MIRA INFORM REPORT

 

 

Report No. :

336387

Report Date :

18.08.2015

 

IDENTIFICATION DETAILS

 

Name :

SLANTSE STARA ZAGORA - TABAK AD

 

 

Formerly Known As :
  • SLANTSE STARA ZAGORA – TABAK
  • SLANTSE STARA ZAGORA - BT AD

 

 

Registered Office :

ul. STAMO PULEV 1 6000 Stara Zagora

 

 

Country :

Bulgaria

 

 

Financials (as on) :

2014

 

 

Date of Incorporation :

1993

 

 

Com. Reg. No.:

4415

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture of tobacco products

 

 

No. of Employee :

Not Available

 

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

 

REGISTERED NAME & COMPANY SUMMARY

 

SLANTSE STARA ZAGORA - TABAK AD
International Name: SLANCE STARA ZAGORA - TABAK JSC

Principal Address:
ul. STAMO PULEV 1
6000 Stara Zagora
Bulgaria
Email: sz-bt@slantze-bt.com
Web: http://www.slancebt.domino.bg

Registered office:
ul. STAMO PULEV 1
6000 Stara Zagora
Bulgaria
Telephone: +359-42-601436, +359-42-601441
Email: sz-bt@slantze-bt.com

 

 


Former company names
SLANTSE STARA ZAGORA - TABAK
SLANTSE STARA ZAGORA - BT AD

 

 

ICON number: 16343290
National ID: 833045174
VAT number: BG833045174

 

 

Registration status: 1993 - registered company
Activity status: active company

 

 

Date of Last Research:

13.08.2015

 

 

DIRECTORS/MANAGEMENT

 

Management:

Full Name

Function

Address

IGNAT IVANOV IGNATOV

Board of directors

Bulgaria

MILEN PENCHEV TODOROV

Board of directors

 

RADOSLAV PETKOV RADEV

Board of directors

 

MARIYA TODOROVA RAYCHEVA

Board of directors

 

MONIKA STEFANOVA PETROVA
Nationality: BG

Board of directors

 

 

Person functions in other companies:

Function

Company

Other known functions of  RADEV RADOSLAV PETKOV

Shareholder

VINOEKSPORT (BG)
National ID: 121798894

Executive Director

VINOEKSPORT (BG)
National ID: 121798894

Other known functions of  MILEN PENCHEV TODOROV

Board of directors

SILA HOLDING AD (BG)
National ID: 112100237

Other known functions of  STEFANOVA PETROVA MONIKA

Partner

MS AKAUNT (BG)
National ID: 123749789

 

 

NEGATIVE INFORMATION

 

No negative information found.

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Capital:

Nominal capital:

 

EUR 602.211,78

 

Number of Ordinary shares:

1.177.860

 

Value per share of Ordinary shares:

EUR 0,51

 

 

 

Shareholders:

Full Name

Function

Address

Equity capital

SILA HOLDING AD
Registration: No. 1564, 01.10.2007, District Court Stara Zagora, Bulgaria

Shareholder

ul."Vrabcha" 8
1000 Sofiya
Bulgaria

59,92%

FIZICHESKI LITSA GRUPA

Shareholder

Bulgaria

30,20%

OTHER SHAREHOLDERS
Registration: Bulgaria

Shareholder

 

9,88%

 

 

PAYMENT INFORMATION

 

Payment Practices:

No adverse payment incidents known at this time

 

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Related Companies:

shareholder is
SILA HOLDING AD , Bulgaria , National ID: 112100237

SILA HOLDING AD, EIK: 112100237
MS AKAUNT OOD, EIK: 123749789
SDRUJENIE "SPORTEN KLUB STRELTSITE OT MECHKOVETS" Sdrujenie, BULSTAT: 175865761

 

 

FINANCIAL INFORMATION

 

Further Assessment Information:

Researched company is categorized as a medium sized company.
Turnover volume of EUR 4.147.984 in the year 2014 decreased by 34,79% compared with 2013. In previous period this change was 75,11%.
Fixed assets decreased by EUR 1.239.049 and now 33,10% of total assets.
Working capital registered a positive development and is EUR 2.462.306, the value in last period was negative.
Cash flow from results of EUR 302.676 increased by 14.658,46% compared with last year result.
Equity of EUR 397.773 compared with total assets indicates a very low level of self-financing.

 

 

Financials

 

Amounts shown in Euro (EUR) 

2014

2013

2012

2011

 

BALANCE SHEET

 

ASSETS

8.055.667,75

9.772.867,10

9.638.363,17

9.744.757,03

 

Fixed assets

2.666.816,64

3.905.865,46

3.939.641,94

4.100.255,75

 

Intangible assets

1.022,55

1.538,15

2.046,04

0,00

 

Tangible assets

2.665.794,09

3.904.327,32

3.937.595,91

4.100.255,75

 

Financial assets

0,00

0,00

0,00

0,00

 

CURRENT ASSETS

5.388.851,11

5.867.001,64

5.698.721,23

5.644.501,28

 

Stock

1.554.790,91

2.082.137,00

1.832.736,57

1.537.595,91

 

Receivables

3.829.458,71

3.774.097,62

548.849,10

4.104.347,83

 

Other assets

4.601,49

10.767,02

6.620.971,87

7.098.209,72

 

LIABILITIES

8.055.667,75

9.772.867,10

9.638.363,17

9.744.757,03

 

Shareholders funds

397.772,88

275.840,85

450.639,39

1.270.076,73

 

Share capital

602.283,36

603.978,67

602.557,54

602.557,54

 

Reserves

1.785.887,75

2.269.790,81

2.264.450,13

2.267.007,67

 

Total long term debts

4.731.349,92

3.074.241,18

3.295.652,17

3.575.447,57

 

Total short term debts

2.926.544,95

6.422.785,07

5.892.071,61

4.899.232,74

 

PROFIT AND LOSS ACCOUNT

 

 

Turnover

4.147.983,78

6.361.259,23

3.632.736,57

2.922.762,15

 

Production

3.618.812,92

5.939.294,50

3.777.493,61

3.551.406,65

 

Purchases

 

4.163.761,28

 

2.402.046,04

 

General costs

3.618.812,92

1.775.533,22

3.777.493,61

1.149.360,61

 

Operating profit

529.170,86

421.964,73

-144.757,03

-628.644,50

 

Financial result / Financial costs

-471.396,65

-598.338,80

-674.168,80

-663.427,11

 

Extraordinary result / profit

0,00

0,00

0,00

0,00

 

Pretax profit / loss

57.774,21

-176.374,08

0,00

0,00

 

Taxes

-64.932,08

-512,72

511,51

-1.023,02

 

Profit / loss after tax

122.706,29

-175.861,36

-819.437,34

-1.291.048,59

 

Ratios:

 

2014

2013

2012

2011

 

 

LIQUIDITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current ratio

1,84

0,91

0,97

1,15

 

 

 

 

 

 

 

 

 

 

Quick ratio

1,31

0,59

0,66

0,84

 

 

 

 

 

 

 

 

 

 

Cash ratio

0,00

0,00

0,00

0,00

 

 

 

 

 

 

 

 

 

 

Net working capital

EUR 2.462,31

EUR -555,78

EUR -193,35

EUR 745,27

 

 

 

 

 

 

 

 

 

 

 

PROFITABILITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit margin

35,68

32,49

15,29

15,94

 

 

 

 

 

 

 

 

 

 

EBITDA Margin (%)

17,10

9,43

-3,44

-20,83

 

 

 

 

 

 

 

 

 

 

EBIT Margin (%)

12,76

6,63

-3,98

-21,51

 

 

 

 

 

 

 

 

 

 

Net Profit Margin (%)

2,96

0

0

0

 

 

 

 

 

 

 

 

 

 

ROE (%)

30,85

0

0

0

 

 

 

 

 

 

 

 

 

 

ROA (%)

1,52

0

0

0

 

 

 

 

 

 

 

 

 

 

ROFA (%)

4,60

0

0

0

 

 

 

 

 

 

 

 

 

 

 

INDEBTNESS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity ratio

0,05

0,03

0,05

0,13

 

 

 

 

 

 

 

 

 

 

Total Liabilities/Total Assets

0,95

0,97

0,95

0,87

 

 

 

 

 

 

 

 

 

 

Debt/Equity

19,25

34,43

20,39

6,67

 

 

 

 

 

 

 

 

 

 

Gearing ratio 2 (Bank Loans to Capital)

16,39

24,46

14,69

4,17

 

 

 

 

 

 

 

 

 

 

Leverage

11,89

11,14

7,31

2,82

 

 

 

 

 

 

 

 

 

 

Interest coverage ratio

1,12

0,71

-0,21

-0,95

 

 

 

 

 

 

 

 

 

 

EBITDA-to-Interest Coverage Ratio

1,50

1,00

-0,19

-0,92

 

 

 

 

 

 

 

 

 

 

 

ACTIVITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collection Period (in days)

336,97

216,55

55,15

512,56

 

 

 

 

 

 

 

 

 

 

Payables turnover (in days)

43,51

-

231,52

202,14

 

 

 

 

 

 

 

 

 

 

Inventory rotation (in days)

212,72

176,97

217,39

228,44

 

 

 

 

 

 

 

 

 

 

Cash conversion cycle

506,18

249,80

41,01

538,85

 

 

 

 

 

 

 

 

 

 

Asset turnover

0,51

0,65

0,38

0,30

 

 

 

 

 

 

 

 

 

 

Fixed Assets Turnover Ratio

1,56

1,63

0,92

0,71

 

 

 

 

 

 

 

 

 

 

 

Current ratio

Current Assets / Current Liabilities

Quick ratio

(Current assets - Inventory)/Current liabilities

Cash ratio

Cash / Current liabilities

Net working capital

(Current assets - Short-term liabilities)/1000 (in Thousands)

Gross profit margin

(Sales - Material costs) / Sales * 100

EBITDA Margin (%)

(EBITDA / Turnover) * 100

EBIT Margin (%)

(EBIT / Turnover) * 100

Net Profit Margin (%)

(Net Profit / Turnover) * 100

ROE (%)

(Net Profit / Total Equity) * 100

ROA (%)

(Net Profit / Total Assets) * 100

ROFA (%)

(Net Profit / Fixed Assets) * 100

Equity ratio

Equity Capital / Total Assets

Total Liabilities/Total Assets

Total Liabilities / Total Assets

Gearing ratio 2 (Bank Loans to Capital)

Total Bank Debt / Total Equity

Leverage

Long Term Liabilities / Total Equity

Interest coverage ratio

EBIT / Financial Expenses

EBITDA-to-Interest Coverage Ratio

EBITDA / Financial Expenses

Collection Period (in days)

(Accounts Receivable / Turnover) * 365

Payables turnover (in days)

(Accounts Payable / COGS) * 365

Inventory rotation (in days)

(Inventory / COGS) * 365

Cash conversion cycle

DIO + DSO - DPO

Asset turnover

Turnover / Total Assets

Fixed Assets Turnover Ratio

Turnover / Fixed Assets

 

Currency Conversion Information:

Financial values have been converted to EUR.
Find below the exchange rates used for the listed financial dates:
2011: 1 EUR = 1,96 BGN (yearly average rate 2011)
2012: 1 EUR = 1,96 BGN (yearly average rate 2012)
2013: 1 EUR = 1,95 BGN (yearly average rate 2013)

 

 

 

FOREIGN EXCHANGE RATES

 

Approximate Exchange Rates:

2013: 1,9504 BGN = 1 EUR
2012: 1,9569 BGN = 1 EUR
2011: 1,9569 BGN = 1 EUR
2010: 1,9569 BGN = 1 EUR
2009: 1,9569 BGN = 1 EUR
2008: 1,9569 BGN = 1 EUR
2012: 1,5223 BGN = 1 USD
2011: 1,4051 BGN = 1 USD
2010: 1,4753 BGN = 1 USD
2009: 1,4022 BGN = 1 USD
2008: 1,3298 BGN = 1 USD

 

 

ADDITIONAL INFORMATION

 

Insolvency / Legal Events:

According to available information sources the company is not in a insolvency/preliminary/debt regulation proceeding.

 

Established:

1993

 

 

Registration:

No. 4415
17.01.1994
District Court Stara Zagora, Bulgaria

 

 

Former Registration:

No. 4415
1993
OKRAJEN SAD STARA ZAGORA, Bulgaria

 

 

Legal Form:

Joint Stock Company

 

Subject of Operation:

NACE
  1200 Manufacture of tobacco products


NACE codes given are based on the most recent NACE Revision 2.

The company is active in the Coface sector 'Agriculture, meat, agro food and wines'.

 

Workforce:

 

31.05.2015

2014

2013

2011

Total workforce

125

134

168

123

 

Commercial Pledges:

Pledge on Enterprise for different amount.

 

 

VAT registration details:

01.04.1994

 

 

NOTES & COMMENTS

 

N/a

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.22

UK Pound

1

Rs.102.23

Euro

1

Rs.72.39

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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%)

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.