|
Report Date : |
14.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ENERGOINVEST D.D. SARAJEVO |
|
|
|
|
Registered Office : |
Hamdije Čemerlića 2 BA
71000 Sarajevo |
|
|
|
|
Country : |
Bosnia and Herzegovina |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
1951 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Engineering activities and related technical
consultancy |
|
|
|
|
No. of Employees : |
665 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Bosnia and Herzegovina |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BOSNIA AND
HERZEGOVINA - ECONOMIC OVERVIEW
Bosnia has a transitional economy with limited market
reforms. The economy relies heavily on the export of metals as well as on remittances
and foreign aid. A highly decentralized government hampers economic policy
coordination and reform, while excessive bureaucracy and a segmented market
discourage foreign investment. The interethnic warfare in Bosnia and
Herzegovina caused production to plummet by 80% from 1992 to 1995 and
unemployment to soar. With an uneasy peace in place, output recovered in
1996-99 but slowed in 2000-02 and picked up again during 2003-08, when GDP
growth exceeded 5% per year. However, the country experienced a decline in GDP
of nearly 3% in 2009 reflecting local effects of the global economic crisis.
GDP has stagnated since then. Foreign banks, primarily from Austria and Italy,
now control most of the banking sector. The konvertibilna marka (convertible
mark or BAM) - the national currency introduced in 1998 - is pegged to the
euro, and confidence in the currency and the banking sector has increased.
Bosnia's private sector is growing, but foreign investment has dropped off
sharply since 2007. Government spending, at roughly 50% of GDP, remains high
because of redundant government offices at the state, entity and municipal
level. Privatization of state enterprises has been slow, particularly in the
Federation, where political division between ethnically-based political parties
makes agreement on economic policy more difficult. High unemployment remains
the most serious macroeconomic problem. Successful implementation of a
value-added tax in 2006 provided a predictable source of revenue for the
government and helped rein in gray-market activity. National-level statistics
have also improved over time but a large share of economic activity remains
unofficial and unrecorded. Bosnia and Herzegovina became a full member of the
Central European Free Trade Agreement in September 2007. Bosnia and
Herzegovina's top economic priorities are: acceleration of integration into the
EU; strengthening the fiscal system; public administration reform; World Trade
Organization (WTO) membership; and securing economic growth by fostering a
dynamic, competitive private sector. In 2009, Bosnia and Herzegovina was
granted an International Monetary Fund (IMF) stand-by arrangement, necessitated
by sharply increased social spending and a fiscal crisis exacerbated by the
global economic downturn. Disbursement of IMF aid was suspended in 2011 after a
parliamentary deadlock left Bosnia without a state-level government for over a
year. The IMF concluded a new stand-by arrangement with Bosnia in October 2012,
with the first tranches paid in November and December 2012.
|
Source
: CIA |
|
ENERGOINVEST D.D. SARAJEVO |
|
Hamdije Čemerlića 2 |
|
BA 71000 Sarajevo |
|
Tel: +387 33/610355, 703301, 703745 |
|
Fax: +387 33/659618, 658430, 657672 |
|
E-mail: generalmanager@energoinvest.com |
|
Web: www.energoinvest.com |
|
Established:
1951. |
|
Legal form |
Joint Stock Company |
|
|
|
|
Established |
1951 as
socially-owned company |
|
|
|
|
Registered |
1990, Cantonal court
Sarajevo, MBS: 65-02-0052-11 |
|
Shareholders |
Federal ministry for energy, mining and
industry Bosnia & Hercegovina |
67,01% |
|
|
ZIF BIG-Investiciona grupa d.d. Sarajevo Bosnia & Hercegovina |
5,38%
|
|
|
ZIF PREVENT - INVEST d.d. Sarajevo Bosnia & Hercegovina |
5,35%
|
|
|
ZIF PROF - PLUS d.d. Sarajevo Bosnia & Hercegovina |
4,23%
|
|
|
ZIF CROBIH FOND d.d. Mostar Bosnia & Hercegovina |
2,32%
|
|
|
ZIF HERBOS FOND d.d. Mostar Bosnia & Hercegovina |
1,80%
|
|
|
Small shareholders |
13,91% |
|
Basic capital |
KM 220.721.025,00 |
|
|
17.657.682 shares of nominal value KM 12,5 |
|
Management |
Enes Čengić,
manager |
|
|
|
|
Supervisory board |
Mersad
Ramović, president
|
|
|
|
|
Activity |
Engineering
activities and related technical consultancy
(71.12) |
|
Staff |
2009 |
871 |
employees |
|
|
2010 |
829 |
employees |
|
|
2011 |
755 |
employees |
|
|
2012 |
678 |
employees |
|
|
2013 |
665 |
employees |
|
Total revenue |
2009 |
KM |
335.914.000 |
|
|
2010 |
KM |
397.504.896 |
|
|
2011 |
KM |
273.493.024 |
|
|
2012 |
KM |
338.234.000 |
|
|
01-06.2013 |
KM |
171.411.000 |
|
Real estate |
the company owns
real estates |
|
Assets |
Currency: KM ( x 1.000 ) |
2013.06.30 |
2012.12.31 |
2011.12.31 |
|||
|
|
|
|
|
|
|||
|
|
FIXED ASSETS |
259.290 |
254.826 |
275.150 |
|||
|
|
|
74 |
91 |
53 |
|||
|
|
|
129.701 |
61.907 |
163.756 |
|||
|
|
|
54.227 |
55.460 |
67.789 |
|||
|
|
|
75.288 |
137.368 |
43.552 |
|||
|
|
CURRENT ASSETS |
62.182 |
40.731 |
26.175 |
|||
|
|
|
10.450 |
6.740 |
9.535 |
|||
|
|
|
44.153 |
30.421 |
11.380 |
|||
|
|
|
1.214 |
1.306 |
614 |
|||
|
|
|
6.365 |
2.264 |
4.646 |
|||
|
|
ACCRUALS |
5.594 |
27.913 |
29.049 |
|||
|
|
LOSS OVER THE CAPITAL |
|
|
0 |
|||
|
|
TOTAL ASSETS |
327.066 |
323.470 |
330.373 |
|||
|
|
|
|
|
|
|||
|
Liabilities |
Currency: KM ( x 1.000 ) |
2013.06.30 |
2012.12.31 |
2011.12.31 |
|||
|
|
|
|
|
|
|||
|
|
EQUITY |
174.312 |
177.186 |
211.179 |
|||
|
|
|
220.721 |
220.721 |
220.721 |
|||
|
|
|
49.008 |
49.615 |
73.683 |
|||
|
|
|
9.081 |
7.927 |
8.872 |
|||
|
|
|
17.506 |
15.215 |
14.486 |
|||
|
|
|
122.283 |
116.414 |
106.584 |
|||
|
|
|
279 |
122 |
|
|||
|
|
PROVISIONS |
17.275 |
17.333 |
11.791 |
|||
|
|
LONG TERM LIABILITIES |
35.312 |
22.776 |
18.940 |
|||
|
|
SHORT TERM LIABILITIES |
96.469 |
102.228 |
86.019 |
|||
|
|
|
|
|
703 |
|||
|
|
|
20.366 |
21.257 |
10.340 |
|||
|
|
|
23.354 |
17.552 |
17.879 |
|||
|
|
|
45.843 |
58.709 |
41.146 |
|||
|
|
|
2.590 |
1.339 |
1.428 |
|||
|
|
|
1.269 |
917 |
1.202 |
|||
|
|
|
3.047 |
2.454 |
13.321 |
|||
|
|
DEFFERED ITEMS |
3.698 |
3.947 |
2.443 |
|||
|
|
TOTAL LIABILITIES |
327.066 |
323.470 |
330.373 |
|||
|
|
|
|
|
|
|||
|
Profit/loss account |
Currency: KM ( x 1.000 ) |
2013.06.30 |
2012.12.31 |
2011.12.31 |
|||
|
|
|
|
|
|
|||
|
|
OPERATING REVENUES |
167.159 |
303.829 |
240.547 |
|||
|
|
|
87.569 |
230.034 |
200.692 |
|||
|
|
|
78.161 |
71.092 |
34.966 |
|||
|
|
|
1.429 |
2.703 |
4.889 |
|||
|
|
OPERATING EXPENSES |
166.074 |
320.852 |
265.212 |
|||
|
|
|
148.482 |
273.169 |
232.640 |
|||
|
|
|
1.715 |
3.730 |
2.145 |
|||
|
|
|
126.970 |
269.439 |
216.192 |
|||
|
|
|
19.797 |
|
14.303 |
|||
|
|
|
11.621 |
21.742 |
21.743 |
|||
|
|
|
1.254 |
3.031 |
3.461 |
|||
|
|
|
|
|
56 |
|||
|
|
|
4.717 |
22.910 |
7.312 |
|||
|
|
FINANCIAL REVENUES |
3.366 |
7.158 |
3.826 |
|||
|
|
FINANCIAL EXPENSES |
3.922 |
8.936 |
5.404 |
|||
|
|
EXTRAORDINARY REVENUES |
886 |
27.247 |
29.120 |
|||
|
|
EXTRAORDINARY EXPENSES |
1.136 |
8.195 |
2.322 |
|||
|
|
TOTAL REVENUES |
171.411 |
338.234 |
273.493 |
|||
|
|
TOTAL EXPENSES |
171.132 |
337.983 |
272.938 |
|||
|
|
|
279 |
251 |
556 |
|||
|
|
|
0 |
0 |
0 |
|||
|
|
|
|
129 |
259 |
|||
|
|
PROFIT OF THE PERIOD |
279 |
122 |
296 |
|||
|
|
LOSS OF THE PERIOD |
0 |
0 |
0 |
|||
|
|
|
|
|
|
|||
|
Financial ratios |
|
2013.06.30 |
2012.12.31 |
2011.12.31 |
|||
|
|
|
|
|
|
|||
|
|
Financial stability ratio |
0,8412 |
0,8307 |
0,8498 |
|||
|
|
Solvency ratio (%) |
53,2957 |
54,7766 |
63,9214 |
|||
|
|
Debt ratio (in years) |
42,9814 |
39,6461 |
27,9354 |
|||
|
|
Liquidity ratio |
0,5363 |
0,3325 |
0,1934 |
|||
|
|
Current ratio |
0,6446 |
0,3984 |
0,3043 |
|||
|
|
Total assets turnover |
1,0482 |
1,0456 |
0,8278 |
|||
|
|
Inventories turnover |
32,806 |
50,1831 |
28,6838 |
|||
|
|
Collection period (in days) |
47,9548 |
36,3687 |
17,3848 |
|||
|
|
Creditors Days |
49,7903 |
70,1874 |
62,8558 |
|||
|
|
Inventories bonding (in days) |
10,9736 |
7,1737 |
12,5506 |
|||
|
|
Profit margin (%) |
0,1628 |
0,0361 |
0,1083 |
|||
|
|
Return on total assets (%) |
0,1706 |
0,0377 |
0,0896 |
|||
|
|
Return on equity (%) |
0,3202 |
0,0689 |
0,1402 |
|||
|
|
Total revenue per employee (x 1.000) |
515,5218 |
498,8702 |
362,2424 |
|||
|
|
Profit per employee (x 1.000) |
0,839 |
0,1799 |
0,3922 |
|||
|
|
Equity per employee (x 1.000) |
262,1233 |
261,3363 |
279,7075 |
|||
|
|
Total assets per employee (x 1.000) |
491,8286 |
477,0944 |
437,5801 |
|||
|
|
Staff costs/Turnover (%) |
6,7796 |
6,4281 |
7,9501 |
|||
|
|
EBIT (x 1.000) |
1.085 |
-17.023 |
-24.665,040 |
|||
|
|
EBITDA (x 1.000) |
2.339 |
-13.992 |
-21.203,930 |
|||
|
|
EBIT Margin (%) |
0,6491 |
-5,6028 |
-10,2537 |
|||
|
|
EBITDA Margin (%) |
1,3993 |
-4,6052 |
-8,8149 |
|||
|
|
|
|
|
|
|
Remarks |
2009 profit |
KM |
1.706.000 |
|
|
2010 profit |
KM |
2.125.882 |
|
|
2011 profit |
KM |
555.501 |
|
|
2012 profit |
KM |
251.000 |
|
|
01-06.2013 profit |
KM |
279.000 |
|
|
|
|
|
|
|
|
|||
|
|
INTERENERGO Handelsgesellschaft mbH (Statistic number: 8170000774) Siegesstr. 15, 80802 München, Germany |
100,00% |
|
|
|
|
COMET d.o.o. (Statistic number: 0306932) NERETLJANSKIH GUSARA 2, 20340 PLOČE,
Croatia |
100,00% |
|
|
|
|
ENERGOINVEST-IMQ d.o.o. Sarajevo (Statistic number: 4200725630003) Tvornička 3, 71210 Ilidža, |
100,00% |
|
|
|
|
ENERGOINVEST-INTERENERGO d.o.o. (Statistic number: 20116277) 29. novembra 15, 11000 Beograd, Republic
Serbia |
100,00% |
|
|
|
|
PETROLINVEST d.d. (Statistic number: 4200652900007) Tvornička 3, 71210 Sarajevo - Ilidža, |
52,60% |
|
|
|
|
RADAVA d.o.o. (Statistic number: 4236087820007) Rupnovac 9, 71270 Fojnica, |
5,05% |
|
|
|
|
Energoinvest-Hrvatska d.o.o. (Statistic number: 1576194) Radnička cesta 228, 10000 Zagreb,
Croatia |
100,00% |
|
|
|
|
Energoinvest Reach Active Ltd Company
(EIRA), Dublin, Ireland |
|
|
|
|
|
GOSTARESH SHIRSAZI Co. Iran |
|
|
|
|
|
OOO Enha Byelgorod Russian Federation |
|
|
|
|
|
Inmobiliaria Energomex S.A. de C.V. Mexico |
|
|
|
|
|
Electrical Projects Co. ELPCO, Tripoli Libya |
|
|
|
|
|
Interenergo Istanbul Dis.Tic.Ltd.Sti Turkey |
|
|
|
|
|
Energoinvest Algerie Algeria |
|
|
|
|
|
ENERGOMEX S.A. de C.V. Mexico |
|
|
|
|
|
|
|
|
|
|
|
Short company
name: ENERGOINVEST d.d. Sarajevo |
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2007: |
2,9% |
|
|
|
|
2008: |
6,4% |
|
|
|
|
2009: |
1,9% |
|
|
|
|
2010: |
1,1% |
|
|
|
|
2011: |
2,3% |
|
|
|
|
2012: |
3,4% |
|
|
|
Bankers |
SPARKASSE BANK
d.d. |
|
|
SPARKASSE BANK
d.d. |
|
|
BOR BANKA d.d. |
|
|
BOSNA BANK
INTERNATIONAL d.d. |
|
|
PRIVREDNA BANKA
SARAJEVO d.d. |
|
|
RAIFFEISEN BANK
d.d. BIH |
|
|
UNICREDIT BANK
d.d. |
|
|
VAKUFSKA BANKA
d.d. |
|
|
SBERBANK BH d.d.
|
|
|
HYPO
ALPE-ADRIA-BANK d.d. |
|
|
INTESA SANPAOLO
BANKA d.d. BOSNA I HERCEGOVINA |
|
|
MOJA BANKA d.d. |
|
|
NLB BANKA d.d. |
|
|
RAZVOJNA BANKA FEDERACIJE
BIH |
|
|
UNION BANKA d.d.
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.84.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.