MIRA INFORM REPORT
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Report Date : |
27.01.2012 |
IDENTIFICATION DETAILS
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Name : |
CONVERFLEX ARGENTINA S.A. |
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Registered Office : |
Marcelino Bernardi 24, Arroyito, Cordoba
Province |
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Country : |
Argentina |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
09.10.2003 |
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Com. Reg. No.: |
23/12/2003 Nº 3709-A |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacture and commercialization
of flexible packs |
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No. of Employees
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410 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
U$s 198.000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
CONVERFLEX ARGENTINA S.A.
CUIT: 30-70856246-3
Summary
INCORPORATED IN 2003 AS FOLLOWER OF ACTIVITIES. BALANCE SHEET AS OF 31/12/2010: BALANCE LEVEL OF INDEBTEDNESS WITH POOR FINAL PROFITABILITY. NO REGISTERED NEGATIVE. FIT FOR CREDITS IN RELATIONS TO YOUR RESOURCES KNOWN.
Operations
FLEXIBLE PACKS
MANUFACTURE
COMMERCIALIZATION
Legal
Structure
Business type:
Public Limited Company
Incorporated: 09/10/2003
Registered: 23/12/2003 Nº 3709-A
Duration: 99 years
End of fiscal year: December
31st
Contact
Accountant Caballero
(from ARCOR Group).
Legal address and main administration: Marcelino Bernardi 24, Arroyito, Cordoba
Province, Republic of Argentina.
Phone: (54-03576) 425200
E-mail: edorbessan@arcor.com.ar
Commercial office in Buenos Aires: Maipú 1300, 4o.piso (1006), Buenos Aires
City, Repúblic of Argentina
Phone: (54-11) 4310-9859
Fax: (54-11) 431030
E-mail: info@converflex.net
Luján Industrial Plant: Ruta Provincial No.6 Km.160 (6700), Luján, Buenos Aires
Province, Republic of Argentina.
Phone: (54-2323) 441900
Fax: (54-2323) 441901
Villa del Totoral Industrial Plant: Ruta Nacional No.9, Km.783 (X5236AAA),
Villa del Totoral, Cordoba Province, Republic of Argentina.
Phone: (54-3524) 471600
Fax: (54-3524) 471601
Villa Mercedes Industrial Plant: Ruta No.148 Km.756 (5730), Villa Mercedes, San
Luís Province, Repúblic of Argentina.
Phone: (54-2657) 43057 - 432940/54/63
Fax.: (54-2657) 430
Partners
President:
VALENTE MARIO JUAN
Vice-president: FALCO FERNANDO LUIS
Main Director: KAUFMANN BREA ADRIAN EDGARDO
Main Director: MACCHI GUSTAVO PABLO
Main Director: MOLINARO GERARDO ADRIAN
Substitute Director: MARTIN VICTOR DANIEL
Substitute Director: SUAREZ RICARDO JOSE
Main Trusty: SCORZA GERARDO RUBEN
Main Trusty: TESTA ALCIDES MARCELO FRANCISCO
Main Trusty: GROSSO GABRIEL HORACIO
Substitute Trusty: GAIDO CARLOS GABRIEL
Substitute Trusty: GATICA CARLOS ALBERTO
Substitute Trusty: CHASSEING MARCELO GUSTAVO
Social signature use: In the charge of the President and Vice-president.
Corporate
Stock
The company's corporate stock is established
in $ 100.000 which has been totally subscribed and paid in. It is represented
by the same quantity of common and registered shares (with restricted
transferability), Class B of nominal value $1,00 each with one vote per share.
This stock has been contributed by the following ones:
* CARTOCOR S.A. ......................... $ 99.000
* ASTRAL S.A. ........................... $ 1.000
Personal
Information
VALENTE MARIO JUAN
Argentinian, born on June 24th of 1948, DNI. 8.653.828 (CUIT. 20-08653828-9).
Registered in:
GAP INVERSORA S.A.
Incorporated: 11/10/2006
Activity: Investment
Headquarters: Alicia Moreau de Justo 740 - Piso 2º, Loft 212, Buenos Aires City.
Position: Director.
HEGOLO S.A.
Incorporated: 19/08/2005
Headquarters: Carola Pons 131, Arroyito, Cordoba Province.
Activity: Commercialization of Ice Creams.
Position: Alternate Director.
CARTOCOR S.A.
Position: Director.
AGROFRUTOS S.A.
Position: Director.
PRODUCTOS NATURALES S.A.
Position: Director.
DULCIORA S.A.
Position: Director.
INDALAR S.A.
Position: Alternate Director.
History
According to our
registered information these businesses was started in 1964 by the plant of
IDEAL S.A., located in Cordoba City. After a sustained growth, in 1973 it
installed a photomechanical laboratory, allowing to engrave the design to the
printers cylinders and photopolymers.
In the course of 1979 it began the construction of the first industrial nave
(3.800 sq. m.) in Villa del Tortoral industrial complex (Cordoba) ,
highlighting that since 1980 the cellophane was replaced by rigid PVC
"Twist-wrap" for delicacies wraps.
In 1985 it inaugurates the second plant located in Villa Mercedes(San Luis),
which has a surface of 4.000 sq. m. This one nowadays, has advanced technology
and equipments for the development and manufacture of flexible packs.
In the last period of 2003 the company CONVERFLEX ARGENTINA S.A. was
incorporated as follower of activities, highlighting that on 15/09/2004 it
inaugurates the third industrial plant, located in Lújan, Buenos Aires
Province.
This one has the last technology, which allows the company to have an
integrated process in the manufacture of flexible, from the image to the print.
It uses the following machinery among others:
Rotomec 3000-3R-Gear Less of 8 colours, 1200 mm. length; Laminadora Comexi of
1200 mm. length out line use for adhesives with dissolvent and without
dissolvent and a cutter Schiavi, and a prnter machine Rotomec R4004 Gear Less.
It is the only company in the market with that kind of technology in Latin
America.
Controlled by:
* CARTOCOR S.A,
Activity: manufacture of corrugated card board
Industrial plant: Parque Industrial General Belgrano, Paraná, Entre Ríos
Province
99,99% of its corporate stock is from ARCOR S.A.
Economic-Financial
Position
Balance sheet ended as
of 31/12/2010, which is bellow exposed in Pesos:
ASSETS CURRENT $
76.686.967
ASSETS NON-CURRENT $ 40.875.426
CURRENT LIABILITIES $ 63.142.922
NON-CURRENT LIABILITIES $ 689.865
NET WORTH $ 53.729.606
NET SALES $259.457.694
COST OF SALES $225.302.622
GROSS PROFIT $ 34.155.072
FINAL UTILITY $ 10.012.115
These figures show that the society at the time of year-end spinning with a
debt level a little high with adequate liquidity, having closed the period with
a positive result of slight significance.
Of the aforementioned figures it was possible to extract the following indices:
WORKING CAPITAL $ 13,544,045
CASH FLOW 1.21
DEBT 1.19
SOLVENCY 0.84
TOTAL SOLVENCY 1.84
S PROFIT / SALES 3.9%
Balance
Sheet
Balance Sheet/s 31/12/2007
Total Assets $ 77.169.295,00
Current Assets $ 35.873.219,00
Banks $ 3.120.227,00
Accounts Receivables $ 17.683.954,00
Inventory $ 15.069.038,00
Fixed Assets $ 41.296.076,00
Non-Current Assets $ 41.296.076,00
Investments $ 0,00
Total Liabilities $ 37.711.450,00
Current Liabilities $ 37.451.445,00
Non-Current Liabilities $ 260.005,00
StockHolders Equity $ 39.457.845,00
Net Sales $ 160.386.806,00
Cost of Good Sold $ 135.501.148,00
Gross Result $ 24.885.658,00
Administrative Expenses $ 5.360.101,00
Selling Expenses $ 5.767.161,00
Financial Income $ 0,00
Other Expenses $ -2.947.225,00
Final Result $ 10.811.171,00
Balance
Sheet Analysis
Indexes 31/12/2007
Current Ratio 95,79 %
Quick Ratio 55,55 %
Short Term Indebtedness 94,92 %
Debt to Equity Ratio 95,57 %
Long Term Assets to Total Assets 53,51 %
Fixed Assets to Equity 104,66 %
Total Assets to Total Liabilities 204,63 %
Debt Ratio 48,87 %
Equity Ratio 51,13 %
Investments to Assets Ratio 19,53 %
Current Investment 46,49 %
Stocks Aging Days 40,59 días
Day Sales 40,24 días
Trade Debtors To Assets 22,92 %
Total Assets Turnover 207,84 %
Net Worth Aging 406,48 %
Fixed Assets Aging 388,38 %
Gross Profit 84,48 %
Financial Expenses on Sales Ratio 0,00 %
Commercial Exp. on Sales Ratio 3,60 %
Administrative Exp. on Sales Ratio 3,34 %
Assets
REAL ESTATE:
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* Ruta Nacional No.9, Km.783, Villa El Totoral, Córdoba Province.
* Ruta Provincial No.6, Kj.160, Luján, Buenos Aires Province.
VEHICLES:
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1 automobile Renault Megane 2004
1 automobile Volkswagen Country 2005
No title deeds were shown as to verify if their properties are unencumbered.
Parent/Related
Companies
ARCOR S.A.
ARCOR DO BRASIL LTDA.
ARCOPAR S.A.
ALICA S.A.
ALIMENTOS INDAL S.A.
CANDY S.A.
CARLISA S.A.
CONSTRUCTORA MEDITERRANEA S.A.
DULCIORA S.A.
ESTIRENOS S.A.
FLEXIPRIN S.A.
FRUTOS DE CUYO S.A.
INARAL S.A.
LA INDUSTRIAL ALIMENTICIA S.A.
LOS MISTOLES S.C.A.
METALBOX S.A.
PANCREK S.A.
PRODUCTOS NATURALES S.A.
UNIDAL CHILE S.A.
UNIDAL MEXICO S.A.
UNIDAL ECUADOR S.A.
UNIDAL PERU S.A.
VAN DAM S.A.
VERSALLES S.A.
VITOPEL S.A.
Evolution
and Results
The company is mainly
engaged in the:
MANUFACTURE OF FLEXIBLE PACKS AND RELATED PRODUCTS.
It is a society of middle iportance in the field, with an appropiate infrastructure
and organization, where its directors participate together with 410 employees.
It works with leaders brands, as NESTLE PURITA (for pets food packs), DANICA
(for seasonings packs), UNILEVER (for cleaning products packs), MOLINOS (for
sausages), ESTABLECIMIENTO LAS MARIAS (for herb packs) and DANONE (for milky
foods packs), among others.
MAIN CUSTOMERS:
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AGM AGRO
ACEITUNERA
ARCOR BAGLEY
BIMBO BRACH´S
CABRALES CAFES LA VIRGINIA
CALSA CEPAS ARGENTINAS
CASTELL DEMASA
CLOROX DE ARGENTINA MASTELLONE
FLORA SAN LUIS MOLINO CHACABUCO
MOLINO LA PAULINA SAF
NUCETE MIGUEL THE VALUE BRAND CO.
SANCOR COOP. LTDA.
It carried out imports from EE.UU., Brazil, Chile, United Kingdom, Belgium,
Uruguay and Germany; not being notorious its incursion in the external market.
MAIN SUPLIERS:
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ESTIRENOS S.A.
ATANOR SCA.
POLIFILM S.A.
PETROQUIM S.A.
VITOPEL S.A.
SIGDOPACK S.A. (CHILE)
* 410 EMPLOYEES
FOREIGN TRADE:
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During the last 12 months it has realized importations for u$s. 4.886.414, a
detail of its imprt`s is expose bellow:
EE.UU. 2.344.392
COLOMBIA 1.667.637
ITALY 754.976
0THERS 119.410
Payment
Record and Credit Risk
BANKS:
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BANCO DE LA NACION ARGENTINA Suc.San Francisco
BCO.DE LA PCIA.DE CORDOBA Suc.San Francisco
CITIBANK N.A.
Suc.San Francisco
BBVA BANCO FRANCES Suc.San Francisco
INSURANCE:
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MAPFRE CIA. DE SEGUROS S.A.
AGF ALLIANZ S.A.
CREDIT RISK
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NOVEMBER 2011
CITIBANK
$ 433.100 SITUATION 1
BANCO CORDOBA $
300 SITUATION 1
SITUATION 1: NORMAL.
Maximum Credit Limit
U$s 198.000
Concept
It maintains operations
with local companies and mainly abroad. Most of them give it their credit
support and indicate that until present day it fulfilled the commitments taken.
* CONCEPT: NOT OBJECTED
Final Opinion
According to what has
been herein exposed, the society is consider suitable for new credit treatmets
in relations to your resources known and additional guarantees.
* FIT FOR CREDITS.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.97 |
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UK Pound |
1 |
Rs.77.74 |
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Euro |
1 |
Rs.65.09 |
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.