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|
MIRA
INFORM REPORT
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Report No. : |
501294 |
|
Report Date : |
31.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
OVAKO SWEDEN AB |
|
|
|
|
Registered Office : |
813 82 Hofors, Gävleborg |
|
|
|
|
Country : |
Sweden |
|
|
|
|
Financials (as on) : |
December 2016 |
|
|
|
|
Date of Incorporation : |
30.11.2005 |
|
|
|
|
Com. Reg. No.: |
5566921317 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
· Manufacture of basic iron and steel and of ferro-alloys · Cold drawing of bars · Manufacture of various other fabricated metal products n.e.c. · Manufacture of tubes, pipes, hollow profiles and related fittings, of steel · Cold drawing of wire |
|
|
|
|
No. of Employees : |
1403 [2016] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
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 |
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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 |
|
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 |
OVAKO SWEDEN AB |
|
Country |
SWEDEN |
|
Company
Registration Number |
5566921317 |
|
Activity Code |
24100 |
|
Activity
Description |
Manufacture of basic iron and steel and of ferro-alloys |
|
Company Status |
Active (Active) |
|
Latest Turnover
Figure |
3,452,197,000 SEK |
|
Latest
Shareholder Equity Figure |
376,808,000 SEK |
Basic Information |
|
|
Business Name |
OVAKO SWEDEN AB |
|
Registered
Company Name |
OVAKO SWEDEN AB |
|
Company
Registration Number |
5566921317 |
|
Country |
SWEDEN |
|
VAT Registration
Number |
SE556692131701 |
|
Date of Company
Registration |
30/11/2005 |
|
Legal Form |
Limited liability company |
|
Company Status |
Active (Active) |
|
Currency of this
Report |
SEK |
|
Principal
Activity Code |
No code |
|
Principal
Activity Description |
- |
|
Contact Address |
813 82 HOFORS, GÄVLEBORG |
|
Contact
Telephone Number |
- |
Main Address |
|
|
Address |
813 82 Hofors, Gävleborg |
|
Country |
SWEDEN |
|
Telephone |
- |
Other addresses
|
Address |
Country |
|
Bruksvägen 10, 813 35 |
SWEDEN |
|
Saxhyttevägen 2, 712 34 |
SWEDEN |
Activities
|
|
|
Activity Code |
Activity Description |
|
24100 |
Manufacture of
basic iron and steel and of ferro-alloys |
|
24310 |
Cold drawing of
bars |
|
25999 |
Manufacture of
various other fabricated metal products n.e.c. |
|
24200 |
Manufacture of
tubes, pipes, hollow profiles and related fittings, of steel |
|
24340 |
Cold drawing of
wire |
Email Addresses
|
|
No email addresses
for this company |
Web Pages
|
Employee Information
|
|
|
Year |
Number of Employees |
|
2016 |
1403 |
|
2015 |
1501 |
|
2014 |
1522 |
|
2013 |
674 |
|
2012 |
718 |
Advisors
|
|
Auditor Name Ernst & Young Aktiebolag |
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 |
24100 |
|
Activity Description |
Manufacture of
basic iron and steel and of ferro-alloys |
Event History
|
|
|
Event Date |
Event Description |
|
17/10/2017 |
Company mortgage,
changed |
|
12/10/2017 |
Authorised
signatories amended or new/amended vacancy text |
|
12/10/2017 |
Company
representatives, changed |
|
03/10/2017 |
Group Structure
Change |
|
29/09/2017 |
Group Structure
Change |
|
14/09/2017 |
Group Structure
Change |
|
17/08/2017 |
Group Structure
Change |
|
15/08/2017 |
Annual account,
new |
|
15/08/2017 |
Group annual
accout, new |
|
08/08/2017 |
Group Structure
Change |
|
28/07/2017 |
Annual report
(PDF), new |
|
26/05/2017 |
Group Structure
Change |
|
24/05/2017 |
Group Structure
Change |
|
11/04/2017 |
Company
representatives, changed |
|
11/04/2017 |
Authorised
signatories amended or new/amended vacancy text |
|
14/01/2017 |
Share capital, new
issue |
|
01/12/2016 |
Company
representatives, changed |
|
23/09/2016 |
Group Structure
Change |
|
05/09/2016 |
Group Structure
Change |
|
25/08/2016 |
Group annual
accout, new |
|
25/08/2016 |
Annual account,
new |
|
22/08/2016 |
Group Structure
Change |
|
16/08/2016 |
Annual report
(PDF), new |
|
09/08/2016 |
Group Structure
Change |
|
02/08/2016 |
Group Structure
Change |
|
29/07/2016 |
Authorised
signatories amended or new/amended vacancy text |
|
29/07/2016 |
Company
representatives, changed |
|
15/03/2016 |
Group Structure
Change |
|
15/12/2015 |
Company
representatives, changed |
|
15/12/2015 |
Authorised
signatories amended or new/amended vacancy text |
|
02/10/2015 |
Group Structure
Change |
|
21/09/2015 |
Group Structure
Change |
|
18/09/2015 |
Group Structure
Change |
|
17/09/2015 |
Group Structure
Change |
|
03/09/2015 |
Group annual
accout, new |
|
03/09/2015 |
Annual account,
new |
|
01/09/2015 |
Group Structure
Change |
|
31/08/2015 |
Group Structure
Change |
|
21/08/2015 |
Annual report
(PDF), new |
|
10/07/2015 |
Group Structure
Change |
|
18/10/2014 |
Company
representatives, changed |
|
30/09/2014 |
Certificate,
deregistered |
|
Event Date |
Event Description |
|
12/09/2014 |
Group Structure
Change |
|
21/08/2014 |
Group Structure
Change |
|
23/07/2014 |
Group Structure
Change |
|
21/07/2014 |
Group Structure
Change |
|
07/07/2014 |
Annual account,
new |
|
01/07/2014 |
Annual report
(PDF), new |
|
27/06/2014 |
Group Structure
Change |
|
25/06/2014 |
Group Structure
Change |
|
09/05/2014 |
Alcohol permit,
new |
|
09/05/2014 |
Alcohol permit,
changed |
|
06/05/2014 |
Group Structure
Change |
|
17/04/2014 |
Authorised
signatories amended or new/amended vacancy text |
|
17/04/2014 |
Company
representatives, changed |
|
01/04/2014 |
Fax number, new |
|
25/03/2014 |
Company name, changed
(old name: Ovako Hofors AB) |
|
20/03/2014 |
Board, changed |
|
20/03/2014 |
Status, changed |
|
20/03/2014 |
Authorised
signatories amended or new/amended vacancy text |
|
20/02/2014 |
Company
representatives, changed |
|
20/02/2014 |
Authorised
signatories amended or new/amended vacancy text |
|
10/01/2014 |
Status, changed |
|
27/12/2013 |
Group Structure
Change |
|
09/12/2013 |
Group Structure
Change |
|
11/11/2013 |
Group Structure
Change |
|
02/10/2013 |
Group Structure
Change |
|
18/09/2013 |
Group Structure
Change |
|
02/09/2013 |
Annual account,
new |
|
01/08/2013 |
Annual report
(PDF), new |
|
09/07/2013 |
Group Structure
Change |
Status History
|
|
No status history
events for this company |
Profit and Loss
|
|||
|
Financial Year |
12/2016 |
12/2015 |
12/2014 |
|
Number of Weeks |
52 |
52 |
52 |
|
Currency |
SEK |
SEK |
SEK |
|
Consolidated Accounts |
No |
No |
No |
|
Revenue |
3,511,795,000 |
3,573,310,000 |
4,094,755,000 |
|
Operating Costs |
3,433,789,000 |
3,627,078,000 |
3,991,009,000 |
|
Operating Profit |
78,006,000 |
-53,768,000 |
103,746,000 |
|
Wages & Salaries |
912,235,000 |
924,188,000 |
934,716,000 |
|
Depreciation |
239,567,000 |
254,981,000 |
319,127,000 |
|
Financial Income |
14,166,000 |
29,480,000 |
20,505,000 |
|
Financial Expenses |
159,870,000 |
148,006,000 |
240,789,000 |
|
Extraordinary Income |
- |
- |
- |
|
Extraordinary Costs |
- |
- |
- |
|
Profit before Tax |
-67,699,000 |
-89,588,000 |
-116,539,000 |
|
Tax |
-4,499,000 |
-17,056,000 |
-14,860,000 |
|
Profit after Tax |
-63,200,000 |
-72,532,000 |
-101,679,000 |
|
Minority Interests |
- |
- |
- |
|
Other Appropriations |
50,151,000 |
91,390,000 |
43,734,000 |
|
Retained Profit |
-13,049,000 |
18,857,000 |
-57,945,000 |
Balance Sheet
|
|||
|
Financial Year |
12/2016 |
12/2015 |
12/2014 |
|
Number of Weeks |
52 |
52 |
52 |
|
Currency |
SEK |
SEK |
SEK |
|
Consolidated Accounts |
No |
No |
No |
|
Land & Buildings |
441,994,000 |
450,423,000 |
522,908,000 |
|
Plant & Machinery |
875,773,000 |
820,825,000 |
914,183,000 |
|
Other Tangible Assets |
305,498,000 |
344,579,000 |
308,382,000 |
|
Total Tangible Assets |
1,623,266,000 |
1,615,827,000 |
1,745,473,000 |
|
Goodwill |
- |
- |
- |
|
Other Intangible Assets |
554,000 |
- |
- |
|
Total Intangible Assets |
554,000 |
- |
- |
|
Loans To Group |
- |
46,000 |
75,000 |
|
Other Loans |
- |
- |
- |
|
Miscellaneous Fixed Assets |
98,687,000 |
103,391,000 |
100,270,000 |
|
Total Other Fixed Assets |
98,687,000 |
103,437,000 |
100,345,000 |
|
TOTAL FIXED ASSETS |
1,722,507,000 |
1,719,264,000 |
1,845,818,000 |
|
Work In Progress |
- |
- |
- |
|
Other Inventories |
760,904,000 |
670,576,000 |
815,707,000 |
|
Total Inventories |
760,904,000 |
670,576,000 |
815,707,000 |
|
Trade Receivables |
201,023,000 |
171,678,000 |
225,394,000 |
|
Group Receivables |
1,221,956,000 |
1,115,614,000 |
1,069,262,000 |
|
Miscellaneous Receivables |
71,357,000 |
77,229,000 |
60,341,000 |
|
Total Receivables |
1,494,336,000 |
1,364,521,000 |
1,354,997,000 |
|
Cash |
382,000 |
55,000 |
18,194,000 |
|
Other Current Assets |
- |
- |
- |
|
TOTAL CURRENT ASSETS |
2,255,622,000 |
2,035,153,000 |
2,188,898,000 |
|
TOTAL ASSETS |
3,978,129,000 |
3,754,416,000 |
4,034,716,000 |
|
Trade Payables |
392,866,000 |
298,705,000 |
404,707,000 |
|
Bank Liabilities |
- |
- |
- |
|
Group Payables |
157,549,000 |
90,517,000 |
226,399,000 |
|
Miscellaneous Liabilities |
283,528,000 |
251,985,000 |
290,328,000 |
|
TOTAL CURRENT LIABILITIES |
833,943,000 |
641,207,000 |
921,435,000 |
|
Bank Liabilities Due After 1 Year |
- |
- |
- |
|
Other Loans Or
Finance Due After 1 Year |
- |
- |
- |
|
Group Payables Due
After 1 Year |
1,725,716,000 |
1,658,227,000 |
1,691,181,000 |
|
Miscellaneous
Liabilities Due After 1 Year |
1,041,662,000 |
1,073,857,000 |
1,051,799,000 |
|
TOTAL LONG TERM
LIABILITIES |
2,767,378,000 |
2,732,084,000 |
2,742,981,000 |
|
TOTAL LIABILITIES |
3,601,321,000 |
3,373,291,000 |
3,664,416,000 |
|
Called Up Share
Capital |
105,000 |
101,000 |
103,000 |
|
Share Premium |
- |
- |
- |
|
Revenue Reserves |
376,683,000 |
381,006,000 |
370,179,000 |
|
Other Reserves |
19,000 |
18,000 |
19,000 |
|
TOTAL SHAREHOLDERS
EQUITY |
376,808,000 |
381,125,000 |
370,300,000 |
Other Financials
|
|||
|
Financial Year |
12/2016 |
12/2015 |
12/2014 |
|
Contingent Liabilities |
2,882,897,000 |
2,773,639,000 |
2,834,667,000 |
|
Working Capital |
1,421,679,000 |
1,393,946,000 |
1,267,463,000 |
|
Net Worth |
376,254,000 |
381,125,000 |
370,300,000 |
Ratios
|
|||
|
Financial Year |
12/2016 |
12/2015 |
12/2014 |
|
Pre-Tax Profit Margin (%) |
-1.93 % |
-2.51 % |
-2.85 % |
|
Return On Capital Employed (%) |
-1.41 % |
-2.04 % |
-2.35 % |
|
Return On Total Assets Employed (%) |
-1.70 % |
-2.39 % |
-2.89 % |
|
Return On Net Assets Employed (%) |
-17.97 % |
-23.51 % |
-31.47 % |
|
Sales/Net Working Capital |
2.47 |
2.56 |
3.23 |
|
Stock Turnover Ratio (%) |
21.67 % |
18.77 % |
19.92 % |
|
Debtor Days |
20.89 |
17.54 |
20.09 |
|
Creditor Days |
40.83 |
30.51 |
36.07 |
|
Current Ratio |
2.70 |
3.17 |
2.38 |
|
Liquidity Ratio/Acid Test |
1.79 |
2.13 |
1.49 |
|
Current Debt Ratio |
2.21 |
1.68 |
2.49 |
|
Gearing (%) |
464.45 % |
446.19 % |
460.28 % |
|
Equity In Percentage (%) |
9.71 % |
10.44 % |
9.41 % |
|
Total Debt Ratio |
9.56 |
8.85 |
9.90 |
Additional Financials
Items
|
|||
|
Year End Date |
2016 |
2015 |
2014 |
|
Audited Accounts |
Yes |
Yes |
Yes |
|
Auditor Comments |
- |
- |
- |
Share Capital
Structure
|
|
Issued Share Capital 105,982 SEK |
Shareholders
|
|
No shareholders
data for this company. |
Current Directors
|
||
|
Name |
Appointment Date |
Position |
|
Erik Marcus
Hedblom |
14/12/2015 |
Chairman of Board |
|
Carl Johan Ryrberg |
28/07/2016 |
Actual Member of
Board |
|
Carl Michael
Raihle |
28/07/2016 |
Actual Member of
Board |
|
Johan Mathias
Tillman |
28/07/2016 |
Actual Member of
Board |
|
Phetra Maria
Eriksson |
10/04/2017 |
Actual Member of
Board |
|
Timo Leif Mattias
Viiperi |
08/08/2011 |
Actual Member of
Board |
|
Alf Tommy Faltin |
02/09/2010 |
Substitute |
|
Johan Bertil
Patrik Undvall |
30/04/2009 |
Substitute |
Previous Directors
|
|||
|
Name |
Appointment Date |
Position |
Resignation Date |
|
Jan Anders Olsson |
22/01/2008 |
Actual Member of
Board |
11/10/2017 |
|
Karin Christina
Marianne Lagerstedt Woolford |
16/04/2014 |
Actual Member of
Board |
10/04/2017 |
|
Anna Katarina
Wigart |
14/12/2015 |
Actual Member of
Board |
28/07/2016 |
|
Sten Gunnar
Lyckström |
16/04/2014 |
External CEO |
28/07/2016 |
|
Anders Gustaf
Henström |
16/04/2014 |
External Signatory |
28/07/2016 |
|
Tom Johan Eriksson |
03/05/2011 |
Actual Member of
Board |
14/12/2015 |
|
Sven Olof
Bäckström |
22/01/2008 |
Actual Member of
Board |
19/02/2014 |
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 |
7 |
|
Number Of Applications |
1 |
|
Number Of Revoked Applications |
32 |
|
Latest Public Claim No Latest Public
Claim for this company. Latest Private Claim |
|
|
Date |
|
|
Amount |
2309 (SEK) |
|
Currency |
SEK |
|
Creditor |
Kuehne & Nagel
AB |
|
Comments |
Decision |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.04 |
|
|
1 |
INR 92.28 |
|
Euro |
1 |
INR 80.62 |
|
SEK |
1 |
INR 7.80 |
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.