MIRA INFORM REPORT

 

 

Report Date :           

13.01.2012

 

IDENTIFICATION DETAILS

 

Name :

FAMIQ S.A.

 

 

Registered Office :

Av. San Martin 4719/23, Buenos Aires City

 

 

Country :

Argentina

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

24.05.1967

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

 Manufacture & commercialization of stainless steel pipes

 

 

No. of Employees :

258

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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   

 

FAMIQ S.A.

CUIT 30-53806884-1

 

 

Summary      

 

INCORPORATED ON 1967. BEGINNER OF ACTIVITIES.- BALANCE SHEET AS OF 31/12/2010. NORMAL EVOLUTION,  DOES NOT REGISTER NEGATIVE ANTECEDENTS. FIT FOR CREDITS OF CURRENT IMPORTANCE AND ADDITIONAL GUARANTEES.

 

 

Operations       

 

STAINLESS STEEL PIPES
MANUFACTURE
COMMERCIALIZATION

 

 

Legal Structure   

 

Business type:      Public Limited Company
Incorporated:         1967
Registered:           24/05/1967
Duration:               02/03/2096
End of fiscal year: 31/12

 

 

Contact       

 

Miss. Lorena Cerutti from Administration

Legal and operative address: Av. San Martin 4719/23, Buenos Aires City, Argentina.

Phone: (54-11) 5510-4000
Fax.: (54-11) 5510-4040
E-mail: lcerutti@famiq.com.ar
Website: www.famiq.com.ar   

 

 

Partners     

 

President:                                 ESPARRICA CARLOS A.
Vice-president:              FIRPO MARIA OTILIA
Director:                        STELLA MARIS MENDONCA

USE OF SIGNATURE: PRESIDENT AND V.PRESIDENT

 

 

Corporate Stock       

 

Subscribed and paid in common shares: $ 4.100.000.-

 

 

Personal Information   

 

ESPARRICA CARLOS ALBERTO:
argentine, born in 28/10/1910, LE.No. 6.089.577 (CUIT No.20-06089577-8), address at  Mercedes 3150, Ciudad de Buenos Aires.

 

 

History   

 

Based on data in our power, we can tell that this businesses were set in motion by  FAMIQ S.R.L.  It worked without relevant changes until 5/10/1999, when it changed to FAMIQ S.A. adopting the present business type.

The holder is dedicated to the manufacture of stainless steel pipes and accessories.

 

 

Economic-Financial Position   

 

General Balance as of 31/12/2010:

ASSETS:
------

Cash, investments,
Credits                     $ 75.731.775

Inventories               115.819.750

ASSETS CURRENT                       $ 191.551.525

ASSETS NON-CURRENT                    $  20.684.660
                                     -------------

TOTAL ASSETS                       $ 212.236.185
                                     =============

LIABILITIES:
------------

Debts commercials            $ 94.922.020

Salaries and social charges             2.423.612

LIABILITIES CURRENT                $  97.345.632

LIABILITIES NON-CURRENT            $      37.055
                                   -------------

TOTAL LIABILITIES                       $  97.382.687

NET WORTH                        $ 114.853.498
                                     -------------

TOTAL                                  $ 212.236.185
                                     =============

NET SALES                 $ 289.960.636

COST OF SALES              $ 198.823.187

GROSS PROFIT               $  91.137.449

NET UTILITY                $  26.195.525
                           =============

The figures presented show economic-financial balance and obtaining a benefit that is deemed compensatory.

So far the actions of the company shows no unfavorable alternatives and are assigned stable outlook.

Based on the figures that have been left exposed, it was possible to obtain the following indices:

WORKING CAPITAL $ 94,205,893 +
CASH FLOW       1.97
DEBT            0.85
Solvency        1.18
total solvency  2.18
S PROFIT/SALES  9.0%

 

 

Balance Sheet       

 

Balance Sheet/s                                     31/12/2009                      31/12/2008   31/12/2007

Total Assets       $ 156.953.526,16             $ 141.560.003,53             $ 136.643.768,03

Current Assets    $ 137.613.368,94             $ 121.965.945,33             $ 117.952.726,44

Banks                $ 1.479.051,27                $ 2.117.612,00                $ 1.854.327,00

Accounts Receivables                               $ 40.995.534,35               $ 21.565.773,00        $ 30.840.390,00

Inventory             $ 79.511.912,64              $ 86.026.660,00               $ 67.315.169,00

Fixed Assets      $ 17.285.169,37              $ 17.875.282,00               $ 17.442.102,00

Non-Current Assets                                  $ 19.340.157,22               $ 19.594.058,20        $ 18.691.041,59

Investments        $ 0,00                             $ 0,00                             $ 0,00

Total Liabilities    $ 67.225.031,82              $ 66.600.470,41               $ 67.660.525,23

Current Liabilities                                      $ 67.176.878,30               $ 65.665.658,79        $ 65.709.881,64

Non-Current Liabilities                               $ 48.153,52                     $ 934.811,62 $ 1.950.643,59

StockHolders Equity                                 $ 89.728.494,34               $ 74.959.533,12        $ 68.983.242,80

Net Sales           $ 169.742.553,24             $ 197.939.589,21             $ 188.830.266,89

Cost of Good Sold                                    $ 112.533.466,21             $ 129.892.611,54      $ 114.879.666,71

Gross Result      $ 57.209.087,03              $ 68.046.977,67               $ 73.950.600,18

Administrative Expenses                           $ 15.376.138,04               $ 14.498.583,30        $ 12.373.570,21

Selling Expenses                                      $ 14.329.467,19               $ 15.935.249,41        $ 11.869.198,61

Financial Income $ 3.719.687,44                $ 27.366.844,72               $ 0,00

Other Expenses  $ -7.274.333,14               $ -3.316.009,92               $ -16.508.563,76

Final Result        $ 16.509.461,22              $ 6.930.290,32                $ 33.199.267,60

 

 

Balance Sheet Analysis      

 

Indexes             31/12/2009                      31/12/2008                      31/12/2007

Current Ratio       204,85 %                        185,74 %                        179,51 %

Quick Ratio         86,49 %                          54,73 %                          77,06 %

Short Term Indebtedness                           74,87 %                          87,60 %      95,25 %

Debt to Equity Ratio                                  74,92 %                          88,85 %      98,08 %

Long Term Assets to Total Assets              12,32 %                          13,84 %      13,68 %

Fixed Assets to Equity                              19,26 %                          23,85 %      25,28 %

Total Assets to Total Liabilities                   233,47 %                        212,55 %     201,95 %

Debt Ratio          42,83 %                          47,05 %                          49,52 %

Equity Ratio        57,17 %                          52,95 %                          50,48 %

Investments to Assets Ratio                       50,66 %                          60,77 %      49,26 %

Current Investment                                     87,68 %                          86,16 %      86,32 %

Stocks Aging Days                                    257,90 días                     241,74 días  213,88 días

Day Sales           88,15 días                       39,77 días                       59,61 días

Trade Debtors To Assets                            26,12 %                          15,23 %      22,57 %

Total Assets Turnover                                108,15 %                        139,83 %     138,19 %

Net Worth Aging  189,17 %                        264,06 %                        273,73 %

Fixed Assets Aging                                   982,01 %                        1.107,34 %  1.082,61 %

Gross Profit        66,30 %                          65,62 %                          60,84 %

Financial Expenses on Sales Ratio             2,19 %                            13,83 %      0,00 %

Commercial Exp. on Sales Ratio                8,44 %                            8,05 %        6,29 %

Administrative Exp. on Sales Ratio             9,06 %                            7,32 %        6,55 %

Assets     

 

REAL ESTATE
-----------
Av.San Martin 4751, Ciudad de Bs.As.
Blanco Encalada 1752, Florida, Bs.As.
Pte.J.A.Roca 903, Rafaela, Santa Fe
Rodriguez Peña 2175, Maipu, Prov.Bs.As.
Avellaneda 554, S.M.de Tucuman
Francia y Av.Juan D.Peron, Rosario
Av.San Martin 4791/99, Ciudad de Bs.AS.

VEHICLES
--------
Mitsubishi Seda 4 p model 97
Volkswagen Senda Diesel, mod.94
Chevrolet Corsa mod.98
Volkswagen Gold mod.98
Volkswagen Gold mod.99
Pick-Up Ford Ranger mod.02
Polo 1.9 mod.03
Renault Clio mod.99
5 cards VW suran model 2008

 

 

Evolution and Results       

 

THE COMPANY IS DEDICATED TO THE MANUFACTURE AND COMMERCIALIZATION OF PIPES AND ACCESSORIES OF STAINLESS STEEL.

IT ACCOUNTS WITH A GOOD INFRASTRUCTURE AND ORGANIZATION IN WHICH ITS DIRECTORS PARTICIPATE IN JOINT FORM WITH THE NECESSARY PERSONNEL.

IT CARRIES OUT EXPORTS TO URUGUAY, PARAGUAY, BOLIVIA, CHILE, EQUATOR, COLOMBIA.

Imports done on the last twelve months were for the total amount of U$S 18.920.049 as follows:

TAIWAN              10.857.643
CHINA                5.016.269
GERMANY              1.488.141
OTHERS               1.558.046

THE IMPORTED PRODUCTS WERE LAMINATED PLANES OF STAINLESS STEEL, PIPES AND HOLLOW BORDERS AND SIMILARS.

Main Suppliers:
---------------
MATERFLEX S.A.
ACEROS BOEHLER S.A.
PRODMET S.A.
M.T. MAJDALANI S.A.
JORDICAL S.A.

* 258 Employees.

 

 

Branches     

 

Warehouse: Av. San Martin 4723/51, Buenos Aires City, Argentina.
Blanco Encalada 1752, Florida,Buenos Aires Province, Argentina.

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

 

 

Payment Record and Credit Risk      

 

BANCO MACRO
BANCO PATAGONIA
BANCO DE GALICIA Y BUENOS AIRES
BANCO CIUDAD DE BS. AIRES
BANCO ITAU
BANCO CREDICOOP COOP.LTDO.
STANDARD BANK ARGENTINA
BANCO NACION

INSURANCE:
----------
PREVENCION S.A.

Credit Risk - October 2011
--------------------------
BANCO DE GALICIA     $ 13.058.400 SITUATION 1
BANCO PATAGONIA         8.583.900     "
BANCO PROV. DE B.A.     7.737.100     "
BANCO ITAU              7.648.400     "
BANCO MACRO             6.373.900     "
BANCO CIUDAD            6.176.800     "
STANDARD BANK           4.697.100     "
CMF S.A.                2.381.800     "
BANCO CREDICOOP           277.500     "

Situation 1: Normal Fulfillment

 

 

Concept       

 

UNTIL THE PRESENT THE COMPANY MAINTAINS A CORRECT COMMERCIAL ATTENTION OF THE  PAYMENTS AND IT IS WELL REFERRED IN THE HABITUAL OPERATIVE MEANS.

* FULFILLMENT WITHOUT  OBJECTIONS.

 

 

Final Opinion    

 

THE COMPANY IS VIABLE FOR NEW CREDITS WITHIN CURRENT SUMS IN ACCORDANCE TO ITS KNOWN RESOURCES.

* APT FOR NEW CREDITS


 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.83

UK Pound

1

Rs.79.42

Euro

1

Rs.65.90

 

 

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%)

 

 

 

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.