|
Report No. : |
323063 |
|
Report Date : |
25.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
APERAM INOX AMERICA DO SUL S/A |
|
|
|
|
Registered Office : |
Avenida Carandaí,1115 23º Andar – Funcionários, 30130-915 - Belo Horizonte/Mg |
|
|
|
|
Country : |
Brazil |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
31.10.1944 |
|
|
|
|
Legal Form : |
Privately Held Corporation |
|
|
|
|
Line of Business : |
Subject is engaged in the steel and iron works, with its core
activities being manufacture, mining, sale and export of stainless flat steel,
oriented and non-oriented grain flat steel, carbon linked steel, special
steel and other related activities. |
|
|
|
|
No. of Employee : |
3000 |
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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, 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. Since 2008, Brazil became a net external creditor and all three of the major 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. Unemployment is at historic lows and Brazil's traditionally high level of income inequality has declined for each of the last 15 years. Rising inflation led the authorities to take measures to cool the economy in 2011; these actions and the deteriorating international economic situation slowed growth in 2011-14. Brazil’s fiscal and current account balances have eroded during the past three years as the government attempted to boost economic growth through targeted tax cuts for industry and incentives to spur household consumption. President Dilma ROUSSEFF has indicated that her government in her second term will pursue more austere fiscal policies to reduce these imbalances and preserve the country’s credit rating.
|
Source
: CIA |
APERAM
INOX AMERICA DO SUL S/A
|
MAIN ADDRESS: |
AVENIDA CARANDAÍ,1115 23º ANDAR - FUNCIONÁRIOS |
|
ZIP CODE/CITY: |
30130-915 - BELO HORIZONTE/MG |
|
|
|
|
PHONE: |
31 3235-4336 |
|
FAX: |
31 3235-4336 |
|
E-MAIL: |
ronaldo.luzia@arcelormittal.com |
|
WEB SITE: |
www.acesita.com.br |
|
BRANCHES: |
|
|
|
|
|
ADDRESS: |
PRAÇA 1º DE MAIO,9 - CENTRO |
|
ZIP CODE/CITY: |
35180-000 TIMÓTEO/MG |
|
PHONE: |
31 3849-7000 |
|
CNPJ: |
33.390.170/0013-12 |
|
STATE REGISTER: |
687013342.03-52 |
|
|
|
|
ADDRESS: |
AVENIDA BRIGADEIRO FARIA LIMA,1355 20º ANDAR |
|
ZIP CODE/CITY: |
01452-002 SÃO PAULO/SP |
|
PHONE: |
11 3838-1700 |
|
CNPJ: |
33.390.170/0005-02 |
|
|
|
|
ADDRESS: |
RUAQ VISCONDE DE INHAUMA,134 SALAS 1026 E 1027 - CENTRO |
|
ZIP CODE/CITY: |
20091-901 RIO DE JANEIRO/RJ |
|
CNPJ: |
33.390.170/0011-50 |
|
|
|
|
ADDRESS: |
AVENIDA MERCEDES BENZ,1420 - DISTRITO INDUSTRIAL |
|
ZIP CODE/CITY: |
13054-750 CAMPINAS/SP |
|
CNPJ: |
33.390.170/0004-21 |
|
|
|
|
ADDRESS: |
RODOVIA RST 456, KM 2,2 PAVILHÃO C |
|
ZIP CODE/CITY: |
95110-690 CAQXIAS DO SUL/RS |
|
CNPJ: |
33.390.170/0010-70 |
|
|
|
|
ADDRESS: |
AVENIDA DOUTOR ANGELO TEIXEIRA DA COSTA,2164 - CARREIRA COMPRIDA |
|
ZIP CODE/CITY: |
33045-170 SANTA LUZIA/MG |
|
CNPJ: |
33.390.170/0015-84 |
|
|
|
|
ADDRESS: |
AVENIDA ENGENHEIRO JANUÁRIO ALVARENGA SANTOS,247 B, SALA : CLIENTE 2 -
VILA IRIS |
|
ZIP CODE/CITY: |
33040-220 SANTA LUZIA/MG |
|
CNPJ: |
33.390.170/0012-31 |
|
|
|
|
ADDRESS: |
RUA XV DE NOVEMBRO,527 - CENTRO |
|
ZIP CODE/CITY: |
35180-000 TIMÓTEO/MG |
|
CNPJ: |
33.390.170/0016-65 |
|
THE COMPANY ALSO HAS OTHER BRANCHES LOCATED IN: ÁGUAS VERMELHAS/MG,
BOM DESPACHO/MG, SERRA/ES, SUMARÉ/SP AND TIMÓTEO/MG. |
LEGAL
DATA
|
|
MAIN ACTIVITIES: |
|
IRON AND STEEL WORKS. |
|
LEGAL FORM: |
PRIVATELY
HELD CORPORATION |
|
|
|
|
INCORPORATION DATE: |
31/10/1944 |
|
REGISTER DATE: |
31/10/1944 |
|
BALANCE SHEET FILING DATE: |
31/12 |
|
TAX CONTRIBUTOR NUMBER(CNPJ): |
33.390.170/0001-89 |
|
STATE REGISTER: |
EXEMPT |
|
|
|
|
SHARE CAPITAL: |
R$
2.091.447.820,53 |
|
BOARD OF
DIRECTORS: |
|
|
|
|
|
FREDERICO AYRES LIMA |
PRESIDENT DIRECTOR |
|
MARC LEON ALPHONSE RUPPERT |
FINANCIAL DIRECTOR |
|
ILDER CAMARGO DA SILVA |
DIRECTOR |
|
CHRISTOPHE FRANCOIS CAREL |
INDUSTRIAL DIRECTOR |
|
THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY. |
|
SHAREHOLDERS /
PARTNERS: |
|
|
|
|
|
APERAM HOLDCO. S.À.R.L. |
100% |
|
AFFILIATES / SUBSIDIARIES: |
|
|
|
|
|
ARCELORMITTAL INOX BRASIL LTDA |
100% |
|
ACESITA HOLDING BV |
100% |
|
ARCELORMITTAL BIOENERGIA LTDA |
34% |
|
ARCELORMITTAL INOX BRASIL TUBOS LTDA |
100% |
|
ACESITA INTERNATIONAL LTD |
100% |
|
ACESITA ARGENTINA S.A. |
100% |
|
ACESITA WAS FOUNDED ON OCTOBER 31, 1944, BY THREE ENGINEERS: AMYNTAS
JACQUES DE MORAES, PERCIVAL FARQHUAR AND ATHOS LEMOS RACHE. IN APRIL OF THE
SUBSEQUENT YEAR, THE COMPANY STARTED OPERATIONS, FOCUSING ITS PRODUCTION ON
SPECIAL STEELS TO MEET THE NEEDS OF THE DOMESTIC MARKET. THE CONSTRUCTION OF THE STEEL ROLLING MILL WAS FINANCED BY BANCO DO
BRASIL, AND THE LOCATION CHOSEN WAS THE CITY OF TIMÓTEO, ON THE BANKS OF
PIRACICABA RIVER. IN 1951, BANCO DO BRASIL CONVERTED ITS CREDIT INTO
SHAREHOLDER EQUITY TO BECOME ACESITA'S BIGGEST SHAREHOLDER, HOLDING 79% OF
THE CAPITAL STOCK. AT THE START OF OPERATIONS, THE COMPANY WAS CAPABLE OF PRODUCING
60,000 TONS PER YEAR OF SPECIAL STEELS. THE MILL'S POWER CAME FROM THE SÁ
CARVALHO HYDROELECTRIC PLANT AND FROM IRON ORE RESERVES. BEFORE REACHING ITS PRESENT CAPACITY OF 850,000 TONS OF STEEL PER
YEAR, THE MILL UNDERWENT THREE SIGNIFICANT PLANT EXPANSIONS. AFTER THE FIRST
TWO EXPANSIONS, IT STARTED TO PRODUCE CARBON AND MICRO-ALLOYED STEELS AND ALSO
SILICON STEELS (GRAIN ORIENTED - GO AND NON-ORIENTED GRAIN - GNO). AFTER THE
THIRD EXPANSION, IN 1977, THE MILL BEGAN PRODUCING STAINLESS STEELS. WITH
THIS THIRD EXPANSION, AND UPON BECOMING THE SOLE MANUFACTURER OF FLAT
STAINLESS STEELS IN SOUTH AMERICA, ACESITA STARTED BUILDING ITS CURRENT
CORPORATE HEADQUARTERS. OWNERSHIP REMAINED IN THE HANDS OF THE FEDERAL
GOVERNMENT UNTIL OCTOBER 1992, WHEN THE COMPANY WAS PRIVATIZED. THE 1990S WERE A RACE TO THE NEXT CENTURY. TWO YEARS AFTER THE
PRIVATIZATION AUCTION, AS ACESITA WAS CELEBRATING ITS FIFTIETH ANNIVERSARY,
THE COMPANY BEGAN A DARING INVESTMENT PLAN FOR THE TECHNOLOGICAL
MODERNIZATION OF ITS TIMÓTEO PLANT, INCLUDING THE EXPANSION OF ITS OUTPUT
CAPACITY OF COLD-ROLLED STAINLESS STEELS. WITH INVESTMENTS OF US$600 MILLION,
THE COMPANY CONCLUDED ITS FOURTH EXPANSION PLAN IN THE SECOND QUARTER OF
1998, INCREASING THE STAINLESS STEEL PRODUCTION LINE CAPACITY FROM 120,000
TONS PER YEAR, IN 1993, TO 290,000 TONS. WITH THESE INVESTMENTS, THE COMPANY
WAS PREPARED TO ENTER THE GLOBAL MARKET. THE FOLLOWING STEP WAS ACQUIRING A
STAKE IN CST (CIA. SIDERÚRGICA DE TUBARÃO). THE DEFINITIVE EMERGENCE INTO THE
TWENTY-FIRST CENTURY CAME WITH THE ENTRY OF USINOR INTO ACESITA'S CONTROL
GROUP, IN SEPTEMBER OF 1998. THE FRENCH GROUP USINOR, ONE OF THE WORLD'S LARGEST STEEL
MANUFACTURERS, WITH A SUBSTANTIAL PRESENCE IN THE SPECIAL STEELS MARKETS, WAS
CONSIDERED THE IDEAL PARTNER FOR ACESITA. THE AGREEMENT SIGNED BETWEEN THE
PENSION FUNDS, WHO WERE ACESITA'S CONTROLLERS AT THE TIME, AND USINOR OPENED
THE WAY FOR THE FRENCH GROUP TO ENTER ACESITA'S CONTROL BLOCK, THROUGH THE
INJECTION OF R$1.02 BILLION. AS A RESULT, THE COMPANY STRENGTHENED ITS
CAPITAL STRUCTURE, ACCELERATED ITS CORPORATE DEVELOPMENT AND CONSOLIDATED ITS
STRATEGIC POSITION AS THE SOLE PRODUCER OF SPECIAL STAINLESS AND SILICON
STEELS IN SOUTH AMERICA. ACESITA, WHICH IS HEADQUARTERED IN BELO HORIZONTE, THE CAPITAL OF
MINAS GERAIS STATE, HAS A STEEL MANUFACTURING PLANT IN TIMÓTEO, A COUNTY IN THE
REGION OF VALE DO AÇO (STEEL VALLEY) IN MINAS GERAIS. THE PLANT IS
STRATEGICALLY LOCATED 200 KILOMETERS FROM BELO HORIZONTE, 770 KILOMETERS FROM
SÃO PAULO, AND 550 KILOMETERS FROM RIO DE JANEIRO, AND IS CONNECTED BY
RAILWAY AND HIGHWAY TO THE MAIN CONSUMER CENTERS OF BRAZIL. THE ACESITA INDUSTRIAL PLANT IS LOCATED CLOSE TO THE AREA KNOWN AS THE
QUADRILATERAL IRON RESERVE, A REGION RICH IN IRON ORE, THE BASIC RAW MATERIAL
FOR THE PRODUCTION OF STEEL. THE PLANT IS SITUATED NEAR THE BR-381 AND BR-262
HIGHWAYS, WHICH CONNECT MINAS GERAIS TO THE STATES IN THE NORTHEAST AND SOUTH
OF BRAZIL, AS WELL AS THE RAILWAY THAT LINKS BELO HORIZONTE WITH THE PORT
CITY OF ESPIRITO SANTO. THIS STRATEGIC LOCATION WITHIN BRAZIL AND SOUTH AMERICA ALLOWS THE
COMPANY TO COMPETITIVELY DISTRIBUTE ITS PRODUCTS ACROSS THE COUNTRY AND TO
INTERNATIONAL MARKETS. ON APRIL 24, 2003, ACCORDING TO RELEVANT NOTE DIVULGED BY ACESITA S/A,
ON MARCH 2003, THE SUBJECT DIVESTED ITS DIRECT INVESTMENT IN THE COMPANY
COMPANHIA SIDERÚRGICA DE TUBARÃO, AS WELL AS THE SHARES IN CST HELD THROUGH
ITS SUBSIDIARY AÇOS PLANOS DO SUL S/A, SHARES WHICH WERE NOT RELATED TO THE
SHAREHOLDERS AGREEMENT OF CST, BY THE AMOUNT OF US$ 161,800,000.00. ON NOVEMBER 28, 2003 ACESITA S.A. TOOK OVER THE NET EQUITY RESULTED
FROM THE PARTIAL SPLIT OF ACESITA CENTROS DE SERVIÇOS. DURING 2003 ACESITA WAS AWARDED SEVERAL PRIZES AND PUBLIC
ACKNOWLEDGMENT, BEING HIGHLIGHTED BY THE MAGAZINE "GUIA EXAME DE BOA
CIDADANIA CORPORATIVA" - THE MOST RESPECTED SOCIAL RESPONSIBILITY BRAZILIAN
PUBLICATION - AS ONE OF THE 10 COMPANIES WITH MOST SOCIALLY CONCERNED OF THE
YEAR. IMPORTANT
REMARKS
ACCORDING TO THE SHAREHOLDERS' MEETING HELD ON NOVEMBER 29, 2007 THE
COMPANY ALTERED THE FORM NAME FROM ACESITA S/A TO ARCELORMITTAL INOX BRASIL
S/A. IN JUNE 30, 2008 THE COMPANY TOOK OVER ARCELOR AÇOS ESPECIAIS DO
BRASIL LTDA, CNPJ 07.174.842-09. THE COMPANY TOOK OVER ACESITA EMPREENDIMENTOS LTDA. ON JANUARY 25, 2011 THE ARCELORMITTAL GROUP APPROVED THE SPIN-OFF OF
ITS STAINLESS AND SPECIALTY STEEL BUSINESSES, FORMING A NEW COMPANY NAME
APERAM. AS A RESULT OF SUCH SPIN-OFF, IN BRAZIL, ON AUGUST 01, 2011 SUBJECT
CHANGED ITS NAME FROM ARCELORMITTAL INOX BRASIL S/A TO THE PRESENT REGISTERED
ONE. FURTHER DETAILS ABOUT THE SUBJECT'S HISTORY ARE SO FAR NOT KNOWN. |
PUBLIC
INFORMATION
|
|
PROTESTS: |
|
9 PROTESTS,TOTAL AMOUNT R$
23.382,10 |
|
DATE OF FIRST PROTEST:
JULY/2012 R$ 689,67 |
|
DATE OF HIGHEST PROTEST:
SEPTEMBER/2014 R$ 7.236,08 |
|
DETAILS OF LATEST PROTESTS: |
|
NOTARY OFFICE: |
DATE: |
VALUE: |
|
1º CARTÓRIO DE MG-TIMOTEO |
25/03/2015 |
R$ 1.300,00 |
|
3º CARTÓRIO DE MG-BELO HORIZONTE |
15/04/2015 |
R$ 4.019,40 |
|
1º CARTÓRIO DE MG-TIMOTEO |
05/08/2014 |
R$ 5.960,79 |
|
1º CARTÓRIO DE MG-BELO HORIZONTE |
23/02/2015 |
R$ 364,50 |
|
3º CARTÓRIO DE MG-BELO HORIZONTE |
17/09/2014 |
R$ 7.236,08 |
|
LAWSUITS: |
|
|
|
|
DATE: |
COURT OF LAW: |
|
4 |
FEDERAL LAWSUITS |
10/07/14 |
23ª VARA DE MG-BELO HORIZONTE |
|
1 |
STATE LAWSUIT |
20/11/13 |
VARA DE MG-IPATINGA |
|
(RESEARCH DATE: 15/05/2015) |
|
GENERAL BALANCE SHEETS AS OF 31/12/2014, 31/12/2013 AND 31/12/2012. |
|
( FIGURES ARE IN THOUSANDS OF REAIS ). |
ASSETS
|
|
|
|
|
CURRENT: |
31/12/2014 |
31/12/2013 |
31/12/2012 |
|
|
|
|
|
|
CASH AND BANKS |
79.867 |
259.077 |
127.533 |
|
CLIENTS |
245.370 |
236.917 |
376.153 |
|
INVENTORY |
575.768 |
560.179 |
496.657 |
|
RECOVERABLE TAXES |
76.948 |
47.808 |
38.704 |
|
OTHER |
65.034 |
67.630 |
54.047 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
1.042.987 |
1.171.611 |
1.093.094 |
|
LONG-TERM
RECEIVABLES: |
|
|
|
|
|
|
|
|
|
RECOVERABLE TAXES |
2.664 |
10.969 |
8.667 |
|
INTERCOMPANY CREDITS |
52.016 |
44.649 |
37.789 |
|
OTHER CREDITS |
13.155 |
14.357 |
23.252 |
|
ASSETS HELD FOR SALE |
86.953 |
166.464 |
162.743 |
|
DEFERRED TAXES |
79.992 |
143.808 |
165.376 |
|
COMPULSORY DEPOSITS |
88.201 |
83.925 |
92.906 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG-TERM RECEIVABLES |
322.981 |
464.172 |
490.733 |
|
FIXED ASSETS: |
|
|
|
|
|
|
|
|
|
INVESTMENTS |
484.944 |
494.620 |
484.849 |
|
FIXED ASSETS |
882.618 |
936.485 |
1.030.648 |
|
INTANGIBLE |
1.377.022 |
1.375.704 |
1.374.590 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL FIXED ASSETS |
2.744.584 |
2.806.809 |
2.890.087 |
|
|
================ |
================ |
================ |
|
TOTAL ASSETS |
4.110.552 |
4.442.592 |
4.473.914 |
LIABILITIES
|
|
|
|
|
CURRENT: |
31/12/2014 |
31/12/2013 |
31/12/2012 |
|
|
|
|
|
|
SUPPLIERS |
368.701 |
441.457 |
394.550 |
|
LABOR OBLIGATIONS |
68.431 |
62.056 |
58.807 |
|
TAXES & CONTRIBUTIONS |
26.131 |
20.127 |
21.223 |
|
LOANS AND FINANCING |
67.030 |
82.903 |
329.894 |
|
DIVIDENDS |
454 |
454 |
454 |
|
OTHER |
48.420 |
46.887 |
54.700 |
|
ADVANCE FROM CLIENTS |
13.301 |
|
|
|
DEBT WITH RELATED PARTIES |
14.047 |
|
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
606.515 |
653.884 |
859.628 |
|
LONG TERM
LIABILITIES: |
|
|
|
|
|
|
|
|
|
LOANS AND FINANCING |
1.358.366 |
1.588.219 |
1.514.916 |
|
INTERCOMPANY DEBTS |
5.289 |
4.664 |
4.069 |
|
PROVISION FOR CONTINGENCIES |
76.758 |
72.145 |
84.763 |
|
OTHER |
17.397 |
18.391 |
19.005 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
1.457.810 |
1.683.419 |
1.622.753 |
|
NET EQUITY: |
|
|
|
|
|
|
|
|
|
SHARE CAPITAL |
2.091.377 |
2.201.780 |
1.917.709 |
|
CAPITAL RESERVES |
9.228 |
9.228 |
9.228 |
|
PROFIT RESERVES |
42.728 |
42.728 |
42.728 |
|
OTHER COMPREHENSIVE INCOME |
55.530 |
35.763 |
33.237 |
|
ACCRUED PROFIT (LOSS) |
-152.636 |
-184.210 |
-11.369 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET EQUITY |
2.046.227 |
2.105.289 |
1.991.533 |
|
|
================ |
================ |
================ |
|
TOTAL LIABILITIES |
4.110.552 |
4.442.592 |
4.473.914 |
|
PROFIT AND LOSS ACCOUNTS AS OF 31/12/2014, 31/12/2013 AND 31/12/2012. |
|
( FIGURES ARE IN THOUSANDS OF REAIS ). |
|
|
31/12/2014 |
31/12/2013 |
31/12/2012 |
|
|
|
|
|
|
NET SALES |
3.210.701 |
2.676.796 |
2.514.011 |
|
(-) COST OF SOLD GOODS |
2.665.089 |
2.357.373 |
2.269.862 |
|
|
---------------- |
---------------- |
---------------- |
|
GROSS PROFIT |
545.612 |
319.423 |
244.149 |
|
OPERATING REVENUE (EXPENSE) |
-278.968 |
-241.490 |
-186.272 |
|
FINANCIAL REVENUE(EXPENSE) |
-192.155 |
-232.460 |
-122.520 |
|
|
---------------- |
---------------- |
---------------- |
|
OPERATIONAL PROFIT (LOSS) |
74.489 |
-154.527 |
-64.643 |
|
CONTRIBUTION/INCOME TAX |
-46.833 |
-22.428 |
5.278 |
|
|
---------------- |
---------------- |
---------------- |
|
NET PROFIT (LOSS) |
27.656 |
-176.955 |
-59.365 |
|
|
31/12/2014 |
31/12/2013 |
31/12/2012 |
|||
|
QUICK RATIO |
,77 |
|
,94 |
|
,69 |
|
|
CURRENT RATIO |
1,72 |
|
1,79 |
|
1,27 |
|
|
ACCOUNTS RECEIVABLE TURNOVER |
13,09 |
TIMES |
11,30 |
TIMES |
6,68 |
TIMES |
|
DAYS' SALES IN RECEIVABLES |
27,51 |
DAYS |
31,86 |
DAYS |
53,86 |
DAYS |
|
INVENTORY TURNOVER |
4,63 |
TIMES |
4,21 |
TIMES |
4,57 |
TIMES |
|
ACCOUNTS PAYABLE PERIOD |
49,80 |
DAYS |
67,42 |
DAYS |
62,58 |
DAYS |
|
RETURN ON ASSETS |
,78 |
TIMES |
,60 |
TIMES |
,56 |
TIMES |
|
SALES TURNOVER ON NET EQUITY |
1,57 |
TIMES |
1,27 |
TIMES |
1,26 |
TIMES |
|
NET WORTH TIE-UP |
,43 |
|
,44 |
|
,52 |
|
|
INDEBTEDNESS |
1,01 |
|
1,11 |
|
1,25 |
|
|
EQUITY RATIO |
49,78 |
% |
47,39 |
% |
44,51 |
% |
|
WORKING CAPITAL RATIO |
71,96 |
% |
79,18 |
% |
27,16 |
% |
|
GENERAL SOLVENCY |
1,99 |
|
1,90 |
|
1,80 |
|
|
RETURN ON NET EQUITY |
1,35 |
% |
-8,41 |
% |
-2,98 |
% |
|
RETURN ON SALES (PROFIT MARGIN) |
,86 |
% |
-6,61 |
% |
-2,36 |
% |
|
GROSS PROFIT MARGIN |
16,99 |
% |
11,93 |
% |
9,71 |
% |
|
OPERATIONAL RESULT |
2,32 |
% |
-5,77 |
% |
-2,57 |
% |
|
SALES TURNOVER ON LIABILITIES |
5,29 |
TIMES |
4,09 |
TIMES |
2,92 |
TIMES |
|
FOREIGN CURRENCY ON ASSETS |
|
|
|
|
|
|
|
FOREIGN CURRENCY ON LIABILITIES |
|
|
|
|
|
|
EXCHANGE
RATE
|
|
|
US$ 1,00 = R$ 2,98 |
- OFFICIAL RATE ON 15/05/2015 |
|
US$ 1,00 = R$ 2,65 |
- OFFICIAL RATE ON 31/12/2014 |
|
US$ 1,00 = R$ 2,34 |
- OFFICIAL RATE ON 31/12/2013 |
|
US$ 1,00 = R$ 2,04 |
- OFFICIAL RATE ON 31/12/2012 |
|
COMMENTS ON THE
FINANCIAL INFORMATION: |
|
FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS. THE FIGURES AVAILABLE SHOW A SATISFACTORY FINANCIAL STANDING. IT SHOWS
HIGH LEVEL OF INDEBTEDNESS AND MAINLY IS COMPRISED BY LONG TERM FINANCIAL
DEBTS BUT IT IS NOTED GOOD CURRENT RATIO AND POSITIVE WORKING CAPITAL. IT IS
NOTED HIGH GROWING SALES AND POSTED POSITIVE RESULTS. THE VARIATION THE "FINANCIAL REVENUE (EXPENSE) ACCOUNTS" CAN
BE ATTRIBUTED TO THE VARIATION IN THE CURRENCY. IT IS WORTH TO COMMENT THAT THE SUBJECT HAS A HUGE FINANCIAL POWER,
THEREFORE, IT IS NOT LIKELY TO FACE FINANCIAL PROBLEMS. |
REAL
ESTATE
|
OWNED PREMISES ARE VALUED AT R$
136.787.000,00
VEHICLES
|
OWNED VEHICLES ARE VALUED AT R$
11.996.000,00
MACHINES
|
OWNED MACHINES AND EQUIPMENTS
ARE VALUED AT R$ 709.046.000,00
INSURANCE
|
|
THE SUBJECT IS SAID TO HOLD INSURANCE POLICIES BUT DETAILS WERE NOT DISCLOSED. |
BANKING
REFERENCES
|
|
|
BRANCH/PHONE: |
CITY: |
|
BANCO DO BRASIL S/A |
1614-4 |
RIO DE JANEIRO/RJ |
|
BANCO ALFA DE INVESTIMENTOS |
AFONSO PENA1996 |
|
|
BANCO ITAÚ S/A |
0566 |
|
|
BANCO SAFRA S/A |
0023 |
|
|
BANCO BRADESCO S/A |
04626 |
|
|
BANCO REAL (SANTANDER) S/A |
0037 |
|
|
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"). DATE RESEARCHED MAY 15, 2015. |
ACTIVITIES
COMMENTS
|
|
SUBJECT IS ENGAGED IN THE STEEL AND IRON WORKS, WITH ITS CORE
ACTIVITIES BEING MANUFACTURE, MINING, SALE AND EXPORT OF STAINLESS FLAT
STEEL, ORIENTED AND NON-ORIENTED GRAIN FLAT STEEL, CARBON LINKED STEEL,
SPECIAL STEEL AND OTHER RELATED ACTIVITIES. |
|
IMPORT AND
EXPORT: |
IMPORTS FROM:
|
SWITZERLAND, CANADA AND CHINA. |
EXPORTS TO:
|
NORTH AMERICA, ASIA, EUROPE AND MERCOSUL. |
|
MAIN CLIENTS: |
|
|
|
|
|
|
|
DOMESTIC
CLIENTS: |
CITY: |
|
|
AMORIM S/A AÇO INOXIDÁVEL |
SÃO PAULO/SP |
|
|
DETASA S/A PERFILAM |
SÃO PAULO/SP |
|
|
FEITAL INT. REP. IMP. E EXP. LTDA |
SÃO B. CAMPO/SP |
|
|
INOX TUBOS |
SÃO PAULO/SP |
|
|
SIFCO |
JUNDIAÍ/SP |
|
|
TRAMONTINA IND. MET. |
FARROUPILHA/RS |
|
|
FOREIGN CLIENTS: |
COUNTRY: |
|
|
DUFERCO |
LUGANO/SWITZERLAND |
|
|
STAFF: |
|
|
|
THE COMPANY HAS: 3000 EMPLOYEE(S) |
CONCEPT
AND FULFILMENT
|
|
THE SUBJECT IS AN OLD AND WELL-ESTABLISHED COMPANY IN BUSINESS SINCE
1944. IT IS WELL-KNOWN AND IS ONE OF THE MOST IMPORTANT COMPANIES IN ITS LINE
OF BUSINESS IN BRAZIL. THE COMPANY HAS TRADE RELATIONS WITH SEVERAL SUPPLIERS IN BRAZIL. THE
SUPPLIERS EXTEND CREDIT FACILITIES TO THE SUBJECT IN HIGH AMOUNTS ACCORDING
TO ITS NEEDS. SO FAR NO PAYMENT PROBLEMS ARE REGISTERED AT ALL. AS MOST OF SUPPLIERS PROMPT PAYMENTS, THUS THE SUBJECT HAS GOOD
PAYMENT BEHAVIOR. THE LAWSUITS REPORTED ARE NOT RELATED WITH TRADE DEBTS. THEY ARE
RELATED TO TAX DEBTS THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID.
USUALLY THIS KIND OF SUITS DO NOT AFFECT THE COMPANY REPUTATION BUT IN THE
SUBJECT SPECIFIC CASE IT IS NOT POSSIBLE TO EVALUATE AS THERE ARE SEVERAL
SUITS REGISTERED AND NO DETAILS REGARDING THE AMOUNTS INVOLVED ARE AVAILABLE
FOR PUBLIC INSPECTION. THE PROTESTS FOUND ARE NOT RELEVANT. |
MAIN
SUPPLIERS
|
|
|
|
|
|
|
|
DOMESTIC
SUPPLIERS: |
CITY: |
|
|
AÇOMINAS |
OURO BRANCO/MG |
|
|
ANGLO AMERICAN BRASIL LTDA |
|
|
|
CIA. NÍQUEL TOCANTINS |
|
|
|
CODEMIN |
SÃO PAULO/SP |
|
|
FERBASA |
|
|
|
FERBASA |
POJUCA/BA |
|
|
MAGNESITA S/A |
CONTAGEM/MG |
|
|
MINAS LIGAS |
|
|
|
SUPERGASBRAS |
|
|
|
VALE S/A |
RIO DE JANEIRO/RJ |
|
|
FOREIGN
SUPPLIERS: |
COUNTRY: |
|
|
GLENCORE |
ZURICH/SWITZERLAND |
|
|
GLENCORE |
HONG KONG / PRC |
|
|
NOBLE/IFS |
N/A |
|
PAYMENT
HISTORY
|
|
22 SUPPLIERS REPORTED PAYMENTS: |
|
TOTAL AMOUNT: R$ 1.676.494,00 |
|
|
|
AMOUNT OF INVOICES PAID: 864 |
|
TOTAL OF PROMPT PAYMENTS: 88,6% |
|
TOTAL OF DELAYED PAYMENTS: 11,4% |
|
|
|
HIGHEST INVOICE: R$ 49.740,00 |
|
|
|
OUTSTANDING INVOICES
DUE WITHIN THE NEXT 30 DAYS: |
|
--------------------------- |
SUPPLIERS: |
INVOICES: |
TOTAL AMOUNT: |
|
DUE WITHIN 30 DAYS |
1 |
28 |
R$ 28.327,32 |
FINAL
OPINION
|
|
THE SUBJECT IS A TRADITIONAL AND WELL-ESTABLISHED COMPANY. IT IS IN ACTIVITIES
SINCE 1944 AND IS A LEADING COMPANY IN ITS LINE OF BUSINESS. IT HAS A HIGH
SCALE OF OPERATIONS AND A HUGE FINANCIAL POWER. BASED ON THE OVERALL INFORMATION AVAILABLE IT IS BELIEVED THAT GOOD
TRADE RELATIONS MAY BE ESTABLISHED. CREDIT FACILITIES MAY BE EXTENDED IN HIGH
AMOUNTS ADEQUATE TO THE COMPANY'S LARGE SIZE AND HUGE FINANCIAL STRENGTH. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.99.67 |
|
Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.