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Report No. : |
350747 |
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Report Date : |
25.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAGNITOS - MAGNAGO GRANITOS LTDA |
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|
|
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Registered Office : |
Rodovia Gumercindo Moura Nunes, S/Nº,0 Fazenda Cachoeira Alegre - Bairro Soturno, 29300-970 - Cachoeiro De Itapemirim/Es |
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Country : |
Brazil |
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Date of Incorporation : |
21.10.2003 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
The subject is engaged in cutting, shaping and finishing of stones |
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No. of Employee : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Brazil |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. GDP growth has slowed since 2011, due to several factors, including: overdependence on exports of raw commodities, low productivity, high operational costs, persistently high inflation, and low levels of investment. After reaching historic lows of 4.5% in early 2014, the unemployment rate remains low, but is rising. Brazil's traditionally high level of income inequality has declined for each of the last 15 years.
Brazil’s fiscal and current account balances have eroded during the past four years as the government attempted to boost economic growth through targeted tax cuts for industry and incentives to spur household consumption. After winning reelection in October 2014 by a historically narrow margin, President Dilma ROUSSEFF appointed a new economic team led by Finance Minister Joaquim LEVY, who introduced a fiscal austerity package intended to restore the primary account surplus to 1.2% of GDP and preserve the country's investment-grade sovereign credit rating.
Brazil seeks to strengthen its workforce and its economy over the long run by imposing local content and technology transfer requirements on foreign businesses, by investing in education through social programs such as Bolsa Familia and the Brazil Science Mobility Program, and by investing in research in the areas of space, nanotechnology, healthcare, and energy.
|
Source
: CIA |
MAGNITOS
- MAGNAGO GRANITOS LTDA
ADDRESSES
|
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MAIN ADDRESS: |
RODOVIA GUMERCINDO MOURA NUNES, S/Nº,0 FAZENDA CACHOEIRA ALEGRE -
BAIRRO SOTURNO |
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ZIP CODE/CITY: |
29300-970 - CACHOEIRO DE ITAPEMIRIM/ES |
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PHONE: |
28 2101-8300 |
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FAX: |
28 2101-8300 |
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E-MAIL: |
financeiro@magnitos.com.br |
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BRANCHES: |
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ADDRESS: |
CORREGOS PAULISTINHA, S/Nº,0 - VILA PAULISTA |
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ZIP CODE/CITY: |
29815-000 BARRA DE SÃO FRANCISCO/ES |
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CNPJ: |
06.025.749/0002-50 |
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ADDRESS: |
FAZENDA MORRO BRANCO, S/Nº,0 - ZONA RURAL |
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ZIP CODE/CITY: |
46190-000 PARAMIRIM/BA |
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ADDRESS: |
FAZENDA PERSEVERANÇA, S/Nº,0 - CÓRREGO DO FERRUGEM |
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ZIP CODE/CITY: |
45970-000 ITANHÉM/BA |
LEGAL
DATA
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MAIN ACTIVITIES: |
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CUTTING, SHAPING AND FINISHING OF STONES. |
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LEGAL FORM: |
LIMITED
LIABILITY COMPANY |
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INCORPORATION DATE: |
21/10/2003 |
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REGISTER DATE: |
21/10/2003 |
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BALANCE SHEET FILING DATE: |
31/12 |
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TAX CONTRIBUTOR NUMBER(CNPJ): |
06.025.749/0001-70 |
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STATE REGISTER: |
082.265.45-3 |
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SHARE CAPITAL: |
R$ 250.000,00 |
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BOARD OF
DIRECTORS: |
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EDVALDO MAGNAGO |
MANAGING PARTNER |
|
ALEXANDRE ANDRIÃO MAGNAGO |
MANAGING PARTNER |
AUTHORIZED
USE OF SIGNATURE
|
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THE MANAGING PARTNERS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY. |
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SHAREHOLDERS /
PARTNERS: |
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EDIVALDO MAGNAGO |
80% |
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ALEXANDRE ANDRIÃO MAGNAGO |
20% |
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AFFILIATES /
SUBSIDIARIES: |
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A SCAN THROUGH
OUTSIDE SOURCES SHOWED THE SUBJECT AND/OR DIRECTORS HAS/HAVE THE FOLLOWING
UNCONFIRMED HOLDINGS: |
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MINERAÇÃO CEDROS LTDA |
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GRANGOLD GRANITOS LTDA |
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PLANALTO URBANO SPE LTDA |
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EMIBRA MINERAÇÃO LTDA |
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MINERAÇÃO MAGNAGO LTDA |
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MINERAÇÃO SERTÃO LTDA |
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MINERAÇÃO RECÔNCAVO LTDA |
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MINERAÇÃO CASTELO LTDA |
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MINERAÇÃO MIL STONE LTDA |
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COMPANY'S
BACKGROUND
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THE SUBJECT WAS ESTABLISHED ON OCTOBER 21, 2003 TO BE ENGAGED IN THE
SAID LINE OF BUSINESS. THE COMPANY OPERATES WITH THE TRADE NAME, MAGNITOS. THE PARTNERS: EDVALDO MAGNAGO: BRAZILIAN, MARRIED, ENTREPRENEUR, HOLDER OF
DOCUMENTS, RG 748.362 SSP/ES AND CPF 903.926.397-34, RESIDENTIAL ADDRESS AT
DR. DEOLINDO, 209 BAIMINAS - CACHOEIRO DE ITAPEMIRIM/ES; ALEXANDRE ANDRIÃO MAGNAGO: BRAZILIAN, MARRIED, ENTREPRENEUR, HOLDER OF
DOCUMENTS, RG 1.057.276 SSP/ES AND CPF 009.801.997-00, RESIDENTIAL ADDRESS AT
JOSÉ ALVES DA SILVA, BAIRRO ALTO MONTE CRISTO - CACHOEIRO DE ITAPEMIRIM/ES. FURTHER DETAILS ARE SO FAR NOT KNOWN. REMARKS: -------- WHEN CONTACTING THE SUBJECT WE INTERVIEWED MISS. VALDIANA, FINANCIAL
DEPARTMENT, WHO INFORMED THAT WOULD NOT DISCLOSE ANY KIND OF INFORMATION
UNLESS THE INQUIRING PARTY'S NAME WAS DISCLOSED. IF IT IS POSSIBLE TO DISCLOSE THE NAME OF THE INTERESTED SUPPLIER OF THE
SUBJECT, WE MAY RESUME OUR CONTACTS AND TRY TO OBTAIN FURTHER INFORMATION. THE DATA CONTAINED HEREIN WERE OBTAINED FROM OUTSIDE SOURCES, OUR
DATABASE AND OFFICIAL. NO FURTHER DATA WAS AVAILABLE WITH SEVERAL SOURCES
USUALLY INVESTIGATED. |
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PUBLIC INFORMATION: |
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LAWSUITS: |
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DATE: |
COURT OF LAW: |
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1 |
EXECUTIVE LAWSUIT |
20/12/10 |
4ª VARA DE ES-CACHOEIRO DE ITAPEMIRIM |
FINANCIAL
INFORMATION
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DUE TO THE SUBJECT'S LEGAL FORM, IT IS NOT OBLIGED TO PUBLISH THE BALANCE
SHEET INFORMATION. WHEN INTERVIEWING SOURCES AT THE SUBJECT COMPANY DECLINED
TO PROVIDE ANY KIND OF FINANCIAL INFORMATION. OUR INVESTIGATION THROUGH THE OUTSIDE SOURCES SHOWED NO FINANCIAL DATA
ABOUT THE SUBJECT. |
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EXCHANGE RATE: |
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US$ 1,00 = R$ 3,70 |
- OFFICIAL RATE ON 20/11/2015 |
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COMMENTS ON THE
FINANCIAL INFORMATION: |
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IN THE ABSENCE OF FINANCIAL INFORMATION NO COMMENTS CAN BE MADE ABOUT
THE SUBJECT'S CURRENT FINANCIAL STANDING. |
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REAL ESTATE: |
NOT AVAILABLE
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VEHICLES: |
NOT AVAILABLE
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MACHINES: |
NOT AVAILABLE
INSURANCE
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NOT AVAILABLE |
BANKING
REFERENCES
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BRANCH/PHONE: |
CITY: |
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BANCO BANESTES S/A |
AG: 010 / 28 3521-3979 |
CACHOEIRO DO ITAPEMIRIM/ES |
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BANCO BRADESCO S/A |
AG: 0553-3 / 28 3521-0211 |
CACHOEIRO DO ITAPEMIRIM/ES |
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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 |
ACTIVITIES
COMMENTS
|
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THE SUBJECT IS ENGAGED IN CUTTING, SHAPING
AND FINISHING OF STONES. |
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IMPORT AND
EXPORT: |
IMPORTS FROM:
|
ITALY. |
EXPORTS TO:
|
UNITED STATES. |
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MAIN CLIENTS: |
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DOMESTIC
CLIENTS: |
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PHONE: |
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GRANITO ZUCCHI |
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27 3252-3345 |
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PEMAGRAN |
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28 2101-8000 |
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STAFF: |
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NOT AVAILABLE |
CONCEPT
AND FULFILMENT
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THE SUBJECT IS A WELL-ESTABLISHED COMPANY, OPERATING SINCE 2003. SO
FAR IT HAS A CLEAR TRADE HISTORY AND MODEST PAYMENT BEHAVIOUR. THE COMPANY HAS TRADE RELATIONS WITH SOME LOCAL SUPPLIERS BUT UP TO DATE
ONLY SMALL PAYMENTS WERE REPORTED AND THE SUBJECT IS NOT SAID TO BE USER OF
TRADE CREDIT FACILITIES. THE LAWSUIT REPORTED IS NOT RELATED WITH TRADE DEBT. IT IS RELATED TO
TAX DEBT THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID. NEVERTHELESS WE
POINT OUT THAT THE SAID LAWSUIT DOES NOT AFFECT THE COMPANY'S TRADE
REPUTATION. |
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MAIN SUPPLIERS: |
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DOMESTIC
SUPPLIERS: |
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PHONE: |
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GRANASA MINAS IND. E COMÉRCIO LTDA |
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3521-1665 |
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INAMAQ IND. NACIONAL DE MAQUINAS LTDA |
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28 3511-2146 |
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METISA S/A |
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MINERAÇÃO CEDROS |
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27 3735-5115 |
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SFERA ROLAMENTOS |
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28 3155-5811 |
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TRACBEL |
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PAYMENT HISTORY: |
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1 SUPPLIER REPORTED PAYMENTS: |
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TOTAL AMOUNT: R$ 6.555,00 |
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AMOUNT OF INVOICES PAID: 16 |
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TOTAL OF PROMPT PAYMENTS: 100% |
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HIGHEST INVOICE: R$ 770,05 |
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HIGHEST CREDIT: R$ 770,00 |
FINAL
OPINION
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BASED ON THE OVERALL DATA AVAILABLE THE SUBJECT MAY BE CONSIDERED FOR NORMAL
BUSINESS COMMITMENTS. CREDIT FACILITIES, HOWEVER, SHOULD BE GRANTED ON FULLY
SECURED TERMS ONLY DUE TO THE ABSENCE OF FINANCIAL DATA. |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with some
medium and large diamond traders which are usually engaged in fictitious import
– export, inter-company transactions, financially assisted by banks. In the
process, several public sector banks lost several hundred million rupees. They
mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
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Gem & Jewellery Export Promotion Council in its statistical
data has shown the export of polished diamonds to have increase by 28 % in
February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
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The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
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|
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|
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.