MIRA INFORM REPORT

 

 

Report Date :

25.05.2011

 

IDENTIFICATION DETAILS

 

Name :

ELEMATIC OY AB

 

 

Registered Office :

Airolantie 2, 37800 Toijala, PL 33, 37800 Toijala

 

 

Country :

Finland

 

 

Date of Incorporation :

01.12.1997

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

manufacturer of machinery for mining, quarrying and construction

 

 

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

 

Maximum Credit Limit :

360.000  EUR

Status :

Good

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Finland

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name & address 

 

Elematic Oy Ab

Airolantie 2

37800 Toijala

PL 33, 37800 Toijala

 

 

Company summary

 

Telephone

+358 3 549511

Telefax

+358 3 5495259

 

 

 

 

Trade register number

723825

Registered   

04.12.1997

Business ID

11085767

Business started

01.12.1997

 

 

 

 

 

 

 

 

Turnover

In 2009, the turnover amounted to 58.157 thousand EUR, the length of the accounting period was 12 months, and the period ended on 31.12.2009.

Number of employees

In 2009, the number of employees amounted to 114.

Line of business

The company´s investigated line of business on 22.05.2007 is: manufacture of machinery for mining, quarrying and construction (28920).

 

Maximum credit recommendation

360.000  EUR

 

 

Company Basics

 

Company form   

Joint-stock company

Type of ownership   

Foreign owner

Share capital   

Paid share capital: 5.610.000 EUR

Number of shares   

330000 pc.

Activity   

In 2009, the turnover amounted to 58.157 thousand EUR, the length of the accounting period was 12 months, and the period ended on 31.12.2009.

In 2009, the number of employees amounted to 114.

The company´s investigated line of business on 22.05.2007 is: manufacture of machinery for mining, quarrying and construction (28920).

According to an account, the company is engaged in export. The company´s main export countries are United States, Spain, Sweden, United Arab Emirates, Germany, Belgium, Norway, Bahrain.

The company works in rented premises.

Number of the company´s offices is 1.

The company has been in the Prepayment register since 10.12.1997. Validity to be checked on 28.02.2011.

The company has been in the Employer Register since 01.12.1997.

The company has been VAT liable for business activity since 01.12.1997.

 

Other names   

Auxiliary business name: Acotec

Auxiliary business name: Elematic Engineering

Auxiliary business name: LPE Engineering

Auxiliary business name: PCE Engineering

Auxiliary business name: PCE Technologies

Parallel business name: Elematic Ltd

 

Payments

 

The company has no registered payment defaults. Average delay of payments registered within 6 months is 3 days.

 

Persons in charge

 

Managing director
Sandqvist Leo Antero, from 04.12.1997 on
301149-1313, Forssa
The person has participations in companies.

Chairman
Makkonen Eero Olavi, from 30.01.2008 on
020446-135R, Helsinki
The person has participations in companies.

Ordinary member
Eiden Manfred Wilhelm, German citizen, from 17.11.2009 on
160151-255H, Wiesbaden
The person has participations in companies.

Ordinary member
Lönnqvist Markku Juhani, from 30.01.2008 on
110472-063X, London
The person has participations in companies.

Ordinary member
Rajamäki Seppo Juhani, from 30.01.2008 on
010746-081S, Rhode St. Genese
The person has participations in companies.

 

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, or separately with the managing director.

 

Shareholders

 

According to information received from the company on 02.11.2009, shareholders are:

Elematic Group Oy, VAT No. 21408937, with 100,0% of the shares

 

Business mortgages

Business mortgages total altogether 135.000 thousand EUR.

 

Group structure

 

The company is parent company in the group Elematic -konserni.

 

Summary of the financial statement analysis

 

 

Volume

 

Profitability

Change in turnover in %

 

Return on investment

 

 

 

 

2006

2007

2008

2009

 

Company

28,2 

59,7 

33,8 

-55,3 

 

Upper quartile

26,4 

37,7 

25,8 

-8,1 

 

Median

8,7 

15,1 

8,1 

-29,0 

 

Lower quartile

-7,0 

-4,6 

-10,1 

-50,5 

 

 

 

2006 

2007 

2008 

2009 

 

Company

25,6 

142,4 

368,6 

171,7 

 

Upper quartile

34,8 

41,4 

38,4 

22,1 

 

Median

18,9 

24,0 

18,4 

4,0 

 

Lower quartile

8,5 

12,8 

2,6 

-4,6 

 

 

 

Solvency

 

Liquidity

Equity ratio

 

Current ratio

 

 

 

 

2006 

2007 

2008 

2009 

 

Company

32,4 

13,6 

10,5 

14,4 

 

Upper quartile

68,8 

72,4 

74,0 

74,5 

 

Median

41,0 

44,6 

48,8 

45,3 

 

Lower quartile

17,4 

21,5 

27,8 

21,9 

 

 

 

2006 

2007 

2008 

2009 

 

Company

1,8 

1,1 

1,1 

1,1 

 

Upper quartile

2,9 

3,1 

4,3 

4,6 

 

Median

1,8 

2,1 

2,0 

2,4 

 

Lower quartile

1,1 

1,2 

1,2 

1,2 

 

 

 

Financial statement analysis

 

The financial statement analysis is based on the financial statement data of Elematic Oy Ab in the accounting period as at 31.12.2009. The analysis also utilizes the data of the accounting periods 2004-2008.

The auditor has approved the financial statement without remarks.

Industry comparison   

The comparison includes 81 companies in the industry class 28920 (Manufacture of machinery for mining, quarrying and construction) from the period 2009. The risk of bankruptcy in the line is 0.0 %, and the risk of payment defaults 2.4 %. The risk of payment defaults is lower than average.

Volume   

The turnover of Elematic Oy Ab is large (58.2 mill EUR) in relation to all active companies. In its line, the company is clearly larger than average (1.1 mill EUR). The turnover decreased considerably in the latest accounting period (-55.3 %). The development of turnover both of the company and of the line decreased in the latest accounting period. The company´s turnover decreased considerably more than that of the line. If this continues, it will lead to a distinct reduction in market shares. In the latest accounting period, the company employed 114 persons on average. The turnover per person is 510 tEUR, which is very good compared with the line (median 148 tEUR). Thus, the productivity of labour is on a very high level. The productivity decreased steeply in the latest accounting period.

Profitability   

The operating result in % (17.2 %) is very good, compared with the line (median 2.5 %), which indicates a clearly higher contribution margin than the average in the line. In the long term, the development of the ratio has been really good. The central ratio for profitability, return on investment, is very good (171.7 %). This is clearly better than the average in the line (median 4.0 %), and indicates really good possibilities for operation. 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 18.8 %. The company has a lot of interest-free loans, due to which the return on assets remains on a considerably lower level than the return on investment. The return on assets is very good, in relation to the line of business (2.7%). The company´s cash-flow based operational surplus is negative.

Liquidity   

The liquidity is passable, measured by current ratio (1.1), which is considerably lower than the average in the line (median 2.4). The company´s financial buffer is very small compared to the median level in the line of business. The sales receivable turnover of the company is relatively long (43 days) compared with the line (32 days).

Solvency   

The solvency of Elematic Oy Ab is passable, measured by equity ratio (14.4 %). Median in the line is 45.3 %, so the company´s solvency is clearly poorer than that of the line. The development of solvency has weakened in the long term. The company´s net gearing is -3.9, which can be considered very good. The relative indebtedness is 61.0%, which is passable compared with the median in the line (36.4%). Net gearing and equity ratio differ clearly from each other, because the company has a lot of interest-free loans, and in addition, the share of cash and financial securities in the balance sheet is large. The very good net gearing improves the repayment ability of loans at least in the short term.

Summary and remarks   

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

 

Auditor in the accounting period as at 01.01.2009 - 31.12.2009:
KHT Jungar Dan, KPMG Oy Ab
The auditor has approved the financial statement without remarks.

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.25

UK Pound

1

Rs.72.82

Euro

1

Rs.63.58

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.