MIRA INFORM REPORT

Report No. :	483955
Report Date :	12.01.2018

IDENTIFICATION DETAILS

Name :	DYSTAR INDÚSTRIA E COMÉRCIO DE PRODUTOS QUÍMICOS LTDA
Registered Office :	Rua Geraldo Flausino Gomes,78 4º andar, Conjuntos 41 E 42 - Cidade Monções, 04575-060 - São Paulo/SP
Country :	Brazil
Date of Incorporation :	21.12.1976
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of chemicals
No. of Employees :	71

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Brazil	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BRAZIL - ECONOMIC OVERVIEW

Brazil is the eighth-largest economy in the world, but is recovering from a recession in 2015 and 2016 that ranks as the worst in the country’s history. Falling commodity prices reduced export revenues and investment, which weakened the Brazilian real and cut tax revenues. The weaker real made existing public debt, which was largely denominated in foreign currency, more expensive. Lower tax revenues strained the government budget.

Economic reforms proposed in 2016 aim to slow the growth of government spending and reduce barriers to foreign investment. Government spending growth helped to push public debt to 70% of GDP at the end of 2016 up from 50% in 2012. Policies to strengthen Brazil’s workforce and industrial sector, such as local content requirements, may have boosted employment at the expense of investment.

Former President Dilma ROUSSEFF was impeached and convicted in August 2016 for moving funds among government budgets; the economy has also been affected by multiple corruption scandals involving private companies and government officials. Sanctions against the firms involved — some of the largest in Brazil — has limited their business opportunities, producing a ripple effect on associated businesses and contractors. In addition, investment in these companies has declined because of the scandals.

Brazil is a member of the Common Market of the South (Mercosur), a trade bloc including Argentina, Paraguay, Uruguay, and Venezuela. After the Asian and Russian financial crises, Mercosur adopted a protectionist stance to guard against exposure to the volatility of foreign markets. Brazil and its Mercosur partners have pledged to open the bloc to more trade and investment, but changes require approval of all five members, which makes policy adjustments too difficult to enact.

Source : CIA

Company name

DYSTAR INDÚSTRIA E COMÉRCIO DE PRODUTOS QUÍMICOS LTDA

ADDRESSES

MAIN ADDRESS:	RUA GERALDO FLAUSINO GOMES,78 4º ANDAR, CONJUNTOS 41 E 42 - CIDADE MONÇÕES
ZIP CODE/CITY:	04575-060 - SÃO PAULO/SP
PHONE:	11 5508-3483
E-MAIL:	pires.antonio@dystar.com
WEB SITE:	www.dystar.com

CORRECT ADDRESS:

THE INFORMED ADDRESS REFERS TO ITS BRANCH.

BRANCHES:
ADDRESS:	AVENIDA TAMBORÉ,1400 1440, MÓDULO Q, QUADRAS A, B, C, D, E, F - CENTRO DE ARMAZENS E DISTRIBUIÇÃO
ZIP CODE/CITY:	06460-000 BARUERI/SP
ADDRESS:	RUA ANGELO DIAS,220 CONJUNTO 301 - CENTRO
ZIP CODE/CITY:	89010-020 BLUMENAU/SC
CNPJ:	48.648.869/0008-40
ADDRESS:	RUA ALFERES BONILHA,599
ZIP CODE/CITY:	09721-230 SÃO BERNARDO DO CAMPO/SP
ADDRESS:	RODOVIA BR 470, S/Nº, KM 96,,7 - RIBEIRÃO SÃO LUIZ
ZIP CODE/CITY:	89135-000 APIUNA/SC
PHONE:	47 3353-9912
CNPJ:	48.648.869/0009-20
ADDRESS:	RUA CARLOS KRUMMENAUER,135 A - RINCAO DO CASCALHO
ZIP CODE/CITY:	93180-000 PORTÃO/RS
ADDRESS:	ESTRADA MUNICIPAL,115 SALA B - JARDIM SANTO AFONSO
ZIP CODE/CITY:	07215-040 GUARULHOS/SP
CNPJ:	48.648.869/0005-05
ADDRESS:	RODOVIA BR 470 KM 96,7 - RIBEIRAO SAO LUIZ
ZIP CODE/CITY:	89135-000 APIUNA/SC
CNPJ:	48.648.869/0009-20

LEGAL DATA

MAIN ACTIVITIES:

MANUFACTURE OF CHEMICALS.

LEGAL FORM:	LIMITED LIABILITY COMPANY
INCORPORATION DATE:	21/12/1976
REGISTER DATE:	21/12/1976
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	48.648.869/0001-73
STATE REGISTER:	148.131.676.110
SHARE CAPITAL:	R$ 67.764.499,00

BOARD OF DIRECTORS:
MAURO HENKE	SUPERVISING DIRECTOR

AUTHORIZED USE OF SIGNATURE

THE DIRECTOR IS AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

SHAREHOLDERS / PARTNERS:
DYSTAR GLOBAL HOLDINGS (SINGAPORE) PTE. LTD	R$ 67.764.498,00
DYSTAR SINGAPORE PTE LTD	R$ 1,00

AFFILIATES / SUBSIDIARIES:

DYSTAR GROUP

COMPANY'S BACKGROUND

THE SUBJECT WAS ESTABLISHED ON, DECEMBER 21, 1976 AS ROTTA QUIMICA INDUSTRIA E COMERCIO LTDA CON TO BE ENGAGED IN THE SAID LINE OF BUSINESS. LATER IT ALTERED TO RYSTAR AUXILIARES LTDA. LATER IT ADOPTED THE ABOVE-MENTIONED NAME.

ON FEBRUARY 01, 2007 THE COMPANY TOOK OVER "DYSTAR LTDA", WHICH WAS DISSOLVED AND LIQUIDATED.

BUSINESS ADDRESS HAS CHANGED FROM (AVENIDA ENGENHEIRO LUIS CARLOS BERRINI,1645 11º ANDAR - CIDADE MONÇÕES, SÃO PAULO/SP) TO THE PRESENT REGISTERED ONE

THE COMPANY TOOK OVER BOEHME SOUTH AMERICA INDUSTRIAL LTDA, NIRE 42204268260.

PARTNERSAND DIRECTOR:

DYSTAR GLOBAL HOLDINGS (SINGAPORE) LTD: HEADQUARTERED AT CROSS STREET, 8 # 11-00, PWC BUILDING, SINGAPORE, TAXPAYER´S REGISTRATION UNDER CNPJ 13.926.836/0001-63, REPRESENTED BY ITS ATTORNEY, MS. SONIA MARIA GIANNINI MARQUES DÖBLER, BRAZILIAN, LAWYER, HOLDER OF DOCUMENTS RG 3.794.918 SSP/SP AND CPF 455.921.018-72, RESIDENTIAL ADDRESS AT SÃO PAULO/SP, WITH OFFICE AT RUA DONA MARIA PAULA, 123, 19º ANDAR, ZIP CODE 01319-001, SÃO PAULO/SP;

DYSTAR SINGAPORE PTE LTD: HEADQUARTERED AT ROBINJSON ROAD #02-00,068898, SINGAPORE, REPRESENTED BY ITS ATTORNEY, MS. SONIA MARIA GIANNINI MARQUES DÖBLER, BRAZILIAN, LAWYER, HOLDER OF DOCUMENTS RG 3.794.918 SSP/SP AND CPF 455.921.018-72, RESIDENTIAL ADDRESS AT SÃO PAULO/SP, WITH OFFICE AT RUA DONA MARIA PAULA, 123, 19º ANDAR, ZIP CODE 01319-001, SÃO PAULO/SP;

MAURO HENKE: BRAZILIAN, ENTREPRENEUR, HOLDER OF DOCUMENTS CPF 034.001.578-05 AND RG 11.355.145-9 SSP/SP, WITH ADDRESS AT RUA GERALDO FLAUSINO GOMES, 78, 4º ANDAR, CONJUNTO 41/4, CIDADE MONÇÕES, ZIP CODE 04575-060; SÃO PAULO/SP.

FURTHER DETAILS ARE SO FAR NOT KNOWN.

WHEN CONTACTING THE SUBJECT WE INTERVIEWED MR. PIRES, 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.

PUBLIC RECORDS INFORMATION:

NO DETRIMENTAL FILES WERE FOUND.

FINANCIAL INFORMATION

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.

COMMENTS ON THE FINANCIAL INFORMATION:

IN THE ABSENCE OF FINANCIAL INFORMATION NO COMMENTS CAN BE MADE ABOUT THE SUBJECT'S CURRENT FINANCIAL STANDING.

REAL ESTATE:

NOT AVAILABLE

VEHICLES:

NOT AVAILABLE

MACHINES:

NOT AVAILABLE

INSURANCE:

NOT AVAILABLE.

BANKING REFERENCES

	BRANCH/PHONE:
BANCO DO BRASIL S/A	3132
BANCO SANTANDER (BRASIL) S/A	0689
BANCO ITAU S/A	0910
BANCO BRADESCO S/A	3396
CAIXA ECONOMICA FEDERAL	1816

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: JANUARY 09, 2018.

ACTIVITIES COMMENTS

SUBJECT IS ENGAGED IN THE MANUFACTURE OF CHEMICAL PRODUCTS.

IMPORT AND EXPORT:

IMPORTS FROM:

CHINA AND USA

EXPORTS TO:

LATIN AMERICA

MAIN CLIENTS:

DOMESTIC CLIENTS:

CIA FIAÇÃO DE TEC. CEDRO CACHOEIRA

CIA INDUSTRIAL CATAGUASES

CIA TEC. NORTE DE MINAS - COTEMINAS

CIA TECIDOS SANTANENSE

SANTACONSTANCIA TECELAGEM S/A

TAVVES BRASIL S/A

TEXTIL CANATIBA LTDA

TEXTIL OURO VERDE COMERCIAL LTDA

VICUNHA TEXTIL S/A

WAL COLOR PRODS. TEXTEIS LTDA

STAFF:

THE COMPANY HAS: 71 EMPLOYEE(S)

CONCEPT AND FULFILMENT

THE SUBJECT IS A WELL-ESTABLISHED COMPANY, OPERATING SINCE 1976. SO FAR IT HAS A CLEAR TRADE HISTORY AND NORMAL 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.

MAIN SUPPLIERS:

DOMESTIC SUPPLIERS:

AGRO QUIMICA MARINGA S/A

ARMAZENS GERAIS COLUMBIA S/A

CLARIANT S/A

CLARIQUIMICA COM. PROD. QUIMICOS LTDA

FARBER S/A

GBC - GENERAL BRAS. CARGO LTDA

GREEN ROAD - SOLUÇÕES LOGISTICAS LTDA

LESCHACO AG. TRANSP. & COM. INTERNACIONAIS LTDA

MAKENI CHEMICALS COM. IND. PROD. QUIMICOS LTDA

QUIMANI PRODUTOS QUIMCOS LTDA

RAPID CARGO TRANSP. E SERV. LTDA

RAPIDAO COMETA LOGIST TRANSP S/A

TDC BRASIL LTDA

PAYMENT HISTORY:

12 SUPPLIERS REPORTED PAYMENTS:

AMOUNT OF INVOICES PAID: 49

TOTAL OF PROMPT PAYMENTS: 100%

HIGHEST INVOICE: R$ 188.308,00

HIGHEST CREDIT: R$ 188.308,00

FINAL OPINION

THE SUBJECT IS A WELL-ESTABLISHED COMPANY IN BUSINESS FOR SEVERAL YEARS. UP TO DATE IT HAS A CLEAR TRADE HISTORY AND NORMAL 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 ABSENCE OF FINANCIAL DATA.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.74
UK Pound	1	INR 86.01
Euro	1	INR 76.14
BRL	1	INR 19.79

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	KET

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.