MIRA INFORM REPORT

 

 

Report Date :

30.06.2008

 

IDENTIFICATION DETAILS

 

Name :

NOREX INTERNATIONAL AB

 

 

Registered Office :

Box 8948 40273 G!oteborg 

 

 

Country :

Sweden

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

07.08.1991

 

 

Com. Reg. No.:

5564304425

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Offering Non-Prime and Prime Steel World Wide

 

 

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 :

SEK 10000000

 

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

name & address

 

NOREX INTERNATIONAL AB

 BOX 8948

 40273 G!OTEBORG SE

Tel. Number +46-31-927570

 

 

 

 

Business registered

07 August 1991 - Private limited company (no information regarding quotation)

Registration number,

5564304425,

Tax number :,

SE556430442501,

Legal form

Private limited company (no information regarding quotation)

Activities

No Match!

Credit opinion

High creditworthiness

 

Maximum credit limit 10000000 SEK is advised

Employees (Business)

 18

Tax arrears .00 May 2007

 950

Tax arrears .00 May 2007

 950

Tax arrears .00 September 2006

 150

Tax arrears .00 September 2006

 550

Tax arrears .00 June 2006

 1050

Petition for injunction to pay.00 September 2007

 400

L4:G

!OTEBORGS STADS PARKERIN

Judgments (total number)

 5

Judgments (total amount)

 3650

Injunctions (total number),

 1

Injunctions (total amount),

 400

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

 6

Total share capital

SEK 100000

Board members

CARL CHRISTER GYBERG   Board member

 

LEIF FREDRIKSSON   Board member

 

STURE LENNART FREDRIKSSON   Board member

 

EGBERT JOSEF APPEL   Board member

 

HENRIK FREDRIKSSON   Deputy board member

Auditor

RUNE SVEN-INGE KARLSSON   Auditor

 

JAN-ERIK JOHANSSON   Deputy auditor

Management

DAVID FREDRIKSSON   Managing director

Parent company :

5562334291   HERGIT AB   100 %   

 

 

 

 

 

 

The business have taken out debentures and /or debenture mortgages?  Yes (mortgages/Debentures) 00 December 2007

all debentures and debenture mortgages taken out.  60000000 

 

Corporate balance sheet for the year: 01 January 2006 - 31 December 2006  in  SEK 

Inventories and work in progress (incl. prepayments)

47.967.000,-

Accounts receivable (trade)

54.475.000,-

Cash in hand and at bank

13.582.000,-

Total Current assets

129.816.000,-

Total assets incl. prepaid expenses and accrued income

129.816.000,-

Issued (subscribed) capital

100.000,-

Statutory reserves

20.000,-

Profit or loss carried forward

14.184.000,-

Profit or loss for the financial year

16.105.000,-

Total equity (Shareholders' funds)

29.909.000,-

Total provisions

3.103.000,-

Current accounts payable (trade)

46.753.000,-

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

4.566.000,-

Total current liabilities

79.662.000,-

Total liabilities

79.662.000,-

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

129.816.000,-

Number of employees

18,-

Salaries board/Managing Director

4.715.000,-

Salaries to others

3.830.000,-

Total salaries

8.545.000,-

Total salaries and remunerations

8.545.000,-

Social security expenses

6.698.000,-

Bank overdraft granted

20.729.000,-

Floating charges

43.000.000,-

Total pledged assets

43.000.000,-

Equity/assets ratio

32,-

Acid-test ratio

102,-

Return on assets

36,-

Average interest on debt

-5,-

Cash flow as percentage of total liabilities

28,-

Debt/equity ratio

210,-

Current ratio

162,-

Return on equity

72,-

Interest coverage ratio

9,-

Inventory turnover rate (times/year)

11,-

Risk buffer

30,-

Labour costs as percentage of turnover

-1,-

Capital turnover rate (times/year)

4,-

Working capital as percentage of turnover

9,-

Accounts receivable as percentage of turnover

10,-

Inventory as percentage of turnover

8,-

Current liabilities as percentage of turnover

14,-

Credit period granted

19,-

Turnover per employee in SEK thousands

29.654.000,-

Cash flow as percentage of financial expenses

486,-

Solvency margin

36,-

Credit period received

19,-

Gross margin

5,-

Operating margin

7,-

Net margin

5,-

 

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

Inventories and work in progress (incl. prepayments)

46.400.000,-

Accounts receivable (trade)

29.607.000,-

Cash in hand and at bank

12.865.000,-

Total Current assets

106.615.000,-

Total assets incl. prepaid expenses and accrued income

106.615.000,-

Issued (subscribed) capital

100.000,-

Statutory reserves

20.000,-

Profit or loss carried forward

8.336.000,-

Profit or loss for the financial year

8.244.000,-

Total equity (Shareholders' funds)

16.605.000,-

Total provisions

268.000,-

Bank overdraft granted of which bank overdraft utilized

15.031.000,-

Current liabilities to credit institutions

15.031.000,-

Current accounts payable (trade)

37.977.000,-

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

4.904.000,-

Total current liabilities

80.211.000,-

Total liabilities

80.211.000,-

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

106.615.000,-

Number of employees

17,-

Salaries board/Managing Director

3.465.000,-

Salaries to others

3.122.000,-

Total salaries

6.587.000,-

Total salaries and remunerations

6.587.000,-

Social security expenses

3.514.000,-

Depreciation

5.785.000,-

Bank overdraft granted

18.890.000,-

Floating charges

28.000.000,-

Total pledged assets

28.000.000,-

Equity/assets ratio

21,-

Acid-test ratio

75,-

Return on assets

15,-

Cash flow as percentage of total liabilities

22,-

Debt/equity ratio

358,-

Current ratio

132,-

Return on equity

66,-

Interest coverage ratio

27,-

Inventory turnover rate (times/year)

6,-

Risk buffer

14,-

Labour costs as percentage of turnover

-2,-

Capital turnover rate (times/year)

3,-

Working capital as percentage of turnover

8,-

Accounts receivable as percentage of turnover

9,-

Inventory as percentage of turnover

14,-

Current liabilities as percentage of turnover

25,-

Credit period granted

15,-

Turnover per employee in SEK thousands

18.851.000,-

Cash flow as percentage of financial expenses

3.109,-

Solvency margin

24,-

Credit period received

24,-

Gross margin

6,-

Operating margin

4,-

Net margin

4,-

 

Corporate balance sheet for the year: 01 September 2003 - 31 December 2004  in  SEK 

Loans, shares and participations

471.000,-

Total financial fixed assets

471.000,-

Total fixed assets

471.000,-

Inventories and work in progress (incl. prepayments)

34.240.000,-

Accounts receivable (trade)

10.033.000,-

Receivables from affiliates and companies in which participations are held

1.354.000,-

Cash in hand and at bank

7.970.000,-

Total Current assets

57.161.000,-

Total assets incl. prepaid expenses and accrued income

57.632.000,-

Issued (subscribed) capital

100.000,-

Statutory reserves

20.000,-

Profit or loss for the financial year

8.335.000,-

Total equity (Shareholders' funds)

8.455.000,-

Total provisions

4.182.000,-

Current accounts payable (trade)

23.834.000,-

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

6.829.000,-

Total current liabilities

39.503.000,-

Total liabilities

39.503.000,-

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

57.632.000,-

Number of employees

16,-

Salaries board/Managing Director

2.200.000,-

Salaries to others

5.177.000,-

Total salaries

7.377.000,-

Total salaries and remunerations

7.377.000,-

Social security expenses

8.844.000,-

Bank overdraft granted

1.000.000,-

Floating charges

14.500.000,-

Total pledged assets

14.500.000,-

Equity/assets ratio

21,-

Acid-test ratio

58,-

Return on assets

28,-

Cash flow as percentage of total liabilities

22,-

Debt/equity ratio

369,-

Current ratio

144,-

Return on equity

103,-

Self-financing rate

5.518,-

Interest coverage ratio

96,-

Inventory turnover rate (times/year)

4,-

Risk buffer

27,-

Labour costs as percentage of turnover

-3,-

Capital turnover rate (times/year)

2,-

Working capital as percentage of turnover

11,-

Accounts receivable as percentage of turnover

6,-

Inventory as percentage of turnover

21,-

Current liabilities as percentage of turnover

25,-

Credit period granted

17,-

Turnover per employee in SEK thousands

9.738.000,-

Cash flow as percentage of financial expenses

5.999,-

Solvency margin

24,-

Structure of financial fixed assets

100,-

Credit period received

24,-

Gross margin

8,-

Operating margin

10,-

Net margin

8,-

 

Corporate profit and loss account for the year: 01 January 2006 - 31 December 2006  in  SEK 

Main revenue (sales/turnover)

524.276.000,-

Total operating income/revenue

533.772.000,-

Cost of materials (type of expenditure format)

-460.148.000,-

Inventories and work in progress (incl. prepayments)

-460.148.000,-

Personnel costs

-16.199.000,-

Total operating expenses

-503.612.000,-

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

64.128.000,-

Operating profit or loss

30.161.000,-

Financial income

4.900.000,-

Financial expenses

-4.878.000,-

Result of ordinary operations

30.183.000,-

Pre-tax and pre-appropriation profit or loss

30.183.000,-

Appropriations

-7.611.000,-

Taxes

-6.467.000,-

Net profit or loss

16.105.000,-

 

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

Main revenue (sales/turnover)

311.661.000,-

Total operating income/revenue

320.473.000,-

Cost of materials (type of expenditure format)

-272.083.000,-

Inventories and work in progress (incl. prepayments)

-272.083.000,-

Personnel costs

-10.183.000,-

Depreciation

-5.785.000,-

Total operating expenses

-304.769.000,-

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

39.578.000,-

Operating profit or loss

15.703.000,-

Receivables from affiliates and companies in which participations are held

117.000,-

Financial income

328.000,-

Financial expenses

-581.000,-

Result of ordinary operations

15.450.000,-

Pre-tax and pre-appropriation profit or loss

15.450.000,-

Appropriations

-4.039.000,-

Taxes

-3.167.000,-

Net profit or loss

8.244.000,-

 

Corporate profit and loss account for the year: 01 September 2003 - 31 December 2004  in  SEK 

Main revenue (sales/turnover)

203.631.000,-

Total operating income/revenue

207.762.000,-

Cost of materials (type of expenditure format)

-153.087.000,-

Inventories and work in progress (incl. prepayments)

-153.087.000,-

Personnel costs

-16.479.000,-

Total operating expenses

-190.678.000,-

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

50.544.000,-

Operating profit or loss

17.085.000,-

Financial income

53.000,-

Financial expenses

-222.000,-

Result of ordinary operations

16.916.000,-

Pre-tax and pre-appropriation profit or loss

16.916.000,-

Appropriations

-4.982.000,-

Taxes

-3.598.000,-

Net profit or loss

8.335.000,-

 

Turnover for the period: 01 January 2006 - 31 December 2006  in  SEK 533.772.000,00

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

 

Turnover for the period: 01 January 2005 - 31 December 2005  in  SEK 320.473.000,00

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

 

Turnover for the period: 01 September 2003 - 31 December 2004  in  SEK 207.762.000,00

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

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.42.95

UK Pound

1

Rs.85.62

Euro

1

Rs.67.81

 

 

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.

 

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