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MIRA INFORM REPORT
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Report No. : |
485977 |
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Report Date : |
19.01.2018 |
IDENTIFICATION DETAILS
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Name : |
MAZALOSA S A |
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Registered Office : |
Rivadavia Av. 5056, 1424-Ciudad Autonoma
Buenos Aires |
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Country : |
Argentina |
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Date of Incorporation : |
1970 |
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Legal Form : |
Sociedad Anonima |
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Line of Business : |
Subject
is a large organization in the women's and children's underwear manufacturers
industry located in Munro, Argentina. |
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No. of Employees : |
420 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Argentina |
B2 |
B2 |
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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 |
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. In 2016, the World Bank downgraded
Argentina from a high-income to upper-middle-income economy, on par with
Columbia.
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 below 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, 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 slowed in late 2011 even as the government continued to
rely on expansionary fiscal and monetary policies, which kept inflation in the
double digits.
In order to deal with these problems, the government expanded state
intervention in the economy: it nationalized the oil company YPF from Spain's
Repsol, expanded measures to restrict imports, and further tightened currency
controls in an effort to bolster foreign reserves and stem capital flight.
Between 2011 and 2013, Central Bank foreign reserves 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.
With the election of President Mauricio MACRI in November 2015,
Argentina began a historic political and economic transformation, as his
administration took steps to liberalize the Argentine economy, lifting capital
controls, floating the peso, removing export controls on some commodities,
cutting some energy subsidies, and reforming the country’s official statistics.
Argentina negotiated debt payments with holdout bond creditors and returned to
international capital markets in April 2016. In September 2016, Argentina
completed its first IMF Article IV Consultation since 2006.
After years of international isolation, Argentina has taken on several
international leadership roles in 2017, including hosting the World Economic
Forum on Latin America and the World Trade Organization Ministerial Conference,
and is set to assume the presidency of the G-20 in 2018.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal
Name: |
MAZALOSA S A |
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Trade
Name: |
PORTSAID DESIDERATA SYSTEM
BASIC |
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CUIT: |
30-68772576-6 |
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Date
Created: |
1970 |
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Date
Incorporated: |
22-10-1996 |
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Legal
Address: |
Rivadavia Av. 5056 1424-Ciudad Autonoma Buenos Aires Argentina |
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Operative
Address: |
Avenida Mitre 3799 Munro, Buenos Aires, 1605 Argentina |
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Telephone:
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*54-1145095500 |
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Fax: |
*54-1145095500 |
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Legal
Form: |
Sociedad Anonima |
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Email: |
lguerina@mazalosa.com.ar aberrio@mazalosa.com.ar |
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Registered
in: |
ARGENTINA |
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Website:
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www.mazalosa.com.ar www.portsaid.com.ar www.systembasic.com.ar www.desiderata.com.ar |
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Contact: |
Sergio
Jaime Said, President Moisés
Said, Alternate Director Victoria Papú de Said, Director |
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Staff:
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420 |
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Activity: |
Main
activity: 141199
(F-883) CLOTHING CLOTHING N.C.P., EXCEPT LEATHER, LEATHER AND KNITWEAR
GARMENTS Secondary
Activities: 464129
(F-883) WHOLESALE OF CLOTHING GARMENTS AND ACCESSORIES N.C.P., EXCEPT
UNIFORMS AND WORK CLOTHING 477190
(F-883) SALE OF RETAIL CLOTHING AND ACCESSORIES N.C.P. 681098
(F-883) REAL ESTATE SERVICES REALIZED BY OWN ACCOUNT, WITH OWN OR LEASED
URBAN GOODS N.C.P. |
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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 DE LA NACION ARGENTINA |
85034 |
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BANCO DE LA PROVINCIA DE BUENOS AIRES |
27307 |
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BBVA BANCO FRANCES
S.A. |
25721 |
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BANCO ITAU ARGENTINA S.A. |
20904 |
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BANCO DE LA CIUDAD DE BUENOS AIRES |
16929 |
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BANCO DE GALICIA Y BUENOS AIRES S.A. |
15857 |
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BANCO SUPERVIELLE S.A. |
9120 |
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BANCO INDUSTRIAL |
7896 |
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BANCO DE INVERSION Y COMERCIO EXTERIOR |
4392 |
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BANCO SANTANDER RIO S.A. |
1854 |
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HSBC BANK ARGENTINA S.A. |
1455 |
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According
to the classification of banking relations of Argentina, the company operates
with level: 1. There
are no rejected checks for the subject. POSITIVE CHECKS in AR$ *
May 2018 601,600.00 *
April 2018 400,000.00 *
March 2018 1,210,504.87 *
February 2018 833,393.48 *
January 2018 1,307,928.69 *
December 2017 16,592,592.40 *
November 2017 6,611,209.01 *
October 2017 5,695,790.52 *
September 2017 2,091,616.97 *
August 2017 2,907,029.70 *
July 2017 1,718,464.37 *
June 2017 2,263,777.39 *
May 2017 1,565,979.22 *
April 2017 1,537,169.43 *
March 2017 1,351,223.32 *
February 2017 337,969.01 *
January 2017 1,056,284.07 *
December 2016 1,833,737.79 *
November 2016 859,844.70 *
October 2016 1,214,566.58 *
September 2016 1,246,781.36 *
August 2016 431,707.37 *
July 2016 1,092,578.85 *
June 2016 1,642,740.66 *
May 2016 2,381,617.79 *
April 2016 1,156,254.21 *
March 2016 1,627,598.77 *
February 2016 574,451.32 *
January 2016 905,903.11 |
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HISTORY |
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The
company was founded in 1970 |
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PRINCIPAL
ACTIVITY
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Mazalosa
S.A. is a large organization in the women's and children's underwear
manufacturers industry located in Munro, Argentina. |
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Products/Services
description: |
SHIRTS
AND TOPS REMERAS DRESSES
BLAZERS
DENIM PANTS SWEATERS SKIRTS
AND SHORTS ACCESSORIES JEANS SWEATERS
& JACKETS |
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Brands: |
Desiderata Portsaid System
Basic |
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Sales
are: |
Wholesale
and Retail |
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Clients: |
Nueva Americana Sa Paraguay Vergara Yupangui Monica Del Rocio Ecuador |
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Suppliers: |
Expotel S.A. De C.V. Mexico Ao Poti Sa. Paraguay |
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Operations
area: |
National
and International |
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The
company imports from |
Mexico
and Paraguay |
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The
company exports to |
Paraguay
and Ecuador |
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The
subject employs |
420
employees |
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Payments:
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No
Complaints |
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LOCATION
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Headquarters
: |
Avenida Mitre 3799 Munro, Buenos Aires, 1605 Argentina |
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Branches: |
Uruguay
1096 Piso Pb - Dto Loc - Capital Federal
Tel.: (11) 4814-0514 Av
Santa Fe 1402 - Capital Federal Tel.:
(11) 4812-2500 Av
Santa Fe 2248 - Capital Federal Tel.:
(11) 4511-9533 Av Cordoba 4724 - Capital Federal Tel.: (11) 4777-8180 / (11) 4511-4343 Av
Bullrich Int 345 - Dto Loc - Capital Federal Tel.: (11) 4511-4342 Calle 48 668 - La Plata - Buenos Aires Tel.: (221) 489-6787 Av Mitre 3799 Piso C - (1605) - Munro -
Buenos Aires Medeyros
3464 - (1431) - Capital Federal Tel.:
(11) 4574-2942 / (11) 4523-9150 / (11) 4514-2333 / (11) 4573-6100 / (11)
4574-3009 |
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Related
Companies: |
NA |
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Main
Competitors: |
Selu-Len S.A. Pedro Dreyer 340 Fabonyal S.A. Alvarez Jonte 5039 Doweck, Sara Silvia Famatina 3025 Creskotec S.A. Almirante Francisco Seguí 1581 Paloni Olga Y Perello Stella M S.H. Pte. Gral. J. A. Roca 1616 |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed
at the stock exchange: |
NO |
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Capital: |
ARS$ 2,000,000 |
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Shareholders: |
This
is a private company. Major holders are: Sergio
Jaime Said Moisés
Said Victoria
Papú de Said |
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Management:
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Sergio
Jaime Said, President Moisés
Said, Alternate Director Victoria
Papú de Said, Director Jacqueline
Merz, Marketing Manager Alvaro Pérez Esquivel, Commercial Manager Gallesio
Alvaro, Coordinator of Alternative Channels |
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FINANCIAL
INFORMATION
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This is a private company which does not
make its financial figures public. The following information has been
provided by outside sources: |
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AR$
2016 |
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Net
Sales |
160 000 000 |
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Estimated
Results |
1 600 000 |
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Cash
Flow |
Normal |
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Exports |
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2016 |
22,343 |
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2015 |
108,596 |
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2014 |
198,461 |
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2013 |
534,198 |
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2012 |
874,415 |
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2011 |
1,007,058 |
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LEGAL
FILINGS
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Trademarks |
DES
DESIDERATA
ECOBAG
KNIT
KNIT
SHOP PORT
SAID PORTSAID
SHE RE-LOAD
SHE
VIERNES |
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Lawsuits |
Sentence
of SALA II, August 28, 2014 (case MAZALOSA SA s / CESE OPPOSITION TO THE
TRADEMARK REGISTRATION) Resolution
Date: August 28, 2014 Issuer:
ROOM II Sentence
of Federal Administrative Litigation Chamber - Room IV, November 22, 2016
(case MAZALOSA SA c / EN-AFIP-DGI s / GENERAL ADMINISTRATION TAX) Date
of Resolution: November 22, 2016 Issuer:
Federal Administrative Litigation Chamber - Room IV Sentence
of SALA III, February 11, 2016 (case MAZALOSA SA c / JULERIA CARLOS ESTEBAN s
/ CESE OPPOSITION TO THE TRADEMARK REGISTRATION) Date
of Resolution: February 11, 2016 Issuer:
ROOM III |
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OFAC Sanctions
List Search |
The
company is not listed in the OFAC list. |
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SUMMARY |
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Founded
in 1970, Mazalosa S.A. is a large organization in the women's and children's
underwear manufacturers industry located in Munro, Argentina. It
has 420 full-time employees and generates an estimated net sales of more than
AR$100 millio. It
mainly imports from Mexico and Paraguay and exports to Paraguay and Ecuador,
operating within national and international markets. This
has been an ACTIVE company incorporated in ARGENTINA in 1996. |
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RISK
INFORMATION
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·
Total indebtedness of the
financial system: AR$ 216,469,000 ·
Total monthly financial
system commitments: AR$ 6,435,861 ·
Current situation of the BCRA
Debtors Central: 1 In normal situation ·
Total number of
consultations: Last 3 months: 96 | Last 12 months: 396 ·
Registers employer
contributions paid as an employer within the last 24 months ·
Last contract
Occupational Risk Superintendence with current affiliation, insurer
PREVENCION |
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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 |
Jackelin |
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POSITION |
Receptionist |
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COMMENTS |
She
confirmed legal name, address, telephone, website and email. She
asked the reason of the call and said that she was not allowed to provide
further information. She transferred the call to the Administration area but
nobody answered. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
INR 63.84 |
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|
1 |
INR 88.28 |
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Euro |
1 |
INR 77.88 |
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ARS |
1 |
INR 3.37 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
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Report Prepared
by : |
TPT |
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
·
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.