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MIRA INFORM REPORT
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Report No. : |
497861 |
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Report Date : |
17.03.2018 |
IDENTIFICATION DETAILS
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Name : |
HEMIJSKA INDUSTRIJA VRSAC |
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Formerly Known As : |
INEX HEMOFARM D.P |
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Registered Office : |
Beogradski Put Bb, RS 26300 Vrsac |
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Country : |
Serbia |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
01.06.1960 |
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Com. Reg. No.: |
1162 |
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Legal Form : |
A.D. - Closed Joint Stock company |
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Line of Business : |
· Manufacture of pharmaceutical preparations (21.20) · Agents specialised in the sale of other particular products (46.18) · Manufacture of other inorganic basic chemicals (20.13) · Manufacture of other organic basic chemicals (20.14) · Manufacture of perfumes and toilet preparations (20.42) · Manufacture of other chemical products n.e.c. (20.59) · Manufacture of basic pharmaceutical products (21.10) · Manufacture of plastic packing goods (22.22) · Manufacture of other plastic products (22.29) · Recovery of sorted materials (38.32) |
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No. of Employees : |
2,290 [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 : |
No Complaints |
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Litigation : |
Exist |
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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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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HEMOFARM
Zatvoreno akcionarsko drustvo HEMOFARM
AКCIONARSKO DRUSTVO FARMACEUTSKO HEMIJSKA
INDUSTRIJA VRSAC Beogradski
put bb RS
26300 Vrsac Tel:
+381 13/803472, 803686, 803696, 804100, 8111347, 822001, 831503 Fax: +381 13/803472, 803686, 803696, 804100,
8111347, 822001, 831503 E-Mail: info@hemofarm.com;
svakodobro@hemofarm.com Web:
www.hemofarm.com |
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COMPANY SUMMARY
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Legal form |
A.D. - Closed Joint Stock company |
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Established |
01.06.1960 under the name INEX HEMOFARM
D.P. - Social Company Since 03.12.1992 business continued under the
name HEMOFARM Joint Stock company - Joint Stock Company Since 31.12.2000 business continued under
the name HEMOFARM KONCERN A.D. - Joint Stock company Since 2006 business continued under the
name HEMOFARM A.D. - Joint Stock company |
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Registered |
National Identification Number: 08010536 PIB (Value Added Tax): 102037788 Serbian Business Registers Agency Nr. 1162 |
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Establisher |
STADA SERVICE HOLDING B.V. (NIN:
NL20061865) AC Etten-Leur, Netherlands |
100.00% |
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Basic capital |
RSD 13,740,590,000 (31.12.2016) |
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Management |
Nikola Turkan, Person authorized to
represent, born 03.08.1978 |
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Activity |
Basic activity (according to National
activity classification): |
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Business Premises |
Beogradski put bb, Vrsac, owned, Office
(9085 m2) |
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Motor pool |
Cars: 18 |
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Staff |
2016 |
2,290 employees |
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2015 |
2,157 employees |
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2014 |
1,793 employees |
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2013 |
1,697 employees |
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2012 |
1,688 employees |
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2011 |
1,741 employees |
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2010 |
1,950 employees |
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2009 |
1,989 employees |
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2008 |
1,741 employees |
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2007 |
1,781 employees |
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2006 |
1,821 employees |
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2005 |
1,651 employees |
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2004 |
1,647 employees |
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2003 |
1,622 employees |
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2002 |
1,463 employees |
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2001 |
1,446 employees |
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Revenue |
2016 revenue |
RSD |
28,879,639,000 |
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2015 revenue |
RSD |
28,347,672,000 |
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2014 revenue |
RSD |
26,587,073,000 |
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2013 revenue |
RSD |
28,020,486,000 |
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2012 revenue |
RSD |
26,732,335,000 |
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2011 revenue |
RSD |
23,401,308,000 |
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2010 revenue |
RSD |
24,058,388,000 |
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2009 revenue |
RSD |
23,374,358,000 |
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2008 revenue |
RSD |
21,973,893,000 |
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2007 revenue |
RSD |
19,811,465,000 |
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2006 revenue |
RSD |
21,130,368,000 |
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2005 revenue |
RSD |
13,374,329,000 |
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2004 revenue |
RSD |
9,215,465,000 |
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2003 revenue |
RSD |
8,065,825,000 |
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2002 revenue |
RSD |
7,431,541,000 |
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2001 revenue |
RSD |
6,042,149,000 |
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Real estate |
Pls. see the section Business Premises |
FINANCIALS
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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 |
19,902,352 |
15,835,699 |
16,398,602 |
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Subscribed capital unpaid |
0 |
0 |
0 |
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Intangible fixed assets |
4,962,281 |
2,526,824 |
1,839,713 |
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Tangible fixed assets |
12,652,310 |
11,102,800 |
8,447,506 |
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Other fixed assets |
2,287,761 |
2,206,075 |
6,111,383 |
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CURRENT ASSETS |
20,385,673 |
18,092,913 |
16,869,889 |
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Inventories |
6,893,430 |
6,235,351 |
6,217,511 |
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Accounts receivable |
12,088,576 |
9,946,527 |
9,244,712 |
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Cash and cash equivalent |
402,523 |
1,382,980 |
331,694 |
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Other current assets |
1,001,144 |
528,055 |
1,075,972 |
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LOSS |
0 |
0 |
0 |
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TOTAL ASSETS |
40,288,020 |
33,928,610 |
33,268,491 |
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EQUITY |
28,291,728 |
25,607,958 |
18,478,833 |
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Capital |
13,740,590 |
13,740,590 |
10,230,000 |
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Subscribed capital unpaid |
0 |
0 |
0 |
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Reserves |
246,867 |
246,867 |
299,113 |
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Revalorization reserves |
0 |
0 |
0 |
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Undistributed Income |
14,314,220 |
11,613,510 |
7,949,720 |
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Loss |
0 |
0 |
0 |
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Treasury shares |
0 |
0 |
0 |
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LONG TERM RESERVATIONS |
417,224 |
382,459 |
237,720 |
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LONG TERM LIABILITIES |
24,695 |
2,536,955 |
5,733,423 |
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SHORT TERM LIABILITIES |
11,554,370 |
5,401,235 |
8,818,515 |
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OTHER LIABILITIES |
0 |
0 |
0 |
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TOTAL LIABILITIES |
40,288,020 |
33,928,610 |
33,268,491 |
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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 |
27,056,520 |
27,232,220 |
25,753,658 |
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Sales of goods |
26,409,718 |
26,693,019 |
25,070,356 |
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OPERATING EXPENSES |
24,243,050 |
23,363,950 |
21,487,169 |
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Costs of goods sold |
801,203 |
389,139 |
309,044 |
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Raw materials costs |
11,144,191 |
12,054,825 |
10,768,348 |
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Salaries, wages and other
personal indemnities |
5,260,294 |
5,036,883 |
4,256,911 |
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Deprecation and provision
costs |
1,178,515 |
916,751 |
703,030 |
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Other operating expenses |
6,047,734 |
5,750,655 |
6,135,497 |
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FINANCIAL REVENUES |
1,060,368 |
947,208 |
565,717 |
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FINANCIAL EXPENSES |
370,393 |
1,155,692 |
1,526,455 |
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Financial P/L |
689,975 |
(208,484) |
(960,738) |
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OTHER REVENUES |
1,025,434 |
206,246 |
403,155 |
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OTHER EXPENSES |
620,893 |
477,689 |
633,906 |
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Other P/L |
404,541 |
(271,443) |
(230,751) |
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Profit from regular business
operations before tax |
3,645,302 |
3,350,344 |
2,939,543 |
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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 |
9,764 |
5,179 |
6,607 |
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Net loss of businesses to be ceased |
0 |
0 |
0 |
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Profit before taxation |
3,655,066 |
3,355,523 |
2,946,150 |
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Loss before taxation |
0 |
0 |
0 |
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Taxation on profit |
34,353 |
374,798 |
328,547 |
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Personal indemnities paid to employer |
0 |
0 |
0 |
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TOTAL REVENUES |
28,879,639 |
28,347,672 |
26,587,073 |
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TOTAL EXPENSES |
25,234,336 |
24,997,331 |
23,647,530 |
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PROFIT OF THE PERIOD |
3,620,713 |
2,980,725 |
2,617,603 |
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LOSS OF THE PERIOD |
0 |
0 |
0 |
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Number of employees |
2,290 |
2,157 |
1,793 |
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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 |
1.07 |
1.29 |
1.08 |
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Equity ratio % |
70.22 |
75.48 |
55.54 |
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Debt to equity (Worth) |
0.41 |
0.31 |
0.79 |
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Liquidity ratio |
1.13 |
2.16 |
1.19 |
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Current ratio |
1.69 |
3.03 |
1.77 |
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Total assets turnover |
0.67 |
0.80 |
0.77 |
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Average collection period in days |
163 |
133 |
131 |
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Profit margin % |
13.38 |
10.95 |
10.16 |
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Return on total assets % |
8.99 |
8.79 |
7.87 |
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Return on equity % |
12.80 |
11.64 |
14.17 |
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Total assets per employee (ths.) |
17,593.02 |
15,729.54 |
18,554.65 |
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Equity per employee (ths) |
12,354.47 |
11,872.03 |
10,306.10 |
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Total revenue per employee (ths.) |
11,815.07 |
12,625.04 |
14,363.45 |
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Profit per employee (ths.) |
1,581.10 |
1,381.88 |
1,459.90 |
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Loss per employee (ths.) |
0.00 |
0.00 |
0.00 |
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Average net to salaries (ths.) |
191.42 |
194.59 |
197.85 |
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*
Auditing of financial statements |
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OTHER
GENERAL INFORMATION
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Corporate structure |
Rep. Offices in Serbia: -
Prote Mateje 70, Beograd -
Hajduk Veljkova bb, Sabac -
Brace Trninic 31, Stari Banovci, Stara Pazova
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EUROGENERICS SA, Bruxelles, Belgium
(NIN:0419806694) (99.99% owned by STADA SERVICE HOLDING B.V.)
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HEMOFARM SABAC - removed from register,
Sabac, Serbia (NIN:07199821) (100.00%) -
PANFARMA - removed from register, Beograd,
Serbia (NIN:07766700) (100.00%) -
HABITPHARM A.D. - removed from register,
Podgorica, Montenegro (NIN:02336901) (49.64%) - VELEFARM - U STECAJU, Beograd, Serbia (NIN:07073712)
(19.65%) - VETFARM - U STECAJU, Beograd (Novi Beograd), Serbia
(NIN:07040016) (15.00%) -
INTER-TREF - U LIKVIDACIJI - removed from
register, Vrsac, Serbia (NIN:08657459) (100.00%) -
AGROVOJVODINA-VRSAC - U LIKVIDACIJI - removed
from register, Vrsac, Serbia (NIN:08033927) (100.00%) -
BANATSKA PRICA - U LIKVIDACIJI - removed from
register, Vrsac, Serbia (NIN:08793654) (50.00%) -
HEMOMONT D.O.O., Podogorica, Montenegro
(NIN:02204185) (71.02%) -
KONZORCIJUM VRSAC - U LIKVIDACIJI - removed
from register, Vrsac, Serbia (NIN:08777225) (26.18%) -
HEMOFARM D.O.O., Banja Luka, Bosnia and
Herzegovina (NIN:4400794320007) (100.00%) -
MOJA APOTEKA - U LIKVIDACIJI - removed from
register, Vrsac, Serbia (NIN:20437669) (100.00%) -
STADA IT SOLUTIONS, Vrsac, Serbia (NIN:20958146)
(100.00%) -
STADA HEMOFARM S.R.L., Timisoara, Romania
(100.00%) -
STADA PHARMA BULGARIA EOOD, Sofia, Bulgaria
(100.00%) -
HEMOFARM KOMERC D.O.O. - U LIKVIDACIJI, Skopje,
Macedonia (NIN:4397649) -
STADA HEMOFARM D.O.O. ZAGREB - U LIKVIDACIJI,
Zagreb, Croatia (NIN:080619691) -
HEMOPHARM GMBH PHARMAZEUTISCHES UNTERNEHMEN, Bad
Homburg, Germany (NIN:HRB 6022) (100.00%) -
HEMOFARM A.D. VRSAC P.J. PODGORICA, Podgorica,
Montenegro (NIN:02625288) (100.00%)
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STADA SERVICE HOLDING B.V., AC Etten-Leur,
Netherlands: (NIN:NL20061865): 100.00%
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HEMOFARM A.D. VRSAC P.J. PODGORICA, Podgorica,
Montenegro (NIN:02625288), Person authorized to represent
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HEMOFARM SABAC - removed from register,
Sabac, Serbia (NIN:07199821), Director
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LUMISAN, Beograd (Vozdovac), Serbia
(NIN:20657502), establisher (50.00%) -
LUMISAN, Beograd (Vozdovac), Serbia
(NIN:20657502), Deputy Director |
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Other info |
Short company name: HEMOFARM A.D. VRSAC |
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Business activity of the company: Subject company HEMOFARM (NIN: 08010536) was established in 1960,
based in Vrsac, as a member of STADA Group. It is one of the largest domestic producers and exporters of
medicines. The company is engaged in producing and selling of wide range of
pharmaceuticals and other medical products. The company is the largest exporter of medicines from Serbia with a
share of 79.1%. The first pharmaceutical company in Serbia, which publishes the report
on sustainable development. Every series of medicaments produced in Hemofarm is to undergo a
complete physical, technical – chemical and microbiological testing,
according to demands defined in registration specification. All testing results,
including testing of sterility and bacterial endotoxins, are in accordance
with relevant international requirements. Beside that, all series of raw
materials and packaging materials (contact and printed packaging) undergo
complete testing, according to requests of EP and USP pharmacopoeia and
international standards. Laboratories (chemical, microbiological and quality control
laboratories packaging materials) are equipped with the latest equipment for
testing of raw materials, packaging and finished products (sterile and
non-sterile) in accordance with pharmacopoeial regulations and ICH
(International Conference on Harmonization). In October 2015 subject Company opened the plant for wastewater
treatment at its factory in Sabac, which solved the problem of water that is
discharged into the river Sava. The total value of the investment in the new
plant is 1.2 million EUR. Certificates: ISO 9001:2008 Quality
Management System; ISO 14001:2004 Environmental
Management System; OHSAS 18001 Occupational Health
and Safety Management; Awards in 2015: Hemofarm - Winner of the Recognition for the Most Responsible Company
in the South Banat Region Hemofarm Received Recognition ’TOP SERBIAN BRANDS’ Special award ’April 28th’ for commitment to the values of occupational
safety and health and spreading the prevention culture awarded by the
Occupational Safety and Health Administration of the Ministry of Labor,
Employment, Veteran Care and Social Issues in the Government of Serbia "Best Buy Award" for Vitamin B and tranquilizers as symbols
of the best price-quality ratio in the domestic market The Award "Leader of Competitiveness and Sustainable Development“ Merger agreement: On January 05, 2015 company HEMOFARM SABAC D.O.O., Serbia (NIN:
07199821) was removed from the Companies Register due to the merge with
HEMOFARM A.D., Serbia (NIN: 08010536) and completely included in its parent
company (HEMOFARM A.D.), business continued (not as a separate legal entity)
as one directorate within HEMOFARM A.D., Serbia (NIN: 08010536). Legal disputes: Company is involved in a number of legal disputes. Company created
provisions for potential losses in the amount of RSD 62.582.000,00. |
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Inflation |
2012: 2011: 2010: |
12.20% 10.30% 7.90% |
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Bankers |
BANCA INTESA A.D. Beograd Milentija Popovica 7 b 160-0000000002848-68 |
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SOCIETE GENERALE BANKA SRBIJA A.D. Beograd Bulevar Zorana Djindjica 50 a i 50 b 275-0000220012363-35 |
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NLB BANKA A.D. Novi Beograd Bulevar Mihajla Pupina 165v, Novi Beograd 310-14238-82 |
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UNICREDIT BANK SRBIJA A.D. Beograd Rajiceva 27-29 170-0000300741596-65 |
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RAIFFEISEN BANKA A.D. Beograd Bulevar Zorana Djindjica 64 a 265-1040310002278-14 |
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KOMERCIJALNA BANKA A.D. Beograd Svetog Save 14 205-1028480-04 |
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VOJVODJANSKA BANKA A.D. Novi Sad Trg Slobode 7 355-1028480-64 |
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CREDIT AGRICOLE BANKA SRBIJA A.D. Novi Sad Brace Ribnikar 4-6 330-0000004013537-88 |
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No unsettled liability was registered during last 12 months. |
|
|
|
|
|
|
Debt collection |
Case Registered: |
- |
|
|
Case Status: |
There is no record of any debt collection action. |
|
|
|
|
|
Mode of payment |
No complaints |
|
|
|
|
|
|
Credit opinion |
Business connections are permissible |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.87 |
|
|
1 |
INR 90.49 |
|
Euro |
1 |
INR 79.91 |
|
RSD |
1 |
INR 0.68 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
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.