MIRA INFORM REPORT
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Report Date : |
22.05.2013 |
IDENTIFICATION DETAILS
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Name : |
CONO S.A. |
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Registered Office : |
Avda. San Martin 267, Colonia Caroya, Province of Cordoba. |
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Country : |
Argentina |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
26.05.1975 |
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Legal Form : |
Corporation |
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Line of Business : |
Production and marketing of agricultural
products |
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No. of Employees : |
70 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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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.
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Source : CIA |
CONO S.A.
DENOMINACION COMERCIAL "CONO AGROPECUARIA"
CUIT Nº 30-60495628-1
INCORPORATED IN
1975. BEGINNER OF ACTIVITIES. CAPITAL SOCIAL $ 400.000.- BALANCE SHEET AT
31/12/2011 (LAST KNOWN). NOT REGISTERED NEGATIVE. FIT FOR OPERATIONS OF CURRENT
IMPORTANCE WITH ADDITIONAL GUARENTEES.
PRODUCTION AND MARKETING
OF AGRICULTURAL PRODUCTS
LEGAL FORM:
COPORATION
INCORPORATED: 1975
REGISTERED RPC: 26/05/1975
DURATION: 99
YEARS
BALANCES: 31.12
Mr. Leonardo
Alberti
Administrative
Legal and operative address:
Avda. San Martin 267, Colonia Caroya, Province of Cordoba.
Phone. 03525 423691/400042
E.Mail: administracion@conoagropecuaria.com
comex@conoagropecuaria.com.ar
Web: www.conmoagropecuaria.com.ar
PRESIDENT:
MARCO
ADALBERTO BRAUN
V.PRESIDENT: ANDRES ENRIQUE BRAUN
ALTERNATE DIRECTOR: NANCY
DEL VALLE PAZOS DE BRAUN
Use of signature:
President y V.President.
CAPITAL SOCIAL: $
400.000.-
It has been
determined through investigations that have been made that the activities in question
were initiated and implemented by this society which is governed by legal
clauses above.
This is a family business dedicated to the farm, from extensive livestock
production to agricultural production with high tecnologic.
It is seen as leading exporter of chickpea, produces commodities (soybeans,
corn, wheat) and places special emphasis on the development of specialty,
chickpeas, popcorn, mung, chia and other grains. At present around 27,000
hectares planted, all in tillage.
Currently the company has a significant conn own processing plant dry grain,
equipped with last generation technology and qualified personnel.
In units of the
company our agent was attended by Mr. LEONARDO ALBERTI, head of administrative
department, which has provided the following figures for the balance to close
on December 31, 2011. (LAST KNOWN)
TOTAL
ASSETS $ 104,931,720
CURRENT LIABILITIES $ 34,672,535
CURRENT LIABILITIES $ 824,500
EQUITY $
69,434,685
SALES $
105,083,901
FINAL INCOME $ 25,341,384
The
above figures show a favorable economic and financial position and obtaining
compensation benefits are judged.
So far the actions of the company has been showing in a normal and stable
outlook assigned to it.
The sales for 2012 were estimated at $ 120 million of pesos Argentinos. -
A society is the
owner of the property referred to in their central offices where it settles in the
direction of the signs, counting also with 17,500 hectares of own field for
cultivation in the province of Cordoba and Santiago del Estero.
Also rents another 8000 ha for cultivation in the same areas.
Has 20 vans recent models, of which further details are not obtained.
This society is
dedicated to the development of the above activities, with important
operational structure, which perform several hired 70 employees and under the
direct supervision of their own responsibility.
Girab to present in a normal and stable outlook assigned to it, within the
plane that shows your current turn.
Effected exports to the following countries:
ENGLAND GERMANY
ALGERIA ISRAEL
BELGIUM ITALY
BRAZIL JORDAN
CAPE VERDE LEBANON
CANADA PORTUGAL
CHILE PUERTO RICO
COLOMBIA Dominican Rep.
EGYPT SLOVENIA
U.S. SYRIA
SPAIN TURKEY
GREECE HOLLAND
CYPRUS INDIA
Register for elaboration products own the following brands:
ARIES (chickpea)
BIGGER POP (popcorn)
OMEGA POWER (chia)
GOLDEN GREEN (mung beans)
FOREIGN TRADE:
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In the last twelve months, it has made specific imports by u$s.736.532 from
USA.
MAIN SUPPLIERS:
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SYNGENTA S.A.
MONSANTO ARGENTINA S.A.
AGROFUN S.A.
* 70 EMPLOYEES
BANCO DE GALICIA Y BUENOS
AIRES
BANCO SANTANDER RIO
BBVA BANCO FRANCES
BANCO DE LA NACION ARGENTINA
INSURANCE:
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PREVENCION S.A.
CREDIT RISK:
------------
03/2013
BANCO FRANCES 10.885.800
BANCO GALICIA 8.024.000
BANCO NACION 1.486.500
SITUATION 1: NORMAL.
At present there
is no record negative trade may affect the concept of this society.
The commitments came here assuming were canceled within the normal terms and
deserves a good rating.
* NOT RECORDED
It concludes that
the loan deal with this society is possible, in current amounts in the
conditions of practice.
In amounts greater economic significance, it is advisable to ask for
guarantees.
* SUITABLE FOR CURRENT CREDITS.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.04 |
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UK Pound |
1 |
Rs.83.95 |
|
Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.