|
Report Date : |
25.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
BELCAR S.A. |
|
|
|
|
Registered Office : |
Moreno 1850, 6º piso, Buenos Aires City |
|
|
|
|
Country : |
Argentina |
|
|
|
|
Financials (as on) : |
30.06.2006 |
|
|
|
|
Date of Incorporation : |
27.10.1969 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacture of Graphic inks |
|
|
|
|
No. of Employees : |
118 |
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 : |
Unknown |
|
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
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Argentina |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
BELCAR S.A.
CUIT: 30-50426416-1
INCORPORATED IN 1969. FOLLOWER OF ACTIVITIES. NO BALANCE. GOOD GENERAL
DEVELOPMENT. IT IS SUITABLE FOR NEW CREDIT.
GRAPHIC INKS
MANUFACTURE
COMMERCIALIZATION
Business type: Public
Limited Company
Incorporated: 27/10/1969
Registered 19/02/1970
Register #: 34.504
Duration: Until
19/02/2069
End of fiscal year: June
30th
Miss PATRICIA DOMINGUEZ
Legal and address Administration Office: Moreno 1850, 6º piso, Buenos
Aires City, Argentine Republic.
Phone: (54-11) 4371-3414/15/16/17
Fax: (54-11) 4371-0099
E-mail: belcar@belcar.com.ar
Web: www.belcar.com.ar
Plant and Warehouse: Dr.Ignacio Arieta 3882, San Justo, Buenos Aires
Province, Republic of Argentina.
Phone: (54-011) 4441-2238/3877
President: CIMINO
ROSSI EDUARDO VICENTE
Vice-president: CLOETENS
DE CIMINO RICA MARIA
Director: HERRERO
ELECTRA AMERICA
Alternate Director: CLOETENS
ANA GERDA MARIA
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.
Susbcribed and paid in Capital Stock: $ 500.000.-
It is represented by 100.000 common and registered shares of par value $
5,00 and 5 votes each one.
CIMINO ROSSI EDUARDO VICENTE:
Argentinian, married to Rica María Luisa Cloetens, CI 2.085.216, DNI.
5.573.721
(CUIT. 20-05573721-6) with address in Av.del Libertador 2213, P.8º of
Buenos
Aires City.
He is registered as member of SOCIEDAD RURAL ARGENTINA.
CLOETENS DE CIMINO RICA MARIA LUISA:
Argentinian, married to the aforementioned, CIPF. 3.811.749, DNI. 15.208.956
(CUIT. 27-15208956-8) with same address than her husband.
HERRERO ELECTRA AMERICA:
Argentinian, DNI. 1.112.983, with address in Triangelli 551 Ituzaingó,
Buenos
Aires Province.
CLOETENS ANA GERDA MARIA:
DNI. 93.778.288 (CUIT. 27-60076715-7).
These businesses were started in 1954 by a co-partnership integrated by
Eduardo Cimino Rossi and Carlos Alberto Rodríguez.
It operated until 27/10/1969, date in which BELCAR S.A. was incorporated
as follower of activities, operating nowadays in the previously exposed
address.
There is neither register of its participation in other economic group,
or of its directors’ in other companies.
Fits to highlight that in 2002 it acquired by a statutory merger to
MANUFACTURA SINTETICA S.A.
Unfortunately efforts to obtain a copy of Balance were totally
unsuccessful.
Anyway we know that evolution is taking its well with satisfactory
results.
|
Balance Sheet/s |
30/06/2006 |
|
Total
Assets |
$ 24.407.418,00 |
|
Current
Assets |
$ 20.080.595,00 |
|
Banks |
$ 2.192.222,00 |
|
Accounts
Receivables |
$ 12.422.597,00 |
|
Inventory |
$ 9.888.060,00 |
|
Fixed
Assets |
$ 3.461.548,00 |
|
Non-Current
Assets |
$ 4.326.823,00 |
|
Investments |
$ 0,00 |
|
Total
Liabilities |
$ 7.879.982,00 |
|
Current
Liabilities |
$ 7.746.004,00 |
|
Non-Current
Liabilities |
$ 133.978,00 |
|
StockHolders
Equity |
$ 16.527.436,00 |
|
Net
Sales |
$ 43.009.532,00 |
|
Cost
of Good Sold |
$ 31. 731.202, 00 |
|
Gross
Result |
$ 11.278.330,00 |
|
Administrative
Expenses |
$ 2.133.468,00 |
|
Selling
Expenses |
$ 2.261.858,00 |
|
Financial
Income |
$ 0,00 |
|
Other
Expenses |
$ -4.581.512,00 |
|
Final
Result |
$ 2.301.492,00 |
|
Indexes |
30/06/2006 |
|
Current
Ratio |
259,24 % |
|
Quick
Ratio |
131,58 % |
|
Short
Term Indebtedness |
46,87 % |
|
Debt
to Equity Ratio |
47,68 % |
|
Long
Term Assets to Total Assets |
17,73 % |
|
Fixed
Assets to Equity |
20,94 % |
|
Total
Assets to Total Liabilities |
309,74 % |
|
Debt
Ratio |
32,29 % |
|
Equity
Ratio |
67,71 % |
|
Investments
to Assets Ratio |
40,51 % |
|
Current
Investment |
82,27 % |
|
Stocks
Aging Days |
113,74 dias |
|
Day
Sales |
105,42 dias |
|
Trade
Debtors To Assets |
50,90 % |
|
Total
Assets Turnover |
176,22 % |
|
Net
Worth Aging |
260,23 % |
|
Fixed
Assets Aging |
1.242, 49 % |
|
Gross
Profit |
73,78 % |
|
Financial
Expenses on Sales Ratio |
0,00 % |
|
Commercial
Exp. on Sales Ratio |
5,26 % |
|
Administrative
Exp. on Sales Ratio |
4,96 % |
REAL ESTATE:
------------
It is owner of the land and building that it has in Dr.Ignacio Arieta
3882, San Justo, Buenos Aires Province and of the one located in Matheu 2449,
San Justo, Buenos Aires Province.
No title deeds were shown as to verify if its properties are
unencumbered.
CARBOCLOR S.A.
CARLOS A. ZALAZAR S.A.
NOVA PRODUCTOS QUIMICOS S.A.
Installment purchase of 30.60 and 90 days and higher annual amounts a
u$s
250,000 each.
good cancellation of obligations.
The company is engaged in the Graphic Industry and the Flexible
Container
Industry, operating nowadays in the previously mentioned addresses.
Fits to highlight that it performs the manufacture of flexographic inks
used on
the print of flexible containers and corrugated card board, as well as
adhesives (of one and two components), with solvents, withouth solvents
and for
treated UV.
Among its more highlighted products, we mention:
- MEGAMILLENNIUM: (solvent base), ideal for: polyethylene,
polypropylene, BO
Coex, polyester treated with free-heavy-metals pigments.
- FLEXO 2000/plus/RL: (solvent base), ideal for: polyethylene,
polypropylene,
polyester, polyamide with immediate adherence.
- FLEXOMARK: (solvent base) ideal for: polyethylene, polypropylene
monoguided,
BO Coex polypropylene, treatey polyester, polyamide.
- LACTOPRINT (front print) ideal for: polyethylene, PVC, polyamide.
- ADHESIVES "BELCAR" for lamination.
- AQUAFLEX (fron print, water base), ideal for: corrugated card board
and
paper.
- MEGAMILENNIUM RT (front print, solvent base), ideal for: polyethylene,
BO
Coex polypropylene, treated polyester.
- VERSAFLEX (two components system) front print, solvent base, ideal
for:
polyethylene and polyamide.
- LACTOPRINT HR: front print, solvent base, ideal for: polyethylene, PVC
and
polyamide.
- MEGADUAL: front print, solvent base, ideal for: polyethylene, BO Coex
polypropylene, treaty polyester and lamination.
- FLEXO TEXTIL: (impresión de frente base solvente),ideal para: rafia
polipropileno.
- METALFLEX: (front print, solvent base), ideal for: Aluminum or
metalized film.
- LAMIFLEX: (front print, solvent base), ideal for: paper.
It has an important infrastructure and organization, where their
directors
participate together with the necessary staff.
* 118 EMPLOYEES
NATIONAL SUPPLIERS:
-------------------
NOVA PRODUCTOS QUIMICOS S.A.
CARBOCLOR S.A.
CARLOS A.SALAZAR S.A.
LA FILOMENA S.A.
AMERICAN COLORS S.A.
FOREIGN SUPPLIERS:
------------------
ARIZONA CHEMICAL Co. (USA)
TLOXIDE EUROPE S.L. (Spain)
NUPLEX BV (New Zealand)
FOREIGN TRADE:
--------------
In the last twelve months it has carried out imports for a total value
of US$
1.337.920 from the BRASIL, USA, NORWAY
BANKS:
------
BANCO COMAFI Current
Account Nº 0640-00860-6
BBVA BANCO FRANCES Current
Account Nº 469516-7
BANCO BAPRO Current
Account Nº 044558-4
BANCO SANTANDER RIO Current
Account Nº 000-00017730-2
CREDIT RISK:
------------
BANCO PATAGONIA.......................... 4.213.200
COMAFI................................... 2.578.800
PROV. BUENOS AIRES....................... 2.211.000
BANCO FRANCES............................ 1.493.500
AMERICAN EXPRESS......................... 7.000
SERV. Y TRANSACCIONES.................... 1.200 (2)
Situation 1: Normal Fulfillment
INSURANCE:
----------
MAPFRE S.A.
It maintains operations with companies of this and other markets. Most
of them
give it their credit support, not making up to now objections about its
payment
reecorrd.
* FULFILLMENT: NOT OBJECTED AT THE PRESENT.
He finally believes that it is a society which can be related to credit
operations within sums of current economic importance, with the application of
the corresponding guarantees.
SUITABLE FOR NEW CREDITS.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.11 |
|
|
1 |
Rs.102.32 |
|
Euro |
1 |
Rs.81.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.