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MIRA INFORM REPORT
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Report No. : |
485990 |
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Report Date : |
16.01.2018 |
IDENTIFICATION DETAILS
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Name : |
TENARIS GLOBAL SERVICES S.A. |
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Formerly Known As : |
ABELUZ S.A. |
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Registered Office : |
Dr Luis A. De Herrera #1248, Edificio Plaza
World Trade Center, Montevideo, 11300 |
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Country : |
Uruguay |
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Date of Incorporation : |
07.04.2003 |
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Legal Form : |
Anonymous Society |
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Line of Business : |
Subject is a leading manufacturer and supplier of
steel pipes for the world’s energy industry and certain other industrial
applications. |
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No. of Employees : |
140 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Uruguay |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
URUGUAY - ECONOMIC OVERVIEW
Uruguay has a free market economy characterized by an export-oriented agricultural sector, a well-educated workforce, and high levels of social spending. Uruguay has sought to expand trade within the Common Market of the South (Mercosur) and with non-Mercosur members, and President VAZQUEZ has maintained his predecessor’s mix of pro-market policies and a strong social safety net.
Following financial difficulties in the late 1990s and early 2000s, Uruguay's economic growth 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; GDP growth reached 8.9% in 2010 but slowed markedly in the period 2012-16 as a result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Mercosur counterparts, Argentina and Brazil. Reforms in those countries should give Uruguay an economic boost.
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Source
: CIA |
STATUTORY INFORMATION
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Legal Name: |
TENARIS GLOBAL SERVICES
S.A. |
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Trade Name: |
TGS |
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RUC: |
214369050013 |
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Date Created: |
2003 |
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Date Incorporated: |
April 7th, 2003 |
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Legal Address: |
Dr Luis A. De
Herrera #1248 |
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Operative Address: |
Dr Luis A. De
Herrera #1248 |
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Telephone: |
598-2-1766000 |
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Fax: |
598-2-1766000 |
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Legal Form: |
Anonymous Society |
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Email: |
NA |
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Registered in: |
URUGUAY |
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Website: |
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Contact: |
Paolo Rocca,
President |
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Staff: |
140 |
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Industry: |
NAICS 1: Metal
Service Centers and Other Metal Merchant Wholesalers SIC 1: Pipe And
Tubing, Steel |
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Banks
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Banco Central de Uruguay |
The company
does not disclose its banking details. |
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HISTORY
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TENARIS GLOBAL
SERVICES S.A. was incorporated in 2003. It operates as a subsidiary of
TENARIS S.A. |
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OLD NAME:
ABELUZ S.A. |
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PRINCIPAL ACTIVITY
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Tenaris Global
Services (TGS) is the international distribution, customer service and
logistics network of Tenaris. Tenaris is a leading manufacturer and supplier of
steel pipes for the world’s energy industry and certain other industrial
applications. |
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Products/Services description: |
With its headquarters in Montevideo,
Uruguay, TGS performs the marketing, logistics and distribution, finishing
and commercial services of a full range of steel pipe products. TGS offers customers a state-of-the-art
service network dedicated to pipe management and logistics, including
efficient, direct delivery. |
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Brands: |
TENARIS TGS |
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Sales are: |
Wholesale |
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Clients: |
TUBOS DE ACERO
DE MEXICO SA |
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Suppliers: |
NA |
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Operations area: |
National and
International |
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The company imports from |
Argentina |
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The company exports to |
Mexico |
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The subject employs |
140 (1,400
Whole Group) |
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Payments: |
Slow but
correct |
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LOCATION
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Headquarters : |
Dr Luis A. De
Herrera #1248 |
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Branches: |
No branches
registered |
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Related Companies: |
Tenaris
Financial Services S.A. |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NA |
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Capital: |
$
15.000.000.000 (pesos uruguayos fifteen thousand millions) |
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Shareholders: |
It operates as
a subsidiary of: |
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Management: |
Carlos Alberto
Condorelli, Director |
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FINANCIAL INFORMATION
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The company does not public its financial
statements. The following information has been provided by our private
sources: |
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2016 USD |
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Estimated Gross Revenue |
1.5B |
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Cash Flow |
Normal |
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TENARIS GLOBAL SERVICES S.A. |
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Annual Imports FOB USD |
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2011 |
358 |
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2012 |
90 |
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2013 |
1.141 |
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2014 |
1.843 |
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2015 |
625 |
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2016 |
112 |
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LEGAL FILINGS
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Petroamazonas
Penalties On January 22, 2016, Petroamazonas , an
Ecuadorian state-owned oil company, imposed penalties to Tenaris Global
Services S.A., for its alleged failure to comply with delivery terms under a
pipe supply agreement. The penalties amount to approximately $ 22.5 million.
Tenaris believes, based on the advice of counsel, that PAM has no legal basis
to impose the penalties and that TGS has meritorious defenses against PAM.
However, in light of the prevailing political circumstances in Ecuador, the
Company cannot predict the outcome of a claim against a state-owned company
and it is not possible to estimate the amount or range of loss in case of an
unfavorable outcome. |
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SUMMARY
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Tenaris Global Services
(TGS) is the international distribution, customer service and logistics
network of Tenaris. Tenaris is a
leading manufacturer and supplier of steel pipes for the world’s energy
industry and certain other industrial applications. |
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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 |
Carolina |
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POSITION |
Assistant |
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COMMENTS |
The person
contacted confirmed address, RUT, group, management and activity. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.41 |
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1 |
INR 87.18 |
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Euro |
1 |
INR 77.45 |
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UYU |
1 |
INR 2.24 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.