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Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
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Name : |
ELTON CORPORATION D.O.O. |
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Registered Office : |
Sanje Zivanovica 27a, Beograd (Savski Venac) |
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Country : |
Serbia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
15.05.2002 |
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Legal Form : |
Limited Liability company |
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Line of Business : |
Wholesale of chemical products. |
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No. of Employees : |
12 |
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 : |
No complaints |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Serbia |
B1 |
B1 |
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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'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
ELTON CORPORATION D.O.O.
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Legal form |
Ltd. - Limited Liability company |
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Established |
15.05.2002 |
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Registered |
National Identification Number: 17406388 PIB (Value Added Tax): 100351479 Serbian Business Registers Agency Nr. 15766 |
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Establisher |
ELTON INTERNATIONAL TRADING COMPANY S.A. (NIN: 76311) Avlonas, Greece |
100.00% |
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Basic capital |
EUR 781,152 (31.12.2012) |
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Management |
Nevena Tisma, Person
authorized to represent, born 24.08.1968 |
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Panagiota
Papathanassiou, Director |
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Activity |
Basic activity
(according to National activity classification): |
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Business Premises |
Registered Address: Sanje Zivanovica 27a, Beograd (Savski Venac) |
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Motor pool |
Data not available |
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Staff |
2012 |
12 employees |
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2011 |
10 employees |
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2010 |
9 employees |
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2009 |
8 employees |
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2008 |
8 employees |
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2007 |
7 employees |
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2006 |
5 employees |
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2005 |
5 employees |
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2004 |
6 employees |
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2003 |
7 employees |
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Revenue |
2012 revenue |
EUR |
7,064,239 |
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2011 revenue |
EUR |
5,745,327 |
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2010 revenue |
EUR |
5,142,772 |
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2009 revenue |
EUR |
2,845,161 |
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2008 revenue |
EUR |
2,008,781 |
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2007 revenue |
EUR |
1,588,516 |
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2006 revenue |
EUR |
1,295,575 |
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2005 revenue |
EUR |
648,895 |
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2004 revenue |
EUR |
397,832 |
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2003 revenue |
EUR |
44,767 |
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Real estate |
Data not available |
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Balance Sheet |
EUR |
31.12.2012 |
31.12.2011 |
31.12.2010 |
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FIXED ASSETS |
88,144 |
59,690 |
64,399 |
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Subscribed capital unpaid |
0 |
0 |
0 |
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Intangible fixed assets |
8,980 |
2,857 |
255 |
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Tangible fixed assets |
79,164 |
56,833 |
64,144 |
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Other fixed assets |
0 |
0 |
0 |
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CURRENT ASSETS |
3,420,888 |
2,877,982 |
2,509,153 |
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Inventories |
1,011,108 |
712,987 |
758,086 |
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Short – term loans |
2,407,089 |
2,164,258 |
1,741,045 |
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*Cash and cash equivalent |
82,700 |
64,421 |
76,571 |
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Other current assets |
2,691 |
736 |
10,021 |
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LOSS |
0 |
0 |
0 |
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TOTAL ASSETS |
3,509,033 |
2,937,672 |
2,573,552 |
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EQUITY |
1,502,639 |
1,431,088 |
1,168,853 |
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Capital |
781,152 |
848,786 |
838,054 |
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Subscribed capital unpaid |
0 |
0 |
0 |
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Reserves |
0 |
0 |
0 |
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Revalorization reserves |
0 |
0 |
0 |
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Undistributed Income |
866,324 |
739,679 |
486,186 |
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Loss |
144,837 |
157,378 |
155,388 |
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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 |
52,867 |
36,019 |
49,122 |
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SHORT TERM LIABILITIES |
1,953,527 |
1,470,566 |
1,355,577 |
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OTHER LIABILITIES |
0 |
0 |
0 |
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TOTAL LIABILITIES |
3,509,033 |
2,937,672 |
2,573,552 |
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Profit And Loss
Account |
EUR |
31.12.2012 |
31.12.2011 |
31.12.2010 |
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OPERATING REVENUES |
6,572,287 |
5,322,554 |
4,696,452 |
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Sales of goods |
6,572,287 |
5,322,554 |
4,696,452 |
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OPERATING EXPENSES |
6,069,991 |
4,895,375 |
4,293,772 |
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Costs of goods sold |
5,686,297 |
4,557,540 |
4,003,001 |
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Raw materials costs |
23,509 |
19,276 |
17,088 |
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Salaries, wages and other personal indemnities |
195,268 |
178,670 |
159,294 |
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Deprecation and provision costs |
11,768 |
9,824 |
10,870 |
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Other operating expenses |
153,149 |
130,065 |
103,520 |
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FINANCIAL REVENUES |
425,391 |
370,107 |
434,072 |
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FINANCIAL EXPENSES |
662,331 |
533,983 |
569,306 |
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Financial P/L |
(236,939) |
(163,876) |
(135,233) |
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OTHER REVENUES |
66,561 |
52,666 |
12,248 |
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OTHER EXPENSES |
90,167 |
10,952 |
51,566 |
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Other P/L |
(23,606) |
41,714 |
(39,319) |
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Profit from regular business operations before tax |
241,750 |
305,017 |
228,128 |
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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 |
0 |
0 |
0 |
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Net loss of businesses to be ceased |
29,270 |
14,708 |
5,680 |
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Profit before taxation |
212,480 |
290,310 |
222,448 |
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Loss before taxation |
0 |
0 |
0 |
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Taxation on profit |
26,895 |
42,947 |
22,674 |
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Personal indemnities paid to employer |
0 |
0 |
0 |
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TOTAL REVENUES |
7,064,239 |
5,745,327 |
5,142,772 |
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TOTAL EXPENSES |
6,822,489 |
5,440,310 |
4,914,644 |
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PROFIT OF THE PERIOD |
185,585 |
247,362 |
199,774 |
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LOSS OF THE PERIOD |
0 |
0 |
0 |
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Number of employees |
12 |
10 |
9 |
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Ratios |
EUR |
31.12.2012 |
31.12.2011 |
31.12.2010 |
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Financial stability ratio |
1.42 |
1.90 |
1.48 |
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Equity ratio % |
42.82 |
48.72 |
45.42 |
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Debt to equity (Worth) |
1.34 |
1.05 |
1.20 |
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Liquidity ratio |
1.23 |
1.47 |
1.28 |
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Current ratio |
1.75 |
1.96 |
1.85 |
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Total assets turnover |
1.87 |
1.81 |
1.82 |
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Average collection period in days |
134 |
148 |
135 |
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Profit margin % |
2.82 |
4.65 |
4.25 |
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Return on total assets % |
5.29 |
8.42 |
7.76 |
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Return on equity % |
12.35 |
17.28 |
17.09 |
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Total assets per employee (ths.) |
292,419.38 |
293,767.20 |
285,950.18 |
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Equity per employee (ths) |
125,219.88 |
143,108.75 |
129,872.51 |
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Total revenue per employee (ths.) |
547,690.56 |
532,255.35 |
521,828.02 |
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Profit per employee (ths.) |
15,465.41 |
24,736.24 |
22,197.06 |
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Loss per employee (ths.) |
0.00 |
0.00 |
0.00 |
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Average net to salaries (ths.) |
1,356.03 |
1,488.91 |
1,474.95 |
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Corporate structure |
Rep. Offices in Serbia: none Rep. Offices abroad: none Affiliates: not identified Subsidiaries: not identified
ELTON INTERNATIONAL TRADING COMPANY S.A., Avlonas, Greece: (NIN:76311): 100.00%
ELTON S.A., Avlonas, Greece (NIN:GR094106501), establisher (13.35%) HAP CORPORATION SRL, Pantelimon, Romania (NIN:RO28969275), establisher (33.00%) ELTON CORPORATION SA, Orash pantelimon, Romania (NIN:RO10102512), Manager |
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Other info |
Short company name: ELTON CORPORATION DOO BEOGRAD (ELTON CORPORATION Ltd. BEOGRAD) |
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Bulevar Vojvode Misica 17, BEOGRAD |
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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 |
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Inflation |
2012: 2011: 2010: |
12.20% 10.30% 7.90% |
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Bankers |
OTP BANKA SRBIJA A.D. Novi Sad Bulevar oslobodjenja 80 325-9500900014839-6 |
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EUROBANK EFG STEDIONICA A.D. Beograd Kolarceva 3 250-1010052775031-50 |
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UNICREDIT BANK SRBIJA A.D. Beograd Rajiceva 27-29 170-30011179000-32 |
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JUBMES BANKA
A.D. Beograd 190-10420-58 |
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VOJVODJANSKA BANKA A.D. Novi Sad 355-3200171680-45 |
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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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Note |
This credit report is a property of Creditreform d.o.o. Belgrade, made for exclusive use of the client that has ordered it. The client is obliged to consider it as a business secret. |
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100 - 150 |
Excellent – Good |
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151 - 250 |
Low risk |
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251 - 320 |
Average risk |
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321 - 400 |
Average to high risk |
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401 - 500 |
High risk |
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501 - 600 |
Very high risk |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.61.92 |
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UK Pound |
1 |
Rs.99.45 |
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Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
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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 |
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<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.