MIRA INFORM REPORT

 

 

Report Date :

06.12.2012

 

IDENTIFICATION DETAILS

 

Name :

BITDEFENDER SRL 

 

 

Registered Office :

B-dul Preciziei 24, West Gate Park, Et.P, 062204 Bucuresti Sectorul 6, Bucuresti

 

 

Country :

Romania

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

06.12.2005 

 

 

Com. Reg. No.:

No. J40/20427/2005 

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Other Software Publishing

 

 

No. of Employees :

Not Available 

 

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Romania

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Romania - ECONOMIC OVERVIEW

 

Romania, which joined the European Union on 1 January 2007, began the transition from Communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export markets. Domestic consumption and investment fueled strong GDP growth, but led to large current account imbalances. Romania's macroeconomic gains have only recently started to spur creation of a middle class and to address Romania's widespread poverty. Corruption and red tape continue to permeate its business environment. Inflation rose in 2007-08, driven by strong consumer demand and high wage growth, rising energy costs, a nation-wide drought, and a relaxation of fiscal discipline. As a result of the global financial crisis, Romania's GDP fell more than 7% in 2009, prompting Bucharest to seek a $26 billion emergency assistance package from the IMF, the EU, and other international lenders. Drastic austerity measures, as part of Romania's IMF-led agreement, led to a 1.3% GDP contraction in 2010. The economy returned to positive growth in 2011 due to a strong export performance, but in a deflationary environment caused by bountiful crops and weak domestic demand. In March 2011, Romania and the IMF/EC/World Bank signed a 24-month precautionary stand-by agreement, worth $4.9 billion, to promote compliance with fiscal targets, progress on structural reforms, and financial sector stability. The Romanian authorities have announced that they do not intend to draw funds from the facility.

 

Source CIa

 

COMPANY REPORTED    

 

 

 

BITDEFENDER SRL 

Principal Address:
B-dul Preciziei 24, West Gate Park, Et.P
062204 Bucuresti Sectorul 6
Bucuresti
Romania
Telephone: +40-21-2063470, +40-21-2330763, +40-31-6204200, +40-745-119512/513, +40-723-144943
Fax: +40-21-2641799
Email: office@softwin.ro
Web: www.bitdefender.ro

Branch production:
Cuza Voda 1, Et.1
400107 Cluj-Napoca, Jud. Cluj
Romania

Branch production:
Sf. Lazar 37
700049 Iasi, Jud. Iasi
Romania

Branch production:
Goethe 2, Et. 4
300006 Timisoara, Jud. Timis
Romania

 

Former company addresses
Former Principal Address:
Fabrica de Glucoza 5
020331 Bucuresti Sectorul 2
Romania

 

ICON number: 77912310 
National ID: J40/20427/2005 
VAT number: 18189442

 

Registration status: 06.12.2005 - registered company
Activity status: 06.12.2005 - active company

 

 

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 irregularly.
There are no payment incidents registered between 05.07.2005 - 03.07.2012.

According to official sources (Ministry of Finance) the subject company is not registered with any debt to the State Budget at 31.03.2012.

According to official sources (Ministry of Finance) the subject company is not registered with any debt to the State Budget at 31.12.2011.

According to official sources (Ministry of Finance) the subject company is not registered with any debt to the State Budget at 30.09.2011.

According to official sources (Ministry of Finance) the subject company is not registered with any debt to the State Budget at 30.06.2011.

The company was registered at 31.03.2011 with a debt to the budgets of RON 1,647,260, out of which:
Outstanding debts towards the State Budget: RON 353,437. For this amount there are compensation requests in progress.
Outstanding debts towards unemployment insurance budget: RON 37,155. For this amount there are compensation requests in progress.
Outstanding debts towards the state social security budget: RON 931,280. For this amount there are compensation requests in progress.
Outstanding debts towards the health insurance budget: RON 325,388. For this amount there are compensation requests in progress.

According to official sources (Ministry of Finance) the subject company is not registered with any debt to the State Budget at 31.12.2010.

According to official sources (Ministry of Finance) the subject company is not registered with any debt to the State Budget at 30.09.2010.

 

 

Further Rating Information:

Researched company is categorized as a big company.
The company generated a turnover of RON 75.227.963 in the year 30.06.2012.

 

 

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:

2005

 

 

Registration:

No. J40/20427/2005 
06.12.2005 
Bucuresti, Romania

 

 

Legal Form:

Limited Liability Company

 

 

Capital:

Nominal capital:

 

RON 500,00

Number of Ordinary shares:

50

 

Value per share of Ordinary shares:

RON 10,00

 

 

Paid-up capital:

 

RON 500,00

 

 

 

Shareholders:

Full Name

Function

Address

Equity capital

BITDEFENDER HOLDING B.V.
Registration: Netherlands

Shareholder

Martinus Nijhofflaan 2
2624ES Delft
Netherlands

100,00%
50 Ordinary shares

 

 

Former Shareholders:

Full Name

Function

Address

Equity capital

BITDEFENDER INVESTMENT LIMITED 
Registration: Cyprus

Former Shareholder
31.10.2007 - 13.11.2007

Limassol
Cyprus

98,00%

TALPES ROXANA MARIUCA

Former Shareholder
05.12.2005 - 31.10.2007

 

50,00%

TALPES FLORIN

Former Shareholder
05.12.2005 - 16.12.2008

 

2,00%

 

 

Management:

Full Name

Function

Address

IRINA BOGDAN

Managing director

 

TALPES FLORIN
23.11.2005 - Present

Chairman of the executive board

 

RADOSLOVESCU ION

Head of the Technical area

 

DINCA NICULAE

Head of Finance and Accounting

 

 

 

Person functions in other companies:

Function

Company

Other known functions of  TALPES ROXANA MARIUCA

Shareholder

SOFTWIN SRL (RO)
National ID: J40/11207/1991

Shareholder

SOFTWIN GRUP SRL (RO)
National ID: J23/1666/2008

Other known functions of  TALPES FLORIN

Managing director

SOFTWIN SRL (RO)
National ID: J40/11207/1991

Shareholder

SOFTWIN SRL (RO)
National ID: J40/11207/1991

Shareholder

SOFTWIN GRUP SRL (RO)
National ID: J23/1666/2008

Director

SOFTWIN GRUP SRL (RO)
National ID: J23/1666/2008

 

 

Related Companies:

shareholder is
BITDEFENDER HOLDING B.V. , Netherlands

 

 

 

 

 

KEY DATA ON OPERATIONS      

 

 

 

Subject of Operation:

NACE
  main activity:
  5829 Other software publishing

  7022 Business and other management consultancy activities

- Integrated computer systems;
- Operating systems. System and development software;
- Application software packages, business, office, professional and financial;
- Application software packages, industrial, technical and scientific;
- Softwarel;
- Software to customer specification, software houses;
- Electronic data processing (EDP) and data input services;
- Computer and Internet related services;
- Computers, software, computer peripherals and auxiliary units (trade);
- Internet service providers;
- Documentation services;
- Hire and rental of computers and computer equipment;
- Materials testing, assaying, analysing and inspection services;
- Quality control services;
- Professional, technical, vocational and other specialised short-term training courses.

Trade name: BitDefender.

Partners: AGIS COMPUTER, ALINE DISTRIBUTION GRUP, Asesoft Distribution, ProCA Romania, R.H.S. Company, SCOP COMPUTER
NACE codes given are based on the most recent NACE Revision 2.

The company is active in the Coface sector 'Electrical equipments, Electronics and Information & Telecommunication Technology'.

 

 

Company Development:

Satisfactory business development

 

 

Key Data: 

Amounts shown in Romanian Leu (New) (RON)

 

01.01.2012-30.06.2012

2011

2010

2009

Turnover

75.227.963

135.614.898

122.015.011

104.876.324

Fixed assets

3.586.252

44.903.941

3.275.128

2.931.938

Equity capital

15.646.561

13.989.298

10.906.125

9.893.286

Profit after taxation

2.107.263

4.583.174

1.012.838

7.156.247

Operating result - profit

4.954.006

6.777.170

2.162.243

9.703.232

 

 

 

 

 

 

Industry average

 

01.01.2012-30.06.2012

2011

2010

2009

 

01.01.2012-30.06.2012

2011

2010

2009

Return on assets ( ROA )
Net profit / Total assets

0,02

0,04

0,01

0,08

 

 

0,03

-0,02

-0,04

Return on equity ( ROE )
Net profit / Shareholder equity

0,13

0,33

0,09

0,72

 

 

0,53

-0,27

-0,27


Industry average values are listed for the NACE branch: 58 - Publishing activities

 

 

Workforce:

 

30.06.2012

2011

2010

2009

Total workforce

340

370

379

425



The number of employees for 2011 financials is not available.

 

 

Major Suppliers:

Internet Security Systems / IBM, Data Becker GmbH, GFI, Hauri, Ipswitch, Software602.

 

 

FINANCIAL INFORMATION 

 

 

 

Financials: 

Amounts shown in Romanian Leu (New) (RON)  

01.01.2012-30.06.2012

2011

2010

2009

 



BALANCE SHEET

 

FIXED ASSETS

3.586.252

44.903.941

3.275.128

2.931.938

 

Intangible assets

320.989

40.471.757

376.608

80.350

 

Tangible assets

3.166.865

4.333.786

2.801.938

2.772.335

 

Financial fixed assets

98.398

98.398

96.582

79.253

 

CURRENT ASSETS

120.642.301

66.932.484

86.035.513

82.152.621

 

Inventory

551.378

160.757

93.478

118.594

 

Claims (receivable)

119.300.189

66.216.368

84.762.763

80.601.155

 

Liquid assets

790.734

555.359

1.179.272

1.432.872

 

SHORT TERM FINANCIAL INVESTMENTS

0

0

0

0

 

PREPAID EXPENSES

706.513

803.908

203.286

555.614

 

TOTAL ASSETS

124.935.066

112.640.333

89.513.927

85.640.173

 

EQUITY CAPITAL

15.646.561

13.989.298

10.906.125

9.893.286

 

Share capital

500

500

500

500

 

Subscribed and paid capital

500

500

500

500

 

Reserves

100

100

100

100

 

Short-term liabilities

107.255.786

95.908.787

78.027.922

75.458.599

 

Long-term liabilities

960.778

1.046.222

167.118

288.288

 

TOTAL DEBTS

108.216.564

96.955.009

78.195.040

75.746.887

 

Provisions for risks and charges

225.996

395.381

0

0

 

Deferred income

845.945

1.300.645

412.762

0

 

TOTAL EQUITY AND LIABILITIES

124.935.066

112.640.333

89.513.927

85.640.173

 



PROFIT AND LOSS

 

Turnover

75.227.963

135.614.898

122.015.011

104.876.324

 

TOTAL INCOME

132.434.526

166.468.564

139.030.255

109.969.136

 

Operating income

128.357.638

152.899.763

122.445.213

105.260.989

 

Income from financial transactions (financial income)

4.076.888

13.568.801

16.585.042

4.708.147

 

Extraordinary income

0

0

0

0

 

TOTAL EXPENSES

129.597.069

160.908.453

137.526.375

101.458.154

 

Operating expenses

123.403.632

146.122.593

120.282.970

95.557.757

 

Depreciation of non-current assets

7.729.681

17.454.420

2.236.356

 

 

Depreciation (impairment) of current assets

2.700.366

225.431

1.057.063

 

 

Expenses on financial transactions (financial expenditures)

6.193.437

14.785.860

17.243.405

5.900.397

 

Extraordinary expenses

0

0

0

0

 

Operating result - profit

4.954.006

6.777.170

2.162.243

9.703.232

 

Operating result - loss

0

0

0

0

 

Profit on financial transactions (financial profit)

0

0

0

0

 

Loss on financial transactions (financial loss)

2.116.549

1.217.059

658.363

1.192.250

 

Current result - profit

2.837.457

5.560.111

1.503.880

8.510.982

 

Current result - loss

0

0

0

0

 

Extraordinary profit

0

0

0

0

 

Extraordinary loss

0

0

0

0

 

Profit before taxation

2.837.457

5.560.111

1.503.880

8.510.982

 

Loss before taxation

0

0

0

0

 

Profit after taxation

2.107.263

4.583.174

1.012.838

7.156.247

 

Loss after taxation

0

0

0

0

 

Profit tax

730.194

976.937

491.042

1.354.735

 

 

 

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

 

 

Financial Comments:

The 30.06.2012 financial data are from official sources.

 

 

Bankers:

BRD - GROUPE SOCIETE GENERALE SA BUCURESTI SUCURSALA DOROBANTI - Account no. RO22BRDE445SV05853664450 RON
010563 Bucuresti, Sector 1, Dorobanti 135

 

 

Ratios: 

 

 

 

 

 

Industry average

 

01.01.2012-30.06.2012

2011

2010

2009

 

01.01.2012-30.06.2012

2011

2010

2009

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

0,87

0,86

0,87

0,88

 

 

0,89

0,89

0,80

Quick ratio
(Current assets - Inventory)/Current liabilities

1,12

0,70

1,10

1,09

 

 

0,62

0,66

0,68

Current ratio ( CR )
Current assets / Current liabilities

1,12

0,70

1,10

1,09

 

 

0,77

0,82

0,86

Leverage
Long Term Liabilities / Total Equity

0,06

0,07

0,02

0,03

 

 

2

1,73

1

Return on sales ( ROS )
Net profit / Turnover

0,03

0,03

0,01

0,07

 

 

0,03

-0,02

-0,04

Return on assets ( ROA )
Net profit / Total assets

0,02

0,04

0,01

0,08

 

 

0,03

-0,02

-0,04

Return on equity ( ROE )
Net profit / Shareholder equity

0,13

0,33

0,09

0,72

 

 

0,53

-0,27

-0,27

Operating margin, in %
Operating result / Sales

6,59

5,00

1,77

9,25

 

 

 

 

 

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

1,33

0,43

0,28

0,41

 

 

42,74

41,62

44,25

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

287,04

178,22

253,56

280,52

 

 

137,45

132,97

131,70

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

258,06

258,13

233,42

262,62

 

 

281,85

253,58

245,47

Sales to Total Assets
Sales / Total assets

0,60

1,20

1,36

1,22

 

 

0,99

1,06

0,97

Operating result / Total assets
Operating result / Total assets

0,04

0,06

0,02

0,11

 

 

 

 

 

Cash ratio
Cash / Current liabilities

0,01

0,01

0,02

0,02

 

 

 

 

 

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

12,52

12,42

12,18

11,55

 

 

 

 

 

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

2,87

39,86

3,66

3,42

 

 

 

 

 

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

98,89

98,93

98,52

98,11

 

 

 

 

 

Net working capital
Current assets - Short-term liabilities

RON 13.386.515,00

RON -28.976.303,00

RON 8.007.591,00

RON 6.694.022,00

 

 

 

 

 


Industry average values are listed for the NACE branch: 58 - Publishing activities

 



ADDITIONAL INFORMATION      

 

 

 

Central Register of Right of Liens:

For the subject company, there are 19 in ROMARHIVA - Electronic Archive for Secured Transactions.

 

 

Trials:

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

 

 

Press Releases:

According to Ziarul Financiar, 06.04.2012, Bitdefender, the company founded by Romanians Florin and Mariuca Talpes, has over 400 million users worldwide and is number one on the local market.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.57

UK Pound

1

Rs.87.90

Euro

1

Rs.71.53

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.