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Report Date : |
05.10.2013 |
IDENTIFICATION DETAILS
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Name : |
CHEMOTECNICA S.A. |
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Registered Office : |
Juan G.González y Aragón 207, Carlos Spegazzini, Buenos Aires Province
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Country : |
Argentina |
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Financials (as on) : |
31.07.2012 |
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Date of Incorporation : |
07.07.1943 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturer & commercialization
of pesticides and chemical products for agricultural use |
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No. of Employees : |
190 |
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 : |
Regular |
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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) |
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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.
|
Source : CIA |
CHEMOTECNICA S.A.
CUIT: 30-52194421-4
INCORPORATED IN 1943. BEGINNER OF ACTIVITIES. BALANCE SHEET
AS 31/07/2012 (LAST KNOWN). NO NEGATIVE. FIT FOR CREDITS IN ACCORDANCE WITH ITS
KNOWN ECONOMIC-FINANCIAL RESOURCES WITH THE ADOPTION OF APPROPRIATE GUARANTEES.
PESTICIDES AND
CHEMICAL PRODUCTS FOR AGRICULTURAL USE
MANUFACTURE
COMMERCIALIZATION
Business type:
Public Limited
Company
Incorporated: 1943
Registered: 07/07/1943
IGPJ Register #: 4334
DPPJ Register #: 75248
Duration: Until 2080
End of fiscal year: July 31st
Afip Nro.: 68
de Avda Rivadavias 1302 planta baja CABA.
Mr Sergio Bezek
Legal address: Juan G.González y Aragón 207, Carlos Spegazzini, Buenos Aires
Province, Argentine Republic.
Operative and Administrative address: Ruta 205 Km.43,500, Carlos Spegazzini,
Buenos Aires Province, Argentine Republic.
Phone/Fax: (54-02274) 429000/429016
E-mail: cescalada@chemotecnica.com
President:
MARTINEZ EDGARDO JULIO
Vice-president: BERKENWALD PEDRO SAMUEL
Director: ROSA TERESA NO9CETO
Director: CORBO MIGUEL
The first two mentioned ones are in charge of the management and administration
of the company, with the use of the social signature.
COMMON SHARES:
SUBSCRIBED AND PAID-IN CAPITAL$ 25.000.000
SHAREHOLDERS:
-------------
G.S.P. S.A. 33%
OLIVOS DEL OESTE SA. 33%
OTHERS 34%
MARTINEZ EDGADO
JULIO:
Argentinian, born on 26/05/1950, Industrial Engineer, divorced, LE. 8.326.833
(CUIT. 20-08326833-7), with address in Ortiz de Ocampo 3108 P.3º, Buenos Aires
City.
BERKENWALD PEDRO SAMUEL:
Argentinian, born on 19/05/1951, DNI. 8.627.591 (CUIT. 20-08627591-1), with
address in Arcos 2682, 9º piso, Buenos Aires City.
Both registers performance through the following companies:
SWAGE S.A.
RESOLUTION S.A.DE MARKETING INTEGRAL
TRIEST INVEST S.A.
COLAMORA S.A.
DISTRADE S.A.
ROSA TERESA NOCETO
Argentinian, single, born on 19.8.1945, DNI. nº 5.124.120, with address
in Callao 868 1º A, Buenos Aires City.
According to our
registered information, we can affirm that the company was incorporated as a
consequence of the merger between CHEMOTECNICA S.R.L. and SINTYAL S.R.L., which
had been operating in the market for some time.
This merger was carried out on 16/01/1943, date in which the company
CHEMOTECNICA SINTYAL DE PRODUCTOS QUIMICOS INDUSTRIAL Y FINANCIERA was
incorporated.
By mid-December of 1997, the company's Pharmaceutical Department was sold to
the company MONSANTO ARGENTINA S.A.I.C., with the objective of using the sale´s
product to increase the projection of the company's agricultural businesses
area, apart from the increase of veterinary medicine products and adhesives.
The company operated without notorious changes until February of 1998, date in
which the interested ones in the aforementioned transaction agreed to change
the company's name to CHEMOTECNICA SINTYAL S.A., which is currently in force,
operating nowadays in the previously exposed address.
In accordance with what was determined in the Unanimous Extraordinary Assembly
of 26/08/2004 and continued on 23/09/2004, it was decided to change the
company's jurisdiction of Buenos Aires City (this was published in the Bulletin
of Buenos Aires Province with the Nº 25188 of 17/06/2005).
Figures of Balance
Sheet as 31/07/2012 (last known) the Balance at 31/07/2013 Not finished.
ASSETS CURRENT $73.750.974 (76,1%)
ASSETS NON-CURRENT $23.164.243 (23,9%)
TOTAL ASSETS $96.915.217
LIABILITIES CURRENT $45.835,847 (47,3%)
LIABILITIES NON-CURRENT $ 911.785 (00,9%)
NET WORTH $50.167.585 (51,8%)
TOTAL $96.915.217
NET WORTH $130.750.367
FINAL UTILITY $ 1.830.960 (01,4%)
The above figures show a proper economic and financial position, having closed
the period with a positive result of lean consideration.
Of the amount was possible to obtain the following indices:
WORKING CAPITAL $ 27,915,127
Current Ratio 1.61
DEBT 0.93
SOLVENCY 1.07
total solvency 2.07
In relation to the immediately preceding fiscal year was an increase in sales
of 19.2% and an improvement of the end result of 144.7%
Balance Sheet/s 31/07/2012 31/07/2011
Total Assets $ 111.213.842,00 $ 111.675.405,00
Current Assets $ 90.176.884,00 $ 89.542.745,00
Banks $ 37.972.923,00 $ 42.949.013,00
Accounts Receivables $ 0,00 $ 0,00
Inventory $ 52.203.961,00 $ 46.593.732,00
Fixed Assets $ 0,00 $ 0,00
Non-Current Assets $ 21.036.958,00 $ 22.132.660,00
Investments $ 0,00 $ 0,00
Total Liabilities $ 60.369.216,00 $ 59.446.505,00
Current Liabilities $ 56.838.317,00 $ 58.941.591,00
Non-Current Liabilities $ 3.530.899,00 $ 504.914,00
StockHolders Equity $ 50.844.626,00 $ 52.228.900,00
Net Sales $ 156.186.472,00 $ 153.283.127,00
Cost of Good Sold $ 113.695.760,00 $ 116.700.630,00
Gross Result $ 42.490.712,00 $ 36.582.497,00
Administrative Expenses $ 18.534.878,00 $ 13.982.410,00
Selling Expenses $ 20.079.924,00 $ 18.208.703,00
Financial Income $ 0,00 $ 0,00
Other Expenses $ -5.086.010,00 $ -2.045.865,00
Final Result $ -1.210.100,00 $ 2.345.519,00
Indexes 31/07/2012 31/07/2011
Current Ratio 158,66 % 151,92 %
Quick Ratio 66,81 % 72,87 %
Short Term Indebtedness 111,79 % 112,85 %
Debt to Equity Ratio 118,73 % 113,82 %
Long Term Assets to Total Assets 18,92 % 19,82 %
Fixed Assets to Equity 0,00 % 0,00 %
Total Assets to Total Liabilities 184,22 % 187,86 %
Debt Ratio 54,28 % 53,23 %
Equity Ratio 45,72 % 46,77 %
Investments to Assets Ratio 46,94 % 41,72 %
Current Investment 81,08 % 80,18 %
Stocks Aging Days 167,59 días 145,73 días
Day Sales 0,00 días 0,00 días
Trade Debtors To Assets 0,00 % 0,00 %
Total Assets Turnover 140,44 % 137,26 %
Net Worth Aging 307,18 % 293,48 %
Fixed Assets Aging Infinito % Infinito %
Gross Profit 72,79 % 76,13 %
Financial Expenses on Sales Ratio 0,00 % 0,00 %
Commercial Exp. on Sales Ratio 12,86 % 11,88 %
Administrative Exp. on Sales Ratio 11,87 % 9,12 %
Inside the
company's fixed assets is included the building located in the previously
exposed address, used for its administrative offices, sales area, laboratory,
investigation center, warehouse and annexed dependences.
This property has a high realization value, highlighting that no title deeds
were shown as to verify if its properties are unencumbered.
FOREIGN TRADE:
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In the last twelve months the company has carried out imports for a total value
of US$ 5.037.081, from the following countries:
INDIAN 3.356.886
CHINE
703.410
TAIWAN 310.688
OTHERS 666.096
The company is engaged in the manufacture and commercialization of pesticides
and chemical products of agricultural use, performing at the same time the
production of glues, adhesives, foundations and cements (except for the
odontologic products obtained from mineral and vegetable substances).
Fits to highlight that in the previously exposed address it has a spacious
building, with modern facilities as well as with the advanced technology.
These activities are led by the company's directors together with 190
employees.
TRADEMARKS:
-----------
440 CHEMOTECNICA
ACADEMIX
ADI-R5
AFLUS
AGUTRIN
AJOBAR
ARBOLITO
ASIMETRIN
ATRION
BETAGARD
BOLATTE
CHAMELEON
CHEMOCLOR
CHEMOSATO
CHEMOGEL
CHEMOTAL
CILOSTAL
ENAZIN
GALGO
GALGOCLOR
GALGOMET
GALGOPOL
RAKIN
SIRPETRINA
TAURO
TERFOS
60% of its sales are carried out in the local market and the rest is exported
to other countries of America.
SUPPLIERS:
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REPSOL YPF S.A.
INDUSTRIAS TERMOPLASTICAS S.A.
BAYER (ALEMANIA)
* 190 employees
Alternate address:
Camino Ral 205 de Carlos Spegazzini, Buenos Aires Province.
ADVERTENCIA: Si en
este registro no apareciera un Nro. de Doc. o CUIT, debe tomarse como una
simple referencia a verificar en el expediente para descartar la existencia de
personas con igual apellido y nombre/s o empresas con igual razon social.
· 17/11/2005 - ORDINARIO JUZG 26 SEC 51 - BIANCUCCI,
RUBEN ANGEL
BANKS:
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STANDARD BANK
ABN AMRO BANK S.A.
HSBC BANK ARGENTINA S.A.
PATAGONIA SUDAMERIS S.A.
BANCO CREDICOOP COOP.LTDO.
BANCO SANTANDER
INSURANCE:
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LA BUENOS AIRES CIA. DE SEGUROS S.A.
General risks.
CREDIT RISK:
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JULY 2013
BANCO NACION.................................7.928.800
BANCO CREDICOOP..............................4.760.500
ITAU ARGENTINA...............................3.626.500
BANCO PROV.BUENOS AIRES......................3.073.100
BANCO GALICIA................................3.027.100
BANCO FRANCES................................2.706.500
BANCO CIUDAD DE BS.AS........................2.281.800
BANCO PATAGONIA..............................2.063.700
HSBC.........................................1.134.800
AMERICAN EXPRESS............................. 472.700
COMAFI....................................... 305.000
ICBC......................................... 2.100
Situation 1: Normal fulfillment.
Up to now the
company has complied in due time the commitments taken and has a good concept.
* FULFILLMENT: WITHOUT OBJECTIONS
We consider
feasible the credit treatment with this company by new amounts in accordance
with its known economic-financial resources.
* FIT FOR NEW CREDITS
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.99.29 |
|
Euro |
1 |
Rs.83.68 |
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 |
|
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 |
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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 |
|
<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.