MIRA
INFORM REPORT
|
Report Date : |
19.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
HYUVEFARMA
AD |
|
|
|
|
Registered Office : |
J.K. Iztok, UL. Nikolay Haytov
No.3A, et.5, 1113 Sofia |
|
|
|
|
Country : |
Bulgaria |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
1999 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Wholesale of pharmaceutical goods |
|
|
|
|
No. of Employees |
107 |
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 : |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Bulgaria |
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
COMPANY DETAILS
Local
name: HYUVEFARMA AD
International
name: HUVEPHARMA AD
Registered
address:
j.k.
Iztok, ul. Nikolay Haytov No.3A, et.5
1113 SOFIA
Bulgaria
Telephone: +359-2-8625331, +359-2-8682095
Fax: +359-2-8625334, +359-2-9713027
Internet: http://www.huvepharma.com, http://www.huvepharma.bg
ESTABLISHMENT
& REGISTRATION:
Established:
1999
Registered at Sofia Town Court
Court number 14043/ 1999
Bulstat/VAT number: 130128520
HISTORY:
Established
in 1999 as BULGARSKA FARMACEVTICHNA KOMPANIA AD.
In 2005 the company changed its name to HYUVEFARMA AD.
According to press-release 38,2% from the company were acquired by Citi Group
in December 2010 for the price of 75 million EUR. Obviously this was made
through a Luxembourg-registered company. According to the business press this
is a positive sign and shows that the market evaluation of the whole company
exceeds 200 MEUR.
LEGAL
FORM:
Joint Stock Company (AD)
REGISTERED
CAPITAL:
BGN 29 497 000.00
BANKERS:
Eurobank
EFG Bulgaria AD
Credit Agricole Bulgaria EAD
BNP Paribas
Banka Piraeus Bulgaria
UniCredit Bulbank AD
Sitybank AD
www.bulbank.bg
SHAREHOLDERS/MANAGEMENT
SHAREHOLDERS:
|
ADVANCE PROPERTIES OOD |
63.42% |
|
ID 131159471 |
|
|
Silverspot Investments S.a.r.l. (Luxembourg) |
36.58% |
|
|
|
MANAGEMENT:
|
KIRIL PETROV DOMUSCHIEV |
|
- Manager |
RELATED
COMPANIES:
|
Company
ID |
Company
Name |
|
825395495 |
"TARGOVSKI TSENTAR
""TRAKIYA""" |
|
813109356 |
MOTORINJENERING |
|
200864986 |
HYUVEFARMA SPORT |
|
175358560 |
KEY DJI MARITAYM SHIPING |
|
175110522 |
PORT REYL |
|
175015316 |
ESTE PROPARTIS |
|
131475747 |
PASIFIK 2000 |
|
131143773 |
KEY PI DJI PROPARTIS |
|
112591505 |
BIOVET FIYD |
|
112029879 |
BIOVET |
|
106623336 |
TURBOGEN |
|
103268937 |
MOTORINJENERING-INVEST |
|
103005039 |
VARNA-KOMERS |
BUSINESS ACTIVITY
BUSINESS
OPERATION:
NACE 1.1: 51.46 Wholesale of pharmaceutical
goods
Activity:
The
company is a major shareholder in BIOVET AD - a big Bulgarian producer of
veterinary medicines with turnover EUR 50 million.
Operation is connected with trade with BIOVET’s products.
NUMBER
OF EMPLOYEES:
|
As
at date |
Value |
|
31.12.2006 |
31 |
|
31.12.2007 |
34 |
|
31.12.2008 |
34 |
|
31.12.2009 |
44 |
|
31.12.2010 |
46 |
|
18.03.2011 |
44 |
|
31.12.2011 |
44 |
|
13.11.2012 |
97 |
|
10.07.2013 |
104 |
|
Latest
stand |
107 |
EXPORT:
EU, Russia
IMPORT:
EU
REAL ESTATE:
Own offices.
FINANCIAL DATA
TURNOVER:
|
Year |
Currency |
Value |
|
2002 |
BGN |
3
085 000.00 |
|
2003 |
BGN |
1
433 000.00 |
|
2004 |
BGN |
910
000.00 |
|
2005 |
BGN |
48
661 000.00 |
|
2006 |
BGN |
108
438 000.00 |
|
2007 |
BGN |
113
906 000.00 |
|
2008 |
BGN |
112
404 000.00 |
|
2009 |
BGN |
128
737 000.00 |
|
2010 |
BGN |
157
427 000.00 |
|
2011 |
BGN |
193
112 000.00 |
|
2012 |
BGN |
260
185 000.00 |
|
2013 |
BGN |
397
789 000.00 |
MODES
OF PAYMENT:
Payments are made within agreed
terms.
DEBT
COLLECTION:
No debt collection cases are
registered against the company.
BANK
DISTRAINTS:
No shares of the company are
under bank distraint.
UNPAID
TAXES/ CONTRIBUTIONS TO GOVERNMENT:
There is no publication about
overdue unpaid taxes.
INVOLVEMENT
IN LEGAL DISPUTES:
There is no publication about
legal claims or disputes against the company.
OTHER
PAYMENT INFORMATION:
No adverse payment information
is available.
BRANCH
INDICATOR:
The company's payment behaviour
is average for the branch.
GENERAL
PAYMENT ASSESSMENT:
A
FINANCIAL
OPINION:
A
Exchange rate since 1998 is 1
BGN (denominated lev) = 0.51 EUR
|
Ratio |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
|
Debt ratio |
0.45 |
0.36 |
0.29 |
0.19 |
0.22 |
0.39 |
|
Quick ratio |
1.20 |
1.67 |
1.82 |
4.53 |
6.53 |
1.15 |
|
Current ratio |
1.39 |
1.72 |
2.00 |
4.89 |
7.07 |
2.12 |
|
Days purchase in payables |
96.42 |
85.65 |
84.94 |
34.71 |
28.43 |
87.02 |
|
Operating margin in % |
9.65 |
14.32 |
19.66 |
19.12 |
21.37 |
19.08 |
|
Cash ratio (acid ratio) |
0.01 |
0.12 |
0.28 |
0.54 |
0.45 |
0.27 |
|
Return on sales ROS in % |
8.67 |
12.89 |
17.66 |
17.21 |
19.23 |
16.53 |
|
Return on assets ROA in % |
7.92 |
12.63 |
17.73 |
18.51 |
20.39 |
13.74 |
|
Return on equity ROE in % |
14.36 |
19.75 |
24.98 |
22.88 |
26.16 |
22.37 |
|
Days supply in inventory |
18.65 |
2.66 |
13.59 |
10.92 |
14.18 |
82.68 |
|
Days sales in receivables |
113.94 |
132.87 |
130.70 |
138.45 |
173.09 |
77.04 |
|
BALANCE SHEET in BGN'000 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
|
Accounting
period: |
1.1.2008
- |
1.1.2009
- |
1.1.2010
- |
1.1.2011
- |
1.1.2012
- |
1.1.2013
- |
|
Fixed assets |
81179 |
78814 |
83190 |
88490 |
99999 |
274680 |
|
Tangible assets |
655 |
622 |
1059 |
1712 |
2135 |
135873 |
|
Intangible assets |
37556 |
35323 |
36982 |
39814 |
49421 |
138702 |
|
Long-term investments |
42838 |
42827 |
45113 |
46882 |
48345 |
36 |
|
Goodwill |
|
|
|
|
|
|
|
Prepaid expenses, deferred income, similar accounts |
130 |
42 |
36 |
82 |
98 |
69 |
|
Current assets |
41899 |
52597 |
74604 |
91016 |
145392 |
203866 |
|
Inventory |
5822 |
950 |
5979 |
5856 |
10252 |
91356 |
|
Short-term receivables |
35576 |
47514 |
57516 |
74270 |
125100 |
85124 |
|
Short-term investments |
|
|
|
903 |
886 |
|
|
Liquid assets |
441 |
3686 |
10540 |
9987 |
9154 |
25574 |
|
Prepaid expenses |
60 |
447 |
569 |
|
|
1812 |
|
Total Assets |
123078 |
131411 |
157794 |
179506 |
245391 |
478546 |
|
Equity capital |
67869 |
84021 |
111999 |
145227 |
191272 |
293949 |
|
Subscribed and paid capital |
26550 |
26550 |
29497 |
29497 |
29497 |
45823 |
|
Reserves |
11446 |
11736 |
54505 |
54505 |
54800 |
87186 |
|
Profit or loss carried forward |
29873 |
45735 |
20 |
61225 |
56930 |
160940 |
|
Profit of the year |
|
|
27977 |
|
50045 |
|
|
Loss of the year |
|
|
|
|
|
|
|
Long-term liabilities |
25102 |
16760 |
8416 |
15660 |
33568 |
88447 |
|
Short-term liabilities |
30107 |
30630 |
37379 |
18619 |
20551 |
96150 |
|
P&L ACCOUNT in BGN'000 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
|
Accounting
period: |
1.1.2008
- |
1.1.2009
- |
1.1.2010
- |
1.1.2011
- |
1.1.2012
- |
1.1.2013
- |
|
Total operating expenses |
97585 |
108486 |
125848 |
155241 |
204034 |
317785 |
|
Financial expenditures |
3975 |
1814 |
1440 |
1178 |
894 |
4194 |
|
Extraordinary expenses |
|
|
|
|
|
|
|
Profit before taxation |
10844 |
18437 |
31139 |
36928 |
55609 |
75907 |
|
Taxes |
1100 |
1844 |
3162 |
3700 |
5564 |
10163 |
|
Profit after taxation |
9744 |
16593 |
27977 |
33228 |
50045 |
65744 |
|
Total operating income |
112404 |
128737 |
158427 |
193112 |
260185 |
397789 |
|
Financial income |
|
|
|
235 |
352 |
97 |
|
Extraordinary income |
|
|
|
|
|
|
|
Loss after taxation |
|
|
|
|
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.86 |
|
|
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.