MIRA
INFORM REPORT
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Report Date : |
17th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
THERON
COMPANY S.A. |
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Registered Office : |
Plaza Cagancha 1356, of. 703 11100 Montevideo |
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Country : |
Urguay |
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Date of Incorporation : |
29.09.1998 |
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Legal Form : |
Private Stock Corporation |
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Line of Business : |
Engaged in the import of
general mercandises and goods in transit, which are stored in warehouses
inside the free zone to be later re-exported and re-shipped to other regional
countries |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 100.000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & Address
Company's Style : THERON
COMPANY S.A.
Trade Name : Same
Trading Address : Plaza Cagancha 1356, Of. 703
Town :
11100 MONTEVIDEO
Telephone :
(598-2)900 2290
Fax :
(598-2)900 2290
Country
: URUGUAY
BACKGROUND INFORMATION &
BUSINESS PROFILE
LEGAL STRUCTURE :
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Legal Status :
Private Stock Corporation created under of the umbrella of the Act
#15.921 which regulates the free zones in Uruguay
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Date established : 1998
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Public Commercial Registry : 29.09.1998, #2415, leaf 2756, Book 1st
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Period of legal life :
100 years
REGULATORY FRAMEWORK : Subject operates under the umbrella of the Free Zones Act # 15.921, a law that regulates the
functioning of the Free Zones in Uruguay. Therefore, companies regulated under
such Law are ONLY authorized to operate as "Free Zone Users" which
means that all their business activities and operations must to be carried out
ONLY and EXCLUSIVELY INSIDE the geographic area of the free zone where they are
located.
Such companies are
legally forbidden to operate outside the free zone area.
On the other hand,
this companies enjoy full tax exemptions (except the Income Tax). All
merchandises imported to the free zone are considered to be "in
transit" and for being re-exported and re-shipped to other countries, so
such goods are imported on a duty-free entry basis, but if such merchandises
are transported outside the free zone and to the national territory of Uruguay,
they have to pay all customs duties and import tariffs like any conventional
and common import.
CAPITAL STRUCTURE & OWNERSHIP: (in $,
Uruguayan pesos)
AUTHORIZED NOMINAL
CAPITAL : $ 1.200.000
ISSUED
CAPITAL : $ 1.200.000
PAID-IN
CAPITAL : $ 1.200.000
Its stock is
divided into bearer and ordinary shares $ 1.= par-value each one. It is a
privately-owned company whose shares are no traded on the Stock Exchange, and
whose controlling shareholders are a group of undisclosed non-resident foreign
investors.
ADMINISTRATORS: MARTINEZ, MARTINEZ & ASOCIADOS
It is an
accounting and auditing firm specialising in the management of foreign investments, and which was hired by its
foreign owners to run the company on their behalf
TYPE OF BUSINESS : TRADE / IMPORTER
BUSINESS CATEGORY : FREE ZONE USER & OPERATOR
PRINCIPAL ACTIVITY: This
Company operates as an international trading company and Free Zone user and
operator, under the regulation of the Free Zone Act #15.921. Therefore, all its
business and commercial activities are concentrated INSIDE
"Zonamerica", the Montevideo-based
Free Zone. By taking advantage of such strategic location, subject is
engaged in the import of general mercandises and goods in transit, which are
stored in warehouses inside the free zone to be later re-exported and
re-shipped to other regional countries
Annual business
volume is not disclosed by its administrator
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Company Size : Moderate-sized
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Business trend : Stable
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Present situation :
Operating normally
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Outlook :
Favourable
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Organization : Average. No
major problems observed.
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Reputation : Little-known
company of good reputation. A moderately active company in its
line. Satisfactory market position.
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Management standard: The management
consists of well-known businessmen of good repute, and with years of experience
in related fields. Traditional methods
of management with good forward planing, well defined corporate policy
Purchases :
Overseas (imports): 100 %
Imports from :
U.S.A. and Europe
Imports in USD : N/A
Terms imports : L/C, CAD terms, drafts over 90 to 120 days,
etc.
STAFF :
Nil. It uses its administrator's staff
BANKERS : No bank relations in Uruguay
TANGIBLE FIXED ASSETS, INVESTMENTS, ETC.
PHYSICAL ASSET HOLDINGS : No real estate properties
RELATED COMPANIES: nil
CREDIT STANDING
TRADE REFERENCES SURVEY : In virtue of the nature of its business operations its local credit
transactions are seldom. Therefore, commercial sources consulted in the
marketplace report that they are unable to establish subject's payment
performance and general reputation regarding commitments contracted as same it
is little known as making use of credit facilities.
Negative facts
check: No defaults, delinquencies, legal suits, judgements, collection claims,
protested items, returned checks or other detrimental record or adverse
references are traced against the subject.
FINAL OPINION
We are reporting
upon a firm which seems to operates on a satisfactory scale and which is a free
zone operator and user so its business activities are concentrated exclusively
inside the geographic area of the Zonamerica, the Montevideo-based Free Zone.
It imports goods in transit to be re-shipped and re-exported to other neighbour
countries. It seems to be well run by experienced staff so its future outlook
is estimated to be favourable. As there are no visible assets, and taking into
account also that it is unknown as making use of credit facilities, credit in
general must be regarded as a matter of confidence, and amounts of certain
importance would have to be secured by collateral.
CREDIT QUALITY ANALYSIS
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Credit rating : A
·Level of riskiness : Standard (Normal)-risk buyer
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Credit soundness : Good
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Credit appraisal : Recommended
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Potential credit limit : USD 100.000
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Assessment : It is considered
to be an initial credit limit
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Credit surveillance : Subject to regular review & supervision
Exchange Rate USD 1 : $ 25.=
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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