MIRA
INFORM REPORT
|
Report Date : |
12.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
KOTKAMILLS OY |
|
|
|
|
Formerly Known As : |
LAMINATING PAPERS
OY |
|
|
|
|
Registered Office : |
Norskankatu 6,
48100, Kotka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
27.12.1990 |
|
|
|
|
Com. Reg. No.: |
08274241 |
|
|
|
|
Legal Form : |
Limited company |
|
|
|
|
Line of Business : |
Manufacture of
paper and paperboard |
|
|
|
|
No. of Employees |
544 |
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 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 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 |
Company name and address
|
Trading Name |
KOTKAMILLS OY |
Trade Registry
Number |
504173 |
|
|
|
Company Name |
KOTKAMILLS OY |
Business ID |
08274241 |
|
|
|
Previous Name |
Laminating Papers
Oy |
|
|
|
|
|
Telephone Number |
0521011 |
Registered Address |
|
|
|
|
Fax Number |
052101864 |
Visiting Address |
Norskankatu 6,
48100, KOTKA |
|
|
|
Home Municipality |
Kotka |
Postal Address |
PL 62-63, 48101,
KOTKA |
|
|
|
Incorporation Date |
27.12.1990 |
Branches |
2 |
|
|
|
Company Type |
Limited company |
Website Address |
|
|
|
|
Primary Sic Code |
17120 |
Accountant |
Deloitte &
Touche Oy |
||
|
Primary Sic
Description |
Manufacture of
paper and paperboard |
Last Accounts Date
|
31.12.2012 |
|
|
|
Share Capital (€) |
10.200.000 |
Holding Company |
|
|
|
|
Deals in importing |
Yes |
Foreign Ownership |
|
|
|
|
Deals in exporting |
Yes |
Currency |
EUR |
|
|
DIRECTORS/MANAGEMENT
Current Directors
|
Name |
Nikou Andrew Kaveh |
|
|
|
Date of Birth |
17.04.1977 |
Appointment Date |
01.07.2010 |
|
Nationality |
UNITED STATES |
Function |
Chairman of Board |
|
Name |
Lezec Robert Brian |
|
|
|
Date of Birth |
03.12.1961 |
Appointment Date |
01.07.2010 |
|
Nationality |
FRANCE |
Function |
Actual Member of
Board |
|
Name |
Lagreze Julien
Paul Jerome |
|
|
|
Date of Birth |
29.08.1977 |
Appointment Date |
01.07.2010 |
|
Nationality |
FRANCE |
Function |
Actual Member of
Board |
|
Name |
Suur-Hamari Tuija
Anneli |
|
|
|
Date of Birth |
07.01.1969 |
Appointment Date |
26.01.2005 |
|
Nationality |
FINLAND |
Function |
Managing director |
Other Company
Officials
|
Name |
Danielsbacka Alf
Peter |
|
|
|
Date of Birth |
13.12.1957 |
Appointment Date |
26.04.2012 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Hirvonen Petri
Mikael |
|
|
|
Date of Birth |
14.08.1969 |
Appointment Date |
26.04.2012 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Kaalimaa Keijo
Tapani |
|
|
|
Date of Birth |
20.06.1958 |
Appointment Date |
26.04.2012 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Kohvakka Kimmo
Antinpoika |
|
|
|
Date of Birth |
04.10.1974 |
Appointment Date |
26.04.2012 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Kettunen Saila
Marjatta |
|
|
|
Date of Birth |
11.03.1970 |
Appointment Date |
26.04.2012 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Eteläinen Pirjo
Maria |
|
|
|
Date of Birth |
10.04.1965 |
Appointment Date |
26.04.2012 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Pekonen Jouni Jari
Antero |
|
|
|
Date of Birth |
02.07.1962 |
Appointment Date |
26.04.2012 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Seppälä Ville
Sakari |
|
|
|
Date of Birth |
15.11.1975 |
Appointment Date |
26.04.2012 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Hakkarainen
Olli-Pekka |
|
|
|
Date of Birth |
27.07.1962 |
Appointment Date |
26.04.2012 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Tallinen Timo
Tapio |
|
|
|
Date of Birth |
15.05.1969 |
Appointment Date |
26.04.2012 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Lumme Eero
Johannes |
|
|
|
Date of Birth |
17.04.1965 |
Appointment Date |
01.07.2010 |
|
Nationality |
FINLAND |
Function |
Principal
accountant |
|
Name |
Nevalainen Anne
Maritta |
|
|
|
Date of Birth |
17.10.1955 |
Appointment Date |
26.04.2012 |
|
Nationality |
FINLAND |
Function |
Procurist |
NEGATIVE INFORMATION
No negative
information given.
SHARE & SHARE CAPITAL
INFORMATION
Shareholder
Information
|
Year |
31.12.2013 |
|
|
Total Value of
Shares |
10.200.000 |
|
|
Number of Shares |
66.667 |
|
|
Value of Shares |
- |
|
PAYMENT INFORMATION
Na
GROUP STRUCTURE & AFFILIATED
COMPANIES
Group structure
|
Company Name |
|
Registered Number |
Latest Key
Financials |
Percentage Owned |
Turnover |
|
|
|
08274241 |
31.12.2012 |
- |
€262 953 088
|
|
|
|
N/A |
- |
100% |
- |
|
|
|
N/A |
- |
100% |
- |
|
|
|
N/A |
- |
100% |
- |
KOTKAMILLS
OY Linked Companies
|
No linked
companies |
FINANCIAL INFORMATION
Key Financials (€)
|
Year |
31.12.2013 |
% |
31.12.2012 |
% |
31.12.2011 |
% |
31.12.2010 |
|
Number of weeks |
52 |
|
52 |
|
52 |
|
52 |
|
Turnover |
265.527.302 |
1% |
262.953.088 |
6% |
247.983.666 |
41% |
176.121.399 |
|
Operating
Profit/Loss |
2.659.550 |
39% |
1.912.460 |
- |
-4.259.987 |
- |
4.751.630 |
|
Profit/Loss after
Financial Items |
1.857.093 |
42% |
1.305.387 |
- |
-5.026.420 |
- |
2.824.014 |
|
Profit/Loss after
tax |
1.841.017 |
43% |
1.288.819 |
- |
-5.037.662 |
- |
2.824.014 |
|
Current Assets |
71.004.020 |
1% |
70.355.510 |
9% |
64.341.226 |
-15% |
75.829.457 |
|
Fixed Assets |
19.242.635 |
13% |
16.980.112 |
4% |
16.362.426 |
37% |
11.956.344 |
|
Long Term Debts |
699.549 |
-90% |
7.290.145 |
-36% |
11.400.633 |
-13% |
13.089.721 |
|
Current
Liabilities |
55.862.788 |
13% |
49.642.922 |
19% |
41.689.282 |
-1% |
42.044.682 |
|
Shareholders
Equity |
33.684.318 |
11% |
30.402.555 |
10% |
27.613.737 |
-15% |
32.651.398 |
|
Balance sheet
total |
90.246.655 |
3% |
87.335.622 |
8% |
80.703.652 |
-8% |
87.785.801 |
|
Number of
employees |
544 |
|
567 |
|
580 |
|
427 |
|
Auditor
qualification |
The auditor has no
reservations |
|
The auditor has no
reservations |
|
The auditor has no
reservations |
|
The auditor has no
reservations |
Ratios
|
Year |
31.12.2013 |
|
31.12.2012 |
|
31.12.2011 |
|
31.12.2010 |
|
Solvency Ratio |
37% |
|
35% |
|
34% |
|
37% |
|
|
Moderate
Indebtedness |
|
Moderate
Indebtedness |
|
Moderate
Indebtedness |
|
Moderate
Indebtedness |
|
Net margin (%) |
1% |
|
1% |
|
-2% |
|
2% |
|
Interest Coverage
Ratio (times) |
3 |
|
3 |
|
-5 |
|
2 |
|
Gearing (%) |
35% |
|
51% |
|
64% |
|
40% |
|
Liquidity
Ratio/Acid Test |
1 |
|
1 |
|
1 |
|
1 |
|
Risk Buffer (%) |
2% |
|
1% |
|
-7% |
|
2% |
Profit & Loss (€)
|
|
Operating Income |
31.12.2013 |
% |
31.12.2012 |
% |
31.12.2011 |
% |
31.12.2010 |
|
|
Number of weeks |
52 |
|
52 |
|
52 |
|
52 |
|
|
Consolidated
Accounts |
no |
|
no |
|
no |
|
no |
|
|
Sales Revenue |
265.527.302 |
1% |
262.953.088 |
6% |
247.983.666 |
41% |
176.121.399 |
|
|
Other Operating
Income |
1.031.416 |
-37% |
1.645.722 |
43% |
1.153.166 |
-73% |
4.311.451 |
|
|
Total Operating
Income |
266.558.718 |
1% |
264.598.810 |
6% |
249.136.832 |
38% |
180.432.850 |
|
|
Wages &
Salaries |
35.760.308 |
-1% |
36.090.794 |
4% |
34.591.019 |
35% |
25.552.014 |
|
|
Depreciation |
1.728.832 |
20% |
1.442.171 |
33% |
1.088.118 |
195% |
369.472 |
|
|
Total Operating
Expenses |
263.899.168 |
0% |
262.686.350 |
4% |
253.396.819 |
44% |
175.681.220 |
|
|
Operating
Profit/Loss |
2.659.550 |
39% |
1.912.460 |
- |
-4.259.987 |
- |
4.751.630 |
|
|
Result From
Financial Investments |
|||||||
|
|
Financial Income |
3.680 |
-57% |
8.468 |
-71% |
29.194 |
75% |
16.658 |
|
|
Financial Expenses |
806.137 |
31% |
615.541 |
-23% |
795.627 |
-59% |
1.944.274 |
|
|
Total Financial
Investments |
-802.457 |
- |
-607.073 |
- |
-766.433 |
- |
-1.927.616 |
|
|
Profit/Loss after
Financial Items |
1.857.093 |
42% |
1.305.387 |
- |
-5.026.420 |
- |
2.824.014 |
|
|
Extraordinary
Income |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Extraordinary
Expenses |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Profit/Loss Before
Tax |
1.857.092 |
42% |
1.305.388 |
- |
-5.026.420 |
- |
2.824.014 |
|
|
Tax |
16.075 |
-3% |
16.569 |
47% |
11.242 |
- |
0 |
|
|
Profit/Loss After
Tax |
1.841.017 |
43% |
1.288.819 |
- |
-5.037.662 |
- |
2.824.014 |
Balance Sheet (€)
|
|
Assets |
12.2013 |
% |
12.2012 |
% |
12.2011 |
% |
12.2010 |
|
|
Number of weeks |
52 |
|
52 |
|
52 |
|
52 |
|
|
Consolidated
Accounts |
no |
|
no |
|
no |
|
no |
|
|
Fixed Assets |
|||||||
|
|
Intangible Assets |
1.361.347 |
-4% |
1.412.752 |
11% |
1.278.354 |
- |
0 |
|
|
Tangible Assets |
12.121.123 |
24% |
9.807.196 |
5% |
9.323.907 |
50% |
6.196.179 |
|
|
Other Fixed Assets |
5.760.165 |
0% |
5.760.164 |
0% |
5.760.165 |
0% |
5.760.165 |
|
|
Total Fixed Assets |
19.242.635 |
13% |
16.980.112 |
4% |
16.362.426 |
37% |
11.956.344 |
|
|
Current Assets |
|||||||
|
|
Inventories |
30.725.911 |
-10% |
34.309.060 |
2% |
33.785.915 |
3% |
32.832.217 |
|
|
Trade Receivables |
24.729.926 |
7% |
23.036.795 |
13% |
20.415.813 |
-17% |
24.456.208 |
|
|
Other Receivables |
13.600.253 |
21% |
11.242.121 |
34% |
8.408.747 |
-9% |
9.241.992 |
|
|
Cash & Bank
Balances |
1.947.930 |
10% |
1.767.534 |
2% |
1.730.751 |
-81% |
9.299.040 |
|
|
Other Current
Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Total Current
Assets |
71.004.020 |
1% |
70.355.510 |
9% |
64.341.226 |
-15% |
75.829.457 |
|
|
Total Assets |
90.246.655 |
3% |
87.335.622 |
8% |
80.703.652 |
-8% |
87.785.801 |
Equity and Liabilities (€)
|
|
EQUITY |
|||||||
|
|
Share Capital |
10.200.000 |
0% |
10.200.000 |
0% |
10.200.000 |
0% |
10.200.000 |
|
|
Share Premium
Reserve |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Retained Earnings |
-26.456.382 |
- |
-28.710.967 |
- |
-29.999.786 |
- |
-24.962.124 |
|
|
Other Reserves |
49.940.700 |
2% |
48.913.522 |
3% |
47.413.523 |
0% |
47.413.522 |
|
|
Total Equity |
33.684.318 |
11% |
30.402.555 |
10% |
27.613.737 |
-15% |
32.651.398 |
|
|
LONG TERM
LIABILITIES |
|||||||
|
|
Long Term
Liabilities to Financial Institutions |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Other Long Term
Liabilities Finance |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Other Long Term
Liabilities |
699.549 |
-90% |
7.290.145 |
-36% |
11.400.633 |
-13% |
13.089.721 |
|
|
Total Long Term
Debts |
699.549 |
-90% |
7.290.145 |
-36% |
11.400.633 |
-13% |
13.089.721 |
|
|
CURRENT
LIABILITIES |
|||||||
|
|
Trade Payables |
25.575.523 |
2% |
25.138.669 |
3% |
24.494.894 |
-22% |
31.367.374 |
|
|
Liabilities to
Financial Institutions |
10.993.626 |
33% |
8.254.721 |
30% |
6.360.248 |
- |
0 |
|
|
Other Short Term
Financial Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Other Short Term
Liabilities |
19.293.639 |
19% |
16.249.532 |
50% |
10.834.140 |
1% |
10.677.308 |
|
|
Total Current
Liabilities |
55.862.788 |
13% |
49.642.922 |
19% |
41.689.282 |
-1% |
42.044.682 |
|
|
Total Liabilities |
56.562.337 |
-1% |
56.933.067 |
7% |
53.089.915 |
-4% |
55.134.403 |
|
|
Total Equity &
Liabilities |
90.246.655 |
3% |
87.335.622 |
8% |
80.703.652 |
-8% |
87.785.801 |
Other Financials (€)
|
|
Working Capital |
15.141.232 |
-27% |
20.712.588 |
-9% |
22.651.944 |
-33% |
33.784.775 |
|
|
Net Worth |
32.322.971 |
11% |
28.989.803 |
10% |
26.335.383 |
-19% |
32.651.398 |
Key Ratios
|
|
|
31.12.2013 |
|
31.12.2012 |
|
31.12.2011 |
|
31.12.2010 |
|
|
Number of weeks |
52 |
|
52 |
|
52 |
|
52 |
|
|
Consolidated
Accounts |
no |
|
no |
|
no |
|
no |
|
|
PROFITABILITY |
|||||||
|
|
Net Margin % |
0,7% |
|
0,5% |
|
-2,0% |
|
1,6% |
|
|
Operating
Profit/Loss % |
1,0% |
|
0,7% |
|
-1,7% |
|
2,7% |
|
|
Pre-Tax Profit
Margin % |
0,7% |
|
0,5% |
|
-2,0% |
|
1,6% |
|
|
TRADING
PERFORMANCE |
|||||||
|
|
Return on Net Assets
Employed % |
5,5% |
|
4,3% |
|
-18,2% |
|
8,7% |
|
|
Return on Total
Capital % |
3,0% |
|
2,2% |
|
-5,2% |
|
5,4% |
|
|
Interest Coverage
Ratio (times) |
3 |
|
3 |
|
-5 |
|
2 |
|
|
Return on Capital
Employed % |
5,4% |
|
3,5% |
|
-12,9% |
|
6,2% |
|
|
Return on Total
Assets Employed % |
2,1% |
|
1,5% |
|
-6,2% |
|
3,2% |
|
|
Interest on Debt % |
1,4% |
|
1,1% |
|
1,5% |
|
3,5% |
|
|
Risk Buffer % |
1,5% |
|
1,1% |
|
-6,7% |
|
1,9% |
|
|
SHORT TERM
LIQUIDITY |
|||||||
|
|
Liquidity
Ratio/Acid Test |
1 |
|
1 |
|
1 |
|
1 |
|
|
Current Ratio % |
127,0% |
|
142,0% |
|
154,0% |
|
180,0% |
|
|
Debtor Days |
34 |
|
32 |
|
30 |
|
51 |
|
|
Working capital |
15.141.232 |
|
20.712.588 |
|
22.651.944 |
|
33.784.775 |
|
|
LONG TERM
LIQUIDITY |
|||||||
|
|
Equity Ratio % |
37,3% |
|
34,8% |
|
34,2% |
|
37,2% |
|
|
Gearing % |
34,7% |
|
51,1% |
|
64,3% |
|
40,1% |
|
|
Current Debt Ratio |
2 |
|
2 |
|
2 |
|
1 |
|
|
Total Debt Ratio |
2 |
|
2 |
|
2 |
|
2 |
|
|
Relative debt % |
21,3% |
|
21,7% |
|
21,4% |
|
31,3% |
|
|
BUSINESS MEASURES |
|||||||
|
|
Change in turnover
% |
1,0% |
|
6,0% |
|
40,8% |
|
- |
|
|
Turnover/employees |
488102 |
|
463762 |
|
427558 |
|
412462 |
|
|
Sales/Net Working
Capital |
18 |
|
13 |
|
11 |
|
5 |
|
|
Stock Turnover
Ratio % |
11,6% |
|
13,1% |
|
13,6% |
|
18,6% |
|
|
Creditor Days |
35 |
|
35 |
|
36 |
|
65 |
|
|
Equity in Percentage
% |
40,5% |
|
37,9% |
|
37,5% |
|
39,8% |
FOREIGN EXCHANGE RATES
Na
ADDITIONAL INFORMATION
Registrations in
Force
|
|
State |
Registration Date |
|
Tax Administration |
Registered |
31.12.1990 |
|
Trade Register |
Registered |
27.12.1990 |
|
Employer Register |
Registered |
01.01.1991 |
|
Prepayment
Register |
Registered |
01.03.1995 |
|
Value Added
Tax-Liability |
VAT-liable for
business activity |
01.06.1994 |
Business History
|
Date |
Event |
|
01.01.2011 |
Merger |
|
31.12.2010 |
Merger |
NOTES & COMMENTS
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.19 |
|
|
1 |
Rs.103.15 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.