MIRA INFORM REPORT

 

 

Report No. :

313251

Report Date :

23.03.2015

 

IDENTIFICATION DETAILS

 

Name :

SURCROPS SRL

 

 

Registered Office :

Agencia Nro 100 Las Heras N° 112/30 1876 Buenos Aires

 

 

Country :

Argentina

 

 

Date of Incorporation :

13.06.2013

 

 

Legal Form :

Sociedad de Responsabilidad Limitada

 

 

Line of Business :

Wholesale of Fertilizers, Pesticides and Fertilizers

 

 

No. of Employees :

2

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Argentina

B1

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. During 2013, the government continued with a mix expansionary fiscal and monetary policies and foreign exchange and imports controls to limit the drain in Central Bank foreign reserves, which nevertheless dropped US $12 billion during the year. GDP grew 3% and inflation remained steady at 25%, according to private estimates. In October 2013, the government settled long-standing international arbitral disputes (including with three US firms) dating back to before and following the 2002 Argentine financial crisis. In early 2014, the government embraced a series of more orthodox economic policies. It devalued the peso 20%, substantially tightened monetary and fiscal policies, and took 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 presenting a proposal to pay its arrears to the Paris Club.

 

Source : CIA

 

 

STATUTORY INFORMATION

 

Legal Name:

SURCROPS SRL

Trade Name:

SURCROPS

CUIT:

30-71412576-8

Date Created:

2013

Date Incorporated:

 13-06-2013

Legal Address:

Agencia Nro 100 Las Heras N° 112/30 1876 Buenos Aires

Operative Address:

Calle 361 N 544, Ranelagh Buenos Aires, Argentina

Telephone:

(+54 11) 6802-4360

Fax:

(+54 11) 6802-4360

Legal Form:

Sociedad de Responsabilidad Limitada

Email:

 leonardo@surcrops.com.ar

Registered in:

Argentina

Website:

www.surcrops.com.ar

Contact:

Leonardo Chavanne

Staff:

2

Activity:

Wholesale of Fertilizers, Pesticides and Fertilizers

 

BANKS

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

BANK

AMOUNT IN THOUSANDS AR$

BANCO CREDICOOP COOPERATIVO LIMITADO

1,2

 

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

 

This is the highest classification in the system. It means that the
company/person is fulfilling correctly its current Credit
obligations. This is therefore positive information that will
enable the granting of any line of credit.

 

There are no rejected checks for the company.

 

 

HISTORY

 

 

The company was incorporated in 2013.

PRINCIPAL ACTIVITY

Their main activity is import, formulation and distribution of  Agrochemical  Nationwide.

Products/Services description:

CHEMICALS FOR SEEDS

FUNGICIDES

HERBICIDES

INSECTICIDES

FERTILIZERS

Brands:

SURCROPS

Sales are:

Wholesale

Clients:

Colombia Agro S A S

Suppliers:

NA

Operations area:

National and international

The company imports from

No imports

The company exports to

Colombia

The subject employs

2 employees

Payments:

No Complaints

 

 

LOCATION

 

Headquarters :

Calle 361 N 544, Ranelagh Buenos Aires, Argentina

Branches:

The company has no branches

Industry:

Companies in this industry sector grow crops, raise or fatten animals for animal products, and grow and harvest timber.

Demand is driven by government agricultural policy programs, food consumption trends, and lumber demand. Profitability depends on efficient operations. Large companies have advantages in vertically integrated operations and economies of scale. Small operations can compete effectively by supplying local markets, specializing in heirloom, organic, or nongenetically modified (GM) crops, or raising animals in less restrictive environments on hormone-free diets

Major crops include corn, soybeans, fruits and nuts, and wheat. Other major crops include vegetables and melons, cotton, and potatoes. Of all cropland farms, nearly 40 percent focus on grain, oilseed, or dry beans/peas; these farms account for 80 percent of all cropland revenue.

 

 

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

 

Listed at the stock exchange:

NO

Capital:

N/A

Shareholders %:

This is a private company. The owner is Leonardo Chavanne

Management:

Leonardo Chavanne, Owner and Manager

Related Companies:

The company has no subsidiary companies

 

 

FINANCIAL INFORMATION

 

 

This is a private company which does not make its financial statements public.  The following data has been provided by outside sources.

 

 

2013 ARS

 

Revenue

1 000 000

Cash Flow

Normal

 

 

LEGAL FILINGS

 

 

 

 

There are no legal connected to the subject

 

 

SUMMARY

Surcrops SRL is a company founded in 2013, it is dedicated to  import, formulation and distribution of  Agrochemical  Nationwide.  There are no negative, however; the company has a small sized structure and only 1 year and a half of experience in the market.

 

According to the National Central Bank, the company has good payment behaviour.

 

 

RISK INFORMATION

 

 

 

DEBTS

Controlled

PAYMENTS

No Complaints

CASH FLOW

Normal

STATUS

Active

 

 

ENTERVIEW

 

NAME

 Leonardo

POSITION

 Owner

COMMENTS

 He confirmed address and activity. He refused to provide more information on the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.49

UK Pound

1

Rs.92.26

Euro

1

Rs.66.80

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               


 

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.