MIRA INFORM REPORT

 

 

Report Date :

16.05.2008

 

IDENTIFICATION DETAILS

 

Name :

SYRGIS PERFORMANCE INITIATORS AB

 

 

Registered Office :

Box 26083 10041 Stockholm 

 

 

Country :

Sweden

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

26.04. 2006

 

 

Com. Reg. No.:

5567027197

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture of Organic Peroxides.

 

 

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

 

SYRGIS PERFORMANCE INITIATORS AB

 BOX 26083

 10041 STOCKHOLM SE

Tel. Number +46-8-54512160

 

 

 

Business registered

26 April 2006 - Private limited company (no information regarding quotation)

Registration number,

5567027197,

Tax number :,

SE556702719701,

Legal form

Private limited company (no information regarding quotation)

Activities

The manufacture of organic peroxides.

 

 

Credit opinion

No objections against entering into a business relationship.

 

 

Employees (Business)

Up to 50 employees.

Total share capital

SEK 100000

Board members

BENNY FAHRMAN   Board member

 

ANDREW MERRIT HARRIS   Board member

 

MALIN MARGARETA THOR   Board member

Remarks

Subject matter is part of the Syrgis group, which has its headquarters in Helena, Arkansas – USA

 

The operations were previously carried out by

SYRGIS PERFORMANCE INITIATORS AB

BOX 26083, 10041 STOCKHOLM SE

Reg. Nr. 5561623165,

During January 2008 these companies merged, with subject matter being the continuing party, and the one under nr. 5561623165 disappeared.


For completeness sake we include the figures of the dissolved one, reg. Nr. 5561623165.

Auditor

RAGNAR SANTESSON   Auditor

 

Website

www.syrgisperformanceinitiators.com

 

 

 

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

all debentures and debenture mortgages taken out.  105000000 

 

 

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

Land and buildings

9.425.000,-

Plant, machinery and equipment

2.751.000,-

Total tangible fixed assets

12.176.000,-

Total fixed assets

12.176.000,-

Inventories and work in progress (incl. prepayments)

9.039.000,-

Accounts receivable (trade)

20.041.000,-

Cash in hand and at bank

16.602.000,-

Total Current assets

48.136.000,-

Total assets incl. prepaid expenses and accrued income

60.312.000,-

Issued (subscribed) capital

900.000,-

Statutory reserves

180.000,-

Profit or loss carried forward

30.816.000,-

Profit or loss for the financial year

1.403.000,-

Total equity (Shareholders' funds)

33.299.000,-

Current accounts payable (trade)

3.651.000,-

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

17.493.000,-

Total current liabilities

24.468.000,-

Total liabilities

24.468.000,-

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

60.312.000,-

Number of employees

22,-

Salaries board/Managing Director

785.000,-

Salaries to others

7.444.000,-

Total salaries

8.229.000,-

Total salaries and remunerations

8.229.000,-

Social security expenses

3.329.000,-

Depreciation

2.449.000,-

Bank overdraft granted

1.000.000,-

Other pledges

25.000,-

Total pledged assets

25.000,-

Equity/assets ratio

58,-

Acid-test ratio

159,-

Return on assets

6,-

Average interest on debt

-2,-

Cash flow as percentage of total liabilities

20,-

Debt/equity ratio

72,-

Current ratio

196,-

Return on equity

9,-

Interest coverage ratio

6,-

Inventory turnover rate (times/year)

9,-

Risk buffer

4,-

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

22,-

Inventory as percentage of turnover

10,-

Current liabilities as percentage of turnover

27,-

Credit period granted

56,-

Turnover per employee in SEK thousands

4.083.000,-

Cash flow as percentage of financial expenses

920,-

Solvency margin

59,-

Tangible fixed assets structure

100,-

Credit period received

10,-

Gross margin

6,-

Operating margin

3,-

Net margin

3,-

 

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

Land and buildings

9.816.000,-

Plant, machinery and equipment

3.169.000,-

Total tangible fixed assets

12.985.000,-

Total fixed assets

12.985.000,-

Inventories and work in progress (incl. prepayments)

8.017.000,-

Accounts receivable (trade)

20.808.000,-

Cash in hand and at bank

3.485.000,-

Total Current assets

35.548.000,-

Total assets incl. prepaid expenses and accrued income

48.533.000,-

Issued (subscribed) capital

900.000,-

Statutory reserves

180.000,-

Profit or loss carried forward

30.076.000,-

Profit or loss for the financial year

740.000,-

Total equity (Shareholders' funds)

31.896.000,-

Current accounts payable (trade)

3.982.000,-

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

8.535.000,-

Total current liabilities

15.297.000,-

Total liabilities

15.297.000,-

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

48.533.000,-

Number of employees

20,-

Salaries board/Managing Director

742.000,-

Salaries to others

6.612.000,-

Total salaries

7.354.000,-

Total salaries and remunerations

7.354.000,-

Social security expenses

3.454.000,-

Depreciation

2.390.000,-

Bank overdraft granted

1.000.000,-

Other pledges

25.000,-

Total pledged assets

25.000,-

Equity/assets ratio

67,-

Acid-test ratio

179,-

Return on assets

2,-

Cash flow as percentage of total liabilities

20,-

Debt/equity ratio

48,-

Current ratio

232,-

Return on equity

3,-

Interest coverage ratio

15,-

Inventory turnover rate (times/year)

9,-

Risk buffer

1,-

Labour costs as percentage of turnover

-9,-

Capital turnover rate (times/year)

1,-

Working capital as percentage of turnover

27,-

Accounts receivable as percentage of turnover

27,-

Inventory as percentage of turnover

10,-

Current liabilities as percentage of turnover

20,-

Credit period granted

57,-

Turnover per employee in SEK thousands

3.725.000,-

Cash flow as percentage of financial expenses

4.118,-

Solvency margin

68,-

Tangible fixed assets structure

100,-

Credit period received

11,-

Gross margin

4,-

Net margin

1,-

 

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

Land and buildings

10.430.000,-

Plant, machinery and equipment

3.657.000,-

Total tangible fixed assets

14.087.000,-

Total fixed assets

14.087.000,-

Inventories and work in progress (incl. prepayments)

5.451.000,-

Accounts receivable (trade)

13.265.000,-

Cash in hand and at bank

6.032.000,-

Total Current assets

26.908.000,-

Total assets incl. prepaid expenses and accrued income

40.995.000,-

Issued (subscribed) capital

900.000,-

Statutory reserves

180.000,-

Profit or loss carried forward

30.071.000,-

Profit or loss for the financial year

5.000,-

Total equity (Shareholders' funds)

31.156.000,-

Current accounts payable (trade)

3.150.000,-

Total current liabilities

8.499.000,-

Total liabilities

8.499.000,-

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

40.995.000,-

Number of employees

21,-

Salaries board/Managing Director

731.000,-

Salaries to others

6.256.000,-

Total salaries

6.987.000,-

Total salaries and remunerations

6.987.000,-

Social security expenses

3.479.000,-

Depreciation

2.243.000,-

Bank overdraft granted

1.000.000,-

Other pledges

25.000,-

Total pledged assets

25.000,-

Equity/assets ratio

78,-

Acid-test ratio

252,-

Return on assets

-1,-

Cash flow as percentage of total liabilities

19,-

Debt/equity ratio

28,-

Current ratio

316,-

Return on equity

-1,-

Interest coverage ratio

-8,-

Inventory turnover rate (times/year)

10,-

Risk buffer

-1,-

Labour costs as percentage of turnover

-11,-

Capital turnover rate (times/year)

1,-

Working capital as percentage of turnover

30,-

Accounts receivable as percentage of turnover

22,-

Inventory as percentage of turnover

9,-

Current liabilities as percentage of turnover

14,-

Credit period granted

56,-

Turnover per employee in SEK thousands

2.840.000,-

Cash flow as percentage of financial expenses

3.070,-

Solvency margin

79,-

Tangible fixed assets structure

100,-

Credit period received

11,-

Gross margin

2,-

Operating margin

-1,-

 

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

Main revenue (sales/turnover)

89.847.000,-

Total operating income/revenue

89.847.000,-

Personnel costs

-12.374.000,-

Depreciation

-2.449.000,-

Total operating expenses

-86.309.000,-

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

89.847.000,-

Operating profit or loss

3.537.000,-

Financial income

219.000,-

Financial expenses

-549.000,-

Result of ordinary operations

3.207.000,-

Pre-tax and pre-appropriation profit or loss

3.207.000,-

Appropriations

-1.204.000,-

Taxes

-600.000,-

Net profit or loss

1.403.000,-

 

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

Main revenue (sales/turnover)

74.506.000,-

Total operating income/revenue

74.506.000,-

Cost of materials (type of expenditure format)

-60.271.000,-

Personnel costs

-11.252.000,-

Depreciation

-2.390.000,-

Total operating expenses

-73.913.000,-

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

14.235.000,-

Operating profit or loss

594.000,-

Financial income

573.000,-

Financial expenses

-76.000,-

Result of ordinary operations

1.090.000,-

Pre-tax and pre-appropriation profit or loss

1.090.000,-

Taxes

-350.000,-

Net profit or loss

740.000,-

 

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

Main revenue (sales/turnover)

59.646.000,-

Total operating income/revenue

59.646.000,-

Cost of materials (type of expenditure format)

-47.513.000,-

Personnel costs

-10.932.000,-

Depreciation

-2.243.000,-

Total operating expenses

-60.688.000,-

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

12.133.000,-

Operating profit or loss

-1.042.000,-

Financial income

592.000,-

Financial expenses

-55.000,-

Result of ordinary operations

-504.000,-

Pre-tax and pre-appropriation profit or loss

-504.000,-

Appropriations

560.000,-

Taxes

-50.000,-

Net profit or loss

5.000,-

 

Turnover for the period: 01 January 2006 - 31 December 2006  in  SEK 89.847.000,00

 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 74.506.000,00

 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 59.646.000,00

 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