|
Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
BUNGE AGRITRADE S.A. |
|
|
|
|
Registered Office : |
Luis Bonavita 1294 Piso 23 Word Trade Center Resource Montevideo |
|
|
|
|
Country : |
Uruguay |
|
|
|
|
Year of Establishments: |
2004 |
|
|
|
|
Legal Form : |
Joint-Stock Company |
|
|
|
|
Line of Business : |
Subject is engaged in import and trading of agricultural products,
such as bean, soybean flour, corn. |
|
|
|
|
No. of Employees : |
22 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
-- |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Uruguay |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 $20 billion.
|
Source
: CIA |
|
CORRECT COMPANY NAME |
BUNGE AGRITRADE S.A. |
|
TAXPAYER REGISTRATION |
RUT 215051740010 |
|
MAIN ADDRESS |
Luis Bonavita 1294 Piso 23 Word Trade Center Resource. |
|
DEPT/PROV/REGION/STATE |
Montevideo |
|
COUNTRY |
URUGUAY |
|
TELEPHONE |
(5982) 6262800 |
|
CORPORATE E-MAIL |
|
|
WEB |
|
Date of foundation |
2004 |
|
Capital stock |
Not specified |
|
permanent employees |
22 |
|
Chief Executive |
RAYMUNDI, MARIO |
|
Disposition |
Poor. Very few information was given. Politely. |
|
Payments policy |
Delays but within sector norms |
|
Number of times that this company was required: 5 |
|
|
LEGAL STATUS |
Joint-Stock Company |
|
|
|
DATE OF INCORPORATION |
2004 |
||
|
PLACE OF REGISTRY |
Montevideo |
|
|
|
CURRENT PAID-IN CAPITAL |
Not specified |
||
|
CURRENT EXCHANGE RATE (US$) |
Ps$18.51 Pesos per US$1.= Dollar |
|
|
|
COMMENTS |
|
||
|
It was not obtained any information on subject's shareholding
structure. It is only known that subject would be mainly controlled by the Argentinian
company Bunge Argentina S.A. |
|||
|
|
RAYMUNDI, MARIO |
|||||||||
|
TITLE |
General Manager |
||||||||
|
NATIONALITY |
Argentinian |
||||||||
|
|
|||||||||
|
ASSOCIATED AS PER OUR DATABASE TO |
|||||||||
|
|||||||||
|
|
|||||||||
|
|
|||||||||
|
BUNGE ARGENTINA S.A. |
|||||||||
|
|
|||||||||
|
BUSINESS BACKGROUND Bunge Argentina is one of the main agribusiness companies in
Argentina. Its activity consists of the entire chain, from distribution of fertilizers,
reception and storage of grains, industrialization of oil products,
production of flour with various protein contents and vegetable oils, both
raw and for human consumption, and trading of grains (cereals, oil products
and byproducts) mainly aimed at the external market. In its daily bet for growth and as committed to the national interest,
Bunge Argentina gives job to about 1,000 persons and creates indirect jobs
for another 10,000 persons. Bunge Limited - a company listed in the New York Stock Exchange -
based in White Plains, New York, operates in North America, South America,
Europe, Asia, and Oceania, and it has commercial, logistic and distribution
capacities throughout the entire world. At a world level, Bunge Limited is present throughout the entire
agri-food production chain, which particularly allows it to satisfy, in a
simultaneous and integrated manner, both the needs of farmers, industry and
related logistic services, and the needs of its customers in the global
busines market. In Argentina, with a processing capacity of over 25,000 tons a day,
Bunge Argentina is the first national soybean processor. It is the second
exporter in the agribusiness market and the third exporter in general. It is
the first exporter of oil byproducts (flour and oils) and wheat grains, the
second of corn, and the leader in soybean seeds. The 95% of production of Bunge Argentina is aimed at exportation,
which is carried out by Bunge Global Markets, the international marketing
division operating in over 30 countries. |
|||||||||
|
Subject is part of the Bunge & Born Group, which is a
multinational business corporation established in Argentina that during the
20th century was considered as the most powerful and influential corporation in
the country. The Bunge & Born Group from Argentina had its axis in the
company Alimentos Molinos Rio de La Plata and is part of the Holding Bunge
International Ltd., based in Bermuda, one of the world's largest corporations
in trading of commodities, and particularly soybean. Bunge & Born was incorporated in 1884 to be engaged in export of
cereals. In 1902, the group decided to industrialize wheat that then was its
main product for exportation. |
|
|
SIC
Classification |
|||||||
|
Main activity |
Subject is engaged in import and trading of agricultural products,
such as bean, soybean flour, corn. It is also engaged in import and trading of corn and soybean oil. |
||||||
|
OPERATIONS |
|||||||
|
Import |
Yes |
||||||
|
Country |
Argentina, USA |
||||||
|
Export |
No |
||||||
|
% CASH SALES / METHOD |
Yes |
||||||
|
% Credit SALES / Terms |
Yes (30-day terms) |
||||||
|
% FOREIGN PURCHASES |
100% |
||||||
|
SELLING TerritorY |
100% (Domestic market) |
||||||
|
EMPLOYEES |
22 |
||||||
|
|||||||
|
Comments |
|
||||||
|
The Tax General Directorate reported that subject holds its Valid
Annual Certificate (Date of issue: 04/11/2011, Date of expiry: 30/11/2012). Type of Taxpayer: Taxpayer not listed as Special Control of Companies Customer: Italcol De Occidente
Ltda. |
|||||||
|
Disposition |
Poor. Very few information was given. Politely. |
|
Interviewee(s) |
Third-party sources |
|
Information provided |
After strongly insisting, we were finally attended by Mr. Pablo Gallandat
(General Accountant), who kindly commented that they have "never"
provided any information to third parties, including confirmation of
information. This report was developed with information that was collected from
third-party sources and official. In consulted sources, it was not found any
balance sheets. Subjcet is a privately-held company that has operated for 8 years in
the market, with a stable activity. It is considered a medium-sized company,
and it has appropriate resources required for developing its activities.
Trade references are positive, which means a good handling of its lines of
credit. |
|
|
|
|
SALES |
US$ 0.00 () |
|
FINANCIAL SITUATION |
NN: UNDETERMINED This company's Financial Situation is deemed to be UNDETERMINED because
it was not found any financial figures to carry out a financial analysis of
its performance over the last fiscal year. |
|
Insurance Comments |
|
|
It was not obtained any information on insurances. |
|
(Confidential Information)
|
TRADE REFERENCES |
|||||||||||||||||||||||||
|
|||||||||||||||||||||||||
|
|||||||||||||||||||||||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
UK Pound |
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.