MIRA
INFORM REPORT
|
Report Date : |
25th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
TAMMET
OY |
|
|
|
|
Registered Office : |
Metallikutomonkatu,
10600 Tammisaari, PL 19, 10601 Tammisaari |
|
|
|
|
Country : |
Finland |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
23.01.1948 |
|
|
|
|
Legal Form : |
Joint-stock
company |
|
|
|
|
Line of Business : |
Manufacture
of wire products |
RATING & COMMENTS
|
MIRA’s Rating : |
Aaa |
|
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 |
|
Maximum Credit Limit : |
920.000
EUR |
|
|
|
|
Status : |
Excellent
|
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
Company name & Address
Tammet Oy
Metallikutomonkatu
10600 Tammisaari
PL 19, 10601 Tammisaari
Telephone : +358 0201450201
Telefax : +358 0201450202
Trade register number
107134
Registered
23.01.1948
Business ID
01312751
Turnover
In 2005, the turnover amounted to 22.313 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 129.
Line of business
The company´s investigated line of business on 17.09.2004 is: manufacture
of wire products (28730).
Maximum credit recommendation
920.000 EUR
Basics
|
Company form |
Joint-stock company |
|
Type of ownership |
Private Finnish |
|
Share capital |
Paid share capital: 363.286 EUR |
|
Activity |
In 2005, the turnover amounted to 22.313
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 129. The company´s branch is Pälkäne. The company´s investigated line of business on 17.09.2004 is:
manufacture of wire products (28730). The company is engaged in export and import. The company´s main export countries are Canada, the
Nordic countries. The company works in premises of its own. The company has been in the Prepayment register since 01.03.1995.
Validity to be checked on 28.02.2007. The company has been VAT liable for the transfer of rights to use
immovable property since 04.10.1994. The company has been VAT liable for business activity since
01.06.1994. The company has been in the Employer Register since 01.09.1963. According to an account of 21.06.2004, the company´s
bankers/financiers are Nordea Bank Finland Plc -Tammisaari, Pension insurance company. |
|
Payments |
The company has no registered payment
defaults. There are positive remarks concerning the company´s
payments. |
Persons in charge
Managing
director
Ramsay Gretel Helena, from 08.01.2001 on
140355-146B, Tammisaari
Participation in 4 companies on the basis of the identity number, the companies have
no payment defaults.
Chairman
Gustavson Stig Gunnar, from 26.04.2005 on
170645-471L, Helsinki
Participation in 15 companies on the basis of the identity number, the companies have
no payment defaults.
Ordinary member
Björnberg Fredrik, from 28.06.1991 on
250538-4693, Helsinki
Participation in 5 companies on the basis of the identity number, the companies have
no payment defaults.
Ordinary member
Ramsay Gretel Helena, from 24.03.1993 on
140355-146B, Tammisaari
Participation in 4 companies on the basis of the identity number, the companies have no payment defaults.
Ordinary member
Ramsay Peter Georg Edvard, from 26.04.2005
on
261167-151T, Helsinki
Participation in 6 companies on the basis of the identity number, the companies have
no payment defaults.
Ordinary member
Sommar Ebbe Axel Erik, from 26.04.2005 on
270328-087V, Lohja
No participation in companies on the basis of the identity number.
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.
The procuration holders sign for the firm two jointly.
Shareholders
According to information received from the company on 31.12.2005, shareholders are:
Hattula-Tex
Oy, VAT No. 01457651, with 53,3% of the shares
Business mortgages
The
company has no registered business mortgages.
Group structure
The
company is parent company in the group Tammet -konserni.
Financial statement analysis
The financial statement analysis is based on
the financial statement data of Tammet Oy in the accounting period as at 31.12.2005. The analysis
also utilizes the data of the accounting periods 2001-2004.
The auditor has approved the financial
statement without remarks.
Industry comparison
The comparison includes 19 companies in the
industry class 28730 Manufacture of wire products. The risk of bankruptcy in the line is 0.0
%, and the risk of payment defaults 2.6 %. The risk of payment defaults is clearly lower
than average.
Volume
The turnover of Tammet Oy is large (22.3
mill EUR) in relation to all active companies. In its line, the company is clearly larger than
average (471 tEUR). The turnover increased in the latest accounting period (18.7
%) . The increase has been faster than the average in the line. In the
latest accounting period, the company employed 129 persons on average. The turnover per
person is 173 tEUR, which is satisfactory compared with the line (median
153 tEUR).
Profitability
The operating margin of the company (7.7 %)
is poor, proportioned to the line (median 14.3 %). Also the operating income in % (3.9 %) is poor, compared with
the line (11.4 %), referring to a dangerously low contribution
margin. The central ratio for profitability, return on investment, is
passable (7.5 %). This is lower than the average in the line (median 18.4
%).
If, instead of the return on investment, the
return on assets is calculated, taking also into account interest-free loans, the return
ratio is 6.6 %. The return is passable, in relation to the line of business
(15. 6%).
Liquidity
The liquidity is good, measured by quick
ratio (1.3), which is exactly equal to the average in the line. In the last year, the financial buffer has improved
steeply. The sales receivable turnover of the company is relatively
short (26 days) compared with the line (32 days).
Solvency
The solvency of Tammet Oy is very good,
measured by equity ratio (79.8 %). The median in the line is 64.4%, so the company is exceptionally solvent
in its line. The company´s net gearing is 0.0, which can be considered very good. The
relative indebtedness is 12.3%, which is good compared with the median in the
line (26.0%). According to the capital structure ratios, the company´s debt
burden is very low.
Summary
and remarks
Because
of its solvency, the company has the qualifications to also bring the profitability to at least a satisfactory
level in order to secure the preconditions
for activities in the long term.
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 Ariluoma Kalervo, Tilintarkastustoimisto Kalervo Ariluoma Oy
The auditor has approved the financial statement without remarks.
Number of enquiries
43 enquiries have been made on the company during the past 6 months, of which 16 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.
Company´s payments
|
Period |
Code |
From due date |
Delayed, total |
|
Number of observations |
|
|
|||||
|
10/2006 |
ML |
|
|
|
1 |
|
|
|||||
|
09/2006 |
ML |
|
|
|
1 |
|
|
|||||
|
08/2006 |
ML |
|
|
|
1 |
|
|
|||||
|
07/2006 |
ML |
|
|
|
1 |
|
|
|||||
|
06/2006 |
ML |
|
|
|
1 |
|
|
|||||
|
05/2006 |
ML |
|
|
|
1 |
|
|
|||||
|
04/2006 |
ML |
|
|
|
1 |
|
|
|||||
|
03/2006 |
ML |
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|
|
1 |
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|
|||||
|
02/2006 |
ML |
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|
|
1 |
|
|
|||||
|
01/2006 |
ML |
|
|
|
1 |
|
|
|||||
|
12/2005 |
ML |
|
|
|
1 |
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 |
22.312,6 |
18.791,1 |
17.782,0 |
|
Other operating income |
-872,4 |
1.431,8 |
303,1 |
|
Raw materials and services |
-12.280,4 |
-11.039,7 |
-9.888,2 |
|
Gross result |
9.159,8 |
9.183,3 |
8.196,9 |
|
Other operating expenses |
-7.401,8 |
-7.504,5 |
-6.936,9 |
|
Depreciation |
-871,5 |
-829,0 |
-775,6 |
|
Operating result |
886,5 |
849,8 |
484,4 |
|
Financing income |
11,7 |
9,9 |
8,1 |
|
Financing expenses |
-57,3 |
-66,3 |
-51,5 |
|
Result before extraordinary items |
840,9 |
793,3 |
441,1 |
|
Extraordinary items |
|
|
|
|
Result before appropriations and taxes |
840,9 |
793,3 |
441,1 |
|
Appropriations |
-69,7 |
-245,0 |
-352,3 |
|
Direct taxes |
-200,5 |
-159,0 |
-2,5 |
|
|
|
|
|
|
Result for the financial year |
570,7 |
389,3 |
86,3 |
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 |
16.632,0 |
17.175,4 |
586,6 |
|
Other operating income |
454,2 |
282,4 |
315,9 |
|
Raw materials and services |
-8.917,6 |
-8.707,1 |
|
|
Gross result |
8.168,7 |
8.750,6 |
902,5 |
|
Other operating expenses |
-7.104,7 |
-7.229,1 |
-578,1 |
|
Depreciation |
-596,8 |
-597,2 |
-174,9 |
|
Operating result |
467,2 |
924,2 |
149,2 |
|
Financing income |
67,4 |
109,3 |
904,5 |
|
Financing expenses |
-48,3 |
-70,5 |
-2,7 |
|
Result before extraordinary items |
486,2 |
963,0 |
1.051,0 |
|
Extraordinary items |
|
|
|
|
Result before appropriations and taxes
|
486,2 |
963,0 |
1.051,0 |
|
Appropriations |
-576,5 |
24,2 |
70,5 |
|
Direct taxes |
3,3 |
-287,3 |
-324,8 |
|
|
|
|
|
|
Result for the financial year |
-87,0 |
700,0 |
796,7 |
Profit and loss account (t EUR)
|
|
31.12.2005
12
months |
|
PROFIT AND LOSS ACCOUNT |
|
|
TURNOVER
|
22.312,6 |
|
Change in finished goods and
work-in-progress inv |
-1.298,9 |
|
Other operating income |
426,5 |
|
Materials and services |
|
|
Materials, supplies and goods |
|
|
Purchases during the fiscal period
|
-12.081,6 |
|
Change in raw material inventories
|
7,7 |
|
Outsourced services |
-206,4 |
|
Personnel expenses |
|
|
Salaries and wages |
-3.574,7 |
|
Social security expenses |
|
|
Pension expenses |
-596,0 |
|
Other social security expenses
|
-396,4 |
|
Depreciation and reductions in value |
|
|
Depreciation according to plan
|
-871,5 |
|
Other operating expenses |
-2.834,7 |
|
OPERATING RESULT |
886,5 |
|
Financial income and expenses |
|
|
Income on investments in other fixed
assets |
0,5 |
|
Other interest and financial income
|
11,3 |
|
Interest and other financial expenses
|
-57,3 |
|
RESULT BEFORE EXTRAORDINARY ITEMS |
840,9 |
|
RESULT BEFORE CLOSING ENTRIES AND
TAXES |
840,9 |
|
Closing entries |
|
|
Change in depreciation difference
|
-69,7 |
|
Income taxes |
-200,5 |
|
|
|
|
RESULT FOR THE FISCAL PERIOD |
570,7 |
Summary of the balance sheet (t
EUR)
|
|
31.12.2005 12
months |
31.12.2004 12
months |
31.12.2003 12
months |
|
Intangible assets |
14,5 |
14,5 |
14,5 |
|
Tangible assets |
7.552,1 |
7.803,7 |
7.669,6 |
|
Investments |
2,3 |
2,3 |
2,3 |
|
Stocks |
3.251,9 |
4.543,1 |
3.260,2 |
|
Current financial assets |
2.727,6 |
1.514,5 |
1.956,9 |
|
Subscribed capital |
363,3 |
363,3 |
363,3 |
|
Reserves |
304,6 |
304,6 |
304,6 |
|
Retained earnings |
5.851,1 |
5.785,8 |
5.903,5 |
|
Result for the financial year |
570,7 |
389,3 |
86,3 |
|
Subordinated loans |
|
|
|
|
Accumulated appropriations |
3.723,1 |
3.653,4 |
3.394,6 |
|
Provisions |
|
|
|
|
Long-term debts |
713,5 |
1.029,3 |
607,3 |
|
Current liabilities |
2.022,0 |
2.352,4 |
2.243,9 |
|
|
|
|
|
|
Balance sheet total |
13.548,3 |
13.878,1 |
12.903,5 |
Summary of the balance sheet (t
EUR)
|
|
31.12.2002
12 months |
31.12.2001
12 months |
31.12.2000
12 months |
|
Intangible assets |
14,5 |
14,5 |
|
|
Tangible assets |
7.587,1 |
5.261,3 |
5.538,4 |
|
Investments |
2,3 |
25,4 |
25,4 |
|
Stocks |
3.107,7 |
2.887,6 |
2.906,5 |
|
Current financial assets |
1.963,6 |
4.370,4 |
3.963,0 |
|
Subscribed capital |
363,3 |
363,3 |
363,3 |
|
Reserves |
304,6 |
304,6 |
1.972,2 |
|
Retained earnings |
6.398,5 |
5.900,4 |
3.638,1 |
|
Result for the financial year |
-87,0 |
700,0 |
796,7 |
|
Subordinated loans |
|
|
|
|
Accumulated appropriations |
3.042,4 |
2.465,8 |
2.490,0 |
|
Provisions |
|
|
|
|
Long-term debts |
580,8 |
770,3 |
973,1 |
|
Current liabilities |
2.072,6 |
2.054,8 |
2.199,9 |
|
|
|
|
|
|
Balance sheet total |
12.675,1 |
12.559,1 |
12.433,5 |
Balance
sheet (t EUR)
|
|
31.12.2005 12 months |
|
BALANCE SHEET |
|
|
ASSETS
|
|
|
FIXED AND OTHER NON-CURRENT ASSETS |
|
|
Intangible assets |
|
|
Intangible rights |
14,5 |
|
Tangible assets |
|
|
Land and water areas |
191,0 |
|
Buildings and constructions |
743,9 |
|
Machinery and equipment |
6.416,5 |
|
Advances paid and fixed assets under
construction |
200,7 |
|
Investments |
|
|
Shares/Similar rights of ownership in
other compa |
2,3 |
|
CURRENT ASSETS |
|
|
Inventories and work-in-progress |
|
|
Materials and supplies |
1.088,4 |
|
Finished goods |
2.163,5 |
|
Receivables |
|
|
Long term receivables |
|
|
Short term receivables |
|
|
Trade receivables |
1.597,7 |
|
Prepaid expenses and accrued income
|
328,0 |
|
Financial assets |
|
|
Cash in hand and at banks |
801,8 |
|
|
|
|
BALANCE SHEET TOTAL |
13.548,3 |
|
|
|
|
SHAREHOLDERS´ EQUITY AND LIABILITIES |
|
|
SHAREHOLDERS´ EQUITY |
|
|
Share capital, subscribed capital of
a co-operati |
363,3 |
|
Other reserves |
|
|
Contingency reserve |
246,7 |
|
Other reserves |
57,8 |
|
Retained earnings (losses) |
5.851,1 |
|
Result for the fiscal period |
570,7 |
|
ACCUMULATED CLOSING ENTRIES |
|
|
Depreciation difference |
3.723,1 |
|
LIABILITIES |
|
|
Long term liabilities |
|
|
Loans from financial institutions
|
713,5 |
|
Short term liabilities |
|
|
Loans from financial institutions
|
102,7 |
|
Trade payables |
890,9 |
|
Other loans and liabilities |
213,0 |
|
Deferred income and accrued expenses
|
815,4 |
|
|
|
|
BALANCE SHEET TOTAL |
13.548,3 |
Information about the audit
Accounting period 31.12.2005
The auditor has approved the financial statement
without remarks.
Auditors
Name
Ariluoma Kalervo KHT Tilintarkastustoimisto Kalervo Ariluoma Oy
Company´s ratios
|
Accounting period |
31.12.2005 |
31.12.2004 |
31.12.2003 |
31.12.2002 |
31.12.2001 |
|
Volume |
|
|
|
|
|
|
Turnover EUR 1000 |
22.312,6 |
18.791,1 |
17.782,0 |
16.632,0 |
17.175,4 |
|
Change in turnover in % |
18,7 |
5,7 |
6,9 |
-3,2 |
2.827,8 |
|
Turnover/person EUR 1000 |
173,0 |
|
138,9 |
118,8 |
|
|
Profitability |
|
|
|
|
|
|
Operating margin in % |
7,7 |
8,8 |
6,9 |
6,3 |
8,7 |
|
Operating income in % |
3,9 |
4,5 |
2,7 |
2,8 |
5,3 |
|
Return on investment in % |
7,5 |
7,4 |
4,4 |
4,9 |
9,6 |
|
Return on total assets in % |
6,6 |
6,4 |
3,9 |
4,2 |
8,3 |
|
Liquidity |
|
|
|
|
|
|
Quick ratio |
1,3 |
0,6 |
0,9 |
0,9 |
2,1 |
|
Current ratio |
3,0 |
2,6 |
2,3 |
2,4 |
3,5 |
|
Solvency |
|
|
|
|
|
|
Equity ratio in % |
79,8 |
75,6 |
77,9 |
79,1 |
77,5 |
|
Net gearing |
0,0 |
0,1 |
0,0 |
0,0 |
-0,1 |
|
Relative indebtedness in % |
12,3 |
18,0 |
16,0 |
16,0 |
16,4 |
|
Working capital |
|
|
|
|
|
|
Working capital ratio in % |
17,7 |
26,1 |
19,9 |
18,6 |
19,3 |
|
Inventories/turnover in % |
14,6 |
24,2 |
18,3 |
18,7 |
16,8 |
|
Sales receivable turnover in days |
26 |
21 |
24 |
18 |
22 |
|
Accounts payable turnover in days |
26 |
24 |
32 |
34 |
25 |
Ratios of the line of business
Line of business
28730 Manufacture of wire products (38 kpl)
|
Year |
2005 |
2004 |
2003 |
2002 |
2001 |
|
Companies
in the line |
19 |
21 |
23 |
18 |
21 |
|
Volume |
|
|
|
|
|
|
Turnover
EUR 1000 |
471,0 |
396,2 |
642,4 |
780,0 |
1.212,1 |
|
Change
in turnover in % |
6,8 |
6,5 |
2,1 |
-1,2 |
-2,3 |
|
Turnover/person
EUR 1000 |
152,9 |
125,0 |
114,1 |
118,8 |
103,6 |
|
Profitability |
|
|
|
|
|
|
Operating
margin in % |
14,3 |
10,5 |
12,3 |
9,7 |
11,7 |
|
Operating
income in % |
11,4 |
6,5 |
8,4 |
7,8 |
8,5 |
|
Return
on investment in % |
18,4 |
10,8 |
10,9 |
14,0 |
14,8 |
|
Return
on total assets in % |
15,6 |
8,2 |
8,5 |
12,1 |
12,0 |
|
Liquidity |
|
|
|
|
|
|
Quick
ratio |
1,3 |
1,2 |
1,4 |
2,1 |
1,7 |
|
Current
ratio |
2,4 |
2,5 |
2,6 |
3,2 |
2,7 |
|
Solvency |
|
|
|
|
|
|
Equity
ratio in % |
64,4 |
33,8 |
53,0 |
58,3 |
52,7 |
|
Relative
indebtedness in % |
26,0 |
32,4 |
29,9 |
27,3 |
25,4 |
|
Working
capital |
|
|
|
|
|
|
Working
capital ratio in % |
17,7 |
16,0 |
18,0 |
18,6 |
19,3 |
|
Inventories/turnover
in % |
23,0 |
17,0 |
14,5 |
13,5 |
12,3 |
|
Sales
receivable turnover in days |
32 |
32 |
38 |
32 |
39 |
|
Accounts
payable turnover in days |
29 |
35 |
36 |
30 |
35 |
|
|
|
|
|
||
|
|
Line of business |
All companies |
|||
|
Payment default risk |
2,6% |
9,4% |
|||
|
Bankruptcy risk |
0,0% |
1,0% |
|||
Text concerning the 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.
Authorised signatures
|
Name |
|
Nationality |
Resigned |
|
Berg Britt Anita, Tammisaari |
Holder of procuration |
FI |
|
|
011058 |
The procuration holders sign for the firm two
jointly. |
||
|
Björkqvist Ann-Kristin Carita, Tammisaari |
Holder of procuration |
FI |
|
|
150454 |
The procuration holders sign for the firm two
jointly. |
||
|
Ramsay Gretel Helena, Tammisaari |
Holder of procuration |
FI |
|
|
140355 |
The procuration holders sign for the firm two
jointly. |
||
|
Uittamo Liisa Marita, Sammatti |
Holder of procuration |
FI |
|
|
230252 |
The procuration holders sign for the firm two
jointly. |
||
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|