MIRA INFORM REPORT
|
Report Date : |
25.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
FISIPE-FIBRAS SINTETICAS DE PORTUGAL SA |
|
|
|
|
Registered Office : |
Parque Industrial, Apartado 5, Lavradio 2836-908-Lavradio,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
07.09.1973 |
|
|
|
|
Com. Reg. No.: |
500116822 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturer of man-made fibers |
|
|
|
|
No of Employees : |
326 |
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 : |
Regular |
|
|
|
|
Litigation : |
-- |
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) |
|
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 |
FISIPE-FIBRAS
SINTETICAS DE PORTUGAL SA |
|
V.A.T. Number /
NIF |
500116822 |
|
Address |
Parque
Industrial, Apartado 5 |
|
Locality |
Lavradio |
|
Postal Code |
2836-908-LAVRADIO |
|
Municipality |
BARREIRO |
|
District |
SETUBAL |
|
Telephone |
212066000,
212077289, 212066101 |
|
Fax |
212075185,
212066085 |
|
E-Mail |
geral@fisipe.pt |
|
Web Site |
www.fisipe.pt |
|
|
|
|
C.A.E.(Rev 3) |
20600-
Manufacture of man-made fibers |
|
|
Actual Condition
|
|
|
Payments |
|
|
Incidents |
Summary
|
|
Legal Form |
Joint Stock
Company |
|
Constitution |
07-09-1973 |
|
V.A.T. Number /
NIF |
500116822 |
|
Employees |
326 |
|
Capital |
15.500.000,00 |
|
Sales in :
31-12-2012 |
115.371.122,81 |
|
Shareholders
Funds in: 31-12-2012 |
18.676.907,48 |
|
Credit Risk
Level |
Reduced Credit
Risk |
|
Payments |
Good |
|
Credit
Recommendation |
Credit Worthy |
|
Actual Condition
|
In activity |
Financial Highlights
|
|
|
31-12-2010 |
|
31-12-2011 |
|
31-12-2012 |
|
Net Sales |
110.313.615,58 |
|
128.117.282,54 |
|
115.371.122,81 |
|
Net Income For
the Year |
(1.911.953,06) |
|
153.203,12 |
|
(494.333,95) |
|
Shareholders
Funds |
19.018.038,31 |
|
19.171.241,43 |
|
18.676.907,48 |
|
Stocks |
9.244.639,40 |
|
7.049.977,52 |
|
11.685.572,71 |
|
LIABILITY |
50.388.453,63 |
|
46.393.476,08 |
|
52.605.369,37 |
|
ASSETS |
69.406.491,94 |
|
65.564.717,51 |
|
71.282.276,85 |
Business Concept
|
|
Consulted
sources say that the subject has been respecting its payments and commercial
commitments, so credit connections with this company are recommended. |
Governing Bodies
|
|
|
|
|
Board of
Director's |
|
|
AFONSO MANUEL DE
ASSIS RODRIGUES DE BRAGANCA BARROSO |
General
Secretary |
|
JURGEN WOLFGANG
KOHLER |
Board of
Director's President |
|
JOAO MANUEL
CAMINHA DOTTI |
Administrator |
|
STEFAN ERNST RICHARD
SEIBEL |
Delegate
Administrator |
|
WILHELM HAUF |
Administrator |
|
|
|
|
Fiscal Board |
|
|
PEDRO MANUEL DA
SILVA LEANDRO |
Fiscal Board
Vice-President |
|
LUIS JACINTO
PEREIRA |
Fiscal Board
Substitute |
|
JOSE MARIA
MONTEIRO DE AZEVEDO RODRIGUES |
Fiscal Board
President |
|
LUIS MANUEL PAIS
ROMAO RIBEIRO MESQUITA |
Fiscal Board
Vice-President |
|
ERNST &
YOUNG AUDIT & ASSOCIADOS SROC |
Account Official
Reviser |
|
|
|
|
Chair of General
Meeting |
|
|
MANUEL PAULINO
BRILHANTE SANTOS |
Chair of General
Meeting President |
|
ANA PAULA PAIS
ROMAO RIBEIRO MESQUITA BRAGANCA BARROSO |
Chair of General
Meeting Secretary |
Legal Structure
|
|
Registered on the Register Record Office of
Barreiro with the Register Number 500116822 previous number 441 in 04-10-1973 |
|
Constitution celebrated in 07-09-1973
published on Diário da República number 233 of 04-10-1973 |
|
To oblige the company it is necessary 2
signature |
|
Changes to Society |
|
In 22-06-2012 on Portal MJ of 10-07-2012
board of director's change |
|
In 06-06-2012 on Portal MJ of 10-07-2012
board of director's change |
|
In 30-05-2012 on Portal MJ of 10-07-2012
board of director's change |
|
In 30-05-2012 on Portal MJ of 23-07-2012
board of director's change |
|
In 07-01-2011 on Portal MJ of 08-01-2014
social change Clique
para ver detalhes |
Capital
|
|
The Capital is 15.500.000,00
, divided in 155000000 shares , with a nominal value of 0,10 |
|
|
with the
following shareholders |
|
SGL CARBON GMBH |
15.500.000,00 |
100% |
Shareholders / Partners
Companies
|
|
NAME |
SGL CARBON GMBH |
|
Funtion |
Shareholder |
|
Locality |
Austria |
Activities
|
|
Line of Business |
Percentage |
|
Produçăo e
comercializaçăo de fibras acrílicas para a industria têxtil |
100% |
|
Type of Clients |
Textile Industry
|
|
|
|
Sales Conditions
|
Credit |
|
|
|
Sales Area |
|
|
|
|
Country |
4,61% |
Foreign |
95,39% |
|
Imports |
73,76% |
from |
SUIÇA,ESPANHA,FRANÇA,ITALIA,JAPĂO,HOLANDA,ESTADOS
UNIDOS DA AMERICA |
|
Exports |
95,39% |
to |
ALEMANHA,BELGICA,CANADA,CHINA,
REPUBLICA POPULAR,COLOMBIA,ESPANHA,ESTADOS UNIDOS DA
AMERICA,FRANÇA,GRECIA,HUNGRIA,ITALIA,POLONIA,REINO
UNIDO,TUNISIA,TURQUIA,URUGUAI,ZAMBIA |
Banks and Financial
Institutions
|
|
MILLENNIUM BCP |
Rua do Ouro -
Lisboa |
|
BANCO SANTANDER TOTTA
SA |
Rua do Ouro -
Lisboa |
|
BANCO ESPIRITO
SANTO, SA |
Sede - Lisboa |
|
CAIXA GERAL DE
DEPOSITOS, SA |
Lisboa |
|
BANCO BILBAO
VIZCAYA ARGENTARIA (PORTUGAL), SA |
Lisboa |
Incidents
|
|
Legal Actions |
|
Date |
Process |
Author |
Type |
Amount |
Judicial
District |
Court |
Situation |
|
|
311/12.2TTBRR |
|
Acçăo de
Processo Comum |
7.508,02 |
Barreiro -
Tribunal do Trabalho |
|
|
|
|
571/11.6TTBRR |
|
Acçăo de
Processo Comum |
2.612,50 |
Barreiro -
Tribunal do Trabalho |
|
|
|
|
139/10.4TTBRR |
|
Acçăo de
Processo Comum |
230,49 |
Barreiro -
Tribunal do Trabalho |
|
|
|
|
515/09.5TTBRR |
|
Acçăo de
Processo Comum |
6.851,05 |
Barreiro -
Tribunal do Trabalho |
|
|
|
|
367/09.5TTBRR |
|
Acçăo de
Processo Comum |
31.730,79 |
Barreiro -
Tribunal do Trabalho |
|
|
24-05-2012
Jorge Fernandes Gomes
Employees
|
|
Total |
326 |
Insurance
|
|
Companhia de
Seguros Fidelidade Mundial |
Head Office and Installations
|
|
Head office and factory Parque Industrial,
Apartado 5, Lavradio, 2836-908, LAVRADIO, Tel:212066000, Fax:212066085 |
Participations
|
|
The subject
participates on the following company(ies) |
|
|
|
|
|
NAME |
FISIGEN-EMPRESA
DE COGERACAO SA |
|
Address |
Avenida José
Malhoa - Lote A-13 |
|
Locality |
Lisboa |
|
C.A.E. |
35112-
Production of electricity from thermal |
|
Capital |
50.000,00 |
|
Participation |
49% |
|
|
|
|
NAME |
MUNDITEXTIL-COMERCIO
INTERNACIONAL DE TEXTEIS UNIPESSOAL LDA |
|
Address |
Parque
Industrial do Lavradio, Apartado 3 |
|
Locality |
Lavradio |
|
Telephone |
212064246 |
|
Fax |
212067020 |
|
E-Mail |
geral@munditextil.pt
|
|
Web Site |
www.munditextil.pt
|
|
C.A.E. |
13101-
Preparation and spinning fiber-type cotton |
|
Capital |
49.879,79 |
|
Participation |
100% |
Special Information
|
|
Event |
General Description |
|
Quality
Certification |
A titular
encontra-se certificada pela Norma Iso 9001:2008. |
Financial Demonstration SNC
|
||
|
Balance Sheet SNC |
||
|
CoinEURO |
|
Date31-12-2012 |
|
|
||
|
Closing Date |
31-12-2012 |
31-12-2011 |
31-12-2010 |
Variaçăo (%) |
|||
|
ASSET |
|
||||||
|
|
|
|
|
||||
|
Non-current
assets |
|
||||||
|
Tangible fixed
assets |
23.400.470,17 |
22.268.406,50 |
24.240.243,76 |
5,08 |
|||
|
Financial
participations - patrimonial equity method |
895.450,16 |
770.066,58 |
539.578,79 |
16,28 |
|||
|
Financial
participations - other methods |
5.100,00 |
5.100,00 |
29.600,00 |
|
|||
|
Other financial
assets |
2.236.700,77 |
3.457.339,30 |
|
(35,31) |
|||
|
Deferred tax
assets |
729.571,09 |
781.378,12 |
918.156,52 |
(6,63) |
|||
|
Total |
27.267.292,19 |
27.282.290,50 |
25.727.579,07 |
(0,05) |
|||
|
|
|
|
|
|
|||
|
Current assets |
|
|
|||||
|
Inventories |
11.685.572,71 |
7.049.977,52 |
9.244.639,40 |
65,75 |
|||
|
Costumers |
25.516.177,44 |
26.327.139,64 |
29.979.041,07 |
(3,08) |
|||
|
Advances to
suppliers |
1.503.168,99 |
7.853,65 |
8.124,54 |
19.039,75 |
|||
|
State and other
public entities |
2.092.838,83 |
1.433.774,32 |
930.979,97 |
45,97 |
|||
|
Other accounts
receivable |
1.374.459,68 |
1.196.407,75 |
1.596.108,96 |
14,88 |
|||
|
Deferrals |
32.839,92 |
934.189,93 |
125.867,56 |
(96,48) |
|||
|
Cashier and bank
deposits |
1.809.927,09 |
1.333.084,20 |
1.794.151,37 |
35,77 |
|||
|
Total |
44.014.984,66 |
38.282.427,01 |
43.678.912,87 |
14,97 |
|||
|
TOTAL ASSET |
71.282.276,85 |
65.564.717,51 |
69.406.491,94 |
8,72 |
|||
|
|
|
|
|
|
|||
|
SHAREHOLDERS
FUNDS AND LIABILITIES |
|
|
|||||
|
|
|
|
|
|
|||
|
SHAREHOLDERS
FUNDS |
|
|
|||||
|
Capital |
15.500.000,00 |
15.500.000,00 |
15.500.000,00 |
|
|||
|
Other
shareholders funds instruments |
9.500.000,00 |
9.500.000,00 |
9.500.000,00 |
|
|||
|
Legal reserves |
1.220.612,30 |
1.220.612,30 |
1.220.612,30 |
|
|||
|
Net retained |
(7.049.370,87) |
(7.202.573,99) |
(5.290.620,93) |
(2,13) |
|||
|
Total |
19.171.241,43 |
19.018.038,31 |
20.929.991,37 |
0,81 |
|||
|
Net income for
the period |
(494.333,95) |
153.203,12 |
(1.911.953,06) |
(422,67) |
|||
|
TOTAL OF
SHAREHOLDERS FUNDS |
18.676.907,48 |
19.171.241,43 |
19.018.038,31 |
(2,58) |
|||
|
|
|
|
|
|
|||
|
LIABILITY |
|
|
|||||
|
|
|
|
|
|
|||
|
Non-current
liiabilities |
|
|
|||||
|
Provisions |
381.667,28 |
311.823,00 |
332.705,91 |
22,40 |
|||
|
Financing
obtained |
23.446.242,21 |
3.355.459,00 |
8.187.495,34 |
598,75 |
|||
|
Diferred taxes
liabilities |
2.133.369,99 |
2.461.380,87 |
2.813.112,53 |
(13,33) |
|||
|
Total |
25.961.279,48 |
6.128.662,87 |
11.333.313,78 |
323,60 |
|||
|
|
|
|
|
|
|||
|
Current
liabilities |
|
|
|||||
|
Suppliers |
19.197.542,43 |
18.003.637,19 |
21.149.185,82 |
6,63 |
|||
|
Advances from
costumers |
24.564,58 |
|
223.973,61 |
|
|||
|
State and other
public entities |
341.847,77 |
358.945,21 |
356.079,78 |
(4,76) |
|||
|
Financing
obtained |
665.117,46 |
16.132.989,00 |
12.626.665,33 |
(95,88) |
|||
|
Other payable
accounts |
4.159.526,23 |
3.574.795,97 |
3.315.862,59 |
16,36 |
|||
|
Deferrals |
2.255.491,42 |
2.194.445,84 |
1.383.372,72 |
2,78 |
|||
|
Total |
26.644.089,89 |
40.264.813,21 |
39.055.139,85 |
(33,83) |
|||
|
TOTAL LIABILITIES
|
52.605.369,37 |
46.393.476,08 |
50.388.453,63 |
13,39 |
|||
|
TOTAL
SHAREHOLDERS FUNDS AND LIABILITIES |
71.282.276,85 |
65.564.717,51 |
69.406.491,94 |
8,72 |
|||
|
|
|
|
|
|
|||
|
INCOME STATEMENT
|
|
|
|||||
|
|
|
|
|
|
|||
|
INCOME AND
EXPENSES |
|
|
|||||
|
Sales and
services |
115.371.122,81 |
128.117.282,54 |
110.313.615,58 |
(9,95) |
|||
|
Gains/losses
allocated subsidiaries, associates and joint ventures |
(1.095.254,95) |
(360.269,91) |
90.687,16 |
204,01 |
|||
|
Variation in
production inventories |
1.827.583,88 |
(969.447,21) |
631.463,71 |
(288,52) |
|||
|
Work for the
entity itself |
303.549,64 |
760.665,56 |
794.272,16 |
(60,09) |
|||
|
Cost of goods
sold and materials consumed |
(80.824.760,04) |
(93.414.364,92) |
81.917.018,70 |
(13,48) |
|||
|
Suppliers and
external services |
(19.597.172,44) |
(16.845.103,17) |
15.853.171,53 |
16,34 |
|||
|
Personnel costs |
(10.445.771,97) |
(10.347.951,17) |
9.835.453,89 |
0,95 |
|||
|
Impairment of inventories
(losses/revearsals) |
(31.637,70) |
(3.259,31) |
(1.456,16) |
870,69 |
|||
|
Impairment of
receivables (losses/revearsals) |
(46.011,40) |
7.990,76 |
20.543,87 |
(675,81) |
|||
|
Provisions
(increases/reductions) |
171.689,26 |
(797.093,16) |
514.023,99 |
(121,54) |
|||
|
Impairment of
investments not depreciable/amortizable (losses/reversals) |
|
(24.500,00) |
|
|
|||
|
Other income and
gains |
4.161.090,25 |
6.491.200,79 |
1.063.212,98 |
(35,90) |
|||
|
Other expenses
and losses |
(6.022.306,83) |
(8.281.920,47) |
836.878,74 |
(27,28) |
|||
|
Result before
depreciation, financing costs and taxes |
3.772.120,51 |
4.333.230,33 |
3.917.617,03 |
(12,95) |
|||
|
Expenses/reversals
of depreciation and amortization |
(3.779.432,28) |
(3.941.992,86) |
3.571.378,17 |
(4,12) |
|||
|
Operating result
(before financing costs and taxes) |
(7.311,77) |
391.237,47 |
346.238,86 |
(101,87) |
|||
|
Interest and
similar income obtained |
354.019,27 |
245.808,97 |
2.237,49 |
44,02 |
|||
|
interest and
similar expenses incurred |
(906.154,36) |
(489.222,37) |
2.072.205,00 |
85,22 |
|||
|
Net before taxes
|
(559.446,86) |
147.824,07 |
(1.723.728,65) |
(478,45) |
|||
|
Income tax of
the period |
65.112,91 |
5.379,05 |
188.224,41 |
1.110,49 |
|||
|
Net profit for
the period |
(494.333,95) |
153.203,12 |
(1.911.953,06) |
(422,67) |
|||
RATIOS SNC
|
|
Closing Date |
31-12-2012 |
31-12-2011 |
31-12-2010 |
|
|||
|
TURNOVER RATIOS |
|
|||||
|
Shareholder's
Funds Profitability |
(0,026) |
0,008 |
(0,101) |
|
||
|
Assets
Profitability |
|
0,006 |
0,005 |
|
||
|
Sales Net
Profitability |
(0,004) |
0,001 |
(0,017) |
|
||
|
|
|
|
|
|
||
|
EFFICIENCY
RATIOS |
|
|
||||
|
Medium Term
Receivable |
80,726 |
75,005 |
99,193 |
|
||
|
Asset Rotation |
1,619 |
1,954 |
1,589 |
|
||
|
|
|
|
|
|
||
|
PRODUCTIVITY
RATIOS |
|
|
||||
|
Productivity |
(18,782) |
(21,408) |
2,887 |
|
||
|
|
|
|
|
|
||
|
SHORT TERM
RATIOS |
|
|
||||
|
General
Liquidity |
1,652 |
0,951 |
1,118 |
|
||
|
Reduced
Liquidity |
1,213 |
0,776 |
0,882 |
|
||
|
Immediate
Liquidity |
0,068 |
0,033 |
0,046 |
|
||
|
|
|
|
|
|
||
|
MEDIUM LONG TERM
RATIOS |
|
|
||||
|
Financial
Autonomy |
0,262 |
0,292 |
0,274 |
|
||
|
Solvability |
0,355 |
0,413 |
0,377 |
|
||
|
Borrowed Capital
Structure |
0,506 |
0,868 |
0,775 |
|
||
|
General Debt |
1,291 |
1,017 |
1,094 |
|
||
|
Medium Long Term
Debt |
1,255 |
0,175 |
0,431 |
|
||
|
Debt Structure |
0,506 |
0,868 |
0,775 |
|
||
|
Capital
Structure |
0,719 |
3,128 |
1,678 |
|
||
|
|
|
|
|
|
||
|
Operational and
Financial Risk |
|
|
||||
|
Operational
Leverage Level |
(26832,885) |
566,233 |
82,014 |
|
||
|
Financial
Leverage Level |
0,013 |
2,647 |
(0,201) |
|
||
|
Combined
Leverage Level |
(348,828) |
1498,819 |
(16,485) |
|
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.17 |
|
|
1 |
Rs. 103.38 |
|
Euro |
1 |
Rs. 85.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.