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|
|
MIRA INFORM REPORT
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Report No. : |
503089 |
|
Report Date : |
09.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
OUTOKUMPU STAINLESS OY |
|
|
|
|
Registered Office : |
Terästie, 95490 Tornio |
|
|
|
|
Country : |
Finland |
|
|
|
|
Financials (as on) : |
December 2016 |
|
|
|
|
Date of Incorporation : |
21.11.1990 |
|
|
|
|
Com. Reg. No.: |
08233159 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture of Basic Iron and Steel and of Ferro-Alloys |
|
|
|
|
No. of Employees : |
1868 [2016] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
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
|
Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Finland |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 GDP almost as high as that of Austria and the Netherlands and
slightly above that of Germany and Belgium. Trade is important, with exports
accounting for over one-third of GDP in recent years. The government is open
to, and actively takes steps to attract, foreign direct investment.
Finland is historically competitive in manufacturing, particularly in
the wood, metals, engineering, telecommunications, and electronics industries.
Finland excels in export of technology as well as promotion of startups in the
information and communications technology, 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 cold climate, agricultural development is limited to maintaining
self-sufficiency in basic products. Forestry, an important export industry,
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, causing Finland’s economy to contract from 2012 to 2014. The
recession affected general government finances and the debt ratio. The economy
returned to growth in 2016, posting a 1.9% GDP increase before growing an
estimated 3.3% in 2017, supported by a strong increase in investment, private
consumption, and net exports. GDP is expected to grow a rate of 2-3% in the
next few years.
Finland's main challenges will be reducing high labor costs and boosting
demand for its exports. In June 2016, the government enacted a Competitiveness
Pact aimed at reducing labor costs, increasing hours worked, and introducing
more flexibility into the wage bargaining system. As a result, wage growth was
nearly flat in 2017. The Government was also seeking to reform the health care system
and social services. In the long 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 Summary
|
|
|
Business Name |
OUTOKUMPU STAINLESS OY |
|
Country |
FINLAND |
|
Company
Registration Number |
08233159 |
|
Activity Code |
24100 |
|
Activity
Description |
Manufacture of basic iron and steel and of ferro-alloys |
|
Company Status |
Active (Active) |
|
Latest Turnover
Figure |
3,476,728,000 EUR |
|
Latest
Shareholder Equity Figure |
472,131,000 EUR |
|
Local
Description |
Very Low Risk |
Basic
Information
|
|
|
Business Name |
OUTOKUMPU STAINLESS OY TORNION TEHTAAT |
|
Registered Company
Name |
OUTOKUMPU STAINLESS OY |
|
Company
Registration Number |
08233159 |
|
Country |
FINLAND |
|
VAT Registration
Number |
08233159 |
|
VAT Registration
Date |
01/06/1994 |
|
Date of Company
Registration |
21/11/1990 |
|
Date of Starting
Operations |
01/01/1991 |
|
Legal Form |
Limited Company |
|
Type of
Ownership |
Private Finnish |
|
Company Status |
Active (Active) |
|
Currency of this
Report |
EUR |
|
Principal
Activity Code |
24100 |
|
Principal
Activity Description |
Manufacture of basic iron and steel and of ferro-alloys |
|
Contact Address |
Terästie, 95490 Tornio |
|
Contact
Telephone Number |
- |
Main
Address
|
Address |
Terästie, 95490 Tornio |
|
Country |
FINLAND |
|
Telephone |
- |
Activities
|
|
Activity Code Activity Description |
|
24100 Manufacture of basic iron and steel and of ferro-alloys |
Email Addresses
|
|
No email addresses for this company |
Web Pages
|
Employee Information
|
|
|
Year |
Number of
Employees |
|
2016 |
1868 |
|
2015 |
1858 |
|
2014 |
1872 |
|
2013 |
1904 |
|
2012 |
2076 |
|
2011 |
2239 |
Advisors
|
|
Auditor Name KPMG Oy |
Miscellaneous Information
|
|
Fax Number +358 16 452620 |
|
Number of places
of business 1 |
Auditor comment
|
|
Date of accounts Comments |
|
2016-12-30 The auditor has given an audit report of standard format. |
Additional names
|
|
Name Type |
Branches
|
|
No branches for current company |
Business mortgages summary
|
|
No business mortgages for this company |
Business mortgages
|
|
No business mortgages for this company |
Import export activities
|
|
Import Export |
|
Yes Yes |
Register Information
|
|
|
Tax
administration |
21/11/1990 |
|
Trade register |
21/11/1990 |
|
Employer
register |
01/01/1991 |
|
Prepayment
register |
- |
|
Date of latest
chagne in trade register |
02/08/2017 |
|
01/06/1994 |
|
Profit and Loss
|
|||||
|
Financial Year |
12/2016 |
(%) |
12/2015 |
(%) |
12/2014 |
|
Number of Weeks |
52 |
(%) |
52 |
(%) |
52 |
|
Currency |
EUR |
(%) |
EUR |
(%) |
EUR |
|
Consolidated
Accounts |
No |
(%) |
No |
(%) |
No |
|
Revenue |
3,476,728,000 |
-11.6% |
3,931,688,000 |
49.3% |
2,633,439,000 |
|
Operating Costs |
3,414,655,000 |
-11.8% |
3,870,933,000 |
50.3% |
2,575,734,000 |
|
Operating Profit |
62,073,000 |
2.2% |
60,755,000 |
5.3% |
57,705,000 |
|
Pension Costs |
- |
- |
- |
- |
- |
|
Financial Income |
71,000 |
- |
- |
-100.0% |
107,000 |
|
Financial
Expenses |
8,418,000 |
-57.4% |
19,761,000 |
28.7% |
15,358,000 |
|
Extraordinary
Costs |
77,457,000 |
- |
- |
- |
42,454,000 |
|
Profit before
Tax |
-23,731,000 |
-157.9% |
40,995,000 |
-3.4% |
|
|
Tax |
- |
- |
- |
- |
- |
|
Profit after Tax |
-23,731,000 |
-157.9% |
40,995,000 |
-3.4% |
42,454,000 |
|
Other
Appropriations |
-22,818,000 |
-26.3% |
-18,062,000 |
54.2% |
-39,447,000 |
|
Retained Profit |
-913,000 |
-101.5% |
59,057,000 |
-27.9% |
81,902,000 |
Balance Sheet
|
|||||
|
Financial Year |
12/2016 |
(%) |
12/2015 |
(%) |
12/2014 |
|
Number of Weeks |
52 |
(%) |
52 |
(%) |
52 |
|
Currency |
EUR |
(%) |
EUR |
(%) |
EUR |
|
Consolidated
Accounts |
No |
(%) |
No |
(%) |
No |
|
Land &
Buildings |
223,215,000 |
-7.9% |
242,414,000 |
-7.8% |
262,980,000 |
|
Plant &
Machinery |
240,947,000 |
-6.4% |
257,534,000 |
-4.3% |
269,230,000 |
|
Other Tangible
Assets |
52,752,000 |
-13.3% |
60,823,000 |
-4.5% |
63,672,000 |
|
Total Tangible
Assets |
516,914,000 |
-7.8% |
560,771,000 |
-5.9% |
595,882,000 |
|
Goodwill |
- |
- |
- |
- |
- |
|
Other Intangible
Assets |
2,715,000 |
4.4% |
2,601,000 |
-26.5% |
3,537,000 |
|
Total Intangible
Assets |
2,715,000 |
4.4% |
2,601,000 |
-26.5% |
3,537,000 |
|
Investments |
9,085,000 |
2.3% |
8,885,000 |
-2.4% |
9,108,000 |
|
Loans To Group |
- |
- |
- |
- |
- |
|
Miscellaneous
Fixed Assets |
31,000 |
-99.2% |
3,877,000 |
- |
- |
|
Total Other
Fixed Assets |
- |
- |
- |
- |
- |
|
TOTAL FIXED
ASSETS |
528,745,000 |
-8.2% |
576,134,000 |
-5.3% |
608,527,000 |
|
Raw Materials |
113,452,000 |
-0.5% |
114,032,000 |
-9.8% |
126,477,000 |
|
Finished Goods |
183,515,000 |
11.7% |
164,233,000 |
-28.5% |
229,629,000 |
|
Other
Inventories |
- |
- |
- |
- |
- |
|
Total
Inventories |
296,967,000 |
6.7% |
278,265,000 |
-21.9% |
356,106,000 |
|
Trade
Receivables |
231,917,000 |
-18.8% |
285,558,000 |
32.5% |
215,552,000 |
|
Group
Receivables |
- |
- |
- |
- |
- |
|
Receivables Due
After 1 Year |
- |
- |
- |
- |
- |
|
Miscellaneous
Receivables |
48,062,000 |
-51.2% |
98,518,000 |
27.0% |
77,550,000 |
|
Total
Receivables |
279,979,000 |
-27.1% |
384,076,000 |
31.0% |
293,102,000 |
|
Other Current
Assets |
- |
- |
- |
- |
- |
|
TOTAL CURRENT
ASSETS |
576,946,000 |
-12.9% |
662,341,000 |
2.0% |
649,208,000 |
|
TOTAL ASSETS |
1,105,691,000 |
-10.7% |
1,238,475,000 |
-1.5% |
1,257,735,000 |
|
Trade Payables |
415,610,000 |
17.7% |
352,981,000 |
7.7% |
327,648,000 |
|
Other Loans Or
Finance |
3,272,000 |
-48.2% |
6,316,000 |
-70.0% |
21,045,000 |
|
Group Payables |
153,885,000 |
-45.0% |
280,000,000 |
37.3% |
204,000,000 |
|
Miscellaneous
Liabilities |
36,015,000 |
-50.3% |
72,465,000 |
111.2% |
34,319,000 |
|
TOTAL CURRENT
LIABILITIES |
608,782,000 |
-14.5% |
711,762,000 |
21.3% |
587,012,000 |
|
Trade Payables
Due After 1 Year |
447,000 |
-50.0% |
894,000 |
- |
- |
|
Other Loans Or
Finance Due After 1 Year |
21,875,000 |
-22.2% |
28,125,000 |
-18.2% |
34,375,000 |
|
Group Payables
Due After 1 Year |
- |
- |
- |
-100.0% |
180,000,000 |
|
Miscellaneous
Liabilities Due After 1 Year |
196,025,000 |
-10.2% |
218,219,000 |
-7.5% |
235,931,000 |
|
TOTAL LONG TERM
LIABILITIES |
218,347,000 |
-11.7% |
247,238,000 |
-45.1% |
450,306,000 |
|
TOTAL
LIABILITIES |
827,129,000 |
-13.8% |
959,000,000 |
-7.6% |
1,037,318,000 |
|
Called Up Share Capital |
78,120,000 |
0.0% |
78,120,000 |
0.0% |
78,120,000 |
|
Share Premium |
174,897,000 |
174,897,000 |
174,897,000 |
112.3% |
-52,600,000 |
|
Revenue Reserves |
5,543,000 |
-14.1% |
6,456,000 |
|
|
|
Other Reserves |
20,000,000 |
0.0% |
20,000,000 |
0.0% |
20,000,000 |
|
TOTAL
SHAREHOLDERS EQUITY |
278,560,000 |
-0.3% |
279,473,000 |
26.8% |
220,417,000 |
Other Financials
|
|||||
|
Financial Year |
12/2016 |
(%) |
12/2015 |
(%) |
12/2014 |
|
Working Capital |
-31,836,000 |
35.6% |
-49,421,000 |
-179.5% |
62,196,000 |
|
Net Worth |
275,845,000 |
-0.4% |
276,872,000 |
27.7% |
216,880,000 |
Ratios
|
|||
|
Financial Year |
12/2016 |
12/2015 |
12/2014 |
|
Pre-Tax Profit
Margin (%) |
-0.68 % |
1.04 % |
1.61 % |
|
Return On
Capital Employed (%) |
-4.78 % |
7.78 % |
6.33 % |
|
Return On Total
Assets Employed (%) |
-2.15 % |
3.31 % |
3.38 % |
|
Return On Net
Assets Employed (%) |
-8.52 % |
14.67 % |
19.26 % |
|
Sales/Net
Working Capital |
-109.21 |
-79.56 |
42.34 |
|
Stock Turnover
Ratio (%) |
8.54 % |
7.08 % |
13.52 % |
|
Debtor Days |
24.35 |
26.51 |
29.88 |
|
Creditor Days |
43.63 |
32.77 |
45.41 |
|
Current Ratio |
0.95 |
0.93 |
1.11 |
|
Liquidity
Ratio/Acid Test |
0.46 |
0.54 |
0.50 |
|
Current Debt
Ratio |
2.19 |
2.55 |
2.66 |
|
Gearing (%) |
78.38 % |
88.47 % |
204.30 % |
|
Equity In
Percentage (%) |
25.26 % |
22.61 % |
17.57 % |
|
Total Debt Ratio |
2.97 |
3.43 |
4.71 |
Additional financials
|
Financial Year |
12/2016 |
12/2015 |
12/2014 |
|
Bonds and notes
- short terms |
- |
- |
- |
|
Bonds and notes
- long terms |
- |
- |
- |
|
Gross revenue |
96,422,000 |
- |
- |
|
Operating margin
ratio |
|
|
|
|
Working capital
ratio |
3.30 |
5.40 |
9.30 |
|
Networking
capital percentage |
-0.90 |
-1.30 |
2.40 |
|
Net gearing |
0.10 |
0.10 |
0.50 |
|
Equity ratio |
42.70 |
40.00 |
36.20 |
|
Operating income
percentage |
1.50 |
1.30 |
2.10 |
|
Relative
indebtedness |
18.20 |
18.90 |
30.50 |
|
Turnover per
person |
1,861,203 |
2,116,086 |
1,406,752 |
|
Financing result
percentage |
|
|
|
|
Number of shares |
42,000,000 |
|
|
Share Capital Structure
|
|
Nominal Share Capital 78,120,000 EUR |
|
Issued Share Capital 78,120,000 EUR |
Shareholders
|
|
|
Shareholder % Shares Held |
|
|
Outokumpu Europe Oy
100 |
|
Current Directors
|
||||
|
Name |
Date of birth |
City |
Appointment Date |
Position |
|
Sassi Martti Olavi |
20/12/1964 |
Keminmaa |
23/06/2016 |
Managing director |
|
Saksi Olli-Matti |
05/01/1967 |
Sveitsi |
05/11/2015 |
Chairman |
|
Keskitalo Ari Kalevi |
22/11/1964 |
Tornio |
02/08/2017 |
Ordinary member |
|
Kesti Risto Esa Ilmari |
28/12/1963 |
Tornio |
03/07/2015 |
Ordinary member |
|
Mäki-Jokela Antero Kristian |
19/08/1980 |
Kemi |
03/07/2015 |
Ordinary member |
|
Suurnäkki Matti Antero |
27/11/1964 |
Espoo |
20/06/2007 |
Ordinary member |
|
Yrjönmäki Minna Helmi Salome |
11/05/1967 |
Espoo |
23/06/2016 |
Ordinary member |
|
Hooli Jyrki Tapio |
05/08/1967 |
Tornio |
03/07/2015 |
Deputy member |
|
Jaako Marko Kalervo |
23/06/1970 |
Tornio |
02/08/2017 |
Deputy member |
Previous Directors
|
|||||
|
Name |
Date of birth |
City |
Appointment Date |
Position |
Resignation Date |
|
Hyykoski Jyrki Juhani |
18/04/1971 |
Tornio |
03/07/2015 |
Ordinary member |
01/08/2017 |
|
Lahdenperä Risto Lauri Juhani |
12/12/1958 |
Tornio |
03/07/2015 |
Deputy member |
01/08/2017 |
Ultimate Holding Parent
|
|
Ultimate Holding
Company Name VAT/Registration
Number |
|
Outokumpu Europe -konserni
08233124 |
Immediate Holding Parent
|
|
Immediate Holding Company Name VAT/Registration Number |
|
Outokumpu Europe Oy 08233124 |
Subsidiary Companies
|
|
|
Subsidiary Name |
Number |
|
Outokumpu Shipping Oy |
01933734 |
|
Outokumpu Tornio Infrastructure Oy |
25867575 |
|
Outokumpu Stainless B.V. |
|
Affiliates
|
|
|
Affiliate Name |
|
|
Asunto Oy Untolantie |
|
Number of payment defaults and other notifications
|
|
2 |
Payment defaults judgements and protests
|
|||
|
Date |
Details |
Amount |
Creditor |
|
2017-11-22 |
Private-judicial draft protest, not published |
868 |
Intrum Justitia Oy |
|
2017-05-23 |
Private-judicial draft protest, not published |
2,510 |
Intrum Justitia Oy |
Public announcements
|
|
No details available |
Bankruptcies
|
|
No details available |
Company restructurings
|
|
No details available |
Other credit issues
|
|
No details available |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.98 |
|
|
1 |
INR 90.95 |
|
Euro |
1 |
INR 79.51 |
|
Euro |
1 |
INR 79.59 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.