MIRA INFORM REPORT

 

 

Report Date :

26.04.2008

 

IDENTIFICATION DETAILS

 

Name :

RIVA S.A.

 

 

Registered Office :

Gral.San Martìn 431, Ciudadela, Pcia.de Buenos Aires

 

 

Country :

Republica Argentina.

 

 

Financials (as on) :

30.09.2006

 

 

Date of Incorporation :

24101978

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture of Machines of Pharmaceutical Industry.

 

 

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 :

No Complaints

 

 

Litigation :

Clear

 

 

REGISTERED NAME

 
RIVA S.A.

CUIT No.: 33-50459630-9

 

 

Summary      

 

INCORPORATED IN 1978.  FOLLOWER OF ACTIVITIES. NO FINANCIAL INFORMATION PROVIDED.  NO NEGATIVE ANTECEDENTS.  FOR CREDIT OPERATIONS PROCEED UNDER SOLID BASIS.

 

 

Operations

 

MACHINES FOR PHARMACEUTICAL INDUSTRY.
MANUFACTURE
COMMERCIALIZATION

 

 

Legal Structure   

 

BUSINESS TYPE:      LIMITED COMPANY
INCORPORATED:     24/10/1978
REGISTERED:           10/04/1979
REGISTER NO.:         1784
DURATION:                99 YRS
END OF FISCAL YR:  SEPT 30

 

 

Contact   

 

Sra. Ana Kresich (Administration).

LEGAL ADDRESS: Gral.San Martìn 431, Ciudadela, Pcia.de Buenos Aires, República Argentina.

HEADQUARTERS: Genova 4018 (1702), Ciudadela, Pcia.de Buenos Aires, República Argentina.

Tel.: (54-11) 4653-2000
Fax.: (54-11) 4653-3100
E-mail: info@rivasa.com
E-mail: rosa.rilo@rivasa.com

 

 

Partners   

 

President:             RIVA HECTOR EDMUNDO
Vicepresident:      RIVA LAURA
Director:                RIVA MARIA VICTORIA
TRUSTEE:            BOSCHETTI JORGE

USE OF SIGNATURE: IN CHARGE OF PRESIDENT AND V.PRESIDENT INDISTINCTLY.

 

 

Personal Information   

 

RIVA HECTOR EDMUNDO:
ARGENTINIAN, MARRIED, BORN IN 1944, LE.No. 4.607.924.

RIVA LAURA:
ARGENTINIAN, MARRIED, BORN IN 1968.

RIVA MARIA VICTORIA:
ARGENTINIAN, MARRIED, BORN IN 1969.

 

 

History   

 

THE COMPANY WAS INCORPORATED IN 1978.

THERE'S NO KNOWLEDGE THAT THE COMPANY NOR ITS DIRECTORS ARE AN INTEGRAL PART OF ANY OTHER ECONOMIC GROUP.

 

 

Economic-Financial Position   

 

WE HAVE CONTACTED Sra. Ana Kresich (Administration), WHO HAS REFUSED TO PROVIDE FINANCIAL INFORMATION.

THROUGH OTHER SOURCES OF INFORMATION, WE OBTAINED THE BALANCE SHEET AS OF  30/09/2006, AS FOLLOWS:

NUMBERS EXPRESSED IN PESOS.


LIABILITIES:
-------------------------

COMMERCIAL DEBTS                        3.156.553,79
FISCAL/SOCIAL DEBTS                       637.289,09
BANK/FINANCIAL DEBTS                    1.509.169,56
OTHER DEBTS                                      1.126.674,17
                                                                   -------------
Total CURRENT LIABILITIES                 6.429.686,61
                                                                   -------------
BANK/FINANCIAL DEBTS                       16.625,00
OTHER DEBTS                                          250,00
                                                                   -------------
Total NONCURRENT LIABILITIES               16.875,00
                                                                       -------------
Total LIABILITIES                                       6.446.561,61
                                                                     -------------
SHARES IN CIRCULATION                            0,00
CAPITAL ADJUSTED                               436.922,73
LEGAL RESERVE                                      87.415,98
NOT ASSIGNED RESULTS                     4.046.902,44
                                                                   -------------
NET WORTH                                             4.571.241,15
                                                                        -------------
LIABILITIES AND NET WORTH             11.017.802,76
                                                              =============

THESE NUMBERS ARE NOT UPDATED, THEY DO NOT REFLECT THE CURRENT ECONOMIC SITUATION.

HOWEVER, WE CAN TELL THAT AT THE CLOSING PERIOD, THERE WAS AN ADECUATE RELATION BETWEEN THE CURRENT ASSETS AND LIABILITIES SHORT TERM WHICH SURPASS ITS OWN RESOURCES HAVING AN UNBALANCED ECONOMIC POSITION.

THE LEVEL OF INCOME SURPASS THE PREVIOUS EXERCISE OBTAINING A POSTIVE PROFIT.

 

 

Balance Sheet 

 

Balance Sheet/s

30/09/2006

30/09/2005

Total Assets

$ 11.017.802,76

$ 9.710.993,12

Current Assets

$ 7.749.887,59

$ 6.925.402,30

Banks

$ 32.451,26

$ 34.525,13

Accounts Receivables

$ 2.789.992,33

$ 1.476.377,48

Inventory

$ 3.611.671,07

$ 4.378.123,42

Fixed Assets

$ 3.267.915,17

$ 2.785.590,82

Non-Current Assets

$ 3.267.915,17

$ 2.785.590,82

Investments

$ 0,00

$ 0,00

Total Liabilities

$ 6.446.561,61

$ 5.808.258,15

Current Liabilities

$ 6.429.686,61

$ 5.785.683,15

Non-Current Liabilities

$ 16.875,00

$ 22.575,00

StockHolders Equity

$ 4.571.241,15

$ 3.902.734,97

Net Sales

$ 15.512.030,42

$ 11.837.703,19

Cost of Good Sold

$ 11.606.459,81

$ 8.265.636,00

Gross Result

$ 3.905.570,61

$ 3.572.067,19

Administrative Expenses

$ 997.562,79

$ 0,00

Selling Expenses

$ 1.947.095,31

$ 2.297.386,60

Financial Income

$ 709.566,76

$ 597.392,93

Other Expenses

$ 1.017.160,43

$ 449.568,61

Final Result

$ 1.268.506,18

$ 1.126.856,27

 

 

 

 

 

 

 Balance Sheet Analysis 

 

Indexes

30/09/2006

30/09/2005

Current Ratio

120,53 %

119,70 %

Quick Ratio

64,36 %

44,03 %

Short Term Indebtedness

140,66 %

148,25 %

Debt to Equity Ratio

141,02 %

148,83 %

Long Term Assets to Total Assets

29,66 %

28,68 %

Fixed Assets to Equity

71,49 %

71,38 %

Total Assets to Total Liabilities

170,91 %

167,19 %

Debt Ratio

58,51 %

59,81 %

Equity Ratio

41,49 %

40,19 %

Investments to Assets Ratio

32,78 %

45,08 %

Current Investment

70,34 %

71,32 %

Stocks Aging Days

113,58 días

193,33 días

Day Sales

65,65 días

45,52 días

Trade Debtors To Assets

25,32 %

15,20 %

Total Assets Turnover

140,79 %

121,90 %

Net Worth Aging

339,34 %

303,32 %

Fixed Assets Aging

474,68 %

424,96 %

Gross Profit

74,82 %

69,82 %

Financial Expenses on Sales Ratio

4,57 %

5,05 %

Commercial Exp. on Sales Ratio

12,55 %

19,41 %

Administrative Exp. on Sales Ratio

6,43 %

0,00 %

 

 Assets    

 

THE COMPANY OWNS THE BUILDINGS DEDICATED TO ITS OPERATIONS WITH GOOD MARKET VALUE.

NO DEEDS WERE AVAILABLE TO VERIFY FREE OF BURDENS.

VEHICLES:
=========
IT OWNS SEVERAL VEHICLES USED FOR ITS OPERATIONS WITHOUT INDICATING MORE DETAILS.

 

 

 Evolution and Results      

 

THE COMPANY IS DEDICATED TO THE MANUFACTURE OF MACHINES AND ACCESSORIES FOR TEH PHARMACEUTICAL INDUSTRY BEING IN CHARGE OF THE SECOND AND THIRD GENERATIONS OF THE RIVA FAMILY.


AMONG ITS MAIN PRODUCTS, WE CAN MENTION:

> Minipress
> Piccola
> Piccola Bi-Layer
> Compacta-Press
> Hidropress
> Precompress Mil

IN REGARD THE ACCESSORIES LINE, WE CAN MENTION "Deduster"

IT CARRIES OUT IMPORTS FROM USA, JAPAN.

IT CARRIES OUT EXPORTS TO USA, BRAZIL, URUGUAY AND EUROPE.

* 80 EMPLOYEES

MAIN SUPPLIERS:
-----------------------
FAMAQ S.A.
ACEROS BOEHLER S.A.

 

 

 Payment Record and Credit Risk     

 

BBVA BANCO FRANCES         Central OFFICE
                     
BANCO DE GALICIA Y BS.AS.  BRANCH Ciudadela
                   
BANCO PCIA.DE BS.AIRES     BRANCH Ciudadela
                   
CREDIT RISK:
-----------------
ENTITY         MONTH/YR     SITUATION        AMOUNT
-------                 -------             ---------                   -----
GALICIA            01/2008         1                $ 1.902.800
FRANCES         01/2008         1                $   180.700
COMAFI            01/2008         1                $    75.300
AMEX               01/2008         1                $    34.900
                                                                   -----------
                                             TOTAL:   $ 2.193.700
                                                          ===========
Situation 1: NORMAL FULFILLMENT.

INSURANCES:
-------
LA HOLANDO SUDAMERICANA S.A.
FEDERACION PATRONAL S.A.

 

 

 

 

 

 

 Concept      

 

THE COMPANY MAINTAINS CREDIT RELATION WITH LOCAL AND INTERNATIONAL COMPANIES, WHICH DOES NOT OBJECT ITS WAY OF PAYMENTS.

FULFILLMENT WITHOUT OBJECTIONS.

 

 

 Final Opinion 

 

THE COMPANY IS VIABLE FOR PRUDENT CREDIT OPERATIONS WITH GUARANTEES.

 

 

 

 

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.

 

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

 

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

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