MIRA INFORM REPORT

 

 

 

Report Date :

13.10.2008

 

IDENTIFICATION DETAILS

 

Name :

SUMY PLANT OF PUMPING AND ENERGETIC MACHINERY NASOSENERGOMASH, PUBLIC JSC

 

 

Registered Office :

Privokzalnaya sq. 1 Sumy

 

 

Country :

Ukraine

 

 

Financials (as on) :

01.04.2008

 

 

Year of Establishment :

1949

 

 

Com. Reg. No.:

No. 16321050004000034

 

 

Legal Form :

Public Joint-Stock Company (w.e.f 09.10.1997)

 

 

Line of Business :

Manufacture of other pumps and compressors

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

EUR 650.000,00

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

COMPANY REPORTED

 

 

International Name: Sumy plant of pumping and energetic machinery Nasosenergomash, Public JSC
VIDKRITE AKTSIONERNE TOVARISTVO SUMSKIY ZAVOD NASOSNOGO TA ENERGETICHNOGO MASHINOBUDUVANNYA «NASOSENERGOMASH»

Principal Address:
Privokzalnaya sq. 1
Sumy
Ukraine
Tel: +380-542-619988, +380-542-619988, +380-542-619982, +380-542-281555
Fax: +380-542-780445
Email: nem@nempump.com
Internet: www.nempump.com

Registered office:
Privokzalnaya sq. 1
Sumy
Ukraine

Branches:
trade union organization
stat. number 21116847
legal address: Sumy, Privokzalnaya sq., 1

combine for public catering
stat. number 13997459
legal address: Sumy, Dzerzhinskogo str., 69

 

ICON number: 83065820
National ID: 05785448
VAT number: 57854418194
Statistic number: 05785448

 

 

CREDIT INFORMATION SUMMARY

 

 

 

Insolvency Information:

According to available information sources the company is not in a insolvency/preliminary/debt regulation proceeding.

 

 

Maximum Credit:

EUR 650.000,00

 

 

Payment Practices:

Payments are made according to terms

 

 

Debt Collection:

There is no record of any debt collection action against this company exceeding a single case volume of EUR 500.

 

COMPANY DETAILS

 

 

 

Established:

1949

 

 

Registration:

No. 16321050004000034
09.10.1997
Local Administration, Sumy, Ukraine

 

 

Legal Form:

Public Joint-Stock Company

 

 

History:

On 09.10.1997 the subject was registered as a Public Joint Stock Company.

 

 

Capital:

Nominal capital:

 

UAH 24.722.000,00

 

 

Shareholders:

Full Name

Function

Address

Equity capital

Gidravlicheskie Mashini, OOO
Registration: Russian Federation

Shareholder

 

83,00%


- other 10 legal persons - 5,54%
- private persons, total 2 841 shareholders - 11,459%, including:
Mr Nikolay Anatolevich Yanshin - 0,073%
Mr Viktor Alekseevich Kulik - 0,001%
Mr Oleg Anatolevich Sokolov - 0,001%
Mr Vasiliy Fedorovich Shastun - 0,003%
Mr Artem Vladimirovich Molchanov - 0,001%
Mr Andrey Evgenevich Novikov - 0,001%
Mr Yuriy Nikolaevich Skrynnik - 0,001%
Mr Vladimir Nikolaevich Yamburenko - 0,001%

The list of shareholders above as at 01.01.2007.

Full current list of shareholders is not available, so as the subject is a
public joint-stock company. Structure of the shareholders changes very often.

Nominee – depository (51,03%):
OAO «Mezhregionalnyi Fondovyi Soyuz» (Interregional Fund Union)
stat. number 24917996
legal address: Kiev, Vetrova str., 7-B

Nominee – keeper (37,29%):
AKB «OTP Bank», stat. number 21685166
legal address: Kiev, Zhilyanskaya str., 43

 

 

Management:

Full Name

Function

Address

VASCHENKO Aleksandr Ivanovich

Director (signature right)

Ukraine

 

 

 

KEY DATA ON OPERATIONS

 

 

Subject of Operation:

NACE
 2813 Manufacture of other pumps and compressors


Manufacture of pumps, hydraulic systems and compressors
NACE codes given are based on the most recent NACE Revision 2.

 

 

 

Key Data:

Amounts shown in Ukraine Hryvnia (UAH) Thousand

 

01.01.2008-01.04.2008

2007

2006

2005

Turnover

44.723

175.951

154.012

 

Noncurrent assets total

35.037

29.494

24.270

26.672

Capital and reserves total

85.422

83.540

73.205

70.751

 

 

 

Workforce:

 

01.01.2008

01.01.2007

2006

Total workforce

1.936

2.011

2.011

 

 

 

Imports:


for 2005 UAH 11,782,098
for 2006 UAH 9,109,803
for 2007 UAH 18,121,748

electromotors, articles from steel and iron, control-measuring instruments etc.

Russia, Korea, GB, Austria, Germany

 

 

 

Exports:


for 2005 UAH 85,384,858
for 2006 UAH 132,655,043
for 2007 UAH 146,630,497

pumps and parts for them

Russia, GB, USA, Kazakhstan, Belarus, Moldova, Bulgaria

 

 

 

Major Customers:

Main consumers in Russia, GB, USA, Kazakhstan, Byelarussia, Moldova, Bulgaria

 

 

 

Major Suppliers:

Supplies from Russia, Korea, GB, Austria, Germany

 

 

 

Real Estate:

Production premises
Address:
Privokzalnaya sq. 1
Sumy
Ukraine

Type of ownership: owned


As at 1.07.2007 in UAH:
-residual value - 19,850,000
-original value - 60,271,000
-tear & wear - 40,421,000

 

 

FINANCIAL INFORMATION

 

 

 

Financials:

Amounts shown in Ukraine Hryvnia (UAH) Thousand 

01.01.2008-01.04.2008

2007

2006

2005

 


BALANCE SHEET

 

ASSETS

I.

NON-CURRENT ASSETS

 

Intangible assets

9,00

 

 

 

- 

acquisition cost

 

 

233,00

233,00

- 

accumulated depreciation

 

 

233.000,00

233,00

 

Construction-in-progress

7.064,00

2.353,00

531,00

2.577,00

 

Tangible assets

21.527,00

21.203,00

 

 

- 

residual value

 

 

19.716,00

22.390,00

- 

acquisition cost

 

 

60.308,00

65.030,00

- 

accumulated depreciation

 

 

40.592,00

40.640,00

- 

other financial investments

429,00

429,00

614,00

605,00

 

Long-term accounts receivable

537,00

38,00

46,00

54,00

 

Deferred tax assets

5.471,00

5.471,00

3.294,00

984,00

 

Other noncurrent assets

 

 

69,00

62,00

 

Noncurrent assets total

35.037,00

29.494,00

24.270,00

26.672,00

II.

CURRENT ASSETS

 

Stock

 

 

22,00

28,00

- 

raw materials, consumables and supplies

17.855,00

16.947,00

9.988,00

13.617,00

- 

goods in process

53.512,00

50.620,00

35.156,00

41.357,00

- 

finished goods

23.231,00

13.987,00

19.011,00

24.045,00

- 

merchandise

22,00

25,00

 

 

- 

net realizable value

11.187,00

12.490,00

12.693,00

2.544,00

- 

acquisition cost

 

 

12.971,00

2.822,00

- 

doubtful debts reserve

 

 

278,00

278,00

- 

receivables due from public authorities (taxes etc.)

13.918,00

11.674,00

8.618,00

4.730,00

- 

payments in advance

13.503,00

18.878,00

8.763,00

4.118,00

 

Other current accounts receivable

1.148,00

808,00

916,00

1.574,00

 

Current financial investments

 

 

1,00

1,00

- 

funds in local currency

29,00

20,00

43,00

71,00

- 

funds in foreign currencies

6,00

463,00

17,00

1.046,00

 

Other current assets

1.200,00

1.275,00

418,00

447,00

 

Current assets total

135.611,00

127.187,00

95.646,00

93.578,00

 

Deferred charges

1.188,00

1.397,00

634,00

1.215,00

 

ASSETS TOTAL

171.836,00

158.078,00

120.550,00

121.465,00

 


EQUITY AND LIABILITIES

I.

CAPITAL AND RESERVES

 

Authorized capital

24.722,00

24.722,00

24.722,00

24.722,00

 

Additional paid-in capital

258,00

258,00

258,00

 

 

Other additional capital

11.048,00

11.048,00

11.048,00

12.878,00

 

Reserve capital

3.602,00

3.602,00

3.475,00

3.002,00

 

Retained earnings (Uncovered loss)

45.864,00

43.982,00

33.731,00

31.657,00

 

Capital decrease

72,00

72,00

29,00

1.508,00

 

Capital and reserves total

85.422,00

83.540,00

73.205,00

70.751,00

III.

Long-term liabilities

 

Long-term amounts owed to credit institutions

17.144,00

11.880,00

 

10.100,00

 

Long-term liabilities

17.144,00

11.880,00

 

10.100,00

IV.

Current liabilities

 

Short-term amounts owed to credit institutions

10.764,00

15.625,00

23.561,00

19.254,00

 

Bills of exchange payable

 

 

 

20,00

 

Trade creditors

4.432,00

2.546,00

2.564,00

1.381,00

- 

advanced payments

46.963,00

36.269,00

15.682,00

14.859,00

- 

liabilities to public authorities (taxes etc.)

1.437,00

1.796,00

1.562,00

1.504,00

- 

social security payable

1.195,00

997,00

595,00

828,00

- 

accrued payroll

2.596,00

2.172,00

1.648,00

1.861,00

- 

liabilities to shareholders

207,00

219,00

221,00

226,00

 

Other short-term liabilities

1.676,00

3.034,00

1.512,00

681,00

 

Current liabilities total

69.270,00

62.658,00

47.345,00

40.614,00

 

EQUITY AND LIABILITIES TOTAL

171.836,00

158.078,00

120.550,00

121.465,00

 

 

PROFIT AND LOSS ACCOUNT

 

 

Sales revenue (Income from sales of goods, works, services)

44.723,00

175.951,00

154.012,00

 

 

Value added tax

435,00

4.657,00

3.810,00

 

 

Net sales revenue

44.288,00

171.294,00

150.202,00

 

 

Cost of goods, work, services

33.242,00

124.814,00

114.914,00

 

 

Gross

 

profit

11.046,00

46.480,00

35.288,00

 

 

Other operating income

50.403,00

148.966,00

104.005,00

 

 

Administrative and management costs

3.855,00

12.493,00

10.082,00

 

 

Distribution costs

2.020,00

8.917,00

9.134,00

 

 

Other operating charges

51.719,00

155.847,00

110.042,00

 

 

Operating

 

profit

3.855,00

18.189,00

10.035,00

 

 

Income from capital participating

1,00

1,00

2,00

 

 

Other income

85,00

943,00

2.045,00

 

 

Interest payable

 

 

3.202,00

 

 

Capital participating expenses

746,00

3.277,00

 

 

 

Other charges

72,00

709,00

2.322,00

 

 

Financial result from ordinary activity before taxation

 

profit

3.123,00

15.147,00

6.558,00

 

 

Ordinary activity income-tax

1.253,00

4.766,00

4.011,00

 

 

Financial result from ordinary activity

 

profit

1.870,00

10.381,00

2.547,00

 

 

Extraordinary

 

income

12,00

10,00

 

 

 

charges

 

13,00

 

 

 

Net

 

profit

1.882,00

10.378,00

2.547,00

 

 


Operating charges details

 

Tangible expenses

 

 

68.302,00

 

 

Payroll costs

 

 

28.443,00

 

 

Allocation to social needs

 

 

10.979,00

 

 

Amortization charges

 

 

2.277,00

 

 

Other operating charges

51.719,00

155.847,00

110.042,00

 

 

OPERATING CHARGES TOTAL

52.910,00

167.015,00

131.264,00

 

 

 

 

Approximate Exchange Rates:

2007: 6,9179 UAH = 1 EUR
2006: 6,3369 UAH = 1 EUR
2007: 5,05 UAH = 1 USD
2006: 5,05 UAH = 1 USD

 

 

 

Bankers:

AB Kliringoviy dom - Account no. 2600520301
Kyiv, Krasnozvezdniy ave. 132

AKB Nadra - Account no. 26002000501001
Sumy branch Sumy, Kirova str., 4

OTP Bank ZAT - Account no. 26001001300313
01033 Kyiv, Zhilyanskaya str. 43

Ukreksimbank - Account no. 2600801282681
KIEW, 8 Kreschatik St.

 

 

 

 

Ratios

 

 

01.01.2008-01.04.2008

2007

2006

2005

Current assets turnover, %
Turnover / Current assets * 100

32,98

138,34

161,02

-

Net working capital
Current assets - Short term liabilities

66.341

64.529

48.301

52.964

Leverage
Equity / Total assets

0,50

0,53

0,61

0,58

Current ratio
Current assets / Short term liabilities

1,96

2,03

2,02

2,30

Quick ratio
(Current assets - Total stock) / Short term liabilities

-

-

2,02

2,30

Debt-to-equity ratio
(Short term liabilities + Long term liabilities) / Capital and reserves total

1,01

0,89

-

0,72

 

ADDITIONAL INFORMATION

 

 

Contact With Company:

There is no further information on the company at the sources available.

General data in this report have been taken from official sources, internet and directories available.

 

 

 

Additional information:

Decision number: 16321050004000034

 

 

 

Certificates:

Certificate: 100003356 from 01.12.2006

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.71

UK Pound

1

Rs.83.30

Euro

1

Rs.65.12

 

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