MIRA INFORM REPORT

 

 

Report Date :

21.08.2013

 

IDENTIFICATION DETAILS

 

Name :

ARSENAL AD

 

 

Registered Office :

Ul. Rozova dolina No. 100 6100 Kazanlak

 

 

Country :

Bulgaria

 

 

Year of Incorporation :

1992

 

 

Legal Form :

Joint Stock Company (AD)

 

 

Line of Business :

Manufacture of weapons and ammunition

 

 

No. of Employees :

5241

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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: ARSENAL AD

International name: ARSENAL AD

 

Registered address:

Ul. Rozova dolina No. 100
6100 Kazanlak
Bulgaria
Telephone: +359-431-63322, +359-431-64693, +359-431-50000
Fax: +359-431-63322,+359-431-63783, +359-431-50001
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

 

- Representative

 

 

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

31.12.2008

5609

31.12.2009

6195

31.12.2010

7279

18.10.2012

5568

Latest stand

5241


http://erfassung.imoe.de/creditreport/temp/employ.jpg

 

 

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 m2;
Built area - 412 510 m2

 

 

FINANCIAL DATA

 

TURNOVER:

 

Year

Currency

Value

2002

BGN

48 107 000.00

2003

BGN

29 214 000.00

2004

BGN

70 509 000.00

2005

BGN

107 892 000.00

2006

BGN

125 345 000.00

2011

BGN

186 689 000.00


http://erfassung.imoe.de/creditreport/temp/turnover.jpg

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.

 

COMMENTS ON FINANCIAL DATA

The company has never published any financials! Only sales figures are available from non-public source. No info was given at our request.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.73

UK Pound

1

Rs.99.78

Euro

1

Rs.85.07

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.