MIRA INFORM REPORT

 

 

Report Date :

18.08.2012

 

IDENTIFICATION DETAILS

 

Name :

PLEXUS SERVICES RO SRL

 

 

Registered Office :

Principala 36 417078 Sat Santion Bihor

 

 

Country :

Romania

 

 

Financials (as on) :

2011

 

 

Date of Incorporation :

19.02.2009

 

 

Com. Reg. No.:

No. J5/261/2009

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture of electronic components

 

 

No. of Employees :

177

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Romania

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 


 

COMPANY REPORTED    

 

 

 

PLEXUS SERVICES RO SRL

Principal Address:
Principala 36
417078 Sat Santion
Bihor
Romania
Telephone: +40-259-400500, +40-256-202133, +40-256-400501, +40-259-455005
Fax: +40-259-400501
Web: www.plexus.com

 

ICON number: 86571280
National ID: J5/261/2009
VAT number: 25153581

 

Registration status: 19.02.2009 - registered company
Activity status: 19.02.2009 - active company

 

 

 

Date of Last Research:

15.08.2012

 

 

 

 

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.
There are no major payment incidents registered between 17-11-2004 - 17-11-2011.

According to official sources (Ministry of Finance) the subject company is not registered with any debt to the State Budget at 30.06.2012.

 

 

Further Rating Information:

Researched company is categorized as a medium sized company.
Turnover volume of RON 67.983.051 in the year 2011 increased by 922,30% compared with 2010. In the previous period this change was 2.299,59%.
Fixed assets increased by RON 4.995.059 and are 37,77% of total assets.
Working capital of RON 23.434.292 increased for 128,03% compared with the last period.

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 by Credit Management Services SRL against this company exceeding a single case volume of EUR 500.

 

 

COMPANY DETAILS      

 

 

 

Established:

2009

 

 

Registration:

No. J5/261/2009
19.02.2009
Bihor, Romania

 

 

 

Legal Form:

Limited Liability Company

 

 

Capital:

Nominal capital:

 

RON 250.000,00

Number of Ordinary shares:

25.000

 

Value per share of Ordinary shares:

RON 10,00

 

 

Paid-up capital:

 

RON 250.000,00

 

 

 

Shareholders:

Full Name

Function

Address

Equity capital

PLEXUS CORP (UK) LIMITED
Registration: United Kingdom

Shareholder

Roxburghshire Td5 8xx
Pinnacle Hill
United Kingdom

99,90%
24.999 Ordinary shares

PLEXUS CORP. LIMITED
Registration: United Kingdom

Shareholder

Kelso Roxburghshire Td5 8xx
Pinnacle Hill
United Kingdom

0,10%
1 Ordinary shares

 

 

Management:

Full Name

Function

Address

ANGELO MICHAEL NINIVAGGI JR.
30.01.2009 - Prsent

Director

United States of America

KERR DENIS
30.01.2009 - Present

Director

United Kingdom

WILLIAM MACKINNON
30.01.2009 - Present

Director

United Kingdom

 

 

Related Companies:

The subject company is a member of Plexus group, present in countries such as: USA, Mexico, Scotland, Malaysia, CHina, Romania

 

 

 

 

KEY DATA ON OPERATIONS      

 

 

 

Subject of Operation:

NACE
  2611 Manufacture of electronic components


Plexus is unique within the Electronic Manufacturing Services (EMS).

Plexus supports a variety of market sectors including Wireline/Networking, Wireless Infrastructure, Medical, Industrial/Commercial, Defense/Security/Aerospace.

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)

 

2011

2010

2009

Turnover

67.983.051

6.649.996

277.130

Fixed assets

22.734.445

17.739.386

13.816.032

Equity capital

-42.368.370

-19.781.352

-5.158.671

Loss after taxation

22.019.896

14.657.796

5.408.671

Operating result - loss

16.920.333

12.341.894

6.154.176

 

 

 

 

 

Industry average

 

2011

2010

2009

 

2011

2010

2009

Return on assets ( ROA )
Net profit / Total assets

0

0

0

 

 

0,05

0,05

Return on equity ( ROE )
Net profit / Shareholder equity

0

0

0

 

 

0,13

0,11


Industry average values are listed for the NACE branch: 26 - Manufacture of computer, electronic and optical products

 

 

Workforce:

 

2011

2010

2009

Total workforce

177

64

14

 

 

 

FINANCIAL INFORMATION   

 

 

 

Financials:

Amounts shown in Romanian Leu (New) (RON)  

2011

2010

2009






BALANCE SHEET

 

FIXED ASSETS

22.734.445

17.739.386

13.816.032

 

Intangible assets

464.051

3.215.784

14.216

 

Tangible assets

21.424.322

13.682.889

12.954.570

 

Financial fixed assets

846.072

840.713

847.246

 

CURRENT ASSETS

37.370.282

16.035.642

3.444.018

 

Inventory

12.309.690

8.599.174

861.050

 

Claims (receivable)

22.555.622

4.831.016

2.297.318

 

Liquid assets

2.504.970

2.605.452

285.650

 

SHORT TERM FINANCIAL INVESTMENTS

0

0

0

 

PREPAID EXPENSES

86.133

706.958

4.438

 

TOTAL ASSETS

60.190.860

34.481.986

17.264.488

 

EQUITY CAPITAL

-42.368.370

-19.781.352

-5.158.671

 

Share capital

250.000

250.000

250.000

 

Subscribed and paid capital

250.000

250.000

250.000

 

Reserves

0

0

0

 

Short-term liabilities

13.935.990

5.758.764

10.337.944

 

Long-term liabilities

88.623.240

48.504.574

12.085.215

 

TOTAL DEBTS

102.559.230

54.263.338

22.423.159

 

Provisions for risks and charges

0

0

0

 

Deferred income

0

0

0

 

TOTAL EQUITY AND LIABILITIES

60.190.860

34.481.986

17.264.488






PROFIT AND LOSS

 

Turnover

67.983.051

6.649.996

277.130

 

TOTAL INCOME

80.692.657

14.189.171

5.408.671

 

Operating income

68.761.221

9.135.454

288.354

 

Income from financial transactions (financial income)

11.670.492

5.053.717

901.487

 

Extraordinary income

260.944

0

0

 

TOTAL EXPENSES

102.712.553

28.840.517

6.598.512

 

Operating expenses

85.681.554

21.477.348

6.442.530

 

Depreciation of non-current assets

5.273.864

4.055.344

 

 

Depreciation (impairment) of current assets

542.302

-84.503

 

 

Expenses on financial transactions (financial expenditures)

16.979.046

7.363.169

155.982

 

Extraordinary expenses

51.953

0

0

 

Operating result - profit

0

0

0

 

Operating result - loss

16.920.333

12.341.894

6.154.176

 

Profit on financial transactions (financial profit)

0

2.309.452

745.505

 

Loss on financial transactions (financial loss)

5.308.554

0

0

 

Current result - profit

0

0

0

 

Current result - loss

22.228.887

14.651.346

5.408.671

 

Extraordinary profit

208.991

0

0

 

Extraordinary loss

0

0

0

 

Profit before taxation

0

0

0

 

Loss before taxation

22.019.896

14.651.346

5.408.671

 

Profit after taxation

0

0

0

 

Loss after taxation

22.019.896

14.657.796

5.408.671

 

Profit tax

0

6.450

0



 

 

 

Approximate Exchange Rates:

2011: 4,2379 RON = 1 EUR
2010: 4,2099 RON = 1 EUR
2009: 4,2373 RON = 1 EUR
2008: 3,6827 RON = 1 EUR
2007: 3,332 RON = 1 EUR
2011: 3,0486 RON = 1 USD
2010: 3,1779 RON = 1 USD
2009: 3,0493 RON = 1 USD
2008: 2,5189 RON = 1 USD
2007: 2,4383 RON = 1 USD

 

 

 

Bankers:

RBS BANK (ROMANIA) SA - Account no. RO28 ABNA 0500 0000 0075 6741
011469 Bucuresti, Sector 1, Barbu Vacarescu 301-311 etaj 3

 

 

 

Ratios:

 

 

 

 

Industry average

 

2011

2010

2009

 

2011

2010

2009

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

1,70

1,57

1,30

 

 

0,58

0,56

Quick ratio
(Current assets - Inventory)/Current liabilities

1,80

1,29

0,25

 

 

0,81

0,75

Current ratio ( CR )
Current assets / Current liabilities

2,68

2,78

0,33

 

 

1,18

1,09

Leverage
Long Term Liabilities / Total Equity

-2,09

-2,45

-2,34

 

 

0,20

0,20

Return on sales ( ROS )
Net profit / Turnover

0

0

0

 

 

0,03

0,03

Return on assets ( ROA )
Net profit / Total assets

0

0

0

 

 

0,05

0,05

Return on equity ( ROE )
Net profit / Shareholder equity

0

0

0

 

 

0,13

0,11

Operating margin, in %
Operating result / Sales

0

0

0

 

 

 

 

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

66,09

471,99

1.134,06

 

 

32,37

33,35

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

121,10

265,16

3.025,73

 

 

44,05

55,65

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

74,82

316,08

13.615,81

 

 

88,48

98,57

Sales to Total Assets
Sales / Total assets

1,13

0,19

0,02

 

 

2,02

1,74

Operating result / Total assets
Operating result / Total assets

0

0

0

 

 

 

 

Cash ratio
Cash / Current liabilities

0,18

0,45

0,03

 

 

 

 

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

-70,39

-57,37

-29,88

 

 

 

 

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

37,77

51,45

80,03

 

 

 

 

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

60,36

30,13

66,70

 

 

 

 

Net working capital
Current assets - Short-term liabilities

RON 23.434.292,00

RON 10.276.878,00

RON -6.893.926,00

 

 

 

 


Industry average values are listed for the NACE branch: 26 - Manufacture of computer, electronic and optical products

 

 

ADDITIONAL INFORMATION      

 

 

 

Press Releases:

There is no media relevant information regarding the subject company.

 

 

 

Central Register of Right of Liens:

For the subject company, there is one record in ROMARHIVA - Electronic Archive for Secured Transactions.

 

 

 

Trials:

According to the Ministry of Justice there are no opened files regarding summon for payment/payment ordinance for the subject company.

 

 

 

 

 

 

 

 


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.87.54

Euro

1

Rs.68.85

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.