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Report Date : |
20.06.2014 |
IDENTIFICATION DETAILS
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Name : |
SYPHON S.A. |
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Registered Office : |
Famatina Nº 3156 (1437), Buenos Aires City, Argentine Republic |
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Country : |
Argentina |
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Financials (as on) : |
30.09.2012 |
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Date of Incorporation : |
18.11.1987 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacture of Plastic Containers |
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No. of Employees : |
55 |
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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 |
SYPHON S.A.
CUIT: 30-62205647-6
BEGINNER OF ACTIVITIES. INCORPORATED: 1987. BALANCE SHEET AS 30/09/2012 (LAST
KNOWN). IT DOESN'T REGISTER NEGATIVE. FOR CREDIT TREATMENT, TAKE APPROPRIATE
GUARANTEES.
PLASTIC CONTAINERS
MANUFACTURE
COMMERCIALIZATION
Business type: Public
Limited Company
Incorporated: 1987
Registered: 18/11/1987
Register #: 118.075
Duration: 99 years
End of fiscal year: September 30th
Afip 43 de Rivadavia 2499 esq. Larrea de la ciudad de Buenos Aires.
Mrs Elizabet Zanikian (Administrative
Management).
Legal address, Administration and Sales Office: Famatina Nº 3156 (1437), Buenos
Aires City, Argentine Republic.
Phone: (54-11) 4911-1169/4911-3012/4911-2839
E-mai: ezanikian@syphon.com.ar
President:
VERDURA DANIEL OSCAR
Vice-president: MARCHIONE MIGUEL ANGEL
Director: PEDRO JULIO FUNEZ
Director: ARTURO TORRES MORINIGO
Directora: ROSA VERDURA
Alternate Director: FELIX QUIÑONES
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 $ 6.060.000 which has
been totally subscribed and paid in. It is represented by the same quantity of
common and registered shares, with restricted transferability, of par value
$1,00 each and with one vote per share.
VERDURA DANIEL OSCAR:
Argentinian, married, born on 13/11/1955, DNI. 12.084.435 (CUIT.
20-12084435-1), Engineer, with address in Billinghurst 1481 6º, Buenos Aires
City.
MARCHIONE MIGUEL ANGEL:
Argentinian, married, born on 1/8/1948, DNI. 4.991.226 (CUIT. 23-04991226-9),
Engineer, with address in Perdiel 1282, Buenos Aires City.
FUNEZ PEDRO JULIO:
Argentinian, married, born on 14/12/1957, DNI. 13.465.140 (CUIT.
20-13465140-8), with address in Jovellanos 373, Buenos Aires City.
TORRES MORINIGO ARTURO:
Argentinian, married, born on 11/04/1956, DNI. 18.580.731 (CUIT.
20-18580731-3), Engineer, with address in Saravi s/nº (altura Ruta nacional nº
VERDURA ROSA:
Argentinian, single, born on 28/07/1920, LC. 0.145.722 (CUIT. 27-00145722-0),
with address in Perdriel 1225, Buenos Aires City.
QUIÑONES FELIX:
Argentinian, married, born on 20/11/1942, DNI. 5.665.650 (CUIT. 20-05665650-3), with address in Portela 2760, Valentin Alsina, Buenos Aires Province.
According to our registered information, the company is beginner of activities
and operates in the previously exposed addresses.
Since its beginning and until 1997 it operated in the domicile of Famatina 3156
of Buenos Aires City, opening later on its industrial plant in Parque
Industrial Pilar, with a capacity production of 400.000.000 annual units.
Balance sheet as 30/09/2012 (last known) expressed in pesos argentinos.
30.09.2011
30.09.2012
----------- ----------
CASH INVESTMENTS
CREDITS AND OTHER 22.372.838
24.793.704
INVENTORIES 11.204.747
9.760.048
ASSETS CURRENT 33.577.585
34.553.752
ASSETS NON-CURRENT 10.846.082
9.907.623
TOTAL ASSETS 44.423.667
44.461.375
===================================================================
DEBTS
24.592.749 24.576.597
SALARIES AND
SOCIAL CHARGES 316.099
472.464
LIABILITIES CURRENT
24.908.848 25.049.061
LIABILITIES NON-CURRENT
2.184.860 2.234.644
TOTAL LIABILITIES
27.093.708 27.283.705
NET WORTH
17.329.959 17.177.670
TOTAL
44.423.667 44.461.375
===================================================================
NET SALES
100.494.053 117.386.960
COST OF SALES - 89.757.127
- 108.101.683
GAIN (LOSS) 10.736.926
9.285.277
MARKETING EXPENSES - 2.991.363
- 3.842.758
ADMINISTRATIVE EXPENSES -
2.749.696 - 3.522.746
SUBTOTAL
4.995.867 1.919.773
OTHER EXPENSES - 582.502
- 673.495
FINAL RESULT 4.413.365
1.246.278
REAL ESTATE:
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Inside the company's fixed assets are included the properties located in the
previously exposed address, which have an important realization value.
No title deeds were shown as to verify if its properties are unencumbered.
The company is engaged in the
industrialization of plastic, mainly containers and barrels.
It has a modern and important infrastructure, where it employs 55 people.
It has a PET preform line, such as:
> Standard preforms: It has a large line of preforms from 20 Kgs. to 148
Kgs. designed in accordance with the demands of manual and automatic gas
welding torchs.
> Special preforms: Models of preforms perzonalized to its containers.
> Professional advice: It has a staff of specialized professionals in
injection and puff for the advice over the most appropriate preform for its
container.
> Lab tests: It has a lab equipped with the necessary elements for rehearse
preforms and bottles for determining its flair.
It carries out imports from Taiwan, USA and Brazil, not being known its
incursion in the export market.
In the last twelve months it has carried out imports for a total value of u$s.
808.110.
MAIN SUPPLIER:
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EASTMAN CHEMICAL INC. (EE.UU.)
BELCAR S.A. (ARGENTINA)
* 55 employees
Industrial Plant: Ruta Nacional Nº8 km.60 calle 17 y 9, Parque
Industrial Pilar, Pilar, Buenos Aires Province, Argentine Republic.
BANKS:
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> BANCO SANTANDER RIO
> BANCO CREDICOOP
> HSBC
CREDIT RISK:
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APRIL 2014
BANCO CREDICOOP................$ 5.664.300
Sistuation 1: Normal Fulfillment.
INSURANCE:
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FEDERACION PATRONAL SEGUROS S.A.
It maintains operations with national and
foreign companies. Many of them give it their credit support, not making up to
now obejctions about its payment record.
* FULFILLMENT: NOT OBJECTED
For new credit treatment with this company
we suggest taking appropriate guarantees.
* FOR CREDIT TREATMENT, TAKE 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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1 |
Rs.102.05 |
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Euro |
1 |
Rs.81.71 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NNA |
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.