MIRA
INFORM REPORT
|
Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ELEKEIROZ S/A |
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Registered Office : |
Rua Dr. Edgardo
De Azevedo Soares,392 - Vila Bela Cintra 13224-030 Várzea Paulista/Sp |
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Country : |
Brazil |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
07.10.1969 |
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Legal Form : |
Publicly Held Corporation |
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Line of Business : |
Manufacture of Chemicals. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Regular |
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Litigation : |
Clear |
name of the company
ELEKEIROZ S/A
ADDRESSES
MAIN ADDRESS:
RUA DR. EDGARDO DE
AZEVEDO SOARES,392 - VILA BELA CINTRA
ZIP CODE/CITY: 13224-030
VÁRZEA PAULISTA/SP
PHONE: 11
4596-8700
FAX: 11
4596-8977
E-MAIL: elekeiroz@elekeiroz.com.br
WEB SITE: www.elekeiroz.com.br
BRANCHES
ADDRESS: AVENIDA PAULISTA 1938, 5º ANDAR
ZIP CODE/CITY: 01310-942 SÃO PAULO/SP
PHONE: 11 3179-7733
FAX: 11 3179-7866
CNPJ: 13.788.120/0009-02
STATE REGISTER: 100.052.066.116
ADDRESS: RUA DR. EDGARDO DE AZEVEDO SOARES,392 P. O. BOX 91 - CENTRO
ZIP CODE/CITY: 13224-030 VARZEA PAULISTA/SP
PHONE: 11 4596-8800
FAX: 11 4596-8977
CNPJ: 137881200
REQUESTED ADDRESS: RUA JOÃO URSULO,1261 5°. ANDAR - PÓLO PETROQUIMICO DE CAMAÇARI
ZIP CODE/CITY: 42810-30 CAMAÇARI/BA
PHONE: 71 3632-7700
FAX: 71 3632-2110
CNPJ: 13.788.120/0004-90
STATE REGISTER: 00.252.182
LEGAL DATA
MAIN ACTIVITIES:
MANUFACTURE OF CHEMICALS.
LEGAL FORM: PUBLICLY HELD CORPORATION
INCORPORATION
DATE: 07/10/1969
REGISTER DATE: 07/10/1969
BALANCE SHEET
FILING DATE: 31/12
TAX CONTRIBUTOR
NUMBER(CNPJ): 13.788.120/0001-47
STATE REGISTER: 00252182
SHARE CAPITAL: R$
220.000.000,00
LAST REGISTER OF
CAPITAL: 26/04/2007
BOARD OF
DIRECTORS:
PAULO SETUBAL NETO PRESIDENT DIRECTOR
REINALDO RUBBI INVESTORS RELATIONS DIRECTOR
CARLOS CALVO SANZ DIRECTOR
RICARDO JOSÉ BARALDI DIRECTOR
AUTHORIZED USE OF SIGNATURE
THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.
SHAREHOLDERS / PARTNERS:
ELEKEPART
PARTICIPAÇÕES E ADMINISTRAÇÃO S/A 94,38%
OTHERS 5,62%
AFFILIATES / SUBSIDIARIES:
SANSUY
PARTICIPAÇÕES, REPRE. SERVIÇOS LTDA 10%
CASTELLETOWN
TRADING S/A 100%
COMPANY'S BACKGROUND
CIQUINE COMPANHIA PETROQUÍMICA, BEGAN OPERATING IN NOVEMBER 1973.
IN THE 70'S, IT ACQUIRED 99,9% OF THE VOTING SHARES OF CIQUINE COMPANHIA
DE INDUSTRIAS QUÍMICAS DO NORDESTE AND ALSO THE SHAREHOLDING CONTROL OF PLASBATÉ
PLASTIFICANTES TAUBATÉ S/A, ALTERING ITS CORPORATE NAME TO CIQUINI PLASBATE
S/A.
EARLY IN THE 80'S THE SUBJECT IMPLANTED TWO NEW PLANTS.
IN 1984, SET UP PETRONOR - PARTICIPAÇÕES PETROQUÍMICAS DO NORDESTE LTDA.,
WITH THE PURPOSE OF HOLDING INTEREST IN OTHER COMPANIES, AS WELL AS
ADMINISTRATE AND RENDER SERVICES OF SUPPORT AND COMMERCIAL ADVISORY. PRESENTLY,
CIQUINE, HOLDS 31,58% OF THE CAPITAL OF PETRONOR WHICH HOLDS 23,69 OF THE
VOTING CAPITAL AND 20,40% OF THE TOTAL CAPITAL OF NORQUISA.
IN 1988, THE SUBJECT ACQUIRED THE COMPANY NORDOS S/A, WHICH CORPORATE
NAME WAS CHANGED TO CIQUINE URUGUAY S/A.
IN APRIL 1990, THE SUBJECT TOOK OVER THE CONTROLLED COMPANY CIQUINE
COMPANHIA DE INDUSTRIAS QUÍMICAS DO NORDESTE, CONFIRMED BY THE SHAREHOLDERS
GENERAL MEETING AS OF JUNE, 12, 1990.
IN MARCH 1992, THE SUBJECT TOOK OVER ITS CONTROLLED CIQUINE PLASBATE
S/A,WHICH INDUSTRIAL UNITS BECAME THE SUBJECT'S BRANCHES.
IN JANUARY 1993, CIQUINE, ACQUIRED 50% OF THE CAPITAL OF MALEIC S/A, IN
ARGENTINA, AND IN AUGUST PLUS 4% THUS BECOMING ITS CONTROLLER.
AUCTION HELD ON MAY 08, 2002, ELEKEIROZ S/A, ACQUIRED THE SHARE HOLDING
CONTROL OF CIQUINE COMPANHIA PETROQUÍMICA, HEADQUARTERED IN CAMAÇARI - BA,
BECOMING INDIRECTLY ITS PARENT COMPANY.
ON JULY 31, 2003 ELEKEIROZ WAS FORMALLY TAKEN OVER BY CIQUINE COMPANHIA
PETROQUÍMICA, KEEPING HOWEVER, THE CORPORATE NAME OF THE REMAINING COMPANY DUE
TO THE FACT SUCH NAME HAS MORE TRADITION AND HISTORY IN THE SCENERY OF THE
BRAZILIAN CHEMICAL INDUSTRY.
FURTHER DETAILS ABOUT THE SUBJECT'S HISTORY ARE SO FAR NOT KNOWN.
PUBLIC
INFORMATION:
PROTESTS:
1 PROTEST,TOTAL AMOUNT R$
3.562,36
DETAILS OF THE
PROTEST:
NOTARY OFFICE: DATE: VALUE:
CARTÓRIO DE
CAMACARÍ/BA 07/2008 R$ 3.562,36
LAWSUITS:
DATE: COURT OF LAW:
1 STATE LAWSUIT 31/12/03 1ª VARA DE BA-CAMAÇARI
1 MUNICIPAL LAWSUIT 25/06/06 1ª. VARA DE SP-SANTOS
(RESEARCH DATE: 18/07/2008)
FINANCIAL INFORMATION
GENERAL BALANCE SHEETS AS OF 31/03/2008, 31/12/2007 AND 31/12/2006.
( FIGURES ARE IN THOUSANDS OF REAIS ).
|
ASSETS |
|
|
|
|
CURRENT: |
31/03/2008 |
31/12/2007 |
31/12/2006 |
|
|
|
|
|
|
CASH AND BANKS |
57.111 |
71.899 |
40.940 |
|
CLIENTS |
119.601 |
108.685 |
100.686 |
|
INVENTORY |
98.507 |
88.012 |
68.464 |
|
RECOVERABLE TAXES |
9.739 |
8.339 |
22.657 |
|
PRE PAID EXPENSES |
1.242 |
531 |
959 |
|
ACCOUNTS RECEIVABLE |
|
|
6.914 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
286.200 |
277.466 |
240.620 |
|
LONG-TERM
RECEIVABLES: |
|
|
|
|
|
|
|
|
|
DEFERRED TAXES |
18.685 |
19.838 |
9.953 |
|
RECOVERABLE TAXES |
58.700 |
57.278 |
38.968 |
|
OTHER CREDITS |
13.974 |
16.484 |
7.560 |
|
ESCROW DEPOSITS |
537 |
537 |
562 |
|
INVESTMENTS |
1.424 |
1.424 |
|
|
|
---------------- |
---------------- |
---------------- |
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TOTAL LONG-TERM RECEIVABLES |
93.320 |
95.561 |
57.043 |
|
FIXED ASSETS: |
|
|
|
|
|
|
|
|
|
INVESTMENTS |
7.928 |
7.482 |
8.677 |
|
FIXED ASSETS |
212.879 |
210.861 |
208.090 |
|
DEFERRED |
35.787 |
37.489 |
45.372 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL FIXED ASSETS |
256.594 |
255.832 |
262.139 |
|
|
================ |
================ |
================ |
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TOTAL ASSETS |
636.114 |
628.859 |
559.802 |
|
LIABILITIES: |
|
|
|
|
CURRENT: |
31/03/2008 |
31/12/2007 |
31/12/2006 |
|
|
|
|
|
|
SUPPLIERS |
39.903 |
40.154 |
33.721 |
|
LOANS AND FINANCING |
39.339 |
43.277 |
30.263 |
|
TAXES & CONTRIBUTIONS |
4.762 |
5.288 |
4.429 |
|
DIVIDENDS |
5.916 |
11.637 |
4.874 |
|
PROVISIONS |
13.710 |
12.969 |
8.367 |
|
INTERCOMPANY DEBTS |
770 |
780 |
944 |
|
OTHER |
4.254 |
7.260 |
3.072 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
108.654 |
121.365 |
85.670 |
|
LONG TERM
LIABILITIES: |
|
|
|
|
|
|
|
|
|
LOANS AND FINANCING |
34.863 |
44.736 |
76.559 |
|
PROVISION FOR CONTINGENCIES |
25.017 |
24.162 |
22.612 |
|
TAXES AND CONTRIBUTIONS |
46.823 |
43.144 |
38.180 |
|
RELATED COMPANIES |
420 |
425 |
513 |
|
DEFERRED TAXES |
3.306 |
3.472 |
2.895 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
110.429 |
115.939 |
140.759 |
|
DEFERRED INCOME |
3.106 |
|
|
|
NET EQUITY: |
|
|
|
|
|
|
|
|
|
SHARE CAPITAL |
220.000 |
220.000 |
200.000 |
|
CAPITAL RESERVES |
37.084 |
37.084 |
43.808 |
|
PROFIT RESERVES |
134.471 |
134.471 |
89.565 |
|
ACCRUED PROFIT (LOSS) |
22.370 |
|
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET EQUITY |
413.925 |
391.555 |
333.373 |
|
|
================ |
================ |
================ |
|
TOTAL LIABILITIES |
636.114 |
628.859 |
559.802 |
|
PROFIT AND LOSS ACCOUNTS AS OF 31/03/2008, 31/12/2007 AND 31/12/2006. |
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( FIGURES ARE IN THOUSANDS OF REAIS ). |
|
|
31/03/2008 |
31/12/2007 |
31/12/2006 |
|
|
|
|
|
|
GROSS SALES |
286.735 |
1.083.377 |
897.085 |
|
(-) TAXES ON SALES |
57.793 |
212.756 |
177.098 |
|
|
---------------- |
---------------- |
---------------- |
|
NET SALES |
228.942 |
870.621 |
719.987 |
|
(-) COST OF SOLD GOODS |
174.543 |
671.360 |
621.145 |
|
|
---------------- |
---------------- |
---------------- |
|
GROSS PROFIT |
54.399 |
199.261 |
98.842 |
|
OPERATING REVENUE (EXPENSE) |
-20.852 |
-100.152 |
-69.102 |
|
FINANCIAL REVENUE(EXPENSE) |
-161 |
-30.343 |
-17.716 |
|
|
---------------- |
---------------- |
---------------- |
|
OPERATIONAL PROFIT (LOSS) |
33.386 |
68.766 |
12.024 |
|
NON-OPERATING RESULT |
-59 |
2.164 |
6.768 |
|
CONTRIBUTION/INCOME TAX |
-8.537 |
-12.872 |
-3.470 |
|
PROFIT SHARING |
-2.420 |
-7.696 |
-2.050 |
|
INTERESTS ON OWN CAPITAL |
|
21.095 |
5.556 |
|
|
---------------- |
---------------- |
---------------- |
|
NET PROFIT (LOSS) |
22.370 |
71.457 |
18.828 |
|
RATIOS: |
31/03/2008 |
31/12/2007 |
31/12/2006 |
|
QUICK RATIO |
1,73 |
|
1,56 |
|
2,01 |
|
|
CURRENT RATIO |
2,63 |
|
2,29 |
|
2,81 |
|
|
ACCOUNTS RECEIVABLE TURNOVER |
1,91 |
TIMES |
8,01 |
TIMES |
7,15 |
TIMES |
|
DAYS' SALES IN RECEIVABLES |
47,02 |
DAYS |
44,94 |
DAYS |
50,34 |
DAYS |
|
INVENTORY TURNOVER |
1,77 |
TIMES |
7,63 |
TIMES |
9,07 |
TIMES |
|
ACCOUNTS PAYABLE PERIOD |
20,58 |
DAYS |
21,53 |
DAYS |
19,54 |
DAYS |
|
RETURN ON ASSETS |
,36 |
TIMES |
1,38 |
TIMES |
1,29 |
TIMES |
|
SALES TURNOVER ON NET EQUITY |
,55 |
TIMES |
2,22 |
TIMES |
2,16 |
TIMES |
|
NET WORTH TIE-UP |
,51 |
|
,54 |
|
,62 |
|
|
INDEBTEDNESS |
,53 |
|
,61 |
|
,68 |
|
|
EQUITY RATIO |
65,07 |
% |
62,26 |
% |
59,55 |
% |
|
WORKING CAPITAL RATIO |
163,40 |
% |
128,62 |
% |
180,87 |
% |
|
GENERAL SOLVENCY |
2,90 |
|
2,65 |
|
2,47 |
|
|
RETURN ON NET EQUITY |
5,40 |
% |
18,25 |
% |
5,65 |
% |
|
RETURN ON SALES (PROFIT MARGIN) |
9,77 |
% |
8,21 |
% |
2,62 |
% |
|
GROSS PROFIT MARGIN |
23,76 |
% |
22,89 |
% |
13,73 |
% |
|
OPERATIONAL RESULT |
14,58 |
% |
7,90 |
% |
1,67 |
% |
|
SALES TURNOVER ON LIABILITIES |
2,11 |
TIMES |
7,17 |
TIMES |
8,40 |
TIMES |
|
FOREIGN CURRENCY ON ASSETS |
|
|
|
|
|
|
|
FOREIGN CURRENCY ON LIABILITIES |
|
|
|
|
|
|
|
EXCHANGE RATE: |
|
|
US$ 1,00 = R$ 1,59 |
- OFFICIAL RATE ON 18/07/2008 |
|
US$ 1,00 = R$ 1,74 |
- OFFICIAL RATE ON 31/03/2008 |
|
US$ 1,00 = R$ 1,77 |
- OFFICIAL RATE ON 31/12/2007 |
|
US$ 1,00 = R$ 2,13 |
- OFFICIAL RATE ON 31/12/2006 |
COMMENTS ON THE FINANCIAL
INFORMATION:
FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS.
THE FIGURES AVAILABLE SHOW A GOOD FINANCIAL STANDING. IS NOTED GOOD LIQUIDITY
RATIOS AND GROWING WORKING CAPITAL AMOUNT, LOW LEVEL OF INDEBTEDNESS AS WELL AS
HIGH AND GROWING SALES VOLUME AND PROFITABILITY.
IT IS WORTH TO COMMENT THAT THE SUBJECT BELONGS TO THE ITAUSA GROUP,
WHICH IS ONE OF THE BRAZIL’S LARGEST PRIVATE GROUPS, OPERATING WITH A WIDE
SCALE OF ACTIVITIES AND HAS A HUGE FINANCIAL POWER THEREFORE IT IS NOT LIKELY
TO FACE FINANCIAL PROBLEMS.
REAL ESTATE:
OWNED PREMISES ARE VALUED AT R$ 37.189.000,00
VEHICLES:
OWNED VEHICLES ARE VALUED AT R$ 899.000,00
MACHINES:
OWNED MACHINES AND EQUIPMENTS ARE VALUED AT R$ 146.068.000,00
INSURANCE
INSURANCE COMPANY: ITAÚ
SEGUROS S/A
COVERAGE: ALL
RISKS
EXPIRATION: 10/06/2008
VALUE: R$
256.574.000,00
BANKING REFERENCES
BRANCH/PHONE:
BANCO DO BRASIL
S/A 11
4523-4416
BANCO ITAÚ S/A 19
3707-5532
BANCO SAFRA S/A 11
3353-3386
BANCO SANTANDER
S/A 19
3012-7030
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"). DATE RESEARCHED JULY 18, 2008.
ACTIVITIES
COMMENTS:
THE SUBJECT IS ENGAGED IN DEVELOPMENT, INDUSTRIALIZATION, IMPORT,
EXPORT, WAREHOUSING, DISTRIBUTION, TRANSPORT AND COMMERCIALIZATION OF CHEMICAL
PRODUCTS AND ITS BYPRODUCTS, RENDERING OF SERVICES, DIRECT OR INDIRECTLY
RELATED TO SAID ACTIVITIES AS WELL AS BEING ABLE TO PARTICIPATE IN OTHER
COMPANIES.
IMPORT AND EXPORT:
IMPORTS FROM:
USA, JAPAN AND ARGENTINA (AVERAGE ANNUAL AMOUNT US$ 7 MILLION (FOB).
EXPORTS TO:
ELEKEIROZ EXPORTS REGULARLY ITS PRODUCTS MAINLY TO THE SOUTH AMERICAN
MARKET AND SPORADICALLY TO ASIA, UNITED STATES AND EUROPE. (VALUE EXPORTED IN
2003 = R$ 96.900.000,00.
MAIN CLIENTS
DOMESTIC CLIENTS:
AJINOMOTO INTERNATIONAL IND. COM. LTDA
AKZO NOBEL LTDA
BASF S/A
DACARTO BENVIC
DOW AGROSCIENSES INDUSTRIAL LTDA
DU PONT BRASIL S/A
EXXONMOBIL QUÍMICA LTDA
GRENDENE S.A
HUTCHINSON DO BRASIL S.A
MARCOPOLO S/A- CARROCERIAS DE ONIBUS
PLASTIQUÍMICA PRODUTOS QUÍMICOS LTDA
REICHHOLD DO BRASIL LTDA
RENNER SAYERLACK
RHODIA S/A
SCANDIFLEX DO BRASIL S.A. INDÚSTRIAS QUÍMICAS
TINTAS CORAL LTDA. / ICI PACKGING COATINGS LTDA
STAFF:
THE COMPANY HAS: 749 EMPLOYEE(S)
CONCEPT AND
FULFILMENT:
THE SUBJECT IS AN OLD ESTABLISHED COMPANY, OPERATING SINCE 1969 ENJOYING
A FAVORABLE REPUTATION AMONG LOCAL TRADE CIRCLES. IT IS NOTED A HIGH AND
GROWING SCALE OF ACTIVITIES AND SUBJECT HAS AN EXCELLENT TRADE 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.
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 PROTEST FOUND IS CONSIDERED IRRELEVANT.
MAIN SUPPLIERS:
DOMESTIC SUPPLIERS: CITY: PHONE:
AÇOMINAS - AÇO
MINAS GERAIS S/A OURO
BRANCO/MG 31
3749-3881
BRASKEM S/A CAMAÇARI/BA 71 3632-5546
DOW QUIMICA S/A SÃO
PAULO/SP 11
5188-9219
DURATEX S/A SÃO
PAULO/SP 11
3179-7273
INNOVA S/A SÃO
PAULO/SP 11
5507-6227
JAUSOLDA COMERCIAL
LTDA 11
5613-3200
PETROBRÁS PETRÓLEO
BRASILEIRO S/A CUBATÃO/SP 13 3362-4713
PETROQUIMICA UNIÃO
S/A SANTO
ANDRE/SP 11
4478-1639
PAYMENT HISTORY:
29 SUPPLIERS REPORTED PAYMENTS:
TOTAL AMOUNT: R$ 2.597.882,00
AMOUNT OF INVOICES PAID: 234
TOTAL OF PROMPT PAYMENTS: 93,9%
TOTAL OF DELAYED PAYMENTS: 6,1%
HIGHEST INVOICE: R$ 361.383,00
HIGHEST CREDIT: R$ 361.383,00
OUTSTANDING
INVOICES DUE WITHIN THE NEXT 60 DAYS:
|
--------------------------- |
SUPPLIERS: |
INVOICES: |
TOTAL AMOUNT: |
|
ALL |
10 |
33 |
R$ 850.308,00 |
|
DUE WITHIN 30 DAYS |
10 |
26 |
R$ 590.308,00 |
|
DUE WITHIN 60 DAYS |
3 |
7 |
R$ 260.000,00 |
FINAL OPINION
THE SUBJECT IS A 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 PERFORANCE.
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 USD 10.000.000,00 CAN BE CONSIDERED. EVEN
HIGHER AMOUNTS MAY BE CONSIDERED DEPENDING ON THE NATURE OF THE BUSINESS AND
INTEREST OF THE PARTS INVOLVED.
|
FIGURES ARE IN THOUSANDS
OF REAIS |
||
|
|
31-03-08 |
|
|
ASSETS |
|
% |
|
Current Assets |
44.99 |
|
|
Fixed Assets |
$ 256,594 |
40.34 |
|
TOTAL ASSETS |
$ 636,114 |
100.00 |
|
LIABILITIES |
|
|
|
Current Liabilities |
$ 108,654 |
17.08 |
|
Long-Term Liabilities |
$ 110,429 |
17.36 |
|
TOTAL LIABILITIES |
$ 219,083 |
34.44 |
|
Deferred Income |
$ 3,106 |
0.75 |
|
Net Equity |
$ 413,925 |
65.07 |
|
TOTAL LIABILITIES + NET EQUITY |
$ 636,114 |
99.51 |
|
PROFIT AND LOSS ACCOUNTS |
|
|
|
Net Sales |
$ 228,942 |
100.00 |
|
Costs |
$ 174,543 |
76.24 |
|
Gross Profit |
$ 54,399 |
23.76 |
|
Operating expenses |
$ (20,852) |
-9.11 |
|
operational Result |
$ 33,386 |
14.58 |
|
Net Profit (loss) |
$ 22,370 |
9.77 |
|
COMPLEMENTARY DATA |
|
|
|
Inventory |
$ 98,507 |
|
|
Accounts receivable |
$ 119,601 |
|
|
Accounts Payable |
$
39,903 |
|
|
Property, plant and equipment |
$ 212,879 |
|
|
Purchases |
$ 256,594 |
|
|
Financial Expenses |
$ (161) |
|
|
Foreign Currency Assets |
|
|
|
Foreign Currency Liabilities |
|
|
|
Working Capital |
$ 177,546 |
|
|
RATIOS: |
|
|
|
QUICK RATIO |
1.73 |
|
|
CURRENT RATIO |
2.63 |
|
|
ACCOUNTS RECEIVABLE TURNOVER |
1.91 |
times |
|
DAYS' SALES IN RECEIVABLES |
47.02 |
days |
|
INVENTORY TURNOVER |
1.77 |
times |
|
20.58 |
days |
|
|
RETURN ON ASSETS |
0.36 |
times |
|
SALES TURNOVER ON NET EQUIY |
0.55 |
times |
|
NET WORTH TIE-UP |
0.51 |
|
|
ENDEBTEDNESS |
0.53 |
|
|
EQUITY RATIO |
65.07 |
% |
|
WORKING CAPITAL RATIO |
163.40 |
% |
|
GENERAL SOLVENCY |
2.90 |
|
|
RETURN ON NET EQUITY |
5.40 |
% |
|
RETURN ON SALES (PROFIT MARGIN) |
9.77 |
% |
|
GROSS PROFIT MARGIN |
23.76 |
% |
|
OPERATIONAL RESULT |
14.58 |
% |
|
SALES TURNOVER ON LIABILITIES |
2.11 |
times |
|
FOREIGN CURRENCY ON ASSETS |
- |
% |
|
FOREIGN CURRENCY ON LIABILITIES |
- |
% |
|
BALANCE SHEET ANALYSIS |
FIGURES ARE IN THOUSANDS
OF REAIS |
|
31-12-07 |
|
31-12-06 |
|
|
|
% |
|
% |
|
$ 277,466 |
44.12 |
$ 240,620 |
42.98 |
|
$ 255,832 |
40.68 |
$ 262,139 |
46.83 |
|
$ 628,859 |
100.00 |
$ 559,802 |
100.00 |
|
|
|
|
|
|
$ 121,365 |
19.30 |
$ 85,670 |
15.30 |
|
$ 115,939 |
18.44 |
$ 140,759 |
25.14 |
|
$ 237,304 |
37.74 |
$ 226,429 |
40.45 |
|
$ - |
0.00 |
$ - |
0.00 |
|
$ 391,555 |
62.26 |
$ 333,373 |
59.55 |
|
$ 628,859 |
100.00 |
$ 559,802 |
100.00 |
|
|
|
|
|
|
$ 870,621 |
100.00 |
$ 719,987 |
100.00 |
|
$ 671,360 |
77.11 |
$ 621,145 |
86.27 |
|
$ 199,261 |
22.89 |
$ 98,842 |
13.73 |
|
$ (100,152) |
-11.50 |
$ (69,102) |
-9.60 |
|
$ 68,766 |
7.90 |
$ 12,024 |
1.67 |
|
$ 71,457 |
8.21 |
$ 18,828 |
2.62 |
|
|
|
|
|
|
$ 88,012 |
|
$ 68,464 |
|
|
$ 108,685 |
|
$ 100,686 |
|
|
$
40,154 |
|
$ 33,721 |
|
|
$ 210,861 |
|
$ 208,090 |
|
|
$ 255,832 |
|
$ 262,139 |
|
|
$ (30,343) |
|
$ (17,716) |
|
|
|
|
|
|
|
|
|
|
|
|
$ 156,101 |
|
$ 154,950 |
|
|
|
|
|
|
|
1.56 |
|
2.01 |
|
|
2.29 |
|
2.81 |
|
|
8.01 |
times |
7.15 |
times |
|
44.94 |
days |
50.34 |
days |
|
7.63 |
times |
9.07 |
times |
|
21.53 |
days |
19.54 |
days |
|
1.38 |
times |
1.29 |
times |
|
2.22 |
times |
2.16 |
times |
|
0.54 |
|
0.62 |
|
|
0.61 |
|
0.68 |
|
|
62.26 |
% |
59.55 |
% |
|
128.62 |
% |
180.87 |
% |
|
2.65 |
|
2.47 |
|
|
18.25 |
% |
5.65 |
% |
|
8.21 |
% |
2.62 |
% |
|
22.89 |
% |
13.73 |
% |
|
7.90 |
% |
1.67 |
% |
|
7.17 |
times |
8.40 |
times |
|
- |
% |
- |
% |
|
- |
% |
- |
% |
|
|
|
|
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.96 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.65.82 |
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. |
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%)