MIRA
INFORM REPORT
|
Report Date : |
20.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAPEC-AGRO SA |
|
|
|
|
Registered Office : |
Avenida Do Rio Tejo, Herdade Das Praias - Apartado 11, Setubal, 2910-440, Setubal District |
|
|
|
|
Country : |
Portugal |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
21.12.1988 |
|
|
|
|
Com. Reg. No.: |
503463060 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Engaged in production and / or marketing of fertilizers and
agrochemicals whatever its type and manufacturing biocides, medicines,
nutrients and products for veterinary use process, and may also produce and /
or market other inputs and services linked to agriculture or directly or
through affiliates or subsidiaries |
|
|
|
|
No. of Employees : |
188 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
SAPEC-AGRO SA |
|
V.A.T. Number /
NIF |
503463060 |
|
Address |
Avenida do Rio
Tejo, Herdade das Praias - Apartado 11 |
|
Locality |
SETUBAL |
|
Postal Code |
2910-440-SETUBAL |
|
Municipality |
SETUBAL |
|
District |
SETUBAL |
|
Telephone |
265710100 |
|
Fax |
265710105 |
|
E-Mail |
|
|
Web Site |
|
|
C.A.E.(Rev 3) |
20200-
Manufacture of pesticides and other agrochemicals |
Summary
|
Legal Form |
Joint Stock
Company |
|
Constitution |
21-12-1988 |
|
V.A.T. Number /
NIF |
503463060 |
|
Employees |
188 |
|
Capital |
9.494.670,00 |
|
Sales in :
31-12-2012 |
89.662.038,00 |
|
Shareholders
Funds in: 31-12-2012 |
34.266.970,00 |
|
Payments |
Good |
Financial Highlights
|
31-12-2010 |
31-12-2011 |
31-12-2012 |
|||
|
Net Sales |
64.635.047,00 |
|
88.587.647,00 |
|
89.662.038,00 |
|
Net Income For the Year |
2.518.371,00 |
|
3.888.659,00 |
|
4.969.200,00 |
|
Shareholders Funds |
25.402.478,00 |
|
29.286.202,00 |
|
34.266.970,00 |
|
Stocks |
29.617.500,00 |
|
26.900.370,00 |
|
31.443.320,00 |
|
LIABILITY |
69.169.681,00 |
|
68.376.876,00 |
|
80.733.089,00 |
|
ASSETS |
94.572.159,00 |
|
97.663.078,00 |
|
115.000.059,00 |
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 |
|
|
ERIC JOSE GHISLAIN MARIE JOSEPH VAN INNIS |
Delegate Administrator |
|
EDUARDO DE ALMEIDA CATROGA |
Board of Director's President |
|
ANTOINE JEAN MARIE JOSEPH VELGE |
Administrator |
|
ANTONIO MANUEL RODRIGUES MARQUES |
Administrator |
|
JOAO MANUEL RIBEIRO CALCADA ESTRELA |
Administrator |
|
NUNO GUILHERME LIBERATO LOUREIRO |
Administrator |
|
Fiscal Board |
|
|
PRICEWATERHOUSECOOPERS &
ASSOCIADOS-SOCIEDADE DE REVISORES OFICIAIS DE CONTAS LDA |
Unique Fiscal |
|
ANTONIO ALBERTO HENRIQUES ASSIS |
Fiscal Board Substitute |
Legal Structure
|
Registered on the Register Record Office
of Setubal with the Register Number 503463060 in 11-05-2007 |
|
Constitution celebrated in 21-12-1988
published on Diário da República number 16 of 19-01-1989 |
|
To oblige the company it is necessary 2
signature |
|
Changes to Society |
|
In 22-11-2011 on Portal MJ of 05-12-2011
business change |
|
In 17-10-2011 on Portal MJ of 20-12-2011
board of director's change |
|
In 14-10-2011 on Portal MJ of 22-11-2011
board of director's change |
|
In 12-07-2010 on Portal MJ of 26-01-2011
board of director's change |
|
In 09-07-2010 on Portal MJ of 26-01-2011
board of director's change |
Capital
|
The Capital is 9.494.670,00 |
|
with the following shareholders |
|
SAPEC PORTUGAL-SGPS SA |
9.494.670,00 |
100% |
Shareholders / Partners Companies
|
NAME |
SAPEC PORTUGAL-SGPS SA |
|
Function |
Shareholder |
|
Address |
Alameda dos Oceanos - Edifício Smart, Lote
1.06.1.1-4º A/B - Parque das Naçơes |
|
Locality |
Lisboa |
|
Telephone |
213222777 |
|
Fax |
213222778 |
|
C.A.E. |
64202-Actividades das sociedades gestoras
de participaçơes sociais năo financeiras |
Activities
|
Line of Business |
Percentage |
|
Produçăo e/ou comercializaçăo de
fertilizantes e produtos agroquímicos seja qual for o seu tipo e o processo
de fabrico, biocidas, medicamentos, nutrientes e produtos para uso
veterinário, podendo ainda produzir e/ou comercializar outros factores de
produçăo e serviços ligados à agricultura, quer directamente, quer através de
empresas afiliadas ou subsidiárias. |
100% |
|
|
|
|
Production and /
or marketing of fertilizers and agrochemicals whatever its type and
manufacturing biocides, medicines, nutrients and products for veterinary use
process, and may also produce and / or market other inputs and services
linked to agriculture or directly or through affiliates or subsidiaries. |
|
|
Type of Clients |
Private
Companies |
||
|
Sales Conditions
|
Cash/credit |
||
|
Sales Area |
|||
|
Country |
80% |
Foreign |
20% |
|
Imports from |
AUSTRIA,ALEMANHA,BELGICA,ESPANHA,FRANÇA,IRAQUE,ITALIA,NORUEGA,TUNISIA |
||
|
Exports |
20% |
to |
ALEMANHA,CHINA,
REPUBLICA POPULAR,EGIPTO,EQUADOR,ESPANHA,FRANÇA,ITALIA,MARROCOS,PERU,TAILANDIA |
|
Trade Marks |
|
Sapec |
Banks and Financial Institutions
|
BANCO SANTANDER TOTTA SA |
5 de Outubro - Setúbal |
|
BANCO ESPIRITO SANTO, SA |
Setúbal |
|
CAIXA GERAL DE DEPOSITOS, SA |
Setúbal |
|
MILLENNIUM BCP |
Setúbal |
|
FORTIS BANK - SUCURSAL EM PORTUGAL |
Sede |
Incidents
|
Legal Actions |
|
Date |
Process |
Author |
Type |
Amount |
Judicial District |
Court |
Situation |
|
|
270/12.1TTSTB |
|
Acçăo de Processo Comum |
4.914,00 |
Setúbal - Tribunal do Trabalho |
||
|
|
271/12.0TTSTB |
|
Acçăo de Processo Comum |
4.914,00 |
Setúbal - Tribunal do Trabalho |
||
|
|
427/10.0TTSTB |
|
Acçăo de Processo Comum |
944,40 |
Setúbal - Tribunal do Trabalho |
26-03-2012
Marco
António Margarido LopesEmployees
|
Total |
188 |
Insurance
|
Império Bonança Companhia de Seguros SA |
|
Tranquilidade Seguros SA |
Head Office and Installations
|
Had installations Avenida dos Combatentes
da Grande Guerra, 31-1º Dto., Beja, 7800, BEJA |
|
Had installations Rua do Bom Jesus, 9-2
Sub/Loja em Santa Luzia, Funchal, 9000, FUNCHAL |
|
Had installations Rua de Mértola, 25 ,
Beja, 7800, BEJA |
|
Installations Alameda dos Oceanos, lote
1.06.1.1 - 4º, Lisboa, 1990-207, LISBOA, Tel:213222731, Fax:213222735 |
|
Head office and installations Avenida do
Rio Tejo, Herdade das Praias - Apartado 11, SETUBAL, 2910-440, SETUBAL,
Tel:265710100, Fax:265710105 |
|
Had installations Rua Sá da Bandeira,
746-1º Dto., Porto, 4000-432, PORTO |
|
Had installations Sitio das Pedreiras,
Beja, 7800, BEJA |
|
Had installations Avenida da Estaçăo -
Lugar da Ribeira, Santarem, 2000, SANTAREM |
|
Had head office Rua Victor Cordon, 19 ,
Lisboa, 1200, LISBOA |
Participations
The subject
participates on the following company(ies)
|
NAME |
ORERO/SAPEC AGRO LDA |
|
Address |
Herdade das Praias-Sado |
|
Locality |
Setubal |
|
C.A.E. |
01252- Culture of other fruit on trees and
shrubs |
|
Capital |
299.278,74 |
|
Participation |
50% |
|
NAME |
SAPEC AGRO-ESPANA SA |
|
Address |
Avenida de Colou, 1 - Badajoz |
|
Locality |
Espanha |
|
Capital |
114.324,48 |
|
Participation |
100% |
|
NAME |
SELECTIS-PRODUTOS PARA A AGRICULTURA SA |
|
Address |
Herdade das Praias, Apartado 120 - E.C.
Bonfim |
|
Locality |
Setubal |
|
Telephone |
265710351 |
|
Fax |
265710355 |
|
E-Mail |
|
|
Web Site |
|
|
C.A.E. |
20200- Manufacture of pesticides and other
agrochemicals |
|
Capital |
99.759,58 |
|
Participation |
100% |
Special Information
|
Event |
General Description |
|
Quality Certification |
A titular é uma empresa certificada pelas
normas NP EN ISO 9001:2008, NP EN ISO 14001:2004, OHSAS 18001:2007/ NP
4397:2008 e NP 4457:2007. |
Financial Demonstration SNC
|
Balance Sheet SNC |
||
|
CoinEURO |
Year:31-12-2012 |
|
|
Closing Date |
--2012 |
--2011 |
--2010 |
Variaçăo (%) |
|
||||
|
ASSET |
|
|||
|
||||
|
Non-current assets |
|
|||
|
Tangible fixed assets |
13.127.926,00 |
14.021.508,00 |
15.061.655,00 |
(6,37) |
|
Goodwill |
3.916.352,00 |
3.916.352,00 |
3.916.352,00 |
|
|
Intangible assets |
26.393.556,00 |
20.093.332,00 |
14.636.837,00 |
31,35 |
|
Financial participations - patrimonial
equity method |
6.029.785,00 |
4.633.865,00 |
3.862.218,00 |
30,12 |
|
Financial participations - other methods |
7.810,00 |
7.500,00 |
7.500,00 |
4,13 |
|
Deferred tax assets |
76.170,00 |
76.170,00 |
76.170,00 |
|
|
Total |
49.551.599,00 |
42.748.727,00 |
37.560.732,00 |
15,91 |
|
Current assets |
||||
|
Inventories |
31.443.320,00 |
26.900.370,00 |
29.617.500,00 |
16,89 |
|
Costumers |
24.364.377,00 |
22.274.865,00 |
23.440.521,00 |
9,38 |
|
Advances to suppliers |
28.900,00 |
|||
|
State and other public entities |
2.386.745,00 |
1.066.739,00 |
736.993,00 |
123,74 |
|
Other accounts receivable |
4.759.224,00 |
1.399.028,00 |
2.227.747,00 |
240,18 |
|
Deferrals |
161.672,00 |
299.024,00 |
196.282,00 |
(45,93) |
|
Other financial assets |
266.068,00 |
|||
|
Cashier and bank deposits |
2.304.222,00 |
2.708.257,00 |
792.384,00 |
(14,92) |
|
Total |
65.448.460,00 |
54.914.351,00 |
57.011.427,00 |
19,18 |
|
TOTAL ASSET |
115.000.059,00 |
97.663.078,00 |
94.572.159,00 |
17,75 |
|
SHAREHOLDERS FUNDS AND LIABILITIES |
||||
|
SHAREHOLDERS FUNDS |
||||
|
Capital |
9.494.670,00 |
9.494.670,00 |
9.494.670,00 |
|
|
Emission premiuns |
116.840,00 |
116.840,00 |
116.840,00 |
|
|
Legal reserves |
1.187.458,00 |
993.026,00 |
867.106,00 |
19,58 |
|
Net retained |
15.028.875,00 |
12.104.858,00 |
10.133.988,00 |
24,16 |
|
Adjustments on financial assets |
754.039,00 |
(31.287,00) |
(452.868,00) |
(2.510,07) |
|
Revaluation surplus |
2.637.104,00 |
2.632.202,00 |
2.632.202,00 |
0,19 |
|
Other shareholders funds changes |
78.784,00 |
87.234,00 |
92.169,00 |
(9,69) |
|
Total |
29.297.770,00 |
25.397.543,00 |
22.884.107,00 |
15,36 |
|
Net income for the period |
4.969.200,00 |
3.888.659,00 |
2.518.371,00 |
27,79 |
|
TOTAL OF SHAREHOLDERS FUNDS |
34.266.970,00 |
29.286.202,00 |
25.402.478,00 |
17,01 |
|
LIABILITY |
||||
|
Non-current liiabilities |
||||
|
Financing obtained |
26.828.138,00 |
9.970.005,00 |
17.430.509,00 |
169,09 |
|
Diferred taxes liabilities |
987.257,00 |
1.039.759,00 |
1.088.364,00 |
(5,05) |
|
Other payable accounts |
1.066.228,00 |
1.149.941,00 |
1.104.501,00 |
(7,28) |
|
Total |
28.881.623,00 |
12.159.705,00 |
19.623.374,00 |
137,52 |
|
Current liabilities |
||||
|
Suppliers |
20.385.678,00 |
17.031.695,00 |
14.765.008,00 |
19,69 |
|
State and other public entities |
352.550,00 |
301.664,00 |
271.485,00 |
16,87 |
|
Shareholders/partners |
6.947.569,00 |
8.409.569,00 |
8.847.569,00 |
(17,38) |
|
Financing obtained |
17.879.939,00 |
24.157.901,00 |
18.756.899,00 |
(25,99) |
|
Other payable accounts |
6.127.475,00 |
6.316.342,00 |
6.853.780,00 |
(2,99) |
|
Other financial liabilities |
158.255,00 |
51.566,00 |
||
|
Total |
51.851.466,00 |
56.217.171,00 |
49.546.307,00 |
(7,77) |
|
TOTAL LIABILITIES |
80.733.089,00 |
68.376.876,00 |
69.169.681,00 |
18,07 |
|
TOTAL SHAREHOLDERS FUNDS AND LIABILITIES |
115.000.059,00 |
97.663.078,00 |
94.572.159,00 |
17,75 |
|
INCOME STATEMENT |
||||
|
INCOME AND EXPENSES |
||||
|
Sales and services |
89.662.038,00 |
88.587.647,00 |
64.635.047,00 |
1,21 |
|
Gains/losses allocated subsidiaries,
associates and joint ventures |
1.382.241,00 |
771.647,00 |
421.581,00 |
79,13 |
|
Variation in production inventories |
(97.902,00) |
(853.330,00) |
1.632.896,00 |
(88,53) |
|
Work for the entity itself |
1.624.835,00 |
1.528.110,00 |
365.549,00 |
6,33 |
|
Cost of goods sold and materials consumed |
57.073.890,00 |
58.092.821,00 |
42.200.534,00 |
(1,75) |
|
Suppliers and external services |
14.222.215,00 |
13.376.517,00 |
11.577.675,00 |
6,32 |
|
Personnel costs |
9.580.954,00 |
9.438.552,00 |
8.322.962,00 |
1,51 |
|
Impairment of receivables
(losses/revearsals) |
(12.115,00) |
123.155,00 |
68.403,00 |
(109,84) |
|
Increases/decreases in fair value |
(105.417,00) |
|||
|
Other income and gains |
5.225.004,00 |
5.187.450,00 |
4.784.868,00 |
0,72 |
|
Other expenses and losses |
3.681.269,00 |
3.355.915,00 |
2.745.885,00 |
9,69 |
|
Result before depreciation, financing
costs and taxes |
13.250.003,00 |
10.834.564,00 |
6.819.065,00 |
22,29 |
|
Expenses/reversals of depreciation and
amortization |
2.751.998,00 |
2.989.472,00 |
2.434.104,00 |
(7,94) |
|
Operating result (before financing costs
and taxes) |
10.498.005,00 |
7.845.092,00 |
4.384.961,00 |
33,82 |
|
Interest and similar income obtained |
3,00 |
551,00 |
5.814,00 |
(99,46) |
|
interest and similar expenses incurred |
4.168.295,00 |
2.888.066,00 |
1.795.384,00 |
44,33 |
|
Net before taxes |
6.329.713,00 |
4.957.577,00 |
2.595.391,00 |
27,68 |
|
Income tax of the period |
1.360.513,00 |
1.068.918,00 |
77.020,00 |
27,28 |
|
Net profit for the period |
4.969.200,00 |
3.888.659,00 |
2.518.371,00 |
27,79 |
RATIOS SNC
|
Closing Date |
31-12-2012 |
31-12-2011 |
31-12-2010 |
|
||||
|
TURNOVER RATIOS |
|
|||
|
Shareholder's Funds Profitability |
0,145 |
0,133 |
0,099 |
|
|
Assets Profitability |
0,091 |
0,08 |
0,046 |
|
|
Sales Net Profitability |
0,055 |
0,044 |
0,039 |
|
|
EFFICIENCY RATIOS |
||||
|
Medium Term Receivable |
99,183 |
91,777 |
132,371 |
|
|
Asset Rotation |
0,78 |
0,907 |
0,683 |
|
|
PRODUCTIVITY RATIOS |
||||
|
Productivity |
3,401 |
3,231 |
2,695 |
|
|
SHORT TERM RATIOS |
||||
|
General Liquidity |
1,262 |
0,977 |
1,151 |
|
|
Reduced Liquidity |
0,656 |
0,498 |
0,553 |
|
|
Immediate Liquidity |
0,044 |
0,048 |
0,016 |
|
|
MEDIUM LONG TERM RATIOS |
||||
|
Financial Autonomy |
0,298 |
0,3 |
0,269 |
|
|
Solvability |
0,424 |
0,428 |
0,367 |
|
|
Borrowed Capital Structure |
0,642 |
0,822 |
0,716 |
|
|
General Debt |
1,305 |
1,165 |
1,425 |
|
|
Medium Long Term Debt |
0,783 |
0,34 |
0,686 |
|
|
Debt Structure |
0,642 |
0,822 |
0,716 |
|
|
Capital Structure |
1,186 |
2,408 |
1,295 |
|
|
Operational and Financial Risk |
||||
|
Operational Leverage Level |
3,104 |
3,887 |
5,116 |
|
|
Financial Leverage Level |
1,659 |
1,582 |
1,69 |
|
|
Combined Leverage Level |
5,15 |
6,149 |
8,646 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
UK Pound |
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
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.