|
Report No. : |
349987 |
|
Report Date : |
24.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
STAR EAST PET SRL |
|
|
|
|
Registered Office : |
Brasov county, Brasov, 13
Decembrie Street no. 94/A |
|
|
|
|
Country : |
Romania |
|
|
|
|
Financials (as on) : |
30.06.2015 |
|
|
|
|
Date of Incorporation : |
1997 |
|
|
|
|
Legal Form : |
Limited liability company, joint venture of Romanian and
Italian capital |
|
|
|
|
Line of Business : |
The company's main field of activity is the production
of plastics, namely production of preforms from Polyethylene Terephthalate (PET)
for food use - making oil and carbonated soft drinks bottles. |
|
|
|
|
No. of Employee : |
65 |
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 – 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 |
|
NAME OF THE COMPANY |
STAR
EAST PET SRL |
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|
Address |
Brasov
county, Brasov, 13 Decembrie Street no. 94/A |
|||||||||||
|
Phone no. Cell phone no. |
0040-268-422701
/ 425997 0040-744
423737, 427880 |
Fax no. |
0040-268-427880 |
|||||||||
|
Web-site |
E-mail address |
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HISTORIC/OFFICIAL
DATA
|
||||||||||||
|
Date of foundation |
1997 |
|||||||||||
|
Present legal form |
limited liability company, joint
venture of Romanian and Italian capital |
|||||||||||
|
Registered with the Trade
Registry |
J8/1036/1997 |
|||||||||||
|
VAT no. |
9609695 |
|||||||||||
|
Registered capital |
5,773,350 RON |
|||||||||||
|
Shareholders |
Individuals |
|||||||||||
|
1. Moldovan Dan, Romanian citizen,
born on 29.07.1954 |
||||||||||||
|
Participation |
33.3333% |
|||||||||||
|
2. Roventa Constantin, Romanian
citizen, born on 12.07.1954 |
||||||||||||
|
Participation |
33.3333% |
|||||||||||
|
Legal person |
||||||||||||
|
3. SOCIETA GESTIONE FINANZIARIE
INDUSTRIALI SRL |
||||||||||||
|
Address: Italy / Parma, 8/A Carducci
Street |
||||||||||||
|
Participation |
33.3334% |
|||||||||||
|
|
||||||||||||
|
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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|
|
||||||||||||
EMPLOYEES
|
||||||||||||
|
- total |
2010 |
2011 |
2012 |
2013 |
2014 |
30.06.2015 |
||||||
|
51 |
57 |
59 |
62 |
63 |
65 |
|||||||
BUSINESS
ACTIVITY
- plastic articles producer The company's main field of activity
is the production of plastics, namely production of preforms from
Polyethylene Terephthalate (PET) for food use - making oil and carbonated
soft drinks bottles. In 2003 company has obtain the
certificate of quality ISO 9001: 2000. Work-shop: Brasov county/ Brasov, 13
Decembrie Street nr. 94A |
||||||||||||
OTHER
PARTICIPATION
|
||||||||||||
|
1. Company’s participation |
Not applicable |
|||||||||||
|
2. Shareholders other participation |
Moldovan Dan |
G-SYS SRL, J8/168/1991,
1111783 ORTOTECK SRL, J8/1510/2006, 18788395 |
||||||||||
|
Roventa Constantin |
Not applicable |
|||||||||||
|
Societa Gestione Finanziarie
Industriali SRL |
Not applicable |
|||||||||||
|
REAL ESTATES -lands & buildings -equipment |
2010 |
2011 |
2012 |
2013 |
2014 |
|||||||
|
7,567,479 20,988,611 |
7,433,755 16,502,859 |
7,317,151 13,388,304 |
7,252,848 19,683,741 |
8,945,006 25,222,702 |
||||||||
|
TANGIBLES* |
35,939,201
RON, at 30.06.2015 *According
to the accounting standards, for the middle of the year the company is not
obliged to detail its tangible assets. Therefore, the real estates are
included in “Tangibles” position among the other assets |
|||||||||||
|
BANKS |
RAIFFEISEN
BANK |
|||||||||||
|
MANAGEMENT as officially registered with the
National Trade Registry |
Domenico
Ardovini, Italian citizen – Administrator Appointed
on 09.07.1997 for unspecified period Moldovan Dan, Romanian citizen –
Administrator Appointed on 09.07.1997 for unlimited
period Roventa Constantin, Romanian citizen
– Administrator Appointed on 15.05.2008 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
= 4.3888 RON on 30.06.2014 1 EURO
= 4.4821 RON on 31.12.2014 1 EURO
= 4.4735 RON on 30.06.2015 |
|||||||||||
|
BALANCE SHEET |
31.12.2012 |
31.12.2013 |
31.12.2014 |
30.06.2015 |
|
|
|
|
|
|
|
INTANGIBLES - TOTAL |
3,303 |
1,155 |
6,532 |
62,801 |
|
TANGIBLES - TOTAL |
21,484,071 |
27,101,805 |
37,830,927 |
35,939,201 |
|
FINANCIALS - TOTAL |
0 |
0 |
0 |
0 |
|
FIXED ASSETS - TOTAL |
21,487,374 |
27,102,960 |
37,837,459 |
36,002,002 |
|
STOCKS - TOTAL |
12,266,433 |
10,659,835 |
13,681,722 |
17,554,125 |
|
CLAIMS - TOTAL |
26,307,856 |
27,854,153 |
13,681,722 |
49,053,802 |
|
CURRENT ASSETS |
39,521,681 |
44,057,872 |
29,393,781 |
67,315,673 |
|
PREPAID EXPENSES |
0 |
1,350 |
6,888 |
82,497 |
|
DEBTS WITHIN 1 YEAR |
41,789,412 |
42,025,555 |
43,054,231 |
65,330,749 |
|
DEBTS OVER 1 YEAR |
3,522,830 |
12,315,080 |
15,652,536 |
13,719,211 |
|
PROVISIONS |
46,360 |
46,360 |
43,360 |
46,360 |
|
ADVANCED INCOMES |
0 |
0 |
4,755,672 |
4,442,112 |
|
REGISTERED CAPITAL |
5,773,350 |
5,773,350 |
5,773,350 |
5,773,350 |
|
RESERVES from reassessment of the fixed assets |
2,334,540 |
2,294,236 |
2,294,236 |
2,294,236 |
|
RESERVES |
1,734,339 |
1,805,590 |
1,905,965 |
1,905,965 |
|
PROFITS CARRIED FORWARD |
3,741,630 |
5,808,223 |
6,221,012 |
7,804,856 |
|
NET RESULT - PROFIT |
2,192,157 |
1,165,039 |
1,684,220 |
2,083,333 |
|
NET RESULT - LOSS |
0 |
0 |
0 |
0 |
|
NET WORTH |
15,650,453 |
16,775,187 |
17,778,408 |
19,861,740 |
|
|
|
|
|
|
|
PROFIT & LOSS ACCOUNT |
31.12.2012 |
31.12.2013 |
31.12.2014 |
30.06.2015 |
|
|
|
|
|
|
|
Turnover |
110,185,554 |
109,425,102 |
105,905,301 |
61,833,662 |
|
Own production & services |
109,698,775 |
N/A |
N/A |
N/A |
|
Sales |
486,779 |
N/A |
N/A |
N/A |
|
INCOMES FROM ORDINARY OPERATING ACTIVITY |
111,501,289 |
113,389,939 |
108,532,867 |
62,789,703 |
|
Raw materials |
90,340,363 |
N/A |
N/A |
N/A |
|
Costs of goods sold |
440,626 |
N/A |
N/A |
N/A |
|
Wages |
3,232,060 |
N/A |
N/A |
N/A |
|
Depreciations & provisions |
4,107,202 |
N/A |
N/A |
N/A |
|
Other operating costs |
3,306,723 |
N/A |
N/A |
N/A |
|
COSTS OF ORDINARY OPERATING ACTIVITY |
106,154,557 |
109,416,339 |
104,825,489 |
59,819,072 |
|
ORDINARY OPERATING RESULT - PROFIT |
5,346,732 |
3,973,600 |
3,707,378 |
2,970,631 |
|
ORDINARY OPERATING RESULT - LOSS |
0 |
0 |
0 |
0 |
|
FINANCIAL INCOMES |
2,725,185 |
2,381,272 |
1,335,037 |
1,048,767 |
|
FINANCIAL COSTS |
5,461,148 |
4,929,846 |
3,034,903 |
1,526,346 |
|
FINANCIAL RESULT - PROFIT |
0 |
0 |
0 |
0 |
|
FINANCIAL RESULT - LOSS |
2,735,963 |
2,548,574 |
1,699,866 |
477,579 |
|
CURRENT RESULT - PROFIT |
2,610,769 |
1,425,026 |
2,007,512 |
2,493,052 |
|
CURRENT RESULT - LOSS |
0 |
0 |
0 |
0 |
|
Extraordinary incomes |
0 |
0 |
0 |
0 |
|
Extraordinary costs |
0 |
0 |
0 |
0 |
|
EXTRAORDINARY RESULT - PROFIT |
0 |
0 |
0 |
0 |
|
EXTRAORDINARY RESULT - LOSS |
0 |
0 |
0 |
0 |
|
TOTAL INCOMES |
114,226,474 |
115,771,211 |
109,867,904 |
63,838,470 |
|
TOTAL COSTS |
111,615,705 |
114,346,185 |
107,860,392 |
61,345,418 |
|
PRETAX RESULT - PROFIT |
2,610,769 |
1,425,026 |
2,007,512 |
2,493,052 |
|
PRETAX RESULT - LOSS |
0 |
0 |
0 |
0 |
|
TAX ON PROFIT |
418,612 |
259,987 |
323,292 |
409,719 |
|
NET RESULT - PROFIT |
2,192,157 |
1,165,039 |
1,684,220 |
2,083,333 |
|
NET RESULT - LOSS |
0 |
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 30.06.2015. As
consequence, the responsibility for their accuracy belongs exclusively to the
company. |
|
OUR OPINION |
based
upon financial figures reported in the latest balance-sheet – 30.06.2015 -
all figures are reported in RON
if otherwise not specified. |
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|
|
||||||||||||||||
|
Size |
medium, considering the number of
employees |
|||||||||||||||
|
Position & trend |
Large volume of activity developed,
with positive results. Generally turnover has an ascending evolution.
On the results side, they are fluctuating. Payment behavior is correct, no
delays being reported. Financial standing is satisfactory. Business contacts are feasible and
credit facilities suitable. |
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|
|
||||||||||||||||
|
|
2010 |
2011 |
2012 |
2013 |
30.06.2014 |
2014 |
30.06.2015 |
|||||||||
|
Turnover |
|
|
|
|
|
|
|
|||||||||
|
RON |
84,165,448 |
85,151,553 |
110,185,554 |
109,425,102 |
55,499,288 |
105,905,301 |
61,833,662 |
|||||||||
|
EURO |
19,642,795 |
19,712,377 |
24,879,887 |
24,399,648 |
12,645,664 |
23,628,500 |
13,822,211 |
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Gross profit |
|
|
|
|
|
|
|
|||||||||
|
RON |
2,025,903 |
634,414 |
2,610,769 |
1,425,026 |
2,942,037 |
2,007,512 |
2,493,052 |
|||||||||
|
EURO |
472,812 |
146,865 |
589,511 |
317,753 |
670,351 |
447,895 |
557,293 |
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net profit |
|
|
|
|
|
|
|
|||||||||
|
RON |
1,646,483 |
413,219 |
2,192,157 |
1,165,039 |
2,493,463 |
1,684,220 |
2,083,333 |
|||||||||
|
EURO |
384,261 |
95,659 |
494,989 |
259,781 |
568,142 |
375,766 |
465,705 |
|||||||||
|
|
||||||||||||||||
|
|
30.06.2015 |
|||||||||||||||
|
CREDITS & LOANS (ACTIVE BALANCE) |
N/A |
|||||||||||||||
|
|
|
|||||||||||||||
|
BALANCE CLAIMS-DEBTS |
Negative |
|||||||||||||||
|
Total claims, no further details
available |
49,053,802 |
|||||||||||||||
|
Total debts |
79,049,960 |
|||||||||||||||
|
- Short term, no further details available |
65,330,749 |
|||||||||||||||
|
- Medium term, no further details available |
13,719,211 |
|||||||||||||||
|
|
||||||||||||||||
|
PAYMENTS BEHAVIOR |
No Complaints |
|||||||||||||||
|
|
||||||||||||||||
|
PAYMENTS INCIDENTS, as officially
recorded with the Payment Incident Bureau: |
No payments incidents recorded
during 13.11.2014 – 13.11.2015 |
|||||||||||||||
|
|
||||||||||||||||
|
BLACKLISTING
(international sanctions) |
Not applicable |
|||||||||||||||
|
|
||||||||||||||||
|
FINANCIAL STRENGTH |
4,885 tsd
EURO |
|||||||||||||||
|
RISK CATEGORY |
Above
normal |
|||||||||||||||
|
BUSINESS RELATIONS |
Permissible |
|||||||||||||||
|
|
2010 |
2011 |
2012 |
2013 |
2014 |
30.06.2015 |
||||||||||
|
|
Increasing up to rather good |
|||||||||||||||
|
Liquidity analysis |
||||||||||||||||
|
- current ratio |
0.86 |
0.90 |
0.95 |
1.05 |
1.01 |
1.03 |
||||||||||
|
- quick ratio |
0.48 |
0.52 |
0.65 |
0.79 |
0.69 |
0.76 |
||||||||||
|
|
|
|||||||||||||||
|
Solvability analysis |
Over limited indebtedness rate |
|||||||||||||||
|
- the borrowing ratio (total
debts/net worth) |
2.71 |
3.24 |
2.90 |
3.24 |
3.30 |
3.98 |
||||||||||
|
|
|
|||||||||||||||
|
Profitability analysis (%) |
Fluctuating |
|||||||||||||||
|
- return on capital |
12.02 |
3.07 |
14.01 |
6.95 |
9.47 |
10.49 |
||||||||||
|
- return on assets |
3.23 |
0.63 |
3.59 |
1.64 |
2.07 |
2.01 |
||||||||||
|
- gross profit margin |
2.41 |
0.75 |
2.37 |
1.30 |
1.93 |
4.03 |
||||||||||
|
|
|
|||||||||||||||
|
Activity analysis |
Debtors out of control, lately |
|||||||||||||||
|
- debtor’s days |
87 |
73 |
87 |
93 |
101 |
290 |
||||||||||
|
- creditor’s days |
71 |
73 |
75 |
50 |
68 |
n/a |
||||||||||
|
Stocks turnover, times/year |
8 |
3 |
9 |
10 |
8 |
4 |
||||||||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.35 |
|
|
1 |
Rs.100.66 |
|
Euro |
1 |
Rs.70.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TRU |
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.