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MIRA INFORM REPORT
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Report No. : |
506163 |
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Report Date : |
04.05.2018 |
IDENTIFICATION DETAILS
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Name : |
DRUSHTVO ZA FARMACEVTSKO HEMISKI PROIZVODI REPLEK FARM
DOOEL SKOPJE |
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Registered Office : |
Kozle 188, 1000 Skopje |
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Country : |
Macedonia |
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Financials (as on) : |
December 2016 |
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Date of Incorporation : |
21.02.2001 |
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Com. Reg. No.: |
MK4030001411927 |
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Legal Form : |
Limited liability company |
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Line of Business : |
Manufacture of basic pharmaceutical products |
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No. of Employees : |
285 |
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 |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
EUR 100.000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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Macedonia |
B2 |
B2 |
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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 |
MACEDONIA - ECONOMIC OVERVIEW
Since its independence in 1991, Macedonia has made progress in liberalizing its economy and improving its business environment. Its low tax rates and free economic zones have helped to attract foreign investment, which is still low relative to the rest of Europe. Corruption and weak rule of law remain significant problems. Some businesses complain of opaque regulations and unequal enforcement of the law.
Macedonia’s economy is closely linked to Europe as a customer for exports and source of investment, and has suffered as a result of prolonged weakness in the euro zone. Unemployment has remained consistently high at about 23%, but may be overstated based on the existence of an extensive gray market, estimated to be between 20% and 45% of GDP, which is not captured by official statistics.
Macedonia is working to build a country-wide natural gas pipeline and distribution network. Currently, Macedonia receives its small natural gas supplies from Russia via Bulgaria. In 2016, Macedonia signed a memorandum of understanding with Greece to build an interconnector that could connect to the Trans Adriatic Pipeline that will traverse the region once complete, or to an LNG import terminal in Greece.
Macedonia maintained macroeconomic stability through the global financial crisis by conducting prudent monetary policy, which keeps the domestic currency pegged to the euro, and inflation at a low level. However, in the last two years, the internal political crisis has hampered economic performance, with GDP growth slowing in 2016 and 2017, and both domestic private and public investments declining. Fiscal policies were lax, with unproductive public expenditures, including subsidies and pension increases, and rising guarantees for the debt of state owned enterprises, and fiscal targets were consistently missed. In 2017, public debt stabilized at about 47% of GDP, still relatively low compared to its Western Balkan neighbors and the rest of Europe.
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Source
: CIA |
Contact information
|
Company name |
Drushtvo za farmacevtsko hemiski proizvodi REPLEK
FARM DOOEL Skopje |
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Trading name |
REPLEK FARM REPLEK FARM LTD |
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Registered address |
Kozle 188, 1000 Skopje |
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Correspondence address |
Kozle 188, 1000 Skopje |
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Telephone number |
+389 23081350 |
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Fax number |
+389 23081352 |
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Email address |
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Website |
Registration
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Registration number |
MK4030001411927 |
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VAT-number |
MK4030001411927 |
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Status |
Active |
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Establishment date |
21-02-2001 |
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Legal form |
Limited liability company |
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Subscribed share capital |
EUR 10.929.719 |
Activities
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Manufacture of basic pharmaceutical products. |
Relations
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Shareholders |
Drushtvo za medicinsko snabduvanje uvoz-izvoz REPLEK AD
Skopje |
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Structure |
Subsidiaries/participations: None on record |
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Branches |
No branches on record |
Management
|
TUDJAROV
Ivan |
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Postition |
Director |
Employees
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Year |
2017 |
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|
|
|
|
|
285 |
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|
|
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Credit
limit
|
Credit limit |
EUR 100.000 |
Bank
|
Stopanska Banka AD Skopje |
Payments
|
No negative
information. |
Remarks
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Auditor: Import: Austria, Germany, Serbia |
Finances
Profit &
Loss
|
Financial Year |
12/2016 |
12/2015 |
12/2014 |
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Number of Weeks |
52 |
52 |
52 |
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Currency |
EUR |
EUR |
EUR |
|
Revenue |
10,395,891 |
9,972,932 |
9,250,453 |
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Operating Profit |
1,690,893 |
1,706,644 |
1,192,687 |
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Profit before Tax |
3,291,399 |
3,251,207 |
2,188,878 |
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Tax |
147,097 |
180,579 |
144,099 |
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Profit after Tax |
1,498,602 |
1,445,024 |
950,340 |
Balance Sheet
|
Financial Year |
12/2016 |
12/2015 |
12/2014 |
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Number of Weeks |
52 |
52 |
52 |
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Currency |
EUR |
EUR |
EUR |
|
Total Tangible Assets |
12,167,756 |
11,665,628 |
10,850,264 |
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Total Intangible Assets |
180,088 |
183,108 |
186,354 |
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Total Other Fixed Assets |
- |
- |
- |
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TOTAL FIXED ASSETS |
12,347,844 |
11,848,736 |
11,036,618 |
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Total Inventories |
2,052,699 |
1,328,627 |
1,756,809 |
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Total Receivables |
3,950,094 |
3,454,601 |
3,508,116 |
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Other Current Assets |
2,603,653 |
2,672,460 |
2,227,396 |
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TOTAL CURRENT ASSETS |
- |
- |
- |
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TOTAL ASSETS |
20,954,290 |
19,304,424 |
18,528,939 |
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TOTAL CURRENT LIABILITIES |
4,523,781 |
4,011,551 |
3,864,193 |
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TOTAL LONG TERM LIABILITIES |
166,700 |
- |
234,039 |
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TOTAL LIABILITIES |
- |
- |
- |
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Called Up Share Capital |
10,892,012 |
10,790,705 |
10,462,896 |
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Other Reserves |
5,355,905 |
4,496,929 |
3,953,983 |
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TOTAL SHAREHOLDERS EQUITY |
16,247,917 |
15,287,634 |
14,416,879 |
Other Financials
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Financial Year |
12/2016 |
12/2015 |
12/2014 |
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Working Capital |
- |
- |
- |
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Net Worth |
16,067,830 |
15,104,526 |
14,230,525 |
Ratios
|
Financial Year |
12/2016 |
12/2015 |
12/2014 |
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Pre-Tax Profit Margin (%) |
31.66
% |
32.60
% |
23.66
% |
|
Return On Capital Employed (%) |
20.05
% |
21.27
% |
14.94
% |
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Return On
Total Assets Employed (%) |
15.71
% |
16.84
% |
11.81
% |
|
Return On Net
Assets Employed (%) |
20.26
% |
21.27
% |
15.18
% |
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Sales/Net Working Capital |
- |
- |
- |
|
Stock Turnover Ratio (%) |
19.75
% |
13.32
% |
18.99
% |
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Debtor Days |
- |
- |
- |
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Creditor Days |
- |
- |
- |
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Current Ratio |
- |
- |
- |
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Liquidity Ratio/Acid Test |
- |
- |
- |
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Current Debt Ratio |
0.28 |
0.26 |
0.27 |
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Gearing (%) |
- |
- |
- |
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Equity In Percentage (%) |
78.21
% |
79.95
% |
78.60
% |
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Total Debt Ratio |
- |
- |
- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.61 |
|
|
1 |
INR 90.60 |
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Euro |
1 |
INR 79.86 |
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MKD |
1 |
INR 1.30 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
PRI |
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|
|
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.