|
Report Date : |
25.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
EMPRESA DISTRIBUIDORA SUR S.A. EDESUR |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
21.07.1992 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Engaged in production and distribution of electricity |
|
|
|
|
No. of Employees |
2.439 |
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 : |
Slow but Correct |
|
|
|
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
EMPRESA DISTRIBUIDORA SUR S.A. "EDESUR"
CUIT: 30-65511651-2
INCORPORATED IN 1992. FOLLOWER OF ACTIVITIES. BALANCE SHEET AS OF
31/12/2012:
LARGE OWN RESOURCES WITH A NEGATIVE FINAL PROFITABILITY. FIT FOR OPERATIONS IN ACCORDANCE WITH ITS IMPORTANCE IN THE SECTOR.
ELECTRICITY
DISTRIBUTION
COMMERCIALIZATION
Business type: Public
Limited Company
Incorporated: 21/07/1992
Registered: 03/08/1992
- Nº 7042, Book 111, Volume A
Register #: 1.559.939
Duration: Until 02/08/2087
End of fiscal year: December
31st
Legal and Operative
address:
San José 140 (1076), Buenos Aires City, Argentine Republic.
Phone: (54-011) 4470-7000
President: LOPEZ
RUEDA RAFAEL JOSE
Vice-president: CRISTIAN
FIERRO MONTES
DIRECTORS: JUAN
CARLOS BLANCO
MARCO FADDA
MARCELO SILVA IRIBARNE
GONZALO VIAL VIAL
ERNESTO PABLO BADARACO
ALTERNATE: JOSE
MIGUEL GRANGED
FERNANDO ANTOGNAZZA
ROBERTO FAGAN
JUAN PABLO LARRAIN MEDINA
RODRIGO QUESADA
MARIANA MARINE
MARIA INES JUSTO
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 $ 898.585.028, which has
been totally subscribed and paid in. It is represented by the common and
registered shares, with restricted transferability, of par value $1,00 each and
with one vote per share:
Class "A" Stock ..................
$ 506.421.831
Class "B" Stock ..................
$ 392.163.197
Fits to highlight that 56,36% of the capital belongs to:
> DISTRILEC
INVERSORA S.A.
Legal address: San José 140,
Buenos Aires City.
Activity: Investments.
According to our registered information, the origin of the service of
public electricity in the country comes from 1887, when it was established the
first generating plant and the electric network, which in 1901 were absorbed by
COMPAÑIA ALEMANA TRANSATLANTICA DE ELECTRICIDAD (C.A.T.E.).
This company started operating in 1909 with a generating plant in San
Fernando, Buenos Aires Province and in 1929 it already offered services in a
range which included Gran Buenos Aires and La Plata, Magdalena, Pilar, Gral.
Rodríguez, Marcos Paz, Gral. Las Heras, Cañuelas, Esteban Echeverría,
San Vicente and Brandsen.
During 1936 1936 C.A.D.E. acquired the shares of COMPAÑIA HISPANOI
AMERICANA DE ELECTRICIDAD S.A. (CHADE), obtaining the concession from 1921.
In 1911 it was incorporated the company COMPAÑIA ITALO ARGENTINA DE ELECTRICIDAD S.A.(CIAE) in order to perform the production and distribution of electricity and obtained its first concession of the Town Council of Buenos Aires City in 1912. Between 1926 and 1928 it included the rendering of services to Avellaneda, Lomas de Zamora and Quilmes respectively.
By mid-1958 it was created the company SERVICIOS ELECTRICOS DEL GRAN
BUENOS AIRES SOCIEDAD ANONIMA (SEGBA). In 1958, C.A.D.E. was integrated as part
of SEGBA. In 1980 it was nationalized the CIAE. In 1990 part of the Argentine electrical
industry belonged to the public sector.
Through the Law 25065 (well-known as "Electrical Regulatory Framework") sanctioned by the Congress of the Nation and its decrees, they established the main objectives and guidelines for the restructuring and privatization of the electric industry.
Therefore, the company was incorporated on 21/07/1992 in the
course of the decree of the Executive Nº 714 on 28/04/1992 and legal
regulations. In the call of international public tender, where many of the most
important operators of the electric business in the world together with
important businessmen
of Argentina participated, the Executive awarded 51% of the shares to the
consortium DISTRILEC INVERSORA S.A., which is integrated by the following
companies:
> CIA.NAVIERA PEREZ COMPANC S.A.
> DISTRIBUIDORA CHILECTRA METROPOLITANA S.A.
> ENERSIS S.A.
> EMPRESA NACIONAL DE ELECTRICIDAD S.A.
> PSI ENERGY ARGENTINA INC.
This consortium won because it offered the best price (US$ 511.021.021),
signing the contract of shares' transfer on 06/08/1992.
On 01/09/1992 the consortium acquired the mentioned shares and the
subject started operating inside the area of concession.
On 12/12/1995 ENERSIS (through a subsidiary) presented the only offer
for 39% of the Class B common shares of EDESUR from the National Government.
The offer for 387.263.754 shares was of US$ 390 millions and was accepted.
Nowadays DISTRILEC, parent company of EDESUR, owns 56,36% of the
capital, being its owners companies of the group ENERSIS (51,5%) and PETROBRAS
ENERGIA (48,5%).
BALANCE AT 31.12.2012 - GENERAL STRUCTURE VALUES THOUSAND PESOS.
----------------------------------------------------------------
CURRENT ASSETS 774 917
CURRENT ASSETS 4,076,108
CURRENT LIABILITIES 3,898,946
Non-current liabilities 339 091
EQUITY 612 988
NET SALES 2,970,617
FINAL LOSS (801,597)
ECONOMIC COMMENTARY:
-----------------------------------------
The above figures show marked economic-financial imbalance, having closed the period with a loss. At present no difficulties are seen in their actions, although it has begun to closely observe their development.
|
Balance sheet a/s |
|
31/12/2012 |
|
31/12/2011 |
|
31/12/2010 |
|
Total assets |
$ |
4.851.025,00 |
$ |
4.564.906,00 |
$ |
4.234.156,00 |
|
Current asset |
$ |
774.917,00 |
$ |
700.917,00 |
$ |
894.685,00 |
|
Banks |
$ |
48.235,00 |
$ |
0,00 |
$ |
0,00 |
|
Accounts receivables |
$ |
524.093,00 |
$ |
0,00 |
$ |
0,00 |
|
Inventory |
$ |
3.937.487,00 |
$ |
0,00 |
$ |
0,00 |
|
Fixed Assets |
|
$ 33.980,00 |
|
$ 0,00 |
|
$ 0,00 |
|
Non-Current Assets |
$ |
4.076.108,00 |
$ |
3.863.989,00 |
$ |
3.339.471,00 |
|
Investments |
|
$ 1.307,00 |
|
$ 0,00 |
|
$ 0,00 |
|
Total Liabilities |
$ |
4.238.037,00 |
$ |
3.132.500,00 |
$ |
2
.340.727, 00 |
|
Current
Liabilities |
$ |
3.898.946,00 |
$ |
2 .572.242, 00 |
$ |
1.880.689,00 |
|
Non-Current
Liabilities |
|
$ 339.091,00 |
|
$ 560.258,00 |
|
$
460.038,00 |
|
StockHolders
Equity |
|
$ 612.988,00 |
$ |
1.432.406,00 |
$ |
1.893.429,00 |
|
Net Sales |
$ |
2.970.617,00 |
$ |
2.373.302,00 |
$ |
2.260.809,00 |
|
Cost of Good Sold |
$ |
2.883.279,00 |
$ |
2.173.168,00 |
$ |
1.869.624,00 |
|
Gross Result |
|
$ 87.338,00 |
|
$ 200.134,00 |
|
$
391.185,00 |
|
Administrative
Expenses |
|
$ 294.935,00 |
|
$ 257.069,00 |
|
$
207.679,00 |
|
Selling Expenses |
|
$ 433.660,00 |
|
$ 347.268,00 |
|
$
246.397,00 |
|
Financial Income |
|
$ 312.997,00 |
|
$ 0,00 |
|
$ 0,00 |
|
Other Expenses |
|
$ 152.657,00 |
|
$ -56.820,00 |
|
$
10.232,00 |
|
Final Result |
|
$ -801.597,00 |
|
$ -461.023,00 |
|
$
-52.659,00 |
|
Indexes |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
Current
Ratio |
19,88 % |
27,25 % |
47,57 % |
|
Quick
Ratio |
-81,11 % |
27,25 % |
47,57 % |
|
Short Term Indebtedness |
636,06 % |
179,57 % |
99,33 % |
|
Debt to Equity Ratio |
691,37 % |
218,69 % |
123,62 % |
|
Long Term Assets to Total Assets |
84,03 % |
84,65 % |
78,87 % |
|
Fixed
Assets to Equity |
5,54 % |
0,00 % |
0,00 % |
|
Total
Assets to Total Liabilities |
114,46 % |
145,73 % |
180,89 % |
|
Debt Ratio |
87,36 % |
68,62 % |
55,28 % |
|
Equity
Ratio |
12,64 % |
31,38 % |
44,72 % |
|
Investments to Assets Ratio |
81,17 % |
0,00 % |
0,00 % |
|
Current Investment |
15,97 % |
15,35 % |
21,13 % |
|
Stocks
Aging Days |
498,45 dias |
0,00 dias |
0,00 dias |
|
Day Sales |
64,40 dias |
0,00 dias |
0,00 dias |
|
Trade
Debtors To Assets |
10,80 % |
0,00 % |
0,00 % |
|
Total
Assets Turnover |
61,24 % |
51,99 % |
53,39 % |
|
Net Worth
Aging |
484,61 % |
165,69 % |
119,40 % |
|
Fixed
Assets Aging |
8.742,25 % |
Infinito % |
Infinito % |
|
Gross
Profit |
97,06 % |
91,57 % |
82,70 % |
|
Financial
Expenses on Sales Ratio |
10,54 % |
0,00 % |
0,00 % |
|
Commercial
Exp. on |
14,60 % |
14,63 % |
10,90 % |
|
Sales
ratio |
|
|
|
|
Administrative
Exp. On Sales ratio |
9,93% |
10,83% |
9,19% |
REAL ESTATE:
------------
Inside the company's fixed assets is included the large property located
in San
José 140, Buenos Aires City, which has a high realization value.
FOREIGN TRADE:
--------------
In the last twelve months it has carried out imports for a total value
of US$
108.063 from the following countries:
EEUU 67.429
SUECIA 36.810
SUIZA 3.824
-----------------------------
The company is engaged in the rendering of services of distribution and
commercialization of electricity in the Southern area of Buenos Aires
City and
in twelve areas of Buenos Aires Province:
Almirante Brown Florencio Varela
Avellaneda Lanús
Berazategui Lomas de Zamora
Cañuelas Presidente Perón
Esteban Echeverría Quilmes
Ezeiza San Vicente
It also performs the acquisition of shars of other distributing
companies of
electricity, by its own account or associated with third parties.
Between its main works during 2006, fits tso highlight the promotion of
the
Parque Centenario substation, with the objective of supplying the growth
of the
demand in Western area of Buenos Aires City, which is supplied by the
substations Parque Centenario, Villa Crespo and Caballito, adapting the
offer
of transformation of level 132/13,2 kV in the first mentioned
sub-station.
At the same time it carried out the technological renewal and
enlargement of
the Banfield substation, with the objective of enlarging the installed
capacity
for the demand of Banfield, as well as the sectors located in Adrogué,
Temperley, Lomas de Zamora and Valentín Alsina.
Fits to highlight the enlargement of the substation Once, with the objective
of
supplying the growth of the demand in the central area of Buenos Aires
City.
The beneficiaries of these offerings are the customers of Almagro,
Balvanera,
Boedo, San Cristobal, Recoleta and Monserrat.
It has an important infrastructure and organization, where its directors
work
together with 2.439 employees, among administrators, technicians and
operators.
* 2.439 EMPLOYEES
Estados Unidos 3250, Ciudad de Buenos Aires
Senillosa 1833, Ciudad de Buenos Aires
Zañartu 509, Ciudad de Buenos Aires
Saraza 502, Ciudad de Buenos Aires
Doblas 1880, Ciudad de Buenos Aires
Figueroa Alcorta 748, Ciudad de Buenos Aires
Angel Gallardo 34, Ciudad de Buenos Aires
Ramos Mejia 1011, Ciudad de Buenos Aires
Juan B. Alberdi 4037, Ciudad de Buenos Aires
Alsina 1367, Ciudad de Buenos Aires
Almeyra s/nº, Lanus, Buenos Aires.
Avda. H. Yrigoyen 4836, Lanus, Buenos Aires
San Martin 453, Quilmes, Buenos Aires
Primera Junta 609, Quilmes, Buenos Aires
Salta 957, Bº San Jose, Alm.Brown, Buenos Aires
Avda. Rigolleau 464, Berazategui, Buenos Aires
Diagonal Toll 1596, Adrogue, Buenos Aires
Avda.Mitre 655, Avellaneda, Buenos Aires
Lamadrid 448, Dock Sud, Buenos Aires
Avda. España 2235, Ciudade de Buenos Aires
Balcarce 547, Ciudad de Buenos Aires
Carlos Pellegrini 431, Ciudad de Buenos Aires
Maipu 333, Ciudad de Buenos Aires
25 de Mayo s/nº, Cañuelas, Buenos Aires
Nicandro Rodriguez 95, San Vicente, Buenos Aires
Newbery 3082, Glew, Buenos Aires
Avellaneda 47, Ezeiza, Buenos Aires
Plaza Brown 260, Adrogue, Buenos Aires
Avda. Calchaqui 492, Berazategui, Buenos Aires
Cosquin 2878, Banfield, Buenos Aires
Donato Alvarez s/nº, Monte Chingolo, Buenos Aires
Avda. San Martin 874, Florencio Varela, Buenos Aires
Avda. 12 de Octubre 150, Quilmes, Buenos Aires
H.Yrigoyen 4636, Lanus, Buenos Aires
Las Heras 2201, Lomas de Zamora, Buenos Aires
H.Yrigoyen 9071, Lomas de Zamora, Buenos Aires
BANKS:
------
BANCO DE GALICIA Y BUENOS AIRES S.A.
BANCO SANTANDER RIO
STANDARD BANK
BANCO CIUDAD DE BUENOS AIRES
BANCO PATAGONIA SUDAMERIS
BANCO CREDICOOP COOP.LTDO.
BANCO ITAU
HSBC BANK ARGENTINA
CREDIT RISK:
------------
BANCO CIUDAD $ 71.147.000
SANTANDER RIO 52.132.200
ITAU 23.045.800
ICBC 18.750.500
MACRO 14.691.300
PCIA 10.093.400
CITIBANK 7.509.700
COMAFI 3.013.600
GALICIA 1.671.400
FRANCES 486.000
AMERICAN EXPRESS 2.000
(1) Normal Situation.
BANCO SUPERVIELLE 1.142.600
(3) More than 91 at 180 delay days.
INSURANCE:
----------
CONSOLIDAR S.A.
The company owner to present duly fulfills the obligations assumed
general and
is referred to in good means in operational terms that are usual.
* COMPLIANCE NO OBJECTIONS.
Finally believe that it is a society which may relate in credit
operations within sums of moderate importance, with the application of
appropriate guarantees.
* SUITABLE FOR CREDITS.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
UK Pound |
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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