MIRA INFORM REPORT

 

 

Report Date :

18.04.2013

 

IDENTIFICATION DETAILS

 

Name :

CERISOL-ISOLADORES CERAMICOS SA

 

 

Registered Office :

Rua Norton De Matos, 570 Vila Nova De Gaia 4410-000-Vila Nova De Gaia Porto

 

 

Country :

Portugal

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

30.06.2004

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture of insulators and pieces of ceramics insulating

 

 

No. of Employees :

146

 

 

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 :

--

 

 

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

(31.03.2011)

Current Rating

(30.06.2012)

Portugal

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

PORTUGAL - ECONOMIC OVERVIEW

 

Portugal has become a diversified and increasingly service-based economy since joining the European Community - the EU's predecessor - in 1986. Over the following two decades, successive governments privatized many state-controlled firms and liberalized key areas of the economy, including the financial and telecommunications sectors. The country qualified for the Economic and Monetary Union (EMU) in 1998 and began circulating the euro on 1 January 2002 along with 11 other EU members. The economy grew by more than the EU average for much of the 1990s, but the rate of growth slowed in 2001-08. The economy contracted 2.5% in 2009, before growing 1.4% in 2010, but GDP fell again in 2011 and 2012, as the government began implementing spending cuts and tax increases to comply with conditions of an EU-IMF financial rescue package, agreed to in May 2011. GDP per capita stands at roughly two-thirds of the EU-27 average. Portugal also has been increasingly overshadowed by lower-cost producers in Central Europe and Asia as a destination for foreign direct investment, in part because its rigid labor market hindered greater productivity and growth. However, the government of Pedro PASSOS COELHO has enacted several measures to introduce more flexibility into the labor market, and, this, along with steps to reduce high levels of public debt, could make Portugal more attractive to foreign investors. The government reduced the budget deficit from 10.1% of GDP in 2009 to 4.5% in 2011, an achievement made possible only by the extraordinary revenues obtained from the one-time transfer of bank pension funds to the social security system. The budget deficit worsened in 2012 as a sharp reduction in domestic consumption took a bigger bite out of value-added tax revenues while rising unemployment benefits increased expenditures more than anticipated. Poor growth prospects over the next year have reinforced investors' concerns about the government's ability to achieve its budget deficit targets and regain full access to bond market financing when the EU-IMF financing program expires in 2013.

Source : CIA

Identification

 

Name

CERISOL-ISOLADORES CERAMICOS SA

V.A.T. Number / NIF

507019660

Address

Rua Norton de Matos, 570

Locality

Vila Nova De Gaia

Postal Code

4410-000-VILA NOVA DE GAIA

Municipality

VILA NOVA DE GAIA

District

PORTO

Telephone

223772450

Fax

223758556

E-Mail

geral@cerisol.com

Web Site

www.cerisol.com

 

 

C.A.E.(Rev 3)

23430- Manufacture of insulators and pieces of ceramics insulating

 

 

 

Summary

 

Legal Form

Joint Stock Company

Constitution

30-06-2004

V.A.T. Number / NIF

507019660

Employees

146

Capital

1.317.000,00

Sales in : 31-12-2011

7.335.351,27

Shareholders Funds in: 31-12-2011

2.036.886,03

Payments

Good

Actual Condition

In activity

Financial Highlights

 

 

31-12-2009

 

31-12-2010

 

31-12-2011

Net Sales

9.407.533,89

8.218.866,50

7.335.351,27

Net Income For the Year

(266.478,05)

(847.029,82)

(1.632.847,19)

Shareholders Funds

3.565.721,06

3.374.964,78

2.036.886,03

Stocks

2.015.655,32

1.834.005,50

2.193.387,25

LIABILITY

8.221.025,24

9.961.157,56

13.945.949,68

ASSETS

11.786.746,30

13.336.122,34

15.982.835,71

 

Business Concept

 

Consulted sources say that the subject has been respecting its payments and commercial commitments, so credit connections with this company are recommended.

 

All the amounts are express in Euros, otherwise you will be advised

 

Governing Bodies

 

 

 

Board of Director's

MIGUEL DE CALCA E PINA DUARTE SILVA

Administrator

MANUEL DE CARVALHO LOPES ALVES

Board of Director's President

VITOR MANUEL SAMPAIO DE CARVALHO

Administrator

CARLOS NICOLAS DE OTTO ROMEO

Administrator

 

Fiscal Board

BDO & ASSOCIADOS SOCIEDADE DE REVISORES OFICIAIS DE CONTAS LDA

Unique Fiscal

NUNO MIGUEL LOUREIRO MARQUES VASCONCELOS MAGINA

Fiscal Board Substitute

 

 

Legal Structure

 

 

Registed on the Register Record Office of Vila Nova de Gaia with the Register Number 507019660 previous number 62024 in 30-06-2004

Constitution celebrated in 30-06-2004 published on Diário da República number 50 of 11-03-2005

To oblige the company it is necessary 2 signature

 

Changes to Society

 

In 13-04-2012 on Portal MJ of 29-06-2012 board of director's change

In 17-01-2012 on Portal MJ of 27-01-2012 head office change

In 09-05-2008 on Portal MJ of 12-06-2008 board of director's change

In 27-10-2006 on Portal MJ of 13-11-2006 merge Clique para ver detalhes

e consequente alteraçăo da denominaçăo social de Euroinsulators-Isoladores Eléctricos SA, para Cerisol-Isoladores Cerâmicos SA.

In 29-12-2005 on Portal MJ of 12-04-2006 merge project

 

 

Capital

 

 

The Capital is 1.317.000,00 , divided in 1317000 shares , with a nominal value of 1,00

 

Activities

Line of Business

Percentage

Indústria e comércio de isoladores eléctricos de baixa, média e alta tensăo

100%

 

 

Type of Clients

Private Companies

 

 

Sales Conditions

Credit

 

 

Exports to

ANGOLA,ESPANHA,ESTADOS UNIDOS DA AMERICA,FINLANDIA,FRANÇA,HOLANDA,ITALIA,FEDERAÇĂO RUSSA,SUIÇA

 

 

 

Trade Marks

 

Cerisol

 

 

Banks and Financial Institutions

 

 

MILLENNIUM BCP

Vila Nova de Gaia

BANCO ESPIRITO SANTO, SA

Vila Nova de Gaia

 

 

Incidents

 

 

Legal Actions

 

Date

Process

Author

Type

Amount

Judicial District

Court

Situation

26-01-2013

128/13.7TTPRT

Antonio Manuel Sousa Trancoso

Acçăo de Processo Comum

1.932,69

Porto - Tribunal do Trabalho

 

 

11-06-2012

746/12.0TTVNG

Manuel Joaquim Silva Pinto

Acçăo de Processo Comum

921,90

Vila Nova de Gaia - Tribunal do Trabalho

 

 

 

 

 

 

Employees

 

 

Total

146

 

 

 

 

 

 

Head Office and Installations

 

 

Has head office Rua Norton de Matos, 570, Vila Nova De Gaia , 4400-000, VILA NOVA DE GAIA , Tel:223772450, Fax:223758556

Had head office Rua 28 de Janeiro, 350, Candal, 4400-335, VILA NOVA DE GAIA

Had head office Avenida da Liberdade, 249-1º, Lisboa, 1250-143, LISBOA

 

 

Special Information

 

 

Event

General Description

Merge

A 27 de Outubro de 2006, fusăo por incorporaçăo mediante a transferência global do património da firma Cerisol-Isoladores Cerâmicos SA, para a titular e consequente alteraçăo da denominaçăo de Euroinsulators-Isoladores Eléctricos SA, para Cerisol-Isoladores Cerâmicos SA.

 

 

Financial Demonstration SNC

 

Balance Sheet SNC

CoinEURO

 

Date31-12-2011

 

 

Closing Date

31-12-2011

31-12-2010

31-12-2009

Variaçăo (%)

 

 

 

ASSET

 

 

 

 

 

Non-current assets

 

Tangible fixed assets

7.778.469,33

6.404.660,31

3.800.913,78

21,45

Goodwill

2.238.346,35

2.238.346,35

2.238.346,35

 

Intangible assets

139.458,18

11.608,04

19.665,33

1.101,39

Other financial assets

26.565,20

16.995,20

9.495,20

56,31

Deferred tax assets

494.856,20

271.646,29

304.069,32

82,17

Total

10.677.695,26

8.943.256,19

6.372.489,98

19,39

 

 

 

 

 

Current assets

 

 

Inventories

2.193.387,25

1.834.005,50

2.015.655,32

19,60

Costumers

1.970.601,82

1.783.689,93

2.303.477,74

10,48

State and other public entities

252.956,88

425.155,53

106.900,03

(40,50)

Other accounts receivable

827.728,11

204.711,07

343.023,85

304,34

Deferrals

44.496,94

133.859,31

219.949,22

(66,76)

Cashier and bank deposits

15.969,45

11.444,81

425.250,16

39,53

Total

5.305.140,45

4.392.866,15

5.414.256,32

20,77

TOTAL ASSET

15.982.835,71

13.336.122,34

11.786.746,30

19,85

 

 

 

 

 

SHAREHOLDERS FUNDS AND LIABILITIES

 

 

 

 

 

 

 

SHAREHOLDERS FUNDS

 

 

Capital

1.317.000,00

1.317.000,00

1.317.000,00

 

Other shareholders funds instruments

4.033.001,00

4.033.001,00

3.283.001,00

 

Legal reserves

3.185,89

3.185,89

3.185,89

 

Net retained

(3.081.370,91)

(2.568.958,08)

(2.669.366,19)

19,95

Revaluation surplus

995.932,27

1.437.765,79

1.898.378,41

(30,73)

Other shareholders funds changes

401.984,97

 

 

 

Total

3.669.733,22

4.221.994,60

3.832.199,11

(13,08)

Net income for the period

(1.632.847,19)

(847.029,82)

(266.478,05)

92,77

TOTAL OF SHAREHOLDERS FUNDS

2.036.886,03

3.374.964,78

3.565.721,06

(39,65)

 

 

 

 

 

LIABILITY

 

 

 

 

 

 

 

Non-current liiabilities

 

 

Financing obtained

8.050.794,95

2.664.476,73

1.499.998,98

202,15

Responsability for post-employment beneficts

18.734,77

27.240,01

43.495,05

(31,22)

Diferred taxes liabilities

418.405,62

432.772,79

598.844,01

(3,32)

Total

8.487.935,34

3.124.489,53

2.142.338,04

171,66

 

 

 

 

 

Current liabilities

 

 

Suppliers

2.557.661,82

1.701.017,96

1.523.579,26

50,36

Advances from costumers

 

 

36.993,00

 

State and other public entities

277.803,63

132.205,54

171.462,55

110,13

Financing obtained

753.579,05

2.633.668,75

3.594.849,19

(71,39)

Other payable accounts

1.868.969,84

2.369.775,78

751.803,20

(21,13)

Total

5.458.014,34

6.836.668,03

6.078.687,20

(20,17)

TOTAL LIABILITIES

13.945.949,68

9.961.157,56

8.221.025,24

40,00

TOTAL SHAREHOLDERS FUNDS AND LIABILITIES

15.982.835,71

13.336.122,34

11.786.746,30

19,85

 

 

 

 

 

INCOME STATEMENT

 

 

 

 

 

 

 

INCOME AND EXPENSES

 

 

Sales and services

7.335.351,27

8.218.866,50

9.407.533,89

(10,75)

Variation in production inventories

169.225,91

(68.334,71)

186.064,82

(347,64)

Work for the entity itself

128.987,01

114.663,54

 

12,49

Cost of goods sold and materials consumed

3.124.477,72

2.817.133,68

3.155.931,59

10,91

Suppliers and external services

2.013.747,24

2.067.871,84

2.280.267,80

(2,62)

Personnel costs

3.070.225,21

3.160.406,18

3.254.437,81

(2,85)

Impairment of receivables (losses/revearsals)

 

 

(3.432,10)

 

Other income and gains

110.898,87

28.837,67

26.524,54

284,56

Other expenses and losses

216.134,87

77.462,58

52.773,89

179,02

Result before depreciation, financing costs and taxes

(680.121,98)

171.158,72

880.144,26

(497,36)

Expenses/reversals of depreciation and amortization

797.034,13

778.336,47

782.725,16

2,40

Operating result (before financing costs and taxes)

(1.477.156,11)

(607.177,75)

97.419,10

143,28

Interest and similar income obtained

 

4.515,94

3.940,87

 

interest and similar expenses incurred

484.490,87

339.636,02

376.391,38

42,65

Net before taxes

(1.961.646,98)

(942.297,83)

(275.031,41)

108,18

Income tax of the period

(328.799,79)

(95.268,01)

(8.553,36)

245,13

Net profit for the period

(1.632.847,19)

(847.029,82)

(266.478,05)

92,77

 

RATIOS SNC

 

 

Closing Date

31-12-2011

31-12-2010

31-12-2009

 

 

 

 

TURNOVER RATIOS

 

Shareholder's Funds Profitability

(0,802)

(0,251)

(0,075)

 

Assets Profitability

(0,092)

(0,046)

0,008

 

Sales Net Profitability

(0,223)

(0,103)

(0,028)

 

 

 

 

 

 

EFFICIENCY RATIOS

 

 

Medium Term Receivable

98,055

79,213

89,372

 

Asset Rotation

0,459

0,616

0,798

 

 

 

 

 

 

PRODUCTIVITY RATIOS

 

 

Productivity

1,372

1,709

1,921

 

 

 

 

 

 

SHORT TERM RATIOS

 

 

General Liquidity

0,972

0,643

0,891

 

Reduced Liquidity

0,57

0,374

0,559

 

Immediate Liquidity

0,003

0,002

0,07

 

 

 

 

 

 

MEDIUM LONG TERM RATIOS

 

 

Financial Autonomy

0,127

0,253

0,303

 

Solvability

0,146

0,339

0,434

 

Borrowed Capital Structure

0,391

0,686

0,739

 

General Debt

4,322

1,57

1,429

 

Medium Long Term Debt

3,953

0,789

0,421

 

Debt Structure

0,391

0,686

0,739

 

Capital Structure

0,24

1,08

1,664

 

 

 

 

 

 

Operational and Financial Risk

 

 

Operational Leverage Level

(2,851)

(8,896)

64,172

 

Financial Leverage Level

0,753

0,644

(0,354)

 

Combined Leverage Level

(2,147)

(5,729)

(22,717)

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.94

UK Pound

1

Rs.82.76

Euro

1

Rs.71.04

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.