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Report Date : |
29.03.2014 |
IDENTIFICATION DETAILS
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Name : |
SKF ARGENTINA S.A. |
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Registered Office : |
Administration and Sales: Perú 545 (C1068AAA), Buenos Aires City |
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Country : |
Argentine Republic |
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Date of Incorporation : |
11.09.1942 |
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Legal Form : |
Limited Company |
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Line of Business : |
Beginner of Activities. |
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No. of Employees : |
690 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Argentina |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
SKF ARGENTINA S.A.
CUIT.No.: 30-52547959-1
BEGINNER OF ACTIVITIES. INCORPORATED IN 1942. NO PROVIDED BALANCE SHEET.
NO NEGATIVE ANTECEDENTS, APT FOR CREDIT OF CURRENT IMPORTANCE AND ADDITIONAL
GUARANTEES.
ROLLINGS
MANUFACTURE
COMMERCIALIZATION
Business type: Limited Company
Incorporated: 27/06/1942
Registered: 11/09/1942
Duration: Until
26/06/2032
End of fiscal year: December 31st
Accountant: Laura Menendez.
Legal address, Administration and Sales: Perú 545 (C1068AAA), Buenos Aires
City, Argentine Republic.
Phone: (54-11) 4340-3200 / 4331-3061/66
Fax: (54-11) 4340-3259
Website: www.skf.com
Last known:
PRESIDENT: SCHOLAND GUILLERMO
VICEPRESIDENT: DAVID BISHOP
DIRECTOR: SUNE AXEL WICTOR AXELSSON
ALTERNATE DIRECTOR: PRINCIC FERNANDO
USE OF SIGNATURE: PRESIDENT AND V.PRESIDENT.
The company's corporate stock is established
in $ 553.553, 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 $1,00 each and with one vote per share.
Fits to highlight that 89,94% of this capital, belongs to:
> AKTIEBOLAGET SKF
Legal address: 415 50 Toteborg, Sweden.
Activity: Manufacture and commercialization of rollings.
SCHOLAND GUILLERMO:
Argentinian, 46 years old, Engineer, DNI. 14.301.438, with address in
J.B.Alberdi 2135, 5º piso, Buenos Aires City.
AXELSSON SUNE VIKTOR AXEL:
Swedish, 58 years old, Executive, Passport Nº 52.123.153, with address in Perú
545, Buenos Aires City.
The Swedish company operates on its country
since 1917 and was established in the country in 1942.
Its original activity was the commercialization of products manufactured in
Sweden for in 1967 it started performing the local manufacture on its plant of
Tortuguitas, Buenos Aires Province, reaching a range of rollings.
Through its trajectory it has carried out investments in order to modernize its
plant for obtaining products of very high quality, highlighting that it has a
permanent stock of such products for a value of about US$ 14 millions.
It has a plant with a covered surface of 17.000 sqm. and with modern advanced
technology. Since 1993, with the formation of Mercosur, it started producing
rigid rollings of balls from 30 to
This plant has machinery and equipment of measurement and control which is
manufacture by each of its 83 industrial plants in the 5 continents.
No provided financial information, provide
annual sales $ 514.000.000.=
REAL ESTATE:
------------
Building located in Peru 545, Buenos Aires City, 3 floors, with administration,
sections purchases and sales.
Ruta Panamericana Ramal Pilar, Km.35.5, Tortuguitas, Buenos Aires Province,
where it has its industrial plant, with a covered surface of 17.000 sqm.
CONTROLLED COMPANIES:
----------------------
S.K.F. URUGUAY S.A.
S.K.F. SOLUTIONS S.A.
Dated Oct. 5, 2007 it was incorporated SKF SEALING SOLUTIONS S.A.,
with a capital of $ 30,000 registered in the I.G.J on the 23 of 0ctuber of
2007, the company in review has a participation of 95%. Dated 16 of
0ctuber of 2007 SKF SOLUTIONS S.A. celebrated a contract of purchase of the
assets of SEAT JET ECONOMOS S.A. effective on the date 1.11.2007, the
society acquired the assets of Seal Jet Economos SA in $ 6.300.000, for which
it obtained the financing of SKF ARGENTINA S.A.
PARENT COMPANY:
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SKF AKTIELBOLAGET
RELATED COMPANIES:
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SKF USA INC.
SKF DO BRASIL LTDA.
VOGHEL FRANCE S.A.S.
SKF CHILENA S.A.
SKF DE MEXICO S.A.
SKF MAINTENANCE PRODUCTS
SKF SVERIGE A.B.
SKF TREASURY
SKF GERMANY INTERNATIONAL
SKF DEL PERU S.A.
SKF SOUTH EAST ASIA
SKF ITALY INTERNATIONAL
MRC SP'ECIALITY BALLS
SKF CONDITION MONITORING
MACHINE SUPPORT
GAMFIOR SPA
SKF NEW ZELAND
SKF PORTUGAL ROLAMENTOS
SKF NAIDEN TEKNIK
EDC-SKF INTERNATIONAL A.B.
SKF AUTOMOTIVE BRGS Cº
SKF CHINA LTDA.
SKF RFT SPA
OVAKO BRIGHT BAR
SKF BEARING BULGARIA
SKF CANADA
SKF AUSTRALIA
SKF ESPAÑA
SKF LIDKOPING MACHINE
SKF OSTERREICH A.G.
SKF CONDITION MONITORING
SKF INDIA
SKF VENEZUELA
SKF BEARING Cº
SKF FRANCE
SKF WILLY VOGEL ATIENGESELLSCHAFT
SKF AUTOPARTS
> ACEROS ZAPLA S.A.
> ACINDAR S.A.
Concept: Normal
Credits: $ 5.000.000 annuals
The specific aims of the holder concern with
manufacture of bearings, gears, trains of gears and pieces of transmission,
also parts, pieces and accessories for automotive vehicles and their
wholesale.
Account for it with a very important infrastructure and one well mounted
organization, in which 690 employees participate.
FOREIGN TRADE:
-----------------
In the last twelve months it made specific imports from:
URUGUAY....................26.334.824
BELGIUM.................... 9.471.435
BRASIL..................... 5.121.191
OTHERS..................... 7.300.711
HABITUAL SUPPLIERS:
----------------------
ACEROS ZAPLA S.A.
ACINDAR S.A.
* 690 employees.
Industrial Plant:
-----------------
Avda. Los Olivos 4108, Tortuguitas, Buenos Aires (altura Ruta Panamericana
km.35,5, Ramal Pilarm Buenos Aires.
BANCO DE LA NACION ARGENTINA
STANDARD BANK
BANCO SANTANDER RIO
HSBC BANK ARGENTINA
CITIBANK
INSURANCE:
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ZURICH CIA.DE SEGUROS S.A.
ASOCIART S.A.
CREDIT RISK:
------------
JANUARY 2014
BANCO FRANCES........................18.284.900
CITIBANK..............................5.043.200
HSBC..................................1.300.000
SITUATION 1: NORMAL FULFILLMENT.
Until the present negative antecedents are not registered that can
injure the commercial concept of the company in review and it is determined
through the realized inquiries, that cancel the general obligations that assume
within the determined terms.
FULFILLMENT WITHOUT OBJECTIONS
We consider that the credit relation with this society is possible, within sums of current importance and habitual guarantees.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.