MIRA
INFORM REPORT
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Report Date : |
07.09.2012 |
IDENTIFICATION DETAILS
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Name : |
PENTIK OY |
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Registered Office : |
Maaninkavaarantie 4 A, Posio, 97900 |
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Country : |
Finland |
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Financials (as on) : |
01.12.2011 |
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Year of Establishment : |
1972 |
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Com. Reg. No.: |
02105324 |
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Legal Form : |
Private Independent Company |
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Line of Business : |
manufacturing, engraving, chasing, or etching precious metal solid or precious metal clad jewelry |
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No. of Employees : |
347 employees |
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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
finland - ECONOMIC OVERVIEW
Finland has a highly industrialized, largely free-market economy with per capita output roughly that of Austria, Belgium, the Netherlands, and Sweden. Trade is important with exports accounting for over one third of GDP in recent years. Finland is strongly competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in high-tech exports such as mobile phones. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the climate, agricultural development is limited to maintaining self-sufficiency in basic products. Forestry, an important export earner, provides a secondary occupation for the rural population. Finland had been one of the best performing economies within the EU in recent years and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in 2009, with Finland experiencing one of the deepest contractions in the euro zone. A recovery of exports, domestic trade, and household consumption stimulated economic growth in 2010. The recession left a deep mark on general government finances and the debt ratio, turning previously strong budget surpluses into deficits. In addition to marginal growth prospects, general government finances will remain in deficit during the next few years. The great challenge of economic policy will be to mitigate a possible recession in 2012 in which measures supporting growth will be combined with general government adjustment measures. Longer-term, Finland must address a rapidly aging population and decreasing productivity that threaten competitiveness, fiscal sustainability, and economic growth.
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Source : CIA |
Company name & address
Pentik Oy
Maaninkavaarantie 4 A
Posio, 97900
Finland
Tel: 358 207 220200
Fax: 358 207 220201
Web: www.pentik.fi
Synthesis
Employees: 347
Company Type: Private
Independent
Incorporation Date: 1972
Financials in: USD
(Millions)
Fiscal Year End:
01-Dec-2011
Reporting Currency: Euro
Annual Sales: 52.6
Net Income: 3.9
Total Assets: 40.1
Business Description
Pentik Oy is primarily engaged in one or more of the following: (1) manufacturing, engraving, chasing, or etching precious metal solid or precious metal clad jewelry; (2) manufacturing, engraving, chasing, or etching personal goods (i.e., small articles carried on or about the person, such as compacts or cigarette cases) made of precious solid or clad metal; and (3) stamping coins.
Industry
Industry Personal and Household Products
ANZSIC 2006: 2029 - Other
Ceramic Product Manufacturing
NACE 2002: 2621 - Manufacture
of ceramic household and ornamental articles
NAICS 2002: 327112 - Vitreous
China, Fine Earthenware, and Other Pottery Product Manufacturing
UK SIC 2003: 2621 - Manufacture
of ceramic household and ornamental articles
UK SIC 2007: 2341 - Manufacture
of ceramic household and ornamental articles
US SIC 1987: 3269 - Pottery
Products, Not Elsewhere Classified
Key Executives
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Name |
Title |
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Pasi Pekka Pentikäinen |
Board member, Managing director |
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Topi Pentikäinen |
Chairman |
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Raisa Johanna Bergman |
Board member |
Registered
No.(FIN): 02105324
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7189224
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7423905
Corporate Overview
Location
Maaninkavaarantie 4 A
Posio, 97900
Finland
Tel: 358 207 220200
Fax: 358 207 220201
Web: www.pentik.fi
Sales EUR(mil): 37.8
Assets EUR(mil): 29.8
Employees: 347
Fiscal Year End: 01-Dec-2011
Industry: Personal
and Household Products
Incorporation Date: 1972
Company Type: Private
Independent
Quoted Status: Not
Quoted
Registered No.(FIN): 02105324
Chairman: Topi
Pentikainen
Contents
Industry Codes
Business Description
Financial Data
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2029 - Other Ceramic Product Manufacturing
NACE 2002 Codes:
2621 - Manufacture of ceramic household and ornamental articles
NAICS 2002 Codes:
327112 - Vitreous China, Fine Earthenware, and Other Pottery Product
Manufacturing
US SIC 1987:
3269 - Pottery Products, Not Elsewhere Classified
UK SIC 2003:
2621 - Manufacture of ceramic household and ornamental articles
UK SIC 2007:
2341 - Manufacture of ceramic household and ornamental articles
Business
Description
Pentik Oy is primarily engaged in one or more of the following: (1) manufacturing, engraving, chasing, or etching precious metal solid or precious metal clad jewelry; (2) manufacturing, engraving, chasing, or etching personal goods (i.e., small articles carried on or about the person, such as compacts or cigarette cases) made of precious solid or clad metal; and (3) stamping coins.
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Executive report
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Board of
Directors |
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Chairman |
Chairman |
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Board member |
Director/Board Member |
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Board member, Managing director |
Director/Board Member |
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Executives |
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Board member, Managing director |
Managing Director |
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Annual Profit & Loss
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01-Dec-2011 |
01-Dec-2010 |
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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) |
0.718922 |
0.749339 |
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Consolidated |
No |
No |
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Total income |
52.6 |
51.9 |
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Cost of goods sold |
12.8 |
19.9 |
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Other operating costs |
14.7 |
13.5 |
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Total operating costs |
44.4 |
48.0 |
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Interest received from loans |
0.1 |
0.1 |
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Interest payable on loans |
0.0 |
0.0 |
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Profit before tax |
5.1 |
6.7 |
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Total taxation |
1.4 |
1.9 |
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Income before depreciation |
7.5 |
8.9 |
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Depreciation |
2.4 |
2.2 |
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Profit before financial items |
5.0 |
6.7 |
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Other financial expenses |
0.0 |
0.0 |
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Income/profit after financial items |
5.1 |
6.7 |
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Income before allocations |
5.5 |
7.8 |
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Net income |
3.9 |
5.3 |
Annual Balance Sheet
Financials in: USD (mil)
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01-Dec-2011 |
01-Dec-2010 |
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Filed Currency |
EUR |
EUR |
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Exchange Rate |
0.74239 |
0.765521 |
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Consolidated |
No |
No |
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Issued capital |
0.0 |
0.0 |
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Untaxed/reserves allocations |
0.7 |
0.9 |
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Non restricted equity |
32.3 |
30.4 |
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Total stockholders equity |
32.3 |
30.4 |
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Other long-term liabilities |
0.1 |
0.3 |
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Trade creditors |
1.2 |
1.8 |
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Other current liabilities |
5.8 |
5.8 |
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Total current liabilities |
7.1 |
8.0 |
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Land and buildings |
7.3 |
7.3 |
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Machinery and tools |
3.2 |
3.6 |
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Depreciable assets |
12.4 |
13.1 |
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Total non-current assets |
12.4 |
13.1 |
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Stocks |
12.5 |
12.5 |
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Trade debtors |
2.1 |
1.9 |
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Cash and liquid assets |
12.9 |
11.4 |
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Short-term investments |
0.0 |
0.0 |
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Shares in associated companies |
0.0 |
0.0 |
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Other current assets |
0.2 |
0.4 |
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Total current assets |
27.7 |
26.2 |
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Total assets |
40.1 |
39.3 |
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.55.97 |
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UK Pound |
1 |
Rs.89.02 |
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Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.