Beruflich Dokumente
Kultur Dokumente
CONTENTS
I. Legal aspects concerning the companies II. Description of the business III. Marketing plan IV. Management plan V. Risk management plan VI. Financial management plan VII. New management plan for 2009 2012 important issues
1. Name: BEST CAR LEASING IFN SA 2. Legal form: Share Company 3. Registration Number in the Trade Register: J32/114/2005 4. Cod fiscal: RO17166360 5. Head office: Sibiu, Str. Calea Poplacii Nr. 106 6. Directors: Daniel Fantana chairman of the board Spatacean Cristina Executive director 7. Associates: 1 2 3 Daniel Fantana Cristina Spatacean Alexandru Munteanu 71.23% 28.07% 0.7%
8. Value of subscribed social capital: 2,210,000 ron 9. Object of the company: Code CAEN 6521 Crediting activities based on financial contracts. The company is specialized on financing acquisitions of car for individuals and Small Medium Enterprises and equipment for Small Medium Enterprises.
1. Name: SIGMA LEASING IFN SA 2. Legal form: Share Company 3. Registration Number in the Trade Register: J32/1434/2003 4. Cod fiscal: R 15880175 5. Head office: Sibiu, Str. Calea Poplacii Nr. 106
6. Directors: Daniel Fantana chairman of the board Dusleag Cosmina Executive director 7. Associates: 1 2 3 4 Best Car Leasing IFN SA purchase in May 2006 Adrian Nita Maria Frantu Cosmina Dusleag 97.8% 0.73% 0.73% 0.73%
8. Value of subscribed social capital: 1,3620,020 ron 9. Object of the company: Code CAEN 6521 Crediting activities based on financial contracts. The company is specialized in financing equipment, transport vehicles, real estate for individuals and Small Medium Enterprises.
1. Name: VISION LEASING IFN SA 2. Legal form: Share Company 3. Registration Number in the Trade Register: J32/310/2008 4. Cod fiscal: RO 2334965 5. Head office: Sibiu, Str. Calea Poplacii Nr. 106 6 Directors: Daniel Fantana chairman of the board Ioana Luncean Executive director
8. Value of subscribed social capital: 730,000 Ron 9. Object of the company: Code CAEN 6521 Crediting activities based on financial contracts. The company is specialized in micro crediting for individuals, factoring, mortgage loans. The three companies form a group based on the fact that BEST CAR LEASING IFN SA is the majority shareholder, 97.8%, of SIGMA LEASING IFN SA, and the majority shareholder, 99.9%, of VISION LEASING IFN SA.
Until 2008, the group focused on financing valuable luxury motor vehicles, but exposure did not exceed 250,000 per client. Both second-hand and new goods market were approached. Second hand goods are mostly motor vehicles. The offer presentation and image promotion for the company were made in different manners, such as: through the suppliers of leasing goods (auto dealers, equipment and calculating technique suppliers, immobile developers, etc) directly to the client through presenting our services to local and national business corporations through local and national media
The group of firms has gained a very good local reputation, reaching in 2007 a number of more de 1.000 active clients, approximately 600 active clients for BEST CAR LEASING IFN SA and 550 active clients for SIGMA LEASING IFN SA clients. At the end of 2008 the group reached a record number of 2.000 active clients. Activity perspectives In order to gain a significant regional and national market quotation, the company first of all relies on a prompt provision of services, on flexibility in granting financing. As far as the territorial expansion policy is concerned, the focus was on opening working points (branches) in adjacent districts and in those having a weak representation of leasing and financing offers. The national development was the next point of interest, and so, in 2007 new agencies were opened in Craiova, Bucharest, Timisoara and Oradea. The group expended the business at country level through its dealers who provided business all over Romania. The national promotion of the group was also made through the company website: www.bclifn.ro, www.visionleasing.ro. Another key element of the groups strategy is consolidating the local position by building a head office in Sibiu, the center of the country. For this purpose BEST CAR LEASING IFN SA company purchased in May 2007 construction land, on which the group has built a head office with the surface approximately 1.300 m2 which have merged the activity of the group of companies.
The investment was registered to VISION LEASING IFN SA. The investment could be presented as following: Projection elements Land Value () 230,000.00 Explanations paid in full (own contribution) personal resources of the group + bank credit (350.000 Euro) Weight 22.3%
Office construction
1,550,000.00
78.7%
300,000.00
2,080,000.00
100%
The construction was finalized in December 2008. The investment reaches the value of ~ 2.080.000 euro and it has a market value of at least 3.500.000 euro. Considering the groups investment policy as well as the business sector it is based on (financial services domain), the shareholders of the group have used and will use its dividends to increase the social capital. Also, the groups shareholders are supportive of the companies expansion and have increased the social capital of the group companies every year with significant amounts. The groups activity is evolving in 3 directions as follows: Financial movable leasing (motor vehicles, machinery, equipments, etc.) (approximately 45% of assets) immovable leasing (land, houses, apartments, assembly rooms) (approximately 35% of assets) factoring and discounts, micro crediting (approximately 20% of assets)
Company name
SIGMA LEASING I.F.N. S.A. BEST - CAR LEASING I.F.N. S.A VISION LEASING IFN S.A
Concerning the clients financial analysis, the group uses its own analysis model in accordance with BNR bank crediting principles and compiled with Basel I. The group portfolio of clients is divided into corporate clients and small and medium enterprises. The criteria for this division are the annual turnover: Less than 200.000 euro / year turnover micro companies category Between 200.001 euro / year up to 5.000.000 euro / year turnover SME category Over 10.000.000 euro / year turnover corporate category The analysis model is based on the clients financial status required from 3 consecutive periods, more precisely the last 2 balance sheets registered to the Financial Administration together with their trial balances and the most recent trial balance. In case the client does not have an activity history, the last 3 trial balances will be required. In case the company is newly established, it can be financed based on a forecasted cash flow and a business plan presentation if the business is considered viable. The indicators calculated by the analysis program will classify the clients in 5 categories as follows:
MARGINS
INTEREST margin Ron Min: Max: 3.00% 10.00% INTEREST margin Eur / USD Min: Max: 2.00% 8.50%
short-term RON PERFORMING CATEGORY A B C D E 49 60 37 48 25 36 13 24 0 12 3 4.4 4.4 5.8 5.8 7.2 7.2 8.6 8.6 10
USD, EURO(short-term) 2.00 3.30 3.30 4.60 4.60 5.90 5.90 7.20 7.20 8.50
Based on the reliability category, the margin for each client will be established according to the table. The margins in the table are a rough guide; the rates are negotiable depending on the client by authority of the approval committee. The indicators calculated for the classification of the clients are: operating margin
operating margin trend current rate current rate tendency debt level debt level tendency debt-to-equity ratio tendency of debt-to equity ratio debt service cover actual sales turnover business seniority management quality
PROFITABILITY
operating margin trend importance index:2 3 2 1 0
LIQUIDITY
Current rate importance index:2 >1.2 1.1 1.2(inclusively) 1 1,1(inclusively) <1 0 2 1
LIQUIDITY
current rate tendency importance index:3 increasing (over 0.8) decreasing but over 1
decreasing
SOLVENCY
debt-to-equity ratio importance index:2
SOLVENCY
tendency of d-to-e ratio importance index:3
3 2 1 0
2 1
3 2 1 0
3 2 1 0
2. Subjective indicators
Business seniority
Importance Very good Good Satisfying Unsatisfying 3 2 1 0 importance index: 1 > 4 years < 4 years < 3 years < 2 years 3 2 1 0
Management quality
importance index: 2 very good good satisfying weak
The financial assets of the group reached in march 2008 approx. 12,600,000 (7,500,000 for Best Car Leasing IFN SA, 4,600,000 for Sigma Leasing IFN SA and 500.000 for Vision Leasing IFN SA). All companies completed year 2008 with operating profits and net profits. These profits were made as year 2008 was a year of maximum investments in infrastructure, network development and image and also on the verge of financial crises. The group benefits of competitive software especially designed for the group according to the specified requirements. The program includes several modules: Accounting Module updated with the new accounting entries required by BNR Automated reporting Module reporting module Client Management Module manages leasing contracts individually, calculates rates, interests, notifies the date of each rate, and manages penalties due to payment delays. Invoicing Module automatically prints standard individual invoices. At the moment, the group will implement the software in all the group companies and the soft will act as a competitive automatic banking soft.
The economic crises and the banks liquidity problems opened a market niche in financing the population and Small and Medium Enterprises in Romania. The group identified this opportunity and wants to explore it. The group intentions are to receive financing from Germany (banks, potential partners) and to finance with this money the leasing market, microcredit market and Small and Medium Enterprises in Romania and south - east Europe countries. The profit margins estimated are very high (5% 7% gross margins) and the rate of default is estimated at maximum 1.2%. The group experience in Romania and the debt recover network can be a real valuable asset in this business. The financing requirements of the group are estimated around 10.000.000 euro for October 2009 October 2010. The estimated cost conditions are Euribor6M + 2.5% margins and a management fee of 0.5% applicable at the credit value approved and payable at each draw of money. Non usage fee of 0.5%/year.