Coface budgets 1.4m-euro turnover

Coface Romania, the local branch of French rating agency Coface, estimates a turnover worth 1.4 million euros for this year, an approximately 80% increase against the level seen last year. In 2005, Coface’s business in Romania stood at 0.82 million euros. “We hope to close the year with an overall turnover increase of at least 80% against 2005. The turnover estimated for 2006 stands at 1.4 million euros, and for 2007 we have budgeted 2 million euros,” stated Coface Romania’s general manager, Cristian Ionescu. He says some 50% of Coface Romania’s services go to export, while 50% are aimed at the local market. The main services that the company provides are company rating and collection of commercial and banking receivables, with the two categories of services contributing almost equally to the turnover. Coface is known in particular for the rating reports it puts together for companies. “The credit reports we draw up offer the complete profile of a company, plus the evaluation in terms of its commercial risk; the company is also assigned a risk rating, which measures the likelihood of the company defaulting over a one-year period. Its goal is to establish the risk when it comes to granting a line of credit to one’s business partners so as to come up with the most suitable amount,” explained Ionescu.