MIRA
INFORM REPORT
|
Report Date : |
27th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
LABMASTER OY |
|
|
|
|
Registered Office : |
Fiskarsinkatu 11 |
|
|
|
|
Country : |
Finland |
|
|
|
|
Financials (as on) : |
31-12-2005 |
|
|
|
|
Date of Incorporation : |
01.01.1986 |
|
|
|
|
Legal Form : |
Joint-stock company |
|
|
|
|
Line of Business : |
Engaged in the business of research and development on medical
sciences (73101). |
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 : |
Regular
|
|
|
|
|
Litigation : |
Clear |
Name & address
Labmaster Oy
Fiskarsinkatu 11
20750 Turku
PL 71, 20521 Turku
Telephone: +358 2 2760555
Telefax: +358 2 2760550
Trade register
number: 352113
Registered: 23.05.1985
Business ID: 06017284
Business started 01.01.1986
Turnover:
In 2005, the turnover
amounted to 117 thousand EUR, the length of the accounting period was 12
months, and the period ended on 31.12.2005.
Number of employees: In 2005, the number of employees amounted to
8.
Line of business:
The company´s
investigated line of business on 05.07.2004 is: research and development on
medical sciences (73101).
Summary
Payments Background Finances
very positive strong excellent
positive > good good
> not negative satisfactory > satisfactory
slightly negative passable passable
negative poor poor
no
classification no
classification
Maximum credit recommendation
7.000 EUR
Basics
Company form
Joint-stock company
Type of ownership
Private Finnish
Share capital
Paid share capital:
43.200 EUR
Maximum share capital: 252.000 EUR
Minimum share capital: 25.000 EUR
Activity
In 2005, the turnover amounted
to 117 thousand EUR, the length of the accounting period was 12 months, and the
period ended on 31.12.2005.
In 2005, the number of employees amounted to 8.
The company´s investigated line of business on 05.07.2004 is:
research and development on medical sciences (73101).
The company is engaged in export. The company´s main export
countries are the EU countries.
The company works in rented premises.
Shareholders requested on 24.03.2004.
The company has been in the Prepayment register since 26.01.1998.
Validity to be checked on 28.02.2007.
The company has been VAT liable for business activity since
01.06.1994.
The company has been in the Employer Register since 01.01.1986.
According to an account of
04.01.2002, the company´s bankers/financiers are Nordea Bank Finland Plc
-Turku-Kauppatori, Sampo Bank Plc.
Other names
Old name: 14.07.2002 Kliininen
erikoislaboratorio Labmaster Oy
Parallel business name: Clinical researchlaboratory Labmaster Ltd,
expired on 14.07.2002
Parallel business name:
Labmaster Ltd
Payments
The company has no
registered payment defaults.
Persons in charge
Managing director
Laaksonen Teppo Tapani, from 19.03.2002 on
110159-1277, Turku
No participation in companies on the basis of the identity number.
Chairman
Ahlström Pekka Johannes, from 05.12.2001 on
100547-5799, Turku
Participation in 12 companies on the basis of the identity number, of these 3
with payment defaults.
On the basis of his/her duties, the person participates in the company´s
management in the employ of the capital investor.
Ordinary member
Eskola Jarkko Uolevi, from 07.04.1993 on
271144-4815, Turku
No participation in companies on the basis of the identity number.
Ordinary member
Korpela Timo Kalevi, from 05.12.2001 on
300145-5118, Turku
Participation in 2 companies on the basis of the identity number, the companies
have no payment defaults.
Ordinary member
Laaksonen Teppo Tapani, from 05.12.2001 on
110159-1277, Turku
No participation in companies on the basis of the identity number.
Ordinary member
Puttonen Oili Sirkka-Liisa, from 06.11.1998 on
041148-032V, Pöytyä
Participation in one company on the basis of the identity number, the company
has no payment defaults.
Authorised signatures
According to the statutes, the
chairman of the Board and the managing director sign for the firm separately,
and the members of the Board, two jointly.
Procuration rights have not been
granted.
Business mortgages
Business mortgages total altogether 185 thousand EUR.
Summary of the financial
statement analysis
poor passable satisfactory good excellent
Profitability 
Liquidity
Solvency
Volume medium
Company 
Line of business
Financial statement analysis
The financial
statement analysis is based on the financial statement data of Labmaster Oy in
the accounting period as at 31.12.2005. The analysis also utilizes the data of
the accounting periods 2001-2004.
Industry comparison
The comparison
includes 70 companies in the industry class 73101 Research and development on
medical sciences. The risk of bankruptcy in the line is 0.4 %, and the risk of
payment defaults 0.8 %. The risk of payment defaults is clearly lower than
average.
Volume
The turnover of
Labmaster Oy is very small (117 tEUR) in relation to all active companies. This
may cause uncertainties in the interpretation of ratios. Proportioned to the
line of business, the turnover is close to the average in the line (143 tEUR).
The change in turnover from the previous period is 7.3 %. In the latest
accounting period, the company employed 8 persons on average. The turnover per
person is 15 tEUR, which is poor compared with the line (median 55 tEUR). Thus,
the productivity of labour is lower than the average in the line.
Profitability
The operating margin of the
company (-168.6 %) is poor, proportioned to the line (median 18.2 %). This
indicates very poor internal financing. Also the operating income in % (-173.8
%) is poor, compared with the line (11.9 %), referring to a dangerously low contribution
margin. The central ratio for profitability, return on investment, is poor
(-110.1 %). This is clearly lower than the average in the line (median 17.9 %).
In the long term, the development of profitability has been dangerously poor.
If, instead of the return on
investment, the return on assets is calculated, taking also into account
interest-free loans, the return ratio is -89.5 %. The return on assets is poor,
in relation to the line of business (13.8%).
Liquidity
The liquidity is very
good, measured by quick ratio (2.5), which is about equal to the average in the
line (median 2.4). In the last year, the financial buffer has improved steeply.
The sales receivable turnover of the company is relatively short (25 days)
compared with the line (42 days).
Solvency
The solvency of
Labmaster Oy is poor, measured by equity ratio (-399.5 %). Median in the line
is 58.0 %, so the company´s solvency is clearly poorer than that of the line.
The solvency has improved considerably from the previous period. The own
capital is still negative. In the long term, the development of solvency has
been dangerously weak. The company has subordinated loans. When including the
subordinated loans into equity, the company´s solvency ratio is 28.6. The
relative indebtedness is 265.8%, which is poor compared with the median in the
line (23.5%). In the light of the capital structure indicators, the company´s
debt burden is considerably high.
Summary and remarks
Because the company is very
small, in high debt and poorly profitable, it is a risk company.
The
verbal interpretation of the financial statements analysis has been produced programmatically from unadjusted financial statements.
Audit of the accounts
Auditor in the
accounting period as at 01.01.2005 - 31.12.2005:
KHT Huhtala Matti
The auditor´s report is available, but it has not been assessed at
Asiakastieto.
Number of enquiries
14 enquiries have been made on
the company during the past 6 months, of which 1 during the past 30 days.
Suomen
Asiakastieto Oy does not guarantee that the information in the report is correct or complete, nor does it assume responsibility
for damages possibly caused by the use of this report.
Business mortgages
Numbers Amount Amount, each Creditor or holder/ Receiver of secondary mortgage Date of application
001 1 16,8 t EUR Kansallis-Osake-Pankki 20.06.1989
002 - 003 2 16,8 t EUR Kera Oy 20.06.1989
004 - 007 4 16,8 t EUR Valtiontakauslaitos 20.06.1989
008 - 009 2 16,8 t EUR Valtiontakuukeskus 25.10.1990
010 - 011 2 16,8 t EUR Valtiontakuukeskus 14.08.1991
Business
mortgages, total 185,0
t EUR
The register is not
equivalent to the official extract. The official extracts are available at the
trade register.
Summary of the profit and loss account (t EUR)
31.12.2005
12 months 31.12.2004 12 months 31.12.2003 12 months
Turnover 117,0 109,0 111,3
Other operating
income 71,0 90,0 175,7
Raw materials and
services -70,0 -97,0 -209,9
Gross result 118,0 102,0 77,1
Other operating
expenses -440,0 -438,0 -454,3
Depreciation -10,0 -10,0 -13,3
Operating result -332,0 -346,0 -390,5
Financing income 0,0 2,0 5,6
Financing
expenses -1,0 -5,0 -6,0
Result before
extraordinary items -333,0 -349,0 -390,9
Extraordinary
items
Result before
appropriations and taxes -333,0 -349,0 -390,9
Appropriations
Direct taxes
Result for the
financial year -331,0 -349,0 -390,9
Summary of the profit and loss
account (t EUR)
31.12.2002
12 months 31.12.2001 12 months 31.12.2000 12 months
Turnover 155,7 113,0 125,1
Other operating
income 99,3 2,7
Raw materials and
services -254,6 -85,8 -29,6
Gross result 0,3 27,2 98,2
Other operating
expenses -440,4 -300,4 -78,4
Depreciation -16,0 -17,8 -17,8
Operating result -456,1 -291,1 2,2
Financing income 4,3 2,9
Financing
expenses -10,3 -17,3 -17,8
Result before
extraordinary items -462,1 -305,6 -15,8
Extraordinary
items -2,0 32,6
Result before
appropriations and taxes -464,1 -273,0 -15,8
Appropriations
Direct taxes
Result for the
financial year -464,1 -273,0 -15,8
Profit and loss account (t EUR)
31.12.2005
12 months
PROFIT AND LOSS ACCOUNT
NET TURNOVER
117,0
Variation in stocks of finished products and work -3,0
Other operating income 74,0
Raw materials and services
Raw materials and consumables
Purchases during the financial year -47,0
Variation in stocks -5,0
External services -18,0
Staff expenses
Wages and salaries -252,0
Social security expenses
Other social security expenses -53,0
Depreciation and reductions in value
Depreciation according to plan -10,0
Other operating expenses -135,0
OPERATING RESULT -332,0
Financial income and expenses
Interest and other financial expenses -1,0
RESULT BEFORE EXTRAORDINARY ITEMS -333,0
RESULT BEFORE APPROPRIATIONS AND TAXES -333,0
RESULT FOR THE FINANCIAL YEAR -331,0
Summary of the balance sheet (t
EUR)
31.12.2005
12 months 31.12.2004 12 months 31.12.2003 12 months
Intangible assets 17,0 18,0 18,9
Tangible assets 52,0 53,0 61,7
Investments 0,4
Stocks 127,0 136,0 141,0
Current financial assets 238,0 101,0 157,9
Subscribed capital 43,0 45,0 45,4
Reserves 488,0 488,0 487,3
Retained earnings -1.934,0 -1.587,0 -1.196,3
Result for the financial year -331,0 -349,0 -390,9
Subordinated loans 1.858,0 1.612,0 1.281,4
Accumulated appropriations
Provisions
Long-term debts 214,0 45,0 74,8
Current liabilities 97,0 55,0 78,1
Balance sheet total 434,0 308,0 379,9
Summary of the balance sheet (t
EUR)
31.12.2002
12 months 31.12.2001 12 months 31.12.2000 12 months
Intangible assets 22,1 26,7 11,9
Tangible assets 70,3 71,1 67,3
Investments 0,4 8,7 0,3
Stocks 150,9 205,0 231,4
Current financial assets 263,4 211,2 84,1
Subscribed capital 45,4 45,4 42,0
Reserves 487,3 487,4 474,0
Retained earnings -732,1 -459,3 -443,5
Result for the financial year -464,1 -273,0 -15,8
Subordinated loans 998,1 544,1 66,8
Accumulated appropriations
Provisions
Long-term debts 105,0 139,8 201,2
Current liabilities 67,6 38,7 70,6
Balance sheet total 507,2 523,1 395,1
Balance sheet (t EUR)
31.12.2005
12 months
BALANCE SHEET
ASSETS
NON-CURRENT ASSETS
Intangible assets
Intangible rights 17,0
Tangible assets
Machinery and equipment 52,0
CURRENT ASSETS
Stocks
Raw materials and consumables 94,0
Finished goods for sale 33,0
Debtors
Long-term receivables
Short-term receivables
Trade debtors 8,0
Other receivables 10,0
Prepayments and accrued income 96,0
Investments
Cash in hand and at bank 124,0
ASSETS TOTAL
434,0
LIABILITIES
CAPITAL AND RESERVES
Subscribed capital 43,0
Share premium account 128,0
Other reserves
Other reserves 360,0
Retained earnings (loss) -1.934,0
Result for the financial year -331,0
Subordinated loans 1.858,0
CREDITORS
Long-term debts
Convertible debentures 200,0
Amounts owed to credit institutions 3,0
Pension loans 11,0
Current liabilities
Pension loans 3,0
Trade creditors 5,0
Other creditors 5,0
Accruals and deferred income 84,0
LIABILITIES TOTAL 434,0
Information about the audit
Accounting period 31.12.2005
The auditor´s
report is available, but it has not been assessed at
Asiakastieto.
Auditors
Name
Huhtala Matti
KHT
Company´s ratios
Accounting period 31.12.2005
31.12.2004 31.12.2003 31.12.2002 31.12.2001
Volume
Turnover EUR 1000 117,0 109,0 111,3
155,7 113,0
Change in turnover in % 7,3 -2,1 -28,5 37,8
-9,7
Turnover/person EUR 1000 14,6 13,6 12,4 17,3 14,1
Profitability
Operating margin in % -168,6 -168,8 -131,4
-172,6 -241,8
Operating income in % -173,8 -173,9 -136,1
-178,9 -257,6
Return on investment in % -110,1 -122,9 -103,0
-96,2 -66,8
Return on total assets in % -89,5 -100,0 -86,8 -87,7 -62,8
Liquidity
Quick ratio 2,5 1,8 2,1 7,6
5,5
Current ratio 3,8 4,3 4,0 12,0
10,8
Solvency
Equity ratio in % -399,5 -455,5 -280,5
-139,9 -38,1
Net gearing 0,8 0,0 -0,2
-0,2 0,0
Relative indebtedness in % 265,8 91,7 133,8
89,7 157,9
Working capital
Working capital ratio in % 111,1 141,3 77,1
76,7 173,5
Inventories/turnover in % 108,5 124,8 126,7
96,9 181,4
Sales receivable turnover in days 25 80
9 17 65
Accounts payable turnover in days 28 24
98 10 179
Ratios of the line of business
Line of business 73101 Research and development on medical
sciences (237 kpl)
Year 2005
2004 2003 2002 2001
Companies
in the line 70 124 132 123 101
Volume
Turnover
EUR 1000 143,1
115,0 112,0 127,0 114,0
Change
in turnover in % 6,0
8,1 2,1 10,5
11,8
Turnover/person
EUR 1000 55,0 59,2 40,0
56,7 67,4
Profitability
Operating
margin in % 18,2
18,9 15,2 20,2 22,4
Operating
income in % 11,9
10,8 11,3 12,4 14,0
Return
on investment in % 17,9
7,5 8,1 6,1
17,2
Return
on total assets in % 13,8
7,1 7,2 5,1
14,4
Liquidity
Quick
ratio 2,4
1,6 2,5 2,9
3,2
Current
ratio 2,0
1,6 2,5 2,9
3,3
Solvency
Equity
ratio in % 58,0
58,1 61,7 68,3 69,4
Relative
indebtedness in % 23,5
28,3 30,6 26,5 23,2
Working
capital
Working
capital ratio in % 1,0
0,0 0,8 1,5
1,4
Inventories/turnover
in % 3,2 6,9 13,1 16,6
10,0
Sales
receivable turnover in days 42 38 37 30
31
Accounts
payable turnover in days 57 83 90 86
94
Company Line of business
Payment default risk 0,8%
9,7%
Bankruptcy risk 0,4% 1,0%
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |