MIRA INFORM REPORT

 

 

Report Date :           

02.12.2011

 

IDENTIFICATION DETAILS

 

Name :

SPRINGHILL TEXTILE AB

 

 

Registered Office :

Morsaregatan 25, Helsingborg, 25025

 

 

Country :

Sweden

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1990

 

 

Com. Reg. No.:

5564029212

 

 

Legal Form :

Private Subsidiary Company

 

 

Line of Business :

Merchant Wholesale Distribution of footwear (including athletic) of leather, rubber, and other materials.

 

 

No. of Employees :

90 Persons

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Sweden

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

Springhill Textile AB

Morsaregatan 25

Helsingborg, 25025

Sweden

 Tel:      +46 42 25 08 00

 Web:    www.springhill.se

 

 

Synthesis  

 

Employees:                  90

Company Type:            Private Subsidiary

Corporate Family:          2 Companies

Ultimate Parent:            Springhill Holding AB

Incorporation Date:         1990   

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2010

Reporting Currency:       Swedish Krona

Annual Sales:               43.8

Net Income:                   1.8

Total Assets:                 17.6

 

 

Business Description     

 

Springhill Textile AB is primarily engaged in the merchant wholesale distribution of footwear (including athletic) of leather, rubber, and other materials.

 

Industry

Industry            Footwear

ANZSIC 2006:    3712 - Clothing and Footwear Wholesaling

NACE 2002:      5142 - Wholesale of clothing and footwear

NAICS 2002:     424340 - Footwear Merchant Wholesalers

UK SIC 2003:    51423 - Wholesale of footwear

US SIC 1987:    5139 - Footwear

 

           

Key Executives   

 

Name

Title

Hans Olof Ljungqvist

verkst dir, ledamot

Jan Erik Rydingsvard

ledamot

Jan Torsten Saur

ledamot och ordforande

 

Registered No.(SWE): 5564029212

 

1 - Profit & Loss Item Exchange Rate: USD 1 = SEK 7.206564

2 - Balance Sheet Item Exchange Rate: USD 1 = SEK 6.72285

 

 

Corporate Overview

 

Location

Morsaregatan 25

Helsingborg, 25025

Sweden

Tel:       +46 42 25 08 00

Web:    www.springhill.se

           

Sales SEK(mil):             316.0

Assets SEK(mil):           118.4

Employees:                   90

Fiscal Year End:            31-Dec-2010

Industry:                        Footwear

Incorporation Date:         1990

Company Type:             Private Subsidiary

Quoted Status:              Not Quoted

Registered No.(SWE):    5564029212

verkst dir, ledamot:         Hans Olof Ljungqvist

 

Contents

·         Industry Codes

·         Business Description

·         Financial Data

 

Industry Codes

 

ANZSIC 2006 Codes:

371       -          Textile, Clothing and Footwear Wholesaling

3711     -          Textile Product Wholesaling

3712     -          Clothing and Footwear Wholesaling

 

NACE 2002 Codes:

5141     -          Wholesale of textiles

514       -          Wholesale of household goods

5142     -          Wholesale of clothing and footwear

 

NAICS 2002 Codes:

424310  -          Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers

424340  -          Footwear Merchant Wholesalers

42434   -          Footwear Merchant Wholesalers

42431   -          Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers

4243     -          Apparel, Piece Goods, and Notions Merchant Wholesalers

 

US SIC 1987:

513       -          Apparel, Piece Goods, and Notions

5131     -          Piece Goods, Notions, and Other Dry Good

5139     -          Footwear

 

UK SIC 2003:

5141     -          Wholesale of textiles

514       -          Wholesale of household goods

51423   -          Wholesale of footwear

5142     -          Wholesale of clothing and footwear

 

Business Description

Springhill Textile AB is primarily engaged in the merchant wholesale distribution of footwear (including athletic) of leather, rubber, and other materials.

 

Financial Data

Financials in:

SEK(mil)

 

Revenue:

316.0

Net Income:

13.1

Assets:

118.4

Total Liabilities:

50.7

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

NA

NA

NA

 

 

 

 

Corporate Family

Corporate Structure News:

 

Springhill Textile AB

Springhill Textile AB 
Total Corporate Family Members: 2 

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Springhill Holding AB

Parent

 

 

 

 

 

Springhill Textile AB

Subsidiary

Helsingborg, Skåne

Sweden

Footwear

43.8

90

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Hans Olof Ljungqvist

 

verkst dir, ledamot

Director/Board Member

 

Jan Erik Rydingsvard

 

ledamot

Director/Board Member

 

Jan Torsten Saur

 

ledamot och ordforande

Director/Board Member

 

 

Executives

 

Name

Title

Function

 

Hans Olof Ljungqvist

 

verkst dir, ledamot

Managing Director

 

 

 

Annual Profit & Loss

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

Filed Currency

SEK

SEK

SEK

Exchange Rate (Period Average)

7.206564

7.645194

6.599156

Consolidated

No

No

No

 

 

 

 

Total Revenue

44.6

39.3

41.8

Gross Profit

3.0

3.1

1.3

Net Financial Items

0.0

-0.9

1.1

Operating Income

2.8

3.0

1.1

Income Before Tax

2.5

1.8

2.3

Net Income

1.8

1.1

2.0

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Filed Currency

SEK

SEK

SEK

Exchange Rate

6.72285

7.1401

7.90795

Consolidated

No

No

No

 

 

 

 

Total Assets

17.6

16.4

13.7

Provisions

3.7

3.1

2.7

Total Liabilities

7.5

7.0

5.7

Total Equity

6.3

6.2

5.3

 

Annual Ratios

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

Filed Currency

-

-

-

Exchange Rate

-

-

-

Consolidated

No

No

No

 

 

 

 

Operating Margin

6.38

8.88

5.90

Current Ratio

226.24

225.76

246.17

Total debt/total equity

51.23

51.93

52.97

Return on average equity

33.48

25.43

25.75

 

 

Annual Growth Rates

 

 

 

 

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

Filed Currency

-

-

Exchange Rate

-

-

Consolidated

No

No

 

 

 

Turnover Percent Change

6.91%

8.98%

Marginal Contribution Percent Change

-11.04%

171.10%

Net Financial Items Percent Change

99.59%

-197.17%

Operating Results Percent Change

-10.28%

209.36%

Profit/Loss Before Tax Percent Change

26.57%

-9.49%

Profit/Loss for the Year Percent Change

58.86%

-37.78%

Assets Percent Change

1.35%

7.85%

Provisions Percent Change

11.60%

6.87%

Debts Percent Change

1.74%

10.66%

Equity Capital Percent Change

-4.24%

5.34%

Operating Margin Percent Change

-28.15%

50.51%

Current Ratio Percent Change

0.21%

-8.29%

Debt/Equity Ratio Percent Change

-1.35%

-1.96%

Return On Equity Percent Change

31.66%

-1.24%

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.65

UK Pound

1

Rs.81.06

Euro

1

Rs.69.51

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.