|
Report Date : |
12.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
CURTUME KOROBRAS LTDA |
|
|
|
|
Registered Office : |
Rodovia Br 364, Km,17 Sala 01 - Distrito Industrial 78.900-000 - Porto Velho/Ro |
|
|
|
|
Country : |
Brazil |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
07.02.2007 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in tanning and other leather preparation |
|
|
|
|
No. of Employees : |
217 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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) |
|
Brazil |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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% in 2011, and 1.3% in 2012.
Unemployment is at historic lows and Brazil's traditionally high level of
income inequality has declined for each of the last 14 years. Brazil's
historically high interest rates have made 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
exchange 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.
In an effort to boost growth, in 2012 the administration implemented a somewhat
more expansionary monetary policy that has failed to stimulate much growth
Source
: CIA
CURTUME KOROBRAS LTDA
|
MAIN ADDRESS: |
RODOVIA BR 364, KM,17 SALA 01 - DISTRITO INDUSTRIAL |
|
ZIP CODE/CITY: |
78.900-000 - PORTO VELHO/RO |
|
|
|
|
PHONE: |
69 3225-8050 |
|
FAX: |
69 3225-8050 |
|
E-MAIL: |
cecilia@korobras.com.br |
|
BRANCHES: |
|
|
|
|
|
ADDRESS: |
BR 361 KM,12 - CHACARA CANAA |
|
ZIP CODE/CITY: |
RIO BRANCO/AC |
MAIN ACTIVITIES
TANNING AND OTHER LEATHER PREPARATION.
|
LEGAL FORM: |
LIMITED LIABILITY COMPANY |
|
|
|
|
INCORPORATION DATE: |
07/02/2007 |
|
REGISTER DATE: |
07/02/2007 |
|
BALANCE SHEET FILING DATE: |
31/12 |
|
TAX CONTRIBUTOR NUMBER(CNPJ): |
08.673.273/0001-09 |
|
STATE REGISTER: |
3426181 |
|
|
|
|
SHARE CAPITAL: |
R$ 1.560.000,00 |
|
BOARD OF DIRECTORS: |
|
|
|
|
|
GIANCARLO HARTH |
MANAGING PARTNER |
|
THE MANAGING PARTNER IS AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY. |
|
SHAREHOLDERS / PARTNERS: |
|
|
|
|
|
AXXION INVESTMENT LLC |
99,99% |
|
GIANCARLO HARTH |
0,01% |
|
AFFILIATES / SUBSIDIARIES: |
|
|
|
|
|
CARLOS BOM RETIVO LTDA |
|
|
THE SUBJECT WAS ESTABLISHED ON FEBRUARY 07, 2007 AS CBR PRODUTOS DE COURO LTDA. TO BE ENGAGED IN THE SAID LINE OF BUSINESS. LATER IT ADOPTED THE ABOVE MENTIONED NAME AND UP TO DATE IT IS STILL OPERATING WITHIN THE GENERAL SCENE REPORTED HEREIN. PARTNERS: AXXION INVESTMENT LLC: HEADQUARTERED AT RUA HAYS STREET 1201, FLORIDA UNITED STATES, REGISTRATION # CNPJ 12.103.135/0001-61. GIANCARLO HARTH: BRAZILIAN, MARRIED, HOLDER OF DOCUMENTS CPF 922.298.910-49, RG 4076907312 SJS-RS, RESIDENTIAL ADDRESS AT RUA DUQUE DE CAXIAS 682, APTO 702, LAJEADO/RS. FURTHER DETAILS ARE SO FAR NOT KNOWN. |
|
NO DETRIMENTAL FILES WERE FOUND. |
|
GENERAL BALANCE SHEETS AS OF 30/06/2013, 31/12/2012 AND 31/12/2011. |
|
( FIGURES ARE IN REAIS ). |
|
ASSETS |
|
|
|
|
CURRENT: |
30/06/2013 |
31/12/2012 |
31/12/2011 |
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS |
9.515.065,44 |
10.936.243,04 |
44,74 |
|
CLIENTS |
14.238.211,18 |
14.502.668,56 |
62.245,14 |
|
RECOVERABLE TAXES |
96.279,69 |
143.463,33 |
146.391,85 |
|
ADVANCES |
8.816,61 |
3.674,39 |
653,83 |
|
INVENTORY |
3.784.166,40 |
2.341.355,70 |
|
|
ADVANCE TO SUPPLIERS |
3.833.769,91 |
4.988.812,32 |
343.527,55 |
|
PREPAID EXPENSES |
49.375,72 |
47.922,48 |
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
31.525.684,95 |
32.964.139,82 |
552.863,11 |
|
LONG-TERM
RECEIVABLES: |
|
|
|
|
|
|
|
|
|
RECOVERABLE TAXES |
218.576,61 |
218.576,61 |
218.576,61 |
|
NOTES RECEIVABLE |
1.400,00 |
800,00 |
|
|
JUDICIAL DEPOSITS |
5.184,13 |
5.000,00 |
20.668,52 |
|
CREDIT WITH PARTNERS |
460.000,00 |
460.000,00 |
1.510.000,00 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG-TERM RECEIVABLES |
685.160,74 |
684.376,61 |
1.749.245,13 |
|
FIXED ASSETS: |
|
|
|
|
|
|
|
|
|
FIXED ASSETS |
2.605.924,65 |
804.554,67 |
129.919,35 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL FIXED ASSETS |
2.605.924,65 |
804.554,67 |
129.919,35 |
|
|
================ |
================ |
================ |
|
TOTAL ASSETS |
34.816.770,34 |
34.453.071,10 |
2.432.027,59 |
|
LIABILITIES: |
|
|
|
|
CURRENT: |
30/06/2013 |
31/12/2012 |
31/12/2011 |
|
|
|
|
|
|
SUPPLIERS |
8.711.326,42 |
6.875.073,34 |
710.212,41 |
|
ADVANCE FROM CLIENTS |
22.757.219,21 |
24.655.506,59 |
1.048.857,63 |
|
LABOR OBLIGATIONS |
140.069,43 |
150.647,88 |
|
|
LOANS AND FINANCING |
19,55 |
423,73 |
30.214,34 |
|
SOCIAL / LABOR OBLIGATIONS |
810.904,20 |
1.131.374,14 |
|
|
LABOR PROVISIONS |
436.424,37 |
228.460,60 |
|
|
PROVISIONS |
2.871,00 |
2.856,00 |
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
32.858.834,18 |
33.044.342,28 |
1.789.284,38 |
|
LONG TERM
LIABILITIES: |
|
|
|
|
|
|
|
|
|
TRIBUTARY OBLIGATIONS |
2.251.696,41 |
1.325.455,20 |
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
2.251.696,41 |
1.325.455,20 |
|
|
NET EQUITY: |
|
|
|
|
|
|
|
|
|
SHARE CAPITAL |
1.560.000,00 |
1.560.000,00 |
1.560.000,00 |
|
PROFIT RESERVES |
1.031.303,90 |
1.031.303,90 |
1.031.303,90 |
|
ACCRUED PROFIT (LOSS) |
-2.885.064,15 |
-2.508.030,28 |
-1.948.560,69 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET EQUITY |
-293.760,25 |
83.273,62 |
642.743,21 |
|
|
================ |
================ |
================ |
|
TOTAL LIABILITIES |
34.816.770,34 |
34.453.071,10 |
2.432.027,59 |
|
PROFIT AND LOSS ACCOUNTS AS OF 30/06/2013, 31/12/2012 AND 31/12/2011. |
|
( FIGURES ARE IN REAIS ). |
|
|
30/06/2013 |
31/12/2012 |
31/12/2011 |
|
|
|
|
|
|
GROSS SALES |
28.225.013,87 |
35.474.755,41 |
813.435,75 |
|
(-) TAXES ON SALES |
5.156.036,94 |
5.735.353,56 |
172.856,15 |
|
|
---------------- |
---------------- |
---------------- |
|
NET SALES |
23.068.976,93 |
29.739.401,85 |
640.579,60 |
|
(-) COST OF SOLD GOODS |
23.249.795,61 |
29.732.013,46 |
2.366.328,48 |
|
|
---------------- |
---------------- |
---------------- |
|
GROSS PROFIT |
-180.818,68 |
7.388,39 |
-1.725.748,88 |
|
OPERATING REVENUE (EXPENSE) |
-343.076,11 |
-857.870,40 |
120.695,78 |
|
FINANCIAL REVENUE(EXPENSE) |
146.860,92 |
309.927,59 |
-1.978,34 |
|
|
---------------- |
---------------- |
---------------- |
|
OPERATIONAL PROFIT (LOSS) |
-377.033,87 |
-540.554,42 |
-1.607.031,44 |
|
CONTRIBUTION/INCOME TAX |
|
-18.915,17 |
|
|
|
---------------- |
---------------- |
---------------- |
|
NET PROFIT (LOSS) |
-377.033,87 |
-559.469,59 |
-1.607.031,44 |
|
RATIOS: |
30/06/2013 |
31/12/2012 |
31/12/2011 |
|
QUICK RATIO |
,84 |
|
,93 |
|
,31 |
|
|
CURRENT RATIO |
,96 |
|
1,00 |
|
,31 |
|
|
ACCOUNTS RECEIVABLE TURNOVER |
1,62 |
TIMES |
2,05 |
TIMES |
10,29 |
TIMES |
|
DAYS' SALES IN RECEIVABLES |
111,10 |
DAYS |
175,56 |
DAYS |
34,98 |
DAYS |
|
INVENTORY TURNOVER |
6,14 |
TIMES |
12,70 |
TIMES |
|
|
|
ACCOUNTS PAYABLE PERIOD |
67,44 |
DAYS |
83,24 |
DAYS |
108,05 |
DAYS |
|
RETURN ON ASSETS |
,66 |
TIMES |
,86 |
TIMES |
,26 |
TIMES |
|
SALES TURNOVER ON NET EQUITY |
-78,53 |
TIMES |
357,13 |
TIMES |
1,00 |
TIMES |
|
NET WORTH TIE-UP |
-8,87 |
|
9,66 |
|
,20 |
|
|
INDEBTEDNESS |
-119,52 |
|
412,73 |
|
2,78 |
|
|
EQUITY RATIO |
-,84 |
% |
,24 |
% |
26,43 |
% |
|
WORKING CAPITAL RATIO |
-4,06 |
% |
-,24 |
% |
-69,10 |
% |
|
GENERAL SOLVENCY |
,99 |
|
1,00 |
|
1,36 |
|
|
RETURN ON NET EQUITY |
128,35 |
% |
-671,84 |
% |
-250,03 |
% |
|
RETURN ON SALES (PROFIT MARGIN) |
-1,63 |
% |
-1,88 |
% |
-250,87 |
% |
|
GROSS PROFIT MARGIN |
-,78 |
% |
,02 |
% |
-269,40 |
% |
|
OPERATIONAL RESULT |
-1,63 |
% |
-1,82 |
% |
-250,87 |
% |
|
SALES TURNOVER ON LIABILITIES |
,70 |
TIMES |
,90 |
TIMES |
,36 |
TIMES |
|
FOREIGN CURRENCY ON ASSETS |
|
|
|
|
|
|
|
FOREIGN CURRENCY ON LIABILITIES |
|
|
|
|
|
|
|
EXCHANGE RATE: |
|
|
US$ 1,00 = R$ 2,25 |
- OFFICIAL RATE ON 27/09/2013 |
|
US$ 1,00 = R$ 2,21 |
- OFFICIAL RATE ON 30/06/2013 |
|
US$ 1,00 = R$ 2,04 |
- OFFICIAL RATE ON 31/12/2012 |
|
US$ 1,00 = R$ 1,87 |
- OFFICIAL RATE ON 31/12/2011 |
|
COMMENTS ON THE
FINANCIAL INFORMATION: |
|
FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS. THE ANNUAL FIGURES AVAILABLE SHOW AN UNBALANCED FINANCIAL STANDING. THE LEVEL OF INDEBTEDNESS IS VERY HIGH AND IT IS NOTED LOW CURRENT RATIO. IN ADDITION IT SHOWS ROCKETING SALES BUT ITS HIGH COSTS DROVE THE COMPANY TO MAKE NEGATIVE RESULTS. THE INTERIM FIGURES FOR JUNE 2013 SHOW THAT THE INDEBTEDNESS INCREASED AND NEGATIVE NET EQUITY IS NOTED AS WELL AS LOW LIQUIDITY RATIOS. IN ADDITION IT SHOWS HIGH GROWING SALES TREND BUT NEGATIVE RESULT WAS MADE AGAIN. REMARK: ******* THE COMPANY STATED THAT THE INCREASE IN THE SALES VOLUME WAS ATTRIBUTABLE TO ITS NEW BRANCH ESTABLISHED IN ACRE WHICH BOOSTED THE SALES VOLUME. |
|
REAL ESTATE |
NOT AVAILABLE
|
VEHICLES |
OWNED VEHICLES ARE VALUED AT R$ 178.400,00
|
MACHINES |
OWNED MACHINES AND EQUIPMENTS ARE VALUED AT R$ 2.564.126,62
INSURANCE
|
NOT AVAILABLE. |
|
|
BRANCH/PHONE: |
|
BANCO BANRISUL S/A |
0946 / 51 3762-3484 |
|
BANCO DO BRASIL S/A |
3188-7 / 51 3762-1002 |
|
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"). DATE RESEARCHED SEPTEMBER 27, 2013. |
|
TANNING AND OTHER LEATHER PREPARATION. |
|
IMPORT AND EXPORT: |
IMPORTS FROM:
|
INDIA |
EXPORTS TO:
|
NOT AVAILABLE. |
|
MAIN CLIENTS: |
|
|
|
|
|
|
|
DOMESTIC CLIENTS: |
|
|
|
NOT AVAILABLE. |
|
|
|
STAFF: |
|
|
|
THE COMPANY HAS: 217 EMPLOYEE(S) |
|
THE SUBJECT IS A WELL-ESTABLISHED COMPANY, OPERATING SINCE 2007. SO FAR IT HAS A CLEAR TRADE HISTORY AND NORMAL PAYMENT BEHAVIOUR. THE COMPANY HAS TRADE RELATIONS WITH SOME SUPPLIERS IN BRAZIL. THE SUPPLIERS EXTEND CREDIT FACILITIES TO THE SUBJECT IN TERMS AND AMOUNTS ACCORDING TO THE COMPANY'S NEEDS AND SO FAR NO PAYMENT PROBLEMS ARE NOTED. |
|
MAIN SUPPLIERS: |
|
|
|
|
|
|
|
DOMESTIC SUPPLIERS: |
|
PHONE: |
|
AGROPAN-AGRICULTURA PECUARIA LTDA |
|
97 3451-2023 |
|
FRIGORIFICO NOSSO LTDA |
|
698 2106-7350 |
|
QUIMISA S/A |
|
51 3474-5600 |
|
PAYMENT HISTORY: |
|
5 SUPPLIERS REPORTED PAYMENTS: |
|
TOTAL AMOUNT: R$ 13.779.363,00 |
|
|
|
AMOUNT OF INVOICES PAID: 995 |
|
TOTAL OF PROMPT PAYMENTS: 99,9% |
|
TOTAL OF DELAYED PAYMENTS: 0,1% |
|
|
|
HIGHEST INVOICE: R$ 45.402,00 |
|
HIGHEST CREDIT: R$ 284,40 |
|
|
|
OUTSTANDING INVOICES DUE WITHIN THE NEXT 30 DAYS: |
|
--------------------------- |
SUPPLIERS: |
INVOICES: |
TOTAL AMOUNT: |
|
DUE WITHIN 30 DAYS |
1 |
2 |
R$ 9.694,65 |
|
BASED ON THE OVERALL DATA AVAILABLE THE SUBJECT MAY BE CONSIDERED FOR NORMAL BUSINESS COMMITMENTS. CREDIT FACILITIES HOWEVER SHOULD BE GRANTED ON FULLY SECURED TERMS ONLY DUE TO THE UNFAVORABLE FINANCIAL SITUATION SHOWED IN THE BALANCE SHEETS. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.97.77 |
|
Euro |
1 |
Rs.82.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.