MIRA
INFORM REPORT
|
Report Date : |
29.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
KULTAJOUSI OY |
|
|
|
|
Formerly Known As : |
HÄMEENLINNAN KELLO JA KULTA VIRTANEN OY |
|
|
|
|
Registered Office : |
Välitalontie 71, 00660, Helsinki |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
22.12.1967 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Retail |
|
|
|
|
No. of Employees : |
256 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 |
REGISTERED NAME
KULTAJOUSI OY
COMPANY SUMMARY
|
Trading Name |
Westerback Yritysmyynti / Kultajousi Oy |
Trade Registry Number |
|
|
|
|
Company Name |
Kultajousi Oy |
Business ID |
02221632 |
|
|
|
Previous Name |
Hämeenlinnan Kello ja Kulta Virtanen Oy |
Safe Number |
FI00759841 |
|
|
|
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 |
81 |
|
|
|
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 |
31.12.2012 |
|
|
|
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 Sten Tage Birger |
|
|
|
Date of Birth |
20.08.2042 |
Appointment Date |
21.07.2006 |
|
Nationality |
SWEDEN |
Function |
Chairman of Board |
|
Name |
Albrektson Sverker |
|
|
|
Date of Birth |
26.06.2041 |
Appointment Date |
21.07.2006 |
|
Nationality |
SWEDEN |
Function |
Actual Member of Board |
|
Name |
Wikström Kaj Mikael |
|
|
|
Date of Birth |
27.02.1975 |
Appointment Date |
05.07.2005 |
|
Nationality |
FINLAND |
Function |
Managing director |
|
Name |
Warborn Bengt Oskar Lennart |
|
|
|
Date of Birth |
08.12.2045 |
Appointment Date |
21.07.2006 |
|
Nationality |
SWEDEN |
Function |
Actual Member of Board |
NEGATIVE INFORMATION
No negative information found.
SHARE & SHARE CAPITAL
INFORMATION
Shareholder
Information
|
Year |
31.12.2012 |
|
|
Total Value of Shares |
84.346 |
|
|
Number of Shares |
10.030 |
|
|
Value of Shares |
- |
|
PAYMENT INFORMATION
N/A
GROUP STRUCTURE & AFFILIATED
COMPANIES
GROUP STRUCTURE
|
Company Name |
|
Safe Number |
Registered Number |
Latest Key Financials |
Percentage Owned |
Rating |
Limit |
Turnover |
|
|
|
N/A |
N/A |
- |
- |
- |
- |
- |
|
|
|
FI01010060 |
20454536 |
31.12.2012 |
100% |
58 |
€50 000 |
€1 180 208 |
|
|
|
SE01103350 |
5567119648 |
31.12.2012 |
100% |
91 |
230 KSEK |
2 858 KSEK |
|
|
|
SE00569013 |
5560609058 |
31.12.2012 |
100% |
97 |
25 000 KSEK |
1 056 653 KSEK |
|
|
|
N/A |
N/A |
- |
100% |
- |
- |
- |
|
|
|
FI00759841 |
02221632 |
31.12.2012 |
100% |
87 |
€50 000 |
€38 876 958 |
|
|
|
FI00732250 |
01128057 |
31.12.2012 |
100% |
73 |
€50 000 |
€1 553 258 |
GOLDEN
HEIGHTS SA FINANCIAL INFORMATION
KEY FINANCIALS (€)
|
Year |
31.12.2012 |
% |
31.12.2011 |
% |
31.12.2010 |
|
Number of weeks |
52 |
|
52 |
|
52 |
|
Turnover |
38.876.958 |
0% |
38.721.151 |
6% |
36.685.084 |
|
Operating Profit/Loss |
3.048.467 |
4% |
2.930.219 |
17% |
2.494.715 |
|
Profit/Loss after Financial Items |
3.021.209 |
3% |
2.927.816 |
3% |
2.834.219 |
|
Profit/Loss after tax |
821.379 |
141% |
340.887 |
-51% |
699.669 |
|
Current Assets |
20.059.347 |
9% |
18.424.305 |
-5% |
19.458.217 |
|
Fixed Assets |
2.541.982 |
5% |
2.413.779 |
-21% |
3.036.223 |
|
Long Term Debts |
0 |
- |
0 |
- |
0 |
|
Current Liabilities |
8.013.612 |
13% |
7.071.747 |
-22% |
9.068.990 |
|
Shareholders Equity |
14.587.717 |
6% |
13.766.337 |
3% |
13.425.450 |
|
Balance sheet total |
22.601.329 |
8% |
20.838.084 |
-7% |
22.494.440 |
|
Number of employees |
256 |
|
245 |
|
371 |
|
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 |
65% |
|
66% |
|
60% |
|
|
|
|
Exceptionally Low Indebtedness |
|
Exceptionally Low Indebtedness |
|
Low Indebtedness |
|
|
|
Net margin (%) |
8% |
|
8% |
|
8% |
|
|
|
Interest Coverage Ratio (times) |
56 |
|
59 |
|
15 |
|
|
|
Gearing (%) |
0% |
|
0% |
|
0% |
|
|
|
Liquidity Ratio/Acid Test |
0 |
|
0 |
|
0 |
|
|
|
Risk Buffer (%) |
13% |
|
14% |
|
11% |
|
|
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 |
38.876.958 |
0% |
38.721.151 |
6% |
36.685.084 |
|
|
|
|
Other Operating Income |
11.762 |
-81% |
60.904 |
124% |
27.203 |
|
|
|
|
Total Operating Income |
38.888.720 |
0% |
38.782.055 |
6% |
36.712.287 |
|
|
|
|
Wages & Salaries |
8.750.296 |
5% |
8.299.913 |
7% |
7.787.940 |
|
|
|
|
Depreciation |
606.908 |
-56% |
1.369.589 |
4% |
1.321.646 |
|
|
|
|
Total Operating Expenses |
35.840.253 |
0% |
35.851.836 |
5% |
34.217.572 |
|
|
|
|
Operating Profit/Loss |
3.048.467 |
4% |
2.930.219 |
17% |
2.494.715 |
|
|
|
|
Result From Financial Investments |
|||||||
|
|
Financial Income |
27.691 |
-43% |
48.319 |
-91% |
549.253 |
|
|
|
|
Financial Expenses |
54.949 |
8% |
50.722 |
-76% |
209.749 |
|
|
|
|
Total Financial Investments |
-27.258 |
- |
-2.403 |
- |
339.504 |
|
|
|
|
Profit/Loss after Financial Items |
3.021.209 |
3% |
2.927.816 |
3% |
2.834.219 |
|
|
|
|
Extraordinary Income |
0 |
- |
0 |
- |
0 |
|
|
|
|
Extraordinary Expenses |
1.932.450 |
-14% |
2.250.000 |
1172% |
176.950 |
|
|
|
|
Profit/Loss Before Tax |
1.088.760 |
61% |
677.816 |
-37% |
1.073.269 |
|
|
|
|
Tax |
267.381 |
-21% |
336.929 |
-10% |
373.600 |
|
|
|
|
Profit/Loss After Tax |
821.379 |
141% |
340.887 |
-51% |
699.669 |
|
|
BALANCE SHEET (€)
|
|
Assets |
12.2012 |
% |
12.2011 |
% |
12.2010 |
|
|
|
|
Number of weeks |
52 |
|
52 |
|
52 |
|
|
|
|
Consolidated Accounts |
no |
|
no |
|
no |
|
|
|
|
Fixed Assets |
|||||||
|
|
Intangible Assets |
238.540 |
-10% |
263.616 |
-76% |
1.110.816 |
|
|
|
|
Tangible Assets |
2.122.525 |
8% |
1.969.246 |
13% |
1.744.490 |
|
|
|
|
Other Fixed Assets |
180.917 |
0% |
180.917 |
0% |
180.917 |
|
|
|
|
Total Fixed Assets |
2.541.982 |
5% |
2.413.779 |
-21% |
3.036.223 |
|
|
|
|
Current Assets |
|||||||
|
|
Inventories |
16.412.566 |
5% |
15.679.457 |
2% |
15.442.229 |
|
|
|
|
Trade Receivables |
711.021 |
6% |
669.064 |
-14% |
774.294 |
|
|
|
|
Other Receivables |
1.073.996 |
10% |
978.044 |
-48% |
1.892.076 |
|
|
|
|
Cash & Bank Balances |
1.861.764 |
83% |
1.018.597 |
-25% |
1.349.618 |
|
|
|
|
Other Current Assets |
0 |
- |
79.143 |
- |
0 |
|
|
|
|
Total Current Assets |
20.059.347 |
9% |
18.424.305 |
-5% |
19.458.217 |
|
|
|
|
Total Assets |
22.601.329 |
8% |
20.838.084 |
-7% |
22.494.440 |
|
|
EQUITY AND LIABILITIES (€)
|
|
EQUITY |
|||||||
|
|
Share Capital |
84.346 |
0% |
84.346 |
0% |
84.346 |
|
|
|
|
Share Premium Reserve |
0 |
- |
0 |
- |
0 |
|
|
|
|
Retained Earnings |
14.502.555 |
6% |
13.681.175 |
3% |
13.340.288 |
|
|
|
|
Other Reserves |
816 |
0% |
816 |
0% |
816 |
|
|
|
|
Total Equity |
14.587.717 |
6% |
13.766.337 |
3% |
13.425.450 |
|
|
|
|
LONG TERM LIABILITIES |
|||||||
|
|
Long Term Liabilities to Financial Institutions |
0 |
- |
0 |
- |
0 |
|
|
|
|
Other Long Term Liabilities Finance |
0 |
- |
0 |
- |
0 |
|
|
|
|
Other Long Term Liabilities |
0 |
- |
0 |
- |
0 |
|
|
|
|
Total Long Term Debts |
0 |
- |
0 |
- |
0 |
|
|
|
|
CURRENT LIABILITIES |
|||||||
|
|
Trade Payables |
3.704.852 |
30% |
2.847.479 |
-12% |
3.218.270 |
|
|
|
|
Liabilities to Financial Institutions |
0 |
- |
0 |
- |
0 |
|
|
|
|
Other Short Term Financial Loans |
0 |
- |
0 |
- |
2.142.891 |
|
|
|
|
Other Short Term Liabilities |
4.308.760 |
2% |
4.224.268 |
14% |
3.707.829 |
|
|
|
|
Total Current Liabilities |
8.013.612 |
13% |
7.071.747 |
-22% |
9.068.990 |
|
|
|
|
Total Liabilities |
8.013.612 |
13% |
7.071.747 |
-22% |
9.068.990 |
|
|
|
|
Total Equity & Liabilities |
22.601.329 |
8% |
20.838.084 |
-7% |
22.494.440 |
|
|
OTHER FINANCIALS
(€)
|
|
Working Capital |
12.045.735 |
6% |
11.352.558 |
9% |
10.389.227 |
|
|
|
|
Net Worth |
14.349.177 |
6% |
13.502.721 |
10% |
12.314.634 |
|
|
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 % |
7,8% |
|
7,6% |
|
7,7% |
|
|
|
|
Operating Profit/Loss % |
7,8% |
|
7,6% |
|
6,8% |
|
|
|
|
Pre-Tax Profit Margin % |
2,8% |
|
1,8% |
|
2,9% |
|
|
|
|
TRADING PERFORMANCE |
|||||||
|
|
Return on Net Assets Employed % |
7,5% |
|
4,9% |
|
8,0% |
|
|
|
|
Return on Total Capital % |
13,6% |
|
14,3% |
|
13,5% |
|
|
|
|
Interest Coverage Ratio (times) |
56 |
|
59 |
|
15 |
|
|
|
|
Return on Capital Employed % |
7,5% |
|
4,9% |
|
8,0% |
|
|
|
|
Return on Total Assets Employed % |
4,8% |
|
3,3% |
|
4,8% |
|
|
|
|
Interest on Debt % |
0,7% |
|
0,7% |
|
2,3% |
|
|
|
|
Risk Buffer % |
12,9% |
|
13,6% |
|
11,2% |
|
|
|
|
SHORT TERM LIQUIDITY |
|||||||
|
|
Liquidity Ratio/Acid Test |
0 |
|
0 |
|
0 |
|
|
|
|
Current Ratio % |
250,0% |
|
261,0% |
|
215,0% |
|
|
|
|
Debtor Days |
7 |
|
6 |
|
8 |
|
|
|
|
Working capital |
12.045.735 |
|
11.352.558 |
|
10.389.227 |
|
|
|
|
LONG TERM LIQUIDITY |
|||||||
|
|
Equity Ratio % |
64,5% |
|
66,1% |
|
59,7% |
|
|
|
|
Gearing % |
0,0% |
|
0,0% |
|
0,0% |
|
|
|
|
Current Debt Ratio |
1 |
|
1 |
|
1 |
|
|
|
|
Total Debt Ratio |
1 |
|
1 |
|
1 |
|
|
|
|
Relative debt % |
20,6% |
|
18,3% |
|
24,7% |
|
|
|
|
BUSINESS MEASURES |
|||||||
|
|
Change in turnover % |
0,4% |
|
5,6% |
|
- |
|
|
|
|
Turnover/employees |
151863 |
|
158046 |
|
98882 |
|
|
|
|
Sales/Net Working Capital |
3 |
|
3 |
|
4 |
|
|
|
|
Stock Turnover Ratio % |
42,2% |
|
40,5% |
|
42,1% |
|
|
|
|
Creditor Days |
35 |
|
27 |
|
32 |
|
|
|
|
Equity in Percentage % |
65,8% |
|
67,5% |
|
63,3% |
|
|
FOREIGN EXCHANGE RATES
N/a
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 |
OTHER COMPANY
OFFICIALS
|
Name |
Niilerpalo Jutta Merja |
|
|
|
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 |
|
Name |
Wikström Kaj Mikael |
|
|
|
Date of Birth |
27.02.1975 |
Appointment Date |
11.05.2007 |
|
Nationality |
FINLAND |
Function |
Procurist |
NOTES & COMMENTS
N/A
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.60.10 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.80.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.