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MIRA
INFORM REPORT
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Report No. : |
491285 |
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Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
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Name : |
MILTEX
D.O.O. |
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Registered Office : |
Grobljanska
128, RS 15300 Loznica |
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Country : |
Serbia |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
24.12.1990 |
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Com. Reg. No.: |
24589 |
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Legal Form : |
Ltd. - Limited Liability company |
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Line of Business : |
Manufacture of other textiles n.e.c |
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No. of Employees : |
42 [2016] |
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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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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Serbia |
C1 |
C1 |
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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 |
SERBIA - ECONOMIC OVERVIEW
Serbia has a transitional economy largely dominated by market forces, but the state sector remains significant in certain areas. The economy relies on manufacturing and exports, driven largely by foreign investment. MILOSEVIC-era mismanagement of the economy, an extended period of international economic sanctions, civil war, and the damage to Yugoslavia's infrastructure and industry during the NATO airstrikes in 1999 left the economy worse off than it was in 1990. In 2015, Serbia’s GDP was 27.5% below where it was in 1989.
After former Federal Yugoslav President MILOSEVIC was ousted in September 2000, the Democratic Opposition of Serbia (DOS) coalition government implemented stabilization measures and embarked on a market reform program. Serbia renewed its membership in the IMF in December 2000 and rejoined the World Bank and the European Bank for Reconstruction and Development. Serbia has made progress in trade liberalization and enterprise restructuring and privatization, but many large enterprises - including the power utilities, telecommunications company, natural gas company, and others - remain state-owned. Serbia has made some progress towards EU membership, gaining candidate status in March 2012. In January 2014, Serbia's EU accession talks officially opened and, as of December 2017, Serbia had opened 12 negotiating chapters including one on foreign trade. Serbia's negotiations with the WTO are advanced, with the country's complete ban on the trade and cultivation of agricultural biotechnology products representing the primary remaining obstacle to accession. Serbia maintains a three-year Stand-by Arrangement with the IMF worth approximately $1.3 billion that is scheduled to end in February 2018. The government has shown progress implementing economic reforms, such as fiscal consolidation, privatization, and reducing public spending.
Unemployment in Serbia, while relatively low (16% in 2017) compared with its Balkan neighbors, remains significantly above the European average. Serbia is slowly implementing structural economic reforms needed to ensure the country's long-term prosperity. Serbia reduced its budget deficit to 1.7% of GDP and its public debt to 71% of GDP in 2017. Public debt had more than doubled between 2008 and 2015. Serbia's concerns about inflation and exchange-rate stability preclude the use of expansionary monetary policy.
Major economic challenges ahead include: stagnant household
incomes; the need for private sector job creation; structural reforms of
state-owned companies; strategic public sector reforms; and the need for new
foreign direct investment. Other serious longer-term challenges include an
inefficient judicial system, high levels of corruption, and an aging
population. Factors favorable to Serbia's economic growth include the economic
reforms it is undergoing as part of its EU accession process and IMF agreement,
its strategic location, a relatively inexpensive and skilled labor force, and
free trade agreements with the EU, Russia, Turkey, and countries that are members of the Central European Free Trade Agreement.
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Source
: CIA |
Company name and address
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MILTEX
D.O.O. PREDUZECE
ZA PROIZVODNJU PROMET I USLUGE MILTEX DRUSTVO SA OGRANICENOM ODGOVORNOSCU,
LOZNICA Grobljanska
128 RS
15300 Loznica Tel:
+381 15/872373, 872384 Fax:
+381 15/872373, 872384 Mob.:
+381 63/227672 Web:
www.miltex.org |
Company
summary
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Legal
form |
Ltd.
- Limited Liability company |
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Established |
24.12.1990 |
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Registered |
National
Identification Number: 07596901 PIB
(Value Added Tax): 101923733 Serbian
Business Registers Agency Nr. 24589 |
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Establisher |
Milan
Mihailovic, born 24.11.1971 Serbia |
50.00% |
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Bosko
Mihailovic, born 07.01.1948 Luke
Stevica 128, 15300 Loznica, Serbia |
50.00% |
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Basic
capital |
RSD
6,629,000 (31.12.2016) |
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Management |
Milan
Mihailovic, Director, born 24.11.1971 |
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Activity |
Basic
activity (according to National activity classification): |
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Business
Premises |
Grobljanska
128, Loznica, ownership unknown, Factory |
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Motor
pool |
Data
not available |
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Staff |
2016 |
42
employees |
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2015 |
42
employees |
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2014 |
40
employees |
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2013 |
41
employees |
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2012 |
44
employees |
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2011 |
40
employees |
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2010 |
45
employees |
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2009 |
59
employees |
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2008 |
64
employees |
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2007 |
50
employees |
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2006 |
45
employees |
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2005 |
46
employees |
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2004 |
50
employees |
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2003 |
49
employees |
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2002 |
40
employees |
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2001 |
40
employees |
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Revenue |
2016
revenue |
RSD |
123,928,000 |
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2015
revenue |
RSD |
95,988,000 |
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2014
revenue |
RSD |
96,388,000 |
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2013
revenue |
RSD |
91,699,000 |
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2012
revenue |
RSD |
93,905,000 |
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2011
revenue |
RSD |
126,687,000 |
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2010
revenue |
RSD |
102,336,000 |
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2009
revenue |
RSD |
75,765,000 |
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2008
revenue |
RSD |
74,429,000 |
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2007
revenue |
RSD |
71,392,000 |
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2006
revenue |
RSD |
57,852,000 |
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2005
revenue |
RSD |
53,240,000 |
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2004
revenue |
RSD |
40,334,000 |
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2003
revenue |
RSD |
26,300,000 |
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2002
revenue |
RSD |
22,088,000 |
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2001
revenue |
RSD |
15,559,000 |
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Real
estate |
Verification
of information on real estate ownership position through the Real Estate
Register is not covered by the standard report. |
Financials
|
Balance
Sheet |
RSD
(x 1,000) |
31.12.2016 |
31.12.2015 |
31.12.2014 |
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Unconsolidated |
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FIXED
ASSETS |
26,659 |
28,418 |
33,627 |
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Subscribed capital unpaid |
0 |
0 |
0 |
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Intangible fixed assets |
54 |
61 |
69 |
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Tangible fixed assets |
26,605 |
28,357 |
33,558 |
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Other fixed assets |
0 |
0 |
0 |
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CURRENT
ASSETS |
45,014 |
27,476 |
23,725 |
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Inventories |
11,452 |
13,283 |
9,843 |
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Accounts receivable |
29,176 |
13,587 |
11,611 |
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Cash and cash equivalent |
3,970 |
514 |
837 |
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Other current assets |
416 |
92 |
1,434 |
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LOSS |
0 |
0 |
0 |
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TOTAL
ASSETS |
71,673 |
55,894 |
57,352 |
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EQUITY
|
34,229 |
18,323 |
15,941 |
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Capital |
6,629 |
6,629 |
6,629 |
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Subscribed capital unpaid |
0 |
0 |
0 |
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Reserves |
0 |
0 |
0 |
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Revalorization reserves |
0 |
0 |
0 |
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Undistributed Income |
27,600 |
11,694 |
9,312 |
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Loss |
0 |
0 |
0 |
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Treasury shares |
0 |
0 |
0 |
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LONG
TERM RESERVATIONS |
0 |
0 |
0 |
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LONG
TERM LIABILITIES |
17,264 |
14,274 |
12,145 |
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SHORT
TERM LIABILITIES |
20,180 |
23,297 |
29,266 |
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OTHER
LIABILITIES |
0 |
0 |
0 |
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TOTAL
LIABILITIES |
71,673 |
55,894 |
57,352 |
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Profit
And Loss Account |
RSD
(x 1,000) |
31.12.2016 |
31.12.2015 |
31.12.2014 |
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Unconsolidated |
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OPERATING
REVENUES |
123,547 |
94,742 |
95,019 |
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Sales of goods |
121,204 |
94,742 |
95,019 |
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OPERATING
EXPENSES |
102,153 |
91,739 |
90,230 |
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Costs of goods sold |
10,528 |
14,875 |
9,456 |
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Raw materials costs |
61,572 |
39,342 |
50,589 |
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Salaries, wages and other personal
indemnities |
18,615 |
23,132 |
20,898 |
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Deprecation and provision costs |
3,824 |
4,024 |
1,497 |
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Other operating expenses |
10,655 |
14,968 |
12,272 |
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FINANCIAL
REVENUES |
51 |
301 |
764 |
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FINANCIAL
EXPENSES |
2,257 |
1,799 |
3,143 |
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Financial
P/L |
(2,206) |
(1,498) |
(2,379) |
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OTHER
REVENUES |
330 |
945 |
605 |
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OTHER
EXPENSES |
29 |
26 |
674 |
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Other P/L |
301 |
919 |
(69) |
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Profit from regular business operations
before tax |
19,489 |
2,424 |
2,341 |
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Loss from regular business operations
before tax |
0 |
0 |
0 |
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Net
profit of businesses to be ceased |
0 |
0 |
0 |
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Net
loss of businesses to be ceased |
0 |
0 |
0 |
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Profit before taxation |
19,489 |
2,424 |
2,341 |
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Loss before taxation |
0 |
0 |
0 |
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Taxation on profit |
2,923 |
364 |
351 |
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Personal indemnities paid to employer |
0 |
0 |
0 |
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TOTAL
REVENUES |
123,928 |
95,988 |
96,388 |
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TOTAL
EXPENSES |
104,439 |
93,564 |
94,047 |
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PROFIT
OF THE PERIOD |
16,566 |
2,060 |
1,990 |
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LOSS
OF THE PERIOD |
0 |
0 |
0 |
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Number
of employees |
42 |
42 |
40 |
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Ratios |
RSD
(x 1,000) |
31.12.2016 |
31.12.2015 |
31.12.2014 |
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Unconsolidated |
|
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Financial
stability ratio |
1.35 |
0.78 |
0.65 |
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Equity
ratio % |
47.76 |
32.78 |
27.80 |
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Debt
to equity (Worth) |
1.09 |
2.05 |
2.60 |
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Liquidity
ratio |
1.66 |
0.61 |
0.47 |
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Current
ratio |
2.30 |
1.20 |
0.81 |
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Total
assets turnover |
1.72 |
1.70 |
1.66 |
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Average
collection period in days |
86 |
52 |
45 |
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Profit
margin % |
13.41 |
2.17 |
2.09 |
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Return
on total assets % |
23.11 |
3.69 |
3.47 |
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Return
on equity % |
48.40 |
11.24 |
12.48 |
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Total
assets per employee (ths.) |
1,706.50 |
1,330.81 |
1,433.80 |
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Equity
per employee (ths) |
814.98 |
436.26 |
398.53 |
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Total
revenue per employee (ths.) |
2,941.60 |
2,255.76 |
2,375.48 |
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Profit
per employee (ths.) |
394.43 |
49.05 |
49.75 |
|
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Loss
per employee (ths.) |
0.00 |
0.00 |
0.00 |
|
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Average
net to salaries (ths.) |
36.93 |
45.90 |
43.54 |
Other general information
|
Corporate
structure |
Rep.
Offices in Serbia: none Rep.
Offices abroad: none Affiliates:
not identified
TEHNOLOSKI INFRASTRUKTURNI CENTAR, Leskovac, Serbia
(NIN:20341785) (0.98%)
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Inflation |
2012: 2011: 2010: |
12.20% 10.30% 7.90% |
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Bankers |
PROCREDIT
BANK A.D. Beograd Bulevar
Despota Stefana 68c 220-16465-70 |
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JUBANKAA A.D. Beograd Kralja Milana 11 180-1421210000805-97 |
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NLB BANKA A.D. Novi Beograd Bulevar
Mihajla Pupina 165v, Novi Beograd 310-168704-53 |
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ADDIKO
A.D. Belgrade Bulevar
Mihajla Pupina 6 165-18065-73 |
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PRIVREDNA BANKA BEOGRAD A.D. Beograd Bulevar
oslobodjenja 4 255-4717-80 |
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JUBANKAA A.D. Beograd Kralja Milana 11 180-0140050101060-94 |
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SBERBANK
SRBIJA A.D., Beograd Bulevar
Mihajla Pupina 165g 285-2531000000167-16 |
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EUROBANK
EFG STEDIONICA A.D. Beograd Kolarceva
3 250-1310000925770-43 |
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KOMERCIJALNA
BANKA A.D. Beograd Svetog
Save 14 205-0000000167497-57 |
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AGROINDUSTRIJSKA KOMERCIJALNA BANKA AIK BANKA A.D., Nis Nikole
Pasica 42 105-0000002191797-74 |
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HALKBANK
A.D. Cacak Pivarska
1 155-0000000028315-37 |
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BANCA
INTESA A.D. Beograd Milentija
Popovica 7 b 160-0000000344623-33 |
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Bank
account was blockaded from 29.10.2009 to 02.11.2009 |
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Debt
collection |
Case
Registered: |
- |
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Case
Status: |
There
is no record of any debt collection action. |
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Mode
of payment |
Slow
but correct |
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Credit
opinion |
Business
connections are permissible |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.28 |
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|
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
|
RSD |
1 |
INR 0.67 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
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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.