MIRA INFORM REPORT

Report No. :	498080
Report Date :	19.03.2018

IDENTIFICATION DETAILS

Name :	UNIJAPAK D.O.O
Registered Office :	Bulevar Svetog Cara Konstantina 80-86, RS 18000 Nis
Country :	Serbia
Financials (as on) :	31.12.2016
Date of Incorporation :	27.11.1991
Legal Form :	Ltd. - Limited Liability Company
Line of Business :	Basic activity (according to National activity classification): Manufacture of Macaroni, Noodles, Couscous and Similar Farinaceous Products
No. of Employees :	130 [2016]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd 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 :	Slow but correct
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)
Serbia	C1	C1

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

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.

Source : CIA

Company name & address

UNIJAPAK D.O.O.

PRIVREDNO DRUSTVO ZA PROIZVODNJU PAKOVANJE UNUTRASNJU I SPOLJNU TRGOVINU UNIJAPAK DOO NIS

Bulevar Svetog Cara Konstantina 80-86

RS 18000 Nis

Tel: +381 18/223496

Fax: +381 18/223496

E-Mail: unijapak@unijapak.rs

Web: www.unijapak.rs

Legal form	Ltd. - Limited Liability company
Established	27.11.1991
Registered	National Identification Number: 07696710 PIB (Value Added Tax): 100337042 Serbian Business Registers Agency Nr. 65777
Establisher	Milojka Manic, born 10.05.1960 Serbia		100.00%
Basic capital	RSD 14,083,000 (31.12.2016)
Management	Milojka Manic, Person authorized to represent, born 10.05.1960 Serbia
	Gordana Dojcinovic Manic, Person authorized to represent, born 24.10.1983 Serbia
	Ljubisa Manic, Director, born 18.05.1955 Serbia
	Tijana Manic, Person authorized to represent, born 13.08.1991 Serbia
Activity	Basic activity (according to National activity classification): Manufacture of macaroni, noodles, couscous and similar farinaceous products (10.73)
Business Premises	Registered Address: Bulevar Svetog Cara Konstantina 80-86, Nis
Motor pool	Data not available
Staff	2016	130 employees
	2015	130 employees
	2014	130 employees
	2013	125 employees
	2012	118 employees
	2011	124 employees
	2010	140 employees
	2009	144 employees
	2008	154 employees
	2007	160 employees
	2006	157 employees
	2005	108 employees
	2004	94 employees
	2003	91 employees
	2002	69 employees
	2001	55 employees

Sales	2016 revenue	RSD	626,315,000
	2015 revenue	RSD	610,958,000
	2014 revenue	RSD	574,207,000
	2013 revenue	RSD	544,900,000
	2012 revenue	RSD	475,152,000
	2011 revenue	RSD	462,721,000
	2010 revenue	RSD	473,431,000
	2009 revenue	RSD	435,968,000
	2008 revenue	RSD	352,174,000
	2007 revenue	RSD	328,501,000
	2006 revenue	RSD	318,370,000
	2005 revenue	RSD	265,362,000
	2004 revenue	RSD	175,137,000
	2003 revenue	RSD	156,329,000
	2002 revenue	RSD	123,098,000
	2001 revenue	RSD	118,705,000

Real estate

Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Balance Sheet	RSD (x 1,000)	31.12.2016	31.12.2015	31.12.2014
Unconsolidated
	FIXED ASSETS	91,050	64,560	69,179
	Subscribed capital unpaid	0	0	0
	Intangible fixed assets	499	583	668
	Tangible fixed assets	90,285	63,687	67,292
	Other fixed assets	266	290	1,219
	CURRENT ASSETS	223,492	225,198	208,805
	Inventories	65,133	65,226	60,546
	Accounts receivable	151,567	155,706	140,062
	Cash and cash equivalent	399	114	2,312
	Other current assets	6,393	4,152	5,885
	LOSS	0	0	0
	TOTAL ASSETS	314,542	289,758	277,984
	EQUITY	160,312	158,368	143,513
	Capital	14,083	14,083	14,083
	Subscribed capital unpaid	0	0	0
	Reserves	0	0	0
	Revalorization reserves	0	0	0
	Undistributed Income	146,229	144,285	129,430
	Loss	0	0	0
	Treasury shares	0	0	0
	LONG TERM RESERVATIONS	12,801	4,575	4,143
	LONG TERM LIABILITIES	23,109	3,326	3,998
	SHORT TERM LIABILITIES	118,320	123,489	126,330
	OTHER LIABILITIES	0	0	0
	TOTAL LIABILITIES	314,542	289,758	277,984

Profit And Loss Account	RSD (x 1,000)	31.12.2016	31.12.2015	31.12.2014
Unconsolidated
	OPERATING REVENUES	624,337	605,670	564,100
	Sales of goods	623,492	605,670	563,960
	OPERATING EXPENSES	588,422	575,581	516,435
	Costs of goods sold	31,897	41,851	9,938
	Raw materials costs	379,713	377,497	361,023
	Salaries, wages and other personal indemnities	90,623	87,814	86,909
	Deprecation and provision costs	10,317	9,261	7,257
	Other operating expenses	83,526	68,436	57,283
	FINANCIAL REVENUES	1,097	1,747	2,966
	FINANCIAL EXPENSES	2,559	3,134	2,202
	Financial P/L	(1,462)	(1,387)	764
	OTHER REVENUES	1,282	3,541	7,813
	OTHER EXPENSES	6,507	2,566	4,817
	Other P/L	(5,225)	975	2,996
	Profit from regular business operations before tax	28,928	29,780	50,753
	Loss from regular business operations before tax	0	0	0
	Net profit of businesses to be ceased	0	0	145
	Net loss of businesses to be ceased	101	103	0
	Profit before taxation	28,827	29,677	50,898
	Loss before taxation	0	0	0
	Taxation on profit	5,087	4,886	5,742
	Personal indemnities paid to employer	0	0	0
	TOTAL REVENUES	626,315	610,958	574,207
	TOTAL EXPENSES	597,387	581,178	523,454
	PROFIT OF THE PERIOD	23,740	24,791	45,156
	LOSS OF THE PERIOD	0	0	0
	Number of employees	130	130	130

Ratios	RSD (x 1,000)	31.12.2016	31.12.2015	31.12.2014
Unconsolidated
	Financial stability ratio	1.26	1.28	1.17
	Equity ratio %	50.97	54.66	51.63
	Debt to equity (Worth)	0.88	0.80	0.91
	Liquidity ratio	1.32	1.29	1.17
	Current ratio	1.85	1.80	1.59
	Total assets turnover	1.98	2.09	2.03
	Average collection period in days	89	94	91
	Profit margin %	3.80	4.09	8.01
	Return on total assets %	7.55	8.56	16.24
	Return on equity %	14.81	15.65	31.46
	Total assets per employee (ths.)	2,419.55	2,228.91	2,138.34
	Equity per employee (ths)	1,233.17	1,218.22	1,103.95
	Total revenue per employee (ths.)	4,802.59	4,659.00	4,339.23
	Profit per employee (ths.)	182.62	190.70	347.35
	Loss per employee (ths.)	0.00	0.00	0.00
	Average net to salaries (ths.)	58.09	56.29	55.71

Corporate structure	Rep. Offices in Serbia: none Rep. Offices abroad: none Affiliates: not identified Subsidiaries: not identified Immediate parent company: none
Other info	Short company name: UNIJAPAK DOO NIS (UNIJAPAK Ltd. NIS)
	Former registered addresses: Petra Velebita 34, NIS Business activity of the company: The company for production, packaging, and internal and external trade “Unijapak” ltd. (limited liability company) was founded in 1990 in Nis with a 100% participation of the economic capital in the ownership structure. The first product of this company was white sugar which was manufactured for the needs of a variety of companies in the field of catering and hospitality. Over time, their production supply has extended greatly, so today their assortment of goods includes over 150 different products Manufacturing plant and other facilities of the company occupy the lot of 3000m2
Inflation	2012: 2011: 2010:	12.20% 10.30% 7.90%
Bankers	BANCA INTESA A.D. Beograd Milentija Popovica 7 b 160-0050100062094-26
	AGROINDUSTRIJSKA KOMERCIJALNA BANKA AIK BANKA A.D., Nis Nikole Pasica 42 105-0201200001099-91
	RAIFFEISEN BANKA A.D. Beograd Bulevar Zorana Djindjica 64 a 265-4010310003370-27
	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	Within agreed terms, formerly occasional complaints
Credit opinion	Business connections are permissible

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.87
UK Pound	1	INR 90.49
Euro	1	INR 79.91
RSD	1	INR 0.67

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	TPT

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)

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