MIRA INFORM REPORT

 

 

Report Date :

21.02.2014

 

IDENTIFICATION DETAILS

 

Name :

ACG LUKAPS - D.O.O.

 

 

Registered Office :

za proizvodnju Frankopanska 79 HR 42230 Ludbreg

 

 

Country :

Croatia

 

 

Financials (as on) :

31.03.2013

 

 

Year of Establishment :

2005

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture of glues

 

 

No of Employees :

163

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow But Correct

 

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Croatia

B2

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

CROATIA - ECONOMIC OVERVIEW

 

Though still one of the wealthiest of the former Yugoslav republics, Croatia's economy suffered badly during the 1991-95 war. The country's output during that time collapsed and Croatia missed the early waves of investment in Central and Eastern Europe that followed the fall of the Berlin Wall. Between 2000 and 2007, however, Croatia's economic fortunes began to improve slowly with moderate but steady GDP growth between 4% and 6% led by a rebound in tourism and credit-driven consumer spending. Inflation over the same period remained tame and the currency, the kuna, stable. Croatia experienced an abrupt slowdown in the economy in 2008 and has yet to recover. Difficult problems still remain, including a stubbornly high unemployment rate, uneven regional development, and a challenging investment climate. The new government has announced a more flexible approach to privatization, including the sale in the coming years of state-owned businesses that are not of strategic importance. While macroeconomic stabilization has largely been achieved, structural reforms lag. Croatia will face significant pressure as a result of the global financial crisis, due to reduced exports and capital inflows. Croatia reentered a recession in 2012, and Zagreb cut spending. The government also raised additional revenues through more stringent tax collection and by raising the Value Added Tax in February 2012. On 1 July 2013 Croatia joined the EU, following a decade long application process. Croatia will be a member of the European Exchange Rate Mechanism until it meets the criteria for joining the Economic and Monetary Union and adopts the euro as its currency. Croatia's high foreign debt, strained state budget, and over-reliance on tourism revenue could hinder economic progress over the medium-term.

 

Source : CIA

 

 

COMPANY NAME & ADDRESS

 

ACG LUKAPS - d.o.o. za proizvodnju

Frankopanska 79

HR 42230 Ludbreg

Tel: +385 42/660100

Fax: +385 42/660130

E-mail: sales.lukaps@acg-world.com

Web: www.acg-lukaps.com

 

 

Company profile

 

Established:                              2005.

Statistic number:                       2008718

Basic capital:                            HRK 61.917.000,00

Activity:                                     Manufacture of glues (20.52)

Staff:                                         163

Last available data for year:         2012.04.01 – 2013.03.31

Total revenue:                            HRK 65.343.000

Profit before taxes:                     HRK 6.229.000

Financial stability ratio:               0,8653

Solvency ratio (%):                     33,4980

Current ratio:                             1,1522

 

Legal form

limited liability company (7)

 

 

Established

2005 as LUKAPS d.o.o.

since 2011-03-07 present company name (ACG LUKAPS d.o.o.)

 

 

Registered

2005-11-14, Commercial court Varaždin, MBS: 070072093

last court entry: 2012.04.20

Stati

tic number: 2008718

OIB: 95072828169

 

Establishers

ACG ASSOCIATED CAPSULES PRIVATE LIMITED

131 Kandivli Industrial Estate, Mumbai, India

100,00%

 

Basic capital

HRK 61.917.000,00

 


Capital changes:
Until 2005.12.12: HRK     20.000,00
Until 2009.03.16: HRK 23.551.000,00
Until 2009.08.13: HRK 27.982.000,00
Until 2010.07.16: HRK 42.648.000,00
Until 2010.08.30: HRK 46.278.000,00

 

Management

Marko Fresl, manager

Palinovečka 41, 10000 Zagreb, Croatia

 

 

Activity

Manufacture of glues

Manufacture of basic pharmaceutical products

Wholesale of pharmaceutical goods


manufacturer of two-piece hard capsules

major supplier for leading pharmaceutical companies in Europe including Russia
certificates: ISO 9001-2000, GMP CERTIFICATE, HEALTH CERTIFICATE

 

legal site and business premises are located at the above address


Basic activity code (according to NACE Rev.2):

Manufacture of glues                                 (20.52)

 

Staff

2009

  124

   employees

 

2010

  145

   employees

 

2011

  145

   employees

 

2012

  157

   employees

 

2013

  163

   employees

 

Total revenue

2008   

HRK

  35.523.000

 

2009.04.01-2010.03.31   

HRK

  29.366.000

 

2010.04.01-2011.03.31   

HRK

  42.038.000

 

2011.04.01-2012.03.31   

HRK

  52.124.000

 

2012.04.01-2013.03.31   

HRK

  65.343.000

 

 

Real estate

the company owns real estates

Book value of ground 2013.03.31: HRK 4.394.317,00
Book value of buildings 2013.03.31: HRK 14.657.177,00
information about eventual mortgage existance not available

 

Assets

 

Assets

Currency: HRK ( x 1.000 )

2013.03.31

2012.03.31

2011.03.31

 

 

 

 

 

 

FIXED ASSETS

47.103

38.043

38.837

 

 

 

Intangible assets

56

78

406

 

 

 

Tangible assets

47.047

37.965

38.390

 

 

 

Long term financ. assets

0

0

41

 

 

 

Long term receivables

0

0

0

 

CURRENT ASSETS

31.596

27.253

18.976

 

 

 

Inventories

9.805

6.735

4.043

 

 

 

Short term receivables

19.340

14.550

12.493

 

 

 

Short term financial assets

1.897

5.630

0

 

 

Cash at bank and in hand

554

338

2.440

 

ACCRUALS

25

17

2

 

TOTAL ASSETS

78.724

65.313

57.815

 

 

 

 

 

 

Liabilities

 

Liabilities

Currency: HRK ( x 1.000 )

2013.03.31

2012.03.31

2011.03.31

 

 

 

 

 

 

EQUITY

26.371

20.142

18.676

 

 

 

Subscribed capital

61.917

61.917

61.917

 

 

 

Reserves

 

 

1

 

 

 

Profit brought forward

8

8

9

 

 

 

Loss brought forward

41.783

43.250

36.091

 

 

 

Profit of the period

6.229

1.467

0

 

 

 

Loss of the period

0

0

7.160

 

PROVISIONS

0

0

0

 

LONG TERM LIABILITIES

22.870

0

113

 

SHORT TERM LIABILITIES

27.423

44.263

37.840

 

 

 

Credits

16.030

38.555

31.773

 

 

 

Deposits, advances payments

0

22

177

 

 

 

To suppliers

9.930

4.490

4.721

 

 

 

To staff

839

722

712

 

 

 

Taxes, fees, etc.

463

474

457

 

 

 

Other short term liabilities

161

0

 

 

DEFFERED ITEMS

2.060

908

1.186

 

TOTAL LIABILITIES

78.724

65.313

57.815

 

 

 

 

 

 

 

Profit/loss account

 

 

Profit/loss account

Currency: HRK ( x 1.000 )

2013.03.31

2012.03.31

2011.03.31

 

 

 

 

 

 

OPERATING REVENUES

63.624

50.540

40.508

 

 

 

Sales in the country

63.125

49.639

40.273

 

 

 

Other revenues

499

901

235

 

OPERATING EXPENSES

55.932

47.749

45.083

 

 

 

Expenses of the period

55.932

47.749

45.083

 

 

 

Material costs

31.336

25.521

20.843

 

 

 

- raw material costs

26.588

20.849

 

 

 

 

- sold goods costs

0

31

 

 

 

 

- other external costs

4.748

4.641

 

 

 

 

Staff costs

14.237

13.529

12.569

 

 

 

Depreciation of fixed assets

4.175

4.227

6.737

 

 

 

Depreciation of current assets

805

188

799

 

 

 

Other operating expenses

5.379

4.284

4.135

 

FINANCIAL REVENUES

1.719

1.584

1.530

 

FINANCIAL EXPENSES

3.182

2.908

4.115

 

TOTAL REVENUES

65.343

52.124

42.038

 

TOTAL EXPENSES

59.114

50.657

49.198

 

 

 

Profit before taxation

6.229

1.467

0

 

 

 

Loss before taxation

0

0

7.160

 

 

 

Taxation on profit

0

0

 

 

PROFIT OF THE PERIOD

6.229

1.467

0

 

LOSS OF THE PERIOD

0

0

7.160

 

 

 

 

 

 

Financial ratios

 

 

 

2013.03.31

2012.03.31

2011.03.31

 

 

 

 

 

 

Financial stability ratio

0,8653

0,4498

0,4382

 

Solvency ratio (%)

33,4980

30,8392

32,3030

 

Debt ratio (in years)

4,8340

7,7736

5,6335

 

Liquidity ratio

0,7946

0,4635

0,3946

 

Current ratio

1,1522

0,6157

0,5015

 

Total assets turnover

0,8300

0,7981

0,7271

 

Inventories turnover

6,6643

7,7393

10,3977

 

Collection period (in days)

110,2954

105,5219

111,6748

 

Creditors Days

56,6305

32,5631

42,2010

 

Inventories bonding

(in days)

54,0196

46,5160

34,6230

 

Profit margin (%)

9,5328

2,8144

***

 

Return on total assets (%)

7,9125

2,2461

***

 

Return on equity (%)

23,6206

7,2833

***

 

Total revenue per employee (x 1.000)

400,8773

332

289,9172

 

Profit per employee

(x 1.000)

38,2147

9,3439

***

 

Loss per employee (x 1.000)

***

***

49,3793

 

Equity per employee

(x 1.000)

161,7853

128,2930

128,8000

 

Total assets per employee (x 1.000)

482,9693

416,0064

398,7241

 

Staff costs/Turnover (%)

21,7881

25,9554

29,8991

 

EBIT (x 1.000)

7.692

2.791

-4.575

 

EBITDA (x 1.000)

12.672

7.206

2.961

 

EBIT Margin (%)

12,0898

5,5224

-11,2941

 

EBITDA Margin (%)

19,9170

14,2580

7,3097

 

 

 

 

 

 

 

 

 

 

 

 

Remarks

2006 import  

HRK

  779.108,00

 

2007 import  

HRK

  795.191,00

 

2008 import  

HRK

  3.327.448,00

 

2009 import  

HRK

  4.805.716,00

 

 

 

 

 

2006 export  

HRK

  21.709.504,00

 

2007 export  

HRK

  28.235.604,00

 

2008 export  

HRK

  33.877.232,00

 

2009 export  

HRK

  21.015.696,00

 

 

 

 

 

2008 loss

HRK

  6.212.000

 

2009.04.01-2010.03.31 loss

HRK

  13.905.000

 

2010.04.01-2011.03.31 loss

HRK

  7.160.000

 

2011.04.01-2012.03.31 profit

HRK

  1.467.000

 

2012.04.01-2013.03.31 profit

HRK

  6.229.000

 

 

 

 

 

 

Short company name: ACG LUKAPS d.o.o.

 

2009-08-13 the company has made a decision on changing the accounting year. New accounting year begins on April 1st and lasts till March 31st next year.

Previous owners:

- till 2011.11.16: ACG Holding B.V., Prins Bernhardplein 200, 1097JB Amsterdam, Netherlands
- till 2007-09-04: FARMAL d.d., Branitelja domovinskog rata 8, Ludbreg, Croatia (previous name: RAZVITAK d.d.)


ACG LUKAPS d.o.o. is part of ACG Worldwide which as a group offers complete one-to-one and end-to-end solid dosage delivery solutions ranging from hard gelatin capsules to pharma machinery to packaging films.


There is no record of payment complaints. Creditreform debt collection department has not handled any case against the company. According to the official information from the Register of transaction accounts, the company accounts are active and are not blocked (date of last check: 2014-02-19).


Other shares and functions of Mr. Marko Fresl:

- MFR CONSULTING d.o.o., Zagreb; establisher and manager

 

 

Exchange rate:

 

2007-12-31

EUR 1 = HRK 7,3251

 

 

 

2008-12-31

EUR 1 = HRK 7,3244

 

 

 

2009-12-31

EUR 1 = HRK 7,3062

 

 

 

2010-12-31

EUR 1 = HRK 7,3852

 

 

 

2011-12-31

EUR 1 = HRK 7,5304

 

 

 

2012-12-31

EUR 1 = HRK 7,5456

 

 

 

 

 

 

 

 

 

 

 

 

 


Inflation:

 

 

 

 

2007:

2,9%

 

 

 

2008:

6,4%

 

 

 

2009:

1,9%

 

 

 

2010:

1,1%

 

 

 

2011:

2,3%

 

 

 

2012:

3,4%

 

 

 

 

Bankers

PODRAVSKA BANKA d.d.

Opaticka 3, 48000 Koprivnica, Croatia

HR3223860021110071283

 

 

ZAGREBACKA BANKA d.d.

Paromlinska 2, 10000 Zagreb, Croatia

HR9123600001101867904

 

 

Mode of payment

no complaints, but occasional delays                   

 

Credit opinion

business connections appear permissible                


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 62.28

UK Pound

1

Rs. 103.84

Euro

1

Rs. 85.69

 

 

INFORMATION DETAILS

 

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.