MIRA INFORM REPORT

 

 

Report Date :

01.10.2014

 

IDENTIFICATION DETAILS

 

Name :

DIMSIM ANVELOP SRL

 

 

Registered Office :

Suceava county, Scheia, Aleea Morii No. 133V

 

 

Country :

Romania

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

May, 2009

 

 

Legal Form :

Limited liability company, entire Romanian capital

 

 

Line of Business :
  • Officially registered with the National Tarde Registry updated files
  • unspecialized wholesale trade (NACE – 4690)

[We tried to confirm / obtain the detailed activity but the same is not available from any sources]

 

 

No. of Employees :

3

 

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 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

 

 

 

Company summary

 

NAME OF THE COMPANY   

 

DIMSIM ANVELOP SRL

Address      

 

Suceava county, Scheia, Aleea Morii No. 133V

Phone no.

 

Cell phone no.            

-

 

0040-744*560931

0040-740-970134

Fax no.  

-  

Web-site

 -

E-mail address

 -         

HISTORIC/OFFICIAL DATA

Date of foundation

May, 2009

Present legal form

Limited liability company, entire Romanian capital

Registered with the Trade Registry  

J33/459/2009

VAT no.  

25614472

Registered capital    

200 RON (minimum value of the share capital requested by the Romanian law as for a limited liability company)

Shareholders

 

Individual – unique owner

Valeanu Dinu – Romanian citizen, born on 12.06.1976

Participation

100%

 

 

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

2013

total

 

2

3

3

3

3

BUSINESS ACTIVITY 

 

      Officially registered with the National Tarde Registry updated files

- unspecialized wholesale trade (NACE – 4690)

 

OTHER PARTICIPATION

1. Company’s participation

 

not applicable

 

2. Shareholders other participation

 

1.DIP-MAV SRL- Reg. no.: J33/94/2009, VAT 25031070

2. JODIAL SRL – Reg. no.: J33/308/2008, VAT 23292087

3. OLMASTAR SRL – Reg. no.: J33/1260/2005, VAT 17996037

REAL ESTATE  (RON)                                                                                                             

 

 

2010

2011

2012

2013

- lands 

0

2,449

2,449

2,449

- buildings

0

22,434

n/a

49,854

- equipment

69,708

 

66,462

 

n/a

 

128,362

 

BANKS

 

 

n/a

 

MANAGEMENT

·         as officially registered with the National Trade Registry

 

 

 

Valeanu Dinu – Administrator

Appointed on 26.05.2009 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

1 EURO = 4.4847 RON on 31.12.2013

 

FINANCIAL DATA: RON

 

BALANCE SHEET

31.12.2010

31.12.2011

31.12.2012

31.12.2013

INTANGIBLES - TOTAL

0

0

N/A

0

TANGIBLES - TOTAL

69,708

90,367

N/A

179,687

FINANCIALS - TOTAL

0

0

N/A

0

FIXED ASSETS - TOTAL

69,708

90,367

88,393

179,687

STOCKS - TOTAL

211,456

639,803

889,024

547,374

CLAIMS - TOTAL

229,628

84,490

249,136

803,814

CURRENT ASSETS

442,011

725,659

1,138,358

1,351,938

PREPAID EXPENSES

6,012

3,875

658

4,881

DEBTS WITHIN 1 YEAR

498,277

255,010

N/A

591,863

DEBTS OVER 1 YEAR

0

530,131

N/A

860,703

DEBTS - TOTAL

498,277

785,141

1,153,534

1,452,566

PROVISIONS

0

0

0

0

ADVANCED INCOMES

0

0

0

0

REGISTERED CAPITAL

200

200

200

200

RESERVES from reassessment of the fixed assets

0

0

N/A

0

RESERVES

0

0

N/A

0

PROFITS CARRIED FORWARD

4,785

19,255

N/A

73,675

NET RESULT - PROFIT

14,469

15,305

12,898

10,065

NET RESULT - LOSS

0

0

0

0

NET WORTH

19,454

34,760

73,875

83,940

 

 

 

 

 

PROFIT & LOSS ACCOUNT

31.12.2010

31.12.2011

31.12.2012

31.12.2013

Turnover

1,093,174

1,100,894

1,237,543

1,762,535

Own production & services

0

0

N/A

0

Sales

1,093,174

1,100,894

N/A

1,759,061

INCOMES FROM ORDINARY OPERATING ACTIVITY

1,093,174

1,100,894

N/A

1,812,835

Raw materials

23,077

47,870

N/A

51,285

Costs of goods sold

892,224

894,568

N/A

1,554,895

Wages

16,577

19,179

N/A

40,401

Depreciations & provisions

19,700

5,984

N/A

34,389

Other operating costs

118,424

92,812

N/A

84,493

COSTS OF ORDINARY OPERATING ACTIVITY

1,070,649

1,064,167

N/A

1,767,196

ORDINARY OPERATING RESULT - PROFIT

22,525

36,727

N/A

45,639

ORDINARY OPERATING RESULT - LOSS

0

0

N/A

0

FINANCIAL INCOMES

51

0

N/A

63,952

FINANCIAL COSTS

4,252

18,260

N/A

96,697

FINANCIAL RESULT - PROFIT

0

0

N/A

0

FINANCIAL RESULT - LOSS

4,201

18,260

N/A

32,745

CURRENT RESULT - PROFIT

18,324

18,467

N/A

12,894

CURRENT RESULT - LOSS

0

0

N/A

0

Extraordinary incomes

0

0

N/A

0

Extraordinary costs

0

0

N/A

0

EXTRAORDINARY RESULT - PROFIT

0

0

N/A

0

EXTRAORDINARY RESULT - LOSS

0

0

N/A

0

TOTAL INCOMES

1,093,225

1,100,894

1,263,600

1,876,787

TOTAL COSTS

1,074,901

1,082,427

1,248,151

1,863,893

PRETAX RESULT - PROFIT

18,324

18,467

14,449

12,894

PRETAX RESULT - LOSS

0

0

0

0

TAX ON PROFIT

3,855

3,162

2,551

2,829

NET RESULT - PROFIT

14,469

15,305

0

10,065

NET RESULT - LOSS

0

0

 

 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 31.12.2013. As consequence, the responsibility for their accuracy belongs exclusively to the company.

OUR OPINION

 

based upon financial figures reported in the latest balance-sheet – 31.12.2013

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

 

 

Size

 

micro , considering the number of employees

Position & trend

Easily increasing volume of activity, but still modest level of turnover with fluctuant but positive economic results. In 2013 compared to 2012, turnover got increased with 41% (in EURO), while gross profit registered a decrease with 18% (in EURO) due to the losses from financials.

Liquidity is fluctuating and solvability even improving, indebtedness rate is still high.

Payments behavior looks correct, no delays being reported.

Financial standing is modest.

Business trend has to be followed.

 

 

31.12.2009

31.12.2010

31.12.2011

31.12.2012

31.12.2013

Turnover

 

 

 

 

 

RON

161,517

1,093,174

1,100,894

1,237,543

1,762,535

EURO

38,200

255,128

254,854

279,437

393,011

 

 

 

 

 

 

Gross profit

 

 

 

 

 

RON

5,849

18,324

18,467

15,449

12,894

EURO

1,383

4,277

4,275

3,488

2,875

 

 

 

 

 

 

Net profit

 

 

 

 

 

RON

4,785

14,469

15,305

12,898

10,065

EURO

1,132

3,377

3,543

2,912

2,244

 

 

31.12.2013

 

CREDITS & LOANS (ACTIVE BALANCE)

           

642,439

Bank credits, on short term (within 1year)

562,970

Other financial loans & afferent interests, on medium term (over 1 year)

79,469

 

 

 

BALANCE CLAIMS-DEBTS

 

Negative

Total claims

 

803,814

clients & trade debtors

776,317

 

Total debts

1,452,566

- Short term

591,863

suppliers & trade creditors

9,052

 

bank credits

562,970

 

to the Social Insurance

320

 

to the State Budget

17,718

 

- Medium term

860,703

other financial loans & afferent interests

79,469

 

to the shareholders

781,234

 

 

 

PAYMENTS BEHAVIOR

Correct, no delays reported

 

 

 

PAYMENTS INCIDENTS, as

officially recorded with the Payment Incident Bureau

 

No incidents recorded in the period 29.09.2013 – 29.09.2014

 

 

2009

2010

2011

2012

2013

 

 

Fluctuating; very good in 2013

Liquidity analysis

- current ratio  

0.82

0.89

2.85

0.99*

2.28

- quick ratio    

0.23

0.46

0.34

0.22*

1.36

*considering that the value of the short term debts for 2012 has not been available, quick / current ratios have been calculated considering the amount of the total debts.

 

 

Solvability analysis

High level of indebtedness rate

- the borrowing ratio (total debts/net worth) 

102.59

25.61

22.59

15.61

17.30

 

 

Profitability analysis (%)

Decreasing up to very low

- return on capital

95.99

74.38

44.03

17.46

11.99

- return on assets

0.93

2.79

1.87

1.05

0.66

- gross profit margin

3.62

1.68

1.68

1.25

0.73

 

 

Activity analysis

Debtors days out of control

- debtor’s days 

261

77

28

73

166

- creditor’s days

n/a

n/a

n/a

n/a

n/a

Stocks turnover, times/year

1

5

2

1

3

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.61

UK Pound

1

Rs.100.28

Euro

1

Rs.78.21

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

PDT

 

               

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.