MIRA INFORM REPORT

Report No. :	505625
Report Date :	27.04.2018

IDENTIFICATION DETAILS

Name :	MORE TEXTILES SWEDEN AB
Registered Office :	Kårte Åskullen, 511 93 Torestorp, Västra Götaland
Country :	Sweden
Financials (as on) :	December 2017
Date of Incorporation :	15.01.1988
Com. Reg. No.:	5563132447
Legal Form :	Limited liability company
Line of Business :	Wholesale of textiles
No. of Employees :	1

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Sweden	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SWEDEN - ECONOMIC OVERVIEW

Sweden’s small, open, and competitive economy has been thriving and Sweden has achieved an enviable standard of living with its combination of free-market capitalism and extensive welfare benefits. Sweden remains outside the euro zone largely out of concern that joining the European Economic and Monetary Union would diminish the country’s sovereignty over its welfare system.

Timber, hydropower, and iron ore constitute the resource base of a manufacturing economy that relies heavily on foreign trade. Exports, including engines and other machines, motor vehicles, and telecommunications equipment, account for more than 44% of GDP. Sweden enjoys a current account surplus of about 5% of GDP, which is one of the highest margins in Europe.

GDP grew an estimated 3.3% in 2016 and 2017 driven largely by investment in the construction sector. Economic growth is expected to ease slightly in the coming years as this investment subsides. Global economic growth boosted exports of Swedish manufactures further, helping drive domestic economic growth in 2017. The central bank is keeping an eye on deflationary pressures and is expected to maintain its expansionary monetary policy in 2018. Swedish prices and wages have grown only slightly over the past few years, helping to support the country’s competitiveness.

In the short and medium term Sweden’s economic challenges include keeping rising house prices in check and successfully integrating migrants into the labor market.

Source : CIA

Company Summary
Business Name	MORE TEXTILES SWEDEN AB
Country	SWEDEN
Company Registration Number	5563132447
Activity Code	46410
Activity Description	Wholesale of textiles
Company Status	Active (Active)
Latest Turnover Figure	30,288,000 SEK
Latest Shareholder Equity Figure	2,471,000 SEK

Basic Information
Business Name	MORE TEXTILES SWEDEN AB
Registered Company Name	MORE TEXTILES SWEDEN AB
Company Registration Number	5563132447
Country	SWEDEN
VAT Registration Number	SE556313244701
Date of Company Registration	15/01/1988
Legal Form	Limited liability company
Company Status	Active (Active)
Currency of this Report	SEK
Principal Activity Code	No code
Principal Activity Description	-
Contact Address	Kårte Åskullen, 511 93 TORESTORP, VÄSTRA GÖTALAND
Contact Telephone Number	- -

Main Address
Address	Kårte Åskullen, 511 93 TORESTORP, VÄSTRA GÖTALAND
Country	SWEDEN
Telephone	-

Activities

Activity Code Activity Description

46410 Wholesale of textiles

Email Addresses

No email addresses for this company

Employee Information
Year	Number of Employees
2017	1
2016	1
2015	1
2014	1
2013	1

Advisors

Auditor Name Per Rikard Johelid

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

Certificates

No certificate information for this company

Industry Comparison
Activity Code	46410
Activity Description	Wholesale of textiles

Event History
Event Date	Event Description
17/04/2018	Annual account, new
13/04/2018	Annual report (PDF), new
15/03/2017	Annual account, new
09/03/2017	Annual report (PDF), new
26/04/2016	Annual account, new
20/04/2016	Annual report (PDF), new
24/11/2015	Company representatives, changed
11/08/2015	Company mortgage, new
11/08/2015	Company mortgage, changed
17/03/2015	Annual account, new
17/03/2015	Limit, increase
10/03/2015	Annual report (PDF), new
04/03/2014	Company representatives, changed
04/03/2014	Authorised signatories amended or new/amended vacancy text
19/02/2014	Annual account, new
13/02/2014	Annual report (PDF), new

Status History

No status history events for this company

Financials

Profit and Loss
Financial Year	12/2017	12/2016	12/2015
Number of Weeks	52	52	52
Currency	SEK	SEK	SEK
Consolidated Accounts	No	No	No
Revenue	30,352,000	31,007,000	32,005,000
Operating Costs	29,554,000	29,772,000	31,233,000
Operating Profit	798,000	1,235,000	772,000
Wages & Salaries	644,000	1,040,000	1,015,000
Depreciation	-	-	-
Financial Income	-	-	-
Financial Expenses	10,000	117,000	185,000
Extraordinary Income	-	-	-
Extraordinary Costs	-	-	-
Profit before Tax	789,000	1,118,000	587,000
Tax	140,000	191,000	105,000
Profit after Tax	649,000	927,000	482,000
Minority Interests	-	-	-
Other Appropriations	-212,000	-289,000	-159,000
Retained Profit	437,000	638,000	322,000
Balance Sheet
Financial Year	12/2017	12/2016	12/2015
Number of Weeks	52	52	52
Currency	SEK	SEK	SEK
Consolidated Accounts	No	No	No
Land & Buildings	-	-	-
Plant & Machinery	-	-	-
Other Tangible Assets	-	-	-
Total Tangible Assets	-	-	-
Goodwill	-	-	-
Other Intangible Assets	-	-	-
Total Intangible Assets	-	-	-
Loans To Group	-	-	-
Other Loans	-	-	-
Miscellaneous Fixed Assets	26,000	12,000	6,000
Total Other Fixed Assets	26,000	12,000	6,000
TOTAL FIXED ASSETS	26,000	12,000	6,000
Work In Progress	-	-	-
Other Inventories	4,244,000	5,009,000	5,716,000
Total Inventories	4,244,000	5,009,000	5,716,000
Trade Receivables	2,715,000	-	2,793,000
Group Receivables	-	-	-
Miscellaneous Receivables	117,000	19,000	104,000
Total Receivables	2,832,000	19,000	2,897,000
Cash	1,285,000	2,670,000	-
Other Current Assets	-	-	-
TOTAL CURRENT ASSETS	8,361,000	7,698,000	8,613,000
TOTAL ASSETS	8,387,000	7,710,000	8,619,000
Trade Payables	3,091,000	3,243,000	3,179,000
Bank Liabilities	-	-	-
Group Payables	-	-	-
Miscellaneous Liabilities	1,672,000	1,477,000	2,131,000
TOTAL CURRENT LIABILITIES	4,763,000	4,720,000	5,310,000
Bank Liabilities Due After 1 Year	-	-	1,249,000
Other Loans Or Finance Due After 1 Year	-	-	-
Group Payables Due After 1 Year	-	-	-
Miscellaneous Liabilities Due After 1 Year	1,153,000	957,000	664,000
TOTAL LONG TERM LIABILITIES	1,153,000	957,000	1,913,000
TOTAL LIABILITIES	5,916,000	5,677,000	7,223,000
Called Up Share Capital	100,000	100,000	100,000
Share Premium	-	-	-
Revenue Reserves	2,371,000	1,933,000	1,296,000
Other Reserves	-	-	-
TOTAL SHAREHOLDERS EQUITY	2,471,000	2,033,000	1,396,000
Other Financials
Financial Year	12/2017	12/2016	12/2015
Contingent Liabilities	-	-	-
Working Capital	3,598,000	2,978,000	3,303,000
Net Worth	2,471,000	2,033,000	1,396,000

Ratios
Financial Year	12/2017	12/2016	12/2015
Pre-Tax Profit Margin (%)	2.60 %	3.61 %	1.83 %
Return On Capital Employed (%)	6.00 %	8.99 %	4.21 %
Return On Total Assets Employed (%)	9.41 %	14.50 %	6.81 %
Return On Net Assets Employed (%)	31.93 %	54.99 %	42.05 %
Sales/Net Working Capital	8.44	10.41	9.69
Stock Turnover Ratio (%)	13.98 %	16.15 %	17.86 %
Debtor Days	32.65	-	31.85
Creditor Days	37.17	38.18	36.25
Current Ratio	1.76	1.63	1.62
Liquidity Ratio/Acid Test	0.86	0.57	0.55
Current Debt Ratio	1.93	2.32	3.80
Gearing (%)	-	-	89.47 %
Equity In Percentage (%)	29.55 %	26.41 %	16.21 %
Total Debt Ratio	2.39	2.79	5.17

Additional Financials Items
Year End Date	2017	2016	2015
Audited Accounts	Yes	Yes	Yes
Auditor Comments	-	-	-

Share Capital Structure

Issued Share Capital 100,000 SEK

Shareholders

No shareholders data for this company.

Current Directors
Name	Appointment Date	Position
Elvy Majbritt Fredriksson	03/03/2014	Chairman of Board
Arne Franklin Fredriksson	03/03/2014	Actual Member of Board
Monica Therese Redlund	03/03/2014	Actual Member of Board
Karl Magnus Carlsson	22/10/2012	Substitute

Group Structure

No group structure for this company

Negative Information
Debt Balance
No Debt Balance for this company. 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 Latest Public Claim	0
No Latest Public Claim for this company. Latest Private Claim
No Latest Private Claim for this company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.83
UK Pound	1	INR 93.17
Euro	1	INR 81.38
SEK	1	INR 7.66

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	KET

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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