MIRA
INFORM REPORT
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Report Date : |
08.03.2013 |
IDENTIFICATION DETAILS
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Name : |
MASTER SISTEMAS AUTOMOTIVOS LTDA |
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Formerly Known as: |
FREIOS MASTER EQUIPAMENTOS AUTOMOTIVOS LTDA. |
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Registered Office : |
Rua Atilio Andreazza, 3520 - Bairro Interlagos , Zip Code 95.052-070 - Caxias Do Sul/Rs |
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Country : |
Brazil |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
24.04.1986 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of parts and accessories for motor vehicles. |
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No. of Employees : |
1000 employees |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Brazil |
A2 |
A2 |
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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 |
Brazil - ECONOMIC OVERVIEW
Characterized by large and well-developed agricultural, mining,
manufacturing, and service sectors, Brazil's economy outweighs that of all
other South American countries, and Brazil is expanding its presence in world
markets. Since 2003, Brazil has steadily improved its macroeconomic stability,
building up foreign reserves, and reducing its debt profile by shifting its
debt burden toward real denominated and domestically held instruments. In 2008,
Brazil became a net external creditor and two ratings agencies awarded
investment grade status to its debt. After strong growth in 2007 and 2008, the
onset of the global financial crisis hit Brazil in 2008. Brazil experienced two
quarters of recession, as global demand for Brazil's commodity-based exports
dwindled and external credit dried up. However, Brazil was one of the first
emerging markets to begin a recovery. In 2010, consumer and investor confidence
revived and GDP growth reached 7.5%, the highest growth rate in the past 25
years. Rising inflation led the authorities to take measures to cool the
economy; these actions and the deteriorating international economic situation
slowed growth to 2.7% for 2011 as a whole, though forecasts for 2012 growth are
somewhat higher. Despite slower growth in 2011, Brazil overtook the United
Kingdom as the world's seventh largest economy in terms of GDP. Urban
unemployment is at the historic low of 4.7% (December 2011), and Brazil's
traditionally high level of income equality has declined for each of the last
12 years. Brazil's high interest rates make it an attractive destination for
foreign investors. Large capital inflows over the past several years have
contributed to the appreciation of the currency, hurting the competitiveness of
Brazilian manufacturing and leading the government to intervene in foreign
exchanges markets and raise taxes on some foreign capital inflows. President
Dilma ROUSSEFF has retained the previous administration's commitment to
inflation targeting by the central bank, a floating exchange rate, and fiscal
restraint.
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Source : CIA |
Company name
MASTER SISTEMAS
AUTOMOTIVOS LTDA
company ADDRESSES
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MAIN ADDRESS: |
RUA ATILIO ANDREAZZA, 3520 - BAIRRO INTERLAGOS |
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ZIP CODE/CITY: |
95.052-070 - CAXIAS DO SUL/RS |
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PHONE: |
54 3239-2900 |
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FAX: |
54 3239-2900 |
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E-MAIL: |
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WEB SITE: |
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BRANCHES: |
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NOT AVAILABLE. |
LEGAL DATA
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MAIN ACTIVITIES: |
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MANUFACTURE OF PARTS AND ACCESSORIES FOR MOTOR VEHICLES. |
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LEGAL FORM: |
LIMITED
LIABILITY COMPANY |
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INCORPORATION DATE: |
24/04/1986 |
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REGISTER DATE: |
24/04/1986 |
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BALANCE SHEET FILING DATE: |
31/12 |
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TAX CONTRIBUTOR NUMBER(CNPJ): |
90.852.914/0001-73 |
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STATE REGISTER: |
029/0137551 |
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SHARE CAPITAL: |
R$ 160.000.000,00 |
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BOARD OF
DIRECTORS: |
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SERGIO LUIZ ONZI |
MANAGER |
AUTHORIZED USE OF SIGNATURE
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THE MANAGER IS AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY. |
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SHAREHOLDERS /
PARTNERS: |
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RANDON S/A IMPLEMENTOS E PARTICIPAÇƠES |
51% |
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MERITOR DO BRASIL SISTEMAS AUTOMOTIVOS LTDA. |
49% |
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AFFILIATES /
SUBSIDIARIES: |
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A SCAN THROUGH OUTSIDE SOURCES SHOWED THE SUBJECT AND/OR PARTNERS
HAS/HAVE THE FOLLOWING UNCONFIRMED HOLDINGS: |
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JOST BRASIL SISTEMAS AUTOMOTIVOS LTDA |
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CASTERTECH FUNDIÇĂO E TECNOLOGIA LTDA |
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RANDON IMPLEMENTOS P/TRANSPORTE LTDA |
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SUSPENSYS SISTEMAS AUTOMOTIVOS LTDA |
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RANDON INVESTIMENTOS LTDA |
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RANDON ADMINISTRADORA DE CONSÓRCIOS LTDA |
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FRAS-LE S/A |
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RANDON MIDDLE EAST |
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RANDON AUTOMOTIVE LTDA |
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FRAS-LE ARGENTINA S/A |
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RANDON ARGENTINA S/A |
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COMPANY'S BACKGROUND
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SUBJECT WAS ESTABLISHED ON APRIL 24, 1986 AS FREIOS MASTER
EQUIPAMENTOS AUTOMOTIVOS LTDA. TO BE ENGAGED IN THE SAID LINE OF BUSINESS.
LATER IT ADOPTED THE ABOVE MENTIONED NAME. CERTIFICATIONS: ************** ISO 9001 - ISO 14001 - ISO/TS 16949 - OHSAS 18001 - BUSINESS ADDRESS HAS CHANGED FROM (AV. BUBEM BENTO ALVES 441, CAXIAS
DO SUL/RS) TO THE PRESENT REGISTERED ONE. PARTNERS: RANDON SA IMPLEMENTOS E PARTICIPACOES: HEADQUARTERED AT AV. ABRAMO
RANDON 770, CAXIAS DO SUL/RS, TAXPAYER REGISTER NUMBER CNPJ
89.086.144/0001-16. MERITOR DO BRASIL SISTEMAS AUTOMOTIVOS LTDA: HEADQUARTERED AT RUA
NATHANAEL TITO SALMON, 409, OSASCO /SP, TAXPAYER REGISTER NUMBER CNPJ
56.669.187/0001-75. FURTHER DETAILS ARE SO FAR NOT KNOWN. |
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PUBLIC
INFORMATION: |
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NO DETRIMENTAL FILES WERE FOUND. |
FINANCIAL INFORMATION
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GENERAL BALANCE SHEETS AS OF 31/12/2011, 31/12/2010 AND 31/12/2009. |
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( FIGURES ARE IN THOUSANDS OF REAIS ). |
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ASSETS |
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CURRENT: |
31/12/2011 |
31/12/2010 |
31/12/2009 |
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CASH AND BANKS |
108.055 |
105.273 |
58.079 |
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CLIENTS |
56.257 |
38.306 |
30.820 |
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INVENTORY |
49.919 |
30.368 |
24.130 |
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RECOVERABLE TAXES |
3.822 |
1.464 |
4.329 |
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OTHER CREDITS |
8.113 |
16.197 |
2.931 |
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---------------- |
---------------- |
---------------- |
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TOTAL CURRENT ASSETS |
226.166 |
191.608 |
120.289 |
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LONG-TERM
RECEIVABLES: |
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INTERCOMPANY CREDITS |
4.571 |
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RECOVERABLE TAXES |
|
3.638 |
3.056 |
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JUDICIAL DEPOSITS |
204 |
198 |
198 |
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OTHER CREDITS |
485 |
467 |
354 |
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---------------- |
---------------- |
---------------- |
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TOTAL LONG-TERM RECEIVABLES |
5.260 |
4.303 |
3.608 |
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FIXED ASSETS: |
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FIXED ASSETS |
245.925 |
208.591 |
154.107 |
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---------------- |
---------------- |
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TOTAL FIXED ASSETS |
245.925 |
208.591 |
154.107 |
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================ |
================ |
================ |
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TOTAL ASSETS |
477.351 |
404.502 |
278.004 |
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LIABILITIES: |
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CURRENT: |
31/12/2011 |
31/12/2010 |
31/12/2009 |
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SUPPLIERS |
23.941 |
11.213 |
8.780 |
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LOANS AND FINANCING |
43.041 |
8.600 |
10.793 |
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SALARY, TAXES & CONTRIB. |
7.219 |
4.785 |
3.387 |
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TRIBUTARY OBLIGATIONS |
4.546 |
2.225 |
2.153 |
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ADVANCE FROM CLIENTS |
18.749 |
27.365 |
8.747 |
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---------------- |
---------------- |
---------------- |
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TOTAL CURRENT LIABILITIES |
97.496 |
54.188 |
33.860 |
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LONG TERM
LIABILITIES: |
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LOANS AND FINANCING |
62.504 |
74.444 |
49.620 |
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TAXES AND CONTRIBUTIONS |
8.393 |
9.153 |
2.615 |
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PROVISIONS |
690 |
443 |
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OTHER |
1.693 |
1.725 |
3.121 |
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---------------- |
---------------- |
---------------- |
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TOTAL LONG TERM LIABILITIES |
73.280 |
85.765 |
55.356 |
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NET EQUITY: |
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SHARE CAPITAL |
306.576 |
105.000 |
105.000 |
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ACCRUED PROFIT (LOSS) |
|
159.550 |
83.788 |
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---------------- |
---------------- |
---------------- |
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TOTAL NET EQUITY |
306.576 |
264.550 |
188.788 |
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================ |
================ |
================ |
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TOTAL LIABILITIES |
477.352 |
404.503 |
278.004 |
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PROFIT AND LOSS ACCOUNTS AS OF 31/12/2011, 31/12/2010 AND 31/12/2009. |
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( FIGURES ARE IN THOUSANDS OF REAIS ). |
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31/12/2011 |
31/12/2010 |
31/12/2009 |
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NET SALES |
524.030 |
431.166 |
272.553 |
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(-) COST OF SOLD GOODS |
422.807 |
347.602 |
224.370 |
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---------------- |
---------------- |
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GROSS PROFIT |
101.223 |
83.564 |
48.183 |
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OPERATING REVENUE (EXPENSE) |
12.313 |
13.161 |
7.172 |
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FINANCIAL REVENUE(EXPENSE) |
11.228 |
5.991 |
6.067 |
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---------------- |
---------------- |
---------------- |
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OPERATIONAL PROFIT (LOSS) |
124.764 |
102.716 |
61.422 |
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CONTRIBUTION/INCOME TAX |
-19.681 |
-15.360 |
-7.887 |
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PROFIT SHARING |
-550 |
-643 |
-403 |
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---------------- |
---------------- |
---------------- |
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NET PROFIT (LOSS) |
104.533 |
86.713 |
53.132 |
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RATIOS: |
31/12/2011 |
31/12/2010 |
31/12/2009 |
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QUICK RATIO |
1,81 |
|
2,98 |
|
2,84 |
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CURRENT RATIO |
2,32 |
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3,54 |
|
3,55 |
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ACCOUNTS RECEIVABLE TURNOVER |
9,31 |
TIMES |
11,26 |
TIMES |
8,84 |
TIMES |
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DAYS' SALES IN RECEIVABLES |
38,65 |
DAYS |
31,98 |
DAYS |
40,71 |
DAYS |
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INVENTORY TURNOVER |
8,47 |
TIMES |
11,45 |
TIMES |
9,30 |
TIMES |
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ACCOUNTS PAYABLE PERIOD |
20,38 |
DAYS |
11,61 |
DAYS |
14,09 |
DAYS |
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RETURN ON ASSETS |
1,10 |
TIMES |
1,07 |
TIMES |
,98 |
TIMES |
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SALES TURNOVER ON NET EQUITY |
1,71 |
TIMES |
1,63 |
TIMES |
1,44 |
TIMES |
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NET WORTH TIE-UP |
,80 |
|
,79 |
|
,82 |
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INDEBTEDNESS |
,56 |
|
,53 |
|
,47 |
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EQUITY RATIO |
64,22 |
% |
65,40 |
% |
67,91 |
% |
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WORKING CAPITAL RATIO |
131,97 |
% |
253,60 |
% |
255,25 |
% |
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GENERAL SOLVENCY |
2,80 |
|
2,89 |
|
3,12 |
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RETURN ON NET EQUITY |
34,10 |
% |
32,78 |
% |
28,14 |
% |
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RETURN ON SALES (PROFIT MARGIN) |
19,95 |
% |
20,11 |
% |
19,49 |
% |
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GROSS PROFIT MARGIN |
19,32 |
% |
19,38 |
% |
17,68 |
% |
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OPERATIONAL RESULT |
23,81 |
% |
23,82 |
% |
22,54 |
% |
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SALES TURNOVER ON LIABILITIES |
5,37 |
TIMES |
7,96 |
TIMES |
8,05 |
TIMES |
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EXCHANGE RATE: |
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US$ 1,00 = R$ 1,96 |
- OFFICIAL RATE ON 05/03/2013 |
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US$ 1,00 = R$ 1,87 |
- OFFICIAL RATE ON 31/12/2011 |
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US$ 1,00 = R$ 1,66 |
- OFFICIAL RATE ON 31/12/2010 |
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US$ 1,00 = R$ 1,74 |
- OFFICIAL RATE ON 31/12/2009 |
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COMMENTS ON THE
FINANCIAL INFORMATION: |
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FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS. THE FIGURES AVAILABLE SHOW A GOOD FINANCIAL STANDING. IT HAS HIGH LIQUIDITY
RATIOS AND IMPORTANT WORKING CAPITAL, AS WELL AS LOW LEVEL OF INDEBTEDNESS.
IT ALSO SHOWS GROWING SALES AND GOOD PROFITABILITY. |
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REAL ESTATE: |
NOT AVAILABLE
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VEHICLES: |
NOT AVAILABLE
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MACHINES: |
NOT AVAILABLE
INSURANCE
|
NOT AVAILABLE. |
BANKING REFERENCES
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BRANCH/PHONE: |
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BANCO DO BRASIL S/A |
0890 |
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BANCO BRADESCO S/A |
2659 |
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REMARKS: IN BRAZIL THE BANKS ARE PROHIBITED BY LAW TO PROVIDE
INFORMATION OR ANY KIND OF COMMENTS ABOUT THEIR CLIENTS. DUE TO THIS LAW
PROHIBITION WE ARE UNABLE TO PROVIDE ANY BANKING DETAILS. ACCORDING TO THE CENTRAL BANK OF BRAZIL OFFICIAL REPORT, THE COMPANY
HAS NOT RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682
BRAZILIAN CENTRAL BANK"). |
ACTIVITIES COMMENTS
|
MANUFACTURE OF PARTS AND ACCESSORIES FOR MOTOR VEHICLES. |
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IMPORT AND
EXPORT: |
IMPORTS FROM:
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NOT AVAILABLE. |
EXPORTS TO:
|
NOT AVAILABLE. |
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MAIN CLIENTS: |
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DOMESTIC
CLIENTS: |
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ARVINMERITOR DO BRASIL SISTEMAS AUTOMOTIVOS LTDA |
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FORD BRASIL LTDA |
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MERITOR INDUSTRIAL SEALING LTDA |
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SUSPENSYS SISTEMAS AUTOMOTIVOS LTDA |
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VOLKSWAGEN DO BRASIL LTDA |
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|
VOLVO DO BRASIL VEICULOS LTDA |
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STAFF: |
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THE COMPANY HAS: 1000 EMPLOYEE(S) |
CONCEPT AND FULFILMENT
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THE SUBJECT IS A WELL-ESTABLISHED SUBSIDIARY OF THE RANDON GROUP,
OPERATING SINCE 1986. SO FAR IT HAS A CLEAR TRADE HISTORY AND SLOW PAYMENT
BEHAVIOR. THE COMPANY HAS TRADE RELATIONS WITH SOME LOCAL SUPPLIERS BUT UP TO
DATE ONLY SMALL PAYMENTS WERE REPORTED AND THE SUBJECT IS NOT SAID TO BE USER
OF TRADE CREDIT FACILITIES. DESPITE THE SLOW PAYMENT BEHAVIOR THE COMPANY SHOWS NO DETRIMENTAL
FILE, THUS SUCH DELAYED PAYMENTS ARE NOT CONSIDERED RELEVANT. |
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MAIN SUPPLIERS: |
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DOMESTIC
SUPPLIERS: |
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FRAS-LE S/A |
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IRMAOS WAINSTEIN & CIA LTDA |
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MAXIFORJA COMPONENTES AUTOMOTIVOS LTDA |
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SCHULZ S/A |
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USINAS SIDERURGICAS DE MINAS GERAIS S/A-USIMINAS |
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V & M DO BRASIL S/A |
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PAYMENT HISTORY: |
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05 SUPPLIERS REPORTED PAYMENTS: |
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TOTAL AMOUNT: R$ 75.724,00 |
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AMOUNT OF INVOICES PAID: 80 |
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TOTAL OF PROMPT PAYMENTS: 46,3% |
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TOTAL OF DELAYED PAYMENTS: 57,3% |
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HIGHEST INVOICE: R$ 14.280,00 |
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HIGHEST CREDIT: R$ 14.280,00 |
FINAL OPINION
|
THE SUBJECT IS A WELL-ESTABLISHED COMPANY IN BUSINESS FOR SEVERAL
YEARS. IT SHOWS GOOD FINANCIAL STANDING AND CLEAR TRADE HISTORY. BASED ON THE GENERAL INFORMATION AVAILABLE IT IS BELIEVED THAT GOOD
TRADE RELATIONS MAY BE ESTABLISHED. CREDIT FACILITIES MAY BE EXTENDED WITHIN
TERMS AND AMOUNTS ADEQUATE TO THE COMPANY'S FINANCIAL STRENGTH. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.74 |
|
UK Pound |
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.71.27 |
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.