MIRA
INFORM REPORT
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Report Date : |
24.11.2008 |
IDENTIFICATION DETAILS
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Name : |
NOREX INTERNATIONAL AB |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
07.08.1991 |
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Com. Reg. No.: |
5564304425 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Offering Non-Prime and Prime Steel World Wide |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
SEK 10000000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
NOREX INTERNATIONAL AB
40273
Tel. Number
+46-31-927570
summary
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
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Tax arrears .00 May 2007 |
950 |
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Tax arrears .00 May 2007 |
950 |
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Tax arrears .00 September 2006 |
150 |
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Tax arrears .00 September 2006 |
550 |
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Tax arrears .00 June 2006 |
1050 |
Petition for
injunction to pay.00 September 2007
400
L4:
GOTEBORGS 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 %
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The business have taken
out debentures and /or debenture mortgages? Yes
(mortgages/Debentures) 00 December 2007 |
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all debentures and
debenture mortgages taken out. 60000000 |
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Corporate balance sheet for the year: 01 January 2006 - 31
December 2006 in SEK |
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Inventories and work in
progress (incl. prepayments) |
47.967.000,- |
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Accounts receivable (trade) |
54.475.000,- |
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Cash in hand and at bank |
13.582.000,- |
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Total Current assets |
129.816.000,- |
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Total assets incl.
prepaid expenses and accrued income |
129.816.000,- |
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Issued (subscribed) capital |
100.000,- |
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Statutory reserves |
20.000,- |
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Profit or loss carried
forward |
14.184.000,- |
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Profit or loss for the
financial year |
16.105.000,- |
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Total equity (Shareholders' funds) |
29.909.000,- |
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Total provisions |
3.103.000,- |
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Current accounts payable (trade) |
46.753.000,- |
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Current payables to affiliated
companies and to companies in which participations are held |
4.566.000,- |
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Total current liabilities |
79.662.000,- |
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Total liabilities |
79.662.000,- |
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Total equity, provisions,
liabilities, accrued expenses and deferred income |
129.816.000,- |
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Number of employees |
18,- |
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Salaries board/Managing Director |
4.715.000,- |
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Salaries to others |
3.830.000,- |
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Total salaries |
8.545.000,- |
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Total salaries and remunerations |
8.545.000,- |
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Social security expenses |
6.698.000,- |
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Bank overdraft granted |
20.729.000,- |
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Floating charges |
43.000.000,- |
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Total pledged assets |
43.000.000,- |
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Equity/assets ratio |
32,- |
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Acid-test ratio |
102,- |
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Return on assets |
36,- |
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Average interest on debt |
-5,- |
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Cash flow as percentage
of total liabilities |
28,- |
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Debt/equity ratio |
210,- |
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Current ratio |
162,- |
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Return on equity |
72,- |
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Interest coverage ratio |
9,- |
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Inventory turnover rate
(times/year) |
11,- |
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Risk buffer |
30,- |
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Labour costs as percentage
of turnover |
-1,- |
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Capital turnover rate
(times/year) |
4,- |
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Working capital as
percentage of turnover |
9,- |
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Accounts receivable as
percentage of turnover |
10,- |
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Inventory as percentage
of turnover |
8,- |
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Current liabilities as percentage
of turnover |
14,- |
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Credit period granted |
19,- |
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Turnover per employee in
SEK thousands |
29.654.000,- |
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Cash flow as percentage
of financial expenses |
486,- |
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Solvency margin |
36,- |
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Credit period received |
19,- |
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Gross margin |
5,- |
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Operating margin |
7,- |
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Net margin |
5,- |
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Corporate
balance sheet for the year: 01 January 2005 - 31 December 2005 in
SEK |
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Inventories and work in progress (incl. prepayments) |
46.400.000,- |
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Accounts receivable (trade) |
29.607.000,- |
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Cash in hand and at bank |
12.865.000,- |
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Total Current assets |
106.615.000,- |
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Total assets incl. prepaid expenses and accrued income |
106.615.000,- |
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Issued (subscribed) capital |
100.000,- |
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Statutory reserves |
20.000,- |
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Profit or loss carried forward |
8.336.000,- |
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Profit or loss for the financial year |
8.244.000,- |
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Total equity (Shareholders' funds) |
16.605.000,- |
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Total provisions |
268.000,- |
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Bank overdraft granted of which bank overdraft utilized |
15.031.000,- |
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Current liabilities to credit institutions |
15.031.000,- |
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Current accounts payable (trade) |
37.977.000,- |
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Current payables to affiliated companies and to companies in which participations
are held |
4.904.000,- |
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Total current liabilities |
80.211.000,- |
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Total liabilities |
80.211.000,- |
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Total equity, provisions, liabilities, accrued expenses and deferred
income |
106.615.000,- |
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Number of employees |
17,- |
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Salaries board/Managing Director |
3.465.000,- |
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Salaries to others |
3.122.000,- |
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Total salaries |
6.587.000,- |
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Total salaries and remunerations |
6.587.000,- |
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Social security expenses |
3.514.000,- |
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Depreciation |
5.785.000,- |
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Bank overdraft granted |
18.890.000,- |
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Floating charges |
28.000.000,- |
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Total pledged assets |
28.000.000,- |
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Equity/assets ratio |
21,- |
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Acid-test ratio |
75,- |
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Return on assets |
15,- |
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Cash flow as percentage of total liabilities |
22,- |
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Debt/equity ratio |
358,- |
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Current ratio |
132,- |
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Return on equity |
66,- |
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Interest coverage ratio |
27,- |
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Inventory turnover rate (times/year) |
6,- |
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Risk buffer |
14,- |
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Labour costs as percentage of turnover |
-2,- |
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Capital turnover rate (times/year) |
3,- |
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Working capital as percentage of turnover |
8,- |
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Accounts receivable as percentage of turnover |
9,- |
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Inventory as percentage of turnover |
14,- |
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Current liabilities as percentage of turnover |
25,- |
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Credit period granted |
15,- |
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Turnover per employee in SEK thousands |
18.851.000,- |
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Cash flow as percentage of financial expenses |
3.109,- |
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Solvency margin |
24,- |
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Credit period received |
24,- |
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Gross margin |
6,- |
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Operating margin |
4,- |
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Net margin |
4,- |
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Corporate
balance sheet for the year: 01 September 2003 - 31 December 2004
in SEK |
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Loans, shares and participations |
471.000,- |
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Total financial fixed assets |
471.000,- |
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Total fixed assets |
471.000,- |
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Inventories and work in progress (incl. prepayments) |
34.240.000,- |
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Accounts receivable (trade) |
10.033.000,- |
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Receivables from affiliates and companies in which participations are
held |
1.354.000,- |
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Cash in hand and at bank |
7.970.000,- |
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Total Current assets |
57.161.000,- |
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Total assets incl. prepaid expenses and accrued income |
57.632.000,- |
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Issued (subscribed) capital |
100.000,- |
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Statutory reserves |
20.000,- |
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Profit or loss for the financial year |
8.335.000,- |
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Total equity (Shareholders' funds) |
8.455.000,- |
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Total provisions |
4.182.000,- |
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Current accounts payable (trade) |
23.834.000,- |
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Current payables to affiliated companies and to companies in which
participations are held |
6.829.000,- |
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Total current liabilities |
39.503.000,- |
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Total liabilities |
39.503.000,- |
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Total equity, provisions, liabilities, accrued expenses and deferred
income |
57.632.000,- |
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Number of employees |
16,- |
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Salaries board/Managing Director |
2.200.000,- |
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Salaries to others |
5.177.000,- |
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Total salaries |
7.377.000,- |
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Total salaries and remunerations |
7.377.000,- |
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Social security expenses |
8.844.000,- |
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Bank overdraft granted |
1.000.000,- |
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Floating charges |
14.500.000,- |
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Total pledged assets |
14.500.000,- |
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Equity/assets ratio |
21,- |
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Acid-test ratio |
58,- |
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Return on assets |
28,- |
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Cash flow as percentage of total liabilities |
22,- |
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Debt/equity ratio |
369,- |
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Current ratio |
144,- |
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Return on equity |
103,- |
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Self-financing rate |
5.518,- |
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Interest coverage ratio |
96,- |
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Inventory turnover rate (times/year) |
4,- |
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Risk buffer |
27,- |
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Labour costs as percentage of turnover |
-3,- |
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Capital turnover rate (times/year) |
2,- |
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Working capital as percentage of turnover |
11,- |
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Accounts receivable as percentage of turnover |
6,- |
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Inventory as percentage of turnover |
21,- |
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Current liabilities as percentage of turnover |
25,- |
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Credit period granted |
17,- |
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Turnover per employee in SEK thousands |
9.738.000,- |
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Cash flow as percentage of financial expenses |
5.999,- |
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Solvency margin |
24,- |
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Structure of financial fixed assets |
100,- |
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Credit period received |
24,- |
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Gross margin |
8,- |
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Operating margin |
10,- |
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Net margin |
8,- |
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Corporate profit
and loss account for the year: 01 January 2006 - 31 December 2006
in SEK |
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Main revenue (sales/turnover) |
524.276.000,- |
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Total operating income/revenue |
533.772.000,- |
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Cost of materials (type of expenditure format) |
-460.148.000,- |
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Inventories and work in progress (incl. prepayments) |
-460.148.000,- |
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Personnel costs |
-16.199.000,- |
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Total operating expenses |
-503.612.000,- |
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Gross profit or loss after cost of materials or after cost of goods
sold |
64.128.000,- |
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Operating profit or loss |
30.161.000,- |
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Financial income |
4.900.000,- |
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Financial expenses |
-4.878.000,- |
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Result of ordinary operations |
30.183.000,- |
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Pre-tax and pre-appropriation profit or loss |
30.183.000,- |
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Appropriations |
-7.611.000,- |
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Taxes |
-6.467.000,- |
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Net profit or loss |
16.105.000,- |
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Corporate profit
and loss account for the year: 01 January 2005 - 31 December 2005
in SEK |
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Main revenue (sales/turnover) |
311.661.000,- |
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Total operating income/revenue |
320.473.000,- |
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Cost of materials (type of expenditure format) |
-272.083.000,- |
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Inventories and work in progress (incl. prepayments) |
-272.083.000,- |
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Personnel costs |
-10.183.000,- |
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Depreciation |
-5.785.000,- |
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Total operating expenses |
-304.769.000,- |
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Gross profit or loss after cost of materials or after cost of goods
sold |
39.578.000,- |
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Operating profit or loss |
15.703.000,- |
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Receivables from affiliates and companies in which participations are
held |
117.000,- |
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Financial income |
328.000,- |
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Financial expenses |
-581.000,- |
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Result of ordinary operations |
15.450.000,- |
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Pre-tax and pre-appropriation profit or loss |
15.450.000,- |
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Appropriations |
-4.039.000,- |
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Taxes |
-3.167.000,- |
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Net profit or loss |
8.244.000,- |
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Corporate profit
and loss account for the year: 01 September 2003 - 31 December
2004 in SEK |
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Main revenue (sales/turnover) |
203.631.000,- |
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Total operating income/revenue |
207.762.000,- |
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Cost of materials (type
of expenditure format) |
-153.087.000,- |
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Inventories and work in
progress (incl. prepayments) |
-153.087.000,- |
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Personnel costs |
-16.479.000,- |
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Total operating expenses |
-190.678.000,- |
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Gross profit or loss
after cost of materials or after cost of goods sold |
50.544.000,- |
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Operating profit or loss |
17.085.000,- |
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Financial income |
53.000,- |
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Financial expenses |
-222.000,- |
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Result of ordinary operations |
16.916.000,- |
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Pre-tax and
pre-appropriation profit or loss |
16.916.000,- |
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Appropriations |
-4.982.000,- |
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Taxes |
-3.598.000,- |
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Net profit or loss |
8.335.000,- |
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Turnover for the
period: 01 January 2006 - 31 December 2006 in
SEK 533.772.000,00 |
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Not consolidated
profit and loss turnover of the business: Figure given by an official
source: |
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Turnover for the
period: 01 January 2005 - 31 December 2005 in
SEK 320.473.000,00 |
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Not consolidated
profit and loss turnover of the business: Figure given by an official
source: |
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Turnover for the
period: 01 September 2003 - 31 December 2004 in
SEK 207.762.000,00 |
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Not consolidated profit
and loss turnover of the business: Figure given by an official
source: |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.09 |
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1 |
Rs.74.90 |
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Euro |
1 |
Rs.63.40 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)