MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	NOREX INTERNATIONAL AKTIEBOLAG

Registered Office :	Box 8948, 40273 Goteborg

Country :	Sweden

Financials (as on) :	2013

Date of Incorporation :	07.08.1991

Com. Reg. No.:	5564304425

Legal Form :	Limited liability company

Line of Business :	Wholesale of Metals and Metal Ores.

No. of Employee :	26

RATING & COMMENTS

MIRA’s Rating :

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

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 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Sweden

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SWEDEN ECONOMIC OVERVIEW

Aided by peace and neutrality for the whole of the 20th century, Sweden has achieved an enviable standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. It has a modern distribution system, excellent internal and external communications, and a highly skilled labor force. In September 2003, Swedish voters turned down entry into the euro system concerned about the impact on the economy and sovereignty. Timber, hydropower, and iron ore constitute the resource base of an economy heavily oriented toward foreign trade. Privately owned firms account for vast majority of industrial output, of which the engineering sector accounts for about 50% of output and exports. Agriculture accounts for little more than 1% of GDP and of employment. Until 2008, Sweden was in the midst of a sustained economic upswing, boosted by increased domestic demand and strong exports. This, and robust finances, offered the center-right government considerable scope to implement its reform program aimed at increasing employment, reducing welfare dependence, and streamlining the state's role in the economy. Despite strong finances and underlying fundamentals, the Swedish economy slid into recession in the third quarter of 2008 and the contraction continued in 2009 as deteriorating global conditions reduced export demand and consumption. Strong exports of commodities and a return to profitability by Sweden's banking sector drove a rebound in 2010, but growth slipped in 2013, as a result of continued economic weakness in the EU - Sweden’s main export market.

Source : CIA

Company Summary

Business Name	Norex International Aktiebolag
Country	SWEDEN
Company Registration Number	5564304425
Activity Code	46720
Activity Description	Wholesale of metals and metal ores
Company Status	Active (Active)
Latest Turnover Figure	254.354.000 SEK
Latest Shareholder Equity Figure	58.983.000 SEK

Basic Information

Business Name	Norex International Aktiebolag
Registered Company Name	Norex International Aktiebolag
Company Registration Number	5564304425
Country	SWEDEN
VAT Registration Number	SE556430442501
Date of Company Registration	07/08/1991
Legal Form	Limited Liability Company
Company Status	Active (Active)
Currency of this Report	SEK
Principal Activity Code	No code
Principal Activity Description	The company will conduct trading in steel, metals, wood, plastics, chemicals, and other similar goods both within and outside Sweden, to deliver the steel and scrap related services to the steel industry, owning and managing investments in
Contact Address	Box 8948, 40273 GOTEBORG
Contact Telephone Number	031-927570

Main Address

Address	Country	Telephone
Box 8948, 40273 GOTEBORG	SWEDEN	031-927570

Other Addresses

Address	Country
Hogasa Ostia 3,42363	SWEDEN

Activities

Activity Code	Activity Description
46720	Wholesale of metals and metal ores

Email Addresses

info@norex.se

Web Pages

www.norsx.se

Employee Information

Year	Number of Employees
2013	26
2012	29
2011	28
2010	26
2009	27

Advisors

Auditor Name Maths Ola Niklas Larsson

Tax Registrations

Registered for FTax	Yes
Registered for VAT	Yes
Registered for Employee Tax	Yes

Certificates

Type Category Issuer

No certificate information for this company

Industry Comparison

Activity Code	46720
Activity Description	Wholesale of metals and metal ores
Industry Average Credit Rating	78(1 - 100)
Industry Average Credit Limit	1.306.000

Event History

Event Date	Event Description
01/09/2014	Group Structure Change
12/08/2014	Limit, decrease
12/08/2014	Group annual accout, new

Event Date	Event Description
12/08/2014	Annual account, new
06/08/2014	Annual report (PDF), new
23/07/2014	Group Structure Change
19/02/2014	Limit, increase
12/02/2014	Authorised signatories amended or new/amended vacancy text
12/02/2014	Company representatives, changed
03/01/2014	Company representatives, changed
03/01/2014	Authorised signatories amended or new/amended vacancy text
05/09/2013	Group Structure Change
14/08/2013	Group Structure Change
13/08/2013	Group Structure Change
31/07/2013	Group annual accout, new
31/07/2013	Annual account, new
11/07/2013	Annual report (PDF), new
13/12/2012	Limit, decrease
17/08/2012	Annual account, new
17/08/2012	Group annual accout, new
24/07/2012	Annual report (PDF), new
13/07/2011	Annual account, new
13/07/2011	Group annual accout, new
30/06/2011	Annual report (PDF), new
14/07/2010	Annual account, new
08/07/2010	Annual report (PDF), new
22/06/2010	Company representatives, changed
22/06/2010	Board, changed
22/06/2010	Authorised signatory, changed

Status History

No status history events for this company

Profit and Loss

Financial Year	2013	2012	2011
Number of Weeks	52	52	52
Currency	SEK	SEK	SEK
Consolidated Accounts	No	No	No
Revenue	254.679.000	399.944.000	464.433.000
Operating Costs	251.236.000	385.821.000	437.803.000
Operating Profit	3.443.000	14.123.000	26.630.000
Wages & Salaries	-20.252.000	-22.726.000	-20.044.000
Depreciation	-3.944.000	-588.000	-531.000
Financial Income	135.000	218.000	653.000
Financial Expenses	-1.701.000	-2.045.000	-2.462.000
Extraordinary Income	0	0	0
Extraordinary Costs	0	0	0

Profit before Tax	1.878.000	23.309.000	24.821.000
Tax	-1.405.000	-3.429.000	-5.891.000
Profit after Tax	473.000	19.880.000	18.930.000
Minority Interests	0	0	0
Other Appropriations	3.811.000	173.000	-3.607.000
Retained Profit	4.284.000	20.053.000	15.323.000

Balance Sheet

Financial Year	2013	2012	2011
Number of Weeks	52	52	52
Currency	SEK	SEK	SEK
Consolidated Accounts	No	No	No
Land & Buildings	0	0	0
Plant & Machinery	0	0	0
Other Tangible Assets	2.119.000	1.026.000	1.493.000
Total Tangible Assets	2.119.000	1.026.000	1.493.000
Goodwill	0	0	0
Other Intangible Assets	7.123.000	10.684.000	0
Total Intangible Assets	7.123.000	10.684.000	0
Loans To Group	0	0	0
Other Loans	0	0	0
Miscellaneous Fixed Assets	104.877.000	104.877.000	103.708.000
Total Other Fixed Assets	104.877.000	104.877.000	103.708.000
TOTAL FIXED ASSETS	114.119.000	116.587.000	105.201.000
Work In Progress	0	0	0
Other Inventories	40.467.000	43.864.000	44.623.000
Total Inventories	40.467.000	43.864.000	44.623.000
Trade Receivables	15.628.000	23.016.000	25.964.000
Group Receivables	6.485.000	1.483.000	75.000
Miscellaneous Receivables	5.768.000	13.613.000	17.751.000
Total Receivables	27.881.000	38.112.000	43.790.000
Cash	1.882.000	5.083.000	702.000
Other Current Assets	0	0	0
TOTAL CURRENT ASSETS	70.230.000	87.059.000	89.115.000
TOTAL ASSETS	184.349.000	203.646.000	194.316.000
Trade Payables	23.868.000	41.286.000	45.422.000
Bank Liabilities	59.172.000	45.421.000	29.549.000
Group Payables	118.000	4.234.000	118.000
Miscellaneous Liabilities	7.025.000	8.838.000	10.241.000
TOTAL CURRENT LIABILITIES	90.183.000	99.779.000	85.330.000
Bank Liabilities Due After 1 Year	1.292.000	0	10.000.000
Other Loans Or Finance Due After 1 Year	0	0	0
Group Payables Due After 1 Year	0	0	0
Miscellaneous Liabilities Due After 1 Year	33.891.000	37.702.000	37.874.000
TOTAL LONG TERM LIABILITIES	35.183.000	37.702.000	47.874.000
TOTAL LIABILITIES	125.366.000	137.481.000	133.204.000
Called Up Share Capital	100.000	100.000	100.000
Share Premium	0	0	0
Revenue Reserves	60.329.000	66.045.000	60.992.000
Other Reserves	-1.446.000	20.000	20.000
TOTAL SHAREHOLDERS EQUITY	58.983.000	66.165.000	61.112.000

Other Financials

Contingent Liabilities	8.435.000	17.308.000	27.469.000
Working Capital	-19.953.000	-12.720.000	3.785.000
Net Worth	51.860.000	55.481.000	61.112.000

Ratios

Pre-Tax Profit Margin	0.74 %	5.83 %	5.34 %
Return On Capital Employed	0.68 %	7.68 %	8.88 %
Return On Total Assets Employed	1.02 %	11.45 %	12.77 %
Return On Net Assets Employed	3.18 %	35.23 %	40.62 %
Sales/Net Working Capital	-12.76	-31.44	122.70
Stock Turnover Ratio	15.89 %	10.97 %	9.61 %
Debtor Days	22.40	21.01	20.41
Creditor Days	34.21	37.68	35.70
Current Ratio	0.78	0.87	1.04
Liquidity Ratio/Acid Test	0.33	0.43	0.52
Current Debt Ratio	1.53	1.51	1.40
Gearing	102.51 %	68.65 %	64.72 %
Equity In Percentage	81.53 %	75.11 %	67.45 %
Total Debt Ratio	2.13	2.08	2.18

Share Capital Structure

Issued Share Capital 100000 SEK

Shareholders

No shareholders data for this company.

Current Directors

Name	Appointment Date	Position
Carl Christer Gyberg	02/01/2014	Chairman of Board
Anders Gerhard Ullberg	21/06/2010	Actual Member of Board
Johan Vilhelm Schottenius	11/02/2014	Actual Member of Board
Leif Nore Fredriksson	25/03/1996	Actual Member of Board

Previous Directors

Name	Appointment Date	Position	Resignation Date
Appel, Egbert Josef	20/04/2007	Actual Member of Board	11/02/2014
Sture Lennart Fredriksson	07/08/1991	Actual Member of Board	02/01/2014
Johan Peter Fredriksson	20/05/2009	Substitute	21/06/2010

Negative Information

Debt Balance
Currency	SEK
Number Of Private Claims	0
Balance Of Private Claims	0
Number Of Public Claims	0
Balance Of Public Claims	0
Total Balance	0
Record of Non Payment
Number Of Distraint Or Repossessions	0
Number Of Public Claims	0
Number Of Private Claims	0
Number Of Applications	0
Number Of Revoked Applications	0
Latest Public Claim

No Latest Public Claim for this company.

Debt Balance

Latest Private Claim

No Latest Private Claim for this company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.46
UK Pound	1	Rs.98.51
Euro	1	Rs.77.31

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	ANK

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.