|
Report Date : |
12.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
COMPANHIA NITRO QUIMICA BRASILEIRA |
|
|
|
|
Registered Office : |
Av. Dr. Jose Arthur Nova, 951 - São Miguel Paulista, 08090-010 - São Paulo/Sp |
|
|
|
|
Country : |
Brazil |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
20.09.1935 |
|
|
|
|
Legal Form : |
Privately Held Corporation |
|
|
|
|
Line of Business : |
Manufacture of chemical products. |
|
|
|
|
No. of Employees : |
400 |
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 : |
Exist |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 in 2011-13.
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.
|
Source
: CIA |
COMPANHIA NITRO
QUIMICA BRASILEIRA
|
MAIN ADDRESS: |
AV. DR. JOSE ARTHUR NOVA,951 - SÃO MIGUEL PAULISTA |
|
ZIP CODE/CITY: |
08090-010 - SÃO PAULO/SP |
|
|
|
|
PHONE: |
11 2246-3100 |
|
FAX: |
11 2246-3100 |
|
E-MAIL: |
marcio.lima@nitroquimica.com.br |
|
WEB SITE: |
www.nitroquimica.com.br |
|
BRANCHES: |
|
|
|
|
|
ADDRESS: |
ESTRADA GERAL, S/N° - SEGUNDA LINHA TORRENS |
|
ZIP CODE/CITY: |
88830-000 MORRO DA FUMÇA/SC |
|
CNPJ: |
61.150.348/0042-28 |
|
STATE REGISTER: |
250896842 |
|
MAIN ACTIVITIES: |
|
MANUFACTURE OF CHEMICAL PRODUCTS. |
|
LEGAL FORM: |
PRIVATELY HELD
CORPORATION |
|
|
|
|
INCORPORATION DATE: |
20/09/1935 |
|
REGISTER DATE: |
20/09/1935 |
|
BALANCE SHEET FILING DATE: |
31/12 |
|
TAX CONTRIBUTOR NUMBER(CNPJ): |
61.150.348/0001-50 |
|
STATE REGISTER: |
100.074.176.113 |
|
|
|
|
SHARE CAPITAL: |
R$ 193.245.000,00 |
|
LAST REGISTER OF CAPITAL: |
17/03/2014 |
|
BOARD OF
DIRECTORS: |
|
|
|
|
|
GUSTAVO FIGUEIRA DE ALMEIDA E ALBUQUERQUE |
GENERAL DIRECTOR |
|
ANDRÉ DAMETO |
DIRECTOR |
|
THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY. |
|
SHAREHOLDERS /
PARTNERS: |
|
|
|
|
|
FARO CAPITAL FUNDO DE INVESTIMENTO E PARTICIPAÇÕES |
100% |
|
AFFILIATES /
SUBSIDIARIES: |
|
|
|
|
|
VOTORANTIM METAIS NIQUEL S/A |
|
|
COMPANHIA BRASILEIRA DE ALUMINIO - CBA |
|
|
FIBRIA CELULOSE S/A |
|
|
VOTORANTIM GMBH |
|
|
VOTORANTIM COMERCIO DE ENERGIA LTDA |
|
|
VOTORANTIM INVESTIMENTOS INDUSTRIAIS LTDA |
|
|
THE SUBJECT WAS ESTABLISHED ON SEPTEMBER 20, 1935
TO BE ENGAGED IN THE SAID LINE OF BUSINESS AND UP TO DATE IT IS STILL
OPERATING WITHIN THE GENERAL SCENE REPORTED HEREIN. THE COMPANY OPERATES WITH THE TRADE NAME: NITRO QUÍMICA ON OCTOBER 14, 2011 THE VOTORANTIM GROUP SOLD COMPANY'S SHARE CONTROL
TO THE CURRENT SHAREHOLDERS. THE SUBJECT DOES NOT BELONG TO THE VOTORANTIM
GROUP ANYMORE. ON APRIL 13, 2012 THE COMPANY TOOK OVER HERFOL EMPREENDIMENTOS E
PARTICIPAÇÕES S/A (NIRE 35300394267). FURTHER DETAILS ABOUT THE SUBJECT'S HISTORY ARE SO FAR NOT KNOWN. |
|
PUBLIC
INFORMATION: |
|
LAWSUITS: |
|
|
|
|
DATE: |
COURT OF LAW: |
|
1 |
MUNICIPAL LAWSUIT |
21/10/10 |
1ª VARA DE GUARULHOS/SP |
|
GENERAL BALANCE SHEETS AS OF 31/12/2012, 31/12/2011 AND 31/12/2010. |
|
( FIGURES ARE IN THOUSANDS OF REAIS ). |
|
ASSETS |
|
|
|
|
CURRENT: |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
|
|
|
|
CASH AND BANKS |
57.489 |
782 |
168 |
|
MARKETABLE SECURITIES |
|
1.044 |
324 |
|
CLIENTS |
56.983 |
41.255 |
44.778 |
|
INVENTORY |
41.939 |
58.760 |
32.293 |
|
DIVIDENDS RECEIVABLES |
|
|
1.176 |
|
RECOVERABLE TAXES |
10.881 |
7.337 |
19.720 |
|
OTHER |
6.937 |
3.184 |
322 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
174.229 |
112.362 |
98.781 |
|
LONG-TERM
RECEIVABLES: |
|
|
|
|
|
|
|
|
|
INTERCOMPANY CREDITS |
|
|
953 |
|
DEFERRED TAXES |
43.263 |
48.148 |
47.825 |
|
OTHER CREDITS |
63.921 |
34.652 |
1.704 |
|
RECOVERABLE TAXES |
259 |
190 |
819 |
|
JUDICIAL DEPOSITS |
9 |
2.679 |
2.703 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG-TERM RECEIVABLES |
107.452 |
85.669 |
54.004 |
|
FIXED ASSETS: |
|
|
|
|
|
|
|
|
|
FIXED ASSETS |
207.734 |
225.286 |
249.411 |
|
INTANGIBLE |
|
|
219 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL FIXED ASSETS |
207.734 |
225.286 |
249.630 |
|
|
================ |
================ |
================ |
|
TOTAL ASSETS |
489.415 |
423.317 |
402.415 |
|
LIABILITIES: |
|
|
|
|
CURRENT: |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
|
|
|
|
SUPPLIERS |
32.581 |
38.493 |
17.393 |
|
FINANCING |
2.495 |
993 |
11.333 |
|
SALARY, TAXES & CONTRIB. |
9.566 |
8.901 |
5.658 |
|
INCOME TAX/SOCIAL CONTRIBUTION |
7.003 |
|
|
|
TAXES & CONTRIBUTIONS |
1.733 |
3.741 |
2.478 |
|
INTERCOMPANY DEBTS |
|
|
34.250 |
|
OTHER |
4.545 |
3.924 |
8.221 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
57.923 |
56.052 |
79.333 |
|
LONG TERM
LIABILITIES: |
|
|
|
|
|
|
|
|
|
LOANS AND FINANCING |
56.160 |
15.714 |
3.832 |
|
PROVISION FOR CONTINGENCIES |
39 |
6.122 |
42.714 |
|
DEFERRED TAXES |
14.317 |
13.319 |
15.715 |
|
OTHER |
60.965 |
34.140 |
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
131.481 |
69.295 |
62.261 |
|
NET EQUITY: |
|
|
|
|
|
|
|
|
|
SHARE CAPITAL |
275.219 |
275.219 |
275.208 |
|
CAPITAL RESERVES |
440 |
6.640 |
245 |
|
PROFIT RESERVES |
16.079 |
8.803 |
11.542 |
|
ACCRUED PROFIT (LOSS) |
|
|
-35.795 |
|
OTHER COMPREHENSIVE INCOME |
8.273 |
7.308 |
9.621 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET EQUITY |
300.011 |
297.970 |
260.821 |
|
|
================ |
================ |
================ |
|
TOTAL LIABILITIES |
489.415 |
423.317 |
402.415 |
|
PROFIT AND LOSS ACCOUNTS AS OF 31/12/2012, 31/12/2011 AND 31/12/2010. |
|
( FIGURES ARE IN THOUSANDS OF REAIS ). |
|
|
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
|
|
|
|
NET SALES |
354.286 |
332.140 |
272.700 |
|
(-) COST OF SOLD GOODS |
254.547 |
262.524 |
211.535 |
|
|
---------------- |
---------------- |
---------------- |
|
GROSS PROFIT |
99.739 |
69.616 |
61.165 |
|
OPERATING REVENUE (EXPENSE) |
-42.467 |
-34.929 |
-70.239 |
|
FINANCIAL REVENUE(EXPENSE) |
-4.059 |
-3.917 |
-7.103 |
|
|
---------------- |
---------------- |
---------------- |
|
OPERATIONAL PROFIT (LOSS) |
53.213 |
30.770 |
-16.177 |
|
CONTRIBUTION/INCOME TAX |
-13.034 |
-272 |
-6.207 |
|
|
---------------- |
---------------- |
---------------- |
|
NET PROFIT (LOSS) |
40.179 |
30.498 |
-22.384 |
|
RATIOS: |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
QUICK RATIO |
2,28 |
|
,96 |
|
,84 |
|
|
CURRENT RATIO |
3,01 |
|
2,00 |
|
1,25 |
|
|
ACCOUNTS RECEIVABLE TURNOVER |
6,22 |
TIMES |
8,05 |
TIMES |
6,09 |
TIMES |
|
DAYS' SALES IN RECEIVABLES |
57,90 |
DAYS |
44,72 |
DAYS |
59,11 |
DAYS |
|
INVENTORY TURNOVER |
6,07 |
TIMES |
4,47 |
TIMES |
6,55 |
TIMES |
|
ACCOUNTS PAYABLE PERIOD |
46,08 |
DAYS |
52,79 |
DAYS |
29,60 |
DAYS |
|
RETURN ON ASSETS |
,72 |
TIMES |
,78 |
TIMES |
,68 |
TIMES |
|
SALES TURNOVER ON NET EQUITY |
1,18 |
TIMES |
1,11 |
TIMES |
1,05 |
TIMES |
|
NET WORTH TIE-UP |
,69 |
|
,76 |
|
,96 |
|
|
INDEBTEDNESS |
,63 |
|
,42 |
|
,54 |
|
|
EQUITY RATIO |
61,30 |
% |
70,39 |
% |
64,81 |
% |
|
WORKING CAPITAL RATIO |
200,79 |
% |
100,46 |
% |
24,51 |
% |
|
GENERAL SOLVENCY |
2,58 |
|
3,38 |
|
2,84 |
|
|
RETURN ON NET EQUITY |
13,39 |
% |
10,24 |
% |
-8,58 |
% |
|
RETURN ON SALES (PROFIT MARGIN) |
11,34 |
% |
9,18 |
% |
-8,21 |
% |
|
GROSS PROFIT MARGIN |
28,15 |
% |
20,96 |
% |
22,43 |
% |
|
OPERATIONAL RESULT |
15,02 |
% |
9,26 |
% |
-5,93 |
% |
|
SALES TURNOVER ON LIABILITIES |
6,12 |
TIMES |
5,93 |
TIMES |
3,44 |
TIMES |
|
FOREIGN CURRENCY ON ASSETS |
|
|
|
|
|
|
|
FOREIGN CURRENCY ON LIABILITIES |
|
|
|
|
|
|
|
EXCHANGE RATE: |
|
US$ 1,00 = R$ 2,24 |
|
US$ 1,00 = R$ 2,04 |
|
US$ 1,00 = R$ 1,87 |
|
US$ 1,00 = R$ 1,66 |
|
COMMENTS ON THE
FINANCIAL INFORMATION: |
|
FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL
RATIOS. THE FIGURES AVAILABLE SHOW A GOOD FINANCIAL
STANDING. IT SHOWS HIGH LIQUIDITY RATIOS WITH POSITIVE WORKING CAPITAL AMOUNT
AND LOW LEVEL OF INDEBTEDNESS. IN ADDITION IT IS
NOTED HIGH GROWING SALES AND PROFITABILITY. |
|
REAL ESTATE: |
OWNED PREMISES ARE VALUED AT R$
36.916.000,00
|
VEHICLES: |
NOT AVAILABLE
|
MACHINES: |
OWNED MACHINES AND EQUIPMENTS
ARE VALUED AT R$ 148.935.000,00
|
INSURANCE COMPANY: |
NOT AVAILABLE |
|
COVERAGE: |
FIRE / EXPLOSION / RAY / MATERIAL DAMAGE |
|
VALUE: |
R$ 343.488.000,00 |
|
|
|
|
INSURANCE COMPANY: |
NOT AVAILABLE |
|
COVERAGE: |
CIVIL LIABILITY |
|
VALUE: |
R$ 10.000.000,00 |
|
|
BRANCH/PHONE: |
|
|
BANCO BRADESCO S/A |
RIO BRANCO / 11 2297-9222 |
|
|
BANCO SANTANDER (BRASIL) S/A |
PAULISTA / 11 3012-7066 |
|
|
BANCO ITAU S/A |
FARIA LIMA / 11 2998-3408 |
|
|
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 NO RETURNED CHECKS UP TO DATE. (IN THE TERMS OF
"CIRCULAR 1682 BRAZILIAN CENTRAL BANK"). |
|
SUBJECT IS ENGAGED IN THE MANUFACTURE OF CHEMICALS, WITH ITS CORE
PRODUCTS BEING CELLULOSE NITRATE, FLUORHYDRIC ACID, ALUMINUM FLUORHYDRIC,
SULPHURIC ACID |
|
IMPORT AND
EXPORT: |
IMPORTS FROM:
|
USA, CANADA, GERMANY, ISRAEL AND SOUTH AFRICA. |
EXPORTS TO:
|
CHILE, ARGENTINA, COLOMBIA, COSTA RICA, MEXICO, EL SALVADOR, CANADA,
GERMANY, SPAIN, FRANCA, ITALY, AUSTRALIA, MALAYSIA AND TAIWAN. |
|
MAIN CLIENTS: |
|
|
|
|
|
|
|
DOMESTIC
CLIENTS: |
CITY: |
PHONE: |
|
CIA BRASILEIRA DE ALUMÍNIO |
SÃO PAULO/SP |
31 551-9153 |
|
CIA. INDUSTRIAL FLUMINENSE |
SÃO JOÃO DEL REI/MG |
32 3693-6131 |
|
FLINT INK DO BRASIL LTDA |
|
114 3568-6500 |
|
MILÊNIA AGRO CIÊNCIAS S/A |
TAQUARI/RS |
43 371-9000 |
|
RENNER SAYERLACK IND. BRAS. S/A |
CAJAMAR/SP |
11 4447-9040 |
|
SUN CHEMICAL DO BRASIL LTDA |
|
11 2462-2534 |
|
TUPAHUE TINTAS S/A |
|
11 3568-6500 |
|
ULTRAFERTIL S/A IND E COMERCIO FERTILIZANTES |
|
13 3362-0318 |
|
STAFF: |
|
|
|
THE COMPANY HAS: 400 EMPLOYEE(S) |
|
THE SUBJECT IS A WELL-ESTABLISHED COMPANY, OPERATING SINCE 1935. SO
FAR IT HAS A CLEAR TRADE HISTORY BUT SLOW GOOD PAYMENT BEHAVIOUR. BOTH THE COMPANY
AND THE PRINCIPALS ENJOY A FAVORABLE REPUTATION AMONG LOCAL TRADE SOURCES. NEVERTHELESS, AS NO RELEVANT DETRIMENTAL FILES ARE REGISTERED, IT MAY
BE NOTED THAT THE SUBJECT MEETS ITS TRADE AND FINANCIAL COMMITMENTS PROPERLY. THE COMPANY HAS TRADE RELATIONS WITH SEVERAL 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. THE LAWSUIT REPORTED IS NOT RELATED WITH TRADE DEBT. IT IS RELATED TO
TAX DEBT THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID. NEVERTHELESS WE
POINT OUT THAT THE SAID LAWSUIT DOES NOT AFFECT THE COMPANY'S TRADE
REPUTATION. |
|
MAIN SUPPLIERS: |
|
|
|
|
|
|
|
DOMESTIC
SUPPLIERS: |
CITY: |
PHONE: |
|
BUCKEYE AMERICANA LTDA |
AMERICANA/SP |
19 2108-2207 |
|
CARBOCLORO S/A |
CUBATÃO/SP |
13 361-3511 |
|
COMPANHIA BRASILEIRA DE ALUMINIO |
|
|
|
FIBRATAM USINA DE TAMBORES DE FIBRA LTDA |
SÃO PAULO/SP |
11 831-0844 |
|
PETROBRAS DISTRIBUIDORA S/A |
|
12 2136-8448 |
|
SHELL BRASIL S/A |
SÃO PAULO/SP |
0800-781515 |
|
TIVIT TECNOLOGIA DA INFORMAÇÕES S/A |
|
|
|
ULTRAFÉRTIL S/A. IND E COMERCIO DE FERTILIZANTES |
CUBATÃO/SP |
13 362-0318 |
|
VOTORANTIM CIMENTOS BRASIL LTDA |
|
|
|
VOTORANTIM COM. DE ENERGIA LTDA |
|
|
|
PAYMENT HISTORY: |
|
21 SUPPLIERS REPORTED PAYMENTS: |
|
TOTAL AMOUNT: R$ 1.440.123,00 |
|
|
|
AMOUNT OF INVOICES PAID: 104 |
|
TOTAL OF PROMPT PAYMENTS: 28,9% |
|
TOTAL OF DELAYED PAYMENTS: 71,1% |
|
|
|
HIGHEST INVOICE: R$ 82.852,00 |
|
HIGHEST CREDIT: R$ 82.852,00 |
|
THE SUBJECT IS AN OLD-ESTABLISHED AND RENOWNED
COMPANY. SO FAR IT SHOWS A CLEAR TRADE HISTORY AND NO PAYMENT PROBLEMS ARE
NOTED. 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.60.27 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NNA |
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.