MIRA INFORM REPORT

 

 

 

Report Date :

04.11.2008

 

IDENTIFICATION DETAILS

 

Name :

CAMERON ROMANIA SA

 

 

Registered Office :

B.P. Hasdeu 1 105600 Campina jud Prahova

 

 

Country :

Romania

 

 

Financials (as on) :

30.06.2008

 

 

Year of Establishment:

1911

 

 

Com. Reg. No.:

J29/385/1991

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture of Other Special-Purpose Machinery

 

 

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 2.500.000,00

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

COMPANY REPORTED

 

 

 

CAMERON ROMANIA SA


Principal Address

B.P. Hasdeu 1
105600 Campina jud Prahova
Romania
Tel: +40-244-336551; 306600, +40-244-337241; 306627, +40-244-371227, +40-244-306012, +40-244-333110
Fax: +40-244-370336
Email: office@pccsterom.ro
Internet: www.camerondiv.com

Sales office:
Sevastopol 13-17, Ap.204
010991 Bucuresti, sector 1
Romania
Tel: +40-21-3124613, +40-723-255182
Fax: +40-21-2109501

Sales office:
Orizontului
105600 Campina, Jud. Prahova
Romania
Tel: +40-244-306033

 

                                
Former company names

 

STEROM SA
PCC STEROM SA

 

 

ICON number

 

4237640

 

National ID

 

J29/385/1991


 

VAT number

 

1323964

 

 

 

 

CREDIT INFORMATION SUMMARY

 

 

 

Insolvency Information:

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

 

 

Maximum Credit:

EUR 2.500.000,00

 

 

 

 

Payment Practices:

Payments are made regularly.
The company has no payment incidents registered at The Payment Incidents Office within 28-10-2001 - 28-10-2008
According to official sources (Ministry of Finance) the subject company is not registered with any debt to the State Budget at 30.06.2008.

 

 

Further Rating Information:

Researched company is categorized as a big company.
The company generated a turnover of RON 221.542.481 in the year 30.06.2008.

 

 

Debt Collection:

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

 

 

 

COMPANY DETAILS

 

 

 

Established:

1911

 

 

Registration:

No. J29/385/1991
30.04.1991
Prahova, Romania

 

 

Legal Form:

joint stock company

 

 

History:

Former company names:
Atelierele Centrale STEAUA ROMANA
ATELIERELE CENTRALE CAMPINA
INTREPRINDEREA MECANICA CAMPINA
STEROM SA

 

 

Capital:

Nominal capital:

 

RON 60.483.470,00

Number of Ordinary shares:

24.193.388

 

Value per share of Ordinary shares:

RON 2,50

 

 

Paid-up capital:

 

RON 60.483.470,00

 

 

 

Shareholders:

Full Name

Function

Address

Equity capital

COOPER CAMERON NETHERLANDS B.V.
Registration: Netherlands

Shareholder

PRODUKTIEWEG 14
9601 HOOGEZAND
Netherlands

99,88%
24.163.466 Ordinary shares

NATURAL PERSONS
Nationality: RO

Shareholder

Romania

0,12%
29.922 Ordinary shares



American company Cooper Cameron, one of the world's top producers of gas pressure control equipment, took over Sterom Campina at the end of 2004.
The transaction included other activities of PCC Flow Technologies, a division of another US company, Precision Castparts Corp.(PCC) had a value of almost 80 million dollars.

Besides Sterom Câmpina, the assets acquired by Cooper Cameron will also include the US companies General Valve, TVB, AOP Industries, as well as the Italian company PCC Ball Valves.

Former owner PCC had bought Sterom Câmpina from the former State Ownership Fund (SOF) in 1999.

 

 

Management:

Full Name

Function

Address

MCCORMICK WILLIAM

Chairman of the executive board

United States of America

BURCHIU ADRIAN

Deputy chairman of the executive board

Romania

LARSSON WILLIAM

Member of the executive board

United States of America

GHEORGHIU GABRIEL

Head of Sales

Romania

CONSTANTIN VALENTIN

Head of Commercial department

Romania

BALTA DORU

Head of Engineering and Production

Romania

LEWIS ERIC

President/Director

 

CALUGARU MARIA

Head of Finance and Accounting

Romania

VARIU ALEX

Head of Finance and Accounting

Romania

 

 

 

KEY DATA ON OPERATIONS

 

 

 

Subject of Operation:

NACE
  main activity:
  2899 Manufacture of other special-purpose machinery n.e.c.

  2219 Manufacture of other rubber products
  2814 Manufacture of other taps and valves
  2813 Manufacture of other pumps and compressors
  7110 Architectural and engineering activities and related technical consultancy
  2511 Manufacture of metal structures and parts of structures
  3299 Other manufacturing n.e.c.
  8299 Other business support service activities n.e.c.
  2892 Manufacture of machinery for mining, quarrying and construction

Main Products and Services:
- Drilling machinery and equipment for oil and gas rigs
- Oil, gas and water extraction machinery and equipment

Quality Assessments:
-ISO 9001 No. 31220, Expires on: 10.04.2003, Issued by: ABS Quality Evaluations, S.U.A.
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)

 

01.01.2008-30.06.2008

2007

2006

2005

Turnover

221.542.481

378.627.297

250.825.237

145.735.782

Fixed assets

121.252.091

113.330.995

83.333.792

73.706.553

Equity capital

141.739.514

105.243.895

46.855.365

2.679.051

Profit after taxation

36.495.617

51.144.677

42.338.529

0

Loss after taxation

0

0

0

20.818.957

Operating result - profit

44.079.441

68.668.083

32.107.488

131.477.465

Operating result - loss

0

0

0

0

 

 

01.01.2008-30.06.2008

2007

2006

2005

Return on assets ( ROA )
Net profit / Total assets

0,13

0,20

0,21

0

Return on equity ( ROE )
Net profit / Shareholder equity

0,26

0,49

0,90

0

 

 

 

Workforce:

 

30.06.2008

2007

2006

2004

Total workforce

794

764

692

712

 

 

 

Imports:

Germany

United Kingdom

Japan

 

 

 

Exports:

 

Austria

Canada

Egypt

Russian Federation

Syrian Arab Republic

 

 

 

Branches:

Sales office:
Sevastopol 13-17, Ap.204
010991 Bucuresti, sector 1
Romania
Tel: +40-21-3124613, +40-723-255182
Fax: +40-21-2109501

Sales office:
Orizontului
105600 Campina, Jud. Prahova
Romania
Tel: +40-244-306033

 

 

 

FINANCIAL INFORMATION

 

 

 

Financials:

Amounts shown in Romanian Leu (New) (RON)  

01.01.2008-30.06.2008

2007

2006

2005

 



BALANCE SHEET

 

FIXED ASSETS

121.252.091

113.330.995

83.333.792

73.706.553

 

Intangible assets

149.706

207.076

175.142

201.303

 

Tangible assets

120.901.443

104.693.532

82.963.698

73.255.264

 

Financial fixed assets

200.942

8.430.387

194.952

249.986

 

CURRENT ASSETS

150.243.080

146.088.349

115.671.692

70.745.313

 

Inventory

53.788.039

65.199.816

54.844.009

32.059.234

 

Claims (receivable)

78.934.006

57.574.824

57.876.674

36.339.280

 

Liquid assets

17.521.035

23.313.709

2.951.009

2.346.799

 

Prepaid expenses

3.663.086

1.999.598

3.164.631

458.647

 

TOTAL ASSETS

275.158.257

261.418.942

202.170.115

144.910.513

 

Equity capital

141.739.514

105.243.895

46.855.365

2.679.051

 

Share capital

60.483.470

60.483.470

60.483.470

60.483.470

 

Subscribed and paid capital

60.483.470

60.483.470

60.483.470

60.483.470

 

Reserves

7.240.012

5.816.955

4.253.649

1.970.874

 

Long-term liabilities

95.004.321

100.117.652

92.371.225

100.005.669

 

Provisions for risks and charges

0

0

0

0

 

Total debts

129.097.294

155.183.329

154.679.391

142.230.723

 

Short-term liabilities

34.092.973

55.065.677

62.308.166

42.225.054

 

Deferred income

4.321.449

991.718

635.359

739

 

TOTAL LIABILITIES

275.158.257

261.418.942

202.170.115

144.910.513

 

 

PROFIT AND LOSS

 

Turnover

221.542.481

378.627.297

250.825.237

145.735.782

 

Total income

162.896.542

285.210.330

228.355.193

160.047.949

 

Operating income

162.617.194

280.922.463

206.628.638

145.668.805

 

Income from financial transactions (financial income)

279.348

4.287.867

21.726.555

155.994.311

 

Extraordinary income (extraordinary benefit)

0

0

0

187.804

 

Total expenses

119.971.474

225.483.065

182.699.899

180.866.906

 

Operating expenses

118.537.753

212.254.380

174.521.150

14.191.340

 

Expenses on financial transactions (financial expenditures)

1.433.721

13.228.685

8.178.749

24.872.595

 

Extraordinary expenses

0

0

0

0

 

Operating result - profit

44.079.441

68.668.083

32.107.488

131.477.465

 

Operating result - loss

0

0

0

0

 

Profit on financial transactions (financial profit)

0

0

13.547.806

0

 

Loss on financial transactions (financial loss)

1.154.373

8.940.818

0

10.681.255

 

Current result - profit

42.925.068

59.727.265

45.655.294

0

 

Current result - loss

0

0

0

21.006.761

 

Extraordinary profit

0

0

0

187.804

 

Extraordinary loss

0

0

0

0

 

Profit before taxation

42.925.068

59.727.265

45.655.294

0

 

Loss before taxation

0

0

0

20.818.957

 

Profit after taxation

36.495.617

51.144.677

42.338.529

0

 

Loss after taxation

0

0

0

20.818.957

 

Profit tax

6.429.451

8.582.588

3.316.765

0

 

 

 

Ratios:

 

01.01.2008-30.06.2008

2007

2006

2005

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

0,47

0,59

0,77

0,98

Quick ratio
(Current assets - Inventory)/Current liabilities

2,83

1,47

0,98

0,92

Current ratio ( CR )
Current assets / Current liabilities

4,41

2,65

1,86

1,68

Leverage
Long Term Liabilities / Total Equity

0,67

0,95

1,97

37,33

Return on sales ( ROS )
Net profit / Turnover

0,16

0,14

0,17

0

Return on assets ( ROA )
Net profit / Total assets

0,13

0,20

0,21

0

Return on equity ( ROE )
Net profit / Shareholder equity

0,26

0,49

0,90

0

Sales to Total Assets
Sales / Total assets

0,81

1,45

1,24

1,01

Days supply in inventory
Inventory / Turnover * 360 days

43,94

62,85

79,81

80,29

Days sales in receivables
Receivables / Turnover * 360 days

64,49

55,50

84,22

91,01

Days purchase in payables
Current Liabilities / Turnover * 360 days

27,85

53,08

90,67

105,75

Operating margin, in %
Operating result / Sales

19,90

18,14

12,80

90,22

Operating result / Total assets
Operating result / Total assets

0,16

0,26

0,16

0,91

Cash ratio
Cash / Current liabilities

0,51

0,42

0,05

0,06

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

51,51

40,26

23,18

1,85

 

 

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:

Source of 2007 and 30.06.2008 financial statements: the subject company.

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.

 

 

 

Banker

 

ABN AMRO BANK (ROMANIA) S.A. BUCURESTI SA SUCURSALA PLOIESTI
PLOIESTI

ANGLO-ROMANIAN BANK LIMITED ANGLIA LONDRA SUCURSALA BUCURESTI - Account no. RO10 ARBL 2000 0010 1222 US01
011857 Bucuresti, Sector 1, Piata Charles de Gaulles 3-5

ANGLO-ROMANIAN BANK LIMITED ANGLIA LONDRA SUCURSALA BUCURESTI - Account no. RO12 ARBL 2000 0010 1222 RO04
011857 Bucuresti, Sector 1, Piata Charles de Gaulles 3-5

ANGLO-ROMANIAN BANK LIMITED ANGLIA LONDRA SUCURSALA BUCURESTI - Account no. RO23 ARBL 2000 0010 1222 EU02
011857 Bucuresti, Sector 1, Piata Charles de Gaulles 3-5

BANCA COMERCIALA ROMANA SA BUCURESTI SUCURSALA CAMPINA
105600 Campina, Jud. Prahova, Carol I 31

BANQUE FRANCO-ROUMAINE SA PARIS SUCURSALA BUCURESTI
71261 Bucuresti, Piata Charles de Gaulle 3-5

BRD - GROUPE SOCIETE GENERALE SA BUCURESTI SUCURSALA MARI CLIENTI CORPORATIVI - BUCURESTI - Account no. RO68 BRDE 450S V054 5689 4500/EUR
Bucuresti, Sector 1, Ion Mihalache 1-7

BRD - GROUPE SOCIETE GENERALE SA BUCURESTI SUCURSALA MARI CLIENTI CORPORATIVI - BUCURESTI - Account no. RO73 BRDE 450S V054 5582 4500/USD
Bucuresti, Sector 1, Ion Mihalache 1-7


BRD - GROUPE SOCIETE GENERALE SA BUCURESTI SUCURSALA MARI CLIENTI CORPORATIVI - BUCURESTI - Account no. RO85 BRDE 450S V054 5558 4500/RON
Bucuresti, Sector 1, Ion Mihalache 1-7

 

 

 

 

 

 

 

ADDITIONAL INFORMATION

 

 

 

General Information:

Listed on RASDAQ(Romanian Secondary Securities Market) since: : Friday, December 20, 1996
Status: Delisted on 10.09.2004

Total no. of shares: 5,710,167
Share capital: RON 14.275.417,50
Nominal value: RON 2,5000

Last trade day : 11.11.2003
-Minimum price: RON 3,4988
-Maximum price: RON 3,4988
-Average price: RON 3,4988
-Shares traded: 2.711 shares
-No. of trades: 1

Max last 52 weeks RON -
Min last 52 weeks RON -

 

 

 

Press Releases:

Cameron US group, one of the world's main providers of equipment and services for the oil and gas industry, is set to invest $63m (46m euros) in a plant located in Ploiesti. Through the move, Cameron will strengthen its domestic presence after also taking over the majority stake in Sterom Campina, a producer of oil equipment, in 2004. The plant will produce surface equipment for the markets of Europe, Africa, Russia and the Caspian and Mediterranean Sea areas. The plant plans to have 330 employees and construction works will be finalised in the middle of 2008. The plant expects to utilise an area of 11,500 square metres, which includes administrative space and annexes. ("Ziarul Financiar" - August 15th, 2007)

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.18

UK Pound

1

Rs.75.05

Euro

1

Rs.60.89

 

 

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