MIRA INFORM REPORT
|
Report No. : |
344181 |
|
Report Date : |
08.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
ADPAP OY |
|
|
|
|
Registered Office : |
Pitkämäenkatu 6, 20250, Turku |
|
|
|
|
Country : |
Finland |
|
|
|
|
Financials (as on) : |
31.08.2014 |
|
|
|
|
Date of Incorporation : |
24.03.2009 |
|
|
|
|
Legal Form : |
Limited company |
|
|
|
|
Line of Business : |
Computer Programming Activities |
|
|
|
|
No. of Employees : |
10 |
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 : |
-- |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 before 2009 and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in that year, 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 2010-12, however, continued recession within the EU dampened the economy in 2012-14. The recession affected general government finances and the debt ratio, turning previously strong budget surpluses into deficits, losing its coveted triple-A credit rating, and on pace to breach EU debt limits in 2015. 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. The depreciating ruble will retard exports to Russia.
|
Source
: CIA |
Company
summary
|
Trading
Name |
Adpap
Oy |
Trade
Registry Number |
|
|
Company
Name |
Adpap
Oy |
Business
ID |
22575817 |
|
Previous
Name |
- |
|
|
|
Telephone
Number |
0106662370 |
Registered
Address |
Pitkämäenkatu
6, 20250, TURKU |
|
Fax
Number |
0106662371 |
Visiting
Address |
Pitkämäenkatu
6, 20250, TURKU |
|
Home
Municipality |
Turku |
Postal
Address |
-,
-, - |
|
Incorporation
Date |
24.03.2009 |
Branches |
1
|
|
Company
Type |
Limited
company |
Website
Address |
|
|
Primary
Sic Code |
62010 |
Accountant |
Helle
Timo Juhani |
|
Primary
Sic Description |
Computer
programming activities |
Last
Accounts Date |
31.08.2014 |
|
Share
Capital (€) |
700.002
|
Holding
Company |
|
|
Deals
in importing |
Yes |
Foreign
Ownership |
|
|
Deals
in exporting |
Yes |
Currency |
EUR |
Key
Financials (€)
|
Year |
31.08.2014 |
% |
31.08.2013 |
% |
31.08.2012 |
% |
31.08.2011 |
|
Number of weeks |
52 |
52 |
52 |
52 |
|||
|
Turnover |
3.618.148 |
28% |
2.819.661 |
23% |
2.284.522 |
54% |
1.487.108 |
|
Operating
Profit/Loss |
282.275 |
95% |
144.434 |
30% |
111.168 |
1061% |
9.576 |
|
Profit/Loss after
Financial Items |
262.247 |
201% |
87.200 |
-19% |
108.065 |
1872% |
5.479 |
|
Profit/Loss after
tax |
231.080 |
165% |
87.199 |
-19% |
108.064 |
1872% |
5.479 |
|
Current Assets |
1.308.669 |
-2% |
1.334.157 |
34% |
999.364 |
40% |
714.928 |
|
Fixed Assets |
76.577 |
-28% |
105.887 |
-33% |
158.021 |
-25% |
210.007 |
|
Long Term Debts |
388.175 |
-2% |
396.850 |
13% |
351.026 |
2% |
342.503 |
|
Current Liabilities |
262.365 |
-51% |
539.569 |
38% |
389.932 |
42% |
274.070 |
|
Shareholders Equity |
734.706 |
46% |
503.625 |
21% |
416.427 |
35% |
308.362 |
|
Balance sheet total |
1.385.246 |
-4% |
1.440.044 |
24% |
1.157.385 |
25% |
924.935 |
|
Number of employees |
10 |
8 |
7 |
- |
|||
|
Auditor
qualification |
The auditor has no
reservations |
The auditor has no
reservations |
The auditor has no reservations |
The auditor has no
reservations |
Ratios
|
Year |
31.08.2014 |
31.08.2013 |
31.08.2012 |
31.08.2011 |
|||
|
Solvency
Ratio |
53% |
35% |
36% |
33% |
|||
|
Net
margin (%) |
7% |
3% |
5% |
0% |
|||
|
Interest
Coverage Ratio (times) |
14 |
3 |
33 |
2 |
|||
|
Gearing
(%) |
56% |
79% |
84% |
111% |
|||
|
Liquidity
Ratio/Acid Test |
5 |
2 |
2 |
2 |
|||
|
Risk
Buffer (%) |
17% |
4% |
9% |
0% |
Shareholder
Information
|
Year |
31.08.2014 |
|
Total
Value of Shares |
700.002
|
|
Number
of Shares |
10.000
|
|
Value
of Shares |
- |
Registrations
in Force
|
State |
Registration
Date |
|
|
Tax
Administration |
Registered |
25.03.2009 |
|
Trade
Register |
Registered |
24.03.2009 |
|
Employer
Register |
Registered |
16.03.2009 |
|
Prepayment
Register |
Registered |
16.03.2009 |
|
Value
Added Tax-Liability |
VAT-liable
for business activity |
16.03.2009 |
Current
Directors
|
Name |
Murronmaa
Ari Juhani |
||
|
Date
of Birth |
15.02.1962 |
Appointment
Date |
05.01.2012 |
|
Nationality |
FINLAND |
Function |
Actual
Member of Board |
|
Name |
Jokiranta
Petri Mikael |
||
|
Date
of Birth |
18.07.1967 |
Appointment
Date |
05.01.2012 |
|
Nationality |
FINLAND |
Function |
Actual
Member of Board |
|
Name |
Ali-Rantala
Mika Juhani |
||
|
Date
of Birth |
30.10.1970 |
Appointment
Date |
05.01.2012 |
|
Nationality |
FINLAND |
Function |
Chairman
of Board |
|
Name |
Jokiranta
Petri Mikael |
||
|
Date
of Birth |
18.07.1967 |
Appointment
Date |
16.11.2009 |
|
Nationality |
FINLAND |
Function |
Managing
director |
Profit
& Loss (€)
|
Operating
Income |
31.08.2014 |
% |
31.08.2013 |
% |
31.08.2012 |
% |
31.08.2011 |
|
|
Number
of weeks |
52 |
52 |
52 |
52 |
||||
|
Consolidated
Accounts |
no |
no |
no |
no |
||||
|
Sales
Revenue |
3.618.148 |
28% |
2.819.661 |
23% |
2.284.522 |
54% |
1.487.108 |
|
|
Other
Operating Income |
500 |
127% |
220 |
22% |
180 |
- |
-179 |
|
|
Total
Operating Income |
3.618.648 |
28% |
2.819.881 |
23% |
2.284.702 |
54% |
1.486.929 |
|
|
Wages
& Salaries |
620.750 |
25% |
497.170 |
26% |
394.343 |
21% |
326.529 |
|
|
Depreciation |
73.668 |
20% |
61.412 |
-2% |
62.389 |
3% |
60.308 |
|
|
Total
Operating Expenses |
3.336.373 |
25% |
2.675.447 |
23% |
2.173.534 |
47% |
1.477.353 |
|
|
Operating
Profit/Loss |
282.275 |
95% |
144.434 |
30% |
111.168 |
1061% |
9.576 |
|
|
Result
From Financial Investments |
||||||||
|
Financial
Income |
16 |
33% |
12 |
-95% |
265 |
-54% |
572 |
|
|
Financial
Expenses |
20.044 |
-65% |
57.246 |
1600% |
3.368 |
-28% |
4.669 |
|
|
Total
Financial Investments |
-20.028 |
- |
-57.234 |
- |
-3.103 |
- |
-4.097 |
|
|
Profit/Loss
after Financial Items |
262.247 |
201% |
87.200 |
-19% |
108.065 |
1872% |
5.479 |
|
|
Extraordinary
Income |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Extraordinary
Expenses |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Profit/Loss
Before Tax |
262.247 |
201% |
87.199 |
-19% |
108.064 |
1872% |
5.479 |
|
|
Tax |
31.167 |
- |
0 |
- |
0 |
- |
0 |
|
|
Profit/Loss
After Tax |
231.080 |
165% |
87.199 |
-19% |
108.064 |
1872% |
5.479 |
|
Balance
Sheet (€)
|
Assets |
08.2014 |
% |
08.2013 |
% |
08.2012 |
% |
08.2011 |
|
|
Number
of weeks |
52 |
52 |
52 |
52 |
||||
|
Consolidated
Accounts |
no |
no |
no |
no |
||||
|
Fixed
Assets |
||||||||
|
Intangible
Assets |
71.363 |
-28% |
98.935 |
-34% |
149.782 |
-24% |
197.648 |
|
|
Tangible
Assets |
5.214 |
-25% |
6.952 |
-16% |
8.239 |
-33% |
12.359 |
|
|
Other
Fixed Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Total
Fixed Assets |
76.577 |
-28% |
105.887 |
-33% |
158.021 |
-25% |
210.007 |
|
|
Current
Assets |
||||||||
|
Inventories |
81.957 |
-69% |
265.173 |
163% |
100.818 |
85% |
54.375 |
|
|
Trade
Receivables |
302.504 |
-35% |
464.004 |
62% |
286.579 |
-34% |
432.780 |
|
|
Other
Receivables |
241.573 |
94% |
124.732 |
-30% |
178.628 |
214% |
56.852 |
|
|
Cash
& Bank Balances |
682.635 |
42% |
480.248 |
11% |
433.339 |
154% |
170.921 |
|
|
Other
Current Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Total
Current Assets |
1.308.669 |
-2% |
1.334.157 |
34% |
999.364 |
40% |
714.928 |
|
|
Total
Assets |
1.385.246 |
-4% |
1.440.044 |
24% |
1.157.385 |
25% |
924.935 |
|
Equity
and Liabilities (€)
|
EQUITY
|
||||||||
|
Share
Capital |
700.002 |
0% |
700.002 |
0% |
700.002 |
0% |
700.002 |
|
|
Share
Premium Reserve |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Retained
Earnings |
34.704 |
- |
-196.377 |
- |
-283.575 |
- |
-391.640 |
|
|
Other
Reserves |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Total
Equity |
734.706 |
46% |
503.625 |
21% |
416.427 |
35% |
308.362 |
|
|
LONG
TERM LIABILITIES |
||||||||
|
Long
Term Liabilities to Financial Institutions |
60.525 |
-25% |
80.700 |
0% |
80.700 |
0% |
80.700 |
|
|
Other
Long Term Liabilities Finance |
250.000 |
0% |
250.000 |
0% |
250.000 |
0% |
250.000 |
|
|
Other
Long Term Liabilities |
77.650 |
17% |
66.150 |
225% |
20.326 |
72% |
11.803 |
|
|
Total
Long Term Debts |
388.175 |
-2% |
396.850 |
13% |
351.026 |
2% |
342.503 |
|
|
CURRENT
LIABILITIES |
||||||||
|
Trade
Payables |
62.790 |
-73% |
234.274 |
-3% |
241.382 |
72% |
140.169 |
|
|
Liabilities
to Financial Institutions |
20.175 |
- |
0 |
- |
0 |
- |
0 |
|
|
Other
Short Term Financial Loans |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
Other
Short Term Liabilities |
179.400 |
-41% |
305.295 |
106% |
148.550 |
11% |
133.901 |
|
|
Total
Current Liabilities |
262.365 |
-51% |
539.569 |
38% |
389.932 |
42% |
274.070 |
|
|
Total
Liabilities |
650.540 |
-31% |
936.419 |
26% |
740.958 |
20% |
616.573 |
|
|
Total
Equity & Liabilities |
1.385.246 |
-4% |
1.440.044 |
24% |
1.157.385 |
25% |
924.935 |
|
Other
Financials (€)
|
Working
Capital |
1.046.304 |
32% |
794.588 |
30% |
609.432 |
38% |
440.858 |
|
|
Net
Worth |
663.343 |
64% |
404.690 |
52% |
266.645 |
141% |
110.714 |
Key
Ratios
|
31.08.2014 |
31.08.2013 |
31.08.2012 |
31.08.2011 |
|||||
|
Number
of weeks |
52 |
52 |
52 |
52 |
||||
|
Consolidated
Accounts |
no |
no |
no |
no |
||||
|
PROFITABILITY
|
||||||||
|
Net
Margin % |
7,3% |
3,1% |
4,7% |
0,4% |
||||
|
Operating
Profit/Loss % |
7,8% |
5,1% |
4,9% |
0,6% |
||||
|
Pre-Tax
Profit Margin % |
7,3% |
3,1% |
4,7% |
0,4% |
||||
|
TRADING
PERFORMANCE |
||||||||
|
Return
on Net Assets Employed % |
35,7% |
17,3% |
26,0% |
1,8% |
||||
|
Return
on Total Capital % |
20,4% |
10,0% |
9,6% |
1,1% |
||||
|
Interest
Coverage Ratio (times) |
14 |
3 |
33 |
2 |
||||
|
Return
on Capital Employed % |
23,4% |
9,7% |
14,1% |
0,8% |
||||
|
Return
on Total Assets Employed % |
18,9% |
6,1% |
9,3% |
0,6% |
||||
|
Interest
on Debt % |
3,1% |
6,1% |
0,5% |
0,8% |
||||
|
Risk
Buffer % |
17,3% |
3,9% |
9,2% |
0,3% |
||||
|
SHORT
TERM LIQUIDITY |
||||||||
|
Liquidity
Ratio/Acid Test |
5 |
2 |
2 |
2 |
||||
|
Current
Ratio % |
499,0% |
247,0% |
256,0% |
261,0% |
||||
|
Debtor
Days |
31 |
60 |
46 |
106 |
||||
|
Working
capital |
1.046.304 |
794.588 |
609.432 |
440.858 |
||||
|
LONG
TERM LIQUIDITY |
||||||||
|
Equity
Ratio % |
53,0% |
35,0% |
36,0% |
33,3% |
||||
|
Gearing
% |
55,6% |
78,8% |
84,3% |
111,1% |
||||
|
Current
Debt Ratio |
0 |
1 |
1 |
1 |
||||
|
Total
Debt Ratio |
1 |
2 |
2 |
2 |
||||
|
Relative
debt % |
18,0% |
33,2% |
32,4% |
41,5% |
||||
|
BUSINESS
MEASURES |
||||||||
|
Change
in turnover % |
28,3% |
23,4% |
53,6% |
- |
||||
|
Turnover/employees |
361815 |
352458 |
326360 |
- |
||||
|
Sales/Net
Working Capital |
3 |
4 |
4 |
3 |
||||
|
Stock
Turnover Ratio % |
2,3% |
9,4% |
4,4% |
3,7% |
||||
|
Creditor
Days |
6 |
30 |
39 |
34 |
||||
|
Equity
in Percentage % |
55,9% |
37,6% |
41,3% |
42,4% |
||||
Group
structure
No
group structure
Linked
Companies
No linked companies
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.26 |
|
UK Pound |
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.73.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
VNT |
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.