|
Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
BRICOSTORE ROMANIA SA |
|
|
|
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Registered Office : |
060251 Bucharest, sector 6 – Calea Giulesti no. 1-3, Centrul Com. Bricostore (Shopping Center Bricostore) |
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Country : |
Romania |
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|
|
Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
December, 2001 |
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Legal Form : |
Joint stock company, entire foreign capital |
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Line of Business : |
Retail sale of new goods in specialized
stores Products of wood, metallic fittings, dye stuff, electrical equipment, interior design, plants and garden furniture, the newest technology and building materials. |
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|
|
|
No. of Employees : |
1,525 |
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 : |
Slow but correct |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Romania |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. Economic growth accelerated in 2013, driven by
strong industrial exports and an excellent agricultural harvest; in December
2013 inflation dropped to a historical low annual rate of 1.6%; and the current
account deficit was reduced substantially. Yet, progress on structural reforms
is uneven and the economy still is vulnerable to shocks.
|
Source
: CIA |
|
NAME OF THE COMPANY |
BRICOSTORE ROMANIA SA |
||
|
Address |
060251 Bucharest, sector 6 – Calea Giulesti no. 1-3, Centrul Com.
Bricostore (Shopping Center Bricostore) |
||
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Phone no. |
0040-21-4044411 |
Fax no. |
0040-21-4044410 |
|
Web-site |
E-mail address |
||
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Date of foundation |
December, 2001 |
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Present legal form |
Joint stock company, entire foreign capital |
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Registered with the Trade Registry
|
J40/9990/2001 |
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VAT no. |
14328360 |
||
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Registered capital |
23,529,070.20 RON |
||
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Shareholders |
Legal person – unique owner |
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1. KINGFISHER GROUP LTD – British legal person |
|||
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Address: UK / W2 6PX London – Sheldon Square No. 3 |
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Participation |
99% |
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2. SHELDON HOLDINGS LIMITED – British legal person |
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Address: UK / W2 6PX London – Sheldon Square No. 3 |
|||
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Participation |
0.00000004% |
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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 |
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- total |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
|
1,141 |
1,503 |
1,692 |
1,533 |
1,546 |
1,525 |
- Retail sale of new goods in specialized stores,
according to the national Trade Registry updated files (NACE: 4778)
The French group Bricostore is specialized in retail trade with:
products, services and ideas for repairs, buildings, fitting out of houses and
gardens. All of these are developed under the motto: “all for house and garden”
The “Bricostore” idea is “ do it yourself”
-“Bricostore” puts at the clients disposal a wide range of products of
wood, metallic fittings, dye stuff, electrical equipment, interior design,
plants and garden furniture, the newest technology and building materials.
Around 40,000 items are commercialized trough “Bricostore” chain.
- there is a “drive-in “ service for buildings materials
- there is also special delivery that Bricostore provides to its clients
According to the company’s web-site
Bricostore Romania has joined the group Kingfisher (www.kingfisher.com)
on June 1, 2013 following the
acquisition of the Bricostore 15 stores of the Bresson French group
Kingfisher is the first European distributor of home decorating products and
number three worldwide. The Group has over 1,000 stores in nine countries, has
more than 80 000 people employed and welcomes nearly 6 million customers each
week.
The Group holds leading market brands such as B & Q in the UK and China ,
Castorama in France, Poland and Russia; Screwfix in the UK and Brico Depot in
France & Spain.
The “Brico Depot” is the one that Kingfisher has decided to develop on the
housing Romanian market that offers tremendous growth potential.
Currently, the Bricostore network has 15 stores: 4 in Bucharest & Ilfov
county and 11 in the country, in the cities of Brasov, Ploiesti, Constanta,
Pitesti, Arad, Braila, Focsani, Suceava, Oradea, Calarasi and Turnu Severin.
Kingfisher has ambitious plans in Romania aiming to increase the number of
units at "about 50 long-term deposits".
The transformation of the warehouse stores will begin in the first quarter of
2014.
Work-shops, as officially registered with the National Trade Registry
1. Ilfov county / Chiajna – Autostrada Bucuresti-Pitesti Km 11-12
2. Bucharest, sector 2 – Soseaua Vergului No. 18
3. Bucharest, sector 6 – Calea Giulesti No. 1-3
4. Brasov county / Brasov – Calea Bucuresti No. 109
5. Prahova county / Blejoi commune
6. Bucharest, sector 1 – Soseua Bucuresti Ploiesti No. 44B, Centrul
Comercial Bricostore Baneasa (Shopping center)
7. Ilfov county / Otopeni – Horea Closca si Crisan Street No. 61-63
(warehouse )
8. Constanta county / Constanta – Tomis Blvd. No. 401, DN2A
9. Arges county / Bradu commune – Geamana village,
DN65B
10. Arad county / Arad – Calea Aurel Vlaicu No. 299/6, Complex Comercial
Armonia Aras
11. Mehedinti county / Drobeta-Turnu Severin – Alunis Blvd. No. 43
12. Braila county/ Varsatura – 4A Principala Street
13. Suceava county / Suceava –
Calea Unirii No. 22, Complex Comercial Iulius Mall Suceava,
Cartier Burdujeni
14. Vrancea county / Focsani – Calea Moldovei No. 32
15. Bihor county / Oradea – Calea Aradului No. 62
16. Calarasi county / Calarasi – Prelungirea Slobozia Street No. 17A
Main competitors: BauMax, Obi, Mr. Bricolage, Hornbach, Praktiker,
Dedeman networks.
|
1. Company’s participation |
1. BRICO COMMUNICATION SRL – J40/11237/2005, VAT 17723843 |
|
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2. BRICO SUPPLY SRL – J40/3383/2010, VAT 26724155 |
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2. Shareholders other participation |
KINGFISHER GROUP LTD |
BRICO DEVELOPMENT SA – J40/15810/2008,
VAT 24475368 |
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BRICO FONCIER SA – J40/13824/2011, VAT 29365536 |
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BRICO IMOBILIARE CALARASI SA – J40/15805/2008, VAT 24475350 |
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SOROD SA – J40/1505/1999, VAT 11465354 |
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|
- lands & buildings |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
|
120,080,961 |
130,427,355 |
128,753,330 |
128,925,278 |
35,916,353 |
33,760,183 |
Romanian Bank for Development – Groupe Societe Generale
|
as officially registered with the National Trade Registry |
President of the Board Mr. Alain Souillard – French citizen, born on 20.09.1955 Appointed on: 31.05.2013; Expiration date of mandate: 31.05.2017 Member of the Board Mrs. Isabelle Marie Palmyre Cieutat – French citizen, born on
11.09.1971 Appointed on: 31.05.2013; Expiration date of mandate: 31.05.2017 Member of the Board Mr. Patrick Rapot – French citizen, born on 5.04.1963 Appointed on 31.05.2013; Expiration date of mandate: 31.05.2017 General Manager Mr. Patrick Rapot – appointed on 4.11.2013; expiration date of
mandate: 4.11.2017 |
Exchange rate of EURO
1 EURO = 3.9852 RON on 31.12.2008
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
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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. |
based upon financial
figures reported in the latest balance-sheet – 31.12.2012
- all figures are reported in RON if
otherwise not specified.
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Size |
large, considering the number of employees |
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Position & trend |
Well-known brand, one of the most popular “do it yourself “ chain in
Romania. The figures at hand prove a huge volume of activity developed,
specific to this line of business, but with negative returns in the past two
years. Besides, these appear in an obvious decline since 2008; in 2012 the
losses are coming quite from the operating activity. In terms of B/S accounts, both liquidity and solvability are looking
good. The payments behavior is fair enough – just limited delays are
reported. Overall, we still appreciate the business relationships are feasible
and the credit facilities are suitable. The business trend should be followed. |
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31.12.2007 |
31.12.2008 |
31.12.2009 |
31.12.2010 |
31.12.2011 |
31.12.2012 |
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Turnover |
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RON |
672,022,099 |
897,593,927 |
754,478,694 |
624,293,192 |
611,763,639 |
640,986,310 |
||||||||||
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EURO |
186,145,393 |
225,231,840 |
178,439,689 |
145,699,494 |
141,621,788 |
144,734,642 |
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Gross profit |
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|
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|
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RON |
81,670,000 |
117,139,057 |
40,239,446 |
22,113,039 |
-1,692,509 |
-14,478,186 |
||||||||||
|
EURO |
22,622,015 |
29,393,520 |
9,516,921 |
5,160,810 |
-391,812 |
-3,269,173 |
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Net profit |
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|
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RON |
66,648,726 |
97,963,219 |
32,540,411 |
17,252,355 |
-2,906,016 |
-14,478,186 |
||||||||||
|
EURO |
18,461,228 |
24,581,757 |
7,696,043 |
4,026,408 |
-672,736 |
-3,269,173 |
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|
31.12.2012 |
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CREDITS &
LOANS (ACTIVE BALANCE) |
86,947,086 |
|||||||||||||||
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Bank credits & other
financial loans, on short term (within 1year) |
13,761,104 |
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Bank credits & other
financial loans, on medium term (over 1 year) |
73,185,982 |
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BALANCE
CLAIMS-DEBTS |
Negative |
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Total claims |
30,965,422 |
|||||||||||||||
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clients & trade debtors |
29,514,715 |
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Total debts |
183,420,808 |
|||||||||||||||
|
- Short term |
109,218,007 |
|||||||||||||||
|
suppliers |
84,076,629 |
|
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trade creditors |
987,537 |
|
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bank credits & other
financial loans |
13,761,104 |
|
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other debts, including
fiscal debts & dues to the Social Insurance |
10,392,737 |
|
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|
-
Medium term |
73,212,801 |
|||||||||||||||
|
bank credits & other
financial loans |
73,185,982 |
|
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|
other debts, including fiscal
debts & dues to the Social Insurance |
26,819 |
|
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|
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PAYMENTS
BEHAVIOR |
with delays |
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|
Total overdue of
0.18% of turnover (1.03% of total short term debt) |
1,123,915 |
|||||||||||||||
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To suppliers, 1.34% delayed |
1,123,915 |
|||||||||||||||
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over 30 days |
329,687 |
|
||||||||||||||
|
over 90 days |
394,274 |
|
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over 1 year |
399,954 |
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PAYMENTS
INCIDENTS, as officially recorded with the Payment Incident Bureau |
No
incidents recorded in the period 2.06.2013 – 2.06.2014 |
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FINANCIAL STRENGTH |
72,615 tsd EURO |
|||||||||||||||
|
RISK CATEGORY |
Above normal |
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|
BUSINESS RELATIONS |
Permissible |
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|
|
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
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|
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Fluctuating, generally good |
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|
Liquidity analysis |
||||||||||||||||
|
- current ratio |
2.04 |
1.77 |
1.85 |
2.17 |
2.52 |
2.07 |
||||||||||
|
- quick ratio |
1.36 |
0.92 |
0.43 |
0.96 |
0.93 |
0.50 |
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|
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Solvability analysis |
Very good |
|||||||||||||||
|
- the borrowing ratio (total debts/net worth) |
1.13 |
0.97 |
0.71 |
1.02 |
0.85 |
0.89 |
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|
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Profitability analysis (%) |
Severely depreciated; consecutive losses for the last two periods |
|||||||||||||||
|
- return on capital |
38.40 |
38.76 |
12.37 |
6.43 |
loss |
loss |
||||||||||
|
- return on assets |
17.68 |
19.72 |
7.20 |
3.18 |
loss |
loss |
||||||||||
|
- gross profit margin |
12.15 |
13.05 |
5.33 |
3.54 |
loss |
loss |
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|
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|
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Activity analysis |
Quick settlements; slowdown of the stocks’ rotation |
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|
- debtor’s days |
10 |
14 |
9 |
11 |
19 |
18 |
||||||||||
|
- creditor’s days |
41 |
50 |
38 |
54 |
45 |
48 |
||||||||||
|
Stocks turnover, times/year |
10 |
7 |
5 |
4 |
4 |
1 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.34 |
|
|
1 |
Rs.99.18 |
|
Euro |
1 |
Rs.80.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NNA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.