MIRA INFORM REPORT

 

 

Report Date :

06.11.2014

 

IDENTIFICATION DETAILS

 

Name :

FILMTEX ARGENTINA SA

 

 

Registered Office :

Luis Maria Drago 5770 San Martin  1650-Buenos Aires

 

 

Country :

Argentina

 

 

Date of Incorporation :

24.10.2006

 

 

Legal Form :

Sociedad Anónima

 

 

Line of Business :

This company is engaged in the Manufacture PVC Products.

 

 

No of Employees :

12

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Maximum Credit Limit :

USD 20 000

Status :

Moderate

Payment Behaviour :

Slow but correct

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Argentina

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 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

 

 

STATUTORY

Legal Name:

FILMTEX ARGENTINA SA

Trade Name:

FILMTEX

CUIT:

30-70990341-8

Date Created:

1976

Date Incorporated:

October 24, 2006

Legal Address:

Luis Maria Drago 5770 San Martin  1650-Buenos Aires

Operative Address:

Carlos Maria de Alvear 1055 Florida - Vicente Lopez - 1602
Buenos Aires

Telephone:

011 4724-2565

Fax:

011 4724-2565

Legal Form:

Sociedad Anónima

Email:

info@filmtex.com.ar

Registered in:

AGENCIA NRO 15 CALLE 83 (YAPEYU) N° 2079 1650 BUENOS AIRES

Website:

www.filmtex.com

Manager:

Jorge Mario Salazar

Staff:

12

Activity:

This company is engaged in the manufacture PVC products.

SIC Codes:

2671 2673

NAICS Codes:

326111 326112

BANKS

According to Argentinian Central Bank, the company maintains credit lines with the following banks:

BANK

AMOUNT IN AR$

BANCO DE GALICIA Y BUENOS AIRES S.A.

1 000

According to the classification of banking relations of Argentina, the company operates with the following level: 1.

This is the highest classification in the system. It means that the company/person is fulfilling correctly its current Credit obligations. This is therefore positive information that will enable the granting of any line of credit.

There are no rejected checks for the company.

HISTORY

The company was incorporated in Argentina in 2006.

The company is a Subsidiary of FILMTEX S.A.S Colombia.
In 1986 Filmtex achieved a strategic alliance with Plastiquímica SA.

MAIN ACTIVITY

Filmtex Cordilleraproducts by offering local supply calendered packaging material for the pharmaceutical industry. It is an importer of fabrics and PVC plastic products from its plants in Colombia and Venezuela, for an unlimited number of applications ranging markets such as laboratories, overall packaging, visual communication, marine upholstery, automotive upholstery, residential upholstery, veneers for furniture, industrial clothing, shoes and more. The company markets calendered material for pharmaceutical use.

Products/Services:

Film PVC
PVC/PVdC
PVC/ACLAR
Alu/Alu

Trademarks:

Filmtex
Tecnoflex
Permaflex
Madefilm

Sales:

Wholesale

Clients:

Pahrmaceutical and Food Industries

Competitors:

Materiales Plastico en Buenos Aires
Lonas Plasticas en Buenos Aires
P V C Film en Buenos Aires

Suppliers

PLASTIQUIMICA S A.S
Colombia

FILMTEX S .A S.
Colombia

Operations Area:

National

The company  imports from

Colombia, Venezuela

The company does not export

The company employs

12 employees

Payments:

Regular-on a 35 day basis-monitored over the last 6 months

LOCATION

Headquarters  :

Carlos Maria de Alvear 1055 Florida - Vicente Lopez - 1602
Buenos Aires

Branches:

The company does not have branches

Business Industry:

Companies in this industry manufacture plastic bags and bottles, plastic film and sheets, plastic pipe and foams, rubber hoses, and tires.

The profitability of individual companies depends on product mix and production efficiency. Large companies have economies of scale in buying raw materials and in manufacturing commodity products such as bottles and plastic film. Small companies can compete effectively by specializing.

Major products include plastic bags and bottles, plastic film and sheets, plastic pipe and foams, rubber hoses, and tires. Plastic products account for about 80 percent of industry revenue.

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

Listed at the stock exchange:

NO

Capital:

AR$ 4 500 000

Shareholders %:

This is a private company. It is a subsidiary of:

FILMTEX S.A.S. (owned by GRUPO SANFORD)
Cra.73 No. 62D-81 Sur
Bogotá | Colombia
Tel: +571 644 9844 Ext. 15020
Línea gratuita:  01 8000 916464
Email: ventas@filmtex.com
Web: http://www.filmtex.com

Management:

President, Jose Alarcon Fernando Arbelaez Santander
Alternate Director, Julio Drago Ivanko General Manager, Jorge Mario Salazar

Related Companies:

Filmtex has alliances in Ecuador, Chile, Venezuela, Costa Rica, Guatemala and the United States.

FINANCIAL INFORMATION

This is a private company that does not make its financial statements publish. The following information has been provided by our outside sources.

Currency

USD

Year

2013

Revenue:

3 000 000

Bank Liabilities:

0

Cash Flow:

Good

Parent Company:

USD

Filmtex S.A.S. Colombia

 

Revenue:

40 500 000

Net Income:

(1 019 000)

Total Equity:

45 950 000

LEGAL FILINGS

There are no legal/crimminal connected to the company.

 

 

SUMMARY

Filmtex S.A. is an Argentinian company with 8 years of experience in the market.


It is a subsidiary of Filmtex S.A.S from Colombia and specializes in the manufacture and commerce of PVC Products.

It mainly imports from Colombia and has a small sized structure.

The company is active and there are no negative - Its banking debts are almost nil.

 

However, its parent company's financial figures shows that the company9s income is negative.


We recommend a low credit line and monitoring

RISK INFORMATION

Since July 30th, Argentina entered into a Selective Default. The
country failed to accomplish payment to the holdouts but
continues to meet other payment obligations.
The country is not following the considerations made by the US
Supreme Court to pay the holdouts of its debt restructuration
process (2005 and 2010). The parts had the opportunity to
settle an agreement with the help of a facilitator appointed by
the NY Count in which the case was handled in the first place.
The period of grace began in June 30th, and was accomplished
in July 30th, with no positive results. The country expects to
achieve an agreement with the holdouts after December 2014.
That is when the RUFO clause is expired.
The expiration of Rights Upon Future Offers (RUFO) will exclude
the bondholders from the preceding restructuring processes
(2005-2010), from claiming a better agreement, should the
country had accomplished with the holdouts.
Restriction systems for the purchase of foreign currency and
restrainement of international trade. Inflation. Possible
economic recession for the second half of the year.

DEBTS

Controlled. Good payment behaviour-Total Banking debt of AR$ 68416,1.

PAYMENTS

Slow but correct

CASH FLOW

Normal

SUGGESTED CREDIT LINE

USD 20 000

ENTERVIEW

NAME

NA

POSITION

Receptionist

COMMENTS

She confirmed address and manager. She transferred our call to the manager's but he refused to receive our call.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.41

UK Pound

1

Rs.98.06

Euro

1

Rs.76.67

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.