MIRA INFORM REPORT
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Report Date : |
05.10.2012 |
IDENTIFICATION DETAILS
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Name : |
KTSM AD |
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Registered Office : |
UL. Asenovgradsko shoes 4009 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1960 |
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Legal Form : |
Joint Stock Company (AD) |
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Line of Business : |
Production of zinc, lead, cadmium, sulphuric acid, zinc sulphat, noble metals. |
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No. of Employees : |
1348 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Bulgaria |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
BULGARIA - ECONOMIC OVERVIEW
Bulgaria, a former Communist
country that entered the EU on 1 January 2007, averaged more than 6% annual
growth from 2004 to 2008, driven by significant amounts of bank lending,
consumption, and foreign direct investment. Successive governments have
demonstrated a commitment to economic reforms and responsible fiscal planning,
but the global downturn sharply reduced domestic demand, exports, capital
inflows, and industrial production. GDP contracted by 5.5% in 2009, stagnated
in 2010, despite a significant recovery in exports, and grew approximately 2.2%
in 2011. Despite having a favorable investment regime, including low, flat
corporate income taxes, significant challenges remain. Corruption in public administration,
a weak judiciary, and the presence of organized crime continue to hamper the
country's investment climate and economic prospects.
Source
: CIA
COMPANY
DETAILS
Local name: KTSM AD
International name: KCM AD
Registered address:
ul. Asenovgradsko shose
4009 Plovdiv
Bulgaria
Telephone: +359-32-609464, +359-32-623541
Fax: +359-32-623570
E-Mail: mariana.gurkopashova@kcm.bg
Internet: http://www.kcm.bg
ESTABLISHMENT & REGISTRATION:
Established: 1960
Registered at Plovdiv District Court
Court number 11170/1991
Bulstat/VAT number: 115007471
HISTORY:
Established as State company in 1960.
It was privatized in 2000.
LEGAL FORM:
Joint Stock Company
(AD)
REGISTERED CAPITAL:
BGN 108 000 000.00
BANKERS:
UNICREDIT BULBANK
AD, www.bulbank.bg
SHAREHOLDERS/MANAGEMENT
SHAREHOLDERS:
KCM 2000 AD - 94.51%
ID 115526612
DF STANDART INVESTMANT VISOKODOHODEN FOND - 0.08%
ID 175005254
RODOPI COUNTY - 0.02%
Private persons - 5.39%
MANAGEMENT:
STOYAN GEORGIEV
PEHLIVANOV - manager
RELATED COMPANIES:
|
Company ID |
Company Name |
|
201807917 |
TSAR ASEN - 2 |
|
200732753 |
KTSM INDUSTRIALEN SERVIZ |
|
115893672 |
KTSM TEHNOLODJI |
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115861678 |
PROMISHLENO - TARGOVSKA ZONA KUKLEN |
|
115834841 |
KTSM TREYD |
|
115793921 |
STOPANSKI DEYNOSTI KTSM |
|
115747977 |
ELEKTROSERVIZ KTSM |
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115747938 |
MEHANOSERVIZ KTSM |
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115747920 |
AMT SERVIZ KTSM |
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115621195 |
METALURGREMONT 21 |
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115515459 |
STROYSERVIZ |
|
000448295 |
BALKO INTERNESHANAL |
BUSINESS
ACTIVITY
BUSINESS OPERATION:
NACE 1.1: 27.43
Lead, zinc and tin production
Activity:
Production of zinc,
lead, cadmium, sulphuric acid, zinc sulphat, noble metals. The company sells
internationally directly through The London Metal Exchange.
NUMBER OF EMPLOYEES:
|
As at date |
Value |
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31.12.2006 |
1381 |
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31.12.2007 |
1405 |
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31.12.2008 |
1383 |
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31.12.2009 |
1360 |
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31.12.2010 |
1418 |
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30.09.2011 |
1360 |
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Latest stand |
1348 |
EXPORT:
Egypt, EU, Russia,
Ukraine
IMPORT:
EU, Israel, USA
REAL ESTATE:
Own premises
FINANCIAL
DATA
TURNOVER:
|
Year |
Currency |
Value |
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1998 |
BGN |
151 986 851.00 |
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1999 |
BGN |
154 632 000.00 |
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2000 |
BGN |
190 826 000.00 |
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2001 |
BGN |
201 591 000.00 |
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2002 |
BGN |
173 714 000.00 |
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2003 |
BGN |
181 480 000.00 |
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2004 |
BGN |
232 076 000.00 |
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2005 |
BGN |
307 901 000.00 |
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2006 |
BGN |
528 808 000.00 |
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2007 |
BGN |
640 885 000.00 |
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2008 |
BGN |
465 757 000.00 |
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2009 |
BGN |
370 507 000.00 |
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2010 |
BGN |
530 972 000.00 |
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2011 |
BGN |
579 996 000.00 |
MODES OF PAYMENT:
Payments are made
within agreed terms.
DEBT COLLECTION:
No debt collection
cases are registered against the company.
BANK DISTRAINTS:
No shares of the company
are under bank distraint. The whole company is pledged against a loan from
Unicredit Bulbank and the European Bank (EBRD) in the amount of USD 66 500 000.
UNPAID TAXES/ CONTRIBUTIONS TO GOVERNMENT:
There is no
publication about overdue unpaid taxes.
INVOLVEMENT IN LEGAL DISPUTES:
There is no
publication about legal claims or disputes against the company.
OTHER PAYMENT INFORMATION:
No adverse payment
information is available.
BRANCH INDICATOR:
The company's payment
behaviour is average for the branch.
Exchange since for
1998 BGN (denominated lev) = 0.51 EUR
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Ratio |
2008 |
2009 |
2010 |
2011 |
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Debt ratio |
0.63 |
0.63 |
0.68 |
0.63 |
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Quick ratio |
0.19 |
0.18 |
0.33 |
0.39 |
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Current ratio |
1.11 |
1.02 |
1.58 |
1.67 |
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Days purchase in payables |
70.77 |
98.30 |
56.61 |
66.02 |
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Operating margin in % |
0.00 |
0.69 |
0.00 |
0.00 |
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Cash ratio (acid ratio) |
0.02 |
0.00 |
0.01 |
0.05 |
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Return on sales ROS in % |
0.00 |
0.17 |
0.00 |
0.00 |
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Return on assets ROA in % |
0.00 |
0.19 |
0.00 |
0.00 |
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Return on equity ROE in % |
0.00 |
0.50 |
0.00 |
0.00 |
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Days supply in inventory |
65.39 |
81.81 |
70.38 |
82.14 |
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Days sales in receivables |
12.22 |
17.61 |
18.54 |
22.65 |
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BALANCE SHEET in BGN'000 |
2008 |
2009 |
2010 |
2011 |
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Accounting period: |
1.1.2008 - |
1.1.2009 - |
1.1.2010 - |
1.1.2011 - |
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Fixed assets |
236208 |
234896 |
232144 |
324151 |
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Tangible assets |
225601 |
226874 |
212695 |
300807 |
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Intangible assets |
518 |
175 |
191 |
236 |
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Long-term investments |
7095 |
7066 |
18686 |
23108 |
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Goodwill |
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Prepaid expenses, deferred income, similar
accounts |
2994 |
781 |
572 |
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Current assets |
102025 |
102671 |
131161 |
175071 |
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Inventory |
84587 |
84180 |
103124 |
130602 |
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Short-term receivables |
15811 |
18124 |
27172 |
36016 |
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Short-term investments |
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249 |
3394 |
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Liquid assets |
1627 |
367 |
616 |
5059 |
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Prepaid expenses |
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Total Assets |
338233 |
337567 |
363305 |
499222 |
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Equity capital |
125656 |
126259 |
118068 |
185343 |
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Subscribed and paid capital |
108000 |
108000 |
108000 |
108000 |
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Reserves |
114346 |
114324 |
114842 |
182615 |
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Profit or loss carried forward |
5158 |
-96668 |
-96583 |
-103398 |
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Profit of the year |
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603 |
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Loss of the year |
-101848 |
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-8191 |
-1874 |
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Long-term liabilities |
121031 |
110163 |
162286 |
208915 |
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Short-term liabilities |
91546 |
101145 |
82951 |
104964 |
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P&L ACCOUNT in BGN'000 |
2008 |
2009 |
2010 |
2011 |
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Accounting period: |
1.1.2008 - |
1.1.2009 - |
1.1.2010 - |
1.1.2011 - |
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Total operating expenses |
548508 |
347540 |
509384 |
568895 |
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Financial expenditures |
22495 |
20492 |
33354 |
21372 |
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Extraordinary expenses |
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29 |
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Profit before taxation |
|
2561 |
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Taxes |
-3211 |
1936 |
-57 |
-543 |
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Profit after taxation |
|
625 |
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Total operating income |
465757 |
370507 |
530972 |
579996 |
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Financial income |
54 |
93 |
3491 |
7627 |
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Extraordinary income |
1371 |
22 |
27 |
227 |
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Loss after taxation |
101848 |
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8191 |
1874 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.97 |
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1 |
Rs.83.67 |
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Euro |
1 |
Rs.67.16 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.