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Report Date : |
07.10.2013 |
IDENTIFICATION DETAILS
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Name : |
APERAM STAINLESS SERVICES & SOLUTIONS ARGENTINA S.A. - 236263 |
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Registered Office : |
Carlos Pellegrini 1069, piso 11o., Ciudad de Buenos Aires, República |
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Country : |
Argentina |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
22.07.1970 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Importer of Stainless Steel. |
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No. of Employees : |
75 |
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
Source
: CIA
APERAM STAINLESS
SERVICES & SOLUTIONS ARGENTINA S.A.
(BEFORE M.T. MAJDALANI Y CIA S.A.)
CUIT.: 30-54179576-2
INCORPORATED IN 1970. SHARE CAPITAL $ 11.097.000.- BALANCE SHEET AS OF
31/12/2011 (LAST KNWON). NORMAL EVOLUTION. STABLE PERSPECTIVES. FULFILLMENT
WITHOUT OBJECTIONS. FIT FOR CREDIT IN ACCORDANCE WITH ITS RESOURCES AND WITH
THE ADOPTION OF APPROPRIATE GUARANTEES.
STAINLESS STEEL
IMPORT
ELABORATION
Business type: Public Limited Company
Incorporated:
22/07/1970
Registered: 19/10/1970
NO. 223.215
Duration:
22/07/2069
End of fiscal year: December 31st
Legal
address: Carlos
Pellegrini 1069, piso 11o., Ciudad de Buenos Aires, República Argentina.
HEADQUARTERS: Avda. Descartes 4200 (1667), Parque
Industrial Tortuguitas, Provincia de Buenos Aires, República Argentina.
Tel: (54-02320) 55-5555
Fax: (54-02320) 55-5556
E-Mail: ventas@mtmajdalani.com.ar
Alternate address: M.T. de Alvear 684 1º,
Ciudad de Buenos Aires.
Presidente:
SERGIO AUGUSTO CARDOSO MENDEZ
Vicepresidente: ROBERTO
D ALESSANDRO
Directores:
MIGUEL TUFIK MAJDALANI
SEBASTIAN ADOLFO RICCHERI.
All are home to Carlos Pellegrini 1069 11th floor of the city of Buenos Aires,
Publication of the Board in the Official Gazette of Argentina No. 32113 of
March 18, 2011.
Using firm is led by President and Vice President.
According to publications performed in the
Official Bulletin No. 31180 of the 21/06/2007, according to what was Approved
in the General Assembly of Shareholders the voluntary decrease of the
capital stock of the business from $ 15.000.000 to $ 11.097.000 effective
retroactive to the 31/12/1999, by means of the cancellation of shares of own
emission in approved portfolio by the Assembly of Shareholders celebrated
the 09/05/2000.
95% of the same is contributed by:
ARCELOR SPAIN HOLDING S.L.
LEGAL ADDRESS: Uruguay 705,11o.p.Cdad.de Bs.Aires.
ACTIVITY: Holding syderometalic.
Minority Shareholder:
ARCELORMITTAL STAINLESS SERVICE IBERICA S.L.
MAJDALANI MIGUEL TUFIK (H)
Argentinian, 44 yrs old, Business Administrator, married, DNI. 17.715.548, with
address in Volta s/n., Olivos Golf, Pablo Nogués, Pcia.de Buenos Aires.
D´ALESSANDRO ROBERTO:
BRAZILEAN, MARRIED, ENGINEER, 60 YRS OLD, Passport CV 111.586 ADDRESS AT
Ruggeri 2944 10o."C", Cdad. de Buenos Aires.
RICCHERI SEBASTIAN ADOLFO:
ARGENTINE, MARRIED, LAWYER, 52 YRS OLD, DNI.No.
12.276.354 ADDRESS AT Thames 91, Boulogne, Pcia.de Buenos Aires.
Fits to highlight
that these activities were started by Mr Miguel Majdalani in the course of 1941
who was succeeded by the holder.
Its original address was in Av.Corrientes 6277, Buenos Aires City, highlighting
that it has been mentioned that it moved to the current address.
On date 7.12.2007 was sold the total share packet of the company to a biggest
group of siderurgic in the world, ARCELOR MITTAL, not having details on the
amount of the opertion nor the conditions of the purchase.
On 04.08.2011 the notice was published having been refurbished to Articles 5,
9,10 and 11 of its Statute where the company formerly known as MT Majdalani Y
CIA SA should be renamed STAINLESS SERVICES AND SOLUTIONS APERAM APERAM
ARGENTINA SA SSS Agentina with registered office in the City of Buenos Aires
BALANCE
SHEET AS
AT 31.12.2011.
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GENERAL STRUCTURE
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CURRENT ASSETS $ 132,443,878
CURRENT ASSETS $
15,407,887
CURRENT LIABILITIES $ 93,361,204
NON-CURRENT LIABILITIES $ 10,904
EQUITY
$
54,479,657
NET SALES
$ 244,291,782
GROSS PROFIT
$ 40,150,203
FINAL INCOME
$ 6,886,464
Variations in relation to the immediately preceding fiscal year:
CURRENT ASSETS + 02.6%
CURRENT ASSETS - 05.9%
CURRENT LIABILITIES + 02.1%
CURRENT LIABILITIES - 99.8%
EQUITY + 14.5%
NET SALES + 38.6%
GROSS PROFIT + 19.0%
NET FINAL - 32.0%
WORKING CAPITAL + 03.9%
ECONOMIC COMMENTARY:
---------------------
The above figures are evidence that shows extended endeudamientio society with
adequate liquidity, having closed the period with a modest benefit, which is
markedly lower than the previous year.
It is noteworthy that at present there is no knowledge of alternatives that
might adversely affect the performance of the company.
Balance
Sheet 31/12/2011 31/12/2010
Total Assets $ 147.851.765,00 $ 145.411.054,00
Current Assets $ 132.443.878,00 $ 129.043.630,00
Banks $ 0,00 $ 0,00
Accounts Receivables $ 0,00 $ 0,00
Inventory $ 59.152.382,00 $ 68.363.959,00
Fixed Assets $ 0,00 $ 0,00
Non-Current Assets $ 15.407.887,00 $ 16.367.424,00
Investments $ 0,00 $ 0,00
Total Liabilities $ 93.372.108,00 $ 97.817.861,00
Current Liabilities $ 93.361.204,00 $ 91.437.340,00
Non-Current Liabilities $ 10.904,00 $ 6.380.521,00
StockHolders Equity $ 54.479.657,00 $ 47.593.193,00
Net Sales $ 244.291.782,00
$ 176.316.768,00
Cost of Good Sold $ 204.141.579,00 $ 142.572.746,00
Gross Result $ 40.150.203,00 $ 33.744.022,00
Administrative Expenses $ 7.766.521,00 $ 7.334.883,00
Selling Expenses $ 12.748.312,00 $ 6.983.616,00
Financial Income $ 0,00 $ 0,00
Other Expenses $ -12.748.906,00 $ -9.295.748,00
Final Result $ 6.886.464,00
$ 10.129.775,00
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ACINDAR INDUSTRIA ARGENTINA DE ACEROS S.A.
ARCELORMITTAL INOX BRASIL S.A.
INOXTUBOS
CINTER
ARCELOR MITTAL STAINLESS EUROPE S.A.
ACESITA SERVICIOS
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DISTRIBUITORS/REPRESENTATIVES:
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EBINOX S.R.L.
Sánchez de Bustamante 265, Rosario, Santa Fé.
RODOLFO O.TERRAGNI S.R.L.
Cno.Jesús María 7237, Villa Lastenia, Córdoba.
ACEROS CUYO S.R.L.
Belgrano 650, Godoy Cruz, Mendoza.
MIGUEL CRISTOFARO
Saenz Peña 131, S.M.de Tucumán, Tucumán.
PRENZ REPRESENTACIONES S.R.L.
O´Higgins 1602, Bahía Blanca, Pcia.de Bs.Aires.
FRIOTOTAL
Avda.Falucho 685, Tandil, Pcia.de Bs.Aires.
ALEJANDRO TALLONE
Gaboto 4749, Mar del Plata, Pcia.de Bs.Aires.
> ICBC BANK
> CITIBANK
> BBVA BANCO FRANCES
> BANCO PATAGONIA SUDAMERIS
> BANCO SANTANDER
> BANCO DE LA NACION ARGENTINA
INSURANCE:
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BERKLEY CIA. DE SEGUROS S.A.
CHUBB ARGENTINA DE SEGUROS S.A.
To date the company holding not have
registered negative history of any indole and arises from the inquiries that
have been made, which maintains proper attention of the general obligations
assumed.
We believe that this is ultimately a society
which may relate in credit operations, in relation to amounts that keep
economic-financial resources known to the guarantees of practice.
SUITABLE FOR CREDITS.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.41 |
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1 |
Rs.99.29 |
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Euro |
1 |
Rs.83.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.