MIRA INFORM REPORT

 

 

Report Date :           

05.03.2012

 

IDENTIFICATION DETAILS

 

Name :

EUROKANGAS

 

 

Registered Office :

Tiilentie 2, Lahti, 15520

 

 

Country :

Finland

 

 

Financials (as on) :

01.08.2010

 

 

Year of Establishment :

1991

 

 

Com. Reg. No.:

03644119

 

 

Legal Form :

Private Subsidiary Company

 

 

Line of Business :

Subject is engaged in Operation of chain of retail outlets for the sale of fabrics for fashion and home decoration; professional curtain-making service

 

 

No. of Employees :

358

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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 

 

Eurokangas Oy

Tiilentie 2

Lahti, 15520

Finland

Tel:       358 (3) 877 270

Fax:      358 (3) 751 0221

Web:    www.eurokangas.fi

           

 

Synthesis

 

Employees:                  358

Company Type:            Private Subsidiary

Corporate Family:          2 Companies

Ultimate Parent:             Superkangas Oy

Incorporation Date:         1991   

Financials in:                 USD (Millions)

Fiscal Year End:            01-Aug-2010

Reporting Currency:       Euro

Annual Sales:               40.2

Net Income:                  (0.2)

Total Assets:                12.9

 

 

Business Description     

 

Operation of chain of retail outlets for the sale of fabrics for fashion and home decoration; professional curtain-making service

 

Industry             

Industry            Retail (Specialty)

ANZSIC 2006:    4259 - Other Personal Accessory Retailing

NACE 2002:      5241 - Retail sale of textiles

NAICS 2002:     451130 - Sewing, Needlework, and Piece Goods Stores

UK SIC 2003:    5241 - Retail sale of textiles

US SIC 1987:    5949 - Sewing, Needlework, and Piece Goods Stores

 

           


Key Executives   

 

Name

Title

Carl-Johan Ward

Managing Director

Antti Ahola-Huhta

Finance Manager

Erica Ahola-Huhta

Purchasing Executive

Kaija Ward

Purchasing Executive

Carl-Gustav Daniel Ward

Board member

 

Registered No.(FIN): 03644119

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7277257

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7675775

 

 

Corporate Overview

 

Location

Tiilentie 2

Lahti, 15520

Finland

Tel:       358 (3) 877 270

Fax:      358 (3) 751 0221

Web:    www.eurokangas.fi

           

Sales EUR(mil):             29.2

Assets EUR(mil):           9.9

Employees:                   358

Fiscal Year End:            01-Aug-2010

Industry:                        Retail (Specialty)

Incorporation Date:         1991

Company Type:             Private Subsidiary

Quoted Status:              Not Quoted

Registered No.(FIN):       03644119

Managing Director:         Carl-Johan Ward

 

Contents

·         Industry Codes

·         Business Description

·         Financial Data

·         Subsidiaries

·         Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

4259     -          Other Personal Accessory Retailing

 

NACE 2002 Codes:

5241     -          Retail sale of textiles

 

NAICS 2002 Codes:

451130  -          Sewing, Needlework, and Piece Goods Stores

 

US SIC 1987:

5949     -          Sewing, Needlework, and Piece Goods Stores

 

UK SIC 2003:

5241     -          Retail sale of textiles

 

Business Description

Operation of chain of retail outlets for the sale of fabrics for fashion and home decoration; professional curtain-making service

 

More Business Descriptions

 

Eurokangas Oy is primarily engaged in retail sale of fabrics; retail sale of knitting yarn; retail sale of basic materials for rug, tapestry or embroidery making; retail sale of household textiles such as sheets, tablecloths, towels; and retail sale of haberdashery: needles, sewing thread, etc.

 

Eurokangas Oy is primarily engaged in retailing miscellaneous specialty foods (except meat, fish, seafood, fruit and vegetables, confections, nuts, popcorn, and baked goods) not for immediate consumption and not made on the premises.

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

29.2

Net Income:

-0.2

Assets:

9.9

Current Assets:

8.1

 

Issued Capital:

0.2

 

Net Worth:

4.1

 

 

 

Date of Financial Data:

01-Aug-2010

 

1 Year Growth

NA

NA

NA

 

Subsidiaries

Company

Percentage Owned

Country

Sekunda Ja Pala Ward Oy

 

Finland

 

 

 

Key Corporate Relationships

Bank:

Nordea

 

 

 

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Superkangas Oy
Eurokangas Oy

Eurokangas Oy 
Total Corporate Family Members: 2 

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Superkangas Oy

Parent

Pennala

Finland

Business Services

0.9

9

 

Eurokangas Oy

Subsidiary

Lahti

Finland

Retail (Specialty)

40.2

358

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Carl-Gustav Daniel Ward

 

Board member

Director/Board Member

 

 

Executives

 

Name

Title

Function

 

Carl-Johan Ward

 

Managing Director

Managing Director

 

Antti Ahola-Huhta

 

Finance Manager

Finance Executive

 

Erica Ahola-Huhta

 

Purchasing Executive

Purchasing Executive

 

Kaija Ward

 

Purchasing Executive

Purchasing Executive

 

 

 

Annual Profit & Loss

 

 

 

 

01-Aug-2010

01-Aug-2009

Period Length

12 Months

12 Months

Filed Currency

EUR

EUR

Exchange Rate (Period Average)

0.727726

0.73775

Consolidated

No

No

 

 

 

Total income

40.2

41.1

Cost of goods sold

13.9

13.1

Other operating costs

9.9

8.9

Total operating costs

38.2

35.8

Interest received from loans

0.0

0.0

Profit before tax

-0.2

0.4

Total taxation

0.0

0.1

Income before depreciation

0.3

2.8

Depreciation

0.5

0.4

Profit before financial items

0.2

2.5

Other financial expenses

0.1

0.1

Income/profit after financial items

-0.2

2.4

Extraordinary items

-

2.1

Income before allocations

-0.2

0.4

Net income

-0.2

0.3

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

01-Aug-2010

01-Aug-2009

Filed Currency

EUR

EUR

Exchange Rate

0.767578

0.705343

Consolidated

No

No

 

 

 

Issued capital

0.3

0.3

Non restricted equity

5.1

5.8

Total stockholders equity

5.3

6.1

Other long-term liabilities

0.3

-

Trade creditors

2.0

1.6

Other current liabilities

5.2

7.1

Total current liabilities

7.6

8.7

Machinery and tools

1.1

1.0

Depreciable assets

1.6

1.3

Total non-current assets

2.4

2.2

Stocks

8.3

9.9

Trade debtors

1.0

1.2

Cash and liquid assets

1.2

1.5

Short-term investments

0.8

0.8

Shares in associated companies

0.8

0.8

Total current assets

10.5

12.6

Total assets

12.9

14.8

 

 

Annual Ratios

 

Financials in: USD (mil)

 

 

 

01-Aug-2010

01-Aug-2009

Period Length

12 Months

12 Months

Filed Currency

EUR

EUR

Exchange Rate

0.767578

0.705343

Consolidated

No

No

 

 

 

Current ratio

1.50

1.40

Quick ratio

0.30

0.30

Asset turnover

0.03%

0.03%

Profit margin

-0.01%

0.06%

Equity ratio

0.43%

0.41%

Interest on liabilities

0.02%

-

Risk margin

41.03%

42.79%

Net worth

5.3

6.1

Number of employees

456

459

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.35

UK Pound

1

Rs.78.68

Euro

1

Rs.65.63

 

 

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

----

NB

New Business

----

 

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.