MIRA INFORM REPORT

 

 

Report Date :

28.10.2013

 

IDENTIFICATION DETAILS

 

Name :

BEIRAGEL-PRODUTOS ALIMENTARES CONGELADOS SA

 

 

Registered Office :

Recta Oliveira de Barreiros, Sao Joao De Lourosa, 3500-892-Oliveira De Barreiros

 

 

Country :

Portugal

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

10.10.1985

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trading and Processing of Frozen Food Products

 

 

No. of Employees :

50

 

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 – 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

BEIRAGEL-PRODUTOS ALIMENTARES CONGELADOS SA

V.A.T. Number / NIF

501606653

Address

Recta Oliveira de Barreiros

Locality

Sao Joao De Lourosa

Postal Code

3500-892-OLIVEIRA DE BARREIROS

Municipality

VISEU

District

VISEU

Telephone

232461331

Fax

232461047

E-Mail

comercial@beiragel.pt

Web Site

www.beiragel.pt

 

 

C.A.E.(Rev 3)

10201- Preparation of fishery products and aquaculture

 

 

Summary

 

Legal Form

Joint Stock Company

Constitution

10-10-1985

V.A.T. Number / NIF

501606653

Employees

50

Capital

500.000,00

Sales in : 31-12-2012

14.751.551,34

Shareholders Funds in: 31-12-2012

3.923.295,37

Credit Risk Level

Low Credit Risk

Credit Limit

249.399,00

Payments

Good

Actual Condition

In activity

 

 

Financial Highlights

 

 

31-12-2010

 

31-12-2011

 

31-12-2012

Net Sales

12.533.779,46

13.308.362,52

14.751.551,34

Net Income For the Year

427.582,11

312.719,00

296.297,88

Shareholders Funds

3.054.206,32

3.692.316,18

3.923.295,37

Stocks

1.882.341,66

2.742.667,00

2.791.602,68

LIABILITY

3.991.656,02

5.416.971,72

5.502.923,43

ASSETS

7.045.862,34

9.109.287,90

9.426.218,80

 

 

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

MONICA SOCIA FERREIRA LOPES

Administrator

JOSE DA CRUZ LOPES

Board of Director's President

MARIA LUISA MOTA FERREIRA MATEUS LOPES

Administrator

 

Fiscal Board

MANUEL MARQUES DA COSTA FIGUEIREDO

Fiscal Board Substitute

A.FIGUEIREDO LOPES & MANUEL FIGUEIREDO-SROC

Unique Fiscal

 

 

Legal Structure

 

Registed on the Register Record Office of Viseu with the Register Number 1350 in 20-03-1998

Constitution celebrated in 10-10-1985 published on Diário da República of 08-11-1985

To oblige the company it is necessary 1 signatures

Changes to Society

 

 

In 22-07-2005 on Portal MJ of 17-10-2006 board of director's change

In 17-10-2000 on Diário da República number 74 of 28-03-2001 social change

In 20-03-1998 on Diário da República number 906 of 24-04-1998 increase of capital

 

 

Capital

 

The Capital is 500.000,00

 

 

Activities

 

Line of Business

Percentage

trading and processing of frozen food Products

100%

 

Type of Clients

Retailers/Wholesalers

 

 

Sales Conditions

Credit 30/60/90/120 days

 

 

Sales Area

 

 

 

Country

100%

 

 

 

Trade Marks

 

Beiragel

 

 

Banks and Financial Institutions

 

MILLENNIUM BCP

Viseu

BANCO ESPIRITO SANTO, SA

Viseu

BANCO BPI, SA

Viseu

 

 

Incidents

 

Legal Actions

 

Date

Process

Author

Type

Amount

Judicial District

Court

Situation

15-02-2011

148/11.6TTVIS

Deolinda Silva Almeida

Acçăo de Processo Comum

15.414,34

Viseu - Tribunal do Trabalho

 

 

 

Employees

 

Total

50

 

 

Head Office and Installations

 

Head office and installations Recta Oliveira De Barreiros, Sao Joao De Lourosa, 3500-892, OLIVEIRA DE BARREIROS, Tel:232461331, Fax:232461047

 

 

Financial Demonstration SNC

 

Balance Sheet SNC

Coin EURO

 

Date31-12-2012

 

 

Closing Date

31-12-2012

31-12-2011

31-12-2010

Variaçăo (%)

 

ASSET

 

 

 

 

 

Non-current assets

 

Tangible fixed assets

3.903.471,80

3.624.033,94

2.906.840,64

7,71

Intangible assets

79.765,53

62.099,73

38.107,14

28,45

Other financial assets

3.760,00

 

 

 

Deferred tax assets

19.502,78

4.059,16

4.042,42

380,46

Total

4.006.500,11

3.690.192,83

2.948.990,20

8,57

 

 

 

 

 

Current assets

 

 

Inventories

2.791.602,68

2.742.667,00

1.882.341,66

1,78

Costumers

2.402.875,60

2.476.517,46

1.940.516,78

(2,97)

Advances to suppliers

 

 

30.000,00

 

State and other public entities

134.882,57

103.956,79

60.213,28

29,75

Shareholders/partners

 

0,85

0,85

 

Other accounts receivable

6.518,02

7.829,93

19.251,98

(16,76)

Deferrals

19.612,33

19.819,36

28.657,08

(1,04)

Cashier and bank deposits

64.227,49

68.303,68

135.890,51

(5,97)

Total

5.419.718,69

5.419.095,07

4.096.872,14

0,01

TOTAL ASSET

9.426.218,80

9.109.287,90

7.045.862,34

3,48

 

 

 

 

 

SHAREHOLDERS FUNDS AND LIABILITIES

 

 

 

 

 

 

 

SHAREHOLDERS FUNDS

 

 

Capital

500.000,00

500.000,00

500.000,00

 

Own shares

(420.000,00)

(420.000,00)

(420.000,00)

 

Legal reserves

520.000,00

520.000,00

520.000,00

 

Other reserves

2.538.486,98

2.225.767,98

1.798.185,87

14,05

Net retained

80.510,67

81.484,16

81.484,16

(1,19)

Other shareholders funds changes

407.999,84

472.345,04

146.954,18

(13,62)

Total

3.626.997,49

3.379.597,18

2.626.624,21

7,32

Net income for the period

296.297,88

312.719,00

427.582,11

(5,25)

TOTAL OF SHAREHOLDERS FUNDS

3.923.295,37

3.692.316,18

3.054.206,32

6,26

 

 

 

 

 

LIABILITY

 

 

 

 

 

 

 

Non-current liiabilities

 

 

Provisions

 

 

6.000,00

 

Financing obtained

1.382.006,26

1.062.526,73

438.610,34

30,07

Diferred taxes liabilities

149.764,24

172.036,14

30.850,93

(12,95)

Total

1.531.770,50

1.234.562,87

475.461,27

24,07

 

 

 

 

 

Current liabilities

 

 

Suppliers

1.825.619,87

2.225.018,81

2.026.850,80

(17,95)

State and other public entities

301.931,86

216.910,22

154.524,58

39,20

Shareholders/partners

104,39

 

 

 

Financing obtained

1.666.028,77

1.487.220,60

1.196.410,05

12,02

Other payable accounts

177.468,04

253.259,22

138.409,32

(29,93)

Total

3.971.152,93

4.182.408,85

3.516.194,75

(5,05)

TOTAL LIABILITIES

5.502.923,43

5.416.971,72

3.991.656,02

1,59

TOTAL SHAREHOLDERS FUNDS AND LIABILITIES

9.426.218,80

9.109.287,90

7.045.862,34

3,48

 

 

 

 

 

INCOME STATEMENT

 

 

 

 

 

 

 

INCOME AND EXPENSES

 

 

Sales and services

14.751.551,34

13.308.362,52

12.533.779,46

10,84

Operating government grants

16.402,95

 

 

 

Variation in production inventories

226.569,93

189.479,41

(70.511,87)

19,57

Cost of goods sold and materials consumed

11.820.683,01

10.637.732,38

9.809.069,43

11,12

Suppliers and external services

829.275,18

709.556,02

710.771,90

16,87

Personnel costs

1.323.794,48

1.288.682,95

1.131.372,70

2,72

Impairment of receivables (losses/revearsals)

137.027,91

39.649,40

(10.580,43)

245,60

Other income and gains

123.521,65

94.872,70

99.574,59

30,20

Other expenses and losses

127.203,42

113.490,40

87.025,66

12,08

Result before depreciation, financing costs and taxes

880.061,87

803.603,48

835.182,92

9,51

Expenses/reversals of depreciation and amortization

369.653,73

346.222,61

299.825,55

6,77

Operating result (before financing costs and taxes)

510.408,14

457.380,87

535.357,37

11,59

Interest and similar income obtained

 

11,08

116,79

 

interest and similar expenses incurred

115.928,84

81.607,26

29.777,03

42,06

Net before taxes

394.479,30

375.784,69

505.697,13

4,97

Income tax of the period

98.181,42

63.065,69

78.115,02

55,68

Net profit for the period

296.297,88

312.719,00

427.582,11

(5,25)

 

RATIOS SNC

 

Closing Date

31-12-2012

31-12-2011

31-12-2010

 

 

TURNOVER RATIOS

 

Shareholder's Funds Profitability

0,076

0,085

0,14

 

Assets Profitability

0,054

0,05

0,076

 

Sales Net Profitability

0,02

0,023

0,034

 

 

 

 

 

 

EFFICIENCY RATIOS

 

 

Medium Term Receivable

59,454

67,922

56,51

 

Asset Rotation

1,565

1,461

1,779

 

 

 

 

 

 

PRODUCTIVITY RATIOS

 

 

Productivity

2,214

2,072

2,408

 

 

 

 

 

 

SHORT TERM RATIOS

 

 

General Liquidity

1,365

1,296

1,165

 

Reduced Liquidity

0,662

0,64

0,63

 

Immediate Liquidity

0,016

0,016

0,039

 

 

 

 

 

 

MEDIUM LONG TERM RATIOS

 

 

Financial Autonomy

0,416

0,405

0,433

 

Solvability

0,713

0,682

0,765

 

Borrowed Capital Structure

0,722

0,772

0,881

 

General Debt

0,777

0,691

0,535

 

Medium Long Term Debt

0,352

0,288

0,144

 

Debt Structure

0,722

0,772

0,881

 

Capital Structure

2,561

2,991

6,424

 

 

 

 

 

 

Operational and Financial Risk

 

 

Operational Leverage Level

5,742

5,839

5,09

 

Financial Leverage Level

1,294

1,217

1,059

 

Combined Leverage Level

7,43

7,106

5,39

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.63

UK Pound

1

Rs.99.94

Euro

1

Rs.84.14

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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.