MIRA INFORM
REPORT
|
Report Date : |
21.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
NEOSUL S.A. |
|
|
|
|
Registered Office : |
Aizpurúa 2092, Post 11400, Montevideo |
|
|
|
|
Country : |
Uruguay |
|
|
|
|
Financials (as on) : |
30.06.2010 |
|
|
|
|
Year of Establishment : |
1962 |
|
|
|
|
Com. Reg. No.: |
Not Available |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trading of plastic fabrics and PVC
films for multiples uses. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
US$.50,000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Uruguay |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
IDENTIFICATION
|
CORRECT
COMPANY NAME |
:
|
NEOSUL S.A. |
|
TRADE
NAME |
:
|
N/A" |
|
TAXPAYER
REGISTRATION |
:
|
RUT 210057630011 |
|
MAIN
ADDRESS |
:
|
Aizpurúa 2092 |
|
POSTAL
CODE |
:
|
11400 |
|
CITY |
:
|
Montevideo |
|
DEPARTMENT/STATE |
:
|
Montevideo |
|
COUNTRY |
:
|
URUGUAY |
|
TELEPHONE |
:
|
25086201 |
|
FAX |
:
|
N/A |
|
WEB
SITE |
:
|
www.neosul.com.uy |
SUMMARY
FOUNDATION :
1962
LAST CAPITAL :
Ps$19,000,000.= Pesos
SALES :
45,556,989.00
EMPLOYEES :
28
PAYMENTS : Usually to terms/good
CHIEF EXECUTIVE :
DONNER BLOCK, HUGO ALBERTO
DISPOSITION :
TOTAL (Full information and figures).
LEGAL
BACKGROUNDS
|
LEGAL
ESTATUS |
:
|
Joint-Stock Company |
|
DATE
OF INCORPORATION |
:
|
1962 |
|
START
OF OPERATIONS |
:
|
N/A |
|
REGISTERED
IN |
:
|
Montevideo |
|
NOTARY
OFFICE |
:
|
N/A |
|
DURATION |
:
|
Perpetual |
|
REGISTRATION |
:
|
N/A |
|
INITIAL CAPITAL |
:
|
N/A |
|
CURRENT PAID-IN CAPITAL |
:
|
Ps$19,000,000.= Pesos |
|
LAST CAPITAL INCREASE |
:
|
N/A |
|
SHAREHOLDERS' EQUITY |
:
|
N/A |
|
TYPE OF SHARES |
:
|
Registered |
|
LISTED AT STOCK EXCHANGE |
:
|
No |
|
SHARE VALUE |
:
|
N/A |
|
CURRENT EXCHANGE RATE |
:
|
Ps$18.55 per 1 USD |
|
MEMBERSHIP |
:
|
N/A |
DIRECTORS
/ EXECUTIVES / SHAREHOLDERS
|
FULL
NAMES / COMPANY NAME |
TITLE |
OWNERSHIP
% |
|
DONNER BLOCK, HUGO ALBERTO |
CEO |
50% |
|
DONNER JEKEL, HERBERT |
Shareholder |
50% |
WHO
IS WHO?
DONNER
BLOCK, HUGO ALBERTO
NATIONALITY : Uruguayan
BORN : 26JUN1955
DOC OF IDENT. : CI 1.224.202-6
DONNER
JEKEL, HERBERT
NATIONALITY : Uruguayan
BORN : 31AUG1929
DOC OF IDENT. : CI 533.044-2
PROFESSION : Civil Engineer
BACKGROUND INFORMATION .-
He managed the industrial area of the venture
founded by his relatives (uncle and
cousin) who then sold their part.
He specialized in plastics with the original
suppliers of the equipment in Germany. He has quit the activity 10 years ago,
and his son Hugo Donner, joined the company when he still was a student.
He was in charge of the company's management before
his father left the company. President of the Uruguayan Association of Plastic
Industries and the Latin American Association of Plastic Industries, Vice
President of the Uruguayan Chamber of Industries and Director of Laboratorio
Tecnológico del Uruguay.
BUSINESS
HISTORY
The company's Annual Validity Certificate appears
as AUTHORIZED in the General Tax Bureau.
BUSINESS
MAIN
ACTIVITY .-
Manufacture and trading of plastic fabrics and PVC
films for multiples uses.
Brands sold: "NEOSUL",
"NEOSKAI", "NEOVIN", "NEOSKIN",
"NEOFILM".
IMPORT : Yes
Argentina,
China, Brazil and Taiwan (10% in cash and 90% on credit with
30-day
terms)
Annual Imports in US$ (CIF) :
Year
Monto
2011 105,265.09
2010 394,858.80
2009 288,067.93
2008 259,050.84
2007 524,292.24
EXPORT : Yes
(Paraguay
and Argentina)
Annual Exports in US$ (FOB) :
Year
Monto
2011 20,900.80
2010 205,668.20
2009 365,654.36
2008 746,532.42
2007 757,401.13
|
%
CASH SALES/METHOD |
:
|
N/A |
|
%
CREDIT SALES/TERMS |
:
|
100% (Short-term facilities) |
|
%
FOREIGN SALES (COUNTRIES) |
:
|
N/A |
|
%
DOMESTIC PURCHASES |
:
|
80% |
|
%
FOREIGN PURCHASES |
:
|
N/A |
|
SELLING
TERRITORY |
:
|
N/A |
|
EMPLOYEES |
:
|
28 |
LOCATION
.-
|
Premises |
:
|
Own |
|
Monthly
Amount |
:
|
N/A |
|
Time
Occupied |
:
|
1962 |
|
Area |
:
|
3,500 m2 |
|
Floors |
:
|
N/A |
Remarks and other Premises .-
The Production plant and offices operate at the
heading address.
COMMENTS .-
Products sold by Subject Company are used as inputs
for the automotive, pharmaceutical industries, leather goods, garments,
packaging, footwear, construction, decoration industries, toys, advertising,
document cases, book binding, etc.
FINANCIAL
INFORMATION
|
Interviewee(s) |
:
|
Hugo Donner |
|
Position(s) |
:
|
CEO |
|
Cooperation |
:
|
TOTAL (Full information and
figures). |
|
Information
Provided |
:
|
We spoke with Hugo Donner
who kindly provided the required information, including the main accounts of
the Balance Sheets as of 30/06/2010 and 30/06/2009 (12 months each), which
are detailed below: |
BALANCE
SHEET
|
BALANCE SHEET DATE |
30JUN2010 |
30JUN2009 |
|
PERIOD |
12
months |
12
months |
|
EXCHANGE RATE PER US$ |
18.35 |
23.17 |
|
CURRENCY |
Pesos |
Pesos |
|
ASSETS |
|
|
|
TOTAL CURRENT |
14,485,288.00 |
13,824,168.00 |
|
FIXED |
20,650,580.00 |
22,142,665.00 |
|
TOTAL ASSETS |
35,135,868.00 |
35,966,833.00 |
|
LIABILITIES |
|
|
|
TOTAL CURRENT |
11,186,835.00 |
14,384,107.00 |
|
LONG TERM |
1,423,683.00 |
1,435,055.00 |
|
SHAREHOLDERS' EQUITY |
|
|
|
TOTAL
EQUITY |
22,525,350.00 |
20,147,671.00 |
|
TOTAL
LIABILITIES |
35,135,868.00 |
35,966,833.00 |
|
SALES |
45,556,989.00 |
52,581,188.00 |
|
PROFIT(LOSS) |
2,670,656.00 |
597,892.00 |
RATIO
|
LIQUIDITY RATIO |
1.29 |
(Current Assets/Current
Liabilities) |
|
DEBT-TO-EQUITY RATIO |
201.36 |
(Shareholders's
equity/Current Liabilities %) |
|
PROFITABILITY MARGIN |
5.86 |
(Profits/Sales %) |
|
WORKING CAPITAL |
3,298,453.00 |
(Current Assets - Current
Liabilities) |
FINANCIAL
SITUATION : SATISFACTORY
According to the last Financial Statement, the
company's Financial Standing is considered to be Satisfactory as it has an
adequate liquidity ratio. Working capital is positive and allows an orderly
fulfillment of payments. Debt-to-equity ratio is acceptable. Economic results
have been satisfactory.
The external situation and lack of credit will
determine a small reduction in profitability and sales volume, expecting a
small but positive result. The gradual replacement of manufacture by import at
low cost and addind new lines of business oriented to the same clients'
database will improve results for 2011-2012 fiscal year.
NEOSUL S.A. is an industrial company with a solid
history and image in Uruguay and in the region.
In the past years, it has gone through a reduction
process in view of the loss of competitiveness for growing industrial costs and
industrial scale and domestic market reasons. Such process is complemented with
the entry to the commercial activity as bulk import of finished products,
mainly from orient. the strategy is having results, but it becomes slow because
of the lack of credit.
PROPERTY
OF THE COMPANY .-
Subject is referred to have its own property
appraised at US$700,000.=, in addition to industrial equipment.
INSURANCE
.-
|
Company |
Againts |
Amount |
Expiration |
|
RSA |
All risk |
US$1,000,000.= |
US$1,000,000.= |
PAYMENTS
RECORD
TRADE REFERENCES .-
|
Supplier |
Country |
Tel. |
Line of Credit |
Monthly Average |
Terms(days) |
Perfomance? |
Time |
Products/Services |
|
TORRENTE - RIOLSA |
URUGUAY |
598 29016162 |
N/A |
Not specified |
60-day wire transfer |
Prompt |
Old |
Chemical products |
|
SOLVAY-INDUPA |
ARGENTINA |
5411 43162354 |
UNLIMITED |
US$ 35,000.= |
90-day wire transfer |
Prompt |
2002 |
PVC |
|
TEX-FABRIC |
URUGUAY |
5423 23428729 |
UNLIMITED |
Not specified |
W/T: 30, 60, 90 days |
Prompt |
10 years |
Fabrics |
|
BMD |
ARGENTINA |
54911 33764675 |
UNLIMITED |
N/A |
70-day wire transfer |
Prompt |
12 years |
Fabrics |
NOTE: Other Suppliers did not
provide information or could not be consulted.
|
Supplier |
Country |
Tel. |
|
LAJA S.A. |
URUGUAY |
598 22096464 |
|
INTERQUIMICA S.A. |
URUGUAY |
598 25073933 |
CREDIT RISK CENTRAL .-
No on inhibitions, lawsuits, notices, bankruptcies,
judicial auctions, account disqualifications, delinquent transactions have been
found under the company's name.
BANKING
INFORMATION
BANKERS
.-
|
Bank |
Contact |
Telephone |
Account # |
DC (S/.) |
FC (US$) |
|
ITAÚ URUGUAY SA |
N/A |
N/A |
N/A |
N/A |
N/A |
|
DISCOUNT BANK (LATIN
AMERICA) |
N/A |
N/A |
N/A |
N/A |
N/A |
|
BILBAO VIZCAYA ARGENTARIA
URUG |
N/A |
N/A |
N/A |
N/A |
N/A |
BANCO ITAU URUGUAY S.A.
CURRENT Ps$
65,176.29
CURRENT - NON SELF-ASSESSING 65,176.29
NON COMPUTABLE GUARANTEES 0.00
TOTAL ALLOWANCES 1,575.87
CONTINGENCIES 250,000.00
DISCOUNT BANK (LATIN AMERICA)
CURRENT
US$ 160,391.94
CURRENT - CREDITS WITH SELF-ASSESSING
GUARANTEES US$ 160,391.94
COMPUTABLE GUARANTEES US$ 160,111.89
NON COMPUTABLE GUARANTEES US$ 321,088.11
BANCO BILBAO VIZCAYA ARGENTARIA URUGUAY S.A.
CURRENT US$ 56,731.81
CURRENT - NON SELF-ASSESING 56,731.81
COMPUTABLE GUARANTEES 56,731.81
NON COMPUTABLE GUARANTEES 488,268.19
TOTAL ALLOWANCES
283.65
GENERAL
INFORMATION
REPUTATION
.-
NOTHING
AGAINST COMPANY
CREDIT
OPINION
Requested
Credit : MAXIMUM
Suggested
Credit : US$.50,000.=
NOTE: The Opinion given is confidential referential
and with out liability
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.46 |
|
UK Pound |
1 |
Rs.71.67 |
|
Euro |
1 |
Rs.62.94 |
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 |
|
---- |
NB |
New Business |
---- |
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.