MIRA INFORM REPORT

 

 

Report Date :

18.12.2014

 

IDENTIFICATION DETAILS

 

Name :

TREND BALGARIYA EAD

 

 

Registered Office :

bul.RUSKI 77, vh. V, et. 1, ap. 1 4000 Plovdiv

 

 

Country :

Bulgaria

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

2004

 

 

Com. Reg. No.:

763

 

 

Legal Form :

Joint stock company with one shareholder only

 

 

Line of Business :
  • Manufacture of hollow glass
  • Manufacture and processing of other glass, including technical glassware

 

 

No of Employees :

112

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

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 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Bulgaria

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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

REGISTERED NAME & COMPANY SUMMARY

 

 

COMPANY REPORTED

 

 

TREND BALGARIYA EAD
International Name: TREND BULGARIA JSC

Principal Address:
ALEKSANDAR STAMBOLIYSKI 83
4000 PLOVDIV
Bulgaria
Telephone: +359-32-634500
Fax: +359-32-634500
Email: milenabr@trend-vi.com

Registered office:
bul.RUSKI 77, vh. V, et. 1, ap. 1
4000 Plovdiv
Bulgaria
Telephone: +359-32-634500
Email: milenabr@trend-vi.com

 

 

ICON number: 62537810
National ID: 115830106
VAT number: BG115830106

 

 

Registration status: 09.05.2013 - company has changed legal form
Activity status: active company

 

 

Date of Last Research:

16.12.2014

 

 

DIRECTORS/MANAGEMENT

 

Management:

Full Name

Function

Address

DJUZEPE BIZATSA
Nationality: BG

Board of directors

Italy

RIKARDO BIZATSA

Board of directors

Italy

ANDREA DI DJUZEPE
Nationality: IT

Board of directors

Italy

 

 

Person functions in other companies:

Function

Company

Other known functions of BIZATSA DJUZEPE

Proprietor

PROSFERUS BIZNES KARS (BG)
National ID: 201382028

Managing director

PROSFERUS BIZNES KARS (BG)
National ID: 201382028

 

NEGATIVE INFORMATION

 

No negative information found.

 

SHARE & SHARE CAPITAL INFORMATION

 

Capital:

Nominal capital:

 

EUR 511.090,67

Number of Ordinary shares:

2.000

Value per share of Ordinary shares:

EUR 255,55

Paid-up capital:

 

EUR 511.090,67

 

 

 

Shareholders:

Full Name

Function

Address

Equity capital

TREND GROUP
Registration: Italy

Shareholder

 

100,00%

 

 

 

PAYMENT INFORMATION

 

Payment Practices:

No adverse payment incidents known at this time

 

 

 

 

Debt Collection

There is no record of any debt collection action by Coface Bulgaria Credit Management Services EOOD against this company.

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Related Companies:

parent company
TREND GROUP , Italy

There is no information about related companies.

 

FINANCIAL INFORMATION

 

Further Rating Information:

Researched company is categorized as a medium sized company.
Turnover volume of EUR 4.839.007 in the year 2013 increased by 48,63% compared with 2012. In the previous period this change was -36,43%.
Fixed assets increased by EUR 316.391 and are 13,18% of total assets.
Cash flow from results of EUR 222.518 increased by 13,58% compared with last year result.

 

 

FINANCIAL INFORMATION

 

Financials:

Amounts shown in Euro (EUR) 

2013

2012

2011

2010

 


BALANCE SHEET

 

ASSETS

9.148.892,53

7.182.608,70

7.034.782,61

8.220.971,87

 

Fixed assets

1.205.393,77

889.002,56

877.237,85

953.964,19

 

Intangible assets

1.025,43

0,00

0,00

0,00

 

Tangible assets

1.203.342,90

887.979,54

876.726,34

952.941,18

 

Financial assets

0,00

0,00

0,00

0,00

 

CURRENT ASSETS

7.943.498,77

6.293.606,14

6.157.544,76

7.267.007,67

 

Stock

6.646.841,67

5.517.135,55

5.348.849,10

5.421.483,38

 

Receivables

1.186.423,30

744.757,03

716.624,04

1.827.621,48

 

Other assets

97.928,63

24.552,43

87.979,54

10.741,69

 

LIABILITIES

9.148.892,53

7.182.608,70

7.034.782,61

8.220.971,87

 

Shareholders funds

2.364.643,15

2.214.322,25

2.087.468,03

1.933.503,84

 

Share capital

512.715,34

511.508,95

511.508,95

511.508,95

 

Reserves

1.706.829,37

1.575.959,08

1.421.994,88

1.189.258,31

 

Total long term debts

1.253.076,29

1.200.511,51

1.200.511,51

1.330.434,78

 

Total short term debts

5.531.173,09

3.767.774,94

3.746.803,07

4.957.033,25

 


PROFIT AND LOSS ACCOUNT

 

Turnover

4.839.007,38

3.255.754,48

5.121.739,13

6.282.864,45

 

Production

4.443.703,86

2.929.923,27

4.781.585,68

5.893.094,63

 

Purchases

2.433.347,01

 

 

 

 

General costs

2.010.356,85

2.929.923,27

4.781.585,68

5.893.094,63

 

Operating profit

395.303,53

325.831,20

340.153,45

389.769,82

 

Financial result / Financial costs

-231.747,33

-212.276,21

-164.705,88

-127.365,73

 

Extraordinary result / profit

0,00

0,00

0,00

0,00

 

Pretax profit / loss

163.556,19

113.554,99

175.447,57

262.404,09

 

Taxes

18.457,75

15.856,78

21.483,38

29.667,52

 

Profit / loss after tax

145.098,44

97.698,21

153.964,19

232.736,57

 

 

 

 

Ratios:

 

 

 

 

 

Industry average

 

2013

2012

2011

2010

 

2013

2012

2011

2010

 

LIQUIDITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current ratio

1,44

1,67

1,64

1,47

 

 

 

 

1,57

 

 

 

 

 

Quick ratio

0,23

0,21

0,22

0,37

 

 

 

 

0,72

 

 

 

 

 

Cash ratio

0,02

0,01

0,02

0,00

 

 

 

 

0,22

 

 

 

 

 

Net working capital

EUR 2.412,33

EUR 2.525,83

EUR 2.410,74

EUR 2.309,97

 

 

 

 

 

 

 

 

 

 

 

PROFITABILITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit margin

21,05

24,70

17,32

-

 

 

 

 

 

 

 

 

 

 

EBITDA Margin (%)

9,77

13,02

8,66

8,22

 

 

 

 

 

 

 

 

 

 

EBIT Margin (%)

8,17

10,01

6,64

6,20

 

 

 

 

 

 

 

 

 

 

Net Profit Margin (%)

3,00

3,00

3,01

3,70

 

 

 

 

 

 

 

 

 

 

ROE (%)

6,14

4,41

7,38

12,04

 

 

 

 

13,33

 

 

 

 

 

ROA (%)

1,59

1,36

2,19

2,83

 

 

 

 

6,93

 

 

 

 

 

ROFA (%)

12,04

10,99

17,55

24,40

 

 

 

 

 

 

 

 

 

 

 

INDEBTNESS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity ratio

0,26

0,31

0,30

0,24

 

 

 

 

 

 

 

 

 

 

Total Liabilities/Total Assets

0,74

0,69

0,70

0,76

 

 

 

 

0,55

 

 

 

 

 

Debt/Equity

2,87

2,24

2,37

3,25

 

 

 

 

2,20

 

 

 

 

 

Gearing ratio 2 (Bank Loans to Capital)

0,42

0,45

0,54

0,58

 

 

 

 

 

 

 

 

 

 

Leverage

0,53

0,54

0,58

0,69

 

 

 

 

 

 

 

 

 

 

Interest coverage ratio

1,44

1,53

2,07

3,00

 

 

 

 

 

 

 

 

 

 

EBITDA-to-Interest Coverage Ratio

1,72

2,00

2,69

3,98

 

 

 

 

 

 

 

 

 

 

 

ACTIVITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collection Period (in days)

89,49

83,49

51,07

106,17

 

 

 

 

 

 

 

 

 

 

Payables turnover (in days)

14,84

18,20

9,83

-

 

 

 

 

 

 

 

 

 

 

Inventory rotation (in days)

635,06

821,38

461,02

-

 

 

 

 

 

 

 

 

 

 

Cash conversion cycle

709,71

886,68

502,26

-

 

 

 

 

 

 

 

 

 

 

Asset turnover

0,53

0,45

0,73

0,76

 

 

 

 

 

 

 

 

 

 

Fixed Assets Turnover Ratio

4,01

3,66

5,84

6,59

 

 

 

 

 

 

 

 

 

 


Industry average values are listed for the NACE branch: C - Manufacturing

 

 

Currency Conversion Information:

Financial values have been converted to EUR.
Find below the exchange rates used for the listed financial dates:
2010: 1 EUR = 1,96 BGN (yearly average rate 2010)
2011: 1 EUR = 1,96 BGN (yearly average rate 2011)
2012: 1 EUR = 1,96 BGN (yearly average rate 2012)
2013: 1 EUR = 1,95 BGN (yearly average rate 2013)

 

FOREIGN EXCHANGE RATES

 

Approximate Exchange Rates:

2013: 1,9504 BGN = 1 EUR
2012: 1,9569 BGN = 1 EUR
2011: 1,9569 BGN = 1 EUR
2010: 1,9569 BGN = 1 EUR
2009: 1,9569 BGN = 1 EUR
2008: 1,9569 BGN = 1 EUR
2012: 1,5223 BGN = 1 USD
2011: 1,4051 BGN = 1 USD
2010: 1,4753 BGN = 1 USD
2009: 1,4022 BGN = 1 USD
2008: 1,3298 BGN = 1 USD

 

 

ADDITIONAL INFORMATION

 

 

COMPANY DETAILS

 

Established:

2004

 

 

Registration:

No. 763
17.03.2004
District court Plovdiv, Bulgaria

 

 

Legal Form:

joint stock company with one shareholder only

 

 

 

KEY DATA ON OPERATIONS

 

Subject of Operation:

NACE
main activity:
2313 Manufacture of hollow glass

2319 Manufacture and processing of other glass, including technical glassware

NACE codes given are based on the most recent NACE Revision 2.

The company is active in the Coface sector 'Mineral products, chemicals, petroleum, plastics, pharmaceuticals and glass'.

 

 

Workforce:

 

30.09.2014

2013

2012

2011

Total workforce

112

97

86

87

 

NOTES & COMMENTS

 

N/a

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 63.58

UK Pound

1

Rs. 99.98

Euro

1

Rs. 79.39

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

DPT

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.