MIRA
INFORM REPORT
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Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
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Name : |
NOREX INTERNATIONAL AB |
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Registered Office : |
Box 8948 SE-402 73 Goteburg |
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Country : |
Sweden |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1991 |
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Com. Reg. No.: |
5564304425 |
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Legal Form : |
Private
Subsidiary Company |
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Line of Business : |
·
engaged
in the merchant wholesale distribution of automotive scrap, industrial scrap,
and other recyclable materials. ·
Engaged in recycling
of scrap and non-prime steel |
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No. of Employees : |
29 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Sweden |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 the strong rebound in 2010, which continued in 2011, but growth slipped to 1.2% in 2012. The government proposed stimulus measures in 2012 to curb the effects of a global economic slowdown and boost employment and growth.
Source : CIA
COMPANY NAME
& ADDRESS
Norex International
AB
Box 8948 SE-402 73 Goteburg
Sweden
Tel: +46 31 92 75 70
Fax: +46 31 92 75 75
Web: www.norex.com
Synthesis
Employees: 29
Company Type: Private
Subsidiary
Corporate Family: 3 Companies
Ultimate Parent: Hergit
AB
Incorporation
Date: 1991
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2012
Reporting Currency:
Swedish Krona
Annual Sales:
55.8
Net Income: 2.1
Total Assets:
33.3
Business
Description
Norex
International AB is primarily engaged in the merchant wholesale distribution of
automotive scrap, industrial scrap, and other recyclable materials. recycling of scrap and non-prime steel.
Included in this
industry are auto wreckers primarily engaged in dismantling motor vehicles for
the purpose of wholesaling scrap
Industry
Industry
Miscellaneous Wholesale
ANZSIC 2006: 3322 - Metal and Mineral Wholesaling
ISIC Rev 4: 4669 - Wholesale of waste and scrap and
other products n.e.c.
NACE Rev 2: 4677 - Wholesale of waste and scrap
NAICS 2012: 423930 - Recyclable Material Merchant
Wholesalers
UK SIC 2007: 4677 - Wholesale of waste and scrap
US SIC 1987: 5093 - Scrap and Waste Materials
Key Executives
Name Title
John Sture
Fredriksson verkst dir
Thomas Carlsson Finance
Manager
Henrik
Fredriksson Purchasing Executive
Miguel Goncalves Purchasing
Executive
Egbert Josef
Appel ledamot och ordforande
1 - Profit &
Loss Item Exchange Rate: USD 1 = SEK 6.775133
2 - Balance Sheet
Item Exchange Rate: USD 1 = SEK 6.5125
Corporate
Overview
Location
Box 8948 SE-402 73 Goteburg
Sweden
Tel: +46 31 92 75 70
Fax: +46 31 92 75 75
Web : www.norex.com
Sales SEK(mil): 378.4
Assets SEK(mil): 216.8
Employees: 29
Fiscal Year End: 31-Dec-2012
Industry: Waste Management Services
Incorporation Date: 1991
Company Type: Private Subsidiary
Quoted Status: Not Quoted
Registered No.(SWE): 5564304425
ledamot och ordforande:Egbert Josef Appel
Industry Codes
ANZSIC 2006 Codes:
3322 - Metal and Mineral Wholesaling
2122 - Steel Pipe and Tube Manufacturing
3339 - Other Hardware Goods Wholesaling
211 - Basic Ferrous Metal Manufacturing
213 - Basic Non-Ferrous Metal Manufacturing
2110 - Iron Smelting and Steel Manufacturing
3332 - Plumbing Goods Wholesaling
2299 - Other Fabricated Metal Product
Manufacturing Not Elsewhere Classified
ISIC Rev 4 Codes:
4669 - Wholesale
of waste and scrap and other products n.e.c.
4663 - Wholesale
of construction materials, hardware, plumbing and heating equipment and
supplies
2420 - Manufacture
of basic precious and other non-ferrous metals
2410 - Manufacture
of basic iron and steel
241 - Manufacture
of basic iron and steel
2431 - Casting
of iron and steel
NACE Rev 2 Codes:
4677 - Wholesale
of waste and scrap
243 - Manufacture
of other products of first processing of steel
4674 - Wholesale
of hardware, plumbing and heating equipment and supplies
2445 - Other
non-ferrous metal production
2420 - Manufacture
of tubes, pipes, hollow profiles and related fittings, of steel
2410 - Manufacture
of basic iron and steel and of ferro-alloys
2451 - Casting
of iron
2432 - Cold
rolling of narrow strip
NAICS 2012 Codes:
423930 - Recyclable
Material Merchant Wholesalers
331221 - Rolled
Steel Shape Manufacturing
331110 - Iron
and Steel Mills and Ferroalloy Manufacturing
42371 - Hardware Merchant Wholesalers
33122 - Rolling and Drawing of Purchased Steel
42393 - Recyclable Material Merchant
Wholesalers
331210 - Iron and Steel Pipe and Tube
Manufacturing from Purchased Steel
423720 - Plumbing and Heating Equipment and
Supplies (Hydronics) Merchant Wholesalers
33111 - Iron and Steel Mills and Ferroalloy
Manufacturing
332996 - Fabricated Pipe and Pipe Fitting
Manufacturing
33121 - Iron and Steel Pipe and Tube
Manufacturing from Purchased Steel
42372 - Plumbing and Heating Equipment and
Supplies (Hydronics) Merchant Wholesalers
3311 - Iron and Steel Mills and Ferroalloy
Manufacturing
331492 - Secondary Smelting, Refining, and
Alloying of Nonferrous Metal (except Copper and Aluminum)
3312 - Steel Product Manufacturing from
Purchased Steel
423710 - Hardware Merchant Wholesalers
US SIC 1987:
5093 - Scrap and Waste Materials
3317 - Steel Pipe and Tubes
5072 - Hardware
331 - Steel Works, Blast Furnaces, and
Rolling Mills
3341 - Secondary Smelting and Refining of
Nonferrous Metals
3312 - Steel Works, Blast Furnaces (Including
Coke Ovens), and Rolling Mills
3498 - Fabricated Pipe and Pipe Fittings
3316 - Cold-Rolled Steel Sheet, Strip, and
Bars
5074 - Plumbing and Heating Equipment and
Supplies (Hydronics)
507 - Hardware, and Plumbing and Heating
Equipment
UK SIC 2007:
4677 - Wholesale of waste and scrap
2432 - Cold rolling of narrow strip
2445 - Other non-ferrous metal production
4674 - Wholesale of hardware, plumbing and
heating equipment and supplies
243 - Manufacture of other products of first
processing of steel
2420 - Manufacture of tubes, pipes, hollow
profiles and related fittings, of steel
2410 - Manufacture of basic iron and steel
and of ferro-alloys
2451 - Casting of iron
Business Description
Norex
International AB is primarily engaged in the merchant wholesale distribution of
automotive scrap, industrial scrap, and other recyclable materials. recycling of scrap and non-prime steel.
Included in this
industry are auto wreckers primarily engaged in dismantling motor vehicles for
the purpose of wholesaling scrap
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Corporate Family |
Corporate
Structure News: |
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Norex
International AB |
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Norex International AB |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Hergit AB |
Parent |
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Norex International AB |
Subsidiary |
Goteborg, Vastra Gotaland |
Sweden |
Miscellaneous Wholesale |
55.8 |
29 |
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Norex Borlänge AB |
Subsidiary |
Goteborg, Vastra Gataland |
Sweden |
Metal Products Manufacturing |
2.9 |
13 |
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Executive report
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Board of
Directors |
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ledamot och ordforande |
Chairman |
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ledamot |
Director/Board Member |
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ledamot |
Director/Board Member |
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ledamot |
Director/Board Member |
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ledamot |
Director/Board Member |
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Executives |
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verkst dir |
Managing Director |
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Purchasing Executive |
Administration Executive |
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Finance Manager |
Finance Executive |
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Purchasing Executive |
Sales Executive |
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Annual Profit
& Loss
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
SEK |
SEK |
SEK |
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Exchange Rate
(Period Average) |
6.775133 |
6.493691 |
7.206564 |
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Consolidated |
Yes |
Yes |
Yes |
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Total Revenue |
64.8 |
77.8 |
63.9 |
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Gross Profit |
5.5 |
7.4 |
8.9 |
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Net Financial Items |
-0.4 |
-0.4 |
-0.5 |
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Operating Income |
3.2 |
5.4 |
6.1 |
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Income Before Tax |
2.8 |
3.6 |
5.6 |
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Net Income |
2.1 |
3.3 |
3.8 |
Annual Balance Sheet
Financials in: USD (mil)
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Filed Currency |
SEK |
SEK |
SEK |
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Exchange Rate |
6.5125 |
6.8553 |
6.72285 |
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Consolidated |
Yes |
Yes |
Yes |
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Total Assets |
33.3 |
33.1 |
34.7 |
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Total Liabilities |
20.0 |
20.0 |
20.2 |
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Total Equity |
11.6 |
11.2 |
12.7 |
Annual Ratios
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
- |
- |
- |
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Exchange Rate |
- |
- |
- |
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Consolidated |
Yes |
Yes |
Yes |
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Operating Margin |
4.91 |
7.06 |
9.65 |
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Current Ratio |
96.16 |
125.23 |
169.43 |
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Total debt/total equity |
34.72 |
33.87 |
36.58 |
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Return on average equity |
25.29 |
42.25 |
47.69 |
Annual Growth Rates
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31-Dec-2011 |
31-Dec-2010 |
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Period Length |
12 Months |
12 Months |
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Filed Currency |
- |
- |
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Exchange Rate |
- |
- |
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Consolidated |
Yes |
Yes |
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Turnover Percent Change |
-13.04% |
9.65% |
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Marginal Contribution Percent Change |
-22.52% |
-25.76% |
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Net Financial Items Percent Change |
-5.43% |
26.95% |
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Operating Results Percent Change |
-38.26% |
-20.63% |
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Profit/Loss Before Tax Percent Change |
-18.08% |
-42.91% |
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Profit/Loss for the Year Percent Change |
-34.91% |
-21.00% |
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Assets Percent Change |
-4.59% |
-2.60% |
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Debts Percent Change |
-4.92% |
1.26% |
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Equity Capital Percent Change |
-2.19% |
-9.83% |
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Operating Margin Percent Change |
-30.45% |
-26.84% |
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Current Ratio Percent Change |
-23.21% |
-26.09% |
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Debt/Equity Ratio Percent Change |
2.51% |
-7.41% |
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Return On Equity Percent Change |
-40.14% |
-11.41% |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.99 |
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UK Pound |
1 |
Rs.101.75 |
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Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.