MIRA INFORM REPORT

 

 

Report Date :

22.08.2014

 

IDENTIFICATION DETAILS

 

Name :

KELMER S.A.

 

 

Registered Office :

Colombia 275 B1603CPG - Villa Martelli Buenos Aires

 

 

Country :

Argentina

 

 

Date of Incorporation :

April 25, 1988

 

 

Legal Form :

Sociedad Anσnima

 

 

Line of Business :

·         Medical Equipment & Supply Wholesalers.

·         Manufacturer of rubber and latex for medical use.

 

 

No of Employees :

10

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Argentina

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 2012 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 2012 the government also further tightened currency controls in an effort to bolster foreign reserves and stem capital flight. During 2013, the government continued with a mix expansionary fiscal and monetary policies and foreign exchange and imports controls to limit the drain in Central Bank foreign reserves, which nevertheless dropped US $12 billion during the year. GDP grew 3% and inflation remained steady at 25%, according to private estimates. In October 2013, the government settled long-standing international arbitral disputes (including with three US firms) dating back to before and following the 2002 Argentine financial crisis. In early 2014, the government embraced a series of more orthodox economic policies. It devalued the peso 20%, substantially tightened monetary and fiscal policies, and took measures to mend ties with the international financial community, including: engaging with the IMF to improve its economic data reporting, reaching a compensation agreement with Repsol for the expropriation of YPF, and presenting a proposal to pay its arrears to the Paris Club.

 

Source : CIA

STATUTORY INFORMATION

 

Order:

Kelmer S.A.

Address in the order:

Colombia 275 1603 - Villa Martelli BA

Legal Name:

Kelmer S.A.

Trade Name:

KELMER

CUIT:

30-62610122-0

Date Created:

1988

Date Incorporated:

April 25, 1988

Legal Address:

Colombia 275 B1603CPG - Villa Martelli Buenos Aires - Argentina

Operative Address:

Colombia 275 B1603CPG - Villa Martelli Buenos Aires - Argentina

Telephone:

54 11 4709 9119

Fax:

54 11 4709 9555

Legal Form:

Sociedad Anσnima

Email:

info@kelmer.com

Registered in:

AGENCY N° 56 AVENIDA DEL LIBERTADOR 1436 1638 BUENOS AIRES

Website:

www.kelmer.com.ar

Manager:

Gabriel Josι Morσn, President

Staff:

10

Activity:

Medical Equipment & Supply Wholesalers

SIC Codes:

5047

NAICS Codes:

423450

 

 

BANKS

 

Name of the Bank:

BANCO CREDICOOP COOPERATIVO LIMITADO

The company currently maintains an open credit of ARS 717,200 with this institution.

Name of the Bank:

BANCO SANTANDER RIO S.A.

The company currently maintains an open credit of ARS 253,700 with this institution.

Name of the Bank:

INDUSTRIAL AND COMMERCIAL BANK OF CHINA

The company currently maintains an open credit of ARS 7,900 with this institution.

Name of the Bank:

AMERICAN EXPRESS ARGENTINA S.A.

The company currently maintains an open credit of ARS 6,100 with this institution.

According to the classification of banking relations of Argentina, the company operates with the following level: 1. This is the highest classification in the system. It means that the company/person is fulfilling correctly its current Credit obligations. This is therefore positive information that will enable the granting of any line of credit.

There are no of rejected checks for this client

 

 

HISTORY

 

Kelmer SA was founded in 1988 and started acting as a manufacturer of rubber and latex for medical use.

 

 

PRINCIPAL ACTIVITY

 

Kelmer SA Argentina is a company dedicated to the import and marketing of disposable medical products.

 

Products/Services description:           

 

Needles • Hypodermic Needles • Suture Needles Dental Needles • Tongue depressors • Wooden tongue depressor Catheter • Intravenous Catheter Brushes • Test Tube Brushes • Brushes Wooden 8 Rows p / Surgery ECG • Paper ECG - Ultrasound Cardiology • Simple Stethoscopes Bell • Bell Double Stethoscopes • Stethoscopes Rapaport • Aneroid Sphygmomanometers • Turnstile for Removing Sterile Gloves • Sterile Surgical Gloves No Sterile Gloves • Latex Examination Gloves with Powder • Exam Gloves Powder Free Latex • Nitrile Examination Gloves • Vinyl Gloves • Polyethylene Mittens Serum Guide • Macrogotero With No Needle V14 Caster • Caster microdrip With No Needle V17 Steel Blades • Surgical Blades • Leaves Dermatome • Punch Biopsy Syringes • Luer Slip Syringes with Needle Peak • Luer Slip Syringes Without Needle Peak Laboratory

• Glass Coverslips • Caddy Edge Natural / Grinding Laryngoscope Laryngoscopes • Miller / MacIntosh • Fluted lamps for Laryngoscopes Protection Products • Polycarbonate Goggles • Paper Barbijos copings stabilizer • • Hats • Polyethylene Shoe Covers • Hair NetsNew New Bracelets • ID bracelets Adult / Pediatric • Identification Bracelets Mother-Child Rehabilitation / Physiotherapy • Band Rehab / Physiotherapy New Respiratory • With TET ball Oral / Nasal • TET Without Oral ball / Nasa l • TET Espiralados PVC With Ball • TET Espiralados No PVC ball • Tracheostomy cannulas With Ball • No ball Tracheostomy cannulas • May Guedel tubes Probes PVC • Food nasogastric (K30 / K31 / K33 / K35) • Aspiration of Mucus C / Regulator (K29P / K32P) • Inhalation Oxygen (K27 / K27P / K27N) • Gastric intubation (Levine K9 / K10 / K11) Sutures • Linen Thread Urology Incontinence Accessories • Men • Urine Bags K-207 type • Probes silicone Foley 2 Way Latex • Latex 3 Way Foley Probes silicone • 3-way Foley Hematuricas Probes • Probe Foley 2-way 100% Silicone • Probes Foley 3 way 100% Silicone • Probes Nelaton Red Latex• PVC Nelaton Probes (K92 / K93 / K94 / K95 / K96 / K97) Various Hot Water • Bags • Shavers Desc. Double / Sheet with Comb • FAX Rolls Tubes Latex • Bandages • Bandages Smarch Sheepskins Sheepskins • Goma

 

Brands:

NOVA MED A ARISTA ARISTA HANACO K KELMER XINDA

Sales are:

Wholesale

Clients:

Health National Secretary Distributors and suppliers of the healthcare market

Competitors:

Frem SRL JS MEDICINA ELECTRONICA

Suppliers:

HANZHOU FUSHAN MEDICAL APPLIANCES CO., LTD. China P3 MEDICAL LTD. United Kingdom TOP GLOVE EUROPE GMBH Germany M.A. ARAIN & BROTHERS LT. Pakistan SHANDONG ZIBO SHANCHUAN MEDICAL INSTRUMENT CO. LTD. China WUJIAN HIPRO MEDICAP PRODUCTS CO. LTD. China

Operations area:

National

The company imports from

China Malaysia India

The company does not export

The subject employs

10 people

Payments:

Regular- Made on a 45-60 day basis

 

 

LOCATION

 

Headquarters :

Colombia 275 B1603CPG - Villa Martelli Buenos Aires – Argentina

Property:

Owned

Branches:

The company does not have branches

Business Overview:

Companies in this industry distribute professional medical equipment, instruments, and supplies to physicians, hospitals, and extended care facilities. Demand depends on the number of people receiving medical treatment. The profitability of individual companies depends on merchandising and efficient delivery systems. Major products include medical and surgical instruments and equipment (about 45 percent of revenue); supplies (about 40 percent); and dental equipment and supplies (about 5 percent). Other products include orthopedic and prosthetic appliances, and veterinary supplies.

 

 

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

 

Listed at the stock exchange:

No

Capital:

1,500,000.00 ARS = 181,085.06 USD

Shareholders %:

This is a private company. Despite our long search, we could not confirm the main shareholder.

Subsidiaries:

The company does not have subsidiaries

Management:

Gabriel Josι Morσn, Director and President Gladys Peregal, Director Sonia Tenaglia, Pharmacist

 

 

FINANCIAL INFORMATION

 

This is a private company which does not make its financial statements public.

2012

Assets

2,747,911.00 ARS = 331,673.54 USD

Liabilities

625,023.00 ARS = 75,440.32 USD

Equity

2,122,887.00 ARS = 256,232.61 USD

Revenue

2013

USD 3 000 000 to 5 000 000

 

 

LEGAL FILINGS

 

There are no legal or criminal filed againts the company.

 

 

RISKMA REVIEW

 

RISK:

Low

 

 

SUMMARY

 

Kelmer SA Argentina is a company dedicated to the import and commerce of disposable medical products.

 

The company has 26 years of experience in the market with 10 employees.

 

It is currently active and presents no negative records. It has a good payment behaviour according to the Classification provided by the National Central Bank and shows a positive profitability.

 

It has a small size and mainly imports from Asia.

 

 

RISK INFORMATION

Since July 30th, Argentina entered into a Selective Default. The country failed to accomplish payment to the holdouts but continues to meet other payment obligations. The country is not following the considerations made by the US Supreme Court to pay the holdouts of its debt restructuration process (2005 and 2010). The parts had the opportunity to settle an agreement with the help of a facilitator appointed by the NY Count in which the case was handled in the first place. The period of grace began in June 30th, and was accomplished in July 30th, with no positive results. The country expects to achieve an agreement with the holdouts after December 2014. That is when the RUFO clause is expired. The expiration of Rights Upon Future Offers (RUFO) will exclude the bondholders from the preceding restructuring processes (2005-2010), from claiming a better agreement, should the country had accomplished with the holdouts. Restriction systems for the purchase of foreign currency and restrainement of international trade. Inflation. Possible economic recession for the second half of the year.

Indebtedness

Controlled

Payments

Regular

Cash

Normal

CALL

INTERVIEWEE

NA

POSITION

Administrative

COMMENTS

The person contacted confirmed address, activity, imports, clients. She confirmed financial information for 2012.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.77

UK Pound

1

Rs.100.72

Euro

1

Rs.80.56

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SMN

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.