MIRA
INFORM REPORT
|
Report Date : |
26.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
CAIMA-INDUSTRIA DE CELULOSE SA |
|
|
|
|
Registered Office : |
Rua Do Tejo, Constância-Sul, Constancia Sul, 2250-058-Constancia, Constancia, Santarem |
|
|
|
|
Country : |
Portugal |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
17.01.2001 |
|
|
|
|
Com. Reg. No.: |
506149960 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Celulose pulp Industry |
|
|
|
|
No. of Employees : |
215 |
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 : |
Good |
|
|
|
|
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 |
CAIMA-INDUSTRIA
DE CELULOSE SA |
|
V.A.T.
Number / NIF |
506149960 |
|
Address |
Rua do Tejo, Constância-Sul |
|
Locality |
Constancia Sul |
|
Postal
Code |
2250-058-CONSTANCIA |
|
Municipality |
CONSTANCIA |
|
District |
SANTAREM |
|
Telephone |
210124816,
249730000 |
|
Fax |
213573020 |
|
E-Mail |
|
|
Web
Site |
|
|
|
|
|
C.A.E.(Rev
3) |
17110-
Manufacture of pulp |
SUMMARY
|
Legal Form |
Joint Stock Company |
|
Constitution |
17-01-2001 |
|
V.A.T. Number / NIF |
506149960 |
|
Employees |
215 |
|
Capital |
12.500.000,00 |
|
Sales in : 31-12-2011 |
67.149.473,02 |
|
Shareholders Funds in: 31-12-2011 |
31.254.657,04 |
|
Payments |
Good |
|
Actual Condition |
In activity |
FINANCIAL HIGHLIGHTS
|
|
31-12-2009 |
|
31-12-2010 |
|
31-12-2011 |
|
Net Sales |
45.189.360,68 |
|
74.500.566,36 |
|
67.149.473,02 |
|
Net Income For the Year |
(7.099.060,60) |
|
7.933.956,51 |
|
5.426.368,35 |
|
Shareholders Funds |
19.978.163,00 |
|
27.912.120,51 |
|
31.254.657,04 |
|
Stocks |
7.459.155,59 |
|
5.334.643,90 |
|
5.680.244,45 |
|
LIABILITY |
29.074.244,77 |
|
28.728.800,96 |
|
21.981.950,88 |
|
ASSETS |
49.052.407,77 |
|
56.640.921,47 |
|
53.236.607,92 |
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 |
|
|
PAULO JORGE DOS SANTOS
FERNANDES |
Board of Director's President |
|
DOMINGOS JOSE VIEIRA DE MATOS |
Administrator |
|
PEDRO MACEDO PINTO DE MENDONCA |
Administrator |
|
AGOSTINHO DOLORES FERREIRA |
Administrator |
|
CARLOS ALBERTO ESPIRITO SANTO
DELFIM |
Administrator |
|
JOAO MANUEL MATOS BORGES DE
OLIVEIRA |
Administrator |
|
JOAQUIM FERREIRA MATOS |
Administrator |
|
JOAQUIM MANUEL GOMES LEITAO
SIMPLICIO |
General Secretary |
|
|
|
|
Fiscal Board |
|
|
DELOITTE & ASSOCIADOS-SROC
SA |
Unique Fiscal |
|
JORGE MANUEL DE ARAUJO DE BEJA
NEVES |
Fiscal Board Substitute |
|
|
|
|
Chair of General Meeting |
|
|
JOSE LUIZ COSTA DE MAGALHES
PEREIRA |
Chair of General Meeting
President |
GRÁFICOS DE ANÁLISE SECTORIAL
Rating Dinam - Sector Comparison
Sales - Sector Comparison
Level Risk - Sectoral Analysis
LEGAL STRUCTURE
|
Registered on the Register
Record Office of Constancia with the Register
Number 506149960 in 29-03-2012 |
|
Constitution celebrated in 17-01-2001
published on Diário da República number 130 of 06-06-2002 |
|
To oblige the company it is
necessary 2 signature |
|
Changes to Society |
|
In 30-05-2012 on Portal MJ of
31-05-2012 social change |
|
In 29-03-2012 on Portal MJ of 30-03-2012
head office change |
|
In 26-03-2010 on Portal MJ of
12-07-2010 board of director's change |
|
In 26-03-2010 on Portal MJ of
12-07-2010 board of director's change |
|
In 27-12-2007 on Portal MJ of
08-01-2008 head office change |
CAPITAL
|
The Capital is 12.500.000,00 ,
divided in 12500000 shares , with a nominal value of 1,00 |
|
|
with the following
shareholders |
|
INVESCAIMA-INVESTIMENTOS E
PARTICIPACOES SGPS SA |
12.500.000,00 |
100% |
SHAREHOLDERS / PARTNERS COMPANIES
|
NAME |
INVESCAIMA-INVESTIMENTOS E
PARTICIPACOES SGPS SA |
|
Function |
Shareholder |
|
Address |
Lugar de Leirosa |
|
Locality |
Praia Da
Leirosa |
|
C.A.E. |
64202-Actividades das sociedades gestoras de participaçơes sociais năo financeiras |
ACTIVITIES
|
Line of Business |
Percentage |
|
Indústria de
pasta de cellulose (Celulose pulp Industry) |
100% |
|
Type of Clients |
Private Companies |
|
|
|
Sales Conditions |
Contract |
|
|
|
Sales Area |
|
|
|
|
Country |
19,28% |
Foreign |
80,72% |
|
Imports |
4,07% |
from |
ESPANHA |
|
Exports |
80,72% |
to |
ALEMANHA,ESPANHA,FRANÇA,HOLANDA,ITALIA,REINO
UNIDO,SUECIA,SUIÇA |
|
Trade Marks |
|
Caima TCF |
BANKS AND FINANCIAL INSTITUTIONS
|
MILLENNIUM BCP |
Centro de Empresas
- Latino Coelho - Porto 1 |
|
BANCO SANTANDER TOTTA SA |
Sede - Lisboa |
|
BANCO BILBAO VIZCAYA
ARGENTARIA (PORTUGAL), SA |
Sede |
|
BANCO ESPIRITO SANTO, SA |
Sede - Lisboa |
|
BANCO BPI, SA |
Sede |
INCIDENTS
There are no of incidents on our
database
EMPLOYEES
Total 215
VEHICLES
|
Trade Mark |
Quantity |
License Number |
|
Uma frota de |
20 |
|
INSURANCE
Tranquilidade Seguros SA
HEAD OFFICE AND INSTALLATIONS
|
Head office Rua do Tejo, Constância-Sul , Constancia Sul, 2250-058, CONSTANCIA, Tel:249730000 |
|
Had head office Avenida Conde de Valbom, 30-5º, Lisboa,
1050-068, LISBOA |
PARTICIPATIONS
|
The subject participates on
the following company(ies) |
|
|
|
|
|
NAME |
PEDRO-SOCIEDADE FRUTICOLA LDA |
|
Address |
Quinta do Almeque |
|
Locality |
Constancia |
|
Telephone |
214582937 |
|
Fax |
214582937 |
|
C.A.E. |
01112- Culture of pulses and
oilseeds |
|
Capital |
75.000,00 |
|
Participation |
60% |
|
|
|
|
NAME |
EDP PRODUCAO-BIOELECTRICA SA |
|
Address |
Avenida
José Malhoa, Lote A/13 |
|
Locality |
Lisboa |
|
Telephone |
210012079 |
|
Fax |
217265870 |
|
C.A.E. |
35113- Production of
electricity from wind, geothermal, solar and origin n.d |
|
Capital |
4.000.000,00 |
|
Participation |
5% |
SPECIAL INFORMATION
|
Event |
General Description |
|
Quality Certification |
A titular encontra
se certificada pelas normas NP EN ISO 9001:2008 e NP EN ISO 14001:2004 |
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 |
15.160.416,94 |
15.858.887,58 |
15.577.954,66 |
(4,40) |
|
Intangible assets |
766,67 |
39.798,60 |
124.063,28 |
(98,07) |
|
Financial participations -
other methods |
854.085,00 |
777.300,00 |
777.300,00 |
9,88 |
|
Deferred tax assets |
646.572,02 |
2.409.637,22 |
3.789.917,93 |
(73,17) |
|
Total |
16.661.840,63 |
19.085.623,40 |
20.269.235,87 |
(12,70) |
|
|
|
|
|
|
|
Current assets |
|
|
||
|
Inventories |
5.680.244,45 |
5.334.643,90 |
7.459.155,59 |
6,48 |
|
Costumers |
11.951.498,35 |
10.403.468,73 |
8.168.736,72 |
14,88 |
|
Advances to suppliers |
5.662,44 |
5.662,44 |
11.662,44 |
|
|
State and other public
entities |
1.331.250,85 |
648.834,26 |
527.236,24 |
105,18 |
|
Shareholders/partners |
12.213.073,22 |
9.420.674,57 |
9.329.323,58 |
29,64 |
|
Other accounts receivable |
269.300,13 |
1.881.400,06 |
2.572.944,96 |
(85,69) |
|
Deferrals |
245.175,69 |
115.226,48 |
285.494,36 |
112,78 |
|
Non-current assets held for
sale |
|
135.461,00 |
120.285,00 |
|
|
Cashier and bank deposits |
4.878.562,16 |
9.609.926,63 |
308.333,01 |
(49,23) |
|
Total |
36.574.767,29 |
37.555.298,07 |
28.783.171,90 |
(2,61) |
|
TOTAL ASSET |
53.236.607,92 |
56.640.921,47 |
49.052.407,77 |
(6,01) |
|
|
|
|
|
|
|
SHAREHOLDERS FUNDS AND
LIABILITIES |
|
|
||
|
|
|
|
|
|
|
SHAREHOLDERS FUNDS |
|
|
||
|
Capital |
12.500.000,00 |
12.500.000,00 |
12.500.000,00 |
|
|
Emission premiuns |
12.594.591,30 |
12.594.591,30 |
12.594.591,30 |
|
|
Legal reserves |
733.697,39 |
336.999,56 |
336.999,56 |
117,71 |
|
Other reserves |
|
(5.453.426,86) |
1.645.632,74 |
|
|
Total |
25.828.288,69 |
19.978.164,00 |
27.077.223,60 |
29,28 |
|
Net income for the period |
5.426.368,35 |
7.933.956,51 |
(7.099.060,60) |
(31,61) |
|
TOTAL OF SHAREHOLDERS FUNDS |
31.254.657,04 |
27.912.120,51 |
19.978.163,00 |
11,98 |
|
|
|
|
|
|
|
LIABILITY |
|
|
||
|
|
|
|
|
|
|
Non-current liiabilities |
|
|
||
|
Provisions |
213.792,85 |
213.792,85 |
413.792,85 |
|
|
Diferred
taxes liabilities |
12.768,60 |
13.388,30 |
16.102,00 |
(4,63) |
|
Total |
226.561,45 |
227.181,15 |
429.894,85 |
(0,27) |
|
|
|
|
|
|
|
Current liabilities |
|
|
||
|
Suppliers |
8.136.291,55 |
8.657.305,87 |
8.090.441,71 |
(6,02) |
|
State and other public
entities |
327.856,66 |
368.109,86 |
422.714,70 |
(10,94) |
|
Shareholders/partners |
2.475.870,22 |
2.381.615,83 |
109.754,75 |
3,96 |
|
Financing obtained |
6.500.000,00 |
4.000.000,00 |
7.684.992,50 |
62,50 |
|
Other payable accounts |
3.184.950,75 |
5.736.483,93 |
3.149.302,42 |
(44,48) |
|
Deferrals |
1.130.420,25 |
13.109,82 |
1.619.870,84 |
8.522,70 |
|
Financial liabilities held for
trading |
|
7.344.994,50 |
7.567.273,00 |
|
|
Total |
21.755.389,43 |
28.501.619,81 |
28.644.349,92 |
(23,67) |
|
TOTAL LIABILITIES |
21.981.950,88 |
28.728.800,96 |
29.074.244,77 |
(23,48) |
|
TOTAL SHAREHOLDERS FUNDS AND
LIABILITIES |
53.236.607,92 |
56.640.921,47 |
49.052.407,77 |
(6,01) |
|
|
|
|
|
|
|
INCOME STATEMENT |
|
|
||
|
|
|
|
|
|
|
INCOME AND EXPENSES |
|
|
||
|
Sales and services |
67.149.473,02 |
74.500.566,36 |
45.189.360,68 |
(9,87) |
|
Operating government grants |
7.914,84 |
9.433,20 |
51.348,43 |
(16,10) |
|
Variation in production
inventories |
725.010,70 |
(3.801.602,98) |
46.552,93 |
(119,07) |
|
Work for the entity itself |
1.304,24 |
5.444,95 |
2.743,82 |
(76,05) |
|
Cost of goods sold and
materials consumed |
(29.888.754,73) |
26.543.925,10 |
21.862.958,22 |
(212,60) |
|
Suppliers and external
services |
(17.991.783,08) |
17.834.410,49 |
16.438.497,89 |
(200,88) |
|
Personnel costs |
(7.848.962,23) |
8.528.809,05 |
8.215.814,09 |
(192,03) |
|
Provisions
(increases/reductions) |
|
(216.542,79) |
200.000,00 |
|
|
Other income and gains |
4.036.261,87 |
407.238,95 |
3.225.257,67 |
891,13 |
|
Other expenses and losses |
(3.487.491,88) |
720.470,07 |
677.562,75 |
(584,06) |
|
Result before depreciation,
financing costs and taxes |
12.702.972,75 |
17.710.008,56 |
1.120.430,58 |
(28,27) |
|
Expenses/reversals of
depreciation and amortization |
(2.723.699,95) |
2.603.058,20 |
3.107.738,78 |
(204,63) |
|
Operating result (before
financing costs and taxes) |
9.979.272,80 |
15.106.950,36 |
(1.987.308,20) |
(33,94) |
|
Interest and similar income
obtained |
|
97.174,16 |
200.339,99 |
|
|
interest and similar expenses
incurred |
(355.354,83) |
3.508.057,40 |
5.037.683,83 |
(110,13) |
|
Net before taxes |
9.623.917,97 |
11.696.067,12 |
(6.824.652,04) |
(17,72) |
|
Income tax of the period |
(4.197.549,62) |
3.762.110,61 |
274.408,56 |
(211,57) |
|
Net profit for the period |
5.426.368,35 |
7.933.956,51 |
(7.099.060,60) |
(31,61) |
RATIOS SNC
|
Closing Date |
31-12-2011 |
31-12-2010 |
31-12-2009 |
|
|
|||||
|
|
|
||||||||
|
TURNOVER RATIOS |
|
||||||||
|
Shareholder's Funds
Profitability |
0,174 |
0,284 |
(0,355) |
|
|||||
|
Assets Profitability |
0,187 |
0,267 |
(0,041) |
|
|||||
|
Sales Net Profitability |
0,081 |
0,106 |
(0,157) |
|
|||||
|
|
|
|
|
|
|||||
|
EFFICIENCY RATIOS |
|
|
|||||||
|
Medium Term Receivable |
64,964 |
50,969 |
65,98 |
|
|||||
|
Asset Rotation |
1,261 |
1,315 |
0,921 |
|
|||||
|
|
|
|
|
|
|||||
|
PRODUCTIVITY RATIOS |
|
|
|||||||
|
Productivity |
(12,363) |
5,623 |
2,839 |
|
|||||
|
|
|
|
|
|
|||||
|
SHORT TERM RATIOS |
|
|
|||||||
|
General Liquidity |
1,681 |
1,318 |
1,005 |
|
|||||
|
Reduced Liquidity |
1,42 |
1,13 |
0,744 |
|
|||||
|
Immediate Liquidity |
0,224 |
0,337 |
0,011 |
|
|||||
|
|
|
|
|
|
|||||
|
MEDIUM LONG TERM RATIOS |
|
|
|||||||
|
Financial Autonomy |
0,587 |
0,493 |
0,407 |
|
|||||
|
Solvability |
1,422 |
0,972 |
0,687 |
|
|||||
|
Borrowed Capital Structure |
0,99 |
0,992 |
0,985 |
|
|||||
|
General Debt |
0,208 |
0,143 |
0,385 |
|
|||||
|
Debt Structure |
0,99 |
0,992 |
0,985 |
|
|||||
|
Capital Structure |
137,952 |
122,863 |
46,472 |
|
|||||
|
|
|
|
|
|
|||||
|
Operational and Financial Risk |
|
|
|||||||
|
Operational Leverage Level |
9,724 |
3,174 |
(11,738) |
|
|||||
|
Financial Leverage Level |
1,037 |
1,292 |
0,291 |
|
|||||
|
Combined Leverage Level |
10,084 |
4,101 |
(3,416) |
|
|||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.94 |
|
UK Pound |
1 |
Rs.90.48 |
|
Euro |
1 |
Rs.77.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.