MIRA INFORM REPORT

 

 

Report Date :

07.08.2013

 

IDENTIFICATION DETAILS

 

Name :

ETMA-EMPRESA TRANSFORMADORA DE MARMORES DO ALENTEJO SA

 

 

Registered Office :

Lugar de Cabanas-Herdade de Vigaria, Apartado 27 Vila Vicosa 7160-999-VILA Vicosa Evora

 

 

Country :

Portugal

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

29.04.1974

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturing of marbles

 

 

No. of Employees :

84

 

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

Payment Behaviour :

No Complaints

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)

Portugal

B1

B1

 

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

ETMA-EMPRESA TRANSFORMADORA DE MARMORES DO ALENTEJO SA

V.A.T. Number / NIF

500101566

Address

Lugar de Cabanas-Herdade de Vigaria, Apartado 27

Locality

Vila Vicosa

Postal Code

7160-999-VILA VICOSA

Municipality

VILA VICOSA

District

EVORA

Telephone

268887100, 268887140

Fax

268980657, 268408012

E-Mail

info@etma.eu

Web Site

www.etma.eu

 

 

C.A.E.(Rev 3)

23701- Manufacture of marble and rocks similar

 

 

 

Summary

 

Legal Form

Joint Stock Company

Constitution

29-04-1974

V.A.T. Number / NIF

500101566

Employees

84

Capital

1.500.000,00

Sales in : 31-12-2012

10.278.808,38

Shareholders Funds in: 31-12-2012

6.358.866,80

Payments

Good

Actual Condition

In activity

Financial Highlights

 

 

31-12-2010

 

31-12-2011

 

31-12-2012

Net Sales

10.365.703,08

11.110.005,10

10.278.808,38

Net Income For the Year

230.990,23

199.462,63

339.175,74

Shareholders Funds

5.820.228,43

6.019.691,06

6.358.866,80

Stocks

1.680.417,25

1.746.325,02

1.448.701,20

LIABILITY

7.129.586,27

5.261.374,51

4.867.073,37

ASSETS

12.949.814,70

11.281.065,57

11.225.940,17

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

ANTONIO MACEDO DE CASTRO

Administrator

FRANCIS DIKRAN KEZIRIAN

Administrator

JOSE MANUEL FIGUEIRA DE SOUSA BARRETO

Delegate Administrator

PATRICE SERGE VARTAN KEZIRIAN

Administrator

SOLUBEMA-SOCIEDADE LUSO-BELGA DE MARMORES SA

Administrator

ANNIE ELISABETH TARON

Administrator

JEAN KEZIRIAN

Board of Director's President

 

Fiscal Board

JACQUES DOS SANTOS

Fiscal Board President

MAZARS & ASSOCIADOS-SOCIEDADE REVISORES OFICIAIS DE CONTAS SA

Fiscal Board Vice-President

LEONEL MANUEL DIAS VICENTE

Fiscal Board Substitute

HENRIQUE JOSE MARTO OLIVEIRA

Fiscal Board Vice-President

 

Legal Structure

 

 

Registed on the Register Record Office of Vila Vicosa with the Register Number 500101566 previous number 72 in 01-08-1974

Constitution celebrated in 29-04-1974 published on Diário da República number 123 of 27-05-1974

To oblige the company it is necessary 2 signature

 

Changes to Society

 

In 31-03-2010 on Portal MJ of 16-12-2011 board of director's change

In 30-03-2007 on Portal MJ of 17-06-2008 board of director's change

In 26-03-2004 on Diário da República number 245 of 18-10-2004 board of director's change

In 20-12-2001 on Diário da República number 139 of 19-06-2002 board of director's change

In 24-03-1998 on Diário da República number 118 of 22-05-1998 board of director's change

 

Capital

 

 

The Capital is 1.500.000,00 , divided in 300000 shares , with a nominal value of 4,99

 

 

with the following shareholders

SOLUBEMA-SOCIEDADE LUSO-BELGA DE MARMORES SA

1.474.050,00

98,27%

 

 

Shareholders / Partners Companies

 

 

 

NAME

SOLUBEMA-SOCIEDADE LUSO-BELGA DE MARMORES SA

Funtion

Shareholder

Address

Praça Duque de Terceira, 24 - 4º

Locality

Lisboa

Telephone

213219080

Fax

213473417

E-Mail

solubemaetma@mail.telepac.pt

C.A.E.

08111-Extracçăo de mármore e outras rochas carbonatadas

 

 

Activities

 

 

Line of Business

Percentage

Manufacturing of marbles

100%

 

 

Type of Clients

Private Companies

 

 

Sales Conditions

Credit 30/60/90/120 days

 

 

Sales Area

 

 

 

Country

6,88%

Foreign

93,12%

Imports

15,78%

 

 

Exports

93,12%

to

ALEMANHA,ARABIA SAUDITA,AUSTRALIA,BELGICA,BERMUDAS,BRASIL,CANADA,CHILE,CHINA, REPUBLICA POPULAR,DINAMARCA,ESPANHA,HOLANDA,HONG-KONG,INDONESIA,REINO UNIDO,SUECIA,TAIWAN

 

 

Banks and Financial Institutions

 

 

CAIXA GERAL DE DEPOSITOS, SA

Vila Viçosa

BANCO ESPIRITO SANTO, SA

Estremoz

MILLENNIUM BCP

Estremoz

 

 

Incidents

 

 

There are no of incidents on our database

 

 

Employees

 

 

Total

84

 

 

Insurance

 

 

Império Bonança Companhia de Seguros SA

 

 

Head Office and Installations

 

 

Head office and factory Lugar de Cabanas-Herdade de Vigaria, Apartado 27, Vila Vicosa, 7160-999, VILA VICOSA, Tel:268887100, Fax:268980657

 

 

Financial Demonstration SNC

 

Balance Sheet SNC

CoinEURO

 

Date31-12-2012

 

 

Closing Date

31-12-2012

31-12-2011

31-12-2010

Variaçăo (%)

 

 

 

ASSET

 

 

 

 

 

Non-current assets

 

Tangible fixed assets

2.523.779,72

2.882.217,64

3.263.558,96

(12,44)

Intangible assets

208,76

1.210,43

2.212,10

(82,75)

Other financial assets

16.690,38

16.690,38

16.690,38

 

Total

2.540.678,86

2.900.118,45

3.282.461,44

(12,39)

 

 

 

 

 

Current assets

 

 

Inventories

1.448.701,20

1.746.325,02

1.680.417,25

(17,04)

Costumers

6.396.366,23

5.118.738,68

6.906.980,17

24,96

Advances to suppliers

46.755,00

956,51

 

4.788,08

State and other public entities

328.260,53

340.943,85

189.188,58

(3,72)

Other accounts receivable

24.144,82

42.355,96

702.205,55

(43,00)

Deferrals

24.976,27

13.771,13

21.416,08

81,37

Cashier and bank deposits

416.057,26

1.117.855,97

167.145,63

(62,78)

Total

8.685.261,31

8.380.947,12

9.667.353,26

3,63

TOTAL ASSET

11.225.940,17

11.281.065,57

12.949.814,70

(0,49)

 

 

 

 

 

SHAREHOLDERS FUNDS AND LIABILITIES

 

 

 

 

 

 

 

SHAREHOLDERS FUNDS

 

 

Capital

1.500.000,00

1.500.000,00

1.500.000,00

 

Legal reserves

227.603,43

217.630,30

206.080,79

4,58

Net retained

4.292.087,63

4.102.598,13

3.883.157,41

4,62

Total

6.019.691,06

5.820.228,43

5.589.238,20

3,43

Net income for the period

339.175,74

199.462,63

230.990,23

70,04

TOTAL OF SHAREHOLDERS FUNDS

6.358.866,80

6.019.691,06

5.820.228,43

5,63

 

 

 

 

 

LIABILITY

 

 

 

 

 

 

 

Non-current liiabilities

 

 

Financing obtained

218.750,00

843.750,00

1.468.750,00

(74,07)

Total

218.750,00

843.750,00

1.468.750,00

(74,07)

 

 

 

 

 

Current liabilities

 

 

Suppliers

3.146.066,61

3.304.814,78

4.361.015,69

(4,80)

Advances from costumers

10.190,00

42.031,78

320,00

(75,76)

State and other public entities

166.407,29

103.187,39

90.451,49

61,27

Financing obtained

625.000,00

625.000,00

628.393,68

 

Other payable accounts

700.659,47

342.590,56

580.655,41

104,52

Total

4.648.323,37

4.417.624,51

5.660.836,27

5,22

TOTAL LIABILITIES

4.867.073,37

5.261.374,51

7.129.586,27

(7,49)

TOTAL SHAREHOLDERS FUNDS AND LIABILITIES

11.225.940,17

11.281.065,57

12.949.814,70

(0,49)

 

 

 

 

 

INCOME STATEMENT

 

 

 

 

 

 

 

INCOME AND EXPENSES

 

 

Sales and services

10.278.808,38

11.110.005,10

10.365.703,08

(7,48)

Variation in production inventories

(26.318,05)

(25.797,26)

128.920,96

2,02

Cost of goods sold and materials consumed

(5.756.135,15)

(6.251.770,00)

5.948.490,02

(7,93)

Suppliers and external services

(1.913.641,98)

(2.120.155,70)

1.965.740,98

(9,74)

Personnel costs

(1.801.725,26)

(1.990.953,84)

1.802.637,30

(9,50)

Other income and gains

93.583,55

53.215,90

54.547,24

75,86

Other expenses and losses

(23.726,99)

(34.479,38)

33.288,11

(31,18)

Result before depreciation, financing costs and taxes

850.844,50

740.064,82

799.014,87

14,97

Expenses/reversals of depreciation and amortization

(393.022,83)

(448.998,55)

476.370,78

(12,47)

Operating result (before financing costs and taxes)

457.821,67

291.066,27

322.644,09

57,29

Interest and similar income obtained

29.297,91

5.252,93

2.447,26

457,74

interest and similar expenses incurred

(21.999,90)

(43.233,52)

42.834,30

(49,11)

Net before taxes

465.119,68

253.085,68

282.257,05

83,78

Income tax of the period

(125.943,94)

(53.623,05)

51.266,82

134,87

Net profit for the period

339.175,74

199.462,63

230.990,23

70,04

 

 

RATIOS SNC

 

 

Closing Date

31-12-2012

31-12-2011

31-12-2010

 

 

 

 

TURNOVER RATIOS

 

Shareholder's Funds Profitability

0,053

0,033

0,04

 

Assets Profitability

0,041

0,026

0,025

 

Sales Net Profitability

0,033

0,018

0,022

 

 

 

 

 

 

EFFICIENCY RATIOS

 

 

Medium Term Receivable

227,134

168,167

243,21

 

Asset Rotation

0,916

0,985

0,8

 

 

 

 

 

 

PRODUCTIVITY RATIOS

 

 

Productivity

(8,9)

(8,72)

2,45

 

 

 

 

 

 

SHORT TERM RATIOS

 

 

General Liquidity

1,868

1,897

1,708

 

Reduced Liquidity

1,557

1,502

1,411

 

Immediate Liquidity

0,09

0,253

0,03

 

 

 

 

 

 

MEDIUM LONG TERM RATIOS

 

 

Financial Autonomy

0,566

0,534

0,449

 

Solvability

1,307

1,144

0,816

 

Borrowed Capital Structure

0,955

0,84

0,794

 

General Debt

0,133

0,244

0,36

 

Medium Long Term Debt

0,034

0,14

0,252

 

Debt Structure

0,955

0,84

0,794

 

Capital Structure

29,069

7,134

3,963

 

 

 

 

 

 

Operational and Financial Risk

 

 

Operational Leverage Level

35,024

59,649

13,691

 

Financial Leverage Level

0,984

1,15

1,143

 

Combined Leverage Level

34,464

68,596

15,649

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.53

UK Pound

1

Rs.94.37

Euro

1

Rs.81.58

 

 

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.