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Report Date : |
22.08.2014 |
IDENTIFICATION DETAILS
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Name : |
SALVAMED AD |
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Registered Office : |
Promishlena Zona 2800 Sandanski |
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Country : |
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Financials (as on) : |
2013 |
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Date of Incorporation : |
19.05.1998 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture of made-up textile articles, except apparel |
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No. of Employees |
239 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Bulgaria |
C2 |
C2 |
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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 |
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, and has been slow to recover in the years since. 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 |
SALVAMED AD
International Name: SALVAMED JSC
Principal Address:
Promishlena zona mestnost "Sokolovets"
2800 SANDANSKI
Bulgaria
Telephone: +359-746-31070, +359-746-1555105, +359-746-1555110
Fax: +359-746-38798
Email: info@salvamed.bg
Web: http://salvamed.bg
Registered office:
PROMISHLENA ZONA
2800 Sandanski
Bulgaria
Telephone: +359-746-31554, +359-746-38798, +359-888-727296
Fax: +359-746-38798
Email: pankovski@salvamed.bg, k.kostadinova@salvamed.bg
Web: www.salvamed.bg
Former company addresses
Former Registered office:
ul. PETAR BERON № 2
2800 SANDANSKI
Bulgaria
Telephone: +359-746-31554, +359-746-31555
Fax: +359-746-38798
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ICON number: 15447880 |
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Registration status:
19.05.1998 - registered company |
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Date of Last Research: |
21.08.2014 |
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Management: |
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No negative information found.
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Capital: |
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Shareholders: |
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Payment Practices: |
No adverse payment
incidents known at this time |
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Debt Collection |
There is no record of
any debt collection action by Coface Bulgaria Credit Management Services EOOD
against this company. |
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Related Companies: |
shareholder is |
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Further Rating
Information: |
Researched company is
categorized as a big company. |
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Amounts shown in Euro
(EUR) |
2013 |
2012 |
2011 |
2010 |
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ASSETS |
12.580.381,33 |
13.500.767,26 |
11.603.580,56 |
8.489.002,56 |
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Fixed assets |
6.582.323,77 |
6.726.854,22 |
5.458.312,02 |
3.273.657,29 |
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Intangible assets |
170.730,46 |
142.199,49 |
174.936,06 |
207.161,13 |
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Tangible assets |
6.411.082,14 |
6.584.143,22 |
5.282.864,45 |
3.065.984,65 |
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Financial assets |
511,17 |
511,51 |
511,51 |
511,51 |
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CURRENT ASSETS |
5.998.057,56 |
6.773.913,04 |
6.145.268,54 |
5.215.345,27 |
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Stock |
2.994.428,26 |
3.259.335,04 |
3.266.496,16 |
2.924.296,68 |
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Receivables |
2.831.876,50 |
3.480.818,41 |
2.851.150,90 |
2.276.726,34 |
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Other assets |
71.052,50 |
26.598,47 |
17.902,81 |
8.184,14 |
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LIABILITIES |
12.580.381,33 |
13.500.767,26 |
11.603.580,56 |
8.489.002,56 |
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Shareholders funds |
2.072.790,47 |
2.137.595,91 |
2.191.304,35 |
2.233.759,59 |
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Share capital |
1.610.182,49 |
1.611.253,20 |
1.611.253,20 |
1.611.253,20 |
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Reserves |
171.752,80 |
171.867,01 |
171.867,01 |
171.867,01 |
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Total long term debts |
6.530.184,53 |
4.938.107,42 |
2.991.815,86 |
2.761.125,32 |
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Total short term debts |
3.977.406,33 |
6.425.063,94 |
6.420.460,36 |
3.494.117,65 |
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PROFIT AND LOSS ACCOUNT |
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Turnover |
8.318.253,85 |
8.001.534,53 |
8.130.946,29 |
7.887.468,03 |
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Production |
7.480.447,78 |
7.135.038,36 |
7.349.360,61 |
7.180.562,66 |
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General costs |
7.480.447,78 |
7.135.038,36 |
7.349.360,61 |
7.180.562,66 |
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Operating profit |
837.806,06 |
866.496,16 |
781.585,68 |
706.905,37 |
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Financial result /
Financial costs |
-515.258,40 |
-458.823,53 |
-379.028,13 |
-258.312,02 |
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Extraordinary result /
profit |
0,00 |
0,00 |
0,00 |
0,00 |
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Pretax profit / loss |
322.547,67 |
331.969,31 |
402.557,54 |
448.593,35 |
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Taxes |
31.692,48 |
13.299,23 |
36.828,64 |
39.897,70 |
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Profit / loss after tax
|
290.855,19 |
394.373,40 |
365.728,90 |
408.695,65 |
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Industry average |
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2013 |
2012 |
2011 |
2010 |
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2013 |
2012 |
2011 |
2010 |
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LIQUIDITY |
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Current ratio |
1,51 |
1,05 |
0,96 |
1,49 |
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1,57 |
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Quick ratio |
0,76 |
0,55 |
0,45 |
0,66 |
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0,72 |
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Cash ratio |
0,02 |
0,00 |
0,00 |
0,00 |
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0,22 |
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Net working capital |
EUR 2.020,65 |
EUR 348,85 |
EUR -275,19 |
EUR 1.721,23 |
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PROFITABILITY |
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Gross profit margin |
28,07 |
29,64 |
26,71 |
26,78 |
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EBITDA Margin (%) |
16,12 |
15,83 |
14,28 |
14,94 |
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EBIT Margin (%) |
10,07 |
10,83 |
9,61 |
8,96 |
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Net Profit Margin (%) |
3,50 |
4,93 |
4,50 |
5,18 |
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ROE (%) |
14,03 |
18,45 |
16,69 |
18,30 |
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13,33 |
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ROA (%) |
2,31 |
2,92 |
3,15 |
4,81 |
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6,93 |
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ROFA (%) |
4,42 |
5,86 |
6,70 |
12,48 |
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INDEBTNESS |
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Equity ratio |
0,16 |
0,16 |
0,19 |
0,26 |
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Total Liabilities/Total
Assets |
0,84 |
0,84 |
0,81 |
0,74 |
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0,55 |
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Debt/Equity |
5,07 |
5,32 |
4,30 |
2,80 |
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2,20 |
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Gearing ratio 2 (Bank
Loans to Capital) |
4,47 |
4,60 |
3,20 |
1,52 |
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Leverage |
3,15 |
2,31 |
1,37 |
1,24 |
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Interest coverage ratio
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1,63 |
1,89 |
2,00 |
2,69 |
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EBITDA-to-Interest
Coverage Ratio |
2,60 |
2,76 |
2,98 |
4,48 |
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ACTIVITY |
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Collection Period (in
days) |
124,26 |
158,78 |
127,99 |
105,36 |
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Payables turnover (in
days) |
46,68 |
64,53 |
70,27 |
48,07 |
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Inventory rotation (in
days) |
182,67 |
211,30 |
200,08 |
184,81 |
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Cash conversion cycle |
260,25 |
305,55 |
257,79 |
242,10 |
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Asset turnover |
0,66 |
0,59 |
0,70 |
0,93 |
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Fixed Assets Turnover
Ratio |
1,26 |
1,19 |
1,49 |
2,41 |
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Industry average values are listed for the NACE branch: C – Manufacturing
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Currency Conversion
Information: |
Financial values have
been converted to EUR. |
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Approximate Exchange
Rates: |
2012: 1,9569 BGN = 1
EUR |
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Insolvency Information:
|
According to available
information sources the company is not in a insolvency/preliminary/debt
regulation proceeding. |
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Established: |
1998 |
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Registration: |
No. 871 |
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Legal Form: |
joint stock company |
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History: |
SALVAMED, born as a branch
of Luigi Salvadori Spa (medical dressing current leader of italian market),
has been certificated by Istituto Superiore Della Sanita with CE MARK 0373. |
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Person functions in
other companies: |
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Subject of Operation: |
NACE |
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Workforce: |
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Contact With Company: |
Marketing |
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VAT registration details: |
05.10.1998 |
N/a
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.76 |
|
|
1 |
Rs.100.72 |
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Euro |
1 |
Rs.80.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
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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 |
-- |
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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.