THE ANALYSIS OF THE PRESENT ROMANIAN LEASING MARKET

1. Current structure of the Romanian leasing market

When analyzing the way a market is structured, several criteria must be taken into consideration. Regarding the leasing market, a number of elements must be taken into account in order to provide a clear picture about the situation which is being emphasized.

The structure of the Romanian leasing market can be analyzed by using the following criteria:

1. Emphasizing the market structure by asset type
2. Defining the market structure according to the type of lessor
3. Assessing the structure according to the origin of the good financed
4. Characterizing the structure relating to the type of user
5. Classifying the market structure by contract term
6. Presentation of the structure according to the type of financing

All the criteria mentioned above allows for a clear view upon the features and structure of the Romanian leasing market. The analysis is made upon the results of the leasing industry at the end of 2008, considering the national and international context, statistics provided by the Association of Financial Companies - ALB Romania. (Appendix 1.)

According to the type of good financed, the vehicles sector accounts the most in the market structure, more precisely 71%, followed by equipment leasing with 22%. The real estate leasing registers only 7%.

The largest share in the market structure by the type of lessor is given by bank subsidiaries with 63%, followed by the captive sector accounting for 19%. The lowest market share is held by the independent leasing companies, although it is close to the one of captives, amounting 18%.

Approximately 59 % of the goods financed are domestic good, followed by the goods from the European Union accounting for 23 % and leaving an 18 % share of imported goods. A share of 89% of the customers is represented by the corporate sector, 10% by the retail sector and only 1 % accounts for the public sector.

According to the contract term, 33% of the total amount of contracts is concluded on a 4-5 year term, 28% on a 3-4 year term, 18% on a 2-3 year term, and 13% on a period of time higher than 5 years. The contracts concluded on a period shorter than 2 years accounts for only 8 % of the total number of contracts.

As for equipment financing, 50% is related to constructions, followed by a big fragmentation of small shares between several industries, which have market shares between 3% and 5% such as: metal processing industry, food industry, chemical industry, medical care equipment, printing and packaging industry, wood processing industry. Only IT & Software accounts for 6 %.

In terms of vehicles, 55% of them represent passenger cars, followed by heavy commercials with 27%, light commercials - 15% and a 3% of other vehicles.

The real estate financing sector is characterized by the smallest share compared to the other two segments, from which 25% accounts for office buildings and the same percentage for a special category of industrial sale and lease-back real-estate financing, 19% land, 18% the residential sector, followed by retail and outlets registering about 10% and the smallest share is registered by hotels in terms of real-estate financing.

In 2009, after the first quarter, a change in the structure of the leasing market is likely to occur. The share of equipment leasing is increasing compared to the vehicle sector.

Because of the crash in car sales, the leasing companies are heading themselves towards equipment leasing. The vehicle sector is diminishing now in the leasing companies' portfolio, so the equipment sector is expected to increase.

2. Major players on the Romanian leasing market

The leasing market has decreased from the beginning of 2008 for the first time in history after a continuous growth. The first three companies on the leasing market are the same from 2007 : UniCredit Leasing Corporation (with a value of financed goods in 2008 of 555 mil. euros), BCR Leasing (462 mil. euros) and Porsche Leasing (308 mil. euros). On the forth place last year ranked Afin Leasing, which according to the information on the market registered a value of financed goods of 299 mil Euros. The company works closely with Cefin, authorized dealer of the company Iveco for financing stocks. The fifth plauer on the market was BRD Sogelease (with a value of goods financed of 230 mil. euro), urmat de Tiriac Leasing (218 mil. euro), Impuls Leasing (206 milioane de euro), Raiffeisen Leasing (191 mil. euro), Romstal Leasing (190 mil. euro) si Piraeus Leasing (176 mil. euro). OTP Leasing did not make it in the top 10, but it closely follows Piraeus Leasing with 160 mil Euros , value of goods financed. [1]

Table 1. Top ten leasing companies of 2008

Source:www.zf.ro

Regarding the no. 1 player on the market, starting January 2007, the company UniCredit Leasing Corporation IFN S.A. has became the strong leader of the Romanian leasing market. Up to the present moment, UniCredit Leasing has financed projects from the most varied domains: vehicles (passenger cars and commercial vehicles), constructions, transports, agriculture, the food and medical industry, wood and metal processing, textiles and lether, real estates and constructions, etc. With an expanding territorial network, which currently includes 16 branches (Bacau, Baia-Mare, Brasov, Cluj-Napoca, Constanta, Craiova, Galati, Iasi, Odorheiul Secuiesc, Oradea, Pitesti, Ploiesti, Sibiu, Suceava, Targu-Mures, si Timisoara), UniCredit Leasing Corporation IFN S.A. provides its customers with financing through contracts of financial and operational leasing, with an average duration of 12 to 60 months, in the following domains: equipment leasing, car leasing, real estate leasing, 'sale and lease back' leasing and public leasing.[2]

The second player on the market, BCR LEASING IFN, a company member of the Banca Comerciala Romana Group, offers a complete range of financial leasing services for purchasing durable goods, i.e. automotives (automobiles, utility vehicles, fleets), equipment (industrial machines, medical equipment, software and I.T., etc.), as well as real estate leasing services for productive and commercial buildings.

BCR LEASING IFN has developed a large national leasing network in Romania and an important client portfolio from all activity sectors[3].

Porsche Leasing, the third player on the market is present on the Romanian leasing market for approximately ten years. They financed so far up to 88 000 vehicles and unlike the other two companies mentioned above, they deal exclusively with vehicles[4].

All leasing companies will see declines in 2009, because the market is significantly affected by the collapse of new car sales, as well as by the lack of liquidity. The decline is due to the economic crisis we have been experiencing since the end of 2008. Following the lack of orders from clients, a lot of companies are suffering from a shortage of liquidity. Most of the leasing companies registered a decrease in the amount of financed goods, in the first quarter of 2009, such as Afin Leasing, the captive company of commercial vehicle importer Iveco and number four on the Romanian leasing market, funded goods worth around 32.5 million euros in the first quarter of the year, down 38% against the first quarter of 2008.

In the first three months of last year, the value of financed goods amounted to 52 million euros. The company's business has seen a decline due to the significant fall in truck sales, as a result of the slowdown in the operations of construction companies and of transport companies[5].

The same happened with Impuls Leasing, the seventh player on the market who financed in the first three months goods valuing 23,6 million Euros, decreasing 58% compared to the same period in 2008.[6] This happened mostly because of the vehicle sector, which accounts for almost 70% from the businesses of leasing companies.

VB Leasing, a company of the Austrian group Volksbank, stands in her same situation as those mentioned above, with financed goods worth 12.7 million euros in the first quarter of the year, down 70% against the same period of 2008.

Porsche Leasing financed in the first four months of this year cars valuing 55 million Euros, decreasing 45% compared to the same period of the last year. The market decreased because of the fear that people have in making acquisitions, but the market has, presently, a big chance of increase because of the deductibility of the VAT, compared with the acquisitions made with cash. So, from this perspective it will have an advantage.

Recently, NBG Leasing, company controlled by the Greek group National Bank of Greece financed in the first quarter goods valuing 30 mill. Euros dropping 47% compared to the same period of last year. In the first three months the company concluded almost 600 contracts. The representatives of NBG Leasing explained the fall in the activity due to the company's strategy of minimizing risks. They showed that the company reduced its activity in the fields that were most affected by the crisis, respectively real estate and international transportation. [7] The company predicts for this year a turnover of 100 mil Euros, declining 46 % compared to the previous year, when they financed goods valuing 185 mill Euros.

Current trend of the Romanian leasing market in the context of the financial crisis.

Due to the fact that the vehicle sector accounts for the largest share on the Romanian leasing market, I will focus my analysis especially on the vehicle sector of the leasing market.

The number of clients who don't manage to pay their installments increased in the first quarter of this year, compared to the last quarter of 2008. Together with this, the number of the cars put out for sale by the companies which financed them has also increased. Different leasing companies have hundreds of cars that they are trying to recover from the clients that didn't pay. For instance, BCR Leasing has almost 200 and Impuls Leasing has over 300. In terms of value, they exceed the value of 1.000.000 Euros. Usually the financers start the enforcement procedure only after the customer didn't pay for 3 consecutive months. The prices for the recovered vehicles put out for sale are usually smaller than the sum that the company has to recover.

The companies usually sell the second-hand goods on loss, to recover at least part of the debt. Besides that, recovering the goods means extra-costs for the leasing company, which, in most of the cases is willing to provide for facilities to the clients, but not to all of them. Although the number of users who no longer pay their installments is increasing, the companies are cautious in negotiations with the clients[8].

For instance, the clients with remaining debt are the last being taken into account at a negotiation table. The newest solution is the one of reschedule and personalization of the facilities given to the clients who can become solvable in a near future. Usually the companies tend to avoid giving advantages in paying the installments to clients who seem to have income problems in the future too.

Generally, when reselling an automobile regained in possession, between 10% and 25% of the CIP price of that good is being lost.

Raiffeisen Leasing, the eighth largest player on the market at the end of last year, has so far restructured almost 200 financing lines for clients who could no longer pay their monthly instalments. Around two thirds of Raiffeisen Leasing's clients are small and medium-sized enterprises. The general manager, Mihaela Mateescu says that in many cases companies in difficulty manage to resume installment payment after the funding is restructured, which entails extending the maturity or introducing a grace period. 'The debt collection department has doubled its size in half a year, with the sales force providing additional help, suggesting restructuring solutions to clients with problems,' says Mateescu. Currently, Raiffeisen Leasing has 10 employees who also deal with repossessing goods. The company sealed 3,000 new contracts last year, with the overall number of ongoing contracts reaching 12,500 at the end of 2008[9].

Porsche Leasing is also recovering between 50 and 150 cars per month, but this is the last solution. The rate of default which means a 60 days delay from the payment of the installments increased from 0,8% last year to 1,5% this year. Before beginning the enforcement the client can get a grace period or a reschedule.

On the operational leasing segment, the company is doing well, because they recently won an auction for renewing the auto park of the Romanian Post Office, delivering 700 cars, the value of the contract being 22 mil. Euros.

There was news that could have not passed unnoticed. Tiriac Leasing recovered from a client that could no longer pay his installments a Rolls Royce Phantom Cabriolet, with 12000 km which they put out for sale with 349.000 euros(excluded VAT), 30% cheaper than the catalog price[10].

The leasing market depends a lot on the automobile market, which decreased by 60% and it is natural that the leasing business is affected as well. In April, the leasing share in the acquisition of new automobiles produced in Romania decreased with 6 pp compared with the same month in 2008, to 8% and for the import cars the decline has been almost 7 pp, reaching 26%. So, from the total of 4595 local automobiles sold in April, exclusively Dacia, 8 % (345) were acquired through leasing, and the rest were bought in cash or by credit. With respect to the import cars delivered in April, from a total of 10289 units, 26% (2655) were financed through leasing[11].

In terms of recovering the goods from the clients who don't pay their installments it is more difficult now for the companies to recover them after the Constitutional Court changed the procedure of enforcement and introduced the obligation of obtaining a judge's approval before starting the procedure.

Until this change, the enforcement was made on the basis of the leasing contract. The leasing companies claim that this will bring severe losses to them and the enforcement procedure will last longer and it will be a more difficult and complicated one. On the other hand, the lawyers claim that this gives a chance for a fair trial, because the decision of enforcement will be given by a judge who is impartial.

The change comes in a period when the leasing companies are confronting themselves with an increase number of bad clients and the request of enforcement brought before a judge can last up to two months. In this period, the clients could even fictively get rid of the goods. Automatically the provisions will increase and the companies' profits will decline, and the money will remain stuck because of the clients that didn't pay.

The beginning of this was the decision of the Constitutional Court concerning the fact that both parties have the right to an equal and fair juridical treatment (in this case a fair trial). The reasoning regarding this is given by the fact that the juridical enforcers are nor impartial because they are paid by the creditor. All enforcements should be verified by a judge because otherwise, irreversible damage can be caused.

Through this change, the procedure returned to the one which was applied before 2006 and which asked for a judge's approval. The effects of the decision of the Constitutional Court can be disastrous because the losses of the leasing companies will be even higher and the expenses with the provisions will also increase.

The need for the leasing to sell their recovered cars enhanced the opportunity for new businesses such as managing auto parks. For instance there is a company called Car Logistics, that holds an auto park of 10.000 sm, and it has as clients BCR Leasing and Uni Credit leasing. This new business could increase with several percentages, but there is also a disadvantage. The cars of the leasing companies can not stay in the parks forever. The bank subsidiary's leasing companies are pressing them to sell the cars because they urgently need liquidities and they set up targets. A good thing is that the majority of the people who decide to purchase a recovered car usually pay in cash.

Because of the increase in car recovery the advance in vehicle leasing increased from 5-15% to 20-30%, as a mean of protection. The financers count on the fact that a highest amount of advance will determine the clients to pay their installments on time because if they don't, they will lose the advance and the installments paid up to the moment of car return. There can also be some exceptions. If there is a client with a good credit worthiness the leasing companies can drop the advance, because it depends from case to case. The advance was increased due to the higher risk that the companies face now.

This is not the case for all the companies. For instance, Impuls Leasing did not change their crediting policy, but they pay a lot of attention to the value of the good financed. If the price of the car is very high, the advance will also be high. Another method used besides increasing the advance is reducing the financing period. TBI Leasing, for instance, started to finance mostly equipment, and the medium financing period is of 3 years.

Some leasing companies were capitalized by the shareholders in the last six months. The largest capital increase was performed by Romstal Leasing, which ranked ninth last year on the leasing market. Romstal Leasing is held by Belgian group KBC, which boosted the company's capital by over 16.1 million euros in February this year.

Another problem with which the leasing companies are confronting is fraud. Some clients are intentionally damaging or setting the cars they bought in leasing on fire to escape the burden of installments. The methods through which the customers that can no longer pay their installments are very diversified. Among these, framing accidents and thefts of the goods are more often met. Claims settled for car insurance have soared this year, with one of the reasons being the rising number of owners of cars acquired in leasing who are staging accidents to dodge payment of installments[12].

The sales representatives of Uni Credit Leasing Corporation claims that car theft multiplied in the last period, especially the expensive cars to approximately ten cases per month. In case of accidents, fires or thefts, the client can receive a part of the sum paid by the insurer. In case of total damage, the leasing company receives the payment from the insurer, it covers its own expenses and what is left comes to the client. If so, the client has a potential earning if this doesn't prove to be a fraud. In the opposite case, the insurer doesn't pay anything and the leasing company has the right to sue the client in order to recover its loss. Because of the increasing number of fraud, the insurance companies consolidated their investigations department, but fraud is being proven very difficult. The investigation usually lasts a month or two.

The future perspective of the leasing companies depends a lot on their fight for survival. The coordinates of the market changed dramatically. Now, it is about consolidation and a clear and adequate selection of the clients that these companies decide to serve. The fight for market share is not that important at this stage, but risk management and cutting losses became primary objectives now[13]. The rapid decrease in sales, generated by a decreasing demand, the selectiveness toward the customers, the increase of risk provisions and pressure on costs are now the main attributes of the Romanian leasing market.

I can say that there are two severe effects of the crisis upon the leasing industry:

1. the massive plunge in the automobile and truck leasing sector

2. the slowdown of the equipment market, especially constructions.

Leasing was a collateral victim that appeared after the fall down of the real-estate market and automobile industry.

4. Current tax treatment of leasing operations in Romania

A major fiscal advantage is represented by the deductibility of the leasing installments. In the process of the legislative track of the deductibility problem the following elements appeared:

- in the case of operational leasing, the rent is totally deductible

- in the case of financial leasing the beneficiary will deduce only the depreciation and the interest.

The legislation regarding the tax on profit had certain flaws regarding the deductibility of the leasing interest, so from July 2002 from the implementation of the previous law of the tax on profit[14] until February 2003, when modifications were made upon this normative act, the practice of the financial leasing refrained significantly because of a low level of deductibility of the leasing interests.

That law of profit taxation introduced the taxation of the highest shares of interests from different sources, the only exception being the bank interests. In case of financial leasing the deductibility of the interest was limited to the level Euribor or Libor plus 2 percentage points. The leasing companies couldn't reduce the interest because of the high costs of contracting the bank loans so as a consequence of the new taxation of profit; the cost of the leasing installment for the financial leasing beneficiary was increasing by approximately one third. It seems that through the respective law the MFP did not want to affect the taxation of leasing. The reason invoked was the limitation of the loans that the shareholders were given to the company, a practice frequently in avoiding paying the taxes to the state. Due to the misinterpretation of this law, it was modified in February 2003, and after that maintained in the Fiscal Code.

A limited period of time, the users of a good in a financial leasing regime had a series of fiscal advantages specific to an investment in general such as:

- the decrease in the profit tax by 50% for the part of the profit that was reinvested;

- for the small and medium enterprises, the share of the gross profit that was reinvested was not submitted to taxation.

These facilities given to the enterprises that were making investments were after that annulled by the law that entered into force on the first of July 2002.

The fiscal facilities given indirectly to the financial leasing lessee with a definitive clause of ownership transfer stipulated in the new law of tax on profit are less nuanced than the previous. Thus if they invest in fixed assets meant for activities through which they are authorized and they didn't choose the accelerated depreciation regime can deduce supplementary depreciation expenses representing 20% of the entry value of these. The remaining value to be recovered is determined after the decrease in the entry value of the sum equal to the 20% deduction. These provisions are taken over by the fiscal code that entered into force in 2004. Another fiscal advantage that those who purchase a good in financial leasing have is the fact that they can proceed to reevaluation of the asset acquired in financial leasing[15]. Following this process the entry value of the asset will modify accordingly as well as the depreciated value.

The payment of the VAT in an echeloned way together with the payment of the leasing installments also represents a fiscal advantage for the user.

Regarding the VAT the interests related to the financial leasing do not enter in the taxation basis of the VAT. This provision is well placed, given the fact that the financial leasing is associated to a bank loan and the interest of the bank loans is not submitted to this tax. This aspect can lean the decisional balance towards one of the two categories of leasing. If we are taking into consideration the operational leasing installment which is entirely submitted to the calculation and payment of the VAT, in the conditions of a similar financing method and forming of the leasing installments, practiced by many Romanian leasing companies, this fiscal aspect becomes an element that favors the orientation towards a certain type of leasing, the financial one.

Thus for the leasing users juridical persons that are not VAT payers, by contracting an operational leasing, the cost of leasing will be affected by the value of the VAT applied to the entire leasing installment, while for the VAT payers this fiscal factor appears only as a qualitative factor that can influence the leasing decision concerning the blocking of the sum afferent to the VAT on a limited period, until its recovery. Another fiscal advantage of operational leasing was represented for a long period of time by the reduction in the amortization period for the lessor. Until the 1^st of January 2004 the lessor could deduce the value of the fixed asset except the residual value on the duration contract but not less than 3 years. The fiscal code does not stipulate, the deductibility of the amortization in the limits of the provisions from law no.15/1994 regarding the amortization of the capital immobilized in tangible and non-tangible assets, but the possibility of the realization of an accelerated depreciation is kept with no special approval. Another fiscal provision that influences the decision of the leasing companies foreign juridical persons with the headquarter is the taxation at the source of the income obtained by these under the form of interest (in the case of financial leasing or royalty in case of operational leasing).

This fiscal provision can constitute an advantage for the non-resident leasing companies headquartered abroad in the case when the profit tax rate in the country where it works is superior to the profit tax rate in Romania. According to the final version of the Government Ordinance no 34 that modifies the Fiscal Code, it stipulates that in the case of the cars with a weight under 5 tones with maximum nine passenger seats and meant for person transport, the VAT will not be deductible, except for those "used for transmission of the usage within a financial leasing contract or an operational leasing contract"[16].

In the case of using a vehicle on the basis of a leasing company, the VAT related to the installments is deductible, because according to the legislation leasing represents a service, not a product.

According to the Ordinance approved by the Government, the firms can deduce the VAT until 31 of December 2010, but only for the cars used for certain activities, as taxi services, delivery or driving school, but not for the vehicles meant for exclusive transport of persons.

The VAT applied to the leasing contracts for vehicle acquisition will still be deduced, but not for the cars used in the personal interest of the managers. The acceptance of the deductibility of the VAT for the cars purchased in leasing in the interest of the company somehow saves the leasing market. There are also some issues that still remain unclear regarding the tax treatment of the residual value. For the cars purchased on the basis of a financial leasing contract, there are some statements according to which the VAT is deductible for the advance and for the installments, but not for the residual value. However, the concrete acquisition of the good or the transfer of the ownership right takes place only after the residual value is paid. In this case it could be considered that the VAT could be deductible for the residual value too. The applying norms do not clarify this and it leaves room for different interpretations.

Conclusions

Leasing as a financing method has come a long way in its development throughout history in terms of growth and financing of the economy, especially in some states where the use of leasing creates certain facilities that favor the companies that sustain the production, more than the consumption. This is not the case for Romania though, where the juridical regalements were insufficiently encouraging for the beneficiaries of the leasing operations. The decisional logic which lies on the basis of leasing is the fact that property does not bring profit, but the exploitation of it. The global leasing market proved itself to be very dynamic starting from the eighties where its popularity became global, registering a continuous increase in the number of leasing companies and the volume of their operations.

This study was accomplished starting from the premises that leasing is not just a method of financing, but a way to enhance economic growth by stimulating investment. In my paper, I coped with the main particularities of the leasing industry as well as with the most recent statistics that concern the Romanian leasing market.

I presented in the first chapter of my paper the main features of this financing method such as the origin of lease financing and its development throughout history, the clear distinction between the main types of leasing - financial and operational- as well as the special forms of leasing, the arguments in favor and against lease financing and the road that leasing has made starting from 1994 up to 2008.

From the research made in chapter I, my conclusions are the following:

a leasing operation refers in fact to a transmission of the right of using the good owned by a financer to a user, against a periodical payment and at the end of the leasing period the user can choose between buying the good, extending the leasing agreement or ending the contract;

leasing has had a high dynamics starting from 1952 when the "United States Leasing Corporation" was created, rapidly expanding globally

The financial leasing is more popular than the operational leasing, the latest being generally quite expensive;

Although there are more advantages of leasing than disadvantages, the decision of financing through leasing has to be fundamented on behalf of both of the parties by the obtaining of the maximum advantages;

in terms of volumes, both in Europe and Romania, the vehicle sector accounted the most and the dominance of bank subsidiaries as players increased on the European and Romanian market in the past few years, while the number of independent players declined.

Chapter II presented the way leasing operations are carried out: the characteristics and features of a leasing contract, the way that leasing operations are registered in the accounting of both parties, the way leasing installments are being calculated and the types of risks that both parties assume when involving in a leasing operation. The study of the implementation of leasing operations led me to the following conclusions:

the leasing contract is an atypical contract situated somewhere between renting, buying and crediting, but not a combination of those contracts;

in the purpose of eliminating the tendency of not offering a clear image upon the activity of the company reflected in the annual statements, the International Accounting Standards must be adopted more rapidly;

the quantum of the leasing installments represents a key element of any leasing operation, because for the leasing company the recovery of the investment made in the leased good is accomplished through the leasing installments and the residual value (financial leasing), while for the beneficiary it represents a monthly expense that has to be covered from the profit resulted from exploiting the good;

risks must be identified and evaluated in order to control them and to minimize them;

the research made confirm that leasing is a financing activity with relatively low risk, but still, an efficient management of risk is an important factor for a good -performing leasing company;

The case study that I have chosen for chapter III is meant to create an overall picture of the Romanian leasing market and the impact that the financial crisis has had upon it. The elements that I took into account are: the way the market is structured nowadays, the players on the market and the way the latest events have influenced their activity, the current situation which the leasing companies are facing and with what problems they are confronting now, as well as the issues regarding taxation with the latest completions. After the analysis made in chapter III, I conclude the following:

most of the leasing companies registered a decline in the amount of goods financed in the first quarter of 2009, the market being seriously affected by the collapse of new cars sales;

the number of clients that no longer pay their installments increased significantly in the first quarter of this year;

the number of recovered cars is growing rapidly, although it is the last solution. Due to this fact, the debt collection departments of leasing companies increased the number of employees;

the leasing companies usually sell the second-hand goods on loss, to recover at least part of the debt;

the Constitutional Court changed the procedure of enforcement and introduced the compulsory of obtaining a judge's approval before starting the procedure and this can increase the losses for the leasing companies;

Government Ordinance no. 34 introduced some unclear issues regarding the tax treatment of the residual value. The applying norms do not clarify whether or not the VAT is deductible for the residual value as well;

leasing is a collateral victim that appeared after the fall-down of the real-estate market and automobile industry.

Finally, I would like to conclude the fact that the analysis from the final chapter represents a study that intends to emphasize a series of problems of actuality and perspective regarding the Romanian leasing market. The research made for this paper allowed me to discover many aspects concerning this method of financing which I found very useful for the future.

References

Lucrare: Motivatia si satisfctia in munca -premisele reusitei si succesului profesional Lucrare: Procesul asigurarea calitatii - tratarea produsului neconform

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