MIRA INFORM REPORT

 

 

Report No. :

337286

Report Date :

21.08.2015

 

IDENTIFICATION DETAILS

 

Name :

DAK AMERICAS ARGENTINA S.A.

 

 

Registered Office :

Libertador Del Av. 767 Piso:4, Vicente Lopez , 1638-Buenos Aires

 

 

Country :

Argentina

 

 

Date of Incorporation :

10.09.2007

 

 

Legal Form :

Sociedad Anónima

 

 

Line of Business :

Manufacturer of Plastic & Rubber Product

 

 

No. of Employees :

190

 

 

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 :

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Argentina

C1

C1

 

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. In October 2013, the government settled long-standing international arbitral disputes dating back to before and following the 2001 Argentine financial crisis. During 2014, the government continued with expansionary fiscal and monetary policies and foreign exchange and imports controls. Between 2011 and 2013, Central Bank foreign reserves had dropped $21.3 billion from a high of $52.7 billion. In July 2014, Argentina and China agreed on an $11 billion currency swap; the Argentine Central Bank has received the equivalent of $3.2 billion in Chinese yuan, which it counts as international reserves.

 

In 2014, the government also took some 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 agreeing to pay $9.7 billion in arrears to the Paris Club over five years, including $606 million owed to the United States. In July 2014, Argentina made its first payment to Paris Club creditors since the country’s 2001 financial crisis. At the same time, the Argentine government in July 2014 entered a technical default on its external debt after it failed to reach an agreement with holdout creditors in the US. The government’s delay in reaching a settlement and the continuation of interventionist and populist policies are contributing to high inflation and a prolonged recession, according to private analysts.

 

Source : CIA

 

 

 

Company Name and address

 

 

 

Order:

DAK AMERICAS ARGENTINA S.A.

Address in the order:

A V DEL LIBERTADOR 498 PISCO 21 (C1001ABR)  BUENOS AIRES
ARGENTINA

Legal Name:

DAK AMERICAS ARGENTINA S.A.

Trade Name:

DAK AMERICAS ARGENTINA

CUIT:

30-71026521-2

Date Created:

2007

Date Incorporated:

10/09/2007

Legal Address:

LIBERTADOR DEL AV. 767 Piso:4
VICENTE LOPEZ
1638-BUENOS AIRES

Operative Address:

Avenida De Libertador 498
Piso 21
Buenos Aires,  1001
Argentina

Telephone:

54 80 0333 7836

Fax:

54 11 4515 3810

Legal Form:

SOCIEDAD ANÓNIMA

Email:

atencionacliente@dakamericas.com.ar

Registered in:

AGENCIA EXPORTADORES
SAN MARTIN N° 444
1004 CIUDAD AUTONOMA BUENOS AIRES

Website:

www.dakamericas.com.ar

Contact:

HéCtor Romualdo Camberos, President

Staff:

190

Activity:

Plastic & Rubber Product Manufacturing

 

 

 

 

BANK DATA

 

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

BANK

AMOUNT IN AR$

BBVA BANCO FRANCES S.A.

108297,8

BANCO DE GALICIA Y BUENOS AIRES S.A.

96239,2

CITIBANK N.A.

333,2

 

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


This is the highest classification in the system. It means that the company/ person is fulfilling correctly its current Credit
obligations.

 

There are no rejected checks

 

 

 

 

HISTORY

 

DAK Americas Argentina is wholly owned by Alpek, S.A.B. de C.V., based in Monterrey Mexico, and is part of the DAK Americas which comprises five business units: PET, Polyesters Staple Fibers, Monomers/ ingredients, Specialty Polymers and GreenPET. DAK Americas is headquartered in Charlotte, NC, and is wholly owned by Alfa S.A.B. de C.V. of Monterrey, Mexico.

 

DAK Americas acquires PET recycling operation in Argentina JULY 7, 2014


DAK Americas Argentina S.A. (DAK), a producer of polyethylene terephthalate (PET) resins based in Argentina, has announced the acquisition of CabelmaPET S.A., a PET bottle recycling operation located in Buenos Aires, Argentina.

The acquired facility currently recycles more than 16,000 metric tons of PET bottles per year, which should significantly increase the sustainability of DAK's product line, as well as help customers streamline their processes, DAK reports. About 100 employees associated with CabelmaPET, S.A. recycling operations are part of the acquisition. Cabelma S.A., which manufactures plastic crates, is not included in the acquisition.

 

 

 

 

PRINCIPAL ACTIVITY

 

PET Manufacturing enterprise, consisting of one continuos process manufacturing plant located in the city of Zarate, province of Buenos Aires, Argentina, and commercial offices located in Vicente Lopez, also in the province of Bs. As.

Products/Services description:

PET Resins

Laser+® (Container Resin)

Laser+® C (Custom Container Resin)

Laser+® HS (Heat-Set Resin)

Laser+® W (Water Container Resin)

Laser+® RF (Refillable Container Resin)

Fibers (Polyester Staple Fibers)

Dacron® Plus Fibers

Hydropur Fibers®

Delcron® Hydrotec Fibers

Steripur® AM Fibers

Specialty Polymers

Filaments (Textile & Industrial)

Monomers 

Brands:

Laser+®,  Steripur®  Dacron®

Clients:

AMCOR RIGID PLASTICS DEL PERU S.A.

Peru

 

AMCOR PET PACKAGING DEL PERU SA

Peru

 

PRODUCTORES DE ENVASES FARMACEUTICOS S A S PROENFAR S A S

Colombia 

Suppliers:

DAK RESINAS AMERICAS MEXICO

Mexico 

Operations area:

National and International 

The company imports from

Mexico 

The company exports to

Latin America 

The subject employs

190 employees

Payments:

Made on a 45-day basis

 

 

 

 

LOCATION

 

Headquarters :

Avenida De Libertador 498
Piso 21
Buenos Aires,  1001
Argentina

Branches:

Zárate, Zárate, Argentina 

 

 

 

 

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

 

Listed at the stock exchange:

NO

Capital:

AR$ 182.851.394

Shareholders %:

DAK Americas Argentina is wholly owned by Alpek, S.A.B. de C.V., based in Monterrey Mexico.

Management:

HéCtor Romualdo Camberos, President
Jorge Pedro Young Cerecedo, Vicepresident
HéCtor Horacio Raffo, Fiduciary
Marcelo Luis Blois, Director
Alejandro Gutierrez Martinez, Subdirector
Juan Pablo Lozano MuñOz, Subdirector
Pablo CéSar Parada
Karina Beatriz Szpanierman

 

 

 

 

FINANCIAL INFORMATION

 

The company does not make its financial statements public.

 

 

USD 2014

 

Revenue

241 026 000

Net Income

8 609 000

Total Equity

39 365 500

Cash Flow

Good

 

 

Exports  FOB DOLLAR

 

2015

11.849.665

2014

55.587.640

2013

45.345.207

2012

35.051.409

2011

69.094.012

 

 

 

 

LEGAL FILINGS

 

There are no legal connected to the subject

 

 

 

 

SUMMARY

 

DAK Americas Argentina S.A. manufactures and markets polyethylene terephthalate (PET) resins.

 

The company has a large sized structure with 8 years of experience in the Argentine market.

 

It is part of a big group of companies, headquartered in Mexico and shows regular export amount, high revenue and positive profitability.

 

 

 

 

RISK INFORMATION

 

DEBTS

Controlled

PAYMENTS

Regular

CASH FLOW

Normal

SUGGESTED CREDIT LINE

 

STATUS

Active

 

 

 

 

INTERVIEW

 

NAME

Alejandra 

POSITION

Administrative

COMMENTS

She confirmed address, branch, president, activity and group. 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.24

UK Pound

1

Rs.102.21

Euro

1

Rs.72.57

 

 

 

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

NIT

 

 

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.