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Report Date : |
06.03.2013 |
IDENTIFICATION DETAILS
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Name : |
JASMIL D.O.O. |
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Registered Office : |
Grdovici bb RS 31230 Arilje |
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Country : |
Serbia |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
09.03.1992 |
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Legal Form : |
Ltd. - Limited Liability Company |
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Line of Business : |
Retail sale of textiles |
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No. of Employees : |
374 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Serbia |
C1 |
C1 |
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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 |
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 is also pursuing membership in
the World Trade Organization, and accession negotiations are at an advanced
stage. Structural economic reforms needed to ensure the country's long-term
prosperity have largely stalled since the onset of the global financial crisis.
Serbia, however, is slowly recovering from the crisis. The economy slipped 0.5%
in 2012, following growth of 2.0 % in 2011, 1.0% in 2010 and a 3.5% contraction
in 2009. High unemployment and stagnant household incomes are ongoing political
and economic problems. Serbia signed a new $1.3 billion Precautionary Stand By
Arrangement with the IMF in September 2011 that was set to expire in March
2013, but the program was frozen in early 2012 because the 2012 budget approved
by parliament deviates from the program parameters. Growing deficits constrain
the use of stimulus efforts to revive the economy, while 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. Since the plan was adopted, Serbia has increased its
exports significantly. 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.
Source : CIA
JASMIL D.O.O.
PREDUZECE ZA
PROIZVODNJU I PROMET JASMIL DOO ARILJE
Grdovici bb
RS 31230 Arilje
Tel: +381 31/892119,
892120
Fax: +381 31/892120, 894780
E-Mail: office@extremeintimo.com
Web: www.jasmil.rs
|
Legal form |
Ltd. - Limited Liability company |
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Established |
09.03.1992 |
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Registered |
National Identification Number: 07852789 PIB (Value Added Tax): 100785145 Serbian Business Registers Agency Nr. 48904 |
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Establisher |
Aleksa Loncarevic, born 14.01.1951 Serbia |
50.00% |
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Milan Loncarevic, born 20.02.1974 Serbia |
50.00% |
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Basic capital |
RSD 19,235,000 (31.12.2011) |
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Management |
Milan Loncarevic, Director, born
20.02.1974 |
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Activity |
Basic activity (according to National
activity classification): |
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Business Premises |
Registered Address: Grdovici bb, Arilje |
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Motor pool |
Data not available |
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Staff |
2011 |
374 employees |
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2010 |
340 employees |
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2009 |
299 employees |
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2008 |
297 employees |
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2007 |
263 employees |
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2006 |
252 employees |
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2005 |
237 employees |
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2004 |
222 employees |
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2003 |
218 employees |
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2002 |
156 employees |
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2001 |
81 employees |
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Revenue |
2011 revenue |
RSD |
1,141,609,000 |
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2010 revenue |
RSD |
1,001,517,000 |
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2009 revenue |
RSD |
773,242,000 |
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2008 revenue |
RSD |
788,443,000 |
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2007 revenue |
RSD |
612,619,000 |
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2006 revenue |
RSD |
468,364,000 |
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2005 revenue |
RSD |
363,798,000 |
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2004 revenue |
RSD |
299,719,000 |
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2003 revenue |
RSD |
233,123,000 |
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2002 revenue |
RSD |
250,333,000 |
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2001 revenue |
RSD |
188,159,000 |
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Real estate |
none |
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Balance Sheet |
RSD (x 1,000) |
31.12.2011 |
31.12.2010 |
31.12.2009 |
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FIXED ASSETS |
190,939 |
151,570 |
158,975 |
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Subscribed capital unpaid |
0 |
0 |
0 |
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Intangible fixed assets |
6,776 |
4,884 |
4,095 |
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Tangible fixed assets |
97,704 |
89,880 |
98,533 |
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Other fixed assets |
86,459 |
56,806 |
56,347 |
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CURRENT ASSETS |
988,985 |
720,794 |
580,724 |
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Inventories |
409,745 |
341,364 |
274,877 |
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Short – term loans |
578,212 |
378,420 |
305,076 |
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*Cash and cash equivalent |
5,682 |
1,652 |
6,288 |
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Other current assets |
1,028 |
1,010 |
771 |
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LOSS |
0 |
0 |
0 |
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TOTAL ASSETS |
1,179,924 |
872,364 |
739,699 |
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EQUITY |
647,351 |
677,841 |
613,945 |
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Capital |
19,235 |
19,235 |
19,235 |
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Subscribed capital unpaid |
0 |
0 |
0 |
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Reserves |
2,536 |
2,536 |
2,536 |
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Revalorization reserves |
2,364 |
2,364 |
2,364 |
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Undistributed Income |
626,886 |
657,103 |
593,103 |
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Loss |
0 |
0 |
0 |
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Treasury shares |
0 |
0 |
0 |
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LONG TERM RESERVATIONS |
0 |
0 |
0 |
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LONG TERM LIABILITIES |
85,094 |
2,961 |
5,177 |
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SHORT TERM LIABILITIES |
447,479 |
191,562 |
120,577 |
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OTHER LIABILITIES |
0 |
0 |
0 |
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TOTAL LIABILITIES |
1,179,924 |
872,364 |
739,699 |
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Profit And Loss Account |
RSD (x 1,000) |
31.12.2011 |
31.12.2010 |
31.12.2009 |
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OPERATING REVENUES |
1,100,446 |
963,696 |
747,476 |
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Sales of goods |
1,051,580 |
938,170 |
753,136 |
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OPERATING EXPENSES |
1,015,381 |
835,006 |
593,326 |
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Costs of goods sold |
16,561 |
11,669 |
5,369 |
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Raw materials costs |
473,697 |
373,046 |
251,301 |
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Salaries, wages and other
personal indemnities |
268,596 |
235,096 |
192,485 |
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Deprecation and provision
costs |
9,538 |
10,776 |
10,099 |
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Other operating expenses |
246,989 |
204,419 |
134,072 |
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FINANCIAL REVENUES |
22,706 |
24,989 |
13,747 |
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FINANCIAL EXPENSES |
45,537 |
19,306 |
13,052 |
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Financial P/L |
(22,831) |
5,683 |
695 |
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OTHER REVENUES |
18,457 |
12,832 |
12,019 |
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OTHER EXPENSES |
33,365 |
21,316 |
21,616 |
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Other P/L |
(14,908) |
(8,484) |
(9,597) |
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Profit from regular business operations before tax |
47,326 |
125,889 |
145,248 |
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Loss from regular business operations before tax |
0 |
0 |
0 |
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Net profit of businesses to be ceased |
2,438 |
0 |
0 |
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Net loss of businesses to be ceased |
0 |
0 |
0 |
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Profit before taxation |
49,764 |
125,889 |
145,248 |
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Loss before taxation |
0 |
0 |
0 |
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Taxation on profit |
(19) |
11,889 |
12,691 |
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Personal indemnities paid to employer |
0 |
0 |
0 |
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TOTAL REVENUES |
1,141,609 |
1,001,517 |
773,242 |
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TOTAL EXPENSES |
1,094,283 |
875,628 |
627,994 |
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PROFIT OF THE PERIOD |
49,783 |
114,000 |
132,557 |
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LOSS OF THE PERIOD |
0 |
0 |
0 |
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Number of employees |
374 |
340 |
299 |
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Ratios |
RSD (x 1,000) |
31.12.2011 |
31.12.2010 |
31.12.2009 |
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Financial stability ratio |
1.22 |
1.38 |
1.43 |
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Equity ratio % |
54.86 |
77.70 |
83.00 |
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Debt to equity (Worth) |
0.82 |
0.29 |
0.20 |
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Liquidity ratio |
1.29 |
1.98 |
2.53 |
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Current ratio |
2.21 |
3.76 |
4.82 |
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Total assets turnover |
0.93 |
1.10 |
1.01 |
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Average collection period in days |
192 |
143 |
149 |
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Profit margin % |
4.52 |
11.83 |
17.73 |
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Return on total assets % |
4.22 |
13.07 |
17.92 |
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Return on equity % |
7.69 |
16.82 |
21.59 |
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Total assets per employee (ths.) |
3,154.88 |
2,565.78 |
2,473.91 |
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Equity per employee (ths) |
1,730.89 |
1,993.65 |
2,053.33 |
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Total revenue per employee (ths.) |
2,942.37 |
2,834.40 |
2,499.92 |
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Profit per employee (ths.) |
133.11 |
335.29 |
443.33 |
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Loss per employee (ths.) |
0.00 |
0.00 |
0.00 |
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Average net to salaries (ths.) |
59.85 |
57.62 |
53.65 |
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Corporate structure |
Rep. Offices in Serbia: -
Sajkaska 15a, Beograd
-
PAPILIO, Grdovici, Serbia (NIN:20799374) (49.00%
owned by Milan Loncarevic) -
JASMIL MONTENEGRO D.O.O., Podgorica, Montenegro
(NIN:02452529) (100.00% owned by Milan Loncarevic)
-
SPRINGS, Zlatibor, Serbia (NIN:20266007) (86.14%)
-
PAPILIO, Grdovici, Serbia (NIN:20799374),
establisher (49.00%) -
JASMIL MONTENEGRO D.O.O., Podgorica, Montenegro
(NIN:02452529), establisher (100.00%) -
PAPILIO, Grdovici, Serbia (NIN:20799374),
Director -
JASMIL MONTENEGRO D.O.O., Podgorica, Montenegro
(NIN:02452529), Person authorized to represent |
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Other info |
Short company name: JASMIL DOO ARILJE (JASMIL Ltd. ARILJE) |
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Exchange rate |
31.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006 31.12.2005 31.12.2004 31.12.2003 31.12.2002 31.12.2001 |
EUR 1 = RSD 104.64 EUR 1 = RSD 105.50 EUR 1 = RSD 95.70 EUR 1 = RSD 88.60 EUR 1 = RSD 79.24 EUR 1 = RSD 80.00 EUR 1 = RSD 85.94 EUR 1 = RSD 78.89 EUR 1 = RSD 68.31 EUR 1 = RSD 61.52 EUR 1 = RSD 59.71 |
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Inflation |
2007: 2006: 2005: 2004: 2003: |
10.10% 12.70% 16.50% 10.10% 11.70% |
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Bankers |
AIK BANKA A.D. Nis Nikole Pasica 42 105-35141-45 |
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ALPHA BANK SRBIJA A.D. Beograd Kralja Milana 11 180-5041210034350-90 |
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PROCREDIT BANK A.D. Beograd Bulevar Despota Stefana 68c 220-122192-79 |
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EUROBANK EFG STEDIONICA A.D. Beograd Kolarceva 3 250-4190000195770-30 |
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ERSTE BANK A.D. Novi Sad Bulevar oslobodjenja 5 340-11005544-61 |
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BANCA INTESA A.D. Beograd Milentija Popovica 7 b 160-364239-64 |
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SOCIETE GENERALE BANKA SRBIJA A.D. Beograd Bulevar Zorana Djindjica 50 a i 50 b 275-10220617369-31 |
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HYPO ALPE-ADRIA-BANK A.D. Belgrade Bulevar Mihajla Pupina 6 165-22876-93 |
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RAIFFEISEN BANKA A.D. Beograd Bulevar Zorana Djindjica 64 a 265-1100310000047-5 |
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No unsettled liability was registered during last 12 months. |
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Debt collection |
Case Registered: |
- |
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Case Status: |
There is no record of any debt collection action. |
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Mode of payment |
As a rule
payments are made on time according to conditions, in some cases there have
been delays |
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Credit opinion |
Business
connections are permissible |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.65 |
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|
1 |
Rs.82.66 |
|
Euro |
1 |
Rs.71.21 |
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 |
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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.