MIRA
INFORM REPORT
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Report No. : |
348501 |
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Report Date : |
14.11.2015 |
IDENTIFICATION DETAILS
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Name : |
ZENTIVA SA |
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Registered Office : |
032266 Bucharest, sector 3 – Theodor Pallady Blvd. No. 50 |
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Country : |
Romania |
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Financials (as on) : |
30.06.2015 |
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Date of Incorporation : |
1962 |
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Legal Form : |
Joint stock company, joint venture of Romanian and foreign capital |
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Line of Business : |
Manufacture of
pharmaceutical preparations, according to the National Trade Registry updated
files (NACE: 2120) |
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No. of Employee : |
522 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No complaints |
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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) |
|
Romania |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
ROMANIA - ECONOMIC OVERVIEW
Romania, which joined the EU on 1 January 2007, began the
transition from Communism in 1989 with a largely obsolete industrial base and a
pattern of output unsuited to the country's needs. Romania's macroeconomic
gains have only recently started to spur creation of a middle class and to
address Romania's widespread poverty. Corruption and red tape continue to
permeate the business environment. In the aftermath of the global financial
crisis, Romania signed on to a $26 billion emergency assistance package from
the IMF, the EU, and other international lenders, but GDP contracted until
2011. In March 2011, Romania and the IMF/EU/World Bank signed a 24-month
precautionary stand-by agreement, worth $6.6 billion, to promote fiscal
discipline, encourage progress on structural reforms, and strengthen financial
sector stability. In September 2013, Romanian authorities and the IMF/EU agreed
to a follow-on precautionary two-year stand-by agreement, worth $5.4 billion,
to continue with reforms, although Bucharest has announced that it does not
intend to draw funds under the agreement. Economic growth rebounded in 2013,
driven by strong industrial exports and an excellent agricultural harvest, and
the current account deficit was reduced substantially. The economy closed out
2014 with 2.8% growth, down from the 3.5% posted in 2013. Industry outperformed
other sectors of the economy. Exports remained the engine of economic growth,
led by trade with the EU, which accounts for roughly 70% of Romania trade. In
2014, the Government of Romania succeeded in meeting its annual target for the
budget deficit, the external deficit remained low, and inflation was the lowest
since 1989, allowing a gradual loosening of the monetary policy throughout the
year. However, progress on structural reforms has been uneven and the economy still
is vulnerable to external shocks. An ageing population, weak domestic demand,
tax evasion, and insufficient health-care represent the top vulnerabilities.
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Source
: CIA |
IDENTIFICATION
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NAME OF THE COMPANY |
ZENTIVA SA |
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Address |
032266 Bucharest, sector 3 – Theodor Pallady Blvd. No. 50 |
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Phone no. |
0040-21-3173136 |
Fax no. |
0040-21-3173134 |
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E-mail address |
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HISTORIC/OFFICIAL DATA
|
Date of foundation |
1962, as a State owned enterprise called first “Uzina de Medicamente
Bucuresti" and then “Intreprinderea de Medicamente Bucuresti". By
the Governmental Decision no. 1200/12.11.1990, the subject became a joint
stock company, entire State capital, under the new name of SICOMED SA.
Beginning with 18.01.2006, it was r |
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Present legal form |
Joint stock company, joint venture of Romanian and foreign capital |
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Registered with the Trade Registry
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J40/363/1991 |
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VAT no. |
336206 |
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Registered capital |
41,696,115 RON |
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Shareholders |
Individuals |
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1. List of individuals, not detailed with the National Trade Registry |
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Participation |
8.7526% |
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Legal persons |
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2. List of legal persons, not detailed with the National Trade
Registry |
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Participation |
9.6542% |
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3. ZENTIVA NV – Dutch legal person |
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Address: Holland / Amsterdam 1076 EE – 123 Fred. Roekestraat |
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Participation |
23.9282% |
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4. VENOMA HOLDINGS LIMITED – legal person from Cyprus |
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Address: N/A |
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Participation |
50.9809% |
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5. SANOFI - AVENTIS
EUROPE – French legal person |
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Address: France / Paris –
174 Avenue France, 75013 |
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Participation |
6.6842% |
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Obligation to publish |
According to the Romanian Financial Legislation, subject company is
obliged to lodge with the Ministry of
Public Finance its half-yearly accounts |
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EMPLOYEES |
2010 |
2011 |
2012 |
2013 |
2014 |
30.06.2015 |
|
total |
574 |
542 |
544 |
493 |
507 |
522 |
BUSINESS ACTIVITY- Manufacture of pharmaceutical preparations, according to the National
Trade Registry updated files (NACE: 2120) According to the company’s web-site Zentiva, the generics business for the Sanofi group, is the third
largest and fast growing generics company in Europe. It currently operates in 32 markets, targeting a population of close
to 800 million people. Zentiva holds leading positions in several pharmaceutical markets,
such as the Czech Republic, Romania, Slovakia and Turkey and is successfully
expanding its business in other Western, Central and East European markets. Zentiva has four key production plants in Central and Eastern Europe,
enabling it to manufacture and distribute products across all its markets
quickly and efficiently. Its modern state-of-the-art facilities employ almost
3,000 people and produce an annual output of 440 million units, making
Zentiva one of the largest producers of pharmaceuticals, by volume, in
Europe. In Romania, Zentiva is the generics market leader. The products area includes
more than 400 products in 800 dosage forms, covering a range of therapeutic areas. Zentiva's products are
for the treatment of pain, cardiovascular disease, central nervous system, digestive, urological and genital
and treatment of
respiratory diseases. In the field of dietary supplements refers especially to vitamins. The exports of Zentiva
plant in Bucharest have reached 40% of its production in 2014 vs 23% in 2013
(according to the Annual Report provided to the Bucharest Stock Exchange). The main exports markets are: Germany, France,
UK, Poland, Portugal and Czech Republic. Work-shop (Commercial
Division) Bucharest, sector 2 – Gara Herastrau Street No.
4, 9th floor Phone no.: 0040-374-113600; Fax no.:
0040-21-3454004 TRADING INFO The company’s shares are quoted with the Bucharest Stock Exchange,
second category since August, 1998 (symbol: SCD) Share capital: 41,696,115 RON Nominal value: 0.1000 RON/share No. of shares: 416,961,150 The most recent transaction day: November 9th, 2015 Transaction volume: 15,001 shares Price: 1.73 RON/share No. of transactions: 2 Market capitalization: 721,342,789.50 RON |
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OTHER PARTICIPATION
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1. Company’s participation |
not applicable |
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2. Shareholders other participation |
1. List of individuals |
not applicable |
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2. List of legal persons |
not applicable |
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3. ZENTIVA NV |
not applicable |
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4. VENOMA HOLDINGS LIMITED |
not applicable |
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5. SANOFI - AVENTIS
EUROPE |
SANOFI-AVENTIS ROMANIA SRL –
J40/10940/1998, VAT
11147490 |
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REAL ESTATE (RON) |
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- lands & buildings |
2010 |
2011 |
2012 |
2013 |
2014 |
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|
56,889,305 |
57,515,969 |
59,026,676 |
56,855,755 |
58,209,291 |
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TANGIBLES* |
99,818,308 RON, at 30.06.2015 *According to the accounting standards, for the middle of the year the
company is not obliged to detail its tangible assets. Therefore, the real
estates are included in “Tangibles” position among the other assets |
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BANKS |
Romanian Commercial Bank; Romanian Bank for Development – Groupe Societe
Generale;
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MANAGEMENT as officially registered with the National Trade Registry other executives |
Board of
Administration President
of the Board Mr.
Gourlet Christophe Francois Philippe – French
citizen, born on 26.09.1966 Appointed on 1.01.2013;
Expiration date of mandate: 21.03.2019 Member of the Board Mr. Gabriel Ioan Prada –
Romanian citizen, born on 5.11.1957 Appointed on 21.03.2011;
Expiration date of mandate: 21.03.2019 Member of the Board Mrs. Tanase Margareta –
Romanian citizen, born on 6.04.1960 Appointed on 25.03.2010;
Expiration date of mandate: 21.03.2019 Member of the Board Mrs. Cocos Simona –
Romanian citizen, born on 13.08.1967 Appointed on 22.02.2010;
Expiration date of mandate: 21.03.2019 Administrator Massimo Festa – Italian
citizen, born on 15.07.1956 Appointed on 9.10.2013;
Expiration date of mandate: 21.03.2019 Executives General Manager Mrs. Cocos Simona –
appointed on 1.10.2009 for unspecified period Mrs.
Margareta Tanase, Director of Industrial Operations Mrs.
Georgeta Danu, Chief Accountant |
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CURRENCY Exchange rate of EURO |
1 EURO = 4.4847 RON on 31.12.2013 1 EURO = 4.4821 RON on 31.12.2014 1 EURO = 4.4735 RON on 30.06.2015 |
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FINANCIAL DATA: RON
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N.B.: any difference occurred between former reports and the present one regarding some positions of the “Balance Sheet” or P/L Account for previous periods does not belong to us. The financial data from this report are the ones
officially declared by the subject with the Ministry of Public Finance data
basis for 30.06.2015. As consequence, the responsibility for their accuracy
belongs exclusively to the company. |
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Size |
large, considering the number of employees |
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Position & trend |
Well-known & well-established company, with a serious, solid
background. It occupies a very important place on the Romanian specific market
(see the “Business Activity” Chapter) and generally a good position in the
Romanian economic environment. The figures at hand reveal a very large business volume and a very
good financial standing. The payments behavior also proved to be correct, without delays. The business relationships are feasible and the credit facilities are
suitable. |
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|
31.12.2010 |
31.12.2011 |
31.12.2012 |
31.12.2013 |
31.12.2014 |
30.06.2015 |
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Turnover |
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RON |
259,644,377 |
235,648,166 |
242,491,029 |
290,362,767 |
394,072,623 |
208,990,538 |
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EURO |
60,596,615 |
54,551,975 |
54,754,449 |
64,745,193 |
87,921,426 |
46,717,456 |
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Gross profit |
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RON |
68,981,215 |
44,065,751 |
40,313,483 |
51,767,957 |
64,446,843 |
23,702,172 |
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EURO |
16,099,051 |
10,201,114 |
9,102,780 |
11,543,237 |
14,378,716 |
5,298,351 |
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Net profit |
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RON |
57,377,448 |
33,857,309 |
32,181,076 |
40,297,608 |
54,242,886 |
17,897,712 |
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EURO |
13,390,928 |
7,837,884 |
7,266,484 |
8,985,575 |
12,102,114 |
4,000,830 |
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30.06.2015 |
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CREDITS &
LOANS (ACTIVE BALANCE) |
None (zero) |
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BALANCE CLAIMS-DEBTS |
Positive |
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Total claims |
194,245,560 |
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clients & trade debtors |
179,595,484 |
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Total debts |
151,177,559 |
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- Short term |
151,149,723 |
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suppliers & trade creditors
|
55,609,043 |
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to the Social Insurance |
956,747 |
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to the State Budget |
6,233,331 |
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other debts |
80,293,189 |
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- Medium term |
27,836 |
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other debts |
27,836 |
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PAYMENTS BEHAVIOR |
Correct, no delays reported |
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PAYMENTS INCIDENTS, as officially recorded with the Payment Incident Bureau |
No incidents recorded in the period 9.11.2014 – 9.11.2015 |
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BLACKLISTING (international sanctions) |
Not applicable |
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FINANCIAL STRENGTH |
92,854 tsd EURO |
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FIRM’S RATING |
A |
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RISK CATEGORY |
Minimum |
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BUSINESS RELATIONS |
Permissible |
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Applies to short term credit facilities and should not be construed as
a maximum credit limit, which can be only established by the supplier. The credit limit has been set using a
formula which takes into consideration the credit rating, and the latest
behavioral and financial performances. Other information may of course influence
the size of the credit you may grant. |
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2010 |
2011 |
2012 |
2013 |
2014 |
30.06.2015 |
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Very good |
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Liquidity analysis |
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- current ratio |
6.98 |
3.33 |
4.55 |
4.05 |
4.36 |
2.13 |
|
- quick ratio |
6.52 |
3.01 |
3.98 |
3.30 |
3.69 |
1.70 |
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Solvability analysis |
Very good |
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- the borrowing ratio (total debts/net worth) |
0.13 |
0.30 |
0.21 |
0.24 |
0.23 |
0.62 |
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Profitability analysis (%) |
Very good |
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|
- return on capital |
16.90 |
13.20 |
12.78 |
14.81 |
18.28 |
7.32 |
|
- return on assets |
14.50 |
9.74 |
9.96 |
11.19 |
13.96 |
4.23 |
|
- gross profit margin |
26.56 |
18.69 |
16.62 |
17.83 |
16.35 |
11.34 |
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Activity analysis |
Heavy settlements of debtors |
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|
- debtor’s days |
135 |
350 |
304 |
226 |
192 |
167 |
|
- creditor’s days |
34 |
50 |
46 |
54 |
38 |
48 |
|
Stocks turnover, times/period |
12 |
9 |
8 |
6 |
9 |
3 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.14 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.