|
Report No. : |
325514 |
|
Report Date : |
08.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
VEMO - 99 LTD |
|
|
|
|
Registered Office : |
Ul. Shumen 13, Et. 2, Ap. 11309 Sofia |
|
|
|
|
Country : |
Bulgaria |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
27.09.1999 |
|
|
|
|
Legal Form : |
Limited Liability Company
(OOD) |
|
|
|
|
Line of Business : |
Manufacture of Other Organic Basic Chemicals |
|
|
|
|
No. of Employees : |
15 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
Local name: VEMO-99 OOD
International name: VEMO - 99 LTD
Registered address:
UL.
SHUMEN 13, ET. 2, AP. 1
1309 SOFIA
Bulgaria
Telephone: +359 888 340801, +359 2 931 66 21
Fax: +359 2 931 10 91
E-Mail: info-bg@vemo-vsv.com;
info@vemo-feedadditives.com
Internet: http://www.vemo-vsv.com/
ESTABLISHMENT & REGISTRATION:
Established:
27.09.1999
Registered at Sofia town court
Court number 10441/2004
Bulstat/VAT number: 130092621
Status of the company:
Active
LEGAL FORM:
Limited
Liability Company (OOD)
REGISTERED CAPITAL:
BGN 5
000.00
SHAREHOLDERS:
NINA EFREMOVA ZLATEVA
ID 6105083297, Function:
Shareholder, Nationality: Bulgaria
Share: 50,00%
HRISTO VASILEV ZLATEV
ID 5804237262, Function:
Shareholder, Nationality: Bulgaria
Share: 50,00%
MANAGEMENT:
HRISTO VASILEV ZLATEV (Personal
ID 5804237262) - Manager
NINA EFREMOVA ZLATEVA (Personal
ID 6105083297) - Manager
RELATED
COMPANIES:
|
Company
ID |
Company
Name |
|
202945173 |
VEMO GROUP |
|
121132294 |
VSV OOD |
BUSINESS
ACTIVITY
BUSINESS
OPERATION:
NACE 1.1: 24.14 Manufacture of
other organic basic chemicals
Activity:
Manufacturer of high quality herbal
and enzyme feed additives, dietary supplements and standardized herbal extracts
based on rare Bulgarian medical plants.
NUMBER
OF EMPLOYEES:
|
As
at date |
Value |
|
31.12.2006 |
7 |
|
31.12.2007 |
8 |
|
31.12.2008 |
6 |
|
31.12.2009 |
6 |
|
31.12.2010 |
9 |
|
31.12.2011 |
8 |
|
31.12.2012 |
10 |
|
31.12.2013 |
14 |
|
31.12.2014 |
14 |
|
Latest
stand |
15 |
EXPORT:
None
IMPORT:
EU
REAL
ESTATE:
Own premises.
TURNOVER:
|
Year |
Currency |
Value |
|
2002 |
BGN |
66
000.00 |
|
2003 |
BGN |
200
000.00 |
|
2004 |
BGN |
233
000.00 |
|
2005 |
BGN |
356
000.00 |
|
2006 |
BGN |
481
000.00 |
|
2007 |
BGN |
496
000.00 |
|
2008 |
BGN |
435
000.00 |
|
2009 |
BGN |
1
598 000.00 |
|
2010 |
BGN |
3
566 000.00 |
|
2011 |
BGN |
2
705 000.00 |
|
2012 |
BGN |
2
643 000.00 |
|
2013 |
BGN |
2
651 000.00 |
|
2014 |
BGN |
3
408 000.00 |
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.
Exchange rate since 1998 is 1
BGN (denominated lev) = 0.51 EUR
|
Ratio |
2012 |
2013 |
2014 |
|
Accounting
period: |
1.1.2012
- |
1.1.2013
- |
1.1.2014
- |
|
Debt ratio |
0.18 |
0.01 |
0.07 |
|
Quick ratio |
4.77 |
50.41 |
8.04 |
|
Current ratio |
5.05 |
62.95 |
10.98 |
|
Days purchase in payables |
69.98 |
5.37 |
23.56 |
|
Operating margin in % |
32.54 |
31.15 |
19.17 |
|
Cash ratio (acid ratio) |
2.86 |
27.44 |
4.52 |
|
Return on sales ROS in % |
29.73 |
28.09 |
17.26 |
|
Return on assets ROA in % |
27.81 |
25.84 |
18.87 |
|
Return on equity ROE in % |
34.07 |
26.24 |
20.32 |
|
Days supply in inventory |
19.13 |
67.37 |
69.21 |
|
Days sales in receivables |
134.08 |
123.44 |
82.84 |
|
BALANCE SHEET in BGN'000 |
2012 |
2013 |
2014 |
|
Accounting
period: |
1.1.2012
- |
1.1.2013
- |
1.1.2014
- |
|
A.UNPAID CAPITAL |
|
|
|
|
B. FIXED ASSETS |
|
|
|
|
I Fixed Intangible Assets: |
|
|
|
|
R&D Products |
|
|
|
|
Concessions, patents, trade-marks etc |
|
|
|
|
Goodwill |
|
|
|
|
Intangible fixed assets under construction |
|
|
|
|
thereof advances |
|
|
|
|
Total I: |
|
|
|
|
II Fixed Tangible Assets |
|
|
|
|
Land and Buildings |
87 |
112 |
107 |
|
thereof Land |
|
|
|
|
thereof Buildings |
87 |
112 |
107 |
|
Machines, Vehicles |
60 |
52 |
61 |
|
Equipment |
|
|
|
|
Tangible fixed assets under construction |
|
|
20 |
|
thereof advances |
|
|
|
|
Total II |
147 |
164 |
188 |
|
III. Fixed Financial Assets |
|
|
|
|
Shares in group companies |
|
|
|
|
Loans granted to group companies |
|
|
|
|
Shares in joint ventures |
|
|
|
|
Long term investments |
|
|
|
|
Other loans |
85 |
222 |
428 |
|
Bought back own shares |
|
|
|
|
Total III |
85 |
222 |
428 |
|
IV. Deferred Taxes |
|
|
|
|
B. FIXED ASSETS TOTAL |
232 |
386 |
616 |
|
C. CURRENT ASSETS |
|
|
|
|
I. Inventories |
|
|
|
|
Raw Materials |
134 |
471 |
635 |
|
Work in progress |
|
|
|
|
thereof young animals |
|
|
|
|
Trading goods |
6 |
18 |
20 |
|
thereof production |
|
|
|
|
thereof goods for sale |
6 |
18 |
20 |
|
Advances |
|
|
|
|
Total I |
140 |
489 |
655 |
|
II. Receivables |
|
|
|
|
Receivables from customers |
868 |
683 |
710 |
|
thereof more than 1 year |
|
|
|
|
Receivables from group companies |
|
|
|
|
thereof more than 1 year |
|
|
|
|
Receivables from joint ventures |
|
|
|
|
thereof more than 1 year |
|
|
|
|
Other receivables |
113 |
213 |
74 |
|
thereof more than 1 year |
|
|
|
|
Total II |
981 |
896 |
784 |
|
III. Current Financial Assets |
|
|
|
|
Current investments in related companies |
|
|
|
|
Bought back own shares |
|
|
|
|
Other current financial assets |
|
|
|
|
Total III |
|
|
|
|
IV. Cash equivalents |
|
|
|
|
Cash and accounts in the country |
1463 |
1070 |
1009 |
|
thereof cash |
403 |
367 |
371 |
|
Thereof cash in foreign currency (equivalent) |
51 |
70 |
83 |
|
thereof current accounts |
813 |
425 |
337 |
|
thereof blocked accounts |
196 |
208 |
218 |
|
thereof cash equivalents |
|
|
|
|
Cash and accounts abroad |
|
|
|
|
thereof cash |
|
|
|
|
Thereof cash in foreign currency (equivalent) |
|
|
|
|
thereof current accounts |
|
|
|
|
thereof blocked accounts |
|
|
|
|
Total IV |
1463 |
1070 |
1009 |
|
C. CURRENT ASSETS TOTAL |
2584 |
2455 |
2448 |
|
D. Deferred expenses |
|
|
52 |
|
TOTAL ASSETS |
2816 |
2841 |
3116 |
|
A. OWNERS EQUITY |
|
|
|
|
I. Share capital |
5 |
5 |
5 |
|
II. Issue premium |
|
|
|
|
III. Revaluation reserves |
|
|
|
|
thereof revaluation reserves of financial instruments |
|
|
|
|
IV. Reserves |
|
|
|
|
legal reserves |
|
|
|
|
reserve related to bought back own shares |
|
|
|
|
reserve from company foundation |
|
|
|
|
other reserves |
|
|
|
|
Total IV |
|
|
|
|
V. Result from previous period |
|
|
|
|
Undistributed profit |
1510 |
2058 |
2300 |
|
Uncovered loss |
|
|
|
|
Total V |
1510 |
2058 |
2300 |
|
VI. Current result profit (loss) |
783 |
734 |
588 |
|
A. OWNERS EQUITY TOTAL |
2298 |
2797 |
2893 |
|
B. PROVISIONS |
|
|
|
|
Provisions for pensions |
|
|
|
|
Provisions for taxes |
|
|
|
|
thereof deferred taxes |
|
|
|
|
Other provisions |
|
|
|
|
B. PROVISIONS TOTAL |
|
|
|
|
C. LIABILITIES |
|
|
|
|
Bond-backed loans |
|
|
|
|
less than 1 year |
|
|
|
|
more than 1 year |
|
|
|
|
Bank loans |
1 |
|
|
|
less than 1 year |
|
|
|
|
more than 1 year |
1 |
|
|
|
Advances received |
|
|
|
|
less than 1 year |
|
|
|
|
more than 1 year |
|
|
|
|
Payables to suppliers |
|
3 |
141 |
|
less than 1 year |
|
3 |
141 |
|
more than 1 year |
|
|
|
|
Liabilities on policies |
|
|
|
|
less than 1 year |
|
|
|
|
more than 1 year |
|
|
|
|
Liabilities to group companies |
|
|
|
|
less than 1 year |
|
|
|
|
more than 1 year |
|
|
|
|
Liabilities to joint-venture companies |
|
|
|
|
less than 1 year |
|
|
|
|
more than 1 year |
|
|
|
|
Other liabilities |
512 |
36 |
82 |
|
less than 1 year |
512 |
36 |
82 |
|
more than 1 year |
|
|
|
|
thereof to personnel |
3 |
1 |
4 |
|
less than 1 year |
3 |
1 |
4 |
|
more than 1 year |
|
|
|
|
thereof to social insurance |
|
|
2 |
|
less than 1 year |
|
|
2 |
|
more than 1 year |
|
|
|
|
thereof for taxes |
2 |
33 |
44 |
|
less than 1 year |
2 |
33 |
44 |
|
more than 1 year |
|
|
|
|
C. LIABILITIES TOTAL |
513 |
39 |
223 |
|
less than 1 year |
512 |
39 |
223 |
|
more than 1 year |
1 |
|
|
|
D. FINANCING AND DEFERRED INCOME |
5 |
5 |
|
|
thereof |
|
|
|
|
Financing |
|
|
|
|
Deferred income |
5 |
5 |
|
|
TOTAL EQUITY AND LIABILITIES |
2816 |
2841 |
3116 |
|
P&L ACCOUNT in BGN'000 |
2012 |
2013 |
2014 |
|
Accounting
period: |
1.1.2012
- |
1.1.2013
- |
1.1.2014
- |
|
A. EXPENSES |
|
|
|
|
I. OPERATION EXPENSES |
|
|
|
|
Decrease of inventories |
|
|
|
|
thereof for materials |
1007 |
987 |
1558 |
|
thereof for services |
505 |
622 |
1005 |
|
Personnel expenses |
56 |
60 |
91 |
|
thereof wages |
47 |
50 |
77 |
|
thereof social insurance |
9 |
10 |
14 |
|
thereof pensions |
|
|
|
|
Depreciation |
22 |
27 |
33 |
|
thereof Depreciation of fixed assets |
22 |
27 |
33 |
|
Other expenses |
196 |
168 |
92 |
|
thereof Book value of sold assets (without production) |
26 |
66 |
65 |
|
I. OPERATION EXPENSES TOTAL |
1786 |
1864 |
2779 |
|
II. Financial expenditures |
|
|
|
|
Depreciation of financial assets |
23 |
29 |
28 |
|
thereof exchange rate losses |
23 |
29 |
28 |
|
Paid interest |
8 |
10 |
8 |
|
thereof interest to group companies |
|
|
|
|
Thereof expenditures for securities operations |
|
|
|
|
II. Financial expenditures Total |
31 |
39 |
36 |
|
B. Profit on ordinary activity |
857 |
814 |
653 |
|
III. Extraordinary expenses |
|
|
|
|
thereof expenses on disasters and emergency expenses |
|
|
|
|
C. Total expenses (I+II+III) |
1817 |
1903 |
2815 |
|
D. Accounting profit |
869 |
814 |
653 |
|
IV. Taxation on profit |
86 |
80 |
65 |
|
V. Other taxes |
|
|
|
|
E. Net profit |
783 |
734 |
588 |
|
Total expenses |
2686 |
2717 |
3468 |
|
A. REVENUES |
|
|
|
|
I . OPERATING REVENUES |
|
|
|
|
Net sales |
2634 |
2613 |
3407 |
|
Production |
2392 |
2411 |
3269 |
|
Goods |
27 |
64 |
67 |
|
Services |
215 |
138 |
71 |
|
Increase of production and work in progress |
|
|
|
|
Expenses on acquisition of assets |
|
|
|
|
Other revenues |
9 |
38 |
1 |
|
thereof financing |
|
|
|
|
I. TOTAL OPERATING REVENUES |
2643 |
2651 |
3408 |
|
II FINANCIAL REVENUES |
|
|
|
|
Income from shares |
|
5 |
16 |
|
thereof income from shares in group companies |
|
|
|
|
Income from investments and loans |
|
|
|
|
thereof from investments in group companies |
|
|
|
|
Income from interest |
31 |
61 |
44 |
|
thereof from interest from group companies |
|
|
|
|
II FINANCIAL REVENUES TOTAL |
31 |
66 |
60 |
|
TOTAL REVENUES FROM ORDINARY ACTIVITIES |
2674 |
2717 |
3468 |
|
LOSS |
|
|
|
|
Extraordinary revenues |
12 |
|
|
|
AFTER TAX LOSS |
|
|
|
|
TOTAL REVENUES |
2686 |
2717 |
3468 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
|
|
1 |
Rs.97.98 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.