MIRA INFORM REPORT
|
Report Date : |
14.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
PROCESADORA DE BORATOS ARGENTINOS S.A. |
|
|
|
|
Registered Office : |
Avda.Eduardo Madero 1020, floor 5, Buenos Aires
City |
|
|
|
|
Country : |
Argentina |
|
|
|
|
Financials (as on) : |
31.12.2008 |
|
|
|
|
Date of Incorporation : |
16.11.1998 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
extraction and commercialization
of borates, which comes from its mine |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
PROCESADORA DE BORATOS ARGENTINOS S.A.
CUIT No.: 33-70193747-9
Summary
BEGINNER OF ACTIVITIES.
BALANCE SHEET AS OF
31/12/2008.
WE ARE TRYING TO OBTAIN UPDATED
INFORMATION. UNTIL WE CAN DO IT, WE SUGGEST TO OPERATE WITH ADDITIONAL
GUARANTEES.
Line
of Business
MINING
COMMERCIALIZATION
Legal
Structure
Business type: Public Limited Company
Incorporation date: 16/11/1998
Where registered: Buenos
Aires City
Duration: 99 years
End of fiscal year: 31/12
Contact
Accountant: Sebastian Casanova
Legal Address:
Avda.Eduardo Madero 1020, floor 5, Buenos Aires City, Argentina.
Administrative Address: Gibraltar 1738, floor 5,
Sarandí, Buenos Aires Province, Argentina.
Phone.: (54-011) 4265-1356/1349
Sales: Gibraltar 1365, Sarandí, Buenos Aires Province, Argentina.
Mine: Ruta 1 Km.12, Palpalá, Jujuy Province,
Argentina.
Phone: (54-0388) 427-0199/6325
Board
of Directors
Board of Directors as of
30/07/2010:
President:
DIHARTCE JUAN ROLANDO
Director: KERKER CYNTHIA
MAKI
Director: MURRY MICHAEL
JAMES
Director: LANUQUE JORGE
OSCAR
Director: PINNEL PABLO
ALEJANDRO
The first mentioned ones,
as Manager, is in charge of the management and administration of the company,
with the use of the social signature
Corporate
Stock
The share capital of the company was established on $ 5.000.000.- which
was totally suscribed and paid-in. It is represented by equal amount of common
shares, nominatives and non-endorsable of value $ 1,00 each other with right to
one vote per share.
History
According to our database, we can say that these activities were
initiated on 16/11/1998 by the company SR MINERALS. Later on, it changed its
name by the present one.
It is member of the GRUPO
FERRO which is located at Cleveland, Unites States. We have no more details
about this group.
Finances
We have contacted to the
accountant Sebastian Casanova, who categorically refused to supply accounting
information.
Because of that we had to
resort to other sources, where we could obtain some figures from its balance
sheet as of 31/12/2008 which is expressed in pesos.
ASSETS:
2007
2008
Investments, Credits, etc. 11.419.199 13.412.515
Goods
5.824.419 13.781.590
-----------------
-----------------
Current Assets
17.243.618
27.194,105
Non-current Assets
12.092.733
15.282.067
-----------------
-----------------
TOTAL ASSETS
29.336.351 42.476.172
========== ==========
LIABILITIES:
Debts
8.974.060
20.777.267
Salaries and Social Charges
176.218
240.424
-------------------
----------------
Current Liabilities
9.150.278 21.017.691
Non-current Liabilities
9.607.180
9.732.452
------------------
----------------
Total Liabilities
18.757.458
30.750.143
------------------
----------------
Net Worth
10.578.893 11.726.029
------------------
-----------------
LIABILITIES + NET WORTH
29.336.351
42.476.172
==========
==========
RESULTS:
Net Sales
27.161.975 31,367.528
Sales Costs
-23.100.531 -25.847.306
-----------------
------------------
Gross Profit
4.601.444 5.520.222
----------------- ------------------
Commercialization Expenses - 910.606
- 1.205.307
Administrative Expenses -
1.000.265 - 1.216.007
------------------
------------------
Subtotal
2.150.573
3.098.908
Other incomes and expenses - 1.022.349
- 1.184.817
------------------
-----------------
FINAL PROFIT
1.128.224
1.914.091
========== ==========
It is important to bear in
mind that these are outdated figures, so, they do not show the present
financial situation of the company.
At that moment, the direct
relation between current assets and current liabilities showed a liquidity of
1,29. It had 0,55 of own resources to face every peso of its liabilities
assumed in favour of thirds.
The final profit of this
period was of 6,10% over its sales, which was considered acceptable at that
moment.
PRESENT EXCHANGE: u$s 1 = $ 4,23
Fixed
Assets
PROPERTIES:
The company owns the following properties:
* Gibraltar 1365, Sarandí, Buenos Aires Province, of 21.000 covered sqm.
On a land of 30.000 sqm.
* Gibraltar 1738, floor 5, Sarandí, Buenos Aires Province.
* Ruta 1 Km.12, Palpalá, Jujuy Province.
No title deeds were shown as to verify if its property is unencumbered.
VEHICLES:
6 vehicles of different marks and models, about which we have no more
details.
Related
Companies
GRUPO FERRO
Activity
This company is engaged in
the extraction and commercialization of borates, which comes from its mine
located at Palpala, Jujuy Province.
It has a adequate
infrastructure and a modern organization where its representatives work
together with the necessary staff.
It carries out imports of
electromagnets, wheelbarrows to pile up products and squares, panels and
consoles for the electricity distribution. These imports are made from United
States, Chile and Democratic Korea.
The 90% of its production
is exported to Europe, India and Brasil.
LOCAL SUPPLIERS
TRANSMAR S.A.
A Y B PACKAGING S.A.
BOLSUR S.A.
MSC S.A.
* 109 EMPLOYEES
Banks
STANDARD BANK Branch: Sarandi
HSBC
Branch: Sarandi
Credit Risk: 06/2011
BANCO PATAGONIA $ 308.500 Situation 1
STANDARD BANK $ 144.300 Situation 1
BANCO MACRO $ 25.500
Situation 1
HSBC $ 16.400
Situation 1
AMERICAN EXPRESS $ 600
Situation 1
GALICIA
$ 200 Situation 1
-------------------
TOTAL
$ 495.500
Situation 1: Normal fulfillment
Insurances
METROPOLITAN LIFE S.A.
Payment
Record
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
Until we could obtain
updated information, we understand that credit relation with this company must be
done with the request of additional guarantees.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.10 |
|
UK Pound |
1 |
Rs.74.64 |
|
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 |
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.