MIRA
INFORM REPORT
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Report Date : |
15.11.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
INDUSTRIA SULFURICA SA |
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Registered Office : |
Ruta 1 Km.24, San José |
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Country : |
Uruguay |
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Financials (as on) : |
30.06.2008 |
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Date of Incorporation : |
15.05.1947 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Manufacturer of Solid
and Liquid Fertilizers, Carriers of Basic Nutrients |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT
COMPANY NAME : INDUSTRIA SULFURICA S.A.
TRADE
NAME : "I.S.U.S.A"
TAXPAYER
REGISTRATION : RUT
21002700018
OPERATING
STATUS : Active
MAIN
ADDRESS : Ruta 1 Km.24
CITY/PROVINCE/STATE :
San José
COUNTRY : URUGUAY
TELEPHONE : (5982)347.2035
FAX : (5982)347.2127
E
- MAIL : contaduria@isusa.com.uy
WEB
SITE : www.isusa.com.uy
SUMMARY
Incorporation :
1947
Operating
Status : Active
Last
Capital : Ps$69,160,000.= Pesos
Shareholders'
Equity : US$39,614,443.= Dólares (Al 31.12.2007)
Finantial
Situation : LIGHTLY FAIR
Employees :
160 (40 administrativos, 140 otros)
Rating : Good
Payments :Usually to terms/good
Business
Trend : Stable, unchanged
QUALIFICATION
RATING
: Good
PAYMENTS
: Usually to
terms/good
LEGAL BACKGROUNDS
LEGAL
STATUS : Joint-Stock Company
DATE
OF INCORPORATION : 15MAY1947
REGISTERED
IN : Montevideo
CURRENT
PAID-IN CAPITAL : Ps$69,160,000.= Pesos
SHAREHOLDERS'
EQUITY : US$39,614,443.=
Dollars (As of 31.12.2007)
TYPE
OF SHARES : Registered
LISTED
AT STOCK EXCHANGE : Yes
CURRENT
EXCHANGE RATE : Ps$23.48 per USA Dollar.
COMMENTS
Besides the mentioned
shareholders, there are other 38 persons, among individuals and legal entities.
HISTORY
On April 16, 1997,
"INDUSTRIA SULFURICA S.A." acquired the complete block of shares of
"FANAPROQUI S.A.", an "Open Corporation", engaged in the
manufacture of chemical products for agricultural use.
On April 02, 1997,
Subject acquired the 15% of the block of shares of "MYRIN S.A.", a
"Closely Held Corporation", involved in providing services of
storage, bagging and delivery of products.
DIRECTORS / EXECUTIVES / SHAREHOLDERS
FULL NAMES / COMPANY
NAME TITLE OWNERSHIP
%
RUFENER ZIEGLER,
OSCAR Executive President Yes
ALONSO, GUILLERMO Vice President
OLIVER, DANIEL Treasurer
YOOSHIMITSU, MARIO Member of the Board
MARDERO, DAVID Technical Director
MARTINEZ BURGOS,
GERARDO General Accountant Yes
STABILE, JOSE Member of the Board
PORRAS, FLORISMAN Member of the Board
WHO IS WHO ?
RUFENER ZIEGLER, OSCAR
NATIONALITY : Uruguayan
BORN : 1942
PROFESSION : Chemical Engineer
RELATED
COMPANY(IES)
COMPANY
NAME COUNTRY
RELATION
FANAPROQUI SA URUGUAY
Related
MYRIN SA URUGUAY Related
BUSINESS
MAIN ACTIVITY .-
Subject is involved in
the manufacture of solid and liquid fertilizers, carriers of basic nutrients
(Nitrogen, phosphorous and potassium) and micro-nutrients (zinc, magnesium, manganese,
iron), sulphuric acid and aluminium sulphate, as well.
Likewise, it provides
agricultural advising services.
Trademarks:
"ISUSA", "NPK"
IMPORT : Yes (From Argentine, Europe, USA and Africa; against transfers and L.
of Credit).
EXPORT :
Yes (To Argentine, Paraguay, Brazil, Bolivia
and Chile; against Letters of Credit).
%
CASH SALES/METHOD : 10%
%
CREDIT SALES/TERMS : 90% (I/.within 30 days - domestic sales).
%
FOREIGN SALES(COUNTRIES): 25%
%
DOMESTIC PURCHASES : 10%
%
FOREIGN PURCHASES : 90%
SELLING
TERRITORY : 75% (Domestic market).
EMPLOYEES : 160 (40 administratives, 120 others).
FACILITIES
Area : 60 Hectares
Floors : 1
Condition : Facility located in an industrial zone.
Use : Headquarters, administrative offices, warehouses and
production plant.
Remarks and other
Premises .-
Subject has a branch
located at: Nueva Palmira - Dpto. de Colonia (own) and a warehouse in
Montevideo.
Until April 15, 2004,
Subject was headquartered at: Av. Gral Flores No.2418, Montevideo.
COMMENTS
Subject has been ISO 9002
certified, in its production processes.
It operates 24 hours in
some areas, in three shifts of 8 hours each.
Its sales are oriented to
industrial and trading companies in general.
FINANCIAL INFORMATION
We were attended by Mr.
Wilson Cardoso, from the Expedition Office, who being previously authorized,
kindly supplied the required information, including a summary of Subject's
Interim Balance Sheet as of 01.01.2008 to 30.06.2008 (6 months), expressed in
Dollars (US$).
DATE OF BALANCE
: 30JUN2008
TYPE OF BALANCE
: Interim
BALANCE OF
: 6 months
CURRENCY
: US$ Dollars
EXCHANGE RATE PER US$
: 1.00
ASSETS
TOTAL CURRENT
: 154,166,902.20
FIXED
: 18,812,286.07
OTHERS
: 4,052,529.18
TOTAL ASSETS
: 177,031,717.45
LIABILITIES
TOTAL CURRENT
: 113,807,151.70
LONG TERM
: 9,676,358.31
SHAREHOLDERS' EQUITY
:
CAPITAL
: 17,239,789.85
RESERVES
: 16,865,249.39
PROFIT (LOSS)
: 18,168,673.68
OTHERS
: 1,274,494.52
TOTAL SH' EQUITY
: 53,548,207.44
TOTAL LIAB./SH' EQUITY : 177,031,717.45
SALES
: 101,271,710.61
PROFIT (LOSS)
: 18,168,673.68
RATIOS
LIQUIDITY
: 1.35 (Current
Assets/Current Liab.)
DEBT TO EQUITY
: 47.05% (Sh'
Equity/Current Liab. %)
PROFITABILITY
: 17.94%
(Profit/Sales %)
WORKING CAPITAL
: 40,359,750.50 (Current
Assets-Current Liab.)
Likewise, he provided us
a summary of Subject's last General Balance Sheet for the Fiscal Period as of
31.12.2007, expressed in Dollars. Sales
amount, neither final economic results are included, as they were not revealed.
BALANCE SHEET DATE : 31DEC2007
TYPE OF BALANCE SHEET : Annual
BALANCE SHEET OF : 12 months
CURRENCY : US$ Dollars
EXCHANGE RATE PER US$ : 1.00
ASSETS
CASH/BANKS
: 2,362,704.31
RECEIVABLES
: 51,895,398.87
INVENTORY
: 40,036,738.22
OTHERS
: 9,336,911.65
TOTAL CURRENT : 103,631,753.05
FIXED
: 14,452,373.08
OTHERS
: 3,523,285.50
TOTAL ASSETS
: 121,607,411.63
LIABILITIES
BANKS/SUPPLIERS
: 60,920,305.13
OTHERS
: 7,138,455.60
TOTAL CURRENT
: 68,058,760.73
LONG TERM
: 13,934,207.65
SHAREHOLDERS' EQUITY
:
CAPITAL
: 11,789,491.11
RESERVES
: 11,428,619.75
PROFITS (LOSS)
: 13,011,630.18
OTHERS
: 3,384,702.21
TOTAL EQUITY
: 39,614,443.25
TOTAL LIABILITIES
: 121,607,411.63
LIQUIDITY RATIO : 1.52 (Current Assets/Current Liabilities)
DEBT-TO-EQUITY RATIO :
58.21% (Shareholders'equity/Current Liabilities)
WORKING CAPITAL : 35,572,992.32 (Current Assets - Current
Liabilities)
FINANCIAL SITUATION : LIGHTLY
FAIR
Based on the last
Financial Statement (2007), Subject's Financial Position is considered Slightly
Fair, as liquidity ratio is slightly acceptable. Working capital has a slightly satisfactory margin. Shareholders' equity covers properly its liabilities. Sales amount, neither final results are
included, as they were not revealed; however, we learnt as of the first
6 months of 2008, Subject is operating under compensatory results.
PROPERTIES OF THE COMPANY
INSURANCE .-
Company Against Validity
_
BANCO DE SEGUROS DEL
ESTADO All risk Annually
PAYMENTS RECORD
TRADE REFERENCES .
Line of Credit Monthly Average Terms(days)) Performance? Time Products/Services Supplier
1 Open Not
specified 30 days
Prompt 40
years Products in general Domestic
2 Open Not
specified 30 days Prompt +10years Electric material Domestic
3 Not specified Cash No
experience +8 years Customs
services. Domestic
4 Open Not
specified 30 days Prompt 2005
Bricks for the boilers ov Domestic
LIST OF DOMESTIC SUPPLIERS
Suppliers listed
Alphabetically. There is not
relationship as for the order above
Supplier _ Telephone _
CADES SA (598-2)622.8888
COMACO REFRACTARIOS (598-2)203.4432
FIERRO VIGNOLI SA (598-2)902.0808
JUAN RAYMUNDES (AG. DE
ADUANA) (598-2)916.5434
CREDIT RISK CENTRAL
No adverse found.
CREDIT HISTORY
Former reports show a
clean trading record. No negative
backgrounds.
LAWSUITS ?
No legal actions were
found against Subject.
BANKING INFORMATION
BANKERS
Bank Contact Telephone
BANCO REPUBLICA DEL
URUGUAY
ABN AMRO BANK
(URUGUAY) Fernando Lacursia (598-2)903.1073
BANCO ACAC
BANCO DE LA NACION
ARGENTINA
BANCO MONTEVIDEO
BANCO BOSTON
CITIBANK
HSBC BANK
NUEVO BANCO
COMERCIAL
Under the bank secrecy act
in force in Uruguay, no information regarding Subject's accounts was gathered.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.46 |
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UK Pound |
1 |
Rs.73.17 |
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Euro |
1 |
Rs.62.96 |
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. |
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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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%)