MIRA
INFORM REPORT
|
Report Date : |
07.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
LAMOR CORPORATION AB |
|
|
|
|
Formerly Known as: |
Lamor Group Oy |
|
|
|
|
Registered Office : |
Urakoitsijatie 12, 06450, Porvoo |
|
|
|
|
Country : |
Finland |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
23.05.2006 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Engaged in developing, manufacturing, and supplying
oil spill response Technology Equipment,
Training and Services Subject product range includes : ·
Skimmer Systems – Small Skimmer Systems – Medium Skimmer Systems – Large Oil Boom Systems Pump Systems Lamor Power-Packs Containerized System Landing Crafts and Workboats |
|
|
|
|
No. of Employees |
45 (31.12.2012) |
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 |
|
Maximum Credit Limit : |
(€) 50.000 |
|
|
|
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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, or Sweden. Trade
is important, with exports accounting for over one-third of GDP in recent
years. Finland is historically competitive in manufacturing - principally the
wood, metals, engineering, telecommunications, and electronics industries.
Finland excels in export of technology for mobile phones as well as promotion
of startups in the ICT, gaming, cleantech, and
biotechnology sectors. 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, however, continued recession within the EU dampened the
economy in 2012-13. The recession affected general government finances and the
debt ratio, turning previously strong budget surpluses into deficits, but
Finland took action to ensure it that it met the EU deficit targets in 2013 and
retained its triple-A credit rating. Finland's main challenge will be to
stimulate growth while faced with weak export demand in the EU and its own
government austerity measures. Longer-term, Finland must address a rapidly
aging population and decreasing productivity in traditional industries that
threaten competitiveness, fiscal sustainability, and economic growth.
|
Source : CIA |
company summary
|
Trading Name |
Lamor Corporation |
Trade Registry
Number |
--- |
|
Company Name |
Lamor Corporation
Ab |
Business ID |
20385171 |
|
Previous Name |
Lamor Group
Oy |
|
|
|
Telephone Number |
0207650100 |
Registered
Address |
Urakoitsijatie 12, 06450,
PORVOO |
|
Fax Number |
0207650129 |
Visiting Address |
Urakoitsijantie 12, 06450,
PORVOO |
|
Home
Municipality |
Porvoo |
Postal Address |
-, -, - |
|
Incorporation
Date |
23.05.2006 |
Branches |
1 |
|
Company Type |
Limited company |
Website Address |
|
|
Primary Sic Code |
46692 |
Accountant |
KPMG Oy Ab |
|
Primary Sic
Description |
Engaged in developing, manufacturing, and supplying oil spill
response Technology Equipment, Training and Services |
Last Accounts Date |
31.12.2012 |
|
Share Capital (€) |
366.375 |
Holding Company |
|
|
Deals in importing |
Yes |
Foreign Ownership |
|
|
Deals in exporting |
Yes |
Currency |
EUR |
Product details:
Skimmer Systems – Small
Skimmer Systems – Medium
Skimmer Systems – Large
Oil Boom Systems
Pump Systems
Lamor Power-Packs
Containerized System
Landing Crafts and Workboats
Credit Limit
|
Limit (€) |
50.000 |
Key Financials (€)
|
Year |
31.12.2012 |
% |
31.12.2011 |
% |
31.12.2010 |
|
Number of weeks |
52 |
|
52 |
|
52 |
|
Turnover |
40.180.162 |
-26% |
54.539.352 |
>9999% |
156.618 |
|
Operating Profit/Loss |
3.998.363 |
-60% |
9.908.988 |
- |
-116.357 |
|
Profit/Loss after Financial Items |
3.068.086 |
-66% |
9.092.763 |
- |
-333.124 |
|
Profit/Loss after tax |
2.435.929 |
-68% |
7.730.439 |
- |
-2.124 |
|
Current Assets |
19.653.635 |
-28% |
27.211.602 |
1254% |
2.010.434 |
|
Fixed Assets |
19.293.043 |
21% |
15.961.354 |
42% |
11.238.218 |
|
Long Term Debts |
7.052.828 |
-28% |
9.728.725 |
74% |
5.576.736 |
|
Current Liabilities |
15.092.263 |
-30% |
21.421.659 |
516% |
3.479.772 |
|
Shareholders Equity |
16.801.587 |
40% |
12.022.572 |
187% |
4.192.144 |
|
Balance sheet total |
38.946.678 |
-10% |
43.172.956 |
226% |
13.248.652 |
|
Number of employees |
45 |
|
32 |
|
- |
|
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 |
43% |
|
28% |
|
32% |
|
|
Low Indebtedness |
|
Moderate
Indebtedness |
|
Moderate
Indebtedness |
|
Net margin (%) |
8% |
|
17% |
|
-213% |
|
Interest Coverage Ratio (times) |
4 |
|
12 |
|
-1 |
|
Gearing (%) |
42% |
|
81% |
|
133% |
|
Liquidity Ratio/Acid Test |
1 |
|
1 |
|
1 |
|
Risk Buffer (%) |
6% |
|
20% |
|
-3% |
Shareholder Information
|
Year |
31.12.2012 |
|
Total Value of Shares |
366.375 |
|
Number of Shares |
384.204 |
|
Value of Shares |
0.80 |
Registrations in Force
|
|
State |
Registration Date |
|
Tax Administration |
Registered |
23.05.2006 |
|
Trade Register |
Registered |
23.05.2006 |
|
Employer Register |
Registered |
01.09.2006 |
|
Prepayment Register |
Registered |
07.09.2006 |
|
Value Added Tax-Liability |
VAT-liable for business activity |
01.09.2006 |
Business History
|
Date |
Event |
Source Company Name |
|
01.01.2013 |
Merger |
Lamor Technics Oy merged into Lamor Corporation |
|
31.12.2012 |
Merger |
Lamor Technics Oy merged into Lamor Corporation |
|
01.05.2012 |
Merger |
Clean Globe
International Oy merged into Lamor Corporation |
|
30.04.2012 |
Merger |
Clean Globe
International Oy merged into Lamor Corporation |
|
02.01.2011 |
Merger |
Lamor Corporation Ab merged into Lamor Corporation |
|
01.01.2011 |
Merger |
Lamor Corporation Ab merged into Lamor Corporation |
Current Directors
|
Name |
Sundbäck Henrik Johan Vilhelm |
|
|
|
Date of Birth |
09.04.2047 |
Appointment Date |
18.05.2012 |
|
Nationality |
FINLAND |
Function |
Actual Member of Board |
|
Name |
Kummu Antti Ilmari |
|
|
|
Date of Birth |
21.02.1976 |
Appointment Date |
18.05.2012 |
|
Nationality |
FINLAND |
Function |
Actual Member of Board |
|
Name |
Suominen Jukka Antero |
|
|
|
Date of Birth |
05.06.2047 |
Appointment Date |
18.05.2012 |
|
Nationality |
FINLAND |
Function |
Chairman of Board |
|
Name |
Larsen Nico
Benjamin |
|
|
|
Date of Birth |
26.08.1983 |
Appointment Date |
18.05.2012 |
|
Nationality |
DENMARK |
Function |
Actual Member of Board |
|
Name |
Larsen Fred Jörgen |
|
|
|
Date of Birth |
25.06.1968 |
Appointment Date |
18.05.2012 |
|
Nationality |
DENMARK |
Function |
Actual Member of Board |
|
Name |
Larsen Fred Jörgen |
|
|
|
Date of Birth |
25.06.1968 |
Appointment Date |
30.09.2010 |
|
Nationality |
DENMARK |
Function |
Managing director |
Other Company Officials
|
Name |
Markkola Timo Martti |
|
|
|
Date of Birth |
09.07.1955 |
Appointment Date |
18.01.2010 |
|
Nationality |
FINLAND |
Function |
Principal accountant |
|
Name |
Tiitinen Vesa Matti |
|
|
|
Date of Birth |
19.05.1976 |
Appointment Date |
30.09.2010 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Larsen Fred Jörgen |
|
|
|
Date of Birth |
25.06.1968 |
Appointment Date |
30.09.2010 |
|
Nationality |
DENMARK |
Function |
Procurist |
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 |
40.180.162 |
-26% |
54.539.352 |
>9999% |
156.618 |
|
|
|
Other Operating Income |
642.284 |
29% |
498.428 |
>9999% |
521 |
|
|
|
Total Operating Income |
40.822.446 |
-26% |
55.037.780 |
>9999% |
157.139 |
|
|
|
Wages & Salaries |
3.772.551 |
35% |
2.787.203 |
9644% |
28.603 |
|
|
|
Depreciation |
1.828.963 |
12% |
1.631.911 |
>9999% |
2.584 |
|
|
|
Total Operating Expenses |
36.824.083 |
-18% |
45.128.792 |
>9999% |
273.496 |
|
|
|
Operating Profit/Loss |
3.998.363 |
-60% |
9.908.988 |
- |
-116.357 |
|
|
|
RESULT FROM FINANCIAL
INVESTMENTS |
|||||||
|
Financial Income |
0 |
- |
0 |
- |
- |
|
|
|
Financial Expenses |
930.277 |
14% |
816.225 |
277% |
216.767 |
|
|
|
Total Financial Investments |
-930.277 |
- |
-816.225 |
- |
-216.767 |
|
|
|
Profit/Loss after Financial Items |
3.068.086 |
-66% |
9.092.763 |
- |
-333.124 |
|
|
|
Extraordinary Income |
0 |
- |
1.819.409 |
450% |
331.000 |
|
|
|
Extraordinary Expenses |
1.053.273 |
- |
0 |
- |
0 |
|
|
|
Profit/Loss Before Tax |
2.014.812 |
-82% |
10.912.172 |
- |
-2.124 |
|
|
|
Tax |
-421.117 |
- |
3.181.733 |
- |
0 |
|
|
|
Profit/Loss After Tax |
2.435.929 |
-68% |
7.730.439 |
- |
-2.124 |
|
|
Balance Sheet (€)
|
ASSETS |
12.2012 |
% |
12.2011 |
% |
12.2010 |
|
|
|
Number of weeks |
52 |
|
52 |
|
52 |
|
|
|
Consolidated Accounts |
no |
|
no |
|
no |
|
|
|
FIXED ASSETS |
|||||||
|
Intangible Assets |
11.211.679 |
502% |
1.861.654 |
- |
0 |
|
|
|
Tangible Assets |
508.012 |
-41% |
864.249 |
>9999% |
7.753 |
|
|
|
Other Fixed Assets |
7.573.352 |
-43% |
13.235.451 |
18% |
11.230.465 |
|
|
|
Total Fixed Assets |
19.293.043 |
21% |
15.961.354 |
42% |
11.238.218 |
|
|
|
CURRENT ASSETS |
|||||||
|
Inventories |
4.730.625 |
122% |
2.127.481 |
- |
0 |
|
|
|
Trade Receivables |
13.425.249 |
-15% |
15.765.389 |
684% |
2.010.434 |
|
|
|
Other Receivables |
702.400 |
-86% |
4.987.400 |
- |
0 |
|
|
|
Cash & Bank Balances |
795.361 |
-82% |
4.331.332 |
- |
0 |
|
|
|
Other Current Assets |
0 |
- |
0 |
- |
0 |
|
|
|
Total Current Assets |
19.653.635 |
-28% |
27.211.602 |
1254% |
2.010.434 |
|
|
|
Total Assets |
38.946.678 |
-10% |
43.172.956 |
226% |
13.248.652 |
|
|
Equity and
Liabilities (€)
|
EQUITY |
|||||||
|
Share Capital |
366.375 |
15% |
318.854 |
0% |
317.794 |
|
|
|
Share Premium Reserve |
0 |
- |
0 |
- |
0 |
|
|
|
Retained Earnings |
1.537.277 |
-68% |
4.825.696 |
- |
-2.904.743 |
|
|
|
Other Reserves |
14.897.935 |
117% |
6.878.022 |
1% |
6.779.093 |
|
|
|
Total Equity |
16.801.587 |
40% |
12.022.572 |
187% |
4.192.144 |
|
|
|
LONG TERM LIABILITIES |
|||||||
|
Long Term Liabilities to Financial Institutions |
0 |
- |
0 |
- |
0 |
|
|
|
Other Long Term Liabilities Finance |
0 |
- |
0 |
- |
0 |
|
|
|
Other Long Term Liabilities |
7.052.828 |
-28% |
9.728.725 |
74% |
5.576.736 |
|
|
|
Total Long Term Debts |
7.052.828 |
-28% |
9.728.725 |
74% |
5.576.736 |
|
|
|
CURRENT LIABILITIES |
|||||||
|
Trade Payables |
13.549.596 |
-18% |
16.610.167 |
- |
0 |
|
|
|
Liabilities to Financial Institutions |
0 |
- |
0 |
- |
0 |
|
|
|
Other Short Term Financial Loans |
1.542.667 |
-68% |
4.811.492 |
155% |
1.884.741 |
|
|
|
Other Short Term Liabilities |
0 |
- |
0 |
- |
1.595.031 |
|
|
|
Total Current Liabilities |
15.092.263 |
-30% |
21.421.659 |
516% |
3.479.772 |
|
|
|
Total Liabilities |
22.145.091 |
-29% |
31.150.384 |
244% |
9.056.508 |
|
|
|
Total Equity & Liabilities |
38.946.678 |
-10% |
43.172.956 |
226% |
13.248.652 |
|
|
Other Financials
(€)
|
Working Capital |
4.561.372 |
-21% |
5.789.943 |
- |
-1.469.338 |
|
|
|
Net Worth |
5.589.908 |
-45% |
10.160.918 |
142% |
4.192.144 |
|
|
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 % |
7,6% |
|
16,7% |
|
-212,7% |
|
|
|
Operating Profit/Loss % |
10,0% |
|
18,2% |
|
-74,3% |
|
|
|
Pre-Tax Profit Margin % |
5,0% |
|
20,0% |
|
-1,4% |
|
|
|
TRADING PERFORMANCE |
|||||||
|
Return on Net Assets Employed % |
12,0% |
|
90,8% |
|
-0,1% |
|
|
|
Return on Total Capital % |
10,3% |
|
23,0% |
|
-0,9% |
|
|
|
Interest Coverage Ratio (times) |
4 |
|
12 |
|
-1 |
|
|
|
Return on Capital Employed % |
8,5% |
|
50,2% |
|
0,0% |
|
|
|
Return on Total Assets Employed % |
5,2% |
|
25,3% |
|
0,0% |
|
|
|
Interest on Debt % |
4,2% |
|
2,6% |
|
2,4% |
|
|
|
Risk Buffer % |
6,1% |
|
20,3% |
|
-3,3% |
|
|
|
SHORT TERM LIQUIDITY |
|||||||
|
Liquidity Ratio/Acid Test |
1 |
|
1 |
|
1 |
|
|
|
Current Ratio % |
130,0% |
|
127,0% |
|
58,0% |
|
|
|
Debtor Days |
122 |
|
106 |
|
4685 |
|
|
|
Working capital |
4.561.372 |
|
5.789.943 |
|
-1.469.338 |
|
|
|
LONG TERM LIQUIDITY |
|||||||
|
Equity Ratio % |
43,1% |
|
27,9% |
|
31,6% |
|
|
|
Gearing % |
42,0% |
|
80,9% |
|
133,0% |
|
|
|
Current Debt Ratio |
1 |
|
2 |
|
1 |
|
|
|
Total Debt Ratio |
1 |
|
3 |
|
2 |
|
|
|
Relative debt % |
55,1% |
|
57,1% |
|
5782,6% |
|
|
|
BUSINESS MEASURES |
|||||||
|
Change in turnover % |
-26,3% |
|
34723,2% |
|
- |
|
|
|
Turnover/employees |
892892 |
|
1704355 |
|
- |
|
|
|
Sales/Net Working Capital |
9 |
|
9 |
|
0 |
|
|
|
Stock Turnover Ratio % |
11,8% |
|
3,9% |
|
0,0% |
|
|
|
Creditor Days |
123 |
|
111 |
|
0 |
|
|
|
Equity in Percentage % |
83,3% |
|
42,8% |
|
207,7% |
|
|
Group structure
|
COMPANY NAME |
|
REGISTERED NUMBER |
LATEST KEY FINANCIALS |
PERCENTAGE OWNED |
TURNOVER |
|
|
|
20385171 |
31.12.2012 |
- |
€40 180 162 |
|
|
|
N/A |
- |
53% |
- |
|
|
|
US11127304 |
- |
70% |
$5 000 000 |
|
|
|
N/A |
- |
100% |
- |
|
|
|
N/A |
- |
100% |
- |
|
|
|
N/A |
- |
92% |
- |
Linked Companies
No linked companies
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
UK Pound |
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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 |
-- |
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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.