MIRA INFORM REPORT
|
Report No. : |
340046 |
|
Report Date : |
11.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
FINN-POWER OY |
|
|
|
|
Formerly Known As : |
FP-HOLDING OY |
|
|
|
|
Registered Office : |
Metallitie 4, 62200, Kauhava |
|
|
|
|
Country : |
Finland |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
05.12.2000 |
|
|
|
|
Legal Form : |
Limited company |
|
|
|
|
Line of Business : |
Manufacture of metal forming machinery. |
|
|
|
|
No. of Employees : |
336 |
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 – 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 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 |
Finn-Power Oy |
Trade Registry Number |
|
||
|
Company Name |
Finn-Power Oy |
Business ID |
16369339 |
|
|
|
Previous Name |
FP-Holding Oy |
|
|
|
|
|
Telephone Number |
0102787111 |
Registered Address |
Metallitie 4, 62200, KAUHAVA |
|
|
|
Fax Number |
0102787007 |
Visiting Address |
Metallitie 4, 62200, KAUHAVA |
|
|
|
Home Municipality |
Kauhava |
Postal Address |
PL 38, 62201, KAUHAVA |
|
|
|
Incorporation Date |
05.12.2000 |
Branches |
1 |
|
|
|
Company Type |
Limited company |
Website Address |
|
||
|
Primary Sic Code |
28410 |
Accountant |
Ernst & Young Oy |
||
|
Primary Sic Description |
Manufacture of metal forming machinery |
Last Accounts Date |
31.12.2014 |
||
|
Share Capital (€) |
49.417.108 |
Holding Company |
PRIMA INDUSTRIE SPA |
||
|
Deals in importing |
Yes |
Foreign Ownership |
ITALY |
||
|
Deals in exporting |
Yes |
Currency |
EUR |
||
Key
Financials (€)
|
Year |
31.12.2014 |
% |
31.12.2013 |
% |
31.12.2012 |
% |
31.12.2011 |
|
Number of weeks |
52 |
52 |
52 |
52 |
|||
|
Turnover |
107.967.992 |
3% |
105.306.139 |
-5% |
111.364.740 |
7% |
103.730.824 |
|
Operating Profit/Loss |
5.310.851 |
41% |
3.757.609 |
59% |
2.368.248 |
192% |
810.045 |
|
Profit/Loss after Financial Items |
3.948.531 |
18% |
3.354.597 |
- |
-5.206.886 |
- |
-269.793 |
|
Profit/Loss after tax |
3.841.115 |
17% |
3.272.019 |
- |
-5.322.158 |
- |
-313.987 |
|
Current Assets |
59.409.969 |
11% |
53.565.864 |
-11% |
60.170.270 |
-24% |
78.772.510 |
|
Fixed Assets |
63.537.815 |
-2% |
64.539.762 |
-4% |
67.132.003 |
1% |
66.339.479 |
|
Long Term Debts |
36.358.715 |
-4% |
37.902.245 |
-7% |
40.614.003 |
-40% |
67.425.791 |
|
Current Liabilities |
40.345.109 |
7% |
37.800.536 |
-21% |
47.557.444 |
-20% |
59.233.213 |
|
Shareholders Equity |
46.243.960 |
9% |
42.402.845 |
8% |
39.130.826 |
112% |
18.452.985 |
|
Balance sheet total |
122.947.784 |
4% |
118.105.626 |
-7% |
127.302.273 |
-12% |
145.111.989 |
|
Number of employees |
336 |
333 |
329 |
336 |
|||
|
Auditor qualification |
The auditor has no reservations |
The auditor has no reservations |
The auditor has no reservations |
The auditor has no reservations |
Ratios
|
Year |
31.12.2014 |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|||
|
Solvency Ratio |
38% |
36% |
31% |
13% |
|||
|
Moderate Indebtedness |
Moderate Indebtedness |
Moderate Indebtedness |
High Indebtedness |
||||
|
Net margin (%) |
4% |
3% |
-5% |
0% |
|||
|
Interest Coverage Ratio (times) |
4 |
3 |
0 |
1 |
|||
|
Gearing (%) |
79% |
89% |
104% |
365% |
|||
|
Liquidity Ratio/Acid Test |
1 |
1 |
1 |
1 |
|||
|
Risk Buffer (%) |
3% |
2% |
-7% |
0% |
Shareholder
Information
|
Year |
31.12.2014 |
|
|
Total Value of Shares |
49.417.108 |
|
|
Number of Shares |
49.417.108 |
|
|
Value of Shares |
1 |
Registrations
in Force
|
State |
Registration Date |
|
|
Tax Administration |
Registered |
27.12.2000 |
|
Trade Register |
Registered |
05.12.2000 |
|
Employer Register |
Registered |
01.01.2003 |
|
Prepayment Register |
Registered |
31.12.2002 |
|
Value Added Tax-Liability |
VAT-liable for business activity |
31.12.2002 |
Current
Directors
|
Name |
Kujanpää Juhokalle |
||
|
Date of Birth |
27.05.1969 |
Appointment Date |
21.07.2014 |
|
Nationality |
FINLAND |
Function |
Actual Member of Board |
|
Name |
Mäkitalo Juha Tapani |
||
|
Date of Birth |
17.07.1970 |
Appointment Date |
21.07.2014 |
|
Nationality |
FINLAND |
Function |
Actual Member of Board |
|
Name |
Basso Ezio Giovanni |
||
|
Date of Birth |
26.01.1955 |
Appointment Date |
21.07.2014 |
|
Nationality |
ITALY |
Function |
Chairman of Board |
|
Name |
Mäkitalo Juha Tapani |
||
|
Date of Birth |
17.07.1970 |
Appointment Date |
01.08.2011 |
|
Nationality |
FINLAND |
Function |
Managing director |
Other
Company Officials
|
Name |
Tapanainen Jan Mikko Antero |
||
|
Date of Birth |
06.08.1972 |
Appointment Date |
01.08.2011 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Ojanen Aki Johannes |
||
|
Date of Birth |
07.01.1971 |
Appointment Date |
01.08.2011 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Mäkitalo Juha Tapani |
||
|
Date of Birth |
17.07.1970 |
Appointment Date |
01.08.2011 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Mursula Jarmo Matti |
||
|
Date of Birth |
28.03.1967 |
Appointment Date |
01.08.2011 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Kujanpää Juhokalle |
||
|
Date of Birth |
27.05.1969 |
Appointment Date |
01.08.2011 |
|
Nationality |
FINLAND |
Function |
Procurist |
|
Name |
Berg Kristian Mauritz |
||
|
Date of Birth |
21.01.1969 |
Appointment Date |
23.06.2015 |
|
Nationality |
FINLAND |
Function |
Principal accountant |
Profit
& Loss (€)
|
OPERATING INCOME |
31.12.2014 |
% |
31.12.2013 |
% |
31.12.2012 |
% |
31.12.2011 |
|
Number of weeks |
52 |
52 |
52 |
52 |
|||
|
Consolidated Accounts |
no |
no |
no |
no |
|||
|
Sales Revenue |
107.967.992 |
3% |
105.306.139 |
-5% |
111.364.740 |
7% |
103.730.824 |
|
Other Operating Income |
959.632 |
54% |
621.162 |
-35% |
953.056 |
-4% |
991.409 |
|
Total Operating Income |
108.927.624 |
3% |
105.927.301 |
-6% |
112.317.796 |
7% |
104.722.233 |
|
Wages & Salaries |
16.379.808 |
0% |
16.406.828 |
-5% |
17.221.379 |
2% |
16.837.419 |
|
Depreciation |
5.016.511 |
-15% |
5.890.358 |
1% |
5.853.240 |
6% |
5.523.549 |
|
Total Operating Expenses |
103.616.773 |
1% |
102.169.692 |
-7% |
109.949.548 |
6% |
103.912.188 |
|
Operating Profit/Loss |
5.310.851 |
41% |
3.757.609 |
59% |
2.368.248 |
192% |
810.045 |
|
RESULT FROM FINANCIAL INVESTMENTS |
|||||||
|
Financial Income |
96.990 |
-91% |
1.075.832 |
728% |
129.991 |
-92% |
1.536.291 |
|
Financial Expenses |
1.459.310 |
-1% |
1.478.844 |
-81% |
7.705.125 |
195% |
2.616.129 |
|
Total Financial Investments |
-1.362.320 |
- |
-403.012 |
- |
-7.575.134 |
- |
-1.079.838 |
|
Profit/Loss after Financial Items |
3.948.531 |
18% |
3.354.597 |
- |
-5.206.886 |
- |
-269.793 |
|
Extraordinary Income |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Extraordinary Expenses |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Profit/Loss Before Tax |
3.948.531 |
18% |
3.354.598 |
- |
-5.206.886 |
- |
-269.793 |
|
Tax |
107.416 |
30% |
82.579 |
-28% |
115.272 |
161% |
44.194 |
|
Profit/Loss After Tax |
3.841.115 |
17% |
3.272.019 |
- |
-5.322.158 |
- |
-313.987 |
Balance
Sheet (€)
|
ASSETS |
12.2014 |
% |
12.2013 |
% |
12.2012 |
% |
12.2011 |
|
Number of weeks |
52 |
52 |
52 |
52 |
|||
|
Consolidated Accounts |
no |
no |
no |
no |
|||
|
FIXED ASSETS |
|||||||
|
Intangible Assets |
38.880.451 |
-2% |
39.801.515 |
-6% |
42.297.338 |
-9% |
46.497.396 |
|
Tangible Assets |
213.584 |
-27% |
294.467 |
-25% |
390.885 |
-8% |
423.303 |
|
Other Fixed Assets |
24.443.780 |
0% |
24.443.780 |
0% |
24.443.780 |
26% |
19.418.780 |
|
Total Fixed Assets |
63.537.815 |
-2% |
64.539.762 |
-4% |
67.132.003 |
1% |
66.339.479 |
|
CURRENT ASSETS |
|||||||
|
Inventories |
14.062.823 |
11% |
12.704.617 |
-31% |
18.416.789 |
-9% |
20.217.082 |
|
Trade Receivables |
31.567.267 |
12% |
28.251.588 |
84% |
15.385.149 |
-59% |
37.255.349 |
|
Other Receivables |
1.316.622 |
4% |
1.262.415 |
-93% |
18.710.389 |
122% |
8.429.513 |
|
Cash & Bank Balances |
12.463.257 |
10% |
11.347.244 |
48% |
7.657.943 |
-41% |
12.870.566 |
|
Other Current Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Current Assets |
59.409.969 |
11% |
53.565.864 |
-11% |
60.170.270 |
-24% |
78.772.510 |
|
Total Assets |
122.947.784 |
4% |
118.105.626 |
-7% |
127.302.273 |
-12% |
145.111.989 |
Equity
and Liabilities (€)
|
EQUITY |
|||||||
|
Share Capital |
49.417.108 |
0% |
49.417.108 |
0% |
49.417.108 |
111% |
23.417.108 |
|
Share Premium Reserve |
118.400.440 |
0% |
118.400.440 |
0% |
118.400.440 |
0% |
118.400.440 |
|
Retained Earnings |
-121.573.588 |
- |
-125.414.703 |
- |
-128.686.722 |
- |
-123.364.563 |
|
Other Reserves |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Equity |
46.243.960 |
9% |
42.402.845 |
8% |
39.130.826 |
112% |
18.452.985 |
|
LONG TERM LIABILITIES |
|||||||
|
Long Term Liabilities to Financial Institutions |
0 |
- |
17.061 |
-36% |
26.516 |
-22% |
33.840 |
|
Other Long Term Liabilities Finance |
35.100.000 |
-5% |
37.133.462 |
-6% |
39.633.462 |
-41% |
66.633.462 |
|
Other Long Term Liabilities |
1.258.715 |
67% |
751.722 |
-21% |
954.025 |
26% |
758.489 |
|
Total Long Term Debts |
36.358.715 |
-4% |
37.902.245 |
-7% |
40.614.003 |
-40% |
67.425.791 |
|
CURRENT LIABILITIES |
|||||||
|
Trade Payables |
27.338.667 |
1% |
27.008.422 |
8% |
25.089.436 |
-34% |
38.002.025 |
|
Liabilities to Financial Institutions |
0 |
- |
9.455 |
6% |
8.910 |
-4% |
9.303 |
|
Other Short Term Financial Loans |
2.200.000 |
-15% |
2.600.000 |
- |
0 |
- |
0 |
|
Other Short Term Liabilities |
10.806.442 |
32% |
8.182.659 |
-64% |
22.459.098 |
6% |
21.221.885 |
|
Total Current Liabilities |
40.345.109 |
7% |
37.800.536 |
-21% |
47.557.444 |
-20% |
59.233.213 |
|
Total Liabilities |
76.703.824 |
1% |
75.702.781 |
-14% |
88.171.447 |
-30% |
126.659.004 |
|
Total Equity & Liabilities |
122.947.784 |
4% |
118.105.626 |
-7% |
127.302.273 |
-12% |
145.111.989 |
Other
Financials (€)
|
Working Capital |
19.064.860 |
21% |
15.765.328 |
25% |
12.612.826 |
-35% |
19.539.297 |
|
|
Net Worth |
7.363.509 |
183% |
2.601.330 |
- |
-3.166.512 |
- |
-28.044.411 |
Key
Ratios
|
31.12.2014 |
31.12.2013 |
31.12.2012 |
31.12.2011 |
||||
|
Number of weeks |
52 |
52 |
52 |
52 |
|||
|
Consolidated Accounts |
no |
no |
no |
no |
|||
|
PROFITABILITY |
|||||||
|
Net Margin % |
3,7% |
3,2% |
-4,7% |
-0,3% |
|||
|
Operating Profit/Loss % |
4,9% |
3,6% |
2,1% |
0,8% |
|||
|
Pre-Tax Profit Margin % |
3,7% |
3,2% |
-4,7% |
-0,3% |
|||
|
TRADING PERFORMANCE |
|||||||
|
Return on Net Assets Employed % |
8,5% |
7,9% |
-13,3% |
-1,5% |
|||
|
Return on Total Capital % |
4,4% |
4,1% |
2,0% |
1,6% |
|||
|
Interest Coverage Ratio (times) |
4 |
3 |
0 |
1 |
|||
|
Return on Capital Employed % |
4,8% |
4,2% |
-6,5% |
-0,3% |
|||
|
Return on Total Assets Employed % |
3,2% |
2,8% |
-4,1% |
-0,2% |
|||
|
Interest on Debt % |
1,9% |
2,0% |
8,7% |
2,1% |
|||
|
Risk Buffer % |
2,5% |
2,1% |
-6,8% |
-0,5% |
|||
|
SHORT TERM LIQUIDITY |
|||||||
|
Liquidity Ratio/Acid Test |
1 |
1 |
1 |
1 |
|||
|
Current Ratio % |
147,0% |
142,0% |
127,0% |
133,0% |
|||
|
Debtor Days |
107 |
98 |
50 |
131 |
|||
|
Working capital |
19.064.860 |
15.765.328 |
12.612.826 |
19.539.297 |
|||
|
LONG TERM LIQUIDITY |
|||||||
|
Equity Ratio % |
37,6% |
35,9% |
30,7% |
12,7% |
|||
|
Gearing % |
78,6% |
89,4% |
103,8% |
365,4% |
|||
|
Current Debt Ratio |
1 |
1 |
1 |
3 |
|||
|
Total Debt Ratio |
2 |
2 |
2 |
7 |
|||
|
Relative debt % |
71,0% |
71,9% |
79,2% |
122,1% |
|||
|
BUSINESS MEASURES |
|||||||
|
Change in turnover % |
2,5% |
-5,4% |
7,4% |
- |
|||
|
Turnover/employees |
321333 |
316235 |
338495 |
308723 |
|||
|
Sales/Net Working Capital |
6 |
7 |
9 |
5 |
|||
|
Stock Turnover Ratio % |
13,0% |
12,1% |
16,5% |
19,5% |
|||
|
Creditor Days |
92 |
94 |
82 |
134 |
|||
|
Equity in Percentage % |
77,6% |
78,7% |
64,6% |
23,3% |
|||
Group
structure
|
COMPANY NAME |
REGISTERED NUMBER |
LATEST KEY FINANCIALS |
PERCENTAGE OWNED |
TURNOVER |
|
|
TO582421 |
31.12.2013 |
- |
€104 755 000 |
|
|
16369339 |
31.12.2014 |
100% |
- |
|
|
08841840 |
31.12.2014 |
100% |
- |
|
|
N/A |
- |
100% |
- |
|
|
VR288589 |
31.12.2013 |
100% |
€44 375 925 |
|
|
N/A |
- |
100% |
- |
|
|
N/A |
- |
78% |
- |
|
|
US11604925 |
- |
100% |
$1 102 000 |
|
|
N/A |
- |
94% |
- |
|
|
N/A |
- |
100% |
- |
|
|
US21854137 |
- |
100% |
$4 999 000 |
Linked
Companies
|
NAME |
NUMBER |
LATEST KEY FINANCIALS |
TURNOVER |
|
PRIMA ELECTRO S.P.A. |
TO546846 |
31.12.2013 |
€35 725 360 |
|
PRIMA POWER GMBH |
HRB 42557 |
31.12.2013 |
€25 690 016 |
|
FINN-POWER GMBH |
HRB 93444 |
31.12.2008 |
€12 831 852 |
|
OSAI-UK LTD |
03323855 |
31.12.2014 |
£558 894 |
|
PRIMA POWER UK LIMITED |
04983524 |
31.12.2014 |
£2 684 442 |
|
PRIMA POWER LASERDYNE LLC |
US21854137 |
- |
$4 999 000 |
|
OSAI-USA LLC |
US26269188 |
- |
$1 890 000 |
|
PRIMA NORTH AMERICA INC |
US43693051 |
- |
$10 000 000 |
|
PRIMA ELECTRO NORTH AMERICA, LLC |
US75597438 |
- |
- |
|
PRIMA LASER TOOLS |
US75670505 |
- |
- |
|
PRIMA INDUSTRIE SPA |
- |
- |
- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.39 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.74.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
ANK |
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.