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Report Date : |
29.01.2013 |
IDENTIFICATION DETAILS
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Name : |
EPECUEN S.A.C.I.F.I.A. |
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Registered Office : |
Bacacay 2040 (1406), Buenos Aires City |
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Country : |
Argentina |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
17.12.1958 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacture, Commercialization of
Industrial Chemical Products |
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No. of Employees : |
33 |
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Argentina |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
EPECUEN
S.A.C.I.F.I.A.
CUIT No.: 33-53670063-9
BEGINNER OF ACTIVITIES. INCORPORATED IN
1958. BALANCE SHEET AS OF 31/12/2011: BALANCED ECONOMIC-FINANCIAL SITUATION
WITH MODEST FINAL PROFITABILITY. FIT FOR OPERATIONS IN RELATION TO YOUR
RESOURCES KNOWN.
INDUSTRIAL CHEMICAL PRODUCTS
MANUFACTURE
COMMERCIALIZATION
Business type: Public Limited Company
Incorporated: 17/12/1958
Registered: 30/04/1959
N° 9847
Duration: 30/04/2058
End of fiscal year: December 31st
Afip: Nº 12, Av. Mitre 607, Avellaneda, Pcia.de Bs.As.,
Argentina.
Mss. Gladys Cordoba (administratión).
Legal address: Bacacay 2040 (1406), Buenos Aires City, Argentine Republic.
Operative and Administrative address: Otamendi 2045 (B1822FSU), Valentín
Alsina, Buenos Aires Province, Argentine Republic.
Phone: (54-11) 4209.3542
E-mail: info@epecuen.com.ar
President: DUHALDE HECTOR EMILIO
Vice-president: CENTO CARLOS ALBERTO
Both, as Managers, are in charge of the management and administration of the
company, with the use of the social signature.
ORDINARY SHARES OF 5 VOTES
Subscribed and Integrated $ 1.000.000
DUHALDE HECTOR EMILIO:
----------------------
Argentinian, married, born on 04/09/1936, DNI. 4.187.077 (CUIT. 20-04187077-0),
with address in Bacacay 2040, Buenos Aires City.
CENTO CARLOS ALBERTO:
---------------------
Argentinian, married, born on 09/05/1940, CIPF. 3.819.947.
According to our consultations, the company
is beginner of activities and operates in the previously exposed addresses.
It isn’t known if it is member of any economic group or of its directors
perform other activities.
Contact has been taken with the
representatives of the company's financial area, from who was required the
delivery of financial information.
As an answer, they supplied partial figures of the Balance Sheet ended as of
31/12/2011, which are expressed in pesos:
ASSETS CURRENT................... $
7.015.947
ASSETS NON-CURRENT............... $
2.779.125
LIABILITIES CURRENT.............. $
4.253.337
LIABILITIES NON-CURRENT.......... $
713.450
NET WORTH........................ $
4.828.285
SALES............................ $
16.111.132
FINAL UTILITY.................... $
755.361
The above figures show adequate liquidity, normal level of debt and a final
return is considered reasonable.
The actions of society at present is qualified as normal and stable outlook assigned
within the plane in which it operates.
|
Balance Sheet/s |
31/12/2011 |
31/12/2010 |
|
Total Assets |
$ 9.795.072,00 |
$ 8.793.207,00 |
|
Current Assets |
$ 7.015.947,00 |
$ 6.347.579,00 |
|
Banks |
$ 0,00 |
$ 0,00 |
|
Accounts Receivables |
$ 4.261.135,00 |
$ 4.287.560,00 |
|
Inventory |
$ 2.754.812,00 |
$ 2.060.019,00 |
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Fixed Assets |
$ 0,00 |
$ 0,00 |
|
Non-Current Assets |
$ 2.779.125,00 |
$ 2.445.628,00 |
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Investments |
$ 0,00 |
|
|
Total Liabilities |
$ 4.966.787,00 |
$ 4.594.909,00 |
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Current Liabilities |
$ 4.253.337,00 |
$ 4.022.042,00 |
|
Non-Current Liabilities |
$ 713.450,00 |
$ 572.867,00 |
|
StockHolders Equity |
$ 4.828.285,00 |
$ 4.198.298,00 |
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Net Sales |
$ 16.111.132,00 |
$ 14.370.601,00 |
|
Cost of Good Sold |
$ 10.740.691,00 |
$ 10.229.563,00 |
|
Gross Result |
$ 5.370.441,00 |
$ 4.141.038,00 |
|
Administrative Expenses |
$ 1.652.028,00 |
$ 1.243.269,00 |
|
Selling Expenses |
$ 2.018.520,00 |
$ 2.003.600,00 |
|
Financial Income |
$ 0,00 |
$ 0,00 |
|
Other Expenses |
$ -944.532,00 |
$ -318.664,00 |
|
Final Result |
$ 755.361,00 |
$ 575.505,00 |
Balance Sheet Analysis
|
Indexes |
31/12/2011 |
31/12/2010 |
|
Current Ratio |
164,95 % |
157,82 % |
|
Quick Ratio |
100,18 % |
106,60 % |
|
Short Term Indebtedness |
88,09 % |
95,80 % |
|
Debt to Equity Ratio |
102,87 % |
109,45 % |
|
Long Term Assets to Total Assets |
28,37 % |
27,81 % |
|
Fixed Assets to Equity |
0,00 % |
0,00 % |
|
Total Assets to Total Liabilities |
197,21 % |
191,37 % |
|
Debt Ratio |
50,71 % |
52,26 % |
|
Equity Ratio |
49,29 % |
47,74 % |
|
Investments to Assets Ratio |
28,12 % |
23,43 % |
|
Current Investment |
71,63 % |
72,19 % |
|
Stocks Aging Days |
93,62 días |
73,50 días |
|
Day Sales |
96,54 días |
108,90 días |
|
Trade Debtors To Assets |
43,50 % |
48,76 % |
|
Total Assets Turnover |
164,48 % |
163,43 % |
|
Net Worth Aging |
333,68 % |
342,30 % |
|
Fixed Assets Aging |
Infinito % |
Infinito % |
|
Gross Profit |
66,67 % |
71,18 % |
|
Financial Expenses on Sales Ratio |
0,00 % |
0,00 % |
|
Commercial Exp. on Sales Ratio |
12,53 % |
13,94 % |
|
Administrative Exp. on Sales Ratio |
10,25 % |
8,65 % |
Assets
REAL ESTATE:
------------
It is owner of the property located in the previously exposed address, which
has an interesting realization value.
No title deeds were shown as to verify if its property is unencumbered.
The company is engaged in the manufacture
and commercialization of industrial chemical products, inputs for the food
industry to be precise.
It operates in the previously exposed address, where it has a spacious
building, which is well installed and stocked with the necessary implements and
elements.
It carries out imports from Peru, Germany, United Kingdom, Netherlands, Spain,
Switzerland, USA, China, Belgium, Singapore and India, highlighting that around
5% of its production is exported to Bolivia, Paraguay and Uruguay.
* 33 EMPLOYEES
MAIN IMPORTED PRODUCTS:
-----------------------
IMNOVAL NUTRER S.A.
BASF ARGENTINA S.A.
DEGUSA S.A.
FOREIGN TRADE:
--------------
In the last twelve months it has carried out imports for a total value of US$
2.160.587 from the following countries:
PERU 1.173.295
ALEMANIA 276.185
INDIA 260.904
OTROS 450.203
BANKS:
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BANCO DE
BANCO CREDICOOP COOP.LTDO.
BANCO DE LA NACION ARGENTINA
CREDIT RISK:
------------
November/2012
BANCO CREDICOOP 707.300
PCIA BS.AS. 461.000
BCO INDUSTRIAL 82.300
AMERICAN EXPRESS 16.900
Situation 1: Normal Fulfillment.
INSURANCE:
----------
SANCOR COOPERATIVA DE SEGUROS LTDA.
LA CAJA S.A.
It is commercially related with local and
foreign companies. Many of them give it their credit support, using it in
accordance with its needs.
According to our consultations, there are no objections aobut its payment
record.
* FULFILLMENT: NOT OBJECTED
Bearing in mind what has been exposed
hereby, we consider feasible the new credit treatment with this company with
the adoption of appropriate guarantees.
* FIT FOR NEW OPERATIONS CREDITS.
BTDL
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.89 |
|
|
1 |
Rs.84.92 |
|
Euro |
1 |
Rs.72.51 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
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 |
|
<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.