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Report No. : |
349066 |
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Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
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Name : |
AUSTRALTEX SA |
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Registered Office : |
Combate De Montevideo 1348 Rio Grande 9420-Tierra Del Fuego |
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Country : |
Argentina |
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Date of Incorporation : |
18.08.1981 |
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Legal Form : |
Sociedad Anónima |
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Line of Business : |
Manufactures knitted apparel |
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No. of Employee : |
258 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Argentina |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
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.
|
Source
: CIA |
STATUTORY
INFORMATION
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Legal Name: |
AUSTRALTEX SA |
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Trade Name: |
AUSTRALTEX |
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CUIT: |
30-58739747-8 |
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Date Created: |
1981 |
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Date Incorporated: |
18/08/1981 |
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Legal Address: |
COMBATE DE MONTEVIDEO
1348 |
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Operative Address: |
Combate De Montevideo
1348, Rio Grande (9420), Tierra Del Fuego, Argentina |
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Telephone: |
54 29 6442 5440 / 11
1547246700 |
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Fax: |
54 29 6443 0192 |
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Legal Form: |
SOCIEDAD ANÓNIMA |
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Email: |
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Registered in: |
DISTRITO RIO GRANDE |
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Website: |
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Contact: |
258 |
|
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Staff: |
José Leonardo Plotka,
President |
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Activity: |
Textile Manufacturing
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 MACRO S.A. |
38367,1 |
|
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BANCO SUPERVIELLE S.A. |
37696,1 |
|
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BANCO DE SERVICIOS Y
TRANSACCIONES S.A. |
10281,4 |
|
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BANCO ITAU ARGENTINA
S.A. |
8343,1 |
|
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BANCO INDUSTRIAL |
6942,3 |
|
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BANCO SAENZ S.A. |
3995,6 |
|
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BANCO MERIDIAN S.A. |
3575,6 |
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INDUSTRIAL AND
COMMERCIAL BANK OF CHINA |
1122,8 |
|
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AMERICAN EXPRESS
ARGENTINA S.A. |
145,8 |
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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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The company was founded
in 1981 and is based in Rio Grande, Argentina. |
|
|
|
The company began to
suspend Australtex staff |
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PRINCIPAL ACTIVITY
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AustralTex S.A.
manufactures knitted apparel |
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Products/Services
description: |
It offers shirts, lab coats/white coats, and
polar fleece; and chiffon and crepe products. |
|
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Brands: |
AUSTRALTEX |
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Sales are: |
Wholesale |
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Clients: |
Distributors |
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Suppliers: |
ATLANTIC YARNS INC. |
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Operations area: |
National |
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The company imports
from |
Canada |
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The company exports to |
No exports |
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The subject employs |
258 employees |
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Payments: |
Slow but Correct |
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LOCATION
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||
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Headquarters : |
Combate De Montevideo
1348, Rio Grande (9420), Tierra Del Fuego, Argentina |
|
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Size: |
14450 M2 |
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Branches: |
The company does not
have branches |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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||
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Listed at the stock
exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
Binrell S.A. |
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Management: |
José Leonardo Plotka,
President |
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FINANCIAL INFORMATION
|
||
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The company does not
make its financial statements public. The following information has been
provided by private sources: |
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|
|
|
|
|
USD 2014 |
|
|
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Revenue |
123 317 000 |
|
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Net Income |
34 365 000 |
|
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Total Equity |
35 637 100 |
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LEGAL FILINGS
|
||
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|
Financial Trust
"Australtex Series I" (Australtex Program) WITH Banco de Servicios
y Transacciones SA |
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SUMMARY
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||
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|
The company was
founded in 1981 and is based in Rio Grande, Argentina. It manufactures
knitted apparel and has a large sized structure. The company shows
several open credit lines with national banks and shows regular payment
behaviour. The company suffered a
period of suspension to his staff for lack of supplies during 2015 due to
high taxes imposed to imports. However, we have
talked to the company who confirmed that said situation has been
overcome. |
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RISK INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Slow but Correct |
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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 |
Mangement |
|
|
COMMENTS |
We have talked to one of
the managers who confirmed address, managers, staff and current situation of
the company’s period of suspension. |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.17 |
|
|
1 |
Rs.100.66 |
|
Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
HNA |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.