MIRA INFORM REPORT

 

 

Report No. :

327114

Report Date :

16.06.2015

 

IDENTIFICATION DETAILS

 

Name :

MM FARMACHEM D.O.O.

 

 

Registered Office :

Radnička cesta 54, HR 10000 Zagreb

 

 

Country :

Croatia

 

 

Financials (as on) :

31.12.2014

 

 

Year of Establishment :

2003

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject is engaged in wholesale of pharmaceutical goods

 

 

No. of Employee :

7

 

 

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 :

Slow but correct

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)

Croatia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

CROATIA - ECONOMIC OVERVIEW

 

Though still one of the wealthiest of the former Yugoslav republics, Croatia's economy suffered badly during the 1991-95 war. The country's output during that time collapsed and Croatia missed the early waves of investment in Central and Eastern Europe that followed the fall of the Berlin Wall. Between 2000 and 2007, however, Croatia's economic fortunes began to improve with moderate but steady GDP growth between 4% and 6% led by a rebound in tourism and credit-driven consumer spending. Inflation over the same period remained tame and the currency, the kuna, stable. Croatia experienced an abrupt slowdown in the economy in 2008 and has yet to recover; economic growth was stagnant or negative in each year since 2009. Difficult problems still remain, including a stubbornly high unemployment rate, uneven regional development, and a challenging investment climate. Croatia continues to face reduced foreign investment. On 1 July 2013 Croatia joined the EU, following a decade-long application process. Croatia will be a member of the European Exchange Rate Mechanism until it meets the criteria for joining the Economic and Monetary Union and adopts the euro as its currency. EU accession has increased pressure on the government to reduce Croatia’s relatively high public debt, which triggered the EU’s excessive deficit procedure for fiscal consolidation. Zagreb has cut spending since 2012, and the government also raised additional revenues through more stringent tax collection and by raising the Value Added Tax. The government has also sought to accelerate privatization of non-strategic assets, with mixed success.

 

Source : CIA

 

 

 

Company name

 

MM FARMACHEM D.O.O.

 

 

Company identification

 

MM FARMACHEM d.o.o. za trgovinu i zastupanje

Phone

+385 1/4680290

 

Radnička cesta 54

Fax

+385 1/4618580

 

HR 10000 Zagreb

E-Mail

info@farmachem.hr

 

 

Web

www.farmachem.hr

 

Statistic number

1779079

 

 

Short name

MM FARMACHEM d.o.o.

Tax number

82390987173

Company status

active

 

 

Legal form

limited liability company

 

 

Established

2003

 

 

 

 

 

 

 

Registered

 

2003-11-04, Commercial court Zagreb, MBS: 080474885

last court entry: 2014.04.09

Statistic number: 1779079

OIB: 82390987173

 

Establishers

 

Miljenko Rebić

Horvatovac 67 10000 Zagreb Croatia

 

 

100,00%

 

 

Basic capital

 

HRK 1.220.000,00

Capital changes:

 

Until 2006.12.21: HRK 20.000,00

 

Management

 

Miljenko Rebić, manager

Zelenjak 17, 10000 Zagreb, Croatia

 

 

Activity

 

Wholesale of pharmaceutical goods

 

Buying and selling goods

 

Mediation on foreign and domestic market Representation of foreign companies Repair and maintenance of medical appliances

 

legal site and business premises are located at the above address former legal site till 2013.02.20 at Horvatovac 67/a, Zagreb

 

Basic activity code (according to NACE Rev.2):

Wholesale of pharmaceutical goods   (46.46)

 

 

Staff

 

2010   5    employees

2011   5    employees

2012   5    employees

2013   6    employees

2014   7    employees

 

 

Total Revenue

 

 

2010    HRK  50.499.870

2011    HRK  63.910.780

2012    HRK  57.705.970

2013    HRK  64.047.240

2014    HRK  85.685.000

Real Estate

 

the company owns real estates

Book value of ground 2014.12.31: HRK 616.031,00

Book value of buildings 2014.12.31: HRK 2.245.492,00

information about eventual mortgage existance not available

insight into real estate register not possible

 

 

Assets

 

Currency: HRK ( x 1.000 )

2014.12.31

2013.12.31

2012.12.31

FIXED ASSETS

3.144

3.546

3.682

Intangible assets

0

3

0

Tangible assets

2.981

3.380

3.519

- land and woods

616

616

616

- buildings

2.245

2.526

2.807

- tools, equipment, vehicles

120

238

0

- other tangible assets

0

0

96

Long term financ. assets

163

163

163

- credits, deposits, guarantees

163

163

163

Long term receivables

0

0

0

CURRENT ASSETS

57.927

35.326

29.234

Inventories

7.952

2.432

3.655

- trade goods

7.636

2.338

3.655

- advance payments

316

93

0

Short term receivables

28.621

25.972

20.227

- from sales

25.759

24.270

19.418

- from staff

159

418

0

- from state and institutions

2.483

1.228

808

- others

220

55

0

Short term financial assets

0

0

0

Cash at bank and in hand

21.354

6.922

5.352

ACCRUALS

0

10

7

TOTAL ASSETS

61.071

38.882

32.924

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

Currency: HRK ( x 1.000 )

2014.12.31

2013.12.31

2012.12.31

EQUITY

28.142

21.311

15.800

Subscribed capital

1.220

1.220

1.220

Profit brought forward

15.540

14.577

6.895

Profit of the period

11.382

5.514

7.685

PROVISIONS

0

0

0

LONG TERM LIABILITIES

0

0

0

SHORT TERM LIABILITIES

32.929

17.571

17.124

Loans

48

719

4.391

Credits

4

5

0

Deposits, advances payments

613

30

0

To suppliers

29.103

16.619

11.976

To staff

75

88

55

Taxes, fees, etc.

3.086

111

702

DEFFERED ITEMS

0

0

0

TOTAL EQUITY AND LIABILITIES

61.071

38.882

32.924

 

 

Profit/loss account

 

Currency: HRK ( x 1.000 )

2014.12.31

2013.12.31

2012.12.31

OPERATING REVENUES

81.373

62.138

56.474

Sales in the country

*80.659

1.031

1.929

Sales abroad

 

61.107

53.775

Other revenues

714

0

770

OPERATING EXPENSES

68.918

55.041

46.848

Material costs

64.797

50.747

44.585

- raw material costs

318

197

119

- sold goods costs

61.407

48.045

42.078

- other external costs

3.072

2.505

2.388

Staff costs

2.201

1.984

1.521

Depreciation of fixed assets

441

415

27

Depreciation of current assets

117

734

0

Other operating expenses

1.362

1.161

714

FINANCIAL REVENUES

4.190

1.292

1.232

FINANCIAL EXPENSES

2.430

2.030

1.197

EXTRAORDINARY REVENUES

122

617

0

EXTRAORDINARY EXPENSES

0

0

0

TOTAL REVENUES

85.685

64.047

57.706

TOTAL EXPENSES

71.348

57.071

48.044

Profit before taxation

14.337

6.976

9.662

Loss before taxation

0

0

0

Taxation on profit

2.956

1.462

1.976

PROFIT OF THE PERIOD

11.381

5.514

7.685

LOSS OF THE PERIOD

0

0

0

*sales in the country and abroad

 

 

 

 

 

 

Financial ratios

 

 

2014.12.31

2013.12.31

2012.12.31

Financial stability ratio

2,5362

3,5648

2,1534

Solvency ratio (%)

46,0808

54,8086

47,9900

Debt ratio (in years)

2,7854

2,9634

2,2203

Liquidity ratio

1,5177

1,8720

1,4938

Current ratio

1,7591

2,0104

1,7072

Total assets turnover

1,4030

1,6472

1,7527

Inventories turnover

10,7753

26,3380

15,7883

Collection period (in days)

127,7422

150,4693

130,7214

Creditors Days

129,8935

96,2856

77,3954

Inventories bonding (in days)

33,4098

13,6684

22,8017

Profit margin (%)

13,2824

8,6095

13,3180

Return on total assets (%)

18,6357

14,1816

23,3425

Return on equity (%)

40,4413

25,8747

48,6403

Total revenue per employee (x 1.000)

12.240,7143

10.674,5400

11.541,1940

Profit per employee (x 1.000)

1.625,8571

919,0217

1.537,0520

Equity per employee (x 1.000)

4.020,2857

3.551,8183

3.160,0380

Total assets per employee (x 1.000)

8.724,4286

6.480,4000

6.584,7860

Staff costs/Turnover (%)

2,5687

3,0980

2,6359

EBIT (x 1.000)

12.455

7.096,3800

9.626,6000

EBITDA (x 1.000)

13.013

8.245,3900

9.653,7000

EBIT Margin (%)

15,3061

11,4204

17,0460

EBITDA Margin (%)

15,9918

13,2696

17,0940

 

 

 

 

 

Remark

 

2007 export

2010 export

2011 export

2012 export

2013 export

HRK

HRK

HRK

HRK

HRK

31.275.402,00

48.865.668,00

61.195.381,00

53.775.006,00

61.106.836,00

 

 

 

 

 

2010 profit

2011 profit

2012 profit

2013 profit

2014 profit

HRK

HRK

HRK

HRK

HRK

3.501.530

8.743.550

9.661.500

6.976.150

14.337.000

 

 

 

 

 

Short company name: MM FARMACHEM d.o.o.

 

 

Exchange rate

 

2010-12-31

EUR 1 = HRK 7,3852

2011-12-31

EUR 1 = HRK 7,5304

2012-12-31

EUR 1 = HRK 7,5456

2013-12-31

EUR 1 = HRK 7,6376

2014-12-31

EUR 1 = HRK 7,6615

 

 

Inflation

 

 

2010:

1,1%

2011:

2,3%

2012:

3,4%

2013:

2,2%

2014:

-0,6%

 

 

 

 

Bankers

 

RAIFFEISENBANK AUSTRIA d.d.

 

 

Payment behaviour

Slow but correct

business connections appear permissible

 

Credit opinion

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.09

UK Pound

1

Rs.99.57

Euro

1

Rs.71.84

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ASH

 

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.