MIRA INFORM REPORT
|
Report Date : |
05.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NUTRER S.A. DE C.V. |
|
|
|
|
Registered Office : |
Calle 4 25-C, Fraccionamiento Industrial Alce Blanco, Naucalpán de
Juárez/Estado de México CP 53370 |
|
|
|
|
Country : |
Mexico |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
20.04.1998 |
|
|
|
|
Legal Form : |
Stock Company of Variable Capital |
|
|
|
|
Line of Business : |
Importer and Trader of chemicals through division including Pharma
Division and Food Division |
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 |
|
Maximum Credit Limit : |
US $ 550,000 Dollars |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME : NUTRER S.A. DE
C.V.
TAXPAYER REGISTRATION :
RFC
NUT-980420-3Y5
OPERATING STATUS : Active
MAIN ADDRESS :
Calle
4 25-C, Fraccionamiento Industrial Alce Blanco
CITY/PROVINCE/STATE : Naucalpán de
Juárez/Estado de México CP 53370
COUNTRY :
MEXICO
TELEPHONE :
(5255)2122.0400
FAX :
(5255)2122.0410
E - MAIL :
cbusch@nutrer.com
WEB SITE :
www.nutrer.com.mx
SUMMARY
Incorporation : 1998
Operating Status : Active
Last Capital : Ps$3,050,000.=
Pesos
Shareholders' Equity : Ps$ 17,041,311.=
Pesos (Al 31.12.2007)
Annual Sales : 315,666,576.00
Pesos
Financial Situation : FAIR
Employees : 75
Rating : Irregular
Payments : Little credit
experience available
Business Trend : Stable, unchanged
QUALIFICATION
RATING :
Irregular
PAYMENTS :
Little
credit experience available
LEGAL BACKGROUNDS
LEGAL STATUS : Stock Company of
Variable Capital
DATE OF INCORPORATION : 20APR1998
REGISTERED IN : Naucalpan de
Juarez, State of Mexico
NOTARY OFFICE : Carlos
Yfarraguerri Villarreal
DURATION :
99
years
INITIAL CAPITAL : Ps$50,000.= Pesos
CURRENT PAID-IN CAPITAL : Ps$3,050,000.= Pesos
LAST CAPITAL INCREASE : No specified
SHAREHOLDERS' EQUITY :
Ps$17,041,311.=
Pesos (as of 31/12/2007)
TYPE OF SHARES : Face value
LISTED AT STOCK EXCHANGE: No
SHARE VALUE :
Ps$1.=
Peso
CURRENT EXCHANGE RATE : Ps$10.38 per USD1
COMMENTS
Subject is a member of the National Chamber of Commerce, Services and
Tourism of
Naucalpan de Juarez, State of Mexico.
HISTORY
NUTRER S.A. DE C.V. started trading pharmaceutical excipients
representing prestigious manufacturers worldwide.
In year 2000, the Company diversified itself through products for the
food industry, distributing innovative products from prestigious manufacturers
worldwide.
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE OWNERSHIP %
BUSCH SINK, OLAF Director
General
PULIDO VELASCO, NORMA Admin
& Finance Manager
RODRIGUEZ GUTIERREZ, VICTOR MANUEL
Operations Manager
ESCOBEDO TAPIA, GERARDO General
Accountant
DETLEF VON APPEN MBH-DVA Shareholder 100%
RELATED COMPANY(IES)
Subject Company is part of DETLEFF VON APPEN, which also groups the
firms below:
COMPANY NAME COUNTRY TAX.REG. RELATION
DETLEF VON APPEN MBH-DVA GERMANY Related
DETLEF VON APPEN MEXICANA S.A. DE C.V.
MEXICO DAM-040319-9N2 Related
DVA CHEMICAL LLC U.S.A. Related
DVA DE COLOMBIA LIMITADA COLOMBIA Related
DVA QUIMICA DO BRASIL LIMITADA BRAZIL Related
BUSINESS
MAIN ACTIVITY .-
Import and trade of chemicals through two divisions:
- Pharma Division (Diluents, cementing material for direct compression,
substances of
controlled release, surfactants, super disintegrants, lubricants, liquid
absorbents for
direct compression, vitamins for direct compression, coating substances
for quick
disintegration)
- Food Division (Nutraceutic products, fats and oils, additives and raw
materials,
vitamins, gums and hydrocolloids, sweeteners, preservers, colorings,
enzymes).
IMPORT
: Yes India, China, Belgium, USA and Germany
EXPORT
: Yes Costa Rica
% CASH SALES/METHOD : 40%
% CREDIT SALES/TERMS :
60%
(30, 60 and 90 days)
% FOREIGN SALES(COUNTRIES) : 3%
% DOMESTIC PURCHASES : 10%
% FOREIGN PURCHASES : 90%
SELLING TERRITORY : Domestic and foreign markets
EMPLOYEES :
75
FACILITIES
Premises : Rented
Monthly Amount :Ps$135,000
Area : 4,000 m2
Floors : 1
Equipment : Appropriate for
its operations
Condition : Good, concrete material,
located at industrial area
Use : Headquarters
Remarks and other Premises .-
Subject Company has branches in Monterrey and Guadalajara.
COMMENTS
Reportedly, NUTRER S.A. DE C.V. is a representative for:
(Pharma Division)
- Gotoku Chemical
- Shin Etsu
- Basf
- Fuji Chemical
- Merck
- Holland Sweetener Company
- JRS Pharma LP
- DMV
(Food Division)
- Grupo Unipharm
- Biocon
- Daicel
- Alimacarat
- Kimica
- Omnichem
- Broste
- Loders Crokaan
Subject Company fully wholesales.
Client portfolio amounts to 400 customers approximately.
FINANCIAL INFORMATION
We talked to Gerardo Escobedo, General Accountant, who kindly supplied
operating information, including main accounts of the Balance Sheet for the
Fiscal Year ended as of December 31, 2007 and December 31, 2006, expressed in
Pesos.
Projections at the end of the present year consider to increase
operating results by 15%. For this purpose, sale prices have been increased and
new products have been introduced.
BALANCE SHEET DATE : 31DEC2007 31DEC2006
TYPE OF BALANCE SHEET : Annual Annual
BALANCE SHEET OF : 12 months 12 months
CURRENCY : Pesos Pesos
EXCHANGE RATE PER US$ : 10.83 10.81
ASSETS
TOTAL CURRENT : 202,435,495.00 107,431,410.00
FIXED :
5,417,048.00
48,301,010.00
TOTAL ASSETS
: 207,852,543.00 155,732,420.00
LIABILITIES
TOTAL CURRENT : 170,019,855.00 148,860,658.00
LONG TERM : 20,791,377.00
TOTAL EQUITY : 17,041,311.00 6,871,762.00
TOTAL LIABILITIES
: 207,852,543.00 155,732,420.00
SALES : 315,666,576.00 295,328,856.00
PROFIT (LOSS) : 17,349,209.00 13,118,995.00
LIQUIDITY RATIO : 1.19 (Current Assets/Current
Liabilities)
DEBT-TO-EQUITY RATIO:
10.02% (Shareholders'equity/Current Liabilities)
PROFITABILITY MARGIN:
5.50% (Profits/Sales)
WORKING CAPITAL : 32,415,640.00 (Current Assets -
Current Liabilities)
FINANCIAL SITUATION : FAIR
Financial standing is deemed to be Fair as liquidity ratio is very
tight. Working capital is very moderate and debt exceeds the shareholders
equity. Final results are slightly satisfactory.
INSURANCE
Company
Against Amount Validity _
ASEGURADORA ZURICH
All risk No
specified No specifi
PAYMENTS RECORD
TRADE REFERENCES .-
Line of Credit Monthly Average
Terms(days)) Performance?
Time Products/Services Supplier
1 Open No
specified 30 days Prompt 2000 Monopropylene, polyethyle Domestic
COMMENTS
MERCK S.A. DE C.V. confirmed to have dealt with Subject for several
yeras. Favorable
opinion. Further details were not given because of confidentiality.
LIST OF DOMESTIC SUPPLIERS
Suppliers listed Alphabetically.
There is not relationship as for the order above
Supplier Telephone
Agencia de Aduana Safe Mexicana S.A. de C.V. 5255
55708484
Basf Corporation
Basf de Mexico
Biocou-Biopharmaceuticals & Euzymes
Borculo Domo Ingredients
Daicel Chemical Industries Ltda
DMV International
FCI Health Science Inc
Holland Sweetener Company
ICE Agencia Aduanal 5255 57715878
J. Rettenmaier & Shone GMBH CO KG
Merck SA de CV
Romequim S.A. de C.V./Srta.María Eugenia Silva 5255 53824062
Shin-Etsu Chemical Co Ltda
LIST OF FOREIGN SUPPLIERS
Suppliers listed Alphabetically.
There is not relationship as for the order above
Supplier Country
Basf Corporation
Biocou-Biopharmaceuticals & Euzymes INDIA
Borculo Domo Ingredients
Daicel Chemical Industries Ltda JAPAN
DMV International
FCI Health Science Inc
Gotoku Chemical Company Ltda JAPAN
Holland Sweetener Company
J. Rettenmaier & Shone GMBH CO KG GERMANY
Shin-Etsu Chemical Co Ltda JAPAN
LAWSUITS ?
No legal actions or claims have been brought against this Company.
BANKING INFORMATION
BANKERS
Bank
GRUPO FINANCIERO SANTANDER SER
Banco Mercantil del Norte S.A.
Subject deals with the above banks. No more information could be
obtained due to the
Bank Secrecy Act.
CREDIT OPINION
Request for Maximum Credit :
Subject Company may be granted a credit limit amounting to US$550,000
Dollars.
NOTE: The Opinion given is confidential,
referential and without liability.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.26 |
|
UK Pound |
1 |
Rs.79.19 |
|
Euro |
1 |
Rs.64.42 |
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%)