|
Report No. : |
346235 |
|
Report Date : |
30.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
CP KELCO BRASIL S A |
|
|
|
|
Registered Office : |
Avenida Araras, 799 - Vila Glória , 13485-130 - Limeira/Sp |
|
|
|
|
Country : |
Brazil |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
15.01.1985 |
|
|
|
|
Legal Form : |
Privately Held Corporation |
|
|
|
|
Line of Business : |
Manufacture and Trade of Orange Extract - Pectin. |
|
|
|
|
No. of Employees : |
177 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 |
|
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.
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. 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. 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 |
CP KELCO BRASIL S A
ADDRESSES:
|
|
MAIN ADDRESS: |
Avenida Araras, 799 - Vila Glória |
|
ZIP CODE/CITY: |
13485-130 - Limeira/Sp |
|
|
|
|
PHONE: |
19 3404-4627 |
|
FAX: |
19 3451-1948 |
|
E-MAIL: |
joao.soares@cpkelco.com |
|
WEB SITE: |
www.cpkelco.com |
|
BRANCHES: |
|
|
|
|
|
ADDRESS: |
RUA TEIXEIRA MARQUES, 845 CHÁCARA SĂO JOSÉ - CAIXA POSTAL: 21 |
|
ZIP CODE/CITY: |
13485-13 LIMEIRA/SP |
|
PHONE: |
19 3404-4600 |
|
FAX: |
19 3404-4639 |
|
CNPJ: |
54.105.671/0006-50 |
|
STATE REGISTER: |
417.155.274.115 |
LEGAL
DATA:
|
|
MAIN ACTIVITIES: |
|
MANUFACTURE AND TRADE OF ORANGE EXTRACT - PECTIN. |
|
LEGAL FORM: |
PRIVATELY HELD CORPORATION |
|
|
|
|
INCORPORATION DATE: |
15/01/1985 |
|
REGISTER DATE: |
15/01/1985 |
|
BALANCE SHEET FILING DATE: |
31/12 |
|
TAX CONTRIBUTOR NUMBER(CNPJ): |
54.105.671/0001-46 |
|
STATE REGISTER: |
417.060.654.115 |
|
|
|
|
SHARE CAPITAL: |
R$ 6.139.086,00 |
|
BOARD OF DIRECTORS: |
|
|
|
|
|
LUIZ AURÉLIO FERREIRA AZZOLINO |
SUPERVISING DIRECTOR |
|
ANTONIO LEOPOLDO SICOLIN |
FINANCIAL DIRECTOR |
|
JULIO CESAR DE FRANCISCHI |
INDUSTRIAL DIRECTOR |
AUTHORIZED
USE OF SIGNATURE:
|
|
THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY. |
|
SHAREHOLDERS / PARTNERS: |
|
|
|
|
|
CP KELCO APS (DENMARK) |
99,99% |
|
CP KELCO SERVICES APS |
00,01% |
|
AFFILIATES / SUBSIDIARIES: |
|
|
|
|
|
NOT AVAILABLE |
|
COMPANY'S
BACKGROUND:
|
|
THE SUBJECT WAS ESTABLISHED ON JANUARY 15, 1985 TO BE ENGAGED IN THE SAID
LINE OF BUSINESS AND UP TO DATE IT IS STILL OPERATING WITHIN THE GENERAL
SCENE REPORTED HEREIN. TRADE NAME: "CP KELCO". PREVIOUS NAMES: HERCULES LIMEIRA S.A CITRUS COLLOIS S.A. BRASPECTINA S.A. DIRECTORS: LUIZ AURÉLIO FERREIRA AZZOLINO: BRAZILIAN, MARRIED, CHEMICAL ENGINNER,
HOLDER OF DOCUMENTS RG 7.513.148 SSP/SP AND CPF 046.665.758-71, RESIDENTIAL
ADDRESS AT RUA RAFAEL WILSON PACCE, 115, JARDIM COLONIAL, SĂO PAULO/SP; JULIO CESAR DE FRANCISCHI: BRAZILIAN, MARRIED, CHEMICAL ENGINNER, HOLDER
OF DOCUMENTS RG 11.505.746 SSP/SP AND CPF 049.016.178-26, RESIDENTIAL ADDRESS
AT VIA TOSCANA, 324, VILA SAN MARINO, LIMEIRA/SP; ANTONIO LEOPOLDO SICOLIN: BRAZILIAN, MARRIED, ACCOUNTANT, HOLDER OF
DOCUMENTS RG 6.426.560 SSP/SP AND CPF 539.868.148-68, RESIDENTIAL ADDRESS AT
RUA MARIO PIZANI, 161, CHÁCARA SĂO JOSÉ, ZIP CODE 13485-134, LIMEIRA/SP. FURTHER DETAILS ARE SO FAR NOT KNOWN. REMARKS: -------- WHEN CONTACTING THE SUBJECT WE INTERVIEWED MR. JOĂO SOARES, ACCOUNTING
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. |
|
PUBLIC INFORMATION: |
|
PROTESTS: |
|
01 PROTEST, AMOUNT R$ 160,00 |
|
DETAILS OF PROTEST: |
|
NOTARY OFFICE: |
DATE: |
VALUE: |
|
11ş CARTÓRIO DE SP-LIMEIRA |
23/12/2013 |
R$ 160,00 |
|
LAWSUITS: |
|
|
|
|
DATE: |
COURT OF LAW: |
|
1 |
FEDERAL EXECUTIVE |
18/11/13 |
1Ş VARA DE LIMEIRA/SP |
FINANCIAL
INFORMATION:
|
|
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 |
10.987 |
19.235 |
7.036 |
|
INTERCOMPANY CREDITS |
18.696 |
17.827 |
10.862 |
|
CLIENTS |
25.432 |
19.831 |
19.135 |
|
INVENTORY |
31.221 |
40.463 |
44.655 |
|
RECOVERABLE TAXES |
34.042 |
21.561 |
16.739 |
|
OTHER CREDITS |
693 |
462 |
1.015 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
121.071 |
119.379 |
99.442 |
|
LONG-TERM RECEIVABLES: |
|
|
|
|
|
|
|
|
|
DEFERRED TAXES |
10.295 |
5.284 |
7.809 |
|
RECOVERABLE TAXES |
5.080 |
15.682 |
21.084 |
|
OTHER CREDITS |
5.676 |
2.288 |
4.814 |
|
ADVANCE TO SUPPLIERS |
22.411 |
6.577 |
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG-TERM RECEIVABLES |
43.462 |
29.831 |
33.707 |
|
FIXED ASSETS: |
|
|
|
|
|
|
|
|
|
FIXED ASSETS |
93.191 |
46.453 |
43.855 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL FIXED ASSETS |
93.191 |
46.453 |
43.855 |
|
|
================ |
================ |
================ |
|
TOTAL ASSETS |
257.724 |
195.663 |
177.004 |
|
LIABILITIES: |
|
|
|
|
CURRENT: |
31/12/2014 |
31/12/2013 |
31/12/2012 |
|
|
|
|
|
|
SUPPLIERS |
11.920 |
7.064 |
7.087 |
|
INTERCOMPANY DEBTS |
17.335 |
6.267 |
3.575 |
|
TAX LIABILITIES |
723 |
406 |
340 |
|
LABOR OBLIGATIONS |
2.866 |
2.455 |
2.375 |
|
PROVISIONS |
12.467 |
6.116 |
4.818 |
|
ACCOUNTS PAYABLE |
9 |
8 |
3.499 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
45.320 |
22.316 |
21.694 |
|
LONG TERM LIABILITIES: |
|
|
|
|
|
|
|
|
|
DEFERRED TAXES |
-3.298 |
2.786 |
8.353 |
|
DEBT WITH RELATED COMPANIES |
228.713 |
150.752 |
128.243 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
225.415 |
153.538 |
136.596 |
|
NET EQUITY: |
|
|
|
|
|
|
|
|
|
SHARE CAPITAL |
6.139 |
6.139 |
6.139 |
|
CAPITAL RESERVES |
1.249 |
1.249 |
1.249 |
|
REVALUATION RESERVES |
374 |
401 |
427 |
|
LEGAL RESERVES |
1.227 |
1.228 |
1.228 |
|
ACCRUED PROFIT (LOSS) |
-17.416 |
10.792 |
9.671 |
|
OTHER |
-4.584 |
|
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET EQUITY |
-13.011 |
19.809 |
18.714 |
|
|
================ |
================ |
================ |
|
TOTAL LIABILITIES |
257.724 |
195.663 |
177.004 |
|
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 |
|
|
|
|
|
|
GROSS SALES |
170.395 |
158.046 |
128.070 |
|
(-) TAXES ON SALES |
11.732 |
12.258 |
12.284 |
|
|
---------------- |
---------------- |
---------------- |
|
NET SALES |
158.663 |
145.788 |
115.786 |
|
(-) COST OF SOLD GOODS |
114.039 |
100.769 |
78.623 |
|
|
---------------- |
---------------- |
---------------- |
|
GROSS PROFIT |
44.624 |
45.019 |
37.163 |
|
OPERATING REVENUE (EXPENSE) |
-62.139 |
-22.941 |
-15.769 |
|
FINANCIAL REVENUE(EXPENSE) |
-21.816 |
-18.251 |
-12.638 |
|
|
---------------- |
---------------- |
---------------- |
|
OPERATIONAL PROFIT (LOSS) |
-39.331 |
3.827 |
8.756 |
|
CONTRIBUTION/INCOME TAX |
11.095 |
-2.732 |
-3.202 |
|
|
---------------- |
---------------- |
---------------- |
|
NET PROFIT (LOSS) |
-28.236 |
1.095 |
5.554 |
|
RATIOS: |
31/12/2014 |
31/12/2013 |
31/12/2012 |
|
QUICK RATIO |
1,98 |
|
3,54 |
|
2,53 |
|
|
CURRENT RATIO |
2,67 |
|
5,35 |
|
4,58 |
|
|
ACCOUNTS RECEIVABLE TURNOVER |
6,24 |
TIMES |
7,35 |
TIMES |
6,05 |
TIMES |
|
DAYS' SALES IN RECEIVABLES |
57,70 |
DAYS |
48,97 |
DAYS |
59,49 |
DAYS |
|
INVENTORY TURNOVER |
3,65 |
TIMES |
2,49 |
TIMES |
1,76 |
TIMES |
|
ACCOUNTS PAYABLE PERIOD |
37,63 |
DAYS |
25,24 |
DAYS |
32,45 |
DAYS |
|
RETURN ON ASSETS |
,62 |
TIMES |
,75 |
TIMES |
,65 |
TIMES |
|
SALES TURNOVER ON NET EQUITY |
-12,19 |
TIMES |
7,36 |
TIMES |
6,19 |
TIMES |
|
NET WORTH TIE-UP |
-7,16 |
|
2,35 |
|
2,34 |
|
|
INDEBTEDNESS |
-20,81 |
|
8,88 |
|
8,46 |
|
|
EQUITY RATIO |
-5,05 |
% |
10,12 |
% |
10,57 |
% |
|
WORKING CAPITAL RATIO |
167,15 |
% |
434,95 |
% |
358,38 |
% |
|
GENERAL SOLVENCY |
,95 |
|
1,11 |
|
1,12 |
|
|
RETURN ON NET EQUITY |
217,02 |
% |
5,53 |
% |
29,68 |
% |
|
RETURN ON SALES (PROFIT MARGIN) |
-17,80 |
% |
,75 |
% |
4,80 |
% |
|
GROSS PROFIT MARGIN |
28,13 |
% |
30,88 |
% |
32,10 |
% |
|
OPERATIONAL RESULT |
-24,79 |
% |
2,63 |
% |
7,56 |
% |
|
SALES TURNOVER ON LIABILITIES |
3,50 |
TIMES |
6,53 |
TIMES |
5,34 |
TIMES |
|
FOREIGN CURRENCY ON ASSETS |
|
|
|
|
|
|
|
FOREIGN CURRENCY ON LIABILITIES |
|
|
|
|
|
|
|
EXCHANGE RATE: |
|
|
US$ 1,00 = R$ 3,85 |
- OFFICIAL RATE ON 26/10/2015 |
|
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 AN UNBALANCED FINANCIAL STANDING. THE LEVEL
OF INDEBTEDNESS IS VERY HIGH (WITH NEGATIVE NET EQUITY) BUT IT SATILL HAS
HIGH LIQUIDITY RATIOS AND POSITIVE WORKING CAPITAL, CONSIDERED ENOUGH TO
COVER THE SHORT TERM LIABILITIES. IT SHOWS GROWING SALES BUT THE HIGH
OPERATING AND FINANCIAL EXPENSES DROVE THE COMPANY TO MAKE CONSIDERABLE LOSS. |
|
REAL ESTATE: |
OWNED PREMISES ARE VALUED AT R$
7.183.531,53
|
VEHICLES: |
OWNED VEHICLES ARE VALUED AT R$
522.671,32
|
MACHINES: |
OWNED MACHINES AND EQUIPMENTS
ARE VALUED AT R$ 78.004.578,04
INSURANCE:
|
|
NOT AVAILABLE |
BANKING
REFERENCES:
|
|
NOT AVAILABLE |
|
|
|
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"). |
ACTIVITIES
COMMENTS:
|
|
MANUFACTURE AND TRADE OF ORANGE EXTRACT - PECTIN. |
|
IMPORT AND EXPORT: |
IMPORTS FROM:
|
CHINA AND UNITED STATES |
EXPORTS TO:
|
NOT AVAILABLE |
|
MAIN CLIENTS: |
|
|
|
|
|
|
|
DOMESTIC CLIENTS: |
|
|
|
NOT AVAILABLE |
|
|
|
STAFF: |
|
|
|
THE COMPANY HAS: 177 EMPLOYEE(S) |
CONCEPT
AND FULFILMENT:
|
|
THE SUBJECT IS A WELL-ESTABLISHED COMPANY, OPERATING SINCE 1985. SO FAR
IT HAS A CLEAR TRADE HISTORY AND NORMAL PAYMENT BEHAVIOR. BOTH THE COMPANY
AND THE PRINCIPALS ENJOY A FAVORABLE REPUTATION AMONG LOCAL TRADE SOURCES. THE COMPANY HAS TRADE RELATIONS WITH SOME 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. 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. THE PROTEST FOUND IS CONSIDERED IRRELEVANT. |
|
MAIN SUPPLIERS: |
|
|
|
|
|
|
|
DOMESTIC SUPPLIERS: |
|
|
|
SUCOS KIKI LTDA |
|
|
|
FOREIGN SUPPLIERS: |
COUNTRY: |
|
|
CP KELCO OY |
CHINA |
|
|
CP KELCO USA, INC. |
USA |
|
|
PAYMENT HISTORY: |
|
16 SUPPLIERS REPORTED PAYMENTS: |
|
TOTAL AMOUNT: R$ 1.072.827,00 |
|
|
|
AMOUNT OF INVOICES PAID: 65 |
|
TOTAL OF PROMPT PAYMENTS: 100% |
|
HIGHEST INVOICE: R$ 189.950,00 |
|
HIGHEST CREDIT: R$ 189.950,00 |
FINAL
OPINION:
|
|
THE SUBJECT IS A WELL-ESTABLISHED COMPANY IN BUSINESS FOR SEVERAL
YEARS. DESPITE THE UNBALANCED FINANCIAL STANDING IT STILL HAS CLEAR TRADE
HISTORY AND GOOD PAYMENT BEHAVIOR. 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 IRREGULAR FINANIAL STANDING SHOWN. IT WOULD BE RECOMMENDED REQUIRING COLLATERAL FROM THE SHAREHOLDERS. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.15 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.71.25 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.