MIRA INFORM REPORT

 

 

 

Report Date :

18.12.2008

 

IDENTIFICATION DETAILS

 

Name :

RAFICON TRADE SRL

 

 

Registered Office :

Aleea Industriilor 2 120068 Buzau, Jud.Buzau

 

 

Country :

Romania

 

 

Financials (as on) :

2007

 

 

Year of Establishment :

2001

 

 

Com. Reg. No.:

J10/864/2003

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture of Plastic Packing Goods

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

EUR 10.000,00

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

name of the company

 

 

 

RAFICON TRADE SRL


Principal Address

 

Aleea Industriilor 2
120068 Buzau, Jud.Buzau
Romania
Tel: +40-238-725010, +40-238-725029, +40-238-725070, +40-724-311626
Fax: +40-238-725070
Email: raficon@buzau.ro
Internet: www.raficon.buzau.ro

Office:
Sos Spataru 7
120226 Buzau, Jud.Buzau
Romania
Tel: +40-238-713180

 

Former company addresses
Former Principal Address:
Unirii Bl.128, Sc.A, Et.1, Ap.3
120281 Buzau, Jud.Buzau
Romania

 

registration data

 

ICON number: 57890780
National ID: J10/864/2003
VAT number: 14293563

 

 

 

 

CREDIT INFORMATION SUMMARY

 

 

 

Insolvency Information:

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

 

 

Maximum Credit:

EUR 10.000,00

 

 

 

 

Payment Practices:

Payments are made irregularly.
The company is registered at 30.09.2008 with a debt to the State Budget of RON 20.357. For this amount enforcement procedures have been started.

 

 

Further Rating Information:

Researched company is categorized as a small company.
Turnover volume of RON 2.575.284 in the year 2007 decreased by 16,54% compared with 2006. In previous period this change was -15,45%.
Fixed assets increased by RON 147.166 and are 29,38% of total assets.
Working capital registered a negative development and is RON -148.017, the value in last period was positive.


Equity of RON 65.007 compared with total assets indicates a low level of self-financing.

 

 

Debt Collection:

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

 

 

 

COMPANY DETAILS

 

 

 

Established:

2001

 

 

Registration:

No. J10/864/2003
15.10.2003
Buzau, Romania

 

 

Former Registration:

No. J13/1951/2001
2001
Constanta, Romania

 

 

Legal Form:

Limited Liability Company

 

 

Capital:

Nominal capital:

 

RON 50.000,00

Number of Ordinary shares:

5.000

 

Value per share of Ordinary shares:

RON 10,00

 

 

Paid-up capital:

 

RON 50.000,00

 

 

 

Shareholders:

Full Name

Function

Address

Equity capital

LUNCASU RAUL IONUT

Shareholder

Scolii 3, Bl.49, Ap.23
Navodari, jud.Constanta
Romania

66,66%
3.333 Ordinary shares

LUNCASU MIHAELA

Shareholder

B-dul Unirii Bl.128A, Ap.3
Buzau, Jud.Buzau
Romania

33,34%
1.667 Ordinary shares



LUNCASU RAUL IONUT is also a functionary of:
Shareholder:
M PACK SRL (J10/606/2003)
Administrator:
M PACK SRL (J10/606/2003)
RAFICON TRADE SRL BUZAU SUCURSALA BUZAU (J10/364/2003)

LUNCASU MIHAELA is also a functionary of:
Shareholder:
M PACK SRL (J10/606/2003)
Administrator:
M PACK SRL (J10/606/2003)

 

 

Management:

Full Name

Function

Address

LUNCASU MIHAELA

Managing director

B-dul Unirii Bl.128A, Ap.3
Buzau, Jud.Buzau Romania

LUNCASU RAUL IONUT
15.10.2003 - Present

Head of Sales

Scolii 3, Bl.49, Ap.23
Navodari, jud.Constanta
Romania

 

 

Related Companies:

subsidiary
RAFICON TRADE SRL CONSTANTA SUCURSALA BUZAU , Romania , National ID: J10/364/2003

 

 

 

KEY DATA ON OPERATIONS

 

 

 

Subject of Operation:

NACE
  2222 Manufacture of plastic packing goods


Manufacture of plastic packagings - BIG BAGS (JUMBO BAGS) for the mining and chemical industry, plstics, pet food, food, chemicals, pharmaceuticals, rubber.
NACE codes given are based on the most recent NACE Revision 2.

 

 

Company Development:

300: Satisfactory business development

 

 

 

Key Data:

Amounts shown in Romanian Leu (New) (RON)

 

2007

2006

2005

2004

Turnover

2.575.284

3.085.517

3.649.337

3.534.246

Fixed assets

213.024

65.858

52.427

69.642

Equity capital

65.007

60.015

58.080

35.940

Profit after taxation

4.992

1.935

22.140

0

Loss after taxation

0

0

0

82.000

Operating result - profit

36.702

 

 

0

Operating result - loss

0

 

 

80.528

 

 

2007

2006

2005

2004

Return on assets ( ROA )
Net profit / Total assets

0,01

-

-

0

Return on equity ( ROE )
Net profit / Shareholder equity

0,08

0,03

0,38

0

 

 

 

Workforce:

 

2007

2006

2005

2004

Total workforce

33

43

58

64

 

 

 

Branches:

Office:
Sos Spataru 7
120226 Buzau, Jud.Buzau
Romania
Tel: +40-238-713180

 

 

FINANCIAL INFORMATION

 

 

 

Financials:

Amounts shown in Romanian Leu (New) (RON)  

2007

2006

2005

2004

 



BALANCE SHEET

 

FIXED ASSETS

213.024

65.858

52.427

69.642

 

CURRENT ASSETS

512.001

375.823

404.876

421.753

 

Inventory

299.146

237.500

296.240

335.417

 

Claims (receivable)

89.451

98.544

41.729

48.018

 

Liquid assets

123.404

39.779

66.907

38.318

 

Short term financial investments

0

 

 

 

 

Prepaid expenses

0

 

 

0

 

TOTAL ASSETS

725.025

 

 

491.395

 

Equity capital

65.007

60.015

58.080

35.940

 

Share capital

210

 

 

210

 

Subscribed and paid capital

210

210

210

210

 

Reserves

117.732

 

 

117.730

 

Long-term liabilities

0

 

 

27.164

 

Provisions for risks and charges

0

0

0

0

 

Total debts

660.018

382.360

399.223

455.455

 

Short-term liabilities

660.018

 

 

428.292

 

Deferred income

0

 

 

0

 

TOTAL LIABILITIES

725.025

 

 

491.395

 



PROFIT AND LOSS

 

Turnover

2.575.284

3.085.517

3.649.337

3.534.246

 

Total income

2.894.255

3.064.200

3.759.726

3.601.461

 

Total expenses

2.889.263

3.062.265

3.737.586

3.683.462

 

Operating result - profit

36.702

 

 

0

 

Operating result - loss

0

 

 

80.528

 

Profit on financial transactions (financial profit)

0

 

 

 

 

Loss on financial transactions (financial loss)

31.710

 

 

 

 

Current result - profit

4.992

 

 

0

 

Current result - loss

0

 

 

8

 

Extraordinary profit

0

 

 

 

 

Extraordinary loss

0

 

 

 

 

Profit before taxation

4.992

1.935

22.140

0

 

Loss before taxation

0

0

0

82.000

 

Profit after taxation

4.992

1.935

22.140

0

 

Loss after taxation

0

0

0

82.000

 

Profit tax

 

 

 

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
010566 Bucuresti, Sector 1, Calea Dorobanti 237B

BANCA COMERCIALA ROMANA SA BUCURESTI SUCURSALA BUZAU
120267 Buzau, Jud. Buzau, Unirii 207, Bl.19CD

 

 

 

Ratios:

 

2007

2006

2005

2004

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

0,91

-

-

0,93

Quick ratio
(Current assets - Inventory)/Current liabilities

0,32

-

-

0,20

Current ratio ( CR )
Current assets / Current liabilities

0,78

-

-

0,98

Leverage
Long Term Liabilities / Total Equity

0

-

-

0,76

Return on sales ( ROS )
Net profit / Turnover

0,00

0,00

0,01

0

Return on assets ( ROA )
Net profit / Total assets

0,01

-

-

0

Return on equity ( ROE )
Net profit / Shareholder equity

0,08

0,03

0,38

0

Net working capital
Current assets - Short term liabilities

RON -148.017,00

-

-

RON -6.538,70

Sales to Total Assets
Sales / Total assets

3,55

-

-

7,19

Days supply in inventory
Inventory / Turnover * 360 days

42,40

28,09

29,63

34,64

Days sales in receivables
Receivables / Turnover * 360 days

12,68

11,66

4,17

4,96

Days purchase in payables
Current Liabilities / Turnover * 360 days

93,55

-

-

44,23

Operating margin, in %
Operating result / Sales

1,43

-

-

0

Operating result / Total assets
Operating result / Total assets

0,05

-

-

0

Cash ratio
Cash / Current liabilities

0,19

-

-

0,09

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

8,97

-

-

7,31

 



FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.08

UK Pound

1

Rs.71.17

Euro

1

Rs.66.98

 

 

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