MIRA INFORM REPORT
|
Report No. : |
313763 |
|
Report Date : |
19.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
TEXMODA FASHION GROUP -OSUUSKUNTA |
|
|
|
|
Registered Office : |
Työpajankatu 10 A 1, 00580, Helsinki |
|
|
|
|
Country : |
Finland |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
30.06.1997 |
|
|
|
|
Legal Form : |
Cooperative |
|
|
|
|
Line of Business : |
Subject is engaged in wholesale of textiles. |
|
|
|
|
No. of Employee : |
17 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
Company
name and address
TEXMODA FASHION GROUP
-OSUUSKUNTA
|
Trading Name |
TEXMODA FASHION GROUP |
Trade Registry Number |
|
||
|
Company Name |
TEXMODA FASHION
GROUP -OSUUSKUNTA |
Business ID |
10935440 |
|
|
|
Previous Name |
- |
|
|||
|
Telephone Number |
097771200 |
Registered Address |
Työpajankatu 10 A 1, 00580, Helsinki |
|
|
|
Fax Number |
0977712099 |
Visiting Address |
Läkkisepäntie 3, 00620, HELSINKI |
|
|
|
Home Municipality |
Helsinki |
Postal Address |
-, -, - |
|
|
|
Incorporation Date |
30.06.1997 |
Branches |
3 |
|
|
|
Company Type |
Cooperative |
Website Address |
|
||
|
Primary Sic Code |
46412 |
Accountant |
KPMG Oy Ab |
||
|
Primary Sic Description |
Wholesale of textiles |
Last Accounts Date |
31.12.2013 |
||
|
Share Capital (€) |
- |
Holding Company |
|||
|
Deals in importing |
Yes |
Foreign Ownership |
|||
|
Deals in exporting |
No |
Currency |
€ |
||
Key
Financials (€)
|
Year |
31.12.2013 |
% |
31.12.2012 |
% |
31.12.2011 |
% |
31.12.2010 |
|
Number of weeks |
52 |
52 |
52 |
52 |
|||
|
Turnover |
8.108.130 |
-22% |
10.347.876 |
2% |
10.183.207 |
4% |
9.755.960 |
|
Operating
Profit/Loss |
-146.421 |
- |
64.284 |
-43% |
112.742 |
6% |
106.743 |
|
Profit/Loss
after Financial Items |
-168.447 |
- |
40.817 |
-50% |
82.397 |
36% |
60.574 |
|
Profit/Loss
after tax |
-168.447 |
- |
25.940 |
-54% |
55.972 |
48% |
37.703 |
|
Current Assets |
1.400.408 |
-22% |
1.800.392 |
0% |
1.807.672 |
11% |
1.628.147 |
|
Fixed Assets |
67.785 |
-29% |
96.012 |
-15% |
112.389 |
-23% |
145.740 |
|
Long Term Debts |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Current
Liabilities |
705.071 |
-23% |
914.835 |
-9% |
1.004.431 |
9% |
924.229 |
|
Shareholders
Equity |
763.122 |
-22% |
981.569 |
7% |
915.630 |
8% |
849.658 |
|
Balance sheet
total |
1.468.193 |
-23% |
1.896.404 |
-1% |
1.920.061 |
8% |
1.773.887 |
|
Number of
employees |
17 |
18 |
18 |
19 |
|||
|
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 |
52% |
52% |
48% |
48% |
|||
|
Low Indebtedness |
Low Indebtedness |
Low Indebtedness |
Low Indebtedness |
||||
|
Net margin (%) |
-2% |
0% |
1% |
1% |
|||
|
Interest
Coverage Ratio (times) |
-4 |
2 |
3 |
2 |
|||
|
Gearing (%) |
22% |
31% |
36% |
14% |
|||
|
Liquidity Ratio/Acid
Test |
1 |
1 |
1 |
1 |
|||
|
Risk Buffer (%) |
-14% |
0% |
3% |
1% |
Shareholder
Information
|
Year |
31.12.2013 |
|
|
Total Value of
Shares |
- |
|
|
Number of Shares |
- |
|
|
Value of Shares |
- |
Registrations
in Force
|
State |
Registration Date |
|
|
Tax Administration |
Registered |
01.08.1997 |
|
Trade Register |
Registered |
30.06.1997 |
|
Employer Register |
Registered |
01.09.1997 |
|
Prepayment Register |
Registered |
01.08.1997 |
|
Value Added Tax-Liability |
VAT-liable for business activity |
01.08.1997 |
Current
Directors
|
Name |
Aukia Kari Jaakko Juhani |
||
|
Date of Birth |
03.03.1975 |
Appointment Date |
28.07.2014 |
|
Nationality |
FINLAND |
Function |
Actual Member of Board |
|
Name |
Tukiainen Sari Hannele |
||
|
Date of Birth |
06.02.1961 |
Appointment Date |
28.07.2014 |
|
Nationality |
FINLAND |
Function |
Actual Member of Board |
|
Name |
Sivonen Antti Kalervo |
||
|
Date of Birth |
17.07.1959 |
Appointment Date |
28.07.2014 |
|
Nationality |
FINLAND |
Function |
Actual Member of Board |
|
Name |
Olakivi Jorma Olavi |
||
|
Date of Birth |
23.06.1952 |
Appointment Date |
28.07.2014 |
|
Nationality |
FINLAND |
Function |
Actual Member of Board |
|
Name |
Ratsula Matti Juhani |
||
|
Date of Birth |
02.06.1959 |
Appointment Date |
28.07.2014 |
|
Nationality |
FINLAND |
Function |
Chairman of Board |
|
Name |
Kauhanen Benjam Valdemar |
||
|
Date of Birth |
25.05.1964 |
Appointment Date |
11.07.2013 |
|
Nationality |
FINLAND |
Function |
Managing director |
Other
Company Officials
|
Name |
Huopainen Tapani Veli |
||
|
Date of Birth |
06.09.1956 |
Appointment Date |
29.06.2012 |
|
Nationality |
FINLAND |
Function |
Principal accountant |
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 |
8.108.130 |
-22% |
10.347.876 |
2% |
10.183.207 |
4% |
9.755.960 |
|
|
Other Operating
Income |
206.711 |
3% |
199.742 |
3% |
194.642 |
27% |
153.742 |
|
|
Total Operating
Income |
8.314.841 |
-21% |
10.547.618 |
2% |
10.377.849 |
5% |
9.909.702 |
|
|
Wages &
Salaries |
976.429 |
-7% |
1.047.499 |
-3% |
1.079.258 |
6% |
1.013.588 |
|
|
Depreciation |
33.775 |
-11% |
37.870 |
7% |
35.309 |
-12% |
39.969 |
|
|
Total Operating
Expenses |
8.461.262 |
-19% |
10.483.334 |
2% |
10.265.107 |
5% |
9.802.959 |
|
|
Operating
Profit/Loss |
-146.421 |
- |
64.284 |
-43% |
112.742 |
6% |
106.743 |
|
|
Result From Financial Investments |
||||||||
|
Financial Income |
12.912 |
25% |
10.327 |
142% |
4.272 |
73% |
2.476 |
|
|
Financial
Expenses |
34.938 |
3% |
33.794 |
-2% |
34.617 |
-29% |
48.645 |
|
|
Total Financial
Investments |
-22.026 |
- |
-23.467 |
- |
-30.345 |
- |
-46.169 |
|
|
Profit/Loss
after Financial Items |
-168.447 |
- |
40.817 |
-50% |
82.397 |
36% |
60.574 |
|
|
Extraordinary
Income |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Extraordinary
Expenses |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Profit/Loss
Before Tax |
-168.447 |
- |
40.817 |
-50% |
82.398 |
36% |
60.574 |
|
|
Tax |
0 |
- |
14.877 |
-44% |
26.426 |
16% |
22.871 |
|
|
Profit/Loss
After Tax |
-168.447 |
- |
25.940 |
-54% |
55.972 |
48% |
37.703 |
|
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 |
27.266 |
-47% |
51.420 |
-28% |
71.232 |
-25% |
95.302 |
|
|
Tangible Assets |
40.519 |
-9% |
44.592 |
8% |
41.157 |
-18% |
50.413 |
|
|
Other Fixed
Assets |
0 |
- |
0 |
- |
0 |
- |
25 |
|
|
Total Fixed
Assets |
67.785 |
-29% |
96.012 |
-15% |
112.389 |
-23% |
145.740 |
|
|
Current Assets |
||||||||
|
Inventories |
528.557 |
-23% |
686.179 |
-15% |
809.830 |
56% |
519.747 |
|
|
Trade
Receivables |
444.118 |
-34% |
671.748 |
-19% |
830.579 |
-23% |
1.079.746 |
|
|
Other
Receivables |
164.588 |
89% |
87.293 |
-47% |
163.782 |
533% |
25.871 |
|
|
Cash & Bank
Balances |
263.145 |
-26% |
355.172 |
>9999% |
3.481 |
25% |
2.783 |
|
|
Other Current
Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Total Current
Assets |
1.400.408 |
-22% |
1.800.392 |
0% |
1.807.672 |
11% |
1.628.147 |
|
|
Total Assets |
1.468.193 |
-23% |
1.896.404 |
-1% |
1.920.061 |
8% |
1.773.887 |
|
Equity
and Liabilities (€)
|
EQUITY |
||||||||
|
Share Capital |
780.000 |
-6% |
830.000 |
5% |
790.000 |
1% |
780.000 |
|
|
Share Premium
Reserve |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Retained
Earnings |
-35.878 |
- |
134.569 |
21% |
111.630 |
94% |
57.658 |
|
|
Other Reserves |
19.000 |
12% |
17.000 |
21% |
14.000 |
17% |
12.000 |
|
|
Total Equity |
763.122 |
-22% |
981.569 |
7% |
915.630 |
8% |
849.658 |
|
|
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 |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Total Long Term
Debts |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
CURRENT LIABILITIES |
||||||||
|
Trade Payables |
255.694 |
-25% |
339.344 |
-23% |
442.011 |
5% |
419.145 |
|
|
Liabilities to
Financial Institutions |
170.000 |
-43% |
300.000 |
-8% |
327.019 |
183% |
115.751 |
|
|
Other Short Term
Financial Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Other Short Term
Liabilities |
279.377 |
1% |
275.491 |
17% |
235.401 |
-40% |
389.333 |
|
|
Total Current
Liabilities |
705.071 |
-23% |
914.835 |
-9% |
1.004.431 |
9% |
924.229 |
|
|
Total
Liabilities |
705.071 |
-23% |
914.835 |
-9% |
1.004.431 |
9% |
924.229 |
|
|
Total Equity
& Liabilities |
1.468.193 |
-23% |
1.896.404 |
-1% |
1.920.061 |
8% |
1.773.887 |
|
Other
Financials (€)
|
Working Capital |
695.337 |
-21% |
885.557 |
10% |
803.241 |
14% |
703.918 |
|
|
Net Worth |
735.856 |
-21% |
930.149 |
10% |
844.398 |
12% |
754.356 |
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 % |
-2,1% |
0,4% |
0,8% |
0,6% |
||||
|
Operating
Profit/Loss % |
-1,8% |
0,6% |
1,1% |
1,1% |
||||
|
Pre-Tax Profit
Margin % |
-2,1% |
0,4% |
0,8% |
0,6% |
||||
|
TRADING PERFORMANCE |
||||||||
|
Return on Net
Assets Employed % |
-22,1% |
4,2% |
9,0% |
7,1% |
||||
|
Return on Total
Capital % |
-9,1% |
3,9% |
6,1% |
6,2% |
||||
|
Interest
Coverage Ratio (times) |
-4 |
2 |
3 |
2 |
||||
|
Return on
Capital Employed % |
-22,1% |
4,2% |
9,0% |
7,1% |
||||
|
Return on Total Assets
Employed % |
-11,5% |
2,2% |
4,3% |
3,4% |
||||
|
Interest on Debt
% |
5,0% |
3,7% |
3,5% |
5,3% |
||||
|
Risk Buffer % |
-14,1% |
0,2% |
2,6% |
0,9% |
||||
|
SHORT TERM LIQUIDITY |
||||||||
|
Liquidity
Ratio/Acid Test |
1 |
1 |
1 |
1 |
||||
|
Current Ratio % |
199,0% |
197,0% |
180,0% |
176,0% |
||||
|
Debtor Days |
20 |
24 |
30 |
40 |
||||
|
Working capital |
695.337 |
885.557 |
803.241 |
703.918 |
||||
|
LONG TERM LIQUIDITY |
||||||||
|
Equity Ratio % |
52,0% |
51,8% |
47,7% |
47,9% |
||||
|
Gearing % |
22,3% |
30,6% |
35,7% |
13,6% |
||||
|
Current Debt
Ratio |
1 |
1 |
1 |
1 |
||||
|
Total Debt Ratio |
1 |
1 |
1 |
1 |
||||
|
Relative debt % |
8,7% |
8,8% |
9,9% |
9,5% |
||||
|
BUSINESS MEASURES |
||||||||
|
Change in
turnover % |
-21,6% |
1,6% |
4,4% |
- |
||||
|
Turnover/employees |
476949 |
574882 |
565734 |
513472 |
||||
|
Sales/Net
Working Capital |
12 |
12 |
13 |
14 |
||||
|
Stock Turnover
Ratio % |
6,5% |
6,6% |
8,0% |
5,3% |
||||
|
Creditor Days |
12 |
12 |
16 |
16 |
||||
|
Equity in
Percentage % |
53,0% |
53,2% |
49,5% |
50,6% |
||||
Group
structure
No group structure
Linked
Companies
No linked companies
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.67 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.66.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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.