REPUBLIC OF MOLDOVA

NATIONAL COMMISSION FOR FINANCIAL MARKETS

ANNUAL REPORT 2013National Commission for Financial Markets’ activity

and non-banking financial market functioning

Chisinau 2014

217

Annual report on NCFM activity and non-banking financial market functioning in 2013Approved within the meeting of NCFM Council of Administration on May 23, 2014 and submitted to the Parliament, President of the Republic of Moldova and Government in accordance with the provisions of the Law No. 192 - XIV of 12.11.1998 "On the National Commission for Financial Markets" with further amendments.The annual report emphasizes the events in calendar year 2013 and reflects the situation as of December 31, 2013.Reproduction of this publication is prohibited and use of data in various papers is permitted only if the source is acknowledged.

National Commission for Financial MarketsMD 2012, Stefan cel Mare Bd., No.77, Chisinau,Phone: +373 22 859 401 Fax +373 22 859 504Internet: www.cnpf.mdE-mail: cnpf@cnpf.md

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CONTENTS

Message of the Chairman of National Commission for Financial Markets 8Chapter I. ACTIVITY OF THE NATIONAL COMMISSION FOR FINANCIAL MARKETS (NCFM)I. Mission, management and organization of NCFM1.1. Mission and responsibilities of NCFM1.2. Organizational structure and professional training1.3. Budget and Financing in 20131.4. Information Technologies Development1.5. Information Transparency

11

111115172021

II. Achievement of NCFM Objectives 242.1. Regulation of non-banking financial market 242.2. Authorization, registration and licensing of non-banking financial market participants 282.3. Monitoring and control of non-banking financial market participants’ activity 312.4. Protection of the rights of non-banking financial market participants 372.5. Legal activity 2.6. Certification of non-banking financial market specialists 2.7. Financial stability

394243

2.8. Internal Institutional cooperation 2.9. International cooperation

4445

2.10. Preventing and combating the money laundering and terrorism financing on the non-banking financial market 51

Chapter II. ORGANIZATION AND FUNCTIONING OF THE NON-BANKING FINANCIAL MARKET 53I. Development of securities market 531.1. Primary market of securities 531.2. Secondary market of securities 551.3. Participation of foreign investors in transactions on securities market 621.4. Financial results of Joint Stock Companies’ activity 641.5. Activity of professional participants on the securities market 66II. Insurance market development 782.1. Insurance companies’ activity 782.2. Activity of insurance and/or reinsurance intermediaries2.3. Street Victims Protection Fund

9191

III. Microfinance sector development 933.1. Activity of savings and credit associations 943.2. Activity of microfinance organizationsIV. Activity of Credit History Bureau

Annexes

106109111

3

ANNEXES

Annex No. 1 Organizational structure of the National Commission for Financial Markets

111

Annex No. 2 Regulatory decisions of the National Commission for Financial Markets approved in 2013

112

Annex No. 3 Recordings made in the Register of licenses issued, re-issued, suspended and withdrawn in 2013

114

Annex No. 4 Authorizations of reorganization issued to Joint Stock Companies in 2013

129

Annex No. 5 Public offers on the secondary market registered and developed in 2013

132

Annex No. 6 Transactions under public offering prospectus 134Annex No. 7 Information on contraventions detected on the non-banking

financial market in 2013135

Annex No. 8 Legal and normative acts examined by NCFM at the request of other authorities with issuance of notifications

138

Annex No. 9 List of the Joint Stock Companies which issued incorporation shares in 2013

141

Annex No. 10 List of Joint Stock Companies which have performed supplementary issues in 2013

142

Annex No. 11 List of Joint Stock Companies which have registered changes in the Securities State Register in 2013

145

Annex No. 12 Transactions with securities of Joint Stock Companies included in the listing of Moldova Stock Exchange in 2013

148

Annex No. 13 Free float ratio for issuers included in the listing of MoldovaStock Exchange as per 31.12.2013

149

Annex No. 14 List of Joint Stock Companies which registered securities issues with foreign capital participation in 2013

150

Annex No. 15 Purchases and sales of securities made by foreign investors depending on the home country in 2009-2013

151

Annex No. 16 List of Joint Stock Companies which submitted the annual financial report on securities for 2012

152

Annex No. 17 Results of economic and financial activity of Moldova Stock Exchange at the end of 2013

183

Annex No. 18 Results of economic and financial activity of the National Securities Depository of Moldova at the end of 2013

183

Annex No. 19 Results of economic and financial activity of non-banking brokers/dealers at the end of 2013

184`

Annex No. 20 Information on the amount of transactions carried out via non-banking brokers/dealers in 2013

185

Annex No. 21 Amount of transactions with corporate securities carried out via commercial banks in 2013

186

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Annex No. 22 List of independent registrars who provided issuers’ register keeping services in 2013

187

Annex No. 23 Results of economic and financial activity of independent registrars at the end of 2013

188

Annex No. 24 Economic and financial situation of the investment funds in process of forced liquidation at the end of 2013

189

Annex No. 25 Economic and financial situation of investment funds in process of liquidation on own initiative at the end of 2013

190

Annex No. 26 Economic and financial situation of trust managers at the end of 2013

191

Annex No. 27 Concluded contracts and services provided by companies evaluating securities and assets related to them

192

Annex No. 28 Results of economic and financial activity of companies evaluating securities and assets related to them at the end of 2013

193

Annex No. 29 Information on the consulting and investment consulting activity provided by professional participants of the non-banking financial market in 2013

194

Annex No. 30 Subscribed insurance premiums in 2013 196

Annex No. 31 Insurance compensation and claims paid in 2013 197

Annex No. 32 Balance sheet of insurance companies at the end of 2013 198

Annex No. 33 List of insurance companies with foreign capital 199

Annex No. 34 Placement of insurance reserves and minimum solvency margin according to the situation at the end of 2013

200

Annex No. 35 Annex No. 36

Information on subsidized agricultural insurance in 2013Report on reinsurance operations

201202

Annex No. 37 Main indicators of insurance companies’ activity at the end of 2013

203

Annex No. 38 Financial results of insurance and/or reinsurance brokers 204Annex No. 39 General information on economic and financial situation of

savings and credits associations at the end of 2013208

Annex No. 40 Key indicators on the activity of microfinance organizations at the end of 2013

220

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Main Acronyms and Abbreviations Used

SCA Savings and Credit Association

TA Trust Manager

BaFin German Financial Supervisory Authority

IRB Insurance and/or reinsurance broker

CB Commercial Bank

EBRD European Bank for Reconstruction and Development

WB World Bank

NBMI National Bureau of Motor Insurers

NBM National Bank of Moldova

MSE Moldova Stock Exchange

IC Insurance Company

CNA National Anticorruption Centre

ICEEC Integration Committee of the Eurasian Economic Community

TC Trust Company

JIC Joint Insurance Company

NCFM National Commission for Financial Markets

NCFS National Committee for Financial Stability

CIS Commonwealth of Independent States

NSD National Securities Depository

CEE Central and Eastern Europe

FATF Financial Action Task Force6

NNIF Non-mutual Non-specialized Investment Fund

IMF International Monetary Fund

IAIS International Association of Insurance Supervisors

ICURN

IOSCO

International Credit Union Regulators’ Network

International Organization of Securities Commissions

IOPS

FCC

International Organization of Pension Supervisors

Foreign Capital Company

JV Joint Venture

MMoU

MO

Multilateral Memorandum of Understanding

Microfinance Organization

GDP Gross Domestic Product

RISP Rural Investment and Services Project

RM Republic of Moldova

SSR Securities State Register

JSC Joint Stock Company

AIPS

ML/TF

Automated Interbank Payment System

Money Laundering and Terrorism Financing

CS Commercial Society

IFRS

IMS

International Financial Reporting Standards

Informational Management System

LLC Limited Liability Company

USA United States of America

EU European Union

USAID United States Agency for International Development

WOCCU World Council of Credit Unions

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The National Commission for Financial Markets presents its annual activity report which reflects the activity of the institution and of the non-banking financial market of the Republic of Moldova in 2013.

Foreword of the Chairman

In mid 2013 I was appointed by the Moldovan Parliament as Chairman of the National Commission for Financial Markets. It is a big challenge to manage the non-banking financial market supervisory authority, to lead the processes related to the development of all market segments and to achieve by the concerted efforts of the team, the development partners and market participants the strategic objective: a safer, sounder, more transparent and accountable financial market, working for the economy and society as a whole.The activities carried out in 2013 are part of the reform

agenda in the Strategy for non-banking financial market development 2011-2014 and the action plan for its implementation. The convergence of the regulatory framework and harmonization with EU standards and approaches is a prerequisite of Association Agreement negotiations RM - EU Free Trade Agreement thorough and comprehensive. Consequently, the ambitious reform related to proper regulation of financial services into force on 14 September 2013 Capital Market Law is welcomed as an important contribution to the harmonization of the Republic of Moldova to EU standards.

The objective of this law is to establish a comprehensive set of rules that facilitate the emergence of new opportunities for investment firms by the range of services offered, lower capital costs, regulation multilateral trading systems, setting new regime of investor protection etc.. Finally, the legislative framework and regulatory environment of the role is to carry out important for attracting investment for companies.

With reference to the insurance market consolidation mention that the current solvency regime for insurance companies require a comprehensive approach both by branch regulatory activities, and through supervisory chain, designed to assess the creditworthiness of insurers to more closely reflect the overall financial position of each insurance, business profile and risk management strategy by these entities. Prudential regulation of insurance business in 2013 aimed, in particular, the conditions for approval of large transactions conclusion, how to set insurance

8

premiums and actuarial methods applied to calculate the insurance premium base and correction coefficients applied thereto, amending provisions on the application of the bonus-malus system and method for determining the wear. These regulations have struck a rigid reaction of the insurance sector, which requires conducting conciliation of all aspects of NCFM activities in a direct dialogue with the supervised entities to exclude existing impediments to record progress of implementation of standards solvency.

Evaluation of the implementation of the main policy document on financial market - Development Strategy for 2011-2014 non-banking financial market is made based on monitoring indicators. Their value recorded in 2013 proving that exceeded the expected size for the securities market, except the volume of securities issues. This established trend of improving investor sentiment towards investment risks associated with the secondary securities market.

Insurance market, although there have been increases in relation to the year 2012 most of the indicators, their value has not led to the expected overruns, excluding equity value of insurance and insurance reserves. The volume of insurance premiums up 10 percent did not provide the increase in profit earned by insurance companies as a result of activity.

Microfinance sector indicators reveal microfinance entities conducting activities continued prudent risk assessment and implementation of responsible lending practices. While the portfolio of loans to savings and loan associations has not achieved the desired expectations, the portfolio is growing microfinance organizations in relation to the year 2012 by 19 percent.

Year 2013 was an eventful year by hosting major regional seminar for insurance supervisors in Central and Eastern Europe, Central Asia and Transcaucasia protection and consumer education, Eurasian Group meeting on corporate governance and capital market development meetings XVI and XVII of the Council of heads of state bodies regulating the securities markets of the CIS member states. Preorder meetings aimed ensuring the exchange of experience on international practices and implementation of innovations on the domestic market.A proactive role for market development activities have been promoting non-banking financial market products and consumer banking financial services, one diverse toolkit. Thus was conducted effective cooperation with public authorities, non-governmental structures and financial market participants, conducted public information measures, regulations developed according to the best practices of consumer protection and provide access to communication.

NCFM, in collaboration with development partners, organized a series of seminars for employees savings and loan associations in which were discussed the latest changes and additions to legislation on SCA activity as bancassurance agent insurance market methods and techniques in selling insurance: agriculture, auto, life, supply management strategies in conjunction with bancassurance agent. Currently, NCFM successfully exploit the results of assistance to the Government of the Republic of Poland, they meterializîndu - the string is in the process of developing legislation related to the implementation of the Capital Market Law. Experience presented by the Polish Financial Supervision Authority employees

9

NCFM and professional participants, provided a clear perception of the practical toolkit aimed at regulation and supervision of capital market participants with complex requirements harmonized community.

In conclusion, the activities of the NCFM in 2013 were aimed primarily at enhancing the non-banking financial market stability at the systemic level, the adoption and implementation of fair market practices and ensuring the protection of investors and non-bank financial services consumers against unfair elements that actively contribute to strengthening the domestic market and to improve the investment climate of the country.

I am convinced that the future national financial market activity will ensure European standards. This goal mapping for us supervisory authority challenges and priorities that must be addressed in the context of EU integration vector and presents a strategic framework for reforms in the coming years.

With the highest regard for financial market participants, investors, consumers, non-banking financial services, government, development partners,

Artur GHERMAN Chairman of the National Commission for Financial Markets

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Chapter I. ACTIVITY OF THE NATIONAL COMMISSION FOR FINANCIAL MARKETS

1. Mission, management and organization of NCFM

1.1. Mission and tasks of NCFM

NCFM, as an autonomous public authority responsible to the Parliament which operates under the provisions of the Constitution of the Republic of Moldova, Law no.192-XIV of 12.11.1998 “On the National Commission for Financial Markets”, with further amendments and supplements, other laws and regulations, and the Regulation on organization and functioning of the National Commission for Financial Markets, approved by NCFM Decision no.48/5 of 27.09.2007 with further amendments.

NCFM is managed by the Administrative Council, which is a collegial body composed of 5 members, including the Chairman and two Deputy Chairmen of the Administrative Council. The Administrative Council members are appointed by the Parliament for a term of 5 years.

The nominal composition of the Administrative Council has the following structure:

Chairman – Artur Gherman Deputy chairman – Iurie Filip; Deputy chairwoman – Nina Dosca; Member – Aurica Doina; Member – Victor Captari.

MissionNCFM mission is to contribute to the stability and development of non-bank

financial markets and strengthen confidence in the market sector and its professional participants.

TasksIn accordance with legal and regulatory framework which governs the

activities of NCFM, it has the following basic tasks:

11

- elaboration of the strategy for development of the non-banking financial market;

- adoption of decisions and disposing of executory measures dealing with the professional participants to the non-banking financial market;

- licensing, annulment, suspension and renewals of the licenses and authorizations to the professional participants of the non-banking financial market;

- establishment of prudential requirements for the market professional participants;

- Performing a continuous monitoring of compliance legislation, including prudential standards ;

- participants analysis for the identification of situations that jeopardize the legitimate interests of investors and consumers of financial services and banking financial market stability as a whole.

Supervised entitiesThe NCFM’ s authority extends over the financial market professional

participants (Table No. 1) and the non-banking financial services’ consumers - securities issuers, investors, policyholders, members of savings and loan associations, clients of microfinance organizations.

Table No.1 Evolution of the number of professional participants on the non-banking financial market

No.

Supervised entities Situation from:31.12.2009 31.12.2010 31.12.2011 31.12.2012 31.12.2013

1. Professional participants on securities market, including:

62 63 64 67 67

Stock Exchange of Moldova

1 1 1 2 2

National Securities Depository of Moldova

1 1 1 1 1

Independent registrars

10 10 11 12 121

Brokers/dealers 21 22 22 22 22Investment funds

in the process of forced liquidation

9 9 9 9 9

Investment funds in the process of voluntary liquidation

9 9 9 9 9

Companies of fiduciary investments administration2

7 7 7 7 7

12 issuers of securities licensed for keeping the register of securities holders independently2 3 investment trust management companies are under liquidation

12

Companies for estimation of the value of securities and assets related to them

4 4 4 5 5

2. Professional participants on the insurance market, including:

791 1048 1047 1867 1865

Insurance companies

24 24 20 18 16

Insurance/reinsurance brokers

45 63 66 76 75

Insurance agents 722 961 961 1773 17733. National Bureau

of Motor Insurers1 1 1 1 1

4. Professional participants in the microfinance sector, including:

430 442 440 431 425

Savings and credits associations

394 398 376 359 338

Central association

1 1 1 2 2

Microfinance organizations

35 43 63 70 85

5. Non-state pension funds

1 2 2 3 3

6. Manager of non-state pension funds’ assets

1 1 1 1 1

7. Credit history bureau

0 1 1 1 1

TOTAL 1286 1558 1556 2371 2362

In the mentions periods, NCFM continued the reforms initiated in earlier provide capacity building and operational NCFM prioritize the improvement and promotion of legislative and regulatory framework in line with European and international standards.

In the reference period, NCFM continued implementation of Law No. 35 of 03.03.2011 "On approval Strategy non-bank financial market development between 2011 -2014 and the Action Plan to implement the development strategy of non-banking financial market for the years 2011 -2014 ". Thus were developed and promoted the number of draft laws and regulations transposing EU Directives into national legislation and harmonize of the existing framework legislation with the acquis communautaire and that the best regulatory and supervisory practices applied on European and international level.

Table No.2 Evolution of indicators for monitoring the StrategyNo. Monitoring indicators 2009 2010 2011 2012 2013

estimate2013effective

1. Securities issue, mil. lei 644,2 857,4 1389,3 1106,0 1000,0 950,12. The amount of securities transactions,

mil. lei621,9 559,1 1940,0 1251,5 1200,0 1711,6

13

3. Stock exchange transactions,- mil. lei- reported to total

amount of securities transactions, %

141,222,7

267,947,9

241,912,5

623,349,8

800,065,0

822,048,0

4. Foreign investments attracted through securities issue,

- mil. lei- reported to total

amount of issued securities, %

319,749,6

460,954,0

760,155,0

428,338,7

600,060,0

489,651,5

5. The amount of subscribed insurance premiums,

- mil. lei- reported to GDP, %

816,51,36

914,71,27

1000,01,22

1089,31,24

1500,01,88

1198,91,20

6. The amount of life-insurance premiums,- mil. lei

- reported to total amount of premiums, %

50,56,2

53,85,9

65,56,6

68,66,3

150,010,0

73,56,1

7. The amount of insurance reserves, mil. lei

487,5 515,6 722,3 841,9 650,0 1042,2

8. Insurance companies’ equity, mil. lei 812,7 1081,7 1192,4 1242,3 1000,0 1068,99. Savings and credit associations’ loan

portfolio,- mil. lei

- reported to GDP, %

322,90,55

244,20,34

254,20,31

273,90,31 600,0

0,75331,90,33

10. Rate of loans granted by savings and credit associations financed from deposits, %

22,3 38,2 40,8 69,122,0 69,9

11. Microfinance organizations’ loan portfolio,

- mil. lei- reported to GDP, %

1360,92,26

1191,51,66

1440,81,75

1590,11,81 1800,0

2,251897,0

1,9

Assessment of implementation of the main policy document on financial market - non-banking financial market development Strategy for 2011-2014 is made based on monitoring indicators. Their value recorded in 2013 attests that there has been overcome the expected size for the securities market, except the volume of securities issues. This is the tendency of improving the investor perception of the towards investment risks in the secondary market securities.

The insurance market, though there have been increases in comparison with 2012 for most of the indicators, their value has not led to the predicted exceedance except equity value of insurance and insurance reserves. The prudential requirements established for insurance companies have conditioned growth of insurance reserves. Although the volume of subscribed premiums increased by 10 percent in 2013 compared to the value of this indicator in 2012, this has not ensured the increase of profit as a result of work performed by insurance companies.

Microfinance sector indicators reveal a more cautious conduct of business through continuous assessment of risks and the implementation of responsible loan practices. While, the value of the loan portfolio of savings and loan associations did not reach the expected levels, the microfinance organizations’ portfolio is

14

growing in comparison with 2012 by 19 percent. Note that the deposition rate financing loans by the savings and loan associations of B category is maintained at the level of 2012, which attests ensuring of the comfortable financial independence for the external sources of funding.

Measures to achieve the objectives of the non-banking financial market development strategy for 2011-2014 have been directed towards improving the working conditions for financial market participants, market infrastructure development, and implementation of the modern information technologies.

Thus, for performing a transition to an activity under the principles of risk-based supervision and proper performance of the functions provided by law, NCFM launched on 3 January 2013 on the information system that provides integration of the National Securities Depository in Automated Interbank Payment System with the possibility of monitoring the NCFM and NBM securities settlement transactions. At the same time, since 1 February 2013 there has been launched by State Automatic Information System on the domain of compulsory insurance of civil liability for motor vehicles (RCA Data) that automates the process of concluding insurance contracts and issuing policies electronically RCA insurance and "Green Card", the automatisation of the processing of filing claim files, disciplining professional participants on the insurance market and comprehensive analysis of the received data on compulsory insurance of civil liability of motor vehicles.

At 14.09.2013 the entered into force Law no. 171 of 11.07.2012 "On the capital market" developed in accordance with EU directives and best practices in the field internationally level and aims to create the necessary legal framework for capital market development by establishing an appropriate mechanism for protecting the rights and interests of investors and consumers in the capital market, creating and maintaining of fair, efficient and transparent markets and to reduce systemic risks. In this law are transposing the 11 Directives of EU. To implement the law above, NCFM develops and finalize the regulatory framework to ensure its implementation.

At the moment, the draft Law on facultative pension funds are in approval process is the, the objectives of which include compliance with EU regulations and best internationally practices in the field, boosting voluntary pension funds sector development and promotion of the public confidence in these institutions. The draft law was approved in first reading in the Parliament session of 11.22.2013.

1.2. Organizational structure and training

During the reporting period, NCFM realized its objective of strengthening the regulatory and supervisory capacity by implementing training and professional development of all employees and by optimizing organizational structure of the institution. During the reporting period, NCFM operated under the organizational structure approved by NCFM Decision No. 45/13 of 09.11.2012 (Annex1).

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In order to adjust the institution activities to the of needs effective supervision of the insurance market by NCFM Decision no. 49/9 of 18.10.2013 "On approval of the structure of staff", there has been created a Division of monitoring, statistics and actuarial insurance supervision in the General insurance Division. In the same time, and taking into account the growing importance of information technology in the practice of non-banking financial market supervision, there has been created the Information Technology Division.

According to the staff approved for 2013, personnel of the NCFM have been at 122 staff units. At the end of 2013 the number of employees was preserved the level 121 people. The structure of the subdivisions reflects the institutions activities necessary for the established objectives achievement and is presented in Diagram.1.

Diagram nr.1 Subdivision structure

Concil of Administration ; 4.1%Gen-eral ex-ecu-tiv Di-rec-

torate ;

15.5%

General Direc-

torate of legal as-sistance ;

9.0%

General Direc-

torate of security supervi-

sion; 13.9%

Issuers monitoring Directorate; 7.4%

General Direc-

torate of insuer-

ance su-pervision;

14.8%

General Direc-

torate of Collective

Place-ments and Micro-fi-nancing ;

14.8%

Eco-nomic, Finan-

cial and Admin-istrative General Direc-torate; 14.8%

Territorial Representatives ; 5.7%

The educational level of the personnel as of 31.12.2013 is presented in Table No.3.

Table No. 3 Educational level of NCFM’ staffNo Indicators Period

2011 2012 2013persons share, % persons share, % persons share, %

1. Higher education, including:

108 100 107 100

115 100

- economics 70 64,8 66 61,7 66 57,4- law 25 23,2 27 25,2 33 28,7

- others 13 12,0 14 13,1 16 13,92. Postgraduate studies: 36 33,3 33 30,1 46 40,03. Scientific titles: 4 3,7 4 3,7 4 3,5

To promote the perspective vision of the NCFM on the application of advanced human resources management practices, there were established criteria for assessing the professional level and conduct of the NCFM’ staff.

In accordance with the Regulation on the form, conditions and remuneration system of employees approved by the NCFM Decision no. 39/1 of 13.09.2010,

16

with amendments and completions made by the NCFM Decision no. 9/25 of 01.03.2012, it was implemented a motivational system which consists of establishing differentiated bonuses for professional competence, the degree of achievement of objectives and work intensity, which would contribute to the increase of the individual and collective performance of employees.

An important component in the consolidation of the NCFM’s capacities of continues development of the professional skills of the staff. In this respect, during 2013, there were provided opportunities for employees to participate in various seminars, trainings and conferences organised at the national and internationally level, as well as the internal professional trainings:

Table No. 4 Level of participation in training activities

Forms of training

2011 2012 2013Number of activities

Average number of

trained personnel

Number of activities

Number of activities

Average number of

trained personnel

Number of

activities

Internal trainings 14 75 6 25 33 18

National trainings 16 22 3 31 13 35

International trainings

27 68 38 79 37 60

In 2013, based on the resources of the NCFM and the support of international organizations, the NCFM employees had the opportunity to participate in 37 international training activities, including seminars, workshops, conferences and other major events for professionals in the field of finance. At the internal level there were organized 13 training activities, including topics related to the implementation of the International financial reporting standards, investor protection, internal control and risk management.

During the reporting period there were organized 3 study visits to similar European Authorities: BaFin (Germany), KNF (Poland), ESV (Sweden),. The purpose of these visits was to establish cooperation and to study the relevant regulatory and supervisory practices applied to financial markets. The exchange of experience made during the study visits helped to understand the main regulatory and supervisory principles applied internationally, resulting in improved procedures of licensing, regulation and supervision, contributing to the institutional development of the NCFM.

1.3. Budget and Financing According to the Parliament Decision no.276 of 06.12.2012 "On approval of the budget of the National Commission of Financial Market 2013" NCFM budget for 2013 was approved on revenues of 17,605,200 lei and expenditures of 25,392,200 lei. According to the 2013 Financial Report shows the following:

Table No.5 Budget execution for 2013A s s e t s At the end of the current

reporting year (2013), At the end of the

previous reporting 17

thousands lei year (2012), thousands lei

Intangible assets 9 838,2 9 051,0Harmonization of intangible assets (1 280,6) (815,6)Intangible assets in course of execution 161,2 -Lands 1 505,4 1 505,4Fixed assets 17 137,3 17 153,7Wear and depletion of tangible asset on long term

(8 279,6) (7 828,4)

Stocks of things and goods 516,3 545,8Low cost and short term objects 192,1 59,2Short- term receivable beside commercial bills 153,3 169,2Short-term advances payment 0,4 -Short-term receivable of budget settlements - 11,1Short-term personal receivable - 51,9Short-term receivables on estimate revenue 1 241,1 1 209,3Other short-term receivables 81,6 18,2Short-term investments in non- connective parts

10 645,1 13 702,4

Cash desk 0,4 2,4Current accounts in national currency 1 255,5 2 597,7Current accounts in foreign currency 133,3 646,7

Other funds 56,0 26,2

Other short-term assets 124,8 109,9TOTAL ASSETS 33 481,8 38 216,1

Liabilities At the end of the current reporting year (2013),

thousand lei

At the end of the previous reporting

year (2012), thousands lei

Other funds 24 924,0 24 924,0Correcting the results of previous periods (24,7) -The net profit (net loss) of the reporting period (4 227,9) XOther long-term liabilities calculated 10 825,8 10 825,8

Debts on commercial bills 1,3 -Advance payments received 542,4 1 198,0Debts concerning labour remuneration 1 082,0 883,7Debt concerning insurance 281,0 366,7Debt concerning budget settlement - 0,4

Other short term liabilities 77,9 17,5TOTAL LIABILITIES 33 481,8 38 216,1

NCFM budget for 2013 was executed on the income at a level of 119.8 percent compared to the annual and the estimates at the level of 99.8 percent. The structure and the amount of revenues approved and working out effective and are present in the following table:

18

Table No.6 Structure and volume of the revenues approved and effectively executed in 2013

Revenue indicators (fee/payment) Approve, thousand lei

Actually executed,

thousand lei

Level of execution %

Fees received from transactions with securities 8354,7 11681,5 139,8

Payments of the insurance companies and insurance brokers

6507,1 6288,5 96,6

Payments of the loan and credit associations 377,1 562,4 149,1

Licensing fees 133,9 357,3 more than 2,7

Amounts of sanctions and penalties for administrative contraventions applied in accordance with legislation

300,0 374,5 124,8

Revenues from the interest earned on depository and current accounts

1550,0 1163,5 75,1

Revenues from the leasing of the publicly owned real estate

234,3 257,7 110,0

Other legal revenue sources 148,1 409,2 more than 2,8

Total revenues: 17605,2 21094,6 119,8

The structure of revenues in 2013 was executed effectively taxis coming from securities make up 55.4% of the collected insurance payments - 29.8%, payments collected from the savings and loan associations - 2.7%, other payments (amounts sanctions for administrative offenses, related interest cash balances, pay for rent etc.) - 12.1%. Structure and volume of consumption and actual costs in 2013 are presented in the following table:

Table No.7 Structure and amount of expenditures approved effectively executed in 2013Indicators At the end of the current

management, thousands leiAt the end of the previous

financial year, thousands lei

Consumption and expenditures costs 215,0 240,1Consumption and expenditures on services provided by third parties

237,3 157,6

Wear on long-term assets 1 451,0 1 722,4Personal remuneration 15 849,5 12 926,7Contributions on social state insurance and campulsory medical premiums

4 049,2 3 295,8

Other consumption and operating expenses 3 545,0 3 338,6Total Expenses 25 347,0 21 681,2

19

Total expenses were executed at 99,8 percent of budget provisions approved for 2013, being provided some savings as a result of efficient internal policy of budgetary management.

The structure of expenses was dominated by those related to the cost of personnel (salary payment, mandatory social insurance contributions and the compulsory health insurance), which represented 78,5 percent. Operational costs of the institution (electricity, gas, water, security, telecommunications and other maintenance expenses) represented 7,2 percent, the cost of building material and technical base –11,1 percent, expenses on business trips – 2,4 percent and expenses paid as membership fees to international organizations – 0,8 percent.

1.4. Development of information technology (IT)

Providing information is a priority objective of NCFM for a transition to an activity under the principles of risk-based supervision and proper performance of the functions determined by law, including the provision of electronic services for professional participants and prompt information offering to the public. Within the institutional and operational strengthening component with support of development partners, the modernizing of technical concepts and information systems for use of information technology and infrastructure development was managed by creating modern systems for information management.

On February 1, 2013 theirs was launched nationally RCA Data System that allowed the formation of a formal information resources according to the needs of the insurance companies, providing them with technical and informational support. The main task of the system is recording, collection, accumulation, updating, monitoring and analysis of information on insurance contracts, policies RCA and "Green Card" insured persons, injured persons, files insurance claims and compensation.

NCFM, in collaboration with BNM has taken steps to create information system that integrates National Securities Depository Automated Interbank Payment System with the possibility of monitoring by NCFM and NBM settlement in securities transactions in order to minimize the risks in the system. Newly created information system was launched on January 32013 and currently all settlements in securities transactions are conducted through this system.

In order to ensure protection of personal data of employees, as well as data stored in electronic format NCFM there was implemented back-up system which is the method by which it creates backup copies of the operating system and / or files stored on the electronic carriers. According any event leading to loss of data or damage critical files necessary for operation of the operating system (via HDD failure, contacting a virus or accidental deletion of files), this system allows rapid restoration of the system operating with all installed applications and personal documents. Back-up system has been implemented both on employee computers in NCFM, as well as on the physical and virtual servers managed by the Information Technology Department.

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In the area aimed at institutional development of NCFM there were continued reforms related to streamlining and modernizing used the IT systems. Thus, in order to create facilities and the best possible working conditions, held compare new computing technique is to replace the obsolete one both morally and physically. In order to modernize and adjust information systems to the international standards and technical innovations in the field, they have been installed on all computers with an centralised antivirus program that enables monitoring and preventing external virus attacks. In this context, the NCFM consolidated IT infrastructure, which will allow future expansion of basic functionalities, namely increasing overall computer performance and reliability through the implementation of efficient mechanisms for processing and analyzing information tailored to the needs of current and future NCFM prudential supervision.

1.5. Information Transparency

Transparency in decision processIn the process of the fulfilment of the goals set by law, and according to the

established competence, the Administrative Council of the NCFM approved 640 resolutions in 2013, including decisions, ordinances and registration protocols for the regulation and supervision of the non-banking financial market (Table No. 8). In accordance with legal provisions, the NCFM submitted for publication to the Official Gazette of the Republic of Moldova all decisions, which according to the law, are under this regime (decisions and ordinances).

Table No.8 Number of NCFM Council of Administration meetings and structure of decisions approved

No. Indicators Period2010 2011 2012 2013

1. Number of meetings of the Council of Administration

58 59 55 62

2. Number of adopted resolutions307 352 340 423

3. Number of adopted ordinances 58 76 64 524. Number of protocol records 152 169 141 165

The NCFM’s activity plan for 2012 was developed based on the competences provided by Law no. 192-XIV of 12.11.1998 "On the National Commission for Financial Markets" under the main policy documents and the non-banking financial market development Strategy for the years 2011-2014 and was approved by the NCFM Decision no. 58/7 from 23.12.2011, being placed on the official website of the NCFM.

In order to ensure information transparency in the development of legislative and regulatory normative acts and to conduct public consultation of the regulatory initiatives, the NCFM offered to the non-banking financial market participants and other interested parties the opportunity to participate in decision making process

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and regulatory legal framework development. Prior to approval, all regulations proposed by the NCFM are published on the official website for consultation and public comments.

The NCFM collaboration with the Council of Experts, which is composed of representatives of the professional participants on the non-banking financial market and trade unions, professional practitioners and experts in the field, ensured a dialogue for consultation on draft legislative and normative acts.

The measures through which information transparency was provided is presented in the table below:

Table No.9 Indicators on ensuring the information transparency

IndicatorsPeriod

2010 2011 2012 2013Number of press releases 60 76 51 50The number of articles on NCFM activity and non-

banking financial market development62 42 61 91

The number of monthly and quarterly newsletters 16 16 14 15Number of interviews in newspapers and magazines 18 8 11 9Number of participations in TV shows 4 27 17 20Number of participation in radio programs 9 8 10 10Total: 164 177 164 195

Organization of roundtable and seminars

In order to Achieve the Objectives and Priorities set out in the Strategy of Non-banking Financial Market Development for 2011-2014 and the Action Plan for ITS Implementation, the NCFM HAS Carrying out the proposed activities to Increase the level of professionalism of the non-banking Financial Market Participants That facilitated the assimilation of knowledge and the economic and Financial concepts, as well as Their legal rights.

In 2013 NCFM jointly organized by the Chamber of Commerce seminar on "Corporate Governance" with the support of international financial organizations for corporate governance in Europe and Central Asia (IFC), attended by representatives of 21 joint stock companies in the north of Moldova.The purpose of this action was to elucidate the importance of accession and implementation of the Code of Corporate Governance. Also, in collaboration with Soroca Branch Chamber of Commerce and Industry of Moldova and IFC Partnership Project has organized a seminar on "Corporate Governance. The latest changes in legislation in the securities market "for representatives of joint stock companies located in the districts of Soroca, Drochia Donduşeni and Şoldăneşti. The objective of the seminar was to explain the role of corporate governance in business development and the need to implement the Code of Corporate Governance.

NCFM, together with the Ministry of Education and the Center for creative development of children "Indigo", organized a series of activities to train students in the field of non-banking financial market attended by representatives of NCFM.

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These trainings went under the format of educational lessons attended by students from over 10 high schools in Chisinau. In this training program organized NCFM Stock Exchange students visit Chisinau.

NCFM, in collaboration with development partners, organized a series of seminars for employees savings and loan associations to approach the topic: "The Role of the SCA as bancassurance agent in the insurance market." The main topics discussed concerned the latest changes and additions to legislation on work as an agent SCA bancassurance insurance market, methods and techniques to sell insurance in: agriculture, auto, life, supply management strategies in conjunction with agent bancassurance.

A series of interviews and meetings with media representatives were held in connection with the promotion of the Law no. 171 of 11.07.2012 "On the capital market."

Providing access to public information on requestIn order to ensure the public access to collections of laws and regulations,

periodicals and specialized literature on the non-banking financial market, the NCFM has created a library , and for citizens seeking public information or advice regarding the financial market – an audience room. Also, the NCFM applies internal procedures for providing information in the requested format, including in electronic format via the email address cnpf@cnpf.md.

The NCFM hotlines offer advice on the procedure of liquidation of investment funds, shareholders' rights, rights and obligations of governing bodies of joint stock companies, savings and loan associations’ activity and other aspects.

Public information through official web pageAn effective tool for communication and public information in the process of

regulation and supervision of the non-banking financial market is the official website (www.cnpf.md), through which the NCFM consults the opinion of the financial market participants, citizens and other interested parties in the decision making process and develops a flow of information with a high degree of complexity, with messages for specific categories of users. A number of draft laws and regulations related to the non-banking financial market were presented to the public attention, as well as useful information on the participants on the non-banking financial market, statistical and analytical information and other public information.

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Januar

y

Febru

ary

Mar

chApril

May

June

July

August

Septe

mber

October

Novem

ber

Decem

ber0

5000

10000

15000

20000

25000

30000

Diagram No. 2 Dynamics of accessing the NCFM's web-page in 2013

Unique visitors Number fo visitors

The NCFM’s future work in this area includes developing permanent dialogue with professional participants, public authorities, the civil society and other participants on the matters concerning the development of the non-banking financial market and the services offered on this market. In this context, the NCFM will use existing communication channels and trainings and will identify new opportunities to increase transparency and development of the non-banking financial market, product promotion and protection of financial services’ consumers.

II. Achievement of Activity Objectives of the National Commission for Financial Markets

II.1. Regulatory activity

During 2013, the NCFM ensured the implementation and the improvement of the current legal framework and normative acts by amending them (Table no. 10).

Tabel no. 10 Regulatory activities Indicators Activity period

2010 2011 2012 2013Drafts of legislative acts or drafts on amending the legislative acts 1 1 8 10Normative acts approved or amended, total, including: 14 18 21 15- regulations on internal organization and functioning of NCFM 6 5 5 5- regulations on general principles of the non-banking financial market activity

2 1 2

- in the field of securities 2 3 7 2- in the field of insurance 1 8 6 7- in the field of credit history bureau’s activity 1 1 - -- in the field of savings and credit associations 2 - - -- in the field of microfinance - - 1 1Revoked normative acts, total 8 5 4 6

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The regulatory activity continued prioritizing the development of the regulatory framework and rules for its implementation, solving problems faced by market participants (Annex No. 2).

Regulations on organization and functioning of NCFM In order to ensure the efficient activity of the NCFM in accordance with

legal provisions, the following regulations were approved: - Amendments to the annex to the Parliamentary Decision no. 276 of

06.12.2012 on the approval of the NCFM’s budget (Parliament Decision no. 35 of 07.03.2013);

- Amendments to the NCFM Decision no. 13/12 of 01.04.2010 "On the Expert Council under the National Commission for Financial Markets" (NCFM Decision no. 12/12 of 22.03.2013);

- Confirmation of the Order on the distribution of functional responsibilities of the deputy chairmen’s activity and that of the members of the administrative council (NCFM Decision no. 8/11 of 01.03.2013; NCFM Decision no. 34/8 of 19.07.2013);

- Amendment of the National Commission for Financial Markets no. 26/13 of 28.05.2009 “On the regional representatives of the NCFM” (NCFM Decision no. 59/13 of 14.12.2013);

- Amendment of the structure and staff (NCFM Decision no. 49/9 of 18.10.2013);

- Changes in the structure of certification commission for professional participants on the financial market (NCFM Decision no. 25/15 of 07.06.2013; NCFM Decision no. 38/14 of 08.08.2013);

- Amendments to Internal Regulation of the National Commission for Financial Markets (NCFM Protocol no. 54/14 of 08.11.2013);

- Approving the Activity Plan of the National Commission for Financial Markets for 2014 (NCFM Decision no. 61/9 of 27.12.2012).

Regulations in the securities field The parliament adopted the Law no. 171 of 11.07.2012 “On the Capital

Market” in order to ensure the sustainable development of the capital market and transform it into an effective tool for attracting and redistributing investments. The law came into force on 14.09.2013.

As it was developed in accordance with EU Directives in the field of financial instruments and IOSCO principles, the Law establishes the legal framework for capital market regulation. The norms of the law regulate the activity of the law established the legal basis for the regulation of relations in the capital market. The law regulates the activities of investment firms, securities, public offerings, takeover bids, capital market infrastructure, establishes disclosure requirements in order to maintain high standards of capital market activity and the creation of conditions for financial investments. The law also stipulates the conditions

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regulating the licensing of capital market activities, surveillance and investigation activities in the market.

A transition period of 18 months was provided for maintaining the current provisions of the relevant regulatory framework in this field. During the same period of time the securities professional participants as well as the issuers and potential investors have to comply with new activity regulations with the aim to obtain an unlimited license, to familiarize with the opportunities of the legal framework in attracting investments and to invest in financial instruments.

Amendments to the Regulation on the National Securities Depository of the Republic of Moldova have been operated by means of the NCFM Decision no. 46/9 of 23.09.2013. There were operated with the aim to bring clearing and settlement methods in securities transactions, in conformity with the model described in the Concept on integration of the National Securities Depository (NSD) in the Automated Interbank Payment System, approved by the NCFM Decision no. 31/5 of 28.07.2011.

In order to develop the secondary market for government securities, to diversify the range of financial instruments traded on the stock exchange (the regulated market) and to increase investors’ access to state securities, by means of the NCFM Decision no. 59/12 of 12.14.2013 the Concept on the general mechanism of trading government securities with a maturity greater than one year in the stock market.

Regarding this concept there are actions necessary to be performed by each institution involved to achieve the objective of ensuring the conditions for trading government securities with a maturity greater than one year in the stock market, including the technical connection between the NSD and the Entry System in the accounts managed by the NBM.

Regulations in the insurance field In order to comply with the provisions of the Law no. 407-XVI of 21.12.2006

“On insurance” and of the Law no. 414-XVI of 22.12.2006 “On Compulsory Motor Third Party Liability Insurance”, as well as with the aim of insuring stability, transparency, security and efficiency of the insurance market, the following decisions were adopted:

- NCFM Decision no. 10/9 of 15.03.2013 “On approval of the Regulation on the conclusion of transactions by insurers (reinsurers)” that aims to align the secondary regulatory framework in the field of insurance to the provisions of the Law on Insurance especially concerning the approval by the supervisory authority of large transactions, where the insurer is borrowing more than 10% of social capital and invests more than 15% of the equity of the insurer (reinsurer) in the capital of other companies;

- NCFM Decision No. 26/10 of 06.13.2013 "On the premiums of compulsory motor third party liability insurance" which seeks to regulate the manner of determining the insurance premium and provides for the actuarial methods applied to calculate the insurance premium base and the related rectifying coefficients, the load factor amount of the insurance premium, as well as the insurance premium amount and rectification coefficients value calculated based on actuarial methods;

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- NCFM Decision no. 60/5 of 20.12.2013 “On approval of the Regulation on differentiation of sanctions applied to the insurer (reinsurer) or insurance and/or reinsurance broker”;

- NCFM Decision no. 50/7 of 30.11.2012 (in force as of 10.05.2013) “On amendment of the Regulation on the method of determining the depreciation for damage to vehicles, approved through the NCFM Decision no. 13/1 of 03.04.2008”;

- NCFM Decision no. 2/10 of 24.05.2013 “On amendment of the NCFM Decision no. 50/8 of 30.11.2012 on electronic processing of compulsory motor third party liability insurance documents”;

- NCFM Decision no. 23/11 of 24.05.2013 “On amendment of the NCFM Decision no. 45/5 of 16.10.2009 on the approval of the structure and content of the specialized reports of insurance (reinsurance) intermediaries”;

- NCFM Decision no. 25/12 of 07.06.2013 “On amendment of the NCFM Decision no. 50/8 of 30.11.2013 “On amendment of the NCFM Decision no. 50/8 of 30.11.2012 on electronic processing of compulsory motor third party liability insurance documents”

- NCFM Decision no. 32/7 of 05.07.2013 “On amendment of the Regulation on implementation of the bonus-malus system to the compulsory motor third party liability insurance, approved by the NCFM Decision no. 13/2 of 03.04.2008”.

Regulations in the microfinance fieldIn order to develop the necessary legal framework to protect the economic

interests of consumers by creating fair conditions for obtaining consumer credit as well as by establishing standards of lenders’ responsible behaviour regarding the provision of loans to consumers, the NCFM, in collaboration with the Ministry of Economy and other interested institutions, participated in the working group on the development and approval of the Law no. 202 of 12.07.2013 "On consumer credit contracts" (Official Gazette, 2013, no. 191-197, art. 619).

Given the major objective of regulatory framework development on the non-banking financial market, the regulatory activity in 2013 is directed towards the consolidation of the regulation and supervision system of the non-banking financial sector, the harmonization of the legal framework subordinated to the new legislation on the non-banking financial market supervision with the acquis communautaire, including the accomplishment of the following actions: promoting the draft Law on voluntary pension funds, the draft Law on non-banking financial organizations, the draft Law amending the Law no. 122-XVI of 29.05.2008 "On Credit History Bureau”, draft Law for amending a number of legislative acts (Law no. 59-XVI of 28.04.2005 "On leasing" and Law no. 192-XIV of 12.11.1998 "On the National Commission for Financial Markets"), the draft Law amending the Law No. 1134-XIII of 02.04.1997 "On Joint Stock Companies", as well as developing normative acts subordinated to the Law. 171 of 11.07.2012 "On the capital market".

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II.2. Authorization and licensing activity

Through the authorization activity performed during 2013, the NCFM provided the execution by applicants of mandatory conditions and specific requirements of the non-banking financial market, as well as the verification of compliance in the development of its activity.

In accordance with laws and regulations, during the reference period the licensing and the authorization activity referred to:

- the registration of securities issued by joint stock companies of Moldova and granting authorization to their reorganization;

- the granting, withdrawal, suspension, reissuance of licenses and authorizations of professional participants (Annex No.3), granting authorization to their reorganization;

- issuing notices in cases established by law, on the attainment of qualified participations in the statutory capital of professional participants, on amendments to the foundation documents and in the State Register of Legal Entities (state registration of professional participant, its branches and representative offices and in other cases);

- the registration of public offerings of securities on the secondary market, as well as their results;

- the confirmation of the administrators of savings and credit associations.Further information (office, administrators, contact details, type of activity,

etc) regarding professional licensed participants of the financial market is placed on the web pages of NCFM, in the section “Supervised entities”.

Authorization activity on the securities marketAccording to the Law on the securities market, during 2013 the NCFM has

registered:- shares placed on the establishment of 7 joint stock companies;- shares placed in 62 additional issues; -authorizations of reorganization by merger, dismemberment or

transformation of 42 joint stock companies (Annex No.4). - public offering prospect of BC ”EuroCreditBank” JSC on the primary

market. As a result of the examination of applications submitted by 13 joint stock

companies in order to amend statutory capital, securities conversion, and 11 requests on changing the issuers name and address, there were made changes in the SSR. Securities of 37 companies were removed from the SSR.

As of 31.12.2013, 42 entities have held licenses for carrying out professional activity on the securities market, including the MSE, the NDS, 10 independent registrars, 2 joint stock companies which keep independently shareholders’ register, 5 brokerage companies, 17 dealer companies, 5 companies of evaluation of securities and assets related to them. In the data of State Register of licenses issued, suspended and withdrawn there were made the following amendments:

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Table No. 11 Information on amendments to the data of State Register of licenses issued on the securities market

Indicators 2011 2012 2013Licenses granted 4 2 2License reissued 2 5 3Licenses withdrawn 1 1 0Licenses excluded 1 1 0Licenses expired 2 0 2Licenses in force at the end of year 39 42 42

Similarly to 2012, in 2013 there were granted 2 licences of which one to the professional participant established in 2013 and one licence to the professional participant whose licence issued previously has expired.

During 2013, there were registered 17 public offerings on the secondary securities market.

The type of public offerings on the secondary securities market registered during the period 2011-2013 is presented in the table below:

Table No. 12 Indicators on public offerings on secondary securities market

Type of public offering

2011 2012 2013 2013 compared to2011

units thousand MDL

units thousand MDL

units thousand MDL

thousand MDL

%

Total: 34 28443,9 22 7078,2 17 18772,3 11694,1 265,2According to voluntary / mandatory criteriavoluntary public offerings 10 7474,0 12 2245,8 9 13373,6 11127,8 595,7mandatory public offerings 24 20969,9 10 4832,4 8 5398,7 566,3 111,7According to sale / purchase/ competitive criteriaselling public offerings 10 10098,0 3 112,5 1 0 -112,5 - 100purchasing public offerings 23 18344,1 19 6965,7 16 18772,3 11806,6 269,5competitive public offerings 1 1,8 0 0 0 0 0 -

The data above includes the transactions volume of 3 public offerings registered during 2012 and completed in 2013, as well as the transactions volume performed as a result of 17 public offerings registered and completed in 2013 (Annex no. 5).

The reduction in the number of public offerings in 2013, similarly to 2012, is explained by:

- reduction of the number of joint stock companies whereat the control packet holders are obliged, according to art. 84 par. (5) of the Law on Joint Stock Companies, to initiate the mandatory takeover offer (only the holders of securities issued by joint stock companies that meet the criteria set in art. 2 par. (2) of the Law on joint stock companies)

- completion of the concentration of the control packet in joint stock companies which meet the criteria set in art. 2 par. (2) of the Law on joint stock companies.

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Also, the reduction of the number in public offerings on the secondary market in 2013 did not push down the volume of transactions performed by means of these public offerings (Annex no. 6).

2011 2012 2013

34

22

17

28.4

7.1

18.8

Diagram No. 3 Evolution of public offerings on secondary market in the period 2011 - 2013

Number of public offerings on secondary marketVolume of public offerings on secondary market (thousand, MDL)

Thus, the transactions volume performed through the mentioned public offerings registered an increase of 11694, 1 thousand MDL or 265.2% compared to 2012.

In 2013, through registered public offerings there were traded securities of 15 companies with various types of activity, the prevailing issuers were operating in the field of agriculture.

Authorization activity on the insurance market

In terms of the Law no.407-XVI of 21.12.2006 ”On insurance” insurance / reinsurance companies may obtain a license for an unlimited period, and insurance intermediaries - for a period of 5 years in order to conduct professional activity on the insurance market. As of 31.12.2013, 91 entities have been licensed to carry out professional activity on the insurance market, including 16 insurance companies, 75 insurance and/or reinsurance brokers.

According to data of the State Register of licenses issued, suspended and withdrawn, within the insurance authorization activity there were made amendments, shown in the table below:

Table No. 13 Information on amendments to the data of State Register of licenses issued, suspended and withdrawn on the insurance market

Indicators 2011 2012 2013Licenses granted 16 16 26Licenses reissued 79 127 158Licenses withdrawn 7 5 9Licenses considered invalid 5 3 3License expired 8 3 17Entities licensed at the end of year 86 94 91

During the reporting period, the NCFM granted 26 licences for the right to carry out intermediation activity in insurance and/or reinsurance, withdrew licenses in the field of insurance activity of „ASIGURĂRI GENERALE VITORIASIG”

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JSC and CMA „EXIM-ASINT” JSC, and in the field of intermediation activity in insurance and/or reinsurance of „STARASIG-BROKER DE ASIGURARE” Ltd, BAR „EXTRA-ASIG” Ltd, BAR „ASIGARC” Ltd, BAR „SEMASIG-PRIM” Ltd, BAR „INTELMOD-ASIG” Ltd, BAR „GENERAL BROKER” Ltd and ÎMBAR „OMERLANE INSURANCE” Ltd.

In cases set by law, the NCFM issued 31 prior notices under the Law on insurance no.407-XVI of 21.12.2006, including 25 notices for state registration of amendments to the founding documents and data contained in the State Register of legal entities, 3 notices for the acquisition, reduction or increase of qualifying holdings in the insurers’ statutory capital, 2 notices on delegation of persons holding responsible positions and 1 notice on the approval of Methodology of general and administrative expenses allocation.

Authorization activity in the microfinance sectorIn accordance with the provisions of the Law on savings and credit

associations no. 139-XVI of 21.06.2007, in 2013, the NCFM issued 300 notices for state registration of the savings and credit associations statutes in new edition. As a result of liquidation, 5 associations obtained the notice of the NCFM regarding the exclusion from the State Register of the legal person.

As of 31.12.2013, 340 entities hold the license for savings and credit associations activity, of which: 273 associations - A category license, 65 associations - B category license and 2 central association.

According to the data of State Register of issued, suspended and withdrawn licenses, in the authorization activity of savings and credit associations there were made amendments according to the table below:

Table No. 14 License activity according to the State Register of issued, suspended and withdrawn licenses of savings and credit associations

Indicators Activity period

2010 2011 2012 2013

Licenses granted 4 4 2 53

Licenses reissued 2 1 2 42

Licenses suspended 1 - 3 3

Licenses withdrawn - 26 17 21

Licenses expired - - 1 -

Licenses in force at the end of year 399 377 361 340

In accordance with the provisions of the Regulation on the requirements for the savings and credit associations’ administrators, approved by the NCFM Decision no. 63/6 of 25.12.2007, the NCFM has examined the requests of 17

3 4 savings and credit associations holding A license categories, in 2013, based on the application submitted, received B category licenses, and to one association holding B license category, A license category has been granted

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savings and credit associations holding a B license, which have obtained the confirmation on the appointment of administrators as specified by the legislation.

II.3. Monitoring and control activityThe supervisory activity carried out by the NCFM aims to ensure the

protection for investors, the observance of the legislation, the prevention of abuse and fraud, the observance of prudential norms, the application of measures and sanctions for legislation violations, and the promotion of confidence in the non-banking financial market. In order to ensure the observance of the legislation by the non-banking financial market participants, the NCFM performed the following activities:

- the analysis and assessment of data and information from the supervised entities reports submitted in conformity with the legislation;

- on-site controls;- the control of licensing conditions observance;- the approval and the publication of decisions as results of controls;- the analysis of mass-media information in order to accurately report to

investors;- analyzing and resolving complaints from the non-banking financial market

participants;- prescribing measures regarding the unconditional observance of the legal

and regulatory framework;- the application of financial remedy;- the application of contravention.The supervision of professional participants represents an important NCFM

activity and is carried out by checking the financial and specialized reports submitted in conformity with the legislation as well as on-site controls of the supervised entities.

Monitoring activity of securities issuers The monitoring activity of securities issues concerning public disclosure of

information by the joint stock companies, as well as events and actions affecting the economic and financial activity and other disclosure issues, is aimed at minimizing the investors’ risks and protection of shareholders’ rights by ensuring transparency in the activity and functioning in accordance with the corporate governance principles.

The monitoring activity of securities issuers conducted by the NCFM according to its legal responsibilities included the following:

- the analysis and the assessment of data and information from the securities issuers’ reports submitted in accordance with the legislation and posted on the NCFM’s official web-site;

- the analysis and assurance of compliance with the legislation regarding securities market as a result of notifications regarding corporate conflicts.

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A number of cases of wrongdoing on behalf of securities issuers were established as a result of the monitoring activity, particularly relating to violation of deadlines for annual reports submission, requirements towards information disclosure and other violations that led to the application of a number of sanctions and fines.

Table No. 16 Monitoring activity of Joint Stock CompaniesIndicators Activity period

2011 2012 2013

Number of JSC obliged to disclose publicly the information in the mentioned period for the previous operational year

681(for 2010)

650 (for2012)

601(for

2012)

Number of annual financial reports 593 560 528

Number of warnings and notification letters regarding the necessity to make corrections in the submitted reports

132 244 160

Number of JSC required to present and publish annual financial reports

73 82 88

Number of JSC whose bank accounts were blocked due to non-presentation of annual financial reports

65 73 73

Number of officials sanctioned (administrative sanctions) for disregarding legal requirements

109 82 125

Administrative sanctions received (thousand MDL) 169,0 112,1 142,90

In order to ensure the observance of the legal provisions and shareholders’ protection, NCFM has given notice to officials of 61 JSC regarding the non-convocation of general meeting of shareholders in 2013.

Monitoring and control activity on the insurance marketThe supervision of the insurance market professional participants included the

achievement of the main objectives related to safeguarding the rule of law, especially aspects related to:

- respecting prudential requirements and licensing conditions;- the financial stability of the insurer (liquidity coefficient, minimum and

available solvency margin, coverage of the mathematical and technical reserves with allowed assets);

- the procedures of the creation and the maintenance of technical reserves for each category and class of insurance, for which contracts were signed;

- the placement into assets considered appropriate and admissible for the insurance reserves and respecting the norms of reserves distribution; the activity of investing the insurance funds and reserves;

- establishing the maximum limit of the insurer (reinsurer) liability for the assets insured or reinsured;

- observing the legislation while registering and examining claims, establishing the amount of insurance compensations;

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- application of base insurance premiums and corrective coefficients for local and external MTPL;

- observance of legal acts regarding preventing and combating money laundering and terrorism financing;

- activity of intermediaries in insurance/reinsurance activities;- administration and utilization by the National Bureau of Motor Insurers’

of the available finances of the Compensation Fund and Road Traffic Victims Protection Fund.

The supervision of professional participants’ activity on the insurance market has been performed by monitoring and analyzing their financial and specialized reports, submitted in accordance with the legislation, including:

- reports regarding the simultaneous activity and performed transactions for life insurance and general insurance;

- assets’ balance that are aimed to cover technical reserves and the minimum solvency margin, related to general insurance and respectively to life insurance, and the incomes resulting from capitalizing on these assets.

The indicators registered as the result of the supervisory activity of the professional participants at the insurance market are presented in the table below:

Table No. 17 Indicators of supervisory activity of professional participants on the insurance market

IndicatorsActivity period

2011 2012 2013Financial statement of the insurance companies 95 92 32Statistical report no.1 – Insurance 95 88 67Specialized report on main activity of the insurer 95 76 67Report on technical reserves of the insurer 95 76 67Report on compliance with solvency normative reserves and liquidity coefficient of the insurer

95 76 67

Monthly report on MTPL insurance and international insurance “Green Card”

364 336 291

Financial statement and specialized report of insurance brokers 564 695 698Total of specialized and financial reports: 1403 1374 1289Number of prescriptions issued to officials on increase of statutory capital according to legal requirements

2 - -

Number of prescriptions issued to officials on equity (net assets) increase according to legal requirements

2 - -

Number of prescriptions issued to officials on reporting requirements

3 3 5

Initiation of financial recovery procedures 1 1 2

The on-site controls of professional participants on the insurance market revealed numerous offenses that resulted in the application of a number of sanctions and fines, presented in the table below:

Table No.18 Indicators of supervisory activity of professional participants on the insurance market

Indicators Activity period

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2011 2012 2013Number of complex controls 12 15 4Number of thematic controls 15 38 77Number of approved decisions 27 22 37License withdrawal 7 3 5Number of prescription on legislation observance 37 27 37Documents submitted to law enforcement bodies 2 1 5Sanctions applied and collected to state budget (thousand MDL) 212,7 168,1 160,0Suspension of operations on settlement accounts 1 - -Number of decisions on application of contraventions 28 51

In 2013 the NCFM performed 81 complex and thematic controls and on-site inspections checking the activity conducted by professional participants at the insurers market. The materials from the control of 5 entities have been submitted to law enforcement bodies.

Monitoring and control activity of microfinance sectorThe monitoring of savings and credit associations and microfinance organizations

has as a main purpose the compliance of entities with legal provisions, the prevention of abuses and frauds as regards to other entities and beneficiaries of services.

An important instrument used in the process of supervising savings and credit associations are the annual financial and specialized reports received by the NCFM through the Information Management System (IMS). The reported data is presented in the following table:

Table No. 19 Indicators of supervisory activity of professional participants on the microfinance sector

Indicators Time period2010 2011 2012 2013

Annual financial statements 384 375 357 329Specialized quarterly reports 1103 1106 1075 1035Specialized monthly reports 547 545 553 558Total financial and specialized reports 2034 2026 1985 1922Warnings on observance of financial prudential norms and corrections of submitted information

360 221 173 148

Suspension of operations on settlement accounts 82 13 7 4Number of prescriptions on conformity with the legislation, including the observance of financial prudential norms

31 8 18 39

Number of decisions on contraventions application 122 32 52 21Amount of administrative sanctions (thousand MDL) 150,4 70,8 69,4 29,0

As a result of the policies designed to ensure compliance with the provisions of the legislation and to protect the legal rights of the SCA members, there were issued 148 warnings that represent a 14.5 percent decrease compared to last year. Similarly, there was registered a decrease of the number of sanctions, such as the suspension of the operations on SCA accounts (decreased by 43 percent). The

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number of prescriptions on conformity with the legislation, including the reporting obligation recorded an approximately two-fold increase compared to last year.

In 2013, the NCFM conducted 24 on-site controls verifying the activity of SCA. As a result, the NCFM submitted upon examination materials regarding the activity of 3 entities to the law enforcement bodies. Surveillance activities at the SCA established legal deviations, including the non-compliance with financial prudential norms, the manner of conducting general meetings of association members and of appointing directors, financial reporting requirements and other violations that led to the application of a range of measures and sanctions presented in the table below:

Table No. 20 Indicators of supervisory activity of savings and credit associationsIndicators Activity period

2010 2011 2012 2013Number of complex controls 31 33 7 6Number of thematic controls 1 8 17 18Number of approved decisions 21 37 324 265

License withdrawal 0 26 2 6License suspended 1 0 3 3Number of warnings to the administrators 1 2 3 10Number of prescription on legislation observance 20 36 29 19Number of decisions on application of contravention sanctions

18 36 29 25

Amount of contravention sanctions received (thousand MDL)

163,8 20,2 14,0 9,35

Documents submitted to law enforcement bodies 2 4 3 3Suspension of operations on bank accounts 5 0 2 0

In the process of monitoring the execution of the decisions in respect with the results of controls performed in 2013, there was determined that 13 decisions were fully implemented and 13 more decisions have been partially implemented are to be monitored and implemented in 2014.

Perspective VisionThe assurance of the stability of the non-banking financial system is a priority

for the NCFM’s supervisory activity, which aims to continue the consolidation of institutional capacities in order to put into practice the following:

- supervisory principles based on the risk evaluation and management systems;

- prudential standards based on the best international practices;- proper capacity development regarding off- and on-site supervision;- investors’ protection assurance through elaboration of efficient

supervisory mechanisms, specific to each non-banking financial market sector;4 12 decisions were approved as a result of checks carried out at the end of 20115 3 decisions were approved as a result of checks carried out at the end of 2012

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- organization of trainings and seminars for improvement of the NCFM’s specialists and inspectors regarding the monitoring activity of the professional participants, at the highest level possible.

2.4. Protection of the rights of non-banking financial market participants

Consumer protection in the non-banking financial market constitutes a priority for the NCFM, its activity being oriented at ensuring of transparency of information regarding the professional participants’ activity and at raising the financial culture and education of the population, which can serve as a base for incentivising investment and stimulating the development of the financial market as a whole. The NCFM’s responsibilities consist in ensuring access to communication systems, development of actions regarding informing and educating the public financially, ensuring compliance with the legislation, development of regulating acts according to the best practices of consumer protection as well as the efficient cooperation with public authorities, nongovernmental organisations and participants at the non-banking financial market in the area of consumer protection.

During the year 2013, NCFM continued the implementation of the Strategy regarding non-banking financial market development for 2011-2014 and its associated Action Plan, one of the objectives of which is to ensure protection of the rights and interests of non-banking financial market participants. In this context, one of the main purposes of the NCFM is decisional capacity building and supervision of non-banking financial market participants for development of social responsibility and creation of an environment that allows consumers to exercise their rights and benefit from them.

A first step to achieve this goal was to inform the public about the amendment and completion of the legal framework on financial non-banking market in order to align it with European and international standards. During 2013 the provisions of the Law No. 171 of 11.07.2012 "On the capital market", in force since 09/14/2013, were discussed actively with the market participants. The aim of this law is to create a legislative framework necessary for the development of the capital market by creating an adequate mechanism for the protection of the rights and interests of investors and consumers of financial services.

In the same order, a series of information activities were conducted on the amendments made on the insurance legislation, adopted by Law No. 94 of 26.04.2012 amending and supplementing Law No. 407-XVI of 21 December 2006 "On insurance" and Law No. 414 - XVI of 22 December 2006 "On mandatory insurance of civil liability for damage caused by vehicles."Amending these laws sought to improve the regulatory framework in the insurance industry to support the development and evolution of the internal market in insurance services, improve the quality of products and services and achieve a higher level of consumer protection. A document called the "Guide of the Insured" has also been approved and published on the official website of the NCFM. The production of this guide started from the need to provide, for those interested and involved in the

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insurance, material information focused mainly on the practices in the insurance field in Moldova, taking into account the requirements of adaptation to international standards. From this perspective, the Guide of the Insured brings additional insurance information and is aimed especially for people who want to familiarize themselves with this important sector of the economy. At the same time, the guide is directed to those people who want to know the characteristics of different insurance products, so they can act knowingly later.

In the month of May 2013, NCFM jointly with the International Insurance Supervisors (IAIS), organized the Regional Seminar for insurance supervisors in Central and Eastern Europe, Central Asia and Transcaucasia regarding protection and consumer education. The event was part of the NCFM’s activities agenda in protecting consumer rights and interests.

The NCFM also organized 2 international conferences on "Corporate Governance" in which topics regarding protection of shareholders’ rights and interests were discussed.

During 2013, the NCFM conducted a campaign for informing the public on the launch of automated RCA Data. Thus, multiple press conferences and informative programs on public TV stations have been organized. These have been attended by representatives of the NCFM that provided explanations regarding priorities of the RCA Data system. At the same time a set of expressive and memorable commercials were created. The NCFM representatives participated in 11 TV and radio programs dedicated to informing the public on the activity of the NCFM. During 2013 over 50 press releases have been developed and posted on the official website of the NCFM and in the Capital Market newspaper, regarding the NCFM activities and events in the non-banking financial market.

The flow of documents received by the NCFM during 2013 increased from the previous management period. The structure of the received stream of documents is shown in the following table:

Table No. 21 Structure of the flow of documents received by NCFMIndicators Time period

2010 2011 2012 2013Reports of professional participants 6816 5853 6993 6850Other documents and appeals received from non-banking financial market participants

4708 6151 5879 7833

Claims (requests) submitted by individuals 318 381 406 815Documents and appeals of public entities 419 415 449 485Documents and appeals of enforcement bodies

597 529 409 618

Other documents 1434 976 943 1343Total: 14292 14305 15079 17944

The complaints received by the NCFM according to the field of activity are structured as follows:

Table No. 22. Structure of received complaintsIndicators Activity period

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2011 2012 2013Complaints on the assurance of the shareholders’ rights and the supervision of legislation observance by the professional participants on the securities markets

96 141 131

Complaints on the procedure of investment funds liquidation, financial management companies, savings and credit associations and microfinance organizations

97 58 63

Complaints from beneficiaries of insurance services 188 207 621

During 2013 the NCFM recorded 3 times more petitions of consumers of insurance services. The significant increase in the number of complaints resulted in cessation of payments by the International Insurance Company "ASITO" SA based on the pension insurance contracts signed in the period 1994-2005.

However, a large number of petitions received as a result of failing to fulfil its obligations to pay compensation insurance by the insurance company "EUROASIG GROUP" SA, on whose name a financial remedy procedure was opened.

Thus, the number of complaints received from beneficiaries of insurance, besides the cases aforementioned, was 199, which is in line with the previous years’ number.

The outgoing correspondence in 2013 stands at 5785 documents, which represents 1060 units less than in 2012.

2.5. Legal activity

During the year 2013, NCFM’s legal activity aimed the creation of protection measures regarding the legal rights and interests of consumers of non-banking financial market services, and raising the standards and methods of regulating and supervising the financial market participants in order to ensure its stability efficiency, through implementing the following activities:

Providing legal assistance During the reference period legal assistance was provided in developing,

modifying and completing the non-banking financial regulations, including legal expertise to draft orders, resolutions, ordinances, protocol entries, cooperation agreements at national and international levels and normative acts developed by the NCFM. As part of surveillance and control activity, legal assistance has been granted in the process of application of the legislation on violations in the non-banking financial market, ensuring accountability in the penalizing procedure.

Representation of NCFM interestsIn accordance with the competences established by the law, during 2013 the

NCFM participated in about 130 lawsuits, in the role of: the applicant - 17 cases; respondent - 25 cases; intervening - 45 cases; public authority to submit conclusions -

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5 cases; legal assistance administrators ex officio – 1 case; ascertaining agent - 37 cases.

The object of disputes in which the NCFM was involved during this period refers to the actions for annulment of certain administrative acts issued by the NCFM, which ordered the withdrawal of licenses for carrying out professional activity on the financial non-banking market, acts for the modification / approval / repeal of certain regulations, individual administrative acts as well as relating to the invalidity of securities transactions in the securities market and issues aimed at protecting the rights of participants in the non-banking financial market. Solutions to the processes of the courts that the NCFM has been involved in, are presented in the table below:

Table No. 23. Resolutions of litigations in which NCFM has been involvedIndicators Activity period

2010 2011 2012 2013Actions initiated by NCFM, rejected

5 1 1 1

Actions initiated by NCFM, accepted

18 4 5 2

Actions against NCFM, rejected* 18 17 15 15Actions against NCFM, accepted* 2 5 2 3

*The actions initiated by the NCFM include the appeals against the decisions in the contravention procedure.

Following the NCFM’s participation in litigations examining the NCFM’s acts, in most cases they were assessed as thorough and lawful and, therefore, the claims of parties against NCFM were rejected.

Diagram No.4 Dynamics of the litigations wherein NCFM was involved during 2009-2012

Administrative Litigations

Economic Litigations Contraventional Litigations

Other Litigations0

10

20

30

40

50

60

70

80

24

47

32

6

2429

23

12

19

32

19

11

25

69

37

9

2010201120122013

Measures applied in contravention offensesAnalyzing the violations on the non-banking financial market, there is a

significant increase in the number of offenses applied during 2013 compared with 2012.

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One of the factors that contributed to the increase in administrative sanctions imposed in 2013 is the expansion in the number of cases of no show or late submission by financial market participants of reports established by legislation. We note that about 70 percent of all fines remain to be composed by offenses committed by the failure or late submission of reports (art. 303 of the Code of Administrative Offences of the Republic of Moldova no. 218-XVI from 24.10.2008).

However, the number of violations admitted on the insurance market has significantly decreased due to the implementation of information system RCA Data.

The prompt sanctioning of violations committed by the participants in the non-banking financial market aims at correcting the behaviour of subjects that violated the rule of law so that in the future similar cases can be prevented.

During the reporting period, 259 facts showing elements of violations have been recorded on the non-banking financial market. 228 official reports of offenses were written, the total fines amounting to 603 300 lei (Appendix 7).

During 2013, in order to recover the amounts received from fines imposed by the sanctioning decisions in contravention proceedings, 19 sanctioning decisions for forced enforcement were sent to the offices of the judicial executors.

Offences recorded in the non-banking financial market and the measures applied are presented in the table below:

Table No. 24 Information on the contravention sanctions

Field of activity

No. of minute

s

Applied fines, thousand MDL

Enforced minutes, total

Non enforced minutes, total

No.Amount,thousand

MDL

Forced executionsoffices

Ceased offences/Replac

ed sanctions measures

by NCFM

*substituted by court decisions in fines with the double amount

No.Amount, thousand

MDLNo.

Amount, thousand

MDLNo.

No. AmountSecurities

market 150 427200 110 166000 40 114900 19 60500 2 19 54400

Savings and loans

associations47 84700 45 38850 2 6200 2 6200 - - -

Insurance 31 91400 29 38900 2 8000 1 4000 - 1 4000

Total 228 603300 184 *243750 44 129100 22 70700 2 20 58400

*according to article 34 para.(3) from the Contravention Code of the Republic of Moldova, the offender has the right of paying half of the imposed fine if the money are transferred within 72 hours of receiving the penalty order. Satisfying this condition it results in the full execution of the penalty.

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Diagram No.5 Information on penalties offenses in 2011-2013 (the non-banking financial market areas).

2011 2012 20130

20

40

60

80

100

120

140

160

139

97

150

7772

47

27

51

31

Securities

SCA

Insurance

Cooperation with the law enforcement bodiesDuring the year 2013 the NCFM exploited the opportunities of cooperation

with law enforcement bodies. Thus, based on its competences, the NCFM submitted to the law enforcement

and justice bodies materials on the supervision of the non-banking financial market for examination, according to their competences, including: NAC – 31 notifications, to the General Prosecution – 46 notifications, Ministry of Internal Affairs – 18 notifications, Ministry of Justice – 32 notifications, as well as more than 130 acts to the courts of law.

Particular importance was given to the examination and settlement of complaints and petitions received from investors and consumers of the non-banking financial services in order to identify the most common problems they face and to take the measures necessary to ensure avoidance of such problems in the future.

The main objectives of legal activity remain to be further promotion of uniform application of the law in the non-banking financial market by improving the forms and methods of providing legal assistance, quality assurance of legal assistance, including improving the quality of representation of the NCFM in relations with other public authorities, market participants, law enforcement entities, other legal bodies and individuals, as well as strengthening and expanding the collaboration with them, and the promotion legal education and culture of the population.

2.6. Certification of the Non-banking Financial Market Specialists

The certification procedure of the non-banking financial market specialists and auditors is established according to the Regulation on certification of the specialists of professional participants on the non-banking financial market, approved by the NCFM Decision no.44/5 of 18.09.2008, and the Regulation on certification requirements of the auditors of professional participants on the non-banking financial market, approved by the NCFM Decision no. 36/12 of

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23.07.2009. The structure of the certification committees was approved by the NCFM Decision no.38/14 of 08.08.2013.

In 2013, 30 specialists of professional participants on the securities market and 8 auditors on the securities market have been certified in accordance with the provisions of aforementioned Regulations.

Information on certification of specialists and auditors of the professional participants on the non-banking financial market is presented in the Table no. 25.

Table no. 25 Information on certification of professional participants’ specialists on the non-banking financial market

Indicators No. of specialists who hold

certificate of qualification on 31.12.2012

Certificates issued

during 2013

Certificates cancelled

during 2013

No. of specialists who hold

certificate of qualification

on31.12.2013

Certified specialists, total:Including: 1694 64 - 402

Certified specialists on the securities market 325 30 - 355

Certified specialists in the field of savings and credit associations 1336 24 24

Certified specialists in the insurance field (actuary) 5 2 - 2

Certified specialists in the audit field of professional participants on the securities market

13 8 - 21

Certified specialists in the audit field of savings and credit associations 5 - - -

Certified specialists in the audit field of insurance 10 - - -

2.7. Financial Stability

The NCFM, having as an objective to ensure the stability, the transparency, the reliability and the efficiency of the non-banking financial sector, to prevent systemic risks and the manipulations on the non-banking financial market, to protect the rights of the non-banking financial market’s participants, to carry out activities in order to better understand the factors that generate systemic risks and their correlation with the economic cycles.

Thus, the NCFM participated in five meetings of the NCFS. During the meetings there were discussed topics relating to the stability of the financial system of the Republic of Moldova and prevention of systemic risks.

During 2013, the cooperation between the NCFM and other authorities responsible for the authorisation, regulation, supervision and control of the financial markets system has intensified gradually in order to ensure the transparency and integrity of the financial system, the compliance with the applicable legal framework and the expansion of the national framework of

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financial stability. As a member of the National Committee for Financial Stability, the NCFM jointly with the National Bank of Moldova, the Ministry of Finance and the Guarantee Fund of Deposits of the Banking System periodically reviews financial stability indicators, identifies possible spill over effects, shares information on the supervision of each component of the financial sector and takes coordinated action regarding the maintenance of the financial stability.

Based on the recommendations of the IMF, during 2013, the NCFM assured the generalization and the presentation of the financial soundness indicators, which are an important tool in the assessment of the financial stability and in the development of actions to mitigate systemic risks.

2.8. Internal Institutional Cooperation Activity

During the reporting period, the NCFM carried out coordination and collaboration activities with other institutions and public authorities of Moldova in order to fulfil its specific regulation and supervision of non-banking financial market, as follows:

NCFM took part in the NCFS activities, created under the Memorandum of Understanding on financial stability maintenance concluded between Government of Moldova, NBM, NCFM, Committee on Economy, Budget and Finance of the Parliament of Moldova and Deposit Guarantee Fund;

NCFM submitted to NBM information on transactions with banks shares and other statistical data;

NCFM participated in the interdepartmental working groups to develop and promote the draft Law on credit agreements for consumers and the draft Law on distance marketing of consuming financial services;

NCFM submitted periodically to the Ministry of Economy reports on licensing and information on registration of securities issues on the primary market and transactions with corporate securities;

NCFM submitted to the Centre for Legal Approximation the information on legislative commitments for transposition and implementation of EU acquis assumed towards the European partners;

NCFM, in collaboration with the central government authorities and other public authorities, submitted for consultation and notice drafts of legislative and normative acts and examined a number of draft laws and regulations received by the NCFM, formulating proposals for amending the promoted regulatory initiatives (Annex No.8).

Deep and Comprehensive Free Trade Area (DCFTA)Following the European Commission's recommendations and the Action Plan

for implementation of the European Commission recommendations for establishment of the Deep and Comprehensive Free Trade Area between Moldova and the European Union, the NCFM submitted quarterly progress reports on

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implementation of the Plan under “Services and Investment” chapter. The progresses made in 2013 are related to the improvement and promotion of the legal framework to European and international standards and to strengthening its institutional and operational capacities.

Therewith, during 2013 the NCFM actively participated in meetings of the RM-EU sub-committees where have been exposed the progresses in reforming processes of the non-banking financial market sectors according to the institutional duties.

The Deep and Comprehensive Free Trade Area between Moldova and the European Union is part of the European Association Agreement. DCFTA will be a multilateral agreement concluded for an unlimited period, providing export benefits and long-term predictability for business and investment.

2.9. International Cooperation Activity

Compliance of the national legislation on the regulation and supervision of non-banking financial market to the acquis-communautaire and to the latest international trends was one of the most important goals in the NCFM activity. To achieve this goal it was necessary for an active involvement and constant communication with international organizations in the insurance, securities and microfinance fields, including through conducting study visits to the European authorities in order to undertake the best practices in the implementation of the regulatory and supervisory initiatives of the NCFM.

Membership in International Organization

International Association of Insurance Supervisors (IAIS)NCFM is a member of the International Association of Insurance Supervisors

since 2009 and during 2013 continued to comply the national legislation with the IAIS Insurance Core Principles.

Therewith, NCFM was an active member in 2013, which participating in self-assessment exercises on legislation compliance to IAIS principles and in international events organized by IAIS: IAIS Global Seminar and tri-annual meeting, where have been discussed new trends related to establishing international standards and macro prudential supervision.

The year 2013 was marked by an IAIS event conducted in Chisinau – „Regional Seminar for insurance supervisors in Central and Eastern Europe, Central Asia and Transcaucasia on consumer protection and education”. The seminar was organized by the Financial Stability Institute, jointly with the International Association of Insurance Supervisors and NCFM. The seminar addressed the following topics: business conduct on insurance market and consumer protection; activity of intermediaries and their supervision; importance of corporate governance to protect insurance policyholders. The event was attended by representatives of the supervisory authorities of Slovenia, Macedonia,

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Bosnia and Herzegovina, Albania, Romania, Poland and Kazakhstan, being shared experience of supervisors from Germany, Belgium and Hungary.

International Corporate Governance Network (ICGN)During the reporting year the NCFM benefited from the advantages offered

by the ICGN to its members in corporate governance field. Thus, the NCFM had the opportunity to be informed about the latest trends arising in corporate governance field through ICGN publications and webpage and to be guided by the best practice guidelines on issues of the mentioned field.

ICGN's mission is to improve the standards of corporate governance worldwide. In this respect, the ICGN encourages cross-border dialogue through conferences and influences public corporate governance policy through ICGN committees, developing and promoting standards of corporate governance and exchange of information, and education in all issues of corporate governance.

Francophone Institute for Financial Regulation (IFREFI)As a member of IFREFI, the NCFM attended the annual meeting organized

by the Francophone Institute for Financial Regulation, which aimed to address issues related to the identification and management of regulation and supervision of the financial market. Also, during the event have been conducted a series of seminars on various topics in the capital market field, such as investor protection of dematerialisation and ownership rights in the context of storage by a participant on the securities market on a centralized manner; compensation of securities and derivatives, clearing houses regulation; securities depository and regulation of its activity.

IFREFI is a flexible structure for cooperation and dialogue, which aims at the exchange of knowledge and experience on the financial market among its members.

Insurance Supervision Initiative in the Central, Eastern and South-Eastern Europe countries (CESEE ISI)This initiative brings together the insurance supervision authorities of Central,

Eastern and South Eastern Europe (CESEE) for the purpose of stronger cross-border cooperation in this region. The founding members of the Initiative are authorities from Austria, Albania, Estonia, Hungary, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine. The work of CESEE ISI is to strengthen international cooperation by setting up the common supervisory architecture and intensification of cross-border cooperation in the region.

The objectives of the initiative are the following: - to promote and maintain communication and cooperation between

supervisory authorities from CESEE countries; - to serve as a forum for discussion that will focus on insurance market issues,

organizing workshops, conferences and other trainings;

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- to provide opportunity for exchange of experience in techniques field, experiences, information and know-how;

- to assist in implementing EU directives and regulations into national legislation of the CESEE countries.

The CESEE ISI members meet in conferences and workshops to discuss current issues related to insurance supervision. NCFM actively participates in the Initiatives meetings, held twice a year, thereby benefiting from the latest trends in the field.

Cooperation with International Financial Organizations Effective cooperation and relations with international financial organizations

have contributed to the implementation of the Strategy of non-banking financial market development for the period 2011 - 2014 and to the strengthening of the NCFM institutional capacities.

World BankThe World Bank continues to be one of the main development partners of the

NCFM in the field of institutional development and capacity strengthening of the Moldovan non-banking financial market regulation and supervision.

Thus, the World Bank supported the participation in the new projects launched by WB Strengthening Auditing and Reporting for the Countries of the Eastern Partnership and involvement in programs such as: Development of Policy Operations, Competitiveness Enhancement Project, etc.

Also, during the reporting period have been organized visits of WB experts teams, during which were discussed issues concerning development and results of program implementation for private and finance sector development.

International Finance Corporation (IFC)The International Finance Corporation, which is a member of the World Bank

Group, is an international organization whose mission is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives.

During 2013 NCFM signed two cooperation agreements with the International Financial Corporation: in the fields of credit history bureaus and corporate governance.

Thus, on November 04, 2013 it was signed the Cooperation Agreement on assistance in strengthening and developing credit information sharing system. The Act provides implementation of the mentioned project through the following activities: 1) analysis draft amendments to the Law no. 122-XVI of 29.05.2008 „On credit history bureau” and providing comments on it; and advising to the NCFM in respect of required legislation amendments; 2) educating the NCFM on specifics of credit history bureaus supervision; 3) organizing seminars and roundtables for NCFM representatives and executives of the microfinance organizations and leasing companies; 4) assisting the NCFM in preparing a

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supervisory set of guidelines for on-site and off-site supervision of credit history bureaus.

Also, on October 21, 2013 it was signed the Cooperation Agreement in the framework of IFC Corporate Governance Program in Europe and Central Asia, offering consulting services to help at strengthening of private sector development in Europe and Central Asia. Under the agreement, IFC has committed to advise the NCFM in drafting the Code of corporate governance for Moldovan companies, corporate governance scorecard based on the official version of the Code and to provide technical expertise related to documents developed in the field and training campaigns.

Therewith, with the IFC assistance, the NCFM representatives have conducted a study visit in Italy, aiming at familiarizing with credit records of credit history private bureaus as well as with public register managed by the Central Bank of Italy. During the visit, participants had the opportunity to study the operation and best practices on activity of credit history bureau of the Bank of Italy. Also, the representatives made visits to two international credit bureaus that operate in Italy.

On June 03, 2013, Chisinau hosted Eurasian Group meeting on Corporate Governance for capital market development with the theme "Strengthening the Corporate Governance: Priorities and Achievements" – event organized jointly by the Organisation for Economic Cooperation and Development (OECD), IFC and NCFM. The meeting brought together representatives of the OECD, the capital market regulators, stock exchanges, other specialists in the country and internationally. The meeting was aimed at ensuring the exchange of experience on international practices and implement innovations and OECD principles of corporate governance.

Activity of the Eurasian Group on corporate governance for capital markets development, established by the OECD, covered, over two years, the setting up platforms for discussions involving capital market regulators from different countries to help at the improving corporate governance regulations. From the composition of the Group includes representatives of capital markets regulators from Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kirghizstan, Moldova, Mongolia, Tajikistan, Turkmenistan, Ukraine and Uzbekistan, as well as OECD regional representatives.

European CommissionIn 2013, NCFM received technical assistance through the Technical

Assistance and Information Exchange Instrument (TAIEX) of the European Commission. TAIEX provides to Moldova public authorities short-term opportunities in the transposition and implementation of EU legislation and helps to implement policies in priority sectors of the country through organization of workshops, expert missions and study visits. Thus, during the reference year it was organized the following events:

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- Study visit to the Polish Financial Supervision Authority, which aimed to obtain knowledge and experience in the implementation of the Code of Corporate Governance;

- Seminar on Corporate Governance, where it was shared experience of Bulgaria and Turkey in the field of corporate governance;

- Expert Mission of Romania Financial Supervisory Authority on „Activities and Functions of the Central Securities Depository”;

- Study visit to the German Financial Supervisory Authority on „Assessment of the legal and regulatory framework in the insurance sector”;

- Expert Mission of Romania Financial Supervisory Authority in the field of implementation and administration of private pension system - “Private Pension System”.

Also, NCFM applied for other TAIEX projects that have been approved by the European Commission and will be completed during 2014. Areas where technical assistance was requested are related to capital market, insurance market and savings and loan associations sector.

The NCFM had a fruitful collaboration with the Delegation of European Commission in Moldova in order to start technical assistance project TWINNING on strengthening and development institutional and operational NCFM capacity in the field of prudential supervision. Thus, in 2013 the NCFM representatives, jointly with international experts, have developed twinning project fiche.

The main objective of the project is to develop and implement a risk-based supervision system for non-banking financial market participants, including capital market, insurance market, pension funds and microfinance sector, based on forecasting and risk assessment as a result of adverse events and consequences that can be prevented.

Cooperation with Similar International SupervisorsIn 2013 the NCFM representatives attended events and training programs

organized by the financial markets supervisor from Armenia, Germany, Poland, Slovenia, and USA in order to strengthen the regulatory and supervisory regime by transposing the best practices implemented at European and international levels, and studying the experience of international financial markets.

The representatives of the supervisory authorities of Poland and Romania visited Moldova to participate in events at national and international level held in Chisinau in order to provide advisory support and share experiences in the field of regulation and supervision of non-banking financial market,

Polish Financial Supervision AuthorityIn 2013, in order to develop the Moldovan non-banking financial market, the

Polish Financial Supervision Authority has organized trainings on various topics on the regulation and supervision of the capital market for the NCFM and professional participant’s representatives. The training activities have been conducted by a team of Polish experts and included the following topics:

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1. Investment companies - authorization and conditions for investment firms activity, investor protection;

2. Regulations on standards regarding investment firms services;3. Checking existing internal procedures, the legal bases, human resources and

unresolved issues for introduction of risk based supervision and management of capital market risk;

4. Checking existing internal procedures, the legal bases, human resources and unresolved issues for introduction of risk based supervision and management of banking risk;

5. Recommendations for NCFM for inspection in banking supervision;6. Assistance in establishing effective internal control and risk management

procedures;7. Assessment of the legal and institutional framework of capital market

supervision in the Republic of Moldova;8. Acquaintance of NCFM representatives with EU funding instruments, based

on the Polish experience.Such assistance is to be granted during 2014, which will include issues related to

the supervision of the insurance market.

Cooperation with Commonwealth of Independent States specialized organizations (CIS)

The cooperation with the CIS’ organizations in the field of regulation and supervision of the securities and insurance markets contributes to the coordination of activities between the CIS member states in the development of the securities markets and serves as a basis for setting priorities to create an efficient market.

Council of the Heads of Securities Market Regulation Authorities of CIS member states

The Council of the Heads of Securities Market Regulation Authorities of the CIS aims to coordinate the activity of regulatory and supervisory institutions of securities market of the CIS member states.

In accordance with the principle of rotation, in 2013 Moldova took over the presidency in the Council. Thus, on October 22-23, 2013 in Chisinau took place the sixteenth and seventeenth meetings of the Council, attended by high level representatives of similar authorities from Azerbaijan, Armenia, Belarus, Republic of Kyrgyzstan, Tajikistan and Ukraine. Also, the meeting was attended by the representatives of the CIS Executive Committee, including the representative of the Republic of Kazakhstan in the Economic Committee within CIS.

During the meetings were examined current issues in development of securities markets in the CIS member states, such as: evolution and prospects of development of securities markets in the member states of the CIS, financial education, improvement of legislation on accounting and auditing on securities market, prevention measures of violations in the securities market, placing issuers securities in other countries. Also, during the meetings the NCFM representatives

50

provided extensive information on the studies with regard to legislation of the CIS member-states regulating state securities and their circulations in the secondary market and the legislation of the CIS member-states regulating corporate governance code and methods of its implementation.

2.10. Preventing and combating the money laundering and terrorism financing on the non-banking financial market

The actions in the field of preventing and combating ML/TF represent complex measures, carried out by the NCFM to improve and optimize the activities at national level.

Following the approval of the Law no.130 of 06.06.2013 „On approval of the national strategy to prevent and combat money laundering and terrorist financing for the years 2013-2017 and the Action Plan for implementation of the national strategy to prevent and combat money laundering and terrorist financing for the years 2013-2017” and in order to fully implement the mentioned action plan, during 2013 NCFM has undertaken a number of measures, including the approach to anti-money laundering within 4 complex controls in insurance field and 14 thematic inspections in the savings and loan associations sector.

During the controls was verified the observance by reporting entities of the requirements of Law No.190-XVI of 26 July 2007 „On the prevention and combating money laundering and terrorist financing” on the non-banking financial market, especially the reporting of transactions under the mentioned Law. At the 18 reporting entities were detected deviations, being prescribed to them unconditional observance of legislative and normative provisions, and has been informed the Service for Prevention and Combating Money Laundering within the National Anticorruption Centre on suspicious transactions identified in the activity of the verified reporting entities. As a result of the prescription, the reporting entities have complied with the legislation requirements.

As part of the 41st and 42nd plenary meeting of MONEYVAL Committee, the NCFM representatives presented the Moldova's progress report with reference to the sanctions system to prevent and combat money laundering and terrorist financing in Moldova.

As result of report analysis, the international experts have recommended that Moldova should make the necessary amendments of the existing regulatory framework so as to contain a sanction system for non-observance of obligations provided by Law no. 190-XVI of 26.07.2007 „On prevention and combating money laundering and terrorist financing”.

In this context, there were developed the draft law amending the offenses and criminal legislation. Thus, the size of sanctions follows to provide both for legal and natural persons and for officers, the deterrent and proportionate character to commit breaches of anti-money laundering and terrorist financing legislation in accordance with the FATF recommendation 17 of those 40 +9 Recommendations of the Financial Action Task Force on Money Laundering.

51

The main objectives related to NCFM capacity building in the field of preventing and combating money laundering and terrorist financing are mainly:

- the analysis of the normative framework in preventing and combating ML/TF and the identification of opportunities for improving it;

- strengthening the cooperation with the reporting entities by enhancing training and degree of awareness;

- strengthening supervision and control capacities of the reporting entities;- raising public awareness and responsibility over risks associated with

ML/TF;- the implementation of training programs for specialists in the field of

preventing and combating money laundering and terrorist financing;- the active participation in developing national mechanisms for preventing

and combating ML/TF.

52

Chapter II. ORGANIZATION AND FUNCTIONING OF THE NON-BANKING FINANCIAL MARKET

I. Development of Securities Market

1.1. Primary Market of SecuritiesDuring 2013, on the primary market of securities was registered a decreasing

trend of both the total number of securities issues, and the volume of shares issues. According to the SSR data, cumulative for the whole activity period of the securities market, there were securities issues worth 25,5 billion MDL, of which: 13.0 billion MDL - shares placed at company foundation and 12,5 billion MDL – shares placed through additional issues of shares and bonds issues. At the end of 2013 there were registered 2998 companies in the SSR. During 1992-2013, 828 joint stock companies were removed from the SSR as a result of their liquidation or reorganization. During 2013, there were registered 69 securities issues amounting to 950,1 billion MDL, of which: 7 issues performed at the establishment of joint stock companies and 62 additional issues (Diagram No. 6)

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130

200400600800

10001200140016001800

020406080100120140160180200

697.6466.4

324.8

1646.2

375.4683.7

1274.5

814.2

644.2

857.4

1389.3

1106950.1

172

130

104

114

8188

87

156133

84

137113

69

Diagrama No.6 Issues of securities

Volume of issuance, mil. lei Number of issues, units

The volume of issues registered at the foundation of joint stock companies is estimated at 0,4 million MDL. (Diagram No.7).

53

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130

50

100

150

200

250

300

350

400

0

10

20

30

40

50

60

70

167.3

65.499.3

9.817.80.70000000000000

1

209.4

18.9 26.25.6

26.2

356.2

0.4

58

28

3228

16 14 19 26 17

7

17 17

7

Diagrama No. 7 Fondation issues

Volume of issuance, mil. lei Number of issues, units

The list of joint stock companies that in 2013 registered foundation issues is presented in Annex No.9.

Additional issues of securities represent efficient tools in the process of attracting long-term investment in the real sector of the economy, necessary for joint stock companies to carry out investment programs. During 2013, additional issues of securities were made by closed issues, preference being granted to issues of ordinary shares.

The volume of additional issues made by joint stock companies during 2013 amounted to 949,7 million MDL, registering a decrease by 199,9 million MDL as compared to the previous year (Diagram No.8).

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130.0

200.0

400.0

600.0

800.0

1000.0

1200.0

1400.0

1600.0

1800.0

0

20

40

60

80

100

120

140

530.3401.0

225.5

1636.5

357.7

683.0

1065.1

795.3618.0

851.8

1363.1

749.8

949.7

114102

7286

6574

68

130116

77

120

96

62

Diagram No.8 Additional issues

Volumul emisiunilor, mil. lei Numărul emisiunilor, unităţi

During 2013, the highest additional issues of shares were registered by: CB „EXIMBANK-Gruppo Veneto Banca” JSC – 365,0 million MDL, CB „UNIBANK” JSC – 100,0 million MDL, JSC „BANCA DE ECONOMII” – 80,2 million MDL, JSC “ZORILE” – 60,3 mil. lei, JSC „ELEVATOR KELLEY

54

GRAINS” – 38,0 million MDL, which represent 67,8 percent of the total additional issues. The list of joint stock companies which registered additional issues in 2013 is presented in Annex No. 10.

During 2013, in the SSR there were registered amendments on the issues of securities previously placed by 13 joint stock companies as a result of changes in the statutory capital and / or restructuring of securities issue companies. Also, in the SSR there were made records on securities radiation issued by 37 companies (Table No.26).

Table No. 26 Number of records on securities radiation from SSRIndicators 2007 2008 2009 2010 2011 2012 2013

Number of records on removal from SSR and securities radiation previously issued by joint stock companies as a result of reorganization by conversion to LLC

4 12 20 5 10 2 1

Number of records on removal from SSR and securities radiation previously issued by joint stock companies as a result of their liquidation

25 32 30 33 26 25 16

Number of records on removal from SSR for other reasons

0 5 12 2 0 1 20

The list of joint stock companies that have registered changes in the SSR is presented in Annex No. 11.

1.2. Secondary Market of SecuritiesThe main indicator proving the secondary securities market development is

the volume of transactions recorded. During 2013, the secondary market transactions were conducted in 3744 total volume of 1711.6 million lei, registering an increase compared to 2012 460.1 million or 36.76%, due to higher volumes so the stock market transactions as well as the counter (Diagram No. 9).

2005 2006 2007 2008 2009 2010 2011 2012 20130.0

200.0

400.0

600.0

800.0

1000.0

1200.0

1400.0

1600.0

1800.0

2000.0

2200.0

0

50000

100000

150000

200000

250000

300000

558.6

1135.7

1863.0

2193.5

621.9 559.1

1940.0

1251.5

1711.6

31801 24287

168807

232028219837

5683 5313 4398 3744

Diagrama No. 9 Total volume and number of transaction

Volumu of transaction (mil.lei) "Number of transaction(units)

55

According to structure of transactions in the secondary market during the period 2009 - 2011 there was a prevalence of OTS segment compared to the stock market transactions by volume, and in 2012 – 2013, there were approximately equal volumes of transactions in both segments. Stock Market

As of 31.12.2013, on MSE, there were registered securities of 980 joint stock companies, of which 9 were included in the listing (stock exchange rate) and 971 in the non-listing.

According to stock market indicators for the last 3 years there has been a significant increase of the volume of transactions regardless of the decrease of the number of transactions.

2011 2012 20130

500

1000

1500

2000

2500

20461877

1258

241.9

623.3822

Diagram No.10 The evolution of the stock market, 2011-2013

Thus, the stock market in 2013 there were performed 1258 transactions total volume of 822 million MDL which is less than the 619 transactions in 2012, but with 198.70 million MDL more than the volume of transactions in year 2012. Compared to 2011 the number of transactions registered a reduction of 788 transactions, and an increase in volume with 580.11 million MDL (Diagram no. 10). Total number of securities traded by on MSE in 2013 was 26.36 million units, registering an increase of 6.14 million units compared to 2012 and up to 0.03 million units compared to 2011. Dynamics of stock market for the period 2011-2013 are presented in Table no. 27.

Table No.27 Dynamics of stock market indicators

Indicators 2011 2012 2013

Volume of transactions, million MDL 241,9 623,3 822,0

Number of transactions, units 2046 1877 1258

Number of issuers whose securities were traded, units 245 206 158

56

Number of securities traded, million units 26,33 20,22 26,36

In the structure of exchange transactions for 2013 are included transactions made in the direct transactions area with a share of 13.64 percent and transactions made in the main area with a share of 86.36 percent (Diagram no.11). Unlike the results registered in the last years, the volume registered in the main transactions area (709.88 million MDL) in 2013 significantly exceeds the volume of transactions made in the direct transactions area (112.13 million MDL) by 6.3 times.

The volume of sale-purchase transactions conducted in the main area of the MSE in 2013 constituted 86.36 percent of the total stock transactions, registering a significant increase by about 400 million MDL compared to the previous year. It is worth mentioning that the largest share of the volume recorded in the main area returns to shares issued by commercial banks, namely, ,,Moldova - Agroindbank" joint stock company with 51.17 percent or 363.23 million MDL, followed by ,,Victoriabank" joint stock company with 19.09 percent or 135.58 million MDL and not least of ,,Banca Socială" joint stock company with the rate of 14.09 percent or 100.09 million MDL.

Dominant position in the structure of direct transactions is occupied by transactions made as a result of auctions organized by Public Property Agency and territorial administrative units. Thus, in 2013 there were eight transactions amounted 56.26 million MDL or 50.17 percent of the total direct transactions and 6.84 percent of the total stock volume (Diagram no. 12).

A second position by volume goes to the transactions performed within outcry auctions with single-batches, being recorded 214 transactions with securities issued by 65 issuers in the amount of 36.88 million MDL or 32.89 percent of the total direct transactions volume and 4.49 percent of total stock transactions.

The third place is recorded by transactions under the terms of the public offerings on the secondary market; there were negotiated securities of 16 issuers in

57

86,36%

13,64%

Diagram No. 11 Share of stock exchange transactions by areas, %

transactions in the main area (709,88 million MDL)transactions in the direct transactions area (112,13 million MDL)

Outcry auctions with single – batches,

4,49%

Auctions organized by public authorities,

6,85%

Transactions under the conditions of public

offers on the secondary market, 2,3%

Transactions con-ducted in the main area

of the MSE, 86,36%

Diagram No.12 Share of stock exchange transactions by tipe, 2013

the volume of 18.98 million MDL or 16.93 percent of the total direct transactions and 2.31 percent the total volume of stock transactions.

Details of the structure of stock exchange transactions are shown in Table no. 28.

Table No. 28 Structure exchange transactions

Type of transactions 

Total volume of transactions, million MDL

2013 to 2012,

million MDL

Share in the total volume of transactions, %

2012 2013 2012 2013Transactions conducted in the main area of the MSE 309,30 709,88 400,58 49,62 86,36Auctions organized by public authorities 61,33 56,26 -5,07 9,84 6,84Outcry auctions with single – batches 50,15 36,88 -13,27 8,05 4,49Transactions under the conditions of public offers on the secondary market 7,62 18,98 11,36 1,22 2,31Sale - purchase (direct negotiations) 194,90 0,00 -194,90 31,27 0,00TOTAL 623,30 822,00   100,00 100,00

Compared with 2012, there have been reductions of 5.07 million MDL and 13.27 million MDL of the volume of transactions as a result of the auctions organized by the Public Property Agency and territorial administrative units, respectively, due to the transactions registered as a result of outcry auctions with single – batches. However, a significant reduction in volume compared to the previous year registered sale – purchase (direct negotiations) transactions.

Transactions in terms of the public offering on the secondary market in 2013 have registered an increase of the volume with 11.36 million MDL against 2012.

The stock price index of NCFM at the beginning of 2013 amounted 388.58 points and 434.18 points to end. During 2013, the stock price index recorded four changes in its value, including 3 positive change and one negative change (Diagram no.13).

The first three changes to the index occurred after the period 25.02.2013 - 01.03.2013, 14.05.2013 - 18.05.2013, respectively, at the end 10.06.2013 – 14.06.2013 (Diagram no. 14), due to changing average trading price of securities issued by ,,Banca de Economii" joint stock company. Thus, at the end of 25.02.2013 - 01.03.2013, the index reached 389.31 points.

At the end of the period 14.05.2013 - 18.05.2013, the stock price index of NCFM witnessed an increase of the value up to 0.12 points or 0.03 percent

58

04/0

1/1

3

18/0

1/1

3

01/0

2/1

3

15/0

2/1

3

01/0

3/1

3

15/0

3/1

3

29/0

3/1

3

12/0

4/1

3

26/0

4/1

3

08/0

5/1

3

24/0

5/1

3

07/0

6/1

3

21/0

6/1

3

05/0

7/1

3

19/0

7/1

3

02/0

8/1

3

16/0

8/1

3

30/0

8/1

3

13/0

9/1

3

27/0

9/1

3

11/1

0/1

3

25/1

0/1

3

08/1

1/1

3

22/1

1/1

3

06/1

2/1

3

20/1

2/1

3360

370

380

390

400

410

420

430

440

38

8.5

8

38

8.5

8

38

8.5

8

38

8.5

8

38

8.5

8

38

8.5

8

38

8.5

8

38

8.5

8

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.4

29

99

99

99

99

9

38

9.4

29

99

99

99

99

9

38

9.4

29

99

99

99

99

9

38

9.4

29

99

99

99

99

9

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

38

9.3

1

43

4.1

8

43

4.1

8

43

4.1

8

43

4.1

8

43

4.1

8

43

4.1

8

43

4.1

8

Diagram No.13 Evolution of stock price index of NCFM in 2013

Period

In

dex

va

lue,

po

ints

reaching the level of 389.43 points. The trading price of the securities issued by the "Banca de Economii" joint stock company recorded at the end of the period 10.06.2013 - 14.06.2013, influenced the decrease of the stock price index by 0.12 points or 0.03 percent to 389.31 points reaches.

Last update in 2013 was positive, the stock price index of NCFM recorded at the end of the period 11.11.2013 - 15.11.2013 significant growth with 44.87 points or 11.53 percent, reaching 434.18 points value (Diagram no.15).

Increasing the price index was influenced by the trading price of securities issued by "Aschim" joint stock Company worth 29.55 MDL per share in the negotiation of 0.78 percent of the total number of ordinary shares issued.

The "free float" coefficient calculated for the issuers included in the listing of the MSE indicates the percentage share of free circulation securities, which can be traded, depending on their supply and demand (Annex No.1). This coefficient, at the end of 2013 varied between 3.17 and 100 percent.

Due to changes made during 2013, the composition of the issuers included in the MSE listing was excluded two issuers: ,,Floarea Soarelui” joint stock Company and ,,Supraten” joint stock Company.

At the end of 2013, chapter leadership largest coefficient ,,free float" returns shares issued by two commercial banks, namely ,,Unibank” joint stock Company, respectively, ,,Banca Socială” joint stock Company, which is 100% of each. Follow shares issued by "Moldindconbank” (99.53%), shares issued by ,,Moldova – Agroindbank” (93.81%), then the preference shares issued by "Banca de Economii" (87.61%) and shares issued by ,,Victoriabank” (61.99%), details in Diagram no. 7. The ,,free float” coefficient level for the rest issuers belonging MSE listing were below the 33 percent of the total number of issued shares. Similar to last year, the lowest coefficient returns to the shares issued by ,,Efes Vitanta Moldova Brewery” (3.17%).

According to data contained in Diagram no. 7, the end of 2013 none of the nine issuers included in the MSE listing have been negative variation of the ,,free float” coefficient level. The most significant increase about the level of the ,,free float” coefficient previous year registered shares of ,,Victoriabank” from 35.24 percent to 61.99 percent up. For the first time in the last five years, the coefficient shares issued by ,,Victoriabank” reached about 62 percent.

59

01/11/1308/11/13

15/11/13

360

370

380

390

400

410

420

430

440

389.

31

389.

31

434.

18

Diagram No.15 Evolution of stock price index of NCFM in the period 01.11.2013 - 15.11.2013

15/02/1322/02/13

08/05/1307/06/13

14/06/13

388

388.2

388.4

388.6

388.8

389

389.2

389.4

389.6

388.5

8

388.5

8

389.3

1 389.4

3 389.3

1

Diagram No.14 Evolution of the stock price index in 2013

Where: CFF – FREE FLOAT COEFFICIENT;

AGIB - "MOLDOVA-AGROINDBANK" JSC;BECM - "BANCA DE ECONOMII"JSC;MD14 – ordinary shares;MD24 – preference share;BSOC - "BANCA SOCIALĂ" JSC;MBIS - "MOBIASBANCA - Groupe Societe Generale" JSC;MICB - "MOLDINDCONBANK" JSC;VEST - "EFES VITANTA MOLDOVA BREWERY" JSC;UNIB - "UNIBANK" JSC;IPTE - "IPTEH" JSC;VCTB - "VICTORIABANK" JSC

Second place of the largest increase in the level ,,free float” coefficient registered shares of ,,Banca Socială” joint stock Company from 75.54 percent at the end of 2012 to 100% at the end of the year. Similar to shares issued by ,,Victoriabank” for the first time in five years shares of ,,Banca Socială” joint stock Company amounted to 100%.

The third place goes to ordinary shares issued by ,,Banca de Economii” joint stock Company with an increase from 22.13 percent at the end of 2012 up to 32.83 percent, followed by shares of ,,Moldova – Agroindbank” joint stock Company with an increase from 83.81 percent to 93.81 percent at the end of 2013. Shares issued by ,,Moldindconbank” joint stock Company also at the end of the previous year rose from 93.19 percent up to 99.53 percent. Although increasing the ,,free float” coefficient value for shares of ,,Moldindconbank” was a minor at the end of 2013, those shares were ranked no. 3 after the highest ,,free float” coefficient level, yielding positions only issuers whose coefficient level is 100%.

However, four issuers included in the MSE listing the ,,free float” coefficient level remained unchanged compared with the results achieved at the end of 2012.

Growth ,,free float” coefficient level during 2013 for most issuers included in the MSE listing was due trading securities issued by them stakes scattered.

The OTC market 60

MD

14

MD

24

MD

14

MD

24

AGIB

BECM BSOC

MBIS

MICB

VEST

RATE

BARS

DACH

FLAU IPTE

VCTB

UNIB

0.0020.0040.0060.0080.00

100.00

Diagram No. 16 Dynamics of the ,,free float” coefficientT

he p

rece

ntag

e

Diagram No. 17 Evolution of OTC transactions

In 2013 on the OTC market were traded 38,8 million shares in the amount of 889,6 million MDL through 2 846 transactions.

The volume of OTC transactions in 2013 increased by 261,4 million MDL compared with 2012 and have decreased by 808,4 million MDL compared with 2011 (Diagram No. 17).

Increase of the volume of OTC transactions in 2013 compared with 2012 it is about 1,4 times, and it is reduced compared with 2011 is about 1,9 times (Table No.29)

Table No. 29. Type of OTC transactions

Type of transactionsTotal volume of

transactions, mil. MDL

2013 compared to 2012,

mil. MDL

Share in the total volume of

transactions, percent2011 2012 2013 2010 2011 2012

Sale-purchase 136,3 33,6 50,9 17,3 8,0 5,3 5,7Transactions carried out based on court decision 555,1 83,4 18,3 - 65,1 32,7 13,3 2,1

Sale-purchase transactions with the participation of the Agency of Public Property

0,2 32,4 2,7 - 29,7 0,0 5,2 0,3

Deposition of securities as contribution to the share capital 634,1 221,6 598,8 377,2 37,3 35,3 67,3

Inheritance 7,6 6,1 9,3 3,2 0,5 1,0 1,0Donations 21,8 38,0 68,9 30,9 1,3 6,0 7,8The succession of the securities in the dissolution or reorganization the shareholder legal entity

296,9 119,3 55,3 - 64,0 17,5 19,0 6,2

Other transactions 46,0 93,8 85,4 - 8,4 2,7 14,9 9,6TOTAL 1 698,0 628,2 889,6 261,4 100 100 100

Similar to previous years, the largest share is 67,3 percent of the OTC transactions recorded in 2013 returns in form of share capital of the contribution to the share capital to 598,8 million (including about 562 million securities issued by commercial banks in Moldova), which compared with 2011 decreased by 35,3 million, and compared to 2012 increased by 377,2 million lei (Diagram No. 18).

61

5.7%

1.0%7.8%2.1%

67.3%

0.3%6.2%

9.6%

Diagrama No.18 Structure of OTC transaction, 2013

Sale-purchase (50,9 mil. lei)Legacy (9,3 mil. lei)Donations(68,9 mil. lei)Transaction carried out based on court decisions (18,3 mil. lei)Depositions of securities as contributions to share capital (598,8 mil. lei)Sale- purchase transactions with the partisipations of the APP (2,7 mil. lei)The successions of the security (55,3 mil. lei)Other (85,4 mil. lei)

OTC volume increase recorded in 2013 contributed with donation transactions worth 68,9 million or 7,8 percent, which increased to 47,1 million in 2011 and 30,9 million compared to 2012.

According to the table nr. 29, the volume of sale transactions in 2013 compared with 2011 is in decline, and compared with 2012 is a slight rise (2013 - 5,7 percent or 50,9 million, 2012 - 5,3 percent, or 33,6 million, 2011 - 8,0 percent or 136,3 million). Reduce transaction of sale is due mostly to reorient security holders selling shares on the Stock Exchange of Moldova, the value of which in 2013 doubled compared to 2012.

Based on the results obtained in 2013, the volume of transactions under court decided previous years is decreasing as the reason of being executed amendments to the Civil Code of the Republic of Moldova (effective from 05.04.2013) to discourage non-transparent transactions.

1.3. Participation of Foreign Investors in Transactions on Securities Market

Foreign investments on the primary securities marketThe total volume of foreign investments attracted through primary securities

market during 2013 was 489,6 million MDL, registering an increase of 61,4 million MDL or by 14,3 percent from the previous year indicator. The majority of the foreign investments (99,9 percent) were attracted through additional issues. The list of joint stock companies which have registered securities issues with the attraction of foreign investments is presented in Annex No. 14. Compared to 2012, when a special interest for investing in securities on the primary market expressed investors from the USA, Russian Federation, Austria, Germany, in 2013 the most significant participation of foreign investors through the issuance of securities are investors from the Italy, Cyprus, Great Britain and Germany (Diagram No. 19 and Diagram No. 20).

62

34,8%

20,9%

14,0%

10,1%

5.9%

5,9%8,4%

Diagrama No. 20 Structure of investment attracted by origion of foreign investors , 2012

S.U.A. (149,3 mil. lei) Russian Federation (89,4 mil. lei) Austria (60,1 mil. lei)

Germany (43,1 mil. lei) Virgin Islands (25,2 mil. lei) Great Britain ( 25,1mil. Lei)

Other (36,1 mil. lei)

Foreign Investment on the Secondary Market of Securities In 2013 the volume of transactions registered on the secondary securities

market involving non-resident individuals and legal entities was 1 941.2 million MDL, 371 transactions were recorded in total. (Table no. 30).

Transaction type

2011 2012 2013

No.

tr

ansa

ctio

ns,

Am

ount

of

tran

sact

ions

, m

illio

n M

DL

Shar

e (b

ased

on

amou

nt),

per

cent

No.

T

rans

actio

ns,

Am

ount

of

tran

sact

ions

, m

illio

n M

DL

Shar

e (b

ased

on

amou

nt),

per

cent

No.

T

rans

actio

ns,

Am

ount

of

tran

sact

ions

, m

illio

n M

DL

Shar

e (b

ased

on

amou

nt),

per

Purchase 83 108.7 3.51 84 202.6 19.1 159 481.5 24.8Sale 80 133.8 4.31 73 513.5 48.3 82 514.2 26.5Inheritance and donations 28 582.4 18.78 28 92.8 8.7 28 111.5 5.7Company capital 35 1180.4 38.05 12 204.1 19.2 102 834.0 43.0

63

74.6%

10.2%

8.1%5.1%

1.0%0.9% 0.1%

Diagrama No. 19 Structure of investment attracted by origion of foreign investors , 2013

Italy (365,0 mil. lei) Cyprus (49,9 mil. lei) Great Britan (39,5 mil. lei) Germany (25,1 mil. lei)

Russian Federation (4,7 mil. lei) Romania (4,6 mil. Lei) Other (0,8 mil. lei)

Execution of court decisions 42 1087.9 35.07 10 49.1 4.6 0 0 0Other 6 8.7 0.28 0 0 0.0 0 0 0

TOTAL 274 3101.9 100 2071062.

1 100 371 1941.2 100Table No. 30 Structure of securities transactions carried out by foreign investors

on the securities secondary market According to the table, the dominant position in the structure of transactions

involving non-residents is the company capital amounted to 834.0 million MDL, which represents 43.0 percent of the total volume of transactions involving non-residents, followed by sale transactions amounted to 514.2 million MDL or 26.5 percent, purchase transactions amounted of 481.5 million MDL or 24.8 percent and transactions of donations and inheritance amounted of 111.5 million MDL or 5.7 percent.

Evolution of sale and purchase transactions by non-residents in 2013 as in 2012 and 2011 attests the fact that most are sale transactions.

Thus, both the volume of purchase transactions as well as transactions of sale, has increased by 278.9 million MDL and respectively by 0.7 million MDL towards 2012, and 372.8 million MDL and respectively 380.4 million MDL towards 2011(Diagram no. 21 ).

Highest share of transactions of the company capital by their volume got a crack to investors from UK, Cyprus, Netherlands, Russian Federation and Latvia, and the transaction of sale got a crack to investors from UK, Netherlands, Russian Federation, Cyprus, Latvia and Ukraine. (Annex no. 15).

In 2013, as in 2012 the most attractive sector for foreign investors was the banking and insurance sector where were registered 104 transactions in a volume of 1841.45 million MDL or 95.06 percent of the total volume of transactions involving foreign investors, including the securities of commercial banks were made 85 transactions in the amount of 1818.56 million MDL, and those issued by insurance companies were made 19 transactions in the amount of 22.9 million MDL.

1.4. Financial Results of Joint Stock Companies Activity

Following the monitoring of information disclosure by joint stock companies (issuers) corresponding to one of the criteria of art.2 para.2 of the Law no.1134-XIII from 02.04.1997 “On joint stock companies” and according to the provisions of art.54 para.1 of the Law no.199-XIV from 18.11.1998 “On securities market”, 601 joint stock companies have been required to disclose information about their

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2011 2012 20130

100

200

300

400

500

600

108.7

202.6

481.5

133.8

513.5 514.2

Diagram No. 21 Evolution of sale and purchase transactions by non-res-idents

Purchase transactions, million MDL Sale transactions, million MDL

securities and about their economic and financial activity for 2012, 528 joint stock companies submitted their annual report for 2012 to NCFM, which constitutes 87,85 percent of the total number of issuers that, had to submit their annual financial report (Annex No.16).

2010 2011 20120

300

600

900

681 650601593 560 528

Diagram No. 22 Dynamic presentation of annual report of joimt stock companies on securities submission

Joint stock companies required to submit annual reports, mil. lei

Joint stoc copmanies which submitted annual reports, mil. lei

Within the annual report was met by 476 joint stock companies or 90,15 percent of the total number of companies which reported to the NCFM. The dynamics of the number of companies that submitted annual financial reports to the NCFM is presented in Diagram No. 22

2010 2011 2012 6 9 8 130 111 97

130111

97

6

98

Diagram No.23 Dynamic of the number of joint stock companies with net assets unforable

A.N. NegativeA.N.<CS

Nu

mb

er o

f jo

int

sto

ck

co

mp

an

ies

According to annual reports for 2012, 97 joint stock companies or 18,37 percent registered the amount of equity capital lower than the amount of statutory capital and 8 joint stock companies or 1,52 percent ended the reporting year with a negative amount of equity (Diagram No.23).

In 2012, 268 joint stock companies or 50,76 percent of the total number of companies which submitted annual reports to the NCFM registered net profit worth 1,86 billion MDL (Diagram No.24).

65

14,02%

85,9%

Diagram No.25 Joint stock companies according divident announced in 2012

Joint stock companies which announced dividents (74)

Joint stock companies which not announced dividents (454)

The dividend policy promoted by the issuer becomes one of the decisive factors which, directly, influences the market course of its shares. In 2012, 74 issuers or 14,02 percent of the total number of issuers that reported to the NCFM announced dividends in total amount of 566,36 million MDL. (Diagram No. 25).

1.5. The activity of professional participants on the securities market

Moldova Stock Exchange

Moldova Stock Exchange (MSE) has been operating in accordance with the license held and MSE Rules, approved by the National Commission of Financial Market Decision no. 62/14 of 26.12.2008.

During 2013, in accordance with its license, MSE was entitled to conduct stock exchange activity as its main activity on the securities market, with related activities of clearing, settlement and consulting.

Accredited Membership in MSE was 22 members. Compared with 2012 the number increased by 1 member.

The size of the MSE equity at the end of 2013 was 4.9 million MDL to 1,0 million MDL norm. Compared to the year 2012 the value of the equity increased by 1.2 million MDL or 32.6 percent.

66

50,76%

49,24%

Diagram No.24 Joint stock companies following the financial results accieved in 2012

Joint stock companies which announced dividents (74)

Joint stock companies which not announced dividents (454)

2009 2010 2011 2012 20130.0

500.0

1000.0

1500.0

2000.0

2500.0

3000.0

3500.0

Diagram No.26 Evolution of MSE income and expences (2009-2013)

The mandatory requirement of the guarantee fund of 30 percent of a minimum equity was complied with and amounted to 300 thousand MDL, placed in banking deposits.

The results of the economical and financial activity of MSE for 2013 are presented in the Annex no.17.

MSE revenues from services provided in 2013 amounted 3.3 million MDL, compared to the year 2012 which recorded an increase of 0.8 million MDL. At the same time, total expenditure amounted 2.3 million MDL, increasing as compared with the year 2012 to 0.4 million MDL. Though the size of the cost of sales and

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general and administrative expenses in 2013 increased compared to 2012, total revenues exceeded total expenditures, which led to record profits in the amount of 1.1 million MDL. Compared with the previous year the size of the profit increased to 432 thousand MDL or 68.4 percent.

Chisinau Stock ExchangeDuring 2013, in accordance with the license held, Chisinau Stock Exchange

(CSE) was entitled to conduct stock exchange activity as its main activity on the securities market, with related activities on clearing and settlement, and consulting.

Analysis of the data contained in the financial report certifies that on 31.12.2013 the statutory capital of the CSE was 2.3 million MDL.

The CSE equity size at the end of 2013 amounted 1.5 million MDL to 1,0 million MDL norm. Compared to the year 2012 the value of the equity decreased by 255.4 thousand MDL or 14.6 percent.

The mandatory requirement of the guarantee fund of 30 percent of a minimum equity was complied with and amounted 300 thousand MDL, placed in state securities.

Given the fact that so far CSE has not started the stock exchange activity, income from main activities were not recorded.

Total expenses recorded at the end of the year 2013 were 0.3 million MDL, constituted mostly by the general and administrative expenses in the amount of 0.2 million MDL. Given that no revenues were obtained from the main activities during the reporting period, CSE recorded losses amounting to 0.3 million MDL.

National Securities Depository of MoldovaThe National Securities Depository of Moldova (NSD) has been operating under

the license and the Rules of NSD, approved by the National Commission of Financial Market Decision nr.11/10 19.03.2010.

According to the license held for central securities depository, NSD has the right to provide depository activities, clearing and settlement, registry keeping and consulting activities. It is worth mentioning that registry maintenance services by NSD were not provided in 2013.

The NSD equity size at the end of 2013 amounted to 0.9 million MDL, to its capital adequacy norm of 0.7 million MDL, registering an increase compared to 2012 by 72.4 thousand MDL or 8.4 percent.

According to the results of the economic - financial year 2013 compared with the year 2012, revenues recorded a decrease by 13.2 thousand MDL and amounted at the end of the reporting period about 0.9 million MDL. Their decrease was due to the decrease of 0.2 million MDL revenue from the operating activities. The size of the total expenses during the year 2013 increased compared to 2012, representing at the

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end of the reporting period 0.8 million MDL, that is 22.6 thousand over the previous year.

According to the financial report, in 2013 NSD registered a profit in the amount of 72.4 thousands MDL, which compared with the year 2012 decreased by 35.8 thousand MDL.

The results of the economic and financial activity of NSD for the year 2013 are presented in Annex no.18.

2009 2010 2011 2012 20130

100

200

300

400

500

600

700

800

900

1000

330.4

449.9

633.9

876.2 862.9903.2

725.9

591.2

767.9 790.6

Diagram No.27 Evolution of NSD income and expences (2009 -2013)

Broker and Dealer Companies The attraction of investments in the national economy through the securities

market depends much on the development of the market infrastructure, where the main role is granted to the brokerage/dealer companies. These companies make connections between investors and provide information about the financial instruments.

During the year 2013 as in 2012, on the securities markets had the right to conduct professional activity under held licenses, 22 brokerage/dealer companies (including 11 commercial banks), 5 of them having brokerage as the main activity, and 17 companies performing dealer activity as their main activity.

The total value of corporate equity of non-banking brokerage/dealer companies was 36.4 million MDL, registering an increase of 0.3 million MDL, as compared to 2012, being observed the requirement on minimum equity capital set by the law in force.

Thus, the structure of the equity includes the share capital – 5.7 million MDL, retained earnings – 22.1 million MDL, secondary capital – 2.4 million MDL, reserves – 5.7 million MDL and additional capital amounting 0.5 million MDL (Diagram no. 28).

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The total amount of the guarantee fund is 2.3 million MDL. Therewith, by the all non-banking brokerage/dealer companies respected the requirements of the guarantee fund amount established by the law, this was formed to 9 companies of funds placed in bank deposits and at 2 companies of State securities.

The total income from the operational activity constitutes 4.8 million MDL, including income from services – 4.5 million MDL or 93.9 percent and other operational incomes – 0.3 million MDL or 6.1percent. Compared with the results obtained in 2012, the total income increased by 0.06 million MDL or 1.35 percent.

The total expenses from the operational activity represents 5.2 million MDL, including general and administrative expenses 3.6 million MDL. As compared to 2012 the total spending incurred by non-bank broker/dealer companies increased by 0.8 million MDL or 18.1 percent.

Thus, the fact that in 2013 the growth rate of expenditures far exceeded income growth, as a result of operational activity deployment by the non-bank broker/dealer companies were registered losses amounting to 0.4 million MDL.

The situation on the outcome of economic and financial activity was corrected due to obtaining significant income from investment activities amounted 3.34 million MDL, which generated a profit in the amount of 3.29 million MDL, representing an increase of about 67.1 percent compared to 2012.

Net income obtained by the brokerage/dealer companies after income tax deduction represents 3.1 million MDL, representing an increase of about 78.6 percent compared to the results recorded at the end of the year 2012.

The economic and financial activity results of non-banking brokerage/dealer companies for 2013 are presented in the Annex no. 19.

In 2013, 20366 transactions were made through non-banking brokerage/dealer companies, that is 1 176 transactions less than in 2012.

6 The number and volume of transactions include separately buyer and seller transactions70

79.8%

3.7%

4.1%12.4%0,002%

Diagram No. 29 Structure of transactions performed by non-banking brokers/dealers

sale-purchase transactions

single-package transactions

transactions carried out within public offers of securities on the secondary market

transactions with public property securities

sale-purchase transactions direct negotiation

15.7%

60.7%6.5%

15.7%

1.4%

Diagram No. 28 Structure of equity capital of non-banking brokerage/dealer companies at the end of 2013

share capital retained earnings secondary capital reserves aditional capital

The total value of the transactions conducted through them in 2013 is 910.7 million MDL (Annex no. 20), increasing by 492.4 million MDL compared to 2012. A company has not carried out any transactions.

The share of the transactions carried out by the non-banking brokerage/dealer companies are 55.39 percent compared to 33.55 percent in 2012 of the value of securities, traded on the stock market.

The transaction structure includes: 1293 sale-purchase transactions carried out on the Interactive market of the MSE, worth 726.6 million MDL, 412 single-package transactions, worth 33.8 million MDL, 314 transactions carried out within public offers of securities on the secondary market, worth 37.7 million MDL, 15 transactions with public property securities, worth 112.5 million MDL and 2 sale-purchase transactions direct negotiation in amount of 0.02 million MDL (Diagram no.29).

In 2013 through commercial banks as professional participants on the securities market there were carried out 480 transactions with 62 transactions less than previous year.

The total volume of transactions made by the commercial banks in 2013 constitute 733.3 million MDL, registering a decrease by 95 million MDL compared to previous year (Annex no. 21). The volume of dealer transactions carried out by commercial banks constitutes 102.3 million MDL, the rest of the broker transactions worth 631 million MDL.

The structure of transactions includes: 413 sale-purchase transactions, worth 693.1 million MDL, 16 single-package transactions, worth 39.9 million MDL, 50 transactions carried out within the public offers on secondary securities market, worth 0.3 million MDL and one transaction with public property securities, worth 0.02 million MDL (Diagram no.30).

Independent registrarsAt the end of 2013, under licenses granted by NCFM for the right to conduct

professional activity on the securities market, 11* independent registrars provided services of keeping the registry of securities holders and 2 issuers which ensured keeping the registry of securities holders independently.

During the mentioned period, independent registrars provided services of keeping registers for 2092 joint stock companies (Annex No. 22).

Independent registrar’s equity capital, consisted 10,9 mil. MDL at the end of 2013, decreasing by 0,2 mil. MDL compared to 2012. All registrars recorded net assets exceeding the amount of share capital.

71

94.5%

5.4%

0,003%0,03%

Diagram No. 30 Structure of transactions performed by banking brokers/dealers (2013)

sale-purchase transactions

single-package transactions

transactions carried out within the public offers on secondary securities market,

transaction with public property securities

At the end of the reporting period, the total volume of the registrars guarantee fund consisted 3,4 mil. MDL. All registrars have complied with the requirements related to the size and form of the guarantee fund (210,000 MDL) established under the provisions of article 53 of Law No. 199-XIV of 18.11.1998 “On securities market”.

During 2013 independent registrars have received a total net profit worth 1,2 mil. MDL, or by 50 percent more than in the previous year. (Table No. 31). Results of the financial-economic activity of the independent registrars at the end of 2013 are presented in Annex No.23

Table No. 31 Evolution of main indicators of independent registrars’ activityIndicators 2008 2009 2010 2011 2012 2013

Share capital, mil. MDL 6,2 5,5 5,5 6,2 6,2 6,2Equity, mil. MDL 11,3 9,9 10,1 11,5 11,1 10,9Guarantee fund, mil. MDL 2,7 2,5 2,2 2,7 3,3 3,4Total operational incomes, mil. MDL 6,0 5,4 5,1 6,1 5,8 8,1Total operational expenditures, mil. MDL 5,3 4,9 4,6 5,1 5,3 7,1Net profit, mil. MDL 1,2 1,1 0,8 1,32 0,8 1,2Number of independent registrars acting on securities’ market, units 13 10 10 11 11 11*

* An independent registrar has conducted business according to the Decision NCFM redraw until the transmission of registers of securities holders to license independent registrars holding force for keeping the register.

Investment FundsDuring the reference period, the liquidation procedure continued for 9 investment

funds subjected to forced liquidation according to the NCFM decisions and for the other 8 investment funds with a liquidation procedure started on their own initiative in compliance with the decisions of the General Assembly of Shareholders. Moreover, the liquidation procedure of the Investment Fund UNIF “Viitorul Tau” continued because of the two Court’s decision.

Investment funds subjected to forced liquidationDuring 2013, the investment funds “MCI-Fond” JSC, “Zodiac-Invest” JSC,

“Papirus-Invest” JSC and “BSV-Invest” JSC continued the distribution of financial means to the shareholders through the branches and representative offices of the CB “Energbank” JSC.

By the end of 2013, these 9 funds subjected to forced liquidation, accumulated 23.37 million MDL financial funds, of which 22.35 million MDL were previously placed as deposit accounts at the CB “Investprivatbank” JSC. According to the

72

financial and specialized statements, the equity value of these funds as of the end of 2013 was 21.97 million MDL.

The economic and financial situation of the investment funds subjected to forced liquidation is presented in Annex No.24.

Investment funds in process of liquidation out of own initiativeAs of the end of 2013, the investment funds in process of liquidation out of own

initiative accumulated bank account funds worth 199.38 million MDL, of which 162.82 million MDL were previously placed as deposit accounts at the CB “Investprivatbank” JSC.

According to the financial and specialized statements, the equity value as of the end of 2013 was 196.61 million MDL, increasing by 2.18 million MDL as compared to the end of 2012.

At the end of 2013, out of 8 investment funds, only 1 fund registered profit worth 2.45 million MDL.

In the reporting period, through the branches and representative offices of the CB “Moldindconbank” JSC, continued the distribution of financial funds, as well as the additional financial funds to the shareholders of the UNIF “Viitorul Tau” JSC.

The economic and financial situation of the investment funds in process of liquidation out of own initiative is represented in Annex No.25.

Trust companiesAs of 31.12.2013, 7 trust companies were registered in the Register of the

professional participants of the non-banking financial market, of which:- 2 trust companies: “Mobiastrast” JSC and “Compania Fiduciară a

Feroviarilor” JSC, continue the liquidation procedure of the professional activity;- 1 trust company: “Colaborare” JSC is subjected to forced liquidation as a

professional participant. During the reference period 3 auctions were organized, regarding the sale of the assets managed by “Colaborare” JSC, but due to the lack of participation requests these auctions did not take place.

According to the National Securities Commission (NSC) decisions No. 30/8 of 25.05.2006 and No. 63/6 of 23.11.2006, the activity of TC “Europa-Trust” JSC and TC “Econ-Renastere” JSC, was suspended until the recovery of the whole information from the clients registry of the nominal holder, which will be focused on the company’s clients data base recovery.

According to the specialized statements presented by the trust companies “F.O.N.D” JSC, “Europa - Trust” JSC, “Codru” JSC and “Econ – Renaştere” JSC, as

73

of 31.12.2013 , these funds provided services to 381.948 fiduciary accounts; and their administered portfolio includes 622 shares in joint stock companies and shares in limited liability companies.

By the end of 2013, the financial investments of trust companies achieved an amount of 130.47 million MDL, of which 124.497 million MDL (95.4 percent) are clients’ investments and 5.98 million MDL (4.6 percent) are the trust companies’ own investments. For the total amount of financial investments made by trust companies and by their clients, the long-term investments are valued at the end of 2013 at 110.53 million MDL or 84.71 percent, and the short-term investments at only 19.94 million MDL or 15.29 percent. At the same time, the total income earned by companies during the reporting period indicates a share of 72.58 percent obtained by short-term investments, and only 27.42 percent – income generated by long-term investments.

The evolution of the main indicators of the 4 trust companies with a fiduciary management activity is shown in Table No.32.

Table No.32 Evolution of the main indicators of fiduciary management activityIndicators 2010 2011 2012 2013

Share capital, million MDL 1.65 2.12 2.12 2.12Equity, million MDL 2.97 3.06 3.31 3.51Investment result, million MDL, including:

3.73 1.73 2.81 2.30

Dividends 2.04 0.66 1.08 0.69Interest 1.68 1.58 1.79 1.81Assets trading result 0.01 -0.51 -0.06 -0.23Net profit (loss), million MDL 0.47 0.08 0.26 1.44Number of fiduciary accounts, units

382830 382132 382017 381948

Number of portfolio’s companies, units

642 631 629 622

Financial investments, million MDL

135.21 128.7 129.5 130.47

Number of trust companies, units

4 4 4 4

The table reflects the fact that during 2010-2013, the number of managed fiduciary accounts didn’t decrease significantly, the number of the portfolio of the societies (as a result of the shares traded or societies’ liquidation) is constantly decreasing, subsequently the managed investments decreased by about 4.74 million MDL as compared to 2010, with a small increase in the last 3 years. At the same 7 Reduced by the amount of investments in joint stock companies excluded from State Register of legal persons

74

time, the net profit registered by the trust companies increased by 0.97 million MDL, compared to 2010, and by 1.18 million MDL relative to the last year.

The return on the financial investments (i.e. the ratio of total investment income to total investments) registered by trust companies’ clients is 1.36 percent, while 10.01 percent is recorded by the trust companies. Thus, a difference is ascertained regarding this indicator to the detriment of the clients, because trust companies investments are placed in income-generating assets (deposits), unlike trust companies’ clients assets which are dependent on the profitability of the stock companies and on the payment of dividends.

The overall value of operational income registered by the trust companies during the year 2013, represented 0.96 million MDL, of which 0.49 million MDL – as a payment for the fiduciary management (according to the established standards, the remuneration of a trust company should not exceed 25 per cent of the earned profit as a result of its asset management activity). Therefore, the amount of remuneration depends directly on the results of the investment management activity performed on the behalf of the company’s clients.

As of 31.12.2013, the overall expenses registered by the trust companies were 1.30 million MDL. The value of expenses were higher than the value of the licensed activity’s income. As a result, the trust companies recorded negative results in terms of their operational activity.

All trust companies fulfil the mandatory fiduciary management activity standards set in regards to the capital adequacy minimum limit (0.5 per cent of the managed assets’ value, but not less than 200 thousand MDL) and to the guaranty fund (30 per cent of the equity).

The economic and financial situation of the 4 trust companies is reflected in Annex No.26.

Companies which provide evaluation of securities and of assets relating to them

During 2013 , 5 companies acted on the securities market of the Republic of Moldova, providing estimation of their securities and assets: „Bartol-Consulting” JSC, „ICF-Consulting-Service” JSC, A.R.E. „Estimator-VM” JSC, „Finactiv-Consulting” JSC and „Evalestim” JSC, (further – securities valuation companies).

In 2013, according to the reports presented to the NCFM, securities valuation companies have signed 55 contracts, obtaining an income of 0,6 million MDL (Annex No.27). As compared to 2012, the securities valuation companies have signed with 40

75

contracts less, respectively and the income declined by 0,8 million MDL as compared to the previous year (-57,1 percent) (Table No.33).

Table No.33 Number of concluded contracts and income generated by valuation companies Indicator 31.12.2012 31.12.2013 2013 relative

to 2012, %Number of contracts, units 95 55 -42,1Income earned from securities valuation, million MDL 1,4 0,6 -57,1

The evolution of revenues and contracts signed by securities valuation companies during the period 2011 - 2013 is shown in Diagram no.31 and Diagram no.32.

"Bartol Consulting" JS

C

A.R.E. "Estimator-VM" JSC

"Finactiv-Consulting" JSC

"ICF-Consulting- Service

" JSC ”Eva

lestim” JSC

0.00

0.10

0.20

0.30

0.40

0.50

0.60

Diagram No.31 Evolution of income generated by companies which provide evaluation of securities and of assets related to them during the period of 2011-

2013

million

MDL

"Bartol Consulting" JS

C

A.R.E. "Estimator-VM" JSC

"Finactiv-Consulting" JS

C

"ICF-Consulting- Service

" JSC

”Evalesti

m” JSC

05

101520253035

Diagram No. 32 Evolution of contracts signed to provide evaluation of securities during the period of 2011-2013

units

All 5 companies have complied with the normative requirements for minimum equity capital (200 thousand MDL), and only 3 companies („Bartol Consulting” JSC, „Finactiv-Consulting” JSC and „Evalestim” JSC) have complied with the requirements of the guarantee fund (60 thousand MDL), since they are placed in bank deposits.

Of the 5 companies, have completed reporting period with positive financial results only „Bartol Consulting” JSC and „Evalestim” JSC, but „ICF-Consulting-Service” JSC, „Finactiv-Consulting” JSC and A.R.E. „Estimator-VM” JSC have recorded financial results negative.

The equity capital of securities valuation companies have increased by 0,04 million MDL in 2013 compared to 2012, which consisted 1,66 percent (Table No.34).

Table No. 34 Evolution of key indices of valuation activity, thousand MDL

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Indicators 2011 2012 2013 2013 compared to 2012,%

Capital 1,1 1,3 1,3 0Equity capital 1,9 2,41 2,45 1,66Revenue from sales 1,3* 1,4* 1,1* -21,43Cost of sales 0,2 0,5 0,2 -60General and administrative expenses 0,3 0,3 0,4 33,33Net profit 0,9 0,6 0,5 -16,67

* Included revenues from securities valuation services, consulting and real estate valuation

The decrease of the net profit by 0,1million MDL or 16,67 percent in 2013 compared to 2012 was mostly due to the decrease of revenue from sales, and an increase in general and administrative expenses.

Securities valuation companies’ structure, reflected in Table No. 35, shows an increase in 2013 compared to 2012 of current assets amounting to 0,16 million MDL, which represents an increase of 12,12 percent (Annex No. 28).

Table No. 35 Securities valuation companies’ structure, million MDLNr.

d/o

Indicators 31.12.2012,

31.12.2013,

Deviationabsolute,

million MDLrelative,

%1 Total long-term assets 1,35 1,26 -0,09 -6,67

2 Total current assets 1,32 1,48 0,16 12,12

3 TOTAL ASSETS 2,67 2,74 0,07 2,62

Professional participants exercising the activity of consulting and investment consulting

During 2013, 27 professional participants were entitled to provide investment consulting services. At the same time 19 professional participants were entitled to provide only consulting services.

According to the reports presented by professional participants in 2013, it can be stated that during the reference period have services were provided by the following:

1. investment consulting:- brokerage/dealer companies: „BROKER M-D” JSC, „Proajioc” JSC,

„Broker-Capital” JSC, „Passim” JSC, „Fincom” JSC, „DAAC – Invest” JSC and CB „Victoriabank” JSC;

- trustee: „Codru” JSC.2. consulting:- „Bursa de Valori Chișinău” JSC;

- securities valuation companies: „Bartol Consulting” JSC and„Finactiv-Consulting” JSC;

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- brokerage/dealer companies: „Gest-Capital” JSC, „Valinvest” JSC; - independent registers: „Depozitarul Central” JSC, „Real-Registr” JSC,

„Registrator-Centru” JSC, „Registru Ind” JSC and „Grupa Financiară” JSC.In the course of the year 2013 professionals participants have supplied with 26

investment consulting services less as compared to 2012, the income constituting 0,42 million MDL, decrease with 0,32 million MDL (with 43,12 percent) front of the income in the previous year.

The number of provided consulting services have increased with 41 units, respectively and the income increased as compared to the previous year with 117,96 percent and consisted 0,95 million MDL ( Annex No. 29).

Final conclusions

The evolution of the secondary securities market in 2013 showed an increase of 36.8 percent compared to 2012 due to increase of the volumes of transactions on the stock market as well as OTC.

Similar to the previous year, this increase was mainly due to the significant increase to the contribution to the capital of companies and volumes of stock transactions of sale recorded interactive market of the volumes OTC. The largest share of the volumes recorded in both segments returns securities issued by commercial banks.

However, compared to the years 2011 - 2012 was shown to reduce the stock transactions made following the outcry auctions with unique packages of securities and auction organized by the Public Property Agency and OTC transactions made under the judgment and the result of succession securities following the dissolution or reorganization of the legal person shareholder.

Although during the years 2009 - 2011 was noted a tendency to dominate the OTC segment of the stock by volume of transactions in the last 2 years volumes were virtually equal in both segments

II.Insurance market development

II.1.Insurance companies activityDuring 2013, 18 companies were licensed to carried out their business, of which

in the category of "general insurance" – 16 insurers, one insurance company has developed composite activity and another one has developed life insurance. The evolution of the insurers’ number is presented in the Diagram No. 33.

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130

10

20

30

40

50

60

70

80

90

4338

32 33 3328

24 2420 18 16

32

45

63 66

76 75

Diagram No. 33 Evolution of the number of licensed insurance com-panies and insurance and reinsurance brokers

Number of insurance companies Number of insurance and reinsurance brokers

At the end of 2013, 16 insurers have carried out licensed activity in

insurance/reinsurance. During the year the licenses of the Company „ASIGURĂRI GENERALE VITORIASIG” JSC and Joint Insurance Company „EXIM-ASINT” JSC were withdrawn as a result of voluntary submission. At the same time, as a result of supervision of the execution of financial remediation plan by the Insurance Company „EUROASIG GRUP” JSC, NCFM requested the Court to initiate the process of insolvability of the insurer, with the prohibition to subscribe some new insurance contracts and accept respective premiums, as well as the prohibition for the insurer to perform certain investments. As a result of non-compliance of solvency and liquidity indicators of Joint Venture International Insurance Company „TRANSELIT” JSC to the regulations in force, at the end of the reporting year was initiated financial remediation procedure of the professional participant concerned.

In February 2013 from the composition of full members of the National Bureau of Motor Insurers (NBMI) was excluded Insurance-Reinsurance Company „MOLDCARGO” JSC and on September 27, 2013 by decision of the extraordinary general meeting of NBMI members was excluded another operator - Joint Venture Insurance Company “GRAWE CARAT ASIGURĂRI” JSC, which since October 10, 2013 was deprived of the right to issue insurance certificates "Green Card".  In this context, NCFM prescribed management bodies of the NBMI and insurers qualifying as full members of NBMI unconditional compliance to the provisions of legislation and statute. Simultaneously, Joint Venture Insurance Company “GRAWE CARAT ASIGURĂRI” JSC contested in the Court the decision of the extraordinary general meeting of NBMI members of 27.09.2013, as a result the execution of the NBMI decision being suspended until the adoption of a definitive judgment.

At the same time, insurance companies „VICTORIA ASIGURĂRI” JSC and „KLASSIKA ASIGURĂRI” JSC applied at the end of December 2012 to obtain the status of full members of NBMI and the right to issue insurance certificates of

79

external compulsory motor third party liability "Green Card", and at the general meeting of its members, NBMI adopted the decision to grant the right to nominate insurers to issue insurance certificates "Green Card" since July 1, 2013.

Starting with February 1, 2013, was launched State Automated Information System RCA Data, elaborated in accordance with the Government Decision no.133 of 27.02.2012 "On approval of technical concept of the State Automated Information System on compulsory MTPL insurance". Through this Information System are processed applications, contracts and policies/certificates of compulsory MTPL insurance, by insurers are communicated and submitted informations related to MTPL insurance contracts  and the associated claim files in on-line mode to unique database of the NCFM.

State Automated Information System allows operation with reliable information used to determine the exact amount of insurance premium that each insured person is going to pay according to his risk profile, in particular through the bonus-malus system, which is meant to provide premium legal discounts (bonus) for disciplined drivers and to apply premium increases (malus) for those who have produced road accidents of their own fault. At the same time, the Information System will allow exchange of information with the internal affairs authorities in order to exercise control function regarding the possessing of MTPL and Green Card insurance. Not the last, it is noted that the liability of the insurer for the insured risk begins from the moment indicated in the insurance policy, document issued only through the Information System, which allows countering fraud related to the conclusion of the insurance contracts with previous data of road accidents.

Insurance Gross Written Premiums (GWP)The gross written premiums revenues amounted to 1198.9 million MDL, of

which in the category of "general insurance" – 1125.4 mil. MDL, increasing by 104.7 million MDL or nominal 10.2 percent compared to the previous year and in "life insurance" – 73.5 mil. MDL, increasing by 4.9 mil. MDL or 7.1 percent compared to the previous year. The total gross written premiums amounted to a growth of 10.1 percent. The dynamics of the amount of gross written premiums is presented in the table below:

Table No.36 Dynamics of gross written premiums’ amount during 2007-2013Year Gross written premiums

(mil MDL)Nominal increase (decrease) compared

to the previous year(per cent) (mil MDL)

2007 724,2 29,5 164,62008 837,2 15,6 113,02009 816,5 -2,5 -20,72010 914,7 12,0 98,22011 1006,3 10,0 91,62012 1089,3 8,2 83,02013 1198,9 10,1 109,6

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The growth of gross written premiums volume was influenced by the increase of number of contracts of benevolent (optional) insurance of road vehicles (CASCO) and compulsory Motor Third Party Liability (MTPL) insurance, due to the development of distribution network of insurers and insurance and/or reinsurance brokers, as well as an upward growth of bancassurance agents. Thus, during 2013, there were issued 1203647 insurance policies based on contracts concluded with natural persons and legal entities, increasing by 43162 issued policies compared to the previous year. The biggest share of the total number of policies is held by motor third party liability insurance for which there were issued 889858 policies, while for life insurance there were issued 3574 policies.

The share of the compulsory insurance in the structure of gross written premiums in 2013 amounted to 41.0 percent, increasing by 0.3 percent compared to 2012, respectively that of optional insurance – 59.0 percent. According to the insurance object, in the segment of civil liability insurance there were written premiums in the amount of 606.2 million MDL (50.5 percent), followed by property insurance – 431.1 million MDL (36.0 percent), personal insurance – 146.4 million MDL (12.2 percent) and reinsurance premiums – 15.2 million MDL (1.3 percent) (Diagram No. 34).

Diagram No. 34 Structure of gross written premiums for 2012-2013

51.7

35.8

12.4 0.1

2012

Property insurance (389,7 mil. MDL) Personal insurance (134,9 mil. MDL)

Civil liability insurance (563,5 mil.MDL) Premiums earned from reinsurance (1,2 mil. MDL)

50.5

36.0

12.2 1.3

2013

Property insurance (431,1 mil.MDL)

Personal insurance (146,4 mil. MDL)

Civil liability insurance (606,2 mil. MDL)

Premiums earned from reinsurance (15,2 mil. MDL)

During the reporting period, the amount of gross written premiums for civil liability insurance decreased by 1.5 percentage points compared to the previous year, property insurance showed an increase of 0.2 percentage points, personal insurance registered a decrease of 0.2 percentage points, while the premiums earned from reinsurance increased by 1.2 percentage points.

Among all non-life insurance classes, the auto insurance held supremacy in the consolidated portfolio of the market – 65.5 percent of the total written premiums from direct insurance amounting to 1110.2 mil. MDL. The voluntary insurance CASCO generated 19.3 percent of the total non-life direct insurance or 214.8 mil. MDL, increasing in the nominal value by 22.4 mil. MDL compared with the previous period.

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External compulsory motor third party liability insurance "Green Card" has increased by over 16.4 percentage points (up to 245.8 mil. MDL - the equivalent of 22.1 percent of the total non-life direct insurance), while the MTPL insurance - valid only within the Republic of Moldova - increased by 5.2 percentage points and accounted for 238.8 million MDL or 21.5 percent of the total non-life direct insurance. The other type of auto insurance generated written premiums from direct insurance by 28.2 mil. MDL or 2.6 percentage points of the total.

As in the previous years, the evolution of the insurance market is characterized by a high concentration. Thus, 5 insurance companies have subscribed 890.5 mil. MDL or about 74.3 percent of the total gross premiums. The insurance gross written premiums and the market shares of companies in 2013 are presented in the Annex No. 30.

The analysis of the degree of insurance penetration, expressed as a ratio of gross written premiums to GDP, has registered a level of 1.2 percent, fact which attests the evolution of the GDP index (in current prices) in 2013 over that of the volume of the gross written premiums.

The insurance density, which is the ratio between the amount of gross written premiums to the number of inhabitants, has reached the level of 337.0 MDL per capita, more by 31.0 MDL per capita (10.1 percent) compared to the previous year. The evolution of the degree of insurance penetration and insurance density is shown in Diagram No.35.

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

0

50

100

150

200

250

300

350

400

1.051.18000000000001

1.11.25

1.36 1.34 1.36 1.27 1.22

1.24 1.2

80.1105 114.8

155.9

202.4 234.5 229256.8 282.7

306337

Diagram No. 35 Evolution of the degree of insurance penetration and insurance density in the Republic of Moldova

Insurance penetration in GDP, %Insurance density (MDL/inhabitant)

%

MD

L/i

nh

abit

ant

Compensations and insurance indemnitiesDuring the reporting period, insurance companies have paid compensations and

insurance indemnities amounting to 432.4 million MDL, recording an insignificant increase of 1.9 million MDL or 0.4 percent compared to the level of the previous year (Annex No. 31). The dynamics of compensations and insurance indemnities paid for general and life insurance is presented in the Table No.37:

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Table No. 37 Dynamics of compensations and indemnities paid during 2007-2013Year Compensations and indemnities

paid (mil. MDL)Nominal increase (decrease) compared

to the previous year (percent) (mil. MDL)

2007 235,3 23,0 44,02008 273,8 16,4 38,52009 361,2 31,9 87,42010 322,7 -10,7 -38,52011 348,4 8,0 25,72012 430,5 23,6 82,12013 432,4 0,4 1,9

The total amount of insurance paid claims compared to written premiums in 2013 constituted 36.1 percent, marking a decrease by 3.4 percentage points compared to the level registered during the previous year. Within the internal compulsory motor third party liability insurance, insurance paid claims as compared to the gross written premiums amounted 35.8 percent and have decreased compared with 2012 by 2.4 percentage points, and within the external compulsory motor third party liability insurance "Green Card", this ratio registered 28.9 percent, the decrease being 9.0 percentage points.

The cumulative amount of paid insurance claims for the motor insurance (motor third party liability insurance and insurance of road vehicles (CASCO)) amounted to 283.2 million MDL or 66.8 percent of the total compensations paid in non-life direct insurance in value of 424.1 million MDL.

The structure of compensations and insurance indemnities are presented in the Diagram No.36.

Diagram No. 36 The structure of compensations and insurance indemnities paid in the years 2012-2013

2012 2013

39.4%

53.0%

7.4% 0.2%

Civil liability insurance (169,5 mil.MDL)

Property insurance (228,0 mil. MDL)

Personal insurance (32,0 mil.MDL)

Compensation paid to reinsurance risk received (1,0 mil. MDL)

54.6%38.4%

6.7% 0.3%

Civil liability insurance (235,8 mil. MDL)

Property insurance (166,1 mil. MDL)

Personal insurance (29,1 mil. MDL)

Compensation paid to reinsurance risk received (1,4 mil. MDL)

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Net assets and social capital of insurance companiesAt the end of 2013, the net assets of insurance companies constituted 1068.9

million MDL or by 172.9 mil. MDL (13.9 percent) less than the level recorded at the same time in the previous year. Diagram No. 37.

2006 2007 2008 2009 2010 2011 2012 20130

200

400

600

800

1000

1200

1400

296.5 364.9

656.4812.703531000004

812,71192.4 1241.8

1068.9

176.7 207.7323.1 388.505488 388,5

515.2 556.7469.3

Diagram No. 37 Net assets and social capital of insurance companiesfor 2006-2013

Net assets Social capital

mil.

MD

L

The decrease of the net assets is due to the decrease in the number of professional participants of the insurance market as a result of non-compliance with the requirements of capitalization, solvency and liquidity, as well as adjustments made by insurers as part of the transition to IFRS.

The total value of the social capital registered at the end of 2013 by insurance companies amounted to 469.3 million MDL, decreasing by 87.4 million MDL or 15.7 percent compared to the previous year indicator. The annual financial balance sheet of the insurance companies is presented in the Annex No. 32.

Investments in the social capital of domestic insurers made by non-residents at the end of the reference year amounted to 106.12 mil. MDL, and decreased by 37.3 mil. MDL compared with 2012 (Table No. 38), as result of the withdrawal of the license of the Joint Insurance Company „EXIM-ASINT” JSC and decrease of the statutory capital of the Insurance-Reinsurance Company „DONARIS-GROUP” JSC in order to comply with the requirements of legislation regarding the net assets.

Table No. 38 Evolution of foreign investments’ structure within the social capital of insurance companies, milion MDL

State 2008 2009 2010 2011 2012 2013 2013 compared to 2012

Share in 2013, %

Russian Federation

2,8 0,4 48,4 48,0 - - - -

Austria 22,5 41,7 41,7 41,7 56,8 56,8 0 53,5

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Great Britain 22,5 22,5 22,5 22,9 22,9 22,9 0 21,6Liechtenstein 4,5 18,0 18,0 36,6 36,6 14,1 - 22,5 13,2Holland 4,8 4,8 4,8 19,7 19,7 12,3 - 7,4 11,6Italy 2,4 2,4 2,4 3,7 3,7 - - 3,7 -Israel 2,4 2,4 2,4 3,7 3,7 - - 3,7 -Ukraine 0,2 0,3 0,3 - - - 0Cyprus 49,5 48,0 - - - - 0Romania 3,60 3,5 0 0,02 0,02 0.02 0 0,1Switzerland 4,0 - - - - - 0

TOTAL 119,2 144,0 140,5 176,32 143,42 106,12 -37,3 100,0During the reported period, the share of the non-residents in the total paid social

capital of insurance companies represents 22.6 percent. The list of insurance companies with foreign capital is presented in Annex No. 33.

Insurance reservesAccording to the data registered in the financial statements completed by

insurers for 2013, the total amount of insurance reserves consisted of 1042.2 million MDL, registering an increase of 200.3 million MDL or 23.8 percent compared to the indicator of the previous year (Diagram No.38). The increase is also due to the regulatory changes of the insurance reserves’ formation, such that the insurer reports the gross insurance reserves, and the reinsurer's share of these reserves is shown separately.

2008 2009 2010 2011 2012 20130

200

400

600

800

1000

1200

437.2487.5 515.6

722.7

841.9

1042.2

Diagram No. 38 Insurance reserves of insurance companies for 2008-2013

The structure of the total amount of technical reserves constituted by insurance companies includes technical reserves for general insurance in the amount of 761.1 million MDL (73.0 percent) and life insurance mathematical reserves amounting to 281.1 million MDL (27.0 percent). Compared to the year 2012, the technical reserves formed by insurers who carried out general insurance activity, recorded an increase of 25.1 percent (or 152,9 million MDL), and the mathematical reserve established for life insurance reported an increase of 20.3 percent (or 47.4 million MDL).

According to the regulatory framework in force regarding the solvency guarantee, insurers are required to cover with admitted assets the insurance reserves

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and a third of the minimum (required) solvency margin. Thus, assets admitted to represent the Insured Fund must meet the principles of diversity, reimbursement, profitability and liquidity. Categories of assets admitted to cover the Insured (Policyholder) Fund are shown in Diagram No. 39.

In order to cover the risks assumed by insurance and reinsurance contracts and to ensure permanently solvency and liquidity, the insurance companies must invest with caution in certain categories of assets admitted to represent the insurance reserves and a third of the minimum (required) solvency margin, complying the dispersion criteria of placements according to the rules established by the Regulation on solvency margins and liquidity coefficient of insurers (reinsurers) approved by NCFM Decision no.2/1 of 21.01.2011.

26,0%

29,7%8,2%

18,5%

5,9%11,7%

Securities (284,1 mil. MDL)

Bank deposits (323,0 mil. MDL)

Available means in current bank accounts and cash (89,3 mil. MDL)

Lands and buildings (201,3 mil. MDL)

Receivables related to written premiums (63,8 mil. MDL)

Reinsurers' share (127,2 mil. MDL)

Diagram No.39 Structure of assets representing reserves and a third of the minimum solvency margin

According to the established requirements, insurers are obliged to place

insurance reserves and a third of the minimum (required) solvency margin into securities, bank deposits, available means in current bank accounts, available means in cash offices, lands and buildings, receivables related to written premiums.

The structure of assets admitted to represent the technical reserves and a third of the minimum (required) solvency margin of the insurer in total amount of 1088.7 million MDL includes the following assets:

- securities issued by the Government of the Republic of Moldova or by other state authority worth 168.0 million MDL, representing 15.4 percent of the total admitted value in Insured (Policyholder) Fund;

- corporate securities traded on a regulated market (stock exchange) of the Republic of Moldova in the amount of 114.6 million MDL representing 10.5 percent of the total admitted value in Insured Fund;

- corporate securities which are not traded on a regulated market (stock exchange) of the Republic of Moldova in the amount of 1.5 million MDL

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representing 0.1 percent of the total admitted value in the Insured Fund;- available means placed in the cash office amounting to 7.1 million MDL,

representing 0.7 percent of the total admitted value in Insured Fund;- available means in current bank accounts in financial institutions licensed by

the NBM, including in foreign currency in the amount of 82.2 million MDL, representing 7.5 percent of the total admitted value in Insured Fund;

- deposits and investments in the financial institutions licensed by the NBM amounting to 323.0 million MDL representing 29.7 percent of the total admitted value in Insured Fund;

- separate land or buildings or buildings and land located close enough to each other to be considered effectively as one investment in a real legal interest in a property worth 201.3 million MDL representing 18.5 percent of the total admitted value in Insured Fund;

- receivables related to written premiums, provided that they are not older than 60 days amounting to 63.8 million MDL representing 5.9 percent of the total admitted value in the Insured Fund;

- reinsurers' share in technical reserves amounting to 127.2 million MDL representing 11.7 percent of the total admitted value in the Insured Fund.

The placement of assets admitted to represent the insurance reserves and a third of the minimum (required) solvency margin of the insurance companies according to the situation at the end of 2013 presented in Annex No. 34.

The evolution of the structure of assets admitted to cover the insurance reserves and a third of the minimum solvency margin during the period 2009-2013 is presented in the table below:

Table No. 39 The evolution of the structure of assets admitted to representinsurance reserves and minimum solvency margin

Indicators 2009 2010 2011 2012 2013mil.

MDL% mil.

MDL% mil.

MDL% mil.

MDL% mil.

MDL%

Securities 34,3 7,1 68,4 13,3 203,2 26 152,9 16,9 284,1 26,0Bank deposits 276,5 57,2 249 48,3 184,8 23,6 317,5 35,2 323,0 29,7Available means in current bank accounts and cash office

41,8 8,6 49 9,5 74,7 9,5 60,9 6,8 89,3 8,2

Lands and buildings

94,9 19,6 106,9 20,7 160 20,5 185,6 20,6 201,3 18,5

Receivables from insured’s and intermediaries

36,2 7,5 36,6 7,1 44,4 5,7 54 6 63,8 5,9

Deposits at ceding companies

- - 5,7 1,1 - - - - -  0,0

Reinsurers' share - - - - 115,1 14,7 130,4 14,5 127,2 11,7Total 483,7 100 515,6 100 782,2 100 901,3 100 1088,7 100

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Subsidized insurance in agriculture Subsidized insurance in agriculture is carried out in compliance with provisions

of the Law no.243-XV of July 8, 2004 "On providing subsidized agricultural insurance for production risks in agriculture”, according to which the subsidies for the payment of insurance premiums benefit agricultural producers who registered at the town hall as well as crops and animals, poultry, bees and fish families belonging to them according to the approved technologies, take measures to prevent disease and pest attacks, and keep track of the work performed. The subsidies for the payment of insurance premiums amounted to 60 percent for the insurance of perennial plantations, sugar beet and vegetables and 50 percent for the insurance of other crops and animals.

By the Government Decision of the Republic of Moldova no.152 of 31.01.2012 "On Approval of the distribution of means of the subsidies fund of the agricultural producers for the year 2013" was accepted the distribution of the means of the subsidies fund for agricultural producers in the amount of 400 million MDL, for a range of support measures, including the stimulation of the insurance of production risks in agriculture.

The means provided for this measure are used to subsidize the insurance premiums for agricultural producers, based on the insurance contracts for the production risks in agriculture and on the basis of the List of risks for which insurance is subsidized from the subsidies fund of the agricultural producers for 2013, insurance premiums in plant growing, horticulture, viticulture and livestock breeding (hail, storms, excessive drought) and the List of crops and species of animals and poultry for which insurance is subsidized from the subsidies fund of the agricultural producers for year 2013 insurance premiums (sugar beet, sunflower, corn, etc.).

In 2013, only 4 insurance companies have carried out activities in the subsidized insurance of production risks in agriculture.

According to the data provided by 4 insurance companies accredited to carry out activity in this area, during 2013 there were concluded 264 contracts of subsidized insurance of production risks in agriculture, with the insured sum of 1393.3 million MDL. The cumulative amount of gross written premiums constituted 91.0 million MDL, registering an increase of 16.5 million MDL compared to the value reported in the previous year (Table No. 40).

Table no. 40 Gross written premiums and paid claims for subsidized insurance ofproduction risks in agriculture by insurance objects in the calendar year 2013, mil MDL

Insured objects

Total insurance premiums, mil. MDL

Including those paid by Share in total

premiums (percent)

Insurance paid claims, mil. MDL

Share in total claims

(percent)

Producătorul agricol

Stat

Harvest 30,3 12,1 18,2 33,27 13,1 47,83Plantations 59,0 23,6 35,4 64,90 13,9 50,83

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Animals 1,7 0,85 0,85 1,83 0,4 1,34TOTAL 91,0 36,6 54,5 100,0 27,4 100,00

Subsidies allocated to the payment of insurance premiums accounted for 54.5 million MDL or by 11.8 million MDL more than in the 2012, registering an increase of the farmers’ interest for this type of insurance. At the same time, the potential of agricultural insurance in the Republic of Moldova remains untapped, the areas covered by insurance as only 3.3 percent of the total agricultural land.

Insurance paid claims constituted 27.4 million MDL and decreased by 3.6 times compared to the previous year. The evolution of premiums and paid claims are presented in the Diagram No. 40.

2008 2009 2010 2011 2012 20130

20

40

60

80

100

120

43.2

20.8

39.6 42.3

74.6

91

13.123.6 23.9 23.9

100.2

27.4

Diagram No. 40 Gross written premiums and paid claims for subsidized insurance of production risks in agriculture ,by insurance objects, for

period 2008-2013, mil MDL

Gross written premiums Paid claims

The structure of the gross written premiums and paid claims (compensations) for subsidized insurance (of risks for which insurance is subsidized from the subsidies fund for agricultural producers for 2013) by types of risks, presented in Annex No.35, reveals the following:

- for the risk of "hail" insurance written premium amounted to 37.4 million MDL, and paid compensations - 17.9 million MDL, the compensation rate being of 47.9 percent;

- for the risk of "winter frosts" insurance written premium amounted to 14.1 million MDL, and paid compensations – 0.3 million MDL, the compensation rate being of 2.1 percent;

- for the risk of "spring frosts" insurance written premium amounted to 22.4 million MDL, the compensation paid being equal to zero; - for the risk of "excessive drought" insurance written premium amounted to 14.8 million MDL, and paid compensations - 8.7 million MDL, the compensation rate being of 58.78 percent;

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- for the risks included in the category "others", insurance written premium amounted to 2.3 million MDL, and paid compensation - 0.5 million MDL the compensation rate being of 21.74 percent.

With regard to insured agricultural crops, the largest share by volume of premiums paid refers to orchard harvest, followed by grapes and sunflowers. The share of paid premiums for crop insurance of the total subsidized insurance premiums in agriculture constitutes 97.1 percent.

At the same time, the largest amount of compensations for insured crops were paid to orchard owners, followed by sugar beet producers and those who ensured the cultivation of grapes. The share of compensations for these crops in the total amount of compensation paid for the risks in agriculture constitutes 91.4 percent (Diagram No. 41).

Diagram No. 41 Gross written premiums and paid claims for subsidized insurance of production risks in agriculture in 2013, mil MDL

29.6%

4.6%

10.7%0.4%1.7%

23.4%

7.0%

21.3%1.3%

Total amount of paid claims, mil. MDL

Orchard (fruit) (8,1 mil. MDL)

Sunflower (1,3 mil. MDL)

Vegetables (2,9 mil. MDL)

Corn (0,1 mil. MDL)

Autumn rape (0,5 mil. MDL)

Sugar beet (6,4 mil. MDL)

Soy (1,9 mil.MDL)

Grapes (5,8 mil. MDL)

Animals (0,4 mil. MDL)

Reinsurance activityReinsurance as a tool for risk transfer written by an insurance company to a

reinsurance company, leads to the improvement of the financial situation of the transfer or by reducing technical risks, diversifies and homogenizes the insurance portfolio and creates additional insurance capacity.

According to the legal norms in force, in the case of performing reinsurance to a non-resident of the Republic of Moldova insurer (reinsurer), the own retention of the insurer (reinsurer) resident of the Republic of Moldova must be at least 20% of total volume of liabilities, provided that the requirements when the maximum limit of the insurer (reinsurer) liability for an insured risk or taken in reinsurance may not exceed 25% of value of the owners’ equity and technical reserves.

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40.7%

11.6%3.0%0.4%

0.3%

5.3%0.5%

0.2%

6.2%

5.4%

0.9%

23.6%0.2% 1.8%

Total amount of Gross written premiums, mil. MDL

Orchard (fruit) (37,0 mil. MDL)

Sunflower (10,5 mil.MDL)

Autumn wheat (2,7 mil. MDL)

Vegetables (0,4 mil.MDL)

Autumn barley (0,2 mil.MDL)

Corn (4,9 mil. MDL)

Vineyards (0,4 mil.MDL)

Orchards (0,2 mil. MDL)

Autumn rape (5,6 mil. MDL)

Sugar beet (4,9 mil. MDL)

Soy (0,8 mil.MDL)

Grapes (21,4 mil. MDL)

Tobacco (0,2 mil. MDL)

Animals (1,7 mil. MDL)

The total amount of reinsurance premiums ceded in reinsurances during 2013 amounted 238.4 million MDL, of which – 234.9 million MDL - general insurance related premiums, and 3.5 million MDL - life insurance related premiums. The nominal decrease of ceded premiums compared to 2012 amounted to 22.8 million MDL; the share of premiums ceded in reinsurance within the total amount of gross written premiums in 2013 was 19.9 percent. The main indicators of reinsurance activity are presented in Table below:

Table No. 41 Main indicators of reinsurance activity in 2013 (mil. MDL)

IndicatorsGeneral

insuranceLife insurance Total

Gross written premiums 1125,4 73,5 1198,9Premiums ceded in reinsurance 234,9 3,5 238,4Premiums earned for the risks received in reinsurance

15,2 0 15,2

During the reference year, reinsurance cessations were reported by 15 insurance companies for the category of general insurance, for the life insurance category cessations were reported by one insurance company.

The structure of premiums ceded in reinsurance at the end of 2013 includes:- the amount of premiums ceded in general insurance equal to 234.9 million MDL

(20.9 percent) and their own retention level related to domestic insurers is 79.1 percent (890.5 million MDL) of the total gross written premiums for general insurance;

- the amount of premiums ceded in reinsurance for life insurance equal to 3.5 million MDL (4.8 percent), respectively its own retention level is 95.2 percent (70.0 million MDL).At the national level, 6 insurance companies earned an amount of 15.2 million

MDL in premiums received in reinsurance from international insurance companies, representing 1.3 percent of the total gross written premiums on the market. The report on reinsurance operations is presented in Annex No. 36.

Financial results of insurance companiesAccording to the financial results registered at the end of 2013 by insurance

companies, the net profit (loss) recorded was 42.2 million MDL.The aggregate value of the profit registered in the reporting period by 9

insurance companies amounted to 78.6 million MDL, which shows an increase of 5.2 million MDL compared with previous year's level.

The indicator of financial loss in the amount of 36.4 million MDL was registered by 8 insurance companies, which is an increase of the value of losses by 21.1 million MDL compared with previous year's level.

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The main indicators of the activity of the insurance companies, as of December 31, 2013 are presented in Annex no. 37.

II.2. Activity of insurance and/or reinsurance intermediaries

Under Law no.407-XVI of December 21, 2006 „On insurance”, insurance intermediaries are insurance agents, bancassurance agents and insurance and/or reinsurance brokers.

An insurance and/or reinsurance broker holds the status of a legal person registered in the Republic of Moldova, who negotiates on behalf of its customers, individuals or legal persons, the conclusion of insurance (reinsurance) contracts and assists during the duration of contracts or with the regulation of damage claims.

By the end of 2013, on the insurance market performed intermediation activity 155 insurance agents - legal entities and 1516 insurance agents - natural persons (individuals).

According to the register of insurance and/or reinsurance brokers, 76 brokers had the license to conduct insurance and/or reinsurance mediation activity as of January 01, 2013, thus during the year 2013, there were granted licenses for 10 new professional participants, at the same time, during the reference period being withdrawn the licenses of 7 insurance and/or reinsurance brokers and expired licences of 4 intermediaries, without having filed requests for the granting of new licenses. Thus, by the end of 2013 on the insurance market performed intermediation activity in insurance and/or reinsurance 75 licensed brokers.

Pursuant to the data from the specialized reports of insurance intermediaries, in 2013, the written premiums intermediated by brokers amounted to 320.8 million MDL, 28.9 million MDL more than the indicator of 2012; therewith the revenue from the intermediation activity amounted to 99.9 million MDL, increasing by 1.3 million MDL compared to the previous period. The share of written premiums intermediated by insurance and/or reinsurance brokers registered similar index from the previous period, which is 26.8 percent of the total gross premiums underwritten by insurers.

The main indicators of the activity of insurance and/or reinsurance brokers as of December 31, 2013 are presented in Annex No. 38.

II.3. The Street Victims Protection Fund and the Compensation Fund

The Street Victims Protection Fund was established in accordance with the Law no. 414-XVI of December 22, 2006 „On compulsory motor third party liability insurance" and aims to protect persons injured due to accidents caused by vehicles whose owners have not complied with the requirement of the compulsory motor liability insurance, as well as unidentified vehicles and/or vehicles procured by unlawful means.

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During 2013, contributions in the amount of 4690.5 thousand MDL were transferred to the Street Protection Victims Fund, or by 105.3 thousand MDL more than in 2012. During the reference period there have been settled 106 requests for compensation on behalf of the injured by car accidents in which the author and/or vehicle remained unidentified or the vehicle owner failed to conclude the compulsory motor liability insurance, being paid damages amounted to 4126.0 thousand MDL, registering a decrease of 1546.9 thousand MDL compared to the value registered in the previous year. At the same time, at the end of the period was formed the reserve of reported but not settled claims in the total amount of 2317.9 thousand MDL for 70 claims, which are to be settled.

The National Bureau of Motor Insurers (NBMI) manages and uses the means of the Compensation Fund in strict conformity with the General Regulations of the Council of Bureaux. At the beginning of the reporting period available balance of the Compensation Fund quantify 9813.9 thousand MDL, during the year 2013 being transferred cash contributions in the amount of 4882.0 thousand MDL, at the same time being made the following payments:

a) 36 of repayments to foreign National Bureaus of sums paid by them as compensation of damage caused by holders of insurance certificates „Green Card", in the total amount of 1446.2 thousand MDL;

b) 14 cases of compensation of damage caused by false, prohibited or modified, altered insurance certificates „Green Card", in the total amount of 5594.7 thousand MDL;

c) 144 cases of paying to the sufferers in order to compensate for the damage caused to them in the Republic of Moldova by owners of insurance certificates „Green Card" issued by foreign insurance companies, in the total amount of 7368.9 thousand MDL.

Final conclusionsDuring the reporting period NCFM has inserted a series of reforms in insurance

supervision infrastructure, consisting in particular in launching of the State Automated Information System RCA Data through which is achieved the automatic processing of insurance contracts, issuance of policies/certificates of compulsory motor third party liability insurance, registration of claims and insurance reserves, exchange of information with other state information systems, implementation of rules for assessing real damages incurred under the compulsory motor third party liability insurance and the way of compensation, actuarial capacity development and their interaction with the auditors of professional participants in the insurance market. In the same context, there is also to be referred to the implementation by insurance companies of the new financial reporting requirements in accordance with IFRS, as well as initiation of participation in assessment of the insurance sector, organised by the IMF and the World Bank experts.

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Developing the supervision capacity, NCFM has a priority that aims to harmonise the legal framework in the insurance field to the European Directives and to the principles of the International Association of Insurance Supervisors, to create premises for the implementation of a risk-based supervision, approval and implementation of the draft Law on Insurance Guarantee Fund, to create conditions for the development of the sector, to increase the level of transparency and confidence in the insurance products.

III. Development of the Microfinance Sector

During the year 2013 the microfinance sector in Republic of Moldova, represented by savings and credit associations and microfinance organizations, registered a constant increase in terms of its typical activity indicators. During the reference period, 10.7 percent of the economically active population of the Republic of Moldova, became microfinance sector’s loan recipients, a ratio that increased by 2.6 percentage points as compared to 2012 (Table No. 42).

Table No.42 Indicators of microfinance activity in Republic of Moldova

Indicators 2012 20132013 as

compared to 2012

Economically active population (persons) 8

1214500 1235900 101,8%

Sector SCA MO TOTAL SCA MO TOTAL xLoan recipients (persons) 341929 64856 99048 36525 94871 131396 132,7%

Penetration rate (percent) 2,8 5,3 8,1 3,0 7,7 10,7 +2,6

Return on assets (percent) 3,3 4,8 4,6 4,9 7,9 7,4 +2,8

Return on equity (percent) 11,6 9,4 9,6 16,0 19,3 19,0 +9,4

The efficiency of assets and equity investments made by the national microfinance sector’s entities are reflected by a rate of return of about 7.4 percent on assets and, accordingly, 19.0 percent on equity, or, an increase of 2.8 percentage point, and, accordingly, of 9.4 percentage points as compared to 2012. This increase was conditioned by the significant growth in the net profit value about twice during 2013.

Table No.43 Development of microfinance activity, million MDLIndicator 2012 2013 2013 as

8 www.statistica.md 9 The indicated value represents the average number of loan recipients of savings and credit associations during one year of activity.

94

compared to 2012 (percent)

SCA MO TOTAL SCA MO TOTAL

Granted loans 273,9 1590,1 1864,0 331,9 1897,0 2228,9 119,6

Total assets 334,5 1892,9 2227,4 403,9 2509,4 2913,3 130,8

Net profit 11,0 90,9 101,9 19,6 197,2 216,8 212,8

Similar to the previous year, during 2013 the basic national microfinance sector activity indicators registered growth, the loan portfolio increasing with 19.6 percent and the overall value of assets recording a growth of 30.8 percent. (Table No. 43).

In 2013, the microfinance entities loan portfolio registered a 2.23 percent share in GDP, out of which the SCA sector – 0.33 percent and the MO sector – 1.9 percent. This ratio was relatively constant during 2013 (increasing by 0.11 percentage points as compared to previous year), while the microfinance sector applied efficient and prudent risk-management policies to the lending operations (Diagram No. 42).

3.1. Activity of savings and credit associationsBy the end of the reference period, 340 SCA had a license, out of which 302

worked with their members and creditors. In order to provide to its members the full spectrum of services established by law, according to the category of license held, the Statute and its policies, SCA have used the following sources:

1. Received loans and bank credits - 206 SCA;2. Savings deposits - 64 SCA, out of which 30 SCA have not received loans and

bank credits;3. Equity - 80 SCA.

Diagram No. 43 Evolution of the number of members of SCA, loan recipients and savings depositors

95

2006 2007 2008 2009 2010 2011 2012 20130

0.5

1

1.5

2

2.5

3

3.5

0.56 0.6100000000000010.8

0.530,34 0,31 0.3100000000000020.330000000000003

1.73 1.92

2.332.25

1,66 1.75 1.81 1.9

2.282.53

3.14

2.79

2 2.06 2.12 2.23

Diagram No. 42 Microfinance entities loan portfolio to GDP rate (percent)

SCA MO Microfinance sector

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130

20000

40000

60000

80000

100000

120000

140000

160000

The analysis of the evolution of the SCA system during the period 2003-2013 (Diagram No. 43) ascertains a decrease of loan recipients’ number, during the period 2009-2011, and of savings depositors during the period 2010-2011. By the end of 2013, while the number of savings depositors decreased, the number of members and of loan recipients registered an increase compared to 2012.

The evolution of the indicators regarding the number of members, of loan recipients and of savings depositors, during the period 2003-2013, shows the following results:

- increase of the number of SCA members, from 71.2 thousands persons to 127.0 thousands persons, or 1.8 times;

- decrease of the number of loan recipients from 39.6 thousands to 34.6 thousands persons, or by 12.6 per cent;

- increase of the number of savings depositors from 472 to 5.8 thousands persons or 12.3 times.

By the end of 2013, the number of SCA members increased by 255 persons or by 0.2 percent compared to 2012. During the same period the indicator of the number of savings depositors registered a decrease of 34 persons or of 0.6 percent. The number of loan recipients was 34,620 persons, increasing by 1600 persons or by 4.8 percent compared to the size of the indicator registered in 2012.

The evolution of the average value of a loan that goes to a loan recipient member during 2003-2008 and 2010-2013 shows a growing demand for loans granted by the SCA. In 2013 the level of this indicator reached the average value of 9,587 MDL, registering an increase of 1291 MDL, or of 15.6 percent compared to 2012. During the same period of analysis the average value of savings as deposits per depositor member was 27,501 MDL, registering an increase of 6,889 MDL, or of 33.4 percent compared to 2012 (Diagram No. 44).

Diagram No. 44 Evolution of the average value of a loan and of savings deposits, MDL96

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130

5000

10000

15000

20000

25000

30000

2507 28164000

52626618

8956 8038 7597 8080 829695877004 5770

9649 10053

1450611619 10664

1595817871

20612

27501

Average loan Average savings deposit

The increase of the average value of savings is the result of the growth registered by the savings deposits reflected by the SCA with a B license category, by 32.7 percent and of the decrease registered by the savings depositors’ number.

Diagram No.45 Number of loan recipients and of members registered by the SCA with A and B license category, 2013

No of members No of loan recipients0

10000

20000

30000

40000

50000

60000

70000

80000

71090

15512

55911

19108

License ALicense B

The average loan granted by the SCA with a B license category was of 11,928.4 MDL, 77.9 percent higher than the average loan granted by the SCA with an A category of license (6,703.9 MDL), as a result of the fact that the loan recipients number and the amount of granted loans, registered by the SCA with a B license category, overcome the relative value registered by the SCA with an A license category (Diagram No.45). At the same time, the share of loan recipients’ number in the total number of members registered by the SCA with B license category, overcomes the relative share registered by the SCA with A license category, with 12.4 percentage points. Thus, the SCA register a low rate of active members, both the SCA with an A license category (21.8 percent) and the SCA with a B license category (44.5 percent, including the savings depositors).

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Taking into account that the number of the SCA with an A license category overcomes the number of B category SCA 4.2 times, the loan portfolio registered by the B license category is 2.2 times higher (Diagram No.46).

Diagram No.46 The value of granted loans and the value of total assets registered by the SCA with an A license category and the SCA with a B license category in 2013, mil MDL

License A License B0.0

50.0

100.0

150.0

200.0

250.0

300.0

104.0

227.9

122.2

281.7

Granted loansTotal assets

Considering the assets and the loan portfolio values, the activity of the SCA system during the period 2003-2008, expressed a continuous growth tendency, followed by an about 50.0 percent decrease (Diagram No. 47). In 2013 a growth of 20.7 percent and of 21.2 percent respectively, is registered, as compared to 2012.

Diagram No. 47 The trend of the SCA indicators, during the period 2003-2013

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130

100

200

300

400

500

600

700

124.5 149.7

239

323.5

415.4

590.7

366.2

289.3 300.5334.5

403.9

99.2 114.8

177.5

250.3

326.8

506.4

322.9

244.2254.2

273.9

331.9

Total assets Granted loans

According to the results reflected at the end of 2013, the development registered by the SCA system is characterized by the following general activity indicators reflected in Table No.44.

Table No.44 General indicators of the SCA activity

98

Indicators 2012 2013

2013 compared

to 2012 (percent)

2013Share of A

license category SCA (percent)

Share of B license category SCA (percent)

Number of SCA members (persons)

126746 127001 100,2 56,0 44,0

Number of loan recipients (persons)

33020 34620 104,8 44,8 55,2

Number of savings depositors (persons)

5824 5790 99,4 - 100,0

Ownership equity (million MDL) 95,2 122,5 128,7 43,3 56,7Granted loans (million MDL) 273,9 331,9 121,2 31,3 68,7Savings deposits (million MDL) 120,0 159,2 132,7 - 100,0Received loans and bank credits (million MDL)

100,9 105,4 104,5 58,4 41,6

The general information regarding the economic and financial situation of the SCA at the end of 2013 is reflected in Annex No.39.

Assets of the savings and credit associations As of the end of 2013, the consolidated amount of SCA assets is 403.9 million

MDL. The share of the B license category SCA in the total amount of the registered assets is of 69.7 percent. The 20.7 percent increase registered by the total amount of assets, compared to 2012, is a result of an increase by 21.2 percent of the granted loans. The maximum share in the structure of SCA assets is held by granted loans that accounts for 82.2 percent of the overall value of assets, which is by 0.3 percentage points higher than in 2012.

The structure of SCA assets as of the end of 2012 and 2013 is shown in Table No. 45.

Table No. 45 Structure of the Savings and credit associations’ assets (million MDL)

Assets 2012 2013

Change in 2013 as

compared to 2012

2013SCA with A

license category

SCA with B license

categorySecurities 4,4 4,2 -0,2 2,1 2,1Bank deposits 29,0 27,3 -1,7 9,5 17,8Granted loans 273,9 331,9 +58,0 104,0 227,9Loan loss provisions -9,8 -8,8 +1,0 -3,3 -5,5Long-term tangible and non-tangible assets 5,9 7,2 +1,3 1,6 5,6

Cash funds 13,1 12,2 -0,9 4,2 8,0Checking accounts 3,5 6,6 +3,1 2,3 4,3Interest receivables 6,8 5,1 -1,7 1,6 3,5Interest loss provisions -2,0 -1,0 +1,0 -0,8 -0,2Other assets 9,7 19,2 +9,5 1,0 18,2

TOTAL 334,5 403,9 +69,4 122,2 281,7

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In 2013, similarly to the previous year, we can see the priority given by SCA to profit-generating assets to the detriment of fixed and non-profitable assets. The share of efficient assets increased in 2013, registering a 1.3 percentage points higher value than the minimum level recommended by WOCCU.

The analysis of the financial structure of SCA assets as of 31.12.2013, classified according to WOCCU recommendations shows the following indicators in Table No. 46:

Table No. 46 Financial structure of assets as of 31.12.2013

Indicators

Share in overall assets (per cent)

Recommended level/range

(share in overall assets,

per cent)

2013 (per cent)

2012 2013SCA with A

license category

SCA with B license category

I. Efficient Assets: 96,2 96,3 Minimum 95 97,2 96,01. Granted loans (reduced by the

value of loan loss provisions79,0 80,0 70-80 82,4 79,0

2. Liquid assets 17,2 16,3 Maximum 16 14,8 17,0II. Inefficient Assets: 3,8 3,7 Maximum 5 2,8 4,01. Long-term tangible and non-

tangible assets1,8 1,8 1,3 2,0

2. Interest receivables (reduced by the value of interest loss provisions)

1,4 1,0 0,7 1,1

3. Other assets 0,6 0,9 0,8 0,9

Thus, we can see a favourable change in the assets structure of SCA caused by the increase of granted loans and by the decrease of interest receivables, resulting in the increase of earnings gained by the SCA. While the amount of liquid assets registered an increase of 14.6 per cent, their share in the overall value of assets decreased by 0.9 percentage points, overcoming the maximum level recommended by WOCCU by 0.3 percentage points.

Ownership equityThe consolidated ownership equity of SCA at the end of 2013 was of 122.5

million MDL, registering a 27.3 million MDL or 28.7 per cent increase compared to 2012. In 2013, the SCA recorded a profit of 19.6 million MDL. The increase by 8.6 million MDL or by 78.2 percent of the registered profit is a consequence of the net result from establishment and cancellation of loan loss provisions reduction accompanied by the overall value of expenses increase, lower than the value of income increase. The maximum share of 56.7 per cent, of the consolidated ownership equity is held by the SCA with B license category.

The share of the institutional reserve in the total value of assets as of 31.12.2013 is of 29.9 per cent, while the minimum level recommended by WOCCU is 10 percent. At the same time, the weight of members’ shares in the total value of assets, at the

100

same reference date, is 3.4 per cent, while the maximum level recommended by WOCCU is 20.0 per cent. Under such circumstances, the SCA system registers compliance with the requirements on capital adequacy, the observance of which ensures the efficient SCA risk management.

Savings Deposits As of 31.12.2013, the consolidated value of the SCA savings deposits was 159.2

million MDL, 32.7 per cent higher than in 2012 (Table no 47).

Table No. 47 Structure of savings deposits by due date Due date 2012

(million MDL)

2013 (million MDL)

2013 as compared

to 2012 (per cent)

Share (per cent)2012 2013

Up to 1 month 4,9 9,3 189,8 4,1 5,81-3 months 6,9 11,5 166,7 5,7 7,3

3 months – 1 year 89,9 107,4 119,5 74,9 67,41-3 years 18,3 28,7 156,8 15,3 18,03-5 years 0,0 2,3 - 0,0 1,5

Over 5 years 0,0 0,0 - 0,0 0,0Total 120,0 159,2 132,7 100,0 100,0

Similarly to 2012, SCA tend to accept savings deposits for a short term of up to 1 year, which is determined by the need to ensure the balance of due dates namely in relation to the granted loans, most of which (80.5 percent) are granted for a short term.

The maximum share (67.4 percent) is held by the savings deposits with due dates of 3 months up to 1 year, which decreased in 2013 by 7.5 percentage points, while the savings deposits with due dates of over an year increased.

The amount of savings deposits, as compared to that of received loans and bank credits in 2012 and in 2013 is shown in Diagram No. 48.

The rate of financing the granted loans by savings deposits, recorded by the SCA with B license category, is 69.9 per cent, overcoming the relative value registered at the end of 2012 with 0.6 percentage points, reflecting the faster growth of the savings deposits than the growth registered by the granted loans.

Diagram No. 48 Amount of savings deposits, received loans and bank credits recorded by the SCA with a B license category, million MDL

101

2012 20130.0

20.040.060.080.0

100.0120.0140.0160.0 120.0

159.2

39.843.8

Savings deposits Received loans and bank credits

The share of savings deposits in the overall value of assets recorded at the end of 2013 by the SCA with a B license category is 56.5 percent, which is 0.7 percentage points higher than in 2012 and highlights an insignificant decrease of the dependence on external crediting sources, as a result of the increase registered by the savings deposits, faster than the growth of the received loans and credits. At the same time, this indicator remains below the range recommended by WOCCU (70-80 percent).

Loan PortfolioThe total value of loans granted to SCA members as of 31.12.2013 is 331.9

million MDL, 21.2 percent higher than in 2012 (Diagram No. 49).

Diagram No. 49 Structure of granted by SCA loans, million MDL

2012 20130.0

50.0

100.0

150.0

200.0

250.0

300.0

47.273.1

226.7

258.8

Loans granted for over 1 year Short term granted loans

102

As of the end of 2013, loans granted up to one year made up 78.0 percent of the total amount of granted loans, this indicator being 4.8 percentage points lower than in 2012, in favour of loans granted for over 1 year.

The largest share of loans was granted in agriculture and food industry - 46.73 percent. The structure of SCA loan portfolio by directions of use as of the end of 2013, is reflected in Diagram No. 50.

Diagram No. 50 The structure of loan portfolio of SCA by destination

46.73

16.45

24.31

0.065.82 0.576.06Chart Title

Agriculture/food industry Real estate Consumer credit Energy industry Commerce Roads and transportation Other

By the end of 2013, loans for which the contract conditions are observed (standards) account for 95.8 percent in the structure of the consolidated loan portfolio of SCA, while the supervised loans (expired for up to 30 days) – 1.9 percent (Table No. 48). Thus, a positive trend of the quality of loan portfolio is recorded, the share of the standard loans increasing in 2013 by 1.9 percentage points.

Table No. 48 Structure of the portfolio of loans granted by savings and credits associations

Category

Granted loans (total, million MDL) 2013 compared to

2012 (per cent)

2013 (per cent)

2012 2013SCA with A

license category

SCA with B license

categoryStandard 257,1 318,0 123,7 31,1 68,9Supervised 8,1 6,3 77,8 38,1 61,9Substandard 2,3 2,7 117,4 29,6 70,4Doubtful 2,6 2,5 96,2 8,0 92,0Compromised 3,8 2,4 63,2 70,8 29,2

Total 273,9 331,9 121,2 31,3 68,7

103

The rate of delinquent loans as of 31.12.2012 was 6.1 percent, while at the end of 2013 this indicator decreased to 4.2 percent in the total value of granted loans, decreasing at the same time, under the maximum level set by WOCCU, by 0.8 percentage points. One of the reasons for the level of the delinquent loans share is the fact that the unsecured loans hold the largest share in the loan portfolio – 94.2 per cent, 0.8 percentage points lower than in the similar period of the previous year. The SCA with A license category register a rate of delinquent loans of 5.0 per cent, exceeding the similar indicator recorded by the SCA with B license category by 1.2 percentage points.

Financial results In 2013, the SCA system has recorded a net profit of 19.6 million MDL,

increasing by 78.2 percent. Granted loans interest income increased by 9.2 million MDL or by 13.3 percent, while the expenses on interest related to savings deposits recorded an increase of 2.8 million MDL or of 19.2 percent. While the expenses related to other interests (received loans and bank credits) remained unchanged, the value of other operational expenses decreased by 15.2 per cent. The financial results of SCA are shown in the Table No. 49.

Table No. 49 Financial results of savings and credit associations

Indicators

TOTAL 2013

2012

(million MDL)

2013

(million MDL)

2013as compared to

2012(percent)

Share of A license

category SCA

(percent)

Share of B license

category SCA

(percent)Interest income, related to granted loans 69,4 78,6 113,3 37,0 63,0

Other income from interest 2,4 2,5 104,2 32,0 68,0Net result from the establishment and cancellation of provisions -10,3 -4,8 46,6 10,2 89,8

Other operational income 26,2 27,2 103,8 31,2 68,8Result from the investment activity (profit) 1,0 1,0 - 50,0 50,0

Result from the financial activity (profit) 0,0 0,0 - - -Exceptional result: profit (loss) 0,0 0,0 - - -

Expenses (savings) on the income tax 0,0 0,0 - - -

Total income 88,7 104,5 117,8 36,9 63,1Expenses on savings deposit-related interest 14,6 17,4 119,2 0,0 100,0

Expenses related to other interest 17,0 17,0 - 64,7 35,3General and administrative expenses 42,8 47,7 111,4 41,5 58,5Other operational expenses 3,3 2,8 84,8 46,4 53,6

Total expenses 77,7 84,9 109,3 37,8 62,2Net profit / Net loss 11,0 19,6 178,2 33,2 66,8

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As of 31.12.2013, the recorded number of SCA employees was 822 persons, registering a 5.8 percent decrease compared to 31.12.2012. During the same period, the general and administrative expenses increased by 11.4 per cent, while on 31.12.2012 there was registered an increase of 8.6 per cent compared to the same period of 2011. At the same time, the share of general and administrative expenses in the overall value of assets is 11.8 per cent, by 1.0 percentage points less than the share recorded on 31.12.2012, exceeding the maximum level of 5.0 per cent set by WOCCU.

The SCA with a B license category make up 19.2 per cent of the total number of SCA. At the same time these SCA recorded a value of income gained as commission, fees, penalty related to granted loans that were not repaid in due time (delinquent loans) and other income resulted from the basic activity that overcomes 2.2 times the amount recorded by the SCA with an A license category. Also, the negative net result from the establishment and cancellation of provisions registered by the SCA with a B license category is 8.8 times higher than the similar indicator recorded by the SCA with an A license category.

Evaluation of the savings and credits associations system using the PEARLS model

The assessment of the indicators regarding the effective financial structure, assets quality, liquidity and the signs of growth, according to the PEARLS model is reflected in Table No. 50.

Table No. 50 PEARLS analysis

PEARLS indicators

2012 (%) 2013 (%)Recommend

edlevel / range

(per cent)

SCA with A

license category

SCA with B

license category

SCA with A

license category

SCA withB

license category

Accumulated Charge-offs Recovered / Accumulated Charge-offs

42.3 39.8 75.3 133.5 > 75

Net loans / Total assets 80.0 78.4 82.4 79.0 70-80Liquid assets / Total assets 15.8 17.2 14.8 17.0 ≤ 16

Securities / Total assets 1.7 1.1 1.7 0.7 ≤ 2Savings deposits / Total assets - 55.8 - 39.4 70-80Received loans and bank credits / Total assets

50.9 18.5 50.4 15.5 0-5

Member shares / Total assets - 2.6 - 2.1 ≤ 20Institutional capital10 / Total assets 36.4 17.9 36.9 22.6 ≥ 10Total Loan Delinquency / Gross Loan Portfolio

9.0 4.5 5.0 3.8 ≤ 5

Non-earning assets 11 / Total assets 7.1 9.4 5.6 5.8 ≤ 5

10 The institutional capital in the case of the analyzed indicator consists of legal reserves and the surplus created from accumulations of net profit and donations.11 Assets that do not generate incomes are represented by cash funds, long-term tangible and non-tangible assets and other assets.

105

Liquidity reserve 12 / Total Savings Deposits - 13.5 - 12.4 ≥10Cash funds / Total assets 4.9 3.4 3.5 2.8 < 1

The accumulated charge-offs recovered during 2013 to total accumulated charge-offs ratio achieved a proportion of 75.3 percent for SCA with an A license category and of 133.5 percent for SCA with a B license category, exceeding the minimum level recommended by WOCCU.

The increase of the net value of the loan portfolio to the total value of assets ratio is due to both to the increase of the loan portfolio in 2013 as compared to 2012, and to the decrease of loan loss provisions to the total amount of granted loans ratio. The amount of this indicator fits in the range recommended by the PEARLS model, for the SCA with a B license category, exceeding it in the case of the SCA with an A license category.

The value of liquid assets to the total value of assets ratio, in 2013, unlike 2012, exceeds the recommended maximum level (16 percent), in terms of the B license category SCA. As a result, the registered decrease negatively influence the investment made by the SCA in interest-generating assets, fact also proved by the increase of the share of non-income assets in the overall value of assets recorded by the B license SCA.

The share of securities in the overall value of assets and the weight of member shares in the overall value of assets both in 2013 and 2012 does not exceed the maximum levels – 2.0 percent and 20.0 percent. The value of institutional capital to the total value of assets ratio exceeds the recommended minimum limit of 10 percent. In this context, SCA have the tendency to make additional reserves to cover potential operational, investment, financial or exceptional losses.

The value of financing sources of SCA with a B license category records a negative deviation in 2013 of 30.6 percentage points as compared to the minimum level recommended by WOCCU, regarding the value of savings deposits to total assets ratio.

The share of delinquent loans did not exceed in 2013 the recommended maximum level of 5.0 percent, registering a negative deviation of 4.0 percentage points, in terms of A license category SCA results, and of 0.7 percentage points, in case of B license category SCA, compared to the end of 2012. The situation that results is due to the decrease registered by the value of the delinquent loans, by 17.5 percent, simultaneously with the increase registered by the value of the overall loan portfolio.

Even if the share of cash funds registers a value that exceeds the recommended minimum level, both for A category SCA and B category SCA, it registers a positive deviation in 2013. At the same time, the indicator that reflects the liquidity reserves to

12 The calculation formula is: (liquid assets - 10% of the total value of assets).106

the value of savings deposits ratio records a negative deviation in 2013, exceeding though the recommended level.

3.2. Activity of Microfinance Organizations

As of the end of 2013 there were registered 85 microfinance organizations, out of which 68 submitted financial statements. The evolution of this system is characterized by general activity indicators presented in Table No.51.

Table No.51 General Indicators of the MOs Activity

No. Indicators 2012 20132013 as

compared to 2012 (+,-)

2013 as compared to

2012 (percent)1. Number of organizations (units) 73 85 +12 116,42. Ownership equity (mil MDL) 970,7 1020,6 +49,9 105,13. Total assets (mil MDL) 1892,9 2509,4 +616,5 132,64. Granted loans (mil MDL) 1590,1 1897,0 +306,9 119,35. Received loans and bank credits

(mil MDL)835,0 1280,4 +445,4 153,3

6. Net profit (mil MDL) 90,9 197,2 +106,3 216,97. Return on assets rate (percent) 4,8 7,9 +3,1 -

During 2013, the main indicators on the MOs activity registered a significant increase as compared to the similar period of the previous year. The number of MOs grew by 12 units or about 16.4 percent, following the same trend registered during the last 8 years of system evolution. The increase of the net profit of about 116.9 percent as compared to 2012 is determined by the growth of the loan portfolio by 19.3 percent as compared to the previous period, due to a 53.3 percent growth of the received loans and bank credits. The increase of the return on assets by 3.1 percentage points as compared to the previous year indicates the fact that the MOs invest predominantly in interest-bearing assets with high profitability.

The MOs assets, the largest share of which is held by loan portfolio, during 2006 – 2008, registered a constant growth by 40.0 percent on average. At the same time, during 2009-2010, with an increasing number of MOs by 34.3 percent there was registered an asset value decrease by 14.3 percent on average. The period of 2011-2012 was characterized by an insignificant assets growth by 3.0 percent on average. At the end of 2013, the system recorded the maximum value of the sector, with an amount of 2,509.4 million MDL, a growth by 32.6 percent as compared to the same period of the previous year. (Diagram No. 51).

Diagram No. 51 Development of number and total assets of MOs

107

2006 2007 2008 2009 2010 2011 2012 20130

500

1000

1500

2000

2500

3000

0

10

20

30

40

50

60

70

80

90

1266.5

1917.3

2454.9

1933.81783.9 1844.3

1892.9

2509.4

1113

24

3543

59

73

85

Total assets, mil. mdl Number of MOs

The MOs equity registered a continuous growth during 2006 – 2012. As a result, this indicator is 10.3 times higher, achieving by the end of 2013 the amount of 1020.6 million MDL (Diagram No. 52). The continuous significant growth of this indicator definitely reflects an increase of the overall financial stability of the whole MOs system. The high rate of capitalization is determined by the 7.5 times increase of the net profit resulted from the lending activity during the last 7 years.

Diagram No. 52 Development of MOs ownership equity, net profit and return on equity

2006 2007 2008 2009 2010 2011 2012 20130

200

400

600

800

1000

1200

0

5

10

15

20

25

99.1184

405.3491.1

658.4

960.8 970.71020.6

22.3 26.2 73.8 77.1 85.2 114.6 90.9197.2

22.5

14.2

18.2

15.7

12.911.9

9.4

19.3

Ownership equity, mil. MDL Net profit, mil MDL Financial profitability, %

The return on equity registered a temperate decrease during 2006-2012, the lowest level being reached at the end of 2012 – of about 9.4 percent. The slowdown in the evolution of this indicator is determined by the significantly higher growth pace of the ownership equity as compared to the slower growth pace of the net profit. Although, the enhanced ability of MOs to generate net profit through own capital

108

used in their activity fostered the significant increase of the financial profitability by about 105 percent as compared to the end of the previous year.

Diagram No. 53 Guaranteeing MOs granted loans by due terms

201238.4%2012

56.6%

20125.0%

201336.3%

201355.8%

20137.9%

Due term of granted loans

Up to 1 year 1 to 5 years More than 5 years

2012 2013 2012 2013 2012 2013Up to 1 year 1 to 5 years More than 5 years

0

20

40

60

80

100

120

4254.6

75.7 82.797.9 100

5845.4

24.317.3

2.1 0

Structure of granted loans, percent

Unguaranteed Guaranteed

According to the values shown in Diagram No. 53, the largest share of loans provided by MOs – of 55.8 percent, are granted for an average term of 1 to 5 years, 82.7 percent out of which are guaranteed. At the same time, 36.3 percent of loans are granted for a term up to 1 year, 54.6 percent of which are guaranteed, while other 7.9 percent of loans are granted for an over 5 years term – these being 100 percent guaranteed. Thus, it can be concluded that MOs apply a more prudent policy of loan portfolio management as compared to the previous year, ensuring their delinquency risks of granted loans as their due terms are increasing.

109

The destination of loans provided by MOs is dispersed relatively proportional throughout the whole range of national economy sectors (Diagram No.54). However, the maximum share, of about 35.1 percent is held by loans that according to the accounting classification are loans granted for “other purposes”, registering an increase by 77.3 percent as compared to 2012. Out of these loans, 46 percent are loans granted to SCAs mainly by two MOs.

The 22.7 percent share is held by consumer loans, 18.4 percent are granted for industry and commerce sector, the priority being given to micro, small and medium enterprises and other 15.3 percent represent mortgage loans, the significant share of which is determined by the high value of loans for real estate purchasing, compared to the low number of borrowers.

The basic indicators of MOs activity in 2013 are reflected in the Annex No.40.

IV. Activity of the Credit History Bureaus

In 2011 a credit history bureaus launched its activity, providing services related to the creation, processing and storage of credit history, as well as to issuing credit reports. As of 31.12.2013, the credit history bureaus JV ”Biroul de Credit” LLC registered information for the providing services agreements concluded with 23 entities – sources for creation / users of credit history, including:

- 15 commercial banks, of which only 14 banks provide information to the credit history bureaus;

- 1 leasing company;- 7 microfinance organizations.

Table No. 52 General indicators on credit history bureausThe Reporting period The

110

7.0%15.3%

22.7%

18.4%1,5 %

35.1%

Diagram No. 54 The classification of granted loans by destionation

Agriculture Real estate Consumer Industry and commerce Roads and transportation

Other purposes

situation as of 31.12.12

situation as of 31.12.13

Individuals Legal entities

1Number of credit agreements concluded by the credit histories sources 244 092 84 152 14 937 343 181

2Number of credit histories registered in the credit history bureaus database

128 718 15 030 285 144 033

3Number of submitted credit reports

Credit history users 234 420 178 187 16 156 428 763

Credit history subjects

257 89 20 366

Data analysis shows that on the background of the increase, by 40.6 percent, of the credit contracts’ number concluded by the sources of the credit history bureaus, the number of the credit history contained in the database of the bureaus has increased by 12 percent, fact which shows the amplification of crediting the people who already have a positive credit history.

At the same time, compared with the situation at 31.12.2012 there is a positive trend regarding the number of credit reports submitted by the credit history bureaus to the credit history users, this indicator registering an increase of about 1.8 times, fact which shows that the information obtained from the credit history bureaus is an additional guarantee measure against credit risk.

111

112

Chairman

Foreign Relations and Development Directorate (6) Documentation and Archives Directorate (7)

Stability and service monitoring activities to prevent and combat money laundering and terrorist financing (1)

Press office (1) Internal Audit Service (1)

Staffing and Labor Relations Service (1)Internal Security Service (1)

General Directorate of legal assistance

(11)

Legal Expertise Direcorate

(5)Legal Representation

Directorate (5)

Vice-chairmanMember Vice-chairman

Member

Issuers Monitoring Directorate

(9)

General Directorate of Insurance Supervision

(18)

Monitoring, Statistics and Actuarial Directorate

(5)Insurance Regulation

and Authorization Directorate

(6)Insurance Monitoring

and Control Directorate

(6)

General Directorate of Collective

Placements and Micro-financing (18)

(18)

Collective Placements Regulation and

Supervision Directorate

(6)Savings and Credit

Associations Regulation and

Supervision Directorate

(11)

Administrative Council

General Executive Directorate (19)

General Directorate of Securities Supervision

(17)

Economic, Financial and Administrative General Directorate (15)

Budget and Accounting Division (3)Administrative and Logistics Division (11)

Territorial Representatives (5)

Regulation andAuthorization of

Professional Participants Directorate

(6)Monitoring and Control

of Professional Participants Directorate

(8)

Territorial Representative Comrat

(2)Territorial

Representative Bălţi (3)

Directorate of Information Technologies (5)

Annex No.1 Organizational structure of the National Commission for Financial Markets

113

Annex No. 2Regulatory decisions of the National Commission for Financial Markets

approved in 2012

No. Approved, modified or Cancelled by-law NCFM decision Brief content of the decision

I. Regulation on the National Commission for Financial Markets’ organizationand functioning1. Decision on amending the Annex to the

Decision of the Parliament no. 276 of 06.12.2012 on approval of the NCFM’s budget

Parliamentary Decision no. 35 of

07.03.2013

Approved

2. Decision on amending the Annex to the Decision of the National Commission for Financial Markets no. 13/12 of 01.04.2010 ‘On the Expert Council under the National Commission for Financial Markets’

NCFM Decision no. 59/13 of 14.12.2013

Approved

3. Decision on confirmation of the Order of the Chairman of the National Commission for Financial Markets on allocation of functions and functional activity to the Deputy chairmen and members of the Administrative Council.

Decision of the National Commission for Financial Markets No. 8/11 of 01.03.2013 ‘On confirmation of the Order of the Chairman of the National Commission for Financial Markets on the distribution of functional responsibilities to the members of the Administrative Council’

NCFM Decision no. 34/8 of 19.07.2013

Approved

Cancelled

4. Decision on amending the Decision of the National Commission for Financial Markets No. 25/16 of 07.06.2013 ‘On approval of the certification committee of the professional participants’ specialists of the non-banking financial market’

NCFM Decision no. 38/14 of 08.08.2013

Approved

5. Decision on the approval of the structure and staff

Decision of the National Commission for Financial Markets no. 45/13 of 09.11.2011 ‘On approval of the structure and staff’.

NCFM Decision no. 49/9 of 18.10.2013

Approved

Cancelled

114

6.Decision on amending the NCFM Decision no. 26/13 of 28.05.2009 ‘On regional representatives of the National Commission for Financial Markets’

NCFM Decision no. 59/3 of 14.12.2013

Approved

7.Decision on amending the NCFM Decision no. 13/12 of 01.04.2010 ‘On the Expert Council under the National Commission for Financial Markets’

NCFM Decision no. 12/12 of 22.03.2013

Approved

8.Protocol record on amending and supplementing the Regulation on internal order of the National Commission for Financial Markets

Protocol record no. 54/14 of 08.11.2013

Approved

9.

Decision on approving of the Activity Plan of the National Commission for Financial Markets

NCFM Decision no. 61/9 of 27.12.2013

Approved

II. Regulations developed by the National Commission for Financial Markets10. Decision on approving of amendments to the

Regulations of the National Securities Depository of the Republic of Moldova

NCFM Decision no. 46/9 of 23.09.2013

Approved

11. Decision on approval of the Concept on general mechanism for trading government securities with a maturity greater than one year on the stock market

NCFM Decision no. 59/12 of 14.12.2013

Approved

12. Decision on approval of the Regulation on the conclusion of transactions to which notice is given by insurers (reinsurers)

NCFM Decision no. 10/9 of 15.03.2013

Approved

13. Decision on motor third party liability insurance premiums

NCFM Decision no. 26/10 of 13.06.2013

Approved

14. Law on consumers’ credit contracts Law no. 202 of 12.07.2013 Approved

115

Annex No.3Records made in the Register of licenses issued, reissued, suspended and withdrawn in 2013

Nr. Name of the professional participant

License status NCFM Decision or minutes Type of activity Date of license

expirationGranted licenses

1. IBR ‚BLAJCO ASIST’ LLC Granted Decision no. 7/4 of 22.02.2013 Broker intermediation in insurance and/or reinsurance unlimited

2. IBR ‚REGALASIG’ LLC Granted Decision no. 7/5 of 22.02.2013 Broker intermediation in insurance and/or reinsurance unlimited

3. IBR ‚ASIGVITAL’ LLC Granted Decision no. 8/5 of 01.03.2013 Broker intermediation in insurance and/or reinsurance unlimited

4. IBR ‚INVEST-BROKER’ LLC Granted Decision no. 10/6 of

15.03.2013 Broker intermediation in insurance and/or reinsurance unlimited

5. IBR ‚ALLIANCE ASIG’ LLC Granted Decision no. 12/3 of

22.03.2013 Broker intermediation in insurance and/or reinsurance unlimited

6. IBR ‚ERVAX GRUP’ LLC Granted Decision no. 12/4 of 22.03.2014 Broker intermediation in insurance and/or reinsurance unlimited

7. IB ‚DUVISTAR’ LLC Granted Decision no. 14/10 of 29.03.2013 Broker intermediation in insurance unlimited

8. IBR ‘CIVERINS’ LLC Granted Decision no. 14/9 of 29.03.2013 Broker intermediation in insurance and/or reinsurance unlimited

9. IBR ‘LUCIADA’ LLC Granted Decision no. 17/5 of 11.04.2013 Broker intermediation in insurance and/or reinsurance unlimited

10. IBR ‘CAPITAL BROKER’ LLC Granted Decision no. 18/2 of

19.04.2013 Broker intermediation in insurance and/or reinsurance unlimited

11.‘ANAVIMAX BROKER ASIGURARE DE VIATA’ LLC

Granted Decision no. 18/6 of 19.04.2013 Broker intermediation in insurance unlimited

12.CC ‘T.A.T.I. GRUP BROKER DE ASIGURARE’ LLC

Granted Decision no. 18/7 of 19.04.2013 Broker intermediation in insurance unlimited

13. FCE ‘EUROLIFE BROKER DE ASIGURARE’ LLC Granted Decision no. 20/8 of

26.04.2013 Broker intermediation in insurance and/or reinsurance unlimited

14. IB ‘BROKER EXPERT’ Granted Decision no. 21/8 of Broker intermediation in insurance unlimited

116

LLC 02.05.2013

15. IRB ‘AMP BROKER’ LLC Granted Decision no. 23/7 of 24.05.2013 Broker intermediation in insurance and/or reinsurance unlimited

16. ‘Broking-VM’ JSC Granted Decision 24/10 of 31.05.2013

Stock exchange (basic) 07.06.2018Investment consulting (connected)

18. IBR ‘PRODEVIZ’ LLC Granted Decision no. 24/3 of 31.05.2013 Broker intermediation in insurance and/or reinsurance unlimited

19. IBR ‘TOP BROKER’ LLC Granted Decision no. 24/4 of 31.05.2013 Broker intermediation in insurance and/or reinsurance unlimited

20. FCE ‘WVP BROKER DE ASIGURARE’ LLC Granted Decision no. 25/11 of

07.06.2013 Broker intermediation in insurance unlimited

21. IBR ‘EUASIG’ LLC Granted Decision no. 26/6 of 13.06.2013 Broker intermediation in insurance and/or reinsurance unlimited

22. SCA ‘Cernoleauca’ Granted Decision no. 29/4 of 21.06.2013 Savings and loan associations, B category unlimited

23. SCA ‘Corlateni’ Granted Decision no. 33/7 of 16.07.2013 Savings and loan associations, B category unlimited

24. SCA ‘Viisoara-Domneacsa’ Granted Decision no. 34/3 of 19.07.2013 Savings and loan associations, B category unlimited

25. IBR ‘MCA-BROKER’ LLC Granted Decision no. 38/11 of 08.08.2013 Broker intermediation in insurance and/or reinsurance unlimited

26. IBR ‘EXLUSIV-ASIG’ LLC Granted Decision no. 40/9 of 15.08.2013 Broker intermediation in insurance and/or reinsurance unlimited

27. ‘FINCOM’ JSC Granted Decision no. 44/1 of 13.09.2013

Dealer (basic), broker 14.03.2015

Underwriting and investment consulting (connected)

29. SCA ‘Tetcani’ Granted Decision no. 46/13 of 27.09.2013 Savings and loan associations, A category unlimited

30. SCA ‘Furnica-Razeni’ Granted Decision no. 48/19 of 11.10.2013 Savings and loan associations, B category unlimited

31. IBR ‘DESTINE ASIG’ LLC Granted Decision no. 48/2 of 11.10.2013 Broker intermediation in insurance and/or reinsurance unlimited

32. IBR ‘UNIVERSAL ASIG’ LLC Granted Decision no. 48/3 of

11.10.2013 Broker intermediation in insurance and/or reinsurance unlimited

33. IBR ‘SAFETY BROKER’ LLC Granted Decision no. 56/3 of

25.11.2013 Broker intermediation in insurance and/or reinsurance unlimited

34. IBR ‘BEST BROKER’ LLC Granted Decision no. 57/7 of Broker intermediation in insurance and/or reinsurance unlimited

117

29.11.2013

35. IBR ‘CITY BROKER’ LLC Granted Decision no. 59/7 of 14.12.2013 Broker intermediation in insurance and/or reinsurance unlimited

Reissued licensed

1. IRC ‘MOLDCARGO’ JSC Reissued Decision no. 1/10 of 11.01.2013 General insurance unlimited

2. MEIC ‘GRAWE CARAT’ JSC Reissued Decision no. 1/8 of 11.01.2013 Life insurance. General insurance. unlimited

3. ‘MOLDASIG’ JSC Reissued Decision no. 1/9 of 11.01.2013 General insurance. unlimited

4. MIC ‘EXIM-ASIST’ JSC Reissued Decision no. 2/5 of 17.01.2013 General insurance unlimited

5. ‘MOLDASIG’ JSC Reissued Decision no. 2/6 of 17.01.2013 General insurance unlimited

6. IRC ‘MOLDCARGO’ JSC Reissued Decision no. 2/7 of 17.01.2013 General insurance unlimited

7. IC ‘KLASSIKA ASIGURARI’ JSC Reissued Decision no. 2/8 of

26.01.2013 General insurance unlimited

8. IRB ‘NOVA BROKER’ LLC Reissued Decision no. 3/6 of 26.01.2013 Broker intermediation in insurance and/or reinsurance 14.05.2015

9. IB ‘BROKER EXPERT’ LLC Reissued Decision no. 3/6 of 26.01.2013 Broker intermediation in insurance 30.04.2013

10. IC ‘GALAS’ JSC Reissued Decision no. 4/11 of 01.02.2013 General insurance unlimited

11. MEIC ‘GRAWE CARAT’ JSC Reissued Decision no. 4/12 of 01.02.2013 Life insurance. General insurance. unlimited

12. ‘MOLDASIG’ JSC Reissued Decision no. 4/13 of 01.02.2013 General insurance unlimited

13. IIC ‘ASITO’ JSC Reissued Decision no. 5/2 of 08.02.2013 General insurance unlimited

14. IC ‘KLASSIKA ASIGURARI’ JSC Reissued Decision no. 5/3 of

08.02.2013 General insurance unlimited

15. IRC ‘DONARIS GROUP’ JSC Reissued Decision no. 5/4 of 08.02.2013 General insurance unlimited

16. MEIIC ‘TRANSELIT’ JSC Reissued Decision no. 6/2 of 14.02.2013 General insurance unlimited

17. MEIC ‘GRAWE CARAT’ JSC Reissued Decision no. 6/3 of Life insurance unlimited

118

14.02.2013 General insurance

19. MEIC ‘GRAWE CARAT’ JSC Reissued Decision no. 7/6 of 22.02.2013

Life insurance unlimitedGeneral insurance

21. IRC ‘MOLDCARGO’ JSC Reissued Decision no. 7/7 of 22.02.2013 General insurance unlimited

22. IC ‘KLASSIKA ASIGURARI’ JSC Reissued Decision no. 7/8 of

22.02.2013 General insurance unlimited

23. IC ‘KLASSIKA ASIGURARI’ JSC Reissued Decision no. 9/2 of

07.03.2013 General insurance unlimited

24. IRC ‘DONARIS GROUP’ JSC Reissued Decision no. 10/7 of 15.03.2013 General insurance unlimited

25. IRC ‘MOLDCARGO’ JSC Reissued Decision no. 10/8 of 15.03.2013 General insurance unlimited

26. IIC ‘ASITO’ JSC Reissued Decision no. 12/5 of 22.03.2013 General insurance unlimited

27. IIC ‘KLASSIKA AIGURARI’ JSC Reissued Decision no. 12/6 of

22.03.2013 General insurance unlimited

28. IRB ‘HERMINA’ JSC Reissued Decision no. 14/11 of 29.03.2013 Broker intermediation in insurance and/or reinsurance 20.08.2015

29. IRC ‘MOLDCARGO’ JSC Reissued Decision no. 14/12 of 29.03.2013 General insurance unlimited

30. MEIIC ‘TRANSELIT’ JSC Reissued Decision no. 14/13 of 29.03.2013 General insurance unlimited

31. MEIC ‘GRAWE CARAT ASIGURARI’ JSC Reissued Decision no. 15/2 of

03.04.2013Life insurance

unlimitedGeneral insurance

33. IRB ‘AECM ASIGURARI’ LLC Reissued Decision no. 17/3 of

11.04.2013 Broker intermediation in insurance and/or reinsurance 22.10.2015

34. IC ‘GALAS’ JSC Reissued Decision no. 17/4 of 11.04.2013 General insurance unlimited

35. IRB ‘PARTENER-BROKER’ LLC Reissued Decision no. 18/10

of19.04.2013 Broker intermediation in insurance and/or reinsurance 22.05.2014

36. MEIIC ‘TRANSELIT’ JSC Reissued Decision no. 18/11 of 19.04.2013 General insurance unlimited

37. IC ‘ASTERRA GRUP’ JSC Reissued Decision no. 18/8 of 19.04.2013 General insurance unlimited

38. ‘ONLINE BROKER DE ASIGURARE’ JSC Reissued Decision no. 18/9 of

19.04.2013 Broker intermediation in insurance 22.05.2014

119

39. ‘INSURANCE CONSULTING & SOLUTIONS’ JSC Reissued Decision no. 20/10 of

26.04.2013 Broker intermediation in insurance 09.10.2014

40. IC ‘GARANTIE’ JSC Reissued Decision no. 20/5 of 26.04.2013 General insurance unlimited

41. MEIC ‘GRAWE CARAT’ JSC Reissued Decision no. 20/6 of 26.04.2013

Life insurance unlimitedGeneral insurance

43. IRC ‘MOLDCARGO’ JSC Reissued Decision no. 20/7 of 26.04.2013 General insurance unlimited

44. IRB ‘ASTRA’ LLC Reissued Decision no. 20/9 of 26.04.2013 Broker intermediation in insurance and/or reinsurance 29.06.2017

45. SCA ‘Valul lui Traian’ Reissued Decision no. 21/2 of 02.05.2013 Savings and loan associations, A category unlimited

46. IRC ‘DONARIS GROUP’ JSC Reissued Decision no. 21/4 of 02.05.2013 General insurance unlimited

47. ‘ACORD GRUP’ JSC Reissued Decision no. 21/5 of 02.05.2013 General insurance unlimited

48. IIC ‘ASITO’ JSC Reissued Decision no. 21/6 of 02.05.2013 General insurance unlimited

49. SCA ‘Microimprumut’ Reissued Decision no. 22/10 of 17.05.2013 Savings and loan associations, B category unlimited

50. IRC ‘MOLDCARGO’ Reissued Decision no. 22/5 of 17.05.2013 General insurance unlimited

51. SCA ‘Antonesti’ Reissued Decision no. 22/9 of 17.05.2013 Savings and loan associations, A category unlimited

52. IRB ‘IRS MANAGEMENET’ LLC Reissued Decision no. 23/10 of

24.05.2013 Broker intermediation in insurance and/or reinsurance 22.08.2013

53. IRC ‘DONARIS GROUP’ JSC Reissued Decision no. 23/8 of 24.05.2013 General insurance unlimited

54. IRB ‘CAPITAL BROKER’ Reissued Decision no. 23/9 of 24.05.2013 Broker intermediation in insurance and/or reinsurance unlimited

55. ‘BROOKER M-D’ JSC Reissued Decision no. 24/11 of 31.05.2013

Dealer (basic), broker 04.05.2015

Underwriting and investment consulting (connected)

57. SCA ‘Hrusova’ Reissued Decision no. 24/13 of 31.05.2013 Savings and loan associations, B category unlimited

58. IC ‘GARANTIE’ JSC Reissued Decision no. 24/5 of 31.05.2013 General insurance unlimited

120

59. IC ‘KLASSIKA ASIGURARI’ JSC Reissued Decision no. 24/6 of

31.05.2013 General insurance unlimited

60. IC ‘VICTORIA ASIGURARI’ JSC Reissued Decision no. 25/10 of

07.06.2013 General insurance unlimited

61. SCA ‘Mihaileni’ Reissued Decision no. 25/17 of 07.06.2013 Savings and loan associations, B category unlimited

62. SCA ‘Stefanesti’ Reissued Decision no. 25/18 of 07.06.2013 Savings and loan associations, B category unlimited

63. ‘Central Depository’ JSC Reissued Decision no. 25/2 of 07.06.2013 Holding the registry (basic), consulting (connected) 27.05.2016

64. MEIC ‘GRAWE CARAT ASIGURARI’ JSC Reissued Decision no. 25/6 of

07.06.2013Life insurance unlimitedGeneral insurance

66. IIC ‘ASITO’ JSC Reissued Decision no. 25/7 of 07.06.2013 General insurance unlimited

67. IRC ‘DONARIS GROUP’ JSC Reissued Decision no. 25/8 of 07.06.2013 General insurance unlimited

68. IRB ‘PARTENER-BROKER’ LLC Reissued Decision no. 25/9 of

07.06.2013 Broker intermediation in insurance and/or reinsurance 22.05.2014

69. SCA ‘Onesti - Credit’ Reissued Decision no. 26/3 of 13.06.2013 Savings and loan associations, A category unlimited

70. ‘ACORD GRUP’ JSC Reissued Decision no. 26/7 of 13.06.2013 General insurance unlimited

71. MEIC ‘GRAWE CARAT ASIGURARI’ JSC Reissued Decision no. 26/8 of

13.06.2013Life insurance unlimitedGeneral insurance

73. IC ‘KLASSIKA ASIGURARI’ JSC Reissued Decision no. 26/9 of

13.06.2013 General insurance unlimited

74. MEIC ‘GRAWE CARAT ASIGURARI’ JSC Reissued Decision no. 29/14 of

21.06.2013 Life insurance unlimited

75. IRB ‘NOVA BROKER’ LLC Reissued Decision no. 29/15 of 21.06.2013 Broker intermediation in insurance and/or reinsurance 14.05.2015

76. SCA ‘Holercani’ Reissued Decision no. 29/15 of 21.06.2013 Savings and loan associations, B category unlimited

77. SCA ‘Japca’ Reissued Decision no. 29/6 of 21.06.2013 Savings and loan associations, A category unlimited

78. SCA ‘Pelinia’ Reissued Decision no. 29/7 of 21.06.2013 Savings and loan associations, B category unlimited

79. SCA ‘Radulenii Vechi’ Reissued Decision no. 29/8 of Savings and loan associations, A category unlimited

121

21.06.2013

80. MEIC ‘GRAWE CARAT ASIGURARI’ JSC Reissued Decision no. 30/4 of

28.06.2013Life insurance unlimitedGeneral insurance

82. IC ‘VICTORIA ASIGURARI’ JSC Reissued Decision no. 32/5 of

05.07.2013 General insurance unlimited

83. IRC ‘DONARIS GROUP’ JSC Reissued Decision no. 32/6 of 05.07.2013 General insurance unlimited

84. IC ‘ASTERRA GRUP’ JSC Reissued Decision no. 33/1 of 16.07.2013 General insurance unlimited

85. IC ‘MOLDOVA-ASTROVAZ’ JSC Reissued Decision no. 33/2 of

16.07.2013 General insurance unlimited

86. SCA ‘Rediumarianca’ Reissued Decision no. 33/8 of 16.07.2013 Savings and loan associations, A category unlimited

87. SCA ‘Sculeni’ Reissued Decision no. 34/1 of 19.07.2013 Savings and loan associations, B category unlimited

88. SCA ‘Cajba’ Reissued Decision no. 34/2 of 19.07.2013 Savings and loan associations, A category unlimited

89. IBR ‘TOP BROKER’ LLC Reissued Decision no. 34/5 of 19.07.2013 Broker intermediation in insurance and/or reinsurance unlimited

90. IRC ‘MOLDCARGO’ JSC Reissued Decision no. 35/1 of 26.07.2013 General insurance unlimited

91. SCA ‘Cobani’ Reissued Decision no. 35/11 of 26.07.2013 Savings and loan associations, A category unlimited

92. SCA ‘Speia’ Reissued Decision no. 35/12 of 26.07.2013 Savings and loan associations, A category unlimited

93. IRC ‘DONARIS GROUP’ JSC Reissued Decision no. 35/2 of 26.07.2013 General insurance unlimited

94. ‘MOLDASIG’ JSC Reissued Decision no. 25/3 of 26.07.2013 General insurance unlimited

95. IC ‘KLASSIKA ASIGURARI’ JSC Reissued Decision no. 35/4 of

26.07.2013 General insurance unlimited

96. IBR ‘CAPITAL BROKER’ LLC Reissued Decision no. 35/5 of

26.07.2013 Broker intermediation in insurance and/or reinsurance unlimited

97. IBR ‘PARTENER-BROKER’ LLC Reissued Decision no. 35/6 of

26.07.2013 Broker intermediation in insurance and/or reinsurance 22.05.2014

98. IBR ‘BIRMAN GRUP’ LLC Reissued Decision no. 36/10 of 02.08.2013 Broker intermediation in insurance and/or reinsurance 05.06.2014

122

99. MEIC ‘GRAWE CARAT ASIGURARI’ JSC Reissued Decision no. 36/5 of

02.08.2013Life insurance unlimitedGeneral insurance

101. IC ‘KLASSIKA ASIGURARI’ JSC Reissued Decision no. 36/6 of

02.08.2013 General insurance unlimited

102. IC ‘GARANTIE’ JSC Reissued Decision no. 36/7 of 02.08.2013 General insurance unlimited

103. ‘ACORD GRUP’ JSC Reissued Decision no. 36/8 of 02.08.2013 General insurance unlimited

104.CC ‘AV BROKER DE ASIGURARE-REASIGURARE’ LLC

Reissued Decision no. 36/9 of 02.08.2013 Broker intermediation in insurance and/or reinsurance 10.08.2015

105. SCA ‘Tatarauca Veche’ Reissued Decision no. 38/1 of 08.08.2013 Savings and loan associations, A category unlimited

106. IRB ‘GAMA PERFECT ASIG’ LLC Reissued Decision no. 38/10 of

08.08.2013 Broker intermediation in insurance and/or reinsurance 17.11.2014

107. SCA ‘Cagalnic’ Reissued Decision no. 38/2 of 08.08.2013 Savings and loan associations, A category unlimited

108. SCA ‘Legenda’ Reissued Decision no. 38/3 of 08.08.2013 Savings and loan associations, A category unlimited

109. SCA ‘BRD Finante’ Reissued Decision no. 38/4 of 08.08.2013 Savings and loan associations, B category unlimited

110. IIC ‘ASITO’ JSC Reissued Decision no. 38/7 of 08.08.2013 General insurance unlimited

111. MEIC ‘GRAWE CARAT ASIGURARI’ JSC Reissued Decision no. 38/8 of

08.08.2013Life insurance unlimitedLife insurance

113. IRC ‘MOLDCARGO’ JSC Reissued Decision no. 38/9 of 08.08.2013 General insurance unlimited

114. SCA ‘Filipeni’ Reissued Decision no. 40/1 of 15.08.2013 Savings and loan associations, A category unlimited

115. SCA ‘Suhuluceni-Credit’ Reissued Decision no. 40/1 of 15.08.2013 Savings and loan associations, A category unlimited

116. SCA ‘Victoria-Saratenii Vechi’ Reissued Decision no. 40/3 of 15.08.2013 Savings and loan associations, A category unlimited

117. IC ‘KLASSIKA ASIGURARI’ JSC Reissued Decision no. 40/6 of

15.08.2013 General insurance unlimited

118. IRC ‘DONARIS GROUP’ JSC Reissued Decision no. 40/7 of 15.08.2013 General insurance unlimited

123

119. IB ‘BROKER-EXPERT’ LLC Reissued Decision no. 41/10 of 23.08.2013 Broker intermediation in insurance unlimited

120. IRB ‘AUTOBIN GRUP’ LLC Reissued Decision no. 41/11 of 23.08.2013 Broker intermediation in insurance and/or reinsurance 19.03.2014

121. IRB ‘INVEST-BROKER’ LLC Reissued Decision no. 41/12 of 23.08.2013 Broker intermediation in insurance and/or reinsurance unlimited

122. SCA ‘Musteata’ Reissued Decision no. 41/3 of 23.08.2013 Savings and loan associations, A category unlimited

123. SCA ‘Falestii Noi’ Reissued Decision no. 41/4 of 23.08.2013 Savings and loan associations, A category unlimited

124. SCA ‘Dusmani’ Reissued Decision no. 41/5 of 23.08.2013 Savings and loan associations, A category unlimited

125. MEIC ‘GRAWE CARAT ASIGURARI’ JSC Reissued Decision no. 41/8 of

23.08.2013Life insurance unlimitedGeneral insurance

127. FCEIRB ‘AXA BROKER’ LLC Reissued Decision no. 41/9 of

23.08.2013 Broker intermediation in insurance and/or reinsurance 20.01.2017

128. MEIC ‘GRAWE CARAT ASIGURARI’ JSC Reissued Decision no. 43/1 of

06.09.2013Life insurance unlimitedGeneral insurance

130. IRC ‘DONARIS GROUP’ JSC Reissued Decision no. 43/2 of 06.09.2013 General insurance unlimited

131. IRB ‘PARTENER-BROKER’ LLC Reissued Decision no. 43/3 of

06.09.2013 Broker intermediation in insurance and/or reinsurance 22.05.2014

132. MEIIC ‘TRANSELIT’ JSC Reissued Decision no. 43/3 of 06.09.2013 General insurance unlimited

133. SCA ‘Ochiul Alb’ Reissued Decision no. 43/7 of 06.09.2013 Savings and loan associations, B category unlimited

134. SCA ‘Rural Credit’ Reissued Decision no. 43/8 of 06.09.2013 Savings and loan associations, B category unlimited

135. SCA ‘Gotesti’ Reissued Decision no. 44/5 of 13.09.2013 Savings and loan associations, B category unlimited

136. IRC ‘MOLDCARGO’ JSC Reissued Decision no. 44/7 of 13.09.2013 General insurance unlimited

137. MEIC ‘GRAWE CARAT ASIGURARI’ JSC Reissued Decision no. 44/8 of

13.09.2013Life insurance unlimitedGeneral insurance

139. SCA ‘Pitusca’ Reissued Decision no. 46/11 of 27.09.2013 Savings and loan associations, B category unlimited

140. IRC ‘DONARIS GROUP’ JSC Reissued Decision no. 46/3 of General insurance unlimited

124

27.09.2013

141. MEIC ‘GRAWE CARAT ASIGURARI’ JSC Reissued Decision no. 46/4 of

27.09.2013Life insurance unlimitedGeneral insurance

143. ‘MOLDASIG’ JSC Reissued Decision no. 46/5 of 27.09.2013 General insurance unlimited

144. IRB ‘PRIMGROUP-ASIG’ LLC Reissued Decision no. 46/6 of

27.09.2013 Broker intermediation in insurance and/or reinsurance unlimited

145. ‘ACORD GRUP’ JSC Reissued Decision no. 48/11 of 11.10.2013 General insurance unlimited

146. SCA ‘Burlanesti’ Reissued Decision no. 48/11 of 11.10.2013 Savings and loan associations, A category unlimited

147. SCA ‘Ulmu’ Reissued Decision no. 48/21 of 11.10.2013 Savings and loan associations, A category unlimited

148. IRB ‘ARBORA GRUP’ LLC Reissued Decision no. 48/4 of 11.10.2013 Broker intermediation in insurance and/or reinsurance unlimited

149. IB ‘BROKER EXPERT’ JSC Reissued Decision no. 48/5 of 11.10.2013 Broker intermediation in insurance unlimited

150. IC ‘GALAS’ JSC Reissued Decision no. 48/6 of 11.10.2013 General insurance unlimited

151. IC ‘GALAS’ JSC Reissued Decision no. 48/7 of 11.10.2013 General insurance unlimited

152. IRC ‘MOLDCARGO’ JSC Reissued Decision no. 48/8 of 11.10.2013 General insurance unlimited

153. IRB ‘PARTENER-BROKER’ LLC

Reissued Decision no. 48/9 of 11.10.2013 Broker intermediation in insurance and/or reinsurance 22.05.2014

154. IC ‘ASTERRA GRUP’ JSC Reissued Decision no. 49/2 of 18.10.2013 General insurance unlimited

155. ‘ACCORD GRUP’ JSC Reissued Decision no. 49/3 of 18.10.2013 General insurance unlimited

156. SCA ‘Vasieni’ Reissued Decision no. 49/7 of 18.10.2013 Savings and loan associations, A category unlimited

157. ‘ACORD GRUP’ JSC Reissued Decision no. 51/3 of 25.10.2013 General insurance unlimited

158. IC ‘ASTERRA GRUP’ JSC Reissued Decision no. 51/4 of 25.10.2013 General insurance unlimited

159. IC ‘KLASSIKA ASIGURARI’ JSC

Reissued Decision no. 51/5 of 25.10.2013 General insurance unlimited

125

160. MEIIC ‘TRANSELIT’ JSC Reissued Decision no. 51/6 of 25.10.2013 General insurance unlimited

161. ‘MOLDASIG’ JSC Reissued Decision no. 52/2 of 01.11.2013 General insurance unlimited

162. IRC ‘MOLDCARGO’ JSC Reissued Decision no. 52/3 of 01.11.2013 General insurance unlimited

163. SCA ‘Cimiseni’ Reissued Decision no. 52/7 of 01.11.2013 Savings and loan associations, A category unlimited

164. SCA ‘Plopi’ Reissued Decision no. 52/8 of 01.11.2013 Savings and loan associations, B category unlimited

165. MIC ‘EXIM-ASIST’ JSC Reissued Decision no. 54/2 of 08.11.2013 General insurance unlimited

166. IC ‘GARANTIE’ Reissued Decision no. 54/6 of 08.11.2013 General insurance unlimited

167. IRB ‘INVEST-BROKER’ LLC Reissued Decision no. 54/4 of 08.11.2013 Broker intermediation in insurance and/or reinsurance unlimited

168. SCA ‘Supercredit’ Reissued Decision no. 54/9 of 08.11.2013 Savings and loan associations, B category unlimited

169. IRC ‘MOLDCARGO’ JSC Reissued Decision no. 55/1 of 14.11.2013 General insurance unlimited

170. MEIIC ‘TRANSELIT’ JSC Reissued Decision no. 55/2 of 14.11.2013 General insurance unlimited

171. ‘MOLDASIG’ JSC Reissued Decision no. 56/4 of 25.11.2013 General insurance unlimited

172. IC ‘KLASSIKA ASIGURARI’ JSC

Reissued Decision no. 57/10 of 25.11.2013 General insurance unlimited

173. IRB ‘PARTENER-BROKER’ JSC

Reissued Decision no. 57/11 of 29.11.2013 Broker intermediation in insurance and/or reinsurance unlimited

174. ‘Registru Grant’ JSC Reissued Decision no. 57/2 of 29.11.2013 Holding the registry (basic), consulting (connected) unlimited

175. SCA ‘Brinzenii Vechi’ Reissued Decision no. 57/4 of 29.11.2013 Savings and loan associations, B category unlimited

176. SCA ‘Valea Vilcului’ Reissued Decision no. 57/5 of 29.11.2013 Savings and loan associations, B category unlimited

177. IRB ‘AUTORIG-ASIG’ LLC Reissued Decision no. 57/8 of 29.11.2013 Broker intermediation in insurance and/or reinsurance 11.12.2014

178. MEIC ‘GRAWE CARAT Reissued Decision no. 57/9 of Life insurance unlimited

126

ASIGURARI’ JSC 29.11.2013 General insurance

180. ‘ACORD GRUP’ JSC Reissued Decision no. 58/10 of 06.12.2013 General insurance unlimited

181. IRB ‘BROKERASIG’ LLC Reissued Decision no. 58/11 of 06.12.2013 Broker intermediation in insurance and/or reinsurance 19.02.2015

182. IRC ‘DONARIS GROUP’ JSC Reissued Decision no. 58/12 of 06.12.2013 General insurance unlimited

183. IC ‘ASTERRA GRUP’ JSC Reissued Decision no. 58/13 of 06.12.2013 General insurance unlimited

184. IB ‘BROKER EXPERT’ LLC Reissued Decision no. 58/14 of 06.12.2013 Broker intermediation in insurance unlimited

185. IRC ‘MOLDCARGO’ JSC Reissued Decision no. 58/15 of 06.12.2013 General insurance unlimited

186. IC ‘KLASSIKA ASIGURARI’ JSC

Reissued Decision no. 58/16 of 06.12.2013 General insurance unlimited

187. SCA ‘Caracui’ Reissued Decision no. 58/4 of 06.12.2013 Savings and loan associations, A category unlimited

188. MEIC ‘GRAWE CARAT ASIGURARI’ JSC

Reissued Decision no. 59/10 of 14.12.2013

Life insurance unlimitedGeneral insurance

190. IRB ‘INVEST-BROKER’ LLC Reissued Decision no. 59/11 of 14.12.2013 Broker intermediation in insurance and/or reinsurance unlimited

191. SCA ‘Microcredit’ Reissued Decision no. 59/2 of 14.12.2013 Savings and loan associations, B category unlimited

192. ‘ACORD GRUP’ JSC Reissued Decision no. 59/8 of 14.12.2013 General insurance unlimited

193. IRB ‘BROKERASIG’ LLC Reissued Decision no. 59/9 of 14.12.2013 Broker intermediation in insurance and/or reinsurance unlimited

194. SCA ‘Prometeu Credit’ Reissued Decision no. 60/10 of 20.12.2013 Savings and loan associations, A category unlimited

195. SCA ‘Soldanesti Credit’ Reissued Decision no. 60/11 of 20.12.2013 Savings and loan associations, A category unlimited

196. IRB ‘AXA BROKER’ LLC Reissued Decision no. 60/2 of 20.12.2013 Broker intermediation in insurance and/or reinsurance 20.01.2017

197. MEIC ‘GRAWE CARAT ASIGURARI’ JSC

Reissued Decision no. 60/3 of 20.12.2013

Life insurance unlimitedGeneral insurance

199. IRC ‘MOLDCARGO’ JSC Reissued Decision no. 60/4 of 20.12.2013

General insurance unlimited

127

200. IRB ‘DESTINE ASIG’ LLC Reissued Decision no. 61/2 of 27.12.2013 Broker intermediation in insurance and/or reinsurance unlimited

201. IC ‘VICTORIA ASIGURARI’ JSC

Reissued Decision no. 61/3 of 27.12.2013 General insurance unlimited

Suspended licenses

1. SCA ‘Budai’ Suspended Decision no.2/1 of 17.01.2013 Savings and loan associations, B category unlimited

2. SCA ‘Balauresti’ Suspended Decision no. 4/6 of 01.02.2013 Savings and loan associations, B category unlimited

3. SCA ‘Hiroveanca’ Suspended Decision no. 58/1 of 06.12.2013 Savings and loan associations, A category unlimited

Withdrawn/found invalid licenses

1. SCA ‘Credosucces’ Withdrawn Decision no. 5/7 of 08.02.2013 Savings and loan associations, A category unlimited

2. SCA ‘Lucreafarul-97’ Found invalid Decision no. 7/12 of

22.02.2013 Savings and loan associations, A category unlimited

3. SCA ‘Mercurius din Meleseni’ Withdrawn Decision no. 7/13 of

22.02.2013 Savings and loan associations, A category unlimited

4. ‘Asigurari Generale VictoriAsig’ JSC Withdrawn Decision no. 7/9 of

22.02.2013 General insurance unlimited

5. SCA ‘Hirtopul Mare’ Withdrawn Decision no. 12/11 of

22.03.2013 Savings and loan associations, B category unlimited

6. IRB ‘STARASIG’ LLC Withdrawn Decision no. 14/14 of

29.03.2013Broker intermediation in insurance and/or reinsurance 26.06.2013

7. SCA ‘Costanglia-Can’ Withdrawn

Decision no. 18/16 of 19.04.2013 Savings and loan associations, A category unlimited

8. IRB ‘CAPITAL BROKER’ LLC Found invalid

Decision no. 18/2 of 19.04.2013

Broker intermediation in insurance and/or reinsurance 02.03.2017

9. IRB ‘AMP BROKER’ LLC Found invalid

Decision no. 23/7 of 24.05.2013

Broker intermediation in insurance and/or reinsurance unlimited

128

10. SCA ‘Sinesti’ WithdrawnDecision no. 24/14 of 31.05.2013 Savings and loan associations, A category unlimited

11. IRB ‘EXTRA ASIG’ LLC Withdrawn

Decision no. 29/11 of 21.06.2013

Broker intermediation in insurance and/or reinsurance 07.08.2014

12. MEIRB ‘ASIGARC’ LLC

Withdrawn Decision no. 33/3 of 16.07.2013

Broker intermediation in insurance and/or reinsurance 11.05.2017

13. IRB ‘SEMASIG-PRIM’ LLC

Withdrawn Decision no. 33/4 of 16.07.2013

Broker intermediation in insurance and/or reinsurance 20.08.2015

14. SCA ‘Raciula’Withdrawn Decision no. 33/9 of

16.07.2013 Savings and loan associations, A categoryunlimited

15. SCA ‘Cazangic’Withdrawn Decision no. 35/13 of

26.07.2013 Savings and loan associations, A categoryunlimited

16. SCA ‘Chiricaiestii Noi’

Withdrawn Decision no. 40/4 of 15.08.2013 Savings and loan associations, A category

unlimited

17. IRB ‘INTELMOD-ASIG’ LLC

Withdrawn Decision no. 41/13 of 23.08.2013

Broker intermediation in insurance and/or reinsurance

19.03.2015

18. IRB ‘GENERAL BROKER’ LLC

Withdrawn Decision no. 45/2 of 20.09.2013

Broker intermediation in insurance and/or reinsurance

28.01.2015

19. SCA ‘Finagrocredit’Withdrawn Decision no. 46/12 of

27.09.2013 Savings and loan associations, B categoryunlimited

20. SCA ‘Lapusna-Credit’

Withdrawn Decision no. 46/15 of 27.09.2013 Savings and loan associations, A category

unlimited

21. SCA ‘Ivanovca-Fin’Withdrawn Decision no. 48/22 of

11.10.2013 Savings and loan associations, A categoryunlimited

129

22. IRB ‘UNIVERSAL ASIG’ LLC Found invalid Decision no. 48/3 of

11.10.2013Broker intermediation in insurance and/or reinsurance

unlimited

23. SCA ‘Antonesti-Prim’

Withdrawn Decision no. 51/7 of 25.10.2013 Savings and loan associations, A category unlimited

24. SCA ‘Sipotul Ghervas’

Withdrawn Decision no. 51/8 of 25.10.2013 Savings and loan associations, A category unlimited

25. SCA ‘Mereni’ Withdrawn Decision no. 51/9 of 25.10.2013 Savings and loan associations, B category unlimited

26. SCA ‘Aluatu Marioara’

Withdrawn Decision no. 52/9 of 01.11.2013 Savings and loan associations, A category unlimited

27.MEIRB ‘OMERLAE INSURANCE’ LLC

Withdrawn Decision no. 54/5 OF 08.11.2013

Broker intermediation in insurance and/or reinsurance 25.05.2017

28. SCA ‘Velino-Prim’ Withdrawn Decision no. 56/6 of 25.11.2013 Savings and loan associations, A category unlimited

29. MIC ‘EXIM-ASIST’ JSC

Withdrawn Decision no. 57/12 of 29.11.2013 General insurance unlimited

30. SCA ‘Niorcaceanul’ Withdrawn Decision no. 59/3 of 14.12.2013 Savings and loan associations, A category unlimited

31. SCA ‘Balauresti’ Withdrawn Decision no. 59/4 of 14.12.2013 Savings and loan associations, B category unlimited

32. SCA ‘Budai’ Withdrawn Decision no. 59/4 of 14.12.2013 Savings and loan associations, B category unlimited

33. SCA ‘Ghecrial Sistem’

Withdrawn Decision no. 59/4 of 14.12.2013 Savings and loan associations, B category unlimited

130

131

Annex No.4Authorizations of reorganization issued to the Joint Stock Companies in 2012

№ Name of the issuer Form of reorganization Date of decision adoption

1. JSC ‘DRUMURI-CIMISLIA’ Merger (absorption) of JSC ‘DRUMURI-LEOVA’ and of SE ‘DRUMURI-BASARABEASCA’

11.01.2013

2. JSC ‘DRUMURI-LEOVA’ Merger (absorption) to JSC ‘DRUMURI-CIMISLIA’

11.01.2013

3. JSC ‘DRUMURI-BALTI’ Merger (absorption) of JSC ‘DRUMURI-SINGEREI’ and of JSC ‘DRUMURI-FALESTI’

26.01.2013

4. JSC ‘DRUMURI-SINGEREI’ Merger (absorption) to JSC ‘DRUMURI-BALTI’ 26.01.2013

5. JSC ‘DRUMURI-FALESTI’ Merger (absorption) to JSC ‘DRUMURI-BALTI’ 26.01.2013

6. JSC ‘PRICHINDEL’ Dismemberment (separation) with the transmission of the patrimony to the new created LLC ‘PUZDERII’

26.01.2013

7. JSC ‘AZURIT’ Transformation 01.02.2013

8. JSC ‘ROMANITA’ Dismemberment (separation) with the transmission of the patrimony to the new created LLC ‘FEGRO PLUS’

14.02.2013

9. JSC ‘BAZA DE TRANSPORT AUTO NR.31 CHISINAU’

Dismemberment (separation) with the transmission of the patrimony to the new created LLC ‘AUTOHAS PRIM’

01.03.2013

10. JSC ‘DRUMURI ORHEI’ Merger (absorption) of JSC ‘DRUMURI-TELENESTI’ and of JSC ‘DRUMURI-REZINA’

01.03.2013

11. JSC ‘DRUMURI-TELENESTI’

Merger (absorption) to JSC ‘DRUMURI ORHEI’ 01.03.2013

12. JSC ‘DRUMURI-REZINA’ Merger (absorption) to JSC ‘DRUMURI ORHEI’ 01.03.2013

13. JSC ‘DRUMURI IALOVENI’ Merger (absorption) of JSC ‘DRUMURI-HINCESTI’ and of JSC ‘DRUMURI NISPORENI’

01.03.2013

14. JSC ‘DRUMURI-HINCESTI’ Merger (absorption) to JSC ‘DRUMURI IALOVENI’

01.03.2013

15. JSC ‘DRUMURI NISPORENI’ Merger (absorption) to JSC ‘DRUMURI IALOVENI’

01.03.2013

16. JSC Tipografia ‘ROTODONOR’

Dismemberment (separation) with the transmission of the patrimony to the new created ME ‘ELITA-5-ALTEPI’ LLC

07.03.2013

17. JSC ‘TRANSPORT’ Dismemberment (separation) with the transmission of the patrimony to the new created LLC ‘TELAUTOGAR’

15.03.2013

132

18. JSC ‘INTREPRINDEREA DE COLECTARE A CEREA;E;PR DIN LIPCANI’

Dismemberment (separation) with the transmission of the patrimony to the new created FCE ‘EURORPODCOM’ LLC

22.03.2013

19. JSC ‘SEMINTE’ Dismemberment (separation) with the transmission of the patrimony to the new created LLC ‘COMBISNESS’

22.03.2013

20. JSC ‘DRUMURI-CAUSENI’ Merger (absorption) of JSC ‘DRUMURI-STEFAN-VODA’ and JSC ‘DRUMURI CAINARI’

22.03.2013

21. JSC ‘DRUMURI-STEFAN-VODA’

Merger (absorption) to JCS ‘DRUMURI-CAUSENI’

22.03.2013

22. JSC ‘DRUMURI CAINARI’ Merger (absorption) to JSC ‘DRUMURI-CAUSENI’

22.03.2013

23. JSC ‘DRUMURI-SOROCA’ Merger (absorption) of JSC ‘DRUMURI-SOLDANESTI’, JSC ‘DRUMURI-FLORESTI’ and SE ‘DRUMURI-SANATAUCA’

22.03.2013

24. JSC ‘DRUMURI-SOLDANESTI’

Merger (absorption) to JSC ‘DRUMURI-SOROCA’

22.03.2013

25. JSC ‘DRUMURI-FLORESTI’ Merger (absorption) to JSC ‘DRUMURI-SOROCA’

22.03.2013

26. JSC ‘DRUMURI-STRASENI’ Merger (absorption) of JSC ‘DRUMURI-UNGHENI’ and ‘DRUMURI CALARASI’

29.03.2013

27. JSC ‘DRUMURI-UNGHENI’ Merger (absorption) to JSC ‘DRUMURI-STRASENI’

29.03.2013

28. JSC ‘DRUMURI-CALARASI’ Merger (absorption) to JSC ‘DRUMURI-STRASENI’

29.03.2013

29. JSC ‘DRUMURI-CRIULENI’ Merger (absorption) of JSC ‘DRUMURI-CHISINAU’ and JSC ‘DRUMURI ANENII NOI’ and SE ‘DRUMURI DUBASARI’

03.04.2013

30. JSC ‘DRUMURI-CHISINAU’ Merger (absorption) to JSC ‘DRUMURI-CRIULENI’

03.04.2013

31. JSC ‘DRUMURI ANENII NOI’

Merger (absorption) to JSC ‘DRUMURI-CRIULENI’

03.04.2013

32. JSC ‘DRUMURI CAHUL’ Merger (absorption) of JSC ‘DRUMURI-CANTEMIR’ and JSC ‘DRUMURI-TARACLIA’

03.04.2013

33. JSC ‘DRUMURI-CANTEMIR’

Merger (absorption) to JSC ‘DRUMURI CAHUL’ 03.04.2013

34. JSC ‘DRUMURI-TARACLIA’ Merger (absorption) to ‘DRUMURI CAHUL’ 03.04.2013

35. JSC ‘FABRICA DE MATERIALE DE CONSTRUCTII DIN

Dismemberment (separation) with the transmission of the patrimony to the existing LLC ‘DIAZCHIM-AGRO’

11.04.2013

133

STRASENI’

36. JSC ‘ANGELICA R’ Transformation 26.04.2013

37. JSC ‘FRAI’ Merger (absorption) by ‘TRANSGAZ’ LLC 17.05.2013

38. JSC ‘ANCO’ Transformation 05.07.2013

39. JSC Farmacia ‘FILOMELA’ Dismemberment (separation) with the transmission of the patrimony to the new created LLC ‘JUGURT GG’

18.10.2013

40. JSC ‘MOLDPRESS’ Dismemberment (separation) with the transmission of the patrimony to the new created LLC ‘MOLDPRESA GRUP’

01.11.2013

41. JSC ‘CENTRUL 3/TRIPLU’ Dismemberment (separation) with the transmission of the patrimony to the new created LLC ‘N&N TRADING’

14.11.2013

42. JSC ‘ARUS’ Transformation 27.12.2013

134

Annex No.5Public offers on the secondary market registered and developed in 2013

No.

No. and date of NCFM

Decision on registration of

offer prospectus

No. and date of NCFM Decision on registration of offer prospectus

Data on offer performance

Date of announceme

nt

Date of expiry of

offer validityName of issuer

Nominal value, MDL

Propose price, MDL

Date of transaction

at MSE

No. of shares traded, units

Share in total

issuance %

1.No. 51/1 of 7.12.2012

‘Moldprodinvest’ LLC 19.12.2012 17.01.2013

‘Intreprinderea pentru colectarea cerealelor din Rediul-Mare’ JSC

10 10 18.01.2013 24721 15.06%

2.No. 52/1 of 14.12.2012

Valeriu Macari 28.12.2013 26.01.2013‘Automobilist-Balti’ JSC

1 0.5 30.01.2013 200687 22.46%

3.

No. 55/2 of 27.12.2012 modified by Decision no.

6/7 of 14.02.2013

GRAZER WECHSELSEITIGE VERSICHERUNG AKTIENGESELLSCHAFT

10.01.2013 19.02.2013JSC ‘GRAWE CARAT ASIGURARI’

1000 1438.75 20.02.2013 810.14%

4.NO. 4/2 OF 01.02.2013

Commercial Company ‘Ceba Grup’ LLC

13.02.2013 14.03.2013‘Elevator Kelley Grains’ JSC

10 10.00 19.03.2013 32963024.44%

5.No. 4/3 of 01.02.2013

Commercial Company ‘Ceba Grup’ LLC

13.02.2013 14.03.2013 ‘Elevator Iargara’ 5 5.00 19.03.2013 18687723.90%

6.No. 7/16 of 22.02.2013

Iurie Trofim 06.03.2013 04.04.2013‘Agrovin Bulboaca’ JSC

4 0.50 09.04.2013 412178479.95%

7.No. 12/13 of 22.03.2013

Vozian Vladimir 03.04.2013 03.05.2013 ‘Dinecon-11’ JSC 7 7.00 14.05.2013 9218017.12%

8.No. 14/7 of 29.03.2013

Cemortan Valerian 10.04.2013 10.05.2013Public Alimentation Enterprise Café ‘Mamaliguta’ JSC

1 6.50 16.05.2013 2810.02%

9. No. 14/6 of ‘2329083 ONTARIO 10.04.2013 10.05.2013 JSC ‘Cariera 10 238.64 18.05.2013 3445 1.35%

135

29.03.2013 INC’ Micauti’

10.No. 15/1 of 3.04.2013

Covaliov-Rusu Georgeta 17.04.2013 17.05.2013 JSC ‘Universul’ 10 10 22.05.2013 931535.02%

11.No. 17/9 of 11.04.2013

CC ‘Ducates Grup’ 24.04.2013 25.05.2013 JSC ‘Carmez’ 10 10 04.06.2013 1051724.8%

12.No. 22/6 of 17.05.2013

LLC ‘Horn’ 12.06.2013 11.07.2013JSC ‘Combinatul de articole din carton’

50 25 17.07.2013 1610.05%

13.No. 29/19 of 21.06.2013

Eva Brasoveanu 03.07.2013 01.08.2013 JSC ‘Oglindire’ 25 64.72 05.08.2013 1671114.21%

14.No. 33/13 of 16.072013

Commercial Production Firm ‘VAVELI’ LLC

31.07.2013 29.08.2013JSC ‘ANGROGOSCOM’

10 53.48 05.09.2013 167111.81%

15.No. 35/9 of 26.07.2013

Vladislav Viscu 07.08.2013 05.09.2013 JSC ‘RTS-Spicusor’ 10 0.5Purchasing requests have not been submitted

16.No. 38/13 of

8.08.2013LLC ‘CFATPO’ 21.08.2013 19.09.2013 JSC ‘BRISCCO’

3511 23.09.2013 6800

19.50%

17.No. 44/2 of 13.09.2013

JSC ‘Moldagroconstructia’

25.09.2013 24.102013

‘Combinatul materialelor de constructive din or. Cahul’ JSC

10 2.5Purchasing requests have not been submitted

18.No. 46/7 of 27.09.2013

LLC ‘CEBA GRUP’ 09.10.2013 07.11.2013JSC ‘ELEVATORUL IARGARA’

5 5 11.11.2013 1500005.03%

19.No. 46/8 of 27.09.2013

LLC ‘CEBA GRUP’ 09.10.2013 07.11.2013JSC ‘ELEVATOR KELLEY GRAINS’

10 10 11.11.2013 65279212.68%

20.No. 48/12 of 11.102013

LLC ‘Victoria’ 30.10.2013 28.11.2013 JSC ‘MOLD-NORD’ 20 23.67 04.12.2013 240541.18%

136

Annex No.6Transactions under public offering prospectuses

NoDate of

transaction on MSE

Name of issuer

No. of traded shares, units

Price, MDL Volume, MDLNominal

value, MDL

1. 18.01.2013 JSC ‘Intreprinderea pentru colectarea cerealelor din Rediul-Mare’

24721 10.0 247210.0 10

2. 30.01.2013 JSC ‘Automobilist-Balti’ 200687 0.5 100343.5 13. 20.02.2013 JSC ‘GRAWE CARAT

ASIGURARI’81 1438.75 116538.8 1000

4. 19.03.2013 JSC ‘Elevator Kelley Grains’ 329630 10.0 3296300.0 105. 19.03.2013 JSC ‘Elevatorul Iargara’ 186877 5.0 934385.0 56. 09.04.2013 JSC ‘Agrovin Bulboaca’ 4121784 0.5 2060892.0 47. 14.05.2013 JSC ‘Dimecon-11’ 92180 7.0 645260.0 78. 16.05.2013 Public Alimentation Enterprise

‘Mamaliguta’ JSC281 6.5 1826.5 1

9. 18.05.2013 JSC ‘Cariera Micauti’ 3445 238.64 822117.8 110. 22.05.2013 JSC ‘Universul’ 9315 10.0 93150.0 1011. 04.06.2013 JSC ‘Carmez’ 105172 10.0 1051720.0 1012. 17.07.2013 JSC ‘Combinatul de articole din

carton’161 25.0 4025.0 50

13. 05.08.2013 JSC ‘Oglindire’ 16711 64.72 1081535.9 2514. 05.09.2013 JSC ‘ANGROGOSCOM’ 7384 53.48 394896.3 1015. 23.09.2013 JSC ‘BRISCCO’ 6800 11.0 74800.0 3516. 11.11.2013 JSC ‘ELEVATORUL

IARGARA’150000 5.0 750000.0 5

17. 11.11.2013 JSC ‘ELEVATORU KELLEY GRAINS’

652792 10.0 6527920.0 10

18. 04.12.2013 JSC ‘MOLD-NORD’ 24054 23.67 569358.2 20

137

Annex No. 7Information on administrative offences detected on the non

banking financial market in 2012No. Contravention indicators 2011 2012 20131. The total number of minutes on offense made under

art. 300, paragraph three of the Contravention Code: breach, non-performance or inadequate or dishonest performance by the broker of the activity requirements stipulated in legislation and the contract, other provisions of the laws and regulations of the National Commission of Financial Market.

0 0 9

2. Total number of minutes on the contravention under art. 302 of the Code of contraventions related to the abuses on the non-banking financial market including:

86 59 76

Violation of the provisions of third paragraph (non-submission or submission of incomplete or inaccurate information to the NCFM)

35 15 22

Violation of the provisions of fourth paragraph (keeping register of nominative securities holders with violation of set rules and requirements)

6 4 12

Violation of the provisions of fifth paragraph (non-observance by the issuers and by the professional participants on the securities market of the forms of reports set by law and/or non-observance of terms for their publication in the media)

40 31 36

Violation of the provisions of sixth paragraph (non-observance by the professional participants on the non-banking financial market of the requirements on free access of customers to general available information about the activities that they perform)

5 8 6

Violation of the provisions of seventh paragraph (avoidance of issuers from keeping of the register of holders of nominative securities under the law in force)

0 1 0

3. Total number of minutes on contravention under art. 303 of the Code of contraventions on requirements violation for the reports submission by issuers and

153 121 134

138

professional participant on non-banking financial market

4. Total number of minutes on contravention under art. 304 of the Code of contraventions related to violation of restriction regarding securities market, of provisions on transactions with conflict of interests, including:

14 12 11

Violation of the provisions of first paragraph (violation of requirements on sale or purchase of securities set for securities market participants)

5 0 0

Violation of the third paragraph (non-submitting of information by shareholder to the issuer within the deadlines set by the legislation on securities market)

0 1 0

Violation of the provisions of fourth paragraph (premeditated distortion and concealment of information about economic and financial activity of the joint stock company, of the other information that creditors, shareholders or public authorities, in accordance with law, shall receive it)

1 1 2

Violation of the provisions of the fifth paragraph (non-convocation of the general meeting of shareholders or its convocation in violation of Law No.1134-XIII of 02.04.1997 and / or in violation of company status )

7 10 9

Violation of the provisions of the sixth paragraph (violation of the manner of major transactions conclusion and/or transactions with conflict of interests )

1 0 0

5. Total number of minutes on contravention under art. 305 of the Code of contraventions related to violation of the activity requirements in the insurance field

7 12 7

Violation of the provisions of first paragraph (violation by the insurers and intermediaries in applying the insurance premiums established by special laws )

6 12 7

Violation of the provisions of third paragraph (insurance contracts conclusion in violation the

1 0 0

139

standard forms of the contracts )6 Total number of minutes on contraventions under art.

307 of the Code of Contravention related to Violations of intermediation rules in insurance and / or reinsurance (para. 2 - Providing mediation services by insurance and / or reinsurance brokers through insurance agents natural or legal person or through sub-agents)

0 2 0

7. Total number of minutes on the contravention under art. 310 of the Code of contraventions on legislation violation on SCA and MO activity

37 38 22

Violation of the provisions of second paragraph (violation of established restrictions in SCA and MO activity)

37 38 22

Total Contraventions 297 244 259

140

Annex No.8Legal and normative acts examined by the NCFM at the request of other public

authorities with issuance of notificationsNo. Authority Examined laws and regulations

1 Ministry of Justice Draft Law on amendments of certain legal acts

2 National Anticorruption Centre

Draft Law on amendments of Contravention Cod no. 218-XVI of 24.10.2008

3 Centre of Legal Approximation

Proposals for draft legislative acts included in the NLAP for 2013

4 Government Draft Decision ”For approval of draft Law on amendments of certain legal acts”

5 State Chancellery Draft Law on amendments of certain legal acts6 Ministry of Economy Draft Law on amendments of certain legal acts7 Ministry of Economy Draft Law on amendments of certain legal acts

8 Ministry of Economy Draft Decision ”For approval of draft Law on amendments of certain Government decisions”

9 Ministry of Finance Draft Order "On amending the Regulation on certification of internal auditors in the public sector"

10 National Centre for Personal Data Protection

Draft of the Strategy for development in the field of protection of personal data for the years 2013 - 2018

11 GovernmentDecision no.222 of 03.26.13 "On approval of the draft law amending Law no. 122-XVI of 05.04.13 "

12 Parliament Office Draft Law on national insurance guarantee fund13 State Chancellery Draft Law on national insurance guarantee fund

14 Ministry of Economy Draft Government Decision "On approval of the draft law amending Law no. 451 - XV from 30.07.2001 "

15 Ministry of Agriculture and Food

Draft Government Decision "On amending Annex 1 to the Government Decision no. 1005 of 26.10.2010 "

16 Competition Council Draft decision "On the adoption of normative acts necessary for the implementation of the Law on State Aid"

17 Competition Council Draft Law on amendments of certain legal acts

18 Ministry of Finance Draft Government Decision "On approval of the draft law amending the Accounting Law no. 113-XVI from 27.04.2007

19 National Anticorruption Centre

Draft Order approving the "Guidelines on the precautionary measures and model-type decisions to stop the suspicious activities or transactions, including how to implement international sanctions regime, which is under Law 190 - XVI from 26.07.2007"

20 National Anticorruption Centre

Draft Order approving the "Guidelines for identification of politically exposed persons, family members and associated persons and natural persons exercising public functions important at national and international level covered by Law no. 190 - XVI from 26.07.2007 "

21 National Anticorruption Centre

Draft Order approving the draft "Guidelines for identification of risk indicators based on suspicious activities or transactions / unusual terrorist financing, which are under

141

Law no. 190-XVI "from 26.07.2007"

22 Ministry of EconomyDraft Government Decision "On approval of the draft Law concerning the distance marketing of consumer financial services and the draft law on amending certain acts"

23 Ministry of Finance Draft Law on amendments of certain legal acts

24 National Bank of MoldovaDraft Decision "On approval of the Regulation on the calculation of voting rights and registration of the transfer of ownership of bank shares"

25 Government Draft Government Decision "On the transmission of material goods”

26 Ministry of Finance Draft Government Decision "On approval of the development of public internal financial control"

27 Ministry of Economy Draft Government Decision "On the granting of the name as industrial park "Raut"

28 Ministry of Economy Draft Government Decision "On amending Annex 1 to the Government Decision 482 of 29.03.12"

29 Ministry of Finance Draft of the Ministry of Finance Order "On amending the Regulation on reporting of internal audit activity"

30 Ministry of FinanceDraft Law on Financial Institutions no. 550- XII of 21.07.1995

31 Centre of Legal Approximation

Draft on National Plan for Legal Approximation for 2014

32 General Prosecutor Draft Law on amendments of penal legislation

33 National Bank of MoldovaDraft Government decision "On amending Instruction on peculiarities issues of shares and bonds to banks and how to be authorized by the NBM"

34 Government Draft Code of Administrative Procedure

35 Government Draft Government Decision "On approval of the draft law on the National Committee for Financial Stability"

36 GovernmentDraft Government Decision "On Approval Roadmap for Government action to eliminate critical constraints in the business environment for the years 2013-2014"

37 National Bank of MoldovaDraft decision "On amending the Regulation on Entry System of Securities"

38 National Statistics Bureau Draft decision "On the approval of the statistical work in 2014"

39 Ministry of Economy Draft on Roadmap for improving the competitiveness of Moldova

40 Ministry of Economy Draft Law amending the Law on JSC no. 1134-XIII of 02.04.1997

41 State ChancelleryDraft Law declaring null the additional emission of shares of the JSC Banca de Economii

42 Centre of Legal Approximation

Legislative and normative draft acts included in the NLAP 2014

43 Ministry of Economy Draft of Protocol of Session 4 of the Intergovernmental Panel

44 Competition Council Draft Decision "On approval of regulations regarding State aid

142

45 National Bank of Moldova Proposals to the draft Law on amending Law no. 62 - XVI of 21.03.08.

46 Ministry of FinanceDraft Government Decision "On approval of the draft law amending the Law on the Capital Market."

47 Ministry of EconomyDraft Government Decision "On the delegation of management functions of state property to central public administration authorities"

48 National Anticorruption Centre

Draft amending orders in order to implement the provisions of Law no. 190 - XVI from 26.07.2007

49 National Bank of Moldova Draft decision "On amending the Regulation on Entry System of Securities"

50 Ministry of Justice Draft Law on amendments of certain legal acts

51 Ministry of Finance Draft Order "On approval of amendments to the Order no. 63 of 10.08.2009

52 Government Draft Law on amendments of certain legal acts

53 National Bank of MoldovaDraft decision "On amending Instruction on peculiarities issues of shares and bonds to banks and how to be authorized by the NBM"

54 Government Draft Decision approving Regulation on public capital investment

55 State Chancellery Draft Law on amendments of certain legal acts

56 Government Draft Decision ”For approval of draft Law on amendments of certain legal acts”

57 Ministry of Economy Draft Law on amendments of certain legal acts

143

Annex no.9List of the Joint Stock Companies which issued incorporation shares in 2013

№ Name of the issuerAmount ofissuance,

MDL

Number ofshares, units

Nominalvalue, MDL

Date ofDecision adoption

1 JSC „LEAL-COM” 205400 2054 100 08.02.2013

2 JSC „IMEDICA” 20000 2000 10 01.03.2013

3 JSC „BROKING-VM” 20000 200 100 26.04.2013

4 JSC “SFATUL CODRENILOR” 23100 231 100 26.04.2013

5 JSC “MOL DEVELOPMENT” 20000 2000 10 28.06.2013

6JSC “CENTRUL DE CULTURĂ ŞI ARTĂ LUCEAFĂRUL”

50000 1000 50 05.07.2013

7 JSC “AQUA TELECOM” 20000 20000 1 27.12.2013

TOTAL 358500

144

Annex No.10

List of the Joint Stock Companies which have performed issuances in 2013

№ Name of the issuer

Amount ofissuance,

MDLNumber

ofshares, units

VN,MDL

Date ofDecision adoptioncapital

account

account additional

capital1 JSC “DRUMURI-CIMIŞLIA” 8116820 811682 10 11.01.2013

2 Insurance company „ASTERRA GRUP” JSC 1000000 1000000 1 11.01.2013

3 JSC „DRUMURI-BĂLŢI” 10430220 1043022 10 26.01.2013

4Întreprinderea alimentației publice Cafenea „VISTERNICENI” JSC

50000 2500 20 26.01.2013

5 CB „EXIMBANK-Gruppo Veneto Banca” JSC 365000000 365000 1000 14.02.2013

6 JSC „STICLĂMONT” 1378986 98499 14 14.02.2013

7 Întreprinderea Turcească ”FETIH” JSC 120000 12000 10 14.02.2013

8 JSC „ZORILE” 26962272 1497904 18 22.02.20139 JSC „DACIA-LV” 795000 53000 15 01.03.201310 JSC “DRUMURI IALOVENI” 18248640 1824864 10 01.03.201311 JSC “DRUMURI ORHEI” 22214430 2221443 10 01.03.201312 JSC „ELAT-INVEST” 4530000 453000 10 22.03.201313 JSC „DRUMURI-CĂUŞENI” 10255310 1025531 10 22.03.201314 JSC „DRUMURI-SOROCA” 19449950 1944995 10 22.03.2013

15 Complexul hotelier “PALACE” JSC 994000 99400 10 29.03.2013

16 JSC “DRUMURI-STRĂŞENI” 22118380 2211838 10 29.03.201317 JSC “DRUMURI-CRIULENI” 27248850 2724885 10 03.04.201318 JSC “DRUMURI CAHUL” 10709800 1070980 10 03.04.2013

19

JSC “AGENŢIA DE ADMINISTRARE ŞI SECURITATE ECONOMICĂ”

5010000 5010000 1 19.04.2013

20 JSC „ZORILE” 33385716 1854762 18 26.04.2013

21 JSC „AVIATEHNOLOGIE” 24500000 24500000 1 17.05.2013

22 JSC „ROMANIŢA”* 12663 12663 2 17.05.201323 JSC „BROKING-VM” 500000 5000 100 24.05.201324 JSC „RADIATOR” 671536 14288 47 31.05.2013

25 Insurance company „ASTERRA GRUP” JSC 6500000 6500000 1 31.05.2013

145

26 JSC „TEZEU-LUX” 671140 67114 10 07.06.201327 JSC “CIOCANA” 150000 30000 5 13.06.201328 JSC “MOBILCOMSERVICE” 10000 10000 1 13.06.2013

29 JSC „CENTRO BASSO PREZZO” 100000 10000 10 21.06.2013

30 CB „ProCredit Bank” JSC 23500000 23500 1000 21.06.2013

31 JSC “DACIA-LV” 810000 54000 15 28.06.2013

32 JSC “COMBINATUL AUTO NR.5” 1124800 14800 76 16.07.2013

33 JSC “DRUMURI-CIMIŞLIA” 1371670 137167 10 16.07.2013

34

JSC “AGENŢIA DE ADMINISTRARE ŞI SECURITATE ECONOMICĂ”

12800000 12800000 1 26.07.2013

35 JSC “PASC-CON” 10000 10000 1 26.07.201336 JSC “AUGUR-PERLA”* 16744000 26000 654 26.07.2013

37 JSC “ELEVATOR KELLEY GRAINS” 38000000 3800000 10 08.08.2013

38 JSC „ELEVATORUL IARGARA” 11000000 2200000 5 08.08.2013

39 JSC „SICOM” 10000 10000 1 08.08.201340 JSC „DRUMURI-RÎȘCANI” 1724470 172447 10 23.08.201341 JSC „VELTIM” 10000 1000 10 23.08.201342 JSC “ZIMBRU-NORD” 1267425 84495 15 23.08.2013

43 CB „BANCA DE ECONOMII” JSC 80249700 1604994

0 5 04.09.2013

44 JSC „UNIVERSAL” 2100000 2100000 1 06.09.2013

45 JSC „AGROVIN BULBOACA” 885456 221364 4 06.09.2013

46 JSC „MILEŞTI-VIN” 702020 70202 10 06.09.201347 JSC „PROMSTROI-GRUP” 2500000 250000 10 06.09.201348 JSC „DRUMURI-EDINEŢ” 2782870 278287 10 11.10.2013

49 JSC „AVICOLA DIN BĂNEŞTI” 5796930 579693 10 11.10.2013

50 JSC „EXTRA-K” 10000 10000 1 08.11.201351 JSC „ART-NIC” 10000 10000 1 29.11.201352 JSC „SCOP” 225000 45000 5 29.11.201353 CB „UNIBANK” JSC 100000000 500000 200 06.12.201354 JSC „DRUMURI-CIMIȘLIA” 1974460 197446 10 06.12.2013

55Întreprinderea alimentației publice Cafenea „VISTERNICENI” JSC

200000 10000 20 06.12.2013

56 JSC „DRUMURI IALOVENI” 2216420 221642 10 14.12.201357 JSC “DRUMURI ORHEI” 2958990 295899 10 20.12.201358 JSC “DRUMURI-CĂUŞENI” 3322380 332238 10 20.12.201359 JSC “DRUMURI-SOROCA” 3499480 349948 10 20.12.2013

146

60 JSC “DRUMURI-CRIULENI” 3789250 378925 10 20.12.2013

61 JSC „PAJURA ALBĂ MEDIA” 4655600 23278 200 27.12.2013

62Insurance company „KLASSIKA ASIGURĂRI” JSC

2315000 2315 1000 27.12.2013

TOTAL 949699634

TOTAL (including additional capital)

949699634

* increasing the nominal value of ordinary shares

147

Annex No. 11

List of Joint Stock Companies which have registered changes in the Securities State Register from 01.01.13 to 31.12.2013

I. Change of Share Capital

№ Name of the issuer The reason for share capital changeShare

capital,MDL

Date of decision adoption

1 JSC „CIOCANA”Reduction of the statutory capital through cancellation of 65008 treasury shares

22640 01.02.2013

2 JSC „PRICHINDEL”Reduction of the statutory capital through cancellation of 263 treasury shares

301100 22.03.2013

3 JSC „TRANSPORT”Reduction of the statutory capital through cancellation of 28516 treasury shares

67590 19.04.2013

4JSC „BAZA DE TRANSPORT AUTO NR.31 CHIŞINĂU”

Reduction of the statutory capital through cancellation of 31000 treasury shares

2457770 02.05.2013

5 JSC „SEMINŢE”Reduction of the statutory capital with 92465 MDL through cancellation 18493 treasury shares

48520 17.05.2013

6 JSC „MONTTEHSAN”Reduction of the statutory capital with 4899120 MDL through cancellation 163304 treasury shares

1133040 17.05.2013

7 JSC „ROMANIŢA”Reduction of the statutory capital with 105036 MDL through cancellation 105036 treasury shares

12663 17.05.2013

8 JSC „ROMANIŢA”Restructuring previous issuance through increasing of nominal value of ordinary shares from 1 MDL to 2 MDL

25326 17.05.2013

9Insurance – reinsurance company „DONARIS GROUP” JSC

Reduction of the statutory capital through the reduction of nominal value of ordinary shares from 70 MDL in 27 MDL

15096510 13.06.2013

10JSC „FABRICA DE CONSERVE DIN GLODENI”

Reduction of the statutory capital with 10260660 MDL through the reduction of nominal value of ordinary shares from 10 MDL in 5 MDL

10260660 05.07.2013

11 JSC „AUGUR-PERLA”

Increasing of the statutory capital through increasing of nominal value of ordinary shares from 10 MDL to 654 MDL

17004000 26.07.2013

12 JSC „ÎNTREPRINDEREA Reduction of the statutory capital with 67340 08.11.2013148

DE COLECTARE A CEREALELOR DIN LIPCANI”

11747390 MDL through cancellation 1174739 treasury shares

13 FARMACIA „FILOMELA” JSC

Reduction of the statutory capital with 27040 MDL through cancellation 2704 treasury shares

275010 14.12.2013

II. Excluding securities from the State Register of Securities

№ Name of the issuer The reason of securities exclusion

Date of decision adoption

1 JSC “TRANSPROIECT” Company Liquidation 26.01.2013

2 JSC „INVENTIV-TELECOMUNICAŢII” Transformation 01.02.2013

3 JSC „BUDJAC GAZ” Company Liquidation 01.02.2013

4 JSC „FABRICA DE BRÎNZETURI DIN LEOVA” Company Liquidation 01.02.2013

5 JSC „BAŞTINA” Company Liquidation 01.02.2013

6 JSC „AVÎNTUL” Company Liquidation 01.02.2013

7 JSC „AGROPROFIL” Company Liquidation 01.02.2013

8 JSC „MECANIZATORUL” Company Liquidation 01.02.2013

9 JSC „CONSTRUCTORUL” Company Liquidation 01.02.2013

10 JSC „CONTACT-SERVICE” Company Liquidation 01.02.2013

11 JSC „HOLEMUS” Company Liquidation 01.02.2013

12 JSC „MONOLIT-VĂLCINEŢ” Company Liquidation 01.02.2013

13 JSC “DRUMURI-LEOVA” Company Merger 14.02.2013

14 JSC „FERMENTTUTUN” Company Merger 01.03.2013

15 JSC “DRUMURI-OCNIŢA” Company Merger 01.03.2013

16 JSC „DRUMURI-DONDUŞENI” Company Merger 22.03.2013

17 JSC “DRUMURI-REZINA” Company Merger 02.05.2013

18 JSC „DRUMURI-TELENEŞTI” Company Merger 02.05.2013

19 JSC “DRUMURI-ŞTEFAN-VODĂ” Company Merger 17.05.2013

20 JSC „DRUMURI NISPORENI” Company Merger 17.05.2013

21 JSC „DRUMURI-HÎNCEŞTI” Company Merger 24.05.2013

22 JSC “DRUMURI-CANTEMIR” Company Merger 24.05.2013

23 JSC „DRUMURI-TARACLIA” Company Merger 24.05.2013

24 JSC „DRUMURI-CHIŞINĂU” Company Merger 13.06.2013

25 JSC „DRUMURI-ŞOLDĂNEŞTI” Company Merger 28.06.2013

26 JSC „DRUMURI-FLOREŞTI” Company Merger 28.06.2013

27 JSC „DRUMURI-CĂLĂRAŞI” Company Merger 16.07.2013

149

28 JSC „DRUMURI-CĂINARI” Company Merger 08.08.2013

29 JSC “DRUMURI-DROCHIA” Company Merger 11.10.2013

30 JSC “DRUMURI-GLODENI” Company Merger 11.10.2013

31 JSC “DRUMURI ANENII NOI” Company Merger 11.10.2013

32 JSC “I.T.A.S.” Company Liquidation 11.10.2013

33 JSC “COMBINATUL DE PANIFICAŢIE” Company Liquidation 11.10.2013

34 JSC “MĂRFURI PENTRU COPII” Company Liquidation 08.11.2013

35 JSC „BTA-7 IALOVENI” Company Liquidation 08.11.2013

36 JSC “FRAI” Company Merger 08.11.2013

37 JSC “PANSELUŢE” Company Liquidation 20.12.2013

150

Annex No. 12Transactions with securities of the Companies included in the list of the Stock Exchange of Moldova in 2013

Name of the issuer ISIN codeNumber of

transactioned shares, units

Amount of the

transaction, MDL

Price of one share, MDL Average

price of one

share, MDL

Nominal value, MDL

Weight of one transactioned share in the

amount of the issued

securities, percent

Number of transaction

s, unitsListing level

min. max.

Transactions made through the interactive market mechanism"MOLDOVA-AGROINDBANK" JSC MD14AGIB1008 353126 363234559.81 1000.00 1100.00 1028.63 200.00 34.03 77 I

"BANCA DE ECONOMII" JSC MD14BECM1002 4872407 68125553.90 13.87 40.00 13.98 5.00 12.35 24 I

"BANCA SOCIALĂ" JSC MD14BSOC1004 429126 100088370.42 160.00 250.00 233.24 100.00 42.91 65 I "MOLDINDCONBANK" JSC MD14MICB1008 12614 1046785.00 70.00 104.00 82.99 100.00 0.25 33 I

"MOBIASBANCA-Groupe Societe Generale" JSC MD14MBIS1000 4792 146660.00 30.00 100.00 30.61 10.00 0.05 7 I

"VICTORIABANK" JSC MD14VCTB1004 7368447 135576787.58 15.90 35.00 18.40 10.00 29.47 30 I"BANCA DE ECONOMII" JSC MD24BECM1000 920 929.20 1.01 1.01 1.01 1.00 0.30 1 I

TOTAL 13041432 668219645.91 237 Transactions within outcry auctions of single-batces

"MOLDOVA-AGROINDBANK" JSC MD14AGIB1008 322 341320.00 1060.00 1060.00 1060.00 200.00 0.03 1 I

"BANCA SOCIALĂ" JSC MD14BSOC1004 204 27103.44 132.86 132.86 132.86 100.00 0.02 1 I

"FLOAREA-SOARELUI" JSC MD14FLAU1001 7500 375000.00 50.00 50.00 50.00 20.00 1.01 2 II

"VICTORIABANK" JSC MD14VCTB1004 3095 83565.00 27.00 27.00 27.00 10.00 0.01 1 I"MOLDINDCONBANK" JSC MD14MICB1008 123 10455.00 85.00 85.00 85.00 100.00 0.00 1 I

TOTAL   11,244 837,443.44 6TOTAL   13052676 669057089.35 243

151

Annex No.13

Free float factor for issuers included in the listing MSE 31.12.2013

No Name of issuer ISIN code

Total securities issued in the same

class

Treasury securities, concentrated in the

hands of a shareholder or group of shareholders

*

Securities outstanding

free

Coefficient "free float" at the end of 2012

Listing (Level I) unităţi % unităţi % unităţi %1. BC "MOLDOVA - AGROINDBANK" S.A. MD14AGIB1008 1 037 634 100 64 267 6,19 973 367 93,81

2. S.A."BANCA DE ECONOMII" MD14BECM1002 39 456 704 100 26 503 029 67,17 12 953 675 32,83 MD24BECM1000 302 980 100 37 552 12,39 265 428 87,61

3. BC "BANCA SOCIALĂ" S.A. MD14BSOC1004 1 000 067 100 0 0 1 000 067 100,00 4. BC"MOBIASBANCA - GROUPE SOCIETE GENERALE" S.A. MD14MBIS1000 10 000 000 100 9 669 154 96,69 325 240 3,25 5. BC "MOLDINDCONBANK" S.A. MD14MICB1008 4 967 794 100 23 137 0,47 4 944 657 99,53 6. BC "UNIBANK" S.A. MD14UNIB1005 1 410 000 100 0 0 1 410 000 100,007. BC "VICTORIABANK" S.A. MD14VCTB1004 25 000 091 100 9 502 423 38,01 15 497 668 61,99 8. IM "EFES VITANTA MOLDOVA BREWERY" S.A. MD14VEST1003 1 599 922 100 1 549 170 96,83 50 752 3,17  Listing (Level II)  

9. S.A."IPTEH" MD14IPTE1003 1 250 663 100 1 208 739 96,65 41 924 3,35* - Shares of state-owned strategic investors, shareholders (who hold at least 5% of the capital), excluding collective investment institutions (insurance companies, pension funds, investment funds, fund manager etc.)

152

Annex No.14

List of Joint Stock Companies registered issues with foreign capital participation from 01.01.2013 to 31.12.201

№Date of decision adoption

Name of the issuer

Amount ofthe emission,

MDLStatutory capital, MDL

Amount of foreign

investments, MDL

capital account

account additional

capital

1 14/02 CB „EXIMBANK – Gruppo Veneto Banca” JSC 365000000 1000000000 365000000

2 14/02 Întreprinderea turcească „FETIH” JSC 120000 130000 120000

3 22/02 JSC „ZORILE” 26962272 66497562 22279734

4 01/03 JSC „IMEDICA” 20000 20000 15000

5 01/03 JSC „DACIA-LV” 795000 4643805 795000

6 26/04 JSC „ZORILE” 33385716 99883278 27583524

7 21/06 CB „ProCredit Bank” JSC 23500000 388850000 23500000

8 28/06 JSC „MOL DEVELOPMENT” 20000 20000 20000

9 28/06 JSC „DACIA-LV” 810000 5453805 810000

10 06/09 JSC „MILEŞTI-VIN” 702020 5468810 702020

11 06/12 CB „UNIBANK” JSC 100000000 282000000 44190000

12 27/12 JSC „PAJURA ALBĂ MEDIA” 4655600 4675600 4609000

TOTAL 0 1857642860

153

Annex No.15Purchases and sales of securities made by foreign investors depending on the home country in 2012-2013

2012 2013Purchases Sales Purchases Sales

CountryVolume, million MDL

Share in the total

volume, %Country

Volume, million MDL

Share in the total

volume, %Country

Volume, million MDL

Share in the total volume,

%

CountryVolume, million MDL

Share in the total

volume, %

Marea Britanie 106.3 52.5 Austria 231.1 45.0 Marea

Britanie 194.5 40.4 Marea Britanie 188.5 36.7

Federaţia Rusă 26.3 13.0 Federaţia

Rusă 227.8 44.3 Federaţia Rusă 97.3 20.2 Olanda 123.5 24.0

Grecia 26.1 12.9 Marea Britanie 16.4 3.2 Ucraina 52.5 10.9 Cipru 67.98 13.2

Cipru 16.6 8.2Insulele Virgine Britanice

13.7 2.7 Letonia 51.6 10.7 Letonia 49.9 9.7

Georgia 10.6 5.2 Liberia 6.9 1.3 Cipru 43.7 9.1 Federaţia Rusă 36.9 7.2

Cehia 6.9 3.4 Liechtenstein 6.4 1.2 Olanda 24.8 5.2 Dominica 19.0 3.7Insulele Virgine Britanice

5.3 2.6 Panama 5.4 1.1Insulele Virgine Britanice

11.3 2.3 Germania 11.4 2.2

România 3.8 1.9 SUA 4.4 0.9 Bulgaria 3.1 0.6 Liechtenstein 7.5 1.5Altele 0.7 0.3 Altele 1.4 0.3 Altele 2.7 0.6 Altele 9.5 1.8Total 202.6 100 Total 513.5 100 Total 481.5 100 Total 514.2 100

154

Annex No.16List of Joint Stock Companies which submitted the annual financial report on securities for 2013

Joint Stock Companies which practice banking and credit activity

№Name of the joint stock

companyLegal address

ISIN Share capital

Number ofshareholde

rs

Dividends calculated

and directed to be paid in

2013 for 2012

Financial assets

available for trade

Total capitalshareholder

Net profitMDL

  Instituţii financiar-bancare

1CB EXIMBANK-GRUPPO VENETO BANCA JSC

Chisinau municipality, Stefan cel Mare boulevard, 171/1

MD14EXIM1000 635 000 000 1 0 3 587 760 904 943 112 -133 844 917

2CB ENERGBANK JSC Chisinau municipality,

Vasile Alecsandri street, 78MD14ENER1001 100 000 000 46 0 3 336 745 363 807 191 25 388 830

3CB BANCA DE FINANTE SI COMERT JSC

Chisinau municipality, Puskin street, 26

MD14BFCM1001 131 544 200 138 0 7 149 372 369 816 171 14 323 279

4CB PROCREDIT BANK JSC Chisinau municipality,

Stefan cel Mare boulevard, 65MD14PROB1000 365 350 000 3 0 1 200 000 304 408 386 2 751 588

5CB VICTORIABANK JSC Chisinau municipality,

31august 1989 street, 141MD14VCTB1004 250 000 910 229 0 61 419 250 1 470 798 291 225 147 192

6CB BANCA COMERCIALA ROMINA JSC

Chisinau municipality, Tricolorului street, 32

MD14BROM1003 627 580 000 1 0 1 018 650 279 636 866 51 514

7CB EUROCREDITBANK JSC Chisinau municipality,

Izmail street, 33MD14EURB1005 108 000 000 116 0

1 270 855195 444 776 5 284 123

8CB MOLDOVA AGROINDBANK JSC

Chisinau municipality, Cosmonautilor street, 9

MD14AGIB1008 207 526 800 3 224 114 857 306 211 397 736 2 161 604 789 303 383 747

9CB UNIBANK JSC Chisinau municipality,

M. Banulescu-Bodoni street, 45MD14UNIB1005 182 000 000 18 0 319 500 334 805 489 22 271 919

10CB COMERTBANK JSC Chisinau municipality,

Independentei street, 1/1MD14BANK1005 147 000 000 7 0 100 000 249 342 749 3 612 315

11CB BANCA SOCIALA JSC Chisinau municipality,

M. Banulescu-Bodoni street, 61MD14BSOC1004 100 006 700 409 0 12 763 375 665 506 551 60 018 341

12 CB MOBIASBANCĂ-GROUPE SOCIETE GENERALE JSC

Chisinau municipality, Stefan cel Mare boulevard, 65

MD14MBIS1000 100 000 000 154 0 1 479 292 845 087 220 52 818 147

13 CB MOLDINDCONBANK Chisinau municipality, MD14MICB1008 496 779 400 921 0 26 485 278 1 022 922 736 172 190 932

155

JSC Armeneasca street, 38 MD24MICB2004 0

14 CB BANCA DE ECONOMII JSC

Chisinau municipality,Columna street, 15

MD14BECM1002 117 336 800 2 529

09 341 808 853 748 383 16 640 778

MD24BECM1000  

  Other Joint Stock Companies which practice credit activity

1 CORPORATIA DE FINANTARE RURALA JSC

Chisinau municipality, Ion Creanga street, 10/5

MD14RURA1001 5 223 675

297 1 106 025  0 9 358 120

MD24RURA1009 23 239 873

Joint Stock companies which practice insurance activity

№Name of the joint stock

companyLegal address

ISINNumber

of securities

Nominal value MDL

Share capital

Number ofshareholders

Dividends calculated

and directed to be paid in 2013 for

2012

Total capitalshareholder

Net profitMDL

1 ASITO JSC Chisinau municipality, Banulescu-Bodoni street, 57/1

MD14OTIS1008 4 651 534 10 46 515 340 1 320 0 402 483 705 14 583 954

2 KLASSIKA ASIGURĂRI JSC

Chisinau municipality, Tighina street, 12

MD14SIKA1003 19 336 1 000 19 336 000 1 0 20 664 962 -635 056

3 DONARIS GROUP JSC Chisinau municipality, 31 August 1989 street, 108/1

MD14DORG1009 559 130 70 39 139 100 7 0 20 389 299 10 502 000

4 GARANȚIE JSC Chisinau municipality, Puskin street, 47/1, of. 3

MD14GANE1008 15 300 1 000 15 300 000 1 0 13 855 684 2 034 322

5 GRAWE CARAT ASIGURĂRI JSC

Chisinau municipality, Alexandru cel Bun street, 51

MD14GRAW1002 57 378 1 000 57 378 000 79 0 87 774 241 12 557 766

6 AUTO-SIGURANTA JSC Chisinau municipality, S. Lazo street, 21

MD14OTUA1002 179 647 100 17 964 700 13 0 20 391 725 1 676 913

7 GALAS JSC Chisinau municipality, Diordita Alexandru street, 2

MD14GASA1007 66 372 226 15 000 072 2 0 9 112 735 -3 708 664

8 EXIM-ASINT JSC Chisinau municipality, Kogalniceanu street, 29

MD14EXAN1007 150 000 100 15 000 000 4 0 15 021 023 -926 206

9 ACORD-GRUP JSC Chisinau municipality, Sciusev street, 29 MD14IDEA1008 200 000 75 15 000 000 2 0 18 125 109 1 861 692

10 ASTERRA GRUP JSC Chisinau munipality, O. Goga street, 26, of. 1 MD14ASTE1008

15 008 888 1 15 008 888 3 0 11 756 964 18 217

11 MOLDASIG JSC Chisinau municipality, Eminescu street, 2 MD14BELR1006

600 000 100 60 000 000 8 0 325 259 580 17 082 505

12 MOLDCARGO JSC Chisinau municipality,V. Alecsandri street, 97 MD14ARGO1006

100 300 000 30 000 000 100 0 47 131 780 5 235 858

13 MOLDOVA-ASTROVAZ JSC

Chisinau municipality, Sciusev street, 42 MD14OVAZ1003

210 100000 21000000 1 0 29 724 566 -2 152 017

156

14 SIGUR-ASIGUR JSC Chisinau municipality, Kogalniceanu street, 73/2 MD14SGUR1004

67 400 000 1 67 400 000 3 0 195 319 226 -23 375 384

15 TRANSELIT JSC Edinet city,Independentei street, 99 MD14SELI1008

15 000 1 000 15 000 000 6 0 12 494 575 -2 474 400

16 VICTORIA-ASIGURĂRI JSC

Chisinau municipality, Romana street, 8 MD14ASIG1009

15 000 000 1 15 000 000 11 0 12 821 426 269 832

Other Joint Stock Companies

№Name of the joint stock

companyLegal address

ISIN Number of securities

Nominal value MDL Share capital

Number ofshareholders

Dividends calculated

and directed to be paid in 2013 for

2012

Net profitMDL

Total capital

shareholder

1 LAFARGE CIMENT JSC Rezina city, Viitorului street, 1

MD14CEMT1002 14 833 509 30 445 005 270 1 370 44 665 753 2 073 035 66 022 733

2 MAGNOLIA-SERVCOM JSC Chisinau municipality, Petricani street, 23

MD14MAGN1008 278 046 10 2 780 460 120 0 0 1 109 191

3

ÎNTREPRINDEREA DE COLECTARE A CEREALELOR DIN OLĂNEŞTI JSC

Stefan-Voda district, Olanesti village, 31 August street

MD14LELO1007 120 854 5 604 270 1 001 0 0 -107 873

4 DAAC-VICTORIA JSC Chisinau municipality, M. Dosoftei street, 100

MD14DAVI1007 1 936 659 1 1 936 659 74 0 0 -133 555

5 ZIDCALTEN JSC Hincesti city, Industriala street, 7

MD14ZITE1001 115 691 10 1 156 910 158 0 913 53 923

6 INTERAUTOTRANS JSC Chisinau municipality, Padurilor street, 4

MD14INAU1006 302 607 20 6 052 140 206 0 0 1 180 534

7 INTEH JSC Chisinau municipality, Mesterul-Manole street, 18

MD14NTEH1006 602 045 10 6 020 450 2 636 0 1 250 -4 714 674

8 AGROMAȘINA JSC Chisinau municipality, Uzinelor street, 21

MD14AGRN1003 1 397 351 10 13 973 510 1 440 0 0 1 721 645

9 CENTRUL DE MODA JSCChisinau municipality, boulevard Stefan cel Mare si Sfint, 182

MD14MODA1000 1 848 258 9 16 634 322 309 1 576 877 1 024 1 187 204

10FABRICA DE CONSERVE DIN CALARASI JSC

Calarasi city, Calarasilor street, 3

MD14FASE1004 310 610 50 15 530 500 2 921 0 48 770 4 949

157

11FABRICA DE DROJDII DIN CHISINAU JSC

Chisinau municipality, Uzinelor street, 1

MD14DROJ1006 361 424 12 4 337 088 1 065 0 22 717 -571 333

12 PAN COM JSC Chisinau municipality, Kiev street, 16/1

MD14PANC1009 139 189 10 1 391 890 300 0 2 034 2 497

13 MOLDTEHMED JSC Chisinau municipality, M.Dragan street, 19

MD14TEHM1007 106 740 10 1 067 400 163 0 0 242 023

14 AGROTEH JSC Orhei city, Negruzzi street, 87

MD14GROT1001 273 127 10 2 731 270 433 0 0 -93 323

15 DRUM-3 JSC Calarasi city, Constructorilor street, 8

MD14MURD1003 216 118 10 2 161 180 144 0 604 -59 663

16 ROMANIŢA JSC Hincesti city, 31 august street, 72

MD14ROMA1004 106 325 10 1 063 250 1 389 0 0 -310 333

17PARCUL DE AUTOBUZE NR.1 JSC

Chisinau municipality, Gradina Botanica street, 9

MD14PPPA1002 92 990 20 1 859 800 1 436 0 3 863 -1 341 850

18 COMCON VICTORIA JSC Chisinau municipality, Haltei street, 41/1

MD14COMC1009 16 755 33 552 915 559 0 3 081 31 914

19 ANGROGOSCOM JSC Chisinau municipality, Petricani street, 21/4

MD14AGCO1009 408 360 10 4 083 600 56 0 2 490 1 951 443

20 TEHOPTIMED JSC Chisinau municipality, M.Dragan street, 19A

MD14TEHO1005 62 877 12 754 524 56 0 1 199 -97 090

21BAZA DE TRANSPORT AUTO NR.18 JSC

Criuleni city, 31 August street, 1

MD14CBTA1009 256 594 11 2 822 534 457 0 5 063 98 798

22 APEX JSC Anenii Noi district, Merenii Noi village

MD14APEX1005 167 161 20 3 343 220 448 0 0 -1 194 588

23 INTERIOR JSC Chisinau municipality, Dacia boulevard, 27

MD14INTR1000 83 653 10 836 530 108 0 765 211 485

24 BAŞTINA JSC Chisinau municipality, Muncesti street, 801/3

MD14 BATI1003 339 537 8 2 716 296 595 0 0 136 910

25 PIESE AGRO-PRIM JSC Chisinau municipality, Muncesti street, 801 A

MD14AGPP1001 322 258 9 2 900 322 351 0 0 257 115

26 CRIOCONSTRUCŢIA JSC Criuleni city, Orhei street, 54

MD14ASCC1009 1 458 037 1 1 458 037 68 0 3 032 -564 842

27 CODREANCA JSCCalarasi city, Alexandru cel Bun street, 114

MD14CODR1003 181 086 10 1 810 860 2 067 358 826 135 849 559 512

28 PRESUDOR JSC Chisinau municipality, Columna street, 184/1

MD14PDSR1004 377 667 23 8 686 352 64 400 384 0 -2 927 361

29 TRANSCOMUNICAŢII JSCChisinau municipality, Stauceni village, Ciorescu street, 1

MD14COMU1007 335 000 10 3 350 000 64 0 831 136 153

158

30 MONTAJCOM JSC Chisinau municipality, Valea Bicului street, 1/2

MD14ONTA1001 59 969 10 599 690 170 0 0 -21 299

31 MONOLIT JSC Chisinau municipality, Grigore Vieru boulevard, 22/1

MD14MONO1002 1 662 575 15 24 938 625 1 282 0 22 734 8 686 928

32 MEZON JSC Chisinau municipality, Moscovii boulevard, 21

MD14MEZO1000 7 507 452 10 75 074 520 1 822 0 185 731 2 492 418

33 ÎM JOLLY ALON JSC Chisinau municipality, M. Cebotari street, 37

MD14JOLL1002 532 46310 24 636 920 2 1 260 148 0 109 233

34 MOLDOVAGAZ JSC Chisinau municipality, Albisoara street, 38

MD14MOLG1004 13 329 080 100 1 332 908 000 1 702 0 1 053 773 -174 365 497

35 INCONARM JSC Chisinau municipality, Petricani street, 86

MD14INCR1009 207 928 40 8 317 120 347 0 46 455 4 133 410

36 ASICON JSC Calarasi city, Constructiilor street, 6

MD14 ASIC1003 95 610 10 956 100 169 0 3 783 -189 918

37 TEHNOVIN JSC Chisinau municipality, Studentilor street, 2/4

MD 14NOVI1009 1 128 227 10 11 282 270 467 0 99 982 -320 175

38 AUTOMOTOTRANS JSC Chisinau municipality, Bariera Sculeni street, 9 a

MD14AMTR1009 44 850 15 672 750 225 0 0 -79 631

39 CARIERA MICĂUŢI JSC Straseni city, Gornoe village

MD 14MICU1005 255 701 10 2 557 010 155 0 4 980 2 471 685

40 REUPIES JSC Chisinau municipality, Columna street, 170

MD14REUP1009 139 873 15 2 098 095 72 0 1 562 -530 796

41 TRANSCON-M JSC Chisinau municipality, V. Alecsandri street, 119A

MD14SCON1000 1 589 200 10 15 892 000 601 0 75 100 -704 382

42 GEMENI JSCChisinau municipality, Stefan cel Mare si Sfint boulevard, 136

MD14GEMN1004 11 712 493 2 23 424 986 491 35 745 018 13 300 35 745 018

43 TERMOCOM JSC Chisinau municipality, T. Vladimirescu street, 6

MD14TERO1003 648 998 50 32 449 900 947 0 9 496 155 -38 642 101

44 RZ - TRANSCOM JSC Rezina city, 27 august street , 64 a

MD14RASI1005 36 874 20 737 480 65 0 0 -143 892

45 ANGROCONSTRUCTIA JSC Chisinau municipality, Petricani street, 19/5

MD14ANGR1003 136 099 10 1 360 990 533 0 0 -25 035

46HOLDING CHISINAU-CONINVEST JSC

Chisinau municipality, Mesterul Manole street, 5

MD14CONI1002 103 772 35 3 632 020 724 0 250 448 833

47 IALTEXGAL-AURICA JSCIaloveni city, Alexandru cel Bun street, 30

MD14IALA1002 111 112 9 1 000 008 570 0 0 -212 705

48AGROSERVICE - CRIULENI JSC

Criuleni city, Orheiului street, 56

MD14CRIU1000 1 933 023 1 1 933 023 510 0 0 10 760

159

49 AGRO - COSTEŞTI JSC Ialoveni district, Costesti village

MD14TEMA1004 1 221 074 1 1 221 074 101 0 0 87 762

50 MACARA JSCChisinau municipality, Codru city, Costiujeni street, 7

MD14MACA1007 136 593 7 956 151 55 0 1 170 -225 764

51 METALIC JSCCauseni city, Kogalniceanu street, 10

MD14META1004 92 102 40 3 684 080 0 0 -55 352

52 REZINDMONTAJ JSC Rezina city, Dacia street, 38

MD14REZM1007 163 791 10 1 637 910 103 0 552 -553 686

53 TUTUN - CTC JSC Chisinau municipality, Ismail street, 166

MD14TCTC1007 5 591 020 20 111 820 400 628 38 440 307 2 350 054 44 979 579

54 DIASET-VIN JSC Hincesti district, Dragusenii Noi village

MD14DVIN1002 52 988 50 2 649 400 57 0 0 -125 022

55BAZA DE TRANSPORT AUTO NR.-28 JSC

Calarasi city, Alexandru cel Bun street, 238

MD14BARA1003 81 653 10 816 530 224 0 3 250 957 786

56 LUSMECON JSC Chisinau municipality, Grigore Vieru boulevard, 22/1

MD14LUSM1002 261 164 50 13 058 200 989 0 65 872 5 242 692

57 Î.M. ALIMCOM JSC Chisinau municipality, Muncesti street, 258

MD14ALIM1008 1 378 328 10 13 783 280 784 0 14 931 -1 548 409

58 SĂIŢI JSC Causeni district, Saiti village

MD14JSCIT1004 80 695 20 1 613 900 378 0 6 667 286 903

59 MIDGARD TERRA JSC Chisinau municipality, Transnistria street, 6

MD14MITE1006 504 407 38 19 167 466 1 509 0 3 190 -4 394 127

60 PIELART JSC Chisinau municipality, Calea Iesilor street, 10

MD14PIEL1001 1 194 432 40 47 777 280 2 568 0 281 831 8 263 408

61 CONSATOR JSC Ungheni city, Balteni street, 1

MD14CONA1000 173 876 10 1 738 760 150 0 0 5 431

62 AGAT JSC Chisinau municipality, M. Sadoveanu street, 42

MD14AGAT1006 4 266 456 10 42 664 560 541 0 11 229 -789 092

63ÎNTREPRINDEREA DE TRANSPORTURI AUTO NR.1 JSC

Chisinau municipality, Socoleni street, 31

MD14TRAS1003 230 680 17 3 921 560 221 0 333 -1 455 709

64 UTILAJCOM JSC Chisinau municipality, Industriala street, 40

MD14UTIL1007 603 785 5 3 018 925 706 0 16 273 441 727

65 ESTATE GROUP JSC Chisinau municipality, Feredeului street, 4

MD14ESRO1004 6 128 443 4 24 513 772 50 674 245 138 5 335 137 332

66 TIREX PETROL JSC Chisinau municipality, Columna street, 90

MD14TIRP1008 18 579 712 6 111 478 272 5 509 7 431 885 764 265 3 660 165

160

67 DRUMURI-IALOVENI JSC Ialoveni district, Chilia street, 2a

MD14IALD1009 1 505 584 10 15 055 840 50 28 606 94 654 102 723

68 DIGRENTA JSC Chisinau municipality, Alexandru cel Bun street, 36

MD14GIRA1000 535 577 1 535 577 1 197 263 665 264 411 685

69 DAAC HERMES JSC Chisinau municipality, Calea Iesilor street, 10

MD14DACH1001 507 528 20 10 150 560 240 0 1 222 198 563

70 VIORICA-COSMETIC JSC Chisinau municipality, Mesager street, 1

MD14VITM1005 1 774 987 11 19 524 857 535 8 876 211 512 8 037

71ELEVATOR KELLEY GRAINS JSC

Causeni city, Tighina road, 13

MD14KELY1006 1 348 659 10 13 486 590 3 073 0 38 949 -29 646 978

72 AEROPORT HANDLING JSC Chisinau municipality, Dacia boulevard, 80/3

MD14HOPE1004 204 500 10 2 045 000 1 2 054 960 13 788 3 320 845

73 FLOARE-CARPET JSCChisinau municipality, Gradina Botanica street, 15

MD14CARP1005 6 086 209 10 60 862 090 8 901 72 666 224 361 275 461

74 PIELE JSC Chisinau municipality, Ismail street, 99

MD14PIEE1000 1 347 968 8 10 783 744 2 278 0 3 097 046 -1 118 351

75 MICRON JSC Chisinau municipality, Decebal boulevard, 139

MD14MICR1000 1 049 297 10 10 492 970 146 0 46 566 -271 388

76 PROMSTROI-GRUP JSC Chisinau municipality, Uzinelor street, 90

MD14SOGU1007 1 147 129 10 11 471 290 3 364 0 11 194 4 933 634

77 BCA TEXTILE JSC Chisinau municipality, Petricani street, 23/2

MD14TEXT1000 434 763 10 4 347 630 737 0 0 61 807

78 CASA NUNŢII-NOROC JSC Chisinau municipality, Sucevita street, 34

MD14OROC1000 173 048 20 3 460 960 175 2 201 686 0 2 590 219

79FABRICA DE PRODUSE LACTATE DIN CĂLĂRAŞI JSC

Calarasi city, Stefan Neaga street, 15

MD14LRAI1003 215 603 F/V 916 030 87 0 0 61 091

80ÎNTREPRINDEREA PISCICOLĂ COSTESTI JSC

Ialoveni district, Costesti village, Stefan cel Mare street, 71

MD14OSTE1002 82 165 10 821 650 328 0 2 052 603 187

81 CEPROSERVING JSC Chisinau municipality, Negruzzi boulevard, 2

MD14VING1009 351 190 3 1 053 570 75 450 000 77 680 1 265 060

82 ASCHIM JSCChisinau municipality, T.Vladimirescu street, 70

MD14ASCH1004 2 379 602 10 23 796 020 1 454 0 7 970 -674 469

83BIROUL PRINCIPAL SPECIALIZAT DE PROIECTĂRI JSC

Chisinau municipality, Uzinelor street, 21

MD14BPSP1008 12 187 47 572 789 253 0 702 222 763

84 IPDA JSCChisinau municipality, Sarmizegetusa street, 12

MD14IPDA1005 1 242 090 1 1 242 090 70 0 0 -11 741

161

85 SANFARM-PRIM JSC Chisinau municipality, Grenoble street, 149 a

MD14FIMA1006 449 233 10 4 492 330 119 0 65 051 647 887

86 ARMO-BETON JSC Chisinau municipality, Bacioi village, Uzinelor street, 8

MD14ARMO1004 522 102 10 5 221 020 1 0 0 1 449 937

87 DALIA JSC Chisinau municipality, Nicolai Zelinski street, 7/1

MD14DALI1009 129 088 10 1 290 880 413 0 3 667 357 283

88 ORHEI-VIT JSC Chisinau municipality, Mesager street, 16

MD14VITE1005 2 016 069 15 30 241 035 1 304 0 225 079 1 442 926

89 GRISAN HAMB JSC Chisinau municipality, Mitropolit Varlaam street, 56

MD14GRIS1000 748 947 3 2 246 841 70 0 450 6 668 811

90 TRACOM JSC Chisinau municipality, Columna street, 170

MD14TRAC1001 2 274 887 23 52 322 401 1 613 0 0 4 142 595

91 UNCONSACOM JSC Ungheni city, Boico street, 4

MD14JSCCO1005 752 571 5 3 762 855 153 0 0 -216 720

92 COLOANA AUTO-2830 JSC Orhei city, Unirii street, 128

MD14CACA1009 316 756 15 4 751 340 400 0 2 314 384 188

93 API JSC Orhei city, 31 August street, 2

MD14APPI1001 1 608 315 10 16 083 150 2 317 0 9 557 -690 985

94 CONSOCIVIL JSC Chisinau municipality, Bucuresti street, 23 "a"

MD14CONC1008 568 715 10 5 687 150 274 0 5 243 2 815 199

95 EDIFICIU JSC Chisinau municipality, Padurii street, 12

MD14EDIF1003 64 662 10 646 620 279 0 0 -67 684

96FABRICA DE VINURI DIN PUHOI JSC

Ialoveni district, Puhoi village

MD14PUHO1009 2 193 585 1 2 193 585 444 0 0 -97 544

97 TIPAR COLOR JSC Chisinau municipality, Bucuriei street, 12/A

MD14TICO1006 3 617 297 10 36 172 970 3 123 0 0 -986 757

98AMBALAJ - BULBOACA JSC

Anenii Noi district, Bulboaca village

MD14AMBA1008 233 978 10 2 339 780 192 0 0 -62 302

99 INTROSCOP JSC Chisinau municipality, Mesterul Manole street, 20

MD14TROS1007 1 522 097 10 15 220 970 380 0 273 770 2 697 217

100 MONTTEHSAN JSCChisinau municipality, Mitropolitul Banulescu-Bodoni street, 45

MD14HJSCN1001 37 768 30 6 032 170 797 0 0 -38 740

101 SUCCES JSC Chisinau municipality, Cetatea Alba street, 17

MD14CCES1005 185 141 10 1 851 410 162 0 1 901 -1 690

102 SUD - VEST MONTAJ JSC Chisinau municipality, Voluntarilor street, 8

MD14SUDV1001 43 427 15 651 405 87 0 45 -46 956

103 MOLDOVA TUR JSC Chisinau municipality, boulevard Stefan cel Mare, 4

MD14MTUR1005 1 299 137 10 12 991 370 1309+2CF+3DN 0 8 365 41 265

162

104 MELIOSERVICE JSCChisinau municipality, Alexandru cel Bun street, 49

MD14MELI1004 149 539 10 1 495 390 127 0 0 -5 860

105 ULMU-VIN JSCIaloveni city, Ulmu village

MD14ULMV1007 191 987 10 1 919 870 1 935 0 0 60 602

106 CONCOM RTCA JSCChsinau municpality, Petricani street, 202

MD14RTCA1001 1 614 163 1 1 614 163 94 0 1 518 12 247

107 RADIATOR JSC Chisinau municipality, Columna street, 170/3

MD14RADI1003 57 153 47 2 686 191 206 0 17 283 326 771

108 CARMEZ JSC Chisinau municipality, Muncesti street, 121

MD14RMEZ1007 2 160 905 10 21 609 050 2 788 0 175 619 -26 496 929

109 AGROTEHNICA JSC Nisporeni city, T. Ciorba street, 2

MD14AGNI004 60 223 10 602 230 137 0 0 -9 065

110 LEMNAR JSC Chisinau municipality, M. Dragan street, 11

MD14LEMN1007 439 312 15 6 589 680 3 637 0 0 187 307

111 MOLDTELECOM JSC Chisinau municipality, Stefan cel Mare boulevard, 10

MD14MTEL1001 98 419 395 10 984 193 950 1 111 190 751 261 881 685 112 698 619

112MOLDAGROCONSTRUCTIA JSC

Chisinau municipality, Mitropolitul Varlaam street, 65

MD14MOLC1008 63 773 100 6 377 300 222 4 295 112 7 116 4 549 513

113 COLOANA AUTO -2811 JSC Orhei city, Unirii stret, 49

MD14COLN1007 107 120 10 1 071 200 664 0 2 455 936 606

114FIRMA DE PRODUCŢIE ŞI COMERŢ ORHEI-MOBILĂ JSC

Orhei city, Unirii street, 57

MD14ORBI1009 362 227 10 3 622 270 1 191 0 0 -763 897

115 HÎRJĂUCA - VIN JSCCalarasi city, Hirjauca village

MD14HVIN1008 242 341 10 2 423 410 499 0 0 2 070

116 NUFĂRUL JSC Chisinau municipality, M.Eminescu street, 70

MD14NUNU1005 79 016 10 790 165 194 94 819 38 186 1 590 271

117ATC-AGROTEHCOMERȚ JSC

Hincesti city, N.Milescu-Spataru street, 33

MD14ATEH1001 29 638 100 2 963 800 248 1 037 330 1 493 -1 144 950

118FABRICA DE PIINE DIN ORHEI JSC

Orhei city, B. Glavan street, 5

MD14FDPO1002 135 013 10 1 350 130 1 610 0 20 985 -1 309 238

119COMBINATUL DE ARTICOLE DIN CARTON JSC

Chisinau municipality, Transnistria street, 16

MD14COAR1006 295 088 50 14 754 400 452 0 53 184 -3 603 649

120BAZA DE TRANSPORT AUTO nr. 36 JSC

Causeni city, Alba Iulia street, 46

MD14ATBS1001 167 216 10 1 672 160 166 0 546 -687 027

121 AUTOMOBILISTUL-NIS JSC Nisporeni city, Viilor street,117

MD14AUTN1003 50 020 10 500 200 104 0 0 -23 815

163

122 ZORILE JSC Chisinau municipality, Calea Iesilor street, 8

MD14ZORI1001 2 196 405 18 39 535 290 6 668 0 467 738 -11 276 302

123 BUCURIA JSC Chisinau municipality, Columna street, 162

MD14BUCU1002 1 646 396 10 16 463 960 4 199 0 1 153 917 12 296 206

124 PROURA-VIN JSC Calarasi city, Oniscani village

MD14PRVO1006 526 137 10 5 261 370 401 0 0 -442 416

125 SANIS-VIN JSC Nisporeni city, Stefan cel Mare street, 38

MD14JSCVI1000 515 036 10 5 150 360 1 016 0 0 -66 633

126COLOANA MECANIZATĂ MOBILĂ JSC

Chisinau municipality, Pruncul, Tineretului street, 5

MD14COLM1008 31 366 50 1 568 300 92 0 4 949 81 274

127 DRENAJ JSC Chisinau municipality, Uzinelor street, 188

MD14RENA1005 149 203 10 1 492 030 308 0 136 -26 389

128 CRIO-IZVORUL JSC Chisinau municipality, M.Manole street, 6/2

MD14IZVO1005 533 339 1 533 339 818 0 175 19 664

129 LIFTMONTAJ JSC Anenii Noi district, Dacia street, 1

MD14LIFT1006 627 126 1 627 126 131 0 3 250 4 519 227

130 AGROVIN BULBOACA JSC Chisinau municipality, Calea Iesilor street, 8

MD14AGBU1002 5 314 507 4 21 258 028 356 0 300 286 14 722 432

131 IAMOCS-SERVICE JSC Ialoveni city, Hincesti street, 28

MD14IAMO1005 237 763 10 2 377 630 234 0 0 -205 333

132FERTILITATEA DIN STRĂȘENI JSC

Straseni city, Miron Costin street, 8

MD14TERF1004 193 321 10 1 933 210 126 0 1 125 -103 018

133 BUTOIAȘ JSC Chisinau municipality, Calea Iesilor street, 71

MD14BUTO1001 3 299 862 1 3 299 862 131 0 0 1 355 528

134Î.M. MOLDO-AMERICANĂ CUANTA JSC

Chisinau municipality, Belgrad street, 16

MD14ANTA1007 48 936 50 2 446 800 94 0 13 715 -87 434

135 ELCOM JSC Orhei city, Unirii street, 128

MD14ELOM1006 120 226 20 2 404 520 1 174 0 2 043 -3 009 903

136 UNIC-SEM JSC Chisinau municipality, sf. Gheorghe street, 3

MD14UNEM1006 171 721 10 1 717 210 855 0 0 -107 165

137COMBINATUL AUTO nr.4 JSC

Chisinau municipality, Padurii street, 13

MD14AUBI1000 693 799 10 6 937 990 979 30 439 74 375 101 189

138COMBINATUL DE PRELUCRARE A LEMNULUI FAG JSC

Chisinau municipality, Muncesti street, 623

MD14FAGG1000 635 112 10 6 351 120 299 0 0 -242 442

139 TRANSOBIECT JSC Chisinau municipality, Doina street, 150

MD14TROB1006 115 560 10 1 155 600 61 0 0 -92 667

140 MEGA PRIM JSC Chisinau municipality, Columna street, 63

MD14EGAP1006 9 842 035 4 39 368 140 82 323 393 681 0 443 341

164

141ZIDARUL -ŞTEFAN- VODĂ JSC

Stefan-Voda city, Zona Industriala street

MD14ZIST1005 116 735 10 1 167 350 250 0 10 050 -237 262

142 GALANTA JSC Orhei city, V. Lupu street,171

MD14GALA1004 779 317 10 7 793 170 1 056 0 16 000 -329 535

143VINĂRIA CĂUŞENENILOR JSC

Causeni city, Alba – Iulia street, 51

MD14LORC1003 491 272 20 9 825 440 5 485 0 0 -32 677

144 Î.M. FARMACO JSC Chisinau municipality, Vadul lui Voda street, 2

MD14FARM1005 649 627 37 24 036 199 1 008 0 1 670 761 -24 973

145 AMELIORATOR-23 JSC Hincesti city, M. Kogalniceanu street, 4

MD14AMEL1002 61 660 43 2 651 380 373 0 7 700 -30 651

146 CRIOFERTILITATEA JSC Criuleni city, Uzinelor street, 2

MD 14FECR1003 913 979 1 913 979 157 0 0 -61 486

147 DIMECON-11 JSC Chisinau municipality, Industriala street, 46

MD14DIME1004 538 543 7 3 769 801 471 0 54 404 -1 481 788

148 VINĂRIA VOLINTIRI JSC Stefan Voda district, Volintiri village, Voluntirilor street

MD 14ONTR1002 289 529 10 2 895 290 930 0 0 513

149 MOLDELINA JSC Chisinau municipality, Petricani stereet, 21

MD14MOND1005 269 199 10 2 691 990 202 670 761 10 390 2 807 227

150 AGROPETROL JSC Chisinau municipality, Feredeului street, 4

MD14TROL1004 97 485 10 974 850 606 0 21 192 -6 071 239

151AUTOCOMERŢ- SERVICE JSC

Chisinau municipality, Calea Orheiului street, 125/1

MD14CTEC1004 343 419 6 2 060 514 161 0 0 -126 252

152 CONTINENT-SERVICE JSC Chisinau municipality, Calea Orheiului street, 125

MD14ICEV1004 1 732 922 2 3 465 844 540 0 0 994 108

153 BICON JSC Straseni city, Chisinaului road, 4

MD14BCON1009 138 214 10 1 382 140 96 0 1 576 -1 724

154 RESTAURATORUL JSCChisinau municipality, Hanul Morii street, 42

MD 14REST1009 91 028 9 819 252 152 0 0 -473 062

155 ÎNTÎLNIREA JSC Chisinau municipality, Dimo street, 13

MD14INTL1006 1 607 212Without

VN1 521 702 369 0 390 -183 856

156 PLOVDIV JSC Chisinau municipality, Moscova boulevard, 6

MD14PLOV1002 1 486 876 1 1 486 876 1 333 0 0 2 406 683

157FABRICA DE PRODUSE LACTATE DIN HÎNCEȘTI JSC

Hincesti city, Industriala street, 10

MD14FALA1005 192 068 25 4 801 700 121 0 0 -1 701 359

158 ORIZONT JSCChisinau municipality, Uzinelor street, 171/2

MD14RIZO1001 55 979 268 15 002 372 277 559 790 29 360 1 817 131

159 TRANSSERVICE JSCChisinau municipality, A. Botezatu street, 5

MD14REVI1007 85 190 10 851 900 792 3 520 5 971 130 187

165

160 SUPRATEN JSCChisinau municipality, Petricani street, 84

MD14RATE1009 516 986 14 7 237 804 2 297 0 966 847 6 347 014

161 BPC-AGROINDMAŞ JSCChisinau municipality, Lunca Bicului street, 19/1

MD14AIND1007 112 063 20 2 241 260 130 0 0 -196 745

162 AGROINDPROIECT JSCChisinau municipality, Armeneasca street, 55

MD14IECT1008 82 679 10 826 791 272 310 322 417 727 820

163 AGROMONTAJ JSCChisinau municipality, Burebista street,108

MD14AGTJ1007 530 017 11 5 830 187 121 0 0 -179 557

164AGROSERVICE CĂINARI JSC

Cainari city, Stefan Voda street, 48

MD14ARSE1000 53 368 10 533 680 205 0 -91 867

165AGROSERVICE- UNGHENI JSC

Ungheni district, Cornesti village, Stefan cel Mare street,112

MD14AGUN1008 215 000 5 1 075 000 467 0 0 585

166 ARTIZANA JSCChisinau municipality, Academiei street, 13/1

MD14ARTIZ1004 61 521 30 1 845 630 226 0 7 055 860

167 AUTOMOBILISTUL JSCOrhei city, Pelivan village

MD14MOBI1004 117 044 10 1 170 444 101 0 4 000 115 341

168 BRAVICEA VIN JSC Calarasi district, Bravicea village

MD14VINB1004 127 595 50 6 379 750 969 0 47 -394 956

169 BTA-31 CHIŞINĂU JSC Chisinau municipality, Petricani street, 94

MD14BTAC1009 276 777 10 2 767 770 283 0 0 -204 826

170 BTA-7 JSCStefan Voda city, Chisinau street, 14 MD14ATBS1001 77 502 10 775 021 317 0 0 3 897

171 MAGAZINUL BUSUIOC JSC Chisinau municipality, Zelinski street, 36

MD14BUSU1004 37 273 25 931 830 1 203 0 292 917 248

172 CAAN JSCStraseni city, V. Crasescu street, 1

MD14CAAN1006 3 051 083 8 24 408 664 461 0 36 387 975 320

173 CARACUDA HÎNCEŞTI JSC Hincesti city, Industriala street, 22

MD14CARA1002 219 045 10 2 190 450 338 0 0 31 405

174 CARIERA COBUSCA JSC Anenii Noi district, Salcia village

MD14COBU1000 148 210 15 2 223 150 61 0 18 559 608 013

175CEREALE VULCĂNEȘTI JSC

Chisinau municipality, Alecu Russo street, 18/3

MD14CEVU1008 497 424 8 3 979 397 4 452 0 423 -2 449 023

176 CHIMISTUL-M JSCChisinau municipality, Muncesti street, 803 MD14MIST1000 358 963 10 3 589 630 254 0 0 -8 676

177COMBINATUL AUTO NR.5 JSC

Chisinau municipality, Petrariei street, 19

MD14OMBI1004 59 428 76 4 516 528 394 0 0 46 367

178FERTILITATE ANENII NOI JSC

Anenii Noi city, Parcului street, 14 A

MD14LITA1001 275 545 10 2 755 450 79 0 0 -60 148

166

179 FORESTCOM JSC Chisinau municipality, Muncesti street, 807

MD14FEST1003 146 492 10 1 464 920 373 0 975 1 399 079

180 FRANZELUŢA JSC Chisinau municipality, Sarmizegetusa street, 30

MD24FRAN1002 1 000 000 1 1 000 000 1 768 853 520 1 316 273 1 230 436

181 FURNIZORUL ABA JSC Chisinau municipality, Mesterul Manole street, 5A

MD14FURN1000 451 793 35 15 812 755 567+7CF 0 24 929 1 580

182 JLC JSC Chisinau municipality, Sarmizegetusa street, 90

MD14JLCI1001 692 149 56 38 760 344 2 748 0 345 439 20 802 278

183 JLC-INVEST JSC Chisinau municipality, Dacia boulevard, 35

MD14JLIN1008 63 200 420 0 45 855 160 108 453 0 2 083 778 058

184 LA RĂSCRUCE JSCChisinau municipality, Cuza- Voda street, 30/1 MD14LRSC1009 30 000 21 630 000 336 0 0 519 431

185 MACON JSC Chisinau municipality, Uzinelor street, 104

MD14MACN1002 4 373 588 5 21 867 941 1 431 0 784 878 -1 276 537

186 MANVIN JSC Orhei district, Mana village

MD14ANVI1005 604 095 10 6 040 950 656 0 0 -6 397

187 MILEŞTI VIN JSC Nisporeni district, Milesti village

MD14MILV1003 476 679 10 4 766 790 1 148 0 10 000 160 391

188 MINA DIN CHIŞINĂU JSC Chisinau municipality, Calea Orheiului street, 90A

MD14GUAR1004 291 833 10 2 918 330 2 997 0 3 202 -972 683

189 MINERAL JSC Cricova city, Chisinaului street, 86

MD14NERA1005 469 246 20 9 384 920 157 246 931 3 312 269 746

190 MOLDCINEMA JSCChisinau municipality, Muncesti street, 171 MD14CINE1004 591 303 3 1 773 909 1 0 171 578 11 292

191MOLDELECTROMONTAJ JSC

Chisinau municipality, Uzinelor street, 64 MD14MOEL1006 55 620 100 5 562 000 546 422 728 3 901 -444 149

192 MOLDOVAHIDROMAŞ JSC Chisinau municipality, Mesterul Manole street, 7

MD14MHID1001 51 234 875 1 51 234 875 3 101 0 290 988 6 679 129

193 OGLINDIRE JSC Chisinau municipality, M.Dragan street, 11

MD14OGLI1000 117 588 25 2 943 900 262 0 0 -96 738

194 OȚELCON JSC Chisinau municipality, Titulescu street, 49

MD14OŢEL1009 160 452 10 1 604 520 3 0 1 754 150 330

195GLASS CONTAINER COMPANY JSC

Chisinau municipality, Uzinelor street, 201

MD14GLAS1004 503 196 484 243 546 864 12 148 217 -14 866 245

196 TEBAS JSC Chisinau municipality, Alba Iulia street, 75

MD14TEBS1007 1 064 559 10 10 645 590 5 135 0 0 52 097

197 TERMOTRANJSAUTO JSC Chisinau municipality, Bucuresti street, 51

MD14TERM1005 283 490 20 5 669 800 1 184 0 1 500 66 340

167

198 TUDORA-VIN JSCStefan voda district, Tudora village, Stefan cel Mare street, 232

MD14DORA1005 222 800 10 2 228 000 706 0 16 332 5 282

199 UNCONS JSC Ungheni city, Nationala street, 119

MD14UNCO1006 20 679 50 1 034 034 162 0 22 861 6 130

200 UNITA JSC Hincesti city, Industriala street, 12

MD14UNIT1005 35 829 25 895 725 870 0 0 -135 404

201 VINĂRIA-BARDAR JSCIaloveni district, Bardar village, Uzinelor street, 3

MF14BARD1000 156 699 35 5 484 465 755 0 314 868 4 705 457

202 VINUL CODRILOR JSCOrhei city, Peresecina village, Stefan cel Mare street, 4

MD14VCOD1007 478 077 10 4 780 770 327 0 8 502 680 001

203 VITAMINA JSC Nisporeni district, Cioresti village

MD14VITA1009 105 884 20 2 117 680 250 0 0 -71 518

204 VITIS HÎNCEŞTI JSCHincesti city, Chisinaului street, 27 MD14VITI1001 127 599 100 12 759 949 147 0 14 658 -2 317 093

205 ZUBREŞTI JSCStraseni city, Zubresti village MD14ZUBR1000 588 120 1 588 120 1 607 0 0 -1 970 504

206Comb. de producere a cerealelor "CEREALE - PRUT" JSC

Ungheni city, O. Ungureanu street, 1 MD14CEPU1006 3 838 109 15 57 571 635 802 0 0 -4 097 069

207FABRICA DE ELEMENTE DE CONSTRUCȚII JSC

Chisinau municipality, Uzinelor street, 96

MD14FEEC1008 168 852 10 1 688 520 178 0 102 657 -2 925 209

208 MĂMĂLIGUȚA JSCChisinau municipality, Stefan cel Mare boulevard, 60

MD14MAMA1005 1 517 545 1 1 517 545 84 230 643 0 190 928

209 HIDROPOMPA JSC Chisinau municipality, Gagarin boulevard, 2

MD14HIDR1004 11 073 260 10 11 141 960 2 900 0 100 433 -1 067 844

210 IPC ICAM JSC Chisinau municipality, Tighina street, 65

MD14CIMA1009 3 188 520 5 15 942 600 3 449 1 594 260 27 346 -477 851

211 AGROMEC JSC Orhei city, B. P. Hasdeu street, 2 a

MD14AGMC1001 121 931 10 1 219 310 272 0 1 024 -285 734

212FERTILITATEA-IALOVENI JSC

Ialoveni city, Alexandru cel Bun street, 31

MD14 FEIA1006 41 322 14 578 508 277 0 1 470 -286 047

213ANGROCOMERȚ VEST EST JSC

Ungheni city, Crestiu street, 3

MD14CORD1003 65 026 50 3 251 300 204 0 4 200 770 718

214 VAR-NEST JSC Chisinau municipality, Pelivan Ion street, 30/6, of.18

MD14VARN1004 368 496 10 3 684 960 259 0 0 725 694

215 TAXI SERVICE JSC Chisinau municipality, Calea Iesilor street, 14

MD14TAXI1007 314 560 10 3 145 600 283 0 374 289 332

168

216COMBINATUL DE PRODUSE CEREALIERE din Chișinău JSC

Chisinau municipality, Uzinelor street, 2

MD14CPCC1000 3 997 422 29 115 925 238 4 216 0 2 603 -1 939 535

217 BETON ARMAT JSC Chisinau municipality, Uzinelor street, 12

MD14BETA1007 136 908 25 3 422 700 311 0 2 585 -1 341 468

218 SPERANŢA JSC Rezina city, Decebal street, 42

MD14SPRE1003 95 527 10 955 270 64 0 625 766 594

219 DRUMURI CHIŞINĂU JSC Chisinau municipality, Balcani road, 3

MD14CHID1003 1 705 492 10 17 054 920 75 27 200 100 826 6 462

220 CONSMONT JSC Orhei city, Eliberarii street, 172

MD14CONO1004 194 993 10 1 949 930 286 0 9 599 -389 035

221 TOPAZ JSC Chisinau municipality, D. Cantemir, 1

MD14TOPA1009 3 292 657 24 79 023 768 403 0 557 512 1 456 363

222 GRAMA JSC Chisinau municipality, Calea Iesilor street, 10

MD14GRAM1004 151 762 10 1 517 620 270 0 0 -23 662

223 CTC-ALFA JSC Chisinau municipality, Alba Iulia street, 75

MD14ALFA1005 68 852 15 1 032 780 393 0 0 -601 378

224 SIGMA JSC Chisinau municipality, Decebal street, 99

MD14 SIMA1001 3 789 285 10 37 892 850 1 805 0 381 334 -239 474

225 DIONYSOS JSC Anenii Noi district, Merenii Noi village, Stefan cel Mare street, 9

MD14DION1001 689 148 10 6 891 480 67 0 51 017 -8 850 293

226 SECA-CARTEA JSC Chisinau municipality, Stefan cel Mare boulevard, 180

MD14CATE1006 201 924 20 4 038 480 64 1 009 620 0 908 279

227 ASPA JSC Orhei city, Stejarilor street, 16

MD14ASPA1006 1 335 900 10 13 359 000 357 0 819 4 078 543

228 REPARAŢII AUTO JSCOrhei district, Peresecina village, M. Eminescu street, 15

MD14EPAR1003 316 515 10 3 165 150 260 0 820 -398 049

229 CONSINDAL JSC Chisinau municipality, Alexandru cel Bun street, 49

MD14COSD1002 86 222 10 862 220 1 187 0 0 -178 224

230 UTLAPCAR JSC Chisinau municipality, M. Dragan street, 17

MD14UTLA1005 308 726 10 3 087 260 351 0 0 -148 389

231 TOCUŞOR JSCChisinau municipality, Academiei street, 15

MD14TOCU1000 81 207 20 1 624 140 520 0 0 -16 941

232PISCICOLA GURA BÎCULUI JSC

Anenii Noi district, Gura Bîcului village

MD14GUAR1004 133 400 10 1 334 000 181 0 0 -283 204

233 UNGHENI-VIN JSC Ungheni city, Industrala street, 3A

MD14UVIN1001 877 639 10 8 776 390 11 695 0 2 240 837 504

169

234 HIDROCONSTRUCTOR JSC Orhei district, Pelivan village

MD14HIDO1007 114 748 10 1 147 480 73 0 916 -508 403

235 PRESTĂRI SERVICII JSC Criuleni city, 31 august street, 90

MD14SECR1008 659 349 1 659 349 746 0 1 044 -40 228

236FABRICA DE MATERIALE DE CONSTRUCȚII DIN STRĂȘENI JSC

Straseni city, Chisinaului road

MD14FATE1003 379 807 10 3 798 070 680 0 0 -276 560

237 CONMEC JSCChisinau municipality, Alexandru cel bun street, 97

MD14CONM1006 229 948 10 2 299 480 341 175 -280 426

238 STEJAUR JSCChisinau municipality, M. Dragan street, 11/1

MD14STEJ1009 134 754 0 16 514 400 1 798 0 4 030 -332 590

239 SUCCIN JSCChisinau munipality, Podgoreni street,4

MD14CZOM1002 750 612 5 3 753 060 444 0 0 13 540 317

240 ARIA JSCChisinau munipality, Alba Iulia street, 75G, of. 904

MD14CPRA1005 20 000 100 2 000 000 1 36 034 0 72 068

241 UNIC JSC Chisinau municipality, Stefan cel Mare street, 8

MD14UNIC1004 79 782 115 9 174 930 627 4 891 427 9 140 7 285 403

242 ELIRI JSC Chisinau municipality, Miron Costin street, 5

MD14ELIR1009 348 264 10 3 482 640 1 280 122 487 12 533 201 841

243 ABC JSC Chisinau municipality, Sfatul Tarii street, 14

MD14FIRM1007 700 000 1 700 000 452 0 5 495 -613 977

244 ARTIMA JSC Chisinau municipality, Iesilor steet, 6

MD14ARTI1005 1 684 994 4 6 739 976 893 364 453 0 511 053

245 ANGROBĂCĂNIE JSC Chisinau municipality, Petricani street, 21/2

MD14BACA1000 444 520 15 6 667 800 75 3 556 160 0 3 398 309

246 C.I. INTERPARES PRIM JSC

Chisinau municipality, Matei Basarab street, 2a

MD14ASIP1008 55 890 800 1 55 890 800 213 807 1 673 669 10 025 2 550 018

247 INCOMAŞ JSC Chisinau municipality, Transnistria street, 16/1

MD14INCM1004 576 066 15 8 640 990 253 432 050 4 288 -1 378 211

248 COVOARE-UNGHENI JSC Unhgeni city, O. Ungureanu street, 2

MD14COUN1006 2 632 762 10 26 327 620 2 726 750 000 0 317 256

249 ORLACT JSC Orhei city, Boris Glavan street, 3

MD14ORLA1005 185 519 10 1 855 190 817 0 6 883 356 124

250 UNIVERSCOM JSC Chisinau municipality, Petricani street, 21/3

MD14SCOM1001 475 544 10 4 755 440 189 2 110 087 4 575 1 863 366

251 INDMONTAJ JSC Chisinau municipality, Sarmizegetusa street, 92

MD14INMJ1007 91 560 10 915 607 136 0 9 724 336 012

252 SPERANŢA - MD JSC Ungheni city, Nationala street, 17

MD14TAMD1005 120 685 10 1 206 850 164 0 0 -595 168

170

253 DAAC Hermes Grup JSC Chisinau municipality, Calea Iesilor street, 10

MD14MARS1000 72 675 153 1 72 675 153 90 459 0 752 4 014 032

254 CONSAM JSC Chisinau municipality, Industriala street, 75

MD14OJSCM1003 6 817 464 1 6 817 464 1 288 0 2 584 41 991

255 IONEL JSC Chisinau municipality, Bulgara street, 47

MD14NELI1003 9 645 588 2 19 291 176 10 989 1 157 470 601 383 2 636 294

256 COMBUSTIBIL SOLID JSCChisinau municipality, V. Alecsandri street, 78

MD14COBI1006 559 942 6 3 359 652 318 0 1 537 -898 959

257 DIRECOM JSCChisinau municipality, Lunca Bicului street, 29

MD14DIRE1009 131 567 10 1 315 670 307 0 0 -359 403

258 BASARABIA JSCOrhei city, Unirii street, 128

MD14ABIA1004 2 178 716 1 2 178 716 3 019 0 29 200 -1 420 603

259 MOLDPRESA JSCDurlesti city, Stefan Voda street, 3

MD14PRES1003 190 860 24 4 580 640 116 1 000 186 22 288 394 22 527 068

260 DRUM-2 JSCOrhei city, Eliberarii street, 162

MD14RUMD1003 176 338 10 1 763 380 137 0 681 -447 819

261FABRICA DE MOBILĂ VIITORUL JSC

Chisinau municipality, A. Botezatu street, 13

MD14VIIO1006 73 118 50 3 655 900 1 955 0 10 948 -101 783

262 DESERVIRE ORHEI JSCNisporeni city, Gr. Adam street,7

MD14VIRE1007 378 840 10 3 788 400 807 0 127 -347 767

263 AEROPORT-CATERING JSCChisinau municipality, Dacia boulevard, 80/3

MD14CARO2004 39 000 150 5 850 000 1 1 198 072 11 348 1 487 442

264 CODREANCA JSC Nisporeni city, Gr. Adam street,7

MD14COAN1000 250 000 10 2 500 000 141 0 0 185 654

265 AVIATEHNOLOGIE JSCChisinau municipality, Dacia boulevard, 49/6

MD14AVTE1003 5 006 084 1 5 006 084 242 0 227 931 1 424 727

266 FULGER-ST JSCChisinau municipality, Mircea cel Batrin boulevard, 7

MD14FULR1002 1 629 140 2 3 258 280 1 613 0 0 868 928

267 ZIDARUL-SV JSC Chisinau municipality, Columna street, 170

MD14ZISV1001 259 090 14 3 627 260 129 0 0 -326 274

268 NISTRU-OLĂNEŞTI JSCStefan Voda district,Olanesti village

MD14NISO1004 68 452 10 684 520 809 136 904 0 75 384

269 UNIVERSAL JSCChisinau municipality, Zelinski street, 7

MD14UNAL1001 1 340 479 1 1 340 479 1 104 0 0 921 451

270 CONSAT JSCCalarasi city, Constructorilor street, 10

MD14JSCTC1000 140 895 10 1 408 959 51 0 0 -14 044

271 METALFEROS JSCChisinau municipality, Vatra, Feroviarilor street, 1/3

MD14METF1009 359 042 10 3 590 420 342 76 140 960 7 586 61 738 042

171

272 TDA JSCChisinau municipality, Cuza Voda boulevard, 21

MD14TDAC1007 677 708 8 5 421 664 524 182 365 1 414 349 426

273 CASA MOBILEI JSCChisinau municipality, Puskin street, 58

MD14CMOB1000 144 039 20 2 880 780 252 18 460 4 851 4 791

274BAZA DE TRANSPORT AUTO-37 JSC

Hincesti city, Industrial street, 1

MD14ZADE1007 225 177 10 2 251 770 267 0 0 -755 075

275 CERAMICA UHGHENI JSC Ungheni city, Ion Creanga street, 6

MD14CUNG1006 76 369 10 763 690 333 0 0 20 064

276 EDILITATE JSCChisinau municipalityM. Eminescu street,49

MD14EDIL1005 519 089 10 5 190 890 3 264 0 9 714 -3 591 789

277 AUTOMAT JSCChisinau municipality, Columna street, 88

MD14AUTM1004 89 505 10 895 050 346 0 114 2 400 226

278 CENUŞĂREASA JSCChisinau municipality, Cuza Voda street, 17/6

MD14CENU1008 1 849 059 5 9 245 295 468 0 0 697 960

279 TITAN-OŢEL JSCChisinau municipality, Pruncul Ion street, 2

MD14TITA1003 47 223 100 4 722 300 135 0 0 180

280 COLASS JSCChisinau municipality, Uzinelor street, 8

MD14COLS1002 1 156 731 10 11 567 310 292 0 1 917 -195 312

281 SPECTRUL JSCChisinau municipality, Feredeului street, 4

MD14PECT1009 89 403 14 1 251 642 2 853 0 0 -74 660

282 GRĂDINA MOLDOVEI JSCChisinau municipality, Banulescu Bodoni street, 28

MD14MMLL1009 128 827 10 1 288 270 1 389 0 0 -40 672

283 ANTICOR JSCChisinau municipality, Durlesti city, Tudor Vladimirescu street, 62/1

MD14ANTO1001 38 977 55 2 143 735 104 0 8 758 -27 780

284 REGMONT JSCChisinau municipality, Burebista stret, 66/2

MD14REGM1000 99 981 9 899 829 646 0 0 -2 602

285SERVICE-AGRO-CĂLĂRAŞI JSC

Calarasi city Ion Creanga street, 1

MD14CALA1008 54 450 10 544 500 528 0 0 -15 896

286 DACIA-LV JSCChisinau municipality, Dacia boulevard, 35

MD14DACA1008 256 587 15 3 848 805 989 0 34 313 -1 715 465

287LUCEAFĂRUL-SERVICE JSC

Chisinau municipality, Alba Iulia street, 206

MD14LUCF1009 303 302 10 3 033 020 87 0 0 768 215

288 DRUMURI-STRĂŞENI JSCStraseni city, Orheiului street, 1

MD14STRD1004 943 349 10 9 433 490 36 61 747 0 27 447

289 GHIDIGHICI-VIN JSCGhidighici village, Mateevici street, 4

MD14GVIN1009 776 460 10 7 764 600 546 0 0 -34 389

290 FREGATA JSCHincesti city, Industriala street, 24

MD14FREG1009 925 545 1 925 545 97 0 0 -185 383

172

291 BICOTRA JSCChisinau municipality, Columna street, 170

MD14BICO1006 31 635 20 632 700 99 0 0 -74 640

292 POLIGRAFIST JSCTelenesti city, Renasterii street, 57

MD14POLI1009 80 000 10 800 000 210 0 - 57 005

293 AGROPROD JSCBalti municipality, Calea Iesilor street, 186

MD14PROD1008 4 248 128 1 4 248 128 535 164 164 52 894 39 122

294 SINGUREANCA JSC Riscani district, Singureni village

MD14GURE1000 103 738 5 518 693 963 0 802 080

295 MARIUŢA JSC Ocnita district, Valcinet village

MD14RIUA1002 114 206 10 1 142 060 426 9 140 - 47 663

296 LACTIS JSC Riscani city, Komarov street, 73

MD14LACT1007 638 000 10 6 380 000 201 0 - 67 347

297 DRUMURI-EDINEŢ JSC Edinet city, Independentei street, 179

MD14EDUM1008 891 015 10 8 910 150 398 31 729 7 210 78 207

298 CALCAR JSC Briceni district, Beleavinti village

MD14CALC1006 30 707 50 1 535 350 142 74 440 239 277

299 BRISCCO JSC Briceni city, Constructorilor street, 1

MD14BRIS1005 34 862 35 1 220 170 251 1 170 - 21 209

300 DRUMURI-RÎŞCANI JSC Riscani city, Independentei street, 3

MD14UMRD1003 755 919 10 7 559 190 81 7 381 1 057 17 604

301 AVICOLA JSC Riscani district, Corlateni village

MD14AVCO1000 566 906 10 5 669 060 117 0 2 452 702

302 ARGON-SIGMA JSC Riscani city, Independentei street, 168

MD14AGON1006 52 302 10 523 020 191 0 138 343

303BAZA DE TRANSPORT AUTO - 17 JSC

Riscani city, I.Neculce street, 2 a

MD14BTAR1002 113 239 10 1 132 390 343 0 - 270 823

304 AGRO-FORTUS JSC Riscani city, Independentei street, 147

MD14AGFO1006 325 877 10 3 258 770 85 0 - 79 471

305UZINA EXPERIMENTALĂ "REZONANŢA" JSC

Ocnita district, Otaci city, str.Voitovici, 19

MD14REOT1003 351 339 10 3 513 390 909 1 927 - 1 079 386

306 INCUBATOR JSC Ocnita district, Paustova village

MD14INBT1008 17 768 30 533 040 154 0 - 49 613

307UZINA MECANIZATĂ DE STANTARE DIN OR.OCNIŢA "FITING" JSC

Ocnita city, Livezilor street, 31

MD14FINT1004 455 733 20 9 114 660 12 249 153 173 127 982 476 635

308 APROMAŞ JSC Edinet city, Independentei street, 101

MD14APRO1001 845 932 10 8 459 320 1 633 0 - 103 668

309 MINA DIN CUPCINI JSC Edinet district, Cupcini city

MD14MINA1006 326 777 10 3 267 770 590 1 400 - 593 232

173

310 VOLAN JSC Edinet city, Independentei street, 228

MD14OLAN1009 53 262 30 1 597 860 52 14 706 - 563 255

311AVICOLA DIN BĂNEŞTI JSC

Telenesti district, Banesti village

MD14AVIN1005701824 108000

10 5

7 558 240 255 0 655 641

312AVICOLA DIN BRÎNZENII NOI JSC

Telenesti district, Brinzenii Noi village

MD14BRNO1002 380 919 10 3 809 190 75 0 - 89 734

313 CEREALE-CUPCINI JSC Telenesti district, Banesti village

MD14CUPC1008 1 493 033 10 14 930 330 25 769 8 209 - 100 272

314FABRICA DE VINURI DIN SÎNGEREI JSC

Singerei city, Independentei street, 37

MD14GERE1000 424 089 20 8 481 780 971 13 292 212 862

315CONSTRUCŢIA-MODERN JSC

Singerei city, Independentei street, 1

MD14SING1004 1 729 880 1 1 729 880 231 0 - 142 709

316 VAST-PROTECT JSC Singerei city, Independentei street, 124 "a"

MD14TILI1003 2 400 392 1 2 400 392 99 0 - 577 573

317 ZIDARUL-NORD Riscani district, Costesti city, Florilor street, 1

MD14ZINO1005 59 037 10 590 370 103 0 - 80 084

318 PEŞTE JSC Singerei district, Chiscareni village

MD14PESI1004 1 182 197 1 1 182 200 136 0 22 117

319ÎNTREPRINDEREA PISCICOLĂ "VICTORIA" JSC

Edinet city, V. Rosca street, 215

MD14VICO1002 127 852 10 1 278 520 139 1 975 - 335 373

320

ÎNTREPRINDEREA DE PRODUCERE, ACHIZIŢIE ŞI REALIZARE A PRODUCŢIEI AGRICOLE "AGROSERV" JSC

Singerei district, Biruinta city

MD14GROS1002 113 240 25 2 831 000 240 0 - 35 984

321 CARNEVARUS JSC Singerei district, Mindrestii-Noi village

MD14CARN1007 30 210 100 3 021 000 169 0 - 1 191 691

322BAZA TRANSPORTULUI AUTO NR.35 JSC

Singerei city, 1 Mai street, 27

MD14BZAS1003 108 322 10 1 083 220 173 124 - 236 384

323PARCUL DE AUTOBUSE ŞI TAXIMETRE NR.5 DIN OR.OTACI JSC

Ocnita district, Otaci city, Stefan cel Mare street, 164

MD14PARC1005 116 450 10 1 164 500 67 0 - 130 306

324

ÎNTREPRINDEREA PENTRU COLECTAREA CEREALELOR DIN REDIU MARE JSC

Ocnita district, Rediu Mare village

MD14REDI1009 164 169 10 1 641 690 164 2 200 - 974 936

325 NORDTUTUN JSCEdinet district, Cupcini city, Chisinaului street, 37

MD14NOTU1007 1 687 929 18 30 382 722 134 0 - 502 094

174

326COMBINATUL DE PÎINE DIN BĂLŢI JSC

Balti municipality, Stefan cel Mare street, 111B

MD14COPB1007 2 508 043 9 22 572 387 294 31 219 635 315

327 INTEGRAL JSC Briceni city, Carpisin street, 14

MD14INTG1003 282 440 10 2 824 400 625 0 - 484 163

328COMBINATUL AUTO NR.1 JSC

Balti municipality, Stefan cel Mare street, 125

MD14BCOM1000 463 956 10 4 639 560 460 0 - 150 615

329 DRUMURI-BRICENI JSC Briceni city, Frunze street, 18

MD14DRBI1002 82 102 10 821 020 64 6 299 - 267 866

330

ÎNTREPRINDEREA DE COLECTARE A CEREALELOR DIN LIPCANI JSC

Briceni district, Lipcani city, Gorkii street, 100

MD14LIPC1003 1 181 473 10 11 814 730 142 1 197 - 1 836 530

331BAZA DE TRANSPORT AUTO NR.12 JSC

Edinet city, Independentei street, 19

MD14BTAE1007 122 599 10 1 225 990 142 2 141 - 358 417

332 MECGRATO JSCEdinet district, Cupcini city, Renasterii street, 1

MD14RANA1009 70 191 10 701 910 282 502 14 055

333 INLAC JSCEdinet district, Cupcini city, Chisinaului street, 45

MD14NLAC1003 4 684 420 5 23 422 100 990 4 192 - 9 505 470

334FABRICA DE VINURI DIN LEUŞENI JSC

Telenesti district, Leuseni village

MD14FVLE1006 196 394 10 1 963 940 85 5 000 3 131

335 REPDESTEH JSC Telenesti city, 8 Martie street, 44

MD14REPH1006 92 213 10 922 130 193 0 - 31 131

336

ÎNTREPRINDEREA SPECIALIZATĂ DE REPARAŢII DIN EDINEŢ JSC

Edinet city, M.Eminescu street, 18

MD14ISRE1004 114 053 15 1 710 795 57 0 14 261

337 NORD-ZAHĂR JSC Briceni city, Uzinelor street, 30

MD14ZABR1004 6 876 141 10 68 761 410 37 324 0 - 1 011 345

338ÎNTREPRINDEREA DE TRANSPORT Nr.8 or.BĂLŢI JSC

Balti municipality, Decebal street, 130

MD14PRID1006 136 490 10 1 364 900 154 0 4 085

339 ELEGANT-STIL JSCOcnita district, Otaci city, Prieteniei street, 91

MD14ELES1002 54 643 10 546 430 377 0 - 52 917

340 GLODENI-REPARAŢIE JSC Glodeni city, Gonta street, 13

MD14LODE1007 31 075 60 1 864 500 367 0 - 263 781

341 BASARABIA-NORD JSC Balti municipality, Victoriei boulevard, 90 "a"

MD14BARS1003 823 735 20 16 474 700 1 796 17 087 862 - 25 177 646

175

342 FERTILITATE-BAS JSC Telenesti district, Ratus village

MD14AFRI1009 177 206 10 1 772 060 180 0 - 786

343 VITA-NOVA JSC Ocnita city, Industriala street, 13

MA14VNOV1002 151 213 11 1 663 343 98 1 250 - 34 298

344 MACONRUT JSC Edinet city, Independentei street, 18

MD14MRUT1005 427 932 6 2 567 592 171 2 429 2 053 473

345 ENERGO-MEDIA-GRUP JSC Balti municipality, Stefan cel Mare street, 152

MD14ENGI1000 40 841 15 612 615 213 0 501 104

346ÎNTREPRINDEREA DE TRANSPORT NR.7 OR. BĂLŢI JSC

Balti municipality, Calea Iesilor street, 184

MD14PRIN1004 136 398 10 1 363 980 263 16 221 - 513 244

347 FLOAREA SOARELUI JSC Balti municipality, 31 August street, 6

MD14FLAU1001 744 978 20 14 899 560 1 352 211 573 - 26 192 270

348 SERVICE AUTO PRIM JSC Balti municipality, Heciului street, 2

MD14SEAU1005 108 233 23 2 489 360 342 0 484 638

349 BĂLŢMETREUT JSC Balti municipality, B.Glavan street

MD14BELR1006 92 510 10 925 100 1 002 5 524 141 499

350 RAPID-CONSTRUCȚIA JSCTelenesti city, Dacia street, 20

MD14RACO1006 65 742 10 657 420 84 0 - 19 116

351 AUTOMOBILIST-BĂLŢI JSCBalti municipality, Sofiei street, 27

MD14BAUT1007 893 594 1 893 594 78 262 - 101 147

352 BARZA ALBĂ JSCBalti municipality, Victoriei street, 49

MD14BARZ1004 1 355 350 100 135 535 000 1 2 288 392 421 876 5 324 427

353ÎNTREPRINDEREA MIXTĂ „BĂLŢEANCA” JSC

Balti municipality, Pacii street, 5

MD14BALT1008 3 699 480 7 25 896 360 2 663 1 396 0 630 431

354COMBINATUL DE PRELUCRARE A LEMNULUI JSC

Balti municipality, Stefan cel Mare street, 170

MD14CPLB1000 3 836 322 1 3 836 322 184 0 - 280 383

355 MOLDAGROTEHNICA JSCBalti municipality, Industriala street, 4

MD14ROTE1003 27 162 708 1 27 162 708 242 5 095 724 9 105 4 017 638

356 INCOMLAC JSCBalti municipality, Calea Iesilor street, 180

MD14COML1008 644 045 50 32 202 250 316 0 30 712 001

357PARCUL DE AUTOBUZE DIN BĂLŢI JSC

Balti municipality,Dragomir street, 4

MD14PAUT1001 459 677 11 5 056 447 1 601 7 885 912 337

358 AVICOLA-NORD JSCFalesti city,Eminescu street, 64

MD14FALE1001 2699172 1 2699172 284 0 0 40 840

359UZINA CONSTRUCTOARE DE MAŞINI PRUT-80 JSC

Falesti district, Falesti Noi village

MD14PRUU1009 1 006 184 10 10061840 530 - 0 - 1 086 652

176

360FABRICA DE BRÎNZETURI DIN SOROCA JSC

Soroca city, Stefan cel Mare street, 133

MD14SORO1002 13 133 785 10 131 337 850 212 - 6 156 - 3 035 906

361 UNIVERJSCLCHIM JSCBalti municipality, 31 August street, 41

MD14NIVE1001 655 293 1 655 293 280 - 0 50 951

362FABRICA DE CONSERVE DIN GLODENI JSC

Soroca city,Stefan cel Mare street, 133

MD14RICA1004 2 052 132 10 20 521 320 639 - 0 - 417 409

363 RADA JSCBalti municipality, Eminescu boulevard, 12

MD14RADA1001 918 761 10 9 187 610 1 920 - 0 - 5 069 402

364INSTITUTUL DE CERCETĂRI ŞTIINŢIFICE "RIF-ACVAAPARAT" JSC

Balti municipality, Decebal street, 9

MD14RIFA1001 384 139 5 1 920 695 4 311 969 0 14 123 194

365 REAL-INVEST JSCBalti municipality, Independentei street, 33

MD14REIN1007 22 712 281Without

VN29 587 620 38 969 - 0 - 88 476

366UZINA BIOCHIMICĂ DIN BĂLŢI JSC

Balti municipality, Victoriei street, 57

MD14BIOC1006 241 489 15 3 622 335 150 - 7 579 98 573

367 ZIMBRU-NORD JSCBalti municipality, Calea Iesilor street, 186 MD14ZIMB1001 209 011 15 3 135 165 396 - 1 147 5 748 636

368 RĂUT JSCBalti municipality, Decebal street, 13

MD14ARTU1009 7 046 577 7 49 326 039 16 141 217 043 54 004 592 450

369 MOARA JSCBalti municipality, Sorocii street, 19

MD14MOAR1004 153 282 10 1 532 826 841 - 0 - 5 568

370 MIOARA JSCBalti municipality, V.Alexandri street, 2

MD14MIOA1005 2 901 467 5 14 507 335 1 799 - 0 - 425 675

371 MAGISTRALA JSCBalti municipality, 31 August street, 20 "b"

MD14MAGI1005 1 925 958 5 9 629 790 205 - 22 451 389 191

372 INTERMEDIAR JSCBalti municipality, Victoriei street, 51

MD14IMDR1009 587 012 1 587 012 150 - 0 231 987

373 ELECTROTEHNICA JSCBalti city, Stefan cel Mare street, 160

MD14ETEH1007 605 546 10 6 055 460 265 - 0 - 876 360

374 CONSTRUCTORUL JSCBalti municipality, M.Viteazul street, 6

MD14CONB1009 658 501 30 19 755 050 2 071 - 836 2 230 371

375 ACVA-BĂLŢI JSCBalti municipality, Stefan cel Mare street, 137 "a"

MD14AVVA1003 2 074 340 1 2 074 340 214 - 0 - 22 716

376 CLARITATE JSCBalti municipality, Sf. Nicolae street, 3

MD14CLAR1009 3 901 235 1 3 901 235 1 923 - 21 816 734 700

377 DRUMURI-BĂLŢI JSCBalti municipality, Decebal street, 133

MD14DRMB1006 886 356 10 8 863 560 189 466 121 262 475 779

378 UZINA DE MAŞINI DE Falesti city, MD14JSCLU1006 15 435 775 1 15 435 775 76 142 629 0 - 941 369

177

SALUBRITATE DIN FĂLEŞTI JSC

M.Eminescu street, 61

379 DESERVIRE JSCBalti municipality, Independentei street, 33

MD14DESV1001 89 545 10 895 450 325 - 0 - 203 926

380 BEERMASTER JSCBalti municipality, Sadoveanu street, 35

MD14BEMA1004 142 696 9 1 284 264 4 706 - 12 168 6 259 818

381

COMBINATUL DE COLECTARE ŞI PRELUCRARE A CEREALELOR DIN FĂLEŞTI JSC

Falesti city, Bogdan Voda street, 31

MD14COMF1006 2 584 918 1 2 584 918 133 - 5 825 518 754

382ÎNTREPRINDEREA DE CONSTRUCŢII ŞI MONTAJ NR.2 FĂLEŞTI JSC

Falesti city, Chisinaului street, 2

MD14ONAJ1003 572 792 1 572 792 217 - 0 - 50 567

383

ÎNTREPRINDEREA SPECIALIZATĂ DE REPARAŢIE A TEHNICII DIN FĂLEŞTI JSC

Falesti city, Victoriei street, 4

MD14ISRT1005 214 001 10 2 140 014 265 - 0 - 66 724

384ÎNTREPRINDEREA DE TRANSPORT AUTO DIN FĂLEŞTI JSC

Falesti city, Ungheni street, 5

MD14ITTA1003 1 778 685 1 1 778 685 254 - 0 22 318

385CARIERA DE GRANIT ŞI PIETRIŞ DIN SOROCA JSC

Soroca city, Cosautilor street, 4

MD14CARE1008 2 023 951 9 18 215 559 1 018 - 2 639 - 5 277 152

386 PISCICOL-NORD JSCFloresti city, Florilor street, 40

MD14PCOL1005 179 348 5 896 740 152 - 0 - 183 356

387FABRICA DE UNT DIN FLOREŞTI JSC

Floresti city, M.Eminescu street, 194

MD14FUDF1006 90 898 50 4 544 900 157 - 27 165 1 645 012

388UZINA DE UTILAJ TERMOTEHNIC JSC

Floresti city,V.Lupu street, 82

MD14UZTE1005 125 011 10 1 250 110 78 49 038 7 100 91 338

389BAZA DE TRANSPORT AUTO NR.14 OR. FLOREŞTI JSC

Floresti city, Feroviarilor street, 33

MD14BAZA1003 71 041 15 1 065 615 655 - 2 125 60 808

390 MĂRCULEŞTI-COMBI JSCFloresti district, Marculesti village

MD14MAUR1006 1 788 480 10 17 884 800 961 - 0 131 747

391 FLOREŞTEANCA JSCFloresti city, Stefan cel Mare street, 69 "a"

MD14CONF1005 32 436 24 778 464 378 - 0 - 47 215

392FABRICA DE FERMENTARE A TUTUNULUI FLOREŞTI JSC

Floresti city, M.Eminescu street, 194

MD14FANU1009 2 132 078 10 21 320 780 376 - 7 901 - 267 307

178

393BAZA DE TRANSPORT AUTO-29 JSC

Soldanesti city, 31 August street, 47

MD14PORT1000 157 806 7 1 104 642 205 - 0 7 486

394

FABRICA DE FERMENTARE A TUTUNULUI DIN ŞOLDĂNEŞTI JSC

Soldanesti district, Regiei street, 77

MD14TUTF1002 661 280 20 13 225 603 328 - 1 797 - 1 916 282

395 ALFA-NISTRU JSCSoroca city, Stefan cel Mare street, 131

MD14ALNI1007 127 622 10 1 276 220 334 1 467 653 10 215 21 134 926

396 ITA-SERVIS JSCSoroca city, Uzinelor street, 2

MD14ATSE1008 108 625 10 1 086 250 544 - 0 - 1 429

397 HIDROINPEX JSCSoroca city, V.Stroescu street, 118 "a"

MD14INPE1009 572 070 20 11 441 400 570 - 12 139 892 988

398PARCUL DE AUTOBUZE ŞI TAXIMETRE NR.7 JSC

Soroca city, Cosautiilor street, 11

MD14PATA1005 113 643 35 3 977 505 292 - 0 56 428

399 DANA JSCSoroca city, Independentei street, 75

MD14DANA1005 165 179 25 4 129 475 273 - 0 23 170

400BAZA DE TRANSPORT AUTO NR.9 DIN DONDUŞENI JSC

Donduseni city, Stefan cel Mare street, 1

MD14DONU1005 328 768 10 3 287 680 358 - 2 208 - 206 102

401ÎNTREPRINDEREA DE REPARAŢIE ŞI DESERVIREA TEHNICII JSC

Donduseni district, Corbu village

MD14TEHD1008 47 613 17 809 421 52 - 0 7

402 HOLDA ARGINTIE JSCDrochia city, Prieteniei street, 14

MD14ARHL1004 278 363 5 1 391 815 151 - 4 500 - 1 556 009

403SUDZUCKER MOLDOVA JSC

Drochia city, 27 August street, 1

MD14ROZA1009 10 916 660 10 109 166 600 6 902 36 657 524 352 978 75 415 871

404 NORD-MOBILĂ JSC Drochia city, 31 August street, 33

MD14DMOB1009 1 268 866 8 10 150 928 908 - 0 4 821

405COLOANA MOBILĂ MECANIZATĂ NR.28 JSC

Drochia city, Bretela de circulatie street, 1

MD14CMMD1000 57 979 9 521 811 121 - 1 696 8 892

406FABRICA DE PRELUCRARE A SEMINȚELOR DE PORUMB DIN RĂUȚEL JSC

Falesti discrit,Rautel village

MD14UTEL1001 1 347 059 5 6 735 295 2 009 - 53 794 - 903 075

407 SMA-FERTILITATE JSCFalesti city,Eminescu street, 67

MD14TILF1006 2 573 407 1 2 573 407 503 - 0 - 35 113

408 MOLD-NORD JSCFalesti city, Stefan cel Mare street, 1

MD14MDND1008 2 033 300 20 40 666 000 694 - 341 050 1 247 517

409 FABRICA DE FERMENTARE A

Falesti city, Gagarin street, 5

MD14FTAU1003 1 467 032 17 24 939 544 261 - 0 - 626 435

179

TUTUNULUI FĂLEŞTI JSC

410BAZA DE TRANSPORT AUTO NR.27 JSC

Glodeni city, M.Eminescu street, 19

MD14BTAB1000 119 749 10 1 197 490 987 - 1 500 - 93 192

411 AUR ALB JSCUTA Gagauzia, Ceadir-Lunga city, Bugeacului street, 24/А

MD14ALBU1005 3 417 100 4 13 668 400 1 309 63 174 475 451

412AVICOLA VULCĂNEŞTI JSC

UTA Gagauzia, Vulcanesti city, Lenin street, 191

MD14COVU1006 1 117 415 5 5 587 077 226 57 256

413 AVIS-PRIM JSC UTA Gagauzia, Comrat municipality, Lenin street, 1

MD14AVIP1003 837 519 7 5 862 638 163 -13 604

414BAZA DE TRANSPORT AUTO-24 JSC

UTA Gagauzia, Ceadir-Lunga city, Avtomobilistov street, 8

MD14ATRB1002 117 515 10 1 175 149 153 7 880 -231 659

415 BETACON JSC UTA Gagauzia, Comrat municipality, Lenin street, 2

MD14NOCA1000 611 364 5 3 056 820 97 333 667

416 BUDJAC IOLLARÎ JSCUTA Gagauzia, Vulcanesti city, 40 ani Octombrie street, 54

MD14BUDJ1006 60 395 16 966 320 55 1 828

417 CDC JSC UTA Găgăuzia, Comrat, Lenin, street, 5

0

418 CEADÎR-PETROL JSC UTA Gagauzia, Ceadir-Lunga city, Bugeacului street, 17

MD14CEAD1004 137 171 10 1 371 712 81 728 12 740

419CENTRUL-TEHNIC-CEADÎR-LUNGA JSC

UTA Gagauzia, Ceadir-Lunga city, Iubileinaia street, 38

MD14CETH1009 133 058 20 2 661 160 133 235512,66 2 150 -1 527 711

420 CIOC-MAIDAN-VIN JSC UTA Gagauzia, Ceadir-Lunga city, Iubileinaia street, 38

MD14CIOC1005 114 386 10 1 143 860 323 771 837

421 COMPANIA BUGEAC JSC UTA Găgăuzia, Vulcăneşti city, Iuri Gagarin street, 62

0

422FERTILITATEA-COMRAT JSC

UTA Gagauzia, Etulia village

МD14FERC1003 142 760 7 999 320 87 -12 534

423 GARANT-AUTO JSC UTA Gagauzia, Comrat municipality, Tankistilor street, 1

МD14GARN1003 81 246 7 568 722 384 7 750

424 IAHNÎ JSC UTA Găgăuzia,Ceadîr-Lunga city,Dzerjinski street, 3

MD14IAHN1003 1 277 518 10 12 775 180 873 -255 186

425 INLAV JSCVulcaneşti city, Comsomoliscaia street,42

0

180

426 Î.M. KAZAYAK-VIN JSC UTA Gagauzia, Cazaclia village, Lenin street, 2

MD14ZANY1001 23 725 496 1 23 725 496 2 042 5 218 66 634

427 KILIM JSC UTA Gagauzia, Comrat municipality, Pobedi street, 58

MD14KILM1006 270 256 5 1 351 280 347 7 418 -115 758

428 MECONS-COMRAT JSC UTA Gagauzia, Ceadir-Lunga city, Lenin street, 156

0

429 SCOP JSC UTA Gagauzia, Vulcanesti city, 40 ani Octombrie street, 54

MD14SCOP1008 54 650 10 546 500 586 657 244 207

430 BTA-2 "TIMPUL" JSC UTA Gagauzia, Comrat municipality, Ferapontievscaia street, 1

MD14BTVU1002 17 935 50 896 750 70 16 420

431 TOMAI-VINEX JSC UTA Gagauzia, Congaz village, Lenin street, 249

MD14TVIN1004 953 867 10 9 538 674 1 698 656 948 1 219 665

432 USTA JSC UTA Gagauzia, Ceadir-Lunga city, Bugeacului street, 23

MD14ATSU1008 11 933 50 596 650 99 1 500 8 389

433UZINA EXSPERIMENTALĂ din Ceadîr-Lunga JSC

UTA Gagauzia, Comrat municipality, Vinzavodskaia street, 1

MD14EXPE1001 35 111 33 1 158 660 65 -189 016

434 VINURI DE COMRAT JSC UTA Gagauzia, Vulcanesti city, Vladimir Korolenko street, 4

MD14VINU1001 1 562 571 6 9 375 426 1 011 12 591 483 954

435 VULCĂNEŞTI-PETROL JSC UTA Gagauzia, Ceadir-Lunga city, Bugeacului street, 135

MD14VULN1006 125 031 10 1 250 316 70 513

436 YOL YAPÂGISÂ JSC UTA Gagauzia, Cazaclia village, Lenin street, 2

MD14YOLY1008 219 119 5 1 095 595 65 5 015

437 TRICON JSCCahul city, St. Mare street, 20

MD14TRIC1003 470 739 35 16 475 865 1 671 59 344 -3 286 452

438 ORIZONTUL-LUX JSC Cahul cityDunării street, 2a

MD14ZONT1002 196 745 5 983 725 200 1 186 -12 584

439CONSTRUCŢII RUTIERE JSC

Cahul city, M. Viteazu street, 21

MD14CORC1004 181 547 8 1 452 376 88 2 877 -621 441

440 LEOVIN JSCLeova city, Independentei street, 62

MD14LEVI1003 636 937 10 6 369 370 65 29 357 2 764 959

441 VOLAN-AUTOTRANS JSCTaraclia city, Vokzalinaia street, 28

MD14VALA1009 343 135 10 3 431 350 1 188 213 680 1 992 195

181

442 USBA JSCCahul city, Muncii street, 4

MD 14USBA1008 2 169 320 10 21 693 200 318 1 720 -452 838

443 VINAR JSCLeova district, Sarateni village

MD14VINA 1005 158 365 50 7 918 271 286 3 333 1 514 891

444 ÎM PRUT JSCCantemir districtCania village

MD14PRUT1002 65 097 10 650 970 373 902 -5 806 452

445 FERTILITATEA-SUD JSCCahul city, M. Viteazu street, 7

MD14FERA1005 81 670 10 816 700 928 -70 583

446ELEVATORUL IARGARA JSC

Iargara city, 31 August 1989 street, 3

MD14ELIA1008 781 881 5 3 909 406 419 23 306 -633 000

447 CERAMICA-T JSCTaraclia city, Uzinelor street, 3

MD14CERA1008 923 610 20 18 472 200 251 18 972 3 404

448 AGROTEHNICA JSCCahul city, Veche street, 121

MD14AGTN1001 27 240 35 953 400 869 705 86 299

449AUTOSERVICE ŞI COMERŢ JSC

Cimislia city, N. Iorga street, 1

MD14COTR1005 91 967 15 1 379 512 119 42 715

450 PLUGUŞOR-APC JSCCimislia city, Burebista street, 1

MD14PLUG1003 331 071 10 3 310 710 260 -350 519

451 ÎM VINIA TRAIAN JSCGavanoasa village, Cahul district

MD14VITR1000 124 986 50 6 249 304 94 165 544 4 003 054

452 AQUA- PRUT JSCRosu district, Cahul district

MD14AGUA1001 214 317 9 1 928 853 974 6 766 77 225

453 LEGGORN JSCTaraclia district,Valea-Perjei village

MD14LEGG1004 1 276 336 7 8 934 352 132 -1 261 849

454FABRICA DE BRÎNZETURI DIN CAHUL JSC

Cahul city, Pacii street, 3

MD14RINZ1002 269 629 20 5 392 580 452 60 880 318 396

455 CEREALE CAHUL JSCCahul city, Zona Indutriala, 1

MD14CECA1005 957 110 10 9 571 100 271 2 751 258 313

456FABRICA DE VINURI SLOBOZIA MARE JSC

Cahul district, Slobozia Mare village, Unirii street,1

MD14SLOM1000 465 938 10 4 659 380 1 400 6 131 543

457 DRUM-11 JSCCimislia city, N. Iorga street, 110

MD14MURC1004 104 345 10 1 043 450 135 1 542 -384 665

458 BERE-UNITANC JSCCahul city, Pacii street,22

MD14BERE1005 4 016 407 10 40 164 070 120 52 625 -880 159

459CONSTRUCTORUL-CANTEMIR JSC

Cantemir city, B.Glavan street, 12

MD14TEMI1006 71 214 9 640 926 267 2 221 -199 204

460 INTEGRAL-AUTO JSCCahul city, DunArii street, 2

MD14GRAL1005 31 080 50 1 554 000 135 14 318

182

461COMBINATUL DE VINURI DIN TARACLIA JSC

Taraclia city, Vokzalinaia street

MD14COVI1002 1 623 377 10 16 233 765 1 813 9 572 40 689

462 GALINULA JSCCimislia district,Gura Galbinei village

MD14ALLA1007 446 124 10 4 461 240 302 424 178

463 DRUMURI-CIMIŞLIA JSCCimislia city, N. Iorga street, 106

MD14CIMD1006 897 880 10 8 978 800 54 10 435 19 231 5 039

464 RTS-SPICUŞOR JSCCimislia district, Mihailovca village, Stefan Voda street, 16

MD14PRCU1002 83 986 10 839 860 132 -1 046 080

465BAZA DE TRANSPORT AUTO No.19 CAHUL JSC

Cahul city, M.Viteazu street,4

MD14BATR1002 184 796 10 1 847 960 110 -95 587

466 IMPERIAL-VIN JSCCantemir district, Pleseni village

MD14IMPI1006 403 425 41 16 540 425 146 89 556 4 562 572

467 AVICOLA-CIMGALLUS JSCCimislia city, Stefan cel Mare street, 1

MD14CIMI1001 46 874 37 1 734 338 66 26 933

468PARCUL DE AUTOBUZE ŞI TAXIMETRIE NR. 8 JSC

Cahul city, Fintanelor street, 23

MD14PARL1004 89 852 10 898 520 419 4 386 -695 765

469 TOMAI-VIN JSCLeova district, Tomai village

MD14AMOI1004 205 029 10 2 050 298 651 -299 510

470 REPCONCIM JSCCimislia city, Cetatea Alba street, 10

MD14REPC1001 292 445 6 1 754 670 29 1 030 -61 571

471BAZA DE TRANSPORT AUTO-25 JSC

Leova city, Cahulului road, 7

MD14EOVA1008 32 467 20 649 340 251 -143 306

472 MĂRGĂRITAR JSC Cimislia district, Mihailovca village

MD14MARI1002 29 110 50 1 455 500 434 -671 716

473 JAVGURVIN JSCCimislia district, Javgur village

MD14JAVG1003 392 310 10 3 923 100 432 107 918

474 TRANSSTROI JSC Taraclia city, Lenin street, 189

MD14TRAN1008 124 399 10 1 243 991 87 -30 364

475ORGINTERCONSTRUCŢIA JSC

Leova city, M.Eminescu street, 20

MD14STSI1006 365 407 6 2 192 442 288 3 000 -223 685

476 SERVMEC JSCCimislia city, Cetatea Alba street, 2

MD14SEME1001 257 128 10 2 571 280 652 -147 937

477 VINAR GLIA JSC Cimislia district, Fetita village

MD14VGLI1001 120 536 10 1 205 360 415 26 000 1 675 608

478 CONCOM -MODERN JSCCahul city, Dunarii street, 1

MD14DERN1002 280 422 6 1 682 532 311 63 934

479 CAHULPAN JSC Cahul city, Pacii street, 20

MD14LUPA1009 2 725 642 3 8 176 926 573 1 090 257 40 559 326 270

183

480TIPOGRAFIA RAZA DE SUD JSC

Cahul city, Frunze street, 62

MD14DESU1002 56 434 10 564 340 145 -34 499

481

COMBINATUL MATERIALELOR DE CONSTRUCŢIE DIN CAHUL JSC

Cahul city, Muncii street, 1/A

MD14TULA1005 418 306 10 4 183 060 82 -20 160

482 DRUMURI- CAHUL JSCCahul city, M. Viteazu street, 25

MD14CAHD1001 914 132 10 9 141 320 31 13 935 1 238 18 001

483 CIUMAI JSCTaraclia district, Vinogradovca village

MD14CIUA1009 171 500 100 17 150 000 1 066 -1 265 385

484 VITAFRUCT JSCCahul cityGriviței street, 23

MD14VIFU1001 67 224 25 1 680 613 683 -36 667

485 MONTATOR JSCCahul city, Grivitei road, 16

MD14TATO1005 64 829 17 1 102 090 123 500 -58 815

486 AGROFIRMA CIMIŞLIA JSC Cimislia city, V. Alexandri street, 77

MD14LIAC1000 50 582 1000 50 582 000 1 416 55 479 1 848 695

487BAZA DE TRANSPORT AUTO NR. 23 JSC

Taraclia city, Vokzalinaia street, 41

MD14BZST1002 55 870 10 558 705 163 2 167 107 478

488 AMELIORATORUL JSCTaraclia city, Vokzalinaia street, 91

MD14LIOR1007 185 126 10 1 851 260 13 620 -157 514

489 COMBICORN JSCCahul district,Moscovei village

MD14CORM1002 71 333 14 998 660 79 -134 175

490 MĂRGĂRITAR JSCCimișlia district,Mihailovca village

MD14RITA1005 159 544 10 1 595 440 243 -517 264

491FERTILITATEA CANTEMIR JSC

Cantemir cityBoris Glavan street, 11

MD14LICA1000 246 636 3 739 908 658 -71 977

492 ÎM TRIFEŞTI JSCCahul district,Bucuria village

MD14RIFE1007 700 334 10 7 003 347 403 980 -308 741

493 ÎM CEBA-VIN JSC Cantemir district,Ciobalaccia village

MD14CEBA1006 383 313 10 3 833 130 1 604 1 368 -105 299

494 CEREALE-CIM JSC Cimislia district, Mihailovca village, M.Eminescu street,1

MD14CECI1007 177 295 10 1 772 950 451 478 343

495FERTILITATEA TARACLIA JSC

Taraclia city, Tolstoi street, 2

MD14ARAC1002 64 200 10 642 000 57 -79 301

184

185

Annex No.17The results of the economical and financial activity of MSE during 2013

Name of indicator 2012 20132013 compared

to 2012, %Statutory capital, MDL 500 000,00 500 000,00 xAdditional capital, MDL 77 075,00 199 255,00 38,68Withdrawn capital, MDL (12820) - xUnassigned profit (uncovered losses), MDL 785 798,00 1 217 510,00 64,54Equity, MDL 3 675 053,00 4 873 765,00 75,40Revenues from sale, MDL 2 476 568,00 3 217 806,00 76,96Sales costs, MDL 1 004 693,00 1 178 578,00 85,25Gross profit (global loss), MDL 1 471 875,00 2 039 228,00 72,18General and administrative expenses, MDL 836 251,00 986 885,00 84,74Result from operational activity: profit (loss), MDL 656 183,00 1 119 634,00 58,61Result from investment activity: profit (loss), MDL 21 837,00 34 624,00 63,07Result from financial activity: profit (loss), MDL 70,00 792,00 8,84Net profit of reporting period (net loss), MDL 631 702,00 1 063 712,00 59,39

Annex No.18The results of the economical and financial activity of NSD during 2013

Name of indicator 2012 2013 2013 compared to 2012, %

Statutory capital, MDL 16 753 16753 xAdditional capital, MDL - - xWithdrawn capital, MDL (133039) -60674 xEquity, MDL 858 714 931079 92,23Revenues from sale, MDL 626 374 825113 75,91Sales costs, MDL 278 529 317594 87,70Gross profit (global loss), MDL 347 845 507519 68,54General and administrative expenses, MDL 489 107 473026 103,40Result from operational activity: profit (loss), MDL 108 210 72365 149,53Result from investment activity: profit (loss), MDL - - xResult from financial activity: profit (loss), MDL - - xNet profit of reporting period (net loss), MDL 108 210 72365 149,53

186

187

Annex No. 19The results of the economic and financial activity of non-banking broker/dealer companies at the end of 2013

Name of the brokerShare

capital, MDL

Ownership equity (Net

assets), MDL

Size of the guarantee

funds, MDL

Total operational

income, MDL

Total operational

expenditures, MDL

Net operational income (Net

operating loss), MDL

Net income (Net loss),

MDL

Oldex JSC 150 000 2 960 096 250 000 221 855 551 687 -329 832 -309 790Proajioc JSC 60 000 2 420 361 240 000 1 547 358 600 630 946 728 1 070 350DAAC-Invest JSC 134 000 1 956 502 250 000 313 962 519 764 -205 802 1 405S.V.M. „Iuventus-DS JSC

75 000 2 220 542 120 000 106 296 406 953 -300 657 -73 208

Broking-VM JSC 520000 729 420 120 000 323 742 413 263 -89 521 237 126Broker M-D JSC * 550 000 5 763 284 240 000 489 152 445 084 44 068 627 537Fincom JSC * 100 000 3 392 888 247 500 369 020 727 223 -358 203 -219 949F.B. „Brok-West JSC *

300 000 3 754 619 240 000 446 357 448 746 -2 389 36 012

Valinvest JSC * 80 000 3 179 713 245 000 739 366 428 835 310 531 1 170 058

Gest-Capital JSC *2 866 000

9 246 409 240 538 241 732 613 464 -371 732 540 983

Broker-Capital JSC * 900 000 808 260 120 000 13 900 36 969 -23 069 -7 308

T O T A L5 775 000

36 432 094 2 313 038 4 812 740 5 192 618 -379 878 3 073 216

* Professional participants having dealer activity as main and brokerage activity as related

188

Annex No. 20Information on the volume of transactions made through non-banking brokerage/dealer companies during 2013

Name of the broker/deler

Total value of

the transactions, MDL

Total number

of transact

ions, units

Transactions on Stock Exchange Basic section Direct transactions section

Sale and purchase Single-package Public offer on the secondary market

Transactions with public property securities

Sale-purchase transactions direct

negotiation

Volume of the

transactions, MDL

Number of transaction

s, units

Volume of the

transactions, MDL

Number of transaction,

units

Volume of the

transactions, MDL

Number of

transactions,

units**

Volume of the

transactions, MDL

Number of transactions, units

Volume of the

transactions, MDL

Number of transaction

s, units

Oldex JSC17 235

545150 15 025 689 97 1 680 636 48 0 0 529 220 5 0 0

Fincom JSC * 4 696 702 288 1 160 384 68 407 218 72 3 129 100 148 0 0 0 0

S.V.M. Iuventus-DS JSC

35 961 237

33 536 448 22 16 280 6 1 928 509 4 33 480 000 1 0 0

DAAC-Invest JSC57 521

362140 4 887 852 113 5 544 389 20 2 103 440 2 44 985 680 5 0 0

C.B. Proajioc JSC330 118

764297 291 783 573 107 165 227 70 4 671 384 116 33 498 580 4 0 0

F.B. BrokWest JSC * 8 753 369 103 4 235 552 91 4 517 817 12 0 0 0 0 0 0Passim JSC * 2 258 1 2 258 1 0 0 0 0 0 0 0 0

Broker M-D JSC *26 967

872264 790 348 190 482 948 46 25 674 702 26 0 0 19 875 2

Valinvest JSC *72 487

032403 71 661 692 379 624 653 8 200 687 16 0 0 0 0

Gest-Capital JSC *21 391

919318 1 010 383 186 20 377 883 130 3 653 2 0 0 0 0

Broker-Capital JSC * 0 0 0 0 0 0 0 0 0 0 0 0

Broking-VM JSC335 551

58839 335 551 588 39 0 0 0 0 0 0 0 0

T O T A L910 687

6472 036 726 645 766 1 293 33 817 051 412 37 711 474 314

112 493 480

15 19 875 2

* Including transactions as dealer** The given calculus includes the total number of transactions within public offers mediated both for buyers and seller

189

Annex No. 21The volume of transactions with corporate securities carried out via commercial banks during 2013

Name of the bank

Total number of

transactions, units

Amount of transactions according to types of transactions, MDL

Sale and purchase Single-package Public offer on the secondary market

Transactions with public property securities

The total volume,

MDL

Volume of the transactions,

MDL

Number of transactions,

units

Volume of the transactions,

MDL

Number of transactions,

units

Volume of the transactions,

MDL

Number of transactions,

units

Volume of the transactions,

MDL

Number of transactions,

units

CB "Victoriabank" JSC 161 321 022 358 155 309 772 5 0 0 23 820 1 321 355 951

CB "Energbank" JSC 12 150 702 7 38 347 320 5 0 0 0 0 38 498 022

CB "Eximbank Gruppo Veneto Banca" JSC 53 1 164 3 0 0 253 220 50 0 0 254 384

CB "Banca de Finanţe şi Comerţ" JSC 30 410 860 24 1 284 444 6 0 0 0 0 1 695 304

"Banca de Economii" JSC 24 1 538 797 24 0 0 0 0 0 0 1 538 797

CB "Moldindconbank" JSC 21 19 918 918 21 0 0 0 0 0 0 19 918 918

CB "Mobiasbancă-Groupe Societe Genarale" JSC 10 144 332 10 0 0 0 0 0 0 144 332

CB "Moldova Agroindbank" JSC 40 118 077 924 40 0 0 0 0 0 0 118 077 924

CB "Banca Socială" JSC 116 108 588 680 116 0 0 0 0 0 0 108 588 680

CB "Unibank" JSC 13 123 262 595 13 0 0 0 0 0 0 123 262 595

CB "Eurocreditbank" JSC 0 0 0 0 0 0 0 0 0

T O T A L 480 693 116 333 413 39 941 536 16 253 220 50 23 820 1 733 334 906

190

Annex No. 22

Independent registrars that activated and provided services of issuers register in 2013

No. Name of the independent registrar Legal address Manager

Number of issuers having contracts for register keeping

with the registrar

1 „Registru-Corect” JSC Chisinau municipality, Vasile Alecsandri street, 129/11 Maria Bîtcă294

2 „Registru” JSC Chisinau municipality, Sciusev street, 47 Olesea Domentii542

3 „Registrator-Centru” JSC Chisinau municipality, Calea Iesilor street, 10 Iurie Savinov228

4 „Registru-Garant” JSC Chisinau municipality, Mitropolit Varlaam street, 65, of. 333 Irina Iaroșenco

1335 „Real-Registr” JSC Balti municipality, Kiev street, 122, of. 3 Anatol Zbancă

766 „Grupa Financiară” JSC Chisinau municipality, Armeneasca street, 55, of. 301 Viorica Bondarev

372

7 „Registru Ind” JSC Chisinau municipality, Grigore Vieru boulevard, 22/1 of. 60 Tatiana Panfilova

798 ”Soliditate” JSC Chisinau municipality, Feredeului street, 4 Andrei Ciornîi

178

9 „Comitent” JSC Chisinau municipality, Negruzzi street, 2, of. 304 Valentin Iliașenco134

10 „Intermedia Group” JSC Chisinau municipality, Podgorenilor street, 36 Oxana Anton34

11 „Depozitarul Central” JSC Chisinau municipality, Vasile Alecsandri street, 119a Iuliana Rotari 22Total 2092

191

Annex No.23

Nam

e of

the

inde

pend

ent

regi

stra

r

Shar

e ca

pita

l

Ow

ners

hip

equi

ty

(Net

ass

ets)

Tot

al v

alue

of a

sset

s

Gua

rant

ee

fund

Tot

al o

pera

ting

inco

me Incomes

Tot

al o

pera

tiona

l ex

pend

iture

s

Expenditures

Ope

ratio

nal n

et in

com

e

Net

inco

me

(net

loss

)

Inco

mes

from

pr

ovid

ing

serv

ices

Oth

erop

erat

iona

l inc

omes

Gen

eral

and

ad

min

istr

ativ

e ex

pend

iture

s

Oth

er o

pera

tiona

l ex

pend

iture

s

”Registru-Corect” JSC 86344 1583037 1757484 870000 1104446 1104446 0 774592 391183 383409 329854 367882

”Registru” JSC 217000 755524 884281 210000 590362 590362 0 654460 205856 448604 -64098 -63866

”Registrator Centru” JSC 635000 1386864 1431979 215000 1139661 1139661 0 928214 504677 423537 211447 198269

”Registrul-F” JSC 268800 951073 1049261 470000 801350 793793 7557 515564 214458 301106 285786 274560

”Real Registr” JSC 880000 936288 1186852 210000 528645 478245 50400 520336 348149 172187 8309 28914

”Grupa Financiară” JSC 440000 1037332 1040081 210000 689299 688046 1253 731553 585019 146534 -42254 22946

”Registru-Ind” JSC 454000 709230 717406 210000 154908 154786 122 173332 117504 55828 -18424 -3594

”Soliditate” JSC 851320 1138529 1151249 210000 332724 331926 798 349532 97758 251774 -16808 41226

”Comitent” JSC 625000 814577 908873 241246 225895 220847 5048 333311 119921 213390 -107416 -77713

”Intermedia Group” JSC 996072 1069141 1189319 228000 44742 44742 0 69378 63594 5784 -24636 -14512

”Depozitarul Central” JSC 750000 701999 702273 218834 231391 231391 0 292107 285448 6659 -60716 -21446

T O T A L 6203536 11083594 12019058 3293080 5843423 5778245 65178 5342379 2933567 2408812 501044 752666

Results of economic and financial activity of the independent registrars according to the situation at the end of 2012, (MDL)

Annex No. 24192

Economic and financial situation of the investment funds in process of forced liquidation, end of 2013

No. Name of investment funds

Num

ber

of

shar

ehol

ders

Num

ber

of

plac

ed sh

ares

Total assets, MDL

Share capital, MDL

Weight of share

capital in total assets,

%

Balance value of net assets,

MDL

Difference between

net assets and share

capital, MDL

Value of net assets accruing

to one MDL from share

capital, MDL

Balance value of

investment, MDL

Balance profit

(losses) of reporting

period, MDL

1 FIN „Cais-F” JSC 73 664 22 659 100 15 301 347 22 659 100 148,09 13 807 322 -8 851 778 0,61 15 137 333 -2085

2 FINN„Grand-Fines” JSC 6 728 2 068 012 1 837 079 2 068 012 112,57 1 831 588 -236 424 0,89 1 817 776 0

3 FINN „Mold-Invest” JSC* 11 826 5 665 702 1 715 551 5 611 794 327,11 1 714 762 -3 897 032 0,31 1 714 754 0

4 FINN „Prim Invest”JSC. * 3 660 837 507 228 162 837 507 367,07 194 339 -643 168 0,23 171 451 0

5 FINN„Soprocominvest” JSC 10 049 916 312 2 185 313 4 000 000 183,04 2 184 065 -1 815 935 0,55 2 139 275 -433

6 FINN „Terra-Invest” JSC* 7 847 2 490 548 1 159 717 1 249 000 107,70 1 145 428 -103 572 0,92 1 159 710 0

7 FINN „Interinvest-Plus” S.A.JSC* 914 313 797 578 890 1 568 985 271,03 338 297 -1 230 688 0,22 571 685 0

8 FINN „Interfond”JSC 5 287 1 837 040 506 867 1 650 619 325,65 491 177 -1 159 442 0,30 505 270 0

9 FINN „Transinvest” JSC 2 676 121 981 287 382 1 182 810 411,58 260 819 -921 991 0,22 285 622 0

Total 122 651 36 909 999 23 800 308 40 827 827 171,54 21 967 797 -18 860 030 0,54 23 502 877 -2 518

* According to the situation reflected in previous years

Annex No. 25Economic and financial situation of the investment funds in process of its own initiative, end of 2013

193

Name of investment

funds

Num

ber

of

shar

ehol

ders

Num

ber

of p

lace

d sh

ares Total

assets, MDL

Share capital, MDL

Weight of share

capital in total

assets, %

Balance value of

net assets, MDL

Difference between

net assets and share

capital, MDL

Value of net assets

accruing to one MDL

from share capital, MDL

Balance value of

investments, MDL

balance profit (losses) of reporting period, MDL

1UNIF „Asito-Invest” JSC 98 615 26 453 849 15 753 441 26 453 849 167,92 14 903 218 -11 550 631 0,56 15 751 626 -5 021

2UNIF „D-Invest” JSC 58 979 61 289 755 34 311 134 40 720 834 118,68 34 300 698 -6 420 136 0,84 33 337 729 -85 563

3UNIF „Exiton-Bon” JSC 245 733 69 368 125 50 717 691 48 327 904 95,29 50 298 060 1 970 156 1,04 50 684 542 -2 249

4UNIF„Exiton-Invest” JSC 71 915 24 605 981 19 935 163 24 605 981 123,43 18 712 331 -5 893 650 0,76 19 885 808 -36 093

5UNIF „Credo-Invest” JSC 60 991 26 276 105 20 700 977 25 690 782 124,10 19 486 920 -6 203 862 0,76 20 677 330 -25 300

6UNIF „Nord-Invest” JSC* 106 683 30 092 420 9 024 973 30 092 420 333,44 8 619 332 -21 473 088 0,29 8 862 769 0

7UNIF„Telecom-Invest” JSC 92 792 26 954 923 47 619 416 26 954 923 56,60 46 817 338 19 862 415 1,74 47 532 040 2 453 693

8UNIF „York-Invest” JSC 33 904 11 841 904 3 660 640 11 841 904 323,49 3 470 901 -8 371 003 0,29 3 659 199 -34 315

Total 769 612 276 883 062 201 723 435 234 688 597 116,34 196 608 798 -38 079 799 0,84 200 391 043 2 265 152

* According to the situation reflected as of 31.12.2010

Note: Balance value of assets of UNIF „Viitorul – Tău” JSC is 53 300 MDL.

Annex No. 26

194

Economic and financial situation of the fiduciary administrator, end of 2013N

o.

Name of fiduciary company

Num

ber

of fi

duci

ary

acco

unts

Num

ber

of m

anag

ed c

ompa

nies

Shar

e ca

pita

l, M

DL

Equ

ity, M

DL

Value of financial investments

Incomes from Results of investment

activity, MDLdividends Interests rate Sale of assets

Foun

ders

of f

iduc

iary

ad

min

istr

atio

n

Fidu

ciar

y co

mpa

ny

Foun

ders

of f

iduc

iary

ad

min

istr

atio

n

Fidu

ciar

y co

mpa

ny

Foun

ders

of f

iduc

iary

ad

min

istr

atio

n

Fidu

ciar

y co

mpa

ny

Foun

ders

of f

iduc

iary

ad

min

istr

atio

n

Fidu

ciar

y co

mpa

ny

Foun

ders

of f

iduc

iary

ad

min

istr

atio

n

Fidu

ciar

y co

mpa

ny

1 „F.O.N.D. – A.F.” JSC 33 328 47 976 086 1 498 674 23 315 158 4 560 795 1 960 0 844 417 447 004 -300 179 67 205 546 198 514 209

2 C.F. „Europa -Trust” JSC 332 708 540 920 000 1 565 269 94 495 677 1 179 694 568 619 0 373 513 76 162 0 0 942 132 76 162

3 A.F. „Codru” JSC 11 681 9 70 313 244 947 4 815 154 60 580 1 068 0 44 812 4 067 0 0 45 880 4 067

4C.F.„Econ-Renaştere”JSC

4 231 26 150 000 204 567 1 861 047 185 566 114 553 0 20 869 5 080 0 0 159 188 5 080

Total 381 948 622 2 116 399 3 513 457 124 487 036 5 986 635 686 200 0 1 283 611 532 313 -300 179 67 205 1 693 398 599 518

195

Annex No.27

Concluded contracts and services by companies evaluating securities and assets related to them

No. Name of evaluation company

Number of concluded contracts, units Income obtained from provided services, MDL

2013 2012 2011 2013 2012 2011

1. ”Bartol Consulting” JSC 22 23 27 329 566 340 000 548 000

2. A.R.E. ”Estimator-VM” JSC 24 30 23 170 339 365 928 321 500

3. ”Finactiv-Consulting” JSC 2 8 4 30 000 154 000 77 000

4.”ICF-Consulting-Service” JSC 0 5 8 0 92 000 70 600

5. ”Evalestim” JSC 7 29 0 55400 424 500 0

TOTAL 55 95 62 585305 1376428 1017100

196

Heritage structure securities valuation companies and assets related to them at the end of the year 2013

Annex No.28

Nr. d/o

Name of evaluation company

Long-term assets, MDLTotal long-term assets,

MDL

Current assets, MDL

TOTAL ASSETS, MDL

Inta

ngib

le

asse

ts

Tang

ible

as

sets

Fina

ncia

l as

sets

Oth

er

asse

ts

Stoc

ks o

f go

ods a

nd

mat

eria

ls

Shor

t-te

rm

rece

ivab

les o

n Sh

ort-

term

re

ceiv

able

s

Shor

t-te

rm

inve

stm

ent

s

Cas

h flo

w

Oth

er

asse

ts

1."Bartol Consulting" JSC 1 984 21 838 262 0 24 084 3 565 430 23 924 60 000 229 837 69 777 411 617

2.

A.R.E. "Estimator-VM" JSC 8481 1209 5400 0 15 090 20899 0 211319 0 25896 326084 599 288

3."Finactiv-Consulting" JSC 195 31 353 202 000 0 233 548 0 7 547 2251 60 000 5 339 204 308 889

4.

"ICF-Consulting-Service" JSC 1 541 661 320 77 546 0 740 407 180 3 256 7 006 0 1 201 151 292 903 342

5. „Evalestim” JSC 49 813 79 266 119 000 0 248 079 0276

47 100 60 000 85 858 75 989 517 302TOTAL 62 014 794 986 404 208 0 1 261 208 24 644 11 509 291 600 180 000 348 131 623 346 2 740 438

197

Annex No.29Information on the activity of professional participants who practiced

consulting and investment 2013

No.Practice

d activity

Name of professional participant

Number of contracts concluded, units

Number of provided services, units

Income obtained as result of provided services, MDL

Absolute deviation

2013 2012 2013 2012 2013 2012contracts,

units

provided service,

units Income, MDL

1.

Inve

stm

ent c

onsu

lting

„Broker M-D” JSC 2 3 5 6 18 049,9 37 398,9 -1 -1 -19 349,0

2. „Proajioc” JSC JSC 5 3 6 2 20 500,0 5 700,0 2 4 14 800,0

3. „Codru” JSC 1 0 46 63 313 140,0 440 810,0 1 -17 -127 670,0

4. „DAAC – Invest” 1 5 1 6 15 000,0 157 750,0 -4 -5 -142 750,0

6. ”Passim” JSC 12 21 14 21 26 180,0 62 100,0 -9 -7 -35 920,0

7. ”Broker-Capital” JSC 3 4 3 3 13 300,0 8 960,0 -1 0 4 340,0

8. „Valinvest” JSC 0 2 0 0 0,0 0,0 -2 0 0,0

9 ”Fincom” JSC 1 0 1 0 8 000,0 0,0 1 1 8 000,0

10 CB ”Victoriabank” JSC 2 3 2 3 5 820,0 25 636,8 -1 -1 -19 816,8

Total: 27 41 78 104 419 989,9 738 355,7 -14 -26 -318 365,8

10.

cons

ultin

g „Depozitarul Central” JSC 25 2 27 1 201 554,0 28 000,0 23 26 173 554,0

11. ”Bursa de Valori a Moldovei” JSC

0 2 0 2 0,0 400,0 -2 -2 -400,0

198

12.”Bursa de Valori Chișinău” JSC 1 0 1 0 1 500,0 0,0 1 1 1 500,0

13. „Bartol Consulting” JSC 4 2 5 5 242 841,0 127 000,0 2 0 115 841,0

14.”Finactiv-Consulting” JSC 3 0 3 0 34 000,0 0,0 3 3 34 000,0

15. „Grupa Financiară” JSC 7 4 7 4 8 960,0 9 100,0 3 3 -140,0

16. „Valinvest” JSC 7 6 12 4 306 000,0 179 000,0 1 8 127 000,0

17.CB ”Eximbank-Gruppo Veneto Banca” JSC 0 1 0 0 0,0 10 000,0 -1 0 -10 000,0

18 ”Registrator-Centru” JSC 7 3 16 3 27 200,0 1 010,0 4 13 26 190,0

19 „Real-Registr” JSC 3 14 11 14 45 500,0 42 158,0 -11 -3 3 342,0

20 ”Gest-Capital” JSC 4 0 3 0 20 000,0 0,0 4 3 20 000,0

21 ”Registru-Ind” JSC 11 20 8 19 67 200,0 41 500,0 -9 -11 25 700,0

Total: 72,0 54,0 93,0 52,0 954 755,0 438 168,0 18,0 41,0 516 587,0

TOTAL (IC+C) 99,0 95,0 171,0 156,0 1 374 744,9 1 176 523,7 4,0 15,0 198 221,2

199

Annex No.30Subscribed insurance premiums in 2013, MDL

Name of the insurancecompany

Compulsory

insurance

voluntary insurance Total

Mar

ket

Propertyinsurance

Including the insurance

Personalinsurance

Including the insurance

Civil liability

insurance

Including Premiums

earned from

reinsurances

of landvehicles(Casco)

of fire and

othernatural

disasters

other of healthof

accidentof life

Internalinsurance

Internalinsurance

other

„ACORD-GRUP” JSC 1849063 32198935 34047998 2.8 23845285 5149201 887018 17809066 3272226 1165843 2106383 0 6867865 1849063 0 5018802 62622

„ASITO” JSC 114016966 76986116 191003082 16.0 46833191 17642105 6052132 23138954 14325167 9661396 4224311 439460 121372608 54717763 58890483 7764362 8472116

„ASTERRA GRUP „ JSC 9233693 26406566 35640259 3.0 21163378 18467561 2585984 109833 2528083 2000308 527775 0 11948798 9140282 0 2808516 0

„AUTO-SIGURANTA „JSC

11601718 2148682 13750400 1.1 1263208 1259769 3439 0 812447 0 812447 0 11674745 11488385 0 186360 0

„DONARIS-GROUP” JSC 59188985 41722543 100911529 8.4 30707888 24420624 4814770 1472494 4719099 3646732 1072366 0 65484542 22802909 36189497 6492137 0

„EUROASIG” JSC 5129232 6165742 11294974 0.9 5695454 5089965 589688 15801 324740 227802 96938 0 5274780 5080432 0 194348 0

„EXIM-ASINT” JSC 1876089 4438695 6314784 0.5 3148195 1743993 1400470 3732 761011 680093 80918 0 2405578 1876089 0 529489 0

„GALAS „ JSC 3907172 45287164 49194336 4.1 16611215 5473696 712612 10424907 5240075 4536876 703199 0 27343046 3907172 0 23435874 0

„GARANŢIE” JSC 8098421 24654951 32753372 2.7 20900832 10930787 9377883 592162 2088544 611244 1477300 0 9763996 8066146 0 1697850 0

„GRAWE CARAT ASIGURĂRI” JSC 39852741 91009158 130861899 10.9 16893869 14907512 1928513 57844 73167048 2494031 930622 69742395 40800982 14881905 24878916 1040161 0

„KLASSIKA ASIGURĂRI” JSC 20293175 15554472 35847647 3.0 10116561 5271550 2254471 2590540 3360254 2289353 1070901 0 22340679 5261660 15031515 2047504 30153

„MOLDASIG„JSC 128334418 215029715 343364133 28.7 144331817 42257622 89587186 12487009 23020130 12251606 10768524 0 171012398 58647973 65491936 46872489 4999789

„MOLDCARG” JSC 48714519 73704343 122418862 10.2 48881274 28944679 9391900 10544695 4132517 3165397 967120 0 67882337 20207675 27379138 20295524 1522734

„MOLDOVA-ASTROVAZ „J SC

18229418 446744 18676162 1.6 350508 265579 84929 0 86436 59288 27148 0 18239218 2811591 15411930 15697 0

„SIGUR-ASIGUR” JSC 0 3356691 3356691 0.3 0 0 0 0 3356691 0 0 3356691 0 0 0 0 0

„TRANSELIT” JSC 15396421 17348450 32744871 2.7 13755855 12506226 1231871 17759 2583575 2303706 279869 0 16265055 15214840 0 1050215 140386

„VICTORIA ASIGURARI „ JSC 5017299 29822966 34840264 2.9 26648861 20521762 4548299 1578800 2118157 1841875 276282 0 6073246 2688380 2318919 1065948 0

TOTAL 490739331 706281933 1197021264 100 431147391 214852631 135451164 80843597 145896200 46935550 25422104 73538546 604749873 238642265 245592334 120515275 15227800

200

Annex No.31Insurance compensation and claims paid in 2013, MDL

Name of the insurancecompany

Compulsory

insurance

Voluntary insurance

Total

Mar

ket

shar

e of

tota

l

Propertyinsurance

Including the insurancePerson

alinsurance

Including the insuranceCivil

liabilityinsurance

Inclusiv Amounts paidfor risksreceived inreinsuran

ce

Including the insurance

Including the

insurance other of health of

accident of lifeInternal

insuranceGreenCard

other

„ACORD-GRUP „ JSC 1756543 6294088 8050631 1.86 4693327 2634371 0 2058956 1552213 550358 1001855 0 1805091 1756543 0 48548 0

„ASITO” JSC 40815026 27114212 67929238 16 14043976 10941976 2015588 1086412 12302335 6236877 1064469 5000989 41494144 19904738 20903855 685551 88783

„ASTERRA GRUP „ JSC 2272876 6327143 8600019 1.99 5272897 5116903 155994 0 562200 472200 90000 0 2764922 2272876 0 492046 0

„AUTO-SIGURANTA „ JSC

4334889 498359 4833248 1.12 496749 496749 0 0 1610 0 1610 0 4334889 4334889 0 0 0

„DONARIS-GROUP” JSC 15086489 19253956 34340445 7.94 17619773 17373936 245837 0 1302312 1078359 223952 0 15418361 8676657 6409832 331872 0

„EUROASIG” JSC 1403618 3191928 4595546 1.06 3180731 3110731 70000 0 11197 8997 2200 0 1403618 1403618 0 0 0

„EXIM-ASINT „JSC 1515625 1314494 2830119 0.65 1232493 1232493 0 0 82001 71186 10815 0 1515625 1515625 0 0 0

„GALAS” JSC 1900562 4518485 6419048 1.48 2945138 2918108 27029 0 1573348 1478238 95110 0 1900562 1900562 0 0 0

„GARANŢIE” JSC 4266677 4652142 8918819 2 3535453 3145006 390447 0 255361 60040 195321 0 5128005 4266677 0 861328 0

„GRAWE CARAT ASIGURĂRI” JSC 12418416 10677626 23096042 5.34 7874326 7322346 509369 42611 2619073 682404 350144 1586525 12602643 4483789 7934627 184227 0

„KLASSIKA ASIGURĂRI” JSC 1314852 5667073 6981925 1.61 5173743 3156243 582792 1434708 468578 416808 51770 0 1314852 1271378 43474 0 24752

„MOLDASIG „ JSC 41296712 134090970 175387682 40.56 51191850 26771059 1071184 23349607 5767327 5568510 198817 0 117315513 20965463 20328399 76021651 1112993

„MOLDCARGO „JSC 19019680 29611786 48631466 11.25 27599511 19533252 292635 7773624 1345181 993502 351679 0 19505006 6869162 11997284 638560 181768

„MOLDOVA-ASTROVAZ” JSC 4444856 141814 4586670 1.06 106725 106725 0 0 35089 6894 28195 0 4444856 1043293 3401563 0 0

„SIGUR-ASIGUR „ JSC 0 85387 85387 0.02 0 0 0 0 85387 0 0 85387 0 0 0 0 0

„TRANSELIT „ JSC 3064129 6399521 9463650 2.19 6116530 5931133 185397 0 221096 177746 43350 0 3098422 3064129 0 34293 27602

„VICTORIA ASIGURARI” JSC 1851255 15844553 17695808 4.09 14994570 14634626 359945 0 849982 673727 68202 108054 1851255 1851255 0 0 0

TOTAL 156762205 275683537 432445743 100 166077791 124425657 5906216 35745918 29034290 18475846 3777489 6780955 235897764 85580655 71019034 79298076 1435898

201

Anexa nr. 32

Bilanțul contabil al societăților de asigurare conform situației la finele anului 2013, lei

Denumirea companiei de asigurare

Active pe termen lung Active curente Total active Capital propriu Datorii pe termen lung Datorii pe termen scurt Total pasiv

2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013

ACORD-GRUP SA 30555707 24662917 46625125 65135839 77180832 65135839 21461095 21928008 38215735 33773390 17504002 9434441 77180832 65135839

ASITO SA 344058386 373545047 110435359 476997848 454493745 476997848 248864262 202829123 153619443 204208849 52010040 69959876 454493745 476997848ASTERRA GRUP SA 16504181 28607415 10684631 50385953 27188812 50385953 11685491 21684586 13188350 23930121 2314971 4771246 27188812 50385953

AUTO-SIGURANTA SA 25174646 24333493 5255428 29635823 30430074 29635823 20614926 19220479 8949496 9243086 865652 1172258 30430074 29635823

DONARIS-GROUP SA 33118093 34200698 61594471 112586615 94712564 112586615 20389299 20580927 55212537 72896057 19110727 19109631 94712564 112586615

EUROASIG SA 17268841 17757963 27173257 44618489 44442098 44618489 14941632 2991622 25568345 37739601 3932121 3887266 44442098 44618489

EXIM-ASINT SA 13733673 13054051 24202502 19878210 37936175 19878210 15021023 14473904 10420092 4956997 12495060 447309 37936175 19878210

GALAS SA 4695917 26443554 14937814 75708663 19633731 75708663 12293393 16091800 6106797 30071478 1233541 29545386 19633731 75708663

GARANŢIE SA 15120426 19775530 26125698 49076507 41246124 49076507 23626499 21367366 8717124 22797689 8902501 4911452 41246124 49076507GRAWE CARAT ASIGURĂRI SA 68317058 65555067 258731546 387736233 327048604 387736233 88183819 96689090 211650853 259520389 27213932 31526753 327048604 387736233

KLASSIKA ASIGURĂRI SA 4429898 29563562 29441921 58760481 33871819 58760481 21255507 26398786 9853488 25058264 2762824 7303431 33871819 58760481

MOLDASIG SA 314311355 469680176 283878276 585978529 598189631 585978529 353756937 357337322 180713044 191047138 63719650 37594069 598189631 585978529

MOLDCARGO SA 83863211 70882093 68189924 137756119 152053135 137756119 57972178 45813956 64849223 67173844 29231734 24768320 152053135 137756119MOLDOVA-ASTROVAZ SA 26115325 23019678 19575273 49244780 45690598 49244780 29724566 30880064 4483806 10657795 11482226 7706921 45690598 49244780

SIGUR-ASIGUR SA 202637971 225039307 2386736 227802490 205024707 227802490 183664176 204451680 19978811 13455398 1381720 9895412 205024707 227802490

TRANSELIT SA 22415455 23656712 20935764 36739987 43351219 36739987 23996401 12386045 16855133 20805900 2499685 3548042 43351219 36739987VICTORIA ASIGURARI SA 6584861 23921350 41839711 42011699 48424572 42011699 19381355 12712205 23707743 23879636 5335474 5419858 48424572 42011699

TOTAL 1228905004 1493698613 1052013436 2450054266 2280918440 2450054266 1166832559 1127836963 852090020 1051215632 261995860 271001670 2280918440 2450054265

202

Annex No.33

List of insurance companies with foreign capital, 2013

No. Insurance company Foreign investor's homecountry

Share capital,thousands MDL

Foreign capital inthe share capital,thousands MDL

Weight offoreign capital

in the sharecapitalpercent

1 „ASITO” JSC Great Britain 46,5 22,5 48,4

2 „DONARIS – GROUP” JSC Liechtenstein 15,1 14,1 93,4

3 „GRAWE CARAT ASIGURĂRI” JSC Austria, Romania, Russia 57,4 56,8 99,0

4 „TRANSELIT” LLC Great Britain 15,0 0,4 2,7

5 „VICTORIA ASIGURĂRI” LLC Nederland 15,0 12,3 82,0

Total at 5 companies 149,0 106,1 x

Total on market 469,3 106,1 22,6

Annex No.34203

Placement of assets admitted to represent insurance reserves and minimum solvency margin according to the situation at the end of 2013

Nam

e of

the

insu

ranc

eco

mpa

ny

Insu

ranc

e re

serv

e

Ava

ilabl

e so

lven

cy m

argi

n-ge

nara

l, M

DL

Solv

ency

rat

io, p

erce

nt

Min

imum

solv

ency

mar

gin-

gena

ral,

Life

insu

ranc

e re

serv

e. le

i

Ava

ilabl

e so

lven

cy m

argi

n-lif

e

Solv

ency

rat

io, p

erce

nt

Min

imum

solv

ency

mar

gin-

life

, MD

L

Secu

ritie

s iss

ued

by th

e G

over

nmen

t of

RM

or o

ther

sta

te a

utho

rity S

ecur

ities

issu

ed b

y th

e G

over

nmen

t of R

M o

r by

othe

r sta

te a

utho

rity

Gov

ernm

ent S

ecur

ities

issu

ed b

y C

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l B

ank

of a

ny o

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sta

te o

r by

an

Cor

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te se

curit

ies

trade

d on

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mar

ket (

stoc

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f the

RM

Cor

pora

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curit

ies

whi

ch a

re n

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on

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mar

ket (

stoc

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of

the

RM

Ava

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in th

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in c

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ank

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unts

of

fin

anci

al in

stitu

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lice

nsed

by

the

NB

M, i

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in fo

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n c

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Dep

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and

inve

stm

ents

in fi

nanc

ial

inst

itutio

ns li

cens

ed b

y th

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BM

Sepa

rate

land

or b

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ings

and

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lo

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o be

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nsid

ered

eff

ectiv

ely

as o

ne in

vest

men

t in

a re

al le

gal i

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est i

n a

pro

perty

Rec

eiva

bles

rela

ted

to s

ubsc

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pr

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ms,

to th

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tent

tha

t the

y ar

e no

t ol

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60 d

ays

Rei

nsur

ers'

shar

e in

tech

nica

l res

erve

s

Gen

eral

tota

l

„ACORD-GRUP” JSC 33773390 18839359 125.6 15000000 0 0 0 0 2148842 0 0 0 39206 1531922 7659611 0 2297883 23454169 37131633

„ASITO „JSC 148794831 111026684 318.2 3231909

7 50914018 78079954 4013.3 1945506 0 0 64205531 0 832697 15130106 25921212 82187243 11313772 6522881 206113442

„ASTERRA GRUP” JSC 23308394 18643570 124.3 1500000

0 0 0 0 0 0 0 0 0 847518 2219926 6686910 11300237 4237589 57801 25349981

„AUTO-SIGURANTA” JSC 9089022 18582033 123.9 1500000

0 0 0 0 0 3729975 0 1335210 1335210 422671 1408902 1800000 5635609 44121 0 14376488

„DONARIS-GROUP” JSC 72896058 19112838 109.0 1753660

4 0 0 0 0 27355088 0 0 0 913517 5865098 25292065 2164352 5943487 20090612 87624219

„EUROASIG „JSC 37739601 -8492893 -56.6 0 0 0 0 0 0 0 2490852 0 722058 1619242 5000000 0 10293008 364701 20489861

„EXIM-ASINT” JSC 3479478 15029022 100.2 15000000 0 0 0 0 0 0 0 0 249341 30339 0 2053367 0 168111 2501158

„GALAS” JSC 30071478 15126448 100.8 15000000 0 0 0 0 0 0 466654 0 154736 1245355 6226775 0 1291653 22617927 32003100

„GARANŢIE” JSC 21443116 19439711 129.6 15000000 0 0 0 0 0 0 0 0 47594 2428971 12144854 7286912 3643456 2153409 27705196

„GRAWE CARAT ASIGURĂR” JSC 42574715 29016458 193.4 1500000

0 215629925 60153915 267.4 22500000 126161749 0 0 49170 148330 22698089 115244537 42963794 2891613 12320264 322477545

„KLASSIKA ASIGURĂRI”JSC 23367577 21602799 144.0 1500000

0 0 0 0 0 2996916 0 4020373 0 264692 2300740 6785855 0 4020373 1565087 21954037

„MOLDASIG” JSC 191047138 278473633 443.4 6279804

9 0 0 0 0 0 0 34145167 0 850000 18809668 81429003 2429079 1057200 23883144 162603261

„MOLDCARGO” JSC 65834260 31405780 150.7 20842054 0 0 0 0 0 0 0 77340 964107 4072632 7200000 18979314 9489657 9517230 50300280

„MOLDOVA-ASTROVAZ „ JSC 10657795 20207718 134.7 1500000

0 0 0 0 0 0 0 0 0 462601 1542002 7476581 6168008 687867 237774 16574833

„SIGUR-ASIGUR” JSC 1049 0 0.0 0 13446819 20196909

8 897.6 22500000 0 0 8149228 1220 21828 37490 5442023 8378728 185496 0 22216013

„TRANSELIT „ JSC 20805900 11011354 73.4 15000000 0 0 0 0 0 0 0 0 79307 463650 2000000 10322360 3870885 0 16736203

„VICTORIA ASIGURARI” JSC 22860787 11954591 79.5 1500000

0 1018849 0 0 40754 5649342 0 11000 0 64911 845644 6675058 0 2550394 4392833 20189182

TOTAL 757744589 630979104 X 298495804 281009611 34020296

7 X 46986260 168041911 0 114824016 1462940 7085114 82249776 322984484 199869002 63818454 127345944 1086346431

Annex No.35204

Information on gross written premiums and compensation for subsidized insurance risks in agricultural production in calendar year 2013

No Insured crops

Hail Winter frosts Spring frosts Excessive drought Other risks

Tot

al a

mou

nt o

f pr

emiu

ms,

lei

% fr

om to

tal r

ecei

pt

Tot

al a

mou

nt o

f cla

ims

paid

, lei

% O

f tot

al p

aym

ents

Surf

ace,

ha

Insu

ranc

e su

m, l

ei

Insu

ranc

e pr

emiu

m

unde

rwri

tten

*, le

Cla

ims p

aid,

lei

Surf

ace,

ha

Insu

ranc

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m, l

ei

Insu

ranc

e pr

emiu

m

unde

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tten

*, le

i

Cla

ims p

aid,

lei

Surf

ace,

ha

Insu

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m, l

ei

Insu

ranc

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emiu

m

unde

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tten

*, le

i

Cla

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aid,

lei

Surf

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Insu

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Cla

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lei

Surf

ace,

ha

Insu

ranc

e su

m, l

ei

Insu

ranc

e pr

emiu

m

Cla

ims p

aid,

lei

1 Orchard (fruit) 4856 230851399 15745473 8077382 2203 132405899 7430894 0 3834 183756749 13819115 0 0 0 0 0 0 0 0 0 36995482 41 8077382 30

2 Sun-flower 6701 84970000 4821030 578560 0 0 0 0 0 0 0 0 5275 71750000 5351250 579177 986 15475000 350700 100000 10522980 12 1257737 5

3 Winter wheat 3034 24140675 1045486 0 2981 22945800 933632 0 0 0 0 0 1520 9120000 729600 0 0 0 0 0 2708718 3 0 0

4 Vegetables 43 6752500 404350 2927746 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 404350 0 2927746 11

5 Winter barley 282 1662500 76938 0 332 1887500 90438 0 0 0 0 0 205 1025000 82000 0 0 0 0 0 249375 0 0 0

6 Corn 2473 41700500 2196970 0 0 0 0 0 0 0 0 0 1971 33306000 2489280 120690 438 8964000 179280 0 4865530 5 120690 0

7Vineyardsvines

100 7846860 413068 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 413068 0 0 0

8 Orchards 57 2136000 136020 0 0 0 0 0 10 320000 38400 0 0 0 0 0 0 0 0 0 174420 0 0 0

9 Winter rape 3146 34461500 2134875 226100 2837 31175500 2179705 232657 95 950000 38000 0 1326 15547500 1243800 0 0 0 0 0 5596380 6 458757 2

10 Sugar beet 800 17067500 481900 0 0 0 0 0 0 0 0 0 2716 46414256 4372545 6400189 310 7440000 74400 0 4928845 5 6400189 23

11 Soy 561 7615000 370750 321440 0 0 0 0 0 0 0 0 401 6015000 421050 1581415 0 0 0 0 791800 1 1902855 7

12 Grapes 3004 140707460 9501252 5736070 1143 56516100 3468478 71760 2436 114893860 8477201 0 0 0 0 0 0 0 0 0 21446931 24 5807830 21

13 Tobacco 20 1600000 80000 0 0 0 0 0 0 0 0 0 20 1600000 112000 0 0 0 0 0 192000 0 0 0

205

14 Animals 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 54473 30231034 1664580 366991 1664580 2 366991 1

Total 25077 601511894 37408111 17867298 9496 244930799 14103147 304417 6375 299920609 22372716 0 13434 184777756 14801525 8681471 56207 62110034 2268960 466991 90954458 100 27320177 100

Annex No.36Report on reinsurance operations

No.

Name of the insurance company

Total grosssubscribedpremiums

(lifeand general)

Insurancepremiums

receipted onrisks received

fromreinsurance

Total premiums ceded in

reinsurance (life

and general)

General insurances Asigurări de viaţă

Grosssubscribedpremiums

Premiumsceded in

reinsurance

Weight of the ceded premiums

in the grosssubscribedpremium

Grosssubscribe

dpremiums

Premiumsceded in

reinsurance

Weight of the ceded premiums

in the grosssubscribedpremium

1 „ACORD-GRUP” JSC 34047998 62622 16299996 34047998 16299996 47.9 0 0 0

2 „ASITO” JSC 191003082 8472116 18203314 190563622 18203314 9.6 439460 0 0

3 „ASTERRA GRUP” JSC 35640259 0 259199 35640259 259199 0.7 0 0 0

4 „AUTO-SIGURANTA” JSC 13750400 0 0 13750400 0 0 0 0 0

5 „DONARIS-GROUP „ JSC 100911529 0 30560959 100911529 30560959 30.3 0 0 0

6 „EUROASIG” JSC 11294974 0 428781 11294974 428781 3.8 0 0 0

7 „EXIM-ASINT” JSC 6314784 0 500566 6314784 500566 7.9 0 0 0

8 „GALAS” JSC 49194336 0 33559990 49194336 33559990 68.2 0 0 0

9 „GARANŢIE „ JSC 32753372 0 5961989 32753372 5961989 18.2 0 0 0

10 „GRAWE CARAT ASIGURĂRI „ JSC 130861899 0 18506413 61119504 15001716 24.5 69742395 3504697 5.0

11 „KLASSIKA ASIGURĂRI” JSC 35847647 30153 4530335 35847647 4530335 12.6 0 0 0

12 „MOLDASIG „JSC 343364133 4999789 71922610 343364133 71922610 20.9 0 0 0

13 „MOLDCARGO” JSC 122418862 1522734 26518583 122418862 26518583 21.7 0 0 0

14 „MOLDOVA-ASTROVAZ „ JSC 18676162 0 1319580 18676162 1319580 7.1 0 0 0

206

15 „SIGUR-ASIGUR” JSC 3356691 0 0 0 0 0 3356691 0 0

16 „TRANSELIT” JSC 32744871 140386 739976 32744871 739976 2.3 0 0 0

17 „VICTORIA ASIGURARI” JSC 34840264 0 7607930 34840264 7607930 21.8 0 0 0

  TOTAL 1197021264 15227800 236920220 1123482718 233415523 20.8 73538546 3504697 4.8

Annex No.37Main indicators of insurance companies’activity at the end of 2013, MDL

No.Name of the insurance

companyTotal assets Net assets

Paid sharecapital

Technical reserves Paidcompensation

ns andinsurance

indemnities

Includingpercentage

compensations of the

damage onrisks

received inreinsurance

Grosssubscribedpremiums

Including theinsurance

premiums andportfolio ofpremiumsearned on

risksreceived inreinsurance

Premiumsceded in reinsurance

Profit(loss) of

thereportedperiodbefore

taxationTotal

Includingmathemati

calreserves

1 „ACORD-GRUP” JSC 65135839 21928008 15000000 33773390 0 8050631 0 34047998 62622 16299996 5926557

2 „ASITO „ JSC 452155715 143919254 46515340 152138488 51001315 67929238 88783 192898924 8445576 19654142 -20117080

3 „ASTERRA GRUP” JSC 50385953 21684586 22508888 23308394 0 8600019 0 35640259 0 259199 804025

4 „AUTO-SIGURANTA „ JSC 29635823 19220479 17964700 9089022 0 4833248 0 13750400 0 0 -804518

5 „DONARIS-GROUP” JSC 112586615 20580927 15096510 72896058 0 34340445 0 100911529 0 30560959 191627

6 „EUROASIG „ JSC 44618489 2991622 15000000 37739601 0 4595546 0 11294974 0 428781 -12381696

7 „EXIM-ASINT” JSC 19878210 14473904 15000000 3479478 0 2830119 0 6314784 0 500566 -294131

8 „GALAS” JSC 75708663 16091800 15000072 30071478 0 6419048 0 49194336 0 33559990 2780000

9 „GARANŢIE” JSC 49076507 21367366 19800000 21443116 0 8918819 0 32753372 0 5961989 -713267

10 „GRAWE CARAT ASIGURĂRI” JSC 387736233 96689090 57378000 42574715 215629925 23096042 0 130861899 0 18506413 9244274

11 „KLASSIKA ASIGURĂRI” JSC 58760481 26398786 21651000 23367577 0 6981925 24752 35847647 30153 4530335 -169376

12 „MOLDASIG” JSC 585978529 357337322 60000000 191047138 0 175387682 1112993 343364133 4999789 71922610 38033830

13 „MOLDCARGO „ jsc 137756119 45813956 30000000 65834260 0 48631466 181768 122418862 1522734 26518583 2961759

14 „MOLDOVA-ASTROVAZ „ JSC 49244780 30880064 21000000 10657795 0 4586670 0 18676162 0 1319580 13208

207

15 „SIGUR-ASIGUR „ JSC 227802490 204451680 67400000 1049 13454349 85387 0 3356691 0 0 18690431

16 „TRANSELIT” JSC 36739987 12386045 15000000 20805900 0 9463650 27602 32744871 140386 739976 -1939151

17 „VICTORIA ASIGURARI” JSC 42011699 12712205 15000000 22860787 1018849 17695808 0 34840264 0 7607930 -55980

  TOTAL 2425212133 1068927094 469314510 761088245 281104438 432445743 1435898 1198917106 15201260 238371048 42170512

Annex No. 38

Financial results of insurance and/or reinsurance brokers

No. Name of the insurance and/or reinsurance broker Share capital

Number ofintermediated

contracts

Intermediated grosssubscribed premiums

ncome fromintermediation activity

2011 2012 2011 2012 2011 2012

1 BA "PROCOMPASGRUP" LLC 25000 6250 6231 6602833 4347717 1890597 1298194

2 BAR "ASIGVITAL" LLC 25000 642 644 1693621 2138565 534992 564652

3 BAR "BLAJCO ASIST" LLC 25000 5906 16014 7878781 13960324 2489687 2589397

4 BA "DUVISTAR" LLC 25000 511 279 1076621 583924 369517 187972

5 "ANAVIMAX BROKER ASIGURARE DE VIATA" LLC 53000 38 14 841904 895391 50932 35275

6 BAR "ERVAX GRUP" LLC 25400 2928 2293 14668788 10289897 3078147 2941111

7 BAR“COVERINS” LLC 40000 2152 3348 10585781 9752029 2718126 2272665

8 SC "AV BROKER DE ASIGURARE REASIGURARE" LLC 65000 2880 4353 2118556 4014706 672805 1081101

9 SC "T.A.T.I. GRUP BROKER DE ASIGURARE" LLC 50000 4179 3154 8618245 5531785 2276821 1549635

10 BAR "LUCIADA" LLC 25400 2871 2513 3648158 3332123 1305248 979070

11 ÎCS "EUROLIFE BROKER DE ASIGURARE " LLC 661180 4664 4927 17207237 17860411 14884813 15810034

12 BA "BROKER EXPERT" LLC 25000 1682 1607 2173520 2776874 645117 716127

13 SC "BROKERASIG" LLC 25400 1382 2980 4910076 5628920 1205691 1455101

14 SBAR "TOP BROKER" LLC 31250 2641 1818 4593844 2404152 1360839 669646

208

15 BAR "PRODEVIZ" LLC 25000 76852 64109 26254760 28361128 7931205 8444653

16 ÎCS "WVP BROKER DE ASIGURARE " LLC 36307 2373 1798 3865094 3803432 1035081 843476

17 *BA "AMSICONS" LLC 25400 547   410624   168326  

18 SC "AMP BROKER" LLC 30000 6131 6806 10608679 11022521 3520282 2996891

19 SC "STARASIG-BROKER DE ASIGURARE" LLC 25000 1721 0 69665 0 41335 0

20 BAR "IRS MANAGEMENT" LLC 25000 1009 732 2281791 922268 776786 381613

21 BAR "PROFILIDER" LLC 25000 803 38 1763442 66240 298814 11141

22 BAR "CENTRASIG" LLC 25000 1865 266 1890419 172788 583788 57645

23 BAR "OMNIS" LLC 25000 1228 813 2595525 1596741 671939 531907

24 BAR "ELITA-BROKER" LLC 25000 2945 1017 4845898 1952916 1537840 538156

25 BAR "AUTOBIN-GRUP" LLC 25000 3078 3062 3852852 3690801 1263496 1084553

26 BAR "MARIASIG" LLC 25000 1401 1781 572563 829656 173959 224892

27 BA "GM-ASIGRUP" LLC 25400 1176 909 1182926 1249701 382023 479718

28 BAR "PARTENER-BROKER" LLC 25000 26488 21218 13459588 13364936 5153871 4782168

29 BAR "BIRMAN GRUP"LLC 25000 1153 3364 1410287 2324684 413088 635808

30 ÎM BAR "SKY BROKER" LLC 25000 298 12 652595 76688 316422 28318

31 BAR "EXTRA-ASIG" LLC 25000 445 21 755025 28933 248584 9989

32 BA "INSURANCE CONSULTING & SOLUTIONS" LLC 25000 1540 1783 1416727 2589891 461441 807383

33 BAR "CONSASIG - SERVICE" LLC 25000 5576 7179 8907336 12695012 2832726 4176479

34 BAR "B.S.C.E. - GRUP" LLC 25000 2894 3466 1821474 2635736 567680 759206

35 BAR "GAMA PERFECT ASIG" LLC 25000 1564 1095 805153 985958 249573 244479

36 BAR "AUTORIG ASIG" LLC 25000 1445 2764 970180 1648027 312766 526876

37 BAR ,,SGT ASIG CONSULTING” LLC 25000 7886 3655 2233233 2808339 687244 694747

209

38 BAR ,,GENERAL BROKER” LLC 25000 8996 7239 8981887 7394222 2985736 2155854

39 BAR ,,UNIVERSAL ASIG” LLC 25000 5517 3191 5525492 2977052 1868897 1010591

40 BAR ,,INTELMOD ASIG” LLC 25000 4150 1658 10702237 1940941 2163926 558400

41 BAR ,,PREMIUM BROKER” LLC 25000 964 644 2523899 1459618 694491 313245

42 BAR ,,BAS ASIG” LLC 25000 4063 7091 2908170 4790206 899123 1479434

43 BAR ,,NOVA BROKER”LLC 25000 24279 30359 9335894 14872775 2789416 2681168

44 BAR ,,MGP BROKER” LLC 25000 2705 5090 2763316 4887711 812586 1269481

45 BAR ,,PROMOASIG UNIVERSITAS” LLC 25000 4007 3364 10238656 8575767 3191967 2534022

46 BAR ,,EXCELENT BROKER” LLC 25000 960 426 2382851 1321235 764144 356136

47 BAR ,,GLOBAL BROKER” LLC 25000 532 717 400418 378985 121579 106040

48 SBAR ,,SEMASIG PRIM” LLC 25000 2378 0 1808531 0 614547 0

49 BAR ,,HERMINA” LLC 25000 564 375 1405689 1152707 784728 396482

50 BAR ,,OMEGA-BROKER” LLC 25000 2836 7831 2359422 5080311 754194 1413279

51 BAR"MEGA-OPTIM" LLC 25000 1279 1180 3016293 2880866 908063 761901

52 BAR "AECM ASIGURĂRI" LLC 25000 2681 4668 8830032 11421927 3312482 3267488

53 BAR "BROKER-PRO" LLC 25000 2149 2546 1273030 1327956 410622 381425

54 BAR "AXA BROKER " LLC 25000 20221 13310 7946297 12474281 2778787 4192894

55 BAR "MARKET DE ASIGURĂRI " LLC 25000 1014 345 1044646 451570 322858 93455

56 BAR "ONLINE BROKER DE ASIGURARE" LLC 25000 1216 1625 1984031 1865570 578953 639008

57 BAR "PROFESIONAL ASIG" LLC 25000 839 604 523956 523389 113544 142188

58 BAR ''EXCLUSIV-BROKER" LLC 25000 2605 1327 4167063 2730761 1373507 926807

59 BAR "ACCEPT-ASIG"LLC 25000 1179 1279 4251700 5151416 1252406 1371592

60 BAR ''MEDAVASIG" LLC 25000 2549 2205 2676638 2196949 891668 816199

61 BAR "PARTENERUL TAU" LLC 25000 651 1409 3400635 6926045 1014374 2141819210

62 BAR ''SICONATA GRUP" LLC 25000 359 600 821603 399601 269000 100369

63 BAR ''PRACTIC-ASIG" LLC 25000 2768 4421 1371699 3082180 452998 851794

64 BAR. "PRO CREDO GRUP" LLC 25000 464 1252 2537371 5121930 842810 1556964

65 BAR. "CAPITAL-BROKER" LLC 25000 4317 9289 4331168 6539970 1428367 1974023

66 BA R."ABSOLUTASIG" LLC 25000 36 36 18647 20140 5284 5616

67 Î.M.B. A. R. "ASIGARC"LLC 25000 122 0 50933 0 17607 0

68 BA "ROMASIG" LLC 25000 469 172 389914 151779 124229 40657

69 B. A. R. "VMV BROKER" LLC 25000 457 1553 607259 2266848 185183 572109

70 B. A. R. "ASTRA" LLC 25000 1846 5299 952457 4723109 318079 1023703

71 B. A. R. "ARBORA GRUP" LLC 25000 179 817 142604 675076 42003 180667

72 B. A. R. "SANI-ASIG" LLC 30000 224 1944 543823 1843523 227694 677113

73 B. A. R. "IPSUS" LLC 25000 776 863 372076 514288 122869 172258

74 B. A. R. "GAMMA BROKER" LLC 25000 32 575 50897 964864 14846 264694

75 B. A. R. "PRIMGROUP-ASIG" LLC 25000   212   629542 0 191917

76 B. A. R. "REGALASIG" LLC 25000   6976   7995026   1330331

77 B. A. "INVEST-BROKER" LLC 25000   534   475621   126115

78 B. A. R. "ALLIANCE ASIG" LLC 25000   55   47245   8725

79 B.A.R. "EUASIG" LLC 25000   860   1471217 0 394366

80 B. A. R. "MCA-BROKER" LLC 25000   143   16738   7365

81 B. A. "EXCLUSIV-ASIG" LLC 25000   1748   4242884   817336

82 B. A. R. "DESTINE ASIG" LLC 25000   47   47476   19693

83 B. A. R. "SAFETY BROKER" 25000   0   0   0

84 B. A. R. "BEST BROKER" LLC 25000   228   407595   115569

85 B. A. R. "CITY BROKER" LLC 25000   0   0   0211

 TOTAL 2898737 299527 312170 291885038 320762124 98565167 99850371

Annex No. 39

General information on economic and financial situation of savings and credit associations, end of 2013No. Name of SCA Locality Rayon Loans Loan

recipientsSavings Deposits

States shall Bank loans and loans received

Own capital

1 SCA"Domulgeni" Domulgeni Floreşti 184900 60 0 0 133000 843952 SCA "Bălăşeşti" Bălăşeşti Criuleni 472039 38 0 0 244679 3340803 SCA "Sofmicrocredit" Sofia Drochia 4788061 365 4276783 83 567400 5455934 SCA "Credit-Class" Crişcăuţi Donduşeni 447875 68 111748 174 0 6306415 SCA "Cişmea" Cîrnăţeni Căuşeni 348256 24 0 0 295612 -2865186 SCA "Cărpineni" Cărpineni Hînceşti 18700 20 0 0 29500 446697 SCA "Egoreni-Credit" Egoreni Soroca 46760 9 0 0 0 619748 SCA "Meşeni Credit" Meşeni Rezina 34425 3 0 0 30950 296489 SCA "Ignat-Credit" Ignăţei Rezina 476055 86 0 0 383202 127309

10 SCA "Olişcani" Olişcani Şoldăneşti 628734 86 0 0 382796 45561311 SCA "Lozova" Lozova Străşeni 2553376 307 716835 33 1097140 126651712 SCA "Microîmprumut" Ciorescu Chişinău 10726272 819 10444283 62 862501 129104513 SCA "Şişcani" Şişcani Nisporeni 110000 13 0 0 57000 21250214 SCA "Cupcui Credit" Cupcui Leova 0 0 0 0 0 5445415 SCA "Colicăuţi" Colicăuţi Briceni 0 127 994846 81 1183204 -219820216 SCA "Costuleni" Costuleni Ungheni 1642563 178 0 0 1245431 51351117 SCA "Tîrnova" Tîrnova Donduşeni 0 97 0 0 100837 -36128118 SCA "Văratic-Plus" Văratic Rîşcani 271763 54 0 0 0 294366

19 SCA "Viişoara-Domnească" Viişoara Glodeni 2509751 291 55700 3 1878710 665518

20 SCA "Mileştii Mici" Mileştii Mici Ialoveni 162400 18 0 0 39320 18116821 SCA "Moleşti" Moleşti Ialoveni 1367470 245 0 0 1196825 32146422 SCA "Vorniceni" Vorniceni Străşeni 2303109 136 521974 13 2066800 16805523 SCA "Nimoreni" Nimoreni Ialoveni 2104105 268 1544695 24 148000 861426

212

24 SCA "Hăsnăşenii Mari" Hăsnăşenii Mari Drochia 52345 18 0 0 42290 3089225 SCA "Rubleniţa-Credit" Rubleniţa Soroca 138517 39 0 0 0 7872826 SCA "Credit Prim" Voinova Străşeni 209272 20 0 0 101000 23999927 SCA "Microcredit" Ungheni Ungheni 1785044 203 1728711 26 600000 48190528 SCA "Măcăreşti" Măcăreşti Ungheni 654468 122 0 0 492243 26964729 SCA "Bădiceni" Bădiceni Soroca 0 0 0 0 0 4548430 SCA "Lopatnic" Lopatnic Edineţ 24450 9 0 0 0 3854331 SCA "Măgdăceşti" s. Măgdăceşti Criuleni 0 0 0 0 0 0

32 SCA "Respect-Service" s. Popestii de Jos Drochia 179544 39 0 0 147500 56693

33 SCA "Cuconeştii Noi" Cuconeştii Noi Edineţ 252831 25 0 0 27650 -19218034 SCA "Marcredit" Maramonovca Drochia 342040 87 0 0 199000 18446735 SCA "Orhei Credit" Orhei Orhei 0 0 0 0 0 3516936 SCA "Mănoileşti" Mănoileşti Ungheni 921518 96 0 0 619546 42950437 SCA "Rediumăreanca" Rediul Mare Donduşeni 1155947 105 0 0 729645 49622238 SCA "Şofrîncani" Şofrîncani Edineţ 813064 102 0 0 310500 59446539 SCA "Grimăncăuţi" Grimăncăuţi Briceni 6133145 327 126400 7 3046632 338478640 SCA "Petreşti" Petreşti Ungheni 617491 106 0 0 320711 33647841 SCA "Credite-Sauca" Sauca Ocniţa 230500 35 0 0 0 26757642 SCA "Credite-Coteala" Coteala Briceni 1967800 127 0 0 1624139 48769743 SCA "Aluniş" Aluniş Rîşcani 404210 59 0 0 202138 28471844 SCA "Credite-Sudarca" Sudarca Donduşeni 0 12 0 0 0 1965545 SCA "Zăbriceni" Zăbriceni Edineţ 560010 109 0 0 351026 25653546 SCA "Cotiujeni" Cotiujeni Briceni 2622000 181 0 0 1809350 102618047 SCA "Hiroveanca" Hirova Călăraşi 16199 3 181603 6 0 524048 SCA ''Boianca Nord'' Gribova Drochia 330400 40 0 0 0 4277449 SCA "Poiana-Credit" Poiana Soldanesti 0 2 0 0 0 6834

50 SCA "Coşerniţeanca-Prim" Coşerniţa Criuleni 270532 44 0 0 56107 269710

51 SCA "Şoldăneşti Credit" Şoldăneşti Soldăneşti 497535 154 0 0 410084 16856152 SCA "Rural-Fin" Tănătarii Noi Căuşeni 150900 21 0 0 106835 7681853 SCA "Suport-Speranţa" Mihailovca Cimişlia 265233 46 0 0 179618 154972

213

54 SCA "Untesti" s. Untesti Ungheni 0 20 0 0 0 1528855 SCA "Valea Mare" Valea Mare Ungheni 366703 47 0 0 0 45943756 SCA "Hîrtop-Lărgeni" Hîrtop Cantemir 0 0 0 0 0 057 SCA "Lărguţa" Lărguţa Cantemir 520088 51 0 0 284250 26817958 SCA"Risipeni" s. Risipeni Falesti 0 0 0 0 0 1634459 SCA "Finagrocredit" Criva Briceni 0 123 35000 1 3378011 -497879560 SCA "Fermier-Credit" Step-Soci Orhei 844221 60 0 0 675700 27134561 SCA "Stînca" Roşietici Floreşti 1050528 127 0 0 927435 31285062 SCA "Dubăsarii Vechi" Dubăsarii Vechi Criuleni 4951463 269 4464935 49 0 128740463 SCA "Selemet-Fin" Selemet Cimişlia 136936 5 0 0 58725 11172864 SCA "Leuşeni Credit" Leuşeni Teleneşti 0 84 0 0 463837 -42199665 SCA "Cruglic" Cruglic Criuleni 1811150 172 1721000 20 0 60941566 SCA "Zîmbreni" Zîmbreni Ialoveni 0 33 0 0 234806 -30298767 SCA "Malcoci" Malcoci Ialoveni 569350 66 0 0 458406 20340968 SCA "Puhoi" Puhoi Ialoveni 1087666 170 0 0 913411 26477769 SCA "Furnica-Răzeni" Răzeni Ialoveni 2743262 371 50000 1 1994600 86524670 SCA "Sadova" Sadova Călăraşi 222259 17 0 0 179565 85282

71 SCA "Suhuluceni-Credit" Suhuluceni Teleneşti 532065 93 0 0 300000 382128

72 SCA "Negureni Credit" Negureni Teleneşti 43875 3 0 0 30000 29437173 SCA "Tîrşiţei" Tîrşiţei Teleneşti 404402 100 0 0 297635 17153374 SCA "Bahmut" Bahmut Călăraşi 364125 61 0 0 304954 8126175 SCA "Trestieni-Invest" Valea-Trestieni Nisporeni 340211 14 0 1 1310071 -149647776 SCA "Boldureşti" Boldureşti Nisporeni 937690 84 0 0 554500 45099577 SCA "Rădeni" Rădeni Călăraşi 0 0 0 0 0 4700478 SCA "Supercredit" Pîrjota Rîşcani 6008535 498 6415182 129 0 83281179 SCA "Circular-Fin" Gălăşeni Rîşcani 6870859 269 3854501 46 0 232444080 SCA "Chiţcanii Vechi" Chiţcanii Vechi Teleneşti 16813 4 0   0 22552481 SCA "Pietrosu" Pietrosu Făleşti 8860 5 0 0 0 2319282 SCA "Vărăncău" Vărăncău Soroca 0 0 0 0 0 -2450883 SCA "Japca" Japca Floreşti 26000 4 0 0 14 4974484 SCA "Ochiul Alb" Ochiul Alb Drochia 5804050 349 4334045 189 0 2054511

214

85 SCA "Popeşti" Popeştii de Jos Drochia 695190 105 860199 23 31250 2232786 SCA "Bravicea" Bravicea Călăraşi 485125 79 0 0 344308 18861687 SCA "Prepeliţa" Prepeliţa Sîngerei 321705 37 0 0 142800 26019288 SCA "Şolcani" Şolcani Soroca 695042 84 0 0 192139 53412989 SCA "Tătărăuca Veche" Tătărăuca Veche Soroca 340209 35 0 0 62296 20929490 SCA "Ţepilova" Ţepilova Soroca 424810 94 0 0 269536 20043891 SCA "Holoşniţa" Holoşniţa Soroca 0 0 0 0 0 4621692 SCA "Ecocred-Dîngeni" Dîngeni Ocniţa 2431716 348 1306749 68 1077629 77418693 SCA "Credite-Hlinaia" Hlinaia Edineţ 0 59 0 0 208532 -308568

94 SCA "Credite din Clocuşna" Clocuşna Ocniţa 411000 38 0 0 390000 62251

95 SCA "Credite-Bîrnova" Bîrnova Ocniţa 541074 41 0 0 0 59038096 SCA "Fetica-Credit" Feteşti Edineţ 1888545 208 1657291 80 0 102097997 SCA"Creditconsum" com. Sirauti Briceni 0 28 0 0 0 -24032

98 SCA "Credite-Drepcăuţi" Drepcăuţi Briceni 224500 31 0 0 119700 124550

99 SCA "Bîrlădeni" Bîrlădeni Ocniţa 1280650 150 1334651 26 89183 -82309100 SCA "Puhăceni" Puhăceni Anenii Noi 257729 44 0 0 139471 155157101 SCA "Lencăuţi" Lencăuţi Ocniţa 313050 40 0 0 139000 203728

102 SCA "Credite Hădărăuţi" Hădărăuţi Ocniţa 1418459 129 485840 21 753762 281655

103 SCA "Credite-Corestăuţi" Corestăuţi Ocniţa 0 0 0 0 0 58791

104 SCA"Credite din Terebna" s. Terebna Edinet 0 0 0 0 0 133411

105 SCA "Bani Expres" Bîrlădeni Ocniţa 639227 133 0 0 268936 472418106 SCA "BRD FINANŢE" Bardar Ialoveni 3387048 432 1252823 21 1630547 974054107 SCA "Grătieşti" Grătieşti Chişinău 518792 89 0 0 304289 214067108 SCA "Ulmu" Ulmu Ialoveni 972600 99 0 0 670500 336068109 SCA "Hruşova" Hruşova Criuleni 15451473 1244 10684190 160 1895096 4416114110 SCA "Speia" Speia Anenii Noi 1547762 163 0 0 1206941 428783111 SCA "Cimişeni" Cimişeni Criuleni 818590 137 0 0 521620 363041112 SCA "Rădoaia" Rădoaia Sîngerei 3221140 343 0 0 2705318 876616

215

113 SCA "Hîjdieni" Hîjdieni Glodeni 2975520 281 0 0 2205147 928149

114 SCA "Baurci-Moldoveni"

Baurci-Moldoveni Cahul 60282 8 0 0 0 28065

115 SCA "Credite-Gîrbova" Gîrbova Ocniţa 176249 44 0 0 0 251252

116 SCA "Credite-Donduşeni" Donduşeni Donduşeni 679519 66 0 0 507870 232301

117 SCA "DRODANA" Drochia Drochia 31150 15 0 0 0 61531118 SCA "Recea-Fin" Recea Rîşcani 164960 19 0 0 0 232926119 SCA "Cobusca Veche" Cobusca Veche Anenii Noi 861193 100 0 0 541642 361902120 SCA "Economcredit" Codreanca Străşeni 3394999 431 3065641 101 0 879986121 SCA "Hîjdieni-Credit" Hîjdieni Orhei 0 8 0 0 0 14442122 SCA "Voloviţa" Voloviţa Soroca 751444 70 0 0 486300 164981123 SCA "Avantaj-Credit" Horodişte Rîşcani 0 0 0 0 46015 -291874124 SCA "Ciuteşti" Ciuteşti Nisporeni 0 61 0 0 674900 -1139210125 SCA "Horodişteanul" Horodişte Donduşeni 0 0 0 0 0 6019126 SCA "Baştina-Pelinei" Pelinei Cahul 287717 71 0 0 194409 147282127 SCA "Şuri" Şuri Drochia 266200 34 0 0 0 295480128 SCA "Tigheci-Credit" Tigheci Leova 110736 25 0 0 31831 105655129 SCA "Oxentea" Oxentea Dubăsari 1564171 166 1573853 26 0 281132130 SCA "Corneşti" Corneşti Ungheni 1098326 177 0 0 568278 722284131 SCA "Todireşti" Todireşti Ungheni 571536 65 0 0 161161 443855132 SCA "Buşila" Buşila Ungheni 462480 50 0 0 341000 109462133 SCA "Izvoare" Izvoare Floreşti 259544 80 0 0 158604 146748134 SCA "Chirileni" Chirileni Ungheni 244330 33 0 0 105495 190148135 SCA "Sculeni" Sculeni Ungheni 5263012 425 2422362 50 942800 2545076136 SCA "Ciuciulea" Ciuciulea Glodeni 1777932 201 2189385 83 0 283735137 SCA "Năvîrneţ" Năvîrneţ Făleşti 0 0 0 0 262360 -397228138 SCA "Hiliuţi-Rîşcani" Hiliuţi Rîşcani 418945 48 0 0 0 470416

139 SCA "Svetlîi - Prim" Svetlîi UTA Găgăuzia 60000 12 0 0 60000 7150

140 SCA "Hristici" Hristici Soroca 3076 1 0 0 0 39495141 SCA "Brînzenii Vechi" Brînzenii Vechi Teleneşti 1790136 79 579240 25 0 1505279

216

142 SCA "Selişte" Selişte Nisporeni 372950 29 0 0 367000 73166143 SCA "Popinţeni" Bălăneşti Nisporeni 0 11 39350 32 0 -127031144 SCA "Rădulenii-Vechi" Rădulenii Vechi Floreşti 209679 29 0 0 170012 62851145 SCA "Zberoaia" Zberoaia Nisporeni 247300 26 0 0 0 190935146 SCA "Caracui" Caracui Hînceşti 319797 56 0 0 182750 104133147 SCA "Coşcalia" Coşcalia Căuşeni 115127 45 0 0 53599 89371148 SCA "Grozeşti" Grozeşti Nisporeni 353838 33 0 0 16300 389762149 SCA "Satul Nou" Satul Nou Cimişlia 82274 29 0 0 73913 16963150 SCA "Holercani" Holercani Dubăsari 3402619 364 3536907 65 0 815089151 SCA "Molovata" Molovata Dubăsari 525020 130 0 0 376562 235689152 SCA "Jevreni" Jevreni Criuleni 0 0 0 0 0 103022153 SCA "Mihăileni" Mihăileni Rîşcani 4900484 312 3920130 144 700000 1704822154 SCA "Larga Nouă" Larga Nouă Cahul 4200 1 0 0 0 17871155 SCA "Enichioi" Enichioi Cantemir 0 20 0 0 335443 -378648156 SCA "Frumoasa" Frumoasa Călăraşi 714994 51 0 0 184500 610816157 SCA "Glinjeni" Glinjeni Făleşti 112615 119 0 0 19360 181374158 SCA "Doltu" Doltu Făleşti 387817 35 0 0 220742 193073159 SCA "Zgărdeşti" Zgărdeşti Teleneşti 9500 1 0 0 0 20785160 SCA "Onişcani" Onişcani Călăraşi 105550 27 0 0 74000 33175161 SCA "Slobozia-Duşca" Slobozia-Duşca Criuleni 607165 162 0 0 0 696447162 SCA "Ustia" Ustia Dubăsari 475375 112 0 0 428277 151652163 SCA "Prodăneşti" Prodăneşti Floreşti 519461 125 0 0 0 513999

164 SCA "Cotiujenii Mari Credit" Cotiujenii Mari Şoldăneşti 387900 123 0 0 162892 277951

165 SCA "Acces Rapid" Coşerniţa Floreşti 903515 138 0 0 464500 510186

166 SCA "Antoneşti" Antoneşti Ştefan Vodă 420507 54 0 0 242000 230643

167 SCA "Sevirova" Sevirova Floreşti 20000 10 0 0 0 67727168 SCA "Ştefăneşti" Ştefăneşti Floreşti 2833782 217 3096952 61 0 669821169 SCA "W-Frumuşica" Frumuşica Floreşti 220000 35 0 0 58188 214133170 SCA "Putineşti" Putineşti Floreşti 330612 64 0 0 188273 187961171 SCA "Nistru de Jos" Talmaza Ştefan 310705 31 0 0 0 -22964

217

Vodă172 SCA "Corjeuţi" Corjeuţi Briceni 1694344 129 922211 28 507000 705784173 SCA "Econom Fix" Gura Camencii Floreşti 2392108 164 2819332 87 0 374690174 SCA "Visoca" Visoca Soroca 0 23 0 0 0 -166363175 SCA "Pelinia" Pelinia Drochia 3354076 422 1506178 44 641975 1490897176 SCA "Caşunca" Caşunca Floreşti 5880818 642 2841188 115 2487000 1395270177 SCA "Tartaul" Tartaul Cantemir 253978 21 0 0 0 294513178 SCA "Cărbuna" Cărbuna Ialoveni 65302 38 0 0 51723 32885179 SCA "Sfîntul Nicolae" Săiţi Căuşeni 100000 24 0 0 0 103955180 SCA "Arsul" Ucrainca Căuşeni 8398 4 0 0 0 7701181 SCA "Mărineşti" Mărineşti Sîngerei 2109329 144 2518242 53 0 276100182 SCA "Duşmani" Duşmani Glodeni 982373 103 0 0 789982 296528

183 SCA "Frasin din Popeasca" Popeasca Ştefan

Vodă 514276 75 0 0 310434 260884

184 SCA "Crihana Veche" Crihana Veche Cahul 1096612 216 0 0 442470 706504185 SCA "Colibaşi Credit" Colibaşi Cahul 787590 123 0 0 345599 505657

186 SCA "Izvoraşul Haiducului" Tănătari Căuşeni 764264 109 0 0 0 833914

187 SCA "Nisporeni" or. Nisporeni Nisporeni 5000 1 0 0 0 39942188 SCA "Albina" Sălcuţa Căuşeni 327354 49 0 0 0 309948189 SCA "Pituşca" Pituşca Călăraşi 3646958 271 1315691 78 370978 2325618

190 SCA "Valea Fînului" Ermoclia Ştefan Vodă 1214197 169 0 0 1106100 436054

191 SCA "Geamna-Prim" Răscăieţi Ştefan Vodă 493906 109 0 0 244573 321474

192 SCA "Plopi" Plop-Ştiubei Căuşeni 2687057 243 1453477 53 541597 921362193 SCA "Vatici Credit" Vatici Orhei 486319 69 0 0 267360 213467194 SCA "Valea Leoanei" Copanca Căuşeni 58940 14 0 0 0 29360195 SCA "Corpaci" Corpaci Edineţ 501852 120 0 0 184774 378864196 SCA "Caracui-Har" Baimaclia Căuşeni 180272 44 0 0 186764 143948197 SCA "Cîrnăţenii Noi" Cîrnăţenii Noi Căuşeni 218304 27 0 0 -172 199707

198 SCA "Ciuciuleni-Credit" Ciuciuleni Hînceşti 3297262 218 2296000 88 0 1613678

218

199 SCA "Valea Podului" Zaim Căuşeni 621500 80 1779946 30 0 -639186200 SCA "Fîrlădeni" Fîrlădeni Căuşeni 3137 2 0 0 0 40728201 SCA "Cogâlnic" Logăneşti Hînceşti 717200 92 0 0 403425 584530202 SCA "Balasineşti" Balasineşti Briceni 1089790 174 0 0 524895 657717203 SCA "Elizomon" Corjeuţi Briceni 4534000 310 2584561 78 0 3506478204 SCA "Izvorul Rece" Fundul Galbenei Hînceşti 202300 50 0 0 80026 144871205 SCA "Drăguşul" Pereni Hînceşti 154000 27 0 0 0 245655

206 SCA "Credite din Baraboi" Baraboi Donduşeni 646100 93 0 0 106643 521922

207 SCA "Bleşteni-Volodeni" Bleşteni Edineţ 1121135 75 1439999 52 0 427379

208 SCA "Eftodie" Andruşul de Jos Cahul 638459 73 0 0 9977 622273209 SCA "AEIBE" Brînzeni Edineţ 391400 38 0 0 250000 259099

210 SCA "Baştina-Mereşeni" Mereşeni Hînceşti 470852 77 0 0 0 541003

211 SCA "Goteşti" Goteşti Cantemir 1065146 171 0 0 734222 423397

212 SCA ''Faguras-Vadul lui Isac'' Vadul lui Isac Cahul 5470458 394 3262617 48 2206500 1180528

213 SCA "Horja" Negrea Hînceşti 96000 38 0 0 59656 41368

214 SCA ''Prim-Credit Rosu'' Roşu Cahul 636585 109 0 0 0 953577

215 SCA ''Traian-Paşcani'' Paşcani Cahul 207765 39 0 0 45704 297792216 SCA ''Andruşanca'' Andruşul de Sus Cahul 397570 19 0 0 134500 396541217 SCA "Vişniovca" Vişniovca Cantemir 98070 24 0 0 68000 61373218 SCA "Filipeni" Filipeni Leova 239063 45 0 0 0 421395219 SCA ''Mărţişor-Văleni'' Văleni Cahul 415841 71 0 0 35700 427250220 SCA "Sadîc" Sadîc Cantemir 299507 34 0 0 150000 225908

221 SCA "Taraclia de Salcie"

Taraclia de Salcie Cahul 247328 33 0 0 0 250008

222 SCA "Ţărăncuţa Credit" Ţărăncuţa Cantemir 51956 27 0 0 0 60366223 SCA "Valea Vîlcului" Bujor Hînceşti 8407015 674 5776631 866 1536216 2356844224 SCA "Burlăneşti" Burlăneşti Edineţ 1016171 79 0 0 730650 348097225 SCA "Gordineşti- Gordineşti Edineţ 0 14 0 0 0 -38515

219

Edineţ"226 SCA "Codreanca" Stolniceni Hînceşti 129000 12 0 0 0 278535227 SCA "Cernoleuca" Cernoleuca Donduşeni 3523146 258 1347700 33 1543758 996017

228 SCA "Credite din Corbu" Corbu Donduşeni 372110 109 0 0 209950 113173

229 SCA "Hlina" Hlina Briceni 1377885 164 0 0 899692 608229230 SCA "Credite-Larga" Larga Briceni 4636850 431 1769100 72 1746253 2007335231 SCA "Legenda" Logăneşti Hînceşti 505700 46 0 0 364893 200612232 SCA "Plop" Plop Donduşeni 811400 99 0 0 600141 265603233 SCA "Credite-Pererita" Pererita Briceni 1146350 122 0 0 523708 1010216234 SCA "Valul lui Traian" Ursoaia Căuşeni 387800 83 0 0 27787 364281235 SCA "Agrocredit" Tabani Briceni 2826935 231 0 0 1731648 1347671236 SCA "Credite-Trinca" Trinca Edineţ 1320254 119 0 0 560900 846999237 SCA "Primcredit" Viişoara Edineţ 3022556 322 1458900 19 744373 1134122238 SCA "Botna"' Costeşti Ialoveni 17821189 612 14349519 1392 0 10570310239 SCA "Gura Bîcului" Gura Bîcului Anenii Noi 878200 68 0 0 260192 707063240 SCA "Hîrtopul Mic" Hîrtopul Mic Criuleni 199116 65 0 0 0 410656241 SCA "Recea" Recea Străşeni 0 174 0 0 0 75288242 SCA "Triumf" Tătăreşti Străşeni 728833 60 0 0 392223 501543243 SCA ''Horăşti'' Horeşti Ialoveni 2269195 155 1843817 225 327000 523055244 SCA "Maşcauţi" Maşcăuţi Criuleni 598515 49 0 0 342000 397810245 SCA "Valea Dorului" Podgoreni Orhei 67100 12 0 0 0 70561246 SCA "Horodişte Credit" Horodişte Rezina 0 13 0 0 0 -11850

247 SCA "Răspopeni-Credit" Răspopeni Şoldăneşti 440100 44 0 0 208154 328998

248 SCA "Cogîlniceni Credit" Cogîlniceni Rezina 366500 54 0 0 293159 94354

249 SCA "Susleni" Susleni Orhei 197519 41 295900 11 0 179764250 SCA "Pohrebeni Credit" Pohrebeni Orhei 0 0 0 0 0 103179251 SCA "Valea Teiului" Chiperceni Orhei 0 7 0 0 3263 -68984252 SCA "Andrieş-Credit" Sirota Orhei 92897 41 0 0 54350 77518253 SCA "CiocîlteniCredit" Ciocîlteni Orhei 626697 138 0 0 273622 420307

220

254 SCA "Tutunarii" Voroteţ Orhei 79800 31 0 0 0 93973255 SCA "Izvorul" Tabăra Orhei 596542 88 0 0 296076 341178256 SCA "Mătrăşanca" Bieşti Orhei 347128 32 0 0 245877 165071257 SCA "Puţintei" Puţintei Orhei 317564 60 0 0 151519 206401258 SCA "Muşeţel" Jeloboc Orhei 802272 101 0 0 573469 317207259 SCA "Lumina Credit" Jora de Mijloc Orhei 25000 2 0 0 0 42172

260 SCA "Cucuruzeni Credit" Cucuruzeni Orhei 391300 49 0 0 225155 196818

261 SCA "Unirea-Căzăneşti" Căzăneşti Teleneşti 39167 10 0 0 0 76634262 SCA "Pădureanca" Ţahnăuţi Rezina 80082 29 0 0 0 42355263 SCA "Scala Corbului" Trebujeni Orhei 351048 85 0 0 114990 243959264 SCA "Diaconiţa" Şestaci Şoldăneşti 82000 3 0 0 72000 256462265 SCA "Doibăniţa" Ţareuca Rezina 29404 8 0 0 0 16880266 SCA "Cobîlea" Cobîlea Şoldăneşti 476837 78 0 0 101917 416491267 SCA "Ghiduleni" Ghiduleni Rezina 293500 61 0 0 16500 308460268 SCA "Trifan Credit" Trifeşti Rezina 183960 41 0 0 80500 117030269 SCA "Sămăşcani" Sămăşcani Şoldăneşti 415500 52 0 0 0 424121270 SCA "Şipceanca" Şipca Şoldăneşti 85000 7 0 0 0 99030271 SCA "Prometeu" Mateuţi Rezina 390562 63 0 0 0 459917272 SCA "Izvoraş Credit" Buşăuca Rezina 159175 54 0 0 0 164276273 SCA "Fuzăuca" Fuzăuca Şoldăneşti 277252 43 0 0 213884 82337274 SCA "Pistruieni" Pistruieni Teleneşti 11057 6 0 0 0 63373275 SCA "Rural Credit" Step-Soci Orhei 9538173 883 5370840 72 2859624 2569282276 SCA "Vadul-Raşcov" Vadul-Raşcov Şoldăneşti 142203 34 0 0 75882 67389277 SCA "Valea Nistrului" Tarasova Rezina 253991 43 0 0 226655 49224278 SCA "Alcedar-Credit" Alcedar Şoldăneşti 3400 24 0 0 0 111287279 SCA "Cuşmirca" Cuşmirca Şoldăneşti 57100 8 0 0 0 32277280 SCA "Chipeşca" Chipeşca Şoldăneşti 0 0 0 0 0 47466281 SCA "Scînteia Ineşti " Ineşti Teleneşti 529122 125 0 0 363284 268425282 SCA "Împrumutul" Ignăţei Rezina 126614 24 0 0 0 135994283 SCA "Teţcani" Teţcani Briceni 588800 63 0 0 94022 662329284 SCA "Chetrocredit" Chetrosu Drochia 3874208 411 3084632 63 226167 1318677

221

285 SCA "Cotova" Cotova Drochia 554399 42 0 0 173208 263363

286 SCA "Succesul Fermierului" Mîndîc Drochia 1322163 168 1496481 68 0 90778

287 SCA "La Căsuţi" Cosăuţi Soroca 53134 12 0 0 0 6356288 SCA "Zguriţa" Zguriţa Drochia 347400 59 0 0 0 363016289 SCA "Eco-Clas-Credit" Şeptelici Soroca 140610 58 0 0 61450 99736290 SCA "Bulboci" Bulboci Soroca 156325 25 0 0 312000 126750291 SCA "Marinici" Marinici Nisporeni 363094 75 0 0 0 381732

292 SCA "Glia din Crocmaz" Crocmaz Ştefan

Vodă 501434 101 0 0 279188 274122

293 SCA "Pomuşor" Tocuz Căuşeni 86159 20 0 0 0 112872294 SCA "Bani-Garaprim" Lipnic Ocniţa 0 0 0 0 0 66225295 SCA ''Columna Manta'' Manta Cahul 4935175 604 4991826 91 0 1118501296 SCA "Oneşti-Credit" Oneşti Hînceşti 1062081 124 0 0 566471 713117

297 SCA "Ştefan-Vodă-Bogzeşti" Bogzeşti Teleneşti 214200 28 0 0 111256 123758

298 SCA "Nucăreni" Nucăreni Teleneşti 447804 89 0 0 275000 237236

299 SCA "Victoria-Sărătenii Vechi " Sărătenii Vechi Teleneşti 884487 128 0 0 896289 235843

300 SCA "Băneşti" Băneşti Teleneşti 554500 53 0 0 22 812727301 SCA "Văsieni" Văsieni Ialoveni 132120 60 0 0 56514 139965302 SCA "Vălcineţ" Vălcineţ Călăraşi 944300 90 0 0 500939 434406303 SCA "Sipoteanca" Sipoteni Călăraşi 68908 66 0 0 0 84061304 SCA "Iurceni" Iurceni Nisporeni 254400 48 0 0 21226 273129

305 SCA "Olăneşti" Olăneşti Ştefan Vodă 60000 23 0 0 33608 29968

306 SCA "Purcari" Purcari Ştefan Vodă 10250 3 0 0 0 -954

307 SCA "Chioselia-Rusă" Chioselia Rusă UTA Găgăuzia 0 0 0 0 0 0

308 SCA "Cociulia" Cociulia Cantemir 322513 22 0 0 104198 236409309 SCA "Vaiba-Com" Gura Camencii Floreşti 0 30 0 0 0 -20599310 SCA "Chişcăreni" Chişcăreni Sîngerei 802675 60 0 0 0 927449

222

311 SCA "Musteaţa" Musteaţa Făleşti 59460 8 0 0 60000 181792312 SCA "Brăviceni Credit" Brăviceni Orhei 43595 51 0 0 7060 97978313 SCA "Mileştii Mari" Mileşti Nisporeni 229770 40 0 0 80986 171463314 SCA "Limbenii Noi" Limbenii Noi Glodeni 342000 36 0 0 217000 144518315 SCA "Microfin" Chişinău Chişinău 1121230 49 775077 7 0 771928316 SCA "Făleştii Noi" Făleştii Noi Făleşti 191840 44 0 0 0 276797317 SCA "Cobani" Cobani Glodeni 546570 69 0 0 391009 221581318 SCA "Cajba" Cajba Glodeni 1741031 207 0 0 1075059 757101319 SCA "Prut-Văratic" Văratic Rîşcani 425364 6 554755 9 2476474 -2479929320 SCA "Voşca" Sănătăuca Floreşti 53900 117 0 0 0 87879321 SCA "Soroca" Soroca Soroca 6105536 652 5658333 68 0 2566696322 SCA "Giurgiuleşti" Giurgiuleşti Cahul 1074450 100 0 0 959178 163546323 SCA "Business Credit" Căuşeni Căuşeni 1320157 235 1250281 12 0 427747324 SCA "Rezina Credit" Rezina Rezina 2052419 195 1818041 33 0 656816325 AEI "Călugăr" Călugăr Făleşti 49263 7 0 0 0 240812326 SCA "Corlăteni" Corlăteni Rîşcani 4564833 447 360891 9 3684382 894351327 SCA "Mîndreşti" Mîndreşti Teleneşti 2621895 198 2703100 52 0 534600

TOTAL 331 918 688 34 620 159 229 070 5 790 105 395 192 122 518 480

223

Annex No.40Basic indicators on microfinance organization activity, end of 2013, Mdl

No. Name of MO Total assets Granted loansReceived loans and

bank credits

Net profit (net loss) Equity

1 I.C.S. "Credit Rapid" LLC 259871550 254873676 190632200 22863367 61483951

2 OM "Instant-Credit" LLC 90983 0 90000 -4417 983

3 I.C.S. "First Financing Grup" LLC 11363639 11006659 7250781 -158636 -1482602

4 O.M.F. "Agur Invest" LLC 1457094 1258925 1395674 1623 28351

5 O.M.F. "SMS Credit" LLC 2692863 3087373 1106402 -415259 1559376

6 O.M.F. "Credit-Profit" LLC 34049525 26010996 30948956 86154 2482764

7 O.M.F. "Priminvestnord" LLC 12988754 10742934 8891571 983904 3611442

8 OM "Kirsan Invest" LLC 44768778 44611812 43378308 603064 608360

9 I.C.S. "Iute Credit" LLC 51548202 49389088 35886829 3140693 13112635

10 O.M.F. "Visreal Prim" LLC 93763 0 0 746 93763

11 OMF "Credit Nobil" LLC 7102520 7086952 6809199 277547 275596

12 O.M.F. "Micro-Fin-Credit" LLC 70121 97188 450 8946 69671

13 O.M.F. "Creditera"LLC 637080 13962565 4808371 -339454 -4179113

14 O.M.F. "HML Company" LLC 9582038 6253350 2548020 -1806598 6925372

15 I.C.S. "Prime Capital" LLC 351736477 341840878 81205717 52797931 259732867

16 I.M. "Prime Capital 2" LLC 84112204 78716750 0 12791308 82182330

17 I.C.S. "Excelent Finantare" LLC 161345 101545 0 27535 -105295

18 "Corporatia de Finantare Rurala" JSC 270027287 202037854 142452929 14649024 124338894

19 I.C.S. "Easy Credit" LLC 171681572 139316030 88677622 31099367 75891305

20 O.M.F. "Capital & Credit" LLC 2278966 2192756 2317793 -4179 -55467

21 O.M.F. "CreditPlus" LLC 2787343 1745546 1796970 359961 147577

22 O.M.F. "Credite Pentru Toti" LLC 2963910 3010025 0 933543 2560670

23 O.M.F. "Invest Credit" LLC 26165969 20102804 9083363 3083343 15991947

24 I.M.O.M.F. "Microinvest" LLC 369319835 231039394 231789941 10173222 132263170

25 O.M.F. "Premium Invest" LLC 3874185 3056679 3840998 -261227 -642754

224

26 O.M. "Creditbun" 2324921 2146062 393300 602224 1826207

27 I.C.S.O.M. "Express Leasing" 174355834 160038709 64349309 13543782 103709877

28 I.M.O.M. "Moldcredit" 35278848 33615839 22902423 1788971 1200667829 OM "Victoria Credit" 268503 276012 220000 41387 47327

30 O.M.F. "Unicredit" S.R.L. 963851 824035 200400 156437 691345

31 O.M. "Creditactiv" S.R.L. 6597877 6329633 1495778 1680690 5071408

32 OM "Bravo Credit" LLC 962377 383800 0 210402 803261

33 O.M. "Ideal Credit" LLC 707523 229205 0 60102 705812

34 OM "A.V. Capital" LLC 599540 552270 233800 124942 361426

35 O.M.F. "Smart Credit" LLC 8538909 7367074 6746796 682123 1721324

36 O.M.F. "Direct Credit" LLC 641450 557807 100000 -10183 -141250

37 OM "David Credit" LLC 2366859 2421545 2056600 285989 280503

38 OM "Credite pentru tine" LLC 1525439 1508533 0 224782 460439

39 OM "Alo Credit" LLC 1427722 1011026 0 71235 118310840 OM "Just Credit" LLC 3191482 3252487 2897205 246878 251887

41 OM "ASA Business Consulting" LLC 1503743 1356929 1456174 34226 46945

42 LLC "Proalcons Grup" 220725 41500 0 23454 32143 OM "Finarsenal" LLC 17652092 350000 16068000 1348286 1542537

44 O.M.F. "Dinar-Capital" LLC 4959413 4487521 4165461 96492 552278

45 O.M. "Finperfect" LLC 14258 14230 0 -105 1077146 O.M. "Minicredit" LLC 640015 619319 615000 9944 1710447 OM "Credit Fort" LLC 357853 287451 215000 142863 139734

48 O.M. "Personal Credit" LLC 1284295 657412 155750 450955 1090776

49 O.M."Credit Perfect" LLC 2388233 2317359 1248377 521993 1136822

50 OM "Expres Urgent Credit" LLC 331755 188300 0 -338700 47109

51 O.M. "DTD-Vest" LLC 245550 225600 0 103479 70289

52 OM "Tehnotot Com" LLC 163698 147552 302215 -79501 -200757

53 OM "Ideea Credit" LLC 4278847 4051051 379000 -36008 3333366

54 OMF "Microcapital" LLC 937852 727621 802280 123564 128360

55 IMOM "MSA Finance" LLC 1537809 1193416 763689 188414 690547

56 OM "Premier Finantare" LLC 4998119 4613524 0 1296050 1380982

57 OM "Benefic Credit" LLC 3613265 3334632 1725000 445246 502955

58 OM "A.S. Credit" LLC 800965 720035 229960 381387 56526759 O.M. "Creditcons" LLC 158455 92700 0 -3941 145960 O.M. "Elit-Credit" LLC 0 0 0 0 0

225

61 O.M. "Direx Pro" LLC 205273 151580 0 81568 67530

62 O.M. "Credit CMB" LLC 7035606 5093466 7906668 -1376762 -1129024

63 O.M. "Cere Credit" LLC 299604 295135 0 53188 299604

64 I.C.S. "Total Leasing & Finance" JLC 474149517 173916523 228153365 23431005 104605546

65 O.M.F. "Credit Expert" LLC 1203778 1086470 1160000 -12786 -7386

66 O.M. "Delta Credit" LLC 4049095 3618873 4165200 -323178 -248366

67 O.M. "REAL CREDIT" LLC 896420 883452 0 200876 206276

68 O.M. "Realty Capital" LLC 14317417 14519227 14430072 -163894 -158494

TOTAL 2509420 790 1897046694 1280448916 197199384 1020567696

226