MIRA INFORM REPORT
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Report Date : |
18.10.2012 |
IDENTIFICATION DETAILS
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Name : |
ARSENAL AD |
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Registered Office : |
Ul. Rozova dolina No. 100 6100 Kazanlak |
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Country : |
Bulgaria |
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Year of Establishment : |
1992 |
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Legal Form : |
Joint Stock Company (AD) |
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Line of Business : |
Manufacture of weapons and ammunition |
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No. of Employees : |
5568 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
|
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: ARSENAL AD
International name: ARSENAL AD
Registered address:
Ul. Rozova dolina No. 100
6100 Kazanlak
Bulgaria
Telephone: +359-431-63322, +359-431-64693, +359-431-50 000
Fax: +359-431-63322,+359-431- 63783, +359-431-50 001
E-Mail: arsenal@arsenal-bg.com
Internet: http://www.arsenal.bg/
ESTABLISHMENT & REGISTRATION:
Established: 1992
Registered at Stara Zagora District Court
Court number 1203/1992
Bulstat/VAT number: 833067612
HISTORY:
ARSENAL J.S.Co. has 125-year long history. It was founded in 1878 in the
town of Rousse as first factory meant to serve the newly created Bulgarian
Army.
In 1924, due to some strategic considerations it was transferred to Kazanlak by
law of the National Assembly, and was given the name of State Military Works
for the production of cartridges and repair of all military equipment for the
need of army.
The engineering activity of Arsenal J.S.Co. started at 1987
Since 1992 the company exists as a commercial legal entity according to the
trade law.
LEGAL FORM:
Joint Stock Company
(AD)
REGISTERED CAPITAL:
BGN 2 225 224.00
SHAREHOLDERS/MANAGEMENT
SHAREHOLDERS:
ARSENAL-2000 - 99.63%
ID 123152884 (this is a company of the management and employees)
Other investors - 0.37%
MANAGEMENT:
NIKOLAY HRISTOV IBUSHEV
- manager
RELATED COMPANIES:
|
Company ID |
Company Name |
|
831901933 |
ELMETINJENERING |
|
131470807 |
BALKANSKI LOVETS |
|
130178497 |
ARSENAL TREYDING |
|
123671575 |
BALKANROZ TREYDING |
|
123517770 |
MEDITSINSKI TSENTAR ARSENAL |
|
121000613 |
ARMIMEKS |
BUSINESS
ACTIVITY
BUSINESS OPERATION:
NACE 1.1: 29.60
Manufacture of weapons and ammunition
Activity:
This is the biggest
Bulgarian producer of weapons and amunition.
NUMBER OF EMPLOYEES:
|
As at date |
Value |
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31.12.2008 |
5609 |
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31.12.2009 |
6195 |
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31.12.2010 |
7279 |
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Latest stand |
5568 |
EXPORT:
Bulgaria-free zone,
Turkey, Italy, Macedonia, Unified Arab Emirates
IMPORT:
Russia, Austria,
Macedonia, Czech Republic, Ukraine
REAL ESTATE:
Own production premises.
Overall area - 3 378 286
Built area - 412 510 m2
FINANCIAL
DATA
TURNOVER:
|
Year |
Currency |
Value |
|
2002 |
BGN |
48 107 000.00 |
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2003 |
BGN |
29 214 000.00 |
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2004 |
BGN |
70 509 000.00 |
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2005 |
BGN |
107 892 000.00 |
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2006 |
BGN |
125 345 000.00 |
MODES OF PAYMENT:
Payment experience
is not available due to the lack of financial data and the very speciffic kind of
operation, which suggests confidential relations between buyer and seller.
DEBT COLLECTION:
No debt collection
cases are registered against the company.
BANK DISTRAINTS:
No shares of the
company are under bank distraint.
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 cannot be compared to the branch.
GENERAL PAYMENT ASSESSMENT:
NOR
FINANCIAL OPINION:
Due to the lack of
financial data risk is above average.
COMMENTS ON FINANCIAL DATA
The company has not
published financial. Turnover from non-public source is available only until
2006. The company keeps its operation and financial performance in strict
confidentiality! From external point of evaluation we can confirm that the
company is operational and has estimated annual turnover in the amount of EUR
50 million.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.75 |
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|
1 |
Rs.85.07 |
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Euro |
1 |
Rs.69.04 |
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.