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Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
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Name : |
RENOVA S.A. |
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Registered Office : |
Calle 14 nº 495, Avellaneda, Province of Santa Fe |
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Country : |
Argentina |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
17.03.2006 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Engaged in production of edible vegetable oils and refined vegetable fats |
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No of Employees : |
340 |
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
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Argentina |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
|
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 |
RENOVA S.A.
C.U.I.T. 30-70959089-4
COMPANY CREATED IN 2006. INITIATION OF ACTIVITIES. FIGURES
OF BALANCE SHEET AS 31/12/2013. NORMAL OPERATION. FIT FOR CREDITS OF MEDIUM IMPORTANCE,
CHORD WITH YOUR CURRENT ECONOMIC SITUATION.
Engaged in production of edible vegetable oils
and refined vegetable fats
LEGAL FORM:
PUBLIC
LIMITED COMPANY
CREATED: 17 MARCH 2006
REGISTERED R.P.C.: 9.10.2006
DURATION: 99 YEARS
END OF FISCAL YEAR: 31.12
Afip 856
sita en Senador Nicolas Habegger 754 de Reconquista, Province of Santa Fe.
Accountant: Melisa
Perez.
Legal address: Calle 14 nº 495, Avellaneda, Province of Santa Fe, Argentina.
Administratión: Paunero 280, Bahia Blanca, Province of Buenos Aires, Argentina.
Phone: (54-0291) 459.1296
E.Mail: vcardelli@omhsa.com.ar
mperez@omhsa.com.ar
URL : http://www.renova.com.ar/ (Under Construction)
PRESIDENT:
MATIAS DILORIO
V.PRESIDENT: SERGIO EDUARDO GANCBERG
DIRECTORS: DIEGO FERNANDO MEJUTO
SERGIO MANUEL NARDELLI
DANIEL NESTOR BUYATTI
GONZALO MARTIN SANTILLAN
DIRECTORE
ALTERNATES: DANIEL NESTOR PAJARO
ALCIDES JOSE ZORRAQUIN
OSVALDO LUIS BOSCHI
MAXIMO JAVIER PADOAN
JORGE ALBERTO MONTINI
CARLOS ENRICO THOMAS
Using of signature: President and V.President.
CAPITAL SUBSCRIBED
AND INTEGRATED:$ 903.000.000
COMPANIES CONTROLLING IN FORM JOINTLY:
--------------------------------------
OLEAGINOSA MORENO HERMANOS S.A.C.I.F.I. Y A
MAIPI 812 PISO 1 DPTO F. CIUDAD DE BUENOS AIRES
FABRICA DE ACEITES VEGETALES
PARTICIPATION IN EQUITY AND VOTES.........18.07%
VICENTIN S.A.I.C.
CALLE 14 NRO. 495 PISO 2 DE AVELLANEDA, PROVINCIA DE SANTA FE
FABRICA DE ACEITES VEGETALES Y SUBPRODUCTOS OLEAGINOSOS
PARTICIPATION IN EQUITY AND VOTES..........33.33 %
MOLINOS RIO DE LA PLATA S.A.
OSVALDO CRUZ 3350 DE CIUDAD DE BUENOS AIRES
INDUSTRIALIZACION Y COMERCIALIZACION DE PRODUCTOS ALIMENTICIOS
PARTICIPATION IN EQUITY AND VOTES...........33,33 %
The activities referred to were initiated and implemented by
this society, which is governed by legal clauses above.
Was formed by instrument dated March 17, 2006, I being integrated as partners
by VICENTIN S.A.I.C. and OLEAGINOSA MORENO HNOS S.A.
Its main objective the production of edible vegetable oils and refined vegetable fats.
Before has legal address in Luis Saenz Peña 1074 piso 1
Buenos Aires City.
The headline in
the year 2012 date change closing balance of 31.10 to 31.12.
Balance sheets as 2010 and 2011:
31/10/2010 31/10/2011
------------ ------------
Disp. Inv. Créd y otros 134.443.945 243.442.344
Inventories 14.283.259
23.057.672
Assets current 148.727.204
266.500.016
Assets non current 285.495.291 1.154.868.911
Total Assets 434.222.495
1.421.368.927
============ =============
Debts
92.665.904 49.072.135
Rem. y cargas soc. 902.731
2.208.223
Liabilities current 93.568.635
51.280.358
Liabilities non current 157.058 550.837.058
Net worth
340.496.802 819.251.511
============ ============
Total Liabilities 434.222.495 1.421.368.927
============ =============
Net sales
723.514.298 737.420.246
Cost of sales -593.724.183
-598.026.236
Gross profit 129.790.115
139.394.010
Gastos Com. -49.377.717
-76.852.717
Gastos Adm. -9.205.175
-16.849.376
SubTotal
71.207.223 45.691.917
=========== ============
Otros Ingr. y Egresos -33.137.938 -28.223.278
Final result 38.069.285
17.468.639
=========== ===========
Then
we detail the Balance figures to 31/12/2013 ( in thousands of Argentine pesos)
We note that in 2013 the company continued with the construction of a port and
a soybean processing plant with an annual capacity of office and grinding to
6,600,000 tons included an electricity generation plant of 30 MW as also other
related assets and related services to the resort.
The plant began operations in the second quarter of 2013. -
As a result of the expenditure of funds made ??for construction of the project
and bank loans in foreign currency that the company has held for the financing
of the same society presents to 31.12.2013 current liabilities greater than
current assets , accumulation of tax credits and significant financial losses
due to exposure to exchange rate vaciaciones . -
We are able to report that the headquarters of the company prepare a business
plan , which is already implemented, in order to obtain positive results in
future periods to enable them to recover entirely tax credits and generate cash
flows that are permit cancel in time and existing liabilities.
Additionally, the Company has entered into an agreement ( Sponsor Suppor and
Share Retention Agreement) under which its parent companies jointly OLEAGINOSA
MORENO BROTHERS SA And VICENTIN SA As so too MILLS RIO DE LA PLATA sponors in
his capacity where they are forced to contribute to society sufficient funds
for the attainment of the project or for the cancellation of the obligations
under the credit facilities agreement concluded with the Andean Development
Corporation CAF to prevent any breach of these obligations by a company .
2013 The financial statements are presented in thousands of Argentine pesos.
Balance Sheet
Balance Sheet/s 31/12/2013
Total Assets $ 2.749.142,00
Current Assets $ 234.932,00
Banks $ 9.547,00
Accounts Receivables $ 64.307,00
Inventory $ 84.413,00
Fixed Assets $ 2.264.051,00
Non-Current Assets $ 2.514.210,00
Investments $ 0,00
Total Liabilities $ 1.770.269,00
Current Liabilities $ 964.873,00
Non-Current Liabilities $ 805.396,00
StockHolders Equity $ 978.873,00
Net Sales $ 2.736.527,00
Cost of Good Sold $ 2.528.776,00
Gross Result $ 207.751,00
Administrative Expenses $ 30.657,00
Selling Expenses $ 78.438,00
Financial Income $ 26.060,00
Other Expenses $ -327.337,00
Final Result $ -254.741,00
Balance Sheet Analysis
Indexes 31/12/2013
Current Ratio 24,35 %
Quick Ratio 15,60 %
Short Term Indebtedness 98,57 %
Debt to Equity Ratio 180,85 %
Long Term Assets to Total Assets 91,45 %
Fixed Assets to Equity 231,29 %
Total Assets to Total Liabilities 155,30 %
Debt Ratio 64,39 %
Equity Ratio 35,61 %
Investments to Assets Ratio 3,07 %
Current Investment 8,55 %
Stocks Aging Days 12,18 días
Day Sales 8,58 días
Trade Debtors To Assets 2,34 %
Total Assets Turnover 99,54 %
Net Worth Aging 279,56 %
Fixed Assets Aging 120,87 %
Gross Profit 92,41 %
Financial Expenses on Sales Ratio 0,95 %
Commercial Exp. on Sales Ratio 2,87 %
Administrative Exp. on Sales Ratio 1,12 %
REAL ESTATE:
------------
- Calle 11 y Scapillatti, San Lorenzo, Santa Fe, Industrial Plant.
- The propierty of Paunero 280, Bahia Blanca, if the Oleaginosa Moreno Hnos
S.A.
ALGODONERA AVELLANEDA
S.A.
BUYANMOR S.A.
CHAMICAL S.A.
MAGARI SAN LUIS S.A.
OLEAGINOSA CATAMARCA S.A.
AEROVIC S.A..
SIR COTTON S.A.
GIN COTTON S.A.
RIO NORTE S.A.
OLEAGINOSA SAN LORENZO S.A.
BASF ARGENTINA
S.A.
YPF S.A.
Payments: 30,60 and 90 days
Credits: $ 20.000.000
Concept: Normal
Its purpose is the
production of edible oils & refined vegetable fats.
It is supported by good infrastructure represented by its central operational
headquarters and production plant in San Lorenzo, Santa Fe.
FOREIGN TRADE:
---------------------
With its production serves the local market and exported to America and
European countries.
Imported from Italy, Usa,
Netherlands and others.
They cover the whole country.
The last 12 monthly import by u$s
1.753.053 from the following countries:
ITALIA........................U$S 804.977
ESTADOS UNIDOS................U$S 528.267
PAISES BAJOS..................U$S 408.733
OTROS.........................U$S 11.076
LOCALS SUPPLIERS:
-----------------
BASF ARGENTINA S.A.
YPF S.A.
* 340 employees
Plant of
production: Calle 11 y Scapillatti, San Lorenzo, Province of Santa Fe.
ADVERTENCIA: Si en
este registro no apareciera un Nro. de Doc. o CUIT, debe tomarse como una
simple referencia a verificar en el expediente para descartar la existencia de
personas con igual apellido y nombre/s o empresas con igual razon social.
· 25/03/2010 - EJECUTIVO JUZG 03 SEC 06 - HSBC
BANK ARGENTINA S.A.
> BANCO DE LA
NACION ARGENTINA
> BANCO DE LA PROVINCIA DE BUENOS AIRES
> HSBC BANK ARGENTINA
> SANTANDER RIO
> CITIBANK
INSURANCE:
----------
PREVENCION S.A.
CREDIT RICK MARCH OF 2014 IN $ ARGENTINOS
------------------------------------------
HSBC........................................187.557.000
BANCO PROVINCIA DE BUENOS AIRES.............161.144.100
CITIBANK.................................... 3.800
SITUATION
1: NORMAL
With date 24/10/2013 Join the bounced check totaling $ 9,760.81 to pay the fine
25.10.2013.-Possibly to a mistake of the head that does not greatly affect its
concept.
This society not
registered negative antecedents that may affect your business concept and
determined through inquiries made??, properly serving the general commitments
assumed.
* NOT OBJECTIONS.
Once more is
accessible treatment for new credit.
Amounts MUST be
consistent with the figures that is expose of his Balance sheet 2013.
With precise guarantees and monitor its evolution.
* SUITABLE FOR NEW CREDITS.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.06 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.88.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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 |
|
-- |
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.