MIRA INFORM REPORT

 

 

Report Date :

26.06.2008

 

IDENTIFICATION DETAILS

 

Name :

ERASTEEL KLOSTER AB

 

 

Registered Office :

81582 S!oderfors 

 

 

Country :

Sweden

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

29.09.1952

 

 

Com. Reg. No.:

5560571811

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Production of Steel.

 

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

name & address

 

ERASTEEL KLOSTER AB

81582 S!ODERFORS SE

Tel. Number +46-293-54300

Fax.Number + 46 293 307 70

 

 

 

 

Business registered

29 September 1952 - Private limited company (no information regarding quotation)

Registration number,

5560571811,

Tax number :,

SE556057181101,

Legal form

Private limited company (no information regarding quotation)

Activities

Production of steel.

 

 

Branches

Box 102
S-770 70 LÅNGSHYTTAN
Tel : + 46 293 54 300
Fax : + 46 225 616 49

Box 101
S-776 02 VIKMANSHYTTAN
Tel : + 46 293 54 300
Fax : + 46 225 304 60

Credit opinion

No objections against entering into a business relationship.

 

 

Employees (Business)

 455

Total share capital

SEK 100000000

Board members

ERIK BELFRAGE   Board member

 

GEORGES JACQUES GILBERT DUVAL   Board member

 

MARC JACQUAS BLANQUART   Board member

 

XAVIER BRUNO JEAN-PAUL CHASTEL   Board member

 

PHILIPPE GUNDERMANN   Board member

 

HANS-OLOV ANDERSSON   Employer representative

 

KARIN LAMELL   Employer representative

 

ERIK ARNE LARSSON   Deputy employer representative

 

JAN-ERIK SAMUELSSON   Deputy employer representative

Auditor

BJ!ORN OHLSSON   Auditor

 

INGEMAR RINDSTIG   Deputy auditor

Management

ULF MELIN   Managing director

Subsidiary company.

ERASTEEL INC   100 %   

 

5563007847   S!ODERFORS POWDER AB   100 %   

 

5564108925   S!ODERFORS SPECIALVERKEN AB   100 %   

Associate company.

5561036301   FAGERSTA SECO AB   50 %   

 

5564647864   SV!ELTBACKENS KRAFT AB   33 %   

 

5565142170   DAMASTEEL AB   23 %   

Shareholder in ultimate parent company

ERASTEEL SAS , France  100 %   Shareholder

 

Website

www.erasteel.com

 

 

 

 

The business have taken out debentures and /or debenture mortgages?  Yes (mortgages/Debentures) 00 July 1984

all debentures and debenture mortgages taken out.  186300000 

 

The business owns or partly owns one or more pieces of land and buildings?  Yes(Property) 01 January 2007

All property types of the business  53397000  rateable (taxable) value

 

The business owns or partly owns one or more pieces of land and buildings?  Yes(Property) 01 January 2007

Metal and machinery industry  30604000  rateable (taxable) value

Metal and machinery industry  14166000  rateable (taxable) value

 

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

Land and buildings

51.600.000,-

Plant, machinery and equipment

216.800.000,-

Total tangible fixed assets

282.800.000,-

Loans, shares and participations

9.300.000,-

Total financial fixed assets

22.600.000,-

Total fixed assets

305.400.000,-

Inventories and work in progress (incl. prepayments)

300.600.000,-

Accounts receivable (trade)

63.900.000,-

Receivables from affiliates and companies in which participations are held

247.900.000,-

Investments (short-term)

45.500.000,-

Cash in hand and at bank

14.400.000,-

Total Current assets

701.200.000,-

Total assets incl. prepaid expenses and accrued income

1.006.600.000,-

Issued (subscribed) capital

100.000.000,-

Statutory reserves

42.000.000,-

Profit or loss carried forward

121.900.000,-

Profit or loss for the financial year

57.600.000,-

Total equity (Shareholders' funds)

321.500.000,-

Total provisions

19.900.000,-

Current accounts payable (trade)

51.200.000,-

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

136.200.000,-

Total current liabilities

270.500.000,-

Total liabilities

270.500.000,-

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

1.006.600.000,-

Number of employees

455,-

Salaries board/Managing Director

1.100.000,-

Salaries to others

132.100.000,-

Total salaries

133.200.000,-

Bonus board/Managing Director

200.000,-

Total salaries and remunerations

133.400.000,-

Social security expenses

56.900.000,-

Dividend

80.000.000,-

Depreciation

48.900.000,-

Floating charges

16.000.000,-

Total pledged assets

16.000.000,-

Other contingent liabilities

4.300.000,-

Total contingent liabilities.

4.300.000,-

Equity/assets ratio

59,-

Acid-test ratio

148,-

Return on assets

3,-

Cash flow as percentage of total liabilities

8,-

Debt/equity ratio

68,-

Current ratio

259,-

Return on equity

5,-

Interest coverage ratio

52,-

Inventory turnover rate (times/year)

5,-

Risk buffer

2,-

Labour costs as percentage of turnover

-8,-

Capital turnover rate (times/year)

1,-

Working capital as percentage of turnover

28,-

Accounts receivable as percentage of turnover

4,-

Inventory as percentage of turnover

19,-

Current liabilities as percentage of turnover

17,-

Credit period granted

10,-

Turnover per employee in SEK thousands

3.372.000,-

Cash flow as percentage of financial expenses

3.933,-

Solvency margin

71,-

Structure of financial fixed assets

7,-

Tangible fixed assets structure

92,-

Risk ratio

1,-

Credit period received

9,-

Gross margin

5,-

Operating margin

1,-

Net margin

2,-

 

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

Land and buildings

56.900.000,-

Plant, machinery and equipment

247.100.000,-

Total tangible fixed assets

312.400.000,-

Loans, shares and participations

9.300.000,-

Total financial fixed assets

26.900.000,-

Total fixed assets

339.300.000,-

Inventories and work in progress (incl. prepayments)

272.700.000,-

Accounts receivable (trade)

61.000.000,-

Receivables from affiliates and companies in which participations are held

254.300.000,-

Investments (short-term)

77.900.000,-

Cash in hand and at bank

3.000.000,-

Total Current assets

692.400.000,-

Total assets incl. prepaid expenses and accrued income

1.031.700.000,-

Issued (subscribed) capital

100.000.000,-

Statutory reserves

42.000.000,-

Profit or loss carried forward

32.200.000,-

Profit or loss for the financial year

89.700.000,-

Total equity (Shareholders' funds)

263.900.000,-

Total provisions

17.400.000,-

Current accounts payable (trade)

69.300.000,-

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

111.000.000,-

Total current liabilities

303.700.000,-

Total liabilities

303.700.000,-

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

1.031.700.000,-

Number of employees

457,-

Salaries board/Managing Director

1.000.000,-

Salaries to others

136.800.000,-

Total salaries

137.800.000,-

Bonus board/Managing Director

100.000,-

Total salaries and remunerations

137.900.000,-

Social security expenses

61.200.000,-

Depreciation

51.600.000,-

Floating charges

16.000.000,-

Total pledged assets

16.000.000,-

Other contingent liabilities

4.300.000,-

Total contingent liabilities.

4.300.000,-

Equity/assets ratio

55,-

Acid-test ratio

138,-

Return on assets

11,-

Cash flow as percentage of total liabilities

42,-

Debt/equity ratio

79,-

Current ratio

227,-

Return on equity

20,-

Interest coverage ratio

301,-

Inventory turnover rate (times/year)

5,-

Risk buffer

11,-

Labour costs as percentage of turnover

-9,-

Capital turnover rate (times/year)

1,-

Working capital as percentage of turnover

26,-

Accounts receivable as percentage of turnover

4,-

Inventory as percentage of turnover

18,-

Current liabilities as percentage of turnover

20,-

Credit period granted

9,-

Turnover per employee in SEK thousands

3.191.000,-

Cash flow as percentage of financial expenses

33.825,-

Solvency margin

68,-

Structure of financial fixed assets

7,-

Tangible fixed assets structure

92,-

Risk ratio

1,-

Credit period received

11,-

Gross margin

11,-

Operating margin

8,-

Net margin

8,-

 

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

Land and buildings

64.000.000,-

Plant, machinery and equipment

278.000.000,-

Total tangible fixed assets

346.000.000,-

Loans, shares and participations

9.000.000,-

Total financial fixed assets

28.000.000,-

Total fixed assets

374.000.000,-

Inventories and work in progress (incl. prepayments)

301.000.000,-

Accounts receivable (trade)

44.000.000,-

Receivables from affiliates and companies in which participations are held

175.000.000,-

Cash in hand and at bank

78.000.000,-

Total Current assets

624.000.000,-

Total assets incl. prepaid expenses and accrued income

998.000.000,-

Issued (subscribed) capital

100.000.000,-

Statutory reserves

42.000.000,-

Profit or loss carried forward

76.000.000,-

Profit or loss for the financial year

76.000.000,-

Total equity (Shareholders' funds)

294.000.000,-

Total provisions

23.000.000,-

Current accounts payable (trade)

61.000.000,-

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

64.000.000,-

Total current liabilities

228.000.000,-

Total liabilities

228.000.000,-

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

998.000.000,-

Number of employees

464,-

Salaries board/Managing Director

1.000.000,-

Salaries to others

136.000.000,-

Total salaries

137.000.000,-

Total salaries and remunerations

137.000.000,-

Social security expenses

67.000.000,-

Dividend

120.000.000,-

Depreciation

55.000.000,-

Floating charges

174.000.000,-

Property mortgages

32.000.000,-

Total pledged assets

207.000.000,-

Other contingent liabilities

4.000.000,-

Total contingent liabilities.

4.000.000,-

Equity/assets ratio

61,-

Acid-test ratio

141,-

Return on assets

10,-

Cash flow as percentage of total liabilities

49,-

Debt/equity ratio

63,-

Current ratio

273,-

Return on equity

16,-

Inventory turnover rate (times/year)

3,-

Risk buffer

10,-

Labour costs as percentage of turnover

-13,-

Capital turnover rate (times/year)

1,-

Working capital as percentage of turnover

39,-

Accounts receivable as percentage of turnover

4,-

Inventory as percentage of turnover

30,-

Current liabilities as percentage of turnover

22,-

Credit period granted

10,-

Turnover per employee in SEK thousands

2.150.000,-

Solvency margin

74,-

Structure of financial fixed assets

7,-

Tangible fixed assets structure

92,-

Risk ratio

1,-

Credit period received

10,-

Gross margin

15,-

Operating margin

9,-

Net margin

9,-

 

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

Main revenue (sales/turnover)

1.515.600.000,-

Total operating income/revenue

1.534.700.000,-

Cost of materials (type of expenditure format)

-1.021.300.000,-

Personnel costs

-196.100.000,-

Depreciation

-48.900.000,-

Total operating expenses

-1.504.600.000,-

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

494.300.000,-

Operating profit or loss

30.100.000,-

Financial income

1.500.000,-

Financial expenses

-600.000,-

Result of ordinary operations

31.000.000,-

Appropriations

52.000.000,-

Taxes

-25.300.000,-

 

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

Main revenue (sales/turnover)

1.431.800.000,-

Total operating income/revenue

1.458.300.000,-

Cost of materials (type of expenditure format)

-830.600.000,-

Personnel costs

-205.400.000,-

Depreciation

-51.600.000,-

Total operating expenses

-1.339.600.000,-

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

601.200.000,-

Operating profit or loss

118.700.000,-

Receivables from affiliates and companies in which participations are held

1.000.000,-

Financial income

2.600.000,-

Financial expenses

-400.000,-

Result of ordinary operations

120.900.000,-

Pre-tax and pre-appropriation profit or loss

120.900.000,-

Appropriations

6.000.000,-

Taxes

-37.200.000,-

Net profit or loss

89.700.000,-

 

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

Main revenue (sales/turnover)

986.000.000,-

Total operating income/revenue

998.000.000,-

Cost of materials (type of expenditure format)

-447.000.000,-

Personnel costs

-208.000.000,-

Depreciation

-55.000.000,-

Total operating expenses

-899.000.000,-

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

539.000.000,-

Operating profit or loss

97.000.000,-

Receivables from affiliates and companies in which participations are held

1.000.000,-

Financial income

3.000.000,-

Result of ordinary operations

99.000.000,-

Pre-tax and pre-appropriation profit or loss

99.000.000,-

Appropriations

7.000.000,-

Taxes

-30.000.000,-

Net profit or loss

76.000.000,-

 

Turnover for the period: 01 January 2006 - 31 December 2006  in  SEK 1.534.700.000,00

 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 1.458.300.000,00

 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 998.000.000,00

 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.

 

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