|
Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
MILETA A.S. |
|
|
|
|
Registered Office : |
Husova 734
508 01 Hořice |
|
|
|
|
Country : |
Czech Republic |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
01.05.1992 |
|
|
|
|
Com. Reg. No.: |
B 597 |
|
|
|
|
Legal Form : |
Public limited company |
|
|
|
|
Line of Business : |
Subject is engaged in weaving of textiles |
|
|
|
|
No. of Employees : |
370 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Czech Republic |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
CZECH REPUBLIC - ECONOMIC
OVERVIEW
The Czech Republic is a
stable and prosperous market economy closely integrated with the EU, especially
since the country's EU accession in 2004. The auto industry is the largest single
industry, and, together with its upstream suppliers, accounts for nearly 24% of
Czech manufacturing. The Czech Republic produced more than a million cars for
the first time in 2010, over 80% of which were exported. While the
conservative, inward-looking Czech financial system has remained relatively
healthy, the small, open, export-driven Czech economy remains sensitive to
changes in the economic performance of its main export markets, especially
Germany. When Western Europe and Germany fell into recession in late 2008,
demand for Czech goods plunged, leading to double digit drops in industrial
production and exports. As a result, real GDP fell sharply in 2009. The economy
slowly recovered in the second half of 2009 and registered weak growth in the next
two years. In 2012, however, the economy fell into a recession again, due both
to a slump in external demand and to the government’s austerity measures. The
country pulled out of recession in the second half of 2013, and most analysts
expect modest, but steady, growth through 2014. Foreign and domestic businesses
alike voice concerns about corruption, especially in public procurement. Other
long term challenges include dealing with a rapidly aging population, funding
an unsustainable pension and health care system, and diversifying away from
manufacturing and toward a more high-tech, services-based, knowledge economy.
|
Source
: CIA |
MILETA
A.S.
Husova 734
508 01 Hořice
Telephone: 00420/ 493 654 400
Telefax: 00420/ 493 621 066
e-mail: mileta@mileta.cz
Web: www.mileta.cz
|
Legal form |
Public limited company |
|
|
Foundation |
01/05/1992 - Public limited company |
|
|
Comp. Register |
01/05/1992, Krajský soud Hradec Králové, RegNr.:
B 597 |
|||
|
Share Capital |
01/05/1992 |
CZK |
368.457.000,- |
|
|
|
12/01/1993 |
CZK |
380.296.000,- |
|
|
|
21/04/1993 |
CZK |
393.384.000,- |
|
|
|
13/10/2009 |
CZK |
77.103.264,- |
|
|
|
22/06/2010 |
CZK |
231.309.792,- |
|
|
|
1 180 152 pcs bearer shares in book form
at nominal value |
|||
|
Main Shareholder
|
ALOK INDUSTRIES
INTERNATIONAL LTD. |
|
||
|
Board of
Directors |
Ing. Otakar
Petráček (06.11.1967) |
|
|
Gopinath Kamath (11.08.1962) |
|
Supervisory
Board |
Mgr. Ing. Jan
Šelder (26.03.1971) |
|
General Data |
Manufacture and
sale of tissues made of cotton and mixed yarns, of shirt materials made of
100% combed cotton, of handkerchiefs made of 100% combed cotton or carded
cotton, of bed linen made of 100% cotton and of mixture of polyester and
cotton and table cloth materials made of organic cotton and first-class yarn.
|
|
|
Main activity: |
|
|
|
Trade name(s) |
|
|
|
Export: |
80% |
|
|
Import: |
|
|
General
contacts: |
|
|
Address: |
|
|
Husova 734, 508 01 Hořice |
|
|
Husova 2153, 508 01 Hořice |
|
|
Husova 1599, Hořice |
|
|
Branches of the
business: |
|
|
úpravna |
|
|
barevna |
|
|
ubytovací zařízení |
|
|
Office address: |
|
|
Via Pra Palazzi 6, 21013 Gallarate, Itálie
|
|
|
Staff |
2008 |
528 employees |
|
|
2009 |
374 employees |
|
|
2010 |
375 employees |
|
|
2011 |
361 employees |
|
|
2012 |
367 employees |
|
|
2013 |
375 employees |
|
|
2014 |
370 employees |
|
Annual Sales |
2005 |
actual sales |
CZK |
502.550.000,- |
|
|
|
2006 |
actual sales |
CZK |
521.856.000,- |
|
|
|
2008 |
actual sales |
CZK |
702.377.000,- |
|
|
|
2009 |
actual sales |
CZK |
477.282.000,- |
|
|
|
2010 |
actual sales |
CZK |
459.399.000,- |
|
|
|
2011 |
actual sales |
CZK |
532.924.000,- |
|
|
|
2012 |
actual sales |
CZK |
489.586.000,- |
|
|
|
2013 |
actual sales |
CZK |
491.846.000,- |
|
|
|
The company is
not registered in the Central register of executions. |
|
|
Beginning from the year 2008, the data on
turnover stated always as of March 31. |
|
Property |
Property of the company: |
|
|
There exists contractual right of lien for
the real assets situated in Hořice. |
|
|
|
Remarks |
All the sources
of negative data accessible to public (insolvency registers, databases of
debtors of health insurance institutions, commercial bulletin, collection
database of others) are currently monitored. |
|
|
The inquired
company is a part of the group ALOK INDUSTRIES. |
|
Bankers |
Československá obchodní banka, a. s. |
(0300) |
|
|
balance |
31.03.2010 (CZK)
|
31.03.2011 (CZK)
|
31.03.2012 (CZK)
|
31.03.2013 (CZK)
|
|
r1 |
TOTAL ASSETS |
597.377.000 |
662.926.000 |
526.614.000 |
589.998.000 |
|
r2 |
Receivables for subscriptions |
|
0 |
0 |
0 |
|
r3 |
Fixed assets |
207.687.000 |
199.741.000 |
175.443.000 |
141.016.000 |
|
r4 |
Intangible fixed
assets |
1.258.000 |
710.000 |
273.000 |
231.000 |
|
r7 |
Software |
1.258.000 |
710.000 |
201.000 |
135.000 |
|
r8 |
Valuable rights |
|
|
|
10.000 |
|
r11 |
Intangible fixed assets under construction
|
|
|
72.000 |
86.000 |
|
r13 |
Tangible fixed
assets |
204.309.000 |
199.031.000 |
175.170.000 |
140.785.000 |
|
r14 |
Lands |
3.517.000 |
3.451.000 |
4.258.000 |
4.137.000 |
|
r15 |
Constructions |
38.802.000 |
51.422.000 |
51.605.000 |
34.226.000 |
|
r16 |
Equipment |
141.774.000 |
137.094.000 |
116.865.000 |
85.450.000 |
|
r20 |
Tangible fixed assets under construction |
19.659.000 |
3.629.000 |
2.442.000 |
16.812.000 |
|
r21 |
Advance payments for tangible fixed assets
|
557.000 |
3.435.000 |
|
160.000 |
|
r23 |
Long-term
financial assets |
2.120.000 |
0 |
0 |
0 |
|
r26 |
Other securities and shares |
2.120.000 |
|
|
|
|
r31 |
Current assets |
389.286.000 |
462.686.000 |
350.217.000 |
448.079.000 |
|
r32 |
Inventory |
242.717.000 |
305.706.000 |
249.661.000 |
200.769.000 |
|
r33 |
Materials |
32.393.000 |
59.129.000 |
41.843.000 |
42.472.000 |
|
r34 |
Work in progress and semi-products |
63.661.000 |
70.207.000 |
58.299.000 |
58.852.000 |
|
r35 |
Finished products |
145.551.000 |
144.065.000 |
122.152.000 |
92.225.000 |
|
r37 |
Merchandise |
1.112.000 |
32.195.000 |
27.367.000 |
6.586.000 |
|
r38 |
Advance payments for inventory |
|
110.000 |
|
634.000 |
|
r39 |
Long-term
receivables |
950.000 |
89.000 |
83.000 |
91.000 |
|
r40 |
Trade receivables |
840.000 |
|
|
|
|
r44 |
Long-term deposits given |
110.000 |
89.000 |
83.000 |
91.000 |
|
r48 |
Short-term
receivables |
116.254.000 |
130.712.000 |
95.975.000 |
239.942.000 |
|
r49 |
Trade receivables |
110.119.000 |
125.641.000 |
92.253.000 |
110.146.000 |
|
r54 |
Due from state - tax receivable |
1.612.000 |
1.505.000 |
932.000 |
2.893.000 |
|
r55 |
Short-term deposits given |
4.433.000 |
3.119.000 |
2.727.000 |
1.847.000 |
|
r56 |
Estimated receivable |
|
|
|
125.000.000 |
|
r57 |
Other receivables |
90.000 |
447.000 |
63.000 |
56.000 |
|
r58 |
Short-term
financial assets |
29.365.000 |
26.179.000 |
4.498.000 |
7.277.000 |
|
r59 |
Cash |
5.301.000 |
3.715.000 |
3.255.000 |
5.639.000 |
|
r60 |
Bank accounts |
14.780.000 |
13.213.000 |
1.243.000 |
1.638.000 |
|
r61 |
Short-term securities and ownership
interests |
9.284.000 |
9.251.000 |
|
|
|
r63 |
Accruals |
404.000 |
499.000 |
954.000 |
903.000 |
|
r64 |
Deferred expenses |
404.000 |
499.000 |
954.000 |
903.000 |
|
r67 |
TOTAL
LIABILITIES |
597.377.000 |
662.926.000 |
526.614.000 |
589.998.000 |
|
r68 |
Equity |
242.871.000 |
261.654.000 |
212.755.000 |
234.970.000 |
|
r69 |
Registered
capital |
231.310.000 |
231.310.000 |
231.310.000 |
231.310.000 |
|
r70 |
Registered capital |
77.103.000 |
231.310.000 |
231.310.000 |
231.310.000 |
|
r72 |
Changes of registered capital ( +/- ) |
154.207.000 |
|
|
|
|
r73 |
Capital funds |
1.728.000 |
1.728.000 |
1.728.000 |
1.835.000 |
|
r75 |
Other capital funds |
1.728.000 |
1.728.000 |
1.728.000 |
1.835.000 |
|
r78 |
Reserve funds,
statutory reserve account for cooperatives, and other retained earnings |
30.292.000 |
30.292.000 |
31.236.000 |
31.236.000 |
|
r79 |
Legal reserve fund / indivisible fund |
29.864.000 |
29.864.000 |
30.808.000 |
30.808.000 |
|
r80 |
Statutory and other funds |
428.000 |
428.000 |
428.000 |
428.000 |
|
r81 |
Profit / loss -
previous years |
-147.000 |
-20.458.000 |
-2.621.000 |
-51.518.000 |
|
r83 |
Accumulated losses from previous years |
-147.000 |
-20.458.000 |
-2.621.000 |
-51.518.000 |
|
r84 |
Profit / loss -
current year (+/-) |
-20.312.000 |
18.782.000 |
-48.898.000 |
22.107.000 |
|
r85 |
Liabilities |
354.249.000 |
385.060.000 |
313.314.000 |
354.561.000 |
|
r86 |
Reserves |
0 |
251.000 |
369.000 |
504.000 |
|
r87 |
Reserves under special statutory
regulations |
|
251.000 |
369.000 |
504.000 |
|
r91 |
Long-term
payables |
141.254.000 |
154.509.000 |
136.600.000 |
162.130.000 |
|
r93 |
Payables to controlled and managed
organizations |
88.998.000 |
125.696.000 |
125.320.000 |
162.130.000 |
|
r100 |
Other payables |
51.800.000 |
28.813.000 |
11.280.000 |
|
|
r101 |
Deferred tax liability |
456.000 |
|
|
|
|
r102 |
Short-term
payables |
170.019.000 |
199.214.000 |
155.461.000 |
158.862.000 |
|
r103 |
Trade payables |
114.065.000 |
129.588.000 |
73.541.000 |
83.097.000 |
|
r104 |
Payables to controlled and managed
organizations |
14.294.000 |
24.355.000 |
37.868.000 |
10.294.000 |
|
r107 |
Payroll |
7.318.000 |
7.153.000 |
6.796.000 |
7.350.000 |
|
r108 |
Payables to social securities and health
insurance |
3.380.000 |
3.427.000 |
3.263.000 |
8.885.000 |
|
r109 |
Due from state - tax liabilities and
subsidies |
53.000 |
519.000 |
111.000 |
256.000 |
|
r110 |
Short-term deposits received |
338.000 |
5.280.000 |
613.000 |
42.131.000 |
|
r112 |
Estimated payables |
6.929.000 |
6.499.000 |
7.269.000 |
6.849.000 |
|
r113 |
Other payables |
23.642.000 |
22.393.000 |
26.000.000 |
|
|
r114 |
Bank loans and
financial accommodations |
42.976.000 |
31.086.000 |
20.884.000 |
33.065.000 |
|
r115 |
Long-term bank loans |
32.232.000 |
20.724.000 |
10.442.000 |
9.326.000 |
|
r116 |
Short-term bank loans |
10.744.000 |
10.362.000 |
10.442.000 |
23.739.000 |
|
r117 |
Short-term accommodations |
|
0 |
0 |
0 |
|
r118 |
Accruals |
257.000 |
16.212.000 |
545.000 |
467.000 |
|
r119 |
Accrued expenses |
257.000 |
16.212.000 |
542.000 |
467.000 |
|
r120 |
Deferred revenues |
|
|
3.000 |
|
|
|
profit/loss
account |
31.03.2010 (CZK)
|
31.03.2011 (CZK)
|
31.03.2012 (CZK)
|
31.03.2013 (CZK)
|
|
a1 |
Turnover |
459.399.000 |
532.924.000 |
489.586.000 |
491.846.000 |
|
a2 |
Revenues from sold goods |
1.989.000 |
13.540.000 |
52.032.000 |
41.678.000 |
|
a3 |
Expenses on sold goods |
1.438.000 |
9.101.000 |
40.385.000 |
36.535.000 |
|
a4 |
Sale margin |
551.000 |
4.439.000 |
11.647.000 |
5.143.000 |
|
a5 |
Production |
451.682.000 |
530.250.000 |
423.906.000 |
452.232.000 |
|
a6 |
Revenues from own products and services |
457.410.000 |
519.384.000 |
437.554.000 |
450.168.000 |
|
a7 |
Change in inventory of own products |
-7.545.000 |
-7.568.000 |
-15.057.000 |
1.280.000 |
|
a8 |
Capitalization |
1.817.000 |
18.434.000 |
1.409.000 |
784.000 |
|
a9 |
Production
consumption |
316.387.000 |
344.684.000 |
295.584.000 |
311.043.000 |
|
a10 |
Consumption of material and energy |
227.693.000 |
271.899.000 |
231.074.000 |
243.270.000 |
|
a11 |
Services |
88.694.000 |
72.785.000 |
64.510.000 |
67.773.000 |
|
a12 |
Added value |
135.846.000 |
190.005.000 |
139.969.000 |
146.332.000 |
|
a13 |
Personnel
expenses |
125.003.000 |
125.756.000 |
121.468.000 |
124.261.000 |
|
a14 |
Wages and salaries |
94.632.000 |
93.660.000 |
90.125.000 |
91.677.000 |
|
a15 |
Renumeration of board members |
864.000 |
864.000 |
864.000 |
1.626.000 |
|
a16 |
Social security expenses and health
insurance |
28.559.000 |
30.306.000 |
29.541.000 |
30.070.000 |
|
a17 |
Other social expenses |
948.000 |
926.000 |
938.000 |
888.000 |
|
a18 |
Taxes and fees |
652.000 |
1.684.000 |
783.000 |
1.250.000 |
|
a19 |
Depreciations of intangible and tangible
assets |
27.866.000 |
36.537.000 |
32.375.000 |
27.450.000 |
|
a20 |
Revenues from disposals
of fixed assets and materials |
10.355.000 |
2.737.000 |
2.776.000 |
9.478.000 |
|
a21 |
Revenues from disposals of fixed assets |
7.294.000 |
1.058.000 |
1.307.000 |
8.935.000 |
|
a22 |
Revenues from disposals of materials |
3.061.000 |
1.679.000 |
1.469.000 |
543.000 |
|
a23 |
Net book value
of disposed fixed assets and materials |
5.277.000 |
1.727.000 |
1.041.000 |
859.000 |
|
a24 |
Net book value of sold fixed assets |
2.523.000 |
385.000 |
57.000 |
685.000 |
|
a25 |
Net book value of sold material |
2.754.000 |
1.342.000 |
984.000 |
174.000 |
|
a26 |
Change in operating reserves and
adjustments and complex deferred costs ( + / - ) |
1.362.000 |
5.044.000 |
2.147.000 |
-4.217.000 |
|
a27 |
Other operating revenues |
962.000 |
1.037.000 |
1.127.000 |
4.116.000 |
|
a28 |
Other operating expenses |
10.598.000 |
6.556.000 |
15.629.000 |
4.931.000 |
|
a31 |
Operating profit
/ loss |
-23.595.000 |
16.475.000 |
-29.571.000 |
5.392.000 |
|
a34 |
Revenues from
long-term financial assets |
0 |
|
|
|
|
a43 |
Interest revenues |
13.000 |
6.000 |
11.000 |
34.000 |
|
a44 |
Interest expenses |
14.602.000 |
7.855.000 |
7.988.000 |
7.929.000 |
|
a45 |
Other financial revenues |
41.312.000 |
25.937.000 |
11.249.000 |
13.482.000 |
|
a46 |
Other financial expenses |
22.984.000 |
16.182.000 |
22.599.000 |
22.797.000 |
|
a49 |
Profit / loss
from financial operations ( transactions ) |
3.739.000 |
1.906.000 |
-19.327.000 |
-17.210.000 |
|
a50 |
Income tax on
ordinary income |
456.000 |
-401.000 |
0 |
0 |
|
a51 |
Due tax |
|
55.000 |
|
|
|
a52 |
Tax deferred |
456.000 |
-456.000 |
|
|
|
a53 |
Operating profit
/ loss ordinary activity |
-20.312.000 |
18.782.000 |
-48.898.000 |
-11.818.000 |
|
a54 |
Extraordinary revenues |
|
|
|
125.000.000 |
|
a55 |
Extraordinary expenses |
|
|
|
91.075.000 |
|
a56 |
Income tax on
extraordinary income |
0 |
|
|
|
|
a59 |
Operating profit
/ loss extraordinary activity |
0 |
0 |
0 |
33.925.000 |
|
a61 |
Profit / loss of
current accounting period (+/-) |
-20.312.000 |
18.782.000 |
-48.898.000 |
22.107.000 |
|
a62 |
Profit / loss before
tax (+/-) |
-19.856.000 |
18.381.000 |
-48.898.000 |
22.107.000 |
|
Operating cash
flow |
34.759.000 |
|
14.178.000 |
-27.360.000 |
|
|
Investment cash
flow |
-16.248.000 |
|
-7.748.000 |
-7.572.000 |
|
|
Financial cash
flow |
-18.332.000 |
|
-28.111.000 |
37.711.000 |
|
|
Receivables
after due date total |
57.363.000 |
70.111.000 |
63.015.000 |
75.977.000 |
|
|
Receivables more than 180 days after due
date |
43.863.000 |
32.900.000 |
36.107.000 |
41.362.000 |
|
|
Liabilities
after due date total |
79.316.000 |
6.725.000 |
18.340.000 |
43.464.000 |
|
|
Liabilities more than 180 days after due
date |
33.672.000 |
1.912.000 |
|
|
|
Balance indices |
|
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
Return on total assets ROA (in %) |
a62/r1 * 100 |
-3,32 |
2,77 |
-9,29 |
3,75 |
|
Return on equity ROE (in %) |
a62/r68 * 100 |
-8,18 |
7,02 |
-22,98 |
9,41 |
|
Return on sales ROS (in %) |
a62/a1 * 100 |
-4,32 |
3,45 |
-9,99 |
4,49 |
|
Turnover of receivables (in days) |
r49/a1 * 365 |
87,49 |
86,05 |
68,78 |
81,74 |
|
Turnover of liabilities (in days) |
r103/a1 * 365 |
90,63 |
88,75 |
54,83 |
61,67 |
|
Turnover of inventories (days) |
r32/a1 * 365 |
192,84 |
209,38 |
186,13 |
148,99 |
|
Net working capital (in ths. CZK) |
r31 - r102 - r116 - r117 |
208.523,00 |
253.110,00 |
184.314,00 |
265.478,00 |
|
Ratio of accounts payable to accounts
receivable (in %) |
(r39+r48) / (r91+r102) * 100 |
37,65 |
36,98 |
32,89 |
74,78 |
|
Ratio of profit/loss to tangible assets
(in%) |
r3 / a1 * 100 |
45,21 |
37,48 |
35,84 |
28,67 |
|
Current ratio |
r31 / (r102+r116+r117) |
2,15 |
2,21 |
2,11 |
2,45 |
|
Quick ratio |
(r58+r48) / (r102+r116+r117) |
0,81 |
0,75 |
0,61 |
1,35 |
|
Cash ratio |
r58 / (r102+r116+r117) |
0,16 |
0,12 |
0,03 |
0,04 |
|
Debt ratio I (in %) |
(1-r68/r67) * 100 |
59,34 |
60,53 |
59,60 |
60,17 |
|
Debt ratio II (in %) |
r85/r67 * 100 |
59,30 |
58,08 |
59,50 |
60,10 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.25 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
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.