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The number of Romanian micro-enterprises that became insolvent in the last two years grew by 14.5 percent, against an overall increase of 10 percent for all companies, while the share of small business in total insolvencies reached 85 percent, according to a study carried out by Coface, the credit insurer.
Coface added that only 25 percent of the Romanian enterprises run a small insolvency risk. It has analyzed over 23,000 microenterprises with a combined turnover of EUR 12.3 billion in 2012 – half of the total turnover of micro-enterprises.
The micro-enterprises have been the worst performers in the past year, being the only sector with a negative capitalization. The small firms have a debt level of 99 percent and register a loss rate of 4.5 percent.
“The insolvent microenterprises have registered a significant worsening of their situation from 2011 in 2012, with a weaker capitalization, companies are overburdened, the collection of receivables in delayed, and the profit rate is smaller,” said Constantin Coman, country manager Coface Romania.
Micro-enterprises that filed for insolvency in 2012 had an average turnover of EUR 47,125 and a debt level of 132 percent. Their receivables collection rate reaches 225 days.
The sectors most vulnerable to insolvencies are in the mining and metallurgical sectors, as well as in the foods and drinks industry. The safest are in IT, healthcare and enterprise services.
Coface has launched the SMART Commercial Credit Insurance, which covers the receivables collection risk and the clients’ portfolio.
The credit insurer launched a similar product in Poland which proved to be successful. It hopes to close up to 100 contracts this year, for the premium which has a starting price of EUR 3,500.
The company also launched Coface InfoQuick, an online platform that supplies information about Romanian companies. It offers various data, ranging from the shareholder structure to debt to the state budget. Source; Business Review Romania
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