MIRA
INFORM REPORT
|
Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
KLABIN S/A |
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Registered Office : |
Avenida Brigadeiro Faria Lima, 3600 3°. 4°. E 5°. Andares Itaim Bibi
04538-132 - São Paulo/Sp |
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Country : |
Brazil |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
08/11/1978 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of Paper and Paper Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aaa |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
KLABIN S/A
ADDRESSES
|
MAIN ADDRESS: |
AVENIDA BRIGADEIRO FARIA LIMA, 3600 3°. 4°. E 5°. ANDARES ITAIM BIBI |
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ZIP CODE/CITY: |
04538-132 - SÃO PAULO/SP |
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PHONE: |
11 3225-4000 |
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FAX: |
11 3225-4249 |
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E-MAIL: |
klabin@klabin.com.br |
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WEB SITE: |
www.klabin.com.br |
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BRANCHES: |
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ADDRESS: |
RUA DO ROCIO 1 09, ,VILA OLIMPIA |
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ZIP CODE/CITY: |
04552-000 SAO PAULO/SP |
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ADDRESS: |
AVENIDA OLINKRAFT,6602 - IGATAS |
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ZIP CODE/CITY: |
88540-000 OTACÍLIO COSTA/SC |
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CNPJ: |
89.637.490/0137-19 |
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ADDRESS: |
AV CRISTOVÃO COLOMBO,2307 - SANTA TEREZINHA |
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ZIP CODE/CITY: |
13405-465 PIRACICABA/SP
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CNPJ: |
89.637.490/0012-66 |
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ADDRESS: |
RODOVIA BR 116 - KM,247 - ÁREA INDUSTRIAL |
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ZIP CODE/CITY: |
88514-400 LAGES/SC |
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CNPJ: |
89.637.490/0136-38 |
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ADDRESS: |
AV DOM HÉLDER CÂMARA,5000 - DEL CASTILHO |
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ZIP CODE/CITY: |
20771-004 RIO DE JANEIRO/RJ |
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CNPJ: |
89.637.490/0148-71 |
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ADDRESS: |
FAZENDA MONTE ALEGRE, S/N°.,0 |
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ZIP CODE/CITY: |
84275-000 TELÊMACO BORBA/PR |
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PHONE: |
42 3271-5000 |
THE COMPANY ALSO HAS OTHER BRANCHES LOCATED IN: RIO DE JANEIRO/RJ, CAMAÇARÍ/BA,
SÃO PAULO/SP, TELÊMACO BORMA/PR, IVAÍ/PR, PARANAGUÁ/PR, OTACÍLIO COSTA/SC,
JUNDIAÍ/SP, PIRACICABA/SP, SÃO LEOPOLDO/RS, BETIM/MG, GUAPIMIRIM/RJ,
GOIÂNIA/GO, CURITIBA/PR, GOIANA/PE, PETOLINA/PE, RECIFE/PE, PONTE NOVA/MG,
ITAQUAQUECETUBA/SP, ITAJAÍ/SC, FEIRA DE SANTANA/BA, CORREIA PINTO/SC AND
LAGES/SC.
LEGAL DATA
MAIN ACTIVITIES:
-------------------
MANUFACTURE OF PAPER AND PAPER PRODUCTS.
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LEGAL FORM: |
PUBLICLY
HELD CORPORATION |
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INCORPORATION DATE: |
08/11/1978 |
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REGISTER DATE: |
08/11/1978 |
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BALANCE SHEET FILING DATE: |
31/12 |
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TAX CONTRIBUTOR NUMBER(CNPJ): |
89.637.490/0001-45 |
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STATE REGISTER: |
112.377.425.117 |
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SHARE CAPITAL: |
R$ 1.100.000.000,00 |
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LAST REGISTER OF CAPITAL: |
21/03/2005 |
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BOARD OF
DIRECTORS: |
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MIGUEL SAMPOL POU |
GENERAL DIRECTOR |
|
MIGUEL SAMPOL POU |
OPERATIONS DIRECTOR |
|
RONALD SECKELMANN |
FINANCIAL DIRECTOR |
|
RONALD SECKELMANN |
INVESTORS RELATIONS DIRECTOR |
|
REINOLDO POERNBACHER |
DIRECTOR |
|
ANTONIO SERGIO ALFANO |
DIRECTOR |
|
WILBERTO LUIZ LIMA JUNIOR |
DIRECTOR |
|
PAULO ROBERTO PETTERLE |
DIRECTOR |
|
DONALD ROSS SILVEIRA DA MOTA |
COMMERCIAL DIRECTOR |
|
JOSE TARAGANO |
DIRECTOR |
AUTHORIZED USE OF
SIGNATURE
|
THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY. |
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SHAREHOLDERS /
PARTNERS: |
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KLABIN IRMÃOS & CIA |
51,70% |
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MONTEIRO ARANHA S/A |
20,03% |
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NIBLAK PARTICIPAÇÕES S/A |
7,80% |
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OTHERS |
20,47% |
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AFFILIATES / SUBSIDIARIES: |
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KLABIN ARGENTINA S/A |
100,00% |
|
MIRCA LTD |
100,00% |
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KLABIN FOREST PRODUCTS ANTWERP N.V |
100,00% |
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KLABIN RIOCELL LIMITED |
99,90% |
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IKAPÊ EMPREENDIMENTOS LTDA |
100,00% |
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KLABIN DO PARANÁ PRODUTOS FLORESTAIS |
100,00% |
|
ANTAS SERVIÇOS FLORESTAIS S/C LTDA |
100,00% |
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KLABIN BACELL S/A |
81,71% |
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NORSKE SKOG KLABIN COM. E IND. LTDA |
50,00% |
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KLABIN RIOCELL EUROPE N.V |
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NORCELL S/A |
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COMPANY'S BACKGROUND
|
THE KLABIN GROUP IS ONE OF THE OLDEST BRAZILIAN ORGANIZATIONS THAT ARE ENGAGED IN THE CELLULOSE AND PAPER SECTORS. ITS FOUNDER, THE KLABIN IRMÃOS & CIA., ACTED IN THE TRADE AND IMPORT OF PAPERS SINCE 1899, WHEN IN 1906 SET UP ITS FIRST PAPER MANUFACTURING UNIT IN SÃO PAULO. IN 1934, THE IKPC-INDÚSTRIAS KLABIN DE PAPEL E CELULOSE S.A. WAS SET
UP AIMED AT ACQUIRING A LARGE REFORESTING AREA OF PINE IN THE STATE OF PARANÁ
NAMED FAZENDA MONTE ALEGRE (MONTE ALEGRE FARM). CONCERNED TO THE SOCIO-CULTURAL CHANGES IN THE BRAZILIAN SOCIETY, THE
KLABIN GROUP IMPORTED THE REQUIRED MACHINERY FROM EUROPE AND FOUNDED, IN
1953, THE FACTORY OF PROMOTIONAL MATCHES AND INCREASED ITS PRODUCTION OF
CORRUGATED CARDBOARD. IN THE 50'S, KLABIN IRMÃOS & CIA. WAS POINTED OUT
AS ONE OF THE COUNTRIES' LARGEST INDUSTRIAL COMPLEXES. IN 1960, WITH A BIG
EXPANSION PROJECT NAMED "PROJETO II", AND FOUNDED THE COMPANY PAPEL
E CELULOSE CATARINENTE LTDA. IN THE 70'S, THE EXPANSION OF THE KLABIN GROUP WAS FOCUSED ON THE
PACKAGING, SYNTHETIC THREADS AND DISPOSABLE PAPERS SECTORS. ON MARCH 10, 1982, THE KIV PARTICIPAÇÕES S/A, ESTABLISHED BY THE
COMPANIES IKPC-INDÚSTRIAS KLABIN PAPEL E CELULOSE S/A, PARISA PARTICIPAÇÕES
S/A (IOCHPE GROUP) AND S/A INDÚSTRIAS VOTORANTIM - ACQUIRED THE SHAREHOLDING
INTEREST OF RASA - RIOCELL ADMINISTRAÇÃO S/A, LATER RIOCELL S/A, CURRENTLY
KLABIN S/A. IN OCTOBER 1995, IKPC-INDÚSTRIAS KLABIN DE PAPEL E CELULOSE S/A,
ACQUIRED THE PARTICIPATION OF VOTORANTIM IN KIV AND, IN 2000, THROUGH
EXCHANGE OF SHARES, BECAME DIRECTLY AND INDIRECTLY HOLDER OF 99% OF THE
SHARES OF KLABIN RIOCELL S/A, CURRENTLY KLABIN S/A. IN JULY 1997, THE KLABIN GROUP, THOUGH THE IKPC PARTICIPAÇÕES S/A AND
KIMBERLY CLARK WORLDWIDE INC, THOUGH KIMBERLY CLARK ARGENTINA HOLDINGS S/A,
ASSOCIATED, WITH EQUAL SHAREHOLDING (BEING 50% OF THE REPRESENTATIVE SHARE
CAPITAL FOR EACH ONE), TO SET UP THE KCK TISSUE S/A, IN ARGENTINA, AIMING AT
OPERATING IN THE TOILET PAPER SECTOR OF THE ARGENTINEAN MARKET. IN MAY 1998, THOUGH THE IKPC-PAR, THE KLABIN GROUP AND KIMBERLY CLARK
CORPORATION COMBINED TO FORM KLABIN TISSUE S.A., WITH EQUAL PARTICIPATION, TO
BE ENGAGED IN THE TOILET PAPER SECTOR OF THE BRAZILIAN MARKET. FROM JANUARY 01, 1999, KLABIN TISSUE HAD ITS CORPORATE NAME CHANGED TO
KLABIN KIMBERLY S.A. PRESENTLY, KLABIN KIMBERLY HAS FOUR PLANTS BEING TWO
LOCALIZED IN THE STATE OF SÃO PAULO, ONE IN SANTA CATARINA AND ONE IN BAHIA.
ITS PARTICIPATION IN THE SANITARY PAPER MARKET, ACCORDING TO THE NIELSEN
(OPINION RESEARCH INSTITUTE), IS OF 27%. IN JULY 1999, KLABIN KIMBERLY S/A,
ACQUIRED THE COMPANY LALEKLA, WITH THE OBJECTIVE OF ACTING IN THE
AWAY-FROM-HOME INSTITUTIONAL TOILET PAPER MARKET (AWAY-FROM-HOME LINE). IN JANUARY 1999, KLABIN FABRICADORA DE PAPEL E CELULOSE S.A.,
CURRENTLY NAMED INDÚSTRIAS KLABIN S.A., TOOK OVER THE CONTROLLED CELUCAT S.A. IN NOVEMBER 1999, KLABIN KIMBERLY ACQUIRED THE COMPANY BACRAFT S/A
INDÚSTRIA DE PAPEL, A SUZANO GROUP COMPANY, INCREASING ITS PARTICIPATION IN
THE TOILET PAPER AND HYGIENE PRODUCTS (TISSUE PAPERS) SEGMENTS. ON MARCH 30, 2000, INDÚSTRIAS KLABIN AND THE NORWEGIAN NORSKE SKOG
INDUSTRIER, SECOND WORLD'S LARGEST MANUFACTURER OF PRESS PAPER, THROUGH ITS
BRAZILIAN SUBSIDIARY NORSKE SKOG DO BRASIL LTDA., COMBINED TO FORM THE
COMPANY - WITH EQUAL PARTICIPATION (50-50%) - NORSKE SKOG KLABIN COMÉRCIO E
INDÚSTRIA LTDA., ENGAGED IN THE PRODUCTION AND COMMERCIALIZATION OF PRESS
PAPER. IN OCTOBER 03, 2000, IKPC FINISHED THE ACQUISITION OF THE TOTAL
REPRESENTATIVE SHARES OF IGARAS PAPÉIS E EMBALAGENS S.A., THROUG THE COMPANY
TIQUIE S.A., A SUBSIDIARY OF INDÚSTRIAS KLABIN S.A., HEADQUARTERED IN
URUGUAY. ON DECEMBER 28, 2001 KLABIN S/A (FORMERLY KLABIN RIOCELL S.A.), TOOK
OVER THE ASSETS AND LIABILITIES OF THE COMPANIES IKPC-INDÚSTRIAS KLABIN DE
PAPEL E CELULOSE S.A., KIV PARTICIPAÇÕES S.A., INDÚSTRIAS KLABIN S.A.,CNPJ
59.368.100/0001-18, KLABIN EXPORT S.A., IGARAS PAPÉIS E EMBALAGENS S.A.,
KLABIN DO PARANÁ MINERAÇÃO LTDA. AND KLABIN MADEIRAS LTDA., CONSOLIDATING ALL
ITS ACTIVITIES INTO A SINGLE PRIVATELY HELD CORPORATION NOW OPERATING AS
KLABIN S/A. AFTER THE TAKEOVER SUCH COMPANIES CEASED EXISTING. THE ACTIVITIES OF KLABIN GROUP, INVOLVES FROM THE REFORESTATION UP TO
MANUFACTURING OF SHORT- AND LONG-FIBERS CELLULOSE, PRINTING AND PACKAGING
PAPERS, AND THE CONVERSION OF PAPERS INTO DISPOSABLE HYGIENIC PRODUCTS,
CORRUGATED CARDBOARD BOXES, MULTILAYERED BAGS, ENVELOPES AND PACKAGING CARDS.
THE KLABIN GROUP, COUNTS WITH A TOTAL LAND AREA OF 427.000 HECTARES, BEING
255.000 HECTARES OF PLANTED PINE AND EUCALYPTUS FORESTS, WHICH ARE PRESERVED
135.000 HECTARES OF WILD FORESTS. THE BUSINESS ADDRESS HAS CHANGED FROM “RUA DO ROCIO, 109 – SÃO
PAULO/SP” TO THE PRESENT REGISTERED ONE. FURTHER DETAILS ABOUT THE SUBJECT'S HISTORY ARE SO FAR NOT KNOWN. |
PUBLIC INFORMATION
|
PROTESTS: |
|
9 PROTESTS,TOTAL AMOUNT R$
2.684,84 |
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DETAILS OF LATEST PROTESTS: |
|
NOTARY OFFICE: |
DATE: |
VALUE: |
|
CARTÓRIO DE SP-JUNDIAÍ |
12/2006 |
R$ 250,26 |
|
1º CARTÓRIO DE SC-LAGES |
01/2007 |
R$ 490,00 |
|
CARTÓRIO DE SP-JUNDIAÍ |
12/2006 |
R$ 260,00 |
|
CARTÓRIO DE MG-BETIM |
01/2007 |
R$ 708,90 |
|
CARTÓRIO DE SP-JUNDIAÍ |
01/2007 |
R$ 180,00 |
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LAWSUITS: |
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|
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DATE: |
COURT OF LAW: |
|
2 |
FEDERAL LAWSUITS |
27/09/06 |
10ª. VARA DE SP-FEDERAL |
FINANCIAL INFORMATION
|
GENERAL BALANCE SHEETS AS OF 31/12/2006, 31/12/2005 AND 31/12/2004. |
|
( FIGURES ARE IN THOUSANDS OF REAIS ). |
|
ASSETS |
|
|
|
|
CURRENT: |
31/12/2006 |
31/12/2005 |
31/12/2004 |
|
|
|
|
|
|
CASH |
1.762.368 |
1.037.904 |
876.971 |
|
CLIENTS |
397.673 |
354.556 |
508.470 |
|
DISCOUNTED NOTES |
-35.314 |
-130.017 |
-5.609 |
|
DOUBTFUL DEBTORS |
-26.397 |
-28.678 |
-19.763 |
|
INTERCOMPANY CREDITS |
223.738 |
255.178 |
16.766 |
|
INVENTORY |
261.922 |
250.741 |
272.587 |
|
RECOVERABLE TAXES |
127.778 |
90.721 |
109.356 |
|
PRE PAID EXPENSES |
8.313 |
8.501 |
9.236 |
|
ACCOUNTS RECEIVABLE |
41.975 |
21.127 |
14.304 |
|
NOTES RECEIVABLE |
2.745 |
29.166 |
14.228 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
2.764.801 |
1.889.199 |
1.796.546 |
|
LONG-TERM
RECEIVALBES: |
|
|
|
|
|
|
|
|
|
INTERCOMPANY CREDITS |
1.161 |
577 |
150 |
|
DEFERRED TAXES |
106.592 |
201.648 |
179.428 |
|
JUDICIAL DEPOSITS |
92.457 |
18.663 |
89.973 |
|
RECOVERABLE TAXES |
52.278 |
30.099 |
20.994 |
|
PRE PAID EXPENSES |
5.023 |
4.084 |
3.565 |
|
ACCOUNTS RECEIVABLES |
38.683 |
31.328 |
32.737 |
|
NOTES RECEIVABLE |
1.495 |
4.936 |
34.852 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG-TERM RECEIVABLES |
297.689 |
291.335 |
361.699 |
|
FIXED ASSETS: |
|
|
|
|
|
|
|
|
|
INVESTMENTS |
484.119 |
357.422 |
306.069 |
|
FIXED ASSETS |
2.367.420 |
1.921.863 |
1.823.998 |
|
DEFERRED |
54.798 |
22.358 |
57.294 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL FIXED ASSETS |
2.906.337 |
2.301.643 |
2.187.361 |
|
|
================ |
================ |
================ |
|
TOTAL ASSETS |
5.968.827 |
4.482.177 |
4.345.606 |
|
LIABILITIES: |
|
|
|
|
CURRENT: |
31/12/2006 |
31/12/2005 |
31/12/2004 |
|
|
|
|
|
|
LOANS AND FINANCING |
284.450 |
601.962 |
396.103 |
|
DEBENTURES |
320.552 |
9.270 |
8.887 |
|
SUPPLIERS |
203.305 |
171.944 |
133.217 |
|
TAXES & CONTRIBUTIONS |
30.009 |
51.791 |
93.499 |
|
INTERCOMPANY DEBTS |
40.918 |
50.351 |
50.072 |
|
SALARY, TAXES & CONTRIB. |
62.956 |
49.803 |
59.222 |
|
ACCOUNTS PAYABLE |
35.240 |
31.993 |
46.266 |
|
DIVIDENDS |
110.003 |
71.270 |
90.007 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
1.087.433 |
1.038.384 |
877.273 |
|
LONG TERM
LIABILITIES: |
|
|
|
|
|
|
|
|
|
LOANS AND FINANCING |
2.333.072 |
802.217 |
903.880 |
|
DEBENTURES |
|
314.050 |
314.050 |
|
INTERCOMPANY DEBTS |
|
127 |
252 |
|
DEFERRED TAXES |
1.384 |
2.512 |
3.368 |
|
PROVISION FOR CONTINGENCIES |
44.737 |
46.542 |
114.533 |
|
ACCOUNTS PAYABLE |
41.430 |
33.683 |
24.739 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
2.420.623 |
1.199.131 |
1.360.822 |
|
NET EQUITY: |
|
|
|
|
|
|
|
|
|
SHARE CAPITAL |
1.100.000 |
1.100.000 |
800.000 |
|
CAPITAL RESERVES |
84.879 |
84.525 |
193.845 |
|
REVALUATION RESERVES |
85.220 |
87.399 |
89.521 |
|
PROFIT RESERVES |
1.190.672 |
972.738 |
1.024.145 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET EQUITY |
2.460.771 |
2.244.662 |
2.107.511 |
|
|
============== |
============== |
=============== |
|
TOTAL LIABILITIES |
5.968.827 |
4.482.177 |
4.345.606 |
|
PROFIT AND LOSS ACCOUNTS AS OF 31/12/2006, 31/12/2005 AND 31/12/2004. |
|
( FIGURES ARE IN THOUSANDS OF REAIS ). |
|
|
31/12/2006 |
31/12/2005 |
31/12/2004 |
|
|
|
|
|
|
|
|
|
|
|
GROSS SALES |
3.112.471 |
3.078.191 |
3.158.557 |
|
(-) TAXES ON SALES |
517.739 |
517.871 |
459.607 |
|
|
---------------- |
---------------- |
---------------- |
|
NET SALES |
2.594.732 |
2.560.320 |
2.698.950 |
|
(-) COST OF SOLD GOODS |
2.004.363 |
2.019.074 |
1.770.965 |
|
|
---------------- |
---------------- |
---------------- |
|
GROSS PROFIT |
590.369 |
541.246 |
927.985 |
|
OPERATING REVENUE (EXPENSE) |
-115.441 |
-75.583 |
-218.775 |
|
FINANCIAL REVENUE(EXPENSE) |
97.095 |
-144.208 |
-149.697 |
|
|
---------------- |
---------------- |
---------------- |
|
OPERATIONAL PROFIT (LOSS) |
572.023 |
321.455 |
559.513 |
|
NON-OPERATING RESULT |
591 |
-2.295 |
-6.460 |
|
CONTRIBUTION/ICOME TAX |
-99.122 |
-10.052 |
-97.509 |
|
|
---------------- |
---------------- |
---------------- |
|
NET PROFIT (LOSS) |
473.492 |
309.108 |
455.544 |
|
RATIOS: |
31/12/2006 |
31/12/2005 |
31/12/2004 |
|
QUICK RATIO |
2,30 |
|
1,58 |
|
1,74 |
|
|
CURRENT RATIO |
2,54 |
|
1,82 |
|
2,05 |
|
|
ACCOUNTS RECEIVABLE TURNOVER |
6,52 |
TIMES |
7,22 |
TIMES |
5,31 |
TIMES |
|
DAYS' SALES IN RECEIVABLES |
55,17 |
DAYS |
49,85 |
DAYS |
67,82 |
DAYS |
|
INVENTORY TURNOVER |
7,65 |
TIMES |
8,05 |
TIMES |
6,50 |
TIMES |
|
ACCOUNTS PAYABLE PERIOD |
36,52 |
DAYS |
30,66 |
DAYS |
27,08 |
DAYS |
|
RETURN ON ASSETS |
,43 |
TIMES |
,57 |
TIMES |
,62 |
TIMES |
|
SALES TURNOVER ON NET EQUIY |
1,05 |
TIMES |
1,14 |
TIMES |
1,28 |
TIMES |
|
NET WORTH TIE-UP |
,96 |
|
,86 |
|
,87 |
|
|
ENDEBTEDNESS |
1,43 |
|
1,00 |
|
1,06 |
|
|
EQUITY RATIO |
41,23 |
% |
50,08 |
% |
48,50 |
% |
|
WORKING CAPITAL RATIO |
154,25 |
% |
81,94 |
% |
104,79 |
% |
|
GENERAL SOLVENCY |
1,70 |
|
2,00 |
|
1,94 |
|
|
RETURN ON NET EQUITY |
19,24 |
% |
13,77 |
% |
21,62 |
% |
|
RETURN ON SALES (PROFIT MARGIN) |
18,25 |
% |
12,07 |
% |
16,88 |
% |
|
GROSS PROFIT MARGIN |
22,75 |
% |
21,14 |
% |
34,38 |
% |
|
OPERATIONAL RESULT |
22,05 |
% |
12,56 |
% |
20,73 |
% |
|
SALES TURNOVER ON LIABILITIES |
2,39 |
TIMES |
2,47 |
TIMES |
3,08 |
TIMES |
|
FOREIGN CURRENCY ON ASSETS |
|
|
|
|
|
|
|
FOREIGN CURRENCY ON LIABILITIES |
|
|
|
|
|
|
|
EXCHANGE RATE: |
|
|
US$ 1,00 = R$ 2,06 |
- OFFICIAL RATE ON 27/03/2007 |
|
US$ 1,00 = R$ 2,13 |
- OFFICIAL RATE ON 31/12/2006 |
|
US$ 1,00 = R$ 2,34 |
- OFFICIAL RATE ON 31/12/2005 |
|
US$ 1,00 = R$ 2,65 |
- OFFICIAL RATE ON 31/12/2004 |
|
COMMENTS ON THE
FINANCIAL INFORMATION: |
|
FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS. THE FIGURES AVAILABLE SHOW A GOOD FINANCIAL STANDING. IT SHOWS SOMEHOW
HIGH LEVEL OF INDEBTEDNESS BUT MAINLY IS COMPRISED BY LONG-TERM LIABILITIES
AND IT IS NOTED HIGH LIQUIDITY RATIOS AND HIGH WORKING CAPITAL AMOUNT,
CONSIDERED ENOUGH TO COVER THE SHORT-TERM LIABILITIES. IN ADDITION IT SHOWS
GROWING SALES AND HIGH PROFITABILITY. SUBJECT SHOWS HUGE FINANCIAL POWER AND KEEPS ON OPERATING NORMALLY,
THUS NO SIGN OF FINANCIAL OR OPERATIONAL PROBLEMS ARE NOTED. |
REAL ESTATE:
OWNED PREMISES ARE VALUED AT R$ 318.512.000,00
VEHICLES:
NOT AVAILABLE
MACHINES:
OWNED MACHINES AND EQUIPMENTS ARE VALUED AT R$ 1.043.529.000,00
INSURANCE
|
ON DECEMBER 31, 2006 THE INSURANCE COVERAGE AMOUNT FOR INVENTORY,
FIXED ASSETS AND OTHER RISKS AGAINST FIRE REACHED R$ 1.929.599.000,00. |
BANKING REFERENCES
|
|
BRANCH/PHONE: |
CITY: |
|
HSBC BANK BRASIL S/A |
11 3847-5387 |
SÃO PAULO/SP |
|
BANCO ITAÚ BBA S/A |
11 3708-8554 |
SÃO PAULO/SP |
|
BANCO DO BRASIL S/A |
11 3491-3941 |
SÃO PAULO/SP |
|
BANCO ITAUBANK S/A |
11 3398-5761 |
SÃO PAULO/SP |
|
BANCO BRADESCO S/A |
11 2178-4665 |
SÃO PAULO/SP |
|
BANCO UNIBANCO S/A |
11 3097-1075 |
SÃO PAULO/SP |
|
REMARKS: 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"). RESEARCH DATE: MARCH 27, 2007. |
ACTIVITIES COMMENTS
|
SUBJECT IS ENGAGED IN THE MANUFACTURE OF PAPER AND PAPER PRODUCTS. MARKET PULP: -BLEACHED EUCALYPTUS PULP -UNBLEACHED EUCALYPTUS PULP -DISSOLVING PULP (VISCOSE, LYOCELL, FILAMENT ACETATE, ESTER ETHER) -FLUFF PULP (HYGIENIC PRODUCTS) PAPERS: -NEWSPRINT -DIRECTORY -PACKAGING PAPERS FOR CORRUGATED BOXES (KRAFTLINER, MIDIUM, TESTLINER) -KLABIN BOARDS (KLABIN LIQUID BOARD, KLABIN RIGID BOARD, KLABIN X
RIGID BOARD, KLABIN CARRIER BOARD, KLABIN FREEZE BOARD) -KRAFT PAPERS FOR SACKS AND ENVELOPE -SANITARY PAPERS -PRINTING / WRITING PAPER PRODUCTS: -TISSUE PAPER PRODUCTS (TOILET PAPER, NAPKINS, FACIAL TISSUE AND PAPER
TOWELS) -CORRUGATED BOXES -MULTIWALL PAPER SACKS -ENVELOPES TIMBER AND SEEDS: - LOGS / TIMBER OF EUCALYPTUS GRANDIS AND SALIGNA - SEEDS OF EUCALYPTUS GRANDIS, SALIGNA, DUNNI AND TERETICORNIS |
IMPORT AND EXPORT
IMPORTS FROM:
|
EUROPE AND USA. |
EXPORTS TO:
|
ARGENTINA, AUSTRIA, CHILE, ENGLAND AND USA. |
|
MAIN CLIENTS: |
|
|
|
|
|
|
|
DOMESTIC
CLIENTS: |
|
|
|
CARTOCOR |
|
|
|
CIA DE CIGARROS SOUZA CRUZ |
|
|
|
GIUSTI |
|
|
|
INDÚSTRIAS GESSY LEVER LTDA |
|
|
|
INT.PAPER |
|
|
|
JOHNSON & JOHNSON INDÚSTRIA E COMÉRCIO LTDA |
|
|
|
PARANAENSE |
|
|
|
PERDIGÃO AGRO-INDUSTRIAL S/A |
|
|
|
REFINAÇÃO DE MILHO BRASIL LDA |
|
|
|
SADIA CONCÓRIA S/A INDÚSRIA E COMÉRCIO |
|
|
|
SPAL IND BRASILEIRA DE BEBIDAS S/A |
|
|
|
TETRA PAK LTDA |
|
|
|
VOLKSWAGEN DO BRASIL LTDA |
|
|
|
STAFF: |
|
|
|
THE COMPANY HAS: 7000 EMPLOYEE(S) |
CONCEPT AND
FULFILMENT
|
SUBJECT IS LARGE-SIZED AND WELL-ESTABLISHED COMPANY, OPERATING SINCE 1978.
IT IS ONE OF THE MOST IMPORTANT COMPANIES IN ITS LINE OF BUSINESS AND SO
OPERATES WITH A CLEAR TRADE HISTORY, GOOD PAYMENT BEHAVIOUR AND AN EXCELLENT
REPUTATION. THE COMPANY HAS TRADE RELATIONS WITH SEVERAL SUPPLIERS IN BRAZIL. THE
SUPPLIERS EXTEND CREDIT FACILITIES TO THE SUBJECT IN TERMS AND AMOUNTS
ACCORDING TO THE COMPANY'S NEEDS AND SO FAR NO PAYMENT PROBLEMS ARE NOTED. MOST OF THE SUPPLIERS WHICH PROVIDED INFORMATION REPORTED PROMPT
PAYMENTS AND THE SUBJECT HAS AN EXCELLENT PAYMENT RECORD. THE LAWSUITS REPORTED ARE NOT RELATED WITH TRADE DEBTS. THEY ARE
RELATED TO TAX DEBTS THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID.
NEVERTHELESS WE POINT OUT THAT THE SAID LAWSUITS DO NOT AFFECT THE COMPANY’S
TRADE REPUTATION. THE PROTESTS FOUND ARE CONSIDERED IRRELEVANT. |
|
MAIN SUPPLIERS: |
|
|
|
|
|
|
|
DOMESTIC
SUPPLIERS: |
|
PHONE: |
|
ASEA BROWN BOVERI LTDA |
|
11 7088-8194 |
|
BELOIT INDUSTRIAL LTDA |
|
19 740-7491 |
|
CIA DE PESQUISA E LAVRAS MINEIRAS |
|
51 652-1211 |
|
DOW QUÍMICA S/A |
|
11 5188-9828 |
|
FERRAMNETAS GERAIS S/A |
|
51 342-0700 |
|
IRUSA ROLAMENTOS LTDA |
|
51 222-9500 |
|
KVAERNER PULPING LTDA |
|
41 348-1155 |
|
PERÓXIDOS DO BRASIL LTDA. |
|
|
|
PETROBRÁS DISTRIBUIDORA S/A |
|
11 3116-5190 |
|
PETROBRAS PETROLEO BRASILEIRO S/A |
|
51 228-9922 |
|
SHELL BRASIL S/A |
|
19 874-7496 |
|
SULFATO RIOGRANDENSE LTDA |
|
51 480-3555 |
|
VOITH S/A MÁQUINAS E EQUIPAMENTOS |
|
11 840-4747 |
|
PAYMENT HISTORY: |
|
102 SUPPLIERS REPORTED PAYMENTS: |
|
TOTAL AMOUNT: R$ 5.833.730,00 |
|
|
|
AMOUNT OF INVOICES PAID: 2214 |
|
TOTAL OF PROMPT PAYMENTS: 91,6% |
|
TOTAL OF DELAYED PAYMENTS: 8,4% |
|
|
|
HIGHEST INVOICE: R$ 99.583,00 |
|
HIGHEST CREDIT: R$ 135.582,00 |
|
|
|
OUTSTANDING
INVOICES DUE WITHIN THE NEXT 60 DAYS: |
|
--------------------- |
SUPPLIERS: |
INVOICES: |
TOTAL AMOUNT: |
|
DUE WITHIN 30 DAYS |
13 |
38 |
R$ 95.114,00 |
|
DUE WITHIN 60 DAYS |
3 |
4 |
R$ 2.790,00 |
|
ALL |
15 |
42 |
R$ 97.904,00 |
FINAL OPINION
|
THE SUBJECT IS A LARGE-SIZED AND WELL-ESTABLISHED COMPANY IN BUSINESS
FOR SEVERAL YEARS. UP TO DATE IT HAS A GOOD FINANCIAL STANDING, A CLEAR TRADE
HISTORY AND VERY GOOD PAYMENT BEHAVIOUR. 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. SUBJECT HAS HUGE FINANCIAL POWER AND MAY BE CONSIDERED GOOD FOR AN
INITIAL CREDIT LIMIT OF US$ 20.000.000,00. |
|
|
|
|
|
|
|
|
|
BALANCE SHEET ANALYSIS |
FIGURES ARE IN THOUSANDS
OF REAIS |
|
|
|
|
|
|
|
31-12-06 |
|
31-12-05 |
|
31-12-04 |
|
|
ASSETS |
|
% |
|
% |
|
% |
|
Current Assets |
46.32 |
$ 1,889,199 |
42.15 |
$
1,796,546 |
41.34 |
|
|
Fixed Assets |
$
2,906,337 |
48.69 |
$ 2,301,643 |
51.35 |
$
2,187,361 |
50.34 |
|
TOTAL ASSETS |
$
5,968,827 |
100.00 |
$ 4,482,177 |
100.00 |
$
4,345,606 |
100.00 |
|
LIABILITIES |
|
|
|
|
|
|
|
Current Liabilities |
$
1,087,433 |
18.22 |
$ 1,038,384 |
23.17 |
$
877,273 |
20.19 |
|
Long-Term Liabilities |
$
2,420,623 |
40.55 |
$ 1,199,131 |
26.75 |
$
1,360,822 |
31.31 |
|
TOTAL LIABILITIES |
$
3,508,056 |
58.77 |
$ 2,237,515 |
49.92 |
$
2,238,095 |
51.50 |
|
Deferred Income |
$
- |
0.00 |
$ -
|
0.00 |
$
- |
0.00 |
|
Net Equity |
$
2,460,771 |
41.23 |
$ 2,244,662 |
50.08 |
$
2,107,511 |
48.50 |
|
TOTAL LIABILITIES + NET EQUITY |
$
5,968,827 |
100.00 |
$ 4,482,177 |
100.00 |
$
4,345,606 |
100.00 |
|
PROFIT AND LOSS ACCOUNTS |
|
|
|
|
|
|
|
Net Sales |
$
2,594,732 |
100.00 |
$ 2,560,320 |
100.00 |
$
2,698,950 |
100.00 |
|
Costs |
$
2,004,363 |
77.25 |
$ 2,019,074 |
78.86 |
$
1,770,965 |
65.62 |
|
Gross Profit |
$
590,369 |
22.75 |
$ 541,246 |
21.14 |
$
927,985 |
34.38 |
|
Operating expenses |
$
(115,441) |
|
$ (75,583) |
|
$
(218,775) |
|
|
operational Result |
$
572,023 |
|
$ 321,455 |
|
$
559,513 |
|
|
Net Profit (loss) |
$
473,492 |
|
$ 309,108 |
|
$
455,544 |
|
|
COMPLEMENTARY DATA |
|
|
|
|
|
|
|
Inventory |
$
261,922 |
|
$ 250,741 |
|
$
272,587 |
|
|
Accounts receivable |
$
397,673 |
|
$ 354,556 |
|
$
508,470 |
|
|
Accounts Payable |
$
203,305 |
|
$ 171,944 |
|
$
133,217 |
|
|
Property, plant and equipment |
$
2,367,420 |
|
$ 1,921,863 |
|
$
1,823,998 |
|
|
Purchases |
$
2,906,337 |
|
$ 2,301,643 |
|
$
2,187,361 |
|
|
Financial Expenses |
$
97,095 |
|
$ (144,208) |
|
$
(149,697) |
|
|
Foreign Currency Assets |
|
|
|
|
|
|
|
Foreign Currency Liabilities |
|
|
|
|
|
|
|
Working Capital |
$
1,677,368 |
|
$ 850,815 |
|
$
919,273 |
|
|
RATIOS: |
|
|
|
|
|
|
|
QUICK RATIO |
2.30 |
|
1.58 |
|
1.74 |
|
|
CURRENT RATIO |
2.54 |
|
1.82 |
|
2.05 |
|
|
ACCOUNTS RECEIVABLE TURNOVER |
6.52 |
times |
7.22 |
times |
5.31 |
times |
|
DAYS' SALES IN RECEIVABLES |
55.17 |
days |
49.85 |
days |
67.82 |
days |
|
INVENTORY TURNOVER |
7.65 |
times |
8.05 |
times |
6.50 |
times |
|
36.52 |
days |
30.66 |
days |
27.08 |
days |
|
|
RETURN ON ASSETS |
0.43 |
times |
0.57 |
times |
0.62 |
times |
|
SALES TURNOVER ON NET EQUIY |
1.05 |
times |
1.14 |
times |
1.28 |
times |
|
NET WORTH TIE-UP |
0.96 |
|
0.86 |
|
0.87 |
|
|
ENDEBTEDNESS |
1.43 |
|
1.00 |
|
1.06 |
|
|
EQUITY RATIO |
41.23 |
% |
50.08 |
% |
48.50 |
% |
|
WORKING CAPITAL RATIO |
154.25 |
% |
81.94 |
% |
104.79 |
% |
|
GENERAL SOLVENCY |
1.70 |
|
2.00 |
|
1.94 |
|
|
RETURN ON NET EQUITY |
19.24 |
% |
13.77 |
% |
21.62 |
% |
|
RETURN ON SALES (PROFIT MARGIN) |
18.25 |
% |
12.07 |
% |
16.88 |
% |
|
GROSS PROFIT MARGIN |
22.75 |
% |
21.14 |
% |
34.38 |
% |
|
OPERATIONAL RESULT |
22.05 |
% |
12.56 |
% |
20.73 |
% |
|
SALES TURNOVER ON LIABILITIES |
2.39 |
times |
2.47 |
times |
3.08 |
times |
|
FOREIGN CURRENCY ON ASSETS |
-
|
% |
-
|
% |
-
|
% |
|
FOREIGN CURRENCY ON LIABILITIES |
-
|
% |
-
|
% |
-
|
% |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)