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Report Date : |
28.05.2013 |
IDENTIFICATION DETAILS
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Name : |
ADMINISTRACION NACIONAL DE USINAS Y
TRANSMISIONES ELECTRICAS |
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Registered Office : |
Paraguay 2431 Montevideo Montevideo |
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Country : |
Uruguay |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.10.1912 |
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Legal Form : |
State-owned company of public right |
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Line of Business : |
Generation,
Transmission, Distribution and Supply
of electricity, provision of related services and
consulting. |
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No. of Employees : |
6,053 |
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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Uruguay |
A2 |
A2 |
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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 |
URUGUAY - ECONOMIC OVERVIEW
Uruguay has a free market economy characterized by an
export-oriented agricultural sector, a well-educated work force, and high
levels of social spending. Following financial difficulties in the late 1990s
and early 2000s, economic growth for Uruguay averaged 8% annually during the
period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's
vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country
managed to avoid a recession and keep positive growth rates, mainly through
higher public expenditure and investment, and GDP growth reached 8.9% in 2010
but fell to about 3.5% in 2012, the result of a renewed slowdown in the global
economy and in Uruguay's main trade partners and Common Market of the South
(Mercosur) counterparts, Argentina and Brazil. Uruguay has sought to expand
trade within Mercosur and with non-Mercosur members. Uruguay's total
merchandise trade with Mercosur since 2006 has increased by nearly 70% to more
than $5 billion while its total trade with the world has almost doubled to
roughly $20 billion.
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Source
: CIA |
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CORRECT COMPANY NAME |
ADMINISTRACION NACIONAL DE USINAS Y TRANSMISIONES ELECTRICAS |
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TRADE NAME |
UTE |
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TAXPAYER REGISTRATION |
RUT 210778720012 |
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MAIN ADDRESS |
Paraguay 2431 Montevideo |
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DEPT/PROV/REGION/STATE |
Montevideo |
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COUNTRY |
URUGUAY |
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TELEPHONE |
(5982) 2097685 |
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CORPORATE E-MAIL |
comercial@ute.com.uy |
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WEB |
www.ute.com.uy |
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COMMENTS |
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Other e-mail:
anovelle@ute.com.uy |
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Date of foundation |
1912 |
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Capital stock |
Ps$.51,335,161,674.= issued and paid up |
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Shareholders' equity |
96,724,907,600.00 Pesos (31DEC2012) |
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Profits (loss) |
-3,421,048,274.00 Pesos (31DEC2012) |
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permanent employees |
6,053 |
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Chief Executive |
CASARAVILLA, GONZALO |
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Disposition |
Declined. For security reasons and/or competition. |
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Payments policy |
Usually to terms/good |
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Credit (**) |
Risk is Minimal, Solvent, Satisfactory Financial Situation. |
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Number of times that this company was required: 11 |
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LEGAL STATUS |
State-owned company of public right |
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DATE OF INCORPORATION |
21OCT1912 |
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PLACE OF REGISTRY |
Montevideo |
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CURRENT PAID-IN CAPITAL |
Ps$.51,335,161,674.= issued and paid up |
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SHAREHOLDERS EQUITY |
96,724,907,600.00 Pesos () |
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CURRENT EXCHANGE RATE (US$) |
Ps$.19 per USD.1.00 |
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COMMENTS |
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According to the provisions of Law 4273, enacted on 21.10.1912, UTE
was created as self-governing with its own legal status to fulfill its
specific task which covers the stages of generation, transmision,
distribution and commercialization of electric energy. It was granted the absolute monopoly for
the supply of energy all over the national territory, with the legal and
rigths privileges to enable management and support its authority. Pursuant to Laws 14.694 dated 01/09/77, N° 15.031 dated 04/07/80 N° 16.211 dated l 01/10/91, the entity
stopped operating its specific tasks as a monopoly. Operations scope is expanded to provide
advisory and technical assistance services in the specialization and related
areas both in the territory of the Republic and abroad. In accordance with Article 265
of the Law N° 16.462 dated January 11,
1994, business line was expanded, under which, it is enabled to
operate abroad in the stages of generation, transformation, transmission,
distribution and commercialization of electric energy, supplied directly or
in association with other public or private companies, national of foreign
ones. Said participation will be
subject to the prior authorization of the Executive. On June 17, 1997 the Executive enacted Law N° 16.832 which superseded
Article 2° of Decree Law N° 14.694,
stipulating, in turn, a new Legal Regulating Frame for the the National
Electric System, under which, it would be a reorganization of the electric
market, under certain conditions and
creating regulating bodies. The Uruguayan State controls the 100% of the capital. |
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CASARAVILLA, GONZALO |
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TITLE |
President |
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NATIONALITY |
Uruguayan |
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D.O.B. |
02JUL1963 |
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PROFESSION |
Electrical Engineer |
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BACKGROUND INFORMATION |
Born in the city of Montevideo. Received from the University of the Republic
Electrical Engineering degree in 1990, Master's degree in Electrical
Engineering in 2000 and his Ph.D. in Electrical Engineering in 2003. Since 1986 he is a professor at the Institute of Electrical
Engineering of the University of the Republic, Uruguay where he is currently
Professor (Gr 5), and from 2005 to May 2010 he served on a full time basis. From 2010 he has served as Chairman of the Board. |
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BRIOZZO, CESAR |
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TITLE |
Vice President |
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NATIONALITY |
Uruguayan |
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D.O.B. |
12SEP1947 |
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PROFESSION |
Electrical Engineer |
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BACKGROUND INFORMATION |
Born in Montevideo. He earned a Master of Science in Electrical
Engineering from Chalmers University of Technology in Gothenburg, Sweden, in 1981,
where he later worked in assessment systems in small-scale wind turbines and
was responsible for experimental wind turbine project for research in wind
power plants in Hönö . From 1985 until his appointment as Vice President of
UTE was responsible for Power Controls Division . |
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GARCIA, LUIS |
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TITLE |
Distribution Director |
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NATIONALITY |
Uruguayan |
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POMBO, CARLOS |
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TITLE |
General Manager |
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NATIONALITY |
Uruguayan |
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ASSOCIATED AS PER OUR DATABASE TO |
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On 21/10/1912, the law for the creation of Administración General de las
Usinas Electricas del Estado was passed , granting the monopoly for the
supply of electric energy, without limit in time and covering all the
national territory. In 1931, a new monopoly was granted: The monopoly for wired telephone
communications. Thus, the name of the
Company was Administracion General de las Usinas y Telefonos del
Estado", until 1974, when as a
result of the creation of Empresa Nacional de Telecomunicaciones (Antel), the
scope of the Company returned to its original business, hence, its trade
intials stand for "Administracion Nacional de Usinas y Trasmisiones
Electricas". Towards the middle of the 80's, UTE was aimed at producing electric
energy. This approach changed
substantially since the implantation of a Project for Management Improvement
which also put emphasis in the commercialization of electric energy. As from 1994, they developed a
plan of activities intended for the promotion and implantation of a Total
Quality Process in the Company, with produced results in 1998 when the
Commercial and Distribution Area and the Division of Information Systems in
the Company was conferred the National Award to Quality. In 1997, a Law for Regulatory Framework in the Uruguayan electric
market was passed which separated the regulating activities from business
activities. That same year, the UTE defined its participation in the
construction of the gas pipeline which brings natural gas from the
Argentinian province of Entre Rios to the Uruguayan city of Paysandú. In October 2000, after a long negotiation process, UTE entered into an
agreement to supply natural gas with the companies Pan American Energy and
Winterhall Energia, which would make it possible to transport natural gas to
the south of the country. |
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SIC
Classification |
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Main activity |
National Administration of Power Plants and Transmission
- UTE (Uruguay's
national electricity authority and power plant), is a Uruguayan state-owned enterprise dedicated to
the generation, transmission, distribution and supply of electricity, provision of related services and consulting. To meet the demand of one million two hundred thousand customers in
the territory of 176,215 km2, UTE has wind, thermal and hydroelectric power
plants. The production is supplemented by energy from the Salto Grande
Hydroelectric Power Plant (binational venture between Argentina and Uruguay)
and energy from power plants owned by third parties. |
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O P E R A T I O N S |
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Import |
Yes |
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Country |
USA, Brazil, Argentina, Spain, Canada, UK, China |
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ANNUAL Imports In US$ (CIF) |
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Export |
Yes |
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COUNTRY |
Canada, UK |
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Annual exports in US$ (FOB) |
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% Credit SALES / Terms |
100% (30 days) |
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EMPLOYEES |
6,053 |
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Disposition |
Declined. For security reasons and/or competition. |
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Information provided |
Despite the efforts made , we were unable to interview the key
executives of the company. We know that because it is a state institution, it is difficult to directly
access their information because it is kept in strict confidence. It should be mentioned that the information in this report has been collected from different outside
sources. The following are the Balance Sheets for the FY ended as of 31/12/2012, 31/12/2011 (12 months) expressed in Pesos, also a
Quarterly Balance Sheet as of 31/03/2013, expressed in Pesos too. |
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FINANCIAL SITUATION |
A-: SATISFACTORY Taking into account the last Financial Statement submitted and/or
other factors analyzed, we believe that financial Situation of the Company is
SATISFACTORY. Despite there is a tight relationship between the current accounts, on
the other hand, shareholders' equity covers liabilities in excess. Sales
allow activities are carried out regularly. However in 2012, the company lost money Business circles recently consulted, agreed to report favorably this
Company payment experience. No
negative found. Credit lines granted for high amounts. |
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INSURANCE |
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(Confidential Information)
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TRADE REFERENCES |
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SUPERINTENDENCY OF BANK & INSURANCE (SBS) |
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Debt structure for bank. SBS Latest Consolidated Credit Report as of :
31/03/2013 |
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CONSOLIDATED DEBT (ALL
BANKS) ENTITIES
NUMBER : 12 31/03/2013 |
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REPUTATION |
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NOTHING AGAINST COMPANY |
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Explanation about commercial reputation |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.61 |
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1 |
Rs.84.18 |
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Euro |
1 |
Rs.71.56 |
INFORMATION DETAILS
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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.