MIRA INFORM REPORT

 

 

Report Date :           

09.08.2011

 

IDENTIFICATION DETAILS

 

Name :

ARCELORMITTAL TUBULAR PRODUCTS ROMAN SA 

 

 

Registered Office :

Stefan cel Mare Bl 15, Sc. A, Et. P, 611038 Roman, Jud. Neamt

 

 

Country :

Romania

 

 

Financials (as on) :

2010

 

 

Date of Incorporation :

14.02.1991

 

 

Com. Reg. No.:

No. J27/88/1991

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of tubes, pipes, hollow profiles and related fittings, of steel

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Romania

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

ARCELORMITTAL TUBULAR PRODUCTS ROMAN SA

 

Principal Address:

Stefan cel Mare Bl 15, Sc. A, Et. P

611038 Roman, Jud. Neamt

Romania

Telephone: +40-233-701114,701122, +40-233-744780, +40-233-744700, +40-233-744706,744712, +40-233-748089

Fax: +40-233-748405

Web: www.arcelormittal.com

 

Branch production:

Sos. Roman-Iasi km. 333

617135 Roman, jud. Neamt

Romania

Telephone: +40-233-701163, +40-233-748088, +40-233-701164, +40-233-701703, +40-233-701704

Web: www.mittalsteel.com

 

Branch production:

Libertatii 4, Bl. 117, Sc.1, Ap.16

040128 Bucuresti

Romania

 

Branch production:

Incinta Portului Nou Dana 34

900900 Constanta, Jud. Constanta

Romania

 

Warehouse:

Cristianului 6

500053 Brasov, Jud. Brasov

Romania

 

Former company names

MITTAL STEEL ROMAN SA valid until 31.10.2007

ISPAT PETROTUB SA

PETROTUB SA

 

ICON number: 4233970

National ID: J27/88/1991

VAT number: 2057240

 

Registration status: 14.02.1991 - registered company

Activity status: 14.02.1991 - active company

 Bottom of Form

 

 

CREDIT INFORMATION SUMMARY

Insolvency Information:

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

Payment Practices:

Payments are made slowly.
The company has no payment incidents registered at The Payment Incidents Office within 15-07-2004 - 15-07-2011.

The company is registered at 31.03.2011 with a debt to the State Budget of RON 1,472,436. Compensation requests in progress.

The company is registered at 30.06.2011 with a debt to the State Budget of RON 1.574.629. Compensation requests in progress.

Further Rating Information:

Researched company is categorized as a big company.
Turnover volume of RON 497.813.094 in the year 2010 increased by 41,16% compared with 2009. In the previous period this change was -57,15%.
Fixed assets decreased by RON 21.616.630 and now 41,37% of total assets.


Analysis of last available financials shows a bad financial structure. Business relations on credit basis without additional securities are not recommended.

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:

1957

Registration:

No. J27/88/1991
14.02.1991
Neamt, Romania

Legal Form:

Joint Stock Company

Capital:

Nominal capital:

 

RON 36.110.772,50

 

Number of Ordinary shares:

14.444.309

 

Value per share of Ordinary shares:

RON 2,50

 

 

Paid-up capital:

 

RON 36.110.772,50

 

Paid other than in cash:

RON 36.110.772,50

 

Shareholders:

Full Name

Function

Address

Equity capital

ArcelorMittal Tubular Products Holding B.V.
Registration: Netherlands

Shareholder

Rotterdam
Netherlands

69,77%
10.077.565 Ordinary shares

NATURAL PERSONS

Shareholder

 

16,15%
2.332.432 Ordinary shares

SIF Moldova
Registration: Romania

Shareholder

 

14,08%
2.034.312 Ordinary shares


ARCELORMITTAL TUBULAR PRODUCTS HOLDING B.V. is registered as shareholder within the following company:
- ARCELORMITTAL TUBULAR PRODUCTS GALATI SRL, J17/2120/2006.
- ARCELORMITTAL TUBULAR PRODUCTS IAªI SA, J22/278/1991

 

Management:

Full Name

Function

Address

SINHA ARUN KUMAR
01.09.2010 - Present

Managing director

India

ANNAL JAMES STUART
18.08.2010 - Present

Member of the executive board

United Kingdom

COSTA DE BEAUREGARD BEROLD HENRI
Nationality: FR
29.04.2011 - Present

Member of the executive board

France

GRANBOULAN JEROME MARIE PASCAL AURELIEN
16.10.2007 - Present

Member of the executive board

France

MARCOS JOSE GONZALEZ ROMERO
17.01.2008 - Present

Member of the executive board

Canada

MUNTEANU ION RADU
Nationality: RO
27.04.2010 - Present

Member of the executive board

Romania

SANJIV GOEL
Nationality: IN
29.04.2011 - Present

Member of the executive board

India

TOMAS TELUCH
17.01.2008 - Present

Member of the executive board

Czech Republic

 

Person functions in other companies:

Function

Company

Other known functions of MUNTEANU ION RADU

 

Member of the executive board

COMAT GALATI SA (RO)
National ID: J17/78/1991

Other known functions of ANNAL JAMES STUART

 

Member of the executive board

ARCELORMITTAL TUBULAR PRODUCTS GALATI SRL (RO)
National ID: J17/2120/2006

Related Companies:

affiliate
ARCELORMITTAL TUBULAR PRODUCTS IASI SA , Romania , National ID: J22/278/1991

affiliate
ARCELORMITTAL TUBULAR PRODUCTS GALATI SRL , Romania , National ID: J17/2120/2006

shareholder of
PETROTUB IZOTEROM SA , Romania , National ID: J27/1265/1994
Insolvency Information: Judicial reorganisation procedure has been opened

ArcelorMittal controls in Romania the siderurgical plants from Galati (ArcelorMittal Galati), Roman (ArcelorMittal Tubular Products Roman), Hunedoara (ArcelorMittal Hunedoara) and Iasi (ArcelorMittal Tubular Products Iasi), the local subsidiary of the construction company ArcelorMittal Construction (AMC), and also the harbor operator Romportmet Galati.

 

           

KEY DATA ON OPERATIONS

Subject of Operation:

NACE
main activity:
2420 Manufacture of tubes, pipes, hollow profiles and related fittings, of steel

2020 Manufacture of pesticides and other agrochemical products

The company main object of activity is production of: - seamless steel pipes, hot-rolled, cold rolled and/or drawn, in 6-508 mm diameter range and 0.5-70 mm wall thickness; - seamless pipes, square or rectangular. Terrestrial transport. Technical testing and analyses. Maintenance and repairs for metrology equipment. Metal fabrications. Wholesale trading, on domestic and foreign market, of own products.

The company's main products and services:
- Pipes and tubes, ferrous
- Hire and rental of civil engineering and building industry machinery and equipment.

Quality assessment:
- SR EN ISO 9001:2001
- SR EN ISO 9002:2001
NACE codes given are based on the most recent NACE Revision 2.

Inflation rate: 6,09%

Company Development:

300: Satisfactory business development

Key Data:

 

 

 

 

Amounts shown in Romanian Leu (New) (RON)

 

 

 

 

 

2010

2009

2008

2007

Turnover

497.813.094

352.654.298

823.038.432

826.496.459

Fixed assets

232.386.172

254.002.802

364.977.852

392.102.284

Equity capital

-291.223.965

-180.360.141

74.980.136

258.582.673

Profit after taxation

0

0

0

0

Loss after taxation

111.279.267

203.106.549

183.598.863

40.293.840

Operating result - profit

0

0

0

0

Operating result - loss

55.033.998

156.636.469

119.381.285

12.023.911

 

 

 

 

 

 

Industry average

 

 

 

 

 

2010

2009

2008

2007

 

2010

2009

2008

2007

Return on assets ( ROA )
Net profit / Total assets

0

0

0

0

 

 

 

 

0,10

Return on equity ( ROE )
Net profit / Shareholder equity

0

0

0

0

 

 

 

 

0,20


Industry average values are listed for the NACE branch: 24 - Manufacture of basic metals

 

 

 

 

 

 

 

 

 

 

Workforce:

 

2010

2009

2008

2007

Total workforce

1.195

1.217

1.853

2.124

Imports:

Russia

Ukraine

Exports:

 

Greece, Belgium, Italy, Russia, United Kingdom, United States of America, Spain, India, United Arab Emirates, Egypt, Saudi Arabia

Real Estate:

built upon
Address:
Stefan cel Mare Bl 15, Sc. A, Et. P
611038 Roman, Jud. Neamt
Romania

Size: 341000 m2

 

FINANCIAL INFORMATION

 

Financials:






Amounts shown in Romanian Leu (New) (RON)  

2010

2009

2008

2007

 

BALANCE SHEET

 

 

 

 

 

FIXED ASSETS

232.386.172

254.002.802

364.977.852

392.102.284

 

Intangible assets

0

0

0

2.347

 

Tangible assets

232.350.172

253.966.802

364.935.530

392.040.523

 

Financial fixed assets

36.000

36.000

42.322

59.414

 

CURRENT ASSETS

328.640.562

272.825.108

422.169.491

317.889.810

 

Inventory

153.541.898

146.571.781

228.391.270

202.328.448

 

Claims (receivable)

167.736.487

55.490.664

185.125.754

104.209.347

 

Liquid assets

7.054.970

70.455.456

8.345.260

11.044.808

 

SHORT TERM FINANCIAL INVESTMENTS

 

307.207

307.207

307.207

 

PREPAID EXPENSES

668.633

750.124

0

0

 

TOTAL ASSETS

561.695.367

527.578.034

787.147.343

709.992.094

 

EQUITY CAPITAL

-291.223.965

-180.360.141

74.980.136

258.582.673

 

Share capital

36.110.773

36.110.773

36.110.773

36.110.773

 

Subscribed and paid capital

36.110.773

36.110.773

36.110.773

36.110.773

 

Reserves

113.189.174

102.381.154

97.860.586

97.807.302

 

Short-term liabilities

640.984.821

481.572.165

484.500.161

396.255.553

 

Long-term liabilities

174.000.000

182.710.032

190.418.952

22.310.957

 

TOTAL DEBTS

814.984.821

664.282.197

674.919.113

418.566.510

 

PROVISIONS FOR RISKS AND CHARGES

37.934.511

43.655.978

37.248.094

32.842.911

 

DEFERRED INCOME

0

0

0

0

 

TOTAL EQUITY AND LIABILITIES

561.695.367

527.578.034

787.147.343

709.992.094






PROFIT AND LOSS

 

 

 

 

 

Turnover

497.813.094

352.654.298

823.038.432

826.496.459

 

TOTAL INCOME

535.498.447

365.897.399

884.598.314

903.885.241

 

Operating income

497.666.625

321.634.923

842.662.084

885.804.830

 

Income from financial transactions (financial income)

37.831.822

44.262.476

41.936.230

18.080.411

 

Extraordinary income

0

0

0

0

 

TOTAL EXPENSES

646.734.714

568.975.281

1.068.197.177

942.592.341

 

Operating expenses

552.700.623

478.271.392

962.043.369

897.828.741

 

Expenses on financial transactions (financial expenditures)

94.034.091

90.703.889

106.153.808

44.763.600

 

Extraordinary expenses

0

0

0

0

 

Operating result - profit

0

0

0

0

 

Operating result - loss

55.033.998

156.636.469

119.381.285

12.023.911

 

Profit on financial transactions (financial profit)

0

0

0

0

 

Loss on financial transactions (financial loss)

56.202.269

46.441.413

64.217.578

26.683.189

 

Current result - profit

0

0

0

0

 

Current result - loss

111.236.267

203.077.882

183.598.863

38.707.100

 

Extraordinary profit

0

0

0

0

 

Extraordinary loss

0

0

0

0

 

Profit before taxation

0

0

0

0

 

Loss before taxation

111.236.267

203.077.882

183.598.863

38.707.100

 

Profit after taxation

0

0

0

0

 

Loss after taxation

111.279.267

203.106.549

183.598.863

40.293.840

 

Profit tax

43.000

28.667

0

1.586.740

 

Approximate Exchange Rates:

2010: 4,2099 RON = 1 EUR
2009: 4,2373 RON = 1 EUR
2008: 3,6827 RON = 1 EUR
2007: 3,332 RON = 1 EUR
2006: 3,5245 RON = 1 EUR
2009: 3,0493 RON = 1 USD
2008: 2,5189 RON = 1 USD
2007: 2,4383 RON = 1 USD
2006: 2,809 RON = 1 USD

 

Financial Comments:

Source of 2010 financial statements: Bucharest Stock Exchange.

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:

BANCA COMERCIALA ROMANA SA BUCURESTI SUCURSALA ROMAN
611002 Roman, Jud. Neamt, Nicolae Titulescu 12

BANCA TRANSILVANIA SA CLUJ SUCURSALA PIATRA NEAMT - Account no. RO11BTRL02802202366546XX
610033 Piatra Neamt, Jud. Neamt, Decebal 33

CITIBANK ROMANIA SA - Account no. RO02CITI0000000824776024 EUR
011742 Bucuresti Sector 1, B-dul Iancu de Hunedoara 8

CITIBANK ROMANIA SA - Account no. RO24CITI0000000824776016 USD
011742 Bucuresti Sector 1, B-dul Iancu de Hunedoara 8

CITIBANK ROMANIA SA - Account no. RO46CITI0000000824776008 RON
011742 Bucuresti Sector 1, B-dul Iancu de Hunedoara 8

 

Ratios: 

 

 

 

 

 

Industry average

 

2010

2009

2008

2007

 

2010

2009

2008

2007

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

1,45

1,26

0,86

0,59

 

 

 

 

0,71

Quick ratio
(Current assets - Inventory)/Current liabilities

0,27

0,26

0,40

0,29

 

 

 

 

0,59

Current ratio ( CR )
Current assets / Current liabilities

0,51

0,57

0,87

0,80

 

 

 

 

0,87

Leverage
Long Term Liabilities / Total Equity

-0,60

-1,01

2,54

0,09

 

 

 

 

0,13

Return on sales ( ROS )
Net profit / Turnover

0

0

0

0

 

 

 

 

0,09

Return on assets ( ROA )
Net profit / Total assets

0

0

0

0

 

 

 

 

0,10

Return on equity ( ROE )
Net profit / Shareholder equity

0

0

0

0

 

 

 

 

0,20

Operating margin, in %
Operating result / Sales

0

0

0

0

 

 

 

 

 

Days supply in inventory
(Inventory / Turnover) * No. of days in period

112,58

151,70

101,29

89,35

 

 

 

 

60,96

Days sales in receivables
(Receivables / Turnover) * No. of days in period

122,99

57,43

82,10

46,02

 

 

 

 

93,33

Days purchase in payables
(Current Liabilities / Turnover) * No. of days in period

469,97

498,43

214,87

175,00

 

 

 

 

148,43

Sales to Total Assets
Sales / Total assets

0,89

0,67

1,05

1,16

 

 

 

 

2,93

Operating result / Total assets
Operating result / Total assets

0

0

0

0

 

 

 

 

 

Cash ratio
Cash / Current liabilities

0,01

0,15

0,02

0,03

 

 

 

 

 

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

-51,85

-34,19

9,53

36,42

 

 

 

 

 

Fixed assets as % of total assets
(Fixed assests / Total assets) * 100

41,37

48,15

46,37

55,23

 

 

 

 

 

Receivables as % of current assets
(Receivables / Current assets) * 100

51,04

20,34

43,85

32,78

 

 

 

 

 

Net working capital
Current assets - Short-term liabilities

RON -312.344.259,00

RON -208.747.057,00

RON -62.330.670,00

RON -78.365.743,00

 

 

 

 

 

 

 

ADDITIONAL INFORMATION

 


General Information:

Listed on RASDAQ since: 02.05.2000
Status: Tradable

Total no. of shares: 14.444.309
Share capital: RON 36.110.772,50
Nominal value: RON 2,5000

Last trade day: 08.08.2011

-Minimum price: RON 1,8520
-Maximum price: RON 1,8520
-Average price: RON 1,8520
-Shares traded: 100 shares
-No. of trades: 1

Max last 52 weeks RON 3,8000
Min last 52 weeks RON 1,6500

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.96

UK Pound

1

Rs.73.94

Euro

1

Rs.64.56

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.