MIRA INFORM REPORT

 

 

Report Date :

21.02.2011

 

IDENTIFICATION DETAILS

 

Name :

FAMIQ S.A.

 

 

Registered Office :

Avda.San Martin 4719/23, Buenos Aires City

 

 

Country :

Argentina

 

 

Financials (as on) :

31.12.2009

 

 

Year of Establishment :

1967

 

 

Com. Reg. No.:

1672288

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Manufacture and commercialization of stainless steel pipes

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Argentina

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Registered Name 

 

FAMIQ S.A.

 

 

Summary

 

BEGINNER OF ACTIVITIES.   INCORPORATED  IN  196 7.   BALANCE  SHEET AS OF 31/12/2009: BALANCED LIQUIDITY AND ADEQUATE RESOURCES WITH A POSITIVE FINAL PROFITABILITY. NO

NEGATIVE. FIT FOR CURRENT CREDITS WITH THE APPROPRIATE GUARANTEES.

 

 

Operations

 

STAINLESS STEEL PIPES

MANUFACTURE

COMMERCIALIZATION

 

 

Legal structure

 

Business type:              Public Limited Company

Incorporated:                 1967

Registered:                    24/05/1967

Register #:                    1672288

Duration: Until                02/03/2096

End of fiscal year:          December 31st

 

 

Contact

 

Operative and Administrative address: Avda.San Martin 4719/23, Buenos Aires City, Argentine Republic.

Phone:              (54-011) 5510-4000 (pbx)

Fax:                  (54-011) 5510-4040

E-mail:              ventas@famiq.com.ar

Annexed Warehouses:

·         Avda.San Martin 4723/51,  Buenos Aires City, Argentine Republic.

·         Blanco Encalada 1752,  Florida,  Buenos Aires Province,  Argentine Republic.

 

Branches in:  Rafaela   (Santa Fe),   San Miguel de Tucuman  (Tucuman), Mendoza (Mendoza).

 

 

Partners

 

Board of Directors - Ordinary Assembly on 17/08/2010

President                      ESPARRICA CARLOS ALBERTO

Vice-President               FIRPO maria otilia

 

Substitute Director MENDONCA STELLA MARIS

 

Fits to highlight that the post occupied by Mr.  MARIO ROBERTO ESPARRICA was not renewed,   and he started an Ordinary Trial against the company on 27/12/2010.

 

 

Corporate Stock

 

The company's corporate stock is established in $ 4.100.000 which has been totally subscribed and paid in.   It is represented by the same quantity of common and registered shares,  of nominal value $1,00 each and with one vote per share.

 

 

history

 

According to our database,  these activities were started by the company FAMIQ S.R.L.  who operated until 05/10/1999 when its name was changed to the present one.

 

 

Economic-Financial Position

 

Contact was taken with Miss Lorena Cerutti   (Administrative department) who supplied figures from the Balance Sheet ended as of 31/12/2009   (last known):

 

LIABILITIES

 

Commercial Debts                     29.251.907,82

 

Clients'  advances                      652.399,80

 

Bank and Financial Debts           18.173.826,60

 

Socia Debts                              865.441,21

 

Fiscal Debts                              8.737.008,82

 

Other Debts                               9.496.294,05

-----------------------------------------------------------------

Total Current Liabilities               67.176.878,30

-----------------------------------------------------------------

Bank and Financial Debts           34.162.12

 

Fiscal Debts                              13.991,40

---------------------------------------------------------------

Total Non-Current Liabilities        48.153,52

--------------------------------------------------------------

Social Capital                            4.100.000,00

 

Capital Adjustment                     4.996.726,74

 

Issues                                       2.049.000,00

 

Legal Reserve                            1.819.345,35

 

Facultative Reserve                    60.253.961,02

 

Non-Asigned Results                  16.509.461,22

--------------------------------------------------------------

Total Net Worth                         89.729.494,34

-----------------------------------------------------------------

LIABILITIES AND NET WORTH   156.953.526,16

 

 

At the end of the exposed period,  there was a good relation between the current assets and short-time liabilities,  although the firsts was influenced by their accumulation of stocks.

 

Its own resources were the adequate back for the operations into play,  having a balanced financial position.

 

The sales level decreased a little in relation with the period before, although the final result was very higher than the previous one,   so,   it was able to operate without difficulties in a very competitive sector.

 

 

Balance Sheet

 

Balance Sheet/s

 

31/12/2007

 

31/12/2006

 

31/12/2005

Total Assets

$

145.458.474,81

$

108.690.340,69

$

74.480.299,86

Current Assets

$

126 .767.433, 22

$

93.439.777,95

$

60.376.116,75

Banks

$

12.962.952,00

 

$ 8.670.413,73

 

$ 5.957.579,82

Accounts Receivables

$

33.160.893,00

$

26.630.284,71

$

10.476.975,32

Inventory

$

67.315.169,00

$

49 .964.694, 75

$

33.710.497,00

Fixed Assets

$

17.442.102,00

$

14.153.991,67

$

13.007.612,04

Non-Current Assets

$

18.691.041,59

$

15 . 250.562, 74

$

14 .104.183, 11

Investments

 

$ 0,00

 

$ 0,00

 

$ 0,00

Total Liabilities

$

76.475. 232, 01

$

59.713.644,08

$

42.063.618,16

Current Liabilities

$

74.524.588,42

$

59.184.269,92

$

39.755.327,05

Non-Current Liabilities

 

$ 1.950.643,59

 

$ 529.374,16

 

$ 2.308.291,11

StockHolders Equity

$

68.983.242,80

$

48.976.696,61

$

32.416.681,70

Net Sales

$

188.830.266,89

$

131. 932.457, 49

$

101.882.809,76

Cost of Good Sold

$

114.879.666,71

$

85.388.479,56

$

72.901.806,98

Gross Result

$

73.950.600,18

$

46.543.977,93

$

28.981.002,78

Administrative Expenses

$

12.373.570,21

 

$ 8.665.350,47

 

$ 4.276.300,75

Selling Expenses

$

11.869.198,61

 

$ 9.420.718,17

 

$ 6.924.890,11

Financial Income

 

$ 0,00

 

$ 2.002.821,73

 

$ 1.295.990,92

Other Expenses

$

-16.508.563,76

$

-9.175.072,65

$

-5 .275 .014, 19

Final Result

$

33.199.267,60

$

17 . 280.014, 91

$

11.208.806,81

 

Balance Sheet Analysis

 

Indexes

 

31/12/2007

 

31/12/2006

 

31/12/2005

Current ratio

 

170,10 %

 

157,88 %

 

151,87 %

Quick ratio

 

79,78 %

 

73,46 %

 

67,07 %

Short term indebtedness

 

108,03 %

 

120,84 %

 

122,64 %

Debt to equity ratio

 

110,86 %

 

121,92 %

 

129,76 %

Long term assets to total assets

 

12,85 %

 

14,03 %

 

18,94 %

Fixed Assets to Equity

 

25,28 %

 

28,90 %

 

40,13 %

Total Assets to Total

Liabilities

 

190,20 %

 

182,02 %

 

177,07 %

Debt Ratio

 

52,58 %

 

54,94 %

 

56,48 %

Equity Ratio

 

47,42 %

 

45,06 %

 

43,52 %

Investments to Assets

Ratio

 

46,28 %

 

45,97 %

 

45,26 %

Current Investment

 

87,15 %

 

85,97 %

 

81,06 %

Stocks Aging Days

 

213,88 dias

 

213,58 dias

 

168,78 dias

Day Sales

 

64,10 dias

 

73,67 dias

 

37,53 dias

Trade Debtors To

Assets

 

22,80 %

 

24,50 %

 

14,07 %

Total Assets Turnover

 

129,82 %

 

121,38 %

 

136,79 %

Net Worth Aging

 

273,73 %

 

269,38 %

 

314,29 %

Fixed Assets Aging

 

1.082,61 %

 

932,12 %

 

783,26 %

Gross Profit

 

60,84 %

 

64,72 %

 

71,55 %

Financial Expenses on

Sales Ratio

 

0,00 %

 

1,52 %

 

1,27 %

Commercial Exp. on

Sales Ratio

 

6,29 %

 

7,14 %

 

6,80 %

Administrative Exp. on

Sales Ratio

 

6,55 %

 

6,57 %

 

4,20 %

 

 

 

 

Assets |

 

REAL ESTATE:

·         Avda.San Martin 4751,  Cdad.de Buenos Aires.

·         Blanco Encalada 1752,  Florida,  Pcia.de Bs.Aires.

·         Pte.J.A.Roca 903,  Rafaela,  Santa Fe.

·         Rodriguez Pena 2175, Maipu,  Pcia.de Bs.Aires.

·         Avellaneda 554,  S.M.de Tucuman,  Pcia.de Tucuman.

·         Francia y Avda.Juan D.Peron,  Rosario,   Santa Fe.

·         Avda.San Martin 4791/99,  Cdad.de Buenos Aires.

 

VEHICLES:

Mitsubishi Sedan 4 doors model 1997

Volkswagen Senda Diesel model 1994

Chevrolet Corsa model 1998

Volkswagen Gold model 1998

Volkswagen Gold model 1999

Pick Up Ford Ranger model 2002

Polo 1,9 model 2003

Renault Clio model 1999

5 automobiles VW Suran modelo 2008

 

No title deeds were shown as to verify if its property is unencumbered.

 

 

Evolution and Results

 

This company is engaged in the manufacture and commercialization of cleaning pipes,  faucets to take samples,  level valves,  retention valves,   according to the following detail:

 

·         Industrial Line (Piping)

·         Sanitary Line (Tubing)

·         Line for tanks   (Equipment for wineries)

·         Pharmaceutical Line  (Asme Bpe)

·         Raw materials and weldings

·         Ironworks

 

It has an important infrastructure mainly represented by its operative address, which has a modern technology in accordance with the needs of a high competitive sector .

 

It carries out imports from Taiwan,  China and Brasil among other countries.

 

It exports to Uruguay,  Paraguay,  Bolivia,  Chile,  Ecuador and Colombia.

In the last twelve months it carried out imports by u$s 11.987.092 from the following countries:

 

·         Taiwan:                   8.674.430

·         China Popular:         2.049.800

·         Brasil:                     448.492

·         Other countries:       814.370

 

MAIN SUPPLIERS:

 

·         MATERFLEX S.A.

·         ACEROS BOEHLER S.A.

·         JORDICAL S.A.

·         M.T.MAJDALANI  Y CIA. S.A.

·         PRODMET S.A.

 

MAIN CLIENTS:

·         SIDERCA S.A.

·         MASTELLONE HNOS S.A.

·         ARCOR S.A.

·         SIDERAR S.A.

 

·         297 EMPLOYEES

 

 

Payment Record and Credit Risk

 

·         BANCO MACRO

·         BANCO PATAGONIA

·         BANCO DE GALICIA Y BUENOS AIRES

·         BANCO CIUDAD DE BUENOS AIRES

·         BANCO ITAU

·         BANCO CREDICOOP COOP.LTDO.

·         STANDARD BANK ARGENTINA

·         BANCO NACION

 

Credit Risk

 

November 2010

 

 

Banco de Galicia:   $ 7.695.500. Situation 1
Standard Bank:  $ 6.215.000.- "

Banco Itau:  $ 5.968.000.- "

Banco Patagonia:   $ 5.798.400.-

" Banco Ciudad:   $ 3.656.300.-

" Banco Nacion:   $ 1.404.300.-

" Banco Macro:   $ 1.229.100.- "

 

Situation 1:  Normal fulfillment.

Insurance companies

-----------------------------

·         PREVENCION S.A.

 

 

Concept

 

It is commercially related with local and foreign companies.  Many of them give it their credit support,  not making up to now objections about its payment behaviour.

*    FULFILLMENT: WITHOUT OBJECTIONS

 

 

Final Opinion

 

This company is considered feasible for credit treatment for current amounts and the request of the approppriate guarantees.

*    FIT FOR CURRENT CREDITS

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.18

UK Pound

1

Rs.73.04

Euro

1

Rs.61.43

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.