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MIRA INFORM REPORT
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Report No. : |
496778 |
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Report Date : |
10.03.2018 |
IDENTIFICATION DETAILS
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Name : |
MASTROTTO BRASIL S/A |
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Registered Office : |
Rodovia BR 101, S/Nº. KM 201 – Capoeiruçú, 44300-000 - Cachoeira/BA |
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Country : |
Brazil |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
24.06.1999 |
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Legal Form : |
Privately Held Corporation |
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Line of Business : |
Tanning and Dressing of Leather. |
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No. of Employees : |
659 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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 (30.09.2017) |
Current Rating (31.12.2017) |
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Brazil |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 78% of GDP at the end of 2017, 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.
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Source : CIA |
Company name
MASTROTTO BRASIL S/A
ADDRESSES
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MAIN ADDRESS: |
RODOVIA BR 101,
S/Nº. KM 201 – CAPOEIRUÇÚ, |
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ZIP CODE/CITY: |
44300-000 -
CACHOEIRA/BA |
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PHONE: |
75 3425-8888 |
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E-MAIL: |
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WEB SITE: |
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INQUIRY DETAILS: |
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||
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GIVEN NAME: |
MASTROTTO
BRASIL |
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REMARK: |
THE INFORMED NAME
IS INCOMPLETE, THE CORRECT ONE IS STATED ABOVE |
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GIVEN ADDRESS: |
S/A
ROD BR 101 KM 201 CAPOEIRUCU CACHOEIRA BAHIA/BRASIL 44.300.000 |
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REMARK: |
THE INFORMED
ADDRESS IS INCOMPLETE, THE CORRECT ONE IS STATED ABOVE |
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BRANCHES: |
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NOT AVAILABLE |
LEGAL DATA
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MAIN ACTIVITIES: |
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TANNING AND
DRESSING OF LEATHER |
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LEGAL FORM: |
PRIVATELY HELD
CORPORATION |
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INCORPORATION
DATE: |
24/06/1999 |
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REGISTER DATE: |
24/06/1999 |
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BALANCE SHEET
FILING DATE: |
31/12 |
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TAX CONTRIBUTOR
NUMBER (CNPJ): |
03.384.037/0001-59 |
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STATE REGISTER: |
52.014.783 |
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SHARE CAPITAL: |
R$ 73.500.000,00 |
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LAST REGISTER OF
CAPITAL: |
31/12/2006 |
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BOARD OF DIRECTORS: |
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GRAZIANO
MASTROTTO |
DIRECTOR |
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CARLOS DONIVAM
TEIXEIRA OLIVEIRA |
DIRECTOR |
AUTHORIZED USE OF SIGNATURE
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THE DIRECTORS ARE
AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY. |
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SHAREHOLDERS / PARTNERS: |
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GRUPO MASTROTTO
S.P.A |
79,54% |
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GRUPO MASTROTTO
HOLDING S.P.A |
20,41% |
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SANTO MASTROTTO |
0,02% |
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GRAZIANO
MASTROTTO |
0,01% |
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BRUNO MASTROTTO |
0,01% |
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CARLOS DONIVAM
TEIXEIRA OLIVEIRA |
0,01% |
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AFFILIATES / SUBSIDIARIES: |
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MASTROTTO GROUP. |
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COMPANY'S BACKGROUND
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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. |
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PUBLIC RECORDS INFORMATION: |
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PROTESTS: |
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3 PROTESTS,TOTAL AMOUNT R$ 50.701,70 |
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DETAILS OF
LATEST PROTESTS: |
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NOTARY OFFICE: |
DATE: |
VALUE: |
|
1º CARTÓRIO DE
BA-CACHOEIRA |
11/03/2014 |
R$ 50.000,00 |
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1º CARTÓRIO DE
BA-CACHOEIRA |
21/05/2013 |
R$
195,70 |
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1º CARTÓRIO DE
BA-CACHOEIRA |
20/10/2014 |
R$
506,00 |
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LAWSUITS: |
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DATE: |
COURT OF LAW: |
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1 |
FEDERAL LAWSUIT |
21/11/14 |
VARA DE
BA-CACHOEIRA |
FINANCIAL INFORMATION
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GENERAL BALANCE
SHEETS AS OF 31/12/2017, 31/12/2016 AND 31/12/2015. |
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( FIGURES ARE IN
THOUSANDS OF REAIS ). |
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ASSETS |
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CURRENT: |
31/12/2017 |
31/12/2016 |
31/12/2015 |
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CASH AND BANKS |
31.442 |
22.736 |
45.517 |
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CLIENTS |
67.203 |
66.306 |
61.543 |
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INVENTORY |
99.924 |
76.893 |
71.932 |
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RECOVERABLE TAXES |
57.650 |
32.512 |
47.831 |
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OTHER CREDITS |
5.418 |
5.479 |
5.683 |
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---------------- |
---------------- |
---------------- |
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TOTAL CURRENT
ASSETS |
261.637 |
203.926 |
232.506 |
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LONG-TERM RECEIVABLES: |
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RECOVERABLE TAXES |
63.142 |
74.113 |
57.553 |
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DEFERRED TAXES |
3.950 |
3.774 |
2.410 |
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OTHER CREDITS |
2.333 |
2.051 |
1.181 |
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---------------- |
---------------- |
---------------- |
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TOTAL LONG-TERM
RECEIVABLES |
69.425 |
79.938 |
61.144 |
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FIXED ASSETS: |
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FIXED ASSETS |
63.780 |
63.018 |
61.774 |
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INTANGIBLE |
1.552 |
2.035 |
2.122 |
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---------------- |
---------------- |
---------------- |
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TOTAL FIXED
ASSETS |
65.332 |
65.053 |
63.896 |
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================ |
================ |
================ |
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TOTAL ASSETS |
396.394 |
348.917 |
357.546 |
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LIABILITIES: |
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CURRENT: |
31/12/2017 |
31/12/2016 |
31/12/2015 |
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SUPPLIERS |
22.826 |
24.917 |
13.022 |
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LOANS AND
FINANCING |
25.005 |
10.847 |
36.304 |
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ADVANCE FROM
CLIENTS |
488 |
2.126 |
565 |
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DIVIDENDS |
59.935 |
46.236 |
61.070 |
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COMMISSIONS DUE |
2.116 |
496 |
392 |
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LABOR OBLIGATIONS |
2.922 |
2.412 |
2.774 |
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OTHER DEBTS |
2.023 |
1.997 |
838 |
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---------------- |
---------------- |
---------------- |
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TOTAL CURRENT
LIABILITIES |
115.315 |
89.031 |
114.965 |
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LONG TERM LIABILITIES: |
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PROVISION FOR
CONTINGENCIES |
192 |
575 |
426 |
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TRIBUTARY
OBLIGATIONS |
1.387 |
1.309 |
1.201 |
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---------------- |
---------------- |
---------------- |
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TOTAL LONG TERM
LIABILITIES |
1.579 |
1.884 |
1.627 |
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NET EQUITY: |
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SHARE CAPITAL |
73.500 |
73.500 |
73.500 |
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CAPITAL RESERVES |
9.756 |
9.756 |
9.756 |
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PROFIT RESERVES |
196.244 |
174.746 |
157.698 |
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---------------- |
---------------- |
---------------- |
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TOTAL NET EQUITY |
279.500 |
258.002 |
240.954 |
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================ |
================ |
================ |
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TOTAL LIABILITIES
|
396.394 |
348.917 |
357.546 |
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PROFIT AND LOSS
ACCOUNTS AS OF 31/12/2017, 31/12/2016 AND 31/12/2015. |
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( FIGURES ARE IN
THOUSANDS OF REAIS ). |
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|
31/12/2017 |
31/12/2016 |
31/12/2015 |
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NET SALES |
352.231 |
343.212 |
437.852 |
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(-) COST OF SOLD
GOODS |
283.609 |
270.397 |
346.306 |
|
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---------------- |
---------------- |
---------------- |
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GROSS PROFIT |
68.622 |
72.815 |
91.546 |
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OPERATING REVENUE
(EXPENSE) |
-32.131 |
-33.902 |
-24.534 |
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FINANCIAL
REVENUE(EXPENSE) |
-608 |
-5.514 |
10.291 |
|
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---------------- |
---------------- |
---------------- |
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OPERATIONAL
PROFIT (LOSS) |
35.883 |
33.399 |
77.303 |
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CONTRIBUTION/INCOME
TAX |
-5.811 |
-5.582 |
-11.764 |
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---------------- |
---------------- |
---------------- |
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NET PROFIT (LOSS)
|
30.072 |
27.817 |
65.539 |
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RATIOS: |
31/12/2017 |
31/12/2016 |
31/12/2015 |
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QUICK RATIO |
1,40 |
|
1,43 |
|
1,40 |
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CURRENT RATIO |
2,27 |
|
2,29 |
|
2,02 |
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ACCOUNTS
RECEIVABLE TURNOVER |
5,24 |
TIMES |
5,18 |
TIMES |
7,11 |
TIMES |
|
DAYS' SALES IN
RECEIVABLES |
68,69 |
DAYS |
69,55 |
DAYS |
50,60 |
DAYS |
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INVENTORY
TURNOVER |
2,84 |
TIMES |
3,52 |
TIMES |
4,81 |
TIMES |
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ACCOUNTS PAYABLE
PERIOD |
28,97 |
DAYS |
33,17 |
DAYS |
13,54 |
DAYS |
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RETURN ON ASSETS |
,89 |
TIMES |
,98 |
TIMES |
1,22 |
TIMES |
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SALES TURNOVER ON
NET EQUITY |
1,26 |
TIMES |
1,33 |
TIMES |
1,82 |
TIMES |
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NET WORTH TIE-UP |
,23 |
|
,24 |
|
,26 |
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INDEBTEDNESS |
,42 |
|
,35 |
|
,48 |
|
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EQUITY RATIO |
70,51 |
% |
73,94 |
% |
67,39 |
% |
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WORKING CAPITAL
RATIO |
126,89 |
% |
129,05 |
% |
102,24 |
% |
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GENERAL SOLVENCY |
3,39 |
|
3,84 |
|
3,07 |
|
|
RETURN ON NET
EQUITY |
10,76 |
% |
10,78 |
% |
27,20 |
% |
|
RETURN ON SALES
(PROFIT MARGIN) |
8,54 |
% |
8,10 |
% |
14,97 |
% |
|
GROSS PROFIT
MARGIN |
19,48 |
% |
21,22 |
% |
20,91 |
% |
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OPERATIONAL
RESULT |
10,19 |
% |
9,73 |
% |
17,66 |
% |
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SALES TURNOVER ON
LIABILITIES |
3,05 |
TIMES |
3,86 |
TIMES |
3,81 |
TIMES |
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FOREIGN CURRENCY
ON ASSETS |
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FOREIGN CURRENCY
ON LIABILITIES |
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COMMENTS ON THE FINANCIAL INFORMATION: |
|
FOLLOWS ATTACHED
WORKSHEET WITH MAIN FINANCIAL RATIOS THE FIGURES
AVAILABLE SHOW A NORMAL FINANCIAL STANDING. IT IS NOTED GOOD LIQUIDITY RATIOS
AND IMPORTANT WORKING CAPITAL, AS WELL AS LOW LEVEL OF INDEBTEDNESS. IT IS
NOTED DROP IN SALES BUT POSTED PROFIT. |
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REAL ESTATE: |
NOT AVAILABLE
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VEHICLES: |
NOT AVAILABLE
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MACHINES: |
NOT AVAILABLE
INSURANCE
|
NOT AVAILABLE. |
BANKING REFERENCES
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BRANCH/PHONE: |
CITY: |
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BANCO BRADESCO
S/A |
2864 /
71 3355-6450 |
SALVADOR/BA |
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BANCO DO BRASIL
S/A |
0040-X /
75 3425-1611 |
SAL FELIX/BA |
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BANCO ITAU S/A |
3214 /
71 3003-8751 |
SALVADOR/BA |
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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"). |
ACTIVITIES COMMENTS
|
TANNING AND OTHER
LEATHER PREPARATIONS. NATIONAL INDUSTRY
CLASSIFICATION CODE(S) (CNAE): 15.10-6-00 -
LEATHER TANNING. |
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IMPORT AND EXPORT: |
IMPORTS FROM:
|
ITALY, GERMANY,
UNITED STATES. |
EXPORTS TO:
|
CHINA, GERMANY,
TAIWAN AND HONG KONG. |
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MAIN CLIENTS: |
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DOMESTIC CLIENTS: |
CITY: |
PHONE: |
|
ITALSOFA BAHIA
LTDA |
SIMOES FILHO/BA |
71 3594-3100 |
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FOREIGN CLIENTS: |
COUNTRY: |
PHONE: |
|
AD HULST VOF |
HOLLAND |
|
|
CTL LEATHER INC |
CANADA |
|
|
EURO LEATHER INC |
UNITED STATES |
530 238-8412 |
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GRADE A LEATHER
CO LTD |
TAIWAN |
|
|
NOBLE FURNISHING
CO. LTD |
HONG KONG |
|
|
VIOLINO LTD |
HONG KONG |
852 27661398 |
|
WILLI SCHIILLIG
GMBH & CO |
GERMANY |
49 (0) 9562370 |
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STAFF: |
|
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THE COMPANY HAS:
659 EMPLOYEE(S) |
CONCEPT AND FULFILMENT
|
SUBJECT IS A
WELL-ESTABLISHED COMPANY, OPERATING SINCE 1999. SO FAR IT HAS A CLEAR TRADE
HISTORY AND VERY GOOD PAYMENT BEHAVIOR. IT IS A FAMILY-OWNED COMPANY AND BOTH
THE COMPANY AND THE PRINCIPALS ENJOY A FAVORABLE REPUTATION AMONG LOCAL TRADE
SOURCES. 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. 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. OUR INVESTIGATION
THROUGH THE PUBLIC RECORDS 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 DO NOT AFFECT ITS TRADE REPUTATION. |
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MAIN SUPPLIERS: |
|
|
|
|
|
|
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DOMESTIC SUPPLIERS: |
CITY: |
PHONE: |
|
BERTIN LTDA |
|
14 3533-2033 |
|
COUROADA COMÉRCIO
E REPRESENTAÇÕES LTDA |
|
18 3522-1135 |
|
CURTUME JANGADAS
S/A |
JANGADA/MT |
65 2121-8801 |
|
CURTUME VIPOSA
S/A INDUSTRIA E COMERCIO |
VARZEA GRANDE/MT |
|
|
GREMIA REDUTORES
LTDA |
|
54 2105-3271 |
|
IND. COM. DE
COURO PANTANAL LTDA |
CAMPO GRANDE/MS |
67 373-4242 |
|
INDEPENDÊNCIA
ALIMENTOS LTDA |
|
11 4447-7000 |
|
INDUSPAN -
INDÚSTRIA E COMÉRCIO DE COUROS PANTANAL |
|
67 3373-4242 |
|
M.J. NOVAS DE
LIMA & CIA LTDA |
BELEM/PA |
91 3211-7800 |
|
TFL DO BRASIL
INDÚSTRIA QUÍMICA LTDA |
|
51 3589-1999 |
|
PAYMENT HISTORY: |
|
21 SUPPLIERS
REPORTED PAYMENTS: |
|
AMOUNT OF INVOICES PAID: 195 |
|
TOTAL OF PROMPT
PAYMENTS: 96,4% |
|
TOTAL OF DELAYED
PAYMENTS: 3,6% |
|
|
|
HIGHEST INVOICE:
R$ 1.015.809,00 |
|
HIGHEST CREDIT:
R$ 1.015.809,00 |
FINAL OPINION
|
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 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 |
INR 65.08 |
|
|
1 |
INR 89.85 |
|
Euro |
1 |
INR 80.16 |
|
BRL |
1 |
INR 19.95 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
NIT |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.