MIRA INFORM REPORT

 

 

Report Date :           

12.11.2011

 

IDENTIFICATION DETAILS

 

Name :

SKF BERINGS BALGARIYA

 

 

Registered Office :

Ul. Tsar Osvoboditel № 10, 1000 Sofiya

 

 

Country :

Bulgaria

 

 

Financials (as on) :

2010

 

 

Date of Incorporation :

10.08.2001

 

 

Com. Reg. No.:

No. 8168 

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture of bearings, gears, gearing and driving elements

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

EUR 250.000,00

Status :

Moderate

Payment Behaviour :

No Complaints

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Bulgaria

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 


COMPANY REPORTED    

 

 

 

SKF BERINGS BALGARIYA
International Name: SKF BEARINGS BULGARIA
 

Principal Address:
ul. "SHesti septemvri" 51
1000 Sofiya
Bulgaria
Telephone: +359-2-9814273, +359-2-9804891, +359-2-9801358
Fax: +359-2-9814272
Email:                      skfbg@skf.bg
Web:                       http://www.skf.bg

Registered office:
ul. TSAR OSVOBODITEL № 10
1000 Sofiya
Bulgaria
Telephone: +359-2-9801358

Main production:
ul. IVAN VAZOV № 1
4330 Sopot
Bulgaria
Telephone: +359-335-90254, +359-3134-2561, +359-3134-2425
Fax: +359-335-90223

 

ICON number: 44666830 
National ID: 130575495 
VAT number: BG130575495

 

Registration status: 10.08.2001 - registered company
Activity status: active company

 

 

 

 

 

CREDIT INFORMATION SUMMARY  

 

 

 

Insolvency Information:

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

 

 

Maximum Credit:

EUR 250.000,00

 

 

 

 

Payment Practices:

Payments are made mostly according to terms

 

 

Further Rating Information:

Researched company is categorized as a big company.
Turnover volume of BGN 115.912.000 in the year 2010 increased by 125,66% compared with 2009. In the previous period this change was -5,27%.
Fixed assets increased by BGN 8.661.000 and are 49,90% of total assets.

Positive Cash flow from results of BGN 20.778.000, in the last period the value was negative.

 

 

Debt Collection

There is no record of any debt collection action against this company.

 

 

                                                                               

COMPANY DETAILS

             

 

 

Established:

10.08.2001

 

 

Registration:

No. 8168 
10.08.2001 
Sofia town court, Bulgaria

 

 

Legal Form:

joint stock company with one shareholder only

 

 

Former Legal Form:

limited liability company with one shareholder only

 

 

Capital:

Nominal capital:

 

BGN 24.664.309,00

Number of Ordinary shares:

24.664.309

 

Value per share of Ordinary shares:

BGN 1,00

 

 

Paid-up capital:

 

BGN 24.664.309,00

 

Paid other than in cash:

BGN 42.425.427,00

 

 

 

 

Shareholders:

Full Name

Function

Address

Equity capital

SKF
Registration: Sweden

Shareholder

 

100,00%

 

 

Management:

Full Name

Function

Address

VENETA HRISTOVA SOKOLOVA-IGNATOVA

Member of the executive board

Bulgaria

GALIN STOYNOV MANOV

Member of the executive board

Bulgaria

DIDIE SHARL KOMB

Member of the executive board

 

ETORRE FORNERO

Member of the executive board

 

MILENA DIMITROVA DOYNOVA

Member of the executive board

Bulgaria

MIHAIL ATANASOV GEORGIEV

Member of the executive board

Bulgaria

FILIP PEROZ

Member of the executive board

 

DARIO BERTORELI

Member of the supervisory board

 

KARL FREDRIK ORSTADIUS

Member of the supervisory board

 

MAURO KARARA

Member of the supervisory board

 

PETER BREZNIK

Member of the supervisory board

 

FRANKO FERO

Member of the supervisory board

 

Giuseppe GEMISIO
Nationality: IT

Proxy

Italy

 

 

Related Companies:

RFT S.P.A. - ITALIYA CHujdestranno nefizichesko litse s myasto na stopanska deynost v stranata,: 176093595

 

 

                                                                               

KEY DATA ON OPERATIONS      

 

 

 

Subject of Operation:

NACE
  2815 Manufacture of bearings, gears, gearing and driving elements


In March 2002 the subject (as a wholly owned subsidiary of the Swedish company SKF) bought the production unit of VMZ EAD (a state owned company that produces miliatry equipment, located in the town of Sopot)
The price of the deal was EUR 7.300.000,- paid in the day of the contract + engagement for future investment of EUR 3.450.000,-

As the production unit of VMZ was not a separate legal entity (it was just a plant within VMZ) there are no financial of it.
NACE codes given are based on the most recent NACE Revision 2.

 

 

Key Data: 

Amounts shown in Bulgarian Lev (BGN)

 

2010

2009

2008

2007

Turnover

115.912.000

51.366.000

54.224.000

49.626.000

Fixed assets

52.927.000

44.266.000

 

33.692.000

Equity capital

50.672.000

29.894.000

 

2.812.000

Liabilities

55.401.000

49.561.000

 

64.768.000

Profit after taxation

20.778.000

0

 

0

Loss after taxation

0

7.766.000

 

11.797.000

 

 

 

 

 

 

Industry average

 

2010

2009

2007

2006

 

2010

2009

2007

2006

ROA (%)

-

-

0

0

 

 

5,63

8,41

4,40

ROE (%)

31,88

0

0

0

 

 

14,51

20,16

14


Industry average values are listed for the NACE branch: C - Manufacturing

 

 

Workforce:

 

2010

2009

2008

2006

Total workforce

1.438

1.085

1.103

1.175

 

 

                                                                               


FINANCIAL INFORMATION   

 

 

 

Financials: 

Amounts shown in Bulgarian Lev (BGN)  

2010

2009

2007

2006

 



BALANCE SHEET

 

Unpaid issued capital

 

 

0,00

0,00

 

FIXED ASSETS

52.927.000,00

44.266.000,00

33.692.000,00

23.501.000,00

 

Tangible fixed assets

48.767.000,00

44.236.000,00

33.688.000,00

23.470.000,00

 

Intangible assets

22.000,00

30.000,00

4.000,00

31.000,00

 

Long-term investments

4.138.000,00

0,00

0,00

0,00

 

Goodwill

0,00

0,00

0,00

0,00

 

Prepaid expenses, deferred income, similar accounts

0,00

0,00

0,00

0,00

 

CURRENT ASSETS

53.088.000,00

35.189.000,00

33.725.000,00

23.853.000,00

 

Inventory

17.699.000,00

16.746.000,00

14.630.000,00

9.721.000,00

 

Short-term receivables

26.532.000,00

17.008.000,00

16.500.000,00

12.931.000,00

 

Own shares, partnership shares, shares bought for resale

0,00

0,00

0,00

0,00

 

Liquid assets

8.857.000,00

1.435.000,00

2.595.000,00

1.201.000,00

 

PREPAID EXPENSES

58.000,00

0,00

163.000,00

183.000,00

 

TOTAL ASSETS

106.073.000,00

79.455.000,00

67.580.000,00

47.537.000,00

 

Equity capital

50.672.000,00

29.894.000,00

2.812.000,00

-6.680.000,00

 

Subscribed and paid capital

24.664.000,00

24.664.000,00

23.664.000,00

2.376.000,00

 

Reserves

98.961.000,00

98.961.000,00

57.535.000,00

57.535.000,00

 

Profit or loss carried forward

-72.953.000,00

-93.731.000,00

-66.590.000,00

-49.295.000,00

 

Profit of the year

 

 

0,00

0,00

 

Loss of the year

 

 

-11.797.000,00

-17.296.000,00

 

Long-term liabilities

866.000,00

1.370.000,00

909.000,00

902.000,00

 

Short-term liabilities

54.535.000,00

48.191.000,00

63.859.000,00

53.315.000,00

 



PROFIT AND LOSS

 

Total operating expenses

99.763.000,00

59.136.000,00

61.660.000,00

48.493.000,00

 

Expenses on financial transactions (financial expenditures)

17.395.000,00

1.529.000,00

2.412.000,00

1.748.000,00

 

Extraordinary expenses

0,00

0,00

0,00

0,00

 

Profit before taxation

16.153.000,00

0,00

0,00

0,00

 

Taxes,duties and similar expenses

4.625.000,00

0,00

0,00

0,00

 

Profit after taxation

20.778.000,00

0,00

0,00

0,00

 

Total operating income

115.916.000,00

51.370.000,00

49.863.000,00

31.197.000,00

 

Income from financial transactions (financial income)

4.000,00

4.000,00

237.000,00

69.000,00

 

Extraordinary income (extraordinary benefit)

0,00

0,00

0,00

0,00

 

Loss after taxation

0,00

7.766.000,00

11.797.000,00

17.296.000,00



 

 

Approximate Exchange Rates:

2009: 1,955 BGN = 1 EUR
2008: 1,955 BGN = 1 EUR
2007: 1,955 BGN = 1 EUR
2006: 1,955 BGN = 1 EUR

 

 

Financial Comments:

Market leaders in the sector are:
bulstat Name MarketShare
130575495 SKF BERINGS BALGARIYA EAD 71,24%
117008114 MODUL AD 9,50%
119003196 ZMM - NOVA ZAGORA AD 8,30%

 

 

Ratios: 

 

 

 

 

 

Industry average

 

2010

2009

2007

2006

 

2010

2009

2007

2006

Net working capital
Current assets - Short-term liabilities

BGN -1.447.000,00

BGN -13.002.000,00

BGN -30.134.000,00

BGN -29.462.000,00

 

 

BGN 156.029.636

BGN 5.728.885.000

BGN 367.592.000

Acid ratio

0,16

0,03

0,04

0,02

 

 

0,24

0,17

0,11

Quick ratio
(Current assets - Inventory)/Current liabilities

0,65

0,38

0,30

0,27

 

 

0,95

0,76

0,59

Current ratio

0,97

0,73

0,53

0,45

 

 

1,46

1,36

1,10

Equity ratio
Equity Capital / Total Assets

0,48

0,38

0,04

-0,14

 

 

0,41

0,42

0,31

Equity to debt ratio

0,91

0,60

0,04

-0,12

 

 

0,85

0,72

0,45

Debt/Equity

1,09

1,66

23,03

-8,12

 

 

1,86

1,39

2,22

Gearing ratio 1 (Net Debt to Capital)

1,09

1,66

23,03

-8,12

 

 

5,78

4,98

3,79

Gearing ratio 2 (Bank Loans to Capital)

-

-

-

0

 

 

1,91

1,39

1,01

Gearing ratio 3 (Intercompany Loans to Capital)

-

-

-

-7,01

 

 

0,65

0,90

0,60

Total Liabilities/Total Assets

0,52

0,62

0,96

1,14

 

 

0,57

0,58

0,69

ROA (%)

-

-

0

0

 

 

5,63

8,41

4,40

ROI (%)

-

-

0

0

 

 

14,47

20,11

14

ROE (%)

31,88

0

0

0

 

 

14,51

20,16

14

EBIT Margin (%)

-

-

4,38

5,39

 

 

9,44

6,85

6,89

Gross Margin (%)

13,94

0

0

0

 

 

7,43

8,08

0,75

Operating Profit Margin (%)

-

-

0

0

 

 

7,41

8,06

4,39

Inventory/Turnover

0,15

0,33

0,29

0,31

 

 

0,26

0,21

0,27

Work in Process/Turnover

-

-

0,05

0,07

 

 

0,40

 

 

Finished Goods/Turnover

-

-

0,02

0,05

 

 

0,05

 

 

Net Sales/Total Assets

1,09

0,65

0,73

0,65

 

 

0,77

1,04

1,73

Net Sales/Working Capital

-80,11

-3,95

-1,65

-1,06

 

 

8,42

8,28

18,09

Net Sales/Equity

2,29

1,72

17,65

-4,66

 

 

2,35

2,49

7,14

Days sales in receivables
(Receivables / Turnover) * No. of days in period

82,40

119,20

119,70

149,55

 

 

108,48

72,74

 


Industry average values are listed for the NACE branch: C - Manufacturing

 


FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.50.28

UK Pound

1

Rs.80.08

Euro

1

Rs.68.45

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.