|
Report Date : |
02.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
GELSITIO-PRODUTOS
ALIMENTARES CONGELADOS SA |
|
|
|
|
Registered Office : |
Lugar do
Canteirão Valado Dos Frades 2450-310-Valado Dos Frades Nazare Leiria |
|
|
|
|
Country : |
Portugal |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
15.10.1992 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Wholesale seafood
and other frozen food products |
|
|
|
|
No. of Employees : |
5 |
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 – 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 past two decades, successive governments have
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 had grown by more than the EU average for much of the 1990s, but fell
back in 2001-08, and contracted 2.5% in 2009, before growing 1.3% in 2010. But
GDP fell again in 2011, as the government implemented austerity measures,
including a 5% public salary cut, a 2% increase in the value-added tax, and an
extraordinary tax on yearend bonuses 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. A rigid labor market has been an
obstacle to greater productivity and growth. Portugal also has been
increasingly overshadowed by lower-cost producers in Central Europe and Asia as
a destination for foreign direct investment. Portugal's low competitiveness,
low growth prospects, and high levels of public debt have made it vulnerable to
bond market turbulence. 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. Investors, however, continue to express
concern about the government's ability to achieve future budget deficit targets
and obtain foreign financing to cover its sovereign debt obligations when the
EU-IMF financing program expires in 2013. Without the option for stimulus
measures, the government is focusing instead on boosting exports and
implementing labor market and other structural reforms to try to raise GDP
growth and increase Portugal's competitiveness - which, over time, may help mitigate
investor concerns.
Source : CIA
|
Name |
GELSITIO-PRODUTOS
ALIMENTARES CONGELADOS SA |
|
V.A.T. Number /
NIF |
502868767 |
|
Address |
Lugar do
Canteirão |
|
Locality |
Valado Dos
Frades |
|
Postal Code |
2450-310-VALADO
DOS FRADES |
|
Municipality |
NAZARE |
|
District |
LEIRIA |
|
Telephone |
262570040,
262570042, 916126617 |
|
Fax |
262570041 |
|
E-Mail |
gelsitio@gelsitio.pt |
|
Web Site |
www.gelsitio.pt |
|
|
|
|
C.A.E.(Rev 3) |
46382-
Wholesale of other food products n.d |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
All the amounts are express in Euros, otherwise you will be advised |
|
|
|
|
Board of
Director's |
|
|
ANA SOFIA
SILVERIO DA SILVA |
Board of
Director's Vice-President |
|
RICARDO JORGE
SILVERIO DA SILVA |
Administrator |
|
JORGE FONSECA
DA SILVA |
Board of
Director's President |
Sales - Sector Comparison
Level Risk - Sectoral Analysis
|
Start of
activity in : 10-11-1992 |
|
Registed on the
Register Record Office of Nazare with the Register Number 502868767 previous
number 62 in 10-11-1992 |
|
Constitution
celebrated in 15-10-1992 published on Diário da República number 88 of
15-04-1993 |
|
To oblige the
company it is necessary 1 signatures |
|
Changes to
Society |
|
In 30-06-2010
on Portal MJ of 21-03-2011 board of director's change |
|
|
In 04-07-2008
on Portal MJ of 14-07-2008 change in to a joint stock company Clique para ver detalhes
|
|
|
In 12-02-2007
on Portal MJ of 13-02-2007 head office change |
|
|
In 10-04-2001
on Diário da República number 143 of 22-06-2001 increase and redenomination
of capital Clique
para ver detalhes
|
|
|
In 25-02-1998
on Diário da República number 83 of 08-04-1998 stocks cession |
|
The Capital is
300.000,00 , divided in 30000 shares , with a nominal value of 10,00 |
|
|
Line of
Business |
Percentage |
|
Wholesale seafood and other frozen
food products |
100% |
|
Type of Clients
|
Retailers/Wholesalers
|
|
|
|
Sales
Conditions |
Cash/credit |
|
|
|
Sales Area |
|
|
|
|
Country |
100% |
|
|
|
Imports |
50% |
from |
ESPANHA,FRANÇA |
|
BANCO SANTANDER
TOTTA SA |
Centro de
Empresas de Leiria |
|
MILLENNIUM BCP |
Nazaré |
|
There are no of
incidents on our database |
|
Total |
5 |
|
|
|
|
|
|
|
Trade Mark |
Quantity |
License Number |
|
Mitsubishi |
1 |
11-13-HP |
|
Mitsubishi |
1 |
66-65-NO |
|
Opel |
1 |
|
|
Axa Companhia
de Seguros SA |
|
Head office and
installations Lugar do Canteirão, Valado Dos Frades, 2450-310, VALADO DOS
FRADES, Tel:262570040, Fax:262570041 |
|
Balance Sheet SNC |
||
|
CoinEURO |
|
Date31-12-2011 |
|
|
||
|
Closing Date |
31-12-2011 |
31-12-2010 |
31-12-2009 |
Variação (%) |
|
|
|
|||
|
ASSET |
|
|||
|
|
|
|
|
|
|
Non-current
assets |
|
|||
|
Tangible fixed
assets |
1.674.895,84 |
1.492.630,75 |
1.593.840,25 |
12,21 |
|
Intangible
assets |
4.492,04 |
5.679,09 |
|
(20,90) |
|
Other financial
assets |
6.500,00 |
6.500,00 |
1.295,00 |
|
|
Total |
1.685.887,88 |
1.504.809,84 |
1.595.135,25 |
12,03 |
|
|
|
|
|
|
|
Current assets |
|
|
||
|
Inventories |
1.641.385,09 |
1.779.352,63 |
815.982,34 |
(7,75) |
|
Costumers |
3.143.179,90 |
3.145.280,36 |
2.827.304,07 |
(0,07) |
|
Advances to
suppliers |
25.000,00 |
25.000,00 |
25.000,00 |
|
|
State and other
public entities |
89.573,52 |
65.514,10 |
46.191,78 |
36,72 |
|
Other accounts
receivable |
24.464,88 |
32.130,75 |
58.824,20 |
(23,86) |
|
Deferrals |
5.738,42 |
2.194,31 |
821,42 |
161,51 |
|
Cashier and
bank deposits |
389.046,92 |
415.784,94 |
219.986,20 |
(6,43) |
|
Total |
5.318.388,73 |
5.465.257,09 |
3.994.110,01 |
(2,69) |
|
TOTAL ASSET |
7.004.276,61 |
6.970.066,93 |
5.589.245,26 |
0,49 |
|
|
|
|
|
|
|
SHAREHOLDERS
FUNDS AND LIABILITIES |
|
|
||
|
|
|
|
|
|
|
SHAREHOLDERS
FUNDS |
|
|
||
|
Capital |
300.000,00 |
300.000,00 |
300.000,00 |
|
|
Legal reserves |
60.000,00 |
60.000,00 |
53.253,16 |
|
|
Other reserves |
1.105.390,00 |
811.354,04 |
615.000,00 |
36,24 |
|
Net retained |
131.850,00 |
131.850,00 |
120.000,00 |
|
|
Total |
1.597.240,00 |
1.303.204,04 |
1.088.253,16 |
22,56 |
|
Net income for
the period |
276.180,83 |
294.035,96 |
203.100,88 |
(6,07) |
|
TOTAL OF
SHAREHOLDERS FUNDS |
1.873.420,83 |
1.597.240,00 |
1.291.354,04 |
17,29 |
|
|
|
|
|
|
|
LIABILITY |
|
|
||
|
|
|
|
|
|
|
Non-current
liiabilities |
|
|
||
|
Financing
obtained |
2.226.039,59 |
2.312.684,71 |
2.020.839,22 |
(3,75) |
|
Total |
2.226.039,59 |
2.312.684,71 |
2.020.839,22 |
(3,75) |
|
|
|
|
|
|
|
Current
liabilities |
|
|
||
|
Suppliers |
1.738.530,71 |
1.870.403,64 |
896.502,90 |
(7,05) |
|
State and other
public entities |
259.063,51 |
218.896,92 |
178.071,95 |
18,35 |
|
Financing
obtained |
864.268,24 |
922.902,94 |
1.165.413,97 |
(6,35) |
|
Other payable
accounts |
42.953,73 |
47.938,72 |
37.063,18 |
(10,40) |
|
Total |
2.904.816,19 |
3.060.142,22 |
2.277.052,00 |
(5,08) |
|
TOTAL
LIABILITIES |
5.130.855,78 |
5.372.826,93 |
4.297.891,22 |
(4,50) |
|
TOTAL
SHAREHOLDERS FUNDS AND LIABILITIES |
7.004.276,61 |
6.970.066,93 |
5.589.245,26 |
0,49 |
|
|
|
|
|
|
|
INCOME
STATEMENT |
|
|
||
|
|
|
|
|
|
|
INCOME AND
EXPENSES |
|
|
||
|
Sales and
services |
9.302.125,13 |
8.115.994,44 |
6.946.140,01 |
14,61 |
|
Cost of goods
sold and materials consumed |
7.544.935,43 |
6.322.013,95 |
5.441.170,68 |
19,34 |
|
Suppliers and
external services |
357.093,19 |
414.120,92 |
388.583,40 |
(13,77) |
|
Personnel costs
|
407.346,46 |
354.249,56 |
310.630,07 |
14,99 |
|
Impairment of
receivables (losses/revearsals) |
342.822,27 |
248.895,85 |
153.590,85 |
37,74 |
|
Other income
and gains |
103.435,68 |
44.765,91 |
77.653,00 |
131,06 |
|
Other expenses
and losses |
28.354,22 |
50.651,37 |
24.743,87 |
(44,02) |
|
Result before
depreciation, financing costs and taxes |
725.009,24 |
770.828,70 |
705.074,14 |
(5,94) |
|
Expenses/reversals
of depreciation and amortization |
197.367,46 |
176.806,84 |
227.810,21 |
11,63 |
|
Operating
result (before financing costs and taxes) |
527.641,78 |
594.021,86 |
477.263,93 |
(11,17) |
|
Interest and
similar income obtained |
|
559,31 |
220,79 |
|
|
interest and
similar expenses incurred |
151.657,82 |
197.184,42 |
199.000,65 |
(23,09) |
|
Net before
taxes |
375.983,96 |
397.396,75 |
278.484,07 |
(5,39) |
|
Income tax of
the period |
99.803,13 |
103.360,79 |
75.383,19 |
(3,44) |
|
Net profit for
the period |
276.180,83 |
294.035,96 |
203.100,88 |
(6,07) |
|
Closing Date |
31-12-2011 |
31-12-2010 |
31-12-2009 |
|
|
|
|
|||
|
TURNOVER RATIOS
|
|
|||
|
Shareholder's
Funds Profitability |
0,147 |
0,184 |
0,157 |
|
|
Assets
Profitability |
0,075 |
0,085 |
0,085 |
|
|
Sales Net
Profitability |
0,03 |
0,036 |
0,029 |
|
|
|
|
|
|
|
|
EFFICIENCY
RATIOS |
|
|
||
|
Medium Term
Receivable |
123,333 |
141,452 |
148,567 |
|
|
Asset Rotation |
1,328 |
1,164 |
1,243 |
|
|
|
|
|
|
|
|
PRODUCTIVITY
RATIOS |
|
|
||
|
Productivity |
4,314 |
5,064 |
4,845 |
|
|
|
|
|
|
|
|
SHORT TERM
RATIOS |
|
|
||
|
General
Liquidity |
1,831 |
1,786 |
1,754 |
|
|
Reduced
Liquidity |
1,266 |
1,204 |
1,396 |
|
|
Immediate
Liquidity |
0,134 |
0,136 |
0,097 |
|
|
|
|
|
|
|
|
MEDIUM LONG
TERM RATIOS |
|
|
||
|
Financial
Autonomy |
0,267 |
0,229 |
0,231 |
|
|
Solvability |
0,365 |
0,297 |
0,3 |
|
|
Borrowed
Capital Structure |
0,566 |
0,57 |
0,53 |
|
|
General Debt |
1,65 |
2,026 |
2,467 |
|
|
Medium Long
Term Debt |
1,188 |
1,448 |
1,565 |
|
|
Debt Structure |
0,566 |
0,57 |
0,53 |
|
|
Capital
Structure |
0,842 |
0,691 |
0,639 |
|
|
|
|
|
|
|
|
Operational and
Financial Risk |
|
|
||
|
Operational
Leverage Level |
3,33 |
3,02 |
3,153 |
|
|
Financial
Leverage Level |
1,403 |
1,495 |
1,714 |
|
|
Combined
Leverage Level |
4,672 |
4,515 |
5,404 |
|
|
|
31-12-2009 |
|
|
Tangible Assets
|
1.593.840,00 |
|
|
Investments |
1.295,00 |
|
|
Stocks |
815.982,00 |
|
|
Short Term
Receivable |
2.906.735,00 |
|
|
Banks and Cash |
204.572,00 |
|
|
Accruals and
Deferrals |
821,00 |
|
|
Total Assets |
5.523.245,00 |
|
|
Shareholder's
Funds |
1.291.354,00 |
|
|
Medium and Long
Term Payable |
2.020.839,00 |
|
|
Short Term
Payable |
2.174.512,00 |
|
|
Accruals and
Deferrals |
36.541,00 |
|
|
Total
Liabilities and Shareholder's Funds |
5.523.246,00 |
|
|
Cost of Goods
and Consumable Materials |
5.441.171,00 |
|
|
Outside
Supplies and Services |
371.687,00 |
|
|
Personnel Costs
|
310.630,00 |
|
|
Sales |
6.946.140,00 |
|
|
|
31-12-2007 |
31-12-2008 |
31-12-2009 |
|
Net Sales |
7.779.679,00 |
7.099.918,00 |
6.946.140,00 |
|
Net Income For
the Year |
167.046,00 |
138.284,00 |
203.101,00 |
|
Current Assets |
3.360.470,00 |
3.637.388,00 |
3.928.110,00 |
|
Short Term
Payables |
2.754.658,00 |
2.054.550,00 |
2.174.512,00 |
|
Cash Flow |
605.812,00 |
1.582.838,00 |
1.753.598,00 |
|
Total Assets |
5.194.873,00 |
5.186.680,00 |
5.523.245,00 |
|
Total
Liabilities |
4.244.904,00 |
4.098.427,00 |
4.231.892,00 |
|
Shareholders
Funds |
949.969,00 |
1.088.253,00 |
1.291.354,00 |
|
Personnel Costs
|
265.256,00 |
283.431,00 |
310.630,00 |
|
|
31-12-2007 |
31-12-2008 |
31-12-2009 |
|
FINANCIAL
SITUATION |
|
|
|
|
General
Liquidity |
1,22 |
1,77 |
1,81 |
|
Immediate
Liquidity |
0,94 |
1,33 |
1,43 |
|
Financial
Autonomy |
0,18 |
0,21 |
0,23 |
|
Solvency |
0,22 |
0,27 |
0,31 |
|
RENTABILITY |
|
|
|
|
Sales
Rentability |
2,15 % |
1,95 % |
2,92 % |
|
Sales Rate
Increase |
|
(8,74) % |
(2,17) % |
|
EFFICIÊNCY |
|
|
|
|
Assets Turnover
|
1,50 |
1,37 |
1,26 |
|
Balance Sheet |
||
|
CoinEURO |
|
Date31-12-2009 |
|
|
||
|
|
Gross Assets |
Depreciations / Provisions |
Net Assets |
|
Intangible Assets |
|
Subtotal |
1.373,00 |
1.373,00 |
|
|
Tangible Assets |
|
Subtotal |
2.658.128,00 |
1.064.288,00 |
1.593.840,00 |
|
Financial Investments |
|
Subtotal |
1.295,00 |
|
1.295,00 |
|
Stocks |
|
Subtotal |
815.982,00 |
|
815.982,00 |
|
Short Term Receivable |
|
Subtotal |
3.240.570,00 |
333.835,00 |
2.906.735,00 |
|
Bank Deposits and Cash |
|
Cash |
2.404,00 |
|
2.404,00 |
|
Bank Deposites |
202.168,00 |
|
202.168,00 |
|
Subtotal |
204.572,00 |
|
204.572,00 |
|
Accruals and Deferrals |
|
Deferred Cost |
821,00 |
|
821,00 |
|
Subtotal |
821,00 |
|
821,00 |
|
|
|
Total Assets |
6.922.741,00 |
1.399.496,00 |
5.523.245,00 |
|
Shareholders Funds and Liabilities |
|
Shareholders Funds |
|
Capital |
300.000,00 |
|
|
Treasury Stock:
|
|
|
|
Reserves : |
|
|
|
Free |
668.253,00 |
|
|
Net Retained |
120.000,00 |
|
|
Net Income For
the Year |
203.101,00 |
|
|
Total |
1.291.354,00 |
|
|
Short Term Payable |
|
Bank Loans |
1.150.000,00 |
|
|
State and Other
Public Bodies |
131.880,00 |
|
|
Trade Creditors
|
892.631,00 |
|
|
Subtotal |
2.174.512,00 |
|
|
Medium and Long Term Payable |
|
Bank Loans |
1.254.331,00 |
|
|
Shareholders |
766.508,00 |
|
|
Subtotal |
2.020.839,00 |
|
|
Accruals and Deferrals |
|
Accrued Charges
|
36.541,00 |
|
|
Subtotal |
36.541,00 |
|
|
TOTAL
LIABILITIES |
4.231.892,00 |
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS FUNDS |
5.523.246,00 |
|
|
Income Statement |
|
Costs and Losses |
|
Cost of
Materials Consumed and Goods Sold: |
|
|
|
Subtotal |
5.441.171,00 |
|
|
Outside
Supplies and Services |
371.687,00 |
|
|
Personnel Costs
|
|
|
|
Subtotal |
310.630,00 |
|
|
Depreciation |
227.810,00 |
|
|
Provisions |
153.591,00 |
|
|
Subtotal |
381.401,00 |
|
|
Other Operating
Costs |
18.297,00 |
|
|
Int. and
Similar Costs: |
|
|
|
Subtotal |
216.031,00 |
|
|
Ext. Costs and
Losses |
6.312,00 |
|
|
Taxation Over
Income |
75.383,00 |
|
|
Net Income For
the Year |
203.101,00 |
|
|
Income and Profits |
|
Sales of : |
|
|
|
Products |
6.946.140,00 |
|
|
Subtotal |
6.946.140,00 |
|
|
Trading
Securities Income |
|
|
|
Int. and
Similar Costs |
|
|
|
Other |
55.387,00 |
|
|
Extra Income
and Gains |
22.486,00 |
|
|
Net Income For
the Year |
203.101,00 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.83 |
|
|
1 |
Rs.89.22 |
|
Euro |
1 |
Rs.72.48 |
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.