MIRA INFORM REPORT

Report Date :

30.10.2013

IDENTIFICATION DETAILS

Name :	WALKI OY

Registered Office :	Radanvarsitie 9, 37600, VALKEAKOSKI

Country :	Finland

Financials (as on) :	31.12.2012

Date of Incorporation :	22.05.2002

Com. Reg. No.:	17635619

Legal Form :	Limited company

Line of Business :	Manufacture of paper and paperboard

No. of Employees :	424

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Finland

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

M/sWalki Oy - 17635619

COMPANY NAME AND ADDRESS

Trading Name	Walki Oy	Trade Registry Number
Company Name	Walki Oy	Business ID	17635619
Previous Name	Walki Wisa Oy	Safe Number	FI00951560
Telephone Number	0205363111	Registered Address	Radanvarsitie 9, 37600, VALKEAKOSKI
Fax Number	0205363090	Visiting Address	Radanvarsitie 9, 37600, VALKEAKOSKI
Home Municipality	Valkeakoski	Postal Address	PL 33, -, VALKEAKOSKI
Incorporation Date	22.05.2002	Branches	3
Company Type	Limited company	Website Address
Primary Sic Code	17120	Accountant	PricewaterhouseCoopers Oy
Primary Sic Description	Manufacture of paper and paperboard	Last Accounts Date	31.12.2011
Share Capital (€)	12.600.000	Holding Company
Deals in importing	Yes	Foreign Ownership	No
Deals in exporting	Yes	Currency	EUR

Key Financials (€)

Year	31.12.2012	%	31.12.2011	%	31.12.2010
Number of weeks	52		52		52
Turnover	150.256.915	-8%	162.815.649	3%	157.394.490
Operating Profit/Loss	5.230.371	-35%	8.107.560	53%	5.292.647
Profit/Loss after Financial Items	2.417.008	-55%	5.425.402	151%	2.161.004
Profit/Loss after tax	-1.110.142	-	397.299	-	-1.439.181
Current Assets	51.832.513	2%	51.057.708	12%	45.697.790
Fixed Assets	46.039.286	3%	44.855.542	5%	42.723.871
Long Term Debts	42.759.087	-5%	44.832.636	24%	36.297.435
Current Liabilities	25.558.903	18%	21.592.902	-15%	25.458.217
Shareholders Equity	29.553.809	0%	29.487.712	11%	26.666.009
Balance sheet total	97.871.799	2%	95.913.250	8%	88.421.661
Number of employees	424		403		440
Auditor qualification	The auditor has no reservations		The auditor has no reservations		The auditor has no reservations

Ratios

Year	31.12.2012	31.12.2011	31.12.2010
Solvency Ratio	30%	31%	30%
	Moderate Indebtedness	Moderate Indebtedness	Moderate Indebtedness
Net margin (%)	2%	3%	1%
Interest Coverage Ratio (times)	2	3	2
Gearing (%)	145%	152%	136%
Liquidity Ratio/Acid Test	1	2	1
Risk Buffer (%)	1%	4%	1%

Shareholder Information

Year	31.12.2012
Total Value of Shares	12.600.000
Number of Shares	126.000
Value of Shares	100

Registrations in Force

	State	Registration Date
Tax Administration	Registered	30.05.2002
Trade Register	Registered	22.05.2002
Employer Register	Registered	01.07.2002
Prepayment Register	Registered	01.07.2002
Value Added Tax-Liability	VAT-liable for business activity	01.07.2002

Business History

Date	Event	Source Company Name
31.12.2003	Merger	Walki Flexoprint Oy merged into Walki Oy

Payment Delays

Current Directors

Name	Holti Mats Henrik
Date of Birth	14.05.1962	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Actual Member of Board

Name	Finnström Timo Mikael
Date of Birth	07.03.1961	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Actual Member of Board

Name	Finnström Timo Mikael
Date of Birth	07.03.1961	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Managing director

Name	Frilund Leif Erik
Date of Birth	23.05.1953	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Chairman of Board

Other Company Officials

Name	Hällund Stephan Ludvig
Date of Birth	16.05.1956	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Vähäkangas Janne Johannes
Date of Birth	25.03.1976	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Granö Kenneth Ingemar
Date of Birth	04.06.1975	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Rantala Kari Juhani
Date of Birth	19.07.1961	Appointment Date	30.11.2012
Nationality	FINLAND	Function	Principal accountant

Name	Heinsalo Sanna Kaarina
Date of Birth	31.07.1973	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Kaptens Sune Ralf Erik
Date of Birth	26.05.1972	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Thissen Wolfgang
Date of Birth	07.02.1965	Appointment Date	30.07.2013
Nationality	GERMANY	Function	Authority to sign

Name	Siltala Marko Tapani
Date of Birth	20.12.1971	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Mårtens Susanne Britt-Mari
Date of Birth	03.04.1964	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Virkki Heikki Tapio
Date of Birth	23.09.1953	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Korpela Heikki Juhani
Date of Birth	07.05.1963	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Häkkinen Leea Kaarina
Date of Birth	30.05.1957	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Finnström Timo Mikael
Date of Birth	07.03.1961	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Liponkoski Sami Tuomas
Date of Birth	05.04.1974	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Ahonen Janne Tapani
Date of Birth	14.02.1974	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	van Houtum Carlo Pieter Johannes
Date of Birth	05.11.1966	Appointment Date	30.07.2013
Nationality	NETHERLANDS	Function	Authority to sign

Name	Lumme Heikki Tapani
Date of Birth	04.01.1972	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Salminen Kari Johannes
Date of Birth	13.09.1977	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Martin Peter John Erik
Date of Birth	30.03.1965	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Mäkelä Tuija Elina
Date of Birth	15.06.1968	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Marjasalo Jarkko Tapani
Date of Birth	14.11.1969	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Holti Mats Henrik
Date of Birth	14.05.1962	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Pikkupeura Pentti Kalevi
Date of Birth	11.03.1952	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Saahko Timo Antero
Date of Birth	10.12.1970	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Name	Saarimaa Kalle Severi
Date of Birth	26.02.1983	Appointment Date	30.07.2013
Nationality	FINLAND	Function	Authority to sign

Profit & Loss (€)

Operating Income	31.12.2012	%	31.12.2011	%	31.12.2010
Number of weeks	52		52		52
Consolidated Accounts	no		no		no
Sales Revenue	150.256.915	-8%	162.815.649	3%	157.394.490
Other Operating Income	17.818	-97%	672.674	4933%	13.366
Total Operating Income	150.274.733	-8%	163.488.323	4%	157.407.856
Wages & Salaries	24.405.022	6%	23.071.750	-16%	27.444.306
Depreciation	2.641.360	7%	2.478.375	-2%	2.540.332
Total Operating Expenses	145.044.362	-7%	155.380.763	2%	152.115.209
Operating Profit/Loss	5.230.371	-35%	8.107.560	53%	5.292.647
Result From Financial Investments
Financial Income	954.551	5%	910.877	155%	357.883
Financial Expenses	3.767.914	5%	3.593.035	3%	3.489.526
Total Financial Investments	-2.813.363	-	-2.682.158	-	-3.131.643
Profit/Loss after Financial Items	2.417.008	-55%	5.425.402	151%	2.161.004
Extraordinary Income	0	-	0	-	0
Extraordinary Expenses	3.527.000	-30%	5.028.000	40%	3.600.000
Profit/Loss Before Tax	-1.109.993	-	397.402	-	-1.438.996
Tax	149	45%	103	-44%	185
Profit/Loss After Tax	-1.110.142	-	397.299	-	-1.439.181

Balance Sheet (€)

Assets	12.2012	%	12.2011	%	12.2010
Number of weeks	52		52		52
Consolidated Accounts	no		no		no
Fixed Assets
Intangible Assets	1.888.666	48%	1.278.344	-21%	1.616.843
Tangible Assets	12.680.133	5%	12.118.611	4%	11.705.218
Other Fixed Assets	31.470.487	0%	31.458.587	7%	29.401.810
Total Fixed Assets	46.039.286	3%	44.855.542	5%	42.723.871
Current Assets
Inventories	17.145.285	13%	15.182.645	-28%	21.117.438
Trade Receivables	15.916.593	-5%	16.690.926	-11%	18.756.649
Other Receivables	18.394.728	-4%	19.074.497	242%	5.581.353
Cash & Bank Balances	375.907	243%	109.640	-55%	242.350
Other Current Assets	0	-	0	-	0
Total Current Assets	51.832.513	2%	51.057.708	12%	45.697.790
Total Assets	97.871.799	2%	95.913.250	8%	88.421.661

Equity and Liabilities (€)

EQUITY
Share Capital	12.600.000	0%	12.600.000	0%	12.600.000
Share Premium Reserve	14.288.729	0%	14.288.729	0%	14.288.729
Retained Earnings	524.234	14%	458.137	-	-1.024.566
Other Reserves	2.140.846	0%	2.140.846	167%	801.846
Total Equity	29.553.809	0%	29.487.712	11%	26.666.009
LONG TERM LIABILITIES
Long Term Liabilities to Financial Institutions	0	-	0	-	0
Other Long Term Liabilities Finance	4.000.000	-17%	4.800.000	-	0
Other Long Term Liabilities	38.759.087	-3%	40.032.636	10%	36.297.435
Total Long Term Debts	42.759.087	-5%	44.832.636	24%	36.297.435
CURRENT LIABILITIES
Trade Payables	10.236.283	29%	7.938.807	-40%	13.331.334
Liabilities to Financial Institutions	0	-	0	-	0
Other Short Term Financial Loans	800.000	-	0	-	0
Other Short Term Liabilities	14.522.620	6%	13.654.095	13%	12.126.883
Total Current Liabilities	25.558.903	18%	21.592.902	-15%	25.458.217
Total Liabilities	68.317.990	3%	66.425.538	8%	61.755.652
Total Equity & Liabilities	97.871.799	2%	95.913.250	8%	88.421.661

Other Financials (€)

	Working Capital	26.273.610	-11%	29.464.806	46%	20.239.573
	Net Worth	27.665.143	-2%	28.209.368	13%	25.049.166

Key Ratios

	31.12.2012	31.12.2011	31.12.2010
Number of weeks	52	52	52
Consolidated Accounts	no	no	no
PROFITABILITY
Net Margin %	1,6%	3,3%	1,4%
Operating Profit/Loss %	3,5%	5,0%	3,4%
Pre-Tax Profit Margin %	-0,7%	0,2%	-0,9%
TRADING PERFORMANCE
Return on Net Assets Employed %	-3,8%	1,4%	-5,4%
Return on Total Capital %	6,3%	9,4%	6,4%
Interest Coverage Ratio (times)	2	3	2
Return on Capital Employed %	-1,5%	0,5%	-2,3%
Return on Total Assets Employed %	-1,1%	0,4%	-1,6%
Interest on Debt %	5,5%	5,4%	5,7%
Risk Buffer %	0,8%	4,0%	0,7%
SHORT TERM LIQUIDITY
Liquidity Ratio/Acid Test	1	2	1
Current Ratio %	203,0%	236,0%	180,0%
Debtor Days	39	37	44
Working capital	26.273.610	29.464.806	20.239.573
LONG TERM LIQUIDITY
Equity Ratio %	30,2%	30,7%	30,2%
Gearing %	144,7%	152,0%	136,1%
Current Debt Ratio	1	1	1
Total Debt Ratio	2	2	2
Relative debt %	45,5%	40,8%	39,2%
BUSINESS MEASURES
Change in turnover %	-7,7%	3,4%	-
Turnover/employees	354380	404009	357715
Sales/Net Working Capital	6	6	8
Stock Turnover Ratio %	11,4%	9,3%	13,4%
Creditor Days	25	18	31
Equity in Percentage %	45,8%	46,7%	46,5%

Group structure

Company Name	Registered Number	Latest Key Financials	Percentage Owned	Rating	Limit	Turnover
WALKI GROUP OY	20968393	31.12.2011	-	58	€50 000	€2 370 000
WALKI GMBH	HRB 1434	31.12.2011	100%	85	€335 000	€65 163 620
WALKI LIMITED	SC014320	31.12.2012	100%	60	£85 000	£16 467 330
WALKI OY	17635619	31.12.2011	100%	81	€50 000	€162 816 000
WALKI AB	5567408421	31.12.2012	100%	77	160 KSEK	5 100 KSEK
WALKI AS	891977492	31.12.2012	100%	84	80 KNOK	4 640 KNOK
CONVERFLEX AKTIEBOLAG	5564435120	31.12.2012	52%	93	4 450 KSEK	74 659 KSEK
WALKI EKOPAK S.A.	N/A	-	100%	-	-	-
EKOPAK-LOGISTIC SPZOO	N/A	-	100%	-	-	-
EKOPAK-SAILLAT SARL	N/A	-	100%	-	-	-
EKOPAK-SVETOGORSK LTD	N/A	-	100%	-	-	-
WALKI PACKAGING PAPER (C...	N/A	-	100%	-	-	-
WALKI PTE LTD	N/A	-	100%	-	-	-
WALKI SAS	503910812	31.12.2012	100%	19	€0	€710 808

Linked Companies

Name	Number	Latest Key financials	rating	limit	Turnover
CFX HOLDING AB	5568378086	31.12.2012	99	0 KSEK	-
WALKI OY	01575236	-	N/R	-	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.46
UK Pound	1	Rs.98.99
Euro	1	Rs.84.72

INFORMATION DETAILS

Report Prepared by :

NIS

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.