|
Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
TANAC S A |
|
|
|
|
Registered Office : |
Rua Torbjorn Weilbull, 199 - Bairro Tanac 95780-000 -
Montenegro/Rs |
|
|
|
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Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
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Date of Incorporation : |
26.08.1948 |
|
|
|
|
Legal Form : |
Privately Held Corporation |
|
|
|
|
Line of Business : |
Manufacture and trade of wood and wooden products and vegetable
essences for industrial usage. |
|
|
|
|
No. of Employees |
373 |
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 |
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|
|
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Payment Behaviour : |
No Complaints |
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|
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 restrain
|
Source
: CIA |
TANAC S/A
|
MAIN ADDRESS: |
RUA TORBJORN WEILBULL,199 - BAIRRO TANAC |
|
ZIP CODE/CITY: |
95780-000 - MONTENEGRO/RS |
|
|
|
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PHONE: |
51 3632-4055 |
|
FAX: |
51 3632-2499 |
|
E-MAIL: |
aaheinen@tanac.com.br |
|
WEB SITE: |
www.tanac.com.br |
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BRANCHES: |
|
|
|
|
|
ADDRESS: |
RUA B, S/Nº,0 - DISTRITO INDUSTRIAL |
|
ZIP CODE/CITY: |
96200-970 RIO GRANDE/RS |
|
PHONE: |
53 3234-1360 |
|
MAIN ACTIVITIES: |
|
MANUFACTURE AND TRADE OF WOOD AND WOODEN PRODUCTS AND VEGETABLE ESSENCES FOR INDUSTRIAL USAGE. |
|
LEGAL FORM: |
PRIVATELY HELD CORPORATION |
|
|
|
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INCORPORATION DATE: |
26/08/1948 |
|
REGISTER DATE: |
26/08/1948 |
|
BALANCE SHEET FILING DATE: |
31/12 |
|
TAX CONTRIBUTOR NUMBER(CNPJ): |
91.359.711/0001-02 |
|
STATE REGISTER: |
078/0007484 |
|
|
|
|
SHARE CAPITAL: |
R$ 102.000.000,00 |
|
BOARD OF DIRECTORS: |
|
|
|
|
|
OTÁVIO GUIMARÃES DECUSATI |
SUPERVISING DIRECTOR |
|
DIORGE OTAVIO PAGANI |
ADM./FINANCIAL DIRECTOR |
|
JOSÉ OSMAR GRAFF JUNIOR |
COMMERCIAL DIRECTOR |
|
JOSÉ LUIZ ZANATTA |
INDUSTRIAL DIRECTOR |
|
THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY. |
|
SHAREHOLDERS / PARTNERS: |
|
|
|
|
|
CIA AGRICOLA SÃO BENTO DA ESMERALDA |
99,99% |
|
OTHER |
0,01% |
|
AFFILIATES / SUBSIDIARIES: |
|
|
|
|
|
TANAGRO S/A |
|
|
TANAC'S VEGETABLE TANNING EXTRACTS HAVE BEEN USED BY THE LEATHER INDUSTRY IN VARIOUS STAGES OF THE PRODUCTION PROCESS SINCE 1948 AND, TODAY, WE OUTPUT APPROXIMATELY 30 THOUSAND TONS OF BLACK WATTLE EXTRACTS ANNUALLY. FOUNDED IN 1948, AT THAT TIME A SMALL TANNIN FACTORY, TANAC PRODUCED 2,000 TONS OF EXTRACTS A YEAR, EMPLOYING 60 COLLABORATORS. AFTER 59 YEARS, IT HAS BECOME THE GREATEST AND MOST MODERN UNIT OF PRODUCTION OF TANNINS AND ITS DERIVATIVES ALONE IN THE WORLD, WITH A PRODUCTION CAPACITY OF 30,000 TON/YEAR, AT THE MOMENT PROVIDING 330 DIRECT JOBS AT THE UNIT LOCATED IN MONTENEGRO, RIO GRANDE DO SUL. TANAC IS THE GREATEST INDIVIDUAL BLACK ACACIA PRODUCER IN THE WORLD, WITH MORE THAN 27,500 HECTARES OF ITS OWN FORESTS. IN THE ACTIVITIES INVOLVING FOREST MANAGEMENT THERE ARE ABOUT 650 EMPLOYEES, DEVELOPING THEIR ACTIVITIES ACCORDING TO THE PRINCIPLES AND CRITERIA OF FSC-FOREST STEWARDSHIP COUNCIL. 1995 THE COMPANY DIVERSIFIED ITS ACTIVITIES, INAUGURATING A BLACK ACACIA WOODCHIP MILL UNIT IN THE CITY OF RIO GRANDE, IN THE EXTREME SOUTH OF BRAZIL. AROUND 750,000 TONS OF CHIPS ARE EXPORTED, ANUALLY, TO THE ASIAN MARKET. IN 1996 THE COMPANY AWARDED THE NBR ISO 9001. IN 2000 THE COMPANY AWARDED THE NBR ISO 14001. FURTHER DETAILS ARE SO FAR NOT KNOWN. |
|
PUBLIC INFORMATION: |
|
NO DETRIMENTAL FILES WERE FOUND. |
|
GENERAL BALANCE SHEETS AS OF 31/12/2013, 31/12/2012 AND 31/12/2011. |
|
( FIGURES ARE IN THOUSANDS OF REAIS ). |
|
ASSETS |
|
|
|
|
CURRENT: |
31/12/2013 |
31/12/2012 |
31/12/2011 |
|
|
|
|
|
|
CASH AND BANKS |
23.009 |
23.066 |
3.563 |
|
CLIENTS |
19.812 |
19.387 |
19.875 |
|
INVENTORY |
32.957 |
30.340 |
32.491 |
|
RECOVERABLE TAXES |
3.196 |
998 |
4.267 |
|
ACCOUNTS RECEIVABLE |
1.289 |
2.165 |
1.657 |
|
PRE PAID EXPENSES |
651 |
329 |
189 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
80.914 |
76.285 |
62.042 |
|
LONG-TERM
RECEIVABLES: |
|
|
|
|
|
|
|
|
|
JUDICIAL DEPOSITS |
1.057 |
1.133 |
970 |
|
RECOVERABLE TAXES |
822 |
43 |
28 |
|
DEFERRED TAXES |
|
2.538 |
1.357 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG-TERM RECEIVABLES |
1.879 |
3.714 |
2.355 |
|
FIXED ASSETS: |
|
|
|
|
|
|
|
|
|
INVESTMENTS |
163.942 |
154.346 |
143.181 |
|
FIXED ASSETS |
45.288 |
41.934 |
42.910 |
|
INTANGIBLE |
197 |
229 |
1.253 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL FIXED ASSETS |
209.427 |
196.509 |
187.344 |
|
|
================ |
================ |
================ |
|
TOTAL ASSETS |
292.220 |
276.508 |
251.741 |
|
LIABILITIES: |
|
|
|
|
CURRENT: |
31/12/2013 |
31/12/2012 |
31/12/2011 |
|
|
|
|
|
|
SUPPLIERS |
5.916 |
5.806 |
4.480 |
|
LOANS AND FINANCING |
25.895 |
20.550 |
16.006 |
|
LABOR OBLIGATIONS |
6.380 |
6.157 |
5.821 |
|
TAXES & CONTRIBUTIONS |
537 |
1.310 |
523 |
|
DIVIDENDS |
857 |
1.224 |
|
|
OTHER DEBTS |
1.160 |
1.717 |
2.036 |
|
BANKING DEBTS |
1.133 |
162 |
3.147 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
41.878 |
36.926 |
32.013 |
|
LONG TERM
LIABILITIES: |
|
|
|
|
|
|
|
|
|
LOANS AND FINANCING |
62.434 |
49.568 |
45.468 |
|
PROVISION FOR CONTINGENCIES |
656 |
2.086 |
1.305 |
|
DEFERRED TAXES |
7.506 |
9.698 |
8.372 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
70.596 |
61.352 |
55.145 |
|
NET EQUITY: |
|
|
|
|
|
|
|
|
|
SHARE CAPITAL |
102.000 |
102.000 |
102.000 |
|
PROFIT RESERVES |
65.539 |
62.753 |
50.526 |
|
OTHER COMPREHENSIVE INCOME |
12.207 |
13.477 |
12.057 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET EQUITY |
179.746 |
178.230 |
164.583 |
|
|
================ |
================ |
================ |
|
TOTAL LIABILITIES |
292.220 |
276.508 |
251.741 |
|
PROFIT AND LOSS ACCOUNTS AS OF 31/12/2013, 31/12/2012 AND 31/12/2011. |
|
( FIGURES ARE IN THOUSANDS OF REAIS ). |
|
|
31/12/2013 |
31/12/2012 |
31/12/2011 |
|
|
|
|
|
|
NET SALES |
203.042 |
230.765 |
167.242 |
|
(-) COST OF SOLD GOODS |
129.132 |
144.635 |
112.750 |
|
|
---------------- |
---------------- |
---------------- |
|
GROSS PROFIT |
73.910 |
86.130 |
54.492 |
|
OPERATING REVENUE (EXPENSE) |
-50.446 |
-47.775 |
-32.757 |
|
FINANCIAL REVENUE(EXPENSE) |
-11.961 |
-10.404 |
-4.127 |
|
|
---------------- |
---------------- |
---------------- |
|
OPERATIONAL PROFIT (LOSS) |
11.503 |
27.951 |
17.608 |
|
CONTRIBUTION/INCOME TAX |
-1.138 |
-6.274 |
-2.804 |
|
|
---------------- |
---------------- |
---------------- |
|
NET PROFIT (LOSS) |
10.365 |
21.677 |
14.804 |
|
RATIOS: |
31/12/2013 |
31/12/2012 |
31/12/2011 |
|
QUICK RATIO |
1,15 |
|
1,24 |
|
,92 |
|
|
CURRENT RATIO |
1,93 |
|
2,07 |
|
1,94 |
|
|
ACCOUNTS RECEIVABLE TURNOVER |
10,25 |
TIMES |
11,90 |
TIMES |
8,41 |
TIMES |
|
DAYS' SALES IN RECEIVABLES |
35,13 |
DAYS |
30,24 |
DAYS |
42,78 |
DAYS |
|
INVENTORY TURNOVER |
3,92 |
TIMES |
4,77 |
TIMES |
3,47 |
TIMES |
|
ACCOUNTS PAYABLE PERIOD |
16,49 |
DAYS |
14,45 |
DAYS |
14,30 |
DAYS |
|
RETURN ON ASSETS |
,69 |
TIMES |
,83 |
TIMES |
,66 |
TIMES |
|
SALES TURNOVER ON NET EQUITY |
1,13 |
TIMES |
1,29 |
TIMES |
1,02 |
TIMES |
|
NET WORTH TIE-UP |
,25 |
|
,24 |
|
,26 |
|
|
INDEBTEDNESS |
,63 |
|
,55 |
|
,53 |
|
|
EQUITY RATIO |
61,51 |
% |
64,46 |
% |
65,38 |
% |
|
WORKING CAPITAL RATIO |
93,21 |
% |
106,59 |
% |
93,80 |
% |
|
GENERAL SOLVENCY |
2,60 |
|
2,81 |
|
2,89 |
|
|
RETURN ON NET EQUITY |
5,77 |
% |
12,16 |
% |
8,99 |
% |
|
RETURN ON SALES (PROFIT MARGIN) |
5,10 |
% |
9,39 |
% |
8,85 |
% |
|
GROSS PROFIT MARGIN |
36,40 |
% |
37,32 |
% |
32,58 |
% |
|
OPERATIONAL RESULT |
5,67 |
% |
12,11 |
% |
10,53 |
% |
|
SALES TURNOVER ON LIABILITIES |
4,85 |
TIMES |
6,25 |
TIMES |
5,22 |
TIMES |
|
FOREIGN CURRENCY ON ASSETS |
|
|
|
|
|
|
|
FOREIGN CURRENCY ON LIABILITIES |
|
|
|
|
|
|
|
EXCHANGE RATE: |
|
|
US$ 1,00 = R$ 2,20 |
- OFFICIAL RATE ON 14/04/2014 |
|
US$ 1,00 = R$ 2,34 |
- OFFICIAL RATE ON 31/12/2013 |
|
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 FIGURES AVAILABLE SHOW A NORMAL FINANCIAL STANDING. IT IS NOTED GOOD LIQUIDITY RATIOS AND POSITIVE WORKING CAPITAL, AS WELL AS LOW LEVEL OF INDEBTEDNESS. IN ADDITION IT SHOWS DROP IN SALES BUT POSTED PROFIT. |
|
REAL ESTATE: |
OWNED PREMISES ARE VALUED AT R$ 93.080.000,00
|
VEHICLES: |
OWNED VEHICLES ARE VALUED AT R$ 2.610.000,00
|
MACHINES: |
OWNED MACHINES AND EQUIPMENTS ARE VALUED AT R$ 60.228.000,00
|
THE SUBJECT IS SAID TO HOLD INSURANCE POLICIES BUT DETAILS WERE NOT DISCLOSED. |
|
|
|
CITY: |
|
BANCO DO BRASIL S/A |
|
MONTENEGRO/RS |
|
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 |
|
MANUFACTURE AND TRADE OF TANNIN WOOD AND WOODCHIPS, VEGETABLE ESSENCES, AS WELL AS FOREST HANDLING FOR INDUSTRIAL USAGE. |
|
IMPORT AND EXPORT: |
IMPORTS FROM:
|
NOT AVAILABLE. |
EXPORTS TO:
|
ASIA. |
|
MAIN CLIENTS: |
|
|
|
|
|
|
|
DOMESTIC CLIENTS: |
|
|
|
NOT AVAILABLE. |
|
|
|
STAFF: |
|
|
|
THE COMPANY HAS: 373 EMPLOYEE(S) |
|
THE SUBJECT IS AN OLD AND WELL-ESTABLISHED COMPANY. IT HAS A CLEAR TRADE HISTORY AND GOOD REPUTATION. THE SUBJECT HAS TRADE RELATIONS WITH SEVERAL LOCAL SUPPLIERS AND OUR INVESTIGATION THROUGH OUTSIDE SOURCES HAS SHOWED THAT THE SUPPLIERS EXTEND CREDIT FACILITIES TO THE SUBJECT IN AMOUNTS AND TERMS ACCORDING TO ITS NEEDS. |
|
MAIN SUPPLIERS: |
|
|
|
|
|
|
|
DOMESTIC SUPPLIERS: |
|
|
|
BARALDI MATERIAL DE CONSTRUÇÃO LTDA |
|
|
|
DISTRIBUIDORA DE PRODUTOS DE PETROLEO IPIRANGA S/A |
|
|
|
FERRAMENTAS GERAIS COMÉRCIO DE IMPORTAÇÃO S/A |
|
|
|
SANDVIK DO BRASIL S/A IND E COMÉRCIO |
|
|
|
PAYMENT HISTORY: |
|
16 SUPPLIERS REPORTED PAYMENTS: |
|
TOTAL AMOUNT: R$ 121.220,00 |
|
|
|
AMOUNT OF INVOICES PAID: 105 |
|
TOTAL OF PROMPT PAYMENTS: 100% |
|
HIGHEST INVOICE: R$ 14.184,00 |
|
HIGHEST CREDIT: R$ 14.184,00 |
|
|
|
OUTSTANDING INVOICES DUE WITHIN THE NEXT 30 DAYS: |
|
--------------------------- |
SUPPLIERS: |
INVOICES: |
TOTAL AMOUNT: |
|
DUE WITHIN 30 DAYS |
1 |
1 |
R$ 475,00 |
|
THE SUBJECT IS A WELL-ESTABLISHED COMPANY IN BUSINESS SINCE 1948 AND UP TO DATE IT HAS A CLEAR TRADE HISTORY AND A GOOD PAYMENT BEHAVIOR. BASED ON THE GENERAL INFORMATION AVAILABLE ITS 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.61.46 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.77.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.