MIRA INFORM REPORT

 

 

Report Date :

11.03.2013

 

IDENTIFICATION DETAILS

 

Name :

MAR IBERICA-SOCIEDADE DE PRODUTOS ALIMENTARES SA

 

 

Registered Office :

Rua Do Monte, Sao Pedro Da Torre, 4930-509-Sao Pedro Da Torre, Valenca Viana Do Castelo

 

 

Country :

Portugal

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

26.03.1987

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Industry and food processing frozen

 

 

No. of Employees :

160

 

 

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

(31.03.2012)

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

 

 

 

 

Identification

 

 

Name                           MAR IBERICA-SOCIEDADE DE PRODUTOS ALIMENTARES SA

V.A.T. Number / NIF     501825525

Address                        Rua do Monte

Locality                        Sao Pedro Da Torre

Postal Code                 4930-509-SAO PEDRO DA TORRE

Municipality                 VALENCA

District                         VIANA DO CASTELO

Telephone                   251800820

Fax                              251800837

E-Mail                          mar.iberica.val@mar.iberica.pt

Web Site                      www.mariberica.com

C.A.E.(Rev 3)                10201- Preparation of fishery products and aquaculture

 

Know more about Rating DynamIIC - Glossary and Methodology

 

    Credit Risk Level
Low Credit Risk

    Credit Recommendation
Credit Worthy

    Actual Condition
In activity

    Payments
Good

    Incidents
There are no record of commercial incidents

 

 

Summary

 

Legal Form

Joint Stock Company

Constitution

26-03-1987

V.A.T. Number / NIF

501825525

Employees

160

Capital

2.805.000,00

Sales in : 31-12-2011

21.952.440,96

Shareholders Funds in: 31-12-2011

4.319.193,63

Credit Risk Level

Low Credit Risk

 

 

Payments

Good

Credit Recommendation

Credit Worthy

 

 

Actual Condition

In activity

Financial Highlights

 

 

31-12-2009

 

31-12-2010

 

31-12-2011

Net Sales

17.689.378,61

19.953.820,04

21.952.440,96

Net Income For the Year

100.408,72

81.396,40

146.182,80

Shareholders Funds

4.441.994,09

4.418.910,53

4.319.193,63

Stocks

4.484.787,54

4.871.706,44

5.302.768,27

LIABILITY

10.323.598,66

10.715.575,08

11.824.962,06

ASSETS

14.765.592,75

15.134.485,61

16.144.155,69

 

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

JOSE LUIS VILLAR BARREIRO

Shareholder and Administrator

JOSE LUIS VILLAR TARRAGO

Shareholder and Board of Director's Pres.

JOSE AVELINO RODRIGUES FERNANDES

Shareholder and Board of Director's Vice-President

 

Fiscal Board

JOAQUIM JAIME PESTANA TRINDADE

Fiscal Board President

ANDREA VIEIRA PESTANA TRINDADE

Fiscal Board Vice-President

ARMANDO MAGALHAES,CARLOS SILVA & ASSOCIADOS SROC LDA

Unique Fiscal

CARLOS MANUEL PEREIRA DA SILVA

Fiscal Board Substitute

 

Gráficos de Análise Sectorial

 

Rating DinamIIC - Sector Comparison

Sales - Sector Comparison

Level Risk - Sectoral Analysis

 

 

Legal Structure

 

 

Registed on the Register Record Office of Valenca with the Register Number 501825525 previous number 207 in 26-03-1987

Constitution celebrated in 26-03-1987 published on Diário da República number 89 of 16-04-1987

To oblige the company it is necessary 2 signature

 

Changes to Society

 

In 31-10-2011 on Portal MJ of 15-11-2011 board of director's change

In 03-10-2011 on Portal MJ of 15-11-2011 board of director's change

In 14-12-2007 on Portal MJ of 03-01-2008 board of director's change

In 17-03-2005 on Diário da República of 14-06-2005 capital change

In 08-03-2004 on Diário da República of 11-06-2004 board of director's change

 

 

Capital

 

 

The Capital is 2.805.000,00

 

 

with the following shareholders

 

JOSE LUIS VILLAR BARREIRO

934.907,00

33,33%

JOSE LUIS VILLAR TARRAGO

934.907,00

33,33%

JOSE AVELINO RODRIGUES FERNANDES

934.907,00

33,33%

 

 

Activities

 

 

Line of Business

Percentage

Indústria e transformaçăo de produtos alimentares congelados (Industry and food processing frozen)

100%

 

 

Type of Clients

Retailers

 

 

Sales Conditions

Cash/credit

 

 

Sales Area

 

 

 

Country

70%

Foreign

30%

Imports

80%

from

ESPANHA

Exports

30%

to

ESPANHA,FRANÇA,HOLANDA,ALEMANHA,BELGICA,LUXEMBURGO,REINO UNIDO,SUIÇA

 

Trade Marks

 

Mar Ibérica

 

 

Banks and Financial Institutions

 

 

BANCO ESPIRITO SANTO, SA

Braga e Viana do Castelo

BANCO SANTANDER TOTTA SA

Porto

BANCO BILBAO VIZCAYA ARGENTARIA (PORTUGAL), SA

Braga

BANCO BPI, SA

Viana do Castelo

MILLENNIUM BCP

Viana do Castelo

FORTIS BANK

Porto

 

 

Incidents

 

 

There are no of incidents on our database

 

 

Employees

 

 

Total

160

 

 

 

 

 

 

Vehicles

 

 

Trade Mark

Quantity

License Number

Toyota

1

00-21-ZR

Volvo

1

06-50-XU

Toyota

1

00-27-ZR

Volvo

1

06-48-XU

Volvo

1

33-89-SQ

 

 

Insurance

 

 

Mapfre Seguros Generales

 

 

Head Office and Installations

 

 

Head office and installations owned Rua do Monte, Sao Pedro Da Torre, 4930-509, SAO PEDRO DA TORRE, Tel:251800820, Fax:251800837

 

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

3.622.092,31

3.707.528,06

3.776.684,76

(2,30)

Investment properties

55.935,40

56.471,52

57.007,64

(0,95)

Financial participations - other methods

 

3.000,00

 

 

Other financial assets

62.517,88

 

 

 

Deferred tax assets

11.344,15

15.125,54

18.906,93

(25,00)

Total

3.751.889,74

3.782.125,12

3.852.599,33

(0,80)

 

 

 

 

 

Current assets

 

 

Inventories

5.302.768,27

4.871.706,44

4.484.787,54

8,85

Costumers

6.034.601,59

5.352.667,98

4.864.400,05

12,74

State and other public entities

152.008,41

118.805,04

97.698,91

27,95

Other accounts receivable

198.101,12

360.346,85

360.560,46

(45,02)

Deferrals

124.550,35

14.694,60

5.967,28

747,59

Cashier and bank deposits

580.236,21

634.139,58

1.099.579,18

(8,50)

Total

12.392.265,95

11.352.360,49

10.912.993,42

9,16

TOTAL ASSET

16.144.155,69

15.134.485,61

14.765.592,75

6,67

 

 

 

 

 

SHAREHOLDERS FUNDS AND LIABILITIES

 

 

 

 

 

 

 

SHAREHOLDERS FUNDS

 

 

Capital

2.805.000,00

2.805.000,00

2.805.000,00

 

Legal reserves

135.399,42

131.329,42

128.158,88

3,10

Other reserves

805.460,72

805.460,72

805.460,72

 

Net retained

(14.466,60)

(56.012,29)

(121.932,37)

(74,17)

Revaluation surplus

41.519,43

50.436,14

55.002,55

(17,68)

Other shareholders funds changes

400.097,86

601.300,14

669.895,59

(33,46)

Total

4.173.010,83

4.337.514,13

4.341.585,37

(3,79)

Net income for the period

146.182,80

81.396,40

100.408,72

79,59

TOTAL OF SHAREHOLDERS FUNDS

4.319.193,63

4.418.910,53

4.441.994,09

(2,26)

 

 

 

 

 

LIABILITY

 

 

 

 

 

 

 

Non-current liiabilities

 

 

Financing obtained

5.187.318,84

5.179.417,59

4.622.681,91

0,15

Diferred taxes liabilities

143.663,72

13.270,00

14.792,14

982,62

Total

5.330.982,56

5.192.687,59

4.637.474,05

2,66

 

 

 

 

 

Current liabilities

 

 

Suppliers

4.098.671,90

2.762.347,56

2.421.597,62

48,38

State and other public entities

297.281,41

261.652,19

154.146,77

13,62

Financing obtained

1.523.923,55

1.929.081,04

2.648.027,31

(21,00)

Other payable accounts

574.102,64

569.806,70

462.352,91

0,75

Total

6.493.979,50

5.522.887,49

5.686.124,61

17,58

TOTAL LIABILITIES

11.824.962,06

10.715.575,08

10.323.598,66

10,35

TOTAL SHAREHOLDERS FUNDS AND LIABILITIES

16.144.155,69

15.134.485,61

14.765.592,75

6,67

 

 

 

 

 

INCOME STATEMENT

 

 

 

 

 

 

 

INCOME AND EXPENSES

 

 

Sales and services

21.952.440,96

19.953.820,04

17.689.378,61

10,02

Variation in production inventories

19.148,05

(231.403,44)

(106.296,59)

(108,27)

Cost of goods sold and materials consumed

17.151.739,24

15.266.049,40

13.557.834,65

12,35

Suppliers and external services

1.701.995,02

1.656.172,43

1.474.596,14

2,77

Personnel costs

2.199.248,46

2.109.841,04

2.013.227,52

4,24

Impairment of receivables (losses/revearsals)

61.932,91

31.700,55

15.707,45

95,37

Other income and gains

228.943,50

182.359,44

353.761,02

25,55

Other expenses and losses

210.004,76

166.546,59

235.261,27

26,09

Result before depreciation, financing costs and taxes

875.612,12

674.466,03

640.216,01

29,82

Expenses/reversals of depreciation and amortization

266.367,11

300.491,15

294.192,05

(11,36)

Operating result (before financing costs and taxes)

609.245,01

373.974,88

346.023,96

62,91

Interest and similar income obtained

5.829,27

3.683,22

3.379,08

58,27

interest and similar expenses incurred

438.439,08

281.840,24

262.108,93

55,56

Net before taxes

176.635,20

95.817,86

87.294,11

84,34

Income tax of the period

30.452,40

14.421,46

(13.114,61)

111,16

Net profit for the period

146.182,80

81.396,40

100.408,72

79,59

 

 

RATIOS SNC

 

 

Closing Date

31-12-2011

31-12-2010

31-12-2009

 

 

 

 

TURNOVER RATIOS

 

Shareholder's Funds Profitability

0,034

0,018

0,023

 

Assets Profitability

0,038

0,025

0,023

 

Sales Net Profitability

0,007

0,004

0,006

 

 

 

 

 

 

EFFICIENCY RATIOS

 

 

Medium Term Receivable

100,336

97,912

100,371

 

Asset Rotation

1,36

1,318

1,198

 

 

 

 

 

 

PRODUCTIVITY RATIOS

 

 

Productivity

2,183

2,222

2,052

 

 

 

 

 

 

SHORT TERM RATIOS

 

 

General Liquidity

1,908

2,056

1,919

 

Reduced Liquidity

1,092

1,173

1,131

 

Immediate Liquidity

0,089

0,115

0,193

 

 

 

 

 

 

MEDIUM LONG TERM RATIOS

 

 

Financial Autonomy

0,268

0,292

0,301

 

Solvability

0,365

0,412

0,43

 

Borrowed Capital Structure

0,549

0,515

0,551

 

General Debt

1,554

1,609

1,637

 

Medium Long Term Debt

1,201

1,172

1,041

 

Debt Structure

0,549

0,515

0,551

 

Capital Structure

0,81

0,851

0,958

 

 

 

 

 

 

Operational and Financial Risk

 

 

Operational Leverage Level

7,88

12,535

11,94

 

Financial Leverage Level

3,449

3,903

3,964

 

Combined Leverage Level

27,178

48,924

47,33

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.40

UK Pound

1

Rs.81.56

Euro

1

Rs.71.23

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.