MIRA
INFORM REPORT
|
Report Date : |
18.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
TULIKIVI OYJ |
|
|
|
|
Formerly Known As : |
TULIKIVI OY |
|
|
|
|
Registered Office : |
Kuhnustantie 10, 83900, Juuka |
|
|
|
|
Country : |
Finland |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
31.12.1958 |
|
|
|
|
Legal Form : |
Public limited company |
|
|
|
|
Line of Business : |
Cutting, shaping and finishing of stone |
|
|
|
|
No. of Employees : |
347 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Finland |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
REGISTERED NAME & COMPANY SUMMARY
|
|
|
Trade Registry Number |
150428 |
|
|
|
Company Name |
TULIKIVI OYJ |
Business ID |
03500801 |
|
|
|
Previous Name |
Tulikivi Oy |
|
|
|
|
|
Telephone Number |
0207636000 |
Registered Address |
|
|
|
|
Fax Number |
0206050711 |
Visiting Address |
Kuhnustantie 10, 83900, JUUKA |
|
|
|
Home Municipality |
Juuka |
Postal Address |
-, -, - |
|
|
|
Incorporation Date |
31.12.1958 |
Branches |
28 |
|
|
|
Company Type |
Public limited company |
Website Address |
|
|
|
|
Primary Sic Code |
23700 |
Accountant |
KPMG Oy Ab |
||
|
Primary Sic Description |
Cutting, shaping and finishing of stone |
Last Accounts Date |
31.12.2012 |
|
|
|
Share Capital (€) |
6.314.475 |
Holding Company |
|
|
|
|
Deals in importing |
Yes |
Foreign Ownership |
|
|
|
|
Deals in exporting |
Yes |
Currency |
EUR |
|
|
Registrations in Force
|
|
State |
Registration Date |
|
Tax Administration |
Registered |
19.03.1980 |
|
Trade Register |
Registered |
31.12.1958 |
|
Employer Register |
Registered |
01.03.1980 |
|
Prepayment Register |
Registered |
01.03.1995 |
|
Value Added Tax-Liability |
VAT-liable for business activity |
01.06.1994 |
DIRECTORS/MANAGEMENT
Current Directors
|
Name |
Vauhkonen Matti Heikki |
|
|
|
Date of Birth |
06.07.1970 |
Appointment Date |
05.11.2013 |
|
Nationality |
FINLAND |
Function |
Actual Member of Board |
|
Name |
Rönkkö Markku Olavi
Samuli |
|
|
|
Date of Birth |
09.02.1951 |
Appointment Date |
05.11.2013 |
|
Nationality |
FINLAND |
Function |
Actual Member of Board |
|
Name |
Vauhkonen Matti Heikki |
|
|
|
Date of Birth |
06.07.1970 |
Appointment Date |
11.09.2013 |
|
Nationality |
FINLAND |
Function |
Managing director |
|
Name |
Ginman-Tjeder Nella
Diana |
|
|
|
Date of Birth |
08.08.1959 |
Appointment Date |
05.11.2013 |
|
Nationality |
FINLAND |
Function |
Actual Member of Board |
|
Name |
Vauhkonen Anu Anneli |
|
|
|
Date of Birth |
02.06.1972 |
Appointment Date |
05.11.2013 |
|
Nationality |
FINLAND |
Function |
Actual Member of Board |
|
Name |
Saarinen Pasi Heimo Tapio |
|
|
|
Date of Birth |
15.06.1968 |
Appointment Date |
05.11.2013 |
|
Nationality |
FINLAND |
Function |
Actual Member of Board |
|
Name |
Pohjanvirta Olli Mikael |
|
|
|
Date of Birth |
24.07.1967 |
Appointment Date |
05.11.2013 |
|
Nationality |
FINLAND |
Function |
Actual Member of Board |
|
Name |
Suutari Harri Yrjö
Kalevi |
|
|
|
Date of Birth |
10.08.1959 |
Appointment Date |
05.11.2013 |
|
Nationality |
FINLAND |
Function |
Chairman of Board |
Other Company Officials
|
Name |
Toivanen Jouko Ensio |
|
|
|
Date of Birth |
12.05.1967 |
Appointment Date |
03.10.2013 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Vauhkonen Anu Anneli |
|
|
|
Date of Birth |
02.06.1972 |
Appointment Date |
03.10.2013 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Eskelinen Ari Pekka |
|
|
|
Date of Birth |
07.09.1963 |
Appointment Date |
16.05.2007 |
|
Nationality |
FINLAND |
Function |
Principal accountant |
|
Name |
Lehikoinen Arja Maritta |
|
|
|
Date of Birth |
03.11.1954 |
Appointment Date |
03.10.2013 |
|
Nationality |
FINLAND |
Function |
Procurist |
NEGATIVE INFORMATION
No negative information found.
SHARE & SHARE CAPITAL INFORMATION
Shareholder Information
|
Year |
31.12.2012 |
|
|
Total Value of Shares |
6.314.475 |
|
|
Number of Shares |
59.871.243 |
|
|
Value of Shares |
- |
|
PAYMENT INFORMATION
Na
GROUP STRUCTURE & AFFILIATED COMPANIES
Group structure
|
Company Name |
|
Registered Number |
Latest Key Financials |
Percentage Owned |
Turnover |
|
|
|
03500801 |
31.12.2012 |
- |
€50 159 000 |
|
|
|
14824932 |
31.12.2012 |
100% |
€13 728 |
|
|
|
N/A |
- |
100% |
- |
|
|
|
N/A |
- |
100% |
- |
|
|
|
N/A |
- |
100% |
- |
|
|
|
N/A |
- |
100% |
- |
TULIKIVI
OYJ FINANCIAL INFORMATION
Key Financials (€)
|
Year |
31.12.2012 |
% |
31.12.2011 |
% |
31.12.2010 |
|
|
|
Number of weeks |
52 |
|
52 |
|
52 |
|
|
|
Turnover |
50.159.000 |
-14% |
58.024.000 |
5% |
55.296.000 |
|
|
|
Operating Profit/Loss |
40.000 |
- |
-2.569.000 |
- |
-407.000 |
|
|
|
Profit/Loss after Financial Items |
-799.000 |
- |
-3.370.000 |
- |
-1.136.000 |
|
|
|
Profit/Loss after tax |
-1.035.000 |
- |
-3.149.000 |
- |
-1.202.000 |
|
|
|
Current Assets |
20.124.000 |
-12% |
22.809.000 |
-14% |
26.663.000 |
|
|
|
Fixed Assets |
25.093.000 |
-11% |
28.209.000 |
0% |
28.151.000 |
|
|
|
Long Term Debts |
21.328.000 |
-9% |
23.506.000 |
-2% |
23.959.000 |
|
|
|
Current Liabilities |
11.791.000 |
-21% |
14.867.000 |
3% |
14.467.000 |
|
|
|
Shareholders Equity |
12.098.000 |
-4% |
12.645.000 |
-23% |
16.388.000 |
|
|
|
Balance sheet total |
45.217.000 |
-11% |
51.018.000 |
-7% |
54.814.000 |
|
|
|
Number of employees |
347 |
|
422 |
|
400 |
|
|
|
Auditor qualification |
The auditor has no reservations |
|
The auditor has no reservations |
|
The auditor has no reservations |
|
|
|
Year |
31.12.2012 |
|
31.12.2011 |
|
31.12.2010 |
|
|
|
Solvency Ratio |
27% |
|
25% |
|
30% |
|
|
|
|
Moderate Indebtedness |
|
Moderate Indebtedness |
|
Moderate Indebtedness |
|
|
|
Net margin (%) |
-2% |
|
-6% |
|
-2% |
|
|
|
Interest Coverage Ratio (times) |
0 |
|
-2 |
|
0 |
|
|
|
Gearing (%) |
195% |
|
209% |
|
156% |
|
|
|
Liquidity Ratio/Acid Test |
1 |
|
1 |
|
1 |
|
|
|
Risk Buffer (%) |
-2% |
|
-7% |
|
-3% |
|
|
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 |
50.159.000 |
-14% |
58.024.000 |
5% |
55.296.000 |
|
|
|
|
Other Operating Income |
1.474.000 |
28% |
1.153.000 |
36% |
846.000 |
|
|
|
|
Total Operating Income |
51.633.000 |
-13% |
59.177.000 |
5% |
56.142.000 |
|
|
|
|
Wages & Salaries |
16.906.000 |
-22% |
21.759.000 |
14% |
19.103.000 |
|
|
|
|
Depreciation |
4.292.000 |
3% |
4.169.000 |
-8% |
4.513.000 |
|
|
|
|
Total Operating Expenses |
51.593.000 |
-16% |
61.746.000 |
9% |
56.549.000 |
|
|
|
|
Operating Profit/Loss |
40.000 |
- |
-2.569.000 |
- |
-407.000 |
|
|
|
|
Result From Financial Investments |
|||||||
|
|
Financial Income |
62.000 |
-62% |
164.000 |
-16% |
195.000 |
|
|
|
|
Financial Expenses |
901.000 |
-7% |
965.000 |
4% |
924.000 |
|
|
|
|
Total Financial Investments |
-839.000 |
- |
-801.000 |
- |
-729.000 |
|
|
|
|
Profit/Loss after Financial Items |
-799.000 |
- |
-3.370.000 |
- |
-1.136.000 |
|
|
|
|
Extraordinary Income |
0 |
- |
0 |
- |
0 |
|
|
|
|
Extraordinary Expenses |
0 |
- |
0 |
- |
0 |
|
|
|
|
Profit/Loss Before Tax |
-799.000 |
- |
-3.370.000 |
- |
-1.136.000 |
|
|
|
|
Tax |
236.000 |
- |
-221.000 |
- |
66.000 |
|
|
|
|
Profit/Loss After Tax |
-1.035.000 |
- |
-3.149.000 |
- |
-1.202.000 |
|
|
Balance Sheet (€)
|
|
Assets |
12.2012 |
% |
12.2011 |
% |
12.2010 |
|
|
|
|
Number of weeks |
52 |
|
52 |
|
52 |
|
|
|
|
Consolidated Accounts |
no |
|
no |
|
no |
|
|
|
|
Fixed Assets |
|||||||
|
|
Intangible Assets |
13.528.000 |
-4% |
14.070.000 |
12% |
12.535.000 |
|
|
|
|
Tangible Assets |
11.478.000 |
-13% |
13.172.000 |
-10% |
14.626.000 |
|
|
|
|
Other Fixed Assets |
87.000 |
-91% |
967.000 |
-2% |
990.000 |
|
|
|
|
Total Fixed Assets |
25.093.000 |
-11% |
28.209.000 |
0% |
28.151.000 |
|
|
|
|
Current Assets |
|||||||
|
|
Inventories |
11.229.000 |
6% |
10.564.000 |
-2% |
10.781.000 |
|
|
|
|
Trade Receivables |
4.297.000 |
-6% |
4.554.000 |
-6% |
4.858.000 |
|
|
|
|
Other Receivables |
1.455.000 |
-17% |
1.758.000 |
12% |
1.574.000 |
|
|
|
|
Cash & Bank Balances |
3.143.000 |
-47% |
5.933.000 |
-37% |
9.450.000 |
|
|
|
|
Other Current Assets |
0 |
- |
0 |
- |
0 |
|
|
|
|
Total Current Assets |
20.124.000 |
-12% |
22.809.000 |
-14% |
26.663.000 |
|
|
|
|
Total Assets |
45.217.000 |
-11% |
51.018.000 |
-7% |
54.814.000 |
|
|
Equity and Liabilities (€)
|
|
EQUITY |
|||||||
|
|
Share Capital |
6.314.000 |
0% |
6.314.000 |
0% |
6.314.000 |
|
|
|
|
Share Premium Reserve |
0 |
- |
0 |
- |
0 |
|
|
|
|
Retained Earnings |
-1.391.000 |
- |
-849.000 |
- |
2.890.000 |
|
|
|
|
Other Reserves |
7.175.000 |
0% |
7.180.000 |
0% |
7.184.000 |
|
|
|
|
Total Equity |
12.098.000 |
-4% |
12.645.000 |
-23% |
16.388.000 |
|
|
|
|
LONG TERM LIABILITIES |
|||||||
|
|
Long Term Liabilities to Financial
Institutions |
13.581.000 |
12% |
12.149.000 |
9% |
11.176.000 |
|
|
|
|
Other Long Term Liabilities Finance |
5.696.000 |
-17% |
6.860.000 |
-26% |
9.209.000 |
|
|
|
|
Other Long Term Liabilities |
2.051.000 |
-54% |
4.497.000 |
26% |
3.574.000 |
|
|
|
|
Total Long Term Debts |
21.328.000 |
-9% |
23.506.000 |
-2% |
23.959.000 |
|
|
|
|
CURRENT LIABILITIES |
|||||||
|
|
Trade Payables |
2.285.000 |
-15% |
2.704.000 |
2% |
2.652.000 |
|
|
|
|
Liabilities to Financial Institutions |
2.231.000 |
-25% |
2.957.000 |
93% |
1.533.000 |
|
|
|
|
Other Short Term Financial Loans |
2.277.000 |
-23% |
2.958.000 |
-12% |
3.359.000 |
|
|
|
|
Other Short Term Liabilities |
4.998.000 |
-20% |
6.248.000 |
-10% |
6.923.000 |
|
|
|
|
Total Current Liabilities |
11.791.000 |
-21% |
14.867.000 |
3% |
14.467.000 |
|
|
|
|
Total Liabilities |
33.119.000 |
-14% |
38.373.000 |
0% |
38.426.000 |
|
|
|
|
Total Equity & Liabilities |
45.217.000 |
-11% |
51.018.000 |
-7% |
54.814.000 |
|
|
Other Financials (€)
|
|
Working Capital |
8.333.000 |
5% |
7.942.000 |
-35% |
12.196.000 |
|
|
|
|
Net Worth |
-1.430.000 |
- |
-1.425.000 |
- |
3.853.000 |
|
|
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% |
|
-5,8% |
|
-2,1% |
|
|
|
|
Operating Profit/Loss % |
0,1% |
|
-4,4% |
|
-0,7% |
|
|
|
|
Pre-Tax Profit Margin % |
-1,6% |
|
-5,8% |
|
-2,1% |
|
|
|
|
TRADING PERFORMANCE |
|||||||
|
|
Return on Net Assets Employed % |
-6,6% |
|
-26,7% |
|
-6,9% |
|
|
|
|
Return on Total Capital % |
0,2% |
|
-4,7% |
|
-0,4% |
|
|
|
|
Interest Coverage Ratio (times) |
0 |
|
-2 |
|
0 |
|
|
|
|
Return on Capital Employed % |
-2,4% |
|
-9,3% |
|
-2,8% |
|
|
|
|
Return on Total Assets Employed % |
-1,8% |
|
-6,6% |
|
-2,1% |
|
|
|
|
Interest on Debt % |
2,7% |
|
2,5% |
|
2,4% |
|
|
|
|
Risk Buffer % |
-2,5% |
|
-7,2% |
|
-2,8% |
|
|
|
|
SHORT TERM LIQUIDITY |
|||||||
|
|
Liquidity Ratio/Acid Test |
1 |
|
1 |
|
1 |
|
|
|
|
Current Ratio % |
171,0% |
|
153,0% |
|
184,0% |
|
|
|
|
Debtor Days |
31 |
|
29 |
|
32 |
|
|
|
|
Working capital |
8.333.000 |
|
7.942.000 |
|
12.196.000 |
|
|
|
|
LONG TERM LIQUIDITY |
|||||||
|
|
Equity Ratio % |
26,8% |
|
24,8% |
|
29,9% |
|
|
|
|
Gearing % |
194,7% |
|
209,3% |
|
155,6% |
|
|
|
|
Current Debt Ratio |
1 |
|
1 |
|
1 |
|
|
|
|
Total Debt Ratio |
3 |
|
3 |
|
2 |
|
|
|
|
Relative debt % |
66,0% |
|
66,1% |
|
69,5% |
|
|
|
|
BUSINESS MEASURES |
|||||||
|
|
Change in turnover % |
-13,6% |
|
4,9% |
|
- |
|
|
|
|
Turnover/employees |
144550 |
|
137498 |
|
138240 |
|
|
|
|
Sales/Net Working Capital |
6 |
|
7 |
|
5 |
|
|
|
|
Stock Turnover Ratio % |
22,4% |
|
18,2% |
|
19,5% |
|
|
|
|
Creditor Days |
17 |
|
17 |
|
18 |
|
|
|
|
Equity in Percentage % |
38,3% |
|
35,1% |
|
39,7% |
|
|
FOREIGN EXCHANGE RATES
Na
ADDITIONAL INFORMATION
Business History
|
Date |
Event |
Source Company Name |
|
01.01.2013 |
Merger |
Kivia Oy merged into
Tulikivi Oyj |
|
31.12.2012 |
Merger |
Kivia Oy merged into
Tulikivi Oyj |
|
01.01.2008 |
Merger |
Kermansavi Oy merged into
Tulikivi Oyj |
|
31.12.2007 |
Merger |
Kermansavi Oy merged into
Tulikivi Oyj |
|
07.10.2003 |
Merger |
Tulikivi Rakennuskivet Oy merged
into Tulikivi Oyj |
|
02.01.2003 |
Merger |
Mittakivi Oy merged into
Tulikivi Oyj |
|
02.01.2003 |
Merger |
Tulipuu Oy merged into
Tulikivi Oyj |
|
02.01.2003 |
Merger |
Kiantastone Oy merged into
Tulikivi Oyj |
Linked Companies
|
No linked companies |
NOTES & COMMENTS
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NNA |
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.