MIRA
INFORM REPORT
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Report Date : |
13.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
Kultajousi Oy |
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Registered Office : |
Välitalontie 71, 00660 Helsinki, c/o + Pl 56, 00661 Helsinki |
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Country : |
Finland |
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Financials (as on) : |
31.07.2006 |
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Date of Incorporation : |
22.12.1967 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Retail sale of jewellery, watches and clocks |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
Kultajousi Oy
Välitalontie 71
00660 Helsinki
c/o + Pl 56, 00661
Helsinki
Telephone: +358 0207417600
Telefax: +358 0207417619
Trade register number
189930
Registered
22.12.1967
Business ID
02221632
Business started
01.01.1968
Turnover
In 2006, the turnover amounted to 16.063 thousand EUR, the length of the accounting period was 7 months, and the period ended on 31.07.2006.
Number of employees
In 2006, the number of employees amounted to 227.
Line of business
The company´s
investigated line of business on 17.09.2004 is: retail sale of jewellery,
watches and clocks (52487).
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
Basics
Company form Joint-stock company
Type of ownership Private Finnish
Share capital Paid share capital: 84.346 EUR
Activity In 2006, the turnover amounted to 16.063 thousand EUR, the length of the accounting
period was 7 months, and the period ended on 31.07.2006.
In 2006, the
number of employees amounted to 227.
The company´s branches are Vantaa, Hyvinkää, Hämeenlinna, Joensuu, Jyväskylä,
Kempele, Kouvola, Kuopio, Lahti, Lappeenranta, Lohja, Mikkeli, Oulu, Pori, Raisio,
Rovaniemi, Salo, Seinäjoki, Tampere, Turku, Vaasa.
The company´s investigated line of business on 17.09.2004 is: retail sale of jewellery,
watches and clocks (52487).
The company´s secondary line of business is: retail sale of gardening goods and
supplies.
According to the company, its essential products/services are Goldsmith´s works, clocks
and watches.
The company is engaged in import.
The company works in rented premises.
The company has been VAT liable for the transfer of rights to use immovable property
since 19.02.2004.
The company has been in the Prepayment register since 01.03.1995. Validity to be
checked on 29.02.2008.
The company has been VAT liable for business activity since 01.06.1994.
The company has been in the Employer Register since 01.07.1978.
According to an account of 20.05.2003, the company´s banker/financier is Sampo Bank
Plc.
Other names Auxiliary
business name: Helsingin Timanttikeskus Beryll
Auxiliary business name: Hämeenlinnan Kello ja Kulta Virtanen
Auxiliary business name: Joenkulta
Auxiliary business name: Keisun Koru
Auxiliary business name: Kulta-Virtaset
Auxiliary business name: Kultaryntäys
Auxiliary business name: Young Gold
Auxiliary business name: Goldrush
Auxiliary business name: Guldrush
Payments
The company has no registered payment defaults. There are positive remarks concerning the company´s payments.
Persons in charge
Managing director
Wikström Kaj Mikael, from 05.07.2005 on
270275-139V, Nurmijärvi
Participation in 4 companies on the basis of the identity number, the companies have no payment defaults.
Chairman
Warborn Sten Tage Birger, Swedish citizen, from 21.07.2006 on
200842, England
Ordinary member
Albrektson Sverker, Swedish citizen, from 21.07.2006 on
260641, Afkim
Ordinary member
Warborn Bengt Oskar Lennart, Swedish citizen, from 21.07.2006 on
081245, Madalena, Villa Nova de Gaia
Authorised signatures
According to the statutes, the members of the Board and the managing director sign for the firm separately.
The procuration holder signs for the firm alone.
Shareholders
According to information received from the company on 31.07.2006, shareholders are:
Goldhold Oy, VAT No. 17323957, with 100,0% of the shares
Business mortgages
Business mortgages total altogether 8.006 thousand EUR.
Group structure
The company is parent company in the group Kultajousi -konserni.
Financial statement analysis
The financial statement analysis is based on the financial statement data of Kultajousi Oy in the accounting period as at 31.07.2006. The analysis also utilizes the data of the accounting periods 2002-2005. The length of the latest accounting period of the company (7months) is exceptional; therefore, the ratios have been changed to correspond to 12 months. The comparability of the ratios in relation to previous months and the line of business may still be poorer than usual.
The auditor has approved the financial statement without remarks.
Industry
comparison The comparison includes 90 companies
in the industry class 52487 Retail sale of jewellery, watches and clocks. The risk
of bankruptcy in the line is 1.2 %, and the risk of payment defaults 5.2 %. The
risk of payment defaults is lower than average.
Volume The
turnover of Kultajousi Oy is large (16.1 mill EUR), on 12 month level (27.5
mill EUR). In its line, the company is clearly larger than average (357 tEUR).
The turnover decreased somewhat in the latest accounting period (-7.2 %). 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 227 persons on average. The turnover
per person is 121 tEUR, which is very good compared with the line (median 89
tEUR). Thus, the productivity of labour is on a very high level. The productivity
increased steeply in the latest accounting period.
Profitability The
operating margin of the company (5.5 %) is passable, proportioned to the line
(median 10.4 %). The operating result in % (2.1 %) is poor, compared with the
line (9.7 %), which refers to a dangerously low contribution margin. The
central ratio for profitability, return on investment, is passable (7.9 %).
This is lower than the average in the line (median 15.1 %).
If, instead of the return on investment, the return on assets is calculated, taking also into account interest-free loans, the return ratio is 6.1 %. The return is passable, in relation to the line of business (12. 4%).
Liquidity The liquidity is satisfactory, measured by quick ratio (0.9), which is better than
the average in the line (median 0.5). The average age of accounts receivable of the company (2 days) is short, as is the case in the line of business (3 days).
Solvency The
solvency of Kultajousi Oy is very good, measured by equity ratio (50.0 %). The
median of the equity ratio in the line is 50.0%. The company´s net gearing is
0.6, which can be considered good. The relative indebtedness is 43.8%, which is
passable compared with the median in the line (29.7%).
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 01.01.2006 - 31.07.2006:
KHT Holmberg Jan, Pricewaterhouse Coopers Oy
The auditor has approved the financial statement without remarks.
Number of enquiries
42 enquiries have
been made on the company during the past 6 months, of which 15 during the past
30 days.
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RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)