MIRA INFORM REPORT

 

 

Report Date :

11.07.2008

 

IDENTIFICATION DETAILS

 

Name :

COFEM S.A.

 

 

Registered Office :

Lima 1635 1º B, Buenos Aires City.

 

 

Country :

Argentina

 

 

Financials (as on) :

30.06.2007

 

 

Date of Incorporation :

05.11.2001

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Import and Commercialization of Industrial Raw Materials

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

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

Small

 

Status :

Small Company 

 

 

Payment Behaviour :

No Complaints 

 

 

Litigation :

Clear

 

 

 

 Registered Name 

 

 

COFEM S.A.

CUIT: 30-70784927-0

 

 

 Summary 

 

 

INCORPORATED IN 2001. BEGINNER OF ACTIVITIES. BALANCE SHEET AS OF 30/06/2007: COMPROMISED LEVEL OF INDEBTEDNESS WITH ACCEPTABLE FINAL PROFIT.   FOR CREDIT TREATMENT TAKE APPROPRIATE GUARANTEES.

 

 

 Operations 

 

 

INDUSTRIAL RAW MATERIALS
IMPORT
COMMERCIALIZATION

 

 

 Legal Structure 

 

 

Business type:     Public Limited Company
Incorporated:       05/11/2001
Registered:         16/11/2001
Duration:             99 years
End of fiscal year: June 30

 

 

 Contact 

 

 

Mr Ezequiel Cosse (President)

Legal address and Administration: Lima 1635 1º B, Buenos Aires City.

Phone: (54-11) 4304.0430

Warehouses:
-----------
> Villa Lynch, Buenos Aires Province.
> Salmun Feijoo 420, Buenos Aires City.

 

 Partners 

 

 

President:               EZEQUIEL JUAN COSSE
Alternate Director:   FEDERICO JUAN COSSE

Social signature use: In the charge of the President.

 

 

 Corporate Stock 

 

 

Subscribed and paid-in capital: $ 12.000 represented by same amount of common shares, nominative, nonendorsable, par valu $1,00 each with right of vote per share and cotntributed by Enrique Juan, Ezequiel Juan and Federico Juan Cosse.

 

 

 Personal Information 

 

 

EZEQUIEL JUAN COSSE
Argentinian, born on 20/06/1975, DNI. 24.529.808, single, International Trade Graduate, with address in Avda. Santa Fe 1442, Buenos Aires City.

FEDERICO JUAN COSSE
Argentinian, born on 03/05/1978, DNI. 26.281.798, with address in Avda. Santa Fe 1442, Ciudad de Buenos Aires.

 

 

 History 

 

 

Based on data in our power, the company is the  initiator of the activities that comes developing and for which it is located at the address mentioned. There's no Knowledge that the company is an integral part of some economic group or that their managers maintain interference in some other companies with seat in this one or some other places.

 

 

 Economic-Financial Position 

 

 

We have contacted Mr. Ezequiel Juan Cosse, who provided numbers from the General Balance sheet that the holder closed as of 30/06/2007 expressed in pesos:

ASSETS:
------

Current total           206.076, 11
Noncurrent total          3.474, 08
                        ----------
TOTAL OF THE ASSETS     209.550, 19
                        ==========

LIABILITIES:
------

Current total           142.332, 51
Net patrimony            67.217, 68
                        ----------
TOTAL LIABILITIES       209.550, 19
                        ==========


EARNINGS STATEMENT:
--------------------
Net sales               490.577, 09
Final balance (Gain)     37.346, 17


At the end of the balance, the holder had only 0.47 of own resources to take care of each $ 1.00 of assumed commitments in favor of third parties consequently it was practically disabled to contract new commitments.

As far as the yield of the period, it is indicated that the same has been of 7.61% on sales, reasonably acceptable for its operations,  obtaining means to have a fluid situation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet 

 

 

Balance Sheet/s

30/06/2006

Total Assets

$ 128.628,12

Current Assets

$ 121.871,37

Banks

$ 31.232,00

Accounts Receivables

$ 23.803,00

Inventory

$ 51.922,00

Fixed Assets

$ 6.756,00

Non-Current Assets

$ 6.756,75

Investments

$ 0,00

Total Liabilities

$ 86.256,61

Current Liabilities

$ 86.256,61

Non-Current Liabilities

$ 0,00

StockHolders Equity

$ 42.371,51

Net Sales

$ 345.754,46

Cost of Good Sold

$ 212.085,79

Gross Result

$ 133.668,67

Administrative Expenses

$ 46.157,11

Selling Expenses

$ 12.776,76

Financial Income

$ 1.017,00

Other Expenses

$ -36,38

Final Result

$ 73.681,42

 

 

 Balance Sheet Analysis 

 

 

Indexes

30/06/2006

Current Ratio

141,29 %

Quick Ratio

81,09 %

Short Term Indebtedness

203,57 %

Debt to Equity Ratio

203,57 %

Long Term Assets to Total Assets

5,25 %

Fixed Assets to Equity

15,94 %

Total Assets to Total Liabilities

149,12 %

Debt Ratio

67,06 %

Equity Ratio

32,94 %

Investments to Assets Ratio

40,37 %

Current Investment

94,75 %

Stocks Aging Days

89,36 días

Day Sales

25,13 días

Trade Debtors To Assets

18,51 %

Total Assets Turnover

268,80 %

Net Worth Aging

816,01 %

Fixed Assets Aging

5.117,74 %

Gross Profit

61,34 %

Financial Expenses on Sales Ratio

0,29 %

Commercial Exp. on Sales Ratio

3,70 %

Administrative Exp. on Sales Ratio

13,35 %

 

 

 Assets 

 

 

BUILDINGS:
---------
It corresponds in property the real estate that occupies for its administration and sales which, by its location, has a good market value.

It has not been allowed to take contact with corresponding documentation, to verify if this good is free of burdens.

VEHICLES:
-------

1 Toyota truck
1 automobile Peugeot 306.

 

 

 Evolution and Results 

 

 

The company is engaged in the import and commercialization of raw materials for the industries of food, pharmaceutical and veterinary.

To the predicted aims it is located at the address  mentioned opportunely, where it counts on a medium infrastructure and organization in which the managers in joint form with a reduced number of employees take part.

It makes specific imports from India and China, not being well-known its incursion in the exporting market.

* 2 EMPLOYEES.

MAIN SUPPLIERS:
-----------------------
AUROBINDO (India)
POLIDOX (India)

 

 Payment Record and Credit Risk 

 

 

BANKS:
------
BANCO SANTANDER RIO
HSBC BANK

INSURANCE:
---------
LA CAJA S.A.
ASEGURADORA DE CREDITOS Y GARANTIAS

 

 

 Concept 

 

 

The company is related commercially to companies of place and the outside of the country, among which they offer their credit support without making until the moment objections on the modes of payment that sustains.

* FULFILLMENT: NOT OBJECTED.

 

 

 Final Opinion 

 

 

Considering the level of indebtedness whereupon the holder has closed the last practiced general balance sheet, it is understood that if interest in credit, the same will have to take shape with the contribution of solid additional guarantees.

* IN THE MATTER OF CREDITS BUILD ON VERY FIRM BASES.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.42.72

UK Pound

1

Rs.84.42

Euro

1

Rs.67.38

 

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