MIRA INFORM REPORT

 

 

Report No. :

352357

Report Date :

30.11.2015

 

IDENTIFICATION DETAILS

 

Name :

ETI D.D.

 

 

Registered Office :

Obrezija 5 1411 Izlake

 

 

Country :

Slovenia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

01.01.1950

 

 

Com. Reg. No.:

50421780

 

 

Legal Form :

Joined stocked Company

 

 

Line of Business :

  • Manufacture of electricity distribution and control apparatus
  • Manufacture  of  electricity  distribution  and  control  apparatus
  • Manufacture  of  ceramic  products,  manufacture  of plastic  and  metal  gallantry

 

 

Employees:

878

 

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)

Slovenia

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SLOVENIA - ECONOMIC OVERVIEW

 

With excellent infrastructure, a well-educated work force, and a strategic location between the Balkans and Western Europe, Slovenia has one of the highest per capita GDPs in Central Europe, despite having suffered a protracted recession in 2008-2009 in the wake of the global financial crisis. Slovenia became the first 2004 European Union entrant to adopt the euro (on 1 January 2007) and has experienced one of the most stable political transitions in Central and Southeastern Europe. In March 2004, Slovenia became the first transition country to graduate from borrower status to donor partner at the World Bank. In 2007, Slovenia was invited to begin the process for joining the OECD; it became a member in 2012. However, long-delayed privatizations, particularly within Slovenia’s largely state-owned and increasingly indebted banking sector, have fueled investor concerns since 2012 that the country would need EU-IMF financial assistance. In 2013, the European Commission granted Slovenia permission to begin recapitalizing ailing lenders and transferring their nonperforming assets into a “bad bank” established to restore bank balance sheets. Export-led growth fueled by demand in larger European markets pushed GDP growth to 2.6% in 2014, while stubbornly-high unemployment fell slightly to 13%. PM CERAR’s government took office in September 2014, pledging to press ahead with commitments to privatize a select group of state-run companies, rationalize public spending, and further stabilize the banking sector.

Source : CIA

 

 

Company identification               

 

Name

ETI D.D.

Phone

03 5657570

Address

Obrezija 5

Telefax

03 5674077

 

1411 Izlake

E-Mail

eti@eti.si

 

Slovenia

Web

www.etigroup.eu

 

Registration:

Ljubljana

 

 

Statistical Nr.

5042178

Registration Nr.

50421780

Tax Nr.

SI41900537

Status

Active

 

 

Economic situation

 

Business connection

Business connection appear premissable

(31)

Terms of payment

Mostly within agrees terms, but partly also delayed

(32)

Credit Limit

702.000

EUR

 

 

Basic information

 

Legal form        Joined stocked Company

 

 

Founded

 

01/01/1950 as

23/08/1989 as Joined stocked Company

last  entry  on  18.11.2015

On  25.04.2008  incorporation  of  the  company  ETI  SVIT  d.o.o.to  Eti  d.d.

On  01.09.2005  incorporation  of  the  company  ETI  STEATITproizvodnja  \

statičnih  izdelkov  d.o.o.  Bakovnik  4a,  Kamnik  to  Eti  d.d.

 

 

Registration

 

23/08/1989, Ljubljana, 50421780

Statistical Nr.: 5042178

Tax Nr.: SI41900537

 

 

Owners and Capital

 

Head shareholders

Name / Address / Status

From

Share

 

small shareholders

 

55,63 %

9270021365

MAKSIMA HOLDING d.d. - v ste čaju

 

11,97 %

9270133505

JEAN MUELLER GmbH

 

10,01 %

9270037166

Finema d.o.o.

 

10 %

9270069972

GIP BETON MTO, D.O.O., ZAGORJE OB SAVI

4,53 %

      Statistical Nr.: 5657245

                              CESTA 20. JULIJA 2C, 1410 ZAGORJE OB SAVI

                              Slovenia

9270001934

GORENJE, d.d.

4,53 %

        Statistical Nr.: 5163676

        Partizanska cesta 12, 3320 Velenje Slovenia Phone Nr.: 03 899 10 00

        Fax: 03 899 25 62

        E-mail: info@gorenje.si WWW: www.gorenje.si

9270008904

BPH d.o.o. borzno posredni ška hi ša

3,33 %

 

Tom ši čeva ulica 1, 1000 Ljubljana Slovenia

 

 

 

Registered capital  

                       

Date

Currency

Value

 

 

EUR

 

8.315.792,5

 

 

Management

 

Board of Directors

 

9270149200

 Chairman of the board

Rafael Kogej

Jur čkova cesta 129b, 1000 Ljubljana Slovenia Supervisory Board

9270162809

 member of the supervisory board

Aleksander Cilen šek

9270162808

 Vice chairman of the board of directors

Andrej Smrkolj

Jev šnikova ulica 8, 1412 Kisovec Slovenia

9270148431

 member of the supervisory board

Bernhard Josef M ¨uller

Scharfensteinstrasse 27, 65343 Eltville Germany

9270148434

      chairman of the supervisory board

Branko Kalpi č

Poto ška vas 23A, 1410 Zagorje ob Savi Slovenia

 

9270148433

member of the supervisory board

Dejan Panger ši č

Ulica talcev 34, 1410 Zagorje ob Savi Slovenia

9270007249

     member of the supervisory board

Radovan Bolko

Gorska pot 25, 5280 Idrija Slovenia

 

 

Company addresses

 

Valid from

Residence address

Valid until

      Obrezija 5, 1411 Izlake, Slovenia

      Phone: 03 565 75 70

      Telefax: 03 567 40 77

       E-Mail: eti@eti.si

       Web: www.etigroup.eu

      Web: www.eti.si

 

 

Subsidiaries

 

Owner

Name / Address / Status

Share

9270007820

ETI PROPLAST d.o.o.

587.598 EUR

 

9270037173

ETI Polam sp.z.o.o.Poland

100 %

9270037174

ETI Sarajevo d.o.o. BiH

51 %

9270037175

ETI ELB s.r.o.Slovakia

100 %

9270037176

ETI Ukraine

100 %

9270037177

Italweber Italy

26 %

9270037178

ETI DE Germany

100 %

9270037179

ETI BALTUS Lithuania

80 %

9270037180

ETI NVA Russia

57 %

9270037181

ETI B Serbia

100 %

9270037183

ETI HU KFT Hungary

75 %

9270037184

ETI Bulgaria Ltd Bulgaria

100 %

9270007223

ETI STEATIT D.O.O.

1.208.662,6 EUR

Statistical Nr.: 1358472

Bakovnik 4a, 1241 Kamnik Slovenia

9270149448

NELA razvojni center d.o.o.

600.000 EUR

Statistical Nr.: 3962237

Na Plav žu 79, 4228  ˇZelezniki Slovenia

Head shareholders

 

 

 

Business activities

 

Main activity

Nace

Manufacture of electricity distribution and control apparatus

27.12

Additional activities

Nace

Manufacture of other technical ceramic products

23.44

 

Company  activity:

Manufacture  of  electricity  distribution  and  control  apparatus

Manufacture  of  ceramic  products,  manufacture  of plastic  and  metal  gallantry

Headquarters  and  business  premises  are  located on  the  address  above

production  premises  are  located  in  Trbovlje  and  in  Kamnik Significant  suppliers:

ALCOA  CHEMIE  Ludwigshafen,  Germany Significant  customers:

Elektronabava  Ljubljana

Export  to  60  countries,  mainly  to  Germany,  Poland  and  former  \ Yugoslavia

 

 

Economic data

 

Turnover and Employees

 

Date

Turnover

Employees

2008

77.185.500 EUR

1282

2009

58.310.370 EUR

1106

2010

77.216.811 EUR

852

2011

90.446.573 EUR

918

2012

78.762.250 EUR

826

2013

82.675.899 EUR

815

2014

84.261.383 EUR

878

 

Group  Eti:

 

per  31.12.2007  /  1913  employees

per  31.3.2008  /  1911  employees

per  31.12.2009  /  1641employees

per  31.12.2010/  1.665  employees

per 31.12.2011/ 1737  employees

per  31.12.2012/ 1611  employees

per  31.12.2013/ 1579  employees

per  31.12.2014/  1.595  employees

 

Group  Eti:

Annual turnover  2014  EUR  100.166.518,-

net  profit  2014             EUR 981.959,-

annual  turnover  2013  EUR  99.057.436,-

net  profit  2013             EUR  974.632,-

annual  turnover  2012  EUR  97.117.802,-

net  profit  2012             EUR  1.116.066,-

Turnover  2011              EUR 107.281.733,-

net  profit  2011             EUR     1.839.332

annual  turnover  2010    EUR 95.235.789

net  profit  2010             EUR 2.810.148

annual  turnover  2009    EUR 74.557.307

net  loss  2009              EUR 1.739.273

annual  turnover  2008    EUR 104.208.184

net  profit  2008             EUR 2.623.538

annual  turnover 2007     EUR 2.162.624

net  profit  2007             EUR 75.428.639

annual  turnover  2006  EUR 75.428.639

net  profit  2006             EUR  1.354.119,

 

Import / Export

 

 

 

Import

Export

Percentage

Unknown

Unknown

Countries

Unknown

Germany, Poland, Serbia,

 

 

Bosnia-Hercegovina, Montenegro, Croatia,

 

 

Macedonia

 

Properties

 

 

 

Name

Detail

Currency

Value

Land and build-

Company’s property

EUR

5.410.417

ings

per 31.12.2014

 

(Official source)

 

 

Supplementary data

 

Remarks

Company name:

 

ETI Elektroelement d.d.

 

Participation in capital:

 

Eti Proplast d.o.o. Slovenia(100% share)

ETI Polam,Poland (100% share)

ETI Ukraine (100%share)

ETI Sarajevo,BIH (51%share)

ETI DE GmbH Germany (100% share)

ETI BEOGRAD, Serbia (100% share) Italweber S.p.A. Rho, Italy (26% share)

 ETI HU Kft., Hungary(100% share)

ETI BULGARIA Ltd.(100% share)

ETI ELB s.r.o.Slovakia(100% share)

ETI Romania (100% share)

ETI Elektroelement d.o.o.Croatia (100%share)

RC eNeM d.o.o. (21,1% share)

 

ETI BALTUS UAB, Lithuania(100%)

OOO ETI Elektroelement, Moskva, Russsia (100%)

ELB s.r.o., Slovakia (100%)

ETI PROSTIK d.o.o. (90%)

ETI REVICAR d.o.o. (90%)

ETI SPLET d.o.o. (90%) (stand per 31.12.2014)

 

an account in foreign bank:

40807810738090012861, BIC: SABRRUMMXXX, SBERBANK, Russia

40807840038090012861, BIC: SABRRUMMXXX, SBERBANK, Russia

40807978638090012861, BIC: SABRRUMMXXX, SBERBANK, Russia

40807810912030000001, BIC: MBOGRUMMXXX, ORGBANK INTERBANK ASSOCIATION, Russia

RS35325960190001217815, BIC: OTPVRS22XXX, OTP BANKA SRBIJA A.D. NOVI SAD, Serbia

AT801200010006686058, BIC: BKAUATWWXXX, UNICREDIT BANK AUSTRIA AG, Austria

 

 

Banks

 

Code

Bank name / Address

Account Nr.

122

ABANKA VIPA d.d.

05100-8000034912

 

Slovenska cesta 58, 1517 Ljubljana , 1517,

 

106

BANKA KOPER d.d.

SI56 101000037907013

 

Pristani ška 14, 6502 Koper , 6502,

 

110

GORENJSKA BANKA d.d.

SI56 0700 0000 1481

 

Bleiweisova cesta 1, 4000 Kranj , 4000,

668

120

HYPO ALPE-ADRIA-BANK d.d.

SI56 330000005752673

             Dunajska cesta 117, 1000 Ljubljana , 1000,

100

NOVA LJUBLJANSKA BANKA d.d., LJUBLJANA

02338-0011381297

Trg republike 2, 1520 Ljubljana , 1250,

104

SKB BANKA d.d. LJUBLJANA

03100-1005218375

 

Ajdov š čina 4, 1513 Ljubljana , 1513,

 

134

UNICREDIT BANKA SLOVENIJA d.d.

29000-0001826561

 

Smartinska 140, 1000 Ljubljana , 1000,

 

 

Main indices

 

Payment experience and credit opinion

 

Terms of payment

Mostly within agrees terms, but partly also delayed

Business connection

Business connection appear premissable

Business development

 

Company development

Positive

Business course

satisfactory

 

Events

No negative events registered.

 

Balances

 

31.12.2014 The enclosed balance of 2014 is originated from official source, it is not authenticated by the auditor.

31.12.2013 The enclosed balance of 2013 is originated from official source, it is not authenticated by the auditor. 31.12.2012 The enclosed balance of 2012 is originated from official source, it is not authenticated by the auditor. 31.12.2011 The enclosed balance of 2011 is originated from official source, it is not authenticated by the auditor.

 

 

 

31/12/2014

31/12/2013

31/12/2012

31/12/2011

 

 

1

1

1

1

Name

Ref.

 

 

 

 

 

 

EUR

EUR

EUR

EUR

 

 

balance

balance

balance

balance

ASSETS (AKTIVA)

 

68.362.931

66.525.647

65.891.774

70.953.535

LONG-TERM ASSETS

 

29.983.725

31.618.071

28.971.759

28.468.860

Intangible  assets  and long-term  deferred  costs

 

3.425.023

2.699.392

1.973.286

1.245.346

and accrued revenues

 

 

 

 

 

Intangible assets

 

3.425.023

2.699.392

1.973.286

1.245.346

Long-term deferred costs and accrued revenues

 

0

0

0

0

Tangible fixed assets

 

14.314.302

15.073.630

15.032.981

15.789.240

Long-term financial investments and Real estate

 

9.757.529

11.036.208

9.909.632

9.500.455

investments

 

 

 

 

 

Investment property

 

356.974

357.598

299.768

354.402

Long-term financial investments

 

9.400.555

10.678.610

9.609.864

9.146.053

Long-term operating receivables

 

47.961

995.923

943.884

891.846

Deferred receivables for taxes

 

2.438.910

1.812.918

1.111.976

1.041.973

SHORT-TERM ASSETS

 

38.365.130

34.877.676

36.916.075

42.467.027

Assets (group for estrange) for sell

 

0

0

0

0

Inventories

 

11.918.938

13.589.612

14.042.542

15.986.515

Short-term financial investments

 

6.188.377

4.405.600

5.555.610

7.760.584

Short-term operating receivables

 

20.243.376

16.835.983

17.254.774

18.377.163

Cash assets

 

14.439

46.481

63.149

342.765

Short-term  deferred  costs  and  accrued  rev-

 

14.076

29.900

3.940

17.648

enues

 

 

 

 

 

Off-balance sheet items

 

9.077.460

7.863.664

7.257.601

6.298.072

LIABILITIES

 

68.362.931

66.525.647

65.891.774

70.953.535

CAPITAL

 

30.847.246

30.881.617

30.931.858

31.511.588

Called-up capital

 

8.315.793

8.315.793

8.315.793

8.315.793

Basic (subscribed) capital

 

8.315.793

8.315.793

8.315.793

8.315.793

Non called-up capital (deductive item)

 

0

0

0

0

Capital reserves

 

12.983.762

12.983.762

12.983.762

12.983.762

Reserves from profit

 

9.095.313

8.707.489

8.799.521

8.857.666

Surplus from revaluation

 

-11.622

405.909

333.867

204.138

Retained net

 

0

40.000

80.000

0

Net business result for the business year

 

464.000

428.664

420.915

1.150.229

PROVISIONS  AND  LONG-TERM  ACCRUED

 

3.580.690

2.935.161

2.867.909

3.150.821

FINANCIAL AND BUSINESS LIABILITIES

 

33.089.454

32.158.458

31.565.867

35.232.416

LONG-TERM LIABILITIES

 

9.975.377

8.602.871

5.183.029

8.504.415

Long-term financial liabilities

 

9.872.729

8.478.391

5.081.983

8.409.614

Long-term operating liabilities

 

0

41.342

41.352

43.767

Deferred liabilities for taxes

 

102.648

83.138

59.694

51.034

SHORT-TERM LIABILITIES

 

23.114.077

23.555.587

26.382.838

26.728.001

Liabilities, included in groups for estrange

 

0

0

0

0

Short-term financial liabilities

 

6.236.737

7.288.392

11.140.789

10.059.529

Short-term operating liabilities

 

16.877.340

16.267.195

15.242.049

16.668.472

SHORT-TERM  ACCRUED  COSTS  AND  DE- FERRED REVENUES

 

845.541

550.411

526.140

1.058.710

Off balance sheet items

 

9.077.460

7.863.664

7.257.601

6.298.072

 

Profit and loss accounts

 

31.12.2014 The enclosed profit and loss account of 2014 is originated from official source, it is not authenticated by the auditor.

31.12.2013 The enclosed profit and loss account of 2013 is originated from official source, it is not authenticated by the auditor.

31.12.2012 The enclosed profit and loss account of 2012 is originated from official source, it is not authenticated by the auditor.

31.12.2011 The enclosed profit and loss account of 2011 is originated from official source, it is not authenticated by the auditor.

 

 

 

31/12/2014

31/12/2013

31/12/2012

31/12/2011

 

 

1

1

1

1

Name

Ref.

EUR

EUR

EUR

EUR

 

 

profit and

profit and

profit and

profit and

 

 

loss account

loss account

loss account

loss account

Net sales

 

83.846.122

81.438.770

77.424.194

85.740.748

Changes in the value of inventories of prod-

 

-1.495.795

-309.539

-1.110.476

1.796.467

ucts and work-in-process

 

 

 

 

 

Capitalised own products and own services

 

0

0

0

0

Other operating revenues  (with subventions,

 

552.083

581.364

1.284.902

1.696.394

grants,...)

 

 

 

 

 

GROSS OPERATING YIELD

 

82.902.410

81.710.595

77.598.620

89.233.609

Cost of goods, material and services

 

60.271.939

59.732.380

55.372.906

65.695.630

Purchase value of goods and materials sold and

 

49.190.556

48.871.316

45.926.915

53.391.684

cost of material and cost of material used

 

 

 

 

 

Cost of services

 

11.081.383

10.861.064

9.445.991

12.303.946

Labour cost

 

17.635.792

17.433.860

17.238.251

17.513.079

Cost of wages

 

12.294.876

12.320.172

12.191.220

12.450.625

Cost of pension insurance

 

363.648

357.722

357.853

374.053

Cost of other social insurance

 

2.069.341

2.047.874

2.039.717

2.054.352

Other labour cost

 

2.907.927

2.708.092

2.649.461

2.634.049

Write-offs

 

4.175.402

4.375.134

4.673.945

4.658.149

Depreciation

 

3.584.416

3.727.357

3.589.567

3.667.738

Revaluation operating expenses for non-tangible

 

28.062

49.294

27.952

9.179

assets and tangible fixed assets

 

 

 

 

 

Revaluation operating expenses for current assets

 

562.924

598.483

1.056.426

981.232

Other operating expenses

 

227.958

228.116

286.771

344.464

OPERATING REVENUES

 

84.398.205

82.020.134

78.709.096

87.437.142

OPERATING EXPENSES

 

82.311.091

81.769.490

77.571.873

88.211.322

OPERATING RESULT

 

2.087.114

250.644

1.137.223

-774.180

EBIT

 

591.319

-58.895

26.747

1.022.287

Financial income from investments in other enter-

 

943.311

589.198

736.182

758.523

prises

 

 

 

 

 

Financial income from loans

 

106.791

110.171

177.549

175.981

Financial income from operating receivables

 

303.600

253.893

237.189

277.022

Financial expenses from depreciation and write-

 

583.875

100.000

171.309

116.400

offs of financial investments

 

 

 

 

 

Financial expenses from financial liabilities

 

655.572

692.898

759.961

687.367

Financial expenses from operating liabilities

 

478.477

333.525

130.059

163.834

Financial income

 

1.353.702

953.262

1.150.920

1.211.526

Financial expenses

 

1.717.924

1.126.423

1.061.329

967.601

Other revenues

 

5.271

12.042

12.710

1.438

Other expenses

 

16.039

52.264

2.314

3.649

Total revenues

 

84.261.383

82.675.899

78.762.250

90.446.573

Total costs

 

84.045.054

82.948.177

78.635.516

89.182.572

Total business result

 

216.329

-272.278

126.734

1.264.001

Tax on profit

 

0

0

0

0

Deferred taxs

 

-625.992

-700.942

-294.181

113.772

Net business result for the accounting period

 

842.321

428.664

420.915

1.150.229

 

Financial Ratios

                                                                                                                                                     

Name

Ref.

31/12/2014

31/12/2013

31/12/2012

31/12/2011

Equity ratio

1

0,12

0,12

0,13

0,12

Cleared equity ratio

2

0,12

0,12

0,12

0,11

Current liquidity

3

1,66

1,48

1,40

1,59

Quick liquidity

4

1,14

0,90

0,87

0,99

Working capital

5

15251053,00

11322089,00

10533237,00

15739026,00

Gearing

6

8,22

8,00

7,92

8,53

Cleared gearing

7

1,93

1,99

2,03

2,28

Profitability

8

0,26

-0,33

0,16

1,40

Operating profitability

9

1,00

0,52

0,53

1,27

Stock days

10

51,63

60,00

65,08

64,51

Debtor days

11

87,69

74,33

79,96

74,16

Supplier days

12

73,11

71,82

70,63

67,27


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.66.75

UK Pound

1

Rs.100.68

Euro

1

Rs.70.88

Euro

1

Rs.70.77

Note : Above are approximate rates obtained from sources believed to be correct

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

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.