MIRA INFORM REPORT

 

 

Report No. :

315670

Report Date :

15.04.2015

 

IDENTIFICATION DETAILS

 

Name :

MOLDABELA S.R.L.

 

 

Registered Office :

Oleg Ungureanu Street 2 Ungheni MD-3600

 

 

Country :

Moldova

 

 

Date of Incorporation :

05.06.2001

 

 

Com. Reg. No.:

177024221

 

 

Legal Form :

Not Available

 

 

Line of Business :

Manufacturers and exporters of carpets and floor coverings.

 

 

No. of Employee :

230

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Moldova

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

MOLDOVA ECONOMIC OVERVIEW

 

Despite recent progress, Moldova remains one of the poorest countries in Europe. With a moderate climate and good farmland, Moldova's economy relies heavily on its agriculture sector, featuring fruits, vegetables, wine, and tobacco. Moldova also depends on annual remittances of about $1.6 billion from the roughly one million Moldovans working in Europe, Russia, and other former Soviet Bloc countries. With few natural energy resources, Moldova imports almost all of its energy supplies from Russia and Ukraine. Moldova's dependence on Russian energy is underscored by a growing $5 billion debt to Russian natural gas supplier Gazprom, largely the result of unreimbursed natural gas consumption in the separatist Transnistria region. In August 2013, work began on a new pipeline between Moldova and Romania that may eventually break Russia's monopoly on Moldova's gas supplies. The government's goal of EU integration has resulted in some market-oriented progress. Moldova experienced better than expected economic growth in 2014 due to increased agriculture production, to economic policies adopted by the Moldovan government since 2009, and to the receipt of EU trade preferences. Moldova signed an Association Agreement and a Deep and Comprehensive Free Trade Agreement with the EU during fall 2014, connecting Moldovan products to the world’s largest market. Still, growth has been hampered by high prices for Russian natural gas, a Russian import ban on Moldovan wine, increased foreign scrutiny of Moldovan agricultural products, and by Moldova’s large external debt. Over the longer term, Moldova's economy remains vulnerable to political uncertainty, weak administrative capacity, vested bureaucratic interests, corruption, higher fuel prices, Russian pressure, and the illegal separatist regime in Moldova's Transnistria region.

 

Source : CIA

 

Company name

 

MOLDABELA S.R.L. (CORRECT)

 

MOLDABELA SRL (REQUESTED)

 

 

ADDRESS

 

Street                : Oleg Ungureanu Street 2

Town                : Ungheni MD-3600

Country             : Moldova

Telephone         : (373 236) 23168 / 23170 / 24587 / 29333 (Alla Protic) / 29308 (Accounts Dept.)

Fax                   : (373 236) 23168

E-Mail               : a.protic@acvila.md 

Website            : www.acvila.md

 

Extended Name            : Moldabela Societatea cu Raspundere Limitate

English Translation        : Moldabela LLC

 

 

LEGAL STATUS AND HISTORY

 

Date Started     : 5 June 2001

History              : The subject company was established in Moldova on 5 June 2001 and commenced production in December 2001.

C.R. No.           : 177024221

Fiscal Code      : 1002600020023 (frmly 31808955)

VAT No.            : 9500520 (issue date: 28/06/2002)

 

 

DIRECTORS / MANAGEMENT

 

SENIOR COMPANY PERSONNEL

 

   Name                                                Position

 

1. Nicula Nicolas Sava                           Managing Director

2. Igor Kasyan                                       Deputy Managing Director

3. Alla Protic                                         Financial Director

 

 

Total Employees :         230 (subject)

                                    1,200 (group)

 

 

NEGATIVE INFORMATION

 

No negative information given

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Authorised Capital         : LEU 41,864,528

Paid-Up Capital             : LEU 41,864,528

 

Societatea cu Raspundere Limitate (limited liability company) with the following shareholders :

 

                                                                                    Percentage

 

1. Acvila SRL                                                    50.01%

   strada Calea Iesilor 10B

   Chisinau MD-2069

   Moldova

   Telephone:  (373 22) 239 000 / 580 357 / 753 707  

   Fax      :  (373 22) 239 010

   E-Mail   :  info@acvila.md

   Est.: 13 April 1992

   Tax No. : 1002600036200

   Capital : LEU 3,528,556

 

2. IC Acera-Grup SRL                                        34.75%   

   Est: 17.01.2008

   Tax No.: 1007600077789 

 

3. Andrey Tsurkan                                              10%

 

4. Tatyana Pakhom                                            5%

 

5. Nicula Nicolas Sava                                       0.24%

 

 

PAYMENT INFORMATION

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

Subject is a member of the Acvila Group comprising 18 companies and employing 1,200 people.

We consider it is acceptable to deal with subject for LARGE amounts, although it is normal accepted practice for international suppliers to deal on secured terms with Moldovan importers.

 

Trade risk assessment : Normal

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Affiliated companies of the subject company :

 

Associates

 

1. S.C. Filatura-Ungheni S.R.L.

   Oleg Ungureanu Street 2

   Ungheni MD-3600

   Telephone  : (373 236) 29301 / 29308 (Accounts Dept.) / 29315 

   Fax        : (373 236) 23168

   Est.: 11 May 2007 

   Fiscal Code: 1007609002159

   VAT No.: 9500679 (issue date: 01/08/2007) 

   Capital : LEU 2,800,000

 

1. Covoare-Ungheni SA              

   str. Ungureanu 4

   Ungheni MD-3606

   Tel: (236) 23170

   Fax: (236) 23168

2. Covoare-Lux SRL                 

   Calea Iesilor 17

   MD-2069 Chisinau

   Tel: (22) 580356 / 580352

   Fax: (22) 580354

3. Acvila-Group SA

   Chisinau

4. IM Moldabela SRL

   Ungheni

 

5. SA INCOV

   Alba Iulia

6. Carpeta-MD SRL

   Chisinau

7. Carpeta-RO Grup LLC

   Romania

8. Carpeta-Kiev TOV

   Kiev

   Ukraine

9. IM Etalon-Prim SRL

   Chisinau

10.Steclar SRL

   Chisinau

11.Carpeta-Melitopol LLC

   Ukraine

 

 

FINANCIAL INFORMATION

 

Private companies in Moldova are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales Turnover              : LEU 342,537,000 – 2010 – exact 

                                   : LEU 380,000,000 – 2011 – exact

                                    : LEU 368,414,000 – 2012 – exact

                                    : LEU 380,332,700 – 2013 – exact

                                    : LEU 401,512,000 – 2014 – exact     

 

 

 Net Profit                     : LEU   8,935,000 – 2010 – exact

                                                : not given       - 2011 – exact

                                   : LEU   2,850,400 – 2012 - exact

                                    : LEU   8,552,000 – 2013 - exact   

 

Financial year ends 31 December. 

 

 

FOREIGN EXCHANGE RATES

 

Na

 

 

ADDITIONAL INFORMATION

 

PRINCIPAL BANKERS

 

NAME               : MOLDINDCONBANK SA

Branch              : str. Boico 2A

Town                : Ungheni MD-3601

Telephone         : (236) 27151

Acc. No.           : 2224425702761

 

The company also has an account with :

Moldova Agroindbank S.A.

Mihai Eminescu Street 37

Ungheni MD-3600

Telephone: (373 236) 22590

 

 

ACTIVITIES

 

The Company is involved in the following activities :

Manufacturers and exporters of carpets and floor coverings.

 

NACE Code: 1393

Imports from Belgium, Germany, Bangladesh, Russia and Turkey.

Exports to Russia, Ukraine, Romania, Poland, Italy, Germany, Japan and UK.

 

 

FACILITIES

 

The Company has the following facilities :

Owned premises comprising production unit, storage facilities and

offices located on a 14 hectare site at the heading address.

Subject has a representative office in Romania, Russia, Ukraine, the Czech Republic and in Chisinau.

 

 

REGISTERED OFFICE

 

Oleg Ungureanu Street 2

Ungheni MD-3600

 

 

 

NOTES & COMMENTS

 

SPECIAL NOTE

 

You enquired on : MOLDABELA SRL. Please note that subject’s correct registered name is as per heading.

Interviewed : Alla Protic (Financial Director).

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.39

UK Pound

1

Rs.91.06

Euro

1

Rs.66.16

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

ANK

 

 

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.