MIRA
INFORM REPORT
|
Report Date : |
10.01.2013 |
IDENTIFICATION DETAILS
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Name : |
PIC CO AD |
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Registered Office : |
Kazichene, ul. Industrialna No. 3 1532 Sofia |
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Country : |
Bulgaria |
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Financials (as on) : |
31.12.2011 |
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Year of Incorporation : |
1992 |
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Legal Form : |
Joint Stock Company (AD) |
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Line of Business : |
Wholesale of sugar and chocolate and sugar confectionery |
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No. of Employees : |
202 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
|
Bulgaria |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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: PIC CO AD
International name: PIC CO AD
Registered address:
Kazichene, ul. Industrialna No. 3
1532 Sofia
Bulgaria
Telephone: +359-2-9995031
Fax: +359-2-9999514
E-Mail: picco@pic-co.com
Internet: http://www.pic-co.com
ESTABLISHMENT & REGISTRATION:
Established: 1992
Registered at Sofia Town Court
Court number 18215/1992
Bulstat/VAT number: 121157625
HISTORY:
Previous registered
address ul. Bountovnik No. 35 is no longer valid.
LEGAL FORM:
Joint Stock Company
(AD)
REGISTERED CAPITAL:
BGN 5 000 000.00
BANKERS:
ALFABANK
SHAREHOLDERS/MANAGEMENT
SHAREHOLDERS:
|
IMPALA INVEST B.V. (Netherlands) |
99,999% |
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|
|
|
DIMITRIOS VINDZILEOS (Greece) |
0,001% |
|
ID 1114603 |
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MANAGEMENT:
IVETA SEVERINOVA
BALIEVA - Representative
DIMITRIOS NIKOLAOS
VINDZILEOS - Board of directors
HRISTO PETROV
MURTAZOV - Board of directors
IVETA SEVERINOVA
BALIEVA - Board of directors
HRISTO PETROV
MURTAZOV - Proxy
RELATED COMPANIES:
Through other
companies, Mr. Vindzileos is considered to be the biggest owner in food sector
with consolidated sales exceeding EUR 300 million. Major companies are Bella
Bulgaria, BELLA 97, KARINA 2000, UNIBEL, UNISNAKS, HVOYNA-PERSENK, OLITRADE,
DIL-TUR PLOVDIV, RAUCH-SCHPECK, IDEA BULGARIA, SACHI, SVINEVADNO STOPANSTVO
MANOLE, PERELIK 1998, BELLA ALATINI, MURGASH, FERMATA, FRESH EXPRESS, FRESH
LOGISTICS etc.
BUSINESS
ACTIVITY
BUSINESS OPERATION:
NACE 1.1: 51.36
Wholesale of sugar and chocolate and sugar confectionery
Activity:
Wholesale trade of
materials for sweet food industry. Warehouses in Sofia, Ruse, Pazardjik, Stara
Zagora, Burgas, Shumen, Plovdiv, Gorna Oriahovitza, Varna and Blagoevgrad.
NUMBER OF EMPLOYEES:
|
As at date |
Value |
|
31.12.2006 |
124 |
|
31.12.2007 |
134 |
|
31.12.2008 |
174 |
|
31.12.2009 |
203 |
|
31.12.2010 |
196 |
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27.12.2011 |
203 |
|
31.12.2011 |
191 |
|
Latest stand |
202 |
EXPORT:
None
IMPORT:
Albania, MK, YU, RO,
Ukraine, Denmark, Turkey, Japan, USA, India, China
REAL ESTATE:
Own premises.
FINANCIAL
DATA
TURNOVER:
|
Year |
Currency |
Value |
|
2002 |
BGN |
60 324 000.00 |
|
2003 |
BGN |
58 165 000.00 |
|
2004 |
BGN |
74 157 000.00 |
|
2005 |
BGN |
87 637 000.00 |
|
2006 |
BGN |
106 930 000.00 |
|
2007 |
BGN |
114 159 000.00 |
|
2008 |
BGN |
139 363 000.00 |
|
2009 |
BGN |
136 376 000.00 |
|
2010 |
BGN |
186 106 000.00 |
|
2011 |
BGN |
173 068 000.00 |
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 since for
1998 BGN (denominated lev) = 0.51 EUR
|
Ratio |
2007 |
2008 |
2009 |
2010 |
2011 |
|
Debt ratio |
0.74 |
0.80 |
0.77 |
0.80 |
0.71 |
|
Quick ratio |
0.30 |
0.09 |
0.33 |
0.75 |
1.24 |
|
Current ratio |
1.06 |
0.91 |
0.86 |
0.92 |
1.56 |
|
Days purchase in payables |
97.92 |
138.03 |
140.40 |
164.82 |
120.84 |
|
Operating margin in % |
5.67 |
2.68 |
2.21 |
4.27 |
8.13 |
|
Cash ratio (acid ratio) |
0.01 |
0.01 |
0.04 |
0.00 |
0.02 |
|
Return on sales ROS in % |
5.03 |
2.41 |
1.99 |
3.84 |
7.31 |
|
Return on assets ROA in % |
13.33 |
4.73 |
3.91 |
6.68 |
10.81 |
|
Return on equity ROE in % |
50.60 |
23.67 |
16.86 |
33.03 |
37.69 |
|
Days supply in inventory |
74.42 |
113.24 |
74.92 |
28.62 |
39.40 |
|
Days sales in receivables |
27.92 |
11.23 |
40.84 |
123.04 |
147.50 |
|
BALANCE SHEET in BGN'000 |
2007 |
2008 |
2009 |
2010 |
2011 |
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Accounting period: |
1.1.2007 - |
1.1.2008 - |
1.1.2009 - |
1.1.2010 - |
1.1.2011 - |
|
Fixed assets |
10189 |
22075 |
23290 |
28184 |
26081 |
|
Tangible assets |
6181 |
14573 |
14686 |
14259 |
13421 |
|
Intangible assets |
46 |
28 |
20 |
53 |
70 |
|
Long-term investments |
3962 |
7474 |
8584 |
13872 |
12590 |
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Goodwill |
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Prepaid expenses, deferred income, similar
accounts |
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Current assets |
32796 |
48156 |
45813 |
78331 |
90411 |
|
Inventory |
23524 |
43421 |
28314 |
14744 |
18840 |
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Short-term receivables |
8826 |
4306 |
15435 |
63396 |
70536 |
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Short-term investments |
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Liquid assets |
446 |
428 |
2064 |
191 |
1035 |
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Prepaid expenses |
|
1 |
|
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Total Assets |
42985 |
70231 |
69103 |
106515 |
116492 |
|
Equity capital |
11323 |
14037 |
16039 |
21539 |
33405 |
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Subscribed and paid capital |
500 |
500 |
500 |
5000 |
5000 |
|
Reserves |
316 |
312 |
312 |
312 |
500 |
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Profit or loss carried forward |
4778 |
9902 |
12523 |
9112 |
15316 |
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Profit of the year |
5729 |
3323 |
2704 |
7115 |
12589 |
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Loss of the year |
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Long-term liabilities |
709 |
3267 |
|
53 |
25298 |
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Short-term liabilities |
30953 |
52927 |
53064 |
84923 |
57789 |
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P&L ACCOUNT in BGN'000 |
2007 |
2008 |
2009 |
2010 |
2011 |
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Accounting period: |
1.1.2007 - |
1.1.2008 - |
1.1.2009 - |
1.1.2010 - |
1.1.2011 - |
|
Total operating expenses |
107478 |
134779 |
133372 |
177182 |
158178 |
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Financial expenditures |
592 |
1747 |
1504 |
1629 |
1806 |
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Extraordinary expenses |
|
|
|
|
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Profit before taxation |
6447 |
3704 |
3004 |
7914 |
14000 |
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Taxes |
718 |
381 |
300 |
799 |
1411 |
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Profit after taxation |
5729 |
3323 |
2704 |
7115 |
12589 |
|
Total operating income |
114159 |
139363 |
136376 |
186106 |
173068 |
|
Financial income |
358 |
1324 |
319 |
619 |
907 |
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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.54.96 |
|
|
1 |
Rs.88.23 |
|
Euro |
1 |
Rs.71.92 |
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 |
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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 |
|
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.