MIRA INFORM REPORT

 

 

Report Date :

22.09.2014              

 

IDENTIFICATION DETAILS

 

Name :

OLIVA GARDEN S.A.

 

 

Registered Office :

CNO. TTE. Galeano 3591, Montevideo

 

 

Country :

Uruguay

 

 

Date of Incorporation :

2012

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture of burlap sacks and polypropylene woven sacks.

 

 

No. of Employees :

30

 

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 :

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Uruguay

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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

OLIVA GARDEN S.A.

TAXPAYER REGISTRATION

RUT 216905830015

MAIN ADDRESS

Cno. Tte. Galeano 3591

DEPT/PROV/REGION/STATE

Montevideo / Montevideo

COUNTRY

URUGUAY

TELEPHONE

(5982) 5148154

CORPORATE E-MAIL

cristina@olivagarde.com.uy

COMMENTS

 

 
Other phone number: 095433233

 

 

EXECUTIVE SUMMARY

 

Date of foundation

2012

permanent employees

30

Chief Executive

CHOPRA, MANISH

Disposition

FAIR

Credit (**)

MODERATE RISK. (Acceptable financial situation but limited).

 

LEGAL STRUCTURE

 

 

LEGAL STATUS

Joint-Stock Company

 

 

DATE OF INCORPORATION

22JUN2012

STARTING DATE

03/2013

NOTARY OFFICE

 

DURATION

100 years

CURRENT EXCHANGE RATE (US$)

Ps$24.33 per USA Dollar

 

 

MEMBERSHIP

Chamber of Industry of Uruguay

 

 

COMMENTS

 

 
We were able to verify that with the Directorate General of Taxes in Uruguay, OLIVA GARDEN S.A., has its Certificate of Annual Good Standing Enabled, issued on 28/11/2013 due on 31/12/2014. Type of contributor: NOCEDE.
 
The company ends its financial year on 30 November .

 

 

DIRECTORS - EXECUTIVES – SHAREHOLDERS

 

 

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

CHOPRA, MANISH

General Director

 

 

ROMA, CRISTINA

Administrative Manager

 

 

FROMEL, ANDRES

External Accountant

 

 

CHAMPALAY GROUP

Majority Shareholder (Parent Company)

100%

 

 

 

 

WHO IS WHO?

 

 

CHOPRA, MANISH

TITLE

General Director

NATIONALITY

Indian

 

 

 

 

ROMA, CRISTINA

TITLE

Administrative Manager

NATIONALITY

Uruguayan

 

 

 

 

FROMEL, ANDRES

TITLE

External Accountant

NATIONALITY

Uruguayan

 

 

 

 

 

 

BUSINESS

 

 

SIC Classification
T - PROD. QUIMICOS- PLASTICOS- VETERINARIOS-AGROQUIMICOS (Industria quimica en general, Produccion y comercializacion de plasticos y derivados, Veterinarios y agroquímicos, Reactivos)

Main activity

 
Manufacture of burlap sacks and polypropylene woven sacks.

O P E R A T I O N S

Import

Yes

Country

India, Taiwan, China

ANNUAL Imports In US$ (CIF)

YEAR

AMOUNT

2014

574,353.41

2013

847,739.19

Export

No

% Credit SALES / Terms

100% Terms: 30 days

% DOMESTIC PURCHASES

02%

% FOREIGN PURCHASES

98%

SELLING TerritorY

100% National Market

EMPLOYEES

30

LOCATION

PREMISES

Rented

AREA

1,500 M2

OTHER PREMISES

 
The above noted address corresponds to the Fiscal Address, Administration, Sales, Warehouse and Manufacturing Plant.

 

 

FINANCIAL INFORMATION

 

 

Disposition

Very few information was given. Politely.

Interviewee(s)

Cristina Roma

Position(s)

Administrative Manager

Information provided

 
The person interviewed at the company stated that although the date of incorporation of the company was in 2012 really began activities in FEBRUARY 2013 , issuing its first bill in March 2013, also told us that submitted all documentation and were approved the investment project for factory installation in order to take advantage of tax exemptions, which the country facilitates in these endeavors. She said she would consult with Accountant Andrés Fromel (External Accountant) to see if it is possible to provide the financial statements. 
 
Simultaneously, we consulted various sources of external consultation, achieving to complement this report.

 

 

SALES

US$ 0.00 ()

FINANCIAL SITUATION

 
FAIR
Despite having no financial statements available, we could learn that this is a young company, small in scale. So far no problems recorded in their development.

 

 

 

 

 

INSURANCE

COMPANY

AGAINST

BANCO DE SEGUROS DEL ESTADO

Fire and Theft

Main fixed assets of the company (general detail)

 

 
Theft and fire insurance covers the plant, machinery, equipment, merchandise, etc. They also have compulsory insurance that covers work accidents .

 

 

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

 

 (Confidential Information)

TRADE REFERENCES

Supplier: STRONG S.A.

Tel.: (5982) 2111010

Country: URUGUAY

Goods/Services? : Polyethylene

 

 

Highest credit? : US$ 54,000.=

 

 

Client since? : 2012

Terms? : Not specified

Performance? : Prompt

Comments : In 2013 made purchases of US$.56,000 And so far this year US$54,000

Supplier: TASHIRO Y TAKATA S.R.L. - PACIFIL S.A.

Tel.: (5982) 3123106

Country: URUGUAY

Goods/Services? : Nylon bags

 

 

Highest credit? : US$ 5,000.=

 

 

Client since? : 06/2014

Terms? : Not specified

Performance? : Prompt

Comments : The said amount is the monthly average.Deposited in their bank account

Supplier: GOLDEN TREE PLASTIC URUGUAY S.A.

Tel.: (5982) 5113504

Country: URUGUAY

Goods/Services? : Rental of premises

 

 

Highest credit? : US$ 4,000.=

 

 

Client since? : n/a

Terms? : 30 days

Performance? : Prompt

Comments : Said amount is monthly rent.Always pay before the 10th of each month.

Supplier: SECURITAS

Tel.: (5982) 8480000

Country: URUGUAY

Goods/Services? : Physical surveillance service

 

 

Highest credit? : US$ 2,500.=

 

 

Client since? : 2013

Terms? : 15 days

Performance? : Prompt

Comments : The said amount is the monthly average.

Supplier: HERMIDA Y CIA. S.R.L. DESPACHANTE DE ADUANA

Tel.: (5982) 9156969

Country: URUGUAY

Goods/Services? : Customs service

 

 

Highest credit? : Not specified

 

 

Client since? : 2012

Terms? : 30 days

Performance? : Prompt

Comments : Advances made and then adjusted to 30 days, pay with own checks. Good

 

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

 

Supplier

Country

PLASTENE LTDA.

INDIA

 


CREDIT BUREAU COMMENTS

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

NUEVO BANCO COMERICAL S.A.

1C

 

887.26

Total

 

887.26

 

 

Comments :

Debtors with strong payment capacity and highly likely to meet their payment obligations in due time and agreed conditions. Positive results have been reported in the last 3 years and concerning their ability to pay , is assessed would remain very good even with major changes in macroeconomic conditions. Structured credit operations can be included with good prospects for recovery.

BANKERS : 

NUEVO BANCO COMERCIAL S.A.
 
The current rigid system of banking secrecy in Uruguay prohibits financial institutions to disseminate information on the operations of their customers.

 

 

 

 

GENERAL INFORMATION

 

 

Explanation about commercial reputation

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.80

UK Pound

1

Rs.100.06

Euro

1

Rs.78.46

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

PDT

 

               

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.