MIRA INFORM REPORT

 

 

Report Date :

21.08.2007

 

IDENTIFICATION DETAILS

 

Name :

INDIA HOUSE-ZAGREB d.o.o. za proizvodnju i trgovinu

 

 

Registered Office :

Žigrovićeva 1, HR 10000  Zagreb

 

 

Country :

Croatia

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

1995-12-05

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture of made-up textile articles, except apparel

Manufacture of workwear

Manufacture of other outerwear

 

 

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

 

Maximum Credit Limit :

EUR 10.000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name & address

 

INDIA HOUSE-ZAGREB d.o.o. za proizvodnju i trgovinu

Žigrovićeva 1

HR 10000  Zagreb

Tel: +385 1/2332300

Fax: +385 1/2332290

 

 

Legal form

 

limited liability company

 

                                    

Established    

 

1995

 

                                    

Registered

 

1995-12-05, Commercial Court Zagreb, Nr. 080036116

last court entry 2003-06-24

Statistic number: 1177176

 

                                    

Establisher

 

Joginder Singh Nijjar       100,00%

 

                                                                                                                                                        

Basic capital

 

HRK 1.500.000,00

2003.06.24 the capital was increased from HRK 19.000,00 to the above amount

 

                                    

Management   

 

Joginder Singh Nijjar, manager, born 1951-03-28, Božidara Magovca 39, 10000  Zagreb, Croatia

                                    

 

Activity

 

Other wholesale

Manufacture of made-up textile articles, except apparel

Manufacture of workwear

Manufacture of other outerwear

Manufacture of underwear

                                    

legal site and business premises are located at the above address business premises:
- Rakitska cesta 111, 10437 Rakitje
- Gundulićeva 26, 21000 Split
- Zvonimira Rogoza 3, 10000 Zagreb
- Radićeva 3, 10000 Zagreb

former company address was till 2001-09-10 in Nike Grškovića bb, Zagreb

                                    

the company owns vehicles, number and type not known


Book value of vehicles 2006.12.31: HRK 140.512,00

                                    

Basic activity (according to National activity classification):

Other wholesale                                               (51.7)

 

                                    

Staff

 

2003     16         employees

2004     16         employees

2005     16         employees

2006     14         employees

2007     17         employees

 

 

Total revenue      

 

2003 total revenue                      HRK     8.110.000

2004 total revenue                      HRK     8.475.000

2005 total revenue                      HRK     4.854.000

2006 total revenue                      HRK     6.605.000

01-03-2007 total revenue HRK     1.452.468

 

 

Real estate

 

data on real estate not available
Book value of buildings 2006.12.31: HRK 724.864,00
information about eventual mortgage existance not available

 

 

Assets

Currency: HRK ( x 1.000 )

2006-12-31

2005-12-31

2004-12-31

 

 

 

 

 

 

 

 

FIXED ASSETS

2.149

2.228

1.611

 

 

  Intangible assets

0

0

0

 

 

  Tangible assets

900

980

817

 

 

  Long term financ. assets

1.248

1.248

793

 

 

  Long term receivables

0

0

0

 

 

CURRENT ASSETS

6.218

3.996

4.815

 

 

  Inventories

2.494

1.896

1.951

 

 

  Short term receivables

2.592

1.776

2.466

 

 

  Short term financial assets

1.083

315

227

 

 

 Cash at bank and in hand

50

9

172

 

 

ACCRUALS

0

0

0

 

 

LOSS OVER THE CAPITAL

0

0

0

 

 

TOTAL ASSETS

8.367

6.224

6.426

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

Currency: HRK ( x 1.000 )

2006-12-31

2005-12-31

2004-12-31

 

 

 

 

 

 

 

 

EQUITY

1.840

1.777

1.720

 

 

  Subscribed capital

1.500

1.500

1.500

 

 

  Profit brought forward

257

220

124

 

 

  Profit of the period

83

57

96

 

 

PROVISIONS

0

0

0

 

 

LONG TERM LIABILITIES

555

588

553

 

 

SHORT TERM LIABILITIES

5.972

3.860

4.153

 

 

  Credits

5.007

2.862

2.878

 

 

  To suppliers

252

469

739

 

 

  To staff

7

50

85

 

 

  Taxes, fees, etc.

64

41

78

 

 

  Other short term liabilities

642

438

374

 

 

DEFFERED ITEMS

0

0

0

 

 

TOTAL LIABILITIES

8.367

6.224

6.426

 

 

 

 

 

 

 

Profit / loss account

Currency: HRK ( x 1.000 )

2006-12-31

2005-12-31

2004-12-31

 

 

OPERATING REVENUES

6.388

4.622

8.064

 

 

  Sales in the country

6.367

4.622

8.064

 

 

 

 

 

 

 

 

  Other revenues

20

0

0

 

 

OPERATING EXPENSES

6.108

4.391

7.794

 

 

    Material costs

4.941

3.302

5.957

 

 

    Staff costs

708

698

740

 

 

    Depreciation of fixed assets

89

68

379

 

 

    Other operating expenses

369

323

718

 

 

FINANCIAL REVENUES

135

24

301

 

 

FINANCIAL EXPENSES

357

337

508

 

 

EXTRAORDINARY REVENUES

82

208

109

 

 

EXTRAORDINARY EXPENSES

57

41

44

 

 

TOTAL REVENUES

6.605

4.854

8.475

 

 

TOTAL EXPENSES

6.522

4.769

8.346

 

 

    Profit before taxation

83

85

129

 

 

    Loss before taxation

0

0

0

 

 

    Taxation on profit

20

17

26

 

 

PROFIT OF THE PERIOD

63

68

104

 

 

LOSS OF THE PERIOD

0

0

0

 

 

Financial ratios

 

2006.

2005.

2004.

 

Financial stability ratio

0,5158

0,5735

0,6381

 

Solvency ratio (%)

21,99

28,55

26,77

 

Debt ratio (in years)

42,9408

32,7059

9,7433

 

Liquidity ratio

0,6236

0,544

0,6896

 

Current ratio

1,0412

1,0352

1,1594

 

Total assets turnover

0,7894

0,7799

1,3189

 

Inventories turnover

2,6484

2,5601

4,3439

 

Collection period (in days)

141,264

131,724

104,76

 

Inventories bonding (in days)

135,936

140,616

82,872

 

Profit margin (%)

0,95

1,4

1,23

 

Return on total assets (%)

0,75

1,09

1,62

 

Return on equity (%)

3,42

3,83

6,05

 

Total revenue per employee (x 1.000)

471,7857

303,375

529,6875

 

Profit per employee (x 1.000)

4,5

4,25

6,5

 

Equity per employee (x 1.000)

131,4286

111,0625

107,5

 

Total assets per employee (x 1.000)

597,6429

389

401,625

 

Staff costs/Turnover (%)

10,72

14,38

8,73

 

Average annual cost per employee (x 1.000)

50,5714

43,625

46,25

 

EBIT (x 1.000)

280

231

270

 

EBITDA (x 1.000)

369

299

649

 

EBIT Margin (%)

4,38

5

3,35

 

EBITDA Margin (%)

5,78

6,47

8,05

 

 

Remarks

 

2002 import HRK           3.455.927                     

2003 import HRK           5.055.755                     

2005 import HRK           1.899.701                     

2006 import HRK           3.800.528                     

 

2003  profit HRK            163.000

2004  profit HRK            129.000

2005  profit HRK            85.000 

2006  profit HRK            83.000 

01-03-2007 profit HRK    5.564   

           

Liabilities towards foreign suppliers:

2002.12.31: HRK   555.818,00
2003.12.31: HRK 1.391.902,00
2004.12.31: HRK   355.551,00
2005.12.31: HRK   224.249,00
2006.12.31: HRK    46.589,00

The following figures from balance sheet at 2007-03-30 are available:

- Stocks                                   HRK 2.283.734,00
- Liquid assets                           HRK      66.245,00
- Receivables from buyers        HRK 2.842.286,00
- Liabilities towards suppliers    HRK    422.262,00

Revenues in three months 2007 are for 44,37% higher than in the same period in 2006.


Profit decreased from HRK 27.229,00 in three months 2006 to HRK 5.564,00 in three months 2007.

Short company name: INDIA HOUSE-ZAGREB d.o.o.

Other functions and shares of Mr. Nijjar:
- INDO-CROATIA TRADING HOUSE d.o.o., Zagreb, manager
- VIS KIŠOBRANARNA I GALENTERIJA d.d., Varaždin, member

           

Exchange rate:

2002-12-31        EUR 1 = HRK 7,4423
2003-12-31        EUR 1 = HRK 7,6469
2004-12-31        EUR 1 = HRK 7,6712
2005-12-31        EUR 1 = HRK 7,3756
2006-12-31        EUR 1 = HRK 7,3451

2007-03-31        EUR 1 = HRK 7,3825

                                                              

Inflation:           

2002:    2,3%

2003:    1,5%

2004:    2,1%

2005:    3,6%

2006:    3,2%

03.2007:            1,8%

 

 

Bankers

 

ZAGREBACKA BANKA d.d.

Paromlinska 2, 10000 Zagreb, Croatia

2360000-1101498849

 

HYPO ALPE-ADRIA BANK d.d.

Koturaska 47, 10000 Zagreb, Croatia

2500009-1101070153

 

RAIFFEISENBANK AUSTRIA d.d.

Petrinjska 59, 10000 Zagreb, Croatia

2484008-1101228542

 

CROATIA BANKA d.d.

Kvaternikov trg 9, 10000 Zagreb, Croatia

2485003-1100226375

                                    

 

Mode of payment

 

no complaints

                                    

 

Credit opinion

 

business conections appear permissible

 

Max. credit EUR 10.000

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions