MIRA INFORM REPORT

 

 

Report Date :

22.03.2012

 

 

IDENTIFICATION DETAILS

 

Name :

DOOSAN IMGB SA

 

 

Formerly Known As :

KVAERNER IMGB SA

 

 

Registered Office :

Sos. Berceni 104 041919 Sector 4 Bucuresti

 

 

Country :

Romania

 

 

Financials (as on) :

30.06.2011

 

 

Year of Establishment :

1963

 

 

Com. Reg. No.:

No. J40/17/1990

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture of basic iron and steel and of ferro-alloys

 

 

No. of Employees :

690

 

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 1.000.000,00

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Romania

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY REPORTED    

 

 

 

 

DOOSAN IMGB SA

Principal Address:
Sos. Berceni 104
041919 Sector 4
Bucuresti
Romania
Telephone: +40-21-3012500, +40-21-3012501, +40-21-3238341, +40-21-3012805/3012520, +40-723-390646
Fax: +40-21-3012502
Email: office@doosanimgb.com
Web: www.doosanimgb.com

 

 


Former company names
IMGB SA, valid since 21.12.1990 valid until 02.10.1998
KVAERNER IMGB SA, valid since 02.10.1998 valid until 01.11.2006

 

 

ICON number: 9861320
National ID: J40/17/1990
VAT number: 380430

 

 

Registration status: 26.12.1990 - registered company
Activity status: 26.12.1990 - active company

 

 

 

Date of Last Research:

21.03.2012

 

 

 

 

CREDIT INFORMATION SUMMARY  

 

 

 

Insolvency Information:

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

 

 

 

Maximum Credit:

EUR 1.000.000,00

 

 

 

 

Payment Practices:

No adverse payment incidents known at this time
There are no payment incidents registered between 25.02.2005 - 24.02.2012.

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 1.010.713, out of which:
Outstanding debts towards the State Budget: RON 385.251. For this amount there are compensation requests in progress.
Outstanding debts towards unemployment insurance budget: RON 33.829. For this amount there are compensation requests in progress.
Outstanding debts towards the state social security budget: RON 297.860. For this amount there are compensation requests in progress.
Outstanding debts towards the health insurance budget: RON 293.773. For this amount there are compensation requests in progress.

The company was registered at 31.12.2010 with a debt to the budgets of RON 1.649.361, out of which:
Outstanding debts towards the State Budget: RON 392.832. For this amount there are compensation requests in progress.
Outstanding debts towards unemployment insurance budget: RON 32.411. For this amount there are compensation requests in progress.
Outstanding debts towards the state social security budget: RON 941.700. For this amount there are compensation requests in progress.
Outstanding debts towards the health insurance budget: RON 282.418. For this amount there are compensation requests in progress.

The company was registered at 30.09.2010 with a debt to the budgets of RON 1.809.896, out of which:
Outstanding debts towards the State Budget: RON 436.816. For this amount there are compensation requests in progress.
Outstanding debts towards unemployment insurance budget: RON 35.515. For this amount there are compensation requests in progress.
Outstanding debts towards the state social security budget: RON 1.027.437. For this amount there are compensation requests in progress.
Outstanding debts towards the health insurance budget: RON 310.128. For this amount there are compensation requests in progress.

 

 

 

Further Rating Information:

Researched company is categorized as a big company.
The company generated a turnover of RON 196.383.944 in the year 30.06.2011.

 

 

 

Debt Collection:

ATS 80.936,31 (Invoice date: 01.04.1999)
Status: closed positive (08.07.2002) - whole amount paid, debtor refuses to pay expenses and fees

Only cases with a single case volume exceeding EUR 500 are shown.

 

 

COMPANY DETAILS   

 

 

 

Established:

1963

 

 

 

Registration:

No. J40/17/1990
26.12.1990
Bucuresti, Romania

 

 

 

Legal Form:

joint stock company

 

 

 

History:

1963 - IMGB is established as a heavy machine works company;

1967 - Licenced by Rateau-Schneider, Alstom, Delas for the 330 MW Steam Turbine;

1973 - First 330 MW Steam Turbine put in operation at Rovinari (Romania), 15 more Steam Turbines of 330 MW supplied in the next 20 years, and several of 150 MW, 50 MW, 30MW, 12MW, 6MW, 3,5MW;

1977 - IMGB supplied the Turbine Shafts and Generator Shafts for Iron Gate Hydro Power Station (Romania), for 6 of 11 Kaplan units of 175 MW. Nowadays, the same Turbine shafts are supplied for the rehabilitation of these units with VA Tech Hydro (Austria). In the next years IMGB became the main manufacturer of components for all hydro power projects in Romania;

1979 - IMGB is licensed by GE for 700 MW Steam Turbine, by AECL (Canada) and Ansaldo (Italy) for other components supplied to the Cernavoda Nuclear Power Plant (Romania) and to other Nuclear Power Plants, V V E R system in Russia, Czech Republic, Bulgaria;

1980 - License for 450 tones forging ingot from Japan Steel Works (Japan);

1987 - Achievement of the first 700 MW Steam Turbine for the Cernavoda Nuclear Power Plant;

1992 - IMGB is split up into 5 companies, the new IMGB keeps the entire Metallurgical Division and the Heavy Machining Division;

1998 - Company take-over by the Norwegian-British group Kvaerner which oriented the company to the market of heavy forgings and castings and high added value by the advanced machining.

Since 2006 Doosan IMGB is a member of Korean company Doosan Heavy Industries & Construction, Castings and Forgings Business Group.

 

 

 

Capital:

Nominal capital:

 

RON 248.426.967,50

Number of Ordinary shares:

99.370.787

 

Value per share of Ordinary shares:

RON 2,50

 

 

Paid-up capital:

 

RON 248.426.967,50

 

Paid other than in cash:

RON 50.151.350,00

 

 

 

 

Shareholders:

Full Name

Function

Address

Equity capital

DOOSAN HEAVY INDUSTRIES EUROPEAN HOLDINGS SARL
Registration: Luxembourg

Shareholder

 

99,76%
99.130.219 Ordinary shares

Natural Persons (Persoane Fizice)

Shareholder

 

0,24%
240.568 Ordinary shares

 

 

 

Management:

Full Name

Function

Address

YOON HYEOUNG CHUL
25.10.2010 - Present

Managing director

Korea, Republic of

KO SEOK HEE
25.10.2010 - Present

Chairman of the executive board

Korea, Republic of

JEON JEOG
02.04.2008 - Present

Member of the executive board

Korea, Democratic People's Republic of

LEE INWOO
25.10.2010 - Present

Member of the executive board

Korea, Republic of

SON DAE RAK
16.04.2011 - Present

Member of the executive board

Korea, Republic of

HUTAN JULIANA

Head of the Economic area

Romania

 

 

 

Related Companies:

Since 2006 Doosan IMGB is a member of Korean company Doosan Heavy Industries & Construction, Castings and Forgings Business Group.

 

 

 

KEY DATA ON OPERATIONS      

 

 

 

Subject of Operation:

NACE
  2410 Manufacture of basic iron and steel and of ferro-alloys


Doosan IMGB is a company activating in Romanian heavy industry, located in Bucharest, and member of the South Korean group Doosan, specialized in integrated solutions market, supplying products and services for a large range of industries.

Production and supply of casted, forged and processed heavy parts for cement, power, mettalurgical, shipbuilding industries, such as:

- Ships' shafting lines (for propulsion systems); cast azimuthing pods;
- Parts of steam turbines;
- Rolls for metal rolling mills.

Export:
- Parts of steam and hydraulic turbines to Western Europe and North America.

Services:
- Technical analyses and testing.
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)

 

01.01.2011-30.06.2011

2010

2009

2008

Turnover

196.383.944

331.197.214

332.457.167

242.165.600

Fixed assets

544.036.753

556.297.267

542.649.369

515.616.135

Equity capital

131.607.301

128.300.454

172.371.255

207.597.276

Loss after taxation

0

44.070.801

35.226.021

109.803.677

Operating result - profit

6.172.721

 

9.922.129

0

Operating result - loss

0

 

0

54.308.012

 

 

01.01.2011-30.06.2011

2010

2009

2008

Return on assets ( ROA )
Net profit / Total assets

0,00

0

0

0

Return on equity ( ROE )
Net profit / Shareholder equity

0,03

0

0

0

 

 

 

Workforce:

 

30.06.2011

2010

2009

2008

Total workforce

690

692

728

752

 

 

 

Major Customers:

Alstom Hydro, VA Tech, MCE Voest(AT), Voith Hydro, SHEC(CN), Vaptsarov (BG), GE Hydro, Alstom (CA), Alstom Power (CA), DFEM (CN), Alstom Tianjin (CN), General Electric (US), Ansaldo (IT), SKODA Energo (Czech Republic), Siemens Westinghouse (US), Hitachi (JP), ISPAT Sidex Galati, Technosteel (RU), Clecim (FR), Thomassen (NL), Odense Lindo (DK), Vol kswerft (DE), Mitsubishi Heavy Industries (JP), Krupp Polysius (DE), Rulmenti Grei Ploiesti, CH.&D. Orfanidis (GR), Rominex Timisoara, Krupp Foerdertechnik (DE)

 

FINANCIAL INFORMATION   

 

 

 

Financials:

Amounts shown in Romanian Leu (New) (RON)  

01.01.2011-30.06.2011

2010

2009

2008






BALANCE SHEET

 

FIXED ASSETS

544.036.753

556.297.267

542.649.369

515.616.135

 

Intangible assets

4.116.345

4.544.298

 

 

 

Tangible assets

539.882.076

551.710.122

 

 

 

Financial fixed assets

38.332

42.847

 

 

 

CURRENT ASSETS

159.125.450

105.393.347

118.509.083

179.634.111

 

Inventory

28.136.655

63.884.227

74.283.544

134.338.947

 

Claims (receivable)

128.318.273

30.425.563

39.936.651

30.366.621

 

Liquid assets

2.670.522

11.083.557

4.288.888

14.928.543

 

SHORT TERM FINANCIAL INVESTMENTS

0

0

0

0

 

PREPAID EXPENSES

3.257.560

239.847

25.311

507.631

 

TOTAL ASSETS

706.419.763

661.930.461

661.183.763

695.757.877

 

EQUITY CAPITAL

131.607.301

128.300.454

172.371.255

207.597.276

 

Share capital

248.426.967

248.426.967

248.426.967

248.426.967

 

Subscribed and paid capital

248.426.967

248.426.967

248.426.967

248.426.967

 

Reserves

1.597.074

1.597.074

1.597.074

1.597.074

 

Short-term liabilities

285.836.070

325.198.771

368.508.504

392.083.168

 

Long-term liabilities

270.977.629

195.201.092

100.454.392

80.256.184

 

TOTAL DEBTS

556.813.699

520.399.863

468.962.896

472.339.352

 

PROVISIONS FOR RISKS AND CHARGES

17.904.727

13.136.108

19.737.697

15.480.743

 

DEFERRED INCOME

94.036

94.036

111.915

340.506

 

TOTAL EQUITY AND LIABILITIES

706.419.763

661.930.461

661.183.763

695.757.877






PROFIT AND LOSS

 

Turnover

196.383.944

331.197.214

332.457.167

242.165.600

 

TOTAL INCOME

219.249.682

335.698.552

376.986.280

326.972.872

 

Operating income

209.311.099

 

 

 

 

Income from financial transactions (financial income)

9.938.583

 

 

 

 

Extraordinary income

0

 

 

 

 

TOTAL EXPENSES

215.942.835

379.737.103

412.183.634

436.776.549

 

Operating expenses

203.138.378

 

 

 

 

Expenses on financial transactions (financial expenditures)

12.804.457

 

 

 

 

Extraordinary expenses

0

 

 

 

 

Operating result - profit

6.172.721

 

9.922.129

0

 

Operating result - loss

0

 

0

54.308.012

 

Profit on financial transactions (financial profit)

0

 

0

0

 

Loss on financial transactions (financial loss)

2.865.874

 

45.119.483

55.495.665

 

Current result - profit

3.306.847

 

0

0

 

Current result - loss

0

 

35.197.354

109.803.677

 

Extraordinary profit

0

 

0

0

 

Extraordinary loss

0

 

0

0

 

Profit before taxation

3.306.847

0

0

0

 

Loss before taxation

0

44.038.551

35.197.354

109.803.677

 

Profit after taxation

3.306.847

0

0

0

 

Loss after taxation

0

44.070.801

35.226.021

109.803.677

 

Profit tax

0

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

 

 

 

Financial Comments:

Source of 2010 and 30.06.2011 financial statements: the subject company.

 

 

 

Bankers:

BANCA COMERCIALA ROMANA SA
030016 Bucuresti, Sector 3, Regina Elisabeta 5

RBS BANK (ROMANIA) SA
011469 Bucuresti, Sector 1, Barbu Vacarescu 301-311 etaj 3

 

 

 

Ratios:

 

01.01.2011-30.06.2011

2010

2009

2008

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

0,79

0,79

0,71

0,68

Quick ratio
(Current assets - Inventory)/Current liabilities

0,46

0,13

0,12

0,12

Current ratio ( CR )
Current assets / Current liabilities

0,56

0,32

0,32

0,46

Leverage
Long Term Liabilities / Total Equity

2,06

1,52

0,58

0,39

Return on sales ( ROS )
Net profit / Turnover

0,02

0

0

0

Return on assets ( ROA )
Net profit / Total assets

0,00

0

0

0

Return on equity ( ROE )
Net profit / Shareholder equity

0,03

0

0

0

Operating margin, in %
Operating result / Sales

3,14

-

2,98

0

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

25,79

70,40

81,55

202,48

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

117,61

33,53

43,85

45,77

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

261,99

358,39

404,58

590,96

Sales to Total Assets
Sales / Total assets

0,28

0,50

0,50

0,35

Operating result / Total assets
Operating result / Total assets

0,01

-

0,02

0

Cash ratio
Cash / Current liabilities

0,01

0,03

0,01

0,04

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

18,63

19,38

26,07

29,84

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

77,01

84,04

82,07

74,11

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

80,64

28,87

33,70

16,90

Net working capital
Current assets - Short-term liabilities

RON -126.710.620,00

RON -219.805.424,00

RON -249.999.421,00

RON -212.449.057,00

 

 

 

 

ADDITIONAL INFORMATION      

 

 

 

General Information:

Listed on RASDAQ Electronic Exchange since 22.02.1997
Status: Delisted on 23.03.2004

 

 

 

Press Releases:

Doosan IMGB, part of Doosan Heavy Industries & Constructions group, announced that AVAS has agreed to close the company's privatization process after the Koreans have achieved ahead of schedule (set for 2013) the conditions. (Ziarul Financiar, 06.04.2011)

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.59

UK Pound

1

Rs.80.34

Euro

1

Rs.67.14

 

 

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%)

 

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