MIRA
INFORM REPORT
|
Report Date : |
13th
January, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
BORIMAR S.A. |
|
|
|
|
Registered Office : |
Wilson
Ferreira Aldunate S/N. Esq. Charruas, 33000 Treinta Y Tres, Uruguay |
|
|
|
|
Country : |
Uruguay |
|
|
|
|
Date of Incorporation : |
23.06.1999 |
|
|
|
|
Legal Form : |
Privately-owned
corporation |
|
|
|
|
Line of Business : |
Wholesale distribution of
the line of PARMALAT dairy products in the province of Treinta y Tres |
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 |
Company Name
BORIMAR S.A.
Trade Name :
Same
Trading Address
Wilson Ferreira
Aldunate s/n. esq. Charruas
Town : 33000 TREINTA Y TRES
Country :
URUGUAY
Telephone : (598-45)28 939
BACKGROUND INFORMATION & BUSINESS PROFILE
LEGAL STRUCTURE
-
Legal form :
Privately-owned corporation (closed stock company)
-
Date established :
1999
-
Public Commercial Registry :
23.06.1999, # 1494, 1966, Book 2nd
CAPITAL STRUCTURE
& OWNERSHIP
(in $. Uruguayan pesos)
AUTHORIZED NOMINAL
CAPITAL : $ 1.400.000.=
PAID-IN
CAPITAL : $ 500.000.=
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 shareholder is the President of the Board
MANAGEMENT
President Jorge Andres BIRD
GOROZURRETA
TYPE OF BUSINESS
TRADER /
WHOLESALER
MAIN BUSINESS LINE
DAIRY PRODUCTS
PRINCIPAL ACTIVITIES
Subject's core
business is the wholesale distribution of the line of PARMALAT dairy products
in the province of Treinta y Tres (norther-eastern region of Uruguay)
·
Company Size : Small
·
Business trend : Stable
·
Present situation :
Operating normally
·
Outlook :
Favourable
·
Organization : Average. No
major problems observed.
·
Reputation : well-known
company of good reputation. A moderately active company in its line.
Satisfactory market position.
·
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 satisfactory forward planing, and well defined corporate policy
SALES & TRADING
DETAILS
·
Annual Sales : USD 1.100.000
·
Sales trend : stable
·
Selling method : 100 % wholesale
·
Selling Term : 20 % cash, 80 %
on a 30-day open acct.credit basis
·
Sales Territory : National
·
Sales Seasonality : stable throughout the year
·
Distribution channels & points of sale
: Sales are direct to supermarkets and grocery stores, retailers, hotels and
restaurants, etc.
·
Sales branches : Nil
·
Overseas agencies, branches or
representative offices: Nil
·
Market share : It is considered
to be of moderate importance within its market segment.
·
New products or services: under study
·
Market situation : competitive
·
Advertising means : Specialized publications, fairs and expositions, etc.
STAFF
7
BANKERS
Banco de la
Republica Oriental del Uruguay
INSURERS
Banco de Seguros
del Estado,
TANGIBLE FIXED ASSETS, INVESTMENTS, ETC.
PHYSICAL ASSET
HOLDINGS
No real estate
properties, premises are leased
Physical
inspection of premises:
·
condition :
modern
·
equipment & facilities :
adequate
·
location :
subject's premises are located in a urban commercial section
·
access ways :
adequate
·
parking space : No
·works under
construction : No
·
works under project :
No
Vehicles : 2
delivery vans and 2 motorcycles
V.A.T. Reg.#
21/407735/0017
RELATED
COMPANIES/SHAREHOLDINGS
nil
CREDIT STANDING
BANKING RECORD
Bank reports
properly managed checking account. Local currency working capital loans and
secured credit facilities for receivables discounting with good experience
reported to date. Securities: Accts. receivable & inventories
Good credit
history information and banker's opinion. No negative information as of
reporting day
TRADE REFERENCES
SURVEY
(in $, Uruguayan pesos)
|
Supplier |
Dairy
Prod. |
Suppliess |
Supplies |
Supplies |
|
Known
since |
Years |
Years |
Years |
Years |
|
Latest
Sale Date |
Nov/2006 |
Nov/2006 |
Dec/2006 |
Dec/2006 |
|
Latest
Sale Amount |
$
168.132 |
$
42.000 |
$
67.122 |
$
55.108 |
|
Highest
Sale |
$
172.535 |
$
49.000 |
$
72.335 |
$
64.315 |
|
Buying
terms |
30-day
O/A |
30-day
O/A |
30-day
O/A |
30-day
O/A |
|
Paying
record |
PROMPT |
PROMPT |
PROMPT |
PROMPT |
|
NSF
checks |
NO |
NO |
NO |
NO |
|
Delayed
payments |
NO |
NO |
NO |
NO |
|
Non-payments |
NO |
NO |
NO |
NO |
|
Experience |
GOOD |
GOOD |
GOOD |
GOOD |
|
Rating |
GOOD |
GOOD |
GOOD |
GOOD |
PAYMENT ANALYSIS
·
Type of suppliers :
local trade & service suppliers
·
Payment patterns :
pays within 30 days of billing
·
Commercial morality : Good bill-paying habits - pays accts.
within agreed terms
·
Repayment capacity : Wide
·
Negative occurrences & 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 well known firm which operates on a satisfactory scale and enjoys an
ample and well diversified clientele. It is considered to be a well organized
and financially sound company, with good sales growth ratio and financial
standing. It is also well managed by experienced and reliable staff, so its
future outlook is optimistic.
As far as
subject's commercial morality and general reputation are concerned, its ability
to meet its trade commitments remains sustantial and it is willing and able to
meet its foreign obligations as well. No objections or any other adverse
experience are noted upon subject's current trading record.
CREDIT QUALITY ANALYSIS
·
Credit rating : Ba
- Credit-worthy
·
Level of riskiness : Standard (Normal)-risk buyer
·
Credit soundness : Good
·
Credit appraisal :
Recommended
·
Potential credit limit : USD 25.000
·
Assessment : It
is considered to be an initial credit limit
·
Credit surveillance : Subject to regular review & supervision
Exchange Rate USD 1 : $ 25.=
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|