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Report No. : |
349059 |
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Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
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Name : |
VANDALIA SA |
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Registered Office : |
Primero (1ro) De Mayo 2345 Rosario Sud 2000-Santa Fe |
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Country : |
Argentina |
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Year of Establishment : |
1975 |
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Legal Form : |
Sociedad Anónima |
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Line of Business : |
Manufacture of Sport Clothes. |
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No. of Employees : |
140 |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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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Order: |
Vandalia S A |
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Address in the order: |
1 De Mayo 2345
, Rosario, Provincia De Santa Fe CP 52000 FNM, Argentina |
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Legal Name: |
VANDALIA SA |
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Trade Name: |
VANDALIA |
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CUIT: |
30-67495621-1 |
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Date Created: |
1975 |
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Date Incorporated: |
09/09/1991 |
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Legal Address: |
PRIMERO (1ro)
DE MAYO 2345 |
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Operative Address: |
Corrientes 649 |
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Telephone: |
54 223 4865184
+54 221 4213936 +54 341 4852900 +54 341 4829182 +54 341 4828143 +54 341
4812904 +54 341 4852982 +54 341 4822578 |
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Fax: |
(0341) 472-0921 |
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Legal Form: |
SOCIEDAD
ANÓNIMA |
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Email: |
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Registered in: |
AGENCIA-SEDE
N.2 ROSARIO |
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Website: |
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Contact: |
Eduardo Moisés
Levi, President |
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Staff: |
140 |
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Activity: |
Sport Clothes
Manufature |
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Banks
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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 LA
NACION ARGENTINA |
2038,6 |
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BBVA BANCO
FRANCES S.A. |
1242,1 |
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BANCO MACRO
S.A. |
647 |
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NUEVO BANCO DE SANTA
FE SOCIEDAD ANONIMA |
11,1 |
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According to
the classification of banking relations of Argentina, the company operates
with level: 1. |
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There are no
rejected checks |
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History
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Vandalia SA was created as a personal
venture of its current director, Eduardo Levi, in 1975 in the city of Rosario.
In its early production is swimwear. After a few years this personal venture
experienced exponential growth, and the line of sportswear joined in a global
context in which the woman was just beginning to wear clothing made
specifically for that purpose. |
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PRINCIPAL ACTIVITY
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The company is
dedicated to the manufacture and sale of swimwear and sportswear clothes. |
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Products/Services description: |
CONFECCIONES
WOMEN |
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Brands: |
Vandalia |
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Sales are: |
Wholesale and
Retail |
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Clients: |
Distribuotrs,
Clothes Stores, General Clients |
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Suppliers: |
NA |
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Operations area: |
National |
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The company imports from |
Italy |
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The company exports to |
No exports |
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The subject employs |
140 employees |
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Payments: |
No Complaints
-made on a 45 day basis-monitored over the last 3 months. |
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LOCATION
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Headquarters : |
Corrientes 649 |
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Size: |
7000 mts. |
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Branches: |
RUTA PROV.21
PARQUE INDUSTRIAL |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
Major holders
are: |
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Management: |
Eduardo Moisés
Levi, President |
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FINANCIAL INFORMATION
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The company does not publish its financial
statements. The following information has been provided by our private
sources: |
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USD 2014 |
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Revenue |
1 080 000 |
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The company
currently manufactures and sells about 500,000 garments a year. |
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LEGAL FILINGS
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There are no
legal connected to the subject |
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SUMMARY
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The company is
dedicated to the manufacture and sale of swimwear and sportswear clothes. |
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RISK INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
No Complaints |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW
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NAME |
Sofia |
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POSITION |
Administrative |
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COMMENTS |
She confirmed
address, activity, managers and staff. |
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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.66.17 |
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1 |
Rs.100.66 |
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Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
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Analysis Done by
: |
HEE |
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Report Prepared
by : |
NIT |
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.