MIRA INFORM REPORT

Report No. :	306542
Report Date :	11.02.2015

IDENTIFICATION DETAILS

Name :	INSALCOR S.A
Registered Office :	Ruta 1 (vieja), Km.34, Ciudad del Plata San José, CP 80101
Country :	Uruguay
Date of Incorporation :	2002
Legal Form :	Sociedad Anónima
Line of Business :	Subject is engaged in import and distribution of raw materials and components for health and nutrition of cattle, horses, pigs and poultry.
No. of Employee :	18

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 :	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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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
STATUTORY INFORMATION
Legal Name:	INSALCOR S.A
Trade Name:	Insalcor
RUT:	212524080018
Date Created:	2002
Date Incorporated:	24/06/1905
Legal Address:	Ruta 1 (vieja), Km.34, Ciudad del Plata San José, Uruguay, CP 80101
Operative Address:	Ruta 1 (vieja), Km.34, Ciudad del Plata San José, Uruguay, CP 80101
Telephone:	(598 2) 304 2031 / 347 7460
Fax:	(598 2) 304 2031
Legal Form:	Sociedad Anónima
Email:	info@insalcor.com.uy
Registered in:	Uruguay
Website:	www.insalcor.com.uy
Contact:	Dr. Manuel Pérez García
Staff:	18
Activity:	Food Wholesalers Industry
BANKS	Banco Central de Uruguay
	The company does not make its banking data public
HISTORY
	The cpmpany started business in 2002.
PRINCIPAL ACTIVITY	It is a national company that engaged in import and distribution of raw materials and components for health and nutrition of cattle, horses, pigs and poultry. In February 2003, after a short period of reorganization, it began to provide products and services in all production areas and animal health, food industries, pharmaceutical and chemical.
Products/Services description:	Feed Food Veterinary Pharma Chemistry Biotechnology
Brands:	INSALCOR
Sales are:	Wholesale
Clients:	CABAA EL NIDO SA Paraguay
Suppliers:	CI FARMACAPSULAS SA Colombia TROUW NUTRITION GUATEMALA S.A. Guatemala
Operations area:	National and International
The company imports from	Guatemala, Colombia, Argentina
The company exports to	Latin America
The subject employs	18 employees
Payments:	Regular
LOCATION
Headquarters :	Ruta 1 (vieja), Km.34, Ciudad del Plata San José, Uruguay, CP 80101
Branches:	The company does not have branches
Industry:	Companies in this industry distribute food and related products on a wholesale basis. Demand is driven largely by demographic shifts, particularly trends in population and age, working women, race and ethnicity, household size, and levels of disposable income. The profitability of individual companies depends on a good product mix and efficient operations. Large distributors are advantaged by bulk purchasing and economies of scale in distribution. Smaller companies can compete effectively by specializing in certain products or focusing on a geographical area. Major products are frozen, processed, and prepared foods; dairy items; poultry, fish, and meat; fresh produce; and baked goods.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	This is a private company. We could not confirm the major holders.
Management:	Manuel Pérez García, Director Sebastián Pablo Pérez Perera, Attorney Nelson Machin, Engineer
Related Companies:	No subsidiary companies
FINANCIAL INFORMATION
	This is a private company which does not make its financial statements public. We could not confirm financial figures for the subject.
USD 2013
Revenue	9 427 000
Net Income	755 000
Total Equity	2 080 000
LEGAL FILINGS
	The company received a loan from the Uruguayan Government in 2011 to expand its plant.
SUMMARY
	It is a national company that engaged in import and distribution of raw materials and components for health and nutrition of cattle, horses, pigs and poultry. The company works for the south american market, and shows no negative. It has a small sized structure. The company's profitability is positive.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Good
SUGGESTED CREDIT LINE	USD 100 000
STATUS	Active
ENTERVIEW
NAME	NA
POSITION	Sales
COMMENTS	The person contacted confirmed address, director, activity, products. She said she was not authorized to provide more details.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.96
UK Pound	1	Rs.94.41
Euro	1	Rs.70.20

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ANK

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%)

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