MIRA INFORM REPORT
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Report Date : |
12.08.2011 |
IDENTIFICATION DETAILS
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Name : |
THYSSENKRUPP FORTINOX S.A. |
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Registered Office : |
Avda. Córdoba 950, 10º piso
(1054), Buenos Aires City |
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Country : |
Argentina |
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Financials (as on) : |
30.09.2009 |
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Date of Incorporation : |
18.03.1991 |
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Com. Reg. No.: |
1348 Book 109 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, commercialization
and processing of stainless
steel |
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 : |
Usually Correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Argentina |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Registered Name
THYSSENKRUPP FORTINOX S.A.
(BEFORE FORTINOX S.A.)
CUIT No.: 30-64279958-0
Summary
INCORPORATED IN 1991. BEGINNER OF ACTIVITIES, BALANCE AS OF
30.09.2010. NO NEGATIVE ANTECEDENTS UNTIL THE PRESENT, FOR CREDITS PROCEED WITH
MODERATION AND REQUEST OF GUARANTEES.
Operations
STAINLESS STEEL
IMPORT
COMMERCIALIZATION
PROCESSING
Legal
Structure
Business type: Limited
Company
Incorporated: 18/03/1991
Registered: 27/03/1991
Register #: 1348 Book 109
Duration: Until 26/03/2090
End of fiscal year: September 30th
Contact
Legal address: Avda.Córdoba 950, 10º piso
(1054), Buenos Aires City, Argentine Republic.
Operative and Administrative address: Rivadavia s/n., Parque Industrial Garín
(B1619ADQ), Garín, Buenos Aires Province, Argentine Republic.
Phone: (54-03327) 448000/448089
E-mail: info@fortinox.com.ar
Website: www.fortinox.com.ar
Partners
President:
GEISEN PEDRO PABLO
Vice-president: GRAF HELMUT CRISTIAN
Director: WEBER CLAUDE
Director: LEONHARDT FEDERICO GUILLERMO TOMAS
Trustee: CARENZO FEDERICO
Alternative: GRAF CARIDE CYNTHIA INES
The first two mentioned ones, as Managers, are in charge of the management and
administration of the company, with the use of the social signature.
Corporate
Stock
The company's corporate
stock is established in $ 2.100.000 which has been totally subscribed and paid
in. It is represented by the same quantity of common shares nominative,
nonendorsable of par value $1,00 each.
Fits to highlight that 80% of this capital belongs to:
THYSSENKRUPP SERVICES AG
Hans-Gunther-Sohl-Strabe 1-(40235)
Dusseldorf - Germany.
Activity: Investments in companies.
Personal
Information
GEISEN PEDRO PABLO
TEODORO:
Argentinian, married, born in 15/08/1951, L.E. 8.537.829 (CUIT. 20-08537829-6)
with address in Los Algarrobos 1372, Bo.San Isidro Chico, San Isidro, Buenos
Aires Province.
GRAF HELMUT CRISTIAN:
German, Argentinian naturalized, married, DNI. 93.473.457 (CUIT. 20-15215065-3)
with address in Avda.Córdoba 950, 10 piso, Buenos Aires City.
He is registered in the following companies:
KONVEKTA S.A.
President
TRUMPLER ARGENTINA S.A.
President
PFISTERER S.A. Alternate Director
EDITORIAL SUDAMERICANA S.A. Alternate Director
GRIJALBO S.A.
Director
AGF ALLIANZ ARGENTINA S.A. Alternate Director
LAMINAR S.A.
President
DYNAMIT NOBEL ARGENTINA S.A. Alternate Director
EMPLAST S.A.
Alternate
Director
EL INCA DE ALSINA S.A. Power of Attorney
AGROBARI S.A.
President
INTERNATIONAL CATALOG SERVICES S.A. Vice-president
LEONHARDT FEDERICO GUILLERMO TOMAS:
Argentinian, married, born on 25/02/1944, DNI. 11.955.431.
History
According to our
registered information, this company was incorporated as a result of the merger
in 1991 between to big local companies: ACEROS FORTUNA S.A. and INOXMETAL S.A.
These companies were dedicated to the import and commercialization of stainless
steel, highlighting that the first company belonged to GRUPO KRUPP A.G. of
Germany and the second one to a local family group.
In the course of 1998 KRUPP of Alemania obtained most of the company's
shareholding, opening later on a service center where it performs the import,
commercialization and processing of stainless steel, being located in Garin,
Buenos Aires Province.
In the same year, KRUPP A.G. got merged with another big company in Germany,
THYSSEN A.G., incorporating as a result THYSSENKRUPP A.G.
The parent company of the Subject Coompany is THYSSENKRUPP SERVICES A.G.,
whhich is the Division-Segment of:
THYSSENKRUPP A.G.
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Activity: trading, warehouses, commercialization and construction of service
centres with the objective of giving added value to different steels which are
produced in the world.
On 01/10/2002 the subject company got merged with THYSSEN ACEROS ARGENTINA
S.A., starting in this way to perform the commercialization of special steels
for the construction of toolds and sheets used in the mining and agricultural
mining, highlighting that these products are supplied by "EWk"
EDELSTAHL WITTEN-KREFELD GMBH and THYSSENKRUPP STAHL AG.
Fits to highlight that on 18/04/2006 the company changed its name to the
current one of THYSSENKRUPP FORTINOX S.A.
Economic-Financial
Position
BALANCE SHEET AS
30/10/2010.
EXPRESSED IN PESOS ARGENTINOS.
GENERAL STRUCTURE:
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ASSETS CURRENT $ 196.077.575
ASSETS NON-CURRENT $ 70.363.482
TOTAL ASSETS $ 266.441.057
LIABILITIES CURRENT $ 108.056.897
LIABILITIES NON-CURRENT $ 108.630.433
TOTAL LIABILITIES $ 216.687.330
NET WORTH $
49.753.727
NET SALES $
211.217.794
COST OF SALES - $ 181.759.020
FINAL UTILITY $
377.671
Balance
Sheet
Balance Sheet/s 30/09/2010 30/09/2009 30/09/2008
Total Assets $ 261.218.851,00 $ 261.218.851,00 $ 274.180.799,17
Current Assets $ 191.667.023,00 $ 191.667.023,00 $ 228.570.768,72
Banks $ 5.750.001,00 $ 20.718.380,00 $ 4.770.989,62
Accounts Receivables $ 29.708.388,00 $ 36.958.286,00 $ 35.078.206,29
Inventory $ 191.667.023,00 $ 119.110.258,00 $ 174.160.937,67
Fixed Assets $ 41.731.096,00 $ 32.970.207,00 $ 26.701.270,94
Non-Current Assets $ 69.551.828,00 $ 69.551.828,00 $ 45.610.030,45
Investments $ 0,00 $ 0,00 $ 0,00
Total Liabilities $ 211.842.795,00 $ 211.842.795,00 $ 183.684.845,78
Current Liabilities $ 96.799.286,00 $ 96.799.286,00 $ 87.555.824,20
Non-Current Liabilities $ 115.043.509,00 $ 115.043.509,00 $ 96.129.021,58
StockHolders Equity $ 49.376.056,00 $ 49.376.056,00 $ 90.495.953,39
Net Sales $ 151.760.090,00 $ 151.760.090,00 $ 191.705.402,17
Cost of Good Sold $ 132.291.637,00 $ 132.291.637,00 $ 147.712.494,05
Gross Result $ 19.468.453,00 $ 19.468.453,00 $ 43.992.908,12
Administrative Expenses $ 9.509.103,00 $ 0,00 $ 10.301.380,14
Selling Expenses $ 17.062.791,00 $ 0,00 $ 17.418.773,76
Financial Income $ 0,00 $ 0,00 $ 0,00
Other Expenses $ -34.016.456,00 $ -60.588.350,00 $ -276.258,32
Final Result $ -41.119.897,00 $ -41.119.897,00 $ 15.996.495,90
Balance
Sheet Analysis
Indexes 30/09/2010 30/09/2009 30/09/2008
Current Ratio 198,00 % 198,00 % 261,06 %
Quick Ratio 0,00 % 74,96 % 62,14 %
Short Term Indebtedness 196,04 % 196,04 % 96,75 %
Debt to Equity Ratio 429,04 % 429,04 % 202,98 %
Long Term Assets to Total Assets 26,63 % 26,63 % 16,64 %
Fixed Assets to Equity 84,52 % 66,77 % 29,51 %
Total Assets to Total Liabilities 123,31 % 123,31 % 149,27 %
Debt Ratio 81,10 % 81,10 % 66,99 %
Equity Ratio 18,90 % 18,90 % 33,01 %
Investments to Assets Ratio 73,37 % 45,60 % 63,52 %
Current Investment 73,37 % 73,37 % 83,36 %
Stocks Aging Days 528,82 días 328,63 días 430,35 días
Day Sales 71,45 días 88,89 días 66,79 días
Trade Debtors To Assets 11,37 % 14,15 % 12,79 %
Total Assets Turnover 58,10 % 58,10 % 69,92 %
Net Worth Aging 307,36 % 307,36 % 211,84 %
Fixed Assets Aging 363,66 % 460,29 % 717,96 %
Gross Profit 87,17 % 87,17 % 77,05 %
Financial Expenses on Sales Ratio 0,00 % 0,00 % 0,00 %
Commercial Exp. on Sales Ratio 11,24 % 0,00 % 9,09 %
Administrative Exp. on Sales Ratio 6,27 % 0,00 % 5,37 %
Assets
Net amount $
32.970.207, INTEGRATED WITH THE FOLLOWING ITEMS:
LAND 3,155,949
BUILDINGS 7,803,174
FURNITURE AND EQUIPMENT 67,953
FACILITIES 719,560
CARRIAGES 243,549
MAQ.HERRAMIENTAS 19,356
EQ.COMPUTACION 120,331
Production machines. 20,237,893
SYSTEMS 254,091
WORKS IN PROGRESS 348,351
A society is given possession of all properties that have affected its
business.
Parent/Related
Companies
> THYSSENKRUPP USA
INC.
> THYSSENKRUPP STAINLESS INTERNATIONAL GMBH
> THYSSENKRUPP STEEL A.G.
> THYSSENKRUPP MATERIALS FRANCE SAS
> THYSSENKRUPP MAGNETTECHNIK GMBH
> THYSSENKRUPP MATERIALS IBERICA A.G.
> THYSSENKRUPP MEXINOX D.S. DE C.V.
> THYSSEN DURO METALL GMBH
> OTTO WOLFF HANDELGESSELSCHAFT MBH
> TB TK MATERIAL LOGISTICS & SERVICES
Evolution
and Results
The company is engaged
in the bargain and sale, import, export, representation, consigment, division
and distribution of steels, operating nowadays in the previously exposed
addresses.
It is an important company on its sector which has an appropriate
infrastructure, mainly represented by its establishment, which has modern and
large facilities, as well as all those implements and elements needed to the
normal performance of its operations.
FOREIGN TRADE:
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In the last twelve months it has carried out imports for a total value of U$S
1.535.663, as follows:
> BELGIUM U$S 577.985
> TAIWAN U$S 455.914
> CHINE U$S 216.921
> OTHERS U$S 284.843
THE IMPORTED PRODUCTS WERE LAMINATED PLANES OF STEEL AND IRON, STICKS, AND
BORDERS OF THE SAME MATERIALS AND SIMILARS.
* 100 EMPLOYEES
Payment
Record and Credit Risk
BANKS:
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BANCO DE LA NACION ARGENTINA Branch: Gral.Pacheco
BANCO SANTANDER RIO Branch: Gral.Pacheco
STANDARD BANK
Principal
Office
BANCO PATAGONIA SUDAMERIS S.A. Principal
Office
CREDIT RISK:
------------
JUNE 2011
SANTANDER RIO 06/11 1 $ 853,400
AMEX 06/11 1 10,200
Situation 1: Normal Fulfillment
INSURANCE:
LIBERTY S.A.
WITH SEVERAL LOCAL COMPANIES FOR GENERAL RISKS
Concept
UNTIL THE PRESENT IT DOES NOT
REGISTER ANY NEGATIVE ANTECEDENTS THAT COULD AFFECT ITS CONCEPT AND CANCELS IN
REASONABLE FORM ITS GENERAL ASSUMED COMMITMENTS.
* COMPLIANCE: NOT OBJECTED.
Final
Opinion
Upon considering the
present review, it is possible the credit relation with the firm in
review, by means of granting facilities of moderate importance and
with defenses of practice.
* ELIGIBLE FOR MODERATE CREDITS WITH GUARANTEES.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.27 |
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UK Pound |
1 |
Rs.73.34 |
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Euro |
1 |
Rs.64.58 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.