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MIRA INFORM REPORT
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Report No. : |
491156 |
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Report Date : |
10.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
CEDAR DOO |
|
|
|
|
Registered Office : |
Rubeši 163/c, HR 51215 Kastav |
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|
|
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Country : |
Croatia |
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|
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
25.05.1992 |
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|
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Com. Reg. No.: |
040076759 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Sawmilling and planing of wood · Manufacture of other products of wood; manufacture of articles of cork, straw and plaiting materials · Manufacture of veneer sheets and wood-based panels · Agents involved in the sale of timber and building materials · Manufacturing of beechwood products |
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|
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No. of Employees : |
221 [2016] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Croatia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
Company
identification
CEDAR DRUŠTVO S OGRANIČENOM ODGOVORNOŠĆU ZA
TRGOVINU I
|
preradu drva |
|
Rubeši 163/c |
|
HR 51215 Kastav |
|
Phone |
+385 51/224854 |
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Fax |
+385 51/224722 |
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E-Mail |
darko@cedar.hr |
|
Web |
www.cedar.hr |
|
Statistic number |
0308803 |
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Short name |
CEDAR d.o.o. |
|
Company status |
active |
|
Tax number |
17113221373 |
COMPANY
SUMMARY
Legal form limited
liability company
Established 1992
Registered 1992-05-25,
Commercial court Rijeka, Register number: 040076759
re-registration
according to the Companies act made: 1995-10-31
last court entry:
2015-09-07
Statistic number:
0308803
OIB: 17113221373
Establishers Darko
Prodan
Rubeši 163/C, 51215
Kastav, Croatia
64,00%
Marin Prodan
Rubeši 163/C, 51215
Kastav, Croatia
36,00%
Basic capital HRK
22.000.000,00
-basic capital according
to data from court register
Capital changes:
Until 2004.11.04: HRK
237.600,00
Until 2010.05.31: HRK
777.600,00
Until 2013.07.24: HRK
1.200.000,00
Until 2014.08.29: HRK
11.200.000,00
Until 2015.08.27: HRK
17.200.000,00
Management Darko
Prodan, president, Single signature
Rubeši
163/C, 51215 Kastav, Croatia
Activity Sawmilling
and planing of wood
Manufacture of other
products of wood; manufacture of articles of cork, straw and plaiting
materials
Manufacture of veneer
sheets and wood-based panels
Agents involved in the
sale of timber and building materials
Manufacturing of beechwood
products
Export to markets in
North Africa, the Far East, the Middle East and Europe
Production capacity:
180.000 cbm of beech logs per year
Legal site and business
premises are located at the above address
Basic activity code
(according to NACE Rev.2):
Sawmilling and planing
of wood (16.10)
Staff 2012
16 employees
2013 21 employees
2014 15 employees
2015 241 employees
2016 221 employees
Total revenue 2012
HRK 184.380.190
2013 HRK 137.203.080
2014 HRK 191.107.810
2015 HRK 224.846.970
2016 HRK 171.283.440
Real estate The
company owns real estates
Book value of ground
2016.12.31: HRK 9.005.828,00
Book value of buildings
2016.12.31: HRK 80.564.166,00
-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 |
191.105 |
166.137 |
112.865 |
|
|
Intangible assets |
7 |
0 |
10 |
|
|
Tangible assets |
191.038 |
166.077 |
112.795 |
|
|
- land and woods |
9.006 |
9.006 |
4.630 |
|
|
- buildings |
80.564 |
1.137 |
613 |
|
|
- plants and
machinery |
46.932 |
18.349 |
18.238 |
|
|
- tools, equipment,
vehicles |
31.194 |
15.956 |
4.327 |
|
|
- advance payments
for tang. assets |
0 |
2.029 |
18.123 |
|
|
- tangible assets
in preparement |
23.342 |
119.600 |
66.863 |
|
|
Long term financ.
assets |
60 |
60 |
60 |
|
|
- shares in
associated companies |
60 |
60 |
60 |
|
|
Long term
receivables |
0 |
0 |
0 |
|
|
CURRENT ASSETS |
156.085 |
141.169 |
107.199 |
|
|
Inventories |
38.820 |
28.038 |
25.746 |
|
|
- goods in course
of production |
9.003 |
9.162 |
0 |
|
|
- trade goods |
26.218 |
13.671 |
25.746 |
|
|
- advance payments |
3.599 |
5.206 |
0 |
|
|
Short term
receivables |
70.199 |
64.489 |
46.295 |
|
|
- from associated
companies |
7.631 |
2.692 |
1.292 |
|
|
- from sales |
55.612 |
53.089 |
37.777 |
|
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- from state and
institutions |
6.527 |
8.280 |
6.798 |
|
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- others |
429 |
429 |
429 |
|
|
Short term
financial assets |
41.822 |
32.226 |
24.322 |
|
|
Cash at bank and in
hand |
5.244 |
16.416 |
10.837 |
|
|
ACCRUALS |
0 |
0 |
0 |
|
|
TOTAL ASSETS |
347.190 |
307.306 |
220.064 |
|
Liabilities |
Currency: HRK ( x
1.000 ) |
2016.12.31 |
2015.12.31 |
2014.12.31 |
|
|
EQUITY |
68.397 |
79.985 |
43.351 |
|
|
Subscribed capital |
22.001 |
22.001 |
17.201 |
|
|
Profit brought
forward |
57.985 |
17.944 |
17.787 |
|
|
Profit of the
period |
0 |
40.041 |
8.364 |
|
|
Loss of the period |
11.588 |
0 |
0 |
|
|
PROVISIONS |
0 |
0 |
0 |
|
|
LONG TERM LIABILITIES |
120.909 |
118.275 |
76.078 |
|
|
SHORT TERM
LIABILITIES |
157.884 |
109.046 |
100.635 |
|
|
Loans |
9.513 |
10.354 |
10.754 |
|
|
Credits |
119.982 |
64.811 |
53.918 |
|
|
Deposits, advances
payments |
4.785 |
5.833 |
0 |
|
|
To suppliers |
21.738 |
26.110 |
34.285 |
|
|
To staff |
1.247 |
1.259 |
1.154 |
|
|
Taxes, fees, etc. |
620 |
679 |
524 |
|
|
DEFFERED ITEMS |
0 |
0 |
0 |
|
|
TOTAL EQUITY AND
LIABILITIES |
347.190 |
307.306 |
220.064 |
|
Profit/loss account |
Currency: HRK ( x
1.000 ) |
2016.12.31 |
2015.12.31 |
2014.12.31 |
|
|
OPERATING REVENUES |
165.904 |
217.087 |
188.648 |
|
|
Sales in the
country |
384 |
10.581 |
13.820 |
|
|
Sales abroad |
162.902 |
206.315 |
174.828 |
|
|
Other revenues |
2.617 |
192 |
0 |
|
|
OPERATING EXPENSES |
170.904 |
175.970 |
177.309 |
|
|
Material costs |
129.891 |
142.691 |
156.615 |
|
|
- raw material
costs |
14.208 |
10.067 |
8.132 |
|
|
- sold goods costs |
81.361 |
93.970 |
111.055 |
|
|
- other external
costs |
34.321 |
38.654 |
37.428 |
|
|
Staff costs |
20.382 |
19.246 |
10.253 |
|
|
Depreciation of
fixed assets |
16.208 |
11.009 |
8.041 |
|
|
Other operating
expenses |
4.424 |
3.024 |
2.400 |
|
|
FINANCIAL REVENUES |
5.380 |
7.760 |
2.460 |
|
|
FINANCIAL EXPENSES |
11.968 |
8.836 |
5.436 |
|
|
EXTRAORDINARY
REVENUES |
0 |
0 |
0 |
|
|
EXTRAORDINARY
EXPENSES |
0 |
0 |
0 |
|
|
TOTAL REVENUES |
171.283 |
224.847 |
191.108 |
|
|
TOTAL EXPENSES |
182.872 |
184.806 |
182.744 |
|
|
Profit before
taxation |
0 |
40.041 |
8.364 |
|
|
Loss before
taxation |
11.588 |
0 |
0 |
|
|
Taxation on profit |
0 |
0 |
0 |
|
|
PROFIT OF THE
PERIOD |
0 |
40.041 |
8.364 |
|
|
LOSS OF THE PERIOD |
11.588 |
0 |
0 |
|
Financial ratios |
|
2016.12.31 |
2015.12.31 |
2014.12.31 |
|
|
Financial stability
ratio |
0,8233 |
1,0210 |
0,8616 |
|
|
Solvency ratio (%) |
19,7001 |
26,0279 |
19,6995 |
|
|
Debt ratio (in
years) |
17,2015 |
4,4529 |
10,7725 |
|
|
Liquidity ratio |
0,7427 |
1,0375 |
0,8094 |
|
|
Current ratio |
0,9886 |
1,2946 |
1,0652 |
|
|
Total assets
turnover |
0,4933 |
0,7317 |
0,8684 |
|
|
Inventories
turnover |
4,4123 |
8,0194 |
7,4229 |
|
|
Collection period
(in days) |
154,7679 |
107,0381 |
88,3456 |
|
|
Creditors Days |
47,9255 |
43,3367 |
65,4260 |
|
|
Inventories bonding
(in days) |
81,5907 |
44,8913 |
48,4984 |
|
|
Profit margin (%) |
|
17,8081 |
4,3764 |
|
|
Return on total
assets (%) |
|
13,0297 |
3,8005 |
|
|
Return on equity
(%) |
|
50,0606 |
19,2925 |
|
|
Total revenue per
employee (x 1.000) |
775,0382 |
932,9750 |
12.740,5207 |
|
|
Profit per employee
(x 1.000) |
|
166,1454 |
557,5720 |
|
|
Loss per employee
(x 1.000) |
52,4359 |
|
|
|
|
Equity per employee
(x 1.000) |
309,4879 |
331,8887 |
2.890,0960 |
|
|
Total assets per
employee (x 1.000) |
1.570,9961 |
1.275,1289 |
14.670,9313 |
|
|
Staff
costs/Turnover (%) |
11,8993 |
8,5594 |
5,3649 |
|
|
EBIT (x 1.000) |
-5.000,5000 |
41.117,0900 |
11.339,0800 |
|
|
EBITDA (x 1.000) |
11.207,0100 |
52.126,4200 |
19.379,6000 |
|
|
EBIT Margin (%) |
-3,0141 |
18,9403 |
6,0107 |
|
|
EBITDA Margin (%) |
6,7551 |
24,0117 |
10,2729 |
OTHER GENERAL INFORMATION
Remarks 2012
export HRK 159.328.838,00
2013 export HRK
121.030.655,00
2014 export HRK
174.828.315,00
2015 export HRK
206.314.659,00
2016 export HRK
162.901.920,00
2012 profit HRK
19.265.090,00
2013 profit HRK
13.809.500,00
2014 profit HRK
8.363.580,00
2015 profit HRK
40.041.050,00
2016 loss HRK
11.588.340,00
Subsidiaries:
PAN ADRIA d. o. o.
(Statistic number: 2893231)
Rubeši 163/c, 51215
Kastav, Croatia
100,00%
PILANA VRBOVSKO d. o. o.
(Statistic number: 2777134)
Tvornička 31, 51326
Vrbovsko, Croatia
100,00%
VRBOVSKO EKO ENERGIJA d.
o. o. (Statistic number: 2919516)
Tvornička 31, 51326
Vrbovsko, Croatia
100,00%
Investments in:
2012: HRK 24.799.915,00
2013: HRK 27.380.640,00
2014: HRK 33.515.402,00
2015: HRK 75.067.276,00
2016: HRK 34.695.811,00
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 2018-02-08).
Due to significant long
term and short term liabilities and great loss ralized at the end of year 2016,
further development should be monitored.
Other functions and
shares of Mr. Darko Prodan:
- PILANA VRBOVSKO
d.o.o., Vrbovsko; member of board
- PAN ADRIA d.o.o.,
Kastav; member of board
- VRBOVSKO EKO ENERGIJA
d.o.o., Vrbovsko; member of board
- PRODAN INDUSTRIES
d.o.o., Kastav; establisher (100%) and member of board
- MEBU d.o.o.,
Netretić; member of supervisory board
Inflation:
2012: 3,4%
2013: 2,2%
2014: -0,2%
2015: -0,5%
2016: -1,1%
Bankers ERSTE&STEIERMÄRKISCHE
BANK d.d.
Jadranski trg 3a, 51000 Rijeka,
Croatia
HR2924020061500059401
ERSTE&STEIERMÄRKISCHE
BANK d.d.
Jadranski trg 3a, 51000
Rijeka, Croatia
HR0724020061100845142
HRVATSKA POSTANSKA BANKA
d.d.
Jurisiceva 4, 10000
Zagreb, Croatia
HR0923900011100992680
PRIVREDNA BANKA ZAGREB
d.d.
Račkoga 6, 10000
Zagreb, Croatia
HR4623400091100106083
RAIFFEISENBANK AUSTRIA
d.d.
Petrinjska 59, 10000
Zagreb, Croatia
HR4024840081106488717
ZAGREBACKA BANKA d.d.
Paromlinska 2, 10000
Zagreb, Croatia
HR9823600001502022363
ZAGREBACKA BANKA d.d.
Paromlinska 2, 10000
Zagreb, Croatia
HR8323600001501990138
ZAGREBACKA BANKA d.d.
Paromlinska 2, 10000
Zagreb, Croatia
HR2623600001101567695
SBERBANK d.d.
Varsavska 9, 10000
Zagreb, Croatia
HR9025030071500002031
SBERBANK d.d.
Varsavska 9, 10000
Zagreb, Croatia
HR9725030071100025509
SPLITSKA BANKA d.d.
Domovinskog rata 61,
21000 Split, Croatia
HR9723300031100208041
Payment behaviour and credit opinion
Payment behaviour Slow
but correct
Credit opinion business
connections appear permissible
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.37 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 78.89 |
|
HRK |
1 |
INR 10.54 |
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.