MIRA INFORM REPORT

Report No. :	356568
Report Date :	25.12.2015

IDENTIFICATION DETAILS

Name :	DIMSIM ANVELOP SRL
Registered Office :	Suceava county, Scheia, Aleea Morii No. 133V
Country :	Romania
Financials (as on) :	31.12.2014
Date of Incorporation :	May, 2009
Legal Form :	Limited liability company, entire Romanian capital
Line of Business :	Trader of tires & Importer of Vee Rubber for Romania
Employees:	3

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. 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. In the aftermath of the global financial crisis, Romania signed on to a $26 billion emergency assistance package from the IMF, the EU, and other international lenders, but GDP contracted until 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, Romanian authorities and the IMF/EU agreed to a follow-on precautionary two-year stand-by agreement, worth $5.4 billion, to continue with reforms, although Bucharest has announced that it does not intend to draw funds under the agreement. Economic growth rebounded in 2013, driven by strong industrial exports and an excellent agricultural harvest, and the current account deficit was reduced substantially. The economy closed out 2014 with 2.8% growth, down from the 3.5% posted in 2013. Industry outperformed other sectors of the economy. Exports remained the engine of economic growth, led by trade with the EU, which accounts for roughly 70% of Romania trade. In 2014, the Government of Romania succeeded in meeting its annual target for the budget deficit, the external deficit remained low, and inflation was the lowest since 1989, allowing a gradual loosening of the monetary policy throughout the year. However, progress on structural reforms has been uneven and the economy still is vulnerable to external shocks. An ageing population, weak domestic demand, tax evasion, and insufficient health-care represent the top vulnerabilities.

Source : CIA

Company name and address

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 / 310059	Fax no.	-
Web-site	www.veerubber.ro	E-mail address	office@veerubber.ro

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	250,000 RON – latest officially recorded with the National Trade Registry
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	2010	2011		2012		2013		2014
total	3	3		3		3		3
BUSINESS ACTIVITY Officially registered with the National Tarde Registry updated files - unspecialized wholesale trade (NACE – 4690) As declared by the subject on its web site: - trading with tires – company is unique importer of Vee Rubber for Romania Work-shops: 3 Suceava county, Suceava, 8 Ana Ipatescu Street, Bl. D, Sc. A, Ap. 2 Suceava county, Suceava, George Enescu Street Suceava county, Suceava, Bazelor Street
OTHER PARTICIPATION
1. Company’s participation	not applicable
2. Shareholders other participation	1.DIP-MAV SRL- Reg. no.: J33/94/2009, VAT 25031070 2. 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
TANGIBLES*	141,607 RON, at 31.12.2014 *no further details are available regarding the real estate (lands, buildings) or other premises (equipment, etc.)
BANKS	Garanti Bank
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 = 4.2848 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 1 EURO = 4.4821 RON on 31.12.2014

FINANCIAL DATA: RON

BALANCE SHEET	31.12.2011	31.12.2012	31.12.2013	31.12.2014
INTANGIBLES - TOTAL	0	N/A	0	0
TANGIBLES - TOTAL	90,367	N/A	179,687	141,607
FINANCIALS - TOTAL	0	N/A	0	0
FIXED ASSETS - TOTAL	90,367	88,393	179,687	141,607
STOCKS - TOTAL	639,803	889,024	547,374	864,858
CLAIMS - TOTAL	84,490	249,136	803,814	884,197
CURRENT ASSETS	725,659	1,138,358	1,351,938	1,749,506
PREPAID EXPENSES	3,875	658	4,881	404
DEBTS WITHIN 1 YEAR	255,010	N/A	591,863	546,702
DEBTS OVER 1 YEAR	530,131	N/A	860,703	1,111,360
DEBTS - TOTAL	785,141	1,153,534	1,452,566	1,658,062
PROVISIONS	0	0	0	0
ADVANCED INCOMES	0	0	0	96,973
REGISTERED CAPITAL	200	200	200	200
RESERVES from reassessment of the fixed assets	0	N/A	0	0
RESERVES	0	N/A	0	0
PROFITS CARRIED FORWARD	19,255	N/A	73,675	83,741
NET RESULT - PROFIT	15,305	12,898	10,065	52,541
NET RESULT - LOSS	0	0	0	0
NET WORTH	34,760	73,875	83,940	136,482
PROFIT & LOSS ACCOUNT	31.12.2011	31.12.2012	31.12.2013	31.12.2014
Turnover	1,100,894	1,237,543	1,762,535	1,892,540
Own production & services	0	N/A	0	N/A
Sales	1,100,894	N/A	1,759,061	N/A
INCOMES FROM ORDINARY OPERATING ACTIVITY	1,100,894	N/A	1,812,835	1,892,540
Raw materials	47,870	N/A	51,285	N/A
Costs of goods sold	894,568	N/A	1,554,895	N/A
Wages	19,179	N/A	40,401	N/A
Depreciations & provisions	5,984	N/A	34,389	N/A
Other operating costs	92,812	N/A	84,493	N/A
COSTS OF ORDINARY OPERATING ACTIVITY	1,064,167	N/A	1,767,196	1,789,076
ORDINARY OPERATING RESULT - PROFIT	36,727	N/A	45,639	103,464
ORDINARY OPERATING RESULT - LOSS	0	N/A	0	0
FINANCIAL INCOMES	0	N/A	63,952	83,512
FINANCIAL COSTS	18,260	N/A	96,697	125,364
FINANCIAL RESULT - PROFIT	0	N/A	0	0
FINANCIAL RESULT - LOSS	18,260	N/A	32,745	41,852
CURRENT RESULT - PROFIT	18,467	N/A	12,894	61,612
CURRENT RESULT - LOSS	0	N/A	0	0
Extraordinary incomes	0	N/A	0	0
Extraordinary costs	0	N/A	0	0
EXTRAORDINARY RESULT - PROFIT	0	N/A	0	0
EXTRAORDINARY RESULT - LOSS	0	N/A	0	0
TOTAL INCOMES	1,100,894	1,263,600	1,876,787	1,976,052
TOTAL COSTS	1,082,427	1,248,151	1,863,893	1,914,440
PRETAX RESULT - PROFIT	18,467	14,449	12,894	61,612
PRETAX RESULT - LOSS	0	0	0	0
TAX ON PROFIT	3,162	2,551	2,829	9,071
NET RESULT - PROFIT	15,305	0	10,065	52,541
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 31.12.2014. As consequence, the responsibility for their accuracy belongs exclusively to the company.

OUR OPINION

based upon financial figures reported in the latest available balance-sheet – 31.12.2014

- 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 strongly fluctuant but always positive economic results.

Even fluctuating, the liquidity looks very good, In terms of solvability the indebtedness rate is very high.

Payments behavior looks correct, no delays being reported.

Financial standing is modest.

Business trend has to be followed.

31.12.2010

31.12.2011

31.12.2012

31.12.2013

31.12.2014

Turnover

RON

1,093,174

1,100,894

1,237,543

1,762,535

1,892,540

EURO

255,128

254,854

279,437

393,011

422,244

Gross profit

RON

18,324

18,467

15,449

12,894

61,612

EURO

4,277

4,275

3,488

2,875

13,746

Net profit

RON

14,469

15,305

12,898

10,065

52,541

EURO

3,377

3,543

2,912

2,244

11,722

31.12.2014

CREDITS & LOANS (ACTIVE BALANCE)

N/A

BALANCE CLAIMS-DEBTS

Negative

Total claims, no further details available

884,197

Total debts

1,658,062

- Short term, no further details available

1,111,360

- Medium term, no further details available

1,891,517

PAYMENTS BEHAVIOR

Correct, no delays reported

PAYMENTS INCIDENTS, as

officially recorded with the Payment Incident Bureau

No incidents recorded in the period 24.12.2014 – 24.12.2015

2010

2011

2012

2013

2014

Fluctuating; generally very good

Liquidity analysis

- current ratio

0.89

2.85

0.99*

2.28

3.20

- quick ratio

0.46

0.34

0.22*

1.36

1.62

*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)

25.61

22.59

15.61

17.30

12.15

Profitability analysis (%)

fluctuant

- return on capital

74.38

44.03

17.46

11.99

38.5

- return on assets

2.79

1.87

1.05

0.66

2.78

- gross profit margin

1.68

1.68

1.25

0.73

3.26

Activity analysis

Debtors days out of control

- debtor’s days

77

28

73

166

171

- creditor’s days

n/a

n/a

n/a

n/a

n/a

Stocks turnover, times/period

5

2

1

3

2

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41
RON	1	Rs.16.04

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	HEE
Report Prepared by :	SDA

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%)

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