MIRA INFORM REPORT

 

 

Report Date :

26.10.2007

 

IDENTIFICATION DETAILS

 

Name :

WARTSILA FINLAND OY

 

 

Registered Office :

Tarhaajantie 2, 65380 Vaasa

 

 

Country :

Finland

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

29.11.1989

 

 

Com. Reg. No.:

07737443

 

 

Legal Form :

Private joint-stock company

 

 

Line of Business :

Manufacture of engines and turbines, exceptaircraft, vehicle and cycle engines

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME & ADDRESS

 

WÄRTSILÄ FINLAND OY

TARHAAJANTIE 2

65380 VAASA FI

Tel. Number +358-10-7090000

Fax number +358-10-7095700

web-address WWW.WARTSILA.COM

 

Business founded

01 January 1990

Business registered

29 November 1989 - Private joint-stock company

Tax number :,

07737443,

Registration number,

07737443,

Brand name,

SERMET,

Registration address,

TARHAAJANTIE 2, VAASA, 65380, FI

Visiting address,

TARHAAJANTIE 2, VAASA, 65380, FI

Delivery address,

PL 252, VAASA, 65101, FI

Legal form

Private joint-stock company

Activities

Manufacture of engines and turbines, exceptaircraft, vehicle and cycle engines

Payment experience

No complaints known

Credit opinion

High creditworthiness

 

Maximum credit limit 7000000 EUR is advised

Employees (Business)

 2286

Total share capital24 February 2003

EUR 89709000

Management

KYT!OL!E JUHA KAARLO   Managing director

 

RUOTSALAINEN MATTI TAPANI   Deputy managing director

Boardmembers

HELLBERG LARS TORSTEN   Chairman of the board

 

LIND RAIMO HENRIK   Boardmember

 

KARHU PAULI JOHANNES   Boardmember

 

MIELTY SAULI KALERVO   Boardmember

 

KYT!OL!E JUHA KAARLO   Boardmember

 

KASKINEN TARJA ORVOKKI   Deputy boardmember

(Part-) Owner

07742066   W!ERTSIL!E TECHNOLOGY OY AB   100,0 %   Main shareholder

Parent company :

07742066   W!ERTSIL!E TECHNOLOGY OY AB   

Ultimate parent company:

01286311   W!ERTSIL!E OYJ ABP   

Auditor

PALVI MAURI JUHA   Auditor

 

KPMG WIDERI OY AB   Auditor

Bank

NORDEA PANKKI SUOMI OYJ, HELSINKI-SUURASIAKASKONTTORI   

Subsidiary company.

09771426   GASPOLATOR OY AB,J!ERVIKATU 2-4/W!ERTSIL!E NSD FINLAND OY,65100,VAASA,   100,0 %   

 

18630625   W!ERTSIL!E BIOPOWER OY,JOHN STENBERGIN RANTA 2,00530,HELSINKI,FI   100,0 %   

 

NORDIC POWER SERVICE INC., PANAMA   100,0 %   

Sister company.

11037773   W!ERTSIL!E DEVELOPMENT & FINANCIAL SERVICES OY,JOHN STENBERGIN RANTA 2   

 

08370241   MODIGEN OY AB,JOHN STENBERGIN RANTA 2,00530,HELSINKI,FI   

 

10360149   AWEK INDUSTRIAL PATENTS LTD OY,LAUTATARHANKATU 6,00580,HELSINKI,FI   

Branch office(s)

RAISIO   

 

TURKU   

 

 

 

The business have taken out debentures and /or debenture mortgages?  No (mortgages/Debentures) 

 

Corporate balance sheet/profit and loss account for the year: 01 January 2006 - 31 December 2006  in  EUR 

Total assets incl. prepaid expenses and accrued income

1.144.196.000,-

Total fixed assets

97.472.000,-

Concessions and industrial rights, goodwill

20.446.000,-

Total tangible fixed assets

60.147.000,-

Plant, machinery and equipment

60.147.000,-

Total financial fixed assets

16.879.000,-

Investments (long-term)

16.879.000,-

Total Current assets

1.046.724.000,-

Inventories and work in progress (incl. prepayments)

392.006.000,-

Accounts receivable (trade)

653.596.000,-

Cash in hand and at bank

1.122.000,-

Total equity, provisions, liabilities, accrued expenses and deferred income

1.144.196.000,-

Total equity (Shareholders' funds)

165.311.000,-

Issued (subscribed) capital

89.709.000,-

Share premium account (capital reserve)

9.290.000,-

Share premium account

9290000

Statutory reserves

5.041.000,-

Legal reserves

64.401.000,-

Profit or loss for the previous year

-3.892.000,-

Profit or loss for the financial year

762.000,-

Total liabilities

978.884.000,-

Total long-term liabilities

4.718.000,-

Long-term Loans, Mortgage debts

4.718.000,-

Total current liabilities

974.166.000,-

Current accounts payable (trade)

417.181.000,-

Current liabilities to credit institutions

308.303.000,-

Income and social tax liabilities

248.682.000,-

Total operating income/revenue

1.731.088.000,-

Main revenue (sales/turnover)

1.716.694.000,-

Total operating expenses

92.814.000,-

Cost of materials (type of expenditure format)

-1.356.695.000,-

Personnel costs

137.928.000,-

Depreciation

15.009.000,-

Operating profit or loss

128.642.000,-

Financial expenses

9.159.000,-

Result of ordinary operations

119.483.000,-

Extraordinary expenses

111.780.000,-

Pre-tax and pre-appropriation profit or loss

7.703.000,-

Appropriations

-3.796.000,-

Taxes

3.144.000,-

Net profit or loss

762.000,-

Borrowing ratio

1216,55 %

Current ratio

107,39 %

Debt gearing

4,68 %

Profit margin.

7,49 %

Quick ratio

117,44 %

Return on assets

11,91 %

Return on equity.

118,41 %

Solidity or equity ratio

13,88 %

Change in turnover %

28,-

Turnover per person:

750.960,-

Operating margin

8,-

Trading profit %

8,-

Return on investment %

79,-

Return on capital %

13,-

Quick ratio

1,-

Current ratio

1,-

Equity ratio

14,-

Working capital %

-13,-

Inventories/turnover %

23,-

Accounts payable turnover in days

52,-

 

Corporate balance sheet/profit and loss account for the year: 01 January 2005 - 31 December 2005  in  EUR 

Total assets incl. prepaid expenses and accrued income

775.782.117,-

Total fixed assets

82.318.595,-

Total intangible fixed assets

8.548.000,-

Concessions and industrial rights, goodwill

16.913.000,-

Total tangible fixed assets

42.437.000,-

Land and buildings

14.262.000,-

Plant, machinery and equipment

28.175.000,-

Total financial fixed assets

14.420.595,-

Investments (long-term)

14.420.595,-

Total Current assets

693.463.709,-

Inventories and work in progress (incl. prepayments)

317.697.000,-

Accounts receivable (trade)

270.736.000,-

Receivables from affiliates and companies in which participations are held

103.942.715,-

Cash in hand and at bank

1.087.994,-

Total equity, provisions, liabilities, accrued expenses and deferred income

775.782.117,-

Total equity (Shareholders' funds)

147.212.056,-

Issued (subscribed) capital

89.709.000,-

Share premium account (capital reserve)

9.290.226,-

Share premium account

9.290.226,-

Statutory reserves

1.245.439,-

Legal reserves

50.859.000,-

Profit or loss for the previous year

-7.444.381,-

Profit or loss for the financial year

3.552.772,-

Total liabilities

628.570.000,-

Total long-term liabilities

6.186.000,-

Long-term Loans, Mortgage debts

3.663.000,-

Long-term liabilities to credit institutions

2.523.000,-

Total current liabilities

622.384.000,-

Current accounts payable (trade)

244.664.000,-

Current liabilities to credit institutions

97.754.000,-

Current payables to affiliated companies and to companies in which participations are held

130.825.000,-

Income and social tax liabilities

149.141.000,-

Total operating income/revenue

1.381.115.753,-

Main revenue (sales/turnover)

1.339.858.493,-

Total operating expenses

453.563.704,-

Cost of materials (type of expenditure format)

-700.495.000,-

Personnel costs

119.518.000,-

Depreciation

14.784.000,-

Operating profit or loss

92.755.193,-

Financial income

4.940.000,-

Financial expenses

13.774.000,-

Result of ordinary operations

83.921.378,-

Extraordinary expenses

82.984.000,-

Pre-tax and pre-appropriation profit or loss

937.378,-

Appropriations

3.443.648,-

Taxes

828.254,-

Net profit or loss

3.552.772,-

Borrowing ratio

886,66 %

Current ratio

111,32 %

Debt gearing

6,42 %

Profit margin.

7,29 %

Quick ratio

98,34 %

Return on assets

13,48 %

Return on equity.

87,1 %

Solidity or equity ratio

18,14 %

Change in turnover %

12,-

Turnover per person:

670.936,-

Operating margin

8,-

Trading profit %

7,-

Return on investment %

89,-

Return on capital %

14,-

Quick ratio

1,-

Current ratio

1,-

Equity ratio

18,-

Working capital %

17,-

Inventories/turnover %

24,-

Accounts receivable turnover in days

66,-

Accounts payable turnover in days

34,-

 

Corporate balance sheet/profit and loss account for the year: 01 January 2004 - 31 December 2004  in  EUR 

Total assets incl. prepaid expenses and accrued income

670.467.257,-

Total fixed assets

92.463.506,-

Total intangible fixed assets

10.409.000,-

Concessions and industrial rights, goodwill

21.911.000,-

Total tangible fixed assets

42.312.000,-

Land and buildings

13.012.000,-

Plant, machinery and equipment

29.300.000,-

Total financial fixed assets

17.831.506,-

Investments (long-term)

17.831.506,-

Total Current assets

578.003.751,-

Inventories and work in progress (incl. prepayments)

235.154.000,-

Accounts receivable (trade)

229.875.480,-

Receivables from affiliates and companies in which participations are held

112.622.180,-

Cash in hand and at bank

352.091,-

Total equity, provisions, liabilities, accrued expenses and deferred income

670.467.257,-

Total equity (Shareholders' funds)

149.237.934,-

Issued (subscribed) capital

89.709.000,-

Share premium account (capital reserve)

9.290.227,-

Share premium account

9.290.227,-

Statutory reserves

4.689.089,-

Legal reserves

52.994.000,-

Profit or loss for the previous year

4.740.894,-

Profit or loss for the financial year

-12.185.276,-

Total liabilities

521.229.000,-

Total long-term liabilities

7.674.000,-

Long-term Loans, Mortgage debts

4.731.000,-

Long-term liabilities to credit institutions

2.943.000,-

Total current liabilities

513.555.000,-

Current accounts payable (trade)

110.093.000,-

Current liabilities to credit institutions

112.783.000,-

Current payables to affiliated companies and to companies in which participations are held

106.328.000,-

Income and social tax liabilities

184.351.000,-

Total operating income/revenue

1.131.281.512,-

Main revenue (sales/turnover)

1.194.828.982,-

Total operating expenses

404.649.455,-

Cost of materials (type of expenditure format)

-560.162.000,-

Personnel costs

139.739.000,-

Depreciation

24.635.293,-

Operating profit or loss

2.096.214,-

Financial income

3.968.000,-

Financial expenses

6.420.000,-

Result of ordinary operations

-355.685,-

Extraordinary expenses

13.000.000,-

Pre-tax and pre-appropriation profit or loss

-13.355.685,-

Appropriations

2.021.519,-

Taxes

851.110,-

Net profit or loss

-12.185.276,-

Borrowing ratio

815,39 %

Current ratio

111,67 %

Debt gearing

7,97 %

Profit margin.

0,51 %

Quick ratio

82,79 %

Return on assets

0,98 %

Return on equity.

-0,37 %

Solidity or equity ratio

17,17 %

Change in turnover %

3,-

Turnover per person:

531.508,-

Operating margin

2,-

Trading profit %

0,-

Return on investment %

5,-

Return on capital %

1,-

Quick ratio

1,-

Current ratio

1,-

Equity ratio

17,-

Working capital %

19,-

Inventories/turnover %

20,-

Accounts receivable turnover in days

61,-

Accounts payable turnover in days

45,-

 

Turnover for the period: 01 January 2006 - 31 December 2006  in  EUR 1.716.694.000,00

 Not consolidated profit and loss turnover of the business: 

 

Turnover for the period: 01 January 2005 - 31 December 2005  in  EUR 1.339.858.493,00

 Not consolidated profit and loss turnover of the business: 

 

Turnover for the period: 01 January 2004 - 31 December 2004  in  EUR 1.194.828.982,00

 Not consolidated profit and loss turnover of the business: 

 

 

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.

 

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

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions