MIRA INFORM REPORT

 

 

Report Date :

30th May 2006

 

IDENTIFICATION DETAILS

 

Name :

PROCTER & GAMBLE INTERAMERICAS LLC

 

 

Registered Office :

Suipacha 664, 2º piso, Buenos Aires City, Argentine Republic

 

 

Country :

Argentine

 

 

Financials (as on) :

30/06/2005

 

 

Date of Incorporation :

30/12/1952

 

 

Legal Form :

Argentine Branch

 

 

Line of Business :

Engaged in the manufacture and commercialization of chemical, pharmaceutical and medicinal products, boudoir and perfumery articles, and general merchandises

 

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 :

Regular

 

 

Litigation :

Clear

 

 

 Registered Name 

 

 

PROCTER & GAMBLE INTERAMERICAS LLC (Argentine Branch).

CUIT: 30-53839114-6

 

 

 Legal Structure 

 

 

Business type:         Trading Company
Incorporated:           30/12/1952
Registered:              18/05/1953
Register #:               296133
Duration:                 18/05/2052
End of fiscal year:   June 30th

 

 

 Contact 

 

 

Legal address: Suipacha 664, 2º piso, Buenos Aires City, Argentine Republic.

Phone: (54-011) 4323-0600/4348-0125

 

 

 Partners 

 

 

Legal Agent: ALVES DE CARVALHO JUNIOR ALBERTO

The management and administration of the company are in charge of the aforementioned, as Manager, with the use of the social signature individually.

 

 

 History 

 

 

Fits to explain to Mr. Subscriber, that in order to obtain indispensable information for the normal development of the commended activities, we concurred to Suipacha 664, 2º piso, Buenos Aires City.

Assisted by a professional, that maintained his name in anonymity and once that it was explained the reasons of our visit, he highlighted that without knowing the order's origin of information, he would not collaborate with the company, absolutely denying, all type of attention to the requirement that was made.

Given the circumstances and as it is usual on these cases, it was necessary to consult indirect sources, even at official level, being able to know that these businesses were started by RICHARDSON VICKS INTERAMERICAS INC. (Argentine Branch) by mid-1953.

The aforementioned company comes operating without notorious changes until 1974, date in which it was decided to discontinue its productive and commercial activities, without being dissolved.

During 1990, once it had already changed its original name to PROCTER & GAMBLE INTERAMERICAS LLC. (Argentine Branch), it was proceeded to the acquisition of several important local companies, as: ALEJANDRO LLAURO E HIJOS S.A., CIA.QUIMICA S.A. (members of the group Bunge y Born) and SUFARGEN S.A.

All that, allowed it to enter the Argentinean market with national products, practically working on third parties account since it lacks of own industrial plants.

At this part of the information, fits to highlight that it is a branch of the Head Office that was located in One Procter & Gamble Plaza, Cincinnati, Ohio, USA, which at the same time it controls to PROCTER & GAMBLE ARGENTINA S.C.

Leaving aside other considerations about its evolution and general development, fits to highlight that in 17/08/2004, the Administrator of PROCTER & GAMBLE ARGENTINA S.C. accepted the offer of: PROCTER & GAMBLE INTERAMERICAS LLC, ARGENTINE BRANCH (the holder), by the which, this last one offered to sell, to give and to transfer certain net assets, among those that were: the permanent investments in ALEJANDRO LLAURO E HIJOS S.A.I.C. and COMPAÑIA QUIMICA S.A., with effects since 01/09/20047, except the plant for the manufacture of pets foods (IAMS Division) and the property in Pilar's Plant, which were transferred in 10/12/2004.

Fits to highlight that the sale of certain net assets, mentioned in the previous paragraph, was done because of operative simplification's reasons and with the objective of obtaining a better commercial relation with its customers and suppliers.

Also, the Legal Agent of the Branch, is evaluating the current non-operability situation of the company.

 

 

 Economic-Financial Position 

 

 

Due to previously exposed reasons and with the objective of obtaining financial information, it was necessary to consult indirect sources.

In such a way, it was obtained the Balance Sheet as of 30/06/2005 (which was presented at the General Inspection of Justice in 12/02/2006):

ASSETS:  
-------  
    Cash and banks                            138.148  
    Other credits                                 968.943  
                                                          ---------  
    Current assets and total assets    1.107.091  
                                                   =========  
LIABILITIES:  
------------  
    Net Worth                                   1.107.091  
                                                   =========  
 
RESULTS:  
--------  
 
    Nets sales                                109.691.091  
    Cost of sold merchandises        87.207.659  
                                                        -----------  
    Gross profit                               22.483.432  
                                                        -----------  
    Selling expenses                        18.551.350  
    Administrative expenses              3.826.281  
    Net financial results                     2.048.540  
    Other incomes (due to sale of  
    fixed assets)                               65.366.986  
                                                          -----------  
    Result before incomes               67.521.327  
    Tax incomes                                     46.779  
                                                          -----------  
    Profit of the period                     67.474.548  
                                                 ===========

 

 

 Assets 

 

 

At present the company doesn't register to its name the holding of properties and/or vehicles that could increase its patrimony.

 

 

 Parent/Related Companies 

 

 

PROCTER & GAMBLE ARGENTINA S.C.  
Legal address: Suipacha 664 2º piso, Buenos Aires City.  
Incorporated: 21/05/1986  
Operations: manufacture, bargain and sale, import and export of cosmetic articles, dismissable hygienic products, dietary supplements, food for pets, etc.

 

 

 Evolution and Results 

 

 

The company is engaged in the manufacture and commercialization of chemical, pharmaceutical and medicinal products, boudoir and perfumery articles, and general merchandises.

At present nothing concrete can be mentioned about its evolution and general development, which stay subordinated to third parties decisions.

 

 

 Final Opinion 

 

 

It does not become necessary to study in depth too much the information exposed, as to know by intuition that the decision of their managers is to give for concluded the commercial activity of the company, at least in the lines that it has come operating since its origins.

Highlighting that it doesn't register negative, what was exposed was all that could be registered about the company, whose directors have absolutely denied all type of collaboration.

 

 

 

 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions