MIRA
INFORM REPORT
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Report Date : |
25.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SETA S/A |
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Registered Office : |
Avenida
1º DE Maio,1109 - DAS Rosas 93600-000
Estancia Velha/RS |
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Country : |
Brazil |
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Financials (as on) : |
30.06.2003 |
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Date of Incorporation : |
15.09.1966 |
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Legal Form : |
Privately Held Corporation |
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Line of Business : |
Manufacture of Chemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
SETA S/A EXTRATIVA TANINO DE ACACIA
ADDRESSES
MAIN ADDRESS: AVENIDA 1º DE
MAIO,1109 - DAS ROSAS
ZIP CODE/CITY: 93600-000
ESTANCIA VELHA/RS
PHONE: 51
3561-2233
FAX: 51
3561-2233
E-MAIL: teresa.ribas@seta-sa.com.br
WEB SITE: www.seta-sa.com.br
BRANCHES:
NOT AVAILABLE
LEGAL DATA
MAIN ACTIVITIES:
MANUFACTURE OF CHEMICALS.
LEGAL FORM: PRIVATELY HELD CORPORATION
INCORPORATION
DATE: 15/09/1966
REGISTER DATE: 15/09/1966
BALANCE SHEET
FILING DATE: 31/12
TAX CONTRIBUTOR
NUMBER(CNPJ): 89.717.268/0001-52
STATE REGISTER: 042/0002502
SHARE CAPITAL: R$
15.714.874,24
BOARD OF DIRECTORS:
CARLOS ALFREDO
LEUCK DIRECTOR
ROBERTO LUZ DIRECTOR
AUTHORIZED USE OF SIGNATURE
THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.
SHAREHOLDERS / PARTNERS:
SETAPAR S/A 99,99%
OTHERS 0,01%
AFFILIATES / SUBSIDIARIES:
MITA LTDA
ACQUAQUÍMICA LTDA
RIVER CHEMICAL
INDUSTRIALE S.P.A
COMPANY'S BACKGROUND
THE SUBJECT WAS ESTABLISHED ON SEPTEMBER 15, 1966 AS S/A EXTRATIVA
TANINO DE ACACIA TO BE ENGAGED IN THE SAID LINE OF BUSINESS. LATER IT ADOPTED
THE ABOVE MENTIONED NAME.
ABOUT SETA GROUP:
SETA GROUP HAS BEEN LOCATED IN ESTÂNCIA VELHA CITY IN RIO GRANDE DO SUL
STATE IN BRAZIL SINCE ITS FOUNDATION IN 1941.
AT THIS PLANT, IT IS CENTERED THE ADMINISTRATION OF THE WHOLE GROUP, AS
WELL AS THE PRODUCTION OF VEGETABLE TANNIN, CHEMICAL SPECIALITIES,
COMMERCIALIZING AND STOCKING OF SETA'S LINE OF PRODUCTS AND ITS PARTNERS.
COMPANIES, WHICH BELONG TO THE GROUP ARE:
SETA S/A - EXTRATIVA TANINO DE ACÁCIA IS ITS NAME (EXTRACTIVE INDUSTRY
OF TANNIN OF ACACIA), IT PRODUCES TANNIN AND OTHER CHEMICAL PRODUCTS TO SUPPLY
THE LEATHER MARKET. ITS MAIN OFFICE IS LOCATED IN ESTÂNCIA VELHA CITY IN RIO
GRANDE DO SUL STATE (RS) IN BRAZIL. THERE IS A BRANCH IN TAQUARI CITY IN RIO
GRANDE DO SUL STATE.
MITA LTDA., A JOINT VENTURE COMPOSED OF SETAPAR AND MITSUBISHI
CORPORATION, CIA THAT PRODUCES WOODCHIPS TO THE CELLULOSE WORLDWIDE
INTERNATIONAL MARKET.
ACQUAQUÍMICA LTD. PRODUCES CHEMICAL SPECIALTIES BASED ON TANNIN TO
SEVERAL INDUSTRIAL SEGMENTS.
RIVER CHIMICA INDUSTRIALE S.P.A. MANAGES THE REPRESENTATIVE AND
COMMERCIALIZING MATTERS OF CHEMICAL PRODUCTS.
SETAPAR S/A IS THE GROUP’S HOLDING COMPANY.
FURTHER DETAILS ABOUT THE SUBJECT'S HISTORY ARE SO FAR NOT KNOWN.
REMARKS:
WHEN INTERVIEWED SOURCES AT THE SUBJECT STATED THAT ARE STILL WAITING FOR
AUTHORIZATION FROM THE PRINCIPALS TO PROVIDE THE DATA NECESSARY TO COMPLETE
THIS REPORT.
A REQUEST FOR FURTHER DATA HAS BEEN SENT TO THE COMPANY. PROVIDED THE
DATA REQUESTED ARE RECEIVED FROM THE SUBJECT A COMPLEMENTARY REPORT WILL BE
SENT TO YOUR ATTENTION.
THE DATA CONTAINED HEREIN WERE OBTAINED FROM OUTSIDE SOURCES, OUR
DATABASE AND OFFICIAL. NO FURTHER DATA WAS AVAILABLE WITH SEVERAL SOURCES
USUALLY INVESTIGATED.
PUBLIC RECORDS
INFORMATION:
NO DETRIMENTAL FILES WERE FOUND.
FINANCIAL INFORMATION
DUE TO THE SUBJECT'S LEGAL FORM, IT IS NOT OBLIGED TO PUBLISH THE
BALANCE SHEET INFORMATION. WHEN INTERVIEWING SOURCES AT THE SUBJECT COMPANY
DECLINED TO PROVIDE ANY KIND OF FINANCIAL INFORMATION AS THEY ARE STILL NOT
AUTHORIZED TO DO SO.
OUTSIDE SOURCES CONTACTED SHOWED THE FOLLOWING FINANCIAL DATA ABOUT THIS
COMPANY. NO MORE UPDATE OR COMPLETE IS AVAILABLE.
GENERAL BALANCE SHEETS AS OF 30/06/2003, 31/12/2002 AND 31/12/2001
(FIGURES ARE IN THOUSANDS OF REAIS R$).
ASSETS
------ 30/06/03 31/12/02 31/12/01
CURRENT
INVENTORY 4.156 6.015 5.433
NOTES RECEIVABLE 14.815
14.683 10.420
ADVANCE TO SUPPLIERS 898 374 468
PRE-PAID EXPENSES 181
145 185
RECOVERABLE TAXES 2.520
2.507 1.448
CASH AND BANKS 229
656 331
INVESTMENTS 551
2.023 585
ACCOUNTS RECEIVABLE 299 330 299
OTHER CREDITS 2.299
2.339 2.339
----- ----- -----
TOTAL
CURRENT ASSETS 25.948 5.348 3.554
LONG-TERM
RECEIVABLES
ACCOUNTS RECEIVABLE 243 243 243
INTERCOMPANY ACCOUNTS 9.750 6.392 1.697
OTHER CREDITS 609
615 1.093
--- --- ---
TOTAL
LONG-TERM RECEIVABLES 10.602 7.250 3.033
FIXED
ASSETS:
INVESTMENTS 6.420
6.420 7.817
PROPERTY, PLANT AND EQUIPMENT 34.999 35.124 36.449
DEFERRED 257 182 53
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TOTAL
FIXED ASSETS 41.676 41.726 44.319
======= ======= ======
TOTAL
ASSETS 78.226 78.048 68.860
LIABILITIES
----------- 30/06/03 31/12/02 31/12/01
CURRENT:
SUPPLIERS 2.548 2.210 1.393
LABOUR OBLIGATIONS 1.385
1.127 674
ACCOUNTS PAYABLE 992
1.053 722
ADVANCE FROM EXCHANGE 11 11 11
FINANCING 0 2.711 1.921
INTERCOMPANY ACCOUNTS 7.476 6.693 1.887
OTHER DEBITS 2.748
3.111 2.574
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TOTAL
CURRENT LIABILITIES 15.160 16.916 9.182
LONG
TERM LIABILITIES:
ACCOUNTS PAYABLE 0
0 0
BONDS PAYABLES 0
331 0
FINANCING 29.924
25.028 17.812
INSTALLMENT TAXES PAYABLE 19.050 18.791 18.576
OTHER DEBTS 2.098
1.769 1.775
------ ------- -------
TOTAL
LONG TERM LIABILITIES 51.074 45.760 38.922
NET
EQUITY:
SHARE CAPITAL 15.715
15.715 15.715
RESERVES 22.639 22.639 25.671
RETAINED EARNINGS (26.362)
(22.982) (20.630)
------- ------ ------
TOTAL
NET EQUITY 11.992 15.372 20.756
======= ======= ======
TOTAL
LIABILITIES 78.226 78.048 68.860
PROFIT
AND LOSS ACCOUNTS AS OF 30/06/2003, 31/12/2002 AND 31/12/2001
(FIGURES
ARE IN THOUSANDS OF REAIS R$).
30/06/03 31/12/02 31/12/01
NET
SALES
28.726 47.300 31.908
(-)
COST OF SOLD GOODS
20.445 33.327 22.549
------ ------ ------
GROSS
PROFIT 8.281 13.973 9.359
OPERATING
REVENUE (EXPENSE) (6.164) (11.436) (9.727)
FINANCIAL
INCOME (EXPENSES) (5.485) (6.534) (4.828)
EQUITY
INCOME (LOSS) - (1.398) (47)
------- ------- -------
OPERATIONAL
PROFIT (LOSS) (3.368) (5.395) (5.243)
NON-OPERATING
RESULT (15) 12 17
CONTRIBUTION/INCOME
TAX 0 0 0
--------- -------- -------
NET
PROFIT (LOSS)
(3.383) (5.383) (5.226)
EXCHANGE RATE:
US$ 1,00 = R$ 1,79 - OFFICIAL RATE ON 24/09/2008
US$ 1,00 = R$ 2,88 - OFFICIAL RATE ON 31/12/2003
US$ 1,00 = R$ 2,53 - OFFICIAL RATE ON 31/12/2002
US$ 1,00 = R$ 2,32 - OFFICIAL RATE ON 31/12/2001
COMMENTS ON THE FINANCIAL
INFORMATION:
FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS.
THE FIGURES AVAILABLE SHOW A SATISFACTORY FINANCIAL STANDING. IT IS
NOTED HIGH LEVEL OF INDEBTEDNESS AND LOSSES BUT THE COMPANY STILL OPERATES WITH
GOOD LIQUIDITY RATIOS AND POSITIVE WORKING CAPITAL AMOUNT AS WELL AS GROWING
SALES.
IN THE ABSENCE OF UPDATED FINANCIAL INFORMATION NO COMMENTS CAN BE MADE
ABOUT THE SUBJECT’S CURRENT FINANCIAL STANDING.
REAL ESTATE:
NOT AVAILABLE
VEHICLES:
NOT AVAILABLE
MACHINES:
NOT AVAILABLE
INSURANCE
NOT AVAILABLE.
BANKING REFERENCES
NOT AVAILABLE
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: SEPTEMBER 24, 2008.
ACTIVITIES COMMENTS
THE SUBJECT IS ENGAGED IN THE MANUFACTURE OF CHEMICALS FOR LEATHER
TANNING.
IMPORT AND EXPORT:
IMPORTS FROM:
NOT AVAILABLE.
EXPORTS TO:
NOT AVAILABLE.
MAIN CLIENTS:
DOMESTIC CLIENTS:
NOT AVAILABLE
STAFF:
THE COMPANY HAS: 320 EMPLOYEE(S)
CONCEPT AND FULFILMENT
THE SUBJECT IS AN OLD-ESTABLISHED COMPANY, OPERATING SINCE 1966. SO FAR
IT HAS A CLEAR TRADE HISTORY AND NO PAYMENT PROBLEMS ARE NOTED.
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.
MAIN SUPPLIERS:
DOMESTIC SUPPLIERS:
NOT AVAILABLE
PAYMENT HISTORY:
18 SUPPLIERS REPORTED PAYMENTS:
TOTAL AMOUNT: R$ 114.776,00
AMOUNT OF INVOICES PAID: 50
TOTAL OF PROMPT PAYMENTS: 93,0%
TOTAL OF DELAYED PAYMENTS: 7,0%
HIGHEST INVOICE: R$ 12.285,00
HIGHEST CREDIT: R$ 15.749,00
FINAL OPINION
BASED ON THE OVERALL DATA AVAILABLE THE SUBJECT MAY BE CONSIDERED FOR
NORMAL BUSINESS COMMITMENTS. CREDIT FACILITIES HOWEVER SHOULD BE GRANTED ON
SECURED TERMS ONLY DUE TO THE ABSENCE OF UPDATED FINANCIAL DATA.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.43 |
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UK Pound |
1 |
Rs.85.38 |
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Euro |
1 |
Rs.67.95 |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)