|
Report Date : |
23.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
HEMOFARM A.D.
|
|
|
|
|
Formerly Known
as: |
HEMOFARM KONCERN A.D. |
|
|
|
|
Registered Office : |
Hemofarm Akcionarsko Drustvo Farmaceutsko-Hemijska
Industrija Vrsac, Beogradski Put Bb, Rs
26300 Vrsac |
|
|
|
|
Country : |
Serbia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.06.1960 |
|
|
|
|
Legal Form : |
Joint Stock company |
|
|
|
|
Line of Business : |
Manufacturer of pharmaceutical preparations |
|
|
|
|
No. of Employees : |
1,688 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Serbia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Serbia ECONOMIC OVERVIEW
Serbia has a transitional economy mostly dominated by market forces, but
the state sector remains large and many institutional reforms are needed. The
economy relies on manufacturing and exports, driven largely by foreign
investment. MILOSEVIC-era mismanagement of the economy, an extended period of
international economic sanctions, civil war, and the damage to Yugoslavia's
infrastructure and industry during the NATO airstrikes in 1999 left the economy
only half the size it was in 1990. After the ousting of former Federal Yugoslav
President MILOSEVIC in September 2000, the Democratic Opposition of Serbia
(DOS) coalition government implemented stabilization measures and embarked on a
market reform program. After renewing its membership in the IMF in December
2000, Serbia continued to reintegrate into the international community by rejoining
the World Bank (IBRD) and the European Bank for Reconstruction and Development
(EBRD). Serbia has made progress in trade liberalization and enterprise
restructuring and privatization, but many large enterprises - including the
power utilities, telecommunications company, natural gas company, national air
carrier, and others - remain in state hands. Serbia has made some progress
towards EU membership, signing a Stabilization and Association Agreement with
Brussels in May 2008, and with full implementation of the Interim Trade
Agreement with the EU in February 2010, gained candidate status in March 2012.
Serbia's negotiations with the World Trade Organization are advanced, with the
country's complete ban on the trade and cultivation of agricultural biotechnology
products representing the primary remaining obstacle to accession. Serbia's
program with the IMF was frozen in early 2012 because the 2012 budget approved
by parliament deviated from the program parameters; the arrangement is now
void. High unemployment and stagnant household incomes are ongoing political
and economic problems. Structural economic reforms needed to ensure the
country's long-term prosperity have largely stalled since the onset of the
global financial crisis. The economy slipped by an estimated 2.0% in 2012,
following growth of 1.6% in 2011, 1.0% in 2010, and a 3.5% contraction in 2009.
Growing deficits constrain the use of stimulus efforts to revive the economy
and contribute to growing concern of a public debt crisis, given that Serbia's
total public debt as a share of GDP doubled between 2008 and 2012, reaching
61.5% of GDP at the end of 2012. Further, Serbia's concerns about inflation and
exchange rate stability preclude the use of expansionary monetary policy.
Serbia adopted a new long-term economic growth plan in 2010 that calls for a
quadrupling of exports over ten years and heavy investments in basic
infrastructure. In 2012, however, exports fell by 3.6% compared to 2011,
largely as a result of the halt in production at the former US Steel plant and
a summer drought that slashed agricultural production. Major challenges ahead
include: high unemployment rates and the need for job creation; high government
expenditures for salaries, pensions, and unemployment benefits; a growing need
for new government borrowing; rising public and private foreign debt;
attracting new foreign direct investment; and getting the IMF program back on
track. Other serious challenges include an inefficient judicial system, high
levels of corruption, and an aging population. Factors favorable to Serbia's
economic growth include a strategic location, a relatively inexpensive and
skilled labor force, and free trade agreements with the EU, Russia, Turkey, and
countries that are members of the Central European Free Trade Agreement
(CEFTA).
Source : CIA
HEMOFARM A.D.
Hemofarm Akcionarsko Drustvo
Farmaceutsko-Hemijska Industrija Vrsac
Beogradski Put Bb
Rs 26300 Vrsac
Tel: +381 13/803686, 803696, 8111347, 822001
Fax: +381 13/803472, 822001
E-Mail: svakodobro@hemofarm.com
Web: www.hemofarm.com
|
Legal form |
A.D. - Joint Stock company |
||
|
Established |
01.06.1960
under the name INEX HEMOFARM Since
03.12.1992 business continued under the name HEMOFARM Joint Stock company. Since
1998 business continued under the name HEMOFARM KONCERN A.D. - Joint Stock
company Since
2006 business continued under the name HEMOFARM A.D. - Joint Stock company |
||
|
Registered |
National Identification Number: 08010536 PIB (Value Added Tax): 102037788 Serbian Business Registers Agency Nr. 1162 |
||
|
Establisher |
STADA SERVICE HOLDING B.V. (NIN: NL20061865) AC Etten-Leur, Netherlands |
100.00% |
|
|
Basic capital |
EUR 89,973,615 (31.12.2012) |
||
|
Management |
Dusan Milutinovic, Person authorized to represent, born
04.03.1977 Serbia |
||
|
Sonja Pejovic, Person authorized to represent, born 02.11.1971
Serbia |
|
||
|
Sasa Ostojic, Person authorized to represent, born
26.08.1966 Serbia |
|
||
|
Ronald Seeliger, General Director Personal Identification Number: C3HZ9H12W Germany |
|
||
|
Dejan Ivanovic, Person authorized to represent, born 02.12.1971
Serbia |
|
||
|
Vidosava Aleksic, Person authorized to represent, born
14.07.1954 Serbia |
|
||
|
Aleksandar Popovic, Agent Branch, born 20.10.1971 Serbia |
|
||
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Stevan Vukmirov, Manager, born 16.12.1957 Serbia |
|
||
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Darko Radikic, Manager, born 23.12.1982 Serbia |
|
||
|
Sanja Panjkovic, Person authorized to represent, born
05.02.1985 Serbia |
|
||
|
Ljiljana Trbojevic, Person authorized to represent, born
15.07.1960 Serbia |
|
||
|
Gordan Maksovic, Person authorized to represent, born
01.02.1970 Serbia |
|
||
|
Aleksandar Nesic, Person authorized to represent, born
07.12.1970 Serbia |
|
||
|
Zeljko Dudic, Person authorized to represent, born
06.05.1973 Serbia |
|
||
|
Milica Milekic, Manager, born 12.07.1982 Serbia |
|
||
|
|
|
||
|
Activity |
Basic activity (according to National activity
classification): Manufacture of pharmaceutical preparations (24.42) Agents specializing in the sale of particular products or ranges
of products n.e.c. (51.18) |
||
|
|
|
||
|
Import from: Germany, Italy, Switzerland, India, China,
Hongkong Export to: Germany, Montenegro, Bosnia and Herzegovina, Slovenia,
Macedonia, Iraq, Algeria |
|||
|
|
|||
|
Business Premises |
Beogradski
put bb, Vrsac, owned, Office (9,085 m2) Beogradski put bb, Vrsac, owned,
Production plant (28,180 m2) Temerinska 102, Novi Sad, ownership unknown,
Business premises Kralja Aleksandra I Karadjordjevica 104, Kragujevac,
ownership unknown, Business premises Cara Dusana 102, Nis, ownership unknown,
Business premises 8. marta 55a, 20000 Podgorica, Crna Gora, ownership
unknown, Business premises Ivo Lola Ribar 39-1/1, 1000 Skoplje, Makedonija,
ownership unknown, Business premises Al-mansar 605/8/1-1, Baghdad, Iraq,
ownership unknown, Business premises 17 rue Abdel Kader , Guadouche, Hydra,
Alger, ownership unknown, Business premises |
||
|
|
|
||
|
Motor pool |
Subject is owner of a few motor vehicles |
||
|
|
|
||
|
|
Subject company is owner of some motor vehicles, but
further information are not available |
||
|
|
|
||
|
Staff |
2012 |
1,688 employees |
|
2011 |
1,741 employees |
|
|
2010 |
1,950 employees |
|
|
2009 |
1,989 employees |
|
|
2008 |
1,741 employees |
|
|
2007 |
1,781 employees |
|
|
2006 |
1,821 employees |
|
|
2005 |
1,651 employees |
|
|
2004 |
1,647 employees |
|
|
2003 |
1,622 employees |
|
|
2002 |
1,463 employees |
|
|
2001 |
1,446 employees |
|
|
Revenue |
2012
revenue |
EUR |
235,112,885
|
|
|
2011
revenue |
EUR |
223,636,353
|
|
|
2010
revenue |
EUR |
227,008,756
|
|
|
2009
revenue |
EUR |
244,297,220
|
|
|
2008
revenue |
EUR |
248,012,336
|
|
|
2007
revenue |
EUR |
250,018,488
|
|
|
2006
revenue |
EUR |
264,129,600
|
|
|
2005
revenue |
EUR |
151,811,182
|
|
|
2004
revenue |
EUR |
115,012,143
|
|
|
2003
revenue |
EUR |
118,076,782
|
|
|
2002
revenue |
EUR |
120,798,781
|
|
|
2001
revenue |
EUR |
101,191,576
|
|
|
|
|
|
|
|
Real
estate |
Pls. see the section Business Premises |
|
||
|
Balance
Sheet |
EUR |
31.12.2012
|
31.12.2011
|
31.12.2010
|
|||||||
|
FIXED ASSETS |
134,012,190 |
152,574,302 |
160,550,075 |
||||||||
|
Subscribed capital unpaid |
0 |
0 |
0 |
||||||||
|
Intangible fixed assets |
14,549,200 |
15,564,583 |
16,500,302 |
||||||||
|
Tangible fixed assets |
61,817,898 |
70,867,173 |
62,793,829 |
||||||||
|
Other fixed assets |
57,645,092 |
66,142,546 |
81,255,945 |
||||||||
|
CURRENT ASSETS |
185,495,110 |
182,250,593 |
233,519,523 |
||||||||
|
Inventories |
51,360,009 |
43,968,005 |
36,224,089 |
||||||||
|
Short – term loans |
130,830,580 |
135,726,797 |
195,023,287 |
||||||||
|
*Cash and cash equivalent |
12,533,975 |
5,063,131 |
8,307,303 |
||||||||
|
Other current assets |
3,304,521 |
2,555,791 |
2,272,146 |
||||||||
|
LOSS |
0 |
0 |
0 |
||||||||
|
TOTAL ASSETS |
319,507,300 |
334,824,895 |
394,069,598 |
||||||||
|
EQUITY |
151,273,632 |
137,947,152 |
188,427,618 |
||||||||
|
Capital |
89,973,615 |
97,763,761 |
96,527,647 |
||||||||
|
Subscribed capital unpaid |
0 |
0 |
0 |
||||||||
|
Reserves |
2,630,721 |
2,858,496 |
2,822,353 |
||||||||
|
Revalorization reserves |
0 |
0 |
0 |
||||||||
|
Undistributed Income |
58,669,296 |
98,286,563 |
97,043,838 |
||||||||
|
Loss |
0 |
60,961,669 |
7,966,220 |
||||||||
|
Treasury shares |
0 |
0 |
0 |
||||||||
|
LONG TERM RESERVATIONS |
2,338,558 |
2,031,670 |
1,796,669 |
||||||||
|
LONG TERM LIABILITIES |
49,612,120 |
52,512,299 |
53,757,407 |
||||||||
|
SHORT TERM LIABILITIES |
116,282,990 |
142,333,773 |
150,087,903 |
|
|||||||
|
OTHER LIABILITIES |
0 |
0 |
0 |
|
|||||||
|
TOTAL LIABILITIES |
319,507,300 |
334,824,895 |
394,069,598 |
|
|||||||
|
Profit
And Loss Account |
EUR |
31.12.2012
|
31.12.2011
|
31.12.2010
|
|
OPERATING REVENUES |
220,363,325 |
202,309,834 |
198,548,160 |
|
|
Sales of goods |
203,786,799 |
193,298,758 |
190,584,459 |
|
|
OPERATING EXPENSES |
177,135,268 |
159,365,243 |
176,624,929 |
|
|
Costs of goods sold |
6,490,774 |
13,282,588 |
31,790,583 |
|
|
Raw materials costs |
89,187,537 |
66,247,229 |
57,491,763 |
|
|
Salaries, wages and other personal indemnities |
32,694,749 |
34,615,329 |
35,513,889 |
|
|
Deprecation and provision costs |
5,877,819 |
6,984,337 |
7,280,666 |
|
|
Other operating expenses |
42,884,389 |
38,235,761 |
44,548,028 |
|
|
FINANCIAL REVENUES |
11,253,632 |
12,485,426 |
24,748,981 |
|
|
FINANCIAL EXPENSES |
15,969,200 |
14,413,179 |
24,589,791 |
|
|
Financial P/L |
(4,715,567) |
(1,927,752) |
159,190 |
|
|
OTHER REVENUES |
3,495,928 |
8,841,093 |
3,711,615 |
|
|
OTHER EXPENSES |
11,281,451 |
103,102,504 |
34,241,395 |
|
|
Other P/L |
(7,785,523) |
(94,261,411) |
(30,529,779) |
|
|
Profit from regular business operations before tax |
30,726,966 |
0 |
0 |
|
|
Loss from regular business operations before tax |
0 |
53,244,572 |
8,447,358 |
|
|
Net profit of businesses to be ceased |
0 |
0 |
0 |
|
|
Net loss of businesses to be ceased |
0 |
0 |
0 |
|
|
Profit before taxation |
30,726,966 |
0 |
0 |
|
|
Loss before taxation |
0 |
53,244,572 |
8,447,358 |
|
|
Taxation on profit |
2,461,451 |
(351,137) |
(481,138) |
|
|
Personal indemnities paid to employer |
3,720,317 |
0 |
0 |
|
|
TOTAL REVENUES |
235,112,885 |
223,636,353 |
227,008,756 |
|
|
TOTAL EXPENSES |
204,385,919 |
276,880,925 |
235,456,114 |
|
|
PROFIT OF THE PERIOD |
24,545,198 |
0 |
0 |
|
|
LOSS OF THE PERIOD |
0 |
52,893,435 |
7,966,220 |
|
|
Number of employees |
1,688 |
1,741 |
1,950 |
|
|
Ratios
|
EUR |
31.12.2012
|
31.12.2011
|
31.12.2010
|
|
|||
|
Financial stability ratio |
1.10 |
0.98 |
1.24 |
|
||||
|
Equity ratio % |
47.35 |
41.20 |
47.82 |
|
||||
|
Debt to equity (Worth) |
1.10 |
1.41 |
1.08 |
|
||||
|
Liquidity ratio |
1.14 |
0.95 |
1.30 |
|
||||
|
Current ratio |
1.60 |
1.28 |
1.56 |
|
||||
|
Total assets turnover |
0.69 |
0.60 |
0.50 |
|
||||
|
Average collection period in days |
217 |
245 |
359 |
|
||||
|
Profit margin % |
11.14 |
(26.14) |
(4.01) |
|
||||
|
Return on total assets % |
7.68 |
(15.80) |
(2.02) |
|
||||
|
Return on equity % |
16.23 |
(38.34) |
(4.23) |
|
||||
|
Total assets per employee (ths.) |
189,281.58 |
192,317.57 |
202,086.97 |
|
||||
|
Equity per employee (ths) |
89,617.08 |
79,234.44 |
96,629.55 |
|||||
|
Total revenue per employee (ths.) |
130,546.99 |
116,203.24 |
101,819.57 |
|||||
|
Profit per employee (ths.) |
14,540.99 |
0.00 |
0.00 |
|||||
|
Loss per employee (ths.) |
0.00 |
30,381.07 |
4,085.24 |
|||||
|
Average net to salaries (ths.) |
1,614.08 |
1,656.87 |
1,517.69 |
|||||
|
Corporate structure |
Rep. Offices in Serbia: - Prote Mateje 70, Beograd Rep. Offices abroad: none Affiliates: - EUROGENERICS SA, Bruxelles, Belgium (NIN:0419806694) (99.99%
owned by STADA SERVICE HOLDING B.V.) Subsidiaries: - HEMOFARM SABAC, Sabac, Serbia (NIN:07199821) (100.00%) - PANFARMA - removed from register, Beograd, Serbia
(NIN:07766700) (100.00%) - HABITPHARM A.D. - removed from register, Podgorica, Montenegro
(NIN:02336901) (49.64%) - VELEFARM - U STECAJU, Beograd, Serbia (NIN:07073712)
(19.65%) - VETFARM, Beograd (Novi Beograd), Serbia (NIN:07040016)
(15.00%) - INTER-TREF - U LIKVIDACIJI - removed from register,
Vrsac, Serbia (NIN:08657459) (100.00%) - AGROVOJVODINA-VRSAC - U LIKVIDACIJI - removed from
register, Vrsac, Serbia (NIN:08033927) (100.00%) - VRSAC - U STECAJU, Vrsac, Serbia (NIN:08168415) (45.08%)
- BANATSKA PRICA - U LIKVIDACIJI - removed from register,
Vrsac, Serbia (NIN:08793654) (50.00%) - HEMOMONT D.O.O., Podogorica, Montenegro (NIN:02204185)
(71.02%) - KONZORCIJUM VRSAC - U LIKVIDACIJI - removed from
register, Vrsac, Serbia (NIN:08777225) (26.18%) - HEMOFARM D.O.O., Banja Luka, Bosnia and Herzegovina
(NIN:4400794320007) (100.00%) - MOJA APOTEKA - U LIKVIDACIJI - removed from register,
Vrsac, Serbia (NIN:20437669) (100.00%) Immediate parent company: - STADA SERVICE HOLDING B.V., AC Etten-Leur, Netherlands:
(NIN:NL20061865): 100.00% Other functions and shares of Stevan Vukmirov: - UNIVERSAL SERVICES - U LIKVIDACIJI - removed from
register, Vrsac, Serbia (NIN:08416869), Liquidator |
|
Other info |
Short company name: HEMOFARM AD VRSAC Company operates in more than 30 countries in the world,
on 3 continents. |
|
Exchange rate |
31.12.2012 31.12.2011 31.12.2010 |
EUR 1 = RSD 113.70 EUR 1 = RSD 104.64 EUR 1 = RSD 105.98 |
|
Inflation |
2012: |
12.20% |
||
|
2011: 2010: |
10.30% 7.90% |
|
|
|
BANCA INTESA A.D. Beograd Milentija Popovica 7 b 160-106389-39 |
|||
|
|
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|
KOMERCIJALNA BANKA A.D. Beograd Svetog Save 14 205-102848-4 |
|||
|
|
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|
SOCIETE GENERALE BANKA SRBIJA A.D. Beograd Bulevar Zorana Djindjica 50 a i 50 b 275-220012363-35 |
|||
|
|
|||
|
NLB BANKA A.D. Novi Beograd Bulevar Mihajla Pupina 165v, Novi Beograd 310-14238-82 |
|||
|
|
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|
UNICREDIT BANK SRBIJA A.D. Beograd Rajiceva 27-29 170-300741596-65 |
|||
|
|
|||
|
RAIFFEISEN BANKA A.D. Beograd Bulevar Zorana Djindjica 64 a 265-1040310002278-14 |
|||
|
|
|||
|
No unsettled liability was registered during last 12
months. |
|||
|
|
|||
|
Debt collection |
Case Registered: |
- |
|
|
|
|
|
|
|
Case Status: |
There is no record of any debt collection action. |
||
|
Mode of payment |
Within agreed terms, formerly
occasional complaints |
||
|
Credit opinion |
Business connections are
permissible |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.02 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.84.92 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.