200 Espoo |
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Country : |
Finland |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
15.12.1993 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Agents
involved in the sale of food, beverages and tobacco |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
23.000 EUR |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Oy Norex Spirits Ab
Vesikuja 4
02200 Espoo
Vesikuja 4, 02200 Espoo
Telephone:
+358 9
5259370
Telefax:
+358 9
52593715
Trade register number
576314
Registered
15.12.1993
Business ID
09544637
Business started
01.01.1994
Turnover
In 2005, the turnover amounted to 13.652 thousand EUR,
the length of the accounting period was 12 months, and the period ended on
31.12.2005.
Number of employees
In 2005, the number of employees amounted to 12.
Line of business
The company´s investigated line of business on
17.09.2004 is: agents involved in the sale of food, beverages and tobacco
(51170).
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Payments |
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Background |
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Finances |
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very positive |
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strong |
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excellent |
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> |
positive |
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good |
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good |
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not negative |
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satisfactory |
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> |
satisfactory |
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slightly negative |
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passable |
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passable |
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negative |
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poor |
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poor |
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no classification |
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no classification |
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Maximum credit recommendation
23.000
EUR
Basics
Company
form Joint-stock company
Type
of ownership Private Finnish
Share
capital Paid share capital:
168.188 EUR
Activity In 2005,
the turnover amounted to 13.652 thousand EUR, the length of the accounting
period
was 12 months, and the period ended on 31.12.2005.
In 2005, the number of employees amounted to
12.
The company´s investigated line of business on
17.09.2004 is: agents involved in the sale of food, beverages and tobacco
(51170).
According to an account, the company is engaged
in import.
The company works in rented premises.
Financial statement requested on 13.03.2007.
Shareholders requested on 13. 03.2007.
The company has been in the Prepayment register
since 01.03.1995. Validity to be checked on 29.02.2008.
The company has been VAT liable for business
activity since 01.06.1994.
The company has been in the Employer Register
since 01.01.1994.
According to an account of 20.06.2002, the
company´s banker/financier is OKO Bank plc -Espoo-Tapiola.
Payments
The company has
no registered payment defaults. There are positive remarks concerning the
company´s payments.
Persons in charge
Managing
director
Lönnberg
Karl-Henrik Mikael, from 15.12.1993 on
240748, Espoo
Participation
in 3 companies on the basis of the identity number, the companies have no
payment defaults.
Chairman
Lönnberg Pirjo Marja Leena, from 03.11.1999 on
171147-486M,
Espoo
Participation
in 3 companies on the basis of the identity number, the companies have no
payment defaults.
Ordinary
member
Lönnberg
Karl-Henrik Mikael, from 15.12.1993 on
240748-137X,
Espoo
Participation
in 3 companies on the basis of the identity number, the companies have no
payment defaults.
Ordinary
member
Lönnberg Maria
Christina, from 03.11.1999 on
231174-052F,
Espoo
Participation
in one company on the basis of the identity number, the company has no payment
defaults.
Ordinary
member
Lönnberg Tomas
Mikael, from 03.11.1999 on
190276-089B,
Helsinki
Participation
in one company on the basis of the identity number, the company has no payment
defaults.
Authorised signatures
According to the
statutes, the chairman of the Board and the managing director sign for the firm
separately.
Procuration
rights have not been granted.
Business mortgages
Business
mortgages total altogether 150 thousand EUR.
Group structure
The company is
subsidiary in the group Norex-Yhtiöt -konserni.
Financial statement
analysis
The financial statement analysis is based on the financial
statement data of Oy Norex Spirits Ab in the accounting period as at
31.12.2005. The analysis also utilizes the data of the accounting periods
2001-2004.
The
company is as a subsidiary part of the group Norex-Yhtiöt -konserni, the
financial standing of which may affect the operational prerequisites. The group
turnover is 18.7 mill EUR, result 499 tEUR, balance sheet total 6.7 mill EUR,
return on investment 26.8 %, and equity ratio 20.8.
The auditor has approved the financial statement without remarks.
Industry comparison
The comparison includes 142 companies in the industry class
51170 Agents involved in the sale of food, beverages and tobacco. The risk of
bankruptcy in the line is 0.3 %, and the risk of payment defaults 5.7 %. The
risk of payment defaults is lower than average.
Volume
The turnover of Oy Norex Spirits Ab is medium-sized (13.7 mill
EUR) in relation to all active companies. In its line, the company is clearly
larger than average (109 tEUR). The turnover increased extensively in the
latest accounting period (68.0). The increase has been considerably faster than
the average in the line. Due to this, the subject may fast increase its market
share, provided that the trend continues in the future. However, the
development of turnover of the company has been exceptionally fast in the long
term. In the latest accounting period, the company employed 12 persons on
average. The turnover per person is 1.1 mill EUR, which is very good compared
with the line (median 83 tEUR). Thus, the productivity of labour is on a very
high level. The productivity has steeply increased in the latest accounting
period, and its long-term development has been very positive.
Profitability
The operating margin of the company (4.3 %) is satisfactory, proportioned to the line (median 5.3 %). Also the operating result in % (4.3 %) is satisfactory, compared with the line (3.0 %). The central ratio for profitability, return on investment, is very good (66.2 %). This is clearly better than the average in the line (median 7.0 %), and indicates really good possibilities for operation. The profitability increased further in the previous accounting period.
If, instead of the return on investment, the return on assets is calculated, taking also into account interest-free loans, the return ratio is 14.3 %. The company has a lot of interest-free loans, due to which the return on assets remains on a considerably lower level than the return on investment. Thus, the company has succeeded in acquiring a lot of financing with favourable terms and to raise the return to be calculated for capital at interest. The return on assets is good, in relation to the line of business (6.0%).
Liquidity
The liquidity is satisfactory, measured by quick ratio
(0.9), which is lower than the average in the line (median 1.4). The sales
receivable turnover of the company is long (70 days) compared with the line (29
days). The accounts payable turnover of the company is relatively long, 76
days, compared with the median value in the line (37 days).
Solvency
The solvency of Oy Norex Spirits Ab is poor, measured by
equity ratio (9.8 %). Median in the line is 54.5 %, so the company´s solvency
is clearly poorer than that of the line. The development of solvency has
weakened in the long term. The relative indebtedness is 29.3%, which is
satisfactory compared with the median in the line (18.5%). In the light of the
capital structure indicators, the company´s debt burden is considerably high.
The company´s solvency is poor, but because of good internal financing, the
company has possibilities to succeed in repayment.
Summary and remarks
The company belongs to the group Norex-Yhtiöt -konserni. The
return on investment of the group is very good and the equity ratio passable.
Rapid growth is especially dangerous, as the company is in high debt. The
company grows rapidly, but good profitability reduces the related risk.
The company has the qualifications to improve its solvency in the future, provided that the profitability remains on the present level.
The verbal interpretation of the financial statements analysis has been produced programmatically from unadjusted financial statements.
Audit of the accounts
Auditor in the accounting period as at 01.01.2005 -
31.12.2005:
KHT Kiljander Kaj, Deloitte & Touche Oy
The auditor has approved the financial statement without
remarks.
Number of enquiries
13 enquiries have been made on the company during the past 6
months, of which 3 during the past 30 days.
Reference
line of business: agents involved in the sale of food, beverages and tobacco
(51170)
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RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)