MIRA INFORM REPORT

 

 

Report Date :

26.06.2008

 

IDENTIFICATION DETAILS

 

Name :

TINFOS NIZI SA

 

 

Registered Office :

Rue Pafebruch 89E 8308

 

 

Country :

Luxembourg

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

27.04.1999

 

 

Legal Form :

SA – Public Limited Company

 

 

Line of Business :

Wholesale Industrial Supplies

 

 

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 :

€2.212.500

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

name & address

 

Tinfos Nizi SA

Rue Pafebruch 89E

8308 Luxembourg

Phoe no. :  +352-4422211

Fax no. :  +352-445268

 

 

Trade reg. Nr.

 

B69587

 

 

Legal form

 

SA – Public Limited under Luxemburg laws.

 

 

Former address

 

2, rue Nicolas Bové, L-1253 Luxembourg.

 

 

Parent company

 

Tinfos Luxembourg SA, Luxemburg

 

Subject matter ultimately comes under the Tinfos AS group of Norway

 

Website : www.tinfos.com

 

 

MANAGEMENT

 

Roynestad Gjermund

Managing Director Appointed 27 Apr 1999

Address :

LUXEMBOURG

 

Karleskind Jean-Luc

Director Appointed 27 Apr 1999

Nikolai Johns:

Director Appointed 27 Apr 1999

 

 

 

 

 

Legal Form

 

Public Limited Liability Company since 27 Apr 1999

 

 

VAT Number    

 

17924701

 

 

Trade Register Number

 

B69587

 

Details of Capital

Amount

As at

Issued capital

€ 2.500.000

before 27 Jun 2007

Paid Up Capital

€ 2.500.000

before 27 Jun 2007

 

 

Activity

Code

Activity description

SIC (Primary)

50850000

Whol industrial supplies

Other SIC

50510000

Metals service center

 

51690000

Whol chemicals/products

NACEBEL: Source

51700

Other wholesale

 

51520

Wholesale metals & metal ores

 

51550

Wholesale chemical products

 

Imports/Exports

 

 

Imports:

Yes

 

 

Percentage

95

 

 

Exports:

Yes

 

 

Percentage

90

 

 

Source

Total

Staff

27 employees

 

 

Fiscal
Non consolidated
Euro
31 Dec 2006
12 months
(000's)

Fiscal
Non consolidated
Euro
31 Dec 2005
12 months
(000's)

Fiscal
Non consolidated
Euro
31 Dec 2004
(000's)

Fiscal
Non consolidated
Euro
31 Dec 2003
(000's)

Fiscal
Non consolidated
Euro
31 Dec 2002
(000's)

ASSETS

 

Total Intangible Assets

70

103

55

-

-

 

Plant, machinery & equipment

-

-

-

217

-

 

Other Tangible Fixed Assets

-

-

-

-

223

 

Total Tangible Fixed Assets

158

234

316

217

223

 

Financial Assets

3

3

3

3

3

 

Total Fixed Assets

231

340

374

220

226

 

Stock & work in progress

91.179

54.360

60.750

32.068

17.176

 

Trade Debtors

-

-

-

27.683

16.739

 

Other receivables

-

-

-

3.296

1.901

 

Prepayments on stocks

567

-

-

-

-

 

Cash at bank in/hand

1.434

11.314

399

88

42

 

Total Current Assets

171.172

126.761

125.350

63.135

35.858

 

Total Assets

171.403

127.101

125.724

63.355

36.084

LIABILITIES

Net Worth / Shareholders Funds

 

Paid Up Capital

2.500

2.500

2.500

2.500

2.500

 

Reserves

875

650

414

238

126

 

Net Worth

25.212

8.096

8.933

5.021

3.876

 

Retained Profit Account

6.837

4.946

(6.019)

(2.283)

(1.250)

 

Subordinated loans

15.000

-

-

-

-

 

Other current liabilities incl. Accruals and deferred income

-

-

8.951

-

4.051

 

Trade Creditors

-

-

-

6.241

2.422

 

Accruals & Deferred Income

-

-

-

8.951

-

 

Loans Payable

-

-

-

28.757

17.645

 

Other Current Liabilities

-

-

-

12.837

6.759

 

Total Current Liabilities

141.276

101.453

105.139

47.835

26.826

 

Total Liabilities

171.403

127.101

125.724

63.355

36.084

 

 

Profit/loss account

 

 

Non consolidated
Fiscal
Euro
31 Dec 2006
(000's)

Non consolidated
Fiscal
Euro
31 Dec 2005
(000's)

Non consolidated
Fiscal
Euro
31 Dec 2004
(000's)

Non consolidated
Fiscal
Euro
31 Dec 2003
(000's)

Non consolidated
Fiscal
Euro
31 Dec 2002
(000's)

Turnover

552.016

388.193

389.162

168.461

151.832

Cost of sales

541.902

-

-

-

-

Gross Profit / (loss)

10.114

-

-

-

-

Other operating expenses

(11.918)

(5.999)

(2.839)

(2.990)

(3.394)

Net Operating Profit

-

-

-

8

845

Total Financial Income

-

-

-

2.415

1.526

Financial expenses

-

(7.525)

-

(500)

(1.331)

Profit / (Loss) Before Taxes

-

-

-

2.016

906

Total Corporation Tax

1.083

488

-

(611)

(274)

Profit After Tax

6.837

1.163

4.361

1.405

632

Extraordinary Items

-

-

-

212

-

Exceptional Items

-

-

-

(119)

(134)

Net Profit (Loss)

6.837

1.163

4.361

1.405

632

Net Profit for the year

6.837

1.163

4.361

1.405

632

Employees

-

-

27

27

27

Payroll

(4.250)

(3.550)

(2.750)

(2.935)

(2.655)

Depreciation

(3.041)

(514)

(89)

(55)

(27)

 

 

 

RATIOS

 

 

INDUSTRY COMPARISON

STATEMENT DATE

 

Lowest Quartile

Median

Highest Quartile

2006

2005

2004

2003

2002

Profitability

Profit Margin (%)

0,5

3,4

8,5

-

-

-

1,2

0,6

Net sales margin

0,7

2,6

8,3

-

-

-

0

0,6

Gross sales margin (%)

1,3

4,8

14,8

0,6

0,1

0

0

0,6

Shareholders' Return (%)

2,9

16,4

40,5

-

-

-

40,2

23,4

Return On Capital (%)

1,4

9,0

24,7

-

-

-

30,7

9,8

Return On Assets (%)

0,3

3,9

12,0

-

-

-

3,2

2,5

Return on value added

5,8

16,3

30,1

0,5

-

-

-

-

 

Financial Status

Acid Test (x)

0,6

0,9

1,5

0,6

0,1

0,6

0,5

0,7

Current Ratio (x)

1,0

1,3

2,0

1,2

0,6

1,2

1,1

1,3

Solvency Ratio (%)

560,6

158,6

56,7

561,9

1.269,3

1.285,1

1.131

796,6

Fixed Assets/Net Worth (%)

138,0

41,6

7,2

0,9

4,2

4,2

4,4

5,8

Non Current assets/Net Worth (%)

151,9

45,2

10,5

3,2

4,2

4,2

4,4

5,8

Current Liabilities/Net Worth (%)

477,8

122,0

34,4

561,9

1.269,3

1.184,3

1.131

692,1

Financial charges/net sales

1,6

0,7

0,2

-

1,9

-

0,3

0,9

Degree of indebtness (%)

90,8

71,2

47,8

82,4

79,8

90,8

89,6

85,6

 

Asset Utility

Stock Turnover Rate

4,5

11,0

21,7

6,1

7,1

6,4

5,3

8,8

Collection Period (days)

71,1

49,8

27,1

-

-

-

60

40,2

Asset Turnover (%)

155,8

224,8

384,3

322,1

305,4

309,5

265,9

420,8

Sales / Net Working Capital (x)

1,0

5,6

12,3

18,5

15,3

19,3

26,5

16,8

Sales/total current assets

98,3

165,5

307,1

322,5

306,2

310,5

266,8

423,4

 

Employee (000's)

Wages/value added (%)

33,0

54,9

75,1

146,4

-

-

-

-

 

Growth trend for Tinfos Nizi SA

 

 

2006 vs 2005

Turnover

42,2%

 

Profit After Tax

487,9%

 

Net Profit for the year

487,9%

 

Total Intangible Assets

(32)%

 

Total Tangible Fixed Assets

(32,5)%

 

Current Assets

35%

 

Total Assets

34,9%

 

Current Liabilities

39,3%

 

Net Current Assets (Liabilities)

18,1%

 

Total Assets less Current Liabilities

17,5%

 

Net Assets

17,5%

 

Net Worth / Shareholders Funds

214,6%

 

 

 

Credit Advice 

 

€2.212.500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.42.79

UK Pound

1

Rs.85.04

Euro

1

Rs.67.39

 

 

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