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Report Date : |
11.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SUEÑO FUEGUINO S.A. |
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|
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Registered Office : |
Alberto Einstein 1341. Parque Industrial Rio Grande,
Rio Grande, Tierra del Fuego Province |
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Country : |
Argentina |
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Date of Incorporation : |
01.06.1981 |
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Legal Form : |
Public Limited Company |
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|
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Line of Business : |
manufacturer of
tableclothes, sheets and towels |
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|
|
|
No. of Employees : |
155 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Satisfactory |
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|
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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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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 an unprecedented 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 -
at the time the largest ever - 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 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 in 2010
rebounded strongly from the 2009 recession, but has slowed since late 2011 even
as the government continued to rely on expansionary fiscal and monetary
policies, which have kept inflation in the double digits. The government
expanded state intervention in the economy throughout 2012. In May the Congress
approved the nationalization of the oil company YPF from Spain's Repsol. The
government expanded formal and informal measures to restrict imports during the
year, including a requirement for pre-registration and pre-approval of all
imports. In July the government also further tightened currency controls in an
effort to bolster foreign reserves and stem capital flight.
|
Source
: CIA |
SUEÑO FUEGUINO
S.A.
CUIT: 30-59241205-1
INCORPORATED IN 1981. BEGINNER OF ACTIVITIES. FIGURES OF FINANCIAL
INFORMATION: GOOD STRUCTURE ECONOMIC/FINANCIAL WITH MANAGEMENT NORMAL AT THE
PRESENT. FULFILLMENT: WITHOUT OBJECTIONS. FIT FOR NEW CURRENT CREDITS AND
ADDITIONAL GUARANTEES.
TEXTILE INDUSTRY
MANUFACTURE OF SHEETS AND TABLECLOTH
Business type: Public
Limited Company
Incorporated: 01/06/1981
Registered: 16/07/1982
Duration: 19/07/2081
End of fiscal year: May 31st
Mrs. Sonia Ohanessian (Administrative
Manager)
Dependences in Buenos Aires: Moreno 1369, Buenos Aires City, Argentina.
Phone: (54-11) 4382.1862
E-mail: sonia@sue.com.ar
Legal address and Production Plant: Alberto Einstein 1341. Parque
Industrial Rio Grande, Rio Grande, Tierra del Fuego Province.
President:
OHANNES BOGIATZIAN
Vice-president: OSCAR MENDEZ
Alternated Director: EDUARDO KOZANLIAN
Social signature use: In the charge of the President and Vice-president.
Common shares:
Subscribed and paid-in capital: $ 500.000
BOGIATZIAN OHANES
Argentinian, single, born in 1947, DNI. 12.255.310.
MENDEZ OSCAR
Argentinian, born in 1936, divorcée, LE. 4.171.678.
They are registered in the following companies:
BRANDLUZ S.A.
IERGAT S.A.
According to our investigations, it is known that these activities were
directly started by this company on 01/06/1981.
The company's directors refused to supply
financial information.
Therefore, it has been necessary to consult indirect sources, where we obtained
figures of the last Balance Sheet.
CURRENT
ASSETS $ 139.000.000
NON-CURRENT ASSETS $ 21.000.000
$ 160.000.000
=============
CURRENT LIABILITIES $ 62.000.000
NON-CURRENT LIAB. $ 2.300.000
$ 64.300.000
=============
NET WORTH $ 95.700.000
$ 16000.000
=============
Sales
in 2012 were estimated at $ 1.450.000 with obtainment of a compensatory
benefit.
According to the figures set out the company is turning to economic and
financial structure balanced and stable outlook assigned.
The company is owner of the properties located in the previously exposed
addresses, which have an important realization value.
The subject company is a textile industry of
good importance, which performs the manufacture of tableclothes, sheets and
towels.
TRADEMARKS:
-----------
DANUBIO
ROMANCE
PROFUMO DI LAVANDA
LA HIDROFILA ARGENTINA.
It carries out imports (raw materials) from Asia and Spain, exporting sets of
sheets to Uruguay.
It has the necessary structure, mainly represented by the large establishment
located in Rio Grande City (Tierra del Fuego), which is stocked with modern
technology and by the headquarters located in Buenos Aires City, which has good
characteristics.
FOERIGN TRADE:
--------------
In the last twelve months it has carried out imports for a total value of u$s
21.751.644 from the following countries:
ARGENTINA $
18.399.305
PAKISTAN
1.449.523
GERMANY
1.193.041
OTHER COUNTRIES
709.776
* 155 EMPLOYEES
Avda.Montes de Oca 1451, Ciudad de Buenos
Aires.
Avda.Belgrano 1425, Rio Grande, Tierra del Fuego
Fagnano 506, Rio Grande, Tierra del Fuego.
BANKS:
------
BANCO DE LA NACION ARGENTINA
BBVA BANCO FRANCES
BANCO CIUDAD DE BUENOS AIRES
BANCO SUPERVIELLE
BANCO CREDICOOP
INSURANCE:
----------
MAPFRE S.A.
CREDIT RISK:
------------
APRIL 2013
BANCO ITAU $ 6.866.000
PROV. DE B.A. 5.396.600
MACRO 4.790.300
PATAGONIA 4.667.500
CIUDAD DE B.A. 4.558.100
COMAFI 2.883.600
ICBC 2.860.300
FRANCES 2.504.900
CMF 1.260.800
SUPERVIELLE 1.093.400
INDUSTRIAL 405.200
AMEX 1.500
CITI
300
GALICIA 300
SITUATION 1: NORMAL FULFILLMENT.
Up to now there are no comments and/or that
could affect the company's commercial concept.
According to our consultations, it complies in due time the commitments taken.
* WELL QUALIFIED COMPANY
We consider feasible the new credits
treatment with this company by current amounts in accordance with its known
economic-financial situation.
* FIT FOR NEW CREDITS.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.13 |
|
UK Pound |
1 |
Rs.89.52 |
|
Euro |
1 |
Rs.76.89 |
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 |
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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.