|
Report Date : |
05.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
MASTROTTO BRASIL
S/A |
|
|
|
|
Registered Office : |
Rodovia Br 101, S/Nº. Km,201 – Capoeiruçú, 44300-000 - Cachoeira/BA |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
24.06.1999 |
|
|
|
|
Legal Form : |
Privately Held Corporation |
|
|
|
|
Line of Business : |
Tanning and other Leather Preparations. |
|
|
|
|
No. of Employees : |
653 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Brazil |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
BRAZIL - ECONOMIC OVERVIEW
Characterized by large and
well-developed agricultural, mining, manufacturing, and service sectors, and a rapidly
expanding middle class, 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 |
MASTROTTO BRASIL
S/A
|
MAIN ADDRESS: |
RODOVIA BR 101, S/Nº. KM,201 - CAPOEIRUÇÚ |
|
ZIP CODE/CITY: |
44300-000 - CACHOEIRA/BA |
|
|
|
|
PHONE: |
75 3425-8891 |
|
FAX: |
75 3425-8877 |
|
E-MAIL: |
|
|
WEB SITE: |
|
BRANCHES: |
|
NOT AVAILABLE |
|
MAIN ACTIVITIES: |
|
TANNING AND DRESSING OF LEATHER |
|
LEGAL FORM: |
PRIVATELY
HELD CORPORATION |
|
|
|
|
INCORPORATION DATE: |
24/06/1999 |
|
REGISTER DATE: |
24/06/1999 |
|
BALANCE SHEET FILING DATE: |
31/12 |
|
TAX CONTRIBUTOR NUMBER(CNPJ): |
03.384.037/0001-59 |
|
STATE REGISTER: |
52.014.783 |
|
|
|
|
SHARE CAPITAL: |
R$ 73.500.000,00 |
|
LAST REGISTER OF CAPITAL: |
31/12/2006 |
|
BOARD OF
DIRECTORS: |
|
|
|
|
|
CESAR GUILHERME SCHIRMER |
DIRECTOR |
|
GRAZIANO MASTROTTO |
DIRECTOR |
|
SANTO MASTROTTO |
DIRECTOR |
|
THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY. |
|
SHAREHOLDERS /
PARTNERS: |
|
|
|
|
|
GRUPPO MASTROTTO SPA |
79,59% |
|
COMITALIA COMPAGNIA FIDUCIARIA SPA |
20,41% |
|
AFFILIATES /
SUBSIDIARIES: |
|
|
|
|
|
REICHERT AGROPECUARIA LTDA |
99,90% |
|
CALÇADOS REIFER LTDA |
92,20% |
|
FCC FORNECEDORA COMPONENTES QUIMICOS |
45,00% |
|
PARS PARTICIPAÇÕES LTDA |
25,00% |
|
INJECT IND. DE INJETADOS LTDA |
18,20% |
|
THE SUBJECT WAS ESTABLISHED ON JUNE 24, 1999 AS MASTROTTO REICHERT
S/A. TO BE ENGAGED IN THE SAID LINE OF BUSINESS. ON OCTOBER 30, 2009 IT
ADOPTED THE ABOVE-MENTIONED NAME. TRADE NAME: "MASTROTTO BRASIL". FURTHER DETAILS ARE SO FAR NOT KNOWN. |
|
PUBLIC
INFORMATION: |
|
PROTESTS: |
|
8 PROTESTS,TOTAL AMOUNT R$
61.281,40 |
|
DATE OF FIRST PROTEST:
09/2011 R$ 1.000,00 |
|
DATE OF HIGHEST PROTEST:
03/2014 R$ 50.000,00 |
|
DETAILS OF LATEST PROTESTS: |
|
NOTARY OFFICE: |
DATE: |
VALUE: |
|
1º CARTÓRIO DE BA-CACHOEIRA |
21/03/2013 |
R$ 195,70 |
|
1º CARTÓRIO DE BA-CACHOEIRA |
22/02/2013 |
R$ 195,70 |
|
1º CARTÓRIO DE BA-CACHOEIRA |
22/02/2013 |
R$ 182,00 |
|
1º CARTÓRIO DE BA-CACHOEIRA |
11/03/2014 |
R$ 50.000,00 |
|
1º CARTÓRIO DE BA-CACHOEIRA |
28/06/2012 |
R$ 4.436,00 |
|
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 |
21.901 |
9.375 |
2.998 |
|
CLIENTS |
27.559 |
18.582 |
28.339 |
|
INVENTORY |
85.133 |
74.911 |
58.526 |
|
RECOVERABLE TAXES |
27.598 |
13.720 |
23.251 |
|
DISCOUNTED EXPORT RECEIVABLES |
2.797 |
2.980 |
5.055 |
|
OTHER CREDITS |
2.892 |
5.932 |
5.421 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
167.880 |
125.500 |
123.590 |
|
LONG-TERM
RECEIVABLES: |
|
|
|
|
|
|
|
|
|
RECOVERABLE TAXES |
34.120 |
50.611 |
27.844 |
|
DEFERRED TAXES |
953 |
734 |
830 |
|
OTHER CREDITS |
1.660 |
459 |
315 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG-TERM RECEIVABLES |
36.733 |
51.804 |
28.989 |
|
FIXED ASSETS: |
|
|
|
|
|
|
|
|
|
FIXED ASSETS |
61.342 |
31.898 |
30.244 |
|
INTANGIBLE |
1.124 |
176 |
207 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL FIXED ASSETS |
62.466 |
32.074 |
30.451 |
|
|
================ |
================ |
================ |
|
TOTAL ASSETS |
267.079 |
209.378 |
183.030 |
|
LIABILITIES: |
|
|
|
|
CURRENT: |
31/12/2013 |
31/12/2012 |
31/12/2011 |
|
|
|
|
|
|
SUPPLIERS |
23.141 |
8.698 |
11.229 |
|
LOANS AND FINANCING |
20.053 |
15.513 |
25.073 |
|
TAXES & CONTRIBUTIONS |
|
|
741 |
|
DIVIDENDS |
29.229 |
27.933 |
13.573 |
|
OTHER DEBTS |
1.458 |
1.839 |
1.713 |
|
COMMISSIONS DUE |
742 |
748 |
1.035 |
|
LABOR OBLIGATIONS |
2.236 |
2.284 |
1.934 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
76.859 |
57.015 |
55.298 |
|
LONG TERM
LIABILITIES: |
|
|
|
|
|
|
|
|
|
PROVISION FOR CONTINGENCIES |
288 |
390 |
498 |
|
TRIBUTARY OBLIGATIONS |
1.013 |
948 |
818 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
1.301 |
1.338 |
1.316 |
|
NET EQUITY: |
|
|
|
|
|
|
|
|
|
SHARE CAPITAL |
73.500 |
73.500 |
73.500 |
|
CAPITAL RESERVES |
9.757 |
9.757 |
9.756 |
|
PROFIT RESERVES |
105.663 |
67.768 |
43.160 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET EQUITY |
188.920 |
151.025 |
126.416 |
|
|
================ |
================ |
================ |
|
TOTAL LIABILITIES |
267.080 |
209.378 |
183.030 |
|
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 |
280.322 |
224.471 |
185.859 |
|
(-) COST OF SOLD GOODS |
208.991 |
170.289 |
156.900 |
|
|
---------------- |
---------------- |
---------------- |
|
GROSS PROFIT |
71.331 |
54.182 |
28.959 |
|
OPERATING REVENUE (EXPENSE) |
-3.308 |
-7.156 |
-9.652 |
|
FINANCIAL REVENUE(EXPENSE) |
4.890 |
|
-554 |
|
|
---------------- |
---------------- |
---------------- |
|
OPERATIONAL PROFIT (LOSS) |
72.913 |
47.026 |
18.753 |
|
CONTRIBUTION/INCOME TAX |
-13.015 |
-8.050 |
-4.220 |
|
|
---------------- |
---------------- |
---------------- |
|
NET PROFIT (LOSS) |
59.898 |
38.976 |
14.533 |
|
RATIOS: |
31/12/2013 |
31/12/2012 |
31/12/2011 |
|
QUICK RATIO |
1,08 |
|
,89 |
|
1,18 |
|
|
CURRENT RATIO |
2,18 |
|
2,20 |
|
2,24 |
|
|
ACCOUNTS RECEIVABLE TURNOVER |
10,17 |
TIMES |
12,08 |
TIMES |
6,56 |
TIMES |
|
DAYS' SALES IN RECEIVABLES |
35,39 |
DAYS |
29,80 |
DAYS |
54,89 |
DAYS |
|
INVENTORY TURNOVER |
2,45 |
TIMES |
2,27 |
TIMES |
2,68 |
TIMES |
|
ACCOUNTS PAYABLE PERIOD |
39,86 |
DAYS |
18,39 |
DAYS |
25,76 |
DAYS |
|
RETURN ON ASSETS |
1,05 |
TIMES |
1,07 |
TIMES |
1,02 |
TIMES |
|
SALES TURNOVER ON NET EQUITY |
1,48 |
TIMES |
1,49 |
TIMES |
1,47 |
TIMES |
|
NET WORTH TIE-UP |
,32 |
|
,21 |
|
,24 |
|
|
INDEBTEDNESS |
,41 |
|
,39 |
|
,45 |
|
|
EQUITY RATIO |
70,74 |
% |
72,13 |
% |
69,07 |
% |
|
WORKING CAPITAL RATIO |
118,43 |
% |
120,12 |
% |
123,50 |
% |
|
GENERAL SOLVENCY |
3,42 |
|
3,59 |
|
3,23 |
|
|
RETURN ON NET EQUITY |
31,71 |
% |
25,81 |
% |
11,50 |
% |
|
RETURN ON SALES (PROFIT MARGIN) |
21,37 |
% |
17,36 |
% |
7,82 |
% |
|
GROSS PROFIT MARGIN |
25,45 |
% |
24,14 |
% |
15,58 |
% |
|
OPERATIONAL RESULT |
26,01 |
% |
20,95 |
% |
10,09 |
% |
|
SALES TURNOVER ON LIABILITIES |
3,65 |
TIMES |
3,94 |
TIMES |
3,36 |
TIMES |
|
FOREIGN CURRENCY ON ASSETS |
|
|
|
|
|
|
|
FOREIGN CURRENCY ON LIABILITIES |
|
|
|
|
|
|
|
COMMENTS ON THE
FINANCIAL INFORMATION: |
|
FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS THE FIGURES AVAILABLE SHOW A GOOD FINANCIAL STANDING. IT IS NOTED GOOD
LIQUIDITY RATIOS AND IMPORTANT WORKING CAPITAL, AS WELL AS LOW LEVEL OF
INDEBTEDNESS. IN ADDITION, IT IS NOTED GROWING SALES AND MADE PROFIT. |
|
REAL ESTATE: |
OWNED PREMISES ARE VALUED AT R$
13.913.000,00
|
VEHICLES: |
OWNED VEHICLES ARE VALUED AT R$
333.000,00
|
MACHINES: |
OWNED MACHINES AND EQUIPMENTS
ARE VALUED AT R$ 11.278.000,00
|
COVERAGE: |
FIRE / RAY / EXPLOSION |
|
VALUE: |
R$ 47.000.000,00 |
|
|
|
|
COVERAGE: |
EXPORT CREDIT |
|
VALUE: |
R$ 38.000.000,00 |
|
|
BRANCH/PHONE: |
CITY: |
|
BANCO BRADESCO S/A |
2864 / 71 3355-6467 |
SALVADOR/BA |
|
BANCO DO BRASIL S/A |
0040-X / 75 3425-2611 |
SALVADOR/BA |
|
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"). |
|
TANNING AND OTHER LEATHER PREPARATIONS. |
|
IMPORT AND
EXPORT: |
IMPORTS FROM:
|
NOT AVAILABLE |
EXPORTS TO:
|
HOLLAND, CANADA, TAIWAN AND HONG KONG. |
|
MAIN CLIENTS: |
|
|
|
|
|
|
|
DOMESTIC
CLIENTS: |
|
PHONE: |
|
ITALSOFA BAHIA LTDA |
|
71 3594-3100 |
|
FOREIGN CLIENTS: |
COUNTRY: |
|
|
AD HULST VOF |
HOLLAND |
|
|
CTL LEATHER INC |
CANADA |
|
|
GRADE A LEATHER CO LTD |
TAIWAN |
|
|
NOBLE FURNISHING CO. LTD |
HONG KONG |
|
|
STAFF: |
|
|
|
THE COMPANY HAS: 653 EMPLOYEE(S) |
|
SUBJECT IS A WELL-ESTABLISHED COMPANY, OPERATING SINCE 1999. SO FAR IT
HAS A CLEAR TRADE HISTORY AND GOOD PAYMENT BEHAVIOR. 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. OUR INVESTIGATION THROUGH THE PUBLIC SHOWED SOME DETRIMENTAL FILES
REGISTERED AGAINST THE SUBJECT BUT DUE TO THE SUBJECT'S HIGH FINANCIAL
STRENGTH AND HIGH SCALE OF OPERATIONS THE DETRIMENTAL FILES ARE CONSIDERED
NORMAL AND DO NOT AFFECT ITS TRADE REPUTATION OR ITS CREDITWORTHINESS. |
|
MAIN SUPPLIERS: |
|
|
|
|
|
|
|
DOMESTIC
SUPPLIERS: |
|
PHONE: |
|
BERTIN LTDA |
|
14 3533-2033 |
|
COUROADA COMÉRCIO E REPRESENTAÇÕES LTDA |
|
18 3522-1135 |
|
GREMIA REDUTORES LTDA |
|
54 2105-3271 |
|
INDEPENDÊNCIA ALIMENTOS LTDA |
|
11 4447-7000 |
|
INDUSPAN - INDÚSTRIA E COMÉRCIO DE COUROS PANTANAL |
|
67 3373-4242 |
|
TFL DO BRASIL INDÚSTRIA QUÍMICA LTDA |
|
51 3589-1999 |
|
PAYMENT HISTORY: |
|
14 SUPPLIERS REPORTED PAYMENTS: |
|
TOTAL AMOUNT: R$ 10.711.402,00 |
|
|
|
AMOUNT OF INVOICES PAID: 118 |
|
TOTAL OF PROMPT PAYMENTS: 97,6% |
|
TOTAL OF DELAYED PAYMENTS: 2,4% |
|
|
|
HIGHEST INVOICE: R$ 431.282,00 |
|
HIGHEST CREDIT: R$ 431.282,00 |
|
|
|
OUTSTANDING
INVOICES DUE WITHIN THE NEXT 30 DAYS: |
|
--------------------------- |
SUPPLIERS: |
INVOICES: |
TOTAL AMOUNT: |
|
DUE WITHIN 30 DAYS |
1 |
7 |
R$ 6.997,35 |
|
THE SUBJECT IS A WELL-ESTABLISHED COMPANY IN BUSINESS FOR SEVERAL
YEARS. UP TO DATE IT HAS GOOD FINANCIAL STANDING, A CLEAR TRADE HISTORY AND
VERY PAYMENT BEHAVIOR. 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.60.45 |
|
|
1 |
Rs.99.45 |
|
Euro |
1 |
Rs.79.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
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.