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Report Date : |
07.08.2013 |
IDENTIFICATION DETAILS
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Name : |
DARSEG |
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Registered Office : |
Cerro Largo 1274 11000 |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
17.10.1998 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Subject is engaged in trade of personal protection equipment and
industrial safety products. |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March, 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Uruguay |
A2 |
A2 |
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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 |
URUGUAY - ECONOMIC OVERVIEW
Uruguay has a free market economy characterized by an export-oriented
agricultural sector, a well-educated work force, and high levels of social
spending. Following financial difficulties in the late 1990s and early 2000s,
economic growth for Uruguay averaged 8% annually during the period 2004-08. The
2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which
decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a
recession and keep positive growth rates, mainly through higher public
expenditure and investment, and GDP growth reached 8.9% in 2010 but fell to
about 3.5% in 2012, the result of a renewed slowdown in the global economy and
in Uruguay's main trade partners and Common Market of the South (Mercosur)
counterparts, Argentina and Brazil. Uruguay has sought to expand trade within
Mercosur and with non-Mercosur members. Uruguay''s total merchandise trade with
Mercosur since 2006 has increased by nearly 70% to more than $5 billion while
its total trade with the world has almost doubled to roughly $20 billion.
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Source
: CIA |
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CORRECT COMPANY NAME |
DARSEG S.A. |
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TAXPAYER REGISTRATION |
RUT 212104030018 |
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MAIN ADDRESS |
Cerro Largo 1274 |
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POSTAL CODE |
11000 |
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DEPT/PROV/REGION/STATE |
Montevideo |
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COUNTRY |
URUGUAY |
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TELEPHONE |
(598) 29032098 29032099 |
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CORPORATE E-MAIL |
darseg@movinet.com.uy |
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WEB |
www.darseg.com.uy |
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COMMENTS |
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Right name is stated in the identification field. |
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Date of foundation |
1988 |
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Capital stock |
Ps$600,000.= Pesos |
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Shareholders' equity |
13,557,251.00 Pesos (31DEC2012) |
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Profits (loss) |
3,139,969.00 Pesos (31DEC2012) |
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permanent employees |
10 |
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Chief Executive |
REVELLES RAMIS, DANIEL ANTERO |
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Disposition |
Moderate. Some data and figures were confirmed. |
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Payments policy |
Usually to terms/good |
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Credit (**) |
With no Risk, Reliable, Solvent, Profiatble, Good Financial Situation. |
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Number of times that this company was required: 6 |
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REPUTATION |
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NOTHING AGAINST COMPANY |
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LEGAL STATUS |
Joint-Stock Company |
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DATE OF INCORPORATION |
17OCT1998 |
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PLACE OF REGISTRY |
Montevideo |
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NOTARY OFFICE |
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DURATION |
100 years |
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REGISTRATION |
Nº 34.500 |
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INITIAL CAPITAL |
Ps$300,000.= Pesos |
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CURRENT PAID-IN CAPITAL |
Ps$600,000.= Pesos |
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SHAREHOLDERS EQUITY |
13,557,251.00 Pesos () |
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CURRENT EXCHANGE RATE (US$) |
Ps$20.69 per 1 USD |
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COMMENTS |
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Subject was incorporated in 1988 under the original name DARSEG LTDA. Subsequently, in 1996 it adopted the legal status of a corporation and
amended its name to the currently used DARSEG S.A. We were able to verify with the Internal Revenue Service of Uruguay,
that the investigated company has its annual certificate of good standing
enabled, issued on 02/10/2012 and expires on 05/31/2013. Subject closes fiscal year every December 31st. |
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REVELLES RAMIS, DANIEL ANTERO |
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TITLE |
President |
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NATIONALITY |
Uruguayan |
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ID |
CI 12244933 |
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BACKGROUND INFORMATION |
He followed Industrial Safety Technical Studies. |
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REFERENCES |
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He has a bank debt as of June 2013: NUEVO BANCO COMERCIAL SA Ps$
30,321.16 Us$ 614.81 BANCO SANTANDER SA Ps$
108,119.54 ANDA Ps$ 10,356.00 |
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ZITO, CARINA |
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TITLE |
Accounting Manager |
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NATIONALITY |
Uruguayan |
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PROFESSION |
Certified Public Accountant |
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RAMIS REALI, MARIA TERESA |
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TITLE |
Director |
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NATIONALITY |
Uruguayan |
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ID |
IDE 5202358 |
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SIC Classification |
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Main activity |
Subject is engaged in trade of personal protection equipment and
industrial safety products. Technical advice on risk prevention to industries. Sold Brands : BARAU, BACOU DALLOZ, UVEX, JUSTRITE, BILSOM, SACLA
TITAN, PAN TAIWAN |
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OPERATIONS |
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Import |
Yes |
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Country |
USA (47%), Chile, Brazil, Taiwan, France, Argentina, Germany |
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ANNUAL Imports In US$ (CIF) |
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Export |
No |
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% CASH SALES / METHOD |
10% |
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% Credit SALES / Terms |
90% (Invoices at 30 days) |
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% DOMESTIC PURCHASES |
40% |
% FOREIGN PURCHASES |
60% |
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SELLING TerritorY |
100% Domestic market |
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EMPLOYEES |
10 |
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Major clients include:
- Ferromundo S.A.
- Herracor S.A.
- Fabi Import S.A.
Have Quality Certificate 9001:2000 dated 11/30/2004 in System Latu
(Technological Laboratory of Uruguay)
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Disposition |
B: Moderate. Some data and figures were confirmed. |
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Interviewee(s) |
Daniel Revelles |
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Position(s) |
Director |
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FINANCIAL SITUATION |
A+: GOOD Based on last submitted Financial Statement, Subject's Financial
Situation is considered as GOOD due to: -Liquidity ratio is above or similar to sector average. -Working capital is positive and allows company to meet its
obligations promptly. -Shareholders' equity covers it current debts sufficiently. Suppliers stated Subject has moderate credit lines, which are paid
promptly. No adverse against Subject were found. |
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COMPANY |
AGAINST |
AMOUNT |
EXPIRATION |
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BANCO DE SEGUROS DEL ESTADO |
All risk |
Us$ 600 |
12/31/2013 |
(Confidential Information)
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TRADE REFERENCES |
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Note : Other suppliers did not provide information or could not be
consulted |
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Debt structure for bank. SBS Latest
Consolidated Credit Report as of : 30/06/2013
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Bank |
Debt Rating |
Current Debt |
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DOMESTIC CURRENCY |
FOREIGN CURRENCY |
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BANCO SANTANDER S.A. |
1C |
7,731.10 |
111,266.13 |
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DISCOUNT BANK (LATIN AMERICA) SA |
1C |
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40,203.47 |
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Total |
7,731.10 |
151,469.60 |
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Comments :
1C Rate- is for Debtors with strong payment capacity, these are highly probable
to meet its payment obligation in due time and agreed conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.53 |
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|
1 |
Rs.94.37 |
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Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.