MIRA INFORM REPORT

 

 

Report Date :

15.06.2007

 

IDENTIFICATION DETAILS

 

Name :

AKZO NOBEL FUNCTIONAL CHEMICALS AB

 

 

Registered Office :

44485 Stenungsund Se

 

 

Country :

Sweden

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

02 November 1983

 

 

Com. Reg. No.:

5562349398

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture of plastics in primary forms

Manufacture of miscellaneous organic basic chemicals

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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 :

10000000 SEK

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name & address

 

AKZO NOBEL FUNCTIONAL CHEMICALS AB

44485 STENUNGSUND SE

Tel. Number       + 46-303-85000

 

 

Business registered

02 November 1983 - Private limited company (no information regarding quotation)

Registration number,

5562349398,

Tax number :,

SE556234939801,

Legal form

Private limited company (no information regarding quotation)

Activities

Manufacture of plastics in primary forms

 

Manufacture of miscellaneous organic basic chemicals

Credit opinion

Credit opinion

 

Maximum credit limit 10000000 SEK is advised

Employees (Business)

 167

Tax arrears .00 August 2004

 207723

Tax arrears .00 July 2004

 354317

Petition for injunction to pay.00 June 2006

 3600

L4:A

NALYTICA AB

Judgements (total number)

 2

Judgements (total amount)

 562040

Injunctions (total number),

 1

Injunctions (total amount),

 3600

Total number of judgements, injunctions, claims, etc. (”weak negative facts”)

 3

Total share capital

SEK 100000

Boardmembers

TOMMY !OHLIN   Boardmember

 

EDVARD NORDFORS   Deputy boardmember

 

KARIN AXELSSON   Employer representative

 

KENT ERIKSSON   Employer representative

 

BRITT NILSSON   Deputy employer representative

 

MATS RUNDBLAD   Deputy employer representative

Auditor

JOHAN KRATZ   Auditor

 

CRONIE WALLQUIST   Deputy auditor

Management

CHRISTINA TENF!ELT   Managing director

 

 

 

The business owns or partly owns one or more pieces of land and buildings?  Yes(Property) 01 January 2006

All property types of the business  140214000  rateable (taxable) value

 

The business owns or partly owns one or more pieces of land and buildings?  Yes(Property) 01 January 2006

Chemical industry  83009000  rateable (taxable) value

Chemical industry  57205000  rateable (taxable) value

 

Corporate balance sheet for the year: 01 January 2005 - 31 December 2005  in  SEK 

Land and buildings

44.835.000,-

Plant, machinery and equipment

457.330.000,-

Total tangible fixed assets

581.049.000,-

Loans, shares and participations

1.000.000,-

Total financial fixed assets

16.000.000,-

Total fixed assets

597.049.000,-

Inventories and work in progress (incl. prepayments)

245.341.000,-

Accounts receivable (trade)

250.755.000,-

Receivables from affiliates and companies in which participations are held

3.551.000,-

Cash in hand and at bank

126.000,-

Total Current assets

650.685.000,-

Total assets incl. prepaid expenses and accrued income

1.247.734.000,-

Issued (subscribed) capital

100.000,-

Statutory reserves

20.000,-

Share premium account (capital reserve)

85.000.000,-

Profit or loss carried forward

-25.403.000,-

Profit or loss for the financial year

-1.724.000,-

Total equity (Shareholders' funds)

57.993.000,-

Total provisions

22.356.000,-

Total long-term liabilities

7.219.000,-

Current accounts payable (trade)

201.908.000,-

Current payables to affiliated companies and to companies in which participations are held

742.971.000,-

Total current liabilities

988.533.000,-

Total liabilities

995.752.000,-

Total equity, provisions, liabilities, accrued expenses and deferred income

1.247.734.000,-

Number of employees

167,-

Salaries board/Managing Director

1.747.000,-

Salaries to others

74.071.000,-

Total salaries

75.818.000,-

Total salaries and remunerations

75.818.000,-

Social security expenses

34.396.000,-

Unspecified depreciations

58.622.000,-

Unspecified depreciations of which goods sold

58.434.000,-

Unspecified depreciations of which R&D costs

188.000,-

Other contingent liabilities

447.000,-

Total contingent liabilities.

447.000,-

Equity/assets ratio

14,-

Acid-test ratio

41,-

Return on assets

12,-

Average interest on debt

-1,-

Cash flow as percentage of total liabilities

19,-

Debt/equity ratio

600,-

Current ratio

65,-

Return on equity

78,-

Self-financing rate

63,-

Interest coverage ratio

9,-

Inventory turnover rate (times/year)

6,-

Risk buffer

10,-

Labour costs as percentage of turnover

-4,-

Capital turnover rate (times/year)

1,-

Working capital as percentage of turnover

-19,-

Accounts receivable as percentage of turnover

14,-

Inventory as percentage of turnover

14,-

Current liabilities as percentage of turnover

58,-

Credit period granted

32,-

Turnover per employee in SEK thousands

10.149.000,-

Cash flow as percentage of financial expenses

1.269,-

Solvency margin

18,-

Structure of financial fixed assets

2,-

Tangible fixed assets structure

97,-

Credit period received

26,-

Gross margin

9,-

Operating margin

9,-

Net margin

8,-

 

Corporate balance sheet for the year: 01 January 2004 - 31 December 2004  in  SEK 

Land and buildings

1.342.000,-

Plant, machinery and equipment

248.729.000,-

Total tangible fixed assets

286.348.000,-

Loans, shares and participations

1.000.000,-

Total financial fixed assets

1.000.000,-

Total fixed assets

287.348.000,-

Inventories and work in progress (incl. prepayments)

28.690.000,-

Accounts receivable (trade)

190.918.000,-

Receivables from affiliates and companies in which participations are held

63.709.000,-

Cash in hand and at bank

49.988.000,-

Total Current assets

377.771.000,-

Total assets incl. prepaid expenses and accrued income

665.119.000,-

Issued (subscribed) capital

100.000,-

Statutory reserves

20.000,-

Share premium account (capital reserve)

85.000.000,-

Profit or loss carried forward

-24.288.000,-

Profit or loss for the financial year

-4.183.000,-

Total equity (Shareholders' funds)

56.649.000,-

Total provisions

18.820.000,-

Long-term liabilities to credit institutions

114.358.000,-

Bank overdraft granted of which bank overdraft utilized

114.358.000,-

Total long-term liabilities

114.358.000,-

Current accounts payable (trade)

157.685.000,-

Current payables to affiliated companies and to companies in which participations are held

215.061.000,-

Total current liabilities

374.407.000,-

Total liabilities

488.765.000,-

Total equity, provisions, liabilities, accrued expenses and deferred income

665.119.000,-

Number of employees

156,-

Salaries board/Managing Director

1.297.000,-

Salaries to others

58.134.000,-

Total salaries

59.431.000,-

Total salaries and remunerations

59.431.000,-

Social security expenses

29.031.000,-

Unspecified depreciations

48.488.000,-

Unspecified depreciations of which goods sold

48.350.000,-

Unspecified depreciations of which admin costs

138.000,-

Bank overdraft granted

114.358.000,-

Other contingent liabilities

376.000,-

Total contingent liabilities.

376.000,-

Equity/assets ratio

19,-

Acid-test ratio

74,-

Return on assets

26,-

Average interest on debt

-2,-

Cash flow as percentage of total liabilities

41,-

Debt/equity ratio

423,-

Current ratio

100,-

Return on equity

127,-

Interest coverage ratio

12,-

Inventory turnover rate (times/year)

15,-

Risk buffer

23,-

Labour costs as percentage of turnover

-3,-

Capital turnover rate (times/year)

2,-

Accounts receivable as percentage of turnover

12,-

Inventory as percentage of turnover

6,-

Current liabilities as percentage of turnover

25,-

Credit period granted

29,-

Turnover per employee in SEK thousands

9.575.000,-

Cash flow as percentage of financial expenses

1.429,-

Solvency margin

23,-

Tangible fixed assets structure

99,-

Credit period received

25,-

Gross margin

11,-

Operating margin

11,-

Net margin

10,-

 

Corporate balance sheet for the year: 01 January 2003 - 31 December 2003  in  SEK 

Concessions and industrial rights, goodwill

2.111.000,-

Total intangible fixed assets

2.111.000,-

Land and buildings

2.394.000,-

Plant, machinery and equipment

247.928.000,-

Total tangible fixed assets

286.465.000,-

Total fixed assets

288.577.000,-

Inventories and work in progress (incl. prepayments)

84.265.000,-

Accounts receivable (trade)

155.979.000,-

Receivables from affiliates and companies in which participations are held

75.056.000,-

Cash in hand and at bank

2.725.000,-

Total Current assets

323.288.000,-

Total assets incl. prepaid expenses and accrued income

611.866.000,-

Issued (subscribed) capital

100.000,-

Statutory reserves

20.000,-

Share premium account (capital reserve)

85.000.000,-

Profit or loss carried forward

-23.174.000,-

Profit or loss for the financial year

-1.115.000,-

Total equity (Shareholders' funds)

60.831.000,-

Total provisions

16.347.000,-

Long-term liabilities to credit institutions

11.710.000,-

Bank overdraft granted of which bank overdraft utilized

11.710.000,-

Total long-term liabilities

11.710.000,-

Current accounts payable (trade)

143.765.000,-

Current payables to affiliated companies and to companies in which participations are held

252.368.000,-

Total current liabilities

424.886.000,-

Total liabilities

436.596.000,-

Total equity, provisions, liabilities, accrued expenses and deferred income

611.866.000,-

Number of employees

139,-

Salaries board/Managing Director

1.317.000,-

Salaries to others

55.661.000,-

Total salaries

56.978.000,-

Total salaries and remunerations

56.978.000,-

Social security expenses

25.236.000,-

Unspecified depreciations

43.429.000,-

Unspecified depreciations of which goods sold

43.291.000,-

Unspecified depreciations of which admin costs

138.000,-

Bank overdraft granted

50.000.000,-

Other contingent liabilities

323.000,-

Total contingent liabilities.

323.000,-

Equity/assets ratio

21,-

Acid-test ratio

56,-

Return on assets

18,-

Average interest on debt

-3,-

Cash flow as percentage of total liabilities

30,-

Debt/equity ratio

373,-

Current ratio

76,-

Return on equity

75,-

Self-financing rate

88,-

Interest coverage ratio

6,-

Inventory turnover rate (times/year)

14,-

Risk buffer

15,-

Labour costs as percentage of turnover

-4,-

Capital turnover rate (times/year)

2,-

Working capital as percentage of turnover

-8,-

Accounts receivable as percentage of turnover

12,-

Inventory as percentage of turnover

6,-

Current liabilities as percentage of turnover

34,-

Credit period granted

30,-

Turnover per employee in SEK thousands

8.949.000,-

Cash flow as percentage of financial expenses

815,-

Solvency margin

25,-

Tangible fixed assets structure

99,-

Credit period received

25,-

Gross margin

8,-

Operating margin

8,-

Net margin

7,-

 

Corporate profit and loss account for the year: 01 January 2005 - 31 December 2005  in  SEK 

Main revenue (sales/turnover)

1.667.046.000,-

Total operating income/revenue

1.694.926.000,-

Cost of materials (type of expenditure format)

-1.374.666.000,-

Total operating expenses

-1.541.270.000,-

Gross profit or loss after cost of materials or after cost of goods sold

292.380.000,-

Depreciations

-58.622.000,-

Operating profit or loss

153.656.000,-

Financial income

928.000,-

Financial expenses

-15.563.000,-

Result of ordinary operations

139.023.000,-

Pre-tax and pre-appropriation profit or loss

139.023.000,-

Appropriations

-70.747.000,-

Net profit or loss

-1.724.000,-

 

Corporate profit and loss account for the year: 01 January 2004 - 31 December 2004  in  SEK 

Main revenue (sales/turnover)

1.479.900.000,-

Total operating income/revenue

1.493.722.000,-

Cost of materials (type of expenditure format)

-1.194.643.000,-

Total operating expenses

-1.316.352.000,-

Gross profit or loss after cost of materials or after cost of goods sold

285.257.000,-

Depreciations

-48.488.000,-

Operating profit or loss

177.370.000,-

Financial income

12.000,-

Financial expenses

-14.771.000,-

Result of ordinary operations

162.611.000,-

Pre-tax and pre-appropriation profit or loss

162.611.000,-

Appropriations

-2.795.000,-

Net profit or loss

-4.183.000,-

 

Corporate profit and loss account for the year: 01 January 2003 - 31 December 2003  in  SEK 

Main revenue (sales/turnover)

1.199.587.000,-

Total operating income/revenue

1.243.989.000,-

Cost of materials (type of expenditure format)

-1.027.865.000,-

Total operating expenses

-1.136.177.000,-

Gross profit or loss after cost of materials or after cost of goods sold

171.722.000,-

Depreciations

-43.429.000,-

Operating profit or loss

107.813.000,-

Financial income

7.747.000,-

Financial expenses

-17.148.000,-

Result of ordinary operations

98.412.000,-

Pre-tax and pre-appropriation profit or loss

98.412.000,-

Appropriations

-42.604.000,-

Taxes

-1.923.000,-

Net profit or loss

-1.115.000,-

 

Turnover for the period: 01 January 2005 - 31 December 2005  in  SEK 1.694.926.000,00

 Not consolidated profit and loss turnover of the business: Figure given by an official source: 

 

Turnover for the period: 01 January 2004 - 31 December 2004  in  SEK 1.493.722.000,00

 Not consolidated profit and loss turnover of the business: Figure given by an official source: 

 

Turnover for the period: 01 January 2003 - 31 December 2003  in  SEK 1.243.989.000,00

 Not consolidated profit and loss turnover of the business: Figure given by an official source: 

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions