|
|
|
MIRA
INFORM REPORT
|
Report No. : |
490179 |
|
Report Date : |
09.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
PLIVA CROATIA LTD |
|
|
|
|
Registered Office : |
Prilaz
baruna Filipovica 25, HR 10000 Zagreb |
|
|
|
|
Country : |
Croatia |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
16.09.2003 |
|
|
|
|
Com. Reg. No.: |
080469030 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
·
Manufacture of pharmaceutical preparations ·
Manufacture of other inorganic basic chemicals ·
Manufacture of other chemical products n.e.c. ·
Technical testing and analysis ·
Other research and experimental development on natural sciences and engineering ·
Manufacture and distribution of pharmaceuticals ·
Research and development of new pharmaceuticals |
|
|
|
|
No. of Employees : |
2183 [2016] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Croatia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 is slowly recovering; economic growth was stagnant or negative in each year between 2009 and 2014, but has picked up since 2015. Difficult problems still remain including a stubbornly high unemployment rate, uneven regional development, and a challenging investment climate. Its stubbornly high unemployment rate is slowly coming down. In 2016 Croatia demonstrated a commitment to improving the business climate, simplifying its tax code to stimulate growth from domestic consumption and foreign investment. Even before 2016, Croatia has worked to become a regional energy player and plans to import liquefied natural gas through a prospective import terminal and re-export it to European consumers.
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, with its currency effectively pegged to the euro,
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 and as a result
Zagreb has cut spending and has 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. Croatia’s economic recovery is still somewhat
fragile, though, as one of the country’s largest companies almost collapsed in
2017.
|
Source
: CIA |
Company identification
|
PLIVA HRVATSKA d.o.o. za razvoj, proizvodnju i prodaju lijekova i
farmaceutskih proizvoda |
|
Prilaz baruna Filipovica 25 |
|
HR 10000 Zagreb |
|
Phone |
+385 1/3720000 |
|
Fax |
+385 1/3720111 |
|
E-Mail |
|
|
Web |
|
|
Statistic number |
1758705 |
|
Short name |
PLIVA HRVATSKA d.o.o. |
|
Company status |
active |
|
Tax number |
44205501677 |
Company summary
Legal form limited
liability company
Established 2003
Registered 2003-09-16,
Commercial court Zagreb, Register number: 080469030
last court
entry: 2017-09-26
Statistic
number: 1758705 OIB: 44205501677
According
to the decission from 2005.05.25 one part of the company assets is separated
and taken over by the company GLOBALNI SERVISI - IT d.o.o. (Register number: 080506104)
According
to the court register entry from 2007.06.28 , the company PLIVA ISTRAŽIVANJE I
RAZVOJ d.o.o. (Register number: 080492227) with a legal site in Zagreb, Prilaz
baruna Filipovića 29 was affiliated by transfering its assets to the
company PLIVA HRVATSKA d.o.o.
According
to the court register entry from 2007.12.20 , the company GLOBALNI POSLOVNI
SERVISI-IT d.o.o. (Register number: 080506104) with a legal site in Zagreb was
affiliated by transfering its assets to the company PLIVA HRVATSKA d.o.o.
According
to the court register entry from 2008.11.30, the company PHARMAING d.o.o. (Register
number: 080477512) with a legal site in Zagreb, Jagićeva 31, the company
PUNCTUM STUDIO d.o.o. (Register number: 080477711) with a legal site in Zagreb,
Gregorčićeva 8 and the company PLIVA-ESOP d.o.o. (Register number:
080171686) with a legal site in Zagreb, Grada Vukovara 49 were affiliated by
transfering its assets to the company PLIVA HRVATSKA d.o.o.
According
to the court register entry from 2010.12.31, the company PLIVA Farmaceutika
d.d. (Register number: 080022035) with a legal site in Zagreb, Prilaz baruna
Filipovića 25 was affiliated by transfering its assets to the company
PLIVA HRVATSKA d.o.o.
According
to the court register entry from 2011.05.22, the company TEVA PHARMACEUTICALS
d.o.o. (Register number: 080680817, OIB: 60628553658) with a legal site in
Zagreb, Prilaz baruna Filipovića 25 was affiliated by transfering its
assets to the company PLIVA HRVATSKA d.o.o.
According
to the court register entry from 2013.08.02, the company PLIVA ZDRAVLJE d.o.o.
(Register number: 080345413, OIB 68719779759) with a legal site in Zagreb,
Prilaz baruna Filipovića 25 was affiliated by transfering its assets to
the company PLIVA HRVATSKA d.o.o.
Establishers Ivax International B.V. 100,00%
Computerweg
10, 3542 DR Utrecht, Netherlands
Basic capital HRK
3.142.360.000,00
Capital
changes:
Until
2003.12.22: HRK 20.000,00
Until 2005.05.25: HRK
3.030.000.000,00
Until 2005.11.02: HRK
3.013.000.000,00
Until 2008.11.30: HRK
3.138.000.000,00
Management Mihael
Furjan, president
Trnjanska Cesta 37/2,
10000 Zagreb, Croatia
Nikolina Dizdar
Čehulić, member
Ulica Vojina
Bakića 1, 10000 Zagreb, Croatia
Romana Šantar, member
Drežnik Iv. Odvojak
8A, 10257 Desprim, Croatia
Zoran
Bunčić, member
Kuzminečka 6,
10000 Zagreb, Croatia
Supervisory board Hubert
Puech Pays d'Alissac, president
Rue de la Gagnerie
34, 37540 St cyr sur Loire, France
Eric Drapé,
vice-president
6 Rue Des Réservoirs,
28000 Chartres, France
Pasquale Vitagliani,
member
1-Pal. U10-Centro
Direzionale Milanofiori Nord-20090-Assago, Viale Del Mulino, Italy
Activity Manufacture
of pharmaceutical preparations
Manufacture of other
inorganic basic chemicals
Manufacture of other
chemical products n.e.c.
Technical testing and
analysis
Other research and
experimental development on natural sciences and engineering Manufacture and
distribution of pharmaceuticals
Research and
development of new pharmaceuticals
After
taking over production and distribution from PLIVA d.d., PLIVA HRVATSKA became
the largest pharmaceutical company and biggest exporter in Croatia
Exports
all over the world: Belarus, Czech Republic, Germany, Switzerland, France,
Great Britan, Italy, Hungary, Macedonia, Bosnia and Hercegovina, Slovenia, USA
etc. Brands: Andol, Andol 100, Atrocam, Betrion, Cilazil, Diklonat, Gastal,
Geokorton, Geonistin, Heptanon, Homofan, Homolong, Homorap, Izosan, Ketocef,
Klavocin, Mirocef, Novocef, Oikamid, Peptoran, Phemiton, Plibex, Plivadial,
Plivadon, Plivasept, Plivit C, Sinersul, Sumamed, Supremin, Zinidil,
Tonocardin, Ulzol, Aviomarin, Diaspam, Enerbol, Flegamina, Hepatil, Lecitan,
Sedamin, Venotrex, Mukolina etc.
Legal site
and business premises (production facilities) are located at the above address
Facilities at Prudnička cesta 54, 10291 Prigorje Brdovečko
Business
units:
-
Dubrovačka 6, 51000 Rijeka - Dražanac 72, 21000 Split - Sjenjak 58, 31000
Osijek
Former
company address was till 2009-11-16 at Ulica grada Vukovara 49, 10000 Zagreb
Basic
activity code (according to NACE Rev.2):
Manufacture
of pharmaceutical preparations (21.20)
Staff 2012 1783 employees
2013 1897 employees
2014 1957 employees
2015 2059 employees
2016 2183 employees
Total revenue 2012 HRK 3.316.678.770
2013 HRK 3.097.640.280
2014 HRK 3.798.516.810
2015 HRK 3.971.429.070
2016 HRK 4.601.832.980
Real estate The company owns real estates
Book value of ground 2016.12.31: HRK 117.950.984,00 Book value of buildings 2016.12.31: HRK 1.077.048.727,00
-information about eventual mortgage existance not available -insight into real estate register not possible
Financials
|
Assets |
Currency: HRK ( x
1.000 ) |
2016.12.31 |
2015.12.31 |
2014.12.31 |
|
|
FIXED ASSETS |
3.844.227 |
5.252.422 |
5.114.928 |
|
|
Intangible assets |
45.676 |
47.880 |
44.245 |
|
|
Tangible assets |
2.991.332 |
2.813.777 |
2.632.707 |
|
|
- land and woods |
117.951 |
117.951 |
117.951 |
|
|
- buildings |
1.077.049 |
984.150 |
916.636 |
|
|
- plants and
machinery |
1.221.730 |
998.659 |
696.564 |
|
|
- tools, equipment,
vehicles |
18.285 |
15.385 |
11.891 |
|
|
- advance payments
for tang. assets |
15.573 |
28.987 |
18.632 |
|
|
- tangible assets
in preparement |
499.997 |
627.737 |
827.335 |
|
|
- other tangible
assets |
40.748 |
40.908 |
43.697 |
|
|
Long term financ.
assets |
316.189 |
1.740.632 |
1.737.905 |
|
|
- shares in
associated companies |
178.885 |
215.551 |
215.551 |
|
|
- other
participations |
131.372 |
95.040 |
91.752 |
|
|
- credits,
deposits, guarantees |
5.931 |
6.525 |
7.274 |
|
|
- other financial
assets |
0 |
1.423.516 |
1.423.328 |
|
|
Long term
receivables |
491.031 |
650.135 |
700.072 |
|
|
CURRENT ASSETS |
2.508.171 |
2.154.328 |
3.785.899 |
|
|
Inventories |
1.188.182 |
1.061.489 |
996.290 |
|
|
- raw and auxiliary
materials |
573.024 |
497.637 |
408.816 |
|
|
- goods in course
of production |
217.036 |
157.758 |
158.747 |
|
|
- trade goods |
149.557 |
167.518 |
150.761 |
|
|
- finished products |
234.745 |
235.597 |
277.487 |
|
|
- advance payments |
13.820 |
2.978 |
480 |
|
|
Short term
receivables |
1.300.805 |
1.062.508 |
1.374.776 |
|
|
- from associated
companies |
683.380 |
394.717 |
660.878 |
|
|
- from sales |
509.358 |
552.437 |
606.280 |
|
|
- from staff |
1.223 |
1.198 |
2.336 |
|
|
- from state and
institutions |
98.834 |
100.010 |
93.132 |
|
|
- others |
8.011 |
14.146 |
12.150 |
|
|
Short term
financial assets |
783 |
2.926 |
1.345.067 |
|
|
Cash at bank and in
hand |
18.402 |
27.405 |
69.765 |
|
|
ACCRUALS |
61.925 |
15.235 |
10.177 |
|
|
TOTAL ASSETS |
6.414.323 |
7.421.985 |
8.911.005 |
|
Liabilities |
Currency: HRK ( x
1.000 ) |
2016.12.31 |
2015.12.31 |
2014.12.31 |
|
|
EQUITY |
3.964.698 |
3.362.477 |
4.085.587 |
|
|
Subscribed capital |
3.142.360 |
3.142.360 |
3.142.360 |
|
|
Reserves |
283.204 |
235.737 |
1.128.749 |
|
|
Loss brought
forward |
15.620 |
185.521 |
771.572 |
|
|
Profit of the
period |
554.754 |
169.901 |
586.051 |
|
|
PROVISIONS |
11.390 |
11.398 |
10.292 |
|
|
LONG TERM
LIABILITIES |
172 |
2.770.006 |
3.744.682 |
|
|
SHORT TERM
LIABILITIES |
2.283.321 |
997.453 |
795.485 |
|
|
To associated
companies |
1.805.312 |
531.121 |
444.210 |
|
|
Deposits, advances
payments |
0 |
0 |
161 |
|
|
To suppliers |
439.160 |
430.050 |
316.404 |
|
|
To staff |
20.824 |
18.845 |
17.949 |
|
|
Taxes, fees, etc. |
16.268 |
15.721 |
15.051 |
|
|
Other short term
liabilities |
1.757 |
1.716 |
1.711 |
|
|
DEFFERED ITEMS |
154.742 |
280.651 |
274.958 |
|
|
TOTAL EQUITY AND
LIABILITIES |
6.414.323 |
7.421.985 |
8.911.005 |
|
Profit/loss account |
Currency: HRK ( x
1.000 ) |
2016.12.31 |
2015.12.31 |
2014.12.31 |
|
|
OPERATING REVENUES |
4.443.799 |
3.850.694 |
3.656.464 |
|
|
Sales in the
country |
486.546 |
452.338 |
487.230 |
|
|
Sales abroad |
2.742.368 |
3.054.017 |
2.861.272 |
|
|
Other revenues |
1.214.885 |
344.339 |
307.962 |
|
|
OPERATING EXPENSES |
3.676.657 |
3.324.102 |
2.946.969 |
|
|
Decrease in
inventories |
189.210 |
216.815 |
147.227 |
|
|
Material costs |
2.353.214 |
2.038.090 |
1.802.023 |
|
|
- raw material
costs |
1.190.632 |
1.137.298 |
885.579 |
|
|
- sold goods costs |
383.582 |
295.331 |
255.262 |
|
|
- other external
costs |
779.000 |
605.461 |
661.182 |
|
|
Staff costs |
476.363 |
440.468 |
414.465 |
|
|
Depreciation of
fixed assets |
161.134 |
144.542 |
127.263 |
|
|
Depreciation of
current assets |
29.694 |
0 |
21.485 |
|
|
Reserves for
expenses and risques |
-330 |
1.106 |
1.170 |
|
|
Other operating
expenses |
467.372 |
483.082 |
433.336 |
|
|
FINANCIAL REVENUES |
158.034 |
120.735 |
142.052 |
|
|
FINANCIAL EXPENSES |
211.318 |
427.489 |
299.755 |
|
|
EXTRAORDINARY
REVENUES |
0 |
0 |
0 |
|
|
EXTRAORDINARY
EXPENSES |
0 |
0 |
0 |
|
|
TOTAL REVENUES |
4.601.833 |
3.971.429 |
3.798.517 |
|
|
TOTAL EXPENSES |
3.887.975 |
3.751.591 |
3.246.725 |
|
|
Profit before
taxation |
713.858 |
219.838 |
551.792 |
|
|
Loss before
taxation |
0 |
0 |
0 |
|
|
Taxation on profit |
159.104 |
49.937 |
-34.259 |
|
|
PROFIT OF THE
PERIOD |
554.754 |
169.901 |
586.051 |
|
|
LOSS OF THE PERIOD |
0 |
0 |
0 |
|
|
Financial ratios |
2016.12.31 |
2015.12.31 |
2014.12.31 |
|
|
Financial stability
ratio |
0,7901 |
0,9731 |
1,2830 |
|
|
Solvency ratio (%) |
61,8101 |
45,3043 |
45,8488 |
|
|
Debt ratio (in
years) |
3,1897 |
11,9814 |
6,3649 |
|
|
Liquidity ratio |
0,5781 |
1,0956 |
3,5068 |
|
|
Current ratio |
1,0985 |
2,1598 |
4,7592 |
|
|
Total assets
turnover |
0,7174 |
0,5351 |
0,4263 |
|
|
Inventories
turnover |
3,8730 |
3,7414 |
3,8127 |
|
|
Collection period
(in days) |
145,0301 |
109,0885 |
147,8032 |
|
|
Creditors Days |
48,9631 |
44,1535 |
34,0168 |
|
|
Inventories bonding
(in days) |
92,9511 |
96,2213 |
94,4223 |
|
|
Profit margin (%) |
12,0551 |
4,2781 |
15,4284 |
|
|
Return on total
assets (%) |
8,6487 |
2,2892 |
6,5767 |
|
|
Return on equity
(%) |
13,9923 |
5,0529 |
14,3443 |
|
|
Total revenue per
employee (x 1.000) |
2.108,0316 |
1.928,8145 |
1.940,9897 |
|
|
Profit per employee
(x 1.000) |
254,1247 |
82,5164 |
299,4639 |
|
|
Equity per employee
(x 1.000) |
1.816,1695 |
1.633,0632 |
2.087,6787 |
|
|
Total assets per
employee (x 1.000) |
2.938,3065 |
3.604,6551 |
4.553,4004 |
|
|
Staff
costs/Turnover (%) |
10,3516 |
11,0909 |
10,9112 |
|
|
EBIT (x 1.000) |
767.141,6000 |
526.591,8100 |
709.494,9500 |
|
|
EBITDA (x 1.000) |
957.969,7100 |
671.133,6000 |
858.243,0200 |
|
|
EBIT Margin (%) |
17,2632 |
13,6752 |
19,4039 |
|
|
EBITDA Margin (%) |
21,5575 |
17,4289 |
23,4719 |
Other general information
|
Remarks |
2012 import |
HRK |
1.705.214.215,00 |
|
|
2013 import |
HRK |
1.558.424.783,00 |
|
|
2014 import |
HRK |
1.732.016.236,00 |
|
|
2015 import |
HRK |
2.265.450.953,00 |
|
|
2016 import |
HRK |
2.731.846.221,00 |
|
|
2012 export |
HRK |
2.369.369.127,00 |
|
|
2013 export |
HRK |
2.193.811.319,00 |
|
|
2014 export |
HRK |
2.861.272.270,00 |
|
|
2015 export |
HRK |
3.054.016.939,00 |
|
2016 export |
HRK |
2.742.367.634,00 |
|
2012 profit |
HRK |
561.140.780,00 |
|
2013 profit |
HRK |
336.277.790,00 |
|
2014 profit |
HRK |
551.792.200,00 |
|
2015 profit |
HRK |
219.838.340,00 |
|
2016 profit |
HRK |
713.858.210,00 |
Subsidiaries:
MEDIKA, d.d.
(Statistic number: 3209741) 25,32%
Capraška 1, 10000
Zagreb, Croatia
PLIVA
d.o.o. Sarajevo (Statistic number: 4201418590009) 100,00%
Trg Heroja broj 10 ,
71000 Sarajevo, Bosnia & Hercegovina
Hrvatski poslovni
savjet za održivi razvoj (Statistic number: 1282603) Prilaz Gjure Deželića
30, 10000 Zagreb, Croatia
TEVA
Serbia d.o.o. 100,00%
Republic Serbia
PLIVA
SKOPJE d.o.o.e.l. 100,00%
Macedonia
TEVA
Services Holding Ltd. 4,32%
Hungary
Short company name:
PLIVA HRVATSKA d.o.o.
Translation: PLIVA
CROATIA Ltd.
Investments in:
- 2012: HRK
536.829.075,00 - 2013: HRK 533.321.427,00 - 2014: HRK 527.184.120,00 - 2015:
HRK 327.233.038,00 - 2016: HRK 353.365.780,00
Payment information:
There is no record of
payment complaints. Creditreform debt collection department has not handled any
case against the company. According to the official information from the
Register of transaction accounts, the company accounts are active and are not
blocked (date of last check: 2018.02.06).
Other shares and
functions of Mr. Mihael Furjan:
- MEDIKA, d.d.,
Zagreb; member of supervisory board
|
Inflation: |
|
|
2012: |
3,4% |
|
2013: |
2,2% |
|
2014: |
-0,2% |
|
2015: |
-0,5% |
|
2016: |
-1,1% |
Bankers RAIFFEISENBANK
AUSTRIA d.d.
Petrinjska 59, 10000
Zagreb, Croatia
HR2224840081500183911
RAIFFEISENBANK
AUSTRIA d.d.
Petrinjska 59, 10000
Zagreb, Croatia
HR6524840081101874074
ZAGREBACKA BANKA d.d.
Paromlinska 2, 10000
Zagreb, Croatia
HR8923600001101683058
Payment behaviour and credit opinion
|
Payment behaviour |
Regular |
|
Credit opinion |
business
connections are permissible |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.16 |
|
|
1 |
INR 89.19 |
|
Euro |
1 |
INR 78.75 |
|
HRK |
1 |
INR 10.60 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.