MIRA INFORM REPORT
|
Report Date : |
02.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
KULTAJOUSI OY |
|
|
|
|
Formerly Known As : |
Hämeenlinnan Kello ja Kulta Virtanen
Oy |
|
|
|
|
Registered Office : |
Välitalontie 71, 00660, HELSINKI |
|
|
|
|
Country : |
Finland |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
22.12.1967 |
|
|
|
|
Legal Form : |
Limited company |
|
|
|
|
Line of Business : |
Retail sale of watches and jewellery in specialised stores |
|
|
|
|
No. of Employees : |
Not Available |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 almost as high as 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 2010-11. The recession affected general government finances and the debt
ratio, turning previously strong budget surpluses into deficits, but Finland
has taken action to ensure it will meet EU deficit targets by 2013 and retains
its triple-A credit rating. Finland's main challenge in 2013 will be to
stimulate growth in the face of weak demand in EU export markets and government
austerity measures meant to reduce its budget deficit. 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 |
Westerback Yritysmyynti / Kultajousi Oy |
Trade Registry Number |
189930 |
|
|
|
Company Name |
Kultajousi Oy |
Business ID |
02221632 |
|
|
|
Previous Name |
Hämeenlinnan Kello ja Kulta Virtanen
Oy |
|
|
|
|
|
Telephone Number |
0207417600 |
Registered Address |
Välitalontie 71, 00660, HELSINKI |
|
|
|
Fax Number |
0207417619 |
Visiting Address |
Välitalontie 71, 00660, HELSINKI |
|
|
|
Home Municipality |
Helsinki |
Postal Address |
PL 56, 00661, HELSINKI |
|
|
|
Incorporation Date |
22.12.1967 |
Branches |
78 |
|
|
|
Company Type |
Limited company |
Website Address |
|
|
|
|
Primary Sic Code |
47770 |
Accountant |
Ernst & Young Oy |
||
|
Primary Sic Description |
Retail sale of watches and jewellery in specialised stores |
Last Accounts Date |
31.12.2011 |
|
|
|
Share Capital (€) |
84.346 |
Holding Company |
GOLDEN HEIGHTS AB |
|
|
|
Deals in importing |
Yes |
Foreign Ownership |
SWEDEN |
|
|
|
Deals in exporting |
Yes |
Currency |
EUR |
|
|
DIRECTORS/MANAGEMENT
Current Directors
|
Name |
Warborn Bengt Oskar Lennart |
|
|
|
Date of Birth |
08.12.1945 |
Appointment Date |
21.07.2006 |
|
Nationality |
SWEDEN |
Function |
Actual Member of Board |
|
Name |
Albrektson Sverker |
|
|
|
Date of Birth |
26.06.1941 |
Appointment Date |
21.07.2006 |
|
Nationality |
SWEDEN |
Function |
Actual Member of Board |
|
Name |
Warborn Sten Tage Birger |
|
|
|
Date of Birth |
20.08.1942 |
Appointment Date |
21.07.2006 |
|
Nationality |
SWEDEN |
Function |
Chairman of Board |
|
Name |
Wikström Kaj Mikael |
|
|
|
Date of Birth |
27.02.1975 |
Appointment Date |
05.07.2005 |
|
Nationality |
FINLAND |
Function |
Managing director |
Other Company Officials
|
Name |
Wikström Kaj Mikael |
|
|
|
Date of Birth |
27.02.1975 |
Appointment Date |
11.05.2007 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Niilerpalo Merja Jutta |
|
|
|
Date of Birth |
12.10.1962 |
Appointment Date |
11.05.2007 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Nyholm Bengt Christer Valdemar |
|
|
|
Date of Birth |
23.06.1962 |
Appointment Date |
16.07.2009 |
|
Nationality |
FINLAND |
Function |
Principal accountant |
NEGATIVE INFORMATION
Na
SHARE & SHARE CAPITAL INFORMATION
Shareholder Information
|
Year |
31.12.2011 |
|
|
Total Value of Shares |
84.346 |
|
|
Number of Shares |
10.030 |
|
|
Value of Shares |
- |
|
PAYMENT INFORMATION
Na
GROUP STRUCTURE & AFFILIATED COMPANIES
Group structure
|
Company Name |
|
Registered Number |
Latest Key Financials |
Percentage Owned |
Turnover |
|
|
|
N/A |
- |
- |
- |
|
|
|
20454536 |
31.12.2011 |
100% |
€1 040 000 |
|
|
|
5567119648 |
31.12.2011 |
100% |
4 424 KSEK |
|
|
|
5560609058 |
31.12.2011 |
100% |
1 089 373 KSEK |
|
|
|
02221632 |
31.12.2011 |
100% |
€38 721 000 |
|
|
|
01128057 |
31.12.2011 |
100% |
€2 336 000 |
Linked Companies
|
Name |
|
Number |
Latest
Key financials |
Turnover |
|
C.G. HALLBERGS GULDSMEDSAKTIEBOLAG |
|
5560024258 |
31.12.2011 |
- |
|
KULTAJOUSI OY |
|
- |
- |
- |
FINANCIAL INFORMATION
Key Financials (€)
|
Year |
31.12.2011 |
% |
31.12.2010 |
|
|
|
|
|
Number of weeks |
52 |
|
52 |
|
|
|
|
|
Turnover |
38.721.151 |
6% |
36.685.084 |
|
|
|
|
|
Operating Profit/Loss |
2.930.219 |
17% |
2.494.715 |
|
|
|
|
|
Profit/Loss after Financial Items |
2.927.816 |
3% |
2.834.219 |
|
|
|
|
|
Profit/Loss after tax |
340.887 |
-51% |
699.669 |
|
|
|
|
|
Current Assets |
18.424.304 |
-5% |
19.458.217 |
|
|
|
|
|
Fixed Assets |
2.413.779 |
-21% |
3.036.223 |
|
|
|
|
|
Long Term Debts |
0 |
- |
0 |
|
|
|
|
|
Current Liabilities |
7.071.746 |
-22% |
9.068.990 |
|
|
|
|
|
Shareholders Equity |
13.766.337 |
3% |
13.425.450 |
|
|
|
|
|
Balance sheet total |
20.838.083 |
-7% |
22.494.440 |
|
|
|
|
|
Number of employees |
348 |
|
371 |
|
|
|
|
|
Auditor qualification |
The auditor has no reservations |
|
The auditor has no reservations |
|
|
|
|
Ratios
|
Year |
31.12.2011 |
|
31.12.2010 |
|
|
|
|
|
Solvency Ratio |
66% |
|
60% |
|
|
|
|
|
|
Exceptionally Low Indebtedness |
|
Low Indebtedness |
|
|
|
|
|
Net margin (%) |
8% |
|
8% |
|
|
|
|
|
Interest Coverage Ratio (times) |
59 |
|
15 |
|
|
|
|
|
Gearing (%) |
0% |
|
0% |
|
|
|
|
|
Liquidity Ratio/Acid Test |
0 |
|
0 |
|
|
|
|
|
Risk Buffer (%) |
14% |
|
11% |
|
|
|
|
Profit & Loss (€)
|
|
Operating Income |
31.12.2011 |
% |
31.12.2010 |
|
|
|
|
|
|
Number of weeks |
52 |
|
52 |
|
|
|
|
|
|
Consolidated Accounts |
no |
|
no |
|
|
|
|
|
|
Sales Revenue |
38.721.151 |
6% |
36.685.084 |
|
|
|
|
|
|
Other Operating Income |
60.904 |
124% |
27.203 |
|
|
|
|
|
|
Total Operating Income |
38.782.055 |
6% |
36.712.287 |
|
|
|
|
|
|
Wages & Salaries |
8.299.913 |
7% |
7.787.940 |
|
|
|
|
|
|
Depreciation |
1.369.589 |
4% |
1.321.646 |
|
|
|
|
|
|
Total Operating Expenses |
35.851.836 |
5% |
34.217.572 |
|
|
|
|
|
|
Operating Profit/Loss |
2.930.219 |
17% |
2.494.715 |
|
|
|
|
|
|
Result From Financial
Investments |
|||||||
|
|
Financial Income |
48.319 |
-91% |
549.253 |
|
|
|
|
|
|
Financial Expenses |
50.722 |
-76% |
209.749 |
|
|
|
|
|
|
Total Financial Investments |
-2.403 |
- |
339.504 |
|
|
|
|
|
|
Profit/Loss after Financial Items |
2.927.816 |
3% |
2.834.219 |
|
|
|
|
|
|
Extraordinary Income |
0 |
- |
0 |
|
|
|
|
|
|
Extraordinary Expenses |
2.250.000 |
1172% |
176.950 |
|
|
|
|
|
|
Profit/Loss Before Tax |
677.816 |
-37% |
1.073.269 |
|
|
|
|
|
|
Tax |
336.929 |
-10% |
373.600 |
|
|
|
|
|
|
Profit/Loss After Tax |
340.887 |
-51% |
699.669 |
|
|
|
|
Balance Sheet (€)
|
|
Assets |
12.2011 |
% |
12.2010 |
|
|
|
|
|
|
Number of weeks |
52 |
|
52 |
|
|
|
|
|
|
Consolidated Accounts |
no |
|
no |
|
|
|
|
|
|
Fixed Assets |
|||||||
|
|
Intangible Assets |
263.616 |
-76% |
1.110.816 |
|
|
|
|
|
|
Tangible Assets |
1.969.246 |
13% |
1.744.490 |
|
|
|
|
|
|
Other Fixed Assets |
180.917 |
0% |
180.917 |
|
|
|
|
|
|
Total Fixed Assets |
2.413.779 |
-21% |
3.036.223 |
|
|
|
|
|
|
Current Assets |
|||||||
|
|
Inventories |
15.679.457 |
2% |
15.442.229 |
|
|
|
|
|
|
Trade Receivables |
669.064 |
-14% |
774.294 |
|
|
|
|
|
|
Other Receivables |
978.044 |
-48% |
1.892.076 |
|
|
|
|
|
|
Cash & Bank Balances |
1.018.597 |
-25% |
1.349.618 |
|
|
|
|
|
|
Other Current Assets |
79.142 |
- |
0 |
|
|
|
|
|
|
Total Current Assets |
18.424.304 |
-5% |
19.458.217 |
|
|
|
|
|
|
Total Assets |
20.838.083 |
-7% |
22.494.440 |
|
|
|
|
Equity and Liabilities
(€)
|
|
EQUITY |
|||||||
|
|
Share Capital |
84.346 |
0% |
84.346 |
|
|
|
|
|
|
Share Premium Reserve |
0 |
- |
0 |
|
|
|
|
|
|
Retained Earnings |
13.681.175 |
3% |
13.340.288 |
|
|
|
|
|
|
Other Reserves |
816 |
0% |
816 |
|
|
|
|
|
|
Total Equity |
13.766.337 |
3% |
13.425.450 |
|
|
|
|
|
|
LONG TERM LIABILITIES |
|||||||
|
|
Long Term Liabilities to Financial Institutions |
0 |
- |
0 |
|
|
|
|
|
|
Other Long Term Liabilities Finance |
0 |
- |
0 |
|
|
|
|
|
|
Other Long Term Liabilities |
0 |
- |
0 |
|
|
|
|
|
|
Total Long Term Debts |
0 |
- |
0 |
|
|
|
|
|
|
CURRENT LIABILITIES |
|||||||
|
|
Trade Payables |
2.847.478 |
-12% |
3.218.270 |
|
|
|
|
|
|
Liabilities to Financial Institutions |
0 |
- |
0 |
|
|
|
|
|
|
Other Short Term Financial Loans |
0 |
- |
2.142.891 |
|
|
|
|
|
|
Other Short Term Liabilities |
4.224.268 |
14% |
3.707.829 |
|
|
|
|
|
|
Total Current Liabilities |
7.071.746 |
-22% |
9.068.990 |
|
|
|
|
|
|
Total Liabilities |
7.071.746 |
-22% |
9.068.990 |
|
|
|
|
|
|
Total Equity & Liabilities |
20.838.083 |
-7% |
22.494.440 |
|
|
|
|
Other Financials (€)
|
|
Working Capital |
11.352.558 |
9% |
10.389.227 |
|
|
|
|
|
|
Net Worth |
13.502.721 |
10% |
12.314.634 |
|
|
|
|
Key Ratios
|
|
|
31.12.2011 |
|
31.12.2010 |
|
|
|
|
|
|
Number of weeks |
52 |
|
52 |
|
|
|
|
|
|
Consolidated Accounts |
no |
|
no |
|
|
|
|
|
|
PROFITABILITY |
|||||||
|
|
Net Margin % |
7,6% |
|
7,7% |
|
|
|
|
|
|
Operating Profit/Loss % |
7,6% |
|
6,8% |
|
|
|
|
|
|
Pre-Tax Profit Margin % |
1,8% |
|
2,9% |
|
|
|
|
|
|
TRADING PERFORMANCE |
|||||||
|
|
Return on Net Assets Employed % |
4,9% |
|
8,0% |
|
|
|
|
|
|
Return on Total Capital % |
14,3% |
|
13,5% |
|
|
|
|
|
|
Interest Coverage Ratio (times) |
59 |
|
15 |
|
|
|
|
|
|
Return on Capital Employed % |
4,9% |
|
8,0% |
|
|
|
|
|
|
Return on Total Assets Employed % |
3,3% |
|
4,8% |
|
|
|
|
|
|
Interest on Debt % |
0,7% |
|
2,3% |
|
|
|
|
|
|
Risk Buffer % |
13,6% |
|
11,2% |
|
|
|
|
|
|
SHORT TERM LIQUIDITY |
|||||||
|
|
Liquidity Ratio/Acid Test |
0 |
|
0 |
|
|
|
|
|
|
Current Ratio % |
261,0% |
|
215,0% |
|
|
|
|
|
|
Debtor Days |
6 |
|
8 |
|
|
|
|
|
|
Working capital |
11.352.558 |
|
10.389.227 |
|
|
|
|
|
|
LONG TERM LIQUIDITY |
|||||||
|
|
Equity Ratio % |
66,1% |
|
59,7% |
|
|
|
|
|
|
Gearing % |
0,0% |
|
0,0% |
|
|
|
|
|
|
Current Debt Ratio |
1 |
|
1 |
|
|
|
|
|
|
Total Debt Ratio |
1 |
|
1 |
|
|
|
|
|
|
Relative debt % |
18,3% |
|
24,7% |
|
|
|
|
|
|
BUSINESS MEASURES |
|||||||
|
|
Change in turnover % |
5,6% |
|
- |
|
|
|
|
|
|
Turnover/employees |
111268 |
|
98882 |
|
|
|
|
|
|
Sales/Net Working Capital |
3 |
|
4 |
|
|
|
|
|
|
Stock Turnover Ratio % |
40,5% |
|
42,1% |
|
|
|
|
|
|
Creditor Days |
27 |
|
32 |
|
|
|
|
|
|
Equity in Percentage % |
67,5% |
|
63,3% |
|
|
|
|
FOREIGN EXCHANGE RATES
Na
ADDITIONAL INFORMATION
Registrations in Force
|
|
State |
Registration Date |
|
Tax Administration |
Registered |
11.11.1978 |
|
Trade Register |
Registered |
22.12.1967 |
|
Employer Register |
Registered |
01.07.1978 |
|
Prepayment Register |
Registered |
01.03.1995 |
|
Value Added Tax-Liability |
VAT-liable for business activity |
01.06.1994 |
Business History
|
Date |
Event |
Source Company Name |
|
01.01.2009 |
Merger |
Kultakönni Oy merged into Westerback
Yritysmyynti / Kultajousi Oy |
|
31.12.2008 |
Merger |
Kultakönni Oy merged into
Westerback Yritysmyynti / Kultajousi Oy |
|
01.01.2008 |
Merger |
Westerback Oy merged into
Westerback Yritysmyynti / Kultajousi Oy |
|
31.12.2007 |
Merger |
Westerback Oy merged into
Westerback Yritysmyynti / Kultajousi Oy |
|
30.06.1999 |
Merger |
Puustjärven Kello- ja Kultaliike Oy
merged into Westerback Yritysmyynti / Kultajousi Oy |
|
30.11.1994 |
Merger |
08806594 merged into Westerback Yritysmyynti
/ Kultajousi Oy |
NOTES & COMMENTS
Na
DIAMOND INDUSTRY – INDIA
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint while
following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.48 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.71.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.