|
Report Date : |
11.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
RENUKA VALE DO IVAÍ S.A. |
|
|
|
|
Registered Office : |
Estrada Marisa, Km 3, Caixa Postal: 91, 86945-000 - Pedro Do IVAÍ/PR |
|
|
|
|
Country : |
Brazil |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
19.01.1981 |
|
|
|
|
Legal Form : |
Privately Held Corporation |
|
|
|
|
Line of Business : |
Sugar And Alcohol Mill |
|
|
|
|
No. of Employees : |
550 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
Litigation : |
Clear |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Brazil |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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
RENUKA
VALE DO IVAÍ S.A.
|
MAIN
ADDRESS: |
ESTRADA MARISA, KM 3, CAIXA POSTAL: 91 |
|
ZIP CODE/CITY: |
86945-000 - PEDRO DO IVAÍ/PR |
|
|
|
|
PHONE: |
43 3451-8000 |
|
FAX: |
43 3451-8000 |
|
E-MAIL: |
|
|
WEB SITE: |
|
BRANCHES: |
|
NOT AVAILABLE |
|
MAIN
ACTIVITIES: |
|
SUGAR AND ALCOHOL MILL |
|
LEGAL
FORM: |
PRIVATELY
HELD CORPORATION |
|
|
|
|
INCORPORATION DATE: |
19/01/1981 |
|
REGISTER DATE: |
19/01/1981 |
|
BALANCE SHEET FILING DATE: |
31/03 |
|
TAX CONTRIBUTOR NUMBER(CNPJ): |
75.177.857/0001-80 |
|
STATE REGISTER: |
64500463-94 |
|
|
|
|
SHARE CAPITAL: |
R$ 175.000.000,00 |
|
BOARD
OF DIRECTORS: |
|
|
|
|
|
PAULO ADALBERTO ZANETTI |
PRESIDENT DIRECTOR |
|
VERA LÚCIA DE MELLO |
DIRECTOR |
|
SILÉZIO DA SILVEIRA |
DIRECTOR |
|
PRASHANT NIRANJAN |
DIRECTOR |
|
THE DIRECTORS ARE AUTHORIZED TO SIGN ON
BEHALF OF THE COMPANY. |
|
SHAREHOLDERS
/ PARTNERS: |
|
|
|
|
|
SHREE RENUKA DO BRASIL PARTICIPAÇÕES LTDA |
100,00% |
|
AFFILIATES
/ SUBSIDIARIES: |
|
|
|
|
|
ÁLCOOL DO PARANÁ TERMINAL PORTUÁRIO S/A |
9,88% |
|
CPA TRADING S/A |
9,35% |
|
PASA PARANA OPERAÇÕES PORTUÁRIAS S/A |
14,29% |
|
IVAICANA AGROPECUÁRIA LTDA |
99,99% |
|
BIOVALE COERCIO DE LEVEDURAS LTDA |
99,99% |
|
THE SUBJECT WAS ESTABLISHED ON JANUARY 19,
1981 AS VALE DO IVAI S/A - AÇÚCAR E ÁLCOOL. TO BE ENGAGED IN THE SAID LINE OF
BUSINESS. LATER IT ADOPTED THE ABOVE MENTIONED NAME AND UP TO DATE IT IS
STILL OPERATING WITHIN THE GENERAL SCENE REPORTED HEREIN. FURTHER DETAILS ABOUT THE SUBJECT'S
HISTORY IS SO FAR NOT KNOWN. REMARKS: -------- WHEN CONTACTING THE SUBJECT WE INTERVIEWED
MR. MARCOS - ACCOUNTING DEPARTMENT, WHO INFORMED THAT WOULD NOT DISCLOSE ANY
KIND OF INFORMATION UNLESS THE INQUIRING PARTY'S NAME WAS DISCLOSED. IF IT IS POSSIBLE TO DISCLOSE THE NAME OF
THE INTERESTED SUPPLIER OF THE SUBJECT, WE MAY RESUME OUR CONTACTS AND TRY TO
OBTAIN FURTHER INFORMATION. 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: |
|
LAWSUITS: |
|
|
|
|
DATE: |
COURT OF LAW: |
|
4 |
EXECUTIVE LAWSUIT |
01/02/12 |
2ª VARA DE FRUTAL/MG |
|
2 |
EVICTION |
05/12/11 |
1ª VARA DE FRUTAL/MG |
|
GENERAL BALANCE SHEETS AS OF 31/03/2012
AND 31/03/2011. |
|
( FIGURES ARE IN THOUSANDS OF REAIS ). |
|
ASSETS |
|
|
|
|
CURRENT: |
31/03/2012 |
31/03/2011 (15
MONTHS) |
|
|
|
|
|
|
|
CASH AND BANKS |
1.258 |
870 |
|
|
INVESTMENTS |
2.463 |
186 |
|
|
CLIENTS |
2.572 |
1.043 |
|
|
INVENTORY |
7.960 |
11.951 |
|
|
ADVANCE TO SUPPLIERS |
8.598 |
5.132 |
|
|
RECOVERABLE TAXES |
18.240 |
5.240 |
|
|
INTERCOMPANY CREDITS |
84.178 |
147.645 |
|
|
OTHER CREDITS |
1.864 |
976 |
|
|
|
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
127.133 |
173.043 |
|
|
LONG-TERM
RECEIVABLES: |
|
|
|
|
|
|
|
|
|
CLIENTS |
|
395 |
|
|
PUBLIC DEBTS |
4.109 |
3.504 |
|
|
RECOVERABLE TAXES |
2.785 |
2.514 |
|
|
PREMIUM TO AMORTIZE |
19.531 |
|
|
|
JUDICIAL DEPOSITS |
280 |
376 |
|
|
ADVANCE TO SUPPLIERS |
2.095 |
1.291 |
|
|
OTHER CREDITS |
1.133 |
2.116 |
|
|
|
---------------- |
---------------- |
|
|
TOTAL LONG-TERM RECEIVABLES |
29.933 |
10.196 |
|
|
FIXED
ASSETS: |
|
|
|
|
|
|
|
|
|
INVESTMENTS |
94.603 |
30.375 |
|
|
FIXED ASSETS |
273.437 |
268.390 |
|
|
INTANGIBLE |
59.818 |
69.530 |
|
|
|
---------------- |
---------------- |
|
|
TOTAL FIXED ASSETS |
427.858 |
368.295 |
|
|
|
================ |
================ |
|
|
TOTAL ASSETS |
584.924 |
551.534 |
|
|
LIABILITIES: |
|
|
|
|
CURRENT: |
31/03/2012 |
31/03/2011 (15
MONTHS) |
|
|
|
|
|
|
|
LOANS AND FINANCING |
100.062 |
12.064 |
|
|
SUPPLIERS |
11.485 |
9.020 |
|
|
SOCIAL / LABOR OBLIGATIONS |
4.936 |
4.179 |
|
|
TRIBUTARY OBLIGATIONS |
446 |
1.779 |
|
|
ADVANCE FROM CLIENTS |
1.654 |
384 |
|
|
DEBT WITH RELATED PARTIES |
23.262 |
26.581 |
|
|
PROVISIONS |
|
39.428 |
|
|
OTHER DEBTS |
955 |
1.178 |
|
|
|
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
142.800 |
94.613 |
|
|
LONG
TERM LIABILITIES: |
|
|
|
|
|
|
|
|
|
LOANS AND FINANCING |
232.667 |
260.757 |
|
|
SUPPLIERS |
9.301 |
12.543 |
|
|
LABOR OBLIGATIONS |
1.443 |
2.325 |
|
|
TRIBUTARY OBLIGATIONS |
839 |
612 |
|
|
RELATED COMPANIES |
19.762 |
20.609 |
|
|
JUDICIAL DEPOSITS |
2.513 |
2.591 |
|
|
TAXES AND CONTRIBUTIONS |
9.502 |
35.306 |
|
|
OTHER |
639 |
1.524 |
|
|
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
276.666 |
336.267 |
|
|
NET
EQUITY: |
|
|
|
|
|
|
|
|
|
SHARE CAPITAL |
175.000 |
175.000 |
|
|
CAPITAL RESERVES |
99.158 |
|
|
|
OTHER COMPREHENSIVE INCOME |
23.914 |
81.079 |
|
|
ACCRUED PROFIT (LOSS) |
-132.614 |
-135.425 |
|
|
|
---------------- |
---------------- |
|
|
TOTAL NET EQUITY |
165.458 |
120.654 |
|
|
|
================ |
================ |
|
|
TOTAL LIABILITIES |
584.924 |
551.534 |
|
|
PROFIT AND LOSS ACCOUNTS AS OF 31/03/2012
AND 31/03/2011. |
|
( FIGURES ARE IN THOUSANDS OF REAIS ). |
|
|
31/03/2012 |
31/03/2011 (15
MONTHS) |
|
|
|
|
|
|
|
NET SALES |
263.097 |
174.742 |
|
|
(-) COST OF SOLD GOODS |
178.414 |
128.465 |
|
|
|
---------------- |
---------------- |
|
|
GROSS PROFIT |
84.683 |
46.277 |
|
|
OPERATING REVENUE (EXPENSE) |
-39.669 |
-22.088 |
|
|
FINANCIAL REVENUE(EXPENSE) |
-46.764 |
-4.446 |
|
|
|
---------------- |
---------------- |
|
|
OPERATIONAL PROFIT (LOSS) |
-1.750 |
19.743 |
|
|
CONTRIBUTION/INCOME TAX |
-673 |
-13.340 |
|
|
|
---------------- |
---------------- |
|
|
NET PROFIT (LOSS) |
-2.423 |
6.403 |
|
|
RATIOS: |
31/03/2012 |
31/03/2011 |
|
|
QUICK RATIO |
,83 |
|
1,70 |
|
|
|
|
CURRENT RATIO |
,89 |
|
1,83 |
|
|
|
|
ACCOUNTS RECEIVABLE TURNOVER |
102,29 |
TIMES |
167,54 |
TIMES |
|
|
|
DAYS' SALES IN RECEIVABLES |
3,52 |
DAYS |
2,15 |
DAYS |
|
|
|
INVENTORY TURNOVER |
22,41 |
TIMES |
10,75 |
TIMES |
|
|
|
ACCOUNTS PAYABLE PERIOD |
23,17 |
DAYS |
25,28 |
DAYS |
|
|
|
RETURN ON ASSETS |
,45 |
TIMES |
,32 |
TIMES |
|
|
|
SALES TURNOVER ON NET EQUITY |
1,59 |
TIMES |
1,45 |
TIMES |
|
|
|
NET WORTH TIE-UP |
1,65 |
|
2,22 |
|
|
|
|
INDEBTEDNESS |
2,54 |
|
3,57 |
|
|
|
|
EQUITY RATIO |
28,29 |
% |
21,88 |
% |
|
|
|
WORKING CAPITAL RATIO |
-10,97 |
% |
82,90 |
% |
|
|
|
GENERAL SOLVENCY |
1,39 |
|
1,28 |
|
|
|
|
RETURN ON NET EQUITY |
-1,46 |
% |
5,31 |
% |
|
|
|
RETURN ON SALES (PROFIT MARGIN) |
-,92 |
% |
3,66 |
% |
|
|
|
GROSS PROFIT MARGIN |
32,19 |
% |
26,48 |
% |
|
|
|
OPERATIONAL RESULT |
-,67 |
% |
11,30 |
% |
|
|
|
SALES TURNOVER ON LIABILITIES |
1,84 |
TIMES |
1,85 |
TIMES |
|
|
|
FOREIGN CURRENCY ON ASSETS |
|
|
|
|
|
|
|
FOREIGN CURRENCY ON LIABILITIES |
|
|
|
|
|
|
|
EXCHANGE
RATE: |
|
|
US$ 1,00 = R$ 2,03 |
- OFFICIAL RATE ON 06/09/2012 |
|
US$ 1,00 = R$ 1,82 |
- OFFICIAL RATE ON 31/03/2012 |
|
US$ 1,00 = R$ 1,62 |
- OFFICIAL RATE ON 31/03/2011 |
|
COMMENTS
ON THE FINANCIAL INFORMATION: |
|
FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS. THE FIGURES AVAILABLE SHOW A DELICATE
FINANCIAL STANDING. THE LEVEL OF INDEBTEDNESS IS VERY HIGH AND IT IS NOTED
LOW CURRENT RATIO. DESPITE THE HIGH SALES VOLUME ITS HIGH FINANCIAL EXPENSES
DROVE THE COMPANY TO MAKE NEGATIVE RESULTS. REMARK: ON MAY 06, 2011 THE COMPANY ALTERED ITS FISCAL YEAR FROM
DECEMBER 31 TO MARCH 31 OF EACH YEAR, THUS THE BALANCE SHEET FOR 2011
COMPRISES 15 MONTHS ONLY AND AS A RESULT THE COMPARISON WAS AFFECTED. |
|
REAL
ESTATE: |
OWNED PREMISES ARE VALUED AT R$
41.581.000,00
|
VEHICLES: |
OWNED VEHICLES ARE VALUED AT R$ 4.518.000,00
|
MACHINES: |
OWNED MACHINES AND EQUIPMENTS ARE VALUED AT
R$ 241.525.000,00
|
NOT AVAILABLE |
|
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:. |
|
SUGAR AND ALCOHOL MILL |
|
IMPORT
AND EXPORT: |
IMPORTS
FROM:
|
NOT AVAILABLE |
EXPORTS
TO:
|
NOT AVAILABLE |
|
MAIN
CLIENTS: |
|
|
|
|
|
|
|
DOMESTIC
CLIENTS: |
|
|
|
NOT AVAILABLE |
|
|
|
STAFF: |
|
|
|
THE COMPANY HAS: 550 EMPLOYEE(S) |
|
THE SUBJECT IS A WELL-ESTABLISHED COMPANY,
OPERATING SINCE 1987. SO FAR IT HAS A CLEAR TRADE HISTORY AND NORMAL PAYMENT
BEHAVIOUR. 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. USUALLY THIS KIND OF SUITS DO NOT AFFECT THE COMPANY
REPUTATION BUT IN THE SUBJECT SPECIFIC CASE IT IS NOT POSSIBLE TO EVALUATE AS
THERE ARE SEVERAL SUITS REGISTERED AND NO DETAILS REGARDING THE AMOUNTS
INVOLVED ARE AVAILABLE FOR PUBLIC INSPECTION. |
|
MAIN
SUPPLIERS: |
|
|
|
|
|
|
|
DOMESTIC
SUPPLIERS: |
|
|
|
NOT AVAILABLE |
|
|
|
PAYMENT
HISTORY: |
|
13 SUPPLIERS REPORTED PAYMENTS: |
|
TOTAL AMOUNT: R$ 143.678,00 |
|
|
|
AMOUNT OF INVOICES PAID: 79 |
|
TOTAL OF PROMPT PAYMENTS: 99,3% |
|
TOTAL OF DELAYED PAYMENTS: 0,7% |
|
|
|
HIGHEST INVOICE: R$ 13.073,00 |
|
HIGHEST CREDIT: R$ 13.073,00 |
|
|
|
OUTSTANDING INVOICES DUE WITHIN THE NEXT 60
DAYS: |
|
--------------------------- |
SUPPLIERS: |
INVOICES: |
TOTAL
AMOUNT: |
|
DUE WITHIN 60 DAYS |
1 |
1 |
R$ 2.563,28 |
|
THE SUBJECT IS A WELL-ESTABLISHED COMPANY
IN BUSINESS FOR SEVERAL YEARS. UP TO DATE IT HAS A DELICATE FINANCIAL
STANDING BUT A CLEAR TRADE HISTORY AND GOOD PAYMENT BEHAVIOUR. 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. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.33 |
|
|
1 |
Rs.88.50 |
|
Euro |
1 |
Rs.70.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
-- |
NB |
New Business |
-- |
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.