MIRA INFORM REPORT

 

 

Report Date :

08.05.2008

 

 

IDENTIFICATION DETAILS

 

Name :

SOMAR COMÉRCIO INTERNACIONAL S/A.

 

 

Registered Office :

Av.dos Navegantes, 755 – Salas 202/2005 Enseada do Sua – ZIP-29050-335 – Vitória/Es.

 

 

Country :

Brazil

 

 

Financials (as on) :

30.11.2007

 

 

Date of Incorporation :

16.04. 2001

 

 

Com. Reg. No.:

32.200.971.251

 

 

Legal Form :

Private Anonima Company (Closed Capital)

 

 

Line of Business :

Trade in Hygiene products, perfumes and cosmetics

 

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

 

 

 

 

Head information

 

Company name:                        SOMAR COMÉRCIO INTERNACIONAL S/A.

 

Trade Name:                              SOMAR COMÉRCIO INTERNACIONAL

 

Address:                                   Av.dos Navegantes, 755 – Salas 202/2005

                                                Enseada do Sua – ZIP-29050-335 – VITÓRIA/ES.

                                                BRAZIL.

 

Phone:                                      (55-27) 2125.9500 / 2125.9501 / 2125.9502

Fax:                                          (55-27) 2125.9510

 

E-mail:                                      somarvitoria@somarinternacinal.com.br

Web Site:                                  www.somarinternacional.com.br

 

 

Legal information

 

Legal Status:                             Private Anonima Company (Closed Capital)

Incorporation date:                     April, 16, 2001

Register number:                       32.200.971.251

Tax contributor (CNPJ):              04.424.599/0001-41

Registered capital:                     R$ 1.400.000,00 on December, 29, 2006

Register number:                       340.766.062

State Registration #:                  082.098.89-1

Number of employees:                25

Branches:                                 Rua Samuel Morse, 74 – ZIP-04576-060

                                                São Paulo/SP – Brasil

                                                Phone (55-11) 5505.1005

                                                Fax   (55-11) 5505.6367

 

 

History

 

Established on April, 16, 2001, chartered at the State Commerce Registration Office of Espirito Santo (JUCEES) under number 32.200.971.251, as Somar Vitória Trading Ltda. On April, 02, 2007, the company changed into Somar Comércio Internacional Ltda. On June, 25, 2007,  the subject adopted the present registered name.

 

Partnership:

 

FÁBIO GUEIROS SAMU                                                - 50,1%

Brazilian, (joined 05/2001), Married, CPF: 656.539.047-91

 

PAULO DE TARSO SANTANA CAMURUGI         - 49,9%

Brazilian, (joined 11/2006), Married, CPF: 781.804.227-04

 

 

Management:

 

FÁBIO GUEIROS SAMU                                                - Shareholder Director

 

PAULO DE TARSO SANTANA CAMURUGI                     - Shareholder Director

 

Management Board:

 

PAULO DE TARSO SANTANA CAMURUGI                     - President

FÁBIO GUEIROS SAMU                                                - Vice President

RACHEL DODD MILITO CAMURUGI                               - Counselor

 

 

Properties

 

Not informed

 

Registered line of business:

 

Trade in hygiene products, perfumes and cosmetics.

 

Main Products:

 

50% - Cosmetics and perfumes.

20% - Medical Material

20% - Sewing Machines

10% - Marmoreo and Granite

 

Purchases/Sales:

 

02% - Domestic market

98% - International market

 

 

Related Companies

 

Stock participation:

 

MULTI CARGO TRANSPORTES INTERNACIONAIS LTDA          

CNPJ/MF-02.861.190/0001-67

- Paulo de Tarso Santana Camurugi         - 90,0%

 

COMUNICAÇÃO MAIOR LTDA-EPP – CNPJ/MF-04.241.762/0001-30

- Paulo de Tarso Santana Camurugi         - 33,3

 

 

Financial Data

 

According to the Brazilian Law Private Limited Companies are not obliged to file financial accounts for public inspection.

 

The following financial statement was obtained through outside sources consulted.

 

Quarterly balance sheet as of 30/11/2007 – US$1.00

 

Balance sheet information for fiscal year ending:

 

31/12/2006– US$1.00 = R$2,341

31/12/2005– US$1.00 = R$2,654

 

Figures are in (Thousands of) Reais R$:

 

Assets

11/2007

2006

2005

Current Assets

     18.076

6.437

8.878

Inventory

 4.817

0

48

Other Assets

13.259

6.437

8.830

Long Term Assets

  318

177

301

Fixed Assets

1.007

468

523

Immovable

   424

280

220

Total Assets

19.083

6.905

9.401

 

Liabilities

11/2007

2006

2005

Current Liabilities

14.450

4.540

8.076

Suppliers

4.593

2.053

5.134

Other liabilities

9.857

2.487

2.942

Long Term Liabilities

2.796

875

673

Net Equity

 1.837

1.490

652

Capital

1.400

600

600

Reserves

     0

0

0

Accumulated Profit (Loss)

   437

890

52

Total Liabilities

19.083

6.905

9.401

 

Income Statement

11/2007

2006

2005

Annual Gross Sales

26.837

52.468

33.369

Annual Net Sales

19.712

39.919

25.691

Gross Income

 5.981

10.853

2.482

Operating Income

1.012

1.057

300

Net Income

1.018

820

223

 

Financial Analysis

11/2007

2006

2005

Current Ratio

1,25

1,41

1,09

Current Debt Ratio

0,12

0,32

0,08

Total Debt Ratio

0,09

0,21

0,06

Working Capital

$3.626

$1.897

$802

 

 (Dollar rate US$1.00 = R$1,663 on (06/05/2008)

 

Banking

 

BANESTES S/A-Banco do Estado do Espirito Santo.       - branch 0450

Banco Itaú S/A.                                                             - branch 0104

Banco do Brasil S/A.                                                      - branch 0043

Banco Bradesco S/A.                                                     - branch 0180

Unibanco-União de Bancos Brasileiros S/A.                     - branch 7363

Hsbc Bank Brasil S/A.                                                  - branch 0426

 

Remark:           banking comments could not be obtained due to legal restrictions from the Brazilian Law.

 

Up to May, 06,2008 no returned checks were found either in the name of the company or partners.

 

 

Insurance

 

Not informed

 

 

Payment information

 

The payment information was obtained through outside sources and public consulted.

 

68 invoices

 

Information on purchases:

04/2008

Last:

R$  1.492

Average:

R$  2.330

Information on invoicing:

02/2008

Highest:

R$ 55.458

Average:

R$  9.828

Information on accumulation:

02/2008

Highest:

R$ 55.773

Average:

R$ 10.430

 

96% - prompt payments

02% - delays from 06 up to 15 days

02% - delays from 16 up to 30 days

 

 

Trade References    

 

Main Suppliers - Brazil:

 

JHM MÁQUINAS LTDA.

HOSPFAR INDÚSTRIA E COMÉRCIO DE PRODUTOS HOSPITALARES LTDA.

TRANSPORTADORA TRANSFINAL LTDA.

MARBRASA MÁRMORES E GRANITOS DO BRASIL LTDA.

VOYAGER VIAGENS E TURISMO LTDA.

 

Main Suppliers Aborad:

 

MORRIS PROFUMI DIV.

WILLY INDUSTRIES CO.

ARTDECO COSMETICS GMBH

LANCASTER GROUP WORLD.

 

Main clients - Brazil:

 

Not Informed

 

 

Public Records Information

 

Up to May, 06,2008, negative information was found.

 

 

Remarks

 

Contacted Mr. Ivan Tambara, we requested the balance sheet of 2007, Subject declined to disclose any kind of information without knowing the Enquirer’s name.

 

The information in this report were obtained from outside sources and public records.

 

 

Final Opinion                       

 

We believe it may be possible to have trade relation with the subject company with amounts that fit to its economic-financial resources, under usual terms. When higher amounts are involved we recommend dealing under secured terms.

 

 

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions