MIRA
INFORM REPORT
|
Report Date : |
21.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
ENDEKA CERAMICA LTDA. |
|
|
|
|
Registered
Office : |
AV. Ministro Roberto Cardoso Alves,1351 - Distrito Industrial Mogi Guacu 13849-212 MOGI-GUACU/SP |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2007 |
|
|
|
|
Date of
Incorporation : |
06.12.1995 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of Ceramics. |
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 |
|
Maximum Credit Limit : |
USD 500.000,00 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name of the company
ENDEKA CERAMICA
LTDA.
ADDRESSES
|
MAIN ADDRESS: |
AV. MINISTRO ROBERTO CARDOSO
ALVES,1351 - DISTRITO INDUSTRIAL MOGI GUACU |
|
ZIP CODE/CITY: |
13849-212 MOGI-GUACU/SP |
|
|
|
|
PHONE: |
19 3851-8500 |
|
FAX: |
19 3851-8501 |
|
E-MAIL: |
|
BRANCHES: |
|
|
|
|
|
ADDRESS: |
RUA HENRY
MARTIN,155 |
|
ZIP CODE/CITY: |
06730-000 VARGEM
GRANDE PAULISTA/SP |
|
|
|
|
ADDRESS: |
RUA PEDRO |
|
ZIP CODE/CITY: |
13857-000 ESTIVA GERBI/SP |
|
|
|
|
ADDRESS: |
RUA JOÃO PESSOA,1255 |
|
ZIP CODE/CITY: |
88810-020 CRICIUMA/SC |
LEGAL DATA
|
MAIN ACTIVITIES: |
|
MANUFACTURE OF CERAMICS. |
|
LEGAL FORM: |
LIMITED
LIABILITY COMPANY |
|
|
|
|
INCORPORATION DATE: |
06/12/1995 |
|
REGISTER DATE: |
21/12/1995 |
|
BALANCE SHEET FILING DATE: |
31/12 |
|
TAX CONTRIBUTOR NUMBER(CNPJ): |
00.987.048/0001-35 |
|
STATE REGISTER: |
455.180.101.116 |
|
|
|
|
SHARE CAPITAL: |
R$ 37.265,00 |
|
LAST REGISTER OF CAPITAL: |
27/02/2007 |
|
BOARD OF
DIRECTORS: |
|
|
|
|
|
FABIO LEVADA |
MANAGER |
|
RUI OSVALDO GATTO |
MANAGER |
AUTHORIZED USE OF SIGNATURE:
|
THE MANAGERS ARE AUTHORIZED TO SIGN ON
BEHALF OF THE COMPANY. |
|
SHAREHOLDERS
/ PARTNERS: |
|
|
|
|
|
ENDEKA CERAMICS HOLDING S.L |
99,99% |
|
ENDEKA CERAMICS OVERSEAS HOLDINGS |
0,01% |
|
AFFILIATES /
SUBSIDIARIES: |
|
|
|
|
|
NOT AVAILABLE. |
|
COMPANY'S BACKGROUND
|
THE SUBJECT WAS ESTABLISHED ON DECEMBER
06, 1995 SAID LINE OF BUSINESS AND UP TO DATE IT IS STILL OPERATING WITHIN
THE GENERAL SCENE REPORTED HEREIN. THE COMPANY "ENDEKA CERAMICAS LTDA
CNPJ 08.624.381/0001-91", ESTABLISHED ON JANUARY 23, 2007. ON MAY 03,
2007 IT WAS TAKEN OVER BY "MICROCINA HOLDINGS BRASIL LTDA" NIRE
35213510111, CNPJ 00.987.052/0001-01 ESTABLISHED ON DECEMBER 06, 1995. LATER
THE SUBJECT TOOK OVER "MICROCINA HOLDINGS BRASIL LTDA". PREVIOUS CORPORATE NAME: ZAIDAN COMERCIAL LTDA MICROCINA COMERCIAL JOHNSON MATTHEY CERAMICA LTDA MICROCINA CERAMICA DO BRASIL LTDA FURTHER DETAILS ARE SO FAR NOT KNOWN. |
|
PUBLIC
INFORMATION: |
|
NO DETRIMENTAL FILES WERE FOUND. |
FINANCIAL INFORMATION
|
GENERAL BALANCE SHEETS AS OF 31/12/2007 AND 31/12/2006. |
|
( FIGURES ARE IN REAIS ). |
|
ASSETS
|
|
|
|
|
CURRENT: |
31/12/2007 |
31/12/2006 |
|
|
|
|
|
|
|
CASH |
5.554.200,20 |
24.119.154,37 |
|
|
CLIENTS |
17.111.265,81 |
23.808.042,35 |
|
|
ADVANCE TO EMPLOYEES |
11.402,14 |
23.604,01 |
|
|
ADVANCES |
-1.363.417,78 |
-2.211.820,13 |
|
|
DEFERRED EXPENSES |
1.350.588,44 |
994.453,45 |
|
|
ADVANCE TO SUPPLIERS |
1.476.712,89 |
2.645.131,09 |
|
|
CURRENT ACCOUNT |
201.738,26 |
2.357.255,71 |
|
|
RECOVERABLE TAXES |
2.195.451,64 |
2.065.574,37 |
|
|
INVENTORY |
12.030.623,17 |
15.791.123,53 |
|
|
|
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
38.568.564,77 |
69.592.518,75 |
|
|
LONG-TERM
RECEIVABLES: |
|
|
|
|
|
|
|
|
|
GUARANTEE DEPOSITS |
369.265,64 |
95.953,73 |
|
|
COMPULSORY LOANS |
15.838,64 |
15.838,64 |
|
|
|
---------------- |
---------------- |
|
|
TOTAL LONG-TERM RECEIVABLES |
385.104,28 |
111.792,37 |
|
|
FIXED
ASSETS: |
|
|
|
|
|
|
|
|
|
INVESTMENTS |
-22.634.731,49 |
60.549,60 |
|
|
FIXED ASSETS |
23.539.942,79 |
21.732.746,07 |
|
|
|
---------------- |
---------------- |
|
|
TOTAL FIXED
ASSETS |
905.211,30 |
21.793.295,67 |
|
|
OFF-BALANCE
ACCOUNTS |
-2.137,50 |
|
|
|
|
================ |
================ |
|
|
TOTAL ASSETS |
39.856.742,85 |
91.497.606,79 |
|
|
NET
EQUITY: |
|
|
|
|
|
|
|
|
|
SHARE CAPITAL |
37.265,00 |
77.031.478,55 |
|
|
ACCRUED PROFIT (LOSS) |
-991.224,71 |
5.867.392,69 |
|
|
PROFIT (LOSS) OF PERIOD |
3.943.668,18 |
|
|
|
|
---------------- |
---------------- |
|
|
TOTAL NET EQUITY |
2.989.708,47 |
82.898.871,24 |
|
|
|
================ |
================ |
|
|
TOTAL LIABILITIES |
39.856.742,85 |
91.497.606,79 |
|
|
LIABILITIES: |
|
|
|
|
CURRENT:
|
31/12/2007 |
31/12/2006 |
|
|
|
|
|
|
|
SUPPLIERS |
9.039.605,73 |
4.911.981,39 |
|
|
LABOR OBLIGATIONS |
3.748,71 |
|
|
|
SOCIAL CONTRIBUTION |
60.567,65 |
506.936,15 |
|
|
TRIBUTARY OBLIGATIONS |
-667.049,37 |
358.210,46 |
|
|
DIVIDENDS |
13.697,78 |
13.370,41 |
|
|
PROVISIONS |
697.121,79 |
667.510,62 |
|
|
ADVANCE FROM CLIENTS |
32.979,23 |
74.394,34 |
|
|
GOODS FROM THIRD PARTIES |
262.424,27 |
81,50 |
|
|
CURRENT ACCOUNT |
|
2.066.250,68 |
|
|
|
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
9.443.095,79 |
8.598.735,55 |
|
|
LONG
TERM LIABILITIES: |
|
|
|
|
|
|
|
|
|
LOANS AND
FINANCING |
27.423.938,59 |
|
|
|
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM
LIABILITIES |
27.423.938,59 |
|
|
|
PROFIT AND LOSS ACCOUNTS AS OF 31/12/2007 AND
31/12/2006. |
|
( FIGURES ARE IN REAIS ). |
|
|
31/12/2007 |
31/12/2006 |
|
|
|
|
|
|
|
NET SALES |
74.899.859,51 |
78.992.601,03 |
|
|
(-) COST OF SOLD
GOODS |
61.230.941,10 |
64.541.880,65 |
|
|
|
---------------- |
---------------- |
|
|
GROSS PROFIT |
13.668.918,41 |
14.450.720,38 |
|
|
OPERATING
REVENUE (EXPENSE) |
-9.008.814,49 |
-10.341.256,20 |
|
|
FINANCIAL
REVENUE(EXPENSE) |
508.691,02 |
3.634.062,71 |
|
|
|
---------------- |
---------------- |
|
|
OPERATIONAL PROFIT
(LOSS) |
5.168.794,94 |
7.743.526,89 |
|
|
NON-OPERATING
RESULT |
-7.377,89 |
-128.392,73 |
|
|
CONTRIBUTION/INCOME
TAX |
-1.217.748,87 |
-1.777.646,46 |
|
|
|
---------------- |
---------------- |
|
|
NET PROFIT
(LOSS) |
3.943.668,18 |
5.837.487,70 |
|
|
MONTHLY
SALES |
|||
|
|
2008 |
|
|
|
|
--------------------- |
|
|
|
JANUARY |
R$ 7.849.571,96 |
|
|
|
FEBRUARY |
|
|
|
|
MARCH |
|
|
|
|
APRIL |
|
|
|
|
MAY |
|
|
|
|
JUNE |
|
|
|
|
JULY |
|
|
|
|
AUGUST |
|
|
|
|
SEPTEMBER |
|
|
|
|
OCTOBER |
|
|
|
|
NOVEMBER |
|
|
|
|
DECEMBER |
|
|
|
|
TOTAL |
R$ 7.849.571,96 |
|
|
|
RATIOS: |
31/12/2007 |
31/12/2006 |
|
|
QUICK RATIO |
2,81 |
|
6,26 |
|
|
|
|
CURRENT RATIO |
4,08 |
|
8,09 |
|
|
|
|
ACCOUNTS RECEIVABLE TURNOVER |
4,38 |
TIMES |
3,32 |
TIMES |
|
|
|
DAYS' SALES IN RECEIVABLES |
82,24 |
DAYS |
108,50 |
DAYS |
|
|
|
INVENTORY TURNOVER |
5,09 |
TIMES |
4,09 |
TIMES |
|
|
|
ACCOUNTS PAYABLE PERIOD |
53,15 |
DAYS |
27,40 |
DAYS |
|
|
|
RETURN ON ASSETS |
1,88 |
TIMES |
,86 |
TIMES |
|
|
|
SALES TURNOVER ON NET EQUITY |
25,05 |
TIMES |
,95 |
TIMES |
|
|
|
NET WORTH TIE-UP |
7,87 |
|
,26 |
|
|
|
|
INDEBTEDNESS |
12,33 |
|
,10 |
|
|
|
|
EQUITY RATIO |
7,50 |
% |
90,60 |
% |
|
|
|
WORKING CAPITAL RATIO |
308,43 |
% |
709,33 |
% |
|
|
|
GENERAL SOLVENCY |
1,08 |
|
10,64 |
|
|
|
|
RETURN ON NET EQUITY |
131,91 |
% |
7,04 |
% |
|
|
|
RETURN ON SALES (PROFIT MARGIN) |
5,27 |
% |
7,39 |
% |
|
|
|
GROSS PROFIT MARGIN |
18,25 |
% |
18,29 |
% |
|
|
|
OPERATIONAL RESULT |
6,90 |
% |
9,80 |
% |
|
|
|
SALES TURNOVER ON LIABILITIES |
7,93 |
TIMES |
9,19 |
TIMES |
|
|
|
FOREIGN CURRENCY ON ASSETS |
|
|
|
|
|
|
|
FOREIGN CURRENCY ON LIABILITIES |
|
|
|
|
|
|
|
EXCHANGE
RATE: |
|
|
US$ 1,00 = R$ 2,10 |
-
OFFICIAL RATE ON 17/10/2008 |
|
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 SATISFACTORY FINANCIAL STANDING. THE
LEVEL OF INDEBTEDNESS IS VERY HIGH BUT IT WAS DUE TO THE DECREASE OF THE SHARE
CAPITAL AND IT IS NOTED HIGH LIQUIDITY RATIOS AND POSITIVE WORKING CAPITAL
AMOUNT CONSIDERED ENOUGH TO COVER THE SHORT TERM LIABILITIES. IN ADDITION IT
IS NOTED DROP IN SALES BUT PROFIT WAS MADE. |
|
REAL ESTATE: |
NOT AVAILABLE
|
VEHICLES: |
NOT AVAILABLE
|
MACHINES: |
NOT AVAILABLE
INSURANCE
|
NOT AVAILABLE. |
BANKING REFERENCES
|
|
BRANCH/PHONE: |
|
|
BANCO DO BRASIL S/A |
19 3633-4393 |
|
|
BANCO ITAU S/A |
19 36707-5542 |
|
|
REMARKS: IN ACCORDING TO THE CENTRAL BANK OF |
ACTIVITIES COMMENTS
|
THE SUBJECT IS ENGAGED IN THE MANUFACTURE
OF CERAMICS PRODUCTS. |
|
IMPORT AND
EXPORT: |
IMPORTS FROM:
|
NOT AVAILABLE. |
EXPORTS TO:
|
NOT AVAILABLE. |
|
MAIN CLIENTS: |
|
|
|
|
|
|
|
DOMESTIC
CLIENTS: |
|
PHONE: |
|
ESMALGLASS DO BRASIL LTDA |
|
48 3431-5000 |
|
GRUPO ELIANE |
|
48 3447-7817 |
|
TORRECID DO BRASIL LTDA |
|
48 432-0220 |
|
VIDRES DO BRASIL LTDA |
|
48 2102-0500 |
|
STAFF: |
|
|
|
THE COMPANY HAS: 102 EMPLOYEE(S) |
CONCEPT AND FULFILMENT
|
THE SUBJECT WAS ESTABLISHED IN 1995. SO FAR IT SHOWS HIGH SALES
VOLUME, A CLEAR TRADE HISTORY AND GOOD PAYMENT BEHAVIOUR. THE COMPANY HAS TRADE RELATIONS WITH SEVERAL SUPPLIERS IN |
|
MAIN SUPPLIERS: |
|
|
|
|
|
|
|
DOMESTIC
SUPPLIERS: |
|
PHONE: |
|
COMGAS NATURAL |
|
19 3207-3940 |
|
GRUPO VOTORANTIM |
|
11 2159-3271 |
|
MINERAÇÃO JUNDU LTDA |
|
19 3583-9214 |
|
TECMIL COM. MINERIOS LTDA |
|
19 3546-3010 |
|
PAYMENT
HISTORY: |
|
12 SUPPLIERS REPORTED PAYMENTS: |
|
TOTAL AMOUNT: R$ 462.308,00 |
|
|
|
AMOUNT OF INVOICES PAID: 155 |
|
TOTAL OF PROMPT PAYMENTS: 99,8% |
|
TOTAL OF DELAYED PAYMENTS: 0,2% |
|
|
|
HIGHEST INVOICE: R$ 10.954,00 |
|
HIGHEST CREDIT: R$ 42.680,00 |
|
|
|
OUTSTANDING
INVOICES DUE WITHIN THE NEXT +90 DAYS: |
|
--------------------------- |
SUPPLIERS: |
INVOICES: |
TOTAL AMOUNT: |
|
ALL |
3 |
21 |
R$ 69.848,00 |
|
DUE WITHIN 30 DAYS |
3 |
13 |
R$ 47.908,00 |
|
DUE WITHIN 60 DAYS |
3 |
6 |
R$ 18.789,00 |
|
DUE WITHIN 90 DAYS |
1 |
1 |
R$ 1.575,00 |
|
DUE WITHIN OVER 90 DAYS |
1 |
1 |
R$ 1.575,00 |
FINAL OPINION
|
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. *ADVICE CONCERNING: R 16 000 000 FOR 30 DAYS THE AMOUNT OF CREDIT REQUIRED IS POSSIBLE. AN INITIAL CREDIT LIMIT OF
USD 500.000,00 MAY BE CONSIDERED. |
|
ENDEKA CERAMICA
LTDA |
|
|
|
|
|
BALANCE SHEET
ANALYSIS |
FIGURES ARE IN
REAIS |
|
|
|
|
|
31-12-07 |
|
31-12-06 |
|
|
ASSETS |
|
% |
|
% |
|
Current Assets |
96.77 |
$ 69,592,519 |
76.06 |
|
|
Fixed Assets |
$
905,211 |
2.27 |
$ 21,793,296 |
23.82 |
|
TOTAL ASSETS |
$
39,856,743 |
100.00 |
$ 91,497,607 |
100.00 |
|
LIABILITIES |
|
|
|
|
|
Current Liabilities |
$
9,443,096 |
23.69 |
$ 8,598,736 |
9.40 |
|
Long-Term Liabilities |
$
27,423,939 |
68.81 |
$ - |
0.00 |
|
TOTAL LIABILITIES |
$
36,867,034 |
92.50 |
$ 8,598,736 |
9.40 |
|
Deferred Income |
$ - |
0.00 |
$ - |
0.00 |
|
Net Equity |
$
2,989,708 |
7.50 |
$ 82,898,871 |
90.60 |
|
TOTAL LIABILITIES + NET EQUITY |
$
39,856,743 |
100.00 |
$ 91,497,607 |
100.00 |
|
PROFIT AND LOSS ACCOUNTS |
|
|
|
|
|
Net Sales |
$
74,899,860 |
100.00 |
$ 78,992,601 |
100.00 |
|
Costs |
$
61,230,941 |
81.75 |
$ 64,541,881 |
81.71 |
|
Gross Profit |
$
13,668,918 |
18.25 |
$ 14,450,720 |
18.29 |
|
Operating expenses |
$
(9,008,814) |
-12.03 |
$ (10,341,256) |
-13.09 |
|
operational Result |
$
5,168,795 |
6.90 |
$ 7,743,527 |
9.80 |
|
Net Profit (loss) |
$
3,943,668 |
5.27 |
$ 5,837,488 |
7.39 |
|
COMPLEMENTARY DATA |
|
|
|
|
|
Inventory |
$
12,030,623 |
|
$ 15,791,124 |
|
|
Accounts receivable |
$
17,111,266 |
|
$ 23,808,042 |
|
|
Accounts Payable |
$
9,039,606 |
|
$ 4,911,981 |
|
|
Property, plant and equipment |
$
23,539,943 |
|
$ 21,732,746 |
|
|
Purchases |
$
905,211 |
|
$ 21,793,296 |
|
|
Financial Expenses |
$
508,691 |
|
$ 3,634,063 |
|
|
Foreign Currency Assets |
|
|
|
|
|
Foreign Currency Liabilities |
|
|
|
|
|
Working Capital |
$
29,125,469 |
|
$ 60,993,783 |
|
|
RATIOS: |
|
|
|
|
|
QUICK RATIO |
2.81 |
|
6.26 |
|
|
CURRENT RATIO |
4.08 |
|
8.09 |
|
|
ACCOUNTS RECEIVABLE TURNOVER |
4.38 |
times |
3.32 |
times |
|
DAYS' SALES IN RECEIVABLES |
82.24 |
days |
108.50 |
days |
|
INVENTORY TURNOVER |
5.09 |
times |
4.09 |
times |
|
53.15 |
days |
27.40
|
days |
|
|
RETURN ON ASSETS |
1.88 |
times |
0.86 |
times |
|
SALES TURNOVER ON NET EQUIY |
25.05 |
times |
0.95 |
times |
|
NET WORTH TIE-UP |
7.87 |
|
0.26 |
|
|
ENDEBTEDNESS |
12.33 |
|
0.10 |
|
|
EQUITY RATIO |
7.50 |
% |
90.60
|
% |
|
WORKING CAPITAL RATIO |
308.43 |
% |
709.33 |
% |
|
GENERAL SOLVENCY |
1.08 |
|
10.64
|
|
|
RETURN ON NET EQUITY |
131.91 |
% |
7.04 |
% |
|
RETURN ON SALES (PROFIT
MARGIN) |
5.27 |
% |
7.39 |
% |
|
GROSS PROFIT MARGIN |
18.25 |
% |
18.29
|
% |
|
OPERATIONAL RESULT |
6.90 |
% |
9.80 |
% |
|
SALES TURNOVER ON LIABILITIES |
7.93 |
times |
9.19 |
times |
|
FOREIGN CURRENCY ON ASSETS |
- |
% |
- |
% |
|
FOREIGN CURRENCY ON
LIABILITIES |
- |
% |
- |
% |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.83 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
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%)