|
|
|
MIRA INFORM REPORT
|
Report No. : |
496413 |
|
Report Date : |
06.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
KULTAJOUSI OY |
|
|
|
|
Registered Office : |
Valitalontie
71, 00660 Helsinki |
|
|
|
|
Country : |
Finland |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
22.12.1967 |
|
|
|
|
Com. Reg. No.: |
02221632 |
|
|
|
|
Legal Form : |
Limited
Company |
|
|
|
|
Line of Business : |
Retail
Sale of Watches and Jewellery in Specialised Stores |
|
|
|
|
No. of Employees : |
Not Available |
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 : |
Satisfactory |
|
|
|
|
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
|
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 name
KULTAJOUSI OY
Company Summary
|
Business
Name |
Kultajousi
Oy |
|
Country |
FINLAND |
|
Company
Registration Number |
02221632 |
|
Activity
Code |
47770 |
|
Activity
Description |
Retail
sale of watches and jewellery in specialised stores |
|
Company
Status |
Active
(Active) |
|
Latest
Turnover Figure |
36,411,000
EUR |
|
Latest
Shareholder Equity Figure |
12,851,000
EUR |
Basic Information
|
Business
Name |
Kultajousi
Elegance Espoo Kauppakeskus Sello |
|
Registered
Company Name |
Kultajousi
Oy |
|
Company
Registration Number |
02221632 |
|
Country |
FINLAND |
|
VAT
Registration Number |
02221632 |
|
VAT
Registration Date |
01/06/1994 |
|
Date
of Company Registration |
22/12/1967 |
|
Date
of Starting Operations |
01/01/1968 |
|
Legal
Form |
Limited
company |
|
Type
of Ownership |
Foreign
owner |
|
Company
Status |
Active
(Active) |
|
Currency
of this Report |
EUR |
|
Principal
Activity Code |
47770 |
|
Principal
Activity Description |
Retail
sale of watches and jewellery in specialised stores |
|
Contact
Address |
Välitalontie
71, 00660 Helsinki |
|
Contact
Telephone Number |
- |
Main Address
|
Address |
Valitalontie
71, 00660 Helsinki |
|
Country |
FINLAND |
|
Telephone |
- |
Other Addresses
|
Address |
Country |
|
PL
56, 00661 Helsinki |
|
Activities
|
Activity
Code |
Activity
Description |
|
47770 |
Retail
sale of watches and jewellery in specialised stores |
Email Addresses
|
No email addresses for
this company |
Web Pages
Employee Information
|
Year |
Number
of Employees |
|
2016 |
NA |
|
2015 |
NA |
|
2014 |
NA |
|
2013 |
249 |
|
2012 |
256 |
|
2011 |
245 |
Advisors
|
Auditor
Name |
Ernst
& Young Oy |
Miscellaneous Information
|
Fax
Number |
+358
0207417619 |
|
Number
of places of business |
82 |
Auditor comment
|
Date
of accounts |
Comments |
|
2016-12-30 |
The
auditor has given an audit report of standard format. |
Additional names
|
Name |
Type |
|
Albrekts
Guld |
Auxiliary
business name |
|
Guldfynd
1952 |
Auxiliary
business name |
|
Hallbergs
Guld 1860 |
Auxiliary
business name |
|
Helsingin
Timanttikeskus Beryll |
Auxiliary
business name |
|
Hameenlinnan
Kello ja Kulta Virtanen |
Auxiliary
business name |
|
Joenkulta |
Auxiliary
business name |
|
Keisun
Koru |
Auxiliary
business name |
|
Kulta-Virtaset |
Auxiliary
business name |
|
Kultakumpula |
Auxiliary
business name |
|
Kultakonni |
Auxiliary
business name |
|
Kultaryntays |
Auxiliary
business name |
|
Westerback |
Auxiliary
business name |
|
Young
Gold |
Auxiliary
business name |
|
Goldrush |
Parallel
business name for the auxi |
|
Guldrush |
Parallel
business name for the auxi |
Branches
Name
Espoo
Espoo
Espoo
Espoo
Vantaa
Vantaa
Vantaa
Vantaa
Hyvinkaa
Hameenlinna
Hameenlinna
Hameenlinna
Imatra
Joensuu
Joensuu
Jyvaskyla
Jyvaskyla
Jyvaskyla
Jyvaskyla
Jyvaskyla
Jarvenpaa
Kempele
Kerava
Kirkkonummi
Kokkola
Kotka
Kotka
Kouvola
Kouvola
Kuopio
Kuopio
Kuopio
Lahti
Lahti
Lappeenranta
Lappeenranta
Lempaala
Lohja
Mikkeli
Nurmijarvi
Oulu
Oulu
Oulu
Oulu
Pori
Pori
Pori
Porvoo
Raisio
Raisio
Rauma
Riihimaki
Rovaniemi
Rovaniemi
Salo
Savonlinna
Seinajoki
Sastamala
Tampere
Tampere
Tampere
Tampere
Tornio
Turku
Turku
Turku
Turku
Turku
Turku
Vaasa
Vaasa
Vihti
Puuttuu
Business mortgages summary
|
Number
of mortgages |
12 |
|
Total
amounts of mortgages |
8006000 |
Business mortgages
|
First loan number |
Last loan number |
Number of bonds |
Amount of bonds |
Claimant/holder |
Date |
|
001 |
005 |
5 |
34000 |
OKO
Pankki Oyj |
21/07/1987 |
|
001 |
002 |
2 |
84000 |
OKO
Pankki Oyj |
31/10/1995 |
|
001 |
002 |
2 |
84000 |
OKO
Pankki Oyj |
19/06/1996 |
|
001 |
011 |
11 |
168000 |
OKO
Pankki Oyj |
17/04/1998 |
|
001 |
|
1 |
84000 |
OKO
Pankki Oyj |
06/09/1994 |
|
002 |
|
1 |
84000 |
OKO
Pankki Oyj |
06/09/1994 |
|
003 |
|
1 |
59000 |
OKO
Pankki Oyj |
06/09/1994 |
|
001 |
|
1 |
168000 |
OKO
Pankki Oyj |
23/08/1991 |
|
002 |
|
1 |
168000 |
OKO
Pankki Oyj |
23/08/1991 |
|
003 |
|
1 |
168000 |
OKO
Pankki Oyj |
23/08/1991 |
|
001 |
004 |
4 |
1000000 |
OKO
Pankki Oyj |
18/12/2001 |
|
005 |
|
1 |
920000 |
OKO
Pankki Oyj |
18/12/2001 |
Import Export Activities
|
Import |
Export |
|
Yes |
Yes |
Register Information
|
Tax
administration |
22/12/1967 |
|
Trade
register |
22/12/1967 |
|
Employer
register |
01/07/1978 |
|
Prepayment
register |
- |
|
Date
of latest chagne in trade register |
28/10/2016 |
|
|
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 |
36,411,000 |
3.1% |
35,323,829 |
-5.0% |
37,193,000 |
|
Operating
Costs |
37,955,000 |
7.4% |
35,332,632 |
-0.7% |
35,569,000 |
|
Operating
Profit |
-1,544,000 |
-17,439.5% |
-8,803 |
-100.5% |
1,624,000 |
|
Wages
& Salaries |
10,560,000 |
39.6% |
7,566,919 |
-15.2% |
8,927,000 |
|
Pension
Costs |
- |
-100.0% |
1,748,750 |
- |
- |
|
Depreciation |
884,000 |
10.0% |
803,903 |
34.4% |
598,000 |
|
Financial
Income |
- |
- |
- |
- |
- |
|
Financial
Expenses |
181,000 |
148.7% |
72,779 |
2.5% |
71,000 |
|
Extraordinary
Costs |
- |
- |
1,485,000 |
|
|
|
Profit before Tax |
-1,726,000 |
-2,015.6% |
-81,583 |
-220.0% |
68,000 |
|
Tax |
- |
100.0% |
-1,600 |
-112.3% |
13,000 |
|
Profit after Tax |
-1,726,000 |
-2,058.0% |
-79,983 |
-245.4% |
55,000 |
|
Other Appropriations |
|
|
|
|
|
|
Retained Profit |
-1,726,000 |
-2,058.0% |
-79,983 |
-245.4% |
55,000 |
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 |
- |
- |
- |
- |
- |
|
Plant
& Machinery |
- |
1,872,110 |
- |
- |
|
|
Other
Tangible Assets |
2,246,000 |
3,464.6% |
63,009 |
-97.1% |
2,161,000 |
|
Total
Tangible Assets |
2,246,000 |
16.1% |
1,935,119 |
-10.5% |
2,161,000 |
|
Goodwill |
- |
- |
- |
- |
- |
|
Other
Intangible Assets |
2,248,000 |
-2.0% |
2,293,130 |
1,100.6% |
191,000 |
|
Total
Intangible Assets |
2,248,000 |
-2.0% |
2,293,130 |
1,100.6% |
191,000 |
|
Investments |
2,878,000 |
1,490.8% |
180,917 |
0.0% |
181,000 |
|
Loans
To Group |
- |
- |
- |
- |
- |
|
Total
Other Fixed Assets |
- |
- |
- |
- |
- |
|
TOTAL
FIXED ASSETS |
7,372,000 |
67.2% |
4,409,166 |
74.1% |
2,533,000 |
|
Raw
Materials |
- |
- |
17,226,000 |
|
|
|
Finished
Goods |
- |
18,779,467 |
- |
- |
|
|
Other
Inventories |
19,588,000 |
35,351.5% |
55,253 |
- |
- |
|
Total
Inventories |
19,588,000 |
4.0% |
18,834,720 |
9.3% |
17,226,000 |
|
Trade
Receivables |
759,000 |
113.2% |
356,073 |
-29.2% |
503,000 |
|
Group
Receivables |
4,001,000 |
72.1% |
2,324,656 |
79.9% |
1,292,000 |
|
Receivables
Due After 1 Year |
- |
- |
- |
- |
- |
|
Miscellaneous
Receivables |
163,000 |
71.4% |
95,088 |
-79.6% |
467,000 |
|
Total
Receivables |
4,923,000 |
77.4% |
2,775,817 |
22.7% |
2,262,000 |
|
Cash |
837,000 |
25.2% |
668,403 |
-58.7% |
1,618,000 |
|
Other
Current Assets |
- |
- |
- |
- |
- |
|
TOTAL
CURRENT ASSETS |
25,348,000 |
13.8% |
22,278,940 |
5.6% |
21,106,000 |
|
TOTAL
ASSETS |
32,720,000 |
22.6% |
26,688,106 |
12.9% |
23,639,000 |
|
Trade
Payables |
3,466,000 |
23.7% |
2,801,779 |
-5.8% |
2,973,000 |
|
Bank
Liabilities |
3,427,000 |
224.9% |
1,054,784 |
71.5% |
615,000 |
|
Other
Loans Or Finance |
2,139,000 |
70.5% |
1,254,594 |
-21.8% |
1,605,000 |
|
Group
Payables |
8,100,000 |
77.0% |
4,575,097 |
170.4% |
1,692,000 |
|
Miscellaneous
Liabilities |
2,738,000 |
12.9% |
2,425,175 |
15.6% |
2,098,000 |
|
TOTAL
CURRENT LIABILITIES |
19,870,000 |
64.1% |
12,111,429 |
34.8% |
8,983,000 |
|
Trade
Payables Due After 1 Year |
- |
- |
- |
- |
- |
|
Other
Loans Or Finance Due After 1 |
- |
- |
- |
- |
- |
|
Group
Payables Due After 1 Year |
- |
- |
- |
- |
- |
|
Miscellaneous
Liabilities Due After 1 Year |
- |
- |
- |
- |
- |
|
TOTAL
LONG TERM LIABILITIES |
- |
- |
- |
- |
- |
|
TOTAL
LIABILITIES |
19,870,000 |
64.1% |
12,111,429 |
34.8% |
8,983,000 |
|
Called
Up Share Capital |
84,000 |
-0.4% |
84,346 |
0.4% |
84,000 |
|
Revenue
Reserves |
12,766,000 |
-11.9% |
14,491,515 |
-0.6% |
14,572,000 |
|
Other
Reserves |
1,000 |
22.5% |
816 |
-18.4% |
1,000 |
|
TOTAL
SHAREHOLDERS EQUITY |
12,851,000 |
-11.8% |
14,576,677 |
-0.5% |
14,657,000 |
Other Financials
|
Financial
Year |
12/2016 |
(%) |
12/2015 |
(%) |
12/2014 |
|
Working
Capital |
5,478,000 |
-46.1% |
10,167,511 |
-16.1% |
12,123,000 |
|
Net
Worth |
10,603,000 |
-13.7% |
12,283,547 |
-15.1% |
14,466,000 |
Ratios
|
Financial Year |
12/2016 |
|
12/2015 |
|
12/2014 |
|
Pre-Tax
Profit Margin (%) |
-4.74
% |
|
-0.23
% |
|
0.18
% |
|
Return
On Capital Employed (%) |
-13.43
% |
|
-0.56
% |
|
0.46
% |
|
Return
On Total Assets Employed (%) |
-5.28
% |
|
-0.31
% |
|
0.29
% |
|
Return
On Net Assets Employed (%) |
-13.43
% |
|
-0.56
% |
|
0.46
% |
|
Sales/Net
Working Capital |
6.65 |
|
3.47 |
|
3.07 |
|
Stock
Turnover Ratio (%) |
53.80
% |
|
53.32
% |
|
46.32
% |
|
Debtor
Days |
7.61 |
|
3.68 |
|
4.94 |
|
Creditor
Days |
34.74 |
|
28.95 |
|
29.18 |
|
Current
Ratio |
1.28 |
|
1.84 |
|
2.35 |
|
Liquidity
Ratio/Acid Test |
0.29 |
|
0.28 |
|
0.43 |
|
Current
Debt Ratio |
1.55 |
|
0.83 |
|
0.61 |
|
Gearing
(%) |
26.67
% |
|
7.24
% |
|
4.20
% |
|
Equity
In Percentage (%) |
42.17
% |
|
59.75
% |
|
62.51
% |
|
Total
Debt Ratio |
1.55 |
|
0.83 |
|
0.61 |
Additional financials
|
Financial Year |
12/2016 |
|
12/2015 |
|
12/2014 |
|
Bonds
and notes - short terms |
- |
|
- |
|
- |
|
Bonds
and notes - long terms |
- |
|
- |
|
- |
|
Gross
revenue |
18,750,000 |
3.5% |
18,119,548 |
-3.8% |
18,843,000 |
|
Operating
margin ratio |
-1.80 |
|
2.20 |
|
6.00 |
|
Working
capital ratio |
46.40 |
|
46.40 |
|
39.70 |
|
Networking
capital percentage |
15.00 |
|
28.80 |
|
32.60 |
|
Net
gearing |
0.40 |
|
0.10 |
|
0.00 |
|
Equity
ratio |
39.30 |
|
54.60 |
|
62.00 |
|
Operating
income percentage |
-4.20 |
|
0.00 |
|
4.40 |
|
Relative
indebtedness |
54.60 |
|
34.30 |
|
24.20 |
|
Turnover
per person |
- |
|
- |
|
- |
|
Financing
result percentage |
-2.30 |
|
2.00 |
|
5.70 |
|
Number
of shares |
10,030 |
|
|
|
|
Share Capital Structure
|
Nominal
Share Capital |
84,346
EUR |
|
Issued
Share Capital |
84,346
EUR |
Shareholders
|
Shareholder |
% Shares Held |
|
Golden
Heights Oy |
100 |
Current Directors
|
Name |
Date of birth |
City |
Appointment
Date |
Position |
|
Warborn
Sten Tage Birger |
- |
Iso-Britannia |
21/07/2006 |
Chairman |
|
Albrektson
Sverker |
- |
Ruotsi |
21/07/2006 |
Ordinary
member |
|
Warborn
Bengt Oskar Lennart |
- |
Portugali |
21/07/2006 |
Ordinary
member |
Other Company Officials
|
Name |
City |
Appointment Date |
Position |
|
Nyholm
Bengt Christer Valdemar |
Vantaa |
16/07/2009 |
Princ.
resp. auditor of acc. corp. |
Ultimate Holding Parent
|
Ultimate
Holding Company Name |
VAT/Registration
Number |
|
Golden
Heights -konserni |
20454536 |
Immediate Holding Parent
|
Immediate
Holding Company Name |
VAT/Registration
Number |
|
Golden
Heights Oy |
20454536 |
Subsidiary Companies
|
Subsidiary Name |
Number |
|
Oy
Alexander Tillander Ab |
01128057 |
Affiliates
Affiliate Name
No
affiliates for this company
Negative Information
No
negative information for this company
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.05 |
|
|
1 |
INR 89.70 |
|
Euro |
1 |
INR 80.03 |
|
EURO |
1 |
INR 80.25 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.