MIRA INFORM REPORT

Report Date :

30.03.2013

IDENTIFICATION DETAILS

Name :	GOVCREST INTERNATIONAL SRL
Registered Office :	Pache Protopopescu 32, 703122 Bucuresti, sector 2
Country :	Romania
Financials (as on) :	2009
Date of Incorporation :	16.07.1991
Com. Reg. No.:	No. J40/6572/1991
Legal Form :	Limited Liability Company
Line of Business :	Agents involved in the sale of fuels, ores, metals and industrial chemicals

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
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

GOVCREST INTERNATIONAL SRL

Principal Address:
Pache Protopopescu 32
703122 Bucuresti, sector 2
Romania
Telephone: +40-21-2524984, +40-21-2524986, +40-21-2524987, +40-21-2524996, +40-722-398000
Fax: +40-21-2524985
Email: office@govcrest.ro
Web: www.govcrest.ro

ICON number: 9732740
National ID: J40/6572/1991
VAT number: 2595924

Registration status: 16.07.1991 - registered company
Activity status: 16.07.1991 - 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 according to terms The company is registered at 31.12.2010 with a debt to the State Budget of RON 255,397. Compensation requests in progress. The company has no payment incidents registered at The Payment Incidents Office within 07-12-2002 - 07-12-2009.

Further Rating Information:

Researched company is categorized as a small company. Turnover volume of RON 74.567.564 in the year 2009 decreased by 19,43% compared with 2008. In previous period this change was 56,94%. Fixed assets increased by RON 1.058.297 and are 10,09% of total assets. Cash flow from results of RON 4.878.482 decreased by 9,18% compared with last year result.

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:

1991

Registration:

No. J40/6572/1991 16.07.1991 Bucuresti, Romania

Legal Form:

Limited Liability Company

Capital:

Nominal capital:	RON 440.000,00
Number of Ordinary shares:	1.100
Value per share of Ordinary shares:	RON 400,00
Paid-up capital:	RON 440.000,00

Shareholders:

Full Name	Function	Address	Equity capital
GRUPUL INDUSTRIAL VOICULESCU SI COMPANIA (GRIVCO) SA Registration: No. J40/3766/1991, 04.06.1991, Bucuresti, Romania	Shareholder	Garlei 1 B 013721 Bucuresti, sector 1 Romania	51,00% 561 Ordinary shares
BOGHIU STEFAN	Shareholder	Romania	47,45% 522 Ordinary shares
POPA EMILIA ANASTASIA	Shareholder	Romania	0,65% 7 Ordinary shares
NICOLAE DAN BOGDAN	Shareholder	Romania	0,45% 5 Ordinary shares
PETRE CONSTANTA	Shareholder	Romania	0,45% 5 Ordinary shares

GRUPUL INDUSTRIAL VOICULESCU SI COMPANIA (GRIVCO) SA is registered as shareholder within 28 companies.

Management:

Full Name	Function	Address
DUMITRESCU GORLET IONEL 20.04.2007 - Present	Member of the executive board	Romania
ENACHE ELENA 30.11.2009 - Present	Director	Romania
BOGHIU STEFAN 17.06.2004 - Present	President/Director	Romania

BOGHIU STEFAN is registered as shareholder within ASCOM INTERNATIONAL SRL J40/9541/2003.

Person functions in other companies:

Function	Company
Other known functions of  BOGHIU STEFAN
Shareholder	ASCOM INTERNATIONAL SRL (RO) National ID: J40/9541/2003

Related Companies:

affiliate GRUPUL INDUSTRIAL VOICULESCU SI COMPANIA (GRIVCO) SA , Romania , National ID: J40/3766/1991

KEY DATA ON OPERATIONS

Subject of Operation:

NACE   4612 Agents involved in the sale of fuels, ores, metals and industrial chemicals The subject company exportes chemical products: - Soda Ash Light and Dense - Caustic Soda Liquid, Solid and Flakes - Sodium Silicate Solid and Solution - Liquid Chlorine - Trichlorethylene - Methylene Chloride - Poliols - Aluminium sulphate - Dioctylphtalate - PVC Certificates: ISO 9001:2008 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)
	2009	2008
Revenue/Sales	74.567.564	92.549.279
Non-current assets	2.853.248	1.794.951
Equity	8.374.691	7.690.071
Liabilities	19.905.735	13.797.647
Profit after tax	4.878.482	5.371.356
Net profit for the year	4.878.482	5.371.356

	2009	2008
Return on Assets (ROA), % Net result *100 / Total Assets	17,25	25,00
Return on Equity (ROE), % Net result *100 / Total Equity	58,25	69,85
Increase of turnover, % ((current year/previous year)-1)*100	-19,43	56,94
Operating Income (= Operating Result)	RON 74.567.564,00	RON 92.549.279,00
Increase of Operating income % ((current year/previous year)-1)*100	-19,43	56,94

Workforce:

	2009	2008	2007	2006
Total workforce	23	24	23	24

Imports:

Germany Italy

Exports:

Germany Italy

Major Suppliers:

Govora S.A

FINANCIAL INFORMATION

Financials:

Financial figures are converted from the original financial reporting format and presented in a standardised financial reporting format based on IFRS.

Amounts shown in Romanian Leu (New) (RON)		2009	2008
	BALANCE SHEET
	ASSETS
A.	NON-CURRENT ASSETS	2.853.248	1.794.951
I.	Intangible assets
II.	Property, plant and equipment
III.	Financial assets
B.	CURRENT ASSETS	25.427.178	19.692.767
I.	Inventories	2.995.411	2.949.987
II.	Receivables, prepaid expenses and deferred charges	20.040.117	12.009.948
1.	Trade accounts receivable	20.022.270	12.006.396
2.	Deferred charges and accrued income	17.847	3.552
III.	Securities and other short term assets	0	0
IV.	Cash in hand and at bank	2.391.650	4.732.832
	TOTAL ASSETS	28.280.426	21.487.718
	EQUITY AND LIABILITIES
A.	EQUITY	8.374.691	7.690.071
I.	Subscribed capital	440.000	440.000
1.	Nominal Capital	440.000	440.000
B.	LIABILITIES	19.905.735	13.797.647
I.	Non current liabilities	0	0
II.	Current liabilities	19.905.735	13.797.647
1.	Short term Provisions	76.143	73.501
2.	Accrued expenses and deferred income	0	0
	TOTAL EQUITY AND LIABILITIES	28.280.426	21.487.718
	PROFIT AND LOSS
I.	Revenue/Sales	74.567.564	92.549.279
II.	Operating Revenue	74.567.564	92.549.279
III.	Profit from operations	5.676.833	5.184.322
IV.	Financial Result	162.253	1.172.519
V.	Profit from ordinary activities	5.839.086	6.356.841
VI.	Extraordinary result	0	0
VII.	Profit before tax	5.839.086	6.356.841
VIII.	Profit after tax	4.878.482	5.371.356
IX.	Net profit for the year	4.878.482	5.371.356

Partial Financials:

Amounts shown in Romanian Leu (New) (RON)		2007	2006	2005	2001
	BALANCE SHEET
	ASSETS
A.	NON-CURRENT ASSETS	1.789.228	1.799.699	1.181.444	448.538
I.	Intangible assets
II.	Property, plant and equipment
III.	Financial assets
B.	CURRENT ASSETS	18.744.764	10.127.457	15.504.427	9.469.182
I.	Inventories	4.370.682	1.568.605	1.501.656	0
II.	Receivables, prepaid expenses and deferred charges	13.454.124	6.966.081	11.151.877	8.336.791
1.	Trade accounts receivable	13.454.124	6.966.081	11.151.877	8.055.281
2.	Other receivables				281.510
III.	Securities and other short term assets
IV.	Cash in hand and at bank	919.958	1.592.771	2.850.894	849.720
	TOTAL ASSETS				10.393.222
	EQUITY AND LIABILITIES
A.	EQUITY	4.734.663	2.679.492	2.580.982	495.205
I.	Subscribed capital	440.000	440.000	440.000	3.300
1.	Nominal Capital	440.000	440.000	440.000	3.300
B.	LIABILITIES	15.799.329	9.247.664	14.104.889	9.662.713
I.	Non current liabilities				775.795
II.	Current liabilities	204.897	519.249	584.560	0
1.	Short term Provisions	204.897	519.249	584.560	0
	TOTAL EQUITY AND LIABILITIES				10.393.222
	PROFIT AND LOSS
I.	Revenue/Sales	58.972.459	33.742.413	35.053.946	3.741.953
II.	Operating Revenue	58.972.459	33.742.413	35.053.946	3.741.953
III.	Profit from operations				930.546
IV.	Profit before tax	2.935.900	842.533	1.703.442	939.117
V.	Profit after tax	2.515.949	633.245	1.386.655	663.846
VI.	Net profit for the year	2.515.949	633.245	1.386.655	663.846

The financial figures in the current credit report are presented in a standardised financial report format based on IFRS. This report format was designed by Coface Central Europe together with local certified public accountants to better serve information purposes and to make a direct comparison across countries easier. Because of this, the financial figures given in the report do not necessarily reflect the original financial reporting layout or reporting currency, which also implies that the figures in the standardised financial report format do not necessarily always add up.

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:

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:

BANCA COMERCIALA ROMANA SA BUCURESTI SUCURSALA DOAMNEI 030056 Bucuresti Sector 3, Doamnei 14-16

Ratios:

	2009	2008
LIQUIDITY
Current Ratio Current assets / Current liabilities	1,28	1,43
Quick Ratio (Current assets-Inventory) / Current liabilities	1,13	1,21
Leverage Long Term Liabilities / Total Equity	0	0
Debt Ratio (%) Total Liabilities / Total Assets x100	0,70	0,64
ACTIVITY
Sales to Total Assets Sales / Total assets	2,64	4,31
Collection Period (in days) Accounts Receivable *360 / Sales	96,66	46,70
Inventory rotation (in days) Inventory *360 / Sales	14,46	11,47
PROFITABILITY
Return on Sales (ROS), % Net result *100 / Sales	6,54	5,80
Return on Assets (ROA), % Net result *100 / Total Assets	17,25	25,00
Return on Equity (ROE), % Net result *100 / Total Equity	58,25	69,85
Balance sheet summary (in%)
Fixed assets	10,09	8,35
S.T. assets	89,91	91,65
Total assets	100	100
Equity	29,61	35,79
L.T.Liabilities	0	0
S.T.Liabilities	70,39	64,21
Total liabilities	100	100

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

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.