|
Report Date : |
01.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
THYSSENKRUPP FORTINOX S.A. |
|
|
|
|
Formerly Known As : |
BEFORE FORTINOX S.A. |
|
|
|
|
Registered Office : |
Avda. Córdoba 950, 10º piso (1054), Buenos Aires City |
|
|
|
|
Country : |
Argentina |
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
18.03.1991 |
|
|
|
|
Com. Reg. No.: |
1348 Book 109 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Import, Commercialization & Processing of Stainless Steel |
|
|
|
|
No. of Employees : |
100 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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) |
|
Argentina |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
THYSSENKRUPP FORTINOX S.A.
(BEFORE FORTINOX S.A.)
CUIT No.: 30-64279958-0
INCORPORATED IN 1991. BEGINNER OF ACTIVITIES, BALANCE AS OF 30.09.2012.
NO NEGATIVE ANTECEDENTS UNTIL THE PRESENT, FOR CREDITS PROCEED WITH MODERATION
AND
REQUEST OF GUARANTEES.
STAINLESS STEEL
IMPORT
COMMERCIALIZATION
PROCESSING
Business type: Limited
Company
Incorporated: 18/03/1991
Registered: 27/03/1991
Register #: 1348
Book 109
Duration: Until
26/03/2090
End of fiscal year: September
30th
Legal address: Avda.Córdoba 950,
10º piso (1054), Buenos Aires City, Argentine Republic.
Operative and Administrative address: Rivadavia s/n., Parque Industrial
Garín (B1619ADQ), Garín, Buenos Aires Province, Argentine Republic.
Phone: (54-03327) 448000/448089
E-mail: info@fortinox.com.ar
Website: www.fortinox.com.ar
President: GEISEN PEDRO
PABLO
Vice-president: GRAF HELMUT
CRISTIAN
Director: SCHLUTER
TORSTEN
Director: LEONHARDT
FEDERICO
Director: GUILLERMO
TOMAS
Trustee: CARENZO
FEDERICO
Alternative: GRAF CARIDE
CYNTHIA INES
The first two mentioned ones, as Managers, are in charge of the
management and administration of the company, with the use of the social signature.
The company's corporate stock is established in $ 2.100.000 which has
been totally subscribed and paid in. It is represented by the same quantity of common
shares nominative, nonendorsable of par value $1,00 each.
Fits to highlight that 80% of this capital belongs to:
THYSSENKRUPP SERVICES AG
Hans-Gunther-Sohl-Strabe 1-(40235)
Dusseldorf - Germany.
Activity: Investments in companies.
GEISEN PEDRO PABLO TEODORO:
Argentinian, married, born in 15/08/1951, L.E. 8.537.829 (CUIT.
20-08537829-6) with address in Los Algarrobos 1372, Bo.San Isidro Chico, San
Isidro, Buenos Aires Province.
GRAF HELMUT CRISTIAN:
German, Argentinian naturalized, married, DNI. 93.473.457 (CUIT.
20-15215065-3)
with address in Avda.Córdoba 950, 10 piso, Buenos Aires City.
He is registered in the following companies:
KONVEKTA S.A. President
TRUMPLER ARGENTINA S.A. President
PFISTERER S.A. Alternate
Director
EDITORIAL SUDAMERICANA S.A. Alternate
Director
GRIJALBO S.A. Director
AGF ALLIANZ ARGENTINA S.A. Alternate
Director
LAMINAR S.A. President
DYNAMIT NOBEL ARGENTINA S.A. Alternate
Director
EMPLAST S.A. Alternate
Director
EL INCA DE ALSINA S.A. Power
of Attorney
AGROBARI S.A. President
INTERNATIONAL CATALOG SERVICES S.A. Vice-president
LEONHARDT FEDERICO GUILLERMO TOMAS:
Argentinian, married, born on 25/02/1944, DNI. 11.955.431.
In 1991 and through the merger of two large companies , such as STEEL
FORTUNA SA and Inoxmetal SA , constitutes the present society , under the
corporate name Fortinox SA
Date: 21/05/2010
------------------
ThyssenKrupp
Fortinox SA For Ordinary Act No. 28 and Act No. 160 Directory ,both of
22/01/2010 , approved the appointment of President: PEDRO PABLO GEISEN , VP :
HELMUT CRISTIAN GRAF , and Directors Headlines : JOACHIM OTTO GUILLERMO
FEDERICO JACOB THOMAS LIMBERG and LEONHARDT . By Ordinary Act No. 29 and Act
No. 162 Directory , both of 02/03/2010 , accepted the resignation of Jacob Otto
Joachim Limberg charge and approved the appointment of Mr. CLAUDE WEBER his
replacement . All are special domicile at Av Cordoba 950, 10th floor
, CABA Authorized : Federico G. Directory Leonhardt by Act No. 160 of 22/01/2010
and Board Minutes of 02/03/2010 No. 162 . Lawyer - Federico G. Legalization
Leonhardt issued by the Bar Association of the Federal Capital .
Date : 18/05/2010
. Volume : 93. Folio: 999 . e. 21/05/2010 No. 55049/10 v . 21/05/2010
Source : Official
Gazette of the Republic Argentina - Number: 31909 of 21/05/10
Date: 26/06/2009
-----------------
ThyssenKrupp Fortinox SA By Act of Ordinary and Extraordinary No. 27 and
Act No. 150 Directory , both of 16/03/2009 , approved the appointment of
President:
PEDRO PABLO GEISEN , VP : HELMUT CRISTIAN GRAF , and Directors : JOACHIM
OTTO JACOB THOMAS LIMBERG and GUILLERMO FEDERICO LEONHARDT . All are special domicile
at Av Cordoba 950, 10th floor , CABA Authorized: Veronica L. Zeppa directory by
Act No. 150 dated 16/03/2009 . Lawyer - Veronica Lorraine Zeppa Legalization
issued by the Bar Association of the Federal Capital . Date : 23/06/2009 .
Volume : 86. Folio: 155. e. 26/06/2009 No. 53251 /09 v .26/06/2009
Source : Official Gazette of the Republic Argentina - Number: 31682 of
26/06/09
COMPANIES
----------
Date: 16/05/2008
-------------------
ThyssenKrupp Fortinox SA By Act of Ordinary and Extraordinary No. 26 and
Act
No. 137 Directory , both of 18/01/2008 , approved the appointment of
President:
PEDRO PABLO GEISEN , VP : HELMUT CRISTIAN GRAF , and Directors : JOACHIM
OTTO JACOB THOMAS LIMBERG and GUILLERMO FEDERICO LEONHARDT All are special
domicile at Av Cordoba 950, 10th floor , CABA Authorized: Cynthia Agnes Graf
directory Caride by Act No. 137 dated 18/01/2008 . Lawyer - Cynthia I.
Legalization Caride Graf issued by the Bar Association of the Federal Capital .
Date : 13/05/2008 . Volume : 61. Folio: 291. e. 16/05/2008 No. 81 316 v .
16/05/2008 Source : Official Gazette of the Republic Argentina - Number: 31406
of 16/05/08 RELEASE OF 04/02/2013 : ThyssenKrupp Fortinox SA Fortinox OUTOKUMPU
FUTURE SA
WRITING FOR 34 OF 29 JANUARY 2013 , FOLIO 113, 61 RECORD OF THE FEDERAL
CAPITAL ASSEMBLY ACT was formalized Gral . UNANIMOUS MEETING OF JANUARY 7, 2013
TO LET REFURBISHED ART. STATUTE 1 SOCIAL CHANGE NAME OF ThyssenKrupp Fortinox
SA
Fortinox OUTOKUMPU FUTURE SA AUTHORIZED BY PUBLIC DEED RECORD HOLDER
UTSUPRA 61
- SOURCE OFFICIAL GAZETTE OF THE REPUBLIC OF ARGENTINA 02/04/2013 No.
32575
BALANCE SHEET AS 30/09/2012.
EXPRESSED IN PESOS ARGENTINOS.
GENERAL STRUCTURE:
------------------
ASSETS CURRENT $
203.557.933
ASSETS NON-CURRENT $
60.357.603
LIABILITIES CURRENT $ 74.350.383
LIABILITIES NON-CURRENT $
165.117.881
NET WORTH $
24.447.272
NET SALES $
266.523.398
FINAL
$(31.816.137)
ECONOMIC COMMENTARY:
---------------------
The above figures show debt level somewhat high with adequate liquidity.
Sales for the quarter totaled amounts of good significance 5.3% higher
than last year, having closed the period with a equivalent to 11.9% of the
overall billing.
It is obvious that society acknowledge difficulties in its management,
and in general terms assigned stable outlook.
|
Balance Sheet/s |
30/09/2012 |
|
30/09/2011 |
|
30/09/2010 |
|
Total
Assets |
$ 263.915.536,00 |
$ |
243.675.568,00 |
$ |
266 . 441.057, 00 |
|
Current
Assets |
$ 203.557.933,00 |
$ |
172.557.372,00 |
$ |
196.077.575,00 |
|
Banks |
$ 0,00 |
|
$ 0,00 |
|
$ 0,00 |
|
Accounts Receivables |
$ 0,00 |
|
$ 0,00 |
|
$ 0,00 |
|
Inventory |
$ 132.313.797,00 |
$ |
88.408.551,00 |
$ |
134 .197.184, 00 |
|
Fixed
Assets |
$ 0,00 |
|
$ 0,00 |
|
$ 0,00 |
|
Non-Current
Assets |
$ 60.357.603,00 |
$ |
71.118.196,00 |
$ |
70.363.482,00 |
|
Investments |
$ 0,00 |
|
$ 0,00 |
|
$ 0,00 |
|
Total
Liabilities |
$ 239.468.264,00 |
$ |
187 . 412.159, 00 |
$ |
216.687.330,00 |
|
Current Liabilities |
$ 74.350.383,00 |
$ |
70.192.296,00 |
$ |
108.056.897,00 |
|
Non-Current Liabilities |
$ 165.117.881,00 |
$ |
117.219.863,00 |
$ |
108.630.433,00 |
|
StockHolders Equity |
$ 24.447.272,00 |
$ |
56.263.409,00 |
$ |
49 . 753. 727, 00 |
|
Net Sales |
$ 266.523.398,00 |
$ |
253.181.763,00 |
$ |
211 .217. 794, 00 |
|
Cost of
Good Sold |
$ 211.118.014,00 |
$ |
188.602.308,00 |
$ |
181.759.020,00 |
|
Gross
Result |
$ 55.405.384,00 |
$ |
64.579.455,00 |
$ |
29 . 458.774, 00 |
|
Administrative Expenses |
$ 15.619.916,00 |
$ |
13.000.966,00 |
|
$ 9.913.374,00 |
|
Selling
Expenses |
$ 33.656.320,00 |
$ |
28.066.597,00 |
$ |
21.166.811,00 |
|
Financial
Income |
$ 0,00 |
|
$ 0,00 |
|
$ 0,00 |
|
Other
Expenses |
$ -37.945.285,00 |
$ |
-17 . 002.210, 00 |
|
$ 1.999.082,00 |
|
Final
Result |
$ -31.816.137,00 |
|
$ 6.509.682,00 |
|
$ 377.671,00 |
|
Indexes |
30/09/2012 |
30/09/2011 |
30/09/2010 |
|
Current
Ratio |
273,78% |
245,84% |
181,45% |
|
Quick
Ratio |
95,82 % |
119,88 % |
57,27 % |
|
Short Term Indebtedness |
304,13 % |
124,76 % |
217,18 % |
|
Debt to Equity Ratio |
979,53 % |
333,10 % |
435,52 % |
|
Long Term Assets to Total Assets |
22,87 % |
29,19 % |
26,41 % |
|
Fixed
Assets to Equity |
0,00 % |
0,00 % |
0,00 % |
|
Total Assets
to Total Liabilities |
110,21 % |
130,02 % |
122,96 % |
|
Debt Ratio |
90,74 % |
76,91 % |
81,33 % |
|
Equity
Ratio |
9,26 % |
23,09 % |
18,67 % |
|
Investments to Assets Ratio |
50,13 % |
36,28 % |
50,37 % |
|
Current
Investment |
77,13 % |
70,81 % |
73,59 % |
|
Stocks
Aging Days |
228,76 dias |
171,10 dias |
269,49 dias |
|
Day Sales |
0,00 dias |
0,00 dias |
0,00 dias |
|
Trade
Debtors To Assets |
0,00 % |
0,00 % |
0,00 % |
|
Total
Assets Turnover |
100,99 % |
103,90 % |
79,27 % |
|
Net Worth
Aging |
1.090,20 % |
449,99 % |
424,53 % |
|
Fixed
Assets Aging |
Infinito % |
Infinito % |
Infinito % |
|
Gross
Profit |
79,21 % |
74,49 % |
86,05 % |
|
Financial
Expenses on Sales Ratio |
0,00 % |
0,00 % |
0,00 % |
|
Commercial
Exp. on Sales Ratio |
12,63 % |
11,09 % |
10,02 % |
|
Administrative
Exp. on Sales Ratio |
5,86 % |
5,14 % |
4,69 % |
A society is given possession of all properties that have affected your
turn.
> THYSSENKRUPP USA INC.
> THYSSENKRUPP STAINLESS INTERNATIONAL GMBH
> THYSSENKRUPP STEEL A.G.
> THYSSENKRUPP MATERIALS FRANCE SAS
> THYSSENKRUPP MAGNETTECHNIK GMBH
> THYSSENKRUPP MATERIALS IBERICA A.G.
> THYSSENKRUPP MEXINOX D.S. DE C.V.
> THYSSEN DURO METALL GMBH
> OTTO WOLFF HANDELGESSELSCHAFT MBH
> TB TK MATERIAL LOGISTICS & SERVICES
The opening in
1998 of the new processing plant and distribution of coils, pipes , bars and
stainless steel sheets Industrial Center Garin, the Company has projected to a
stage of development that aims to maintain and improve the excellent service
provided to its customers resulted in cuts and deliveries as InfoGroup -
Informe Comercial "Just in
Time" .
ThyssenKrupp
Fortinox is overcome by including a complete line of specialty steels for tools
and a wide variety of steel sheet high strength to meet the needs of its
customers in Argentina , where the demand for steel has sustained growth
through the industry.
The company offers
three product lines basically well defined.
> Stainless
Steels:
Austenitic ,
Ferritic , Martensitic . Series 300 and Series 400 in various sizes , formats
and finishes suferficiales .
> Special
Steels for Tools:
Cold work steel ,
hot for plastic molding , high speed steels , steel powder metallurgy ,
mechanical engineering steels and copper alloys , among others.
> Capsules
Antidesgaste :
Predominate in
this group microalloyed steel sheets abrasion resistant permanent stock in
thicknesses from 4 mm . to 100 mm. Rounding out this group manganese plates ,
ballistic protection plates and high strength structural
plates .
From May of 2009
ThyssenKrupp Fortinox SA added to its large range of products for pipe and pipe
fittings of stainless steel.
The incorporation
of these materials complements the wide range of pipes and stainless steel
tubes have been commercially available for several years , meeting the
requirements of the most important companies and suppliers of food, chemical ,
pharmaceutical , metallurgy and so on.
Its new processing
plant and distribution : coils , pipes , bars and stainless steel sheets ,
blocks, flat bars and specialty steel bar , and steel plates resistant to
abrasion Garin Industrial Center with a covered area of 12,000 m2 and maneuvers
wide beaches to high bearing trucks , the company has projected to a stage of
development that aims to maintain and improve the excellent service provided to
its customers resulted in cuts to size and delivered "just in time "
.
Among the
facilities include the following machinery , devices and materials , described
briefly below :
Nine cranes with
lifting capacity hasta20Tn .
Line cutting and
pressing high output coil .
Line cutting and
pressing combined ( Multiblank ) .
Machines for
strapping coils.
Machines for
grinding of plates .
Machinery for the application of film (PVC ) for surface protection of stainless
products .
Saw without - end machines for cutting special steel .
Pantograph by Flame / Plasma CNC Numerical Control ( Bridge System )
Lathe and milling machine for machining of special steels.
Six forklifts .
A large stock of approx . 7,000 tons , including stainless steels ,
special wear plates in various sizes and qualities .
For this purpose and in every respect has the support of 100 employees operating
.
They cover the entire national territory , having dabbled directly in
the export market .
FOREIGN TRADE:
--------------
In the last twelve months it has carried out imports for a total value
of U$S
1.020.046, as follows:
FRANCIA $ 470.304
CHINA 246.203
TAIWAN 165.398
OTROS 138.142
THE IMPORTED PRODUCTS WERE LAMINATED PLANES OF STEEL AND IRON, STICKS,
AND
BORDERS OF THE SAME MATERIALS AND SIMILARS.
BANKS:
------
BANCO DE LA NACION ARGENTINA Branch: Gral.Pacheco
BANCO SANTANDER RIO Branch: Gral.Pacheco
ICBC BANK Principal Office
BANCO PATAGONIA SUDAMERIS S.A. Principal Office
CREDIT RISK:
------------
JULY 2013
AMEX 8.700
Situation 1: Normal Fulfillment
INSURANCE:
---------
LIBERTY S.A.
WITH SEVERAL LOCAL COMPANIES FOR GENERAL RISKS
Examinations carried out recently, it appears that the company holding
has been paying regular attention to the general obligations assumed and is on
good terms referred to in the media they are accustomed to operating.
COMPLIANCE NO OBJECTIONS.
The above is all that can be reported about this society, and considered
feasible credit dealing with it, in relation to levels consistent economic financial
resources known in practice conditions typically
SUITABLE FOR MODERATE CREDITS.
JMC /
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.78 |
|
|
1 |
Rs.101.42 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
---- |
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.