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Report Date : |
16.12.2013 |
IDENTIFICATION DETAILS
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Name : |
CORKSRIBAS-INDUSTRIA GRANULADORA DE CORTICA SA |
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Registered Office : |
Rua do Fial, Apartado 22, Sao Paio De Oleiros |
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Country : |
Portugal |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
09.06.1980 |
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Com. Reg. No.: |
501055975 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Wholesale trade of construction materials (except wood) and sanitary
equipment |
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No. of Employees : |
16 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Portugal |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
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
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Source : CIA |
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Know more about Rating DynamIIC - Glossary and Methodology
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All the amounts are express in Euros, otherwise you will be advised |
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Board of Director's |
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JOSE PEDRO MAIA DE OLIVEIRA |
Administrator |
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JOSE LUIS DE PINHO E SILVA PAULINO |
Board of Director's President |
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TEODORO SILVA SANTOS |
Administrator |
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Fiscal Board |
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PRICEWATERHOUSECOOPERS & ASSOCIADOS-SOCIEDADE DE REVISORES
OFICIAIS DE CONTAS LDA |
Unique Fiscal |
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HERMINIO ANTONIO PAULOS AFONSO |
Fiscal Board Substitute |
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Registed on the Register Record Office of Santa Maria da Feira with
the Register Number 501055975 previous number 1573 in 09-06-1980 |
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Constitution celebrated in 09-06-1980 published on Diário da República
number 141 of 21-06-1980 |
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To oblige the company it is necessary 1 signatures |
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Changes to Society |
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In 19-03-2013 on Portal MJ of 23-05-2013 board of director's change |
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In 29-05-2009 on Portal MJ of 04-08-2009 board of director's change |
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In 26-05-2006 on Portal MJ of 06-09-2006 board of director's change |
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In 19-09-2003 on Diário da República number 12 of 15-01-2004 board of
director's change |
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In 16-10-2002 on Diário da República number 158 of 11-07-2003 board of
director's change |
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The Capital is 400.000,00 , divided in 80000 shares , with a nominal
value of 5,00 |
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with the following shareholders |
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RIVER HOLDINGS LLC |
400.000,00 |
100% |
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NAME |
RIVER HOLDINGS LLC |
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Funtion |
Shareholder |
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Line of Business |
Percentage |
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Comércio por grosso de materiais de construçăo
(excepto madeira) e equipamento sanitário. (Comércio POR Grosso de Materiais
de Construçăo (EXCEPTO madeira) e EQUIPAMENTO sanitário.) |
100% |
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Type of Clients |
Manufacturers |
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Sales Conditions |
Cash/credit |
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Sales Area |
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Country |
4% |
Foreign |
96% |
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Exports |
96% |
to |
ALEMANHA,FRANÇA,ITALIA,ESPANHA,POLONIA,AUSTRALIA,TAIWAN |
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BANCO POPULAR PORTUGAL SA |
Săo Joăo da Madeira |
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MILLENNIUM BCP |
Avenida da Boavista - Porto |
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BANIF - BANCO INTERNACIONAL DO FUNCHAL, SA |
Săo Joăo da Madeira - Centro de Empresas |
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Legal Actions |
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Date |
Process |
Author |
Type |
Amount |
Judicial District |
Court |
Situation |
|
14-12-2010 |
851/10.8TTVFR |
Manuel da Silva
Rocha |
Acçăo de Processo Comum |
35.676,21 |
Santa Maria Feira - Tribunal do Trabalho |
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Pendente |
|
09-12-2010 |
836/10.4TTVFR |
Bernardino
António Ferreira Santos |
Acçăo de Processo Comum |
35.853,00 |
Santa Maria Feira - Tribunal do Trabalho |
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16-11-2010 |
794/10.5TTVFR |
Manuel Jorge
Alves Martins |
Acçăo de Processo Comum |
35.700,07 |
Santa Maria Feira - Tribunal do Trabalho |
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16-11-2010 |
793/10.7TTVFR |
José Silva
Coelho |
Acçăo de Processo Comum |
35.733,00 |
Santa Maria Feira - Tribunal do Trabalho |
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Pendente |
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Total |
16 |
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Companhia Seguros Allianz Portugal SA |
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Head office and installations with an area of 40.000 m2 m2 Rua do Fial,
Apartado 22, Sao Paio De Oleiros, 4536-907, SAO PAIO DE OLEIROS,
Tel:227459007, Fax:227457913 |
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Balance Sheet SNC |
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CoinEURO |
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Date31-12-2012 |
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Closing Date |
31-12-2012 |
31-12-2011 |
-- |
Variaçăo (%) |
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ASSET |
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Non-current assets |
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Tangible fixed assets |
2.338.659,91 |
2.394.252,43 |
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(2,32) |
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Investment properties |
427.648,52 |
431.390,19 |
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(0,87) |
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Intangible assets |
2.298,48 |
115,83 |
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1.884,36 |
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Other financial assets |
1.246,99 |
1.246,99 |
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Deferred tax assets |
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18.356,36 |
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Total |
2.769.853,90 |
2.845.361,80 |
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(2,65) |
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Current assets |
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Inventories |
1.090.369,07 |
838.662,19 |
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30,01 |
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Costumers |
2.393.318,39 |
1.830.053,69 |
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30,78 |
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State and other public entities |
701.235,94 |
380.575,33 |
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84,26 |
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Deferrals |
28.389,81 |
29.250,54 |
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(2,94) |
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Cashier and bank deposits |
678,24 |
2.336,97 |
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(70,98) |
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Total |
4.213.991,45 |
3.080.878,72 |
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36,78 |
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TOTAL ASSET |
6.983.845,35 |
5.926.240,52 |
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17,85 |
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SHAREHOLDERS FUNDS AND LIABILITIES |
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SHAREHOLDERS FUNDS |
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Capital |
400.000,00 |
400.000,00 |
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Legal reserves |
255.314,49 |
255.314,49 |
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Net retained |
(1.590.861,50) |
(1.951.353,08) |
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(18,47) |
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Revaluation surplus |
5.176.842,66 |
5.176.842,66 |
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Total |
4.241.295,65 |
3.880.804,07 |
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9,29 |
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Net income for the period |
584.525,47 |
360.491,58 |
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62,15 |
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TOTAL OF SHAREHOLDERS FUNDS |
4.825.821,12 |
4.241.295,65 |
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13,78 |
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LIABILITY |
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Non-current liiabilities |
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Diferred taxes liabilities |
88.910,30 |
88.959,28 |
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(0,06) |
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Total |
88.910,30 |
88.959,28 |
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(0,06) |
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Current liabilities |
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Suppliers |
1.081.544,09 |
905.029,88 |
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19,50 |
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State and other public entities |
28.958,15 |
21.536,97 |
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34,46 |
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Financing obtained |
830.250,53 |
544.164,92 |
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52,57 |
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Other payable accounts |
128.361,16 |
125.253,82 |
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2,48 |
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Total |
2.069.113,93 |
1.595.985,59 |
|
29,64 |
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TOTAL LIABILITIES |
2.158.024,23 |
1.684.944,87 |
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28,08 |
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TOTAL SHAREHOLDERS FUNDS AND LIABILITIES |
6.983.845,35 |
5.926.240,52 |
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17,85 |
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INCOME STATEMENT |
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INCOME AND EXPENSES |
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Sales and services |
10.969.140,04 |
9.971.610,44 |
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10,00 |
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Variation in production inventories |
111.625,55 |
58.485,37 |
|
90,86 |
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Cost of goods sold and materials consumed |
(9.417.535,08) |
(8.569.354,96) |
|
9,90 |
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Suppliers and external services |
(614.152,42) |
(579.489,67) |
|
5,98 |
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Personnel costs |
(597.738,83) |
(413.268,52) |
|
44,64 |
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Impairment of receivables (losses/revearsals) |
59.140,72 |
(118.596,17) |
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(149,87) |
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Other income and gains |
521.793,79 |
532.280,51 |
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(1,97) |
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Other expenses and losses |
(138.939,49) |
(200.041,78) |
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(30,54) |
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Result before depreciation, financing costs and taxes |
893.334,28 |
681.625,22 |
|
31,06 |
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Expenses/reversals of depreciation and amortization |
(85.142,96) |
(96.421,12) |
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(11,70) |
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Operating result (before financing costs and taxes) |
808.191,32 |
585.204,10 |
|
38,10 |
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interest and similar expenses incurred |
(33.742,10) |
(26.905,63) |
|
25,41 |
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Net before taxes |
774.449,22 |
558.298,47 |
|
38,72 |
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Income tax of the period |
(189.923,75) |
(197.806,89) |
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(3,99) |
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Net profit for the period |
584.525,47 |
360.491,58 |
|
62,15 |
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Closing Date |
31-12-2012 |
31-12-2011 |
-- |
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TURNOVER RATIOS |
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Shareholder's Funds Profitability |
0,121 |
0,085 |
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Assets Profitability |
0,116 |
0,099 |
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Sales Net Profitability |
0,053 |
0,036 |
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EFFICIENCY RATIOS |
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Medium Term Receivable |
79,638 |
66,987 |
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Asset Rotation |
1,571 |
1,683 |
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PRODUCTIVITY RATIOS |
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Productivity |
(34,106) |
(44,864) |
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SHORT TERM RATIOS |
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General Liquidity |
2,037 |
1,93 |
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Reduced Liquidity |
1,51 |
1,405 |
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Immediate Liquidity |
|
0,001 |
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MEDIUM LONG TERM RATIOS |
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Financial Autonomy |
0,691 |
0,716 |
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Solvability |
2,236 |
2,517 |
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Borrowed Capital Structure |
0,959 |
0,947 |
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General Debt |
0,172 |
0,128 |
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Debt Structure |
0,959 |
0,947 |
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Capital Structure |
54,277 |
47,677 |
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Operational and Financial Risk |
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Operational Leverage Level |
25,225 |
31,683 |
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Financial Leverage Level |
1,044 |
1,048 |
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Combined Leverage Level |
26,335 |
33,204 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
|
1 |
Rs.101.53 |
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Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.