|
Report Date : |
26.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
CELTEJO-EMPRESA DE CELULOSE DO TEJO SA |
|
|
|
|
Registered Office : |
Rua Do Porto Do Tejo Vila Velha De Rodao 6030-223-Vila Velha De Rodao Vila Velha De Rodao Castelo Branco |
|
|
|
|
Country : |
Portugal |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
08.07.1993 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Pulp industry and
manufacturing raw folder |
|
|
|
|
No. of Employees : |
189 |
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
|
Name |
CELTEJO-EMPRESA DE CELULOSE DO TEJO SA |
|
V.A.T. Number / NIF |
503058203 |
|
Address |
Rua do Porto do Tejo |
|
Locality |
Vila Velha De Rodao |
|
Postal Code |
6030-223-VILA VELHA DE RODAO |
|
Municipality |
VILA VELHA DE RODAO |
|
District |
CASTELO BRANCO |
|
Telephone |
272540100 |
|
Fax |
272540111 |
|
E-Mail |
info@celtejo.com |
|
Web Site |
www.altri.pt |
|
|
|
|
C.A.E.(Rev 3) |
17110- Manufacture of pulp |
|
|
|
All the amounts
are express in Euros, otherwise you will be advised |
|
|
|
|
Board of Director's |
|
|
PAULO JORGE DOS SANTOS FERNANDES |
Board of Director's President |
|
AGOSTINHO DOLORES FERREIRA |
Administrator |
|
JOAO MANUEL MATOS BORGES DE OLIVEIRA |
Administrator |
|
PEDRO MACEDO PINTO DE MENDONCA |
Administrator |
|
|
|
|
Fiscal Board |
|
|
JORGE MANUEL DE ARAUJO DE BEJA NEVES |
Fiscal Board Substitute |
|
DELOITTE & ASSOCIADOS-SROC SA |
Unique Fiscal |
|
Registed on the Register Record Office of Vila
Velha de Rodao with the Register Number 503058203 previous number 12 in
08-07-1993 |
|
Constitution celebrated in 08-07-1993
published on Diário da República number 239 of 12-10-1993 |
|
To oblige the company it is necessary 2
signature |
|
Changes to Society |
|
In 26-07-2012 on Portal MJ of 28-09-2012
board of director's change |
|
|
In 20-01-2009 on Portal MJ of 05-03-2009
board of director's change |
|
|
In 26-06-2008 on Portal MJ of 30-07-2008
board of director's change |
|
|
In 07-11-2006 on Portal MJ of 10-11-2006
board of director's change |
|
|
In 24-10-2005 on Diário da República
number 50 of 10-03-2006 denomination change Clique
para ver detalhes
|
|
The Capital is 37.500.000,00 , divided in
7500000 shares , with a nominal value of 5,00 |
|
|
with the following shareholders |
|
INVESCAIMA-INVESTIMENTOS E PARTICIPACOES
SGPS SA |
37.443.750,00 |
99,85% |
|
|
|
|
NAME |
INVESCAIMA-INVESTIMENTOS E PARTICIPACOES
SGPS SA |
|
Funtion |
Shareholder |
|
Address |
Lugar de Leirosa |
|
Locality |
Praia Da Leirosa |
|
C.A.E. |
64202-Actividades das sociedades gestoras
de participaçơes sociais năo financeiras |
|
Line of Business |
Percentage |
|
Pulp industry and manufacturing raw folder |
100% |
|
Type of Clients |
Private Companies |
|
|
|
Sales Conditions |
Contract |
|
|
|
Sales Area |
|
|
|
|
Country |
28,01% |
Foreign |
71,99% |
|
Imports |
15,19% |
from |
ESPANHA |
|
Exports |
71,99% |
to |
FRANÇA,ALEMANHA,AUSTRIA,BELGICA,CHINA,
REPUBLICA POPULAR,EGIPTO,ESPANHA,FILIPINAS,ITALIA,JAPĂO,LUXEMBURGO,HOLANDA,INDIA,INDONESIA,IRLANDA,MARROCOS,REINO
UNIDO,REPÚBLICA CHECA,SIRIA,SUECIA,SUIÇA,TAILANDIA,TAIWAN,VIETNAM |
|
Trade Marks |
|
Portucel |
|
MILLENNIUM BCP |
Sede - Lisboa |
|
BANCO ESPIRITO SANTO, SA |
Castelo Branco |
|
CAIXA GERAL DE DEPOSITOS, SA |
Vila Velha de Roldăo |
|
BANCO BPI, SA |
Sede |
|
Legal Actions |
|
Date |
Process |
Author |
Type |
Amount |
Judicial District |
Court |
Situation |
|
14-05-2012 |
801/12.7TBCTB |
Ambitermo -
Engenharia e Equipamentos Térmicos SA. |
Ordinária |
59.038,69 |
Castelo Branco - Tribunal Judicial |
|
|
|
09-09-2010 |
224/10.2TTCTB |
Júlio Roque
Costa |
Acçăo de Processo Comum |
40.723,25 |
Castelo Branco - Tribunal do Trabalho |
|
|
|
27-08-2010 |
185/10.8TTCTB |
José Pires Pedro |
Acçăo de Processo Comum |
11.689,16 |
Castelo Branco - Tribunal do Trabalho |
|
Resolvida |
|
01-03-2010 |
6161/09.6TVLSB |
Portucel Industrial
Trading, Gmbh |
Ordinária |
41.875,06 |
Castelo Branco - Tribunal Judicial |
|
Resolvida |
|
Total |
189 |
|
|
|
|
|
|
|
Tranquilidade Seguros SA |
|
Império Bonança Companhia de Seguros SA |
|
Head office and factory owned Rua do Porto
do Tejo, Vila Velha De Rodao, 6030-223, VILA VELHA DE RODAO, Tel:272540100,
Fax:272540111 |
|
The subject participates on the following
company(ies) |
|
|
|
|
|
NAME |
ALTRI-ENERGIAS RENOVAVEIS SGPS SA |
|
Address |
Avenida Conde Valbom, 30, 5º andar |
|
Locality |
Lisboa |
|
C.A.E. |
64202- Activities of a holding company
non-financial |
|
Capital |
18.050.000,00 |
|
Participation |
100% |
|
|
|
|
NAME |
NATURTEJO-EMPRESA DE TURISMO EIM |
|
Address |
Praça do Municipio |
|
Locality |
Castelo Branco |
|
Telephone |
272320176 |
|
C.A.E. |
74900- Other professional, scientific and
technical activities n.d |
|
Capital |
820.800,00 |
|
Participation |
0% |
|
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 |
119.536.186,00 |
122.032.409,00 |
125.280.576,00 |
(2,05) |
|
Biological assets |
291.916,00 |
291.916,00 |
291.916,00 |
|
|
Financial participations - other methods |
18.229.056,00 |
18.229.056,00 |
18.251.653,00 |
|
|
Other financial assets |
|
|
15.000,00 |
|
|
Deferred tax assets |
292.121,00 |
304.366,00 |
4.356.899,00 |
(4,02) |
|
Total |
138.349.279,00 |
140.857.747,00 |
148.196.044,00 |
(1,78) |
|
|
|
|
|
|
|
Current assets |
|
|
||
|
Inventories |
25.275.383,00 |
11.709.812,00 |
12.476.394,00 |
115,85 |
|
Costumers |
10.309.093,00 |
15.112.440,00 |
9.901.505,00 |
(31,78) |
|
State and other public entities |
3.985.469,00 |
2.173.440,00 |
2.551.844,00 |
83,37 |
|
Shareholders/partners |
192.759,00 |
6.264.833,00 |
15.467.722,00 |
(96,92) |
|
Other accounts receivable |
804.610,00 |
386.311,00 |
601.307,00 |
108,28 |
|
Deferrals |
90.472,00 |
1.508.766,00 |
1.768.041,00 |
(94,00) |
|
Non-current assets held for sale |
15.000,00 |
15.000,00 |
|
|
|
Cashier and bank deposits |
2.857.964,00 |
12.828.198,00 |
2.346.677,00 |
(77,72) |
|
Total |
43.530.750,00 |
49.998.800,00 |
45.113.490,00 |
(12,94) |
|
TOTAL ASSET |
181.880.029,00 |
190.856.547,00 |
193.309.534,00 |
(4,70) |
|
|
|
|
|
|
|
SHAREHOLDERS FUNDS AND LIABILITIES |
|
|
||
|
|
|
|
|
|
|
SHAREHOLDERS FUNDS |
|
|
||
|
Capital |
37.500.000,00 |
37.500.000,00 |
37.500.000,00 |
|
|
Legal reserves |
3.669.209,00 |
3.244.462,00 |
3.244.462,00 |
13,09 |
|
Other reserves |
(176.555,00) |
(176.555,00) |
(176.555,00) |
|
|
Net retained |
34.954.080,00 |
26.883.897,00 |
34.113.497,00 |
30,02 |
|
Revaluation surplus |
3.216.159,00 |
3.216.159,00 |
3.216.159,00 |
|
|
Total |
79.162.893,00 |
70.667.963,00 |
77.897.563,00 |
12,02 |
|
Net income for the period |
204.345,00 |
8.494.930,00 |
(7.229.600,00) |
(97,59) |
|
TOTAL OF SHAREHOLDERS FUNDS |
79.367.238,00 |
79.162.893,00 |
70.667.963,00 |
0,26 |
|
|
|
|
|
|
|
LIABILITY |
|
|
||
|
|
|
|
|
|
|
Non-current liiabilities |
|
|
||
|
Provisions |
143.386,00 |
143.386,00 |
1.141.067,00 |
|
|
Financing obtained |
14.816.005,00 |
15.396.663,00 |
19.690.192,00 |
(3,77) |
|
Diferred taxes liabilities |
9.266,00 |
317.793,00 |
459.827,00 |
(97,08) |
|
Other payable accounts |
|
|
22.500.000,00 |
|
|
Total |
14.968.657,00 |
15.857.842,00 |
43.791.086,00 |
(5,61) |
|
|
|
|
|
|
|
Current liabilities |
|
|
||
|
Suppliers |
17.977.605,00 |
14.397.731,00 |
18.359.350,00 |
24,86 |
|
State and other public entities |
448.540,00 |
346.662,00 |
223.649,00 |
29,39 |
|
Shareholders/partners |
44.197.287,00 |
31.766.691,00 |
38.794.179,00 |
39,13 |
|
Financing obtained |
18.110.780,00 |
17.758.788,00 |
12.872.909,00 |
1,98 |
|
Other payable accounts |
4.369.985,00 |
28.606.069,00 |
5.731.351,00 |
(84,72) |
|
Deferrals |
2.439.937,00 |
2.959.871,00 |
2.869.047,00 |
(17,57) |
|
Total |
87.544.134,00 |
95.835.812,00 |
78.850.485,00 |
(8,65) |
|
TOTAL LIABILITIES |
102.512.791,00 |
111.693.654,00 |
122.641.571,00 |
(8,22) |
|
TOTAL SHAREHOLDERS FUNDS AND LIABILITIES |
181.880.029,00 |
190.856.547,00 |
193.309.534,00 |
(4,70) |
|
|
|
|
|
|
|
INCOME STATEMENT |
|
|
||
|
|
|
|
|
|
|
INCOME AND EXPENSES |
|
|
||
|
Sales and services |
74.317.400,00 |
91.786.256,00 |
62.882.897,00 |
(19,03) |
|
Operating government grants |
21.048,00 |
|
|
|
|
Variation in production inventories |
10.883.618,00 |
(1.447.472,00) |
|
(851,91) |
|
Work for the entity itself |
59.758,00 |
|
|
|
|
Cost of goods sold and materials consumed |
(45.312.413,00) |
41.963.433,00 |
40.633.767,00 |
(207,98) |
|
Suppliers and external services |
(23.713.416,00) |
21.952.092,00 |
21.080.897,00 |
(208,02) |
|
Personnel costs |
(7.669.520,00) |
9.650.293,00 |
8.719.074,00 |
(179,47) |
|
Impairment of receivables
(losses/revearsals) |
|
(200.000,00) |
|
|
|
Provisions (increases/reductions) |
|
(303.123,00) |
120.000,00 |
|
|
Other income and gains |
4.169.609,00 |
1.138.563,00 |
7.113.362,00 |
266,22 |
|
Other expenses and losses |
(2.084.603,00) |
1.105.959,00 |
597.868,00 |
(288,49) |
|
Result before depreciation, financing
costs and taxes |
10.671.481,00 |
17.308.693,00 |
(1.155.347,00) |
(38,35) |
|
Expenses/reversals of depreciation and
amortization |
(7.680.324,00) |
7.592.774,00 |
7.394.286,00 |
(201,15) |
|
Operating result (before financing costs
and taxes) |
2.991.157,00 |
9.715.919,00 |
(8.549.633,00) |
(69,21) |
|
Interest and similar income obtained |
25.192,00 |
3.221.451,00 |
3.829.521,00 |
(99,22) |
|
interest and similar expenses incurred |
(3.295.241,00) |
2.443.076,00 |
6.920.662,00 |
(234,88) |
|
Net before taxes |
(278.892,00) |
10.494.294,00 |
(11.640.774,00) |
(102,66) |
|
Income tax of the period |
483.237,00 |
1.999.364,00 |
(4.411.174,00) |
(75,83) |
|
Net profit for the period |
204.345,00 |
8.494.930,00 |
(7.229.600,00) |
(97,59) |
|
Closing Date |
31-12-2011 |
31-12-2010 |
31-12-2009 |
|
|
|
|
|||
|
TURNOVER RATIOS |
|
|||
|
Shareholder's Funds Profitability |
0,003 |
0,107 |
(0,102) |
|
|
Assets Profitability |
0,016 |
0,051 |
(0,044) |
|
|
Sales Net Profitability |
0,003 |
0,093 |
(0,115) |
|
|
|
|
|
|
|
|
EFFICIENCY RATIOS |
|
|
||
|
Medium Term Receivable |
50,632 |
60,097 |
57,473 |
|
|
Asset Rotation |
0,409 |
0,481 |
0,325 |
|
|
|
|
|
|
|
|
PRODUCTIVITY RATIOS |
|
|
||
|
Productivity |
(15,598) |
5,163 |
2,552 |
|
|
|
|
|
|
|
|
SHORT TERM RATIOS |
|
|
||
|
General Liquidity |
0,497 |
0,522 |
0,572 |
|
|
Reduced Liquidity |
0,209 |
0,4 |
0,414 |
|
|
Immediate Liquidity |
0,033 |
0,134 |
0,03 |
|
|
|
|
|
|
|
|
MEDIUM LONG TERM RATIOS |
|
|
||
|
Financial Autonomy |
0,436 |
0,415 |
0,366 |
|
|
Solvability |
0,774 |
0,709 |
0,576 |
|
|
Borrowed Capital Structure |
0,854 |
0,858 |
0,643 |
|
|
General Debt |
0,415 |
0,419 |
0,461 |
|
|
Medium Long Term Debt |
0,187 |
0,194 |
0,279 |
|
|
Debt Structure |
0,854 |
0,858 |
0,643 |
|
|
Capital Structure |
5,302 |
4,992 |
1,614 |
|
|
|
|
|
|
|
|
Operational and Financial Risk |
|
|
||
|
Operational Leverage Level |
39,994 |
5,128 |
(2,602) |
|
|
Financial Leverage Level |
(10,725) |
0,926 |
0,734 |
|
|
Combined Leverage Level |
(428,936) |
4,749 |
(1,91) |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.94 |
|
|
1 |
Rs.90.47 |
|
Euro |
1 |
Rs.77.86 |
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.