MIRA
INFORM REPORT
|
Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
Getinge International AB |
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Registered Office : |
Box 69, 310 44 Getinge |
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Country : |
Sweden |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1997 |
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Com. Reg. No.: |
556547-8780 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Wholesale of pharmaceutical goods. |
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 |
|
Maximum Credit Limit : |
5.000 TSEK |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Getinge International AB
Box 69
310 44 Getinge
Telephone +46-35-15 55 00
Visiting
address
Ekebergsvägen
26
Company no
556547-8780
Summary
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||||||||||||||||||||||||||||||||||||
Group of companies
Part of Getinge AB-group
Note: Company was not carrying on any business as presently as 01-12. This date probably reflects the age of the company better than the date on which the company was registered.
No events have been registered during the last 12 months.
Industry Risk Forecast: 0,4 %
Median value for limited company in industry 51460, such as
Wholesale of pharmaceutical goods.
Other information may of course affect your assessment of
the risk
Credit limit: 5.000 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.
General
information and history
|
Legal
form |
Limited
company, private |
|
Vat-number |
SE
556547878001 |
|
Registered
office |
Halmstad municipality
in Hallands county |
|
Number
of locations |
1 |
|
Main
establishment |
|
|
Name |
Head
office |
|
Visiting
address |
Ekebergsvägen
26, 310 44 Getinge |
|
Description
of business activities |
|
Wholesale
of pharmaceutical goods. |
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(Main
business according to Statistics Sweden, SNI2002: 51460) |
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|
History |
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1997-11 |
Comp
reg under the current reg no and name: Getinge Hospital AB |
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1997-11 |
Harald
Castler new Managing Director |
|
2001-04 |
Articles
of Association adopted |
|
2001-07 |
Company
reg under the current name |
|
2002-01 |
Began
operations |
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2002-02 |
Company
registered to pay business tax |
|
2002-02 |
Company
registered to pay VAT |
|
2002-02 |
Company
registered to pay employer contributions |
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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
Note: Company was not carrying on any
business as presently as 01-12. This date probably reflects the age of the
company better than the date on which the company was registered.
Board members according to Reg Office
Board members etc reg prior to 1991-04 unless otherwise
stated.
Board member company commitments is displayed when the name
is clicked.
|
Harald
Castler, Birth:1957 |
MD
and Regular member |
Reg.
in company 1997-11-05 |
|
Kerstin
Marianne Bergendahl, Birth:1956 |
Regular
member |
Reg.
in company 2006-03-06 |
|
Christophe
Fernand Robert Hammer, Birth:1958 |
Regular
member |
Reg.
in company 2001-07-16 |
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|
|
Living
abroad |
|
Deloitte
AB |
Audit
firm |
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||
|
Board
members etc that have left the company during the last two years |
|
Marie
Liljebrunn, Birth:1962 |
Regular
member |
Reg.
in company 2003-10-04 |
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|
Deregistered 2006-03-06 |
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||
Board of directors data
|
The
information refers to members residing in Sweden |
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No
of board members (ord members and MD) |
3 |
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Any
board member with comm in other comp? |
Yes |
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Any
board member with comm in bankrupt comp? |
No |
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Any
board member with payment complaint? |
No |
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Any
board member with bankruptcy petition? |
No |
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|
Any board
member with bal of debt with Enf Auth? |
No |
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||
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Authorized
signatory (available in Swedish only) |
|
Firman
tecknas av styrelsen |
|
firman
tecknas i förening av |
|
-Castler,
Erik Harald Robert |
|
-Hammer,
Christophe Fernand Robert |
|
Dessutom har verkställande direktören rätt
att teckna firman |
|
beträffande
löpande förvaltningsåtgärder |
Group relationship
etc
|
Ultimate
parent company |
As
of |
Comments |
|
Getinge
AB, 556408-5032 |
2005-12 |
Cr.
rating 5 |
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||
|
Shareholder
in ultimate parent company |
Ownership |
As
of |
Comments |
|
Robur
Fonder, Sweden |
4 % |
2006-12 |
|
|
Cantillon
Capital Management, Unknown |
1 % |
2006-12 |
|
|
Shb/Spp
Fonder/Shb Pensionsstiftelse, Sweden |
1 % |
2006-12 |
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|
Arbetsmarknadsförsäkringar,
Pensionsförsäkrings-, 502033-2259 |
1 % |
2006-12 |
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Fjärde
Ap-Fonden, 802005-1952 |
3 % |
2007-01 |
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Första
Ap-Fonden, 802005-7538 |
1 % |
2006-12 |
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|||
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Parent
company etc |
Proprietary int |
As
of |
Comments |
|
Getinge
Sterilization AB, 556031-2687 |
100 % |
2005-12 |
Cr.
rating 5 |
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|
|||
Annual accounts and
ratios
|
Annual
accounts |
|
||||
|
Inc.
statement in TSEK |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
0101-0112 |
|
Net
sales |
+280.842 |
+415.993 |
+324.006 |
+214.131 |
Inactive |
|
Profit/loss
after financial items |
-38.247 |
+3.952 |
+10.205 |
+9.685 |
|
|
Balance
sheet in TSEK |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
0101-0112 |
|
Total
fixed assets |
4.772 |
6.775 |
4.251 |
907 |
|
|
Total
current assets |
186.349 |
133.524 |
105.272 |
140.815 |
|
|
Total
equity |
8.895 |
7.827 |
7.102 |
10.501 |
|
|
Total
long-term liabilities |
0 |
0 |
0 |
0 |
|
|
Total
current liabilities |
182.226 |
131.147 |
102.421 |
131.221 |
|
|
Total
equity and liabilities |
191.121 |
140.299 |
109.523 |
141.722 |
|
|
Notes
etc |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
0101-0112 |
|
Employees |
30 |
55 |
46 |
36 |
|
|
Audit
report |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Ratios |
||||||
|
Ratios1) |
|
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
0101-0112 |
|
Equity/assets
% |
33,31) |
4,6 |
6,2 |
6,5 |
7,4 |
Can not be calc. |
|
Consolidation
Ratio % |
34,91) |
4,6 |
6,5 |
6,5 |
7,4 |
- |
|
Quick
ratio % |
110,51) |
99,8 |
96,6 |
96,5 |
103,2 |
- |
|
Return
on total assets % |
10,21) |
-7,3 |
3,8 |
10,7 |
7,2 |
- |
|
Cash
Flow/Total liabilities % |
14,01) |
-14,2 |
3,6 |
6,7 |
5,7 |
- |
|
Risk
margin % |
9,61) |
-20,6 |
2,7 |
9,2 |
6,8 |
- |
1) Values for the industry in 2005 =
Median for companies with at least 20 employees in
industry 51460 i.e. Wholesale of pharmaceutical goods
Analysis of the annual accounts (three years)
Turnover/Capital employed
Turnover falling steeply.
Profitability
Return on assets is negative and profitability decreasing.
Consolidation
The consolidation rate is very low and decreasing.
Note: The company has changed its
accounting principles between the years 021231 and 011231.
Note: the forecast for the company's
insolvency is very low.
For the complete annual accounts and all ratios, see
enclosure
|
Share
capital |
|
|
|
Total |
100 TSEK |
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Chattel mortgages
We have not been notified about any chattel mortgages.
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.
Payment
complaints, complaints and
other payment
information
No complaints have been registered.
No debt registered with the Swedish Enforcement Authority as
at 2007-06-21.
Annual accounts and ratios
|
Annual
accounts |
||||||
|
Inc.
statement in TSEK |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
0101-0112 |
|
|
Net
sales |
+280.842 |
+415.993 |
+324.006 |
+214.131 |
Inactive |
|
|
Cost
of goods sold |
-233.803 |
-343.744 |
-250.767 |
-167.225 |
|
|
|
Gross
profit/loss |
+47.039 |
+72.249 |
+73.239 |
+46.906 |
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||||||
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Selling
expenses |
-53.539 |
-59.053 |
-59.674 |
-41.320 |
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|
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Administrative
expenses |
-6.888 |
-8.605 |
-3.264 |
-4.333 |
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Other
operating income |
0 |
+814 |
+1.347 |
+8.768 |
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Other
operating expenses |
-1.162 |
-43 |
0 |
0 |
|
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Operating
profit/loss |
-14.550 |
+5.362 |
+11.648 |
+10.021 |
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|
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||||||
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External
interest income |
+538 |
+11 |
+28 |
+135 |
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Total
financial income |
+538 |
+11 |
+28 |
+135 |
|
|
|
Interest
expense to group companies |
-613 |
-512 |
-924 |
-305 |
|
|
|
External
interest expenses |
-3 |
-8 |
-27 |
-166 |
|
|
|
Other
financial expenses |
-23.619 |
-901 |
-520 |
0 |
|
|
|
Total
financial expenses |
-24.235 |
-1.421 |
-1.471 |
-471 |
|
|
|
Profit/loss
after financial items |
-38.247 |
+3.952 |
+10.205 |
+9.685 |
|
|
|
|
||||||
|
Profit/loss
before appropriations |
-38.247 |
+3.952 |
+10.205 |
+9.685 |
|
|
|
Appropriations |
+1.325 |
-1.325 |
0 |
0 |
|
|
|
Profit/loss
before tax |
-36.922 |
+2.627 |
+10.205 |
+9.685 |
|
|
|
Tax |
+10.215 |
-1.182 |
-3.884 |
-2.380 |
|
|
|
Net
profit/loss for the year |
-26.707 |
+1.445 |
+6.321 |
+7.305 |
|
|
|
Balance
sheet in TSEK |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
0101-0112 |
|
|
Total
intangible assets |
0 |
0 |
0 |
0 |
|
|
|
Equipment |
3.524 |
5.140 |
2.759 |
907 |
|
|
|
Total
machinery and equipment |
3.524 |
5.140 |
2.759 |
907 |
|
|
|
Total
tangible assets |
3.524 |
5.140 |
2.759 |
907 |
|
|
|
Participations
in group and associated companies |
218 |
0 |
0 |
0 |
|
|
|
Other
financial assets |
1.028 |
1.635 |
1.492 |
0 |
|
|
|
Total
financial assets |
1.246 |
1.635 |
1.492 |
0 |
|
|
|
Total
fixed assets |
4.772 |
6.775 |
4.251 |
907 |
|
|
|
|
||||||
|
Other
inventories |
4.442 |
6.841 |
6.391 |
5.448 |
|
|
|
Total
inventories |
4.442 |
6.841 |
6.391 |
5.448 |
|
|
|
Accounts
receivable |
121.411 |
104.149 |
73.712 |
107.004 |
|
|
|
Receivables
from group and associated companies |
26.115 |
5.049 |
13.511 |
11.249 |
|
|
|
Other
current receivables |
34.381 |
17.485 |
11.658 |
17.114 |
|
|
|
Total
current receivables |
181.907 |
126.683 |
98.881 |
135.367 |
|
|
|
Total
cash and bank balances |
0 |
0 |
0 |
0 |
|
|
|
Total
current assets |
186.349 |
133.524 |
105.272 |
140.815 |
|
|
|
|
||||||
|
Total
assets |
191.121 |
140.299 |
109.523 |
141.722 |
|
|
|
Balance
sheet in TSEK |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
0101-0112 |
|
|
Share
capital |
100 |
100 |
100 |
100 |
|
|
|
Other
restricted equity |
20 |
20 |
20 |
1 |
|
|
|
Group
contribution |
0 |
0 |
-9.720 |
-6.912 |
|
|
|
Shareholders’
contribution |
0 |
0 |
0 |
10.000 |
|
|
|
Profit/loss
brought forward |
35.482 |
6.262 |
10.381 |
7 |
|
|
|
Net
profit/loss for the year |
-26.707 |
1.445 |
6.321 |
7.305 |
|
|
|
Total
equity |
8.895 |
7.827 |
7.102 |
10.501 |
|
|
|
|
||||||
|
Total
untaxed reserves |
0 |
1.325 |
0 |
0 |
|
|
|
Utilised
overdraft facilities |
38.801 |
|
|
42.416 |
|
|
|
Total
long-term liabilities |
0 |
0 |
0 |
0 |
|
|
|
|
||||||
|
Accounts
payable |
31.999 |
3.493 |
3.291 |
2.387 |
|
|
|
Liabilities
to group and associated companies |
89.068 |
58.372 |
57.279 |
88.606 |
|
|
|
Other
current liabilities |
61.159 |
69.282 |
41.851 |
40.228 |
|
|
|
Total
current liabilities |
182.226 |
131.147 |
102.421 |
131.221 |
|
|
|
|
||||||
|
Total
equity and liabilities |
191.121 |
140.299 |
109.523 |
141.722 |
|
|
|
Notes
etc in TSEK |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
0101-0112 |
|
Employees |
30 |
55 |
46 |
36 |
|
|
Salaries
board/MD |
1.359 |
1.258 |
1.218 |
869 |
|
|
Salaries
others |
14.610 |
17.804 |
13.261 |
9.911 |
|
|
Total
salaries |
15.969 |
19.062 |
14.479 |
10.780 |
|
|
Bonus
to board/MD |
282 |
336 |
270 |
200 |
|
|
Total
salaries and remuneration |
16.251 |
19.398 |
14.749 |
10.980 |
|
|
Social
security expenses |
10.066 |
5.723 |
7.390 |
4.563 |
|
|
Dividend |
0 |
0 |
0 |
0 |
|
|
Contractual
severance pay |
Yes |
Yes |
Yes |
No |
|
|
Total
depreciation |
2.086 |
1.899 |
534 |
177 |
|
|
Bank
overdraft facilities granted |
70.000 |
|
|
40.000 |
|
|
Utilised
overdraft facilities |
38.801 |
|
|
42.416 |
|
|
Total
pledged assets |
0 |
0 |
0 |
0 |
|
|
Conditional
shareholders contribution |
10.000 |
10.000 |
10.000 |
10.000 |
|
|
Total
contingent liabilities |
10.000 |
10.000 |
10.000 |
10.000 |
|
|
Audit
report |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
0101-0112 |
|
Audit
report |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
Original
annual account |
|||||
|
Order
by Annual Accounts Direct etc |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Ratios 1) |
||||||
|
Profitability |
|
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
0101-0112 |
|
Return
on equity % |
32,11) |
-430,0 |
45,1 |
143,7 |
92,2 |
Can not be calc. |
|
Return
on total assets % |
10,21) |
-7,3 |
3,8 |
10,7 |
7,2 |
- |
|
Average
interest rate % |
-0,61) |
-13,3 |
-1,1 |
-1,4 |
-0,4 |
- |
|
Risk
margin % |
9,61) |
-20,6 |
2,7 |
9,2 |
6,8 |
- |
|
Gross
margin % |
5,31) |
-5,2 |
1,3 |
3,6 |
4,5 |
- |
|
Operating
margin % |
4,31) |
-5,2 |
1,3 |
3,6 |
4,5 |
- |
|
Net
margin % |
4,51) |
-13,6 |
0,9 |
3,1 |
4,3 |
- |
|
Interest
cover |
23,31) |
-0,6 |
3,8 |
7,9 |
21,6 |
- |
|
Capital
circulation |
||||||
|
Capital
turnover rate |
2,21) |
1,5 |
3,0 |
3,0 |
1,6 |
- |
|
Cash
Flow/Total liabilities % |
14,01) |
-14,2 |
3,6 |
6,7 |
5,7 |
- |
|
Cash
fl/finexp % |
1.713,21) |
-107,1 |
328,6 |
466,0 |
>999,9 |
- |
|
Self-financing
ratio % |
907,41) |
- |
185,0 |
205,0 |
824,9 |
- |
|
Stock
turnover/year |
10,51) |
63,2 |
60,9 |
50,9 |
40,9 |
- |
|
Turnover/employee TSEK |
4.723,0 1) |
9.361,0 |
7.578,0 |
7.072,0 |
6.191,0 |
|
|
Lab
costs/turnover % |
-10,11) |
-5,8 |
-4,6 |
-4,5 |
-4,9 |
- |
|
Working
capital/turn % |
13,31) |
1,5 |
0,6 |
0,9 |
4,3 |
- |
|
Acc
rec/turnover % |
12,21) |
43,2 |
25,0 |
22,6 |
48,0 |
- |
|
Stock/turnover
% |
8,31) |
1,6 |
1,6 |
2,0 |
2,4 |
- |
|
Short
liabilities/turnover % |
22,21) |
64,9 |
31,5 |
31,5 |
58,9 |
- |
|
Customer
credit time |
43,21) |
100,4 |
53,3 |
69,4 |
60,0 |
- |
|
Credit
period granted |
10,11) |
15,8 |
2,0 |
2,2 |
1,3 |
- |
|
Liquidity |
||||||
|
Current
ratio % |
153,21) |
102,3 |
101,8 |
102,8 |
107,3 |
- |
|
Quick
ratio % |
110,51) |
99,8 |
96,6 |
96,5 |
103,2 |
- |
|
Consolidation |
||||||
|
Equity/assets
% |
33,31) |
4,6 |
6,2 |
6,5 |
7,4 |
- |
|
Consolidation
Ratio % |
34,91) |
4,6 |
6,5 |
6,5 |
7,4 |
- |
|
Debt/equity
ratio |
2,01) |
20,5 |
15,0 |
14,4 |
12,5 |
- |
|
Risk
ratio |
7,61) |
112,4 |
127,8 |
140,8 |
95,2 |
- |
|
Fixed
assets structure |
||||||
|
Financial
assets structure % |
27,81) |
26,1 |
24,1 |
35,1 |
- |
- |
|
Tangible
assets structure % |
82,01) |
73,8 |
75,9 |
64,9 |
100,0 |
- |
1) Values
for the industry in 2005 = Median for companies with at
least 20 employees in industry 51460 i.e. Wholesale of
pharmaceutical goods
Analysis of the annual accounts (three years)
Turnover/Capital employed
Turnover falling steeply.
Profitability
Return on assets is negative and profitability decreasing.
Consolidation
The consolidation rate is very low and decreasing.
It is primarily current liabilities that are increasing.
Financing
Last year’s cash flow is negative.
Special comments relating the future
A special warning for the future; the low consolidation
rate, along with insufficient returns, means that there is little time to make
a turnaround.
Note: The company has changed its
accounting principles between the years 021231 and 011231.
Note: the forecast for the company's
insolvent
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)