MIRA INFORM REPORT

 

 

Report Date :

18.07.2012

 

IDENTIFICATION DETAILS

 

Name :

GALILEO LA RIOJA S.A.  

 

 

Registered Office :

Ruta 5 Km.2,5 - Parcela 297, Parque Industrial of La Rioja (5300)  

 

 

Country :

Argentina

 

 

Financials (as on) :

30.11.2009

 

 

Date of Incorporation :

13.03.1981        

 

 

Legal Form :

Public company limited

 

 

Line of Business :

Manufacture and sale of meters for electricity and gas

 

 

No. of Employees :

85

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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       

 

GALILEO LA RIOJA S.A.  
                                       
C.U.I.T.          30-58746879-0    

 

 

 Summary     

 

BEGINNER OF ACTIVITIES. INCORPORATED IN 1981. CONTINUED WITH THE NEGATIVE OF NOT PROVIDED BALANCE SHEET TO THIRD PARTIES. NO REGISTERED NEGATIVE. FIT FOR CURRENT CREDIT TREATMENT TAKE APPROPRIATE GUARANTEES.

 

 

 Operations      

 

> AUTO PARTS
> ELECTRICITY
> GENERAL

 

 

 Legal Structure       

 

Legal form:                   Public company limited
Created:                       13/03/1981        
Registered:                   29/05/1982        
                                   (E) Nro. 22 (La Rioja)  
Duration:                      29/05/2081            
End of fiscal year:         30/11

 

 

 Contact      

 

 * Legal Address and Industrial plant: Ruta 5 Km.2,5 - Parcela 297, Parque Industrial of La Rioja (5300)  
La Rioja.-
           
Phone:54 0380 - 442-2016  

* Administration and sales address: J.I.Rucci 1051 (1822) Valentin Alsina, Province of Bs.As.  
                                           
**Phone:(54.11) 4229.5600

 

 

Partners     

 

* President:                FRENK ROBERTO
* Vicepresident:            DANIEL NOGUEIRA
* Alternative Director:     MARIO CANOSA

Using signature: President and Vice President.

 

 

Corporate Stock       

 

The current share capital amounts to the sum of $ 34,761,817 represented by 34,761,817 common shares endorsable one vote and each weight.
The assembly decided that it will raise its capital to its fivefold under Article 188 Law 19,550.  

 

 

Personal Information   

 

* FRENK ROBERTO                        
---------------
argentino, married, born 15/03/1948, L.E. Nro. 5.081.348.

* DANIEL NOGUEIRA
-----------------
argentino, married, DNI 8.577.248.

* MARIO CANOSA
--------------
argentino, married, DNI 13.044.810.

 

 

History   

 

The activities began in 1981, ushering in the exploitation of the business.

Have related with the following companies:

ELSTER MEDIDORES S.A.

ELSTER AMCO DE SUDAMERICA S.A.

 

 

Economic-Financial Position   

 

 This is a company that provides no information of any kind, and everything that is presented in this review is the result of efforts made through third parties.

It is noteworthy that the final balance of the enterprise is known that closed on 30 November 2009, while the media respondents admit that with variations of why inflation through the economy in our country maintains economic structure / financial with similar parameters.

GENERAL STRUCTURE:

ASSETS CURRENT...................$ 33.753.826

ASSETS NON-CURRENT...............$  4.119.389

LIABILITIES CURRENT..............$ 17.802.247

LIABILITIES NON-CURRENT..........$ 20.526.680

NET WORTH........................$ 17.346.535

NET SALES........................$ 51.622.128

FINAL UTILITY....................$  9.796.291

The above figures show economic-financial balance and obtaining classified as compensatory benefits.

 

 

Balance Sheet       

 

Balance Sheet/s                                                                            30/11/2009

Total Assets                                                                                  $ 37.873.215,00

Current Assets                                                                              $ 33.753.826,00

Banks                                                                                           $ 0,00

Accounts Receivables                                                                    $ 0,00

Inventory                                                                                       $ 6.233.638,00

Fixed Assets                                                                                 $ 0,00

Non-Current Assets                                                                        $ 4.119.389,00

Investments                                                                                   $ 0,00

Total Liabilities                                                                               $ 20.526.680,00

Current Liabilities                                                                           $ 17.802.247,00

Non-Current Liabilities                                                                    $ 2.724.433,00

StockHolders Equity                                                                      $ 17.346.535,00

Net Sales                                                                                      $ 51.622.128,00

Cost of Good Sold                                                                          $ 35.373.243,00

Gross Result                                                                                 $ 16.248.885,00

Administrative Expenses                                                                $ 3.041.926,00

Selling Expenses                                                                           $ 2.164.087,00

Financial Income                                                                            $ 0,00

Other Expenses                                                                             $ -1.246.581,00

Final Result                                                                                   $ 9.796.291,00

 

 

 

 

 Balance Sheet Analysis   

 

 

Indexes                                                                                          30/11/2009

Current Ratio                                                                                   189,60 %

Quick Ratio                                                                                     154,59 %

Short Term Indebtedness                                                                 102,63 %

Debt to Equity Ratio                                                                        118,33 %

Long Term Assets to Total Assets                                                    10,88 %

Fixed Assets to Equity                                                                    0,00 %

Total Assets to Total Liabilities                                                         184,51 %

Debt Ratio                                                                                      54,20 %

Equity Ratio                                                                                    45,80 %

Investments to Assets Ratio                                                             16,46 %

Current Investment                                                                           89,12 %

Stocks Aging Days                                                                          64,32 días

Day Sales                                                                                       0,00 días

Trade Debtors To Assets                                                                  0,00 %

Total Assets Turnover                                                                      136,30 %

Net Worth Aging                                                                              297,59 %

Fixed Assets Aging                                                                         Infinito %

Gross Profit                                                                                    68,52 %

Financial Expenses on Sales Ratio                                                   0,00 %

Commercial Exp. on Sales Ratio                                                      4,19 %

Administrative Exp. on Sales Ratio                                                   5,89 %

 

 

Assets     

 

They own the property they occupy with its industrial plant, which is declared free of debt .-

 

 

Parent/Related Companies      

 

* ELSTER MEDIDORES S.A.
* ELSTER AMCO DE SUDAMERICA S.A.

 

 

Commercial References Consulted       

 

* ALUAR ALUMINIO ARGENTINA S.A.                  
* INSA S.A.
                                 
Credits: medium.
Payments: 120 days.
Concept: Normal.

 

 

Evolution and Results       

 

Manufacture and sale of meters for electricity and gas, which distinguishes the Galileo trademark.

Have represented an important infrastructure for its industrial development, well presented and properly installed, with high technology.

* MAIN SUPPLIERS:            
----------------
- SOMA (Brasil)                                
- HITACHI (Brasil)      
         
* LOCAL SUPPLIERS:                                  
-----------------
- ALUAR ALUMINIO ARGENTINA S.A.                      
- INSA S.A.  
                         
* MAIN CUSTOMERS:                                
----------------                                
- EDENOR                                            
- EDESUR        
- GRUPO ENERGAS (CHILE AND PERU)  
- GRUPO ENDESA (CHILE)

Import from United States, Italy, Germany.
Exports to Brazil, Colombia, Chile, Uruguay, Asia and Africa.

Covering the whole of Argentina.

FOREIGN TRADE:
-------------
In the last twelve months, it has made specific imports by u$s. 1.890.173 according to the following detail:

CHINE.....................988.989

EE.UU.....................393.407

BRASIL....................287.014

OTHERS....................220.762

The main imports were:
Gas meters and electricity.
Trasnformadores electric.
Current transformers.220.762

* 85 EMPLOYEES.

 

 

 Payment Record and Credit Risk     

 

* BANCO DE GALICIA           C.C. 43451-5-999-1  
* BANCO SUPERVIELLE          C.C. 16579-4        
* BANCO DE GALICIA           C.C. 575/3/177/3    
                                                             
INSURANCE:
----------
ZURICH S.A.
CONSOLIDAR S.A.


CREDIT RISK:
------------
APRIL 2012:

STANDARD BANK         $ 162.200
AMERICAN EXPRESS         34.500
BANCO DE GALICIA            400

SITUACION (1) : NORMAL.                          

 

 

Concept       

 

Credit relations with several companies supplying the industry with which it works.

Referring to the cancellation of obligations incurred normally do, not registering negative records.

* NOT OBJECTIONS.

 

 

Final Opinion    

 

Having this company in mind for future new credit operations; fit for current credits and with the guarantees of practice.

* SUITABLE FOR NEW CREDITS.

NR  

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.15

UK Pound

1

Rs.86.30

Euro

1

Rs.67.73

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.