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Report Date : |
20.06.2014 |
IDENTIFICATION DETAILS
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Name : |
DROGUERIA
LIBERTAD S.A. |
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Registered Office : |
Estados Unidos No.1846 (1227), Buenos Aires City |
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Country : |
Argentina |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
04.03.1986 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
· engaged in the commercialization of Chemical Products in General, Medicinal Specialities and Veterinary Products · importer of Antibiotics, Peniciline and its derivatives as well as amoxiline |
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No of Employees : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
DROGUERIA LIBERTAD
S.A.
CUIT: 30-60937302-0
INCORPORATED IN 1986. BEGINNER OF ACTIVITIES. BALANCE SHEET AS
OF 31/12/2012: LAST KNOW. FULFILLMENT: WITHOUT OBJECTIONS. FIT FOR CREDITS IN
ACCORDANCE WITH ITS KNOWN ECONOMIC-FINANCIAL RESOURCES. FOR HIGHER AMOUNTS,
TAKE APPROPRIATE GUARANTEES.
DRUGSTORE
CHEMICAL AND PHARMACEUTICAL PRODUCTS
COMMERCIALIZATION
Business type:
Public Limited
Company
Incorporated: 04/03/1986
Registered: 19/05/1986
- Nº 2886, Book 102, Volume A
Duration: 99 years
End of fiscal year: December
31st
Afip Nro 5 de
Salta 1449 Ciudad de Buenos Aires.
Legal,
Administrative and Sales address: Estados Unidos No.1846 (1227), Buenos
Aires City, Argentine Republic.
Phone: (54-11) 4306-0800 (lineas rotativas)
Fax.: (54-11) 4306-1010
CODIGO POSTAL 1227
E-mail: info@droguerialibertad.com.ar
Website: www.droguerialibertad.com.ar
President:
VARAS
PABLO AUGUSTO
Vice-president: LOPEZ
MORILLO MARIA VIRGINIA
Director: VARAS
MARCOS JAVIER
Director: VARAS
MARIA BELEN
Alternate Director: VARAS MARIA
VALERIA
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.
COMMON SHARES:
--------------
SUBSCRIBED AND PAID-IN CAPITAL: $ 665.000,60
VARAS PABLO
AUGUSTO:
Argentinian, married, born on 21/12/1953, DNI. 10.983.619 (CUIT.
20-10983619-3), with address in Esmeralda 1319, 2º "64", Buenos Aires
City.
He registers backgrounds as President of MAVEBEI S.A. which since 1999 has been
performing real estate operations.
LOPEZ MORILLO MARIA VIRGINIA:
Argentinian, married, born on 20/04/1955, Merchant, DNI. 11.768.997 (CUIT.
27-11768997-8) with address in Pichincha 875, Buenos Aires City.
She registers backgrounds as Vice-president of MAVEBEI S.A. and as partner of
LABORATORIOS INDEX S.R.L.
VARAS MARCO JAVIER:
Argentinian, single, DNI. 26.023.808.
It was incorporated at early 1986 with the objective of performing its current activities, working in the previously exposed addresses.
There is no register about its participation in other economic group, highlighting that some of its directors participate in other companies, which have already been mentioned.
Before had the operative address: Piedras 1516, lº
"A", Buenos Aires City.
BALANCE SHEET AS OF 31/12/2012 (last know).
ASSETS:
2011 2012
------
---- ----
Cash, Banks, Credit, etc.. 20.980.888 22.997.025
Inventories
13.906.161 11.052.971
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Total current 34.887.049
34.049.996
Total non-current 493.835
667.694
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TOTAL ASSETS 35.380.884
34.717.690
========== ==========
LIABILITIES:
------------
Debts
7.386.790 3.156.696
Salaries and social security 244.318
96.718
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Total current 7.631.108
3.253.414
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Total liabilities 7.631.108
3.253.414
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Net worth
27.749.776 31.464.276
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LIAB. AND NET WORTH 35.380.884
34.717.690
========== ==========
INCOME STATEMENT:
-----------------
Net sales
43.880.203 61.453.943
Cost of sales - 29.493.548
-42.541.121
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GAIN
14.386.655 18.912.822
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Marketing expenses - 2.510.690 -
3.581.628
Administrative expenses - 5.805.306 - 7.124.706
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Total expenditure 6.070.659
8.206.488
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Operative result 3.387.356
7.043.915
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OTHERS EXPENSES 6.335.789
7.842.791
REAL ESTATE:
--------------------
Estados Unidos No.1846 (1227), Buenos Aires City, Argentine Republic.
VEHICLES:
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3 vans of different brands and models, not having detailed information about
them.
The company is
mainly engaged in the commercialization of chemical products in general,
medicinal specialities and veterinary products, having its headquarters in the
previously exposed addresses.
It has an appropriate infrastructure and organization, where its directors
participate together with 30 employees.
Imports from China, Indian, Mexico, and others countries.
The main imported products were antibiotics, peniciline and its derivatives as
well as amoxiline
MAIN SUPPLIERS:
---------------
FERROMET S.A.
DISTRIBUIDORA MATERIA S.A.
L.U.P. (CHINA)
FERCIMSA (SPAIN-MEXICO)
* 30 EMPLOYEES
Warehouse:
Pichincha 875, 1º "A", Buenos Aires City, Argentine Republic.
BANKS:
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* BANCO DE LA NACION ARGENTINA Branch: Pza.de Mayo
- Current Account N° 32800/67
* ICBC BANK
Principal Office - Current Account Nº
041369700
* PROVINCIA DE BUENOS AIRES
CREDIT
RISK APRIL 2014.
----------------------
BANCO DE LA NACION ARGENTINA..........$ 1.654.300
ICBC..................................$ 1.401.400
BANCO PROV. BUENOS AIRES..............$ 98.800
MERCEDES BENZ.........................$ 45.300
BANCO CREDICOOP.......................$ 2.000
SITUATION 1: NORMAL
INSURANCE:
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CONSOLIDAR S.A.
Up to now the
company has complied in due time the commitments taken and has a good concept.
* FULFILLMENT: WITHOUT OBJECTIONS AT PRESENT.
We consider feasible the credit treatment with this company by amounts in
accordance with its known economic-financial resources and additional
guarantees.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.00 |
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UK Pound |
1 |
Rs.102.05 |
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Euro |
1 |
Rs.81.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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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 |
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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.