MIRA INFORM REPORT
|
Report No. : |
336166 |
|
Report Date : |
13.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
BALKANFARMA DUPNITSA AD |
|
|
|
|
Registered Office : |
Ul. Samokovsko Shose No. 3 2600 Dupnitsa |
|
|
|
|
Country : |
Bulgaria |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Year of Establishment : |
1989 |
|
|
|
|
Legal Form : |
Joint Stock Company (AD) |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employees : |
1262 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Bulgaria |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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: BALKANFARMA DUPNITSA AD
International
name: BALKANPHARMA - DUPNITSA JSC
Registered
address:
ul. Samokovsko shose No. 3
2600 Dupnitsa
Bulgaria
Telephone: +359-701-58477, +359-701-56333, +359-701-58186
Fax: +359-701-58555
E-Mail: dupoperations@actavis.bg
Internet: http://www.actavis.bg
ESTABLISHMENT
& REGISTRATION:
Established: 1989
Registered at Kyustendil
district court
Court number I-2280/1991
Bulstat/VAT number: 819364374
Status
of the company:
Active
HISTORY:
The company was established
before 1989 as a state factory FARMACIA DUPNITZA.
In 1999 the agency of privatization sold company (together with two other
pharmaceutical companies) to BALKANPHARMA HOLDING AD (owned 99.8% by PHARMACO,
Iceland) and the company was renamed to BALKANPHARMA DUPNITZA.
In 2004 BALKANPHARMA HOLDING AD
was renamed to AKTAVIS AD.
LEGAL
FORM:
Joint Stock Company (AD)
REGISTERED
CAPITAL:
BGN 3 317 655.00
BANKERS:
BNP Paribas (Bulgaria) AD
SHAREHOLDERS/MANAGEMENT
SHAREHOLDERS:
|
AKTAVIS OPERATIONS EOOD |
98.05% |
|
ID 131485378 |
|
|
Others |
1.95% |
MANAGEMENT:
|
Petar Mitev Petrov |
(Personal ID 6202242969 ) |
- Representative, Member of the board |
|
Ivan Ganev Urumov |
(Personal ID 6706037560 ) |
- Representative, Member of the board |
|
Milen Rusev Shopov |
(Personal ID 7511262446) |
- Member of the board |
|
Antoaneta Atanasova Grancharska |
(Personal ID 6409022897) |
- Member of the board |
|
Nikola Todorov Samardjiev |
(Personal ID 7509117283 ) |
- Member of the board |
RELATED
COMPANIES:
|
Company
ID |
Company
Name |
|
826043874 |
BULMASO |
|
130028818 |
BALKANFARMA SEKYURITI |
|
820174176 |
BALKANFARMA - TROYAN AD |
BUSINESS
ACTIVITY
BUSINESS
OPERATION:
NACE 1.1: 24.42 Manufacture of
pharmaceutical preparations
Activity:
Production of generic medicines
in pills and capsules.
NUMBER
OF EMPLOYEES:
|
As
at date |
Value |
|
31.12.2006 |
1167 |
|
31.12.2007 |
1156 |
|
31.12.2008 |
1007 |
|
31.12.2009 |
746 |
|
31.12.2010 |
676 |
|
31.08.2011 |
1167 |
|
05.10.2012 |
967 |
|
06.06.2013 |
1028 |
|
31.12.2013 |
1094 |
|
22.09.2014 |
1153 |
|
31.12.2014 |
1173 |
|
Latest
stand |
1262 |
EXPORT:
Albania, Armenia, Macedonia,
USA, EU
IMPORT:
Brazil, India, Indonesia,
Israel, Malaysia, Macedonia, Thailand, USA, EU
REAL
ESTATE:
Own production plant.
FINANCIAL
DATA
TURNOVER:
|
Year |
Currency |
Value |
|
1998 |
BGN |
76
726 166.00 |
|
1999 |
BGN |
41
235 000.00 |
|
2000 |
BGN |
92
850 000.00 |
|
2001 |
BGN |
109
494 000.00 |
|
2002 |
BGN |
98
388 000.00 |
|
2003 |
BGN |
106
723 000.00 |
|
2004 |
BGN |
99
362 000.00 |
|
2005 |
BGN |
102
796 000.00 |
|
2006 |
BGN |
115
657 000.00 |
|
2007 |
BGN |
89
493 000.00 |
|
2008 |
BGN |
79
663 000.00 |
|
2009 |
BGN |
74
187 000.00 |
|
2010 |
BGN |
89
243 000.00 |
|
2011 |
BGN |
165
592 000.00 |
|
2012 |
BGN |
209
769 000.00 |
|
2013 |
BGN |
236
824 000.00 |
|
2014 |
BGN |
251
414 000.00 |
MODES
OF PAYMENT:
Payments are within contracted
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 |
2011 |
2012 |
2013 |
2014 |
|
Accounting
period: |
1.1.2011
- |
1.1.2012
- |
1.1.2013
- |
1.1.2014
- |
|
Debt ratio |
0.05 |
0.09 |
0.08 |
0.12 |
|
Quick ratio |
10.66 |
5.50 |
5.32 |
3.41 |
|
Current ratio |
12.99 |
6.97 |
7.06 |
5.17 |
|
Days purchase in payables |
32.70 |
59.31 |
51.34 |
76.66 |
|
Operating margin in % |
14.13 |
14.27 |
11.70 |
11.12 |
|
Cash ratio (acid ratio) |
0.01 |
0.02 |
0.01 |
0.00 |
|
Return on sales ROS in % |
12.83 |
12.73 |
10.53 |
9.99 |
|
Return on assets ROA in % |
6.64 |
6.84 |
6.27 |
5.53 |
|
Return on equity ROE in % |
7.00 |
7.57 |
6.93 |
6.36 |
|
Days supply in inventory |
75.45 |
86.91 |
89.51 |
134.95 |
|
Days sales in receivables |
348.16 |
325.08 |
272.51 |
261.10 |
|
BALANCE SHEET in BGN'000 |
2011 |
2012 |
2013 |
2014 |
|
Accounting
period: |
1.1.2011
- |
1.1.2012
- |
1.1.2013
- |
1.1.2014
- |
|
A.UNPAID CAPITAL |
|
|
|
|
|
B. FIXED ASSETS |
|
|
|
|
|
I Fixed Intangible Assets: |
|
|
|
|
|
R&D Products |
|
288 |
185 |
82 |
|
Concessions, patents, trade-marks |
|
1389 |
1204 |
727 |
|
Goodwill |
|
|
|
|
|
Intangible fixed assets under construction |
|
225 |
|
160 |
|
thereof advances |
|
|
|
|
|
Total I: |
1489 |
1902 |
1389 |
969 |
|
II Fixed Tangible Assets |
|
|
|
|
|
Land and Buildings |
|
39014 |
37948 |
37082 |
|
thereof Land |
|
1311 |
1311 |
1311 |
|
thereof Buildings |
|
37703 |
36637 |
35771 |
|
Machines, Vehicles |
|
81101 |
94347 |
100537 |
|
Equipment |
|
7882 |
7615 |
7510 |
|
Tangible fixed assets under construction |
|
8422 |
13829 |
21562 |
|
thereof advances |
|
|
|
|
|
Total II |
123199 |
136419 |
153739 |
166691 |
|
III. Fixed Financial Assets |
|
|
|
|
|
Shares in group companies |
|
|
|
|
|
Loans granted to group companies |
|
|
|
|
|
Shares in joint ventures |
|
|
|
|
|
Long term investments |
|
1 |
1 |
1 |
|
Other loans |
|
|
|
|
|
Bought back own shares |
|
|
|
|
|
Total III |
1 |
1 |
1 |
1 |
|
IV. Deferred Taxes |
0 |
476 |
730 |
641 |
|
B. FIXED ASSETS TOTAL |
124689 |
138798 |
155859 |
168302 |
|
C. CURRENT ASSETS |
|
|
|
|
|
I. Inventories |
|
|
|
|
|
Raw Materials |
|
19248 |
29300 |
54855 |
|
Work in progress |
|
18239 |
17173 |
24534 |
|
thereof young animals |
|
|
|
|
|
Trading goods |
|
9624 |
11191 |
10476 |
|
thereof production |
|
9624 |
11191 |
10476 |
|
thereof goods for sale |
|
|
|
|
|
Advances |
|
|
|
|
|
Total I |
34705 |
47111 |
57664 |
89865 |
|
II. Receivables |
|
|
|
|
|
Receivables from customers |
|
2035 |
1063 |
1181 |
|
thereof more than 1 year |
|
|
|
|
|
Receivables from group companies |
|
168662 |
171362 |
170264 |
|
thereof more than 1 year |
|
|
|
|
|
Receivables from joint ventures |
|
|
|
|
|
thereof more than 1 year |
|
|
|
|
|
Other receivables |
|
5510 |
3131 |
2422 |
|
thereof more than 1 year |
|
1533 |
|
|
|
Total II |
160146 |
176207 |
175556 |
173867 |
|
III. Current Financial Assets |
|
|
|
|
|
Current investments in related companies |
|
|
|
|
|
Bought back own shares |
|
|
|
|
|
Other current financial assets |
|
|
|
|
|
Total III |
0 |
|
|
|
|
IV. Cash equivalents |
|
|
|
|
|
Cash and accounts in the country |
|
728 |
353 |
200 |
|
thereof cash |
|
4 |
1 |
3 |
|
Thereof cash in foreign currency (equivalent) |
|
1 |
2 |
2 |
|
thereof current accounts |
|
723 |
350 |
195 |
|
thereof blocked accounts |
|
|
|
|
|
thereof cash equivalents |
|
|
|
|
|
Cash and accounts abroad |
|
|
|
|
|
thereof cash |
|
|
|
|
|
Thereof cash in foreign currency (equivalent) |
|
|
|
|
|
thereof current accounts |
|
|
|
|
|
thereof blocked accounts |
|
|
|
|
|
Total IV |
126 |
728 |
353 |
200 |
|
C. CURRENT ASSETS TOTAL |
195376 |
224046 |
233573 |
263932 |
|
D. Deferred expenses |
399 |
310 |
282 |
442 |
|
TOTAL ASSETS |
320065 |
363154 |
389714 |
432676 |
|
A. OWNERS EQUITY |
|
|
|
|
|
I. Share capital |
3318 |
3318 |
3318 |
3318 |
|
II. Issue premium |
|
|
|
|
|
III. Revaluation reserves |
|
|
|
|
|
thereof revaluation reserves of financial instruments |
|
|
|
|
|
IV. Reserves |
|
|
|
|
|
legal reserves |
|
332 |
332 |
332 |
|
reserve related to bought back own shares |
|
|
|
|
|
reserve from company foundation |
|
|
|
|
|
other reserves |
|
9326 |
9469 |
9469 |
|
Total IV |
9800 |
9658 |
9801 |
9801 |
|
V. Result from previous period |
|
|
|
|
|
Undistributed profit |
|
290136 |
314832 |
339259 |
|
Uncovered loss |
|
|
|
|
|
Total V |
290136 |
290136 |
314832 |
339259 |
|
VI. Current result profit (loss) |
|
24839 |
24427 |
23939 |
|
A. OWNERS EQUITY TOTAL |
303254 |
327951 |
352378 |
376317 |
|
B. PROVISIONS |
|
|
|
|
|
Provisions for pensions |
|
576 |
689 |
723 |
|
Provisions for taxes |
|
2477 |
3572 |
4587 |
|
thereof deferred taxes |
|
2477 |
3572 |
4587 |
|
Other provisions |
|
|
|
|
|
B. PROVISIONS TOTAL |
|
3053 |
4261 |
5310 |
|
C. LIABILITIES |
|
|
|
|
|
Bond-backed loans |
|
|
|
|
|
less than 1 year |
|
|
|
|
|
more than 1 year |
|
|
|
|
|
Bank loans |
|
24 |
|
|
|
less than 1 year |
|
24 |
|
|
|
more than 1 year |
|
|
|
|
|
Advances received |
|
|
|
|
|
less than 1 year |
|
|
|
|
|
more than 1 year |
|
|
|
|
|
Payables to suppliers |
|
22012 |
13998 |
29319 |
|
less than 1 year |
|
22012 |
13998 |
29319 |
|
more than 1 year |
|
|
|
|
|
Liabilities on policies |
|
|
|
|
|
less than 1 year |
|
|
|
|
|
more than 1 year |
|
|
|
|
|
Liabilities to group companies |
|
5748 |
14598 |
16291 |
|
less than 1 year |
|
5748 |
14598 |
16291 |
|
more than 1 year |
|
|
|
|
|
Liabilities to joint-venture companies |
|
|
|
|
|
less than 1 year |
|
|
|
|
|
more than 1 year |
|
|
|
|
|
Other liabilities |
|
4366 |
4479 |
5439 |
|
less than 1 year |
|
4366 |
4479 |
5439 |
|
more than 1 year |
|
|
|
|
|
thereof to personnel |
|
1290 |
1408 |
1611 |
|
less than 1 year |
|
1290 |
1408 |
1611 |
|
more than 1 year |
|
|
|
|
|
thereof to social insurance |
|
672 |
852 |
991 |
|
less than 1 year |
|
672 |
852 |
991 |
|
more than 1 year |
|
|
|
|
|
thereof for taxes |
|
30 |
136 |
175 |
|
less than 1 year |
|
30 |
136 |
175 |
|
more than 1 year |
|
|
|
|
|
C. LIABILITIES TOTAL |
16811 |
32150 |
33075 |
51049 |
|
less than 1 year |
15039 |
32150 |
33075 |
51049 |
|
more than 1 year |
1772 |
|
|
|
|
D. FINANCING AND DEFERRED INCOME |
|
|
|
|
|
thereof |
|
|
|
|
|
Financing |
|
|
|
|
|
Deferred income |
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
320065 |
363154 |
389714 |
432676 |
|
P&L ACCOUNT in BGN'000 |
2011 |
2012 |
2013 |
2014 |
|
Accounting
period: |
1.1.2011
- |
1.1.2012
- |
1.1.2013
- |
1.1.2014
- |
|
A. EXPENSES |
|
|
|
|
|
I. OPERATION EXPENSES |
|
|
|
|
|
Decrease of inventories |
|
|
|
|
|
thereof for materials |
|
133975 |
161660 |
166265 |
|
thereof for services |
|
10152 |
10764 |
10408 |
|
Personnel expenses |
|
16994 |
19991 |
22577 |
|
thereof wages |
|
14571 |
17129 |
19251 |
|
thereof social insurance |
|
2423 |
2862 |
3325 |
|
thereof pensions |
|
|
|
|
|
Depreciation |
|
12410 |
14413 |
16335 |
|
thereof Depreciation of fixed assets |
|
12410 |
14413 |
16335 |
|
Other expenses |
|
8937 |
7569 |
10142 |
|
thereof Book value of sold assets (without production) |
|
4117 |
4173 |
4489 |
|
I. OPERATION EXPENSES TOTAL |
142011 |
182468 |
214397 |
225727 |
|
II. Financial expenditures |
|
|
|
|
|
Depreciation of financial assets |
|
1508 |
1852 |
2821 |
|
thereof exchange rate losses |
|
1508 |
1852 |
2821 |
|
Paid interest |
|
29 |
43 |
33 |
|
thereof interest to group companies |
|
|
15 |
|
|
Thereof expenditures for securities operations |
|
|
|
|
|
II. Financial expenditures Total |
1809 |
1537 |
1895 |
2854 |
|
B. Profit on ordinary activity |
23398 |
27840 |
27142 |
26648 |
|
III. Extraordinary expenses |
0 |
|
|
|
|
thereof expenses on disasters and emergency expenses |
|
|
|
|
|
C. Total expenses (I+II+III) |
143820 |
184005 |
216292 |
228581 |
|
D. Accounting profit |
23398 |
27840 |
27142 |
26648 |
|
IV. Taxation on profit |
2160 |
2375 |
1874 |
1605 |
|
V. Other taxes |
|
626 |
841 |
1104 |
|
E. Net profit |
21238 |
24839 |
24427 |
23939 |
|
Total expenses |
167218 |
211845 |
243434 |
255229 |
|
A. REVENUES |
|
|
|
|
|
I . OPERATING REVENUES |
|
|
|
|
|
Net sales |
165592 |
195135 |
231919 |
239727 |
|
Production |
|
192434 |
229835 |
235067 |
|
Goods |
|
|
|
|
|
Services |
|
2701 |
2084 |
4660 |
|
Increase of production and work in progress |
|
8062 |
501 |
6646 |
|
Expenses on acquisition of assets |
|
|
|
|
|
Other revenues |
|
6572 |
4404 |
5041 |
|
thereof financing |
|
|
|
|
|
I. TOTAL OPERATING REVENUES |
165592 |
209769 |
236824 |
251414 |
|
II FINANCIAL REVENUES |
|
|
|
|
|
Income from shares |
|
|
|
|
|
thereof income from shares in group companies |
|
|
|
|
|
Income from investments and loans |
|
|
|
|
|
thereof from investments in group companies |
|
|
|
|
|
Income from interest |
|
2076 |
6610 |
3815 |
|
thereof from interest from group companies |
|
357 |
3804 |
2997 |
|
II FINANCIAL REVENUES TOTAL |
1626 |
2076 |
6610 |
3815 |
|
TOTAL REVENUES FROM ORDINARY ACTIVITIES |
167218 |
211845 |
243434 |
255229 |
|
LOSS |
|
|
|
|
|
Extraordinary revenues |
0 |
|
|
|
|
AFTER TAX LOSS |
0 |
|
|
|
|
TOTAL REVENUES |
167218 |
211845 |
243434 |
255229 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.83 |
|
UK Pound |
1 |
Rs.101.00 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TRU |
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.