|
|
|
MIRA
INFORM REPORT
|
Report No. : |
495036 |
|
Report Date : |
06.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
MUDAR-M LTD |
|
|
|
|
Registered Office : |
Bul.Ilientsi 12 1220 Sofia |
|
|
|
|
Country : |
Bulgaria |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
26.07.2001 |
|
|
|
|
Legal Form : |
Limited
Liability Company (OOD) |
|
|
|
|
Line of Business : |
Subject is engaged in Wholesale of machine tools. |
|
|
|
|
No. of Employees : |
14 |
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 : |
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Bulgaria |
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 |
BULGARIA - ECONOMIC OVERVIEW
Bulgaria, a former communist country that entered the EU in 2007, has an open economy that historically has demonstrated strong growth, but its per-capita income remains the lowest among EU members and its reliance on energy imports and foreign demand for its exports makes its growth sensitive to external market conditions.
The government undertook significant structural economic reforms in the 1990s to move the economy from a centralized, planned economy to a more liberal, market-driven economy. These reforms included privatization of state-owned enterprises, liberalization of trade, and strengthening of the tax system - changes that initially caused some economic hardships but later helped to attract investment, spur growth, and make gradual improvements to living conditions. From 2000 through 2008, Bulgaria maintained robust, average annual real GDP growth in excess of 6%, which was followed by a deep recession in 2009 as the financial crisis caused domestic demand, exports, capital inflows and industrial production to contract, prompting the government to rein in spending. Real GDP growth remained slow - less than 2% annually - until 2015, when demand from EU countries for Bulgarian exports, plus an inflow of EU development funds, boosted growth to more than 3%. In recent years, strong domestic demand combined with low international energy prices have contributed to Bulgaria’s economic growth approaching 4% and have also helped to ease inflation which turned positive in 2017. Bulgaria’s prudent public financial management contributed to a balanced budget in 2016 and a near-balanced budget for 2017.
Bulgaria is heavily reliant on energy imports from Russia, a potential vulnerability, and is a participant in EU-backed efforts to diversify regional natural gas supplies. In late 2016, the Bulgarian Government provided funding to Bulgaria’s National Electric Company to cover the $695 million compensation owed to Russian nuclear equipment manufacturer Atomstroyexport for the cancellation of the Belene Nuclear Power Plant project, which the Bulgarian Government terminated in 2012. The natural gas market, however, continues to be dominated by state-owned Bulgargaz, which is almost entirely supplied by Russia. Infrastructure projects such as the Inter-Connector Greece-Bulgaria and Inter-Connector Bulgaria-Serbia, which would enable Bulgaria to have access to non-Russian gas, have either stalled or made limited progress. In 2016, the Bulgarian Government established the State eGovernment Agency. This new agency is responsible for the implementation of projects related to electronic governance as well as coordination of national policies in this area with the EU requirements and practices, as well as to strengthen cybersecurity.
Despite a favorable investment regime, including low, flat corporate income taxes, significant challenges remain. Corruption in public administration, a weak judiciary, low productivity, and the presence of organized crime continue to hamper the country's investment climate and economic prospects.
|
Source
: CIA |
COMPANY DETAILS
Local
name: MUDAR-M OOD
International
name: MUDAR-M Ltd
Registered
address:
BUL.ILIENTSI
12
1220 SOFIA
Bulgaria
Telephone: +359 87 884 06 60; +359 88 832 52 51, +359 87 884 06 61
Fax: +359 2 829 29 90
E-Mail: mudarm2@gmail.com
Internet: http://mudar-m.com/
ESTABLISHMENT
& REGISTRATION:
Established:
26.07.2001
Registered at Sofia town court
Court number 7711/2001
Bulstat/VAT number: 130568515
Status
of the company:
Active
LEGAL
FORM:
Limited
Liability Company (OOD)
REGISTERED
CAPITAL:
BGN
5 000.00
SHAREHOLDERS/MANAGEMENT
SHAREHOLDERS:
|
RAKAN
MUHISEN |
ID
5801196468 |
95,00% |
|
MUDAR
MUHISEN |
ID
Resident of Syria, date of birth 2.5.1992 |
5,00% |
MANAGEMENT:
|
Name |
ID |
Function |
Nationality |
|
RAKAN
MUHISEN |
5801196468 |
Manager |
Bulgaria |
RELATED
COMPANIES:
RAKAN
MUHISEN was born in Syria in 19.1.1958. Since 2008 he has Bulgarian
citizenship. Other companies that he is owner:
|
Company
ID |
Company
Name |
|
121142445 |
KROS
TREYD |
|
130616013 |
GELGAMESH |
BUSINESS ACTIVITY
BUSINESS
OPERATION:
NACE
1.1: 51.81 Wholesale of machine tools
Activity:
Trade
with:
Boring machines
Drilling machines
Gear grinders
Gear hobers
Gear shapers
Grinding machines
Lathes
Lifts, crans, hoists etc.
Machine centers
Milling machines
Plano-millers and millers
Presses
Refurbished machines (recycled)
Sheet - metalworking machines
Slotting machines
Vertical turret lathes
Other machines
NUMBER
OF EMPLOYEES:
|
As
at date |
Value |
|
31.12.2006 |
1 |
|
31.12.2007 |
2 |
|
31.12.2008 |
4 |
|
31.12.2009 |
6 |
|
31.12.2010 |
8 |
|
31.12.2011 |
9 |
|
31.12.2012 |
10 |
|
31.12.2013 |
11 |
|
31.12.2014 |
12 |
|
31.12.2015 |
15 |
|
31.12.2016 |
16 |
|
31.12.2017 |
14 |
EXPORT:
EU,
Asia
IMPORT:
EU,
Asia
REAL
ESTATE:
own
land
FINANCIAL DATA
TURNOVER:
|
Year |
Currency |
Value |
|
2002 |
BGN |
135
000.00 |
|
2003 |
BGN |
163
000.00 |
|
2004 |
BGN |
488
000.00 |
|
2005 |
BGN |
905
000.00 |
|
2006 |
BGN |
945
000.00 |
|
2007 |
BGN |
1
581 000.00 |
|
2008 |
BGN |
2
142 000.00 |
|
2009 |
BGN |
1
510 000.00 |
|
2010 |
BGN |
1
996 000.00 |
|
2011 |
BGN |
2
067 000.00 |
|
2012 |
BGN |
3
707 000.00 |
|
2013 |
BGN |
2
078 000.00 |
|
2014 |
BGN |
1
743 000.00 |
|
2015 |
BGN |
2
064 000.00 |
|
2016 |
BGN |
1
953 000.00 |
MODES
OF PAYMENT:
Payments
are made within agreed terms.
DEBT
COLLECTION:
No
debt collection cases are registered against the company.
BANK
DISTRAINTS:
No
shares of the company are under bank distraint.
UNPAID
TAXES/ CONTRIBUTIONS TO GOVERNMENT:
There
is no publication about overdue unpaid taxes.
INVOLVEMENT
IN LEGAL DISPUTES:
There
is no publication about legal claims or disputes against the company.
OTHER
PAYMENT INFORMATION:
No
adverse payment information is available.
|
Ratio |
2013 |
2014 |
2015 |
2016 |
|
Accounting
period: |
1.1.2013
- |
1.1.2014
- |
1.1.2015
- |
1.1.2016
- |
|
Debt
ratio |
0.02 |
0.03 |
0.11 |
0.05 |
|
Quick
ratio |
21.61 |
13.40 |
3.30 |
6.07 |
|
Current
ratio |
41.84 |
30.44 |
8.90 |
19.87 |
|
Days
purchase in payables |
12.82 |
21.69 |
64.88 |
30.23 |
|
Operating
margin in % |
17.13 |
10.04 |
10.51 |
11.37 |
|
Cash
ratio (acid ratio) |
17.70 |
9.70 |
1.37 |
3.40 |
|
Return
on sales ROS in % |
15.45 |
9.01 |
9.50 |
10.19 |
|
Return
on assets ROA in % |
9.89 |
4.58 |
5.56 |
5.74 |
|
Return
on equity ROE in % |
10.12 |
4.72 |
6.21 |
6.03 |
|
Days
supply in inventory |
259.35 |
369.50 |
363.31 |
417.14 |
|
Days
sales in receivables |
50.07 |
80.34 |
125.23 |
80.55 |
|
BALANCE
SHEET in BGN'000 |
2013 |
2014 |
2015 |
2016 |
|
Accounting
period: |
1.1.2013
- |
1.1.2014
- |
1.1.2015
- |
1.1.2016
- |
|
A.
UNPAID CAPITAL |
|
|
|
|
|
B.
FIXED ASSETS |
|
|
|
|
|
I.
Fixed Intangible Assets: |
|
|
|
|
|
R&D
Products |
|
|
|
|
|
Concessions,
patents, trade-marks etc |
|
|
|
|
|
Goodwill |
|
|
|
|
|
Intangible
fixed assets under construction |
|
|
|
|
|
thereof
advances |
|
|
|
|
|
Total
I |
|
|
|
|
|
II.
Fixed Tangible Assets |
|
|
|
|
|
Land
and Buildings |
86 |
86 |
86 |
86 |
|
thereof
Land |
86 |
86 |
86 |
86 |
|
thereof
Buildings |
|
|
|
|
|
Machines,
Vehicles |
59 |
14 |
6 |
6 |
|
Equipment |
|
33 |
23 |
9 |
|
Tangible
fixed assets under construction |
|
|
|
|
|
thereof
advances |
|
|
|
|
|
Total
II. |
145 |
133 |
115 |
101 |
|
III.
Fixed Financial Assets |
|
|
|
|
|
Shares
in group companies |
|
|
|
|
|
Loans
granted to group companies |
|
|
|
|
|
Shares
in joint ventures |
|
|
|
|
|
Long
term investments |
|
|
|
|
|
Other
loans |
|
100 |
100 |
100 |
|
Bought
back own shares |
|
|
|
|
|
Total
III. |
|
100 |
100 |
100 |
|
IV.
Deferred Taxes |
|
|
|
|
|
B.
FIXED ASSETS TOTAL |
145 |
233 |
215 |
201 |
|
C.
CURRENT ASSETS |
|
|
|
|
|
I.
Inventories |
|
|
|
|
|
Raw
Materials |
78 |
69 |
27 |
35 |
|
Work
in progress |
|
|
|
|
|
thereof
young animals |
|
|
|
|
|
Trading
goods |
1419 |
1720 |
2056 |
2228 |
|
thereof
production |
|
|
|
|
|
thereof
goods for sale |
1419 |
1720 |
2056 |
2228 |
|
Advances |
|
|
|
|
|
Total
I. |
1497 |
1789 |
2083 |
2263 |
|
II.
Receivables |
|
|
|
|
|
Receivables
from customers |
139 |
319 |
625 |
410 |
|
thereof
more than 1 year |
|
|
|
|
|
Receivables
from group companies |
|
|
|
|
|
thereof
more than 1 year |
|
|
|
|
|
Receivables
from joint ventures |
|
|
|
|
|
thereof
more than 1 year |
|
|
|
|
|
Other
receivables |
150 |
70 |
93 |
27 |
|
thereof
more than 1 year |
|
|
|
|
|
Total
II. |
289 |
389 |
718 |
437 |
|
III.
Current Financial Assets |
|
|
|
|
|
Current
investments in related companies |
|
|
|
|
|
Bought
back own shares |
|
|
|
|
|
Other
current financial assets |
|
|
|
|
|
Total
III. |
|
|
|
|
|
IV.
Cash equivalents |
|
|
|
|
|
Cash
and accounts in the country |
1310 |
1018 |
511 |
558 |
|
thereof
cash |
478 |
346 |
60 |
65 |
|
Thereof
cash in foreign currency (equivalent) |
|
|
|
|
|
thereof
current accounts |
832 |
672 |
451 |
493 |
|
thereof
blocked accounts |
|
|
|
|
|
thereof
cash equivalents |
|
|
|
|
|
Cash
and accounts abroad |
|
|
|
|
|
thereof
cash |
|
|
|
|
|
Thereof
cash in foreign currency (equivalent) |
|
|
|
|
|
thereof
current accounts |
|
|
|
|
|
thereof
blocked accounts |
|
|
|
|
|
Total
IV. |
1310 |
1018 |
511 |
558 |
|
C.
CURRENT ASSETS TOTAL |
3096 |
3196 |
3312 |
3258 |
|
D.
Deferred expenses |
4 |
2 |
1 |
7 |
|
TOTAL
ASSETS |
3245 |
3431 |
3528 |
3466 |
|
A.
OWNERS EQUITY |
|
|
|
|
|
I.
Share capital |
5 |
5 |
5 |
5 |
|
II.
Issue premium |
|
|
|
|
|
III.
Revaluation reserves |
|
|
|
|
|
thereof
revaluation reserves of financial instruments |
|
|
|
|
|
IV.
Reserves |
|
|
|
|
|
legal
reserves |
|
|
|
|
|
reserve
related to bought back own shares |
|
|
|
|
|
reserve
from company foundation |
|
|
|
|
|
other
reserves |
754 |
752 |
386 |
333 |
|
Total
IV. |
754 |
752 |
386 |
333 |
|
V.
Result from previous period |
|
|
|
|
|
Undistributed
profit |
2091 |
2412 |
2569 |
2765 |
|
Uncovered
loss |
|
|
|
|
|
Total
V. |
2091 |
2412 |
2569 |
2765 |
|
VI.
Current result profit (loss) |
321 |
157 |
196 |
199 |
|
A.
OWNERS EQUITY TOTAL |
3171 |
3326 |
3156 |
3302 |
|
B.
PROVISIONS |
|
|
|
|
|
Provisions
for pensions |
|
|
|
|
|
Provisions
for taxes |
|
|
|
|
|
thereof
deferred taxes |
|
|
|
|
|
Other
provisions |
|
|
|
|
|
B.
PROVISIONS TOTAL |
|
|
|
|
|
C.
LIABILITIES |
|
|
|
|
|
Bond-backed
loans |
|
|
|
|
|
less
than 1 year |
|
|
|
|
|
more
than 1 year |
|
|
|
|
|
Bank
loans |
|
|
|
|
|
less
than 1 year |
|
|
|
|
|
more
than 1 year |
|
|
|
|
|
Advances
received |
38 |
59 |
288 |
127 |
|
less
than 1 year |
38 |
59 |
288 |
127 |
|
more
than 1 year |
|
|
|
|
|
Payables
to suppliers |
25 |
30 |
61 |
17 |
|
less
than 1 year |
25 |
30 |
61 |
17 |
|
more
than 1 year |
|
|
|
|
|
Liabilities
on policies |
|
|
|
|
|
less
than 1 year |
|
|
|
|
|
more
than 1 year |
|
|
|
|
|
Liabilities
to group companies |
|
|
|
|
|
less
than 1 year |
|
|
|
|
|
more
than 1 year |
|
|
|
|
|
Liabilities
to joint-venture companies |
|
|
|
|
|
less
than 1 year |
|
|
|
|
|
more
than 1 year |
|
|
|
|
|
Other
liabilities |
11 |
16 |
23 |
20 |
|
less
than 1 year |
11 |
16 |
23 |
20 |
|
more
than 1 year |
|
|
|
|
|
thereof
to personnel |
9 |
6 |
6 |
6 |
|
less
than 1 year |
9 |
6 |
6 |
6 |
|
more
than 1 year |
|
|
|
|
|
thereof
to social insurance |
2 |
2 |
2 |
3 |
|
less
than 1 year |
2 |
2 |
2 |
3 |
|
more
than 1 year |
|
|
|
|
|
thereof
for taxes |
|
8 |
15 |
11 |
|
less
than 1 year |
|
8 |
15 |
11 |
|
more
than 1 year |
|
|
|
|
|
C.
LIABILITIES TOTAL |
74 |
105 |
372 |
164 |
|
less
than 1 year |
74 |
105 |
372 |
164 |
|
more
than 1 year |
|
|
|
|
|
D.
FINANCING AND DEFERRED INCOME |
|
|
|
|
|
thereof |
|
|
|
|
|
Financing |
|
|
|
|
|
Deferred
income |
|
|
|
|
|
TOTAL
EQUITY AND LIABILITIES |
3245 |
3431 |
3528 |
3466 |
|
P&L
ACCOUNT in BGN'000 |
2013 |
2014 |
2015 |
2016 |
|
Accounting
period: |
1.1.2013
- |
1.1.2014
- |
1.1.2015
- |
1.1.2016
- |
|
A.
EXPENSES |
|
|
|
|
|
I.
OPERATION EXPENSES |
|
|
|
|
|
Decrease
of inventories |
|
|
|
|
|
thereof
for materials |
10 |
15 |
13 |
20 |
|
thereof
for services |
197 |
235 |
294 |
242 |
|
Personnel
expenses |
86 |
92 |
92 |
100 |
|
thereof
wages |
73 |
78 |
78 |
85 |
|
thereof
social insurance |
13 |
14 |
14 |
15 |
|
thereof
pensions |
13 |
14 |
14 |
15 |
|
Depreciation |
9 |
21 |
18 |
11 |
|
thereof
Depreciation of fixed assets |
9 |
21 |
18 |
11 |
|
Other
expenses |
1405 |
1246 |
1444 |
1357 |
|
thereof
Book value of sold assets (without production) |
1404 |
1138 |
1441 |
1337 |
|
I.
OPERATION EXPENSES TOTAL |
1707 |
1609 |
1861 |
1730 |
|
II.
Financial expenditures |
|
|
|
|
|
Depreciation
of financial assets |
47 |
3 |
14 |
11 |
|
thereof
exchange rate losses |
47 |
3 |
14 |
11 |
|
Paid
interest |
1 |
|
|
|
|
thereof
interest to group companies |
|
|
|
|
|
Thereof
expenditures for securities operations |
|
|
|
|
|
II.
Financial expenditures Total |
48 |
3 |
14 |
11 |
|
B.
Profit on ordinary activity |
356 |
175 |
217 |
222 |
|
III.
Extraordinary expenses |
|
|
|
|
|
thereof
expenses on disasters and emergency expenses |
|
|
|
|
|
C.
Total expenses (I+II+III) |
1755 |
1612 |
1875 |
1741 |
|
D.
Accounting profit |
356 |
175 |
217 |
222 |
|
IV.
Taxation on profit |
35 |
18 |
21 |
23 |
|
V.
Other taxes |
|
|
|
|
|
E.
Net profit |
321 |
157 |
196 |
199 |
|
Total
expenses |
2111 |
1787 |
2092 |
1963 |
|
A.
REVENUES |
|
|
|
|
|
I.
OPERATING REVENUES |
|
|
|
|
|
Net
sales |
2078 |
1743 |
2064 |
1953 |
|
Production |
|
|
|
|
|
Goods |
2078 |
1743 |
2064 |
1953 |
|
Services |
|
|
|
|
|
Increase
of production and work in progress |
|
|
|
|
|
Expenses
on acquisition of assets |
|
|
|
|
|
Other
revenues |
|
|
|
|
|
thereof
financing |
|
|
|
|
|
I.
TOTAL OPERATING REVENUES |
2078 |
1743 |
2064 |
1953 |
|
II.
FINANCIAL REVENUES |
|
|
|
|
|
Income
from shares |
|
|
|
|
|
thereof
income from shares in group companies |
|
|
|
|
|
Income
from investments and loans |
|
|
|
|
|
thereof
from investments in group companies |
|
|
|
|
|
Income
from interest |
33 |
44 |
28 |
10 |
|
thereof
from interest from group companies |
|
|
|
|
|
II
FINANCIAL REVENUES TOTAL |
33 |
44 |
28 |
10 |
|
TOTAL
REVENUES FROM ORDINARY ACTIVITIES |
2111 |
1787 |
2092 |
1963 |
|
LOSS |
|
|
|
|
|
Extraordinary
revenues |
|
|
|
|
|
AFTER
TAX LOSS |
|
|
|
|
|
TOTAL
REVENUES |
2111 |
1787 |
2092 |
1963 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.05 |
|
|
1 |
INR 89.69 |
|
Euro |
1 |
INR 80.03 |
|
BGN |
1 |
INR 41.03 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
DNS |
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.