MIRA
INFORM REPORT
|
Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
CIA. HERING |
|
|
|
|
Formerly Known As : |
HERING TEXTIL S/A. |
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Registered Office : |
Rua Hermann Hering, 1790 - Bom Retiro, Zip- Code 89010-900 -
Blumenau/Sc |
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Country : |
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|
Financials (as on) : |
30.09.2012 |
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|
|
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Date of Incorporation : |
19.08.1985 |
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|
|
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Legal Form : |
Publicly held
corporation |
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|
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Line of Business : |
Manufacturer
of textiles. |
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|
|
|
No. of Employees : |
8788 employees |
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 : |
Good |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
--- |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Brazil |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Brazil - ECONOMIC OVERVIEW
Characterized by large and well-developed agricultural, mining, manufacturing, and service sectors, Brazil's economy outweighs that of all other South American countries, and Brazil is expanding its presence in world markets. Since 2003, Brazil has steadily improved its macroeconomic stability, building up foreign reserves, and reducing its debt profile by shifting its debt burden toward real denominated and domestically held instruments. In 2008, Brazil became a net external creditor and two ratings agencies awarded investment grade status to its debt. After strong growth in 2007 and 2008, the onset of the global financial crisis hit Brazil in 2008. Brazil experienced two quarters of recession, as global demand for Brazil's commodity-based exports dwindled and external credit dried up. However, Brazil was one of the first emerging markets to begin a recovery. In 2010, consumer and investor confidence revived and GDP growth reached 7.5%, the highest growth rate in the past 25 years. Rising inflation led the authorities to take measures to cool the economy; these actions and the deteriorating international economic situation slowed growth to 2.7% for 2011 as a whole, though forecasts for 2012 growth are somewhat higher. Despite slower growth in 2011, Brazil overtook the United Kingdom as the world's seventh largest economy in terms of GDP. Urban unemployment is at the historic low of 4.7% (December 2011), and Brazil's traditionally high level of income equality has declined for each of the last 12 years. Brazil's high interest rates make it an attractive destination for foreign investors. Large capital inflows over the past several years have contributed to the appreciation of the currency, hurting the competitiveness of Brazilian manufacturing and leading the government to intervene in foreign exchanges markets and raise taxes on some foreign capital inflows. President Dilma ROUSSEFF has retained the previous administration's commitment to inflation targeting by the central bank, a floating exchange rate, and fiscal restraint.
|
Source : CIA |
Company name
CIA. HERING
company ADDRESSES
|
MAIN ADDRESS: |
RUA HERMANN HERING, 1790 - BOM RETIRO |
|
ZIP CODE/CITY: |
89010-900 - BLUMENAU/SC |
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|
|
|
PHONE: |
47 3321-3544/3545 |
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FAX: |
47 3321-3155 |
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E-MAIL: |
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WEB SITE: |
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BRANCHES: |
|
|
|
|
|
ADDRESS: |
RUA DO ROCIO, 430 - VILA OLIMPIA |
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ZIP CODE/CITY: |
04552-000 SÃO PAULO/SP |
|
|
|
|
ADDRESS: |
RUA VPR 3 - S/Nº. |
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ZIP CODE/CITY: |
75133-600 ANÁPOLIS/GO |
|
THE SUBJECT HAS 276 STORES THROUGHOUT BRAZIL. |
LEGAL DATA
|
MAIN ACTIVITIES: |
|
MANUFACTURE OF TEXTILES. |
|
LEGAL FORM: |
PUBLICLY
HELD CORPORATION |
|
|
|
|
INCORPORATION DATE: |
19/08/1985 |
|
REGISTER DATE: |
21/08/1985 |
|
BALANCE SHEET FILING DATE: |
31/12 |
|
TAX CONTRIBUTOR NUMBER(CNPJ): |
78.876.950/0001-71 |
|
STATE REGISTER: |
251.213.749 |
|
|
|
|
SHARE CAPITAL: |
R$
235.974.478,67 |
|
LAST REGISTER OF CAPITAL: |
30/05/2012 |
|
BOARD OF
DIRECTORS: |
|
|
|
|
|
FABIO HERING |
PRESIDENT DIRECTOR |
|
RONALDO LOOS |
COMMERCIAL DIRECTOR |
|
CARLOS TAVARES D´AMARAL |
ADMINISTRATIVE DIRECTOR |
|
FREDERICO DE AGUIAR OLDANI |
FINANCIAL DIRECTOR |
|
MARCOS RIBEIRO GOMES |
MARKETING DIRECTOR |
|
EDGAR DE OLIVEIRA FILHO |
INDUSTRIAL DIRECTOR |
|
MOACYR JOSÉ MATHEUSSI |
DIRECTOR |
AUTHORIZED USE OF SIGNATURE
|
THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY. |
|
SHAREHOLDERS /
PARTNERS: |
|
|
|
|
|
INVESTIMENTOS E PARTICIPAÇÕES INPASA S/A |
7,34% |
|
IVO HERING |
7,17% |
|
BLACKROCK |
5,44% |
|
SCHRODER INVESTMENTS MANAGMENT LIMITED |
5,05% |
|
OTHERS |
75,00% |
|
AFFILIATES /
SUBSIDIARIES: |
|
|
|
|
|
VH SERVIÇOS E CONSTRUÇÕES S.A. |
94,16% |
|
GAREMA MALHAS LTDA. |
100,00% |
|
HRG SERVIÇOS DE INTERMEDIAÇÕES FINANCEIRAS LTDA |
99,99% |
|
HERING INTERNACIONAL SAFI (URUGUAY) |
100,00% |
|
HERING OVERSEAS LTD. (CAYMAN ISLANDS) |
100,00% |
|
HSC TEXTIL LTDA |
100,00% |
COMPANY'S BACKGROUND
|
THE CONCERN WAS ORIGINALLY ESTABLISHED AS GEBRUEDER HERING (HERING
BROTHERS), IN BLUMENAU, STATE OF SANTA CATARINA IN 1880 BY TWO BROTHERS, HERMANN
AND BRUNO HERING. IN 1915 THE SUBJECT'S CORPORATE NAME CHANGED TO "HERING & CO.
AND IN 1929 MODIFIED ITS STYLE INTO JOINT-STOCK COMPANY AND NAME TO "CIA
HERING". ON MAY 24, 1941, ALTERED ITS NAME TO INDÚSTRIA TEXTIL COMPANHIA
HERING. IN 1963, ACQUIRED THE LICENSE TO MANUFACTURE PRODUCTS UNDER THE
"DISNEY" BRAND (THE FIRST COMPANY IN SOUTH AMERICA). FROM 1967, THE
COMPANY REORGANIZED MODERNIZED AS WELL AS ENLARGED ITS INDUSTRIAL PLANT BY
ACQUIRING LOCAL TEXTILE INDUSTRIES SUCH AS MAFISA - MALHARIA BLUMENAU S/A AND
BROADENING ITS LICENSED TRADEMARKS SUCH AS "WRANGLER" THUS BECOMING
ONE OF, IF NOT, THE LARGEST TEXTILE INDUSTRIES IN LATIN AMERICA. IN 1973 SET-UP CEVAL ALIMENTOS S/A, COMPANY ENGAGED IN THE CEREALS
PROCESSING, ESPECIALLY SOY, GRAINS, OILS AND BYPRODUCTS. IN SEPTEMBER 1997,
THE SUBJECT ESTABLISHED THE CEVAL PARTICIPAÇÕES S/A, WHICH BECAME THE HOLDING
COMPANY OF CEVAL ALIMENTOS S/A. IN 1997, UPON THE SHAREHOLDERS' DECISION TO
FOCUS ON THE TEXTILE INDUSTRY, THEY SOLD-UP CEVAL PARTICIPAÇÕES TO THE BUNGE
GROUP. THE SUBJECT WAS REGISTERED ON AUGUST 19, 1985, AT THE STATE OF SANTA
CATARINA REGISTRATION OFFICE, UNDER # 42300020401. IN APRIL 1999, THE COMPANIES CIA HERING AND HERING S/A COMÉRCIO
EXTERIOR WERE TAKEN OVER BY HERING TÊXTIL S/A AND AT THE SAME DATE THE
REGISTERED NAME WAS CHANGED TO CIA HERING, WHICH OPERATES TO DATE. PREVIOUS NAME HERING TEXTIL S/A. FURTHER DETAILS ABOUT THE SUBJECT'S HISTORY ARE SO FAR NOT KNOWN. |
|
PUBLIC
INFORMATION: |
|
PROTESTS: |
|
4 PROTESTS,TOTAL AMOUNT R$
1.084,92 |
|
DETAILS OF LATEST PROTESTS: |
|
NOTARY OFFICE: |
DATE: |
VALUE: |
|
3º CARTÓRIO DE SC-BLUMENAU |
10/10/2012 |
R$ 280,00 |
|
3º CARTÓRIO DE SC-BLUMENAU |
06/09/2012 |
R$ 578,12 |
|
4º CARTÓRIO DE RJ-RIO DE JANEIRO |
27/08/2012 |
R$ 150,27 |
|
2º CARTÓRIO DE RJ-RIO DE JANEIRO |
04/05/2012 |
R$ 76,53 |
|
LAWSUITS: |
|
|
|
|
DATE: |
COURT OF LAW: |
|
1 |
FEDERAL LAWSUIT |
30/04/08 |
ARA DE SC-BLUMENAU |
FINANCIAL INFORMATION
|
GENERAL BALANCE SHEETS AS OF 30/09/2012, 31/12/2011 AND 31/12/2010. |
|
( FIGURES ARE IN THOUSANDS OF REAIS ). |
|
ASSETS |
|
|
|
|
CURRENT: |
30/09/2012 |
31/12/2011 |
31/12/2010 |
|
|
|
|
|
|
CASH AND BANKS |
319.712 |
194.485 |
110.901 |
|
INVESTMENTS |
|
|
394 |
|
CLIENTS |
322.506 |
369.445 |
305.561 |
|
INVENTORY |
218.348 |
217.357 |
190.392 |
|
RECOVERABLE TAXES |
11.977 |
13.773 |
6.985 |
|
PRE PAID EXPENSES |
1.237 |
649 |
340 |
|
OTHER CREDITS |
2.297 |
|
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
876.077 |
795.709 |
614.573 |
|
LONG-TERM
RECEIVABLES: |
|
|
|
|
|
|
|
|
|
INVESTMENTS |
999 |
937 |
863 |
|
ACCOUNTS RECEIVABLES |
7.222 |
7.899 |
8.680 |
|
DEFERRED TAXES |
9.907 |
21.233 |
18.041 |
|
INTERCOMPANY CREDITS |
248 |
228 |
398 |
|
COMPULSORY LOANS |
|
|
58 |
|
RECOVERABLE TAXES |
7.923 |
8.564 |
8.048 |
|
PLAN/PRIVATE RETIREMENT |
|
|
1.773 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG-TERM RECEIVABLES |
26.299 |
38.861 |
37.861 |
|
FIXED ASSETS: |
|
|
|
|
|
|
|
|
|
INVESTMENTS |
8.121 |
7.074 |
5.229 |
|
FIXED ASSETS |
246.578 |
238.637 |
224.225 |
|
INTANGIBLE |
34.939 |
29.338 |
26.089 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL FIXED ASSETS |
289.638 |
275.049 |
255.543 |
|
|
================ |
================ |
================ |
|
TOTAL ASSETS |
1.192.014 |
1.109.619 |
907.977 |
|
LIABILITIES: |
|
|
|
|
CURRENT: |
30/09/2012 |
31/12/2011 |
31/12/2010 |
|
|
|
|
|
|
SOCIAL / LABOR OBLIGATIONS |
41.291 |
27.851 |
26.707 |
|
SUPPLIERS |
149.061 |
124.558 |
122.470 |
|
TAX LIABILITIES |
48.849 |
61.141 |
20.417 |
|
LOANS AND FINANCING |
25.474 |
11.800 |
27.799 |
|
DIVIDENDS |
399 |
421 |
14.883 |
|
OBLIGATIONS/THIRD PARTIES |
7.171 |
4.678 |
2.896 |
|
INSTALLMENTS TAXES PAYABLE |
8.689 |
8.223 |
8.104 |
|
ACCOUNTS PAYABLE |
6.784 |
5.432 |
7.947 |
|
PROVISIONS |
17.962 |
35.969 |
29.773 |
|
DEBT WITH RELATED PARTIES |
3.178 |
|
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
308.858 |
280.073 |
260.996 |
|
LONG TERM
LIABILITIES: |
|
|
|
|
|
|
|
|
|
LOANS AND FINANCING |
303 |
23.122 |
26.105 |
|
RELATED COMPANIES |
|
2.944 |
2.600 |
|
TAX INCENTIVES |
41.657 |
42.759 |
40.931 |
|
INSTALLMENTS TAXES PAYABLE |
15.499 |
21.725 |
28.804 |
|
FISCAL OBLIGATIONS |
|
|
530 |
|
OTHER OBLIGATIONS |
14.194 |
13.578 |
3.343 |
|
DEFERRED TAXES |
|
5.121 |
5.229 |
|
PROVISIONS |
9.673 |
9.486 |
11.215 |
|
OTHER |
423 |
|
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
81.749 |
118.735 |
118.757 |
|
NET EQUITY: |
|
|
|
|
|
|
|
|
|
SHARE CAPITAL |
235.974 |
229.879 |
226.293 |
|
CAPITAL RESERVES |
5.659 |
3.911 |
2.091 |
|
PROFIT RESERVES |
362.359 |
468.589 |
291.056 |
|
OTHER COMPREHENSIVE INCOME |
8.236 |
8.432 |
8.784 |
|
ACCRUED PROFIT (LOSS) |
189.179 |
|
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET EQUITY |
801.407 |
710.811 |
528.224 |
|
|
================ |
================ |
================ |
|
TOTAL LIABILITIES |
1.192.014 |
1.109.619 |
907.977 |
|
PROFIT AND LOSS ACCOUNTS AS OF 30/09/2012, 31/12/2011 AND 31/12/2010. |
|
( FIGURES ARE IN THOUSANDS OF REAIS ). |
|
|
30/09/2012 |
31/12/2011 |
31/12/2010 |
|
|
|
|
|
|
GROSS SALES |
|
1.645.140 |
1.234.442 |
|
(-) TAXES ON SALES |
|
293.836 |
221.597 |
|
|
---------------- |
---------------- |
---------------- |
|
NET SALES |
1.031.330 |
1.351.304 |
1.012.845 |
|
(-) COST OF SOLD GOODS |
566.376 |
697.381 |
511.554 |
|
|
---------------- |
---------------- |
---------------- |
|
GROSS PROFIT |
464.954 |
653.923 |
501.291 |
|
OPERATING REVENUE (EXPENSE) |
-215.552 |
-288.709 |
-248.498 |
|
FINANCIAL REVENUE(EXPENSE) |
29.118 |
29.155 |
10.622 |
|
|
---------------- |
---------------- |
---------------- |
|
OPERATIONAL PROFIT (LOSS) |
278.520 |
394.369 |
263.415 |
|
CONTRIBUTION/INCOME TAX |
-68.516 |
-97.095 |
-51.398 |
|
|
---------------- |
---------------- |
---------------- |
|
NET PROFIT (LOSS) |
210.004 |
297.274 |
212.017 |
|
RATIOS: |
30/09/2012 |
31/12/2011 |
31/12/2010 |
|
QUICK RATIO |
2,13 |
|
2,07 |
|
1,63 |
|
|
CURRENT RATIO |
2,84 |
|
2,84 |
|
2,35 |
|
|
ACCOUNTS RECEIVABLE TURNOVER |
3,20 |
TIMES |
3,66 |
TIMES |
3,31 |
TIMES |
|
DAYS' SALES IN RECEIVABLES |
84,43 |
DAYS |
98,42 |
DAYS |
108,61 |
DAYS |
|
INVENTORY TURNOVER |
2,59 |
TIMES |
3,21 |
TIMES |
2,69 |
TIMES |
|
ACCOUNTS PAYABLE PERIOD |
71,06 |
DAYS |
64,30 |
DAYS |
86,19 |
DAYS |
|
RETURN ON ASSETS |
,87 |
TIMES |
1,22 |
TIMES |
1,12 |
TIMES |
|
SALES TURNOVER ON NET EQUITY |
1,29 |
TIMES |
1,90 |
TIMES |
1,92 |
TIMES |
|
NET WORTH TIE-UP |
,31 |
|
,34 |
|
,42 |
|
|
INDEBTEDNESS |
,49 |
|
,56 |
|
,72 |
|
|
EQUITY RATIO |
67,23 |
% |
64,06 |
% |
58,18 |
% |
|
WORKING CAPITAL RATIO |
183,65 |
% |
184,11 |
% |
135,47 |
% |
|
GENERAL SOLVENCY |
3,05 |
|
2,78 |
|
2,39 |
|
|
RETURN ON NET EQUITY |
26,20 |
% |
41,82 |
% |
40,14 |
% |
|
RETURN ON SALES (PROFIT MARGIN) |
20,36 |
% |
22,00 |
% |
20,93 |
% |
|
GROSS PROFIT MARGIN |
45,08 |
% |
48,39 |
% |
49,49 |
% |
|
OPERATIONAL RESULT |
27,01 |
% |
29,18 |
% |
26,01 |
% |
|
SALES TURNOVER ON LIABILITIES |
3,34 |
TIMES |
4,82 |
TIMES |
3,88 |
TIMES |
|
FOREIGN CURRENCY ON ASSETS |
|
|
|
|
|
|
|
FOREIGN CURRENCY ON LIABILITIES |
|
|
|
|
|
|
|
EXCHANGE RATE: |
|
|
US$ 1,00 = R$ 2,03 |
- OFFICIAL RATE ON 07/11/2012 |
|
US$ 1,00 = R$ 2,03 |
- OFFICIAL RATE ON 30/09/2012 |
|
US$ 1,00 = R$ 1,87 |
- OFFICIAL RATE ON 31/12/2011 |
|
US$ 1,00 = R$ 1,66 |
- OFFICIAL RATE ON 31/12/2010 |
|
COMMENTS ON THE
FINANCIAL INFORMATION: |
|
FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS. THE ANNUAL FIGURES FOR 2011 SHOW A GOOD FINANCIAL STANDING. IT HAD
HIGH LIQUIDITY RATIOS AND IMPORTANT WORKING CAPITAL, AS WELL AS ACCEPTABLE
LEVEL OF INDEBTEDNESS. IN ADDITION, IT SHOWED GROWING SALES AND MADE PROFIT. THE FIGURES FOR THE THIRD QUARTER OF 2012 STILL SHOW GOOD LIQUIDITY
AND LOWER LEVEL OF INDEBTEDNESS. IT ALSO SHOWS GROWING SALES TREND AND GOOD
PROFITABILITY. |
|
REAL ESTATE: |
OWNED PREMISES ARE VALUED AT R$ 113.975.000,00
|
VEHICLES: |
OWNED VEHICLES ARE VALUED AT R$ 530.000,00
|
MACHINES: |
OWNED MACHINES AND EQUIPMENTS ARE VALUED AT R$ 89.275.000,00
INSURANCE
|
THE COMPANY MAINTAINS INSURANCE COVERAGE IN AMOUNT CONSIDERED SUFFICIENT
BY THE MANAGEMENT TO COVER CONTINGENCY RISKS OVER ITS ASSETS AND/OR
LIABILITIES. IN 30TH JUNE 2012 THE INSURANCE VALUE WAS R$ 78.000.000,00 FOR
MATERIAL DAMAGES, R$ 22.000.000,00 FOR CEASING PROFITS AND R$ 7.000.000,00
FOR CIVIL LIABILITIES. |
BANKING REFERENCES
|
|
BRANCH/PHONE: |
|
|
BANCO DO BRASIL S/A |
47 3321-2300 |
|
|
BANCO BRASDESCO S/A |
47 3326-6388 |
|
|
BANCO ABC BRASIL S/A |
41 3312-1635 |
|
|
BANCO BRADESCO S/A |
47 3326-1689 |
|
|
BANCO SANTANDER (BRASIL) S/A |
41 3255-6810 |
|
|
BANCO COMERCIAL URUGUAI |
47 3433-7700 |
|
|
BANCO SAFRA S/A |
47 3326-9022 |
|
|
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"). |
ACTIVITIES COMMENTS
|
SUBJECT IS ENGAGED IN THE MANUFACTURE OF TEXTILES, WITH ITS CORE
PRODUCTS BEING T-SHIRTS, BLOUSES, TROUSERS, SHORTS, TWIN SET, JACKET,
PAJAMAS, NIGHTDRESS, UNDERWEAR CLOTHES, BACKPACKS, BAGS, SUITCASES, WALLETS,
HATS, CAPS, GLASSES, WATCHES, SLIPPERS, ETC. |
|
IMPORT AND
EXPORT: |
IMPORTS FROM:
|
ARGENTINA, UNITED STATES, PARAGUAY, GERMANY AND SWITZERLAND. |
EXPORTS TO:
|
UNITED STATES, GERMANY, ITALY, ENGLAND, LATIN AMERICA, ARGENTINA,
PARAGUAY AND CHILE. |
|
MAIN CLIENTS: |
|
|
|
|
|
|
|
DOMESTIC
CLIENTS: |
|
|
|
ARTHUR LUNDGREN TECIDOS S/A (CASAS PERNAMBUCANAS) |
|
|
|
CARREFOUR COM. E IND. LTDA |
|
|
|
CIA BRASILEIRA DE DISTRIBUIÇÃO (PÃO DE AÇÚCAR) |
|
|
|
LOJA AMERICANAS S/A |
|
|
|
LOJAS RENNER S/A |
|
|
|
MAKRO ATACADISTA S/A |
|
|
|
MALHASPARIS LTDA |
|
|
|
MUNDO DAS CAMISETAS LTDA |
|
|
|
PALMA & SANTOS LTDA |
|
|
|
SONAE DISTRIBUIÇÃO BRASIL S/A |
|
|
|
STAFF: |
|
|
|
THE COMPANY HAS: 8788 EMPLOYEE(S) |
CONCEPT AND FULFILMENT
|
THE SUBJECT IS A WELL-ESTABLISHED COMPANY, OPERATING SINCE 1985. SO
FAR IT HAS A CLEAR TRADE HISTORY AND VERY GOOD PAYMENT BEHAVIOR. IT IS ONE OF
THE MOST IMPORTANT COMPANIES IN ITS LINE OF BUSINESS IN BRAZIL AND SO FAR ITS
REPUTATION IS EXCELLENT. 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 LAWSUIT REPORTED IS NOT RELATED WITH TRADE DEBT. IT IS RELATED TO
TAX DEBT THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID. NEVERTHELESS WE
POINT OUT THAT THE SAID LAWSUIT DOES NOT AFFECT THE COMPANY'S TRADE
REPUTATION. THE PROTESTS FOUND DO NOT AFFECT SUBJECT'S REPUTATION. |
|
MAIN SUPPLIERS: |
|
|
|
|
|
|
|
DOMESTIC
SUPPLIERS: |
|
PHONE: |
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BASF S/A |
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11 3234-5122 |
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CIBA - GEIGY QUÍMICA S/A |
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11 3532-7043 |
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CLARIANT S/A |
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11 3525-9322 |
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COATS CORRENTE LTDA |
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47 3331-8707 |
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COMPANHIA DE TECIDOS SANTAENSE S.A. |
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COMPANHIA VALENÇA INDUSTRIAL |
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COOP AGROP. PROD. INTEGRADA DO PARANÁ LTDA |
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COTEMINAS - CIA DE TECIDOS NORTE DE MINAS |
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COTONIFICIO KURASHIKI DO BRASIL LTDA |
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DAIWA DO BRASIL TÊXTIL LTDA |
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DU PONT DO BRASIL S/A |
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11 3421-8122 |
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DYSTAR LTDA |
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11 3525-7552 |
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FÁBRICA DE CADARÇOS E BORDADOS HACO LTDA |
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FÁBRICA DE TECIDOS CARLOS RENAUX |
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FIAÇÃO E TECELAGEM KANEBO DO BRASIL S/A |
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HACO ETIQUETAS LTDA |
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MALIBER IND. E COM. TÊXTIL S.A. |
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MINASA TRADING INTERNATIONAL S/A |
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QUIMISA S/A INDÚSTRIA E COMÉRCIO |
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47 3350-1010 |
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SANTISTA TÊXTIL S.A. |
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SUAP TÊXTIL S/A |
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TÊXTIL BEZERRA S/A |
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TÊXTIL UNIÃO S/A |
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UNITIKA DO BRASIL INDÚSTRIA TÊXTIL LTDA |
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PAYMENT HISTORY: |
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51 SUPPLIERS REPORTED PAYMENTS: |
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TOTAL AMOUNT: R$ 34.246.301,00 |
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|
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AMOUNT OF INVOICES PAID: 2550 |
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TOTAL OF PROMPT PAYMENTS: 99,7% |
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TOTAL OF DELAYED PAYMENTS: 0,3% |
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|
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HIGHEST INVOICE: R$ 875.306,25 |
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HIGHEST CREDIT: R$ 947.338,17 |
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OUTSTANDING
INVOICES DUE WITHIN THE NEXT +90 DAYS: |
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--------------------------- |
SUPPLIERS: |
INVOICES: |
TOTAL AMOUNT: |
|
DUE WITHIN 30 DAYS |
11 |
186 |
R$ 2.511.814,19 |
|
DUE WITHIN 60 DAYS |
8 |
254 |
R$ 970.014,95 |
|
DUE WITHIN 90 DAYS |
2 |
114 |
R$ 523.682,69 |
|
DUE WITHIN OVER 90 DAYS |
1 |
16 |
R$ 65.783,88 |
|
ALL |
11 |
570 |
R$ 4.071.295,71 |
FINAL OPINION
|
THE SUBJECT IS A WELL-ESTABLISHED AND WELL-KNOWN COMPANY IN BUSINESS
FOR SEVERAL YEARS. UP TO DATE IT HAS A CLEAR TRADE HISTORY AND VERY GOOD
PAYMENT BEHAVIOR. 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. |
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BALANCE SHEET ANALYSIS |
FIGURES ARE IN THOUSANDS
OF REAIS |
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|
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||
|
|
30/09/2012 |
|
31/12/2011 |
|
31/12/2010 |
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|
ASSETS |
|
% |
|
% |
|
% |
|
Current Assets |
73.50 |
$ 795,709 |
71.71 |
$
614,573 |
67.69 |
|
|
Fixed Assets |
$ 289,638 |
24.30 |
$ 275,049 |
24.79 |
$
255,543 |
28.14 |
|
TOTAL ASSETS |
$ 1,192,014 |
100.00 |
$ 1,109,619 |
100.00 |
$
907,977 |
100.00 |
|
LIABILITIES |
|
|
|
|
|
|
|
Current Liabilities |
$ 308,858 |
25.91 |
$ 280,073 |
25.24 |
$
260,996 |
28.74 |
|
Long-Term Liabilities |
$ 81,749 |
6.86 |
$ 118,735 |
10.70 |
$
118,757 |
13.08 |
|
TOTAL LIABILITIES |
$ 390,607 |
32.77 |
$ 398,808 |
35.94 |
$
379,753 |
41.82 |
|
Deferred Income |
$ - |
0.00 |
$ - |
0.00 |
$ - |
0.00 |
|
Net Equity |
$ 801,407 |
67.23 |
$ 710,811 |
64.06 |
$
528,224 |
58.18 |
|
TOTAL LIABILITIES + NET EQUITY |
$ 1,192,014 |
100.00 |
$ 1,109,619 |
100.00 |
$
907,977 |
100.00 |
|
PROFIT AND LOSS ACCOUNTS |
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|
|
|
|
|
|
Net Sales |
$ 1,031,330 |
100.00 |
$ 1,351,304 |
100.00 |
$
1,012,845 |
100.00 |
|
Costs |
$
566,376 |
54.92 |
$ 697,381 |
51.61 |
$
511,554 |
50.51 |
|
Gross Profit |
$ 464,954 |
45.08 |
$ 653,923 |
48.39 |
$
501,291 |
49.49 |
|
Operating expenses |
$
(215,552) |
-20.90 |
$ (288,709) |
-21.37 |
$
(248,498) |
-24.53 |
|
operational Result |
$ 278,520 |
27.01 |
$ 394,369 |
29.18 |
$
263,415 |
26.01 |
|
Net Profit (loss) |
$ 210,004 |
20.36 |
$ 297,274 |
22.00 |
$
212,017 |
20.93 |
|
COMPLEMENTARY DATA |
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|
|
|
|
|
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Inventory |
$ 218,348 |
|
$ 217,357 |
|
$
190,392 |
|
|
Accounts receivable |
$ 322,506 |
|
$ 369,445 |
|
$
305,561 |
|
|
Accounts Payable |
$ 149,061 |
|
$ 124,558 |
|
$
122,470 |
|
|
Property, plant and equipment |
$ 246,578 |
|
$ 238,637 |
|
$
224,225 |
|
|
Purchases |
$ 289,638 |
|
$ 275,049 |
|
$
255,543 |
|
|
Financial Expenses |
$ 29,118 |
|
$ 29,155 |
|
$ 10,622 |
|
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Foreign Currency Assets |
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|
|
|
|
|
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Foreign Currency Liabilities |
|
|
|
|
|
|
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Working Capital |
$
567,219 |
|
$ 515,636 |
|
$
353,577 |
|
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RATIOS: |
|
|
|
|
|
|
|
QUICK RATIO |
2.13 |
|
2.07 |
|
1.63 |
|
|
CURRENT RATIO |
2.84 |
|
2.84 |
|
2.35 |
|
|
ACCOUNTS RECEIVABLE TURNOVER |
3.20 |
times |
3.66 |
times |
3.31 |
times |
|
DAYS' SALES IN RECEIVABLES |
84.43 |
days |
98.42 |
days |
108.61 |
days |
|
INVENTORY TURNOVER |
2.59 |
times |
3.21 |
times |
2.69 |
times |
|
71.06 |
days |
64.30 |
days |
86.19 |
days |
|
|
RETURN ON ASSETS |
0.87 |
times |
1.22 |
times |
1.12 |
times |
|
SALES TURNOVER ON NET EQUIY |
1.29 |
times |
1.90 |
times |
1.92 |
times |
|
NET WORTH TIE-UP |
0.31 |
|
0.34 |
|
0.42 |
|
|
ENDEBTEDNESS |
0.49 |
|
0.56 |
|
0.72 |
|
|
EQUITY RATIO |
67.23 |
% |
64.06 |
% |
58.18 |
% |
|
WORKING CAPITAL RATIO |
183.65 |
% |
184.11 |
% |
135.47 |
% |
|
GENERAL SOLVENCY |
3.05 |
|
2.78 |
|
2.39 |
|
|
RETURN ON NET EQUITY |
26.20 |
% |
41.82 |
% |
40.14 |
% |
|
RETURN ON SALES (PROFIT MARGIN) |
20.36 |
% |
22.00 |
% |
20.93 |
% |
|
GROSS PROFIT MARGIN |
45.08 |
% |
48.39 |
% |
49.49 |
% |
|
OPERATIONAL RESULT |
27.01 |
% |
29.18 |
% |
26.01 |
% |
|
SALES TURNOVER ON LIABILITIES |
3.34 |
times |
4.82 |
times |
3.88 |
times |
|
FOREIGN CURRENCY ON ASSETS |
- |
% |
- |
% |
- |
% |
|
FOREIGN CURRENCY ON LIABILITIES |
- |
% |
- |
% |
- |
% |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
UK Pound |
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.