MIRA
INFORM REPORT
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Report Date : |
13th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
CISA TRADING S/A |
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Registered Office : |
Av. Jeronimo
Monteiro, 1.000 - Centro Zip Code/City: 29010-004 Vitoria/ES |
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Country : |
Brazil |
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Financials (as on) : |
31/12/2004 |
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Date of Incorporation : |
08/04/1992 |
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Com. Reg. No.: |
32.300.024.521 |
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Legal Form : |
Privately Held Corporation |
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Line of Business : |
Trading company. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
name
CISA TRADING S/A
ADDRESSES
Main Address: Av. Jeronimo Monteiro, 1.000 - Centro
Zip Code/City: 29010-004 Vitoria/ES
Phone: 27
3707-2859
Fax: 27
3322-8655
E-mail: cisatrading@cisatrading.com.br
Web Site: www.cisatrading.com.br
BRANCHES:
Address: Av.
Pres. Juscelino Kubitschek, 1830 – Torre II
Zip Code/City: 04543-900 São Paulo/SP
Phone: 11
3847-2800
Fax: 11
3847-2999
CNPJ: 39.373.782/0002-20
Address: Av.
Rio Branco 45 – 25 andar, sala 2514
Zip Code/City: 20090-003 Rio de Janeiro/RJ
CNPJ: 39.373.782/0004-92
Address: Estrada
do Contorno, s/n – Pátio 6 – Bloco 4
Zip Code/City: 29148-341
Cariacica/ES
CNPJ: 39.373.782/0007-35
Address: Av.
Honório Bicalho, s/n - Portão 07 – Prédio
B4
Zip Code/City: 96201-020
Rio Grande/RS
CNPJ: 39.373.782/0003-01
LEGAL DATA
MAIN ACTIVITIES:
Trading company.
LEGAL FORM: PRIVATELY HELD CORPORATION
Incorporation
Date: 08/04/1992
Register Date: 08/04/1992
Registration
Number: 32.300.024.521
Balance Sheet Filing
Date: 31/12
Tax Contributor Number
(CNPJ): 39.373.782/0001-40
State Register: 081.549.555
Share Capital: R$ 42.700.000,00
Last Register of
Capital: 28/12/2004
BOARD OF DIRECTORS
ANTONIO JOSE LOUCA
PARGANA President Director
JOÃO RODRIGUES DA
CUNHA NETO Vice-President Director
ANDREA GUASTI Vice-President Director
* The company did not disclose the career details of the directors.
AUTHORIZED USE OS SIGNATURE
The directors are
authorized to sign on behalf of the company.
SHAREHOLDERS / PARTNERS
COIMEX EMPREENDIMENTOS
E PARTICIPAÇÕES LTDA. 50,0%
COMVIX TRADING
S/A 45,0%
FERNANDO ABOUDIB
CAMARGO 5,0%
AFFILIATE / SUBSIDIARY COMPANIES
CISA TRADING ARGENTINA
S/A 99,99
%
INSPECTION COMÉRCIO E
SERVIÇOS S/A 99,99 %
CISAFAC FOMENTO
MERCANTIL S/A 99,98 %
CISA OVERSEAS
LIMITED 100,00 %
COMPANHIA PORTUARIA
VILA VELHA 39,57 %
CISA TRADING USA
LLC 100,00
%
COMPANHIA ENERGÉTICA
DE PETROLINA 50,00 %
COMPANY’S BACKGROUND
The subject is a
subsidiary of Coimex Group and is one of the most important trading companies
operating in Brazil.
The history of Coimex Group starts in Vitória, capital city of the State of
Espírito Santo, in 1949, in the area of coffee trading. This was the beginning
of Coimex Trading Company,
which took advantage of the strategic location of the State, next to the
country's largest coffee trading centers, and started exporting the Brazilian
coffee to the international market.
Throughout the years, Coimex Group grew and diversified its activities,
consolidating its enterprising image and becoming one of the largest
entrepreneurial conglomerates of Brazil. This conglomerate of genuinely
Brazilian companies, with its headquarters in the State of Espírito Santo and
branches in many other Brazilian states, has half a century of experience in
foreign trade, logistics, car dealership, services and agribusiness, holding an
important position in the national and international economic scenery, keeping
commercial relations with several nations from the five continents.
Coimex Group operates in the segment of national and international commerce,
offering differentiated services with a high level of professionalism and very
modern technology.
This is the way, with
agility, persistence in its goals and a very attentive look to the new business
opportunities, that Coimex Group has been opening the world’s doors to its
partners, showing them it is a group of innovative companies, keeping the
commitment of ethics, commercial and social responsibility.
The subject formerly
operated with the registered name TEREX IMPORTAÇÃO E EXPORTAÇÃO LTDA which was
later changed to COMVIX S/A.
Up to November 9, 2000
it operated with the registered name COIMEX INTERNACIONAL S/A, which was then
changed to the current one.
Further details about
the subject’s history are so far not known.
PUBLIC INFORMATION
No detrimental records
were found.
(Research date: May
14, 2005)
FINANCIAL INFORMATION
The financial data
comprehend the subject non-consolidated figures with domestic accounting
proceedings. The balance sheets are audited by Ernest & Young Auditores
Independentes S/S.
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GENERAL BALANCE SHEETS AS OF
31/12/2004, 31/12/2003 AND 31/12/2002 |
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(Figures are in thousands of Reais R$) |
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ASSETS |
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------ |
31/12/2004 |
31/12/2003 |
31/12/2002 |
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CURRENT: |
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Cash and banks |
2.332 |
1.975 |
2.420 |
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Investments |
91.144 |
55.908 |
56.296 |
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Credits |
57.721 |
67.516 |
45.878 |
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Others |
29.441 |
39.631 |
31.775 |
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Inventories |
7.119 |
7.650 |
78.067 |
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Pre-paid expenses |
233 |
537 |
225 |
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-------------- |
-------------- |
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Total Current Assets |
187.990 |
173.217 |
214.661 |
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LONG-TERM RECEIVABLES: |
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Marketable securities |
24.248 |
16.273 |
9.914 |
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Intercompany accounts |
-
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19.601 |
7.603 |
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Deferred taxes |
31.259 |
28.180 |
22.652 |
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Legal deposits |
12.995 |
12.851 |
2.294 |
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Tax incentives/benefits |
3.477 |
10.056 |
7.402 |
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Recoverable taxes |
3.575 |
3.575 |
3.575 |
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Others |
793 |
640 |
361 |
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Total Long-Term Receivables |
76.347 |
91.176 |
53.801 |
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FIXED ASSETS: |
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Investments |
151.202 |
122.219 |
91.855 |
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Property/plant/equipment |
3.702 |
4.223 |
4.470 |
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Total Fixed Assets |
154.904 |
126.442 |
96.325 |
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============== |
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TOTAL ASSETS |
419.241 |
390.835 |
364.787 |
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LIABILITIES |
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31/12/2004 |
31/12/2003 |
31/12/2002 |
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CURRENT: |
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Loans and financing |
3 |
2 |
15.862 |
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Suppliers |
44.591 |
62.174 |
57.164 |
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Advance from clients |
9.774 |
13.688 |
60.504 |
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Dividends |
12.958 |
8.198 |
10.689 |
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Taxes and contributions |
37.554 |
32.833 |
36.676 |
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Others |
30.315 |
25.031 |
14.053 |
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Total Current Liabilities |
135.195 |
141.926 |
194.948 |
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LONG-TERM LIABILITIES |
140.858 |
130.048 |
113.994 |
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NET EQUITY: |
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Share capital |
42.700 |
37.500 |
26.000 |
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Capital reserves |
3.146 |
9.725 |
7.172 |
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Revenue reserves |
63.268 |
41.857 |
4.717 |
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Retained (loss) earnings |
34.074 |
29.779 |
17.956 |
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Total Net Equity |
143.188 |
118.861 |
55.845 |
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============== |
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TOTAL LIABILITIES |
419.241 |
390.835 |
364.787 |
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PROFIT AND LOSS ACCOUNTS AS OF 31/12/2004,
31/12/2003 AND 31/12/2002 |
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(Figures are in thousands of Reais R$) |
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31/12/2004 |
31/12/2003 |
31/12/2002 |
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GROSS SALES |
331.690 |
455.646 |
1.434.081 |
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(-) Taxes on sales |
96.249 |
90.709 |
372.901 |
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NET SALES |
235.441 |
364.937 |
1.061.180 |
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(-) Cost of sold goods |
217.373 |
349.619 |
1.050.044 |
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GROSS PROFIT |
18.068 |
15.318 |
11.136 |
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Operating Revenue (Expense) |
(89.856) |
(473) |
(64.026) |
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Financial Revenue (Expense) |
106.966 |
81.270 |
85.005 |
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Equity income (loss) |
60.935 |
-
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(2.831) |
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OPERATIONAL PROFIT (LOSS) |
96.113 |
96.115 |
29.284 |
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Non-Operating Income (Expense) |
(7.107) |
(3.354) |
7.239 |
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Tributary provisions |
(10.142) |
(9.641) |
(14.020) |
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NET PROFIT (LOSS)
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78.864 |
83.120 |
22.503 |
CASH FLOW STATEMENT
31/12/04 31/12/03
31/12/02
OPERATIONS:
Net profit (loss) 78.864
83.120 22.503
Depreciations 1.213 1.541 1.682
Reduction of fixed assets (49)
19 (57)
Reduction of investments 5.795
18.496 0
Interests and long term variations 10.185 (4.910) 9.737
Provisions for fiscal contingences 401 21.143 18.074
Deferred taxes (3.079) (4.391) (6.758)
Tax benefits 0 0 1.682
Equity income (loss) (60.935)
(67.761) 2.831
Gain (loss) in subsidiaries 1.436
3.483 (7.107)
Dividends 0 0 139
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33.834 50.740
42.726
Shareholders:
Reversal of dividends in 2002 0 541 0
Third parties:
Dividends receivables of subsidiary 25.168 15.887 0
Reduction of debt of subsidiary 19.601 0 0
Increase in long term liabilities 929 1.522 166.610
Decrease in long term receivables 0 0 17.458
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45.698 17.409
184.068
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Total funds provided 79.532
68.690 226.794
INVESTMENTS:
Acquisition of fixed assets 643
1.313 1.105
Decrease in long term liabilities 2.122
18.496 145.862
Investments 450 469 59.140
Increase in long term receivables 6.855
13.635 28.938
Dividends paid 25.000 0 1.347
Dividends proposed 22.958
23.198 10.689
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Total from investments 56.028 57.112 247.081
INCREASE (DECREASE) IN WORKING CAPITAL 21.504
11.578 (20.287)
CHANGES IN WORKING CAPITAL
CURRENT ASSETS
At the beginning of the year
187.990 173.217 269.971
At the end of the year
173.217 214.661 214.661
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14.773 (41.444)
(55.310)
CURRENT LIABILITIES:
At the beginning of the year
135.195
141.926 229.971
At the end of the year
141.926 194.048 194.948
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(6.731) (53.022) (35.023)
INCREASE (DECREASE) IN WORKING CAPITAL 21.504
11.578 (20.287)
EXCHANGE RATE
US$ 1,00 = R$ 2,46 –
12/05/2005
US$ 1,00 = R$ 2,65 –
31/12/2004
US$ 1,00 = R$ 2,88 –
31/12/2003
US$ 1,00 = R$ 3,53 –
31/12/2002
COMMENTS ON THE FINANCIAL
INFORMATION
Follows attached
worksheet with main financial ratios.
The figures available
show a normal financial standing. Despite the high level of indebtedness and
decreasing sales the company keeps on operating normally with good liquidity
ratios and high working capital as well as profitability.
REMARKS:
********
The high decrease in
the sales is related to change in imports proceeding carried out by the subject
to accomplish new legal requirements.
Due to changes
established by IN SRF nº. 247 (rule of public income) on November 21, 2002, the
subject’s gross revenue decreased considerably. The imports which were
previously done and registered as subject operations started to be registered
and accounted in name of the final buyer and sent through the issuance of a
transference of goods invoice (possession transference).
REAL ESTATE:
The subject operates
in owned premises. Details are not available.
VEHICLES:
Owned vehicles are
valued at R$ 292.000,00
MACHINES:
Owned machines and
equipments are valued at R$ 2.851.000,00
INSURANCE
Insurance
Company: ITAU SEGUROS
Coverage: Not
disclosed
Value: Not disclosed
Expiration: Not
disclosed
BANKING REFERENCES
BANCO ITAÚ AG. CENTRO VITORIA/ES
BANKBOSTON BANCO
MULTIPLO S/A AG. CENTRO VITORIA/ES
BANCO CITIBANK
S/A AG. CENTRO VITORIA/ES
BANCO SAFRA S/A AG.
CENTRO VITORIA/ES
* Note: in Brazil the banks are prohibited by law to provide information or any
kind of comments about their clients. Due to this law prohibition we are unable
to provide any banking details.
According to the CENTRAL
BANK OF BRAZIL official report, the company has no returned checks up to date.
(in the terms of “Circular 1682 Brazilian Central Bank”). Date researched on
May 13, 2005.
ACTIVITIES COMMENTS
The subject is a
trading company. It provides services or import and export activities for
industries and other local companies. It imports a wide range of goods, from
consumer goods to vehicles and capital goods. It is one of the most important
trading companies in activity in Brazil.
IMPORT AND EXPORT
Imports from: JAPAN,
UNITED STATES, SPAIN, HOLLAND, ITALY, GERMANY, KOREA and FRANCE.
Exports to: SOUTH
AMERICA and SPAIN.
MAIN CLIENTS
GENERAL MOTORES DO
BRASIL LTDA
SUZUKI DO BRASIL LTDA
XEROX DO BRASIL IND. E
COM. LTDA
LATASA LATAS DE
ALUMINIO S/A
AMWAY BRASIL LTDA
TOYOTA DO BRASIL LTDA
STAFF:
252 employees.
CONCEPT AND FULFILMENT
The subject is a
well-established company, operating since 1992. It belongs to an important
local group and is one of the most important trading companies in activities in
Brazil. Both the subject and the group it belongs to have an excellent trade
reputation.
The company has trade
relations with some local suppliers but up to date only small payments were
reported and the subject is not said to be user of trade credit facilities
since it is a trading company and places its main orders abroad.
MAIN SUPPLIERS
TRANSILVA TRANSPORTES
LTDA
SYNERGY SOLUÇÕES DE
INFORMÁTICA LTDA
GIMBA SUPRIMENTOS DE
ESCRITÓRIO E INFORMÁTICA LTDA
PLANUS INFORMÁTICA E
TECNOLOGIA LTDA
FOREIGN SUPPLIERS:
Country:
HONDA MOTOR CO
LTD JAPAN
AMERICAN HONDA MOTOR
CO INC USA
MITSUBISHI
CORPORATION JAPAN
GENERAL MOTORS
OVERSEAS CO USA
ACEITES CARBONELL
S/A SPAIN
BORCULO WHEY
PRODUCTS HOLLAND
PAYMENT HISTORY:
No relevant payment
history was registered in the latest 12 months.
FINAL OPINION
The subject is a
well-established company in business for several years. Up to date it has a
normal financial standing, a clear trade history and good reputation.
Based on the general
information available it is believed that good trade relations may be
established. Credit facilities may be extended within terms and amounts
adequate to the company’s financial strength.
An initial credit
limit of US$ 3.000.000,00 / 5.000.000,00 may be considered. Higher amounts can
be granted depending on the importance of the activities to be established with
the subject.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |