MIRA INFORM REPORT
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Report Date : |
25.05.2013 |
IDENTIFICATION DETAILS
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Name : |
ESTABLECIMIENTO LAS MARIAS S.A.C.I.F.A. |
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Registered Office : |
Irala 2021, Ciudad de Bs.Aires |
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Country : |
Argentina |
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Date of Incorporation : |
02.01.1958 |
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Legal Form : |
Limited Company |
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Line of Business : |
Cultivation. Production and Commercialization of Tea, Mate and
Similars |
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No. of Employees : |
1.400 |
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 |
Registered Name
ESTABLECIMIENTO
LAS MARIAS S.A.C.I.F.A.
CUIT.No.: 30-50183535-4
Summary
INCORPORATED IN 1958. NOT PROVIDED FINANCIAL INFORMATION. NO REGISTERED
NEGATIVE. APT FOR CREDIT OPERATIONS OF CURRENT IMPORTANCE..
Operations
CULTIVATION. PRODUCTION AND COMMERCIALIZATION OF TEA, MATE AND SIMILARS.
Legal Structure
BUSINESS TYPE: LIMITED COMPANY
INCORPORATED: 02/01/1958
REGISTERED: 12/03/1959
DURATION: 12/03/2058
END OF FISCAL YR: 31/12
Contact
Accountant: Marcelo Falcon
LEGAL ADDRESS AND HEADQUARTERS: Irala 2021, Ciudad de Bs.Aires, Argentina.
Tel: (54-11) 4303-1162/1169/1167/9779
PLANT AND RURAL SITE: Ruta Nacional
Phone: 54-03756) 481-8056
E.Mail: mfalcon@lasmarias.com.ar
Web: www.lasmarias.com.ar
Partners
President:
NAVAJAS CENTENO VICTOR AMADO
Vicepresident: NAVAJAS ARTAZA VICTOR JORGE
Director: NAVAJAS EDUARDO VICTOR
Director: NAVAJAS ARTAZA FERNANDO
Director: NAVAJAS ROBERTO ARTURO
Director: NAVAJAS NOSIGLIA VICTOR
Director: BURTON NAVAJAS PAUL
Director: NAVAJAS (h)ADOLFO
Director: NAVAJAS NOSIGLIA PABLO RAUL
Trusteer: LUIS HESTOR BENITEZ
GERARDO AST
USE OF SIGNATURE: IN CHARGE OF President AND V.President.
Corporate Stock
SHARE CAPITAL SUBSCRIBED AND PAID IN: $
4.782.000.-
REPRESENTED BY SAME AMOUNT OF COMMON SHARES, NOMINATIVE, NONENDORSABLE, PAR
VALUE $ 1,00 EACH WITH RIGHT TO VOTE PER SHARE.
PARENT COMPANY:
GRUPO LAS MARIAS S.A.
ADDRESS: Irala 2021, Ciudad de Bs.As.
ACTIVITIES: FINANCIAL AND INVESTMENTS
PARTICIPATION OVER NET WORTH: 99,94%
Personal Information
NAVAS ARTAZA VICTOR JORGE
-------------------------
(CUIT 20-10263139-1), ARGENTINIAN, MARRIED, BORN IN 26/10/1951, D.N.I.
No. 10.263.139.
REGISTERED AT THE FOLLOWING COMPANIES:
ABATI S.A.
President
TOPANE S.A.
Vicepresident
LAS MARIAS TECNOLOGICA S.A.
President
ASOCIACION PRODUCTORES MOLINEROS DE CORRIENTES
President
YERBATERA DEL NORDESTE S.A.
President
History
THE COMPANY INITIATED ACTIVITIES IN 1908 BY
THE FAMILY NAVAJAS CENTENO, WHICH OPERATED UNTIL 1958.
IN SUCH OPORTUNITY ORGANIZED AS FOLLOWER OF ACTIVITIES THE COMPANY IN REVIEW,
LOCATED AT THE ADDRESS EXPOSED.
Economic-Financial Position
The officers of the company as at other
times have declined to provide information accounting.
Through third parties is obtained the following information:
As 31/12/2011
TOTAL ASSETS $ 462.183.094
TOTAL LIABILITIES $ 309.167.778
NET WORTH $ 153.015.366.-
It is noteworthy that at present the actions of the company shows no ups and
downs and are assigned stable outlook.
Assets
THE COMPANY OWNS THE TOTAL OF THE REAL
ESTATE AND LANDS USED FOR ITS OPERATIONS WHICH AS A WHOLE HAS AN IMPORTANT
MARKET VALUE.
NO DEEDS ARE AVAILABLE TO VERIFY IF THE GOODS ARE FREE OF BURDENS.
Parent/Related
Companies
GRUPO LAS MARIAS S.A. (PARENT COMPANY)
YERBATERA DEL NORDESTE S.A. (Related)
FORESTAL LAS MARIAS S.A. (related)
LAS MARIAS TECNOLOGICA S.A. (related)
FOGONES DEL SUR S.A. (related)
Evolution
and Results
THE COMPANY IS DEDICATED TO THE CROP AND
COMMERCIALIZATION OF MATE, TEA, AND OTHER INFUSIONS.
IT ACCOUNTS WITH A VERY IMPORTANT INFRASTRUCTURE REPRESENTED BY THE REAL ESTATE
USED FOR ITS OPERATIONS HAVING MODERN TECHNOLOGY IN ACCORDANCE TO THE DEMANDS
OF AN INTERNATIONAL MARKET.
ITS PRODUCTS ARE KNOWN BY THE FOLLWING TRADEMARKS:
* Taraguí con palo.
* Taragui tradicional despalada.
* Taragui Tradicional BCP.
* Taragui Cascaritas.
* Taragui con hierbas del Litoral.
* Taragui con hierbas serranas.
* Mate listo Taragui.
* Mate listo Taragui todo en uno.
IN REGARDS TO ITS OTHER PRODUCTS, ARE REGISTERED WITH THE FOLLOWING TRADEMARKS:
Té Unión; Té Punta de Oro; Mate cocido: Mañanita AND
IT COMMERCIALIZES ITS PRODUCTS IN THE INTERNAL MARKET, HAVING A PORTFOLIO
DEVELOPED ESPECIALLY FOR THE NEEDS OF THE DIFFERENT WORLD WIDE MARKET. CARRYING
OUT EXPORTS TO AFRICA, ASIA, OCEANIA, EUROPE, AMERICA.
* 1.400 employees.
FOREIGN TRADE
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IN THE LAST 12 MONTHS, IMPORTS OF u$s 8.413.802, AS FOLLOWS:
EE.UU. .............u$s. 7.021.340
NETHERLANDS.........u$s 571.727
GERMANY.............u$s 452.729
OTHERS..............u$s 367.916
MAIN SUPPLIERS:
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CARTOCOR S.A.
ZUCAMOR S.A.
Branches
1) Francisco Alvarez 3150 (5519),
Cnel.Dorrego, Pcia.
de Mendoza.
Tel.: (54-0261) 431-9922
2) Ovidio Lagos 3451 (2000), Rosario, Pcia.de Santa
Fé.
Tel.: (54-0341) 434-0333/431-1663
3) Ruta 9 (Acc.Norte), Km.1294 (4101), Las Talitas,
Pcia.de Tucumán.
Tel.: (54-0381) 427-2559
Others:
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Alvar Nuñez 255, Ciudad de Buenos Aires.
Rio Cuarto 1150, Ciudad de Buenos Aires
Pte. M.T. de Alvear 1399, Posadas, Misiones.
Arturo Bas 22, Cordoba, Cordoba
Avda.Pte.Peron 7415, Rosario, Santa Fe.
Acosta 1340, Bahia Blanca, Buenos Aires
Zapiola 208, Cnel. Dorrego, Guaymallen, Mdza.
Avda. Juan B. Justo 4370, Mar del Plata, Buenos Aires
Calle sin nombre, Gobernador Ingº. B- Virasoro, Corrientes.
Payment
Record and Credit Risk
* BANCO MACRO
* BANCO DE LA NACION
* STANDARD BANK
* BANCO SANTANDER RIO
* HSBC BANK ARGENTINA
* BANCO SUPERVIELLE
* BBVA BANCO FRANCES
* BANCO PATAGONIA
* BANCO DE GALICIA
CREDIT RISK - MARCH 2013
NACION
03/13 1 61,965,600
FRANCES 03/13 1
40,508,200
CORRIENTES
03/13 1 37,447,800
GALICIA 03/13 1
28,466,900
CIUDAD 03/13 1
28,153,200
PATAGONIA 03/13 1
28,005,900
HSBC BANK 03/13 1
22,997,100
MACRO 03/13 1
13,506,500
ITAU 03/13 1
10,491,400
INV Y COM EXT 03/13 1 7,488,300
PROVINCIA 03/13 1
6,318,800
IND COMM BANK CHINE 03/13 1 3,674,800
SANTANDER RIO 03/13 1 2,360,900
COMAFI 03/13 1
604,700
AMEX 03/13 1
40,400
CITIBANK N.A. 03/13 1
300
SITUATION 1: NORMAL FULFILLMENT.
INSURANCES:
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LIBERTY S.A.
Concept
THE COMPANY IS COMMERCIALLY RELATED TO
COMPANIES OF THIS AND OTHER PLACES, WHICH PROVIDE THEIR CREDIT SUPPORT TO THE
COMPANY THAT USES IT IN RELATIVELY MEASURE. ANYWAYS, THE CONTROLS CARRIES
OUT INDICAT THAT THERE'S NO NEGATIVE ANTECEDENTS THAT COULD AFFECT ITS CONCEPT.
* FULFILLMENT WITHOUT OBJECTIONS.
Final
Opinion
THE COMPANY IS TRADITIONAL IN THE SECTOR FOR
SEVERAL DECADES, IT IS CONSIDERED VIABLE ITS CREDIT OF CURRENT IMPORTANCE.
* APT FOR CREDITS.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.61 |
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|
1 |
Rs.83.98 |
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Euro |
1 |
Rs.71.94 |
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.