MIRA INFORM REPORT
|
Report Date : |
03.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
CP KELCO BRASIL SA |
|
|
|
|
Registered Office : |
Avenida Araras, 799 - Vila Glória 13485-130 - Limeira/Sp |
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|
|
Country : |
Brazil |
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|
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
15.01.1985 |
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Legal Form : |
Privately Held Corporation |
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Line of Business : |
Manufacture and Trade of Orange Extract - Pectin. |
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No. of Employees : |
165 |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Brazil |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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% in 2011, and 1.3% in 2012. Unemployment is at historic
lows and Brazil's traditionally high level of income inequality has declined
for each of the last 14 years. Brazil's historically high interest rates have
made 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 exchange 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. In an effort to boost growth, in
2012 the administration implemented a somewhat more expansionary monetary
policy that has failed to stimulate much growth.
Source
: CIA
Company name
CP KELCO BRASIL
S/A
ADDRESSES
|
MAIN ADDRESS: |
AVENIDA ARARAS, 799 - VILA GLÓRIA |
|
ZIP CODE/CITY: |
13485-130 - LIMEIRA/SP |
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PHONE: |
19 3404-4627 |
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FAX: |
19 3451-1948 |
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E-MAIL: |
andre.l.bueno@cpkelco.com |
|
WEB SITE: |
www.cpkelco.com |
|
BRANCHES: |
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|
|
|
|
ADDRESS: |
RUA TEIXEIRA MARQUES, 845 CHÁCARA SĂO JOSÉ CAIXA POSTAL: 21 |
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ZIP CODE/CITY: |
13485-13 LIMEIRA/SP |
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PHONE: |
19 3404-4600 |
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FAX: |
19 3404-4639 |
|
CNPJ: |
54.105.671/0006-50 |
|
STATE REGISTER: |
417.155.274.115 |
LEGAL DATA
|
MAIN ACTIVITIES: |
|
MANUFACTURE AND TRADE OF ORANGE EXTRACT - PECTIN. |
|
LEGAL FORM: |
PRIVATELY
HELD CORPORATION |
|
|
|
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INCORPORATION DATE: |
15/01/1985 |
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REGISTER DATE: |
15/01/1985 |
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BALANCE SHEET FILING DATE: |
31/12 |
|
TAX CONTRIBUTOR NUMBER(CNPJ): |
54.105.671/0001-46 |
|
STATE REGISTER: |
417.060.654.115 |
|
|
|
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SHARE CAPITAL: |
R$ 6.139.086,00 |
|
BOARD OF
DIRECTORS: |
|
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|
|
|
LUIZ AURÉLIO FERREIRA AZZOLINO |
SUPERVISING DIRECTOR |
|
ANTONIO LEOPOLDO SICOLIN |
FINANCIAL DIRECTOR |
|
JULIO CESAR DE FRANCISCHI |
INDUSTRIAL DIRECTOR |
|
SIDNEY AMORIM DOS SANTOS |
DIRECTOR |
AUTHORIZED USE OF SIGNATURE
|
THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY. |
|
SHAREHOLDERS /
PARTNERS: |
|
|
|
|
|
CP KELCO APS (DENMARK) |
99,99% |
|
OTHERS |
0,01% |
|
AFFILIATES /
SUBSIDIARIES: |
|
|
|
|
|
CP KELCO USA, INC. |
|
|
CP KELCO GERMANY |
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CP KELCO JAPAN APS |
|
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CP KELCO OY |
|
|
MIKLOS VOGEL ADVOGADOS ASSOCIADOS |
|
|
AUTO POSTO RAMAL LTDA |
|
COMPANY'S BACKGROUND
|
THE SUBJECT WAS ESTABLISHED ON JANUARY 15, 1985 TO BE ENGAGED IN THE SAID
LINE OF BUSINESS AND UP TO DATE IT IS STILL OPERATING WITHIN THE GENERAL
SCENE REPORTED HEREIN. TRADE NAME: "CP KELCO". DIRECTORS: LUIZ AURÉLIO FERREIRA AZZOLINO: BRAZILIAN, MARRIED, CHEMICAL ENGINNER,
HOLDER OF DOCUMENTS RG 7.513.148 SSP/SP AND CPF 046.665.758-71, RESIDENTIAL
ADDRESS AT RUA RAFAEL WILSON PACCE, 115, JARDIM COLONIAL, SĂO PAULO/SP; JULIO CESAR DE FRANCISCHI: BRAZILIAN, MARRIED, CHEMICAL ENGINNER,
HOLDER OF DOCUMENTS RG 11.505.746 SSP/SP AND CPF 049.016.178-26, RESIDENTIAL
ADDRESS AT VIA TOSCANA, 324, VILA SAN MARINO, LIMEIRA/SP; SIDNEY AMORIM DOS SANTOS: BRAZILIAN, SINGLE, LAWYER, HOLDER OF
DOCUMENTS RG 17.070.042 SSP/SP AND CPF 109.890.088-00, RESIDENTIAL ADDRESS AT
RUA SANTOMOFATTO, 696, JARDIM COLONIAL, LIMEIRA/SP; ANTONIO LEOPOLDO SICOLIN: BRAZILIAN, MARRIED, ACCOUNTANT, HOLDER OF
DOCUMENTS RG 6.426.560 SSP/SP AND CPF 539.868.148-68, RESIDENTIAL ADDRESS AT
RUA MARIO PIZANI, 161, CHÁCARA SĂO JOSÉ, ZIP CODE 13485-134, LIMEIRA/SP. FURTHER DETAILS ARE SO FAR NOT KNOWN. REMARKS: -------- WHEN CONTACTING THE SUBJECT WE INTERVIEWED MR. ANDRE, FINANCIAL
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 INFORMATION: |
|
PROTESTS: |
|
1 PROTEST, AMOUNT R$ 4.650,00 |
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DETAILS OF PROTEST: |
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NOTARY OFFICE: |
DATE: |
VALUE: |
|
22ş CARTÓRIO DE SP-LIMEIRA |
03/07/2013 |
R$ 4.650,00 |
FINANCIAL INFORMATION
|
GENERAL BALANCE SHEETS AS OF 31/12/2012, 31/12/2011 AND 31/12/2010. |
|
( FIGURES ARE IN THOUSANDS OF REAIS ). |
|
ASSETS |
|
|
|
|
CURRENT: |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
|
|
|
|
CASH AND BANKS |
7.036 |
9.399 |
1.519 |
|
INTERCOMPANY CREDITS |
10.862 |
14.183 |
11.754 |
|
CLIENTS |
19.135 |
17.112 |
14.603 |
|
INVENTORY |
44.655 |
41.559 |
33.840 |
|
RECOVERABLE TAXES |
16.739 |
37.186 |
31.863 |
|
OTHER CREDITS |
1.015 |
1.737 |
1.025 |
|
|
---------------- |
---------------- |
---------------- |
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TOTAL CURRENT ASSETS |
99.442 |
121.176 |
94.604 |
|
LONG-TERM
RECEIVABLES: |
|
|
|
|
|
|
|
|
|
CLIENTS |
4.814 |
2.566 |
2.888 |
|
DEFERRED TAXES |
7.809 |
9.018 |
9.209 |
|
RECOVERABLE TAXES |
21.084 |
2.090 |
313 |
|
|
---------------- |
---------------- |
---------------- |
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TOTAL LONG-TERM RECEIVABLES |
33.707 |
13.674 |
12.410 |
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FIXED ASSETS: |
|
|
|
|
|
|
|
|
|
FIXED ASSETS |
43.855 |
37.930 |
40.076 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL FIXED ASSETS |
43.855 |
37.930 |
40.076 |
|
|
================ |
================ |
================ |
|
TOTAL ASSETS |
177.004 |
172.780 |
147.090 |
|
LIABILITIES: |
|
|
|
|
CURRENT: |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
|
|
|
|
SUPPLIERS |
7.087 |
13.200 |
4.627 |
|
INTERCOMPANY DEBTS |
3.575 |
4.518 |
4.201 |
|
TAX LIABILITIES |
340 |
325 |
318 |
|
LABOR OBLIGATIONS |
2.375 |
2.253 |
2.172 |
|
PROVISIONS |
4.818 |
2.141 |
720 |
|
ACCOUNTS PAYABLE |
3.499 |
1.191 |
1.761 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
21.694 |
23.628 |
13.799 |
|
LONG TERM
LIABILITIES: |
|
|
|
|
|
|
|
|
|
LOANS AND FINANCING |
|
|
95.018 |
|
DEFERRED TAXES |
8.353 |
11.984 |
16.036 |
|
DEBT WITH RELATED COMPANIES |
128.243 |
122.164 |
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
136.596 |
134.148 |
111.054 |
|
NET EQUITY: |
|
|
|
|
|
|
|
|
|
SHARE CAPITAL |
6.139 |
6.139 |
6.139 |
|
CAPITAL RESERVES |
1.249 |
1.249 |
1.249 |
|
REVALUATION RESERVES |
427 |
455 |
481 |
|
LEGAL RESERVES |
1.228 |
1.228 |
1.228 |
|
ACCRUED PROFIT (LOSS) |
9.671 |
5.933 |
13.140 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET EQUITY |
18.714 |
15.004 |
22.237 |
|
|
================ |
================ |
================ |
|
TOTAL LIABILITIES |
177.004 |
172.780 |
147.090 |
|
PROFIT AND LOSS ACCOUNTS AS OF 31/12/2012, 31/12/2011 AND 31/12/2010. |
|
( FIGURES ARE IN THOUSANDS OF REAIS ). |
|
|
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
|
|
|
|
GROSS SALES |
128.070 |
113.988 |
114.107 |
|
(-) TAXES ON SALES |
12.284 |
11.059 |
10.153 |
|
|
---------------- |
---------------- |
---------------- |
|
NET SALES |
115.786 |
102.929 |
103.954 |
|
(-) COST OF SOLD GOODS |
78.623 |
87.735 |
93.141 |
|
|
---------------- |
---------------- |
---------------- |
|
GROSS PROFIT |
37.163 |
15.194 |
10.813 |
|
OPERATING REVENUE (EXPENSE) |
-15.769 |
-11.424 |
-10.896 |
|
FINANCIAL REVENUE(EXPENSE) |
-12.638 |
-12.598 |
1.446 |
|
|
---------------- |
---------------- |
---------------- |
|
OPERATIONAL PROFIT (LOSS) |
8.756 |
-8.828 |
1.363 |
|
CONTRIBUTION/INCOME TAX |
-3.202 |
1.593 |
-1.808 |
|
|
---------------- |
---------------- |
---------------- |
|
NET PROFIT (LOSS) |
5.554 |
-7.235 |
-445 |
|
RATIOS: |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
QUICK RATIO |
2,53 |
|
3,37 |
|
4,40 |
|
|
CURRENT RATIO |
4,58 |
|
5,13 |
|
6,86 |
|
|
ACCOUNTS RECEIVABLE TURNOVER |
6,05 |
TIMES |
6,02 |
TIMES |
7,12 |
TIMES |
|
DAYS' SALES IN RECEIVABLES |
59,49 |
DAYS |
59,85 |
DAYS |
50,57 |
DAYS |
|
INVENTORY TURNOVER |
1,76 |
TIMES |
2,11 |
TIMES |
2,75 |
TIMES |
|
ACCOUNTS PAYABLE PERIOD |
32,45 |
DAYS |
54,16 |
DAYS |
17,88 |
DAYS |
|
RETURN ON ASSETS |
,65 |
TIMES |
,60 |
TIMES |
,71 |
TIMES |
|
SALES TURNOVER ON NET EQUITY |
6,19 |
TIMES |
6,86 |
TIMES |
4,67 |
TIMES |
|
NET WORTH TIE-UP |
2,34 |
|
2,53 |
|
1,80 |
|
|
INDEBTEDNESS |
8,46 |
|
10,52 |
|
5,61 |
|
|
EQUITY RATIO |
10,57 |
% |
8,68 |
% |
15,12 |
% |
|
WORKING CAPITAL RATIO |
358,38 |
% |
412,85 |
% |
585,59 |
% |
|
GENERAL SOLVENCY |
1,12 |
|
1,10 |
|
1,18 |
|
|
RETURN ON NET EQUITY |
29,68 |
% |
-48,22 |
% |
-2,00 |
% |
|
RETURN ON SALES (PROFIT MARGIN) |
4,80 |
% |
-7,03 |
% |
-,43 |
% |
|
GROSS PROFIT MARGIN |
32,10 |
% |
14,76 |
% |
10,40 |
% |
|
OPERATIONAL RESULT |
7,56 |
% |
-8,58 |
% |
1,31 |
% |
|
SALES TURNOVER ON LIABILITIES |
5,34 |
TIMES |
4,36 |
TIMES |
7,53 |
TIMES |
|
FOREIGN CURRENCY ON ASSETS |
|
|
|
|
|
|
|
FOREIGN CURRENCY ON LIABILITIES |
|
|
|
|
|
|
|
EXCHANGE RATE: |
|
|
US$ 1,00 = R$ 2,29 |
- OFFICIAL RATE ON 01/08/2013 |
|
US$ 1,00 = R$ 2,04 |
- OFFICIAL RATE ON 31/12/2012 |
|
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 FIGURES AVAILABLE SHOW A SATISFACTORY FINANCIAL STANDING. THE LEVEL
OF INDEBTEDNESS IS VERY HIGH BUT IT IS NOTED HIGH LIQUIDITY RATIOS AND
POSITIVE WORKING CAPITAL, CONSIDERED ENOUGH TO COVER THE SHORT TERM
LIABILITIES. IT SHOWS RECOVERY IN SALES AND POSTED PROFIT. |
|
REAL ESTATE: |
OWNED PREMISES ARE VALUED AT R$
7.183.531,53
|
VEHICLES: |
OWNED VEHICLES ARE VALUED AT R$
522.671,32
|
MACHINES: |
OWNED MACHINES AND EQUIPMENTS
ARE VALUED AT R$ 78.004.578,04
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"). |
ACTIVITIES COMMENTS
|
MANUFACTURE AND TRADE OF ORANGE EXTRACT - PECTIN. |
|
IMPORT AND
EXPORT: |
IMPORTS FROM:
|
CHINA AND UNITED STATES |
EXPORTS TO:
|
NOT AVAILABLE |
|
MAIN CLIENTS: |
|
|
|
|
|
|
|
DOMESTIC
CLIENTS: |
|
|
|
NOT AVAILABLE |
|
|
|
STAFF: |
|
|
|
THE COMPANY HAS: 165 EMPLOYEE(S) |
CONCEPT AND FULFILMENT
|
THE SUBJECT IS A WELL-ESTABLISHED COMPANY, OPERATING SINCE 1985. SO
FAR IT HAS A CLEAR TRADE HISTORY AND NORMAL PAYMENT BEHAVIOR. BOTH THE
COMPANY AND THE PRINCIPALS ENJOY A FAVORABLE REPUTATION AMONG LOCAL TRADE
SOURCES. THE COMPANY HAS TRADE RELATIONS WITH SOME 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 PROTEST FOUND IS CONSIDERED IRRELEVANT. |
|
MAIN SUPPLIERS: |
|
|
|
|
|
|
|
DOMESTIC
SUPPLIERS: |
|
|
|
SUCOS KIKI LTDA |
|
|
|
FOREIGN
SUPPLIERS: |
COUNTRY: |
|
|
CP KELCO OY |
CHINA |
|
|
CP KELCO USA, INC. |
USA |
|
|
PAYMENT HISTORY: |
|
04 SUPPLIERS REPORTED PAYMENTS: |
|
TOTAL AMOUNT: R$ 60.102,00 |
|
|
|
AMOUNT OF INVOICES PAID: 13 |
|
TOTAL OF PROMPT PAYMENTS: 100% |
|
HIGHEST INVOICE: R$ 33.000,00 |
|
HIGHEST CREDIT: R$ 33.000,00 |
FINAL OPINION
|
THE SUBJECT IS A WELL-ESTABLISHED COMPANY IN BUSINESS FOR SEVERAL YEARS.
UP TO DATE IT HAS A SATISFACTORY FINANCIAL STANDING, A CLEAR TRADE HISTORY
AND 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. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.36 |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.