MIRA INFORM REPORT

Report Date :

09.04.2014

IDENTIFICATION DETAILS

Name :	ROBINIA G.A. SRL
Registered Office :	Brasov county / 507190 Sanpetru – Republicii Street No. 118, Cam. 2
Country :	Romania
Financials (as on) :	31.12.2012
Date of Incorporation :	April, 2009
Legal Form :	Limited liability company
Line of Business :	Wholesale of wood, construction materials and sanitary equipment
No. of Employees	Not Available

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 Business
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 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
Romania	B2	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 EU 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 due 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 the business environment. As a result of the global financial crisis, Romania signed on to a $26 billion emergency assistance package from the IMF, the EU, and other international lenders. GDP contracted from 2009 to 2011. In March 2011, Romania and the IMF/EU/World Bank signed a 24-month precautionary stand-by agreement, worth $6.6 billion, to promote fiscal discipline, encourage progress on structural reforms, and strengthen financial sector stability. In September 2013, the Romanian authorities and the IMF/EU agreed to a follow-on stand-by agreement, worth $5.4 billion, to continue with reforms, although Bucharest announced that it does not intend to draw funds under the agreement

Source : CIA

Company name and address

NAME OF THE COMPANY

ROBINIA G.A. SRL

Address

Brasov county / 507190 Sanpetru – Republicii Street No. 118, Cam. 2

Phone no.

Cell phone no.

0040-268-360373

0040-723-130568

0040-733-091513

Fax no.

0040-268-360373

Web-site

-

E-mail address

robinia.ga_srl@yahoo.com

sc.robinia.ga@gmail.com

HISTORIC/OFFICIAL DATA

Date of foundation

April, 2009

Present legal form

Limited liability company, entire Romanian capital

Registered with the Trade Registry

J8/656/2009

VAT no.

25435965

Registered capital

200 RON

(the minimum share-capital requested by the Law in case of limited liability companies)

Shareholders

Individuals

1. Gaitan Aurel – Romanian citizen, born on 11.03.1974

Participation

50%

2. Rosioru Anicuta – Romanian citizen, born on 12.06.1961

Participation

50%

Obligation to publish

According to the Romanian Financial Legislation, subject company is obliged to lodge with the Ministry of Public Finance its half-yearly accounts

EMPLOYEES

2009

2010

2011

2012

total

not declared

not declared

not declared

not declared

BUSINESS ACTIVITY

- Wholesale of wood, construction materials and sanitary equipment, according to the National Trade Registry (NACE: 4673) and to the business directories.

The company sells

- Logs (timber, logs, firewood)
- Plastics
- Construction materials
- Repair and plumbing, thermal heating, sewage.

OTHER PARTICIPATION

1. Company’s participation

not applicable

2. Shareholders other participation

not applicable

REAL ESTATE (RON)

2010

2011

2012

- lands

0

n/a

0

- buildings

0

n/a

6,518

- equipment

0

n/a

0

BANKS

BRD-GSG

MANAGEMENT

as officially registered with the National Trade Registry

Administrators

Mr. Gaitan Aurel – appointed on 8.04.2009 for unlimited period

Mrs. Rosioru Anicuta – appointed on 8.04.2009 for unlimited period

CURRENCY

Exchange rate of EURO

1 EURO = 4.2282 RON on 31.12.2009

1 EURO = 4.2848 RON on 31.12.2010

1 EURO = 4.3197 RON on 31.12.2011

1 EURO = 4.4287 RON on 31.12.2012

FINANCIAL DATA: RON

N.B..: please note the company did not submit its financials for 2011, despite the legal rules!

BALANCE SHEET	31.12.2012
INTANGIBLES - TOTAL	0
TANGIBLES - TOTAL	6,518
FINANCIALS - TOTAL	0
FIXED ASSETS - TOTAL	6,518
STOCKS - TOTAL	0
CLAIMS - TOTAL	12,823
CURRENT ASSETS	16,290
PREPAID EXPENSES	0
DEBTS WITHIN 1 YEAR	4
DEBTS OVER 1 YEAR	0
PROVISIONS	0
ADVANCED INCOMES	0
REGISTERED CAPITAL	200
RESERVES	40
PROFITS CARRIED FORWARD	22,541
NET RESULT - PROFIT	23
NET RESULT - LOSS	0
NET WORTH	22,804
PROFIT & LOSS ACCOUNT	31.12.2012
Turnover	133,992
Own production & services	11,436
Sales	122,556
INCOMES FROM ORDINARY OPERATING ACTIVITY	134,014
Raw materials	895
Costs of goods sold	102,798
Wages	0
Depreciations & provisions	1,630
Other operating costs	15,767
COSTS OF ORDINARY OPERATING ACTIVITY	134,219
ORDINARY OPERATING RESULT - PROFIT	0
ORDINARY OPERATING RESULT - LOSS	205
FINANCIAL INCOMES	766
FINANCIAL COSTS	534
FINANCIAL RESULT - PROFIT	232
FINANCIAL RESULT - LOSS	0
CURRENT RESULT - PROFIT	27
CURRENT RESULT - LOSS	0
Extraordinary incomes	0
Extraordinary costs	0
EXTRAORDINARY RESULT - PROFIT	0
EXTRAORDINARY RESULT - LOSS	0
TOTAL INCOMES	134,780
TOTAL COSTS	134,753
PRETAX RESULT - PROFIT	27
PRETAX RESULT - LOSS	0
TAX ON PROFIT	4
NET RESULT - PROFIT	23
NET RESULT - LOSS	0

N.B.: any difference occurred between former reports and the present one regarding some positions of the “Balance Sheet” or P/L Account for previous periods does not belong to us.

The financial data from this report are the ones officially declared by the subject with the Ministry of Public Finance data basis for 31.12.2012. As consequence, the responsibility for their accuracy belongs exclusively to the company.

OUR OPINION

based upon financial figures reported in the latest balance-sheet – 31.12.2012

- all figures are reported in RON if otherwise not specified.

Size

undetermined, considering the lack of the number of employees

Position & trend

This is a small business, with very small, unsatisfactory profits.

On the B/S side, the financials available prove an unusual situation – the lack of debt (the amount of 4 RON is insignificant). Therefore, the liquidity and solvability have unusual values.

We appreciate the business contacts are feasible, but the business transactions should be taken with care. The credit facilities are not yet suitable.

Further review on the company’s situation is suggested.

31.12.2009

31.12.2010

31.12.2011

31.12.2012

Turnover

RON

40,356

90,147

n/a

133,992

EURO

9,544

21,039

*

30,255

Gross profit

RON

8,543

14,008

n/a

27

EURO

2,020

3,269

*

6

Net profit

RON

7,176

12,908

n/a

23

EURO

1,697

3,013

*

5

31.12.2012

CREDITS & LOANS (ACTIVE BALANCE)

none (zero)

BALANCE CLAIMS-DEBTS

positive

Total claims

12,823

clients & trade debtors

12,797

Total debts, 100% on short term

4

PAYMENTS BEHAVIOR

no delays reported

PAYMENTS INCIDENTS, as

officially recorded with the Payment Incident Bureau

No incidents recorded in the period 8.04.2013 – 8.04.2014

FINANCIAL STRENGTH

6,600 EURO

RISK CATEGORY

Above normal

BUSINESS RELATIONS

Permissible

CREDIT LIMIT

Not credit worthy

Applies to short term credit facilities and should not be construed as a maximum credit limit, which can be only established by the supplier. The credit limit has been set using a formula which takes into consideration the credit rating, and the latest behavioral and financial performances. Other information may of course influence the size of the credit you may grant.

2009

2010

2011

2012

Unusual values, due to the lack of debt!

Liquidity analysis

- current ratio

4.76

2.38

n/a

1629.50

- quick ratio

4.76

1.52

n/a

1629.50

Solvability analysis

Unusual situation due to the lack of debt!

- the borrowing ratio (total debts/net worth)

0.27

0.73

n/a

-

Profitability analysis (%)

Very low, lately

- return on capital

97.29

63.64

n/a

0.10

- return on assets

76.86

36.86

n/a

0.35

- gross profit margin

21.17

15.54

n/a

0.02

Activity analysis

Normal settlements of debtors

- debtor’s days

17

4

n/a

35

- creditor’s days

n/a

n/a

n/a

n/a

Stocks turnover, times/year

*

7

n/a

*

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.95
UK Pound	1	Rs.99.36
Euro	1	Rs.82.15

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIS

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.