MIRA
INFORM REPORT
|
Report Date : |
25th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
MECONET
OY |
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Registered Office : |
Honkanummentie 8, 01260 Vantaa |
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Country : |
Finland |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
07.02.1941 |
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Legal Form : |
Joint-Stock
Company |
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Line of Business : |
Manufacturer of fasteners, screw machine
products, chains and springs |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
120.000
EUR |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company name & Address
Meconet Oy
Honkanummentie 8
01260 Vantaa
Honkanummentie 8, 01260 Vantaa
Telephone: +358 0207699300
Telefax: +358 0207699335
Trade register number
090717
Registered
07.02.1941
Business ID
01150035
Business started
01.01.1941
Turnover
In 2005, the turnover amounted to 20.909 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 183.
Line of business
The company´s investigated line of business on 12.07.2006 is: manufacture of fasteners, screw machine products, chains and springs (28740).
Maximum credit recommendation
120.000 EUR
Basics
|
Company
form |
Joint-stock
company |
|
Type
of ownership |
Private
Finnish |
|
Share
capital |
Paid
share capital: 1.069.353 EUR |
|
Activity |
In
2005, the turnover amounted to 20.909 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 183. The company´s branches are
Pihtipudas, Äänekoski. The company´s investigated line
of business on 12.07.2006 is: manufacture of fasteners, screw machine products,
chains and springs (28740). The company´s secondary line of
business is: manufacture of other fabricated metal products n.e.c.. The company is engaged in
export and import. 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 03.08.1994. The company has been VAT liable
for business activity since 01.06.1994. The company has been in the
Employer Register since 01.09.1958. According to information
received from the subject on 12.07.2006, the most important investment projects of the
company in the near future are: machinery and equipment. According to an account of
12.07.2006, the company´s bankers/financiers are Helsinki OP Bank Plc -Vantaa-Tikkurila,
Nordea Bank Finland Plc. |
|
Other
names |
Auxiliary
business name: Auto Stamping Parts ASP Auxiliary business name:
Holmtek holding Auxiliary business name:
Mechanical Assembly and Consulting MAC Auxiliary business name: P.
Oinonen Auxiliary business name: Small
Metal Components SMC Auxiliary business name:
Teräsjousi Auxiliary business name: V.W.
Holmberg |
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Payments |
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The
company has no registered payment defaults. There are positive remarks concerning the company´s
payments. |
Persons in charge
Managing
director
Sohlström Ralf Juhani, from 14.05.2004 on
220762-1932, Espoo
No participation in companies on the basis of the identity number.
Chairman
Parmasuo Timo Arvo, from 31.08.1994 on
181250-013L, Espoo
Participation in 5 companies on the basis of the identity number, of these 1 with payment
defaults.
Ordinary member
Ervamaa Pekka
Juhani, from 31.12.2000 on
290641-485S, Espoo
Participation in one company on the basis of the identity number, the company has no payment defaults.
Ordinary
member
Lainema Matti Kustaa Juhani, from 05.06.2003 on
101139-1131, Helsinki
Participation in 23 companies on the basis of the identity number, the companies have no
payment defaults.
Ordinary
member
Liuksiala Aaro Antero Agathon
271249-111A, Espoo
Participation in 13 companies on the basis of the identity number, the companies have 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.
The procuration holder signs for the firm alone.
Business mortgages
Business mortgages total altogether 4.086
thousand EUR.
Group structure
The company is parent company in the group
Meconet -konserni.
Financial statement analysis
The financial statement analysis is based on the financial statement data of Meconet Oy in the accounting period as at 31.12.2005. The analysis also utilizes the data of the accounting periods 2001-2004.
The company is the parent company of the group Meconet -konserni. The group turnover is 23.7 mill EUR, result 712 tEUR, balance sheet total 8.9 mill EUR, return on investment 14.5 %, and equity ratio 23.6.
The auditor has approved the financial statement without remarks.
Industry comparison
The comparison includes 30 companies in the industry class 28740 Manufacture of fasteners, screw machine products, chains and springs. The risk of bankruptcy in the line is 0.0 %, and the risk of payment defaults 7.3 %. The risk of payment defaults is lower than average.
Volume
The turnover of Meconet Oy is large (20.9 mill EUR) in relation to all active companies. In its line, the company is clearly larger than average (563 tEUR). The change in turnover from the previous period is -2.0 %. The development of turnover was clearly poorer than that in the line. If this continues, it will lead to a distinct reduction in market shares. In the latest accounting period, the company employed 183 persons on average. The turnover per person is 114 tEUR, which is satisfactory compared with the line (median 113 tEUR).
Profitability
The operating margin of the company (7.6 %) is poor, proportioned to the line (median 15.7 %). Also the operating income in % (3.0 %) is poor, compared with the line (9.3 %), referring to a dangerously low contribution margin. The central ratio for profitability, return on investment, is satisfactory (10.3 %). This is lower than the average in the line (median 22.2 %). In the long term, the development of profitability has been exceptionally positive.
If, instead of the return on investment, the return on assets is calculated, taking also into account interest-free loans, the return ratio is 7.5 %. The return is passable, in relation to the line of business (16. 9%).
Liquidity
The liquidity is satisfactory, measured by quick ratio (0.7), which is lower than the average in the line (median 1.2). The sales receivable turnover of the company is relatively long (39 days) compared with the line (33 days).
Solvency
The solvency of Meconet Oy is passable, measured by equity ratio (21.3 %). Median in the line is 45.6 %, so the company´s solvency is clearly poorer than that of the line. The company´s net gearing is 2.4, which can be considered passable. The relative indebtedness is 30.5%, which is satisfactory compared with the median in the line (26.8%).
Summary and remarks
The company belongs to the group Meconet -konserni. The return on investment of the group is satisfactory and the equity ratio passable.
The company has the qualifications to
improve its solvency in the future, provided that the profitability remains on the
present level.
The verbal
interpretation of the financial statements analysis has been produced programmatically from unadjusted
financial statements.
Audit of the accounts
Auditors in the
accounting period as at 01.01.2005 - 31.12.2005:
KHT Alén Jarmo, PricewaterhouseCoopers Oy
KHT Holmberg Jan, PricewaterhouseCoopers Oy
The auditor has approved the financial statement without remarks.
Number of enquiries
73 enquiries have been made on the company during the past 6 months, of which 8 during the past 30 days.
Company’s payments
|
Period |
Code |
From due date |
Delayed, total |
|
Number of observations |
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10/2006 |
ML |
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1 |
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09/2006 |
ML |
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1 |
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08/2006 |
ML |
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1 |
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07/2006 |
ML |
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1 |
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06/2006 |
ML |
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1 |
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05/2006 |
ML |
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1 |
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04/2006 |
ML |
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1 |
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03/2006 |
ML |
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1 |
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02/2006 |
ML |
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1 |
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01/2006 |
ML |
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1 |
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12/2005 |
ML |
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|
1 |
Business mortgages
|
Numbers |
Amount |
Amount,
each |
Creditor or holder/ Receiver of secondary
mortgage |
Date of application |
|
|
|
|||
|
001 - 006 |
6 |
300,0 t EUR |
Okopankki Oyj |
02.01.2001 |
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|
007 |
1 |
300,0 t EUR |
Finnvera Oyj |
02.01.2001 |
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|
001 |
1 |
33,6 t EUR |
Finnvera Oyj |
02.07.1999 |
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002 |
1 |
33,6 t EUR |
Finnvera Oyj |
02.07.1999 |
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003 |
1 |
33,6 t EUR |
Finnvera Oyj |
02.07.1999 |
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001 - 002 |
2 |
42,0 t EUR |
Okopankki Oyj |
23.11.1999 |
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|
008 - 013 |
6 |
300,0 t EUR |
Okopankki Oyj |
02.01.2001 |
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|
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|
Business
mortgages, total 4.085,6 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 |
20.909,2 |
21.335,1 |
21.438,4 |
|
Other operating income |
-119,5 |
132,8 |
24,9 |
|
Raw materials and services |
-9.083,2 |
-8.928,6 |
-9.625,9 |
|
Gross result |
11.706,5 |
12.539,3 |
11.837,4 |
|
Other operating expenses |
-10.086,9 |
-10.782,2 |
-10.865,3 |
|
Depreciation |
-984,1 |
-1.202,3 |
-1.299,5 |
|
Operating result |
635,5 |
554,8 |
-327,4 |
|
Financing income |
8,5 |
6,3 |
8,2 |
|
Financing expenses |
-189,2 |
-358,9 |
-232,4 |
|
Result before extraordinary items |
454,8 |
202,2 |
-551,6 |
|
Extraordinary items |
11,3 |
|
-25,5 |
|
Result before appropriations and taxes |
466,1 |
202,2 |
-577,1 |
|
Appropriations |
|
|
|
|
Direct taxes |
-59,6 |
-42,2 |
|
|
|
|
|
|
|
Result for the financial year |
406,5 |
160,0 |
-577,1 |
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 |
21.283,2 |
20.049,9 |
8.836,1 |
|
Other operating income |
335,6 |
110,2 |
568,5 |
|
Raw materials and services |
-9.712,4 |
-8.690,7 |
-4.633,4 |
|
Gross result |
11.906,3 |
11.469,4 |
4.771,2 |
|
Other operating expenses |
-11.039,6 |
-10.656,3 |
-4.461,4 |
|
Depreciation |
-1.059,6 |
-1.019,2 |
-513,8 |
|
Operating result |
-192,8 |
-206,2 |
-204,2 |
|
Financing income |
7,7 |
13,0 |
29,6 |
|
Financing expenses |
-275,9 |
-275,5 |
-300,7 |
|
Result before extraordinary items |
-461,0 |
-468,6 |
-475,1 |
|
Extraordinary items |
-113,2 |
-51,0 |
355,6 |
|
Result before appropriations and taxes |
-574,2 |
-519,6 |
-119,6 |
|
Appropriations |
235,5 |
455,8 |
545,3 |
|
Direct taxes |
|
113,6 |
-165,5 |
|
|
|
|
|
|
Result for the financial year |
-338,7 |
49,8 |
260,2 |
Profit and loss account (t EUR)
|
|
31.12.2005 12 months |
|
PROFIT AND LOSS ACCOUNT |
|
|
TURNOVER |
20.909,2 |
|
Change in finished goods and work-in-progress inv
|
-440,7 |
|
Other operating income |
321,2 |
|
Materials and services |
|
|
Materials, supplies and goods |
|
|
Purchases during the fiscal period |
-8.800,6 |
|
Change in raw material inventories |
87,2 |
|
Outsourced services |
-369,8 |
|
Personnel expenses |
|
|
Salaries and wages |
-5.454,5 |
|
Social security expenses |
|
|
Pension expenses |
-863,9 |
|
Other social security expenses |
-497,4 |
|
Depreciation and reductions in value |
|
|
Depreciation according to plan |
-984,1 |
|
Other operating expenses |
-3.271,1 |
|
OPERATING RESULT |
635,5 |
|
Financial income and expenses |
|
|
Other interest and financial income |
8,5 |
|
Interest and other financial expenses |
-189,2 |
|
RESULT BEFORE EXTRAORDINARY ITEMS |
454,8 |
|
Extraordinary items |
|
|
Extraordinary income |
11,3 |
|
RESULT BEFORE CLOSING ENTRIES AND TAXES |
466,1 |
|
Closing entries |
|
|
Income taxes |
-59,6 |
|
|
|
|
RESULT FOR THE FISCAL PERIOD |
406,5 |
Summary of the balance sheet (t
EUR)
|
|
31.12.2005 12
months |
31.12.2004 12
months |
31.12.2003 12
months |
|
Intangible assets |
69,8 |
158,4 |
220,1 |
|
Tangible assets |
2.548,2 |
2.998,0 |
3.561,8 |
|
Investments |
238,1 |
238,1 |
242,4 |
|
Stocks |
2.448,8 |
2.802,4 |
2.493,4 |
|
Current financial assets |
2.829,5 |
2.830,4 |
2.991,1 |
|
Subscribed capital |
1.069,4 |
1.069,4 |
1.069,4 |
|
Reserves |
|
|
|
|
Retained earnings |
254,5 |
121,4 |
782,2 |
|
Result for the financial year |
406,5 |
160,0 |
-577,1 |
|
Subordinated loans |
|
|
|
|
Accumulated appropriations |
|
|
|
|
Provisions |
|
|
|
|
Long-term debts |
2.760,1 |
3.545,3 |
4.079,2 |
|
Current liabilities |
3.644,0 |
4.131,2 |
4.155,1 |
|
|
|
|
|
|
Balance sheet total |
8.134,4 |
9.027,3 |
9.508,8 |
Summary of the balance sheet (t
EUR)
|
|
31.12.2002 12
months |
31.12.2001 12
months |
31.12.2000 12
months |
|
Intangible assets |
301,5 |
358,6 |
99,2 |
|
Tangible assets |
3.966,6 |
3.965,1 |
4.385,8 |
|
Investments |
400,9 |
511,2 |
549,3 |
|
Stocks |
3.073,5 |
2.446,6 |
2.317,3 |
|
Current financial assets |
3.126,3 |
2.978,0 |
3.238,3 |
|
Subscribed capital |
1.069,4 |
1.000,0 |
1.000,0 |
|
Reserves |
|
|
|
|
Retained earnings |
1.144,2 |
1.223,4 |
1.053,2 |
|
Result for the financial year |
-338,7 |
49,8 |
260,2 |
|
Subordinated loans |
|
74,0 |
74,0 |
|
Accumulated appropriations |
|
235,5 |
691,3 |
|
Provisions |
|
|
|
|
Long-term debts |
4.925,5 |
4.184,8 |
3.643,6 |
|
Current liabilities |
4.068,4 |
3.491,9 |
3.867,8 |
|
|
|
|
|
|
Balance sheet total |
10.868,8 |
10.259,5 |
10.589,8 |
Balance sheet (t EUR)
|
|
31.12.2005 12 months |
|
BALANCE SHEET |
|
|
ASSETS |
|
|
FIXED AND OTHER NON-CURRENT ASSETS |
|
|
Intangible assets |
|
|
Other capitalised expenses |
69,8 |
|
Tangible assets |
|
|
Land and water areas |
67,4 |
|
Buildings and constructions |
388,3 |
|
Machinery and equipment |
1.754,2 |
|
Other tangible assets |
172,2 |
|
Advances paid and fixed assets under construction
|
166,1 |
|
Investments |
|
|
Shares/Similar rights of ownership in group compa
|
126,6 |
|
Shares/Similar rights of ownership in other compa
|
111,5 |
|
CURRENT ASSETS |
|
|
Inventories and work-in-progress |
|
|
Materials and supplies |
993,7 |
|
Finished goods |
1.431,6 |
|
Advances paid |
23,5 |
|
Receivables |
|
|
Long term receivables |
|
|
Receivables from group companies |
246,8 |
|
Short term receivables |
|
|
Trade receivables |
2.218,5 |
|
Receivables from group companies |
123,5 |
|
Prepaid expenses and accrued income |
124,6 |
|
Financial assets |
|
|
Cash in hand and at banks |
116,0 |
|
|
|
|
BALANCE SHEET TOTAL |
8.134,4 |
|
|
|
|
SHAREHOLDERS´ EQUITY AND LIABILITIES |
|
|
SHAREHOLDERS´ EQUITY |
|
|
Share capital, subscribed capital of a co-operati
|
1.069,4 |
|
Other reserves |
|
|
Retained earnings (losses) |
254,5 |
|
Result for the fiscal period |
406,5 |
|
LIABILITIES |
|
|
Long term liabilities |
|
|
Loans from financial institutions |
2.289,1 |
|
Loans from pension institutions |
471,0 |
|
Short term liabilities |
|
|
Loans from financial institutions |
781,8 |
|
Loans from pension institutions |
160,9 |
|
Advances received |
30,0 |
|
Trade payables |
967,0 |
|
Other loans and liabilities |
544,2 |
|
Deferred income and accrued expenses |
1.160,0 |
|
|
|
|
BALANCE SHEET TOTAL |
8.134,4 |
Information about the audit
Accounting period 31.12.2005
The auditor has approved the financial statement without remarks.
Auditors
Name
Holmberg Jan KHT PricewaterhouseCoopers Oy
Alén Jarmo KHT PricewaterhouseCoopers 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 |
20.909,2 |
21.335,1 |
21.438,4 |
21.283,2 |
20.049,9 |
|
Change in turnover in % |
-2,0 |
-0,5 |
0,7 |
6,2 |
126,9 |
|
Turnover/person EUR 1000 |
114,3 |
111,1 |
102,1 |
97,2 |
93,7 |
|
Profitability |
|
|
|
|
|
|
Operating margin in % |
7,6 |
8,2 |
4,5 |
4,0 |
4,0 |
|
Operating income in % |
3,0 |
2,6 |
-1,5 |
-0,9 |
-1,0 |
|
Return on investment in % |
10,3 |
8,2 |
-4,1 |
-2,3 |
-2,4 |
|
Return on total assets in % |
7,5 |
6,1 |
-3,1 |
-1,8 |
-1,9 |
|
Liquidity |
|
|
|
|
|
|
Quick ratio |
0,7 |
0,6 |
0,7 |
0,7 |
0,8 |
|
Current ratio |
1,4 |
1,3 |
1,3 |
1,5 |
1,5 |
|
Solvency |
|
|
|
|
|
|
Equity ratio in % |
21,3 |
15,1 |
13,5 |
17,3 |
24,7 |
|
Net gearing |
2,4 |
3,6 |
4,0 |
3,2 |
2,1 |
|
Relative indebtedness in % |
30,5 |
35,7 |
38,0 |
42,1 |
37,8 |
|
Working capital |
|
|
|
|
|
|
Working capital ratio in % |
17,6 |
18,4 |
15,2 |
18,3 |
17,6 |
|
Inventories/turnover in % |
11,6 |
13,0 |
11,4 |
14,2 |
12,1 |
|
Sales receivable turnover in days |
39 |
39 |
32 |
37 |
35 |
|
Accounts payable turnover in days |
38 |
43 |
42 |
45 |
29 |
Ratios of the line of business
Line of
business 28740 Manufacture of fasteners, screw machine products, chains and
springs (55 kpl)
|
Year |
2005 |
2004 |
2003 |
2002 |
2001 |
||||
|
Companies in the line |
30 |
39 |
40 |
33 |
32 |
||||
|
Volume |
|
|
|
|
|
||||
|
Turnover EUR 1000 |
563,0 |
428,7 |
374,7 |
545,1 |
627,3 |
||||
|
Change in turnover in % |
16,9 |
5,4 |
1,6 |
-3,9 |
6,9 |
||||
|
Turnover/person EUR 1000 |
112,6 |
83,0 |
79,5 |
98,1 |
101,0 |
||||
|
Profitability |
|
|
|
|
|
||||
|
Operating margin in % |
15,7 |
14,2 |
15,2 |
20,4 |
14,7 |
||||
|
Operating income in % |
9,3 |
9,6 |
8,4 |
14,2 |
11,8 |
||||
|
Return on investment in % |
22,2 |
14,3 |
15,0 |
20,9 |
23,4 |
||||
|
Return on total assets in % |
16,9 |
12,4 |
10,5 |
16,1 |
18,3 |
||||
|
Liquidity |
|
|
|
|
|
||||
|
Quick ratio |
1,2 |
1,1 |
1,3 |
1,3 |
1,1 |
||||
|
Current ratio |
1,5 |
1,7 |
2,4 |
2,4 |
1,8 |
||||
|
Solvency |
|
|
|
|
|
||||
|
Equity ratio in % |
45,6 |
39,3 |
52,3 |
61,6 |
40,7 |
||||
|
Relative indebtedness in % |
26,8 |
31,4 |
28,2 |
28,0 |
28,6 |
||||
|
Working capital |
|
|
|
|
|
||||
|
Working capital ratio in % |
12,5 |
15,1 |
14,7 |
17,7 |
13,0 |
||||
|
Inventories/turnover in % |
11,6 |
12,4 |
11,4 |
13,8 |
10,1 |
||||
|
Sales receivable turnover in days |
33 |
28 |
31 |
32 |
32 |
||||
|
Accounts payable turnover in days |
36 |
38 |
42 |
36 |
34 |
||||
|
|
|
|
|
||||||
|
|
Line of business |
All companies |
|
|||||
|
Payment
default risk |
7,3% |
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 |
|
Parmasuo Timo Arvo, Espoo |
Holder of procuration |
FI |
|
|
181250 |
The procuration holder signs for the firm
alone. |
||
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 |
|