BURSA 14.02.2017

ADINA ARDELEANU (translated by Cosmin Ghidoveanu)
mărește imaginea
     * EximBank hopes that "business will continue with a more solid foundation"
     * BCR, Banca Transilvania, Piraeus Bank and Banca Feroviară do not comment on the situation
     * Some sources say that EximBank has filed a lawsuit against the company that appraised the Romcab inventory which Eximbank accepted as collateral, because the bank found said inventory did not exist
     * Teraplast has to set up a provision of 200,000 Euros, but will continue its collaboration with Romcab, and Prodplast pares down its contractual relationships with the cable maker
     * On January 27th, Roxana Tarcă has reached a stake of 46.7% of "Sadalbari", while Zoltan Prosszer is only left with 9.35%
       The request by "Romcab" (MCAB) to enter insolvency, submitted on Friday and reported yesterday to the Bucharest Stock Exchange (BVB), is causing anxiety among Romanian banks, considering that many of them have exposure to that company, as the loans have been guaranteed with inventory or machinery.
     After the first nine months of 2016, Romcab reported total debts of 940.94 million lei, of which 74.65 million lei long term (down 9.01% YOY compared to 2015), and 866.29 million lei short term (up 27.59% YOY compared to 2015). Out of the total short term debt volume, commercial debt rose 43.76% in the first nine months of 2016, to 509.34 million lei, whereas loans amounted to 341.22 million lei. Long terms loans stood at 13 million lei, on September 30th, 2016.
     One of the institutions that could have problems is state-owned EximBank, which funded in 2012 the new Romcab factory of Acățari, in the county of Mureș, as part of a project co-financed through the European Regional Development Fund. At the time, EximBank granted the company a mix of lending products of approximately 200 million lei.
     In 2012, Călin Popescu Tăriceanu was also present at the inauguration of the plant, and he made the following statement, according to "I admire the entrepreneurial spirit of main shareholder Zoltan Prosszer, whom I have known for many years, and whom I now see moving to another level, making this investment to expand Romcab, a company which has a long tradition in Târgu-Mureș".
     On June 30, 2015, the balance of the loan facilities granted by EximBank was 102.3 million lei, according to the prospectus by which Romcab went from the Rasdaq market, to the regulated market of the Bucharest Stock Exchange.
     According to the same document, EximBank had guaranteed 80% of the company's loans taken out from other banks.
     The representatives of EximBank gave us the following statement yesterday: "EximBank will act in accordance with the legal provisions in effect and we express our confidence that the chances of the process of reorganization of the company being successfully completed will be maximized and that the optimal solutions will be tried in order to witness a continuation of business on a more solid basis".
     Some sources also claim that EximBank has another exposure of 60 million lei to Romcab, this time in its own name, and of approximately 20 million lei, in the name and on behalf of the state. Thus the insolvency of Romcab could put the state-owned bank in the red, according to some opinions in the market.
     It would seem that the bank's mistake was to accept the Romcab inventory as collateral, based on an appraisal conducted by an independent company. Market sources are saying that when the officials of the bank wanted to check the inventory, they found it didn't exist, which even led to a criminal complaint being filed against the evaluator.
     On September 30, 2016, Romcab had reported an inventory of 629.62 million lei, up 41.13% YOY compared to 2015.
     The insolvency of Romcab doesn't bode well for the International Investment Bank (IIB) either - a multilateral development bank which, in 2015, granted the cable maker a 3-year 15 million Euros loan, to finance its main activities, especially for the acquisition of raw materials from various producers, including from other countries that are members of the bank.
     By the time the newspaper had gone to the printers, the representative of the IIB had not offered us an opinion on the insolvency of Romcab.
     According to the Romcab prospectus, Banca Transilvania had an exposure to Romcab of approximately 200 million lei in investment loans and other credit facilities. BT Leasing had also granted the company 3.27 million Euros in financing.
     The representatives of Banca Transilvania declined to comment on the matter. In the market, investors don't seem too concerned over the effects of the Romcab insolvency on the bank.
     BCR, Piraeus Bank or Banca Feroviară declined to send us their opinions on the effects of the insolvency of the cable maker.
     On other hand, "Prodplast" and "Teraplast", listed on the BSE, felt the need to reassure their investors.
     "Prodplast" yesterday announced that it was paring down its contractual relations with Romcab Târgu Mureș, as a result of the latter declaring its insolvency: "We want to mention that the debt that Romcab owes our company is entirely insured through an international business credit insurance policy, and the claim has already been submitted for resolution".
     "Teraplast" representatives have also announced the following: "Teraplast, the biggest Romanian PVC processor, wants to make it clear that Romcab entering insolvency does not significantly affect the company's business.
     Teraplast is a supplier of granules for Romcab. According to internal estimates, Teraplast will have to set up a provision of approximately 200,000 Euros for the receivables pertaining to Romcab. That amount represents approximately 0.1% of the amount of the Romcab debt, according to the financial results published by the Târgu Mureș-based company.
     Teraplast applies prudential rules, which means that since 2015 the receivables of the granules business line are insured with a strong insurance company (with an A3 Moody's rating).
     5 years ago Teraplast created a credit bureau, similar to that of banks, which tracks closely every customer, and the credit limits are granted after a careful analysis of the financial ratios. Recouping the receivables is the basic rule for every sale made by Teraplast. We hope that Romcab will find solutions to continue its activity despite the problems it is facing.
     Teraplast will continue its cooperation with Romcab as the geographical proximity and the quality of our products is mutually advantageous".
     MCAB shares had significant drops in the beginning of this year, amid information that the company had defaulted on some payments, followed by a subsequent rise, after the company offered explanations. The MCAB shares yesterday reached 4.21 lei/share, after a drop of -43.26%, in the last month, according to data from the BSE. The stock had another drop of 14.96%, to 3.58 lei/share, after the announcement of its filing for insolvency was posted on the BSE platform.
     Some sources claim that, when guaranteed promissory notes aren't paid, as was the case with Romcab, the Police usually refers the matter to itself. The representatives of the police have been unable to provide such information, for now.
     The representatives of "Romcab" have sent the following report to the Bucharest Stock Exchange: "Following the exhaustion of any other alternatives to surmount the difficult period that we are going through, as we have presented them in our press release of January 22nd, 2017, we hereby inform you about our intention to initiate the judicial reorganization procedure, as we have found it to be the solution for the efficient and effective turnaround of the activity of «Romcab». To that end, we have filed on February 10th, 2017 a request to enter insolvency, together with the firm intention to turn our activity around through a reorganization plan, which the County Court of Mureș will rule on".
     Zoltan Prosszer, the president of the company, had previously stated that some creditors had "run out of patience" and had initiated the foreclosure, for substantial amounts.
     Mr. Prosszer also told us that the bonds issue of 200 million Euros, which the shareholders have approved will be postponed: "The bonds issue has been put on hold, we have reconfirmed that just half an hour ago, they need (ed. note: investors) a stable situation, a voted reorganization plan, maybe some ratings from ratings firms, aside from the previous situation and we are moving forward".
     "Romcab" produces cables, electrical conductors, power cords and electrical cabling. The company is controlled by "Sadalbari" Târgu Mureș, with a stake of 69.02%.
     On January 27th, Zoltan Prosszer assigned to Roxana Tarcă (the representative of the investor relations department of Romcab) 35 of the 45 shares owned in "Sadalbari". This increased Roxana Tarcă's stake in "Sadalbari" to 46.7%, while Zoltan Prosszer was only left with 9.35%. The "Sadalbari" shareholder structure includes Rodica Dochițoiu (with 37.38%) and Amberyce Limited (with 6.54%), according to data from the Official Gazette. 

Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
Actualitate - vezi toate știrile mai jos.
Internaţional, 17:54
     Mii de manifestanți defilau astăzi după-amiaza la Roma, împotriva fascismului, la apelul stângii, în timp ce Matteo Salvini, principalul candidat al extremei drepte în alegerile legislative de la 4 martie, a adunat peste 15.000 de persoane la Milano, au constatat jurnaliști AFP.  click să citești tot articolul
Miscellanea, 17:34
     Un bărbat a murit sâmbătă după ce s-a aruncat de la etajul 10 al Spitalului Județean de Urgență "Constantin Opriș" din Baia Mare. Bărbatul nu era internat în spital, însă nu se știe nici dacă se afla în vizită la un pacient, spune directorul unității spitalicești, Vasile Pop.  click să citești tot articolul
Internaţional, 15:56
     Cel puțin 38 de persoane au fost ucise în două atentate cu mașină capcană care au vizat vineri palatul prezidențial și un hotel în capitala Somaliei, Mogadiscio, au declarat sâmbătă serviciile de securitate somaleze pentru AFP.  click să citești tot articolul
Politică, 15:34
     Ministrul Justiției, Tudorel Toader, anunță, astăzi, că în urmă cu două zile s-a întâlnit cu Adam Sambrook, viceambasador în cadrul Ambasadei Marii Britanii în România, căruia i-a prezentat stadiul celor trei ale justiției, precum și modificările aduse Codurilor penale.  click să citești tot articolul
Piaţa de Capital, 14:19
     Transgaz și BERD au semnat vineri un acord de finanțare de 60 milioane de euro privind construirea conductei BRUA pe teritoriul României.  click să citești tot articolul
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
     O treime din rulajul ședinței de tranzacționare de ieri a venit din transferul "deal" efectuat cu 1,5% din acțiunile SIF5 Oltenia, în valoare de 17,68 milioane lei. Schimbul a fost realizat...  click să citești tot articolul
     Acțiunile de pe piețele din Europa au scăzut ieri, în condițiile în care așteptările tot mai mari legate de majorarea dobânzilor în SUA au afectat apetitul pentru risc, la nivel global.  click să citești tot articolul
     * Piața a înregistrat a treia scădere consecutivă
     * Titlurile OMV Petrom au scăzut cu 1,14%
       Piața a înregistrat în ședința de tranzacționare de la mijlocul săptămânii, cea de a treia zi de scădere consecutivă, majoritatea cotațiilor emitenților listați la Bursa de Valori București (BVB)...  click să citești tot articolul
     Acțiunile de pe piețele din Europa au scăzut ieri, în special în sectorul tehnologic, investitorii fiind atenți la rezultatele financiare anunțate de companii.  click să citești tot articolul
     * George Brande, Interfinbrok: "Investitorii stau într­-o stare de expectativă, ceea ce poate explica rulajul redus"
       Piața principală a Bursei de Valori București (BVB) a încheiat ședința de tranzacționare de ieri preponderent în scădere, singurul indice ce a cunoscut o creștere fiind BET-FI, al celor cinci...  click să citești tot articolul
     Bursele din Europa au crescut ieri, în a doua parte a zilei, datorită rezultator financiare peste așteptări anunțate de unele companii.  click să citești tot articolul
Cotații Internaționale

Curs Valutar

Curs valabil din data de 23 februarie 2018
1 Dolar australian...
1 Leva bulgărească...
1 Dolar canadian....
1 Franc elvețian...
1 Coroană cehă...
1 Coroană daneză...
1 Liră egipteană...
1 Euro...
1 Liră sterlină...
100 Forinți maghiari...
100 Yeni japonezi...
1 Leu moldovenesc...
1 Coroană norvegiană...
1 Zlot polonez...
1 Rublă rusească...
1 Coroană suedeză...
1 Liră turcească...
1 Dolar S.U.A...
1 Rand sud-african...
1 Real brazilian...
1 Renminbi chinezesc...
1 Rupie indiană...
100 Woni sud-coreeni...
1 Peso mexican...
1 Dolar neo-zeelandez...
1 Dinar sărbesc...
1 Hryvna ucraineană...
1 Dirham emirate arabe...
1 Kuna croată...
1 Bahtul thailandez...
1 Gram aur...
1 DST...
click aici pentru cursurile pieței valutare - istoric
English Section
     The dismissal of chief DNA (National Anti-corruption Department) prosecutor Laura Codruța Kovesi was announced last night by Justice Minister Tudorel Toader, at the headquarters of the Ministry, after presenting the justification of the decision, presented in the form of twenty bullet points, while also taking the opportunity to mention he had been head of class, which surprised everybody, because no one was interested in his school achievements.  click here to read the entire article
     * Senators have voted for the annual effective rate to be at most 2.5% higher than the policy rate when it comes to mortgage
     * The law will go to the Chamber of Deputies - the decision making forum
     * Senator Zamfir: "Today, we have become European as far as the manner in which loans are granted as well"
       PNL senator Daniel Cătălin Zamfir does not disappoint. His draft law concerning the capping of interest rates was the first that appeared on the agenda yesterday, in the common meeting of the specialized commissions and despite the controversies between him and a few other party colleagues, including the president of the Economic Commission Florin Cîțu, the liberal got more than he had made his objective initially - not just the capping of compensatory and penalty interest rates, but also the capping of the annual effective interest rate charged by banks and Non-Financial Banking Institutions (IFNs).  click here to read the entire article
     * The investigation concerns the deliberate reporting of inaccurate financial statements or untrue information
     * Sebastian Vlădescu: "An investigation is the only solution which would show where the money went, I know I've done my job"
       The DIICOT prosecutors have begun prosecution in rem of the actions, in the "Romcab" (MCAB) case, according to a response sent by the prosecutors to Valentin Stănescu, a shareholder in the company.  click here to read the entire article
     Decorated by Traian Băsescu with the Star of Romania, Gunther Krichbaum, the president of the European Affairs Commission of the Bundestag, asks the president of the European Commission, Jean Claude Juncker, through a letter, not to suspend the application of the Cooperation and Verification Mechanism (MCV) concerning the Romanian judicial system and writes that "in the event of new attacks on the independence of the judicial system, should take into consideration initiating the procedure for the activation of article 7 of the EU treaty" (the suspension of Romania's voting rights in the EU council).  click here to read the entire article
     * Lucian Bode, co-initiator of the BRUA, is asking for clarifications from Teodor Meleșcanu concerning the export of natural gas from Hungary
       We are happy that the perimeters on the continental coast of Romania (ed. note: offshore in the Black Sea) will start being exploited, because there lies inactive a very important resource of the energy industry, his excellency Valery Kuzmin, Ambassador of the Russian Federation told us in Bucharest, during Diplomat's Day.  click here to read the entire article
     * Also discussed were the intentions of the Mazarin company to acquire some perimeters
       The management of the National Mineral Resources Agency (ANRM) met on Tuesday with Shelley Saxen, deputy economic advisor of the US embassy in Bucharest. On the agenda was last Friday's order issued by the ARNM which establishes the reference price for natural gas mined in Romania, in order to set the royalties will be calculated based on the trading prices on the hub of CEGH Vienna, according to sources close to the talks.  click here to read the entire article
     * Gigi Dragomir, the president of the ANRM: "We see no reasons why the price of natural gas paid by the end consumers should increase"
     * ROPEPCA: "The proposal to adapt the royalty for natural gas made in Romania to a virtual foreign number shows a lack of sovereignty"
       The reference price for natural gas extracted from Romania, in order to establish the royalties, will be calculated based on the trading prices of the CEGH Viena hub, the National Agency for Mineral Resources announced on Friday, which issued the Order concerning the approval of the Methodology to set the reference price for natural gas extracted from Romania.  click here to read the entire article
     The Black Monday of 1987 came two months after the beginning of the term of Alan Greenspan as head of the Federal Reserve. Back then, the Dow Jones Industrial Average (DJIA) fell 508 points, 22.61% below that of the previous trading day.  click here to read the entire article
     * Mihai Dragoș says that the value of the Certinvest Dinamic fund units is updated slowly on the site
     * The investor raises questions about the ties between the fund's managers and the unlisted bond issuers in the fund's portfolio
       Investor Mihai Dragoș has filed a complaint with the Financial Oversight Authority concerning the open fund Certinvest Dinamic, managed by Certinvest.  click here to read the entire article
     The National Bank of Romania (NBR) thinks that the National Liberal Party (PNL) is a pariah.  click here to read the entire article
     The female prime-minister seems like a victory against sexism. The emancipation of our women seems to find its expression in the appointment of Viorica Vasilica Dăncilă as head of the Executive.  click here to read the entire article
     * NBR: "It is still up to the courts to establish and verify the legality of the assignment"
     * Debtor: "I went to the address in Holland and there was no main office of any Eurobank entity there"
     * Cuculis: "Companies that have acquired loans are collecting interest illegally"
     * Civil Code: "The assignee may only enforce their rights on a third party after notifying the debtor that they have been assigned"
     * The bank has not notified the customers before selling their loans
     * Bancpost had not answered our enquiry on the matter, by the time the newspaper had gone to the printers
       The sale of Bancpost to Banca Transilvania, without the loans paid to day that were assigned in the past to a Dutch entity, has once again brought up the issue of loans sold abroad, even though they were performing. Customers who have found themselves in this situation have pointed out a number of irregularities in the assignment process.  click here to read the entire article
     The issue of the funding of the budget deficit will become acute in 2018, as the government authorities show us that they haven't learned anything from last year's experience.  click here to read the entire article
     * Publishing owes the Romanian state approximately 360,000 Euros, and " Agenția de Știri" SRL, approximately 460.000 Euros
       Journalist Cristi Popa has won in the Court of Appeal the lawsuit against Publishing SA, by which he had disputed the decision by which he had been laid off in 2016, as the court decided that he would be reinstated to the job he held before his layoff, as well as the payment of compensatory salaries.  click here to read the entire article
     * The dismissal of Gigi Dragomir as chairman of the ANRM, was one of the last decisions made by Mihai Tudose
     * The reinstatement of Gigi Dragomir as head of the ANRM, among the first decisions made by Mihai Fifor
     * Daniel Zamfir, PNL: "I hope that the reinstatement of Dragomir to his own job represent the admission of the mistake made by Tudose, concerning the obstructing of the updating of the reference price for natural gas"
       Former prime-minister Mihai Tudose and the current interim prime-minister Mihai Fifor, seem to have something in common, aside from the position they fill - they seem to be seriously concerned with the natural gas royalties.  click here to read the entire article