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Report Date : |
16.01.2013 |
IDENTIFICATION DETAILS
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Name : |
MINERA SANTA RITA S.R.L |
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Registered Office : |
Avda. Julio A. Roca 751 3ro.12, Buenos Aires |
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Country : |
Argentina |
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Date of Incorporation : |
24.02.1997 |
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Legal Form : |
Liability Limited Company |
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Line of Business : |
Chemical manufacturing, especially boric acid and derivatives. |
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No. of Employees : |
180 Employees |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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
MINERA SANTA RITA
S.R.L.
C.U.I.T. Nro. 30-69414505-8
FOLLOWER OF ACTIVITIES.
IT OPERATES AS SUCH SINCE 1997. NOT PROVIDED BALANCE SHEET. NO NEGATIVE
REGISTERED. FOR CREDIT TREATMENT BY CURRENT AMOUNTS AND REQUIRE SOLID
ADDITIONAL GUARANTEES.
Chemical
manufacturing, especially boric acid and derivatives.
LEGAL FORM:
LIABILITY LIMITED COMPANY
CREATED:
24.02.1997
REGISTERED R.P.C.: JUNE 1997
DURATION: 99 YEARS
END OF FISCAL YEAR: 31.12
FEDERICO GUIJARRO
(Company Officer)
Legal address: Avda. Julio A. Roca 751 3ro.12, Buenos Aires.
Phone. 54 011. 43423669/43317239
Fax. 54 011. 43431867
E.Mail. baires@santaritasrl.com
Operative address: Campo Quijano Km. 2, Ruta 36 s/nro., Rosario de Lerma,
Provincia of Salta.
Phone. 54 0387. 4904135/4904904
Fax. 54 0387. 4904135
E.Mail. info@santaritasrl.com
Web: www.santaritasrl.com
Operating Office :
Adolfo Guemes 322 4400 Eth-Salta, Argentina
Partner:
HADDAD PABLO
Partner: HADDAD GUILLERMO
Partner: HADDAD JAVIER
Partner: HADDAD MERCEDES
Using signature: It is the responsibility of all the partners individually in
character Managers.
Minera Santa Rita
was founded by Mr. Nassib Haddad in 1970, began operations in the town of
Sierra Berries in the Province of Buenos Aires, with a small production of lime
for construction. It worked for 17 years until the company made ??a significant
shift encouraged by the Mining Promotion Law, from which he began to work with
heavy equipment and quarry.
The vision of its founding the company in advance to provide services for
mining exploration, by drilling air reverse for foreign investment projects
that developed most important in our country.
Thus came to occupy a leadership position in the business, with a staff of four
teams in the era of increased demand for prospecting.
In l988 Minera Santa Rita, already constituted as SRL, purchase the
manufacturing facility operates today boric acid, located in Campo Quijano in
prov. Salta and wide to double production next year.
Currently the company develops various lines of products for specific
applications and consolidated its leadership position in the business, with the
acquisition of three new mines Ulexite, ensure that enable production for the
next 10 years.
Not provided
financial information.
The sales at 2011 ranged in $ 70.000.000.
A society is
assigned ownership of all property involved in the operations, which have a
good value realization, also having 30 vehicles of various features.
LOCALS SUPPLIERS:
-----------------
BOLLONI S.A.
MATA SALTA S.A.
Amounts variables
Payments 30 days.
MINERA SANTA RITA
S.R.L. is an economic group, dedicated to the extraction, production and
international marketing of borates, derivatives and other specialty mining.
The plants, warehouses and offices are located in the company of Salta, being a
family firm characteristics.
Develops several lines of products for specific applications and strengthened
its leadership position in the business, with the acquisition of new mineral
properties, which allows a continuous increase in its production and ensure the
availability of its main raw material at least for the next 20 years.
97% of its production is exported to various international markets.
The modern processing plant is located in Campo Quijano, in the province of
Salta, the estate of
FOREIGN TRADE:
--------------
In the last twelve months, it has made specific imports by u$s.3.504.337
according to the following detail:
EE.UU. 1.894.449
CHILE 1.454.938
BOLIVIA 154.950
Export to: USA, CANADA, INDIA, CHINA, AUSTRALIA, NEW ZEALAND, SUDAFRICA and
EUROPE.
MAIN SUPPLIERS:
---------------
BOLLONI S.A.
MATA SALTA S.A.
AGAPITO BOLIVAR VARGAS (BOLIVIA)
* 180 Employees
BANCO DE
HSBC BANK
Branch.SALTA
CREDIT RISK - OCTOBER OF 2012
------------------------------
BANCO DE
MERCEDES BENZ $ 922.000
HSBC BANK $ 1.000
Situation 1: normal.
INSURANCE:
----------
CONSOLIDAR CIA. DE SEGUROS S.A.
It doesn't
register delinquencies, trials, protests or other negative.
It fulfills correctly its commercial and bank commitments.
* FULFILLMENT: NOT OBJECTED
Keeping in mind
its good backgrounds, the company is feasible for credit treatment of current
amounts and with appropriate guarantees.
* FIT FOR CURRENT CREDITS
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
|
1 |
Rs.87.69 |
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Euro |
1 |
Rs.72.85 |
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 |
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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 |
-- |
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.