MIRA INFORM REPORT
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Report Date : |
15.10.2011 |
IDENTIFICATION DETAILS
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Name : |
KULTAKESKUS OY |
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Registered Office : |
Paroistentie 2, Hameenlinna, 13600 |
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Country : |
Finland |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
1975 |
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Com. Reg. No.: |
04149419 |
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Legal Form : |
Private Independent Company |
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Line of Business : |
Merchant
Wholesale Distribution of jewelry, precious and semiprecious stones, precious
metals and metal flatware, costume jewelry, watches, clocks, silverware,
and/or jewelers' findings. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Finland |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Kultakeskus Oy
Paroistentie 2
Hameenlinna, 13600
Finland
Tel: 358 3 65711
Fax: 358 3 6161520
Web: www.kultakeskus.fi
Synthesis
Employees: 82
Company Type: Private
Independent
Incorporation Date: 1975
Financials in: usd (Millions)
Fiscal Year End: 01-Dec-2010
Reporting Currency: Euro
Annual Sales: 22.6
Net Income: 1.0
Total Assets: 23.8
Business Description
Kultakeskus Oy is primarily
engaged in the merchant wholesale distribution of jewelry, precious and
semiprecious stones, precious metals and metal flatware, costume jewelry,
watches, clocks, silverware, and/or jewelers' findings.
Industry
Industry Jewelry and Silverware
ANZSIC 2006: 2591 - Jewellery
and Silverware Manufacturing
NACE 2002: 3622 - Manufacture
of jewellery and related articles not elsewhere classified
NAICS 2002: 339911 - Jewelry
(except Costume) Manufacturing
UK SIC 2003: 3622 - Manufacture
of jewellery and related articles not elsewhere classified
US SIC 1987: 3915 - Jewelers'
Findings and Materials, and Lapidary Work
Key Executives
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Name |
Title |
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Ilkka Ruohola |
Managing Director / Director |
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Janne Kartano |
Finance Manager |
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Olavi Reinikka |
Sales Director |
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Jaakko Matti Heikkila |
Chairman |
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Simo Kalevi Moisio |
Board member |
Registered No.(UK): 04149419
Registered No.(FIN): 04149419
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7493392
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7655209
Corporate Overview
Location
Paroistentie 2
Hameenlinna, 13600
Finland
Tel: 358 3 65711
Fax: 358 3 6161520
Web: www.kultakeskus.fi
Sales EUR(mil): 16.9
Assets EUR(mil): 18.2
Employees: 82
Fiscal Year End: 01-Dec-2010
Industry: Jewelry
and Silverware
Incorporation Date: 1975
Company Type: Private
Independent
Quoted Status: Not
Quoted
Registered No.(UK): 04149419
Registered No.(FIN): 04149419
Managing Director
/ Director: Ilkka Ruohola
Contents
· Industry Codes
· Business Description
· Financial Data
· Subsidiaries
· Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2591 - Jewellery and Silverware Manufacturing
NACE 2002 Codes:
3622 - Manufacture of jewellery and related articles not elsewhere
classified
NAICS 2002 Codes:
339911 - Jewelry (except Costume) Manufacturing
US SIC 1987:
3915 - Jewelers' Findings and Materials, and Lapidary Work
UK SIC 2003:
3622 - Manufacture of jewellery and related articles not elsewhere
classified
Business
Description
Kultakeskus Oy is
primarily engaged in production of worked pearls; production of precious and
semi-precious stones in the worked state. Included is the working of industrial
quality stones and synthetic or reconstructed precious or semi-precious stones;
working of diamonds; manufacture of jewellery of precious metal or of base
metals clad with precious metals, or precious or semi-precious stones, or of
combinations of precious metal and precious or semi-precious stones or of other
materials; manufacture of goldsmiths’ articles of precious metals or of base
metals clad with precious metals (dinnerware, flatware, hollow-ware, toilet
articles, office or desk articles, articles for religious use, etc.). This
class also includes: personalised engraving on objects of precious metals.
More Business
Descriptions
Kultakeskus Oy is primarily engaged in the merchant wholesale
distribution of jewelry, precious and semiprecious stones, precious metals and
metal flatware, costume jewelry, watches, clocks, silverware, and/or jewelers'
findings.
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Executive report
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Annual Profit & Loss
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01-Dec-2010 |
01-Dec-2009 |
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Period Length |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.749339 |
0.723487 |
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Consolidated |
No |
No |
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Total income |
2.5 |
2.8 |
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Cost of goods sold |
1.6 |
1.8 |
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Other operating costs |
0.4 |
0.6 |
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Total operating costs |
2.4 |
2.9 |
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Interest received from loans |
0.0 |
- |
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Profit before tax |
0.0 |
-0.2 |
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Income before depreciation |
0.1 |
-0.1 |
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Depreciation |
0.0 |
0.0 |
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Profit before financial items |
0.1 |
-0.1 |
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Other financial expenses |
0.0 |
0.1 |
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Income/profit after financial items |
0.0 |
-0.2 |
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Income before allocations |
0.0 |
-0.2 |
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Net income |
0.0 |
-0.2 |
Annual Balance Sheet
Financials in: USD (mil)
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01-Dec-2010 |
01-Dec-2009 |
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Filed Currency |
EUR |
EUR |
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Exchange Rate |
0.765521 |
0.662537 |
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Consolidated |
No |
No |
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Issued capital |
0.0 |
0.0 |
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Other restricted equity |
0.0 |
0.0 |
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Non restricted equity |
-0.2 |
-0.3 |
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Total stockholders equity |
-0.2 |
-0.2 |
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Other long-term liabilities |
0.8 |
1.0 |
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Trade creditors |
0.3 |
0.4 |
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Other current liabilities |
0.2 |
0.2 |
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Total current liabilities |
1.4 |
1.6 |
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Machinery and tools |
0.0 |
0.0 |
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Depreciable assets |
0.0 |
0.0 |
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Total non-current assets |
0.5 |
0.6 |
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Stocks |
0.8 |
0.9 |
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Trade debtors |
0.1 |
0.1 |
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Cash and liquid assets |
0.1 |
0.1 |
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Short-term investments |
0.5 |
0.6 |
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Shares in associated companies |
0.0 |
0.0 |
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Total current assets |
0.9 |
1.1 |
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Total assets |
1.5 |
1.7 |
Annual Ratios
Financials in: USD
(mil)
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01-Dec-2010 |
01-Dec-2009 |
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Period Length |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
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Exchange Rate |
0.765521 |
0.662537 |
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Consolidated |
No |
No |
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Current ratio |
1.70 |
1.70 |
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Quick ratio |
0.40 |
0.30 |
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Asset turnover |
0.02% |
0.02% |
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Profit margin |
0.01% |
0.08% |
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Equity ratio |
0.07% |
0.05% |
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Interest on liabilities |
0.05% |
- |
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Risk margin |
0.73% |
0.55% |
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Net worth |
-0.2 |
-0.2 |
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Number of employees |
10 |
10 |
DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond production
in India can be traced back to almost 8th Century B.C. India,
in fact, remained undisputed leader till 18th Century when Brazilian
fields were discovered in 1725 followed by emergence of S. Africa, Russia and
Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include spirit
of entrepreneurship, mutual trust lowers transaction costs, small, nimble and
quick to react, information as a source of advantage and philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process, several
public sector banks lost several hundred million rupees. They mostly diverted
borrowed money for diamond business into real estate and capital markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA –
DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis the Indian diamond industry
has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a
dozen diamond firms in Surat. Until about two months ago, they had not
repaid these dues. Bankers believe many diamantaires borrowed money
during the economic downturn two years ago and diverted funds to businesses
like real estate and capital markets. Many of themselves made money from these
businesses but their diamond companies have gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.07 |
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UK Pound |
1 |
Rs.77.42 |
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Euro |
1 |
Rs.67.72 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.