MIRA INFORM REPORT

 

 

Report Date :           

18.06.2011

 

IDENTIFICATION DETAILS

 

Name :

INDUSTRIAL MECANO IMPORT EXPORT SRL 

 

 

Registered Office :

Mitropolit Veniamin Costache 22, 050192 Bucuresti, sector 4

 

 

Country :

Romania

 

 

Financials (as on) :

2010

 

 

Date of Incorporation :

04.03.2004

 

 

Com. Reg. No.:

No. J40/3374/2004

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturer of plastic plates, sheets, tubes and profiles

 

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 400.000,00

Status :

Satisfactory

Payment Behaviour :

No Complaints

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

 


 Bottom of Form

 

 

                                                                                                                                                                                                                                                                                                                              

COMPANY REPORTED      

 

 

 

INDUSTRIAL MECANO IMPORT EXPORT SRL

Principal Address:
Mitropolit Veniamin Costache 22
050192 Bucuresti, sector 4
Romania
Telephone: +40-21-3368393, +40-744-534574, +40-744-474699, +40-724-043702, +40-744-709705
Fax: +40-21-3368393
Email: abrazive@industrial.ro; all@industrial.ro
Web: www.industrial.ro

Branch production:
Anton Bacalbasa 2/D
300524 Timisoara, jud. Timis
Romania
Telephone: +40-256-219766, +40-256-287153, +40-256-287298, +40-256-287737, +40-256-290218/292397

Branch production:
B-dul Metalurgiei 4
700293 Iasi Jud Iasi
Romania

Branch production:
Avram Iancu (E-60) 442-446
407280 Floresti Jud Cluj
Romania
Telephone: +40-264-275105, +40-264-275106
Fax: +40-264-481143
Email: abrazive@cluj.astral.ro,ambalare@cluj.astral.ro

Branch production:
Ana Ipatescu 44
077120 Jilava Jud Ilfov
Romania

 

ICON number: 9488670
National ID: J40/3374/2004
VAT number: 10973931

 

Registration status: 04.03.2004 - registered company
Activity status: 1998 - active company

 


CREDIT INFORMATION SUMMARY

 

 

 

Insolvency Information:

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

 

 

 

Maximum Credit:

EUR 400.000,00

 

 

 

 

 

 

Payment Practices:

According to our experiences payments are made regularly.
The company has no payment incidents registered at The Payment Incidents Office within 07-06-2004 - 07-06-2011.

According to official sources (Ministry of Finance) the subject company is not registered with any debt to the State Budget at 31.03.2011.

 

 

 

Further Rating Information:

Researched company is categorized as a medium sized company.
Turnover volume of RON 55.869.813 in the year 2010 increased by 2,10% compared with 2009. In the previous period this change was -11,36%.
Fixed assets decreased by RON 430.846 and now 33,61% of total assets.
Working capital of RON 6.971.374 increased for 9,49% compared with the last period.

 

 

 

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:

1998

 

 

 

Registration:

No. J40/3374/2004
04.03.2004
Bucuresti, Romania

 

 

 

Former Registration:

No. J35/932/1998
1998
Timis, 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

BOHAN MARIUS RAZVAN

Shareholder

Romania

42,00%
2.100 Ordinary shares

PASCARU LEONTIN FLORIN RADU

Shareholder

Romania

42,00%
2.100 Ordinary shares

Abraflex Enterprises INC.
Registration: United States of America

Shareholder

Silverside Road 1053511
19810 Wilmington
United States of America

10,00%
500 Ordinary shares

BRAMSON (OVERSEAS) LTD
Registration: Virgin Islands (British)

Shareholder

TORTOLA
TRIDENT CHAMBERS ROAD
Virgin Islands (British)

6,00%
300 Ordinary shares



BOHAN MARIUS RAZVAN is registered as shareholder within:
- INDUSTRIAL TRADE & TECHNOLOGY SRL J35/2478/2003
- MANAGEMENT PRODUCŢIE SRL J35/2979/2004
BOHAN MARIUS RAZVAN is registered both as shareholder and administrator within:
- INDUSTRIAL PLASTIC RECYCLING SRL J40/14716/2003

PASCARU LEONTIN FLORIN RADU is registered both as shareholder and administrator within:
- INDUSTRIAL TRADE & TECHNOLOGY SRL J35/2478/2003
- MANAGEMENT PRODUCŢIE SRL J35/2979/2004
- INDUSTRIAL PLASTIC RECYCLING SRL J40/14716/2003

 

 

 

Management:

Full Name

Function

Address

BOHAN MARIUS RAZVAN
01.06.2004 - Present

Director

Romania

PASCARU LEONTIN FLORIN RADU
01.06.2004 - Present

Director

Romania

 

 

 

Person functions in other companies:

Function

Company

Other known functions of  BOHAN MARIUS RAZVAN

Managing director

INDUSTRIAL TRADE & TECHNOLOGY SRL (RO)
National ID: J35/2478/2003

Shareholder

INDUSTRIAL TRADE & TECHNOLOGY SRL (RO)
National ID: J35/2478/2003

 

 

 

Related Companies:

affiliate
INDUSTRIAL PLASTIC RECYCLING SRL , Romania , National ID: J40/14716/2003

affiliate
INDUSTRIAL TRADE & TECHNOLOGY SRL , Romania , National ID: J35/2478/2003

 

 

 

                                                                                                                                                                                                                                                                                                                              

KEY DATA ON OPERATIONS        

 

 

 

Subject of Operation:

NACE
  2221 Manufacture of plastic plates, sheets, tubes and profiles


Industrial Mecano Group is the biggest producer and distributor of packaging materials and machines in Romania.
NACE codes given are based on the most recent NACE Revision 2.

 

 

 

Company Development:

Satisfactory business development

 

 

 

Key Data:

Amounts shown in Romanian Leu (New) (RON)

 

2010

2009

2008

2007

Turnover

55.869.813

54.721.008

61.732.222

59.419.593

Fixed assets

8.917.324

9.348.170

9.949.669

9.275.140

Equity capital

15.925.336

15.731.670

14.067.478

12.634.102

Profit after taxation

193.667

1.664.192

134.377

1.873.527

Operating result - profit

621.560

2.669.219

1.584.461

3.015.389

 

 

 

 

 

 

Industry average

 

2010

2009

2008

2007

 

2010

2009

2008

2007

Return on assets ( ROA )
Net profit / Total assets

0,01

0,07

0,01

0,08

 

 

 

 

0,10

Return on equity ( ROE )
Net profit / Shareholder equity

0,01

0,11

0,01

0,15

 

 

 

 

0,24


Industry average values are listed for the NACE branch: 22 - Manufacture of rubber and plastic products

 

 

 

Workforce:

 

2010

2009

2008

2007

Total workforce

92

87

92

99

 

 

 

Imports:

Czech Republic

Germany

Hungary

Italy

 

 

 

Exports:

 

Armenia

Bulgaria

Republic of Moldova

Netherlands

 

 

 

Major Customers:

Borsec Romaqua, Coca Cola HBC, Unilever Romania, Elite Romania, Nestle Romania,
Dorna Apemin, General Transilvania, Köber , Romcarton, Cesarom, Mondial, Hochland,
Star Foods, Procter & Gamble, Frigorex Romania, Lemarpol, Danone, Dr. Oetker, Eurocafe, Excelent, Parmalat, Standard Nutricia

 

 

 

Major Suppliers:

Authorized dealer for: SCAPA TAPES(GB), STARKE(DE), CARBORUNDUM(DE), VETA(CZ), DYNABRADE(US)

 

 

 

 

                                                                                                                                                                                                                                                                                                                              

FINANCIAL INFORMATION    

 

 

 

Financials:

Amounts shown in Romanian Leu (New) (RON)  

2010

2009

2008

2007






BALANCE SHEET

 

FIXED ASSETS

8.917.324

9.348.170

9.949.669

9.275.140

 

Intangible assets

12.588

1.274

1.825

 

 

Tangible assets

8.534.528

9.346.896

9.947.844

 

 

Financial fixed assets

370.208

0

0

 

 

CURRENT ASSETS

17.562.029

14.046.426

14.540.620

14.351.126

 

Inventory

5.995.688

5.374.252

5.157.721

5.252.199

 

Claims (receivable)

10.323.617

7.556.830

7.706.009

8.661.848

 

Liquid assets

1.242.724

1.115.344

1.676.890

437.079

 

SHORT TERM FINANCIAL INVESTMENTS

0

0

0

 

 

PREPAID EXPENSES

49.696

40.210

39.549

80.697

 

TOTAL ASSETS

26.529.049

23.434.806

24.529.838

23.706.963

 

EQUITY CAPITAL

15.925.336

15.731.670

14.067.478

12.634.102

 

Share capital

50.000

50.000

50.000

50.000

 

Subscribed and paid capital

50.000

50.000

50.000

50.000

 

Reserves

0

11.686.974

11.214.800

9.341.274

 

Short-term liabilities

10.590.655

7.679.488

10.368.078

10.839.027

 

Long-term liabilities

0

0

56.126

190.370

 

TOTAL DEBTS

10.590.655

7.679.488

10.424.204

11.029.397

 

Provisions for risks and charges

13.058

23.648

38.156

43.464

 

Deferred income

0

0

0

 

 

TOTAL EQUITY AND LIABILITIES

26.529.049

23.434.806

24.529.838

23.706.963






PROFIT AND LOSS

 

Turnover

55.869.813

54.721.008

61.732.222

59.419.593

 

TOTAL INCOME

56.778.377

55.835.434

62.753.399

65.183.430

 

Operating income

56.142.625

55.359.313

62.314.113

 

 

Income from financial transactions (financial income)

635.752

476.121

439.286

 

 

Extraordinary income

0

0

0

 

 

TOTAL EXPENSES

56.452.960

53.744.459

62.511.605

62.912.517

 

Operating expenses

55.521.065

52.690.094

60.729.652

 

 

Expenses on financial transactions (financial expenditures)

918.813

1.054.365

1.781.953

 

 

Extraordinary expenses

13.082

0

0

 

 

Operating result - profit

621.560

2.669.219

1.584.461

3.015.389

 

Operating result - loss

0

0

0

 

 

Profit on financial transactions (financial profit)

0

0

0

 

 

Loss on financial transactions (financial loss)

283.061

578.244

1.342.667

 

 

Current result - profit

338.499

2.090.975

241.794

2.270.913

 

Current result - loss

0

0

0

 

 

Extraordinary profit

0

0

0

 

 

Extraordinary loss

13.082

0

0

 

 

Profit before taxation

325.417

2.090.975

241.794

2.270.913

 

Loss before taxation

0

0

0

0

 

Profit after taxation

193.667

1.664.192

134.377

1.873.527

 

Loss after taxation

0

0

0

0

 

Profit tax

131.750

426.783

107.417

 

 

 

 

Approximate Exchange Rates:

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 financials for 2010: 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.

 

 

 

Bankers:

ALPHA BANK ROMANIA SA BUCURESTI SUCURSALA UNIRII
030834 Bucuresti, Sector 3, B-dul. Unirii 62, Bl. K5

OTP BANK ROMANIA S.A. BUCURESTI SUCURSALA TIMISOARA - Account no. RO53BNRB190000034193RO02
300627 Timisoara, Jud. Timis, Piata Consiliul Europei 1

OTP BANK ROMANIA S.A. BUCURESTI SUCURSALA TIMISOARA - Account no. RO69BNRB190000034193RO05
300627 Timisoara, Jud. Timis, Piata Consiliul Europei 1

OTP BANK ROMANIA S.A. BUCURESTI SUCURSALA TIMISOARA - Account no. RO86BNRB110000034193RO01
300627 Timisoara, Jud. Timis, Piata Consiliul Europei 1

OTP BANK ROMANIA S.A. BUCURESTI SUCURSALA TIMISOARA - Account no. RO98BNRB200000034193RO03
300627 Timisoara, Jud. Timis, Piata Consiliul Europei 1

RAIFFEISEN BANK SA
Bucuresti

 

 

 

Ratios:

 

 

 

 

 

Industry average

 

2010

2009

2008

2007

 

2010

2009

2008

2007

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

0,40

0,33

0,42

0,47

 

 

 

 

0,77

Quick ratio
(Current assets - Inventory)/Current liabilities

1,09

1,13

0,90

0,84

 

 

 

 

0,55

Current ratio ( CR )
Current assets / Current liabilities

1,66

1,83

1,40

1,32

 

 

 

 

0,86

Leverage
Long Term Liabilities / Total Equity

0

0

0,00

0,02

 

 

 

 

0,16

Return on sales ( ROS )
Net profit / Turnover

0,00

0,03

0,00

0,03

 

 

 

 

0,08

Return on assets ( ROA )
Net profit / Total assets

0,01

0,07

0,01

0,08

 

 

 

 

0,10

Return on equity ( ROE )
Net profit / Shareholder equity

0,01

0,11

0,01

0,15

 

 

 

 

0,24

Operating margin, in %
Operating result / Sales

1,11

4,88

2,57

5,07

 

 

 

 

 

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

39,17

35,85

30,50

32,26

 

 

 

 

61,10

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

67,44

50,41

45,56

53,21

 

 

 

 

79,78

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

69,19

51,22

61,30

66,58

 

 

 

 

144,34

Sales to Total Assets
Sales / Total assets

2,11

2,34

2,52

2,51

 

 

 

 

2,98

Operating result / Total assets
Operating result / Total assets

0,02

0,11

0,06

0,13

 

 

 

 

 

Cash ratio
Cash / Current liabilities

0,12

0,15

0,16

0,04

 

 

 

 

 

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

60,03

67,13

57,35

53,29

 

 

 

 

 

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

33,61

39,89

40,56

39,12

 

 

 

 

 

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

58,78

53,80

53,00

60,36

 

 

 

 

 

Net working capital
Current assets - Short-term liabilities

RON 6.971.374,00

RON 6.366.938,00

RON 4.172.542,00

RON 3.512.099,00

 

 

 

 

 


Industry average values are listed for the NACE branch: 22 - Manufacture of rubber and plastic products

 




 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.44.93

UK Pound

1

Rs.72.43

Euro

1

Rs.63.62

 

 

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.