MIRA INFORM REPORT

 

 

 

Report Date :

19.10.2008

 

IDENTIFICATION DETAILS

 

Name :

SWEDISH FINE RICE AND FOOD AB

 

 

Registered Office :

Skjulstagatan 10 63229 Eskilstuna 

 

 

Country :

Sweden

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

21.12.1990

 

 

Com. Reg. No.:

5564144342

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Produce various qualities of Rice

 

 

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 :

SEK 2500000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

name & address

 

SWEDISH FINE RICE AND FOOD AB

 SKJULSTAGATAN 10

 63229 ESKILSTUNA SE

Tel. Number +46-16-132050

 

 

summary

                                                         

Business registered                   21 December 1990 - Private limited company (no information regarding quotation)

Registration number,                 5564144342,

Tax number :,                            SE556414434201,

Legal form                                  Private limited company (no information regarding quotation)

 

 

Activities  

 

4639

1061

 

 

Credit opinion

 

 Maximum credit limit 2500000 SEK is advised

 

 

Employees (Business)   

 

13

 

 

Total share capital

 

SEK 200000

 

 

Board members   

 

TAVGA KURDA   Deputy board member

 

 

Auditor 

 

ROLAND EINAR EKLUND   Auditor

ROGER GUSTAFSSON   Deputy auditor

 

 

Management   

 

HAZEM KURDA   Managing director

 

                                                         

 

 

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

all debentures and debenture mortgages taken out.  27415000 

 

Corporate balance sheet for the year: 01 January 2007 - 31 December 2007  in  SEK 

 

Plant, machinery and equipment

2.345.000,-

Total tangible fixed assets

2.345.000,-

Total fixed assets

2.345.000,-

Inventories and work in progress (incl. prepayments)

13.911.000,-

Accounts receivable (trade)

10.984.000,-

Cash in hand and at bank

1.000,-

Total Current assets

25.739.000,-

Total assets incl. prepaid expenses and accrued income

28.085.000,-

Issued (subscribed) capital

200.000,-

Statutory reserves

40.000,-

Profit or loss carried forward

7.511.000,-

Profit or loss for the financial year

11.000,-

Total equity (Shareholders' funds)

7.762.000,-

Long-term liabilities to credit institutions

2.879.000,-

Bank overdraft granted of which bank overdraft utilized

2.879.000,-

Total long-term liabilities

6.532.000,-

Current accounts payable (trade)

6.497.000,-

Total current liabilities

11.988.000,-

Total liabilities

18.520.000,-

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

28.085.000,-

Number of employees

13,-

Salaries board/Managing Director

424.000,-

Salaries to others

3.533.000,-

Total salaries

3.957.000,-

Total salaries and remunerations

3.957.000,-

Social security expenses

1.044.000,-

Dividend

1.400.000,-

Depreciation

372.000,-

Bank overdraft granted

3.000.000,-

Floating charges

6.200.000,-

Total pledged assets

6.200.000,-

Other contingent liabilities

5.740.000,-

Total contingent liabilities.

5.740.000,-

Equity/assets ratio

32,-

Acid-test ratio

98,-

Return on assets

6,-

Average interest on debt

-3,-

Cash flow as percentage of total liabilities

-3,-

Debt/equity ratio

211,-

Current ratio

214,-

Return on equity

-11,-

Interest coverage ratio

2,-

Inventory turnover rate (times/year)

4,-

Risk buffer

2,-

Labour costs as percentage of turnover

-6,-

Capital turnover rate (times/year)

2,-

Working capital as percentage of turnover

21,-

Accounts receivable as percentage of turnover

17,-

Inventory as percentage of turnover

21,-

Current liabilities as percentage of turnover

18,-

Credit period granted

49,-

Turnover per employee in SEK thousands

4.903.000,-

Cash flow as percentage of financial expenses

-106,-

Solvency margin

34,-

Tangible fixed assets structure

100,-

Risk ratio

73,-

Credit period received

27,-

Operating margin

2,-

Net margin

-1,-

 

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

 

Plant, machinery and equipment

2.679.000,-

Total tangible fixed assets

2.679.000,-

Total fixed assets

2.679.000,-

Inventories and work in progress (incl. prepayments)

11.215.000,-

Accounts receivable (trade)

14.029.000,-

Cash in hand and at bank

1.000,-

Total Current assets

25.968.000,-

Total assets incl. prepaid expenses and accrued income

28.646.000,-

Issued (subscribed) capital

200.000,-

Statutory reserves

40.000,-

Profit or loss carried forward

6.721.000,-

Profit or loss for the financial year

879.000,-

Total equity (Shareholders' funds)

7.840.000,-

Long-term liabilities to credit institutions

2.236.000,-

Bank overdraft granted of which bank overdraft utilized

2.236.000,-

Total long-term liabilities

3.941.000,-

Current accounts payable (trade)

7.336.000,-

Total current liabilities

13.961.000,-

Total liabilities

17.902.000,-

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

28.646.000,-

Number of employees

10,-

Salaries board/Managing Director

441.000,-

Salaries to others

2.303.000,-

Total salaries

2.744.000,-

Total salaries and remunerations

2.744.000,-

Social security expenses

679.000,-

Dividend

89.000,-

Depreciation

506.000,-

Bank overdraft granted

3.000.000,-

Floating charges

6.200.000,-

Total pledged assets

6.200.000,-

Other contingent liabilities

5.700.000,-

Total contingent liabilities.

5.700.000,-

Equity/assets ratio

34,-

Acid-test ratio

105,-

Return on assets

7,-

Average interest on debt

-3,-

Cash flow as percentage of total liabilities

9,-

Debt/equity ratio

190,-

Current ratio

186,-

Return on equity

15,-

Interest coverage ratio

3,-

Inventory turnover rate (times/year)

5,-

Risk buffer

4,-

Labour costs as percentage of turnover

-4,-

Capital turnover rate (times/year)

2,-

Working capital as percentage of turnover

19,-

Accounts receivable as percentage of turnover

22,-

Inventory as percentage of turnover

17,-

Current liabilities as percentage of turnover

22,-

Credit period granted

50,-

Turnover per employee in SEK thousands

6.287.000,-

Cash flow as percentage of financial expenses

245,-

Solvency margin

37,-

Tangible fixed assets structure

100,-

Risk ratio

72,-

Credit period received

26,-

Gross margin

4,-

Operating margin

3,-

Net margin

2,-

 

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

 

Plant, machinery and equipment

3.179.000,-

Total tangible fixed assets

3.179.000,-

Total fixed assets

3.178.000,-

Inventories and work in progress (incl. prepayments)

11.424.000,-

Accounts receivable (trade)

11.416.000,-

Cash in hand and at bank

1.000,-

Total Current assets

23.661.000,-

Total assets incl. prepaid expenses and accrued income

26.839.000,-

Issued (subscribed) capital

200.000,-

Statutory reserves

40.000,-

Profit or loss carried forward

5.783.000,-

Profit or loss for the financial year

1.188.000,-

Total equity (Shareholders' funds)

7.211.000,-

Long-term liabilities to credit institutions

2.700.000,-

Bank overdraft granted of which bank overdraft utilized

2.700.000,-

Total long-term liabilities

5.853.000,-

Current accounts payable (trade)

5.928.000,-

Total current liabilities

11.143.000,-

Total liabilities

16.996.000,-

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

26.839.000,-

Number of employees

10,-

Salaries board/Managing Director

536.000,-

Salaries to others

2.263.000,-

Total salaries

2.799.000,-

Total salaries and remunerations

2.799.000,-

Social security expenses

711.000,-

Dividend

250.000,-

Depreciation

682.000,-

Bank overdraft granted

3.000.000,-

Floating charges

6.200.000,-

Total pledged assets

6.200.000,-

Other contingent liabilities

6.740.000,-

Total contingent liabilities.

6.740.000,-

Equity/assets ratio

33,-

Acid-test ratio

109,-

Return on assets

2,-

Average interest on debt

-3,-

Cash flow as percentage of total liabilities

1,-

Debt/equity ratio

196,-

Current ratio

212,-

Self-financing rate

10,-

Interest coverage ratio

1,-

Inventory turnover rate (times/year)

5,-

Labour costs as percentage of turnover

-4,-

Capital turnover rate (times/year)

2,-

Working capital as percentage of turnover

18,-

Accounts receivable as percentage of turnover

17,-

Inventory as percentage of turnover

17,-

Current liabilities as percentage of turnover

16,-

Credit period granted

39,-

Turnover per employee in SEK thousands

6.642.000,-

Cash flow as percentage of financial expenses

46,-

Solvency margin

36,-

Tangible fixed assets structure

100,-

Risk ratio

93,-

Credit period received

27,-

Gross margin

1,-

 

Corporate profit and loss account for the year: 01 January 2007 - 31 December 2007  in  SEK 

 

Main revenue (sales/turnover)

63.745.000,-

Total operating income/revenue

63.745.000,-

Cost of materials (type of expenditure format)

-54.597.000,-

Inventories and work in progress (incl. prepayments)

-54.597.000,-

Personnel costs

-3.490.000,-

Depreciation

-372.000,-

Total operating expenses

-64.137.000,-

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

9.148.000,-

Operating profit or loss

-391.000,-

Financial expenses

-673.000,-

Result of ordinary operations

-1.065.000,-

Pre-tax and pre-appropriation profit or loss

-1.065.000,-

Appropriations

1.101.000,-

Taxes

-25.000,-

Net profit or loss

11.000,-

 

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

 

Main revenue (sales/turnover)

62.843.000,-

Total operating income/revenue

62.874.000,-

Cost of materials (type of expenditure format)

-54.025.000,-

Inventories and work in progress (incl. prepayments)

-54.025.000,-

Personnel costs

-2.400.000,-

Depreciation

-506.000,-

Total operating expenses

-60.770.000,-

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

8.818.000,-

Operating profit or loss

2.105.000,-

Financial income

84.000,-

Financial expenses

-675.000,-

Result of ordinary operations

1.513.000,-

Pre-tax and pre-appropriation profit or loss

1.513.000,-

Appropriations

-271.000,-

Taxes

-363.000,-

Net profit or loss

879.000,-

 

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

Main revenue (sales/turnover)

66.423.000,-

Total operating income/revenue

66.426.000,-

Cost of materials (type of expenditure format)

-57.718.000,-

Inventories and work in progress (incl. prepayments)

-57.718.000,-

Personnel costs

-2.543.000,-

Depreciation

-682.000,-

Total operating expenses

-66.060.000,-

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

8.705.000,-

Operating profit or loss

366.000,-

Financial income

298.000,-

Financial expenses

-587.000,-

Result of ordinary operations

77.000,-

Pre-tax and pre-appropriation profit or loss

77.000,-

Appropriations

1.598.000,-

Taxes

-488.000,-

Net profit or loss

1.188.000,-

 

Turnover for the period: 01 January 2007 - 31 December 2007  in  SEK 63.745.000,00

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

 

Turnover for the period: 01 January 2006 - 31 December 2006  in  SEK 62.874.000,00

 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 66.426.000,00

 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.48.68

UK Pound

1

Rs.84.37

Euro

1

Rs.65.70

 

 

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