MIRA INFORM REPORT

 

 

Report Date :

02.10.2014

 

IDENTIFICATION DETAILS

 

Name :

KUDAM S.A.

 

 

Registered Office :

General Flores 2452, Montevideo

 

 

Country :

Uruguay

 

 

Date of Incorporation :

01.04.1976

 

 

Legal Form :

Joint-Stock Company

 

 

Line of Business :

Manufacture and sale of vinyl fabrics, used for upholstery and shoe industry.

 

 

No. of Employees :

36

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

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)

Uruguay

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

URUGUAY - ECONOMIC OVERVIEW

Uruguay has a free market economy characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. Following financial difficulties in the late 1990s and early 2000s, economic growth for Uruguay averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth reached 8.9% in 2010 but slowed in 2012-13, the result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Common Market of the South (Mercosur) counterparts, Argentina and Brazil. Uruguay has sought to expand trade within Mercosur and with non-Mercosur members. Uruguay's total merchandise trade with Mercosur since 2006 has increased by nearly 70% to more than $5 billion while its total trade with the world has almost doubled to roughly $23 billion in 2013.

Source : CIA

IDENTIFICATION

 

CORRECT COMPANY NAME

KUDAM S.A.

TRADE NAME

KUDAM

TAXPAYER REGISTRATION

RUT 210427250013

MAIN ADDRESS

General Flores 2452,

POSTAL CODE

c

DEPT/PROV/REGION/STATE

Montevideo

COUNTRY

URUGUAY

TELEPHONE

(5982) 22035841 - 22081007

CORPORATE E-MAIL

kudam.sa@gmail.com

WEB

www.kudam.com.uy

COMMENTS

 

Other email:

kudam@urunet.com.uy

genekrubin@yahoo.com

grubin@kudam.com.uy

 

Fax (5982) 22030576.

 

 

EXECUTIVE SUMMARY

 

Date of foundation

1976

permanent employees

36

Chief Executive

RUBIN, GENEK

Disposition

Poor. Very few information was given. Politely.

Financial Situation

SATISFACTORY

Payments policy

Usually to terms / good

Company Size

(ME) MID COMPANY

Number of times that this company was required: 2

 

REPUTATION

NOTHING AGAINST SUBJECT

 

 

LEGAL STRUCTURE

 

LEGAL STATUS

Joint-Stock Company

 

 

DATE OF INCORPORATION

01APR1976

 

 

PLACE OF REGISTRY

Montevideo

 

 

CURRENT EXCHANGE RATE (US$)

Ps$.24.63 per USADollar

 

 

COMMENTS

 

We were unable to find of legal incorporation, nor the amount of the share capital of the company.

 

The company ends its financial year on 31 March each year

 

 

DIRECTORS - EXECUTIVES – SHAREHOLDERS

 

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

RUBIN, GENEK

C.E.O.

50%

 

RUBIN, FIMA

Vice President

50%

 

RUBIN, ELENA

Human Resources Manager

 

 

GOLDWASSER, MARCELO

External Accountant

 

 

ZOLKWER, MAURICIO

Advisor / Consultant

 

 

 

 

 

WHO IS WHO?

 

RUBIN, GENEK

TITLE

C.E.O.

NATIONALITY

Uruguayan

D.O.B.

20JUL1942

ID

CI 9689318

CIVIL STATUS

Married

PROFESSION

Trader

BACKGROUND INFORMATION

He is referred to own a sole proprietorship, but we were unable to obtain further details.

 

 

 

 

RUBIN, FIMA

TITLE

Vice President

NATIONALITY

Uruguayan

D.O.B.

15OCT1945

ID

CI 10499877

 

 

 

 

RUBIN, ELENA

TITLE

Human Resources Manager

NATIONALITY

Uruguayan

 

 

GOLDWASSER, MARCELO

TITLE

External Accountant

NATIONALITY

Uruguayan

PROFESSION

Public Accountant

 

 

 

 

ZOLKWER, MAURICIO

TITLE

Advisor / Consultant

NATIONALITY

Uruguayan

 

 

BUSINESS HISTORY

 

Company beginnings date back to April 1, 1976, when the Fima and Guena Rubin brothers decided to start this venture dedicated to the manufacture, export, import and marketing of a wide range of articles related to the industry and home including: white lines, carpeting, curtains, upholstery fabrics, floating floors, vinyl, moquettes, couches and mattresses, among many other options. "

 

It is referred to be related by common shareholders with the firm EL GALO S.A.  engaged in the manufacture of mattresses and one of the main suppliers of KUDAM S.A.

 

 

 

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

 

COMPANY NAME

COUNTRY

TAX REG.

RELATION %

EL GALO S.A.

URUGUAY

 

Related

 

 

 

BUSINESS

 

SIC Classification
H - DECORACION- ACCESORIOS PARA EL HOGAR (Industria de la decoracion, cortinas, persianas, alfombras, Muebles para el hogar, Lamparas, adornos, )

Main activity

Manufacture and sale of vinyl fabrics, used for upholstery and shoe industry.

 

Trademarks: ALTENBURG, CANON, MANNES, MOHAWK, POLYMAX, SONY.

O P E R A T I O N S

Import

Yes

Country

Brazil, China, Sweden, Paraguay, Holland, India, Turkey, USA, U.K.

ANNUAL Imports In US$ (CIF)

YEAR

AMOUNT

2014

376,677.60

2013

514,875.82

2012

192,664.96

Export

No

% CASH SALES / METHOD

50%

% Credit SALES / Terms

50% Terms: 60 days

% DOMESTIC PURCHASES

70%

% FOREIGN PURCHASES

30%

SELLING TerritorY

Domestic market - 100%

EMPLOYEES

36

LOCATION

PREMISES

Rented

AREA

1,700 M2

OTHER PREMISES

Plant: Millan 2382/2366, Montevideo. Tel: 22009168.

Area: 1,600 M2 where vinyl fabric is produced.

 

Sales, Show Room and Warehouse: Mercaderes 949, Rio Branco. Tel: 29039198.

Area: 360 M2.

 

Warehouse: Dr. José L. Terra 2484/2476. Tel: 22097167.

Area 1,000 M2.

 

All buidings are owned by Genek Rubin

Comments

 

The company has a monthly supply capacity of approximately  30,000 linear metres  of fabric.

 

Pay a payroll of US$ 36,000. = Dollars.

 

Kudam, is entered in the register of suppliers of the Uruguayan state.

 

Before the Directorate General of Taxes in Uruguay, S.A. the company has Effective its Annual Certificate of Good Standing, issued on 12/08/2014, valid until 31/08/2015.

Contributor Type: CEDE.

 

IMPORTS

Includes the following periods:

2014: January-September.

2013: January to December.

2012: September-December.

 

 

 

FINANCIAL INFORMATION

 

Disposition

Poor. Very few information was given. Politely.

Interviewee(s)

Genek Rubín

Position(s)

President - General Manager - Shareholder

Information provided

He provided operational data and indicated that he will ask his accountant to send us the figures of their financial statements later on.

 

Some operating information was supplemented by publicly available third party sources, means by which it was not possible to get balance sheets or reference financial figures.

 

 

FINANCIAL SITUATION

A-: SATISFACTORY

Even though no Financial Statements were available, refer to us the Company has financial support of its owners. It is known that the Company operates without problems. It is reported good compliance with obligations.

 

 

 

 

 

INSURANCE

COMPANY

AGAINST

AMOUNT

EXPIRATION

RSA SEGURUS URUGUAY

All risk

Not specified

Annually

ROYAL & SUNALLIANCE

Theft and fire

US$3,360,000.=

Annually

Main fixed assets of the company (general detail)

 

The policies of theft and fire cover all real estate, installations, equipment, merchandise, etc. have been contracted with ROYAL SUN ALLIANCE:

Properties US$.860,000. =

Merchandise US$.2,500,000. =

 

 

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

 

(Confidential Information)

TRADE REFERENCES

Supplier: URUPEMA S.A.

Tel.: (5982)22884926-27

Country: URUGUAY

Goods/Services? : Plasticizers

 

 

Highest credit? : US$ 15,000.=

 

 

Client since? : 10+ yrs

Terms? : 30 days

Performance? : Prompt

Comments : Pay with own checks. Excellent customer. Very reliable.

Supplier: BEMAOR S.A.

Tel.: (5982)29155752

Country: URUGUAY

Goods/Services? : Fabric and customers

 

 

Highest credit? : US$ 10,000.=

 

 

Client since? : Sv.yrs.

Terms? : Not specified

Performance? : Prompt

Supplier: EME-VE S.R.L.

Tel.: 099644028

Country: URUGUAY

Goods/Services? : Felts, moquettes, vinyl, etc

 

 

Highest credit? : Open

 

 

Client since? : Beginnin

 

 

Comments : No credit limit. Monthly avg US$15,000. = Excellent client. Very relia

 

Note : Other suppliers did not provide information or could not be consulted

 

Supplier

Country

DESPACHANTE DE ADUANA EPP

URUGUAY

MOHAWK ALFOMBRAS

U.S.A.

ADJANI - PAPEL TRANSPER

UNITED KINGDOM

 


THE FOLLOWING INFORMATION IS REPORTED BY RISK INFORMATION CENTER

No adverse information was found against this Company in the sources consulted.

 

SUPERINTENDENCY OF BANK & INSURANCE (SBS)

 

Debt structure for bank. SBS Latest Consolidated Credit Report as of : 31/07/2014

 

Bank

Debt Rating
(*) See caption

Current Debt

DOMESTIC CURRENCY

FOREIGN CURRENCY

ITAU URUGUAY S.A.

2A

 

70,419.09

DISCOUNT BANK (LATIN AMERICA) S.

1C

 

157,151.91

LEUMI (LATIN MERICA) S.A.

0

 

184,439.08

Total

 

412,010.08

Guarantees

 

184,439.08

 

 

Comments :

At that date: NO COMPUTABLE GUARANTEES US$.1,256,578.99 TOTAL PROVISIONS US$ 2,798.85 SPERINTENDENCY OF FINANCIAL SERVICES - QUALIFICATIONS 1C Debtors with strong payment capacity, there is a high probability they will meet their obligations in a timely manner. 2A Debtors with adequate repayment capacity, have a moderate probability of meeting their obligations in a timely manner.

 

 

 

                                                                                                                                                                                  

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.75

UK Pound

1

Rs.100.06

Euro

1

Rs.77.95

 

INFORMATION DETAILS

 

Analysis Done by :

 SUB

 

 

Report Prepared by :

SDA

 

               

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.