MIRA
INFORM REPORT
|
Report Date : |
18.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
VEXVE OY |
|
|
|
|
Formerly Known As : |
4VEST OY |
|
|
|
|
Registered Office : |
Pajakatu 11, 38200, Sastamala |
|
|
|
|
Country : |
Finland |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
10.07.2008 |
|
|
|
|
Com. Reg. No.: |
22060151 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture of other taps and valves |
|
|
|
|
No. of Employees : |
134 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Finland |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source : CIA |
REGISTERED NAME & COMPANY
SUMMARY
|
Trading Name |
Vexve Oy Vesiverto |
Trade Registry Number |
|
|
|
|
Company Name |
VEXVE OY |
Business ID |
22060151 |
|
|
|
Previous Name |
4VEST OY |
|
|
|
|
|
Telephone Number |
0107340800 |
Registered Address |
Pajakatu 11, 38200, SASTAMALA |
|
|
|
Fax Number |
0107340839 |
Visiting Address |
Pajakatu 11, 38200, SASTAMALA |
|
|
|
Home Municipality |
Sastamala |
Postal Address |
-, -, - |
|
|
|
Incorporation Date |
10.07.2008 |
Branches |
5 |
|
|
|
Company Type |
Limited company |
Website Address |
|
|
|
|
Primary Sic Code |
28140 |
Accountant |
Idman Vilén Grant Thornton Oy |
||
|
Primary Sic Description |
Manufacture of other taps and valves |
Last Accounts Date |
31.12.2011 |
|
|
|
Share Capital (€) |
2.500 |
Holding Company |
|
|
|
|
Deals in importing |
Yes |
Foreign Ownership |
No |
|
|
|
Deals in exporting |
Yes |
Currency |
EUR |
|
|
Registrations in
Force
|
|
State |
Registration Date |
|
Tax Administration |
Registered |
18.07.2008 |
|
Trade Register |
Registered |
10.07.2008 |
|
Employer Register |
Registered |
01.07.2008 |
|
Prepayment Register |
Registered |
04.07.2008 |
|
Value Added Tax-Liability |
VAT-liable for business activity |
01.07.2008 |
DIRECTORS/MANAGEMENT
Current Directors
|
Name |
Salonen Matti Hemmi Topias |
|
|
|
Date of Birth |
15.08.1949 |
Appointment Date |
11.02.2011 |
|
Nationality |
FINLAND |
Function |
Actual Member of Board |
|
Name |
Vuorisalo Olli Kalevi |
|
|
|
Date of Birth |
14.10.1945 |
Appointment Date |
11.02.2011 |
|
Nationality |
FINLAND |
Function |
Actual Member of Board |
|
Name |
Nieminen Jarmo Juhani |
|
|
|
Date of Birth |
27.04.1963 |
Appointment Date |
11.02.2011 |
|
Nationality |
FINLAND |
Function |
Chairman of Board |
|
Name |
Virtanen Teijo Antero |
|
|
|
Date of Birth |
05.06.1954 |
Appointment Date |
11.02.2011 |
|
Nationality |
FINLAND |
Function |
Actual Member of Board |
|
Name |
Nieminen Jarmo Juhani |
|
|
|
Date of Birth |
27.04.1963 |
Appointment Date |
10.04.2012 |
|
Nationality |
FINLAND |
Function |
Managing director |
Other Company Officials
|
Name |
Niemenmaa Marja-Leena Kaarina |
|
|
|
Date of Birth |
13.11.1966 |
Appointment Date |
11.02.2011 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Pettersson Matti Reino Valdemar |
|
|
|
Date of Birth |
01.10.1953 |
Appointment Date |
10.07.2008 |
|
Nationality |
FINLAND |
Function |
Principal accountant |
NEGATIVE INFORMATION
No negative information found.
SHARE & SHARE CAPITAL
INFORMATION
Shareholder
Information
|
Year |
31.12.2011 |
|
Total Value of Shares |
2.500 |
|
Number of Shares |
1.100 |
|
Value of Shares |
- |
PAYMENT INFORMATION
N/a
GROUP STRUCTURE & AFFILIATED
COMPANIES
Group structure
|
Company Name |
|
Registered Number |
Latest Key Financials |
Percentage Owned |
Rating |
Limit |
Turnover |
|
|
|
N/A |
- |
- |
- |
- |
- |
|
|
|
N/A |
- |
100% |
- |
- |
- |
|
|
|
07259007 |
31.12.2008 |
100% |
70 |
€5 000 |
€108 000 |
|
|
|
01543912 |
31.12.2011 |
100% |
70 |
€16 500 |
€79 000 |
|
|
|
22060258 |
31.12.2010 |
100% |
62 |
€50 000 |
€3 655 000 |
|
|
|
22060151 |
31.12.2011 |
100% |
82 |
€50 000 |
€37 455 000 |
VEXVE
GROUP OY Linked Companies
|
No linked companies. |
FINANCIAL INFORMATION
Key Financials (€)
|
Year |
31.12.2011 |
% |
31.12.2010 |
|
Number of weeks |
52 |
|
52 |
|
Turnover |
37.454.975 |
34% |
28.044.629 |
|
Operating Profit/Loss |
3.089.975 |
-32% |
4.565.167 |
|
Profit/Loss after Financial Items |
2.877.455 |
-35% |
4.414.068 |
|
Profit/Loss after tax |
-111.853 |
- |
-120.169 |
|
Current Assets |
19.929.490 |
8% |
18.526.041 |
|
Fixed Assets |
9.990.545 |
15% |
8.681.512 |
|
Long Term Debts |
7.720.305 |
12% |
6.892.007 |
|
Current Liabilities |
10.021.131 |
22% |
8.196.796 |
|
Shareholders Equity |
12.178.599 |
0% |
12.118.750 |
|
Balance sheet total |
29.920.035 |
10% |
27.207.553 |
|
Number of employees |
134 |
|
103 |
|
Auditor qualification |
The auditor has
no reservations |
|
The auditor has
no reservations |
|
Year |
31.12.2011 |
31.12.2010 |
|
Solvency Ratio |
41% |
45% |
|
|
Exceptionally Low Indebtedness |
Low Indebtedness |
|
Net margin (%) |
8% |
16% |
|
Interest Coverage Ratio (times) |
14 |
29 |
|
Gearing (%) |
74% |
68% |
|
Liquidity Ratio/Acid Test |
1 |
1 |
|
Risk Buffer (%) |
9% |
16% |
Profit & Loss
(€)
|
|
Operating Income |
31.12.2011 |
% |
31.12.2010 |
|
|
|
|
|
|
Number of weeks |
52 |
|
52 |
|
|
|
|
|
|
Consolidated Accounts |
no |
|
no |
|
|
|
|
|
|
Sales Revenue |
37.454.975 |
34% |
28.044.629 |
|
|
|
|
|
|
Other Operating Income |
86.749 |
372% |
18.381 |
|
|
|
|
|
|
Total Operating Income |
37.541.724 |
34% |
28.063.010 |
|
|
|
|
|
|
Wages & Salaries |
6.079.121 |
35% |
4.495.152 |
|
|
|
|
|
|
Depreciation |
2.015.694 |
30% |
1.551.471 |
|
|
|
|
|
|
Total Operating Expenses |
34.451.749 |
47% |
23.497.843 |
|
|
|
|
|
|
Operating Profit/Loss |
3.089.975 |
-32% |
4.565.167 |
|
|
|
|
|
|
Result From Financial Investments |
|||||||
|
|
Financial Income |
5.499 |
10% |
5.001 |
|
|
|
|
|
|
Financial Expenses |
218.019 |
40% |
156.100 |
|
|
|
|
|
|
Total Financial Investments |
-212.520 |
- |
-151.099 |
|
|
|
|
|
|
Profit/Loss after Financial Items |
2.877.455 |
-35% |
4.414.068 |
|
|
|
|
|
|
Extraordinary Income |
0 |
- |
0 |
|
|
|
|
|
|
Extraordinary Expenses |
2.900.000 |
-34% |
4.418.980 |
|
|
|
|
|
|
Profit/Loss Before Tax |
-22.545 |
- |
-4.912 |
|
|
|
|
|
|
Tax |
89.308 |
-23% |
115.257 |
|
|
|
|
|
|
Profit/Loss After Tax |
-111.853 |
- |
-120.169 |
|
|
|
|
Balance Sheet (€)
|
|
Assets |
12.2011 |
% |
12.2010 |
|
|
|
|
|
|
Number of weeks |
52 |
|
52 |
|
|
|
|
|
|
Consolidated Accounts |
no |
|
no |
|
|
|
|
|
|
Fixed Assets |
|||||||
|
|
Intangible Assets |
1.473.610 |
264% |
404.437 |
|
|
|
|
|
|
Tangible Assets |
8.516.935 |
3% |
8.277.075 |
|
|
|
|
|
|
Other Fixed Assets |
0 |
- |
0 |
|
|
|
|
|
|
Total Fixed Assets |
9.990.545 |
15% |
8.681.512 |
|
|
|
|
|
|
Current Assets |
|||||||
|
|
Inventories |
14.069.823 |
46% |
9.667.136 |
|
|
|
|
|
|
Trade Receivables |
5.257.269 |
28% |
4.097.031 |
|
|
|
|
|
|
Other Receivables |
595.137 |
-87% |
4.676.575 |
|
|
|
|
|
|
Cash & Bank Balances |
7.261 |
-91% |
85.299 |
|
|
|
|
|
|
Other Current Assets |
0 |
- |
0 |
|
|
|
|
|
|
Total Current Assets |
19.929.490 |
8% |
18.526.041 |
|
|
|
|
|
|
Total Assets |
29.920.035 |
10% |
27.207.553 |
|
|
|
|
Equity and
Liabilities (€)
|
|
EQUITY |
|||||||
|
|
Share Capital |
2.500 |
0% |
2.500 |
|
|
|
|
|
|
Share Premium Reserve |
0 |
- |
0 |
|
|
|
|
|
|
Retained Earnings |
55.840 |
- |
-4.009 |
|
|
|
|
|
|
Other Reserves |
12.120.259 |
0% |
12.120.259 |
|
|
|
|
|
|
Total Equity |
12.178.599 |
0% |
12.118.750 |
|
|
|
|
|
|
LONG TERM LIABILITIES |
|||||||
|
|
Long Term Liabilities to Financial Institutions |
4.795.000 |
-21% |
6.105.000 |
|
|
|
|
|
|
Other Long Term Liabilities Finance |
0 |
- |
0 |
|
|
|
|
|
|
Other Long Term Liabilities |
2.925.305 |
272% |
787.007 |
|
|
|
|
|
|
Total Long Term Debts |
7.720.305 |
12% |
6.892.007 |
|
|
|
|
|
|
CURRENT LIABILITIES |
|||||||
|
|
Trade Payables |
2.134.767 |
56% |
1.365.634 |
|
|
|
|
|
|
Liabilities to Financial Institutions |
1.310.000 |
-4% |
1.363.220 |
|
|
|
|
|
|
Other Short Term Financial Loans |
0 |
- |
0 |
|
|
|
|
|
|
Other Short Term Liabilities |
6.576.364 |
20% |
5.467.942 |
|
|
|
|
|
|
Total Current Liabilities |
10.021.131 |
22% |
8.196.796 |
|
|
|
|
|
|
Total Liabilities |
17.741.436 |
18% |
15.088.803 |
|
|
|
|
|
|
Total Equity & Liabilities |
29.920.035 |
10% |
27.207.553 |
|
|
|
|
Other Financials
(€)
|
|
Working Capital |
9.908.359 |
-4% |
10.329.245 |
|
|
|
|
|
|
Net Worth |
10.704.989 |
-9% |
11.714.313 |
|
|
|
|
Key Ratios
|
|
|
31.12.2011 |
|
31.12.2010 |
|
|
|
|
|
|
Number of weeks |
52 |
|
52 |
|
|
|
|
|
|
Consolidated Accounts |
no |
|
no |
|
|
|
|
|
|
PROFITABILITY |
|||||||
|
|
Net Margin % |
7,7% |
|
15,7% |
|
|
|
|
|
|
Operating Profit/Loss % |
8,3% |
|
16,3% |
|
|
|
|
|
|
Pre-Tax Profit Margin % |
-0,1% |
|
0,0% |
|
|
|
|
|
|
TRADING PERFORMANCE |
|||||||
|
|
Return on Net Assets Employed % |
-0,2% |
|
0,0% |
|
|
|
|
|
|
Return on Total Capital % |
10,4% |
|
16,8% |
|
|
|
|
|
|
Interest Coverage Ratio (times) |
14 |
|
29 |
|
|
|
|
|
|
Return on Capital Employed % |
-0,1% |
|
0,0% |
|
|
|
|
|
|
Return on Total Assets Employed % |
-0,1% |
|
0,0% |
|
|
|
|
|
|
Interest on Debt % |
1,2% |
|
1,0% |
|
|
|
|
|
|
Risk Buffer % |
9,1% |
|
15,8% |
|
|
|
|
|
|
SHORT TERM LIQUIDITY |
|||||||
|
|
Liquidity Ratio/Acid Test |
1 |
|
1 |
|
|
|
|
|
|
Current Ratio % |
199,0% |
|
226,0% |
|
|
|
|
|
|
Debtor Days |
51 |
|
53 |
|
|
|
|
|
|
Working capital |
9.908.359 |
|
10.329.245 |
|
|
|
|
|
|
LONG TERM LIQUIDITY |
|||||||
|
|
Equity Ratio % |
40,7% |
|
44,5% |
|
|
|
|
|
|
Gearing % |
74,2% |
|
68,1% |
|
|
|
|
|
|
Current Debt Ratio |
1 |
|
1 |
|
|
|
|
|
|
Total Debt Ratio |
1 |
|
1 |
|
|
|
|
|
|
Relative debt % |
47,4% |
|
53,8% |
|
|
|
|
|
|
BUSINESS MEASURES |
|||||||
|
|
Change in turnover % |
33,6% |
|
- |
|
|
|
|
|
|
Turnover/employees |
279515 |
|
272278 |
|
|
|
|
|
|
Sales/Net Working Capital |
4 |
|
3 |
|
|
|
|
|
|
Stock Turnover Ratio % |
37,6% |
|
34,5% |
|
|
|
|
|
|
Creditor Days |
21 |
|
18 |
|
|
|
|
|
|
Equity in Percentage % |
42,8% |
|
45,2% |
|
|
|
|
FOREIGN EXCHANGE RATES
N/a
ADDITIONAL INFORMATION
Business History
|
Date |
Event |
Source Company
Name |
|
01.04.2011 |
Merger |
Automix Oy merged into
Vexve Oy Vesiverto |
|
31.03.2011 |
Merger |
Automix Oy merged into
Vexve Oy Vesiverto |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.64 |
|
|
1 |
Rs.87.45 |
|
Euro |
1 |
Rs.72.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.