MIRA INFORM REPORT

 

 

Report Date :

27.09.2014

 

IDENTIFICATION DETAILS

 

Name :

PROQUIMUR S.A

 

 

Registered Office :

Ruta 5 Brigadier Gral. Fructuoso Rivera Km 35.500, Canelones

 

 

Country :

Uruguay

 

 

Financials (as on) :

30.06.2010

 

 

Date of Incorporation :

09.12.1981

 

 

Legal Form :

Joint-Stock Company

 

 

Line of Business :

 
Manufacture, distribution and trading of phytosanitary products for farming under 3 categories: Herbicides, fungicides, insecticides.

Technical assistance service

 

 

No. of Employees :

70

 

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 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

PROQUIMUR S.A

TRADE NAME

PRODUCTOS QUIMICOS URUGUAYOS

TAXPAYER REGISTRATION

RUT 211219720019

MAIN ADDRESS

Ruta 5 Brigadier Gral. Fructuoso Rivera Km 35.500

DEPT/PROV/REGION/STATE

Canelones

COUNTRY

URUGUAY

TELEPHONE

(598) 335 8348/9 - 3359662

CORPORATE E-MAIL

eperez@proquimur.com.uy

WEB

www.proquimur.com.uy

NOTE

 

THE ADDRESS ON YOUR ORDER IS A PREVIOUS ADDRESS, THE CURRENT ADDRESS IS AS INDICATED IN OUR REPORT.

 

EXECUTIVE SUMMARY

Date of foundation

1981

Capital stock

Ps$25,037,953.= Pesos

Shareholders' equity

42,127,128.00 Pesos (30JUN2010)

Annual revenues

US$ 6,615,300.34 Pesos (30JUN2010)

Profits (loss) Net

17,795,963.00 Pesos (30JUN2010)

permanent employees

70

Chief Executive

REYES BORZONE, ROBERTO FEDERICO

Disposition

Very few information was given. Politely.

Financial Situation

SATISFACTORY

Payments policy

Usually to terms / good

Credit (**)

Risk is Minimal, Solvent, Satisfactory Financial Situation.

 

 

 

REPUTATION

 

NOTHING AGAINST SUBJECT

 

 

LEGAL STRUCTURE

 

 

LEGAL STATUS

Joint-Stock Company

 

 

DATE OF INCORPORATION

09DEC1981

 

 

PLACE OF REGISTRY

Montevideo

 

 

CURRENT PAID-IN CAPITAL

Ps$25,037,953.= Pesos

 

 

SHAREHOLDERS EQUITY

42,127,128.00 Pesos (30JUN2010)

 

 

CURRENT EXCHANGE RATE (US$)

Ps$23.92 per 1 USD

 

 

MEMBERSHIP

ASOCIACIÓN DE INDUSTRIAS QUÍMICAS DEL URUGUAY - ASIQUR

 

 

COMMENTS

 

 
Subject's fiscal year ends in June every year. It used to end in December.
 
It was constituted as PRODUCTOS QUIMICOS URUGUAYOS LTDA. Later changed to the current one.

 

DIRECTORS - EXECUTIVES – SHAREHOLDERS

 

 

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

REYES BORZONE, ROBERTO FEDERICO

General Manager

33.33%

 

BAZZINO, ALVARO GUSTAVO

Plant Manager

33.33%

 

PEREZ, EDUARDO

General Accountant

 

 

PANIZZA TORRENS, JORGE

Partner

33.33%

 

PANIZZA, JORGE JR.

Admin. & Finance Manager

 

 

VALSANGIACOMO, ENRIQUE

External accountant

 

 

 

 

WHO IS WHO?

 

 

REYES BORZONE, ROBERTO FEDERICO

TITLE

General Manager

NATIONALITY

Uruguayan

D.O.B.

1941

CIVIL STATUS

Married

DOMICILE

Estomba Ramon 3659 , Montevideo

TELEPHONE

3363014

PROFESSION

Public accountant

 

 

 

 

BAZZINO, ALVARO GUSTAVO

TITLE

Plant Manager

NATIONALITY

Uruguayan

PROFESSION

Agronomist

 

 

 

 

PANIZZA TORRENS, JORGE

TITLE

Partner

NATIONALITY

Uruguayan

D.O.B.

March 16, 1945

ID

CI 7899363

DOMICILE

Miguel Barreiro 3131 , Montevideo

PROFESSION

Engineer

 

 

 

 

 

 

BUSINESS HISTORY

 

Subject Company is not related to other companies.

 

 

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

 

COMPANY NAME

COUNTRY

TAX REG.

RELATION %

ZORBIN S.A.

URUGUAY

(AC) 211445980018

 

 

 

BUSINESS

 

 

Main activity

 
Manufacture, distribution and trading of phytosanitary products for farming under 3 categories: Herbicides, fungicides, insecticides.
Technical assistance service.
 
Brands sold by Subject: "ABRIL 50", "VINCIT 5 FN", "METAXIL 35 SC", "AZOLE 5 S.C.", "CIMBRA", "FENOPIR", "RONDA", "ANTI", "LAMPO", "ACELAN 20", "EQUS D", "ANA 900 FN".

O P E R A T I O N S

Import

Yes

Country

(From China, India, Denmark, USA and Argentina)

ANNUAL Imports In US$ (CIF)

YEAR

AMOUNT

2014

10,066,126.44

2013

11,313,439.94

2012

3,055,420.39

Export

Yes

COUNTRY

Bolivia, Argentina, Venezuela

Annual exports in US$ (FOB)

YEAR

AMOUNT

2014

1,031,040.89

2013

1,390,564.91

2012

255,448.03

% CASH SALES / METHOD

20%

% Credit SALES / Terms

80% (Terms: 30-90 days)

% Ventas exterior (Paises)

10%

% DOMESTIC PURCHASES

30%

% FOREIGN PURCHASES

70%

SELLING TerritorY

Domestic market.

EMPLOYEES

70

LOCATION

PREMISES

Own Settled

OTHER PREMISES

 
INDUSTRIAL PLANT: 
Ruta 5 km 35,3 Joanico - Canelones. Phone: 598-3359662 / 3359775. 
Owned premises. Built area: 2,283 m2.

PREVIOUS ADDRESS

Concepción Arenal 1795

Comments

 

 
Its main clients are ABELUX S.A. (exporting company) and farmers.

 

 

FINANCIAL INFORMATION

 

 

Disposition

Very few information was given. Politely.

Interviewee(s)

Jorge Paniza

Position(s)

Administration and Finance Manager

Information provided

 
Who only provided operational data.
 
For reference provided the Balance Sheet as of 30/06/2010 (12 months), expressed in Pesos.

 

BALANCE SHEET

Balance sheet date

30JUN2010

 

 

 

Type of balance sheet

Annual

 

 

 

Period

12 months

 

 

 

Currency

Pesos

 

 

 

Exchange rate per US$

20.46

 

 

 

A S S E T S

 

 

 

 

Current Assetsd

86,943,230.00

 

 

 

Fixed

20,866,414.00

 

 

 

Total Assets

107,809,644.00

 

 

 

L I A B I L I T I E S

 

 

 

 

Current liabilities

49,837,266.00

 

 

 

Long term

15,845,250.00

 

 

 

TOTAL LIABILITIES

65,682,516.00

 

 

 

S H A R E H O L D E R S'  E Q U I T Y

 

 

 

 

Total shareholders equity

42,127,128.00

 

 

 

Total Liab. / Sh. equity

107,809,644.00

 

 

 

Sales

135,349,045.00

 

 

 

Profit (Loss) Net

17,795,963.00

 

 

 

 

R A T I O

 

Liquidity ratio

1.74

Current assets / Current liabilities

Debt-to-equity ratio

84.53 %

(Shareholders' equity / Current liabilities %)

Profitability margin

13.15 %

(Profits / Sales %)

Working capital

37,105,964.00

(Current assets - Current liabilities)

FINANCIAL SITUATION

 
SATISFACTORY
We must indicate that in commercial means it is well referenced.

 

 

 

 

 

INSURANCE

COMPANY

AGAINST

BANCO DE SEGUROS DEL ESTADO

All-risk

 

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

 

 (Confidential Information)

TRADE REFERENCES

Supplier: TRANSVIAL LTDA.

Tel.: 4335 9036

Country: URUGUAY

Goods/Services? : building material

 

 

Highest credit? : Not specified

 

 

Client since? : sv.years

Terms? : 30 days

Performance? : Prompt

Supplier: LUIS EDUARDO VIDELA DESPACHANTE DE ADUANA

Tel.: 5982 9170306

Country: URUGUAY

Goods/Services? : Customs service

 

 

Highest credit? : Not specified

 

 

Client since? : Old

Terms? : Check: 30, 45 days

Performance? : Prompt

Comments : Excellent client

Supplier: QUIMICA ORIENTAL S.A.

Tel.: 5982 2150627

Country: URUGUAY

Goods/Services? : Chemical products

 

 

Highest credit? : US$ 60,000.=

 

 

Client since? : 2005

Terms? : 60-day check

Performance? : Prompt

Supplier: TUKAPEL S.A

Tel.: 5982 5070434

Country: URUGUAY

Goods/Services? : drums and containers

 

 

Highest credit? : US$ 130,000.=

 

 

Client since? : sv.years

 

Performance? : Prompt

 

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

 

Supplier

Country

URUKOR S.A.

URUGUAY

WILLIAMS & CIA. PRODUCTOS QUIMICOS S.A.

URUGUAY

CHEMINOVA A/S

DENMARK

ZHEJIANG E-TONG CHEMICAL CO.,LTD

CHINA

 


CREDIT BUREAU COMMENTS

No adverse on protested drafts, checks and/or promissory notes have been found.

 

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

BANCO BILBAO VIZCAYA

1C

15,557.60

147,490.10

HSBC BANK

1C

12,122.00

481,595.50

BCO DE LA REPUBLICA ORIENTAL

1C

 

232,690.82

BANCO ITAU URUGUAY

N/C

 

12,000.00

Total

27,679.60

873,776.42

Guarantees

 

295,000.00

 

 

Comments :

Ratings: 1C Debtors with strong payment capacity, they have high probability they will meet their obligations in a timely manner. Rating N / A Guarantees Not Calculated, cover specific transactions.

LAWSUITS : 

No lawsuits have been filed against this company.

 

 

 

GENERAL INFORMATION

 

 

Explanation about commercial reputation

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.57

UK Pound

1

Rs.100.42

Euro

1

Rs.78.44

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.