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MIRA INFORM REPORT
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Report No. : |
495433 |
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Report Date : |
05.03.2018 |
IDENTIFICATION DETAILS
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Name : |
KORCO AB |
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|
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Registered Office : |
Södra Hamngatan 53, 41106 Göteborg, Västra Götaland |
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|
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Country : |
Sweden |
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Financials (as on) : |
December 2016 |
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Date of Incorporation : |
20.06.1991 |
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Com. Reg. No.: |
5564283264 |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Wholesale of Other Intermediate Products N.E.C. |
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|
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No. of Employees : |
11 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
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
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.
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Source
: CIA |
Company Summary
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|
|
Business Name |
KORCO AB |
|
Country |
SWEDEN |
|
Company
Registration Number |
5564283264 |
|
Activity Code |
46769 |
|
Activity
Description |
Wholesale of other intermediate products n.e.c. |
|
Company Status |
Active (Active) |
|
Latest Turnover
Figure |
544,477,000 SEK |
|
Latest
Shareholder Equity Figure |
27,999,000 SEK |
Basic
Information
|
|
|
Business Name |
KORCO AB |
|
Registered
Company Name |
KORCO AB |
|
Company
Registration Number |
5564283264 |
|
Country |
SWEDEN |
|
VAT Registration
Number |
SE556428326401 |
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Date of Company
Registration |
20/06/1991 |
|
Legal Form |
Limited Liability Company |
|
Company Status |
Active (Active) |
|
Currency of this
Report |
SEK |
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Principal
Activity Code |
No code |
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Principal
Activity Description |
- |
|
Contact Address |
Södra Hamngatan 53, 41106 Göteborg, Västra Götaland |
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Contact
Telephone Number |
- |
Main Address
|
|
|
Address |
Södra Hamngatan 53, 41106 GÖTEBORG, VÄSTRA GÖTALAND |
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Country |
Sweden |
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Telephone |
- - |
Activities
|
|
Activity Code Activity Description |
|
46769 Wholesale of other intermediate products n.e.c. |
Email Addresses
|
|
No email addresses for this company |
Employee Information
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|
|
Year |
Number of
Employees |
|
2016 |
11 |
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2015 |
10 |
|
2014 |
7 |
|
2013 |
6 |
|
2012 |
5 |
Advisors
|
|
Auditor Name Nils Thomas Siesing |
Tax Registrations
|
|
|
Registered for
FTax |
Yes |
|
Registered for
VAT |
Yes |
|
Registered for
Employee Tax |
Yes |
Certificates
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|
No certificate information for this company |
Industry Comparison
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|
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Activity Code |
46769 |
|
Activity
Description |
Wholesale of other intermediate products n.e.c. |
Event History
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|
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Event Date |
Event
Description |
|
13/10/2017 |
Authorised signatories amended or new/amended vacancy text |
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13/10/2017 |
Company representatives, changed |
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30/08/2017 |
Authorised signatories amended or new/amended vacancy text |
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30/08/2017 |
Company representatives, changed |
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26/07/2017 |
Group Structure Change |
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03/07/2017 |
Group Structure Change |
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28/06/2017 |
Annual account, new |
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22/06/2017 |
Annual report (PDF), new |
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11/04/2017 |
Company representatives, changed |
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11/04/2017 |
Authorised signatories amended or new/amended vacancy text |
|
Event Date |
Event
Description |
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14/02/2017 |
Company representatives, changed |
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14/02/2017 |
Authorised signatories amended or new/amended vacancy text |
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03/08/2016 |
Group Structure Change |
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26/07/2016 |
Company mortgage, changed |
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26/07/2016 |
Company mortgage, new |
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25/07/2016 |
Annual account, new |
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18/07/2016 |
Annual report (PDF), new |
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09/03/2016 |
Company mortgage, new |
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09/03/2016 |
Company mortgage, changed |
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02/10/2015 |
Group Structure Change |
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25/08/2015 |
Phone number, changed |
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28/07/2015 |
Group Structure Change |
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15/07/2015 |
Limit, increase |
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15/07/2015 |
Annual account, new |
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08/07/2015 |
Company representatives, changed |
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07/07/2015 |
Annual report (PDF), new |
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17/02/2015 |
Phone number, changed |
|
15/07/2014 |
Group Structure Change |
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17/06/2014 |
Group Structure Change |
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16/06/2014 |
Group Structure Change |
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11/06/2014 |
Annual account, new |
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11/06/2014 |
Limit, increase |
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05/06/2014 |
Annual report (PDF), new |
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19/11/2013 |
Group Structure Change |
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20/09/2013 |
Group Structure Change |
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19/09/2013 |
Limit, increase |
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19/09/2013 |
Annual account, new |
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15/08/2013 |
Annual report (PDF), new |
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08/08/2013 |
Authorised signatories amended or new/amended vacancy text |
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08/08/2013 |
Company representatives, changed |
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08/08/2013 |
Company name, changed (old name: Korab International & Co AB) |
Status History
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No status history events for this company |
Profit and Loss
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|||
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Financial Year |
12/2016 |
12/2015 |
12/2014 |
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Number of Weeks |
52 |
52 |
52 |
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Currency |
SEK |
SEK |
SEK |
|
Consolidated
Accounts |
No |
No |
No |
|
Revenue |
546,099,000 |
497,718,000 |
411,018,000 |
|
Operating Costs |
517,224,000 |
475,642,000 |
391,165,000 |
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Operating Profit |
28,875,000 |
22,076,000 |
19,853,000 |
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Wages &
Salaries |
14,203,000 |
12,653,000 |
10,328,000 |
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Depreciation |
39,000 |
21,000 |
21,000 |
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Financial Income |
8,000 |
11,000 |
11,000 |
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Financial
Expenses |
2,012,000 |
2,186,000 |
2,806,000 |
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Extraordinary
Income |
- |
- |
- |
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Extraordinary
Costs |
- |
- |
- |
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Profit before
Tax |
26,871,000 |
19,901,000 |
17,058,000 |
|
Tax |
6,022,000 |
4,513,000 |
3,841,000 |
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Profit after Tax |
20,849,000 |
15,388,000 |
13,217,000 |
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Minority
Interests |
- |
- |
- |
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Other
Appropriations |
- |
- |
- |
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Retained Profit |
20,849,000 |
15,388,000 |
13,217,000 |
Balance Sheet
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|||
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Financial Year |
12/2016 |
12/2015 |
12/2014 |
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Number of Weeks |
52 |
52 |
52 |
|
Currency |
SEK |
SEK |
SEK |
|
Consolidated
Accounts |
No |
No |
No |
|
Land &
Buildings |
- |
- |
- |
|
Plant &
Machinery |
- |
- |
- |
|
Other Tangible
Assets |
61,000 |
20,000 |
57,000 |
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Total Tangible
Assets |
61,000 |
20,000 |
57,000 |
|
Goodwill |
- |
- |
- |
|
Other Intangible
Assets |
- |
- |
- |
|
Total Intangible
Assets |
- |
- |
- |
|
Loans To Group |
- |
- |
- |
|
Other Loans |
- |
- |
- |
|
Miscellaneous
Fixed Assets |
- |
- |
- |
|
Total Other
Fixed Assets |
- |
- |
- |
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TOTAL FIXED
ASSETS |
61,000 |
20,000 |
57,000 |
|
Work In Progress |
- |
- |
- |
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Other
Inventories |
81,830,000 |
87,242,000 |
61,143,000 |
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Total
Inventories |
81,830,000 |
87,242,000 |
61,143,000 |
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Trade Receivables |
119,357,000 |
99,559,000 |
71,148,000 |
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Group
Receivables |
- |
- |
- |
|
Miscellaneous
Receivables |
12,286,000 |
6,601,000 |
7,229,000 |
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Total
Receivables |
131,643,000 |
106,160,000 |
78,377,000 |
|
Cash |
6,595,000 |
184,000 |
5,454,000 |
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Other Current
Assets |
- |
- |
- |
|
TOTAL CURRENT
ASSETS |
220,068,000 |
193,586,000 |
144,974,000 |
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TOTAL ASSETS |
220,129,000 |
193,606,000 |
145,031,000 |
|
Trade Payables |
22,836,000 |
29,521,000 |
35,543,000 |
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Bank Liabilities |
139,334,000 |
93,265,000 |
65,632,000 |
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Group Payables |
14,118,000 |
34,257,000 |
16,938,000 |
|
Miscellaneous
Liabilities |
14,323,000 |
12,894,000 |
8,637,000 |
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TOTAL CURRENT
LIABILITIES |
190,611,000 |
169,937,000 |
126,750,000 |
|
Bank Liabilities
Due After 1 Year |
- |
- |
- |
|
Other Loans Or
Finance Due After 1 Year |
- |
- |
- |
|
Group Payables
Due After 1 Year |
- |
- |
- |
|
Miscellaneous
Liabilities Due After 1 Year |
1,519,000 |
1,519,000 |
1,519,000 |
|
TOTAL LONG TERM
LIABILITIES |
1,519,000 |
1,519,000 |
1,519,000 |
|
TOTAL
LIABILITIES |
192,130,000 |
171,456,000 |
128,269,000 |
|
Called Up Share
Capital |
1,700,000 |
1,700,000 |
1,700,000 |
|
Share Premium |
- |
- |
- |
|
Revenue Reserves |
26,299,000 |
20,450,000 |
15,062,000 |
|
Other Reserves |
- |
- |
- |
|
TOTAL
SHAREHOLDERS EQUITY |
27,999,000 |
22,150,000 |
16,762,000 |
Other Financials
|
|||
|
Financial Year |
12/2016 |
12/2015 |
12/2014 |
|
Contingent
Liabilities |
- |
- |
- |
|
Working Capital |
29,457,000 |
23,649,000 |
18,224,000 |
|
Net Worth |
27,999,000 |
22,150,000 |
16,762,000 |
Ratios
|
|||
|
Financial Year |
12/2016 |
12/2015 |
12/2014 |
|
Pre-Tax Profit
Margin (%) |
4.92 % |
4.00 % |
4.15 % |
|
Return On
Capital Employed (%) |
6.54 % |
5.47 % |
6.28 % |
|
Return On Total Assets
Employed (%) |
12.21 % |
10.28 % |
11.76 % |
|
Return On Net
Assets Employed (%) |
95.97 % |
89.85 % |
101.77 % |
|
Sales/Net
Working Capital |
18.54 |
21.05 |
22.55 |
|
Stock Turnover
Ratio (%) |
14.98 % |
17.53 % |
14.88 % |
|
Debtor Days |
79.78 |
73.01 |
63.18 |
|
Creditor Days |
15.26 |
21.65 |
31.56 |
|
Current Ratio |
1.15 |
1.14 |
1.14 |
|
Liquidity
Ratio/Acid Test |
0.73 |
0.63 |
0.66 |
|
Current Debt
Ratio |
6.81 |
7.67 |
7.56 |
|
Gearing (%) |
497.64 % |
421.06 % |
391.55 % |
|
Equity In Percentage
(%) |
12.72 % |
11.44 % |
11.56 % |
|
Total Debt Ratio |
6.86 |
7.74 |
7.65 |
Additional Financials Items
|
|||
|
Year End Date |
2016 |
2015 |
2014 |
|
Audited Accounts |
Yes |
Yes |
Yes |
|
Auditor Comments |
- |
- |
- |
Share Capital Structure
|
|
Issued Share Capital 1,700,000 SEK |
Shareholders
|
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No shareholders data for this company. |
Current Directors
|
||
|
Name |
Appointment Date |
Position |
|
Mario Kornfilt |
31/10/2003 |
Chairman of Board |
|
Alf Peter Ljungsvik |
13/02/2017 |
Actual Member of Board |
|
Jan Lennart Kristiansson |
07/08/2013 |
Actual Member of Board |
|
Jens Fürstenberg Galatius |
07/08/2013 |
Actual Member of Board |
|
Ulf Ossian Ryberg |
18/11/2009 |
Actual Member of Board |
|
Ann-Sophie Klamer |
28/08/2017 |
Substitute |
|
Ernst Harald Jakob Grinneback |
07/08/2013 |
Substitute |
|
Eva Birgitta Jönsson |
07/08/2013 |
Substitute |
|
Ted Wilhelm Robin Paijkull Knapp |
07/08/2013 |
Substitute |
Previous Directors
|
|||
|
Name |
Appointment Date |
Position |
Resignation Date |
|
Gunbritt Marianne Schölin |
07/08/2013 |
Substitute |
28/08/2017 |
|
Pär Tore Christian Hörberg |
11/02/1998 |
Managing Director |
13/02/2017 |
Group Structure
|
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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 |
0 |
|
Latest Public
Claim No Latest Public Claim for this company. |
|
|
Latest Private
Claim No Latest Private Claim for this company. |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.22 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 79.50 |
|
SEK |
1 |
INR 7.89 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TPT |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.