MIRA INFORM REPORT
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Report Date : |
14.08.2013 |
IDENTIFICATION DETAILS
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Name : |
METAL CUTTING MACHINES FACTORIES-BULGARIA HOLDING AD |
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Registered Office : |
Ul. Prof. Frityof Nansen No.37A, et.8 1142 Sofia |
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Country : |
Bulgaria |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
2001 |
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Legal Form : |
Joint Stock Company (AD) |
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Line of Business : |
Wholesale of machine tools |
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No. of Employees : |
19 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Bulgaria |
B1 |
B1 |
|
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, grew 1.7% in 2011, and 1% in 2012. 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: ZAVODI ZA METALOREJESHTI
MASHINI-BALGARIYA HOLDING AD
International name: METAL CUTTING MACHINES
FACTORIES-BULGARIA HOLDING AD
Registered address:
ul. Prof. Frityof Nansen No.37A, et.8
1142 Sofia
Bulgaria
Telephone: +359-2-9802417
Fax: +359-2-9814314
E-Mail: greta@zmmbulgaria.com
Head office:
10-12, Damyan Gruev Str.
1606 Sofia
Bulgaria
Telephone: +359-2-9801238, +359-2-9810753, +359-2-9811506
Fax: +359-2-9814314
E-Mail: office@zmmbulgaria.com
Internet: http://www.zmmbulgaria.com
ESTABLISHMENT & REGISTRATION:
Established: 2001
Registered at Sofia town court
Court number 2018/2001
Bulstat/VAT number: 130489690
LEGAL FORM:
Joint Stock Company (AD)
REGISTERED CAPITAL:
BGN 5 592 000.00
BANKERS:
Raiffeisenbank
(Bulgaria) AD
SHAREHOLDERS/MANAGEMENT
SHAREHOLDERS:
|
INDUSTRIALEN HOLDING BALGARIYA |
99.999% |
|
ID 121631219 |
|
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Others |
0.001% |
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|
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MANAGEMENT:
DANETA ANGELOVA
JELEVA - Representative
EMILIYAN EMILOV
ABADJIEV - Representative
RELATED COMPANIES:
|
Company ID |
Company Name |
|
837066486 |
AVGUSTA - MEBEL |
|
827183726 |
DUNAV TURS |
|
820165519 |
MASHSTROY |
|
816089204 |
HIMREMONTSTROY |
|
175026654 |
BULKARI |
|
148129319 |
KORABNO PROEKTIRANE |
|
131169490 |
BULYARD |
|
130735957 |
KLVK |
|
130510451 |
LEYARMASH |
|
130261651 |
HIDRO PAUAR BALGARIYA |
|
123028013 |
ELPO |
|
121664151 |
PRIVAT INJENERING |
|
121013335 |
LEYDI SOFIYA |
|
119003196 |
ZMM - NOVA ZAGORA |
|
119002557 |
ZMM-SLIVEN |
|
115035200 |
VINARSKA IZBA PALDIN |
|
114032607 |
OBNOVLENIE |
|
103930885 |
ODESOS PBM |
|
103618451 |
MERITAYM HOLDING |
|
103148230 |
ZSK - DEVNYA |
|
103036629 |
KORABOREMONTEN ZAVOD ODESOS |
|
102003925 |
KRZ PORT BURGAS |
|
000620115 |
ELPROM ZEM |
BUSINESS ACTIVITY
BUSINESS OPERATION:
NACE 1.1: 51.81
Wholesale of machine tools
Activity:
Design, production
and delivery of machine tools - wide range of Universal lathes and accessories
for them; CNC lathes.
NUMBER OF EMPLOYEES:
|
As at date |
Value |
|
31.12.2006 |
24 |
|
31.12.2007 |
24 |
|
31.12.2008 |
22 |
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31.12.2009 |
18 |
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31.12.2010 |
19 |
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31.12.2011 |
19 |
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12.06.2012 |
19 |
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Latest stand |
19 |
EXPORT:
GB, FR, IT, ES
IMPORT:
IT
REAL ESTATE:
Own premises.
FINANCIAL DATA
TURNOVER:
|
Year |
Currency |
Value |
|
2002 |
BGN |
23 266 000.00 |
|
2003 |
BGN |
22 203 000.00 |
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2004 |
BGN |
26 903 000.00 |
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2005 |
BGN |
29 842 000.00 |
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2006 |
BGN |
32 054 000.00 |
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2007 |
BGN |
26 088 000.00 |
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2008 |
BGN |
27 264 000.00 |
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2009 |
BGN |
10 362 000.00 |
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2010 |
BGN |
10 708 000.00 |
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2011 |
BGN |
15 878 000.00 |
|
2012 |
BGN |
18 941 000.00 |
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.
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 rate since
1998 is 1 BGN (denominated lev) = 0.51 EUR
|
Ratio |
2009 |
2010 |
2011 |
2012 |
|
Debt ratio |
0.07 |
0.08 |
0.16 |
0.27 |
|
Quick ratio |
2.75 |
2.63 |
1.24 |
0.55 |
|
Current ratio |
3.16 |
3.09 |
1.34 |
1.04 |
|
Days purchase in payables |
36.48 |
36.75 |
51.56 |
69.37 |
|
Operating margin in % |
19.86 |
21.92 |
18.70 |
19.82 |
|
Cash ratio (acid ratio) |
1.31 |
0.92 |
0.39 |
0.20 |
|
Return on sales ROS in % |
17.84 |
19.78 |
16.95 |
17.91 |
|
Return on assets ROA in % |
12.99 |
14.73 |
18.99 |
25.52 |
|
Return on equity ROE in % |
14.03 |
15.95 |
22.63 |
35.20 |
|
Days supply in inventory |
15.01 |
16.88 |
5.21 |
10.11 |
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Days sales in receivables |
52.46 |
62.73 |
44.01 |
24.01 |
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BALANCE SHEET in BGN'000 |
2009 |
2010 |
2011 |
2012 |
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Accounting period: |
1.1.2009 - |
1.1.2010 - |
1.1.2011 - |
1.1.2012 - |
|
Fixed assets |
10915 |
11006 |
11113 |
9484 |
|
Tangible assets |
33 |
23 |
120 |
285 |
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Intangible assets |
|
52 |
83 |
207 |
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Long-term investments |
10879 |
10929 |
10891 |
8987 |
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Goodwill |
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Prepaid expenses, deferred income, similar
accounts |
3 |
2 |
19 |
5 |
|
Current assets |
3322 |
3375 |
3058 |
3807 |
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Inventory |
432 |
502 |
230 |
532 |
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Short-term receivables |
1510 |
1866 |
1941 |
1263 |
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Short-term investments |
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|
|
1267 |
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Liquid assets |
1380 |
1007 |
887 |
745 |
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Prepaid expenses |
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Total Assets |
14237 |
14381 |
14171 |
13291 |
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Equity capital |
13179 |
13283 |
11892 |
9637 |
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Subscribed and paid capital |
5592 |
5592 |
5592 |
5592 |
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Reserves |
625 |
625 |
625 |
625 |
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Profit or loss carried forward |
5113 |
4948 |
2984 |
28 |
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Profit of the year |
1849 |
2118 |
2691 |
3392 |
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Loss of the year |
|
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|
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Long-term liabilities |
8 |
5 |
5 |
4 |
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Short-term liabilities |
1050 |
1093 |
2274 |
3650 |
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P&L ACCOUNT in BGN'000 |
2009 |
2010 |
2011 |
2012 |
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Accounting period: |
1.1.2009 - |
1.1.2010 - |
1.1.2011 - |
1.1.2012 - |
|
Total operating expenses |
8311 |
8490 |
13137 |
15360 |
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Financial expenditures |
10 |
14 |
41 |
17 |
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Extraordinary expenses |
|
|
|
|
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Profit before taxation |
2058 |
2347 |
2969 |
3754 |
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Taxes |
209 |
229 |
278 |
362 |
|
Profit after taxation |
1849 |
2118 |
2691 |
3392 |
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Total operating income |
10362 |
10708 |
15878 |
18941 |
|
Financial income |
17 |
143 |
269 |
190 |
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Extraordinary income |
|
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Loss after taxation |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.43 |
|
|
1 |
Rs.95.07 |
|
Euro |
1 |
Rs.81.77 |
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 |
|
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 |
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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 |
|
<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.