|
Report No. : |
303133 |
|
Report Date : |
23.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
IDUNA AB |
|
|
|
|
Registered Office : |
43284 Varberg |
|
|
|
|
Country : |
Sweden |
|
|
|
|
Financials (as on) : |
2013 |
|
|
|
|
Date of Incorporation : |
18.02.1955 |
|
|
|
|
Com. Reg. No.: |
5560609058 |
|
|
|
|
Legal Form : |
Limited Liability
Company |
|
|
|
|
Line of Business : |
·
Engaged in Retail sale of jewellery
in Gold, Silver as well as Costume
Jewelery with watches and Gift
Items ·
Engaged as
Franchises Jewelry Retail Stores |
|
|
|
|
No of Employees : |
624 (2013) |
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 |
|
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 |
a1 |
A1 |
|
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 |
|
Business Name |
Iduna AB |
|
Country |
SWEDEN |
|
Company Registration Number |
5560609058 |
|
Activity Description |
·
Engaged in Retail sale of jewellery
in Gold, Silver as well as Costume
Jewelery with watches and Gift
Items ·
Engaged as
Franchises Jewelry Retail Stores |
|
Company Status |
Active (Active) |
|
Latest Turnover Figure |
1.028.715.000 SEK |
|
Latest Shareholder Equity Figure |
60.726.000 SEK |
|
Local Description |
Very good credit
worthiness |
|
Business Name |
Iduna AB |
|
Registered Company Name |
Iduna AB |
|
Company Registration Number |
5560609058 |
|
Country |
SWEDEN |
|
VAT Registration Number |
SE556060905801 |
|
Date of Company Registration |
18/02/1955 |
|
Legal Form |
Limited liability
company |
|
Company Status |
Active (Active) |
|
Currency of this Report |
SEK |
|
Principal Activity Code |
No code |
|
Principal Activity Description |
·
Engaged in Retail sale of jewellery
in Gold, Silver as well as Costume
Jewelery with watches and Gift
Items ·
Engaged as
Franchises Jewelry Retail Stores |
|
Contact Address |
43284 VARBERG |
|
Contact Telephone Number |
0340-595400 |
|
Operating office |
SE – 432 84 Verberg, Sweden |
|
Contact Telephone Number |
+46 (0) 340595400 |
|
Visiting / Street Address |
Hardgatan 35 |
|
Main Address |
|
|
Address |
Country Telephone |
|
43284 VARBERG |
SWEDEN 0340-595400 |
Other Addresses
|
Kronetorpsvagen
2,23237 |
SWEDEN |
|
|
Per Albin Hanssons
Vag 40,21432 |
SWEDEN |
|
|
Runstensvagen
1,13646 |
SWEDEN |
|
|
Sodra
Forstadsgatan 40 A, 21143 |
SWEDEN |
|
|
Trangsundsvagen
20,39356 |
SWEDEN |
|
|
Kopcentrum,
81832 |
SWEDEN |
|
|
\feruvagen 10, 70236 |
SWEDEN |
|
|
Ostra Forstadsgatan
56,21212 |
SWEDEN |
|
|
Timmermansgatan
59,60359 |
SWEDEN |
|
|
Ostra Torggatan
8,37230 |
SWEDEN |
|
|
Krankroksgatan
17 ERIKSLUND SHOPPING CENTER, 72138 |
SWEDEN |
|
|
Gesallvagen 1,
85753 |
SWEDEN |
|
|
Frolunda Torg,
42142 |
SWEDEN |
|
|
Kompanigatan
3,55305 |
SWEDEN |
|
|
Bollvagen
1,51634 |
SWEDEN |
|
|
Hyllie
Stationsvag 22,21532 |
SWEDEN |
|
|
Drottninggatan
21, 65225 |
SWEDEN |
|
|
Jerikodalsgatan
1-2,59530 |
SWEDEN |
|
|
Forumvagen
12,13153 |
SWEDEN |
|
|
Repslagaregatan
12, 60232 |
SWEDEN |
|
|
Sodergatan
21,21134 |
SWEDEN |
|
|
Ladugardsvagen
13,46170 |
SWEDEN |
|
|
Strompilsplatsen
9-15,90743 |
SWEDEN |
|
|
Gallerian 104,
72213 |
SWEDEN |
|
|
Kungsgatan
44,41115 |
SWEDEN |
|
|
There are more
than 25 entities. |
|
|
·
Engaged in Retail sale of jewellery
in Gold, Silver as well as Costume
Jewelery with watches and Gift
Items
· Engaged as Franchises Jewelry Retail Stores
|
Web Pages |
|
|
|
|
Employee Information |
|
|
Year |
Number of Employees |
|
2013 |
624 |
|
2012 |
636 |
|
2011 |
642 |
2010 636
2009 626
Auditor Name
Staffan Olle Edvin Landen
|
Registered for Tax |
Yes |
|
Registered for VAT |
Yes |
|
Registered for Employee Tax |
Yes |
|
Type |
|
|
No certificate
information for this company |
|
|
Activity Description |
·
Engaged in Retail sale of jewellery
in Gold, Silver as well as Costume
Jewelery with watches and Gift
Items ·
Engaged as Franchises
Jewelry Retail Stores |
|
Event Date |
Event Description |
|
15/08/2014 |
Group Structure
Change |
|
30/07/2014 |
Annual account,
new |
|
25/07/2014 |
Annual report
(PDF), new |
|
28/08/2013 |
Group Structure
Change |
|
12/08/2013 |
Annual account,
new |
|
18/07/2013 |
Annual report
(PDF), new |
|
30/08/2012 |
Annual account,
new |
|
24/07/2012 |
Annual report
(PDF), new |
|
28/10/2011 |
Authorised
signatories amended or new/amended vacancy text |
|
28/10/2011 |
Company representatives,
changed |
|
28/10/2011 |
Board, changed |
|
27/09/2011 |
Annual account,
new |
|
09/08/2011 |
Annual report
(PDF), new |
|
29/03/2011 |
Fax number,
changed |
|
31/08/2010 |
Annual account,
new |
|
19/08/2010 |
Annual report
(PDF), new |
|
16/01/2010 |
Authorised
signatory, changed |
|
16/01/2010 |
Board, changed |
|
16/01/2010 |
Company
representatives, changed |
No status history
events for this company
|
Financial Year |
2013 |
2012 |
2011 |
|
Number of Weeks |
52 |
52 |
52 |
|
Currency |
SEK |
SEK |
SEK |
|
Consolidated Accounts |
No |
No |
No |
|
Revenue |
1.028.715.000 |
1.056.653.000 |
1.089.373.000 |
|
Operating Costs |
962.320.000 |
982.279.000 |
1.005.011.000 |
|
Operating Profit |
66.395.000 |
74.374.000 |
84.362.000 |
|
Financial Income |
28.000 |
73.000 |
0 |
|
Financial Expenses |
-9.035.000 |
-7.391.000 |
-8.982.000 |
|
Extraordinary Income |
0 |
0 |
0 |
|
Extraordinary Costs |
0 |
0 |
0 |
|
Profit before Tax |
57.388.000 |
67.056.000 |
75.380.000 |
|
Tax |
-15.970.000 |
-25.639.000 |
-26.857.000 |
|
Profit after Tax |
41.418.000 |
41.417.000 |
48.523.000 |
|
Minority Interests |
0 |
0 |
0 |
|
Other Appropriations |
10.539.000 |
25.694.000 |
18.980.000 |
|
Retained Profit |
51.957.000 |
67.111.000 |
67.503.000 |
|
Financial Year |
2013 |
2012 |
2011 |
|
|||
|
Number of Weeks |
52 |
52 |
52 |
|
|||
|
Currency |
SEK |
SEK |
SEK |
|
|||
|
Consolidated Accounts |
No |
No |
No |
|
|||
|
Land & Buildings |
24.864.000 |
26.311.000 |
27.757.000 |
|
|||
|
Plant & Machinery |
0 |
0 |
0 |
|
|||
|
Other Tangible Assets |
47.042.000 |
52.187.000 |
62.025.000 |
|
|||
|
Total Tangible Assets |
71.906.000 |
78.498.000 |
89.782.000 |
|
|||
|
Goodwill |
27.835.000 |
32.850.000 |
38.930.000 |
|
|||
|
Other Intangible Assets |
45.291.000 |
38.780.000 |
42.575.000 |
|
|||
|
Total Intangible Assets |
73.126.000 |
71.630.000 |
81.505.000 |
|
|||
|
Loans To Group |
0 |
0 |
0 |
|
|||
|
Other Loans |
0 |
0 |
0 |
|
|||
|
Miscellaneous Fixed Assets |
19.000.000 |
19.000.000 |
19.000.000 |
|
|||
|
Total Other Fixed Assets |
19.000.000 |
19.000.000 |
19.000.000 |
|
|||
|
TOTAL FIXED ASSETS |
164.032.000 |
169.128.000 |
190.287.000 |
|
|||
|
Work In Progress |
0 |
0 |
0 |
|
|||
|
Other Inventories |
387.836.000 |
389.895.000 |
437.544.000 |
|
|||
|
Total Inventories |
387.836.000 |
389.895.000 |
437.544.000 |
|
|||
|
Trade Receivables |
17.476.000 |
13.285.000 |
16.275.000 |
|
|||
|
Group Receivables |
0 |
0 |
0 |
|
|||
|
Miscellaneous Receivables |
37.836.000 |
42.016.000 |
33.802.000 |
|
|||
|
Total Receivables |
55.312.000 |
55.301.000 |
50.077.000 |
|
|||
|
Cash |
0 |
51.645.000 |
0 |
|
|||
|
Other Current Assets |
45.639.000 |
0 |
39.888.000 |
|
|||
|
TOTAL CURRENT ASSETS |
488.787.000 |
496.841.000 |
527.509.000 |
||||
|
TOTAL ASSETS |
652.819.000 |
665.969.000 |
717.796.000 |
||||
|
Trade Payables |
103.675.000 |
99.104.000 |
128.862.000 |
||||
|
Bank Liabilities |
1.500.000 |
1.500.000 |
1.500.000 |
||||
|
Group Payables |
282.299.000 |
272.002.000 |
251.716.000 |
||||
|
Miscellaneous Liabilities |
130.306.000 |
142.492.000 |
144.965.000 |
||||
|
TOTAL CURRENT LIABILITIES |
517.780.000 |
515.098.000 |
527.043.000 |
||||
|
Bank Liabilities Due After 1 Year |
17.000.000 |
18.500.000 |
20.000.000 |
||||
|
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 |
57.313.000 |
65.968.000 |
96.158.000 |
||||
|
TOTAL LONG TERM LIABILITIES |
74.313.000 |
84.468.000 |
116.158.000 |
||||
|
TOTAL LIABILITIES |
592.093.000 |
599.566.000 |
643.201.000 |
||||
|
Called Up Share Capital |
700.000 |
700.000 |
700.000 |
||||
|
Share Premium |
0 |
0 |
0 |
||||
|
Revenue Reserves |
117.520.000 |
140.866.000 |
150.370.000 |
||||
|
Other Reserves |
-57.494.000 |
-75.163.000 |
-76.475.000 |
||||
|
TOTAL SHAREHOLDERS EQUITY |
60.726.000 |
66.403.000 |
74.595.000 |
||||
|
Contingent Liabilities |
49.000 |
101.000 |
157.000 |
|
Working Capital |
-28.993.000 |
-18.257.000 |
466.000 |
|
Net Worth |
-12.400.000 |
-5.227.000 |
-6.910.000 |
|
Pre-Tax Profit Margin |
5.58 % |
6.35 % |
6.92 % |
|
Return On Capital Employed |
4.90 % |
5.68 % |
6.06 % |
|
Return On Total Assets Employed |
8.79 % |
10.07 % |
10.50 % |
|
Return On Net Assets Employed |
94.50 % |
100.98 % |
101.05 % |
|
Sales/Net Working Capital |
-35.48 |
-57.88 |
2337.71 |
|
Stock Turnover Ratio |
37.70 % |
36.90 % |
40.16 % |
|
Debtor Days |
6.20 |
4.59 |
5.45 |
|
Creditor Days |
36.79 |
34.23 |
43.18 |
|
Current Ratio |
0.94 |
0.96 |
1.00 |
|
Liquidity Ratio/Acid Test |
0.19 |
0.21 |
0.17 |
|
Current Debt Ratio |
8.53 |
7.76 |
7.07 |
|
Gearing |
30.46 % |
30.12 % |
28.82 % |
|
Equity In Percentage |
10.83 % |
11.54 % |
12.08 % |
|
Total Debt Ratio |
9.75 |
9.03 |
8.62 |
Issued Share Capital 700.000 SEK
No shareholders data
for this company.
|
Name |
Appointment Date |
Position |
|
Sverker Albrektson |
31/10/2003 |
Chairman
of Board |
|
Warborn, Bengt
Oskar Lennart |
15/01/2010 |
Actual
Member of Board |
|
Warborn, Sten Tage
Birger |
31/10/2003 |
Foreign
Resident in the EEA |
|
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 Distrait Or Repossessions |
0 |
|
|
|
Number Of Public Claims |
0 |
|
|
|
Number Of Private Claims |
0 |
|
|
|
Number Of Applications |
0 |
|
|
|
Debt Balance |
|||
|
Number Of Revoked Applications |
2 |
||
|
Latest Public Claim |
|
|
No Latest Public
Claim for this company. |
|
|
Latest Private Claim |
|
|
No Latest
Private Claim for this company. |
|
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of diamonds
but history says that in the remote past, diamonds were mined only in India.
Diamond production in India can be traced back to almost 8th Century
B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of diamonds
has stopped completely.” Demand has started coming from the US, the UK, Japan
and China. India’s polished diamond export is expected to cross $ 21 bn in
2013-14.
-
The banking sector has started exercising restraint while
following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
UK Pound |
1 |
Rs.93.33 |
|
Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.