MIRA INFORM REPORT

 

 

Report No. :

351905

Report Date :

01.12.2015

 

IDENTIFICATION DETAILS

 

Name :

GAX S.A.

 

 

Registered Office :

Gurruchaga 875 1414-Ciudad Autonoma Buenos Aires

 

 

Country :

Argentina

 

 

Date of Incorporation :

25.02.2003

 

 

Legal Form :

Sociedad Anónima

 

 

Line of Business :

The company is dedicated to the retail sale of leather goods, umbrellas and similar items, mainly for women.

 

 

No. of Employees :

420

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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 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.

 

Source : CIA

 

 

STATUTORY INFORMATION

 

Order:

Gas S A

Address in the order:

 

Aveninda De Los Constituyents 2985 C A BA Argentina

Comments: The name provided does not belong to a company. With the ID provided in the order, we found company GAX S.A.

The address provided belongs to the company’s storage address.

Legal Name:

GAX S.A.

Trade Name:

Prune

CUIT:

30-70840291-1

Date Created:

2003

Date Incorporated:

25/02/2003

Legal Address:

GURRUCHAGA 875
1414-CIUDAD AUTONOMA BUENOS AIRES, ARGENTINA

Operative Address:

GURRUCHAGA 875
1414-CIUDAD AUTONOMA BUENOS AIRES, ARGENTINA

Telephone:

54 11 4587 2545

Fax:

54 11 4904-3116

Legal Form:

SOCIEDAD ANÓNIMA

Email:

info@prune.com.ar

Registered in:

AGENCIA NRO 7
B.FERNANDEZ MORENO N° 1259
1406 CIUDAD AUTONOMA BUENOS AIRES

Website:

www.prune.com.ar

Contact:

President: Gerardo Francisco Farrell

Staff:

420

Activity:

Leather Goods Industry

 

 

 

 

BANKS

 

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

 

 

BANK

AMOUNT IN AR$

BANCO DE LA NACION ARGENTINA

25424,5

BANCO MACRO S.A.

1783,5

BBVA BANCO FRANCES S.A.

1782,4

BANCO SANTANDER RIO S.A.

1565,9

BANCO DE GALICIA Y BUENOS AIRES S.A.

1444,4

BANCO PATAGONIA S.A.

924,2

BANCO ITAU ARGENTINA S.A.

2,1

 

 

 

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.

 

 

 

 

History

 

There are no rejected checks

 

The company was established in 2003

 

 

 

 

PRINCIPAL ACTIVITY

 

 

The  company is dedicated to the retail sale of leather goods, umbrellas and similar items, mainly for women.

Products/Services description:

Wallets
Luggage
Handbags
Belts
Wallets

Brands:

PRUNE

Sales are:

Retail

Clients:

Women mainly

 

SURBAP SAC
Peru

DELL ANGELO SA
Paraguay

Suppliers:

NA 

Operations area:

National and International

The company imports from

China

The company exports to

Paraguay, Ecuador

The subject employs

420 employees

Payments:

Regular-made on a 45 day basis-monitored over the last 6 months. Source: BCRA

 

 

 

 

LOCATION

 

Headquarters :

GURRUCHAGA 875
1414-CIUDAD AUTONOMA BUENOS AIRES, ARGENTINA

Branches:

The company has more than 50 branches in the country

Storage: 

 Aveninda De Los Constituyents 2985 C A BA Argentina

 

 

 

 

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

 

Listed at the stock exchange:

NO

Capital:

NA

Shareholders:

This is a private company. Major holders are Gerardo Francisco Farrell and María Eugenia Farrell.

Management:

President: Gerardo Francisco Farrell
Vicepresident: María Eugenia Montemayor
Directors:
Alejandro Santiago Farrel
Sebastian Ignacio Berbech 
Lucas Francisco Farrel
Dolores Zuberbuhler

 

 

 

 

FINANCIAL INFORMATION

 

This is a private company which does not make its financials public. The following information has been provided by our private sources:

 

 

AR$ 2014

 

Revenue

15 000 000

 

 

Exports Annual FOB USD

 

2015

3.709.176

2014

7.203.879

2013

6.103.152

2012

6.189.842

2011

3.171.121

 

 

 

 

LEGAL FILINGS

 

There are no legal connected to the subject

 

 

 

 

SUMMARY

 

The  company is dedicated to the retail sale of leather goods, umbrellas and similar items, mainly for women.

It has 12 years of experience in the market with a large sized structure.

The company operates one of the most known trademarks of the country: Prune.

It has various open credit lines with national financial institutions, with regular payment behaviour.

 

 

 

 

RISK INFORMATION

 

DEBTS

Controlled

PAYMENTS

Regular

CASH FLOW

Normal

STATUS

Active

 

 

 

 

INTERVIEW

 

NAME

Marcos

POSITION

Administrative

COMMENTS

He confirmed address, activity, managers and staff.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.81

UK Pound

1

Rs.100.37

Euro

1

Rs.70.68

ARS

1

Rs.6.84

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.