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|
|
MIRA INFORM REPORT
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Report No. : |
498282 |
|
Report Date : |
19.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
FREEPORT COBALT OY |
|
|
|
|
Formerly Known As : |
DOLOMITE ACQUISITION COMPANY OY |
|
|
|
|
Registered Office : |
Kobolttiaukio 1, 67900 Kokkola |
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|
|
|
Country : |
Finland |
|
|
|
|
Financials (as on) : |
December 2016 |
|
|
|
|
Date of Incorporation : |
21.02.2013 |
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|
|
|
Com. Reg. No.: |
25331869 |
|
|
|
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Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture of Other
Inorganic Basic Chemicals |
|
|
|
|
No. of Employees : |
415 [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 |
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|
|
|
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 |
Freeport Cobalt Oy |
|
Country |
FINLAND |
|
Company
Registration Number |
25331869 |
|
Activity Code |
20130 |
|
Activity
Description |
Manufacture of other inorganic basic chemicals |
|
Company Status |
Active (Active) |
|
Latest Turnover
Figure |
290,475,000 EUR |
|
Latest
Shareholder Equity Figure |
89,435,000 EUR |
Basic
Information
|
|
|
Business Name |
FREEPORT COBALT OY |
|
Registered
Company Name |
FREEPORT COBALT OY |
|
Company
Registration Number |
25331869 |
|
Country |
FINLAND |
|
VAT Registration
Number |
25331869 |
|
VAT Registration
Date |
20/03/2013 |
|
Date of Company
Registration |
21/02/2013 |
|
Date of Starting
Operations |
20/03/2013 |
|
Legal Form |
Limited Company |
|
Type of
Ownership |
Foreign owner |
|
Company Status |
Active (Active) |
|
Currency of this
Report |
EUR |
|
Principal
Activity Code |
20130 |
|
Principal
Activity Description |
Manufacture of other inorganic basic chemicals |
|
Contact Address |
Kobolttiaukio 1, 67900 Kokkola |
|
Contact
Telephone Number |
- |
Main
Address
|
Address |
Kobolttiaukio 1, 67900 Kokkola |
|
Country |
FINLAND |
|
Telephone |
- |
Other Addresses
|
|
Address Country |
|
Pl 286, 67101 Kokkola |
Activities
|
|
Activity Code Activity Description |
|
20130 Manufacture of other inorganic basic chemicals |
Email Addresses
|
|
No email addresses for this company |
Web Pages
|
Previous Names
|
|
Previous Name Date Changed from Previous Name |
|
Dolomite Acquisition Company Oy 30/12/2013 |
Employee Information
|
|
|
Year |
Number of
Employees |
|
2016 |
415 |
|
2015 |
447 |
|
2014 |
449 |
|
2013 |
0 |
Advisors
|
|
Auditor Name Ernst & Young Oy |
Miscellaneous Information
|
|
Fax Number |
|
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
|
|
Name |
|
No branches for current company |
Business mortgages summary
|
|
Number of mortgages 2 |
|
Total amounts of mortgages 500000000 |
Business mortgages
|
||||
|
First loan
number |
Number of bonds |
Amount of bonds |
Claimant/holder |
Date |
|
001 |
1 |
250000000 |
Bank of America N.A. |
01/03/2012 |
|
002 |
1 |
250000000 |
Bank of America N.A. |
01/03/2012 |
Import export activities
|
|
Import Export |
|
Yes Yes |
Register Information
|
|
|
Tax
administration |
21/02/2013 |
|
Trade register |
21/02/2013 |
|
Employer
register |
01/01/2014 |
|
Prepayment register |
- |
|
Date of latest
chagne in trade register |
24/05/2017 |
|
|
20/03/2013 |
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 |
290,475,000 |
-2.2% |
296,900,142 |
-7.0% |
319,397,000 |
|
Operating Costs |
280,746,000 |
-5.4% |
296,699,425 |
-1.1% |
300,048,000 |
|
Operating Profit |
9,729,000 |
4,747.1% |
200,717 |
-99.0% |
19,349,000 |
|
Pension Costs |
- |
- |
- |
- |
- |
|
Financial Income |
37,000 |
131.0% |
16,017 |
-71.9% |
57,000 |
|
Financial
Expenses |
12,869,000 |
-48.8% |
25,151,874 |
-5.1% |
26,505,000 |
|
Profit before
Tax |
-3,102,000 |
87.6% |
-24,935,139 |
-251.2% |
-7,099,000 |
|
Tax |
- |
-100.0% |
101,344 |
103.7% |
-2,760,000 |
|
Profit after Tax |
-3,102,000 |
87.6% |
-25,036,483 |
-477.0% |
-4,339,000 |
|
Other
Appropriations |
1,278,000 |
-54.0% |
2,780,783 |
-10.5% |
3,108,000 |
|
Retained Profit |
-4,381,000 |
84.3% |
-27,817,266 |
-273.5% |
-7,447,000 |
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 |
22,147,000 |
-4.4% |
23,175,622 |
-4.4% |
24,236,000 |
|
|
Plant &
Machinery |
62,088,000 |
-1.9% |
63,318,176 |
14.4% |
55,330,000 |
|
|
Other Tangible
Assets |
2,654,000 |
-68.4% |
8,399,247 |
-46.2% |
15,600,000 |
|
|
Total Tangible
Assets |
86,889,000 |
-8.4% |
94,893,045 |
-0.3% |
95,166,000 |
|
|
Goodwill |
57,465,000 |
-13.4% |
66,374,331 |
-11.1% |
74,676,000 |
|
|
Other Intangible
Assets |
2,478,000 |
-24.9% |
3,299,781 |
1.8% |
3,243,000 |
|
|
Total Intangible
Assets |
59,943,000 |
-14.0% |
69,674,112 |
-10.6% |
77,919,000 |
|
|
Investments |
66,000 |
0.3% |
65,788 |
-20.7% |
83,000 |
|
|
Loans To Group |
- |
- |
- |
- |
- |
|
|
Total Other
Fixed Assets |
- |
- |
- |
- |
- |
|
|
TOTAL FIXED
ASSETS |
146,898,000 |
-10.8% |
164,632,945 |
-4.9% |
173,168,000 |
|
|
Raw Materials |
70,186,000 |
45.9% |
48,099,873 |
-7.0% |
51,748,000 |
|
|
Work In Progress |
8,382,000 |
47.8% |
5,669,982 |
0.7% |
5,631,000 |
|
|
Finished Goods |
- |
41,102,770 |
-32.3% |
60,753,000 |
- |
|
|
Other
Inventories |
47,357,000 |
- |
- |
- |
|
|
|
Total
Inventories |
125,925,000 |
32.7% |
94,872,625 |
-19.7% |
118,132,000 |
|
|
Trade
Receivables |
25,037,000 |
28.1% |
19,548,238 |
-12.7% |
22,390,000 |
|
|
Group
Receivables |
- |
- |
- |
- |
- |
|
|
Receivables Due
After 1 Year |
- |
- |
- |
-100.0% |
260,000 |
|
|
Miscellaneous
Receivables |
10,526,000 |
0.9% |
10,431,576 |
-11.9% |
11,836,000 |
|
|
Total
Receivables |
35,563,000 |
18.6% |
29,979,814 |
-13.1% |
34,486,000 |
|
|
Cash |
9,971,000 |
11.6% |
8,937,783 |
16.2% |
7,692,000 |
|
|
Other Current
Assets |
- |
- |
- |
- |
- |
|
|
TOTAL CURRENT
ASSETS |
171,459,000 |
28.2% |
133,790,222 |
-16.5% |
160,310,000 |
|
|
TOTAL ASSETS |
318,357,000 |
6.7% |
298,423,167 |
-10.5% |
333,478,000 |
|
|
Trade Payables |
58,076,000 |
285.4% |
15,068,240 |
-56.1% |
34,336,000 |
|
|
Other Loans Or
Finance |
991,000 |
-86.8% |
7,518,613 |
712.8% |
925,000 |
|
|
Group Payables |
2,846,000 |
- |
- |
- |
- |
|
|
Miscellaneous
Liabilities |
4,479,000 |
-10.0% |
4,978,783 |
-9.9% |
5,523,000 |
|
|
TOTAL CURRENT
LIABILITIES |
66,392,000 |
140.9% |
27,565,636 |
-32.4% |
40,784,000 |
|
|
Trade Payables Due
After 1 Year |
- |
- |
- |
- |
- |
|
|
Other Loans Or Finance Due After 1 Year |
- |
-100.0% |
176,699,003 |
1.8% |
173,572,000 |
|
|
Group Payables
Due After 1 Year |
160,831,000 |
- |
- |
- |
- |
|
|
Miscellaneous Liabilities Due After 1 Year |
29,760,000 |
4.8% |
28,405,029 |
11.2% |
25,551,000 |
|
|
TOTAL LONG TERM
LIABILITIES |
190,591,000 |
-7.1% |
205,104,032 |
3.0% |
199,123,000 |
|
|
TOTAL
LIABILITIES |
256,983,000 |
10.4% |
232,669,668 |
-3.0% |
239,907,000 |
|
|
Called Up Share
Capital |
3,000 |
20.0% |
2,500 |
-16.7% |
3,000 |
|
|
Revenue Reserves |
-33,539,000 |
-15.0% |
-29,157,690 |
-2,075.9% |
-1,340,000 |
|
|
Other Reserves |
94,909,000 |
0.0% |
94,908,689 |
0.0% |
94,909,000 |
|
|
TOTAL SHAREHOLDERS
EQUITY |
61,373,000 |
-6.7% |
65,753,499 |
-29.7% |
93,572,000 |
|
Other Financials
|
|||||
|
Financial Year |
12/2016 |
(%) |
12/2015 |
(%) |
12/2014 |
|
Working Capital |
105,067,000 |
-1.1% |
106,224,586 |
-11.1% |
119,526,000 |
|
Net Worth |
1,430,000 |
136.5% |
-3,920,613 |
-125.0% |
15,653,000 |
Ratios
|
|||
|
Financial Year |
12/2016 |
12/2015 |
12/2014 |
|
Pre-Tax Profit Margin (%) |
-1.07 % |
-8.40 % |
-2.22 % |
|
Return On Capital Employed (%) |
-1.23 % |
-9.21 % |
-2.43 % |
|
Return On Total Assets Employed (%) |
-0.97 % |
-8.36 % |
-2.13 % |
|
Return On Net Assets Employed (%) |
-5.05 % |
-37.92 % |
-7.59 % |
|
Sales/Net Working Capital |
2.76 |
2.80 |
2.67 |
|
Stock Turnover Ratio (%) |
43.35 % |
31.95 % |
36.99 % |
|
Debtor Days |
31.46 |
24.03 |
25.59 |
|
Creditor Days |
72.98 |
18.52 |
39.24 |
|
Current Ratio |
2.58 |
4.85 |
3.93 |
|
Liquidity Ratio/Acid Test |
0.69 |
1.41 |
1.03 |
|
Current Debt Ratio |
1.08 |
0.42 |
0.44 |
|
Gearing (%) |
310.55 % |
311.93 % |
212.80 % |
|
Equity In Percentage (%) |
23.75 % |
28.74 % |
36.61 % |
|
Total Debt Ratio |
4.19 |
3.54 |
2.56 |
Additional financials
|
Financial Year |
12/2016 |
12/2015 |
12/2014 |
|
Bonds and notes - short terms |
- |
- |
- |
|
Bonds and notes - long terms |
- |
- |
- |
|
Gross revenue |
40,101,000 |
- |
- |
|
Operating margin ratio |
|
|
|
|
Working capital ratio |
32.00 |
33.50 |
33.20 |
|
Networking capital percentage |
36.20 |
35.80 |
37.30 |
|
Net gearing |
1.70 |
1.90 |
1.40 |
|
Equity ratio |
28.10 |
31.00 |
35.30 |
|
Operating income percentage |
3.30 |
0.10 |
6.00 |
|
Relative indebtedness |
78.80 |
69.30 |
67.60 |
|
Turnover per person |
699,940 |
664,206 |
711,352 |
|
Financing result percentage |
|
|
|
|
Number of shares |
100 |
|
|
Share Capital Structure
|
|
Nominal Share Capital 2,500 EUR |
|
Issued Share Capital 2,500 EUR |
Shareholders
|
|
|
Shareholder %
Shares Held |
|
|
Carollite Holdings
B.V. 100 |
|
Current Directors
|
||||
|
Name |
Date of birth |
City |
Appointment Date |
Position |
|
Sopo Jöran
Valdemar |
28/06/1965 |
Kokkola |
01/01/2014 |
Managing director |
|
Kravets Daniel
Packer |
- |
Yhdysvallat |
21/02/2013 |
Chairman |
|
Currault Douglas
Nicholas |
- |
Yhdysvallat |
21/02/2013 |
Ordinary member |
|
Higgins Stephen
Thomas |
- |
Yhdysvallat |
21/02/2013 |
Ordinary member |
|
Sopo Jöran
Valdemar |
28/06/1965 |
Kokkola |
10/04/2013 |
Ordinary member |
Other Company Officials
|
|||
|
Name |
City |
Appointment Date |
Position |
|
Valovirta Osmo
Antero |
Kaarina |
28/06/2013 |
Princ. resp.
auditor of acc. corp. |
Group Structure
|
|
No group structure
for this company |
Negative Information
|
|
No negative
information for this company |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.87 |
|
|
1 |
INR 90.49 |
|
Euro |
1 |
INR 79.91 |
|
Euro |
1 |
INR 80.00 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
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.