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MIRA INFORM REPORT
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Report No. : |
503733 |
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Report Date : |
19.04.2018 |
IDENTIFICATION DETAILS
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Name : |
UNION " SH.P.K |
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Registered Office : |
Rr. Ajet Gerguri nn, 42000
Vushtrri |
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Country : |
Kosovo |
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Financials (as on) : |
2016 |
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Date of Incorporation : |
1990 |
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Com. Reg. No.: |
70035717 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
·
Non-specialised wholesale trade ·
Storage, distribution and wholesale services |
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No. of Employees : |
92 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
EUR 125.000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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.
KOSOVO - ECONOMIC
OVERVIEW
Kosovo's economy has shown progress in transitioning to a market-based system and maintaining macroeconomic stability, but it is still highly dependent on the international community and the diaspora for financial and technical assistance. Remittances from the diaspora - located mainly in Germany, Switzerland, and the Nordic countries - are estimated to account for about 17% of GDP and international donor assistance accounts for approximately 10% of GDP. With international assistance, Kosovo has been able to privatize a majority of its state-owned enterprises.
Kosovo's citizens are the second poorest in Europe, after Moldova, with a per capita GDP (PPP) of $10,400 in 2017. An unemployment rate of 33%, and a youth unemployment rate near 60%, in a country where the average age is 26, encourages emigration and fuels a significant informal, unreported economy. Emigration remains challenging, however, because Kosovo lacks visa-free travel to the EU. Most of Kosovo's population lives in rural towns outside of the capital, Pristina. Inefficient, near-subsistence farming is common - the result of small plots, limited mechanization, and a lack of technical expertise. Kosovo enjoys lower labor costs than the rest of the region. However, high levels of corruption, little contract enforcement, and unreliable electricity supply have discouraged potential investors. The official currency of Kosovo is the euro, but the Serbian dinar is also used illegally in Serb majority communities. Kosovo's tie to the euro has helped keep core inflation low.
Minerals and metals production - including lignite, lead, zinc, nickel, chrome, aluminum, magnesium, and a wide variety of construction materials - once the backbone of industry, has declined because of aging equipment and insufficient investment, problems exacerbated by competing and unresolved ownership claims of Kosovo’s largest mines. A limited and unreliable electricity supply is a major impediment to economic development, but Kosovo has received technical assistance to help improve the sector’s performance and has worked to improve infrastructure connections with its neighbors. In 2012, Kosovo privatized its electricity supply and distribution network. The US Government is cooperating with the Ministry of Economic Development (MED) and the World Bank to conclude a commercial tender for the construction of Kosovo C, a new lignite-fired power plant that would leverage Kosovo’s large lignite reserves. MED also has plans for the rehabilitation of an older coal power plant, Kosovo B, and the development of a coal mine that could supply both plants.
In June 2009, Kosovo joined the World Bank and International Monetary Fund, and began servicing its share of the former Yugoslavia's debt. In order to help integrate Kosovo into regional economic structures, UNMIK signed (on behalf of Kosovo) its accession to the Central Europe Free Trade Area (CEFTA) in 2006. Kosovo joined the European Bank for Reconstruction and Development in 2012 and the Council of Europe Development Bank in 2013. In 2016, Kosovo implemented the Stabilization and Association Agreement (SAA) negotiations with the EU, focused on trade liberalization. Under the SAA, Kosovo — which gets approximately 58% of government revenue from tariffs on imports — is required to phase out tariffs on EU goods over the next seven years. In 2014, nearly 60% of customs duty-eligible imports into Kosovo were EU goods. In 2015, Kosovo negotiated a $185 million Stand-by Arrangement (SBA) with the IMF following the conclusion of its previous SBA in 2014. The IMF requested an extension of the current SBA to August 2017 to facilitate policy continuity and allow sufficient time for ongoing structural reforms to progress. In August 2015, as part of its EU-facilitated normalization process with Serbia, Kosovo signed agreements on telecommunications and energy distribution, but disagreements over who owns economic assets, such as the Trepca mining conglomerate, within Kosovo continue.
Kosovo experienced its first federal budget deficit in 2012, when government expenditures climbed sharply. In May 2014, the government introduced a 25% salary increase for public sector employees and an equal increase in certain social benefits. Central revenues could not sustain these increases, and the government was forced to reduce its planned capital investments. The government, led by Prime Minister MUSTAFA - a trained economist - recently made several changes to its fiscal policy, expanding the list of duty-free imports, decreasing the Value Added Tax (VAT) for basic food items and public utilities, and increasing the VAT for all other goods.
While Kosovo’s economy continued to make progress, it needs further reform and investment to enable the level of growth required to reduce unemployment and raise living standards in a meaningful way
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Source
: CIA |
REGISTERED
NAME & COMPANY SUMMARY
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COMPANY |
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" UNION " SH.P.K. |
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ICON number: 59934100 |
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Status: |
Registration
status: 1990 - Registered company |
Credit
Limit
Current
Credit Rating: C
Current
Credit Limit: EUR 125.000
DIRECTORS/MANAGEMENT
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Management: |
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NEGATIVE
INFORMATION
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Insolvency / Legal Events: |
According
to available information sources the Company is not in a
insolvency/preliminary/debt regulation proceeding. |
SHARE
& SHARE CAPITAL INFORMATION
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Capital: |
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Partners / Shareholders: |
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PAYMENT
INFORMATION
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Payment Practices: |
No adverse payment incidents known at this time |
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Further Assessment Information: |
Researched company is categorized as a medium sized
company. |
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Debt Collection: |
There is no record of any debt collection action by Coface
Adriatic d.o.o. za usluge upravljanja rizicima against this company exceeding
a single case volume of EUR 500. |
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Imports: |
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GROUP
STRUCTURE & AFFILIATED COMPANIES
N/a
FINANCIAL
INFORMATION
Financials:
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Amounts shown in Euro (EUR) |
2016 |
2015 |
2014 |
2013 |
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BALANCE SHEET |
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ASSETS |
5.216.506,00 |
4.340.180,00 |
5.462.928,00 |
3.886.903,00 |
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Fixed assets |
17.907,00 |
24.270,00 |
18.693,00 |
298.509,00 |
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Intangible assets |
17.907,00 |
24.270,00 |
18.693,00 |
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Tangible assets |
441.091,00 |
394.920,00 |
374.498,00 |
298.509,00 |
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CURRENT ASSETS |
4.757.508,00 |
3.920.540,00 |
5.069.737,00 |
3.588.394,00 |
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Stock |
1.802.833,00 |
1.282.728,00 |
1.528.547,00 |
1.537.991,00 |
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Other assets |
373.279,00 |
386.305,00 |
505.141,00 |
200.799,00 |
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LIABILITIES |
5.216.506,00 |
4.340.180,00 |
5.462.928,00 |
3.886.903,00 |
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Shareholders funds |
3.811.900,00 |
1.257.498,00 |
699.599,00 |
202.549,00 |
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Share capital |
864.200,00 |
864.200,00 |
864.200,00 |
432.100,00 |
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PROFIT AND LOSS ACCOUNT |
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Turnover |
13.718.015,00 |
12.293.406,00 |
10.590.076,00 |
9.568.891,00 |
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Production |
10.772.481,00 |
9.593.135,00 |
8.460.637,00 |
9.279.993,00 |
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General costs |
10.772.481,00 |
9.593.135,00 |
8.460.637,00 |
9.279.993,00 |
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Operating profit |
2.962.227,00 |
2.719.377,00 |
2.167.508,00 |
335.587,00 |
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Financial result / Financial costs |
-16.693,00 |
-19.106,00 |
-38.069,00 |
-46.689,00 |
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Pretax profit / loss |
3.533.636,00 |
2.799.826,00 |
1.558.382,00 |
484.418,00 |
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Taxes |
175.662,00 |
142.415,00 |
79.592,00 |
39.660,00 |
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Profit / loss after tax |
1.591.154,00 |
1.257.498,00 |
699.599,00 |
202.549,00 |
Ratios:
Current ratios for the year 2016
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Return on equity (ROE), in % |
41,74 |
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Return on sales ( ROS ), in% |
11,60 |
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Return on assets ( ROA ), in% |
30,50 |
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Equity ratio, in % |
73,07 |
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Sales to Total assets |
2,63 |
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Increase/Decrease of Sales, in % |
11,59 |
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Return on equity (ROE), in % |
(Profit after tax / Equity capital)*100 |
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Return on sales ( ROS ), in% |
(Profit after tax / Sales)*100 |
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Return on assets ( ROA ), in% |
(Profit after tax / Total assets)*100 |
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Equity ratio, in % |
(Equity capital / Total Liabilities and Funds) *100 |
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Sales to Total assets |
Turnover / Total Assets |
Historical ratios:
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2015 |
2014 |
2013 |
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Return on equity (ROE), in % |
38,81 |
16,38 |
5,84 |
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Return on sales ( ROS ), in% |
10,23 |
6,61 |
2,12 |
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Return on assets ( ROA ), in% |
28,97 |
12,81 |
5,21 |
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Equity ratio, in % |
74,66 |
78,19 |
89,16 |
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Sales to Total assets |
2,83 |
1,94 |
2,46 |
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Increase/Decrease of Sales, in % |
16,08 |
10,67 |
- |
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Return on equity (ROE), in % |
(Profit after tax / Equity capital)*100 |
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Return on sales ( ROS ), in% |
(Profit after tax / Sales)*100 |
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Return on assets ( ROA ), in% |
(Profit after tax / Total assets)*100 |
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Equity ratio, in % |
(Equity capital / Total Liabilities and Funds) *100 |
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Sales to Total assets |
Turnover / Total Assets |
ADDITIONAL
INFORMATION
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Established: |
1990 |
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Registration: |
No.
70035717 |
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Registration status: |
1990 - Registered company |
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Legal Form: |
Limited Liability Company |
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Activity status: |
1990 - Active company |
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Activities: |
NACE
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Workforce: |
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Bankers: |
Bank data not available |
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Contact With Company: |
17.04.2018 |
NOTES
& COMMENTS
N/a
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.68 |
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1 |
INR 93.98 |
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Euro |
1 |
INR 81.30 |
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Euro |
1 |
INR 81.41 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRI |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.