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Report No. : |
351737 |
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Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
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Name : |
FAMIQ S.R.L. |
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Registered Office : |
San Martin Av 4723, Capital Federal (1417), Capital Federal |
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Country : |
Argentina
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Date of Incorporation : |
27.11.1986 |
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Legal Form : |
Sociedad Anónima |
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Line of Business : |
Subject company specialized in the
production and commercialization of stainless steel coils and sheets, tubes,
pipes and fittings. |
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No. of Employees : |
362 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Argentina |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 has taken multiple steps in recent years to deal with these problems. It 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.
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Source
: CIA |
STATUTORY INFORMATION
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Legal Name: |
FAMIQ S.R.L. |
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Trade Name: |
FAMIQ
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CUIT: |
30-53806884-1 |
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Date Created: |
1986 |
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Date Incorporated: |
27/11/1986 |
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Legal Address: |
SAN MARTIN AV.
4723 |
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Operative Address: |
San Martin Av 4723, Capital Federal (1417),
Capital Federal, Argentina |
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Telephone: |
54 261 4979603 / 54 261 4978547 / 54 261
4978218 |
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Fax: |
54 261 4979603 |
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Legal Form: |
Sociedad Anónima |
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Email: |
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Registered in: |
AGENCIA NRO 2 |
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Website: |
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Contact: |
Carlos Alberto Esparrica |
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Staff: |
362 |
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Activity: |
Steel Service Centers & Other Metal Wholesalers
Industry |
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BANKS |
According to Argentinian Central Bank, the
company maintains credit lines with the following banks: |
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BANK |
AMOUNT IN AR$ |
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BANCO DE GALICIA Y BUENOS AIRES S.A. |
31594,8 |
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INDUSTRIAL AND COMMERCIAL BANK OF CHINA |
23894 |
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BANCO DE LA PROVINCIA DE BUENOS AIRES |
15209,7 |
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BANCO ITAU ARGENTINA S.A. |
12740,8 |
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BANCO DE LA CIUDAD DE BUENOS AIRES |
8528,9 |
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BANCO PATAGONIA S.A. |
8317,6 |
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BANCO MACRO S.A. |
6804,1 |
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BANCO CREDICOOP COOPERATIVO LIMITADO |
240,4 |
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According to
the classification of banking relations of Argentina, |
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There are no rejected checks |
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History: |
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In the mid-fifties, in Lujan, a city in the
Province of Buenos Aires, the merge between a car workshop and a group of metallurgical
engineers gave birth to ASYCO-METAL, Famiq’s first ancestor, dedicated to the
manufacture and installation of special equipment for the food and textile
industrial plants of the area. Their first products were tanks, reactors,
drying sheds and dyeing vats in cotton factories, and vats for the production
of cheese and dairy usins. |
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PRINCIPAL ACTIVITY
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FAMIQ is a company specialized in the
production and commercialization of stainless steel coils and sheets, tubes, pipes
and fittings. |
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Products/Services description: |
Piping products
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Brands: |
FAMIQ |
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Sales are: |
Wholesale |
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Clients: |
Torres Ramirez
Lauren Deisi |
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Suppliers: |
NA |
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Operations area: |
National and International |
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The company imports from |
No imports |
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The company exports to |
Colombia, Paraguay, Ecuador |
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The subject employs |
362 employees |
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Payments: |
Regular-made on a 45 day basis monitored over
the last 6 months. Soucre: BCRA Banco Central de la República Argentina |
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LOCATION
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Headquarters : |
San Martin Av 4723, Capital Federal (1417),
Capital Federal, Argentina |
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Branches: |
Av. Francia
1996 |
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GROUP STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
AR$ 33 234 830 |
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Shareholders: |
This is a
private company. Major holders are: |
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Management: |
Carlos Alberto
Esparrica, PRESIDENT |
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FINANCIAL INFORMATION
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This is a private company which does not
make its financials public. The following information has been provided by
our private sources: |
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USD 2014 |
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Revenue |
80 302 000 |
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Net Income |
5 662 000 |
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Total Income |
25 887 600 |
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Anual Exports FOB DOLLAR |
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2015 |
759.847 |
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2014 |
1.597.668 |
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2013 |
1.732.122 |
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2012 |
2.774.264 |
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2011 |
7.310.298 |
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LEGAL FILINGS
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There are no legal issues regaridng the
subject |
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SUMMARY
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FAMIQ is a company specialized in the
production and commercialization of stainless steel coils and sheets, tubes,
pipes and fittings. The company has 30 years of experience in
the market with a medium-large sized structure. It shows regular payment behaviour with
several open credit lines with national financial institutions. The company increased its capital in 2012. There are no negative connected to the
subject. |
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RISK INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Regular |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW |
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NAME |
NA |
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POSITION |
NA |
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COMMENTS |
We reaches the company’s voicemail and left
a message askig to return our call. In case we receive their response, we
will update report accordingly. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.52 |
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1 |
Rs.100.44 |
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Euro |
1 |
Rs.70.44 |
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ARS |
1 |
Rs.6.87 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.