MIRA INFORM REPORT

 

 

Report Date :

13.09.2012

 

IDENTIFICATION DETAILS

 

Name :

ARTES GRAFICAS MODERNAS S.A.

 

 

Registered Office :

Virrey del Pino 2845, 2nd. "A", Ciudad de Buenos Aires

 

 

Country :

Argentina

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

01.09.1981

 

 

Legal Form :

Corporation

 

 

Line of Business :

Printing of graphic arts

 

 

No. of Employees :

300 employees

 

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

 

Maximum Credit Limit :

USD 64000

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

 

 

argentina - ECONOMIC OVERVIEW

 

Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Although one of the world's wealthiest countries 100 years ago, Argentina suffered during most of the 20th century from recurring economic crises, persistent fiscal and current account deficits, high inflation, mounting external debt, and capital flight. A severe depression, growing public and external indebtedness, and a bank run culminated in 2001 in the most serious economic, social, and political crisis in the country's turbulent history. Interim President Adolfo RODRIGUEZ SAA declared a default - the largest in history - on the government's foreign debt in December of that year, and abruptly resigned only a few days after taking office. His successor, Eduardo DUHALDE, announced an end to the peso's decade-long 1-to-1 peg to the US dollar in early 2002. The economy bottomed out that year, with real GDP 18% smaller than in 1998 and almost 60% of Argentines under the poverty line. Real GDP rebounded to grow by an average 8.5% annually over the subsequent six years, taking advantage of previously idled industrial capacity and labor, an audacious debt restructuring and reduced debt burden, excellent international financial conditions, and expansionary monetary and fiscal policies. Inflation also increased, however, during the administration of President Nestor KIRCHNER, which responded with price restraints on businesses, as well as export taxes and restraints, and beginning in early 2007, with understating inflation data. Cristina FERNANDEZ DE KIRCHNER succeeded her husband as President in late 2007, and the rapid economic growth of previous years began to slow sharply the following year as government policies held back exports and the world economy fell into recession. The economy has rebounded strongly from the 2009 recession, but the government's continued reliance on expansionary fiscal and monetary policies risks exacerbating already high inflation.

 

Source : CIA

 

 

 

 

Registered Name   

 

ARTES GRAFICAS MODERNAS S.A.

CUIT No.: 30-55101017-8

 

 

Summary      

 

COMPANY INCORPARATED IN 1981, WAS THE INITIATOR OF ACTIVITIES ADDRESSING, SOCIAL CAPITAL $ 6,000,000 .- BALANCE AT 30 JUNE 2011, EVOLUTION AND PROSPECTS NORMAL, COMPLIANCE WITHOUT OBJECTIONS, IS SUITABLE FOR THE APPROPRIATION CURRENT OPINION IN TERMS OF USUAL PRACTICE.

 

 

Operations       

 

GRAPHIC ARTS
PRINTING

 

 

Legal Structure   

 

LEGAL FORM: CORPORATION

INCORPORATION: 01 September 1981

ENROLLED RPC: 03 December 1981

DURATION: 99 YEARS

BALANCES: JUNE 30

 

 

Contact       

 

Legal address: Virrey del Pino 2845, 2nd. "A", Ciudad de Buenos Aires, Argentina.

Operational and administrative headquarters: Ensenada 2031/47 (B1754CWC), San Justo, Buenos Aires, Argentina.

Tel: (54-011) 4482-3766 / 70
Fax.: (54-011) 4482-4871
E-mail: agm@agm-sa.com 
Website: www.ag-sa.com  

 

Partners     

 

President:           LEIRO FERNANDO

Vicepresident:       SCUKA DE LEIRO MARTA LIDIA

Director:            LEIRO FERNANDO FEDERICO    

Alternate Director:  LEIRO LEANDRO FAUSTINO

Alternate Director:  LEIRO FACUNDO IGNACIO


The management and administration of the company is in charge of the first two mentioned, in their capacity as managers using the firm name interchangeably.

 

 

Corporate Stock       

 

The share capital of the company is established in the amount of $ 6,000,000 has been fully subscribed and realized, represented by the same amount of ordinary shares registered non endorsable, v / n. $ 1.00 each with the right to one vote per share.

Statement of Changes in Equity at 30.11.2011.

Shares outstanding          $ 6,000,000.00

Legal reserve               $ 1,200,000.00

Retained earnings           $34,659,849.00
                            ______________
                            $41,859,849.00

 

 

Personal Information   

 

LEIRO FERNANDO:
Argentinian, Merchant, married, born on 26/10/1947, CIPF. 5.960.512, with address in José Luís Cabezón 3834, Buenos Aires City.

SCUKA DE LEIRO MARTA LIDIA:
Argentinian, married to the aforementioned, born on 07/08/1948, CIPF. 6.365.269, with same address than her husband.

LEIRO FERNANDO FEDERICO:
Argentinian, single, born on 27/08/1976, DNI. 25.361.648, son of the aforementioned ones and with same address.

 

History   

 

For the purposes of addressing the aforementioned operation of the field early, long ago the firm was organized MODERN GRAPHIC ARTS SCA, which came without any major operating variables until 01/09/1981.

At that date by mutual agreement between the parties concerned, is organized as a continuation of holder, for the purposes intended, it is established in the directions set out in due course.

Note that is an integral part of the signature WARRANTIES OF SILVER mutual guarantee company on which you do not get more detail.

 

 

Economic-Financial Position   

 

BALANCE SHEET AT 30 JUNE 2011.

GENERAL STRUCTURE:
------------------

CURRENT ASSETS             $ 54.383.885

NON-CURRENT ASSETS         $ 19.478.126

CURRENT LIABILITIES        $ 31.897.996

NON-CURRENT LIABILITIES    $    104.166

EQUITY                     $ 41.859.849

NET SALES                  $117.069.290

FINAL PROFIT               $  9.092.340

ECONOMIC COMMENTARY:
--------------------

The above figures leave evidence that society to the close of this year revolved with a solid financial and economic structure, obtaining his efforts a positive result is considered reasonable.

The actions of the company to date has been expressed in normal form and overall outlook is stable asignann within the plane in which it operates.

In relation to the immediately preceding year, m there is a sales growth of 11.5%, while bottom elo suffered a decline of 13.8% from the same period.

Integration of the liability at the date of closing for the year ended 30.6.2011.

CURRENT:
--------

Accounts payable $ 15,622,901
       tax           102,241
       bank       13,687,775
       social      2,485,079
                  __________
                $ 31,897,996

NO CURRENT:
----------

Borrowings          $ 104,166

 

 

Balance Sheet 

 

Balance Sheet/s                          30/06/2011                      30/06/2010                      30/06/2008

Total Assets                                $ 73.862.011,00               $ 70.637.511,00               $ 54.183.397,00

Current Assets                             $ 54.383.885,00               $ 49.198.193,00               $ 38.313.016,00

Banks                                         $ 12.452.456,00               $ 10.742.109,00               $ 5.694.816,00

Accounts Receivables                  $ 26.280.144,00               $ 20.048.183,00               $ 25.943.052,00

Inventory                                      $ 10.972.408,00               $ 9.224.977,00                 $ 25.943.052,00

Fixed Assets                               $ 19.478.126,00               $ 21.439.318,00               $ 12.696.304,00

Non-Current Assets                      $ 19.478.126,00               $ 21.439.318,00               $ 15.870.381,00

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

Total Liabilities                             $ 32.002.162,00               $ 32.170.004,00               $ 25.169.725,00

Current Liabilities                         $ 31.897.996,00               $ 28.374.701,00               $ 16.147.162,00

Non-Current Liabilities                   $ 104.166,00                   $ 3.795.303,00                 $ 9.022.563,00

StockHolders Equity                     $ 41.859.849,00               $ 38.467.507,00               $ 29.013.672,00

Net Sales                                    $ 117.069.290,00             $ 104.993.354,00             $ 66.928.351,00

Cost of Good Sold                        $ 80.585.692,00               $ 72.346.828,00               $ 41.432.463,00

Gross Result                               $ 36.483.598,00               $ 32.646.526,00               $ 25.495.888,00

Administrative Expenses               $ 3.168.383,00                $ 2.663.565,00                 $ 1.387.040,00

Selling Expenses                         $ 11.133.133,00               $ 8.403.162,00                 $ 7.795.444,00

Financial Income                          $ 3.611.131,00                $ 1.902.100,00                 $ 0,00

Other Expenses                           $ -9.478.611,00               $ -9.394.945,00                $ -8.902.837,00

Final Result                                 $ 9.092.340,00                $ 10.282.754,00               $ 7.410.567,00

 

 

 

 

 

 

Balance Sheet Analysis           

 

 

Indexes                                         30/06/2011                      30/06/2010                      30/06/2008

Current Ratio                                 170,49 %                        173,39 %                        237,27 %

Quick Ratio                                   136,09 %                        140,88 %                        76,61 %

Short Term Indebtedness                76,20 %                          73,76 %                          55,65 %

Debt to Equity Ratio                       76,45 %                          83,63 %                          86,75 %

Long Term Assets to Total Assets  26,37 %                          30,35 %                          29,29 %

Fixed Assets to Equity                   46,53 %                          55,73 %                          43,76 %

Total Assets to Total Liabilities       230,80 %                        219,58 %                        215,27 %

Debt Ratio                                     43,33 %                          45,54 %                          46,45 %

Equity Ratio                                  56,67 %                          54,46 %                          53,55 %

Investments to Assets Ratio           14,86 %                          13,06 %                          47,88 %

Current Investment                         73,63 %                          69,65 %                          70,71 %

Stocks Aging Days                        49,70 días                       46,54 días                       228,55 días

Day Sales                                     81,94 días                       69,70 días                       141,48 días

Trade Debtors To Assets                35,58 %                          28,38 %                          47,88 %

Total Assets Turnover                     158,50 %                        148,64 %                        123,52 %

Net Worth Aging                            279,67 %                        272,94 %                        230,68 %

Fixed Assets Aging                       601,03 %                        489,72 %                        527,15 %

Gross Profit                                   68,84 %                          68,91 %                          61,91 %

Financial Expenses on Sales Ratio 3,08 %                            1,81 %                            0,00 %

Commercial Exp. on Sales Ratio     9,51 %                            8,00 %                            11,65 %

Administrative Exp. on Sales Ratio  2,71 %                            2,54 %                            2,07 %

 

 Assets              

 

BUILDINGS:
---------
Property is awarded the good of Ensenada No. 2031, San Justo, Pcia.de Bs.Aires, Argentina realization of good value.

CARRIAGES:
-------
1 unit mod.1999 Renault Traffic
1 Renault Clio car mod.2003
1 unit mod.1999 Mercedes Benz
1 unit mod.1997 Musso
2 units mod.1998 Hyundai
1 unit Toyota Hilux mod.2006
1 unit mod.2006 Peugeot 206
1 unit mod.2007 Peugeot 307

Integration of the finds of fixed assets at June 30, 2011.

Used                          $ 11,716,110

Furniture and fixtures             219 718

rolled                             532,793

Equipment                        1,066,892

property                         5 657 193

Facilities                         285,420
                                __________
                              $ 19,478,126
                                ==========

 

 

Commercial References Consulted       

 

VITOPEL S.A.

DOW CHEMICAL S.A.

RODIGOMA S.A.

These suppliers refer to as the old client, get credits varied in amounts payable on good importance to the present time does not exceed 90 days. Properly comply with the general obligations assumed and is mentioned favorably.

 

 

Evolution and Results       

 

Holder society is dedicated to the operation of a graphic arts workshop, developed in the same printing and binding work in general, except newspapers and magazines, among others also includes the manufacture of labels, stickers stickers and similar items.

To develop the efforts mentioned the company has made an important infrastructure that integrates with its comprehensive development and modern machines and equipment technology.

Leading the operations are its managers, who have demonstrated qualifications in the field, with 300 employees who help in the care of different tasks,

With sales covering the national market and export to the following countries: BOLIVIA, BRAZIL, COLOMBIA, COSTARICA, CUBA, CHILE, ECUADOR, EL SALVADOR, GUATEMALA, HONDURAS, MEXICO, PANAMA, PARAGUAY, PERU, PUERTO RICO, DOMINICAN REPUBLIC URUGUAY AND VENEZUELA.

It is also noted that over the past 12 months has taken shape our informed the following imports:

            U.S.A.           U $ S 215,124
            BRAZIL           U $ S 189,094
            FINLAND          U $ S  85,763
            OTHER            U $ S  36,998
                               ___________

                             U $ S 526,978
                               ===========
Among other imported products were machinery and equipment for paper work, cutting and related lines.

COMMON SUPPLIER:
----------------
VITOPEL S.A.
DOW CORNING S.A.
SICPA S.A.
THINSOL S.A.
LORILLEAUX S.A.
PROCTER & GAMBLE S.A.
RODRIGOMA S.A.

Payment Record and Credit Risk 

 


STANDART BANK Suc.Flores Cta.Cte.No.
451-002610

BANCO SANTANDER RIO Suc.Caballito Cta.Cte.No.
2331 / 5

HSBC BANK ARGENTINA Suc.Caballito Cta.Cte.N º .423-20205-2


INSURANCE:
-------
EL COMERCIO S.A. DE SEGUROS

Credit Risk
JANUARY 2012

HSBC BANK              $ 13.818.700 SITUATION 1
BANCO SANTANDER RIO    $  8.692.400 SITUATION 1
BANCO SUPERVIELLE      $     38.300 SITUATION 1
AMERICAN EXPRESS       $    25.400  SITUATION 1


COMPLIANCE STATUS 1 NORMAL.


A GENERAL INFORMATION MODE can mention that on 16 April 2012, the Company recorded the return of a bad check FOR $ 239,836, which the company attributed to a clerical error.

ALTHOUGH the bank does not record the cancellation of this value, UNDERSTAND THAT THE PROBLEM SOLVED PRIVATELY DUE BETWEEN THE PARTIES, PARTICULARLY BECAUSE ON OTHER PUBLICATIONS not recorded.

 

Concept       

 

So far, the company owner has been showing proper business conduct in the care of their general obligations and is referred to on good terms in the operational resources that are common.

It's worth noting also that his trading record is exempt from compulsive actions, and this clearly strengthens its position in the market.

* WELL QUALIFIED COMPANY

 

 

Final Opinion    

 

We believe that this society may ultimately be related to credit operations, in amounts of current economic importance, which conform to the importance of known resources in the usual practice conditions.

* SUITABLE FOR CREDITS.



 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.26

UK Pound

1

Rs.88.85

Euro

1

Rs.71.13

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.