MIRA INFORM REPORT

 

 

 

Report Date :

10.12.2008

 

IDENTIFICATION DETAILS

 

Name :

ROMATEX SA

 

 

Registered Office :

Ardealului 9A 075100 Otopeni, Jud. Ilfov

 

 

Country :

Romania

 

 

Financials (as on) :

2007

 

 

Year of Establishment :

1991

 

 

Com. Reg. No.:

J23/772/2005

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Retail Sale of Furniture, Lighting Equipment and other Household Articles in specialized stores

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Maximum Credit Limit :

EUR 175.000,00

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name of the company

 

 

 

ROMATEX SA


Principal Address

 

Ardealului 9A
075100 Otopeni, Jud. Ilfov
Romania
Tel: +40-21-3514884, +40-21-3514879, +40-21-3514880, +40-21-3514881, +40-21-3514882
Fax: +40-21-3514884
Email: dgligor@romatex.ro,office@romatex.ro
Internet: www.romatex.ro, www.sarrablu.ro

The subject company has 18 working units officially registered in Romania.

 

 

Former company addresses

Former Principal Address:
Calea Mosilor 276
703241 Bucuresti, Sector 2
Romania

 

ICON number

 

74604290

 

National ID

 

J23/772/2005

 

VAT number

 

324716

 

 

 

 

CREDIT INFORMATION SUMMARY

 

 

 

Insolvency Information:

According to available information sources the company is not in a insolvency/preliminary/debt regulation proceeding.

 

 

Maximum Credit:

EUR 175.000,00

 

 

 

 

Payment Practices:

Payments are made according to terms
The company is registered at 30.09.2008 with a debt to the State Budget of RON 253,999. For this amount enforcement procedures have been started.

 

 

Further Rating Information:

Researched company is categorized as a medium sized company.
Turnover volume of RON 23.192.331 in the year 2007 increased by 8,61% compared with 2006. In the previous period this change was 23,30%.
Fixed assets increased by RON 549.085 and are 31,79% of total assets.
Working capital of RON 3.131.263 increased for 14,57% compared with the last period.

 

 

Debt Collection:

There is no record of any debt collection against this company exceeding a single case volume of EUR 500.

 

 

 

COMPANY DETAILS

 

 

 

Established:

1991

 

 

Registration:

No. J23/772/2005
15.04.2005
Ilfov, Romania

 

 

Former Registration:

No. J40/606/1991
1991
Bucuresti, Romania

 

 

Legal Form:

joint stock company

 

 

Capital:

Nominal capital:

 

RON 1.900.000,00

Number of Ordinary shares:

3.800.000

 

Value per share of Ordinary shares:

RON 0,50

 

 

Paid-up capital:

 

RON 1.900.000,00

 

 

 

Shareholders:

Full Name

Function

Address

Equity capital

SARBULESCU AURELIAN STERE

Shareholder

Inginer Ermil Pangrati 3
Bucuresti, Sectorul 2
Romania

48,50%
1.843.217 Ordinary shares

NATURAL PERSONS

Shareholder

Romania

17,47%
663.730 Ordinary shares

GHEORGHIU DORU CALIN

Shareholder

Ivo Andric 10
Bucuresti, sector 3
Romania

12,17%
462.604 Ordinary shares

TEODORESCU MARIAN

Shareholder

Paduroiu 2
Bucuresti, Sector 4
Romania

11,35%
431.208 Ordinary shares

SARBULESCU ROXANA GENIOARA VIORICA

Shareholder

Inginer Ermil Pangrati 3
Bucuresti, Sector 2
Romania

10,51%
399.241 Ordinary shares



SARBULESCU AURELIAN STERE is registered as shareholder within ROMATEX ART SRL, J23/2258/2006.

 

 

 

Management:

Full Name

Function

Address

SARBULESCU AURELIAN STERE
13.07.2008 - Present

Managing director

Inginer Ermil Pangrati 3
Bucuresti, Sectorul 2
Romania

SARBULESCU ROXANA GENIOARA VIORICA

Deputy President/Deputy Director

Inginer Ermil Pangrati 3
Bucuresti, Sector 2
Romania

TRANDAFIR GABRIEL

Head of Marketing

Romania

MARINITA AURORA

Head of Finance and Accounting

Romania

 

 

 

Related Companies:

affiliate
ROMATEX ART SRL , Romania , National ID: J23/2258/2006

 

 

 

KEY DATA ON OPERATIONS

 

 

 

Subject of Operation:

NACE
  4759 Retail sale of furniture, lighting equipment and other household articles in specialised stores


Importer and distributor of:
- Tableware, kitchenware, other household articles and toilet articles, of porcelain or china;
- Table, kitchen or other household articles and related parts, of iron or steel;
- Spoons, forks, ladles, skimmers, cake-servers, fish-knives, butter-knives, sugar tongs and similar kitchen or tableware;
- SARRA BLU' shops;
- Ornaments;
- Spare parts for light industry;
- Sewing needles.

Trade name: Sarra'Blu.
NACE codes given are based on the most recent NACE Revision 2.

 

 

 

Company Development:

200: Positive business development

 

 

 

 

 

Key Data:

Amounts shown in Romanian Leu (New) (RON)

 

2007

2006

2005

2004

Turnover

23.192.331

21.354.482

17.319.020

14.729.424

Fixed assets

4.152.616

3.603.531

3.387.010

1.484.368

Equity capital

6.413.770

4.913.469

3.552.546

2.618.562

Profit after taxation

2.003.158

2.804.441

1.915.518

1.421.534

Operating result - profit

2.873.863

3.344.536

2.352.841

 

 

 

2007

2006

2005

2004

Return on assets ( ROA )
Net profit / Total assets

0,15

0,26

0,21

-

Return on equity ( ROE )
Net profit / Shareholder equity

0,31

0,57

0,54

0,54

 

 

 

Workforce:

 

2007

2006

2005

2004

Total workforce

104

100

91

78

 

 

 

Imports:

United Kingdom, Italy, Germany, Greece, China

 

 

 

Major Suppliers:

Arte Brotto, Capanni, Maggi Massimo, Cava, Italamp,Pedro Duran, Lladro, Virtus, Fal Mirrors, Onix , Spode, Turazza, Da Vinci Crystal Carta del Cristallo / Heritage / Home Decor, RCR, Capri, Free life, Ilcar, Pedro Duran, ,Chinelli,Bernadotte, Thun ,Concordia,Richard Ginori, Spode, Pintinox,Morinox,Lagostina, Casa Bugatti, ,Elegant Gioiel,Ballarini, Spode,Lladro,Trimar, Wizart, Italamp,Pedro Duran, Chinelli, Lumen, Claremont & May,Sezzatini.

 

 

 

FINANCIAL INFORMATION

 

 

 

Financials:

Amounts shown in Romanian Leu (New) (RON)  

2007

2006

2005

2004

 



BALANCE SHEET

 

FIXED ASSETS

4.152.616

3.603.531

3.387.010

1.484.368

 

CURRENT ASSETS

8.130.623

6.629.918

5.466.708

4.457.825

 

Inventory

6.189.263

5.205.142

4.499.603

3.468.562

 

Claims (receivable)

324.984

477.950

430.112

515.665

 

Liquid assets

1.504.144

801.316

488.346

436.988

 

Short term financial investments

112.232

 

 

 

 

Prepaid expenses

777.840

388.728

424.590

 

 

TOTAL ASSETS

13.061.079

10.622.177

9.278.308

 

 

Equity capital

6.413.770

4.913.469

3.552.546

2.618.562

 

Share capital

1.900.000

1.360.000

1.360.000

 

 

Subscribed and paid capital

1.900.000

1.360.000

1.360.000

1.000.000

 

Reserves

457.028

349.028

349.028

 

 

Long-term liabilities

1.647.949

1.811.952

2.159.711

 

 

Provisions for risks and charges

0

0

0

0

 

Total debts

6.647.309

5.708.708

5.725.762

3.529.715

 

Short-term liabilities

4.999.360

3.896.756

3.566.051

 

 

Deferred income

0

0

0

 

 

TOTAL LIABILITIES

13.061.079

10.622.177

9.278.308

 

 



PROFIT AND LOSS

 

Turnover

23.192.331

21.354.482

17.319.020

14.729.424

 

Total income

23.358.201

21.683.216

17.657.450

14.925.804

 

Total expenses

20.945.897

18.331.045

15.378.327

13.045.787

 

Operating result - profit

2.873.863

3.344.536

2.352.841

 

 

Operating result - loss

0

0

0

 

 

Profit on financial transactions (financial profit)

0

7.635

 

 

 

Loss on financial transactions (financial loss)

461.559

0

 

 

 

Current result - profit

2.412.304

3.352.171

2.279.123

 

 

Current result - loss

0

0

0

 

 

Extraordinary profit

0

0

 

 

 

Extraordinary loss

0

0

 

 

 

Profit before taxation

2.412.304

3.352.171

2.279.123

1.880.017

 

Loss before taxation

0

0

0

0

 

Profit after taxation

2.003.158

2.804.441

1.915.518

1.421.534

 

Loss after taxation

0

0

0

0

 

 

 

Approximate Exchange Rates:

2007: 3,332 RON = 1 EUR
2006: 3,5245 RON = 1 EUR
2005: 3,6234 RON = 1 EUR
2004: 4,0532 RON = 1 EUR
2003: 3,7556 RON = 1 EUR
2005: 2,9137 RON = 1 USD
2004: 3,2637 RON = 1 USD
2003: 3,32 RON = 1 USD

 

 

 

 

Financial Comments:

Effectively from July 1st 2005, the Romanian currency was redenominated so that 10,000 old lei(ROL) will be exchanged for 1 new leu (RON).
The financial statements of the companies will be published in new currency RON starting with 31.12.2005.
All financials for previous years displayed in the report were converted from ROL to RON.

 

 

 

Bankers:

ALPHA BANK ROMANIA SA BUCURESTI SUCURSALA DOROBANTI
010566 Bucuresti, Sector 1, Dorobanti 237B

BANCA COMERCIALA ROMANA sa
Sucursala Ilfov

UNICREDIT TIRIAC BANK SA
014106 Bucuresti, Sector 1, Ghetarilor 23-25

 

 

 

Ratios:

 

2007

2006

2005

2004

Debt Ratio
(Short term liabilities + Long term liabilities) / Total Assets

0,51

0,54

0,62

-

Quick ratio
(Current assets - Inventory)/Current liabilities

0,39

0,37

0,27

-

Current ratio ( CR )
Current assets / Current liabilities

1,63

1,70

1,53

-

Leverage
Long Term Liabilities / Total Equity

0,26

0,37

0,61

-

Return on sales ( ROS )
Net profit / Turnover

0,09

0,13

0,11

0,10

Return on assets ( ROA )
Net profit / Total assets

0,15

0,26

0,21

-

Return on equity ( ROE )
Net profit / Shareholder equity

0,31

0,57

0,54

0,54

Sales to Total Assets
Sales / Total assets

1,78

2,01

1,87

-

Days supply in inventory
Inventory / Turnover * 360 days

97,41

88,97

94,83

85,95

Days sales in receivables
Receivables / Turnover * 360 days

5,11

8,17

9,06

12,78

Days purchase in payables
Current Liabilities / Turnover * 360 days

78,68

66,61

75,15

-

Operating margin, in %
Operating result / Sales

12,39

15,66

13,59

-

Operating result / Total assets
Operating result / Total assets

0,22

0,31

0,25

-

Cash ratio
Cash / Current liabilities

0,30

0,21

0,14

-

Equity as % of total assets
(Equity capital / Total Assets) * 100

49,11

46,26

38,29

-

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.12

UK Pound

1

Rs.72.59

Euro

1

Rs.63.52

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions