MIRA INFORM REPORT
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Name :
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TITAN MASINI GRELE SA
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|
|
|
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Registered Office :
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Bd. Basarabia 250, 030352 Bucuresti,sector 3
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|
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Country :
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Romania
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|
|
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Financials (as on) :
|
2010
|
|
|
|
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Date of Incorporation :
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17.06.1991
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Com. Reg. No.:
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No. J40/4781/1991
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Legal Form :
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Joint Stock Company
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Line of Business :
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Manufacture of metal forming machinery
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RATING
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STATUS
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PROPOSED CREDIT LINE
|
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26-40
|
B
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Capability to overcome financial difficulties seems comparatively
below average.
|
Small
|
|
|
|
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Maximum Credit Limit :
|
EUR 75.000,00
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Status :
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Moderate
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Payment
Behaviour :
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Slow
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Litigation :
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Clear
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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
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Country Name
|
Previous Rating
(31.12.2010)
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Current Rating
(31.03.2011)
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Romania
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b1
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b1
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Risk Category
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ECGC
Classification
|
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Insignificant
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A1
|
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Low
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A2
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Moderate
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B1
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High
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B2
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Very High
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C1
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Restricted
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C2
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Off-credit
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D
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COMPANY REPORTED
TITAN MASINI GRELE SA
Principal Address:
Bd. Basarabia 250
030352 Bucuresti,sector 3
Romania
Telephone: +40-21-2550768, +40-21-2550769, +40-21-2557076, +40-21-2550370,
+40-21-2550372
Fax: +40-21-2555129
Email: titan@titan-tmg.com
; secretary@itaco.fx.ro
Web: www.titan-tmg.com
Representation:
Bld de la Madeleine 7, 2nd floor
75001 Paris
France
Telephone: +33-21-47039449
Fax: +33-21-40200769
Sales office:
Crosier 96 E
44311 Akron,Ohio
United States of America
Telephone: +1-330-2520688
Fax: +1-330-2520361
Email: TitanTMG@aol.com
ICON number: 9814430
National ID: J40/4781/1991
VAT number: 335928
Registration status: 17.06.1991 - registered company
Activity status: 17.06.1991 - active company
CREDIT INFORMATION SUMMARY
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Insolvency Information:
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|
This report section contains important information about insolvency,
preliminary or debt regulation proceedings
|
|
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03.10.2000 - Judicial composition has been opened.
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Court publishing date:
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03.10.2000
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Court number:
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0
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Court name:
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Bucuresti
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Court address:
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Bucuresti
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|
Number of publication:
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111162
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|
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22.01.2001 - Judicial composition has been fullfilled.
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Court publishing date:
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22.01.2001
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Court number:
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0
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Court name:
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Bucuresti
|
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Court address:
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Bucuresti
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|
Number of publication:
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8838
|
|
|
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04.09.2007 - Judicial composition has been opened.
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Court decision date:
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04.09.2007
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Court publishing date:
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07.09.2007
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Court number:
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22407/3
|
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Court name:
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Bucuresti
|
|
Court address:
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Bucuresti
|
|
Number of publication:
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390321
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|
|
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18.02.2008 - Judicial composition has been fullfilled.
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|
Court decision date:
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18.02.2008
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Court publishing date:
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14.05.2008
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Court number:
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22407/3
|
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Court name:
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Bucuresti
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Court address:
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Bucuresti
|
|
Number of publication:
|
230563
|
|
|
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|
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Maximum Credit:
|
EUR 75.000,00
|
|
Payment Practices:
|
Payments are made irregularly.
There are no major payment incidents registered between 11-07-2004 -
11-07-2011.
The company is registered at 31.03.2011 with a debt to the State Budget of
RON 589.314. Compensation requests in progress.
The company is registered at 30.06.2011 with a debt to the State Budget of
RON 1.675.420. For this amount enforcement procedures have been started.
|
|
Further Rating
Information:
|
Researched
company is categorized as a big company.
Turnover volume of RON 39.131.936 in the year 2010 decreased by 26,54%
compared with 2009. In previous period this change was 18,40%.
Fixed assets decreased by RON 868.377 and now 9,52% of total assets.
Working capital of RON 16.887.583 increased for 15,70% compared with the last
period.
|
|
Debt Collection:
|
ATS 61.123,30 (Invoice date: 03.01.2000)
Status: closed positive
EUR 7.163,93 (Invoice date: 16.04.2002)
Status: closed negative (05.12.2003) - debtor will not pay
EUR 7.075,20 (Invoice date: 29.04.2008)
Status: closed positive (28.01.2009) - whole amount paid, debtor refuses to
pay expenses and fees
Case received on: 21.11.2008
EUR 5.509,04 (Invoice date: 09.06.2011)
Status: open, partially paid (23.09.2011)
Case received on: 13.09.2011
Only cases with a single case volume exceeding EUR 500 are shown.
The company has paid a total amount of EUR 6.314,26.
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COMPANY DETAILS
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Registration:
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No. J40/4781/1991
17.06.1991
Bucuresti, Romania
|
|
Legal Form:
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joint stock company
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|
History:
|
October 1, 1961 marked the birth of the
Machine Tools and Special Purpose Machines Company, the Romanian machine tool
industry’s first manufacturing entity; today’s TMG.
1963-1967 were important years for TMG. Training as well as manufacturing
rights were acquired for vertical lathes under a MORANDO-Italy agreement,
boring and milling machines under CERUTTI-Italy agreement and plano-milling
machines under KOLMANN-Germany agreement.
Between 1971-1975 a period of reorganization and expansion within the
Romanian machine tool industry saw TMG’s direction turn to heavy machines
with greater technological complexity.
During the period 1976-1982 the facilities were expanded in size and scope.
The technological capabilities of the manufacturing facility increased and
TMG’s product line was enhanced through cooperation with internationally
known companies such as SCHARMANN-Germany for heavy horizontal boring and
milling machines. And again later, 1983-1986, under agreement from
WALDRICH-COBURG of Germany for guideway grinding machines.
1998 brought privatization to the company under the ownership of the Yared
Group.TITAN MASINI GRELE is now a key asset of the Yared Group,a global group
comprised of manufacturing facilities, trading organizations, and sales and
services offices with major activities in the United States, Europe and the
Middle East.
The purchase of Titan Masini Grele (TMG) was finalized on August 1st., 1998.
On 08.12.1999 the company merged by absorbtion with TITAN MASINI DE PRECIZIE
SA(J40/6067/1991)
|
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Capital:
|
|
Nominal capital:
|
|
RON
9.215.632,50
|
|
Number of Ordinary shares:
|
3.686.253
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|
|
Value per share of Ordinary shares:
|
RON 2,50
|
|
|
|
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Paid-up capital:
|
|
RON
9.215.632,50
|
|
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Paid other than in cash:
|
RON 442.952,50
|
|
|
|
Shareholders:
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Full Name
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Function
|
Address
|
Equity capital
|
|
ITACO
INTERNATIONAL SRL
Registration: No. J40/18386/1994, 12.10.1994, Bucuresti, Romania
|
Shareholder
|
Bd Basarabia 250
030352 Bucuresti,sector 3
Romania
|
91,80%
3.384.175 Ordinary shares
|
|
MIGNANO VERONIQUE PASCALE
|
Shareholder
|
France
|
6,57%
242.329 Ordinary shares
|
|
Natural Persons (Persoane Fizice)
|
Shareholder
|
|
1,62%
59.749 Ordinary shares
|
ITACO INTERNATIONAL SRL is registered as shareholder within TITAN ACCESORII
SI SCULE SA, J40/6181/1991.
|
|
Management:
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Full Name
|
Function
|
Address
|
|
MOSTAFA ABOU EL NASR AHMED
09.05.2008 - Present
|
Managing director
|
Egypt
|
|
YARED FOUAD CHRISTIANE
09.05.2008 - Present
|
Chairman of the executive board
|
Lebanon
|
|
NAGUIB ROBERT GHESRY
28.11.2006 - Present
|
Deputy chairman of the executive board
|
Romania
|
|
ZAHARIA ELENA
|
Head of Sales
|
Romania
|
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PENCIU NICOLAE
|
Head of the Technical area
|
Romania
|
|
PERIETEANU THEODOR
|
Head of the Economic area
|
Romania
|
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BATES STEVEN
|
Head of Engineering and Production
|
Romania
|
|
|
Person functions in other companies:
|
|
Function
|
Company
|
|
Other known functions of ZAHARIA
ELENA
|
|
Head of Marketing
|
ITACO
INTERNATIONAL SRL (RO)
National ID: J40/18386/1994
|
|
|
Related Companies:
|
affiliate
EGYTRADE , Egypt
affiliate
ITACO International Australia , Australia
affiliate
ITACO International Italiana , Italy
affiliate
ITACO International Japan , Japan
shareholder is
ITACO INTERNATIONAL SRL , Romania , National ID:
J40/18386/1994
affiliate
MCNeil & NRM, Inc , United States of America
affiliate
McNeil Akron Repiquet , France
affiliate
McNeil NRM California , United States of America
affiliate
TITAN ACCESORII SI SCULE SA , Romania , National ID:
J40/6181/1991
Insolvency Information: Judicial reorganisation procedure has been opened
affiliate
TITAN ECHIPAMENTE NUCLEARE SA , Romania , National
ID: J40/3449/1991
incorporated by merger
TITAN MASINI DE PRECIZIE SA , Romania , National ID:
J40/6067/1991
affiliate
UNIVERS 2000 SRL , Romania , National ID:
J40/1153/2000
Insolvency Information: End of bankruptcy procedure and erasing of debtor
from Trade Registry
Titan Masini Grele (TMG), producer of industrial equipment is member of
multinational group Yared.
Yared Group entered the Romanian market between 1997 and 1999 acquiring six
Romanian factories in a massive investment program: Titan Masini de Precizie,
Univers SDV, Titan Moreps, Titan Masini Grele, Titan Scule si Accesorii,
Titan Echipamente Nucleare. In late 1999, these companies merged under the
name Titan Masini Grele. (Ziarul Financiar, 05.04.2006)
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KEY DATA ON OPERATIONS
|
Subject of
Operation:
|
NACE
main activity:
2841 Manufacture of metal forming machinery
2820 Manufacture of other general-purpose machinery
Manufactures and trades:
Vertical turning & boring mills, table diameter 1,250-8,500mm;
Horizontal boring and milling machines, main spindle diameter 90-230mm
("T" type and floor type);
Gantry type milling machines, table width 2,000-4,000mm;
Universal grinding machines, crank shafts grinding machines;
Jig boring/drilling machines.
TITAN MASINI GRELE, in addition to designing and manufacturing the machinery
noted above, has been an active participant in the contract-manufacturing
arena. Areas of experience include the oil industry, automobile and truck
industry, rolling cylinders, special palleting machine, pipe turning and
threading machines, and machinery for milling and grinding of crankshafts.
TMG is certified SR EN ISO 9001 in research-design, technology and production
by SIMTEX SA(RO)
NACE codes given are based on the most recent NACE Revision 2.
Inflation rate: 6,09%
|
|
Company Development:
|
Satisfactory business development
|
|
Key Data:
|
Amounts shown in Romanian Leu (New) (RON)
|
|
|
2010
|
2009
|
2008
|
2007
|
|
Turnover
|
39.131.936
|
53.269.807
|
44.990.542
|
28.157.030
|
|
Fixed assets
|
4.635.757
|
5.504.134
|
5.384.816
|
5.538.112
|
|
Equity capital
|
21.523.340
|
20.298.543
|
18.352.892
|
17.023.891
|
|
Profit after taxation
|
1.224.842
|
1.598.086
|
1.329.001
|
1.165.582
|
|
Operating result - profit
|
2.625.396
|
2.613.256
|
3.690.556
|
3.593.858
|
|
|
|
|
|
|
Industry
average
|
|
|
2010
|
2009
|
2008
|
2007
|
|
2010
|
2009
|
2008
|
2007
|
|
Return on
assets ( ROA )
Net profit / Total assets
|
0,03
|
0,04
|
0,03
|
0,03
|
|
|
|
|
0,17
|
|
Return on
equity ( ROE )
Net profit / Shareholder equity
|
0,06
|
0,08
|
0,07
|
0,07
|
|
|
|
|
0,27
|
Industry average values are listed for the NACE branch: 28 - Manufacture of
machinery and equipment n.e.c.
|
|
Workforce:
|
|
|
2010
|
2009
|
2008
|
2007
|
|
Total workforce
|
435
|
579
|
561
|
537
|
|
|
Imports:
|
|
United States of America, Germany, Austria, Italy, France, Denmark,
Turkey, Western Europe, Eastern Europe, North America
|
|
|
Exports:
|
|
|
|
United States of America, France, Italy, Spain, Germany,
Netherlands, Sweden, Western Europe, North America, Egypt, Canada
|
Exports cover 70% of the producer’s revenues.
|
|
Branches:
|
Representation:
Bld de la Madeleine 7, 2nd floor
75001 Paris
France
Telephone: +33-21-47039449
Fax: +33-21-40200769
Sales office:
Crosier 96 E
44311 Akron,Ohio
United States of America
Telephone: +1-330-2520688
Fax: +1-330-2520361
Email: TitanTMG@aol.com
|
FINANCIAL INFORMATION
|
Financials:
|
Amounts shown in Romanian Leu (New) (RON)
|
2010
|
2009
|
2008
|
2007
|
|
|
BALANCE SHEET
|
|
|
FIXED ASSETS
|
4.635.757
|
5.504.134
|
5.384.816
|
5.538.112
|
|
|
CURRENT ASSETS
|
44.076.611
|
37.941.553
|
40.523.071
|
29.455.542
|
|
|
Inventory
|
33.602.275
|
28.604.311
|
28.897.291
|
15.872.932
|
|
|
Claims (receivable)
|
7.793.785
|
7.647.848
|
4.511.562
|
5.776.950
|
|
|
Liquid assets
|
2.680.551
|
1.689.394
|
7.114.218
|
7.805.660
|
|
|
SHORT TERM FINANCIAL INVESTMENTS
|
0
|
0
|
|
|
|
|
PREPAID EXPENSES
|
0
|
274.274
|
103.773
|
169.229
|
|
|
TOTAL ASSETS
|
48.712.368
|
43.719.961
|
46.011.660
|
35.162.883
|
|
|
EQUITY CAPITAL
|
21.523.340
|
20.298.543
|
18.352.892
|
17.023.891
|
|
|
Share capital
|
9.215.633
|
9.215.633
|
9.215.633
|
9.215.633
|
|
|
Subscribed and paid capital
|
9.215.633
|
9.215.633
|
9.215.633
|
9.215.633
|
|
|
Reserves
|
8.009.006
|
6.430.240
|
5.088.086
|
3.928.601
|
|
|
Short-term liabilities
|
27.189.028
|
23.345.273
|
27.271.286
|
17.440.932
|
|
|
Long-term liabilities
|
0
|
76.145
|
387.482
|
698.060
|
|
|
TOTAL DEBTS
|
27.189.028
|
23.421.418
|
27.658.768
|
18.138.992
|
|
|
PROVISIONS FOR RISKS AND CHARGES
|
0
|
0
|
0
|
0
|
|
|
DEFERRED INCOME
|
0
|
0
|
0
|
0
|
|
|
TOTAL EQUITY AND LIABILITIES
|
48.712.368
|
43.719.961
|
46.011.660
|
35.162.883
|
|
|
PROFIT AND LOSS
|
|
|
Turnover
|
39.131.936
|
53.269.807
|
44.990.542
|
28.157.030
|
|
|
TOTAL INCOME
|
49.327.376
|
56.642.461
|
61.119.985
|
54.044.377
|
|
|
TOTAL EXPENSES
|
47.752.337
|
54.681.921
|
59.422.501
|
52.224.941
|
|
|
Operating result - profit
|
2.625.396
|
2.613.256
|
3.690.556
|
3.593.858
|
|
|
Operating result - loss
|
0
|
0
|
0
|
0
|
|
|
Profit on financial transactions (financial profit)
|
0
|
0
|
0
|
0
|
|
|
Loss on financial transactions (financial loss)
|
1.050.357
|
652.716
|
1.993.072
|
1.774.422
|
|
|
Current result - profit
|
1.575.039
|
1.960.540
|
1.697.484
|
1.819.436
|
|
|
Current result - loss
|
0
|
0
|
0
|
0
|
|
|
Extraordinary profit
|
0
|
0
|
0
|
0
|
|
|
Extraordinary loss
|
0
|
0
|
0
|
0
|
|
|
Profit before taxation
|
1.575.039
|
1.960.540
|
1.697.484
|
1.819.436
|
|
|
Loss before taxation
|
0
|
0
|
0
|
0
|
|
|
Profit after taxation
|
1.224.842
|
1.598.086
|
1.329.001
|
1.165.582
|
|
|
Loss after taxation
|
0
|
0
|
0
|
0
|
|
|
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 30.06.2010 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.
|
|
Bankers:
|
BLOM BANK EGYPT
S.A.E. EGYPT SUCURSALA ROMANIA
030835 Bucuresti, Sector 3, Bd. Unirii 66, Bl. K3
BRD - GROUPE SOCIETE GENERALE SA BUCURESTI SUCURSALA MARI CLIENTI CORPORATIVI
- BUCURESTI - Account no. RO27BRDE450SV00701804500 EUR
Bucuresti, Sector 1, Ion Mihalache 1-7
BRD - GROUPE SOCIETE GENERALE SA BUCURESTI SUCURSALA MARI CLIENTI CORPORATIVI
- BUCURESTI - Account no. RO43BRDE450SV00789754500 SEK
Bucuresti, Sector 1, Ion Mihalache 1-7
BRD - GROUPE SOCIETE GENERALE SA BUCURESTI SUCURSALA MARI CLIENTI CORPORATIVI
- BUCURESTI - Account no. RO54BRDE450SV00915634500 GBP
Bucuresti, Sector 1, Ion Mihalache 1-7
BRD - GROUPE SOCIETE GENERALE SA BUCURESTI SUCURSALA MARI CLIENTI CORPORATIVI
- BUCURESTI - Account no. RO85BRDE450SV00890764500 USD
Bucuresti, Sector 1, Ion Mihalache 1-7
BRD - GROUPE SOCIETE GENERALE SA BUCURESTI SUCURSALA MARI CLIENTI CORPORATIVI
- BUCURESTI - Account no. RO95BRDE450SV00959434500 RON
Bucuresti, Sector 1, Ion Mihalache 1-7
|
ADDITIONAL INFORMATION
|
General
Information:
|
Record in ROMARHIVA - Electronic Archive
for Secured Transactions, regarding assets that make the object of pledges
and leasing contracts.
1) Creditor: BLOM BANK EGYPT SAE, SUCURSALA ROMANIA, J40/3763/1997
Date: 13.03.2007
Description: Contract of pledge no. 22113.1 signed 05/03/2007 - a pledge of
claims rights for an amount of EUR 39 000, derived from the credit agreement
no. 22 113 / 03.05.2007
2) Creditor: BLOM BANK EGYPT SAE, SUCURSALA ROMANIA, J40/3763/1997
Date: 29.06.2006
Description: Contract of pledge no. 22038/22.05.2006., Which constitutes a
lien on the rights of claims for an amount of EUR 360,500 derived from the
export letter of credit no. 39376/buc opened by Egyptian Egyptian Saudi
Finance Bank Cairo thought Bayerische Hypo-und vereinsbank ag. Munich, under
reference 32 110-ady, whereby the debtor Titan Masini Frele SA undertakes to
pay to the bank all amounts derived from the credit agreement no. 22 038 /
22.05.2006, which are at the present date of EUR 144.200.
Listed on RASDAQ from: Thursday, January 16, 1997
Status: Delisted since 22.04.2005
|
|
Currency
|
Unit
|
Indian Rupees
|
|
US Dollar
|
1
|
Rs.49.18
|
|
UK Pound
|
1
|
Rs.76.65
|
|
Euro
|
1
|
Rs.66.63
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.
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|