MIRA
INFORM REPORT
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Report Date : |
30.07.2007 |
IDENTIFICATION DETAILS
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Name : |
Norex International AB |
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Registered Office : |
Högåsadungen 3, 423 63 Torslanda |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1991-08 |
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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 : |
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 : |
10.000 TSEK |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Norex
International AB |
Company
no |
556430-4425 |
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Högåsadungen
3 |
Telephone |
+46-31-92
75 70 |
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423 63 Torslanda |
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Visiting
address Högåsadungen 3 |
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Debt with the Enforcement Service
No debt registered with the Swedish Enforcement Authority as
at
Group of companies
Part of Hergit AB-group
Note: Payment complaints have been
registered during the last 6 months.
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Parking
penalt arrears |
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Parking
penalt arrears |
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New
Reg. Board member |
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New
Reg. Board member |
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Credit opinion
The classification is based on Risk forecast, 1 indicates
the highest and 5 the lowest risk.
Risk forecast:
2,54 %
The forecast states the probability that the company will become
insolvent within 12 months.
Historical Credit Ratings
|
Date |
Credit Rating |
Risk Forecast |
Reason |
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3 |
1,02 % |
Details on board
of directors changed |
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4 |
0,59 % |
Payment
complaint or other deficiency reduced in significance |
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3 |
1,80 % |
Merger ceased |
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F |
- |
ISN started
reporting historical credit ratings |
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Industry Risk Forecast: 0,3 %
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: 10.000 TSEK(=maximum limit )
Applies to short-term credit facilities. The limit has been set using a
formula that takes into consideration the annual accounts included in this
General
information and history
|
Legal form |
Limited company,
private |
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Vat-number |
SE 556430442501 |
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Registered
office |
Göteborg municipality
in Västra Götalands county |
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Number of locations |
1 |
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Main
establishment |
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Name |
Head office |
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Visiting address |
Högåsadungen
3, 423 63 Torslanda |
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Description of
business activities |
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Wholesale of
metals and metal ores. |
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(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 of directors
etc
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.
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David Fredriksson, Birth:1969 |
Managing
Director |
Reg. in
company |
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Carl Christer
Gyberg, Birth:1947 |
Regular member |
Reg. in
company |
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Leif Fredriksson, Birth:1947 |
Regular member |
Reg. in company |
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Sture Lennart
Fredriksson, Birth:1948 |
Regular member |
Reg. in
company |
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Egbert Josef
Appel, Birth:1949 |
Regular member |
Reg. in
company |
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Living abroad |
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Henrik
Fredriksson, Birth:1975 |
Deputy member |
Reg. in
company |
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Rune Sven-Inge
Karlsson |
Authorized
public Accountant |
Reg. in
company |
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Jan-Erik
Johansson |
Deputy auditor |
Reg. in
company |
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Board members
etc that have left the company during the last two years |
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Anna
Fredriksson, Birth:1975 |
Regular member |
Reg. in
company |
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Deregistered |
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Peter
Fredriksson, Birth:1976 |
Deputy member |
Reg. in
company |
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Deregistered |
Board of directors data
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The information
refers to members residing in |
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No of board
members (ord members and MD) |
5 |
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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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Authorized
signatory (available in Swedish only) |
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Firman tecknas
av styrelsen |
|
firman tecknas
var för sig av |
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-Fredriksson,
John Sture David |
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-Fredriksson,
Leif Nore |
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-Fredriksson,
Sture Lennart |
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Styrelsen skall
bestå av 5 ledamöter och 1 suppleant. |
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Group relationship
etc
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Parent company
etc |
Proprietary int |
As of |
Comments |
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100 % |
2006-12 |
Cr. rating 5 |
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Former
subsidiaries etc |
Ownership |
Comments |
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Norex
Scandinavia AB, 556529-9723 |
51 % |
Sold during 01 |
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Former
subsidiary |
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Annual accounts and
ratios
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Annual accounts |
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Inc. statement
in TSEK |
0601-0612 |
0501-0512 |
0309-0412 |
0209-0308 |
0109-0208 |
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Net sales |
+524.276 |
+311.661 |
+203.631 |
+99.344 |
+61.814 |
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Profit/loss
after financial items |
+30.183 |
+15.450 |
+16.916 |
+9.766 |
+6.001 |
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Balance sheet
in TSEK |
0601-0612 |
0501-0512 |
0309-0412 |
0209-0308 |
0109-0208 |
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Total fixed
assets |
0 |
0 |
471 |
290 |
290 |
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Total current
assets |
129.816 |
106.615 |
57.161 |
27.827 |
21.032 |
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Total equity |
29.909 |
16.605 |
8.455 |
120 |
120 |
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Total long-term
liabilities |
0 |
0 |
0 |
2.278 |
3.820 |
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Total current
liabilities |
79.662 |
80.211 |
39.503 |
25.209 |
17.005 |
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Total equity and
liabilities |
129.816 |
106.615 |
57.632 |
28.117 |
21.322 |
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Notes etc |
0601-0612 |
0501-0512 |
0309-0412 |
0209-0308 |
0109-0208 |
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Employees |
18 |
17 |
16 |
14 |
10 |
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Audit report |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Ratios |
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Ratios1) |
|
0601-0612 |
0501-0512 |
0309-0412 |
0209-0308 |
0109-0208 |
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Equity/assets % |
37,31) |
32,3 |
21,8 |
21,3 |
1,7 |
1,8 |
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Consolidation
Ratio % |
40,71) |
36,2 |
24,5 |
24,2 |
2,2 |
2,3 |
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Quick ratio % |
116,81) |
102,7 |
75,1 |
58,0 |
66,9 |
65,0 |
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Return on total
assets % |
13,11) |
36,4 |
15,0 |
28,0 |
35,8 |
36,6 |
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Cash Flow/Total
liabilities % |
18,01) |
28,6 |
22,4 |
22,9 |
31,5 |
20,9 |
|
Risk margin % |
10,51) |
30,8 |
14,3 |
27,6 |
34,7 |
35,3 |
1) Values for the industry in 2005 = Median for
companies with 5-19 employees in
industry 51520 i.e. Wholesale of metals and metal ores
For the complete annual accounts and all ratios, see
enclosure
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Share capital |
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Total |
100 TSEK |
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The most recently registered change in share capital
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1997-01 |
50 TSEK |
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Bonus issue |
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Chattel mortgages
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Total |
43.000,0 TSEK |
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The most recently issued mortgages
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2006-03 |
15.000,0 TSEK |
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2006-02 |
2.500,0 TSEK |
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2005-05 |
11.000,0 TSEK |
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2004-04 |
4.000,0 TSEK |
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2004-01 |
1.000,0 TSEK |
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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.
Payment
complaints, complaints and
other payment
information
5 complaints totaling 3,7 TSEK have been registered.
No claims have been registered.
For a detailed specification of complaints, see
enclosure
No debt registered with the Swedish Enforcement Authority as at
We does not have information about historic debt with the Bailiffs.
Note: Payment complaints have been registered during the last 6 months.
|
Complaints |
Date |
Amount SEK |
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Creditor |
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Parking penalt.
arrears |
|
950 |
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Parking penalt.
arrears |
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950 |
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Parking penalt.
arrears |
2006-09 |
150 |
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Parking penalt.
arrears |
2006-09 |
550 |
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Parking penalt.
arrears |
2006-06 |
1.050 |
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No debt registered with the Swedish Enforcement Authority as at
We does not have information about historic debt with the Bailiffs.
Note: Payment complaints have been registered during the last 6 months.
Enclosure 2.
Annual accounts and ratios
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Annual accounts |
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Inc. statement
in TSEK |
0601-0612 |
0501-0512 |
0309-0412 |
0209-0308 |
0109-0208 |
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Net sales |
+524.276 |
+311.661 |
+203.631 |
+99.344 |
+61.814 |
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Other operating
income |
+9.496 |
+8.812 |
+4.131 |
+2.019 |
+2.200 |
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Goods for resale |
-460.148 |
-272.083 |
-153.087 |
-75.352 |
-48.048 |
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Other external
costs |
-15.089 |
-16.718 |
-16.729 |
-8.166 |
-5.047 |
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Personnel costs |
-16.199 |
-10.183 |
-16.479 |
-6.143 |
-3.597 |
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Depreciation |
0 |
-5.785 |
0 |
-1.661 |
0 |
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Other operating
expenses |
-12.176 |
0 |
-4.383 |
0 |
-1.532 |
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Operating
profit/loss |
+30.161 |
+15.703 |
+17.085 |
+10.041 |
+5.790 |
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Result from
participations in group and associated companies |
0 |
+117 |
0 |
0 |
+432 |
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External
interest income |
+359 |
+211 |
+53 |
+11 |
+20 |
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Other financial
income |
+4.541 |
0 |
0 |
0 |
+36 |
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Total financial
income |
+4.900 |
+328 |
+53 |
+11 |
+488 |
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External
interest expenses |
-4.878 |
-581 |
-222 |
-285 |
-278 |
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Total financial
expenses |
-4.878 |
-581 |
-222 |
-285 |
-278 |
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Profit/loss
after financial items |
+30.183 |
+15.450 |
+16.916 |
+9.766 |
+6.001 |
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Profit/loss
before appropriations |
+30.183 |
+15.450 |
+16.916 |
+9.766 |
+6.001 |
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Appropriations |
-7.611 |
-4.039 |
-4.982 |
-133 |
-254 |
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Profit/loss
before tax |
+22.572 |
+11.411 |
+11.934 |
+9.633 |
+5.747 |
|
|
Tax |
-6.467 |
-3.167 |
-3.598 |
-2.760 |
-1.656 |
|
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Net profit/loss
for the year |
+16.105 |
+8.244 |
+8.335 |
+6.874 |
+4.091 |
|
|
Balance sheet
in TSEK |
0601-0612 |
0501-0512 |
0309-0412 |
0209-0308 |
0109-0208 |
|
|
Total intangible
assets |
0 |
0 |
0 |
0 |
0 |
|
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Total tangible
assets |
0 |
0 |
0 |
0 |
0 |
|
|
Participations
in group and associated companies |
0 |
0 |
471 |
290 |
290 |
|
|
Total financial
assets |
0 |
0 |
471 |
290 |
290 |
|
|
Total fixed
assets |
0 |
0 |
471 |
290 |
290 |
|
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Other
inventories |
47.967 |
46.400 |
34.240 |
10.952 |
9.969 |
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Total
inventories |
47.967 |
46.400 |
34.240 |
10.952 |
9.969 |
|
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Accounts
receivable |
54.475 |
29.607 |
10.033 |
11.604 |
7.486 |
|
|
Receivables from
group and associated companies |
0 |
0 |
1.354 |
0 |
0 |
|
|
Other current
receivables |
13.793 |
17.744 |
3.564 |
1.436 |
2.528 |
|
|
Total current
receivables |
68.268 |
47.351 |
14.951 |
13.040 |
10.014 |
|
|
Total cash and
bank balances |
13.582 |
12.865 |
7.970 |
3.835 |
1.050 |
|
|
Total current
assets |
129.816 |
106.615 |
57.161 |
27.827 |
21.032 |
|
|
|
||||||
|
Total assets |
129.816 |
106.615 |
57.632 |
28.117 |
21.322 |
|
|
Balance sheet
in TSEK |
0601-0612 |
0501-0512 |
0309-0412 |
0209-0308 |
0109-0208 |
|
|
Share capital |
100 |
100 |
100 |
100 |
100 |
|
|
Other restricted
equity |
20 |
20 |
20 |
20 |
10 |
|
|
Group
contribution |
-500 |
-95 |
0 |
0 |
0 |
|
|
Profit/loss
brought forward |
14.184 |
8.336 |
0 |
-6.874 |
-4.081 |
|
|
Net profit/loss
for the year |
16.105 |
8.244 |
8.335 |
6.874 |
4.091 |
|
|
Total equity |
29.909 |
16.605 |
8.455 |
120 |
120 |
|
|
|
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|
Total untaxed
reserves |
17.142 |
9.532 |
5.492 |
510 |
377 |
|
|
Total provisions |
3.103 |
268 |
4.182 |
0 |
0 |
|
|
Liabilities to
credit institutions |
0 |
0 |
0 |
2.278 |
3.820 |
|
|
Utilised
overdraft facilities |
0 |
15.031 |
0 |
2.178 |
3.520 |
|
|
Total long-term
liabilities |
0 |
0 |
0 |
2.278 |
3.820 |
|
|
|
||||||
|
Liabilities to
credit institutions |
0 |
15.031 |
0 |
0 |
0 |
|
|
Accounts payable |
46.753 |
37.977 |
23.834 |
6.594 |
5.909 |
|
|
Liabilities to
group and associated companies |
4.566 |
4.904 |
6.829 |
0 |
6.546 |
|
|
Other current
liabilities |
28.343 |
22.299 |
8.840 |
18.615 |
4.550 |
|
|
Total current
liabilities |
79.662 |
80.211 |
39.503 |
25.209 |
17.005 |
|
|
|
||||||
|
Total equity and
liabilities |
129.816 |
106.615 |
57.632 |
28.117 |
21.322 |
|
|
Notes etc
in TSEK |
0601-0612 |
0501-0512 |
0309-0412 |
0209-0308 |
0109-0208 |
|
Employees |
18 |
17 |
16 |
14 |
10 |
|
Salaries
board/MD |
4.715 |
3.465 |
2.200 |
1.299 |
700 |
|
Salaries others |
3.830 |
3.122 |
5.177 |
3.009 |
1.760 |
|
Total salaries |
8.545 |
6.587 |
7.377 |
4.308 |
2.460 |
|
Total salaries
and remuneration |
8.545 |
6.587 |
7.377 |
4.308 |
2.460 |
|
Social security
expenses |
6.698 |
3.514 |
8.844 |
1.759 |
1.081 |
|
Dividend |
0 |
0 |
0 |
0 |
0 |
|
Contractual
severance pay |
No |
No |
No |
No |
No |
|
Total
depreciation |
0 |
5.785 |
0 |
1.661 |
0 |
|
Bank overdraft
facilities granted |
20.729 |
18.890 |
1.000 |
4.604 |
5.581 |
|
Utilised
overdraft facilities |
0 |
15.031 |
0 |
2.178 |
3.520 |
|
Floating charges |
43.000 |
28.000 |
14.500 |
9.500 |
9.500 |
|
Total pledged
assets |
43.000 |
28.000 |
14.500 |
9.500 |
9.500 |
|
Total contingent
liabilities |
0 |
0 |
0 |
0 |
0 |
|
Audit report |
0601-0612 |
0501-0512 |
0309-0412 |
0209-0308 |
0109-0208 |
|
Audit report |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
Original annual
account |
|||||
|
Order by Annual
Accounts Direct etc |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Ratios 1) |
||||||
|
Profitability |
|
0601-0612 |
0501-0512 |
0309-0412 |
0209-0308 |
0109-0208 |
|
Return on equity
% |
29,51) |
72,0 |
66,4 |
103,2 |
>999,9 |
>999,9 |
|
Return on total
assets % |
13,11) |
36,4 |
15,0 |
28,0 |
35,8 |
36,6 |
|
Average interest
rate % |
-1,21) |
-5,5 |
-0,7 |
-0,4 |
-1,0 |
-1,3 |
|
Risk margin % |
10,51) |
30,8 |
14,3 |
27,6 |
34,7 |
35,3 |
|
Gross margin % |
5,71) |
5,6 |
6,7 |
8,2 |
11,5 |
9,0 |
|
Operating margin
% |
4,51) |
7,9 |
4,9 |
10,3 |
9,9 |
11,4 |
|
Net margin % |
4,21) |
5,6 |
4,8 |
8,1 |
9,6 |
9,4 |
|
Interest cover |
9,61) |
9,7 |
27,6 |
96,9 |
35,3 |
28,1 |
|
Capital
circulation |
||||||
|
Capital turnover
rate |
2,51) |
4,1 |
3,0 |
2,7 |
3,6 |
3,0 |
|
Cash Flow/Total
liabilities % |
18,01) |
28,6 |
22,4 |
22,9 |
31,5 |
20,9 |
|
Cash fl/finexp % |
776,81) |
486,2 |
>999,9 |
>999,9 |
>999,9 |
>999,9 |
|
Self-financing
ratio % |
300,01) |
- |
- |
>999,9 |
- |
- |
|
Stock
turnover/year |
7,91) |
11,1 |
6,9 |
4,6 |
9,3 |
6,4 |
|
Turnover/employee MSEK |
3.968,0 1) |
29,6 |
18,8 |
9,7 |
7,2 |
6,4 |
|
Lab costs/turnover
% |
-6,81) |
-1,6 |
-2,0 |
-3,6 |
-4,2 |
-3,8 |
|
Working
capital/turn % |
13,81) |
9,4 |
8,2 |
11,3 |
2,6 |
6,3 |
|
Acc rec/turnover
% |
11,21) |
10,2 |
9,2 |
6,4 |
11,4 |
11,7 |
|
Stock/turnover % |
10,81) |
9,0 |
14,5 |
22,0 |
10,8 |
15,6 |
|
Short
liabilities/turnover % |
16,51) |
14,9 |
25,0 |
25,4 |
24,9 |
26,6 |
|
Customer credit
time |
40,51) |
19,7 |
15,4 |
17,4 |
23,5 |
- |
|
Credit period
granted |
26,61) |
19,8 |
24,1 |
24,4 |
15,4 |
- |
|
Liquidity |
||||||
|
Current ratio % |
185,91) |
163,0 |
132,9 |
144,7 |
110,4 |
123,7 |
|
Quick ratio % |
116,81) |
102,7 |
75,1 |
58,0 |
66,9 |
65,0 |
|
Consolidation |
||||||
|
Equity/assets % |
37,31) |
32,3 |
21,8 |
21,3 |
1,7 |
1,8 |
|
Consolidation
Ratio % |
40,71) |
36,2 |
24,5 |
24,2 |
2,2 |
2,3 |
|
Debt/equity
ratio |
1,71) |
2,1 |
3,6 |
3,7 |
58,0 |
54,5 |
|
Fixed assets
structure |
||||||
|
Financial assets
structure % |
43,21) |
- |
- |
100,0 |
100,0 |
100,0 |
1) Values for
the industry in 2005 = 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
Turnover rose very steeply in 2005/05. This may indicate that the
companies have completely changed their operations. If this is the case then
events etc. which have occurred previously may be irrelevant.
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.
Warning signals
Company has changed financial period during the period analyzed. (This
has been taken into consideration in the analysis.)
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%)