• Delivery Date: Oct 01, 2018

EMPRESA MODELO S.A.

ACTIVE SINGLE LOCATION

AddressAvda Corrientes 456 Piso 8, Oficina 86 C1043AAR - Ciudad de Buenos Aires Argentina
Telephone(s):(+54) (011) 55563100
D-U-N-S Number:97-081-4638

Identification

  • 97-081-4638
  • 30-11111111-1
  • Modelo & Co.
  • (+54) (011) 55563100
  • (+54) (011) 55563183
    (+54) (011) 55563192
  • 011 15 41320000
  • 0800-333-3100

Summary

  • Corporation
  • 1948
  • 1992
  • Manufacture and commercialization of spare parts for automobiles
  • 3714-0200
    3714-0300
    5013-0100
  • Yes
  • Yes
  • 250
  • Dr. Jorge Andrés Natalino
  • President

Address

Avda Corrientes 456 Piso 8, Oficina 86 C1043AAR - Ciudad de Buenos Aires Argentina

Currency

All the figures declared in the present report are in $ (Argentinian Peso), legal tender in República Argentina, unless otherwise indicated.


Risk Assessment

Risk Indicator

  • 3

Low Risk (1)

High Risk (4)

Risk Level of the Company is : AVERAGE

D&B Rating

5A

Based on net worth

3

Acceptable (Risk Slightly Over the Average)

Former Rating

N/A

N/A


The Dun & Bradstreet Rating of 5A 3 indicates:

  • Financial Strength of USD 50,000,000 and above based on net worth.
  • A Risk Indicator which is Acceptable (Risk Slightly Over the Average).
Supplier Risk Indicator Graph

  • 3

Low Risk (1)

High Risk (6)

  • Risk Score is calculated on a 6 point scale based on the information on Dun & Bradstreet's Data Base.
  • Risk Indicator of 1 to 3 indicates - Proceed & Extend Terms
  • Risk Indicator 4 indicates - Proceed, but Monitor
  • Risk Indicator of 5 to 6 indicates - Seek Guarantees

Relative Risk

Moderate

Risk Indicator

3

(Highest Risk:6; Lowest Risk:1)

Risk Indicator Behaviour

Proceed & Extend Terms

Certificates

Certificate Name Date
Declaracion Jurada
Dec 30, 2018
Constancia AFIP
Dec 30, 2018

Credit Limit

The following suggested amounts of credit arise from a process based on a general analysis of the company and the figures of the last financial statement. We offer a minimum and maximum amount so that the analyst can choose the most convenient one depending on the area in which he operates.


FROM

$ 1,974,200

TO

$ 8,905,500

KEY AREAS

The Subject has been scored in 12 Key Areas. A score was obtained for each section using the relevant scale. These scores were then weighted according to that section's overall importance in risk analysis. These Weighted Scores (WS) for each section are then calculated to obtain the average RISK SCORE.


The following is a summary of the results obtained in each of the Key Areas:

Non Financial Items

Item Key Area Score Weight Weighted Score
A Payment Severity 1 10% 0.10
B Employees 2 2.5% 0.05
C Taxes 1 12.5% 0.13
D Protests 2 10% 0.20
E Foundation 1 2.5% 0.03
F ISO Certificate 1 2.5% 0.03

Financial Items

Item Key Area Score Weight Weighted Score
G Gross Margin 4 10% 0.40
H Net Profit Growth 1 5% 0.05
I Net Worth Growth 6 5% 0.30
J Operating Margin 4 10% 0.40
K Current Ratio 3 10% 0.30
L Debt to Equity 1 20% 0.20
Total 3.00

It's an indicator that gives a score between 0 (lowest) and 10 (highest), which represents the business' strength at commercial, economic and financial level.

It comes up from analyzing in standard nature different key areas contained in the present business information report, which was made based on data obtained from several sources.

Each area has a determinated weight defined by D&B, according to its importance level.

The final score is made as from the summatory of each area result.


#
Key Area
Result
Estimated Contribution
Result By Area
1 Payments Behavior 10 20.00% 2.00
2 Legal Background 0 12.50% 0.00
3 Rejected Checks 10 10.00% 1.00
4 Financial System Debt 10 10.00% 1.00
5 Liquidity Ratio 8 10.00% 0.80
6 Total Indebtedness 8 10.00% 0.80
7 Years on Business 10 7.50% 0.75
8 Employees 8 5.00% 0.40
9 Capital Stock 10 5.00% 0.50
10 Sales Tendency 6 5.00% 0.30
11 Profitability Margin 4 5.00% 0.20
Final Indicator 7.75

For the drawing up of the Credit Risk Indicator Average by employees, antiquity and activity, only information coming from D&B Argentina's Database from May/2014 to May/2015 was taken into account.


Employees
Average Indicator
Between 0 and 10 4.71
Between 11 and 40 5.78
Between 41 and 100 6.35
Between 101 and 500 6.79
More than 500 7.02
Antiquity Range
Average Indicator
More than 20 years 6.36
Between 11 and 20 5.71
Between 5 and 11 5.3
Between 3 and 5 4.88
Between 1 and 3 4.43
Minor than 1 4.16
Activity
Average Indicator
Agriculture, Cattle, Forestry and Fishing 5.49
Mining and Oil 5.84
Constructions 6.01
Food Products and Tobacco 5.92
Non perishable Products Manufacturer 6.38
Transport and Public Services 5.9
Wholesaler Marketing 5.92
Retailer Marketing 5.63
Services 5.27

KEY AREA DETAIL


TRADE EXPERIENCES

D&B obtains payment references from local and international suppliers. References listed below may be from either or both sources. Amounts may be rounded to nearest figure in prescribed ranges.

Date
Fullfillment
High
Credit
Now
Owes
Past
Due
Terms
Last
Purc
Pay
Comments
Term
Description
Antiquity
In years
09/18 Prompt 50,000.00 6,137.00 30 09/18 Good On current account 10
09/18 Prompt 200,000.00 30 09/18 Good 20
08/18 Prompt 50,000.00 5,014.00 30 08/18 Good On current account 10
08/18 Prompt 200,000.00 30 08/18 Good 20
04/18 Prompt $1,000.00 0 05/17 0
02/18 Prompt $100.00 0 05/17 Good 0

Payment references contained in this report may have been obtained from the same source in different months and monetary units. In some instances, payment beyond terms can be the result of disputes over merchandise, lost invoices, etc.

Average Payments

AVERAGE PAYMENTS IN ARGENTINA

International Risk and Payment Review is a unique Dun and Bradstreet Publication covering 122 countries worldwide.

On January 2018 this publication reported:

A) The local delay in payment was 0-1 month.

B) The foreign exchange bank delay fluctuated between 0-2 months.


For more information concerning this publication please contact your local Dun and Bradstreet representative.


The following media research maybe expressed in the country's local language.

Date: May 22, 2018

Operates with the following bank(s):


Bank Name:Banco Comafi S.A.
Address:San Martín 137, Ciudad de Buenos Aires, Argentina
Branch:headquarter


Bank Name:Citibank N.A.
Address:Bartolomé Mitre 502/30, Ciudad de Buenos Aires, Argentina
Branch:headquarter


Bank Name:Industrial and Commercial Bank of China (Argentina) S.A.
Address:Florida 99, Ciudad de Buenos Aires, Argentina
Branch:headquarter


Bank Name:Banco Santander Río S.A.
Address:Bartolomé Mitre 480, Ciudad de Buenos Aires, Argentina
Branch:headquarter


Bank Name:HSBC Bank Argentina S.A.
Address:Reconquista 199, Ciudad de Buenos Aires, Argentina
Branch:headquarter


Bank Name:Banco de Galicia y Buenos Aires S.A.
Address:Teniente General Juan Domingo Perón 407, Ciudad de Buenos Aires, Argentina
Branch:headquarter


Financial System Debtors

As per information taken from the Central Bank of the Dominican Republic Argentina (BCRA), subject registers the following information, to the date of this report:

Entity
Situation
Amount
Period
Banco Comafi S.A. 1 $ 92,939,500.00 Apr, 2018
BBVA Banco Francés S.A. 1 $ 70,837,500.00 Apr, 2018
Banco Santander Rio S.A. 1 $ 41,428,500.00 Apr, 2018

Qualification Detail according to BCRA
1 Normal Situation (up to 31 days of delay)
2 With special tracing / Low Risk (delay from 31 to 90 days)
3 With trouble / Medium Risk (delay from 91 to 180 days)
4 High risk of insolvency / High Risk (delay from 181 to 365 days)
5 Unrecoverable (more than 365 days of delay)
6 Unrecoverable by technical disposition (slow payers from former Financial Institutions, with delay of more than 180 days)

Rejected Checks

Quantity of rejected checks without funds during the last 12 months: 0


SUMMARY OF REJECTED CHECKS IN COMPANY ACCOUNTS

Not Funds Formal Defects To the registration
Quantity Amount Quantity Amount Quantity Amount
0 0.00 3 173,952.71 0 0.00

TOTAL SUMMARY OF REJECTED CHECKS IN COMPANY ACCOUNTS

Quantity
Amount
Total Rejected Checks : 3 173,952.71
Total Paid Checks : 0 0.00
Percentage of Paid Checks : 0.00% 0.00%

SUMMARY PER BANK

Entity Rejected non funds
Formal Defects
Rejected to the registration
Paid Checks
1 0 0 1 97,670.69 0 0 0 0
2 0 0 2 76,282.02 0 0 0 0
Total 0 0.00 3 173,952.71 0 0.00 0 0.00

Source: Banco Central de la República Argentina (www.bcra.gov.ar)

Investigation Information

On May 22, 2018, the Accountant Eduardo Perea (Administrative Manager) submitted the General Balance Sheet as of Dec 31, 2017. Confirmed Board of Directors, historical and business information. Also submited a segment of Balance Sheet as of Mar 31, 2018.

It also added that subject is building a new industrial plant in the locality of San Martin, province of Buenos Aires, which will be inaugurated on january 2016.


Record

Corporation. Chartered on Jan 23, 1992. Registered on May 24, 1992, at the Registro Público de Comercio, File No: 7.638, Page 12, Book 116, Volume A. Published on May 24, 1992, in Official Bulletin of the Republic of Argentina.

Term 99 years, expires on May 24, 2092.


Line of business: manufacture and commercialization of spare parts for automobiles.


The activities were started by SIMON GOLDMAN, on Jan, 1948, addressed at Avenida Leandro N. Alem 928 Piso 1, Ciudad de Buenos Aires, Argentina; , the business was continued by SIMON GOLDMAN & ASOCIADOS (D-U-N-S 97-129-3097), on Jan 01, 1970, addressed at Florida 234 Piso 4, Ciudad de Buenos Aires, Argentina; moving to Avenida Leandro N. Alem 928 Piso 1 Ciudad de Buenos Aires, Argentina, on Apr 03, 1998; followed by subject, on May, 1992; moving to heading address,, on Mar, 2002.


Name/Legal Structure Changes

Originally registered on May 24, 1992, under business name of EMPRESA MODELO S.R.L., legal form Limited Partnership.


  • On Feb 03, 2008 the legal structure was modified to Corporation, registered in the Registro Público de Comercio, Buenos Aires, Book 7.638.

Capital

Capital subscribed & paid in: $ 20,000,000.00
Divided into: 10,000,000.00 common shares type A nominal value $ 1, 5 votes per share.
Divided into: 5,000,000.00 common shares type B nominal value $ 1, 1 vote per share.
Divided into: 5,000,000.00 common shares type C nominal value $ 1, 1 vote per share.

Initial Capital: $ 15,000,000.00

Capital Changes

  • On Apr 03, 1998, subject increased capital to $ 20,000,000.00; registered in the Registro Público de Comercio, No: 55.533, Volume A, Book 116.

Authorities

Current Board of Directors was appointed on Feb 28, 2017, in Extraordinary General Meeting.


Balance Sheet Date

Balance Sheet as of Dec/31.


On Stockholders Meeting dated Mar 21, 1993 subject changed its Balance Sheet's closing date from 30/Jun to 31/Dec.


  • Subject: is affiliated with ASOCIACION DE FABRICANTES ARGENTINOS DE COMPONENTES (AFAC), CORPORACION DE INDUSTRIAS TEXTILES.

Capital History

Subject had 50% of Juanjo S.A. shares


Legal Representative

Proxy held by the President and/or the Vice-President, indistinctly.


Former Legal Address

Florida 234, Ciudad de Buenos Aires, Argentina.


Stockholders

MAIN STOCKHOLDER:

(Last Known)
Company Name: ARTES GRAFICAS MODELO S.R.L.
Percentage of Interest: 52.00%.
D-U-N-S: 97-129-3097
Address: Avenida Corrientes 456 Piso 8° Oficina 81
Ciudad de Buenos Aires
Argentina
Telephone: (+54) (011) 55563100
Fax: (+54) (011) 55563183
SIC: 2761
Year Started: 1964
C.U.I.T.: 30-11111111-1

MINORITY STOCKHOLDER:

NATALINO, JORGE ANDRES

L.E. No: 3.922.115, born in Argentina on Jan 16, 1933.

Percentage of Interest: 40.00%.
C.U.I.T.: 20-03922115-4

Remaining shares: owned by minor stockholders
Percentage of Interest: 8.00%

Affiliates

Member of the Holding: MODELO
Company Name: PEPE S.A.
Address: 32

.


Companies affiliates to subject:
Company Name: MODELO S.A. DE SERVICIOS
Address: José Alberto Carrizo 9663, Ciudad de Buenos Aires
Argentina
Subject holds: 49 % of capital

Companies subsidiaries to subject:
Company Name: GOLDMAN AUTOMOTORES S.A.
Address: Avenida Del Libertador 14541 Martínez
Buenos Aires
Argentina
Subject holds: 99.99 % of capital

Company Name: INDUSTRIAS GOLDMAN S.A.
Address: José Alberto Carrizo 9663 Ciudad de Buenos Aires
Argentina
Subject holds: 90 % of capital

Temporary Joint Venture:
Company Name: EMPRESA MODELO S.A. - SOLUCIONES MODELO S.A. U.T.E.
C.U.I.T.: 30-00000000-1
Percentage of Interest: 50%
Operator: Empresa Modelo S.A.



Request for D&B local office Business Information Reports on companies related to subject.

BOARD OF DIRECTORS

Name: Jorge Andrés Natalino
Position: President

Name: Fabián Silverman
Position: Vice-President

Name: Mariano Mauricio Goldman
Position: Director Permanent

Name: Delia Rita García
Position: Director Deputy

Name: Carlos Pérez
Position: Director Deputy

AUDITING BOARD

Name: Juan Alberto Triventi
Position: Syndic Permanent

Name: Ricardo Enrique Tagliabue
Position: Syndic Deputy

CHIEF EXECUTIVES

Name: Mariano Mauricio Goldman
Position: Manager General

Name: Pablo Souza
Position: Manager Sales

Name: Eduardo Perea
Position: Manager Administrative

Name: Francisco Muzzi
Position: Manager Financial

Name: Luis LiÐópez
Position: Manager Human Resources

Name: Cristian Pardo
Position: Manager Data Processing

Dr. Jorge Andrés Natalino; President , L.E. 3.922.115, C.U.I.T. 20-03922115-0, married to Raquel Wielzer, born in Argentina, on Jan 16, 1933.


Graduated from:

  • Facultad de Ciencias Económicas, Universidad Nacional de Buenos Aires. Graduated as Economist, in 1968.

Simultaneously

  • From 1978 he is President of LONGVIE S.A. (D-U-N-S 97-000-0022).
  • He is Partner of ARTES GRAFICAS MODELO S.R.L. (D-U-N-S 97-129-3097).

Previously

  • From 1970 until 1992 he was Partner of SIMON GOLDMAN & ASOCIADOS.

No further commercial background known.



Engineer Fabián Silverman; Vice-President I.D. 16.543.327, C.U.I.T. 20-16543327-9, single, born in Argentina, on Mar 16, 1964. Electromechanical Engineer.


Graduated from:

  • Facultad de Ingeniería, Pontificia Universidad Católica Argentina Santa María de los Buenos Aires UCA. Graduated as Electromechanical Engineer, in 1988.

Simultaneously

  • From 1992 until he is Director of MODELO S.A. DE SERVICIOS.
  • He is Director of INDUSTRIAS GOLDMAN S.A..

Previously

  • From 1984 until 1988 he was employee of INDUSTRIAS ALIMENTICIAS EL ANGEL S.A..

Entered the board of directors of subject in 1992. Took office in 2000.

No further commercial background known.



Dr. Mariano Mauricio Goldman; Permanent Director I.D. 15.891.997, C.U.I.T. 20-15891997-3, divorced, born in Argentina, on Dec 16, 1963. Attorney.


Graduated from:

  • Facultad de Derecho y Ciencias Sociales, Universidad Nacional de Buenos Aires. Graduated as Attorney, in 1990.

Simultaneously

  • From 1992 until he is Director of GOLDMAN AUTOMOTORES S.A..
  • From 1992 until he is Director of MODELO S.A. DE SERVICIOS.
  • From 1992 until he is Director of INDUSTRIAS GOLDMAN S.A..
  • From 1998 he is Partner-Manager of ARTES GRAFICAS MODELO S.R.L. (D-U-N-S 97-129-3097).

Entered the board of directors of subject in 1985. Took office in 1985.

No further commercial background known.



Delia Rita García; Deputy Director I.D. 14.377.352, C.U.I.L. 27-14377352-0, married to Mariano Mauricio Goldman, born in Argentina, on Feb 25, 1962.


Simultaneously

  • From 1992 until she is Director of MODELO S.A. DE SERVICIOS.
  • She is Director of GOLDMAN AUTOMOTORES S.A..

Previously

  • From 1985 until 1990 she was employee of REPUESTOS DAPFRE S.R.L..

Entered the board of directors of subject in 1990.

No further commercial background known.



Carlos Pérez; Deputy Director , L.E. 4.581.388, C.U.I.T. 20-04581388-8, married, born in Spain, on Dec 16, 1944, Madrid, Spain.

Arrived to the country in 1960.

Naturalized in 1970.



Simultaneously

  • From 1990 until he is Director of MODELO S.A. DE SERVICIOS.
  • From 1990 until he is Director of AUTOMOTORES GOLDMAN S.A..

Previously

  • From 1968 until 1977 he was employee of EMPRESA MODELAR S.C.A..

Entered the board of directors of subject in 1977. Took office in 1998.

No further commercial background known.



Dr. Juan Alberto Triventi; Permanent Syndic , L.E. 8.833.292, C.U.I.T. 20-08833292-0, married, born in Argentina, on Jun 16, 1952. Public Accountant.


Simultaneously

  • From 1980 until he is member of ESTUDIO TRIVENTI, TAGLIABUE & ASOCIADOS.


Dr. Ricardo Enrique Tagliabue; Deputy Syndic , L.E. 7.938.556, C.U.I.T. 20-07938556-7, born in Argentina, on Jul 17, 1953. Public Accountant.


Simultaneously

  • From 1980 until he is member of ESTUDIO TRIVENTI, TAGLIABUE & ASOCIADOS.


Line of Business:

  • SIC No 3714-0200, Manufacture of spare parts for automobiles, specially assembled of transmission and coachwork components, (80%).
  • SIC No 5013-0100, Commercialization of spare parts for automobiles, (20%).


International Standard Industrial Classification (CIIU) - Form No 150

CIIU (Main Line of Business): 100111
CIIU (Secondary Line/s of Business): 702000
701090

Previoulsy, subject imported car body parts.

At present operates at 70% of its capacity.

In the country, subject is considered leader in this line of business.


  • Representative of DINAMO EASTERN CORPORATION , Houston, United States, (gearbox).
  • Representative of COMPAGNIE PEINTURES S.A. , París, France, (special paintings).
  • Representative of WHELLSNARGS GmbH , Berlín, Germany, (bealts and gearings).

Production Capacity

Production Capacity : 10000000 units monthly.

  • Manufactures about 7000000 units spare parts for automobiles per month.

Trademarks

Manufactures under 3 trademark(s):

  • HAUS Transmission elements
  • WINEX Coachwork components
  • ZERTIN Transmission elements

Standards

Of Environment, Security and Hygiene

OHSAS 18001:2011 certificate is being negotiated by Det Norske Veritas, applicable to the industrial plant.

Of Quality

ISO 9002:2011 certificate is being negotiated by Det Norske Veritas, applicable to industrial plant.

Purchases

Purchases from domestic suppliers: 70% net 30-60-90 days
Purchases from foreign suppliers: 30% net 180 days, in terms of letter of credit and 21

Imports

Imports mainly from: United States (gearbox).
France (special paintings).
Germany (belts and gearings).

Suppliers

  • NATALINO, JORGE ANDRES (D-U-N-S 97-129-2925)
  • COMPAÑIA INDUSTRIAL SUDAMERICANA S.A.
  • LUIS ALBERTO DE LUCIA PUBLICIDAD S.A.
  • PAPELERA 25 DE MAYO S.A.
  • IMPRESORAS CACHIMAYO S.A.
  • INDUSTRIAS METALURGICAS BONDEL S.A.
  • INGENIERIA AUTOMOTRIZ APLICADA S.A.

Sales

Has a portfolio of 3000 client(s) approx..

Sales are focused on:

  • To the local market 80%.
  • To the foreign market 20%.
  • To assembly lines 60% ; net 14 days.
  • To distributors 30% ; net 20 days.
  • To retailers 10% ; net 5 days.
Sales Terms: Net 30-60-90 days (50%) cash (50%).

Customers

  • REPUESTOS AVENIDA S.A., San Martin, Buenos Aires, (1%)
  • REPUESTOS SAN MARTIN S.A., San Martin, Buenos Aires, (10%)
  • WARNES REPUESTOS S.A., Buenos Aires, (30%)
  • CORRIENTES REPUESTOS S.A., Goya, Corrientes, (15%)
  • DANIEL ISMAEL FERREIRO S.A., Río Cuarto, Córdoba
  • FABRICA DE AUTOMOVILES INTERNACIONALES S.A., Rosario, Santa Fe
  • FABRICA DE AUTOS DEL SUR S.A., El Palomar, Buenos Aires
  • IBM ARGENTINA S.R.L. (D-U-N-S 97-025-2151)

Territory

Products are commercialized locally and in foreign countries.

Exports to: Uruguay
Colombia
Ecuador
Brazil
Products: transmission elements.

Season

Heavy sales season is from July to November.

Vehicles

Vehicle(s) include: 2 vehicles, Ford Focus, Model 2003.
3 vehicles, Peugeot 206, Model 2002.
4 vehicles, Renault Mégane, Model 2004.
1 truck, Ford 14000, Model 2000.

Equipment

Equipments include: 1 Hydraulic Press of 10 ton (Prensa HYD) Model JVC10002 year 1998;
1 Pneumatic press (20 tonnes) (Prensa NYD) Model JVC 1003 year 2000.

Employees

Total: 250.
Includes: 10, executives.
30, administrative employees.
150, operators.
40, salespersons.
20, supervisors.

Registrations

C.U.I.T.: 30-11111111-1
Importer/Exporter Register No: 48521/3-6

Insurances

Has insurances taken out with:

  • Seguros Sura S.A.
  • Experta ART S.A.
    Insurance type: work accidents, covering employees.
  • Caminos Protegidos Compañía de Seguros S.A.

Location

Heading address includes administration office, fiscal address, sales office and other facilities, occupying own real estate of 1200 covered square meters, on land of 2000 square meters, located in downtown-commercial area, on main avenue of busy traffic and of good shape. Subject shares offices with Artes Gráficas Modelo S.R.L.

It also has:

Industrial plant, occupying own real estate, located at Avenida Mitre 6640, Munro, Buenos Aires, Argentina, Telephone/s 43221122 /43221123, of 20,000.00 covered square meters, on land of 15000 square meters, located in industrial area, on main avenue of busy traffic and of good shape.

Administrative annex, occupying own real estate, located at Reconquista 1010 Piso 2, Ciudad de Buenos Aires, Argentina, of 350.00 covered square meters, located in downtown-commercial area, on main street of busy traffic and of good shape.

Branch(es)

Subject owns branches, but no details were given about them

Quantity State
2 Buenos Aires City
1 Mendoza
Quantity State
1 Córdoba

Real Estate

Subject owns real estate located at:

Avenida Corrientes 456 Piso 8 Oficina 81, Ciudad de Buenos Aires, Argentina. Did not present title of property.

Land Register Record

Control: 100%

Avenida Mitre 6640, Munro, Buenos Aires, Argentina. Did not present title of property.

Land Register Record

Control: 100%

Reconquista 1010 Piso 2, Ciudad de Buenos Aires, Argentina. Did not present title of property.

Land Register Record

Control: 100%

José Alberto Carrizo 9663, Ciudad de Buenos Aires, Argentina. Did not present title of property.

Land Register Record

Control: 100%

Rent(s)

Subject also rents premises located at:

Cachimayo 552, Ciudad de Buenos Aires, Argentina.

Pays for said concept: $ 5,000


Legal Place of Business

Avenida Corrientes 456 Piso 8, Oficina 81, (C1043AAR), Ciudad de Buenos Aires, Argentina.


  • On Jun 20, 2014 Sir Francisco Mauricio Goldman who held the office of President died after 10 years of service with subject.

Inquiries carried out as of May 22, 2018, allowed to report:

Suits

Date: May 25, 2014
Demand's Type: Summary Proceeding
Court No.: 7
Secretary No.: 14
Plaintiff: MARCELO A. SENAR
Comments: No more information could be obtained on this issue.

Creditors Meeting

Date of Request: Jun 19, 2006
Licitation Type: Preventive
Court No.: 1
Secretary No.: 2
Openings’ Date: Jul 20, 2006
Trustee: Juan Pepe.
Address: Lavalle 800, Ciudad de Buenos Aires
Credit Verification Date: Jun 19, 2007
Comments: No more details could be obtained on this issue.

Others

Date: Jun 25, 2014
type Of Incident: Writ of prohibition
Applicant: SUPERINTENDENCIA
Proceeding/ Folio/ Year: 0101
Comments: No more details could be obtained on this issue.

Comparatives

Dec 31, 2015
Dec 31, 2016
Dec 31, 2017
Current Assets 49,121,315 89,121,305 69,329,903
Current Liabilities 32,739,582 29,739,562 29,846,997
Non-Current Assets 146,358,519 149,358,509 149,139,536
Non-Current Liabilities 1,926,463 7,926,463 10,514,418
Working Capital 16,381,733 59,381,743 39,482,906
Net Tangible Capital 158,090,770 198,090,770 172,841,566
Net Worth 160,813,789 200,813,789 178,108,024
Net Sales 242,466,830 249,202,578 256,610,319
Net Profit - Loss 3,081,520 9,285,880 18,570,919

In order to estimate Net Tangible Capital, Intangible Assets were deducted from Net Worth.

Financial Statement Information

Dec 31, 2017
Type of Audit: Prepared from books without audit
Statement Audited by: LOPEZ SALGADO Y ASOCIADOS, C.P.C.E.C.F. Tº 7 Fº 25
Signed by: administration JUAN CARLOS VAZQUEZ, C.P.C.E.C.F. Tº 67 Fº 235
The Balance sheets, drawn up in Argentina, are made under regulations established by the FEDERACION ARGENTINA DE CONSEJOS PROFESIONALES DE CIENCIAS ECONOMICAS (F.A.C.P.C.E., for its acronym in Spanish). The last ones are based on NORMAS INTERNACIONALES DE CONTABILIDAD (NIC's, for its acronym in Spanish)


Financial Statements

Assets Dec 31, 2017
Cash & Banks 2,788,949
Investments 2,174,315
Accounts Receivable 31,355,995
Other Credits 0
Total Credits 31,355,995
Inventories 31,510,644
Other Assets 1,500,000
CURRENT ASSETS 69,329,903
Accounts Receivable 0
Other Credits 70,658
Total Credits 70,658
Investments 157,118
Property and Equipment 142,706,764
Other Assets 938,538
Intangible Assets 5,266,458
NON CURRENT ASSETS 149,139,536
TOTAL ASSETS 218,469,439
Liabilities Dec 31, 2017
Commercial Debts 15,027,302
Banking / Financial Debts 6,429,353
Fiscal Charges 2,822,964
Wages and Payroll Expenses 3,584,481
Corporations Sec. 33 Act 19550 110,733
Other Debts 1,872,164
CURRENT LIABILITIES 29,846,997
Wages and Payroll Expenses 144,907
Forecasts 10,314,034
Other Debts 55,477
NON CURRENT LIABILITIES 10,514,418
TOTAL LIABILITIES 40,361,415
Subscribed Capital 20,000,000
Non Capitalizable Contributions 2,656,565
Stock Premium 366,868
Legal Reserve 4,286,648
Other Reserves 42,074,535
Technical Revaluation 27,066,852
Retained Earnings 81,656,556
NET WORTH 178,108,024
TOTAL LIABILITIES AND NET WORTH 218,469,439

General Balance Sheet : Income Statement

Dec 31, 2017
Goods and Services Sales 256,610,319
Adjustments 0
Goods and Services Net Sales 256,610,319
Costs -173,565,665
GROSS PROFIT/LOSS 83,044,654
Administration Expenses -17,656,525
Marketing Expenses -52,686,726
Operative Profit/Loss 12,701,403
Financial Result 265,623
Other Income/Expenses 16,124,547
ORDINARY OPERATIONS’ PROFIT/LOSS 29,091,573
Extraordinary Earnings -4,827,197
PROFIT/LOSS BEFORE TAXES 24,264,376
Total Taxes -5,693,457
FISCAL YEAR PROFIT (LOSS) 18,570,919
Assets and Liabilities in Foreign Currency
(Value in Pesos)
Total Assets 17,535,521
Total Liabilities 29,333,353

Consolidated Balance Sheet

Assets
Dec 31, 2016
CURRENT ASSETS 89,301,358
NON CURRENT ASSETS 149,635,535
TOTAL ASSETS 238,936,893
Liabilities / Shares of third parties / Net Worth
Dec 31, 2016
CURRENT LIABILITIES 32,356,413
NON CURRENT LIABILITIES 12,353,828
TOTAL LIABILITIES 44,710,241
3RD PARTY INTERESTS IN CONT. COMPANIES 16,118,628
NET WORTH 178,108,024
TOTAL 238,936,893
Income Statement
Dec 31, 2016
NET SALES 261,656,323
NET PROFIT 15,570,918

Ratios

  • Better
  • Stable
  • Worse
  • Not Applicable
Dec 31, 2015
Dec 31, 2016
Dec 31, 2017
Status
EFFICIENCY RATIOS
Collection Period (days) 39.87 38.79 43.99
Inventory Turnover (times) 78.00 5.78 8.14
SOLVENCY RATIOS
Current Indebtedness 0.21 0.15 0.17
Total Indebtedness 0.22 0.19 0.23
Current Ratio 1.50 3.00 2.32
Liquidity 1.41 1.55 1.27
Solvency 5.64 6.33 5.41
Fixed Assets 0.89 0.72 0.83
Own Resources 0.81 0.83 0.79
PROFITABILITY RATIOS
Return on Sales (%) 1.27 3.73 7.24
Return on Assets (%) 1.58 3.89 8.50
Return on Net Worth (%) 1.92 4.62 10.43

Net Worth

Working Capital

Return on Sales

Profit & Loss

Total Indebtedness

Current Ratio


Indicator Definitions

SOLVENCY RATIOS

Current Ratio

It considers the totality of assets of the company destinated to attend immediately payment agreements.

Formula: Current Assets / Current Liabilities

Condition Interpretation
Greater than 3 Very High
Between 2 and 2.99 High
Between 1 and 1.99 Acceptable
Less than 1 Low

Liquidity

Shows the coverage level of the debts to assets of rapidly realization.

Formula: (Current Assets - Inventory) / Current Liabilities

Condition Interpretation
Greater than 1.99 Very High
Between 1 and 1.99 High
Between 0.5 and 1 Acceptable
Less than 0.5 Low

Solvency

Allows to know the protection grade of a firm before an eventual exigency of total cancelation of their debts.

Formula: Total Assets / Total Liabilities

Condition Interpretation
Greater than 3 Very High
Between 2 and 2.99 High
Between 1 and 1.99 Acceptable
Less than 1 Low

Current Indebtedness

Measures the exposition of the own permanent capital.

Formula: Current Liabilities / Net Tangible Capital

Condition Interpretation
Greater than 1 High
Between 0.51 and 1 Acceptable
Between 0.2 and 0.5 Low
Less than 0.2 Very Low

Total Indebtedness

Makes possible to know the effect over the long term debts over the net tangible capital.

Formula: Total Liabilities / Net Tangible Capital

Condition Interpretation
Greater than 1 High
Between 0.51 and 1 Acceptable
Between 0.2 and 0.5 Low
Less than 0.2 Very Low

Fixed Assets

Express the incidences of their fixed assets destinated to the exploitation, dully depreciated over the own capital.

Formula: Fixed Assets / Net Tangible Capital


Own Resources

Shows the assets percentage not exposed by third parties.

Formula: Net Tangible Capital / Total Assets


EFFICIENCY RATIOS

Collection Period (days)

Shows the quantity of days that the company needs to perform their collections.

Formula: Credits for Sale x 360 / Net Sales


Inventory Turnover (times)

Allows to determinate how many times the firm has renewed its inventory.

Formula: Net Sales / Inventory


PROFITABILITY RATIOS

Return on Sales

Allows establishing the earning margins the company operates with.

Formula: Net Profit x 100 / Net Sales


Return on Assets

Determinates the efficiency of the assets that were handled in the earnings generation.

Formula: Net Profit x 100 / Total Assets


Return on Net Worth

Shows the invested capital return percentage.

Formula: Net Profit x 100 / Net Worth


Other Figures

Interim Balance Sheet as of Mar 31, 2018 (in Pesos).

Assets
CURRENT ASSETS 65,478,660
NON CURRENT ASSETS 140,352,770
TOTAL ASSETS 205,831,430
Liabilities
CURRENT LIABILITIES 27,543,110
NON CURRENT LIABILITIES 9,789,447
TOTAL LIABILITIES 37,332,557
NET WORTH 168,498,873
TOTAL 205,831,430
Income Statement
NET SALES 125,436,784
NET PROFIT 7,542,127

Statement Audited by: PRICE WATERHOUSE & Co. S.R.L., C.P.C.E.C.F. T'1 F'1
Signed by: Accountant José González , C.P.C.E.C.F. T' 2 F' 4
MONTHLY SALES FIGURES
Month/ Year Monthly Sales
Apr/ 2017 $ 21,000,000.00
May/ 2017 $ 23,000,000.00


Qualifications

Summary of risk evaluation of shared/bonds issued by subject follows:


Type: Program

Global Negotiable Papers Program authorized by A.G.O. as of Jan/30/2015

Amount: 15,000,000 Pesos
Last Due Date: Jan 30, 2018

Date Qualification Financial Statement Examining
Mar 31, 2017 AA+ Dec 31, 2016 Standard & Poor's International Ratings Ltd.
Mar 31, 2016 AAA Dec 31, 2015 Evaluadora Latinoamericana S.A.
Mar 31, 2015 AA Dec 31, 2014 Standard & Poor's International Ratings Ltd.

LAST GENERAL BALANCE SHEET EVALUATION

EMPRESA MODELO S.A.'s Financial Statement as of Dec 31, 2017 showed a good financial condition, which was reflected by the following:

  • A current ratio high
  • Liquidity index high
  • Working capital high

On the other hand, the subject's economic situation as of that date was good, this was reflected by the following:

  • Indebtness index low
  • Creditworthy index very high

Customer Service

Should you require any further information or have any questions, please contact your local Customer Service Centre.

Inquiries should always contain the below minimum details:

  • Full Company Name
  • Full Headquarters Address
  • Telephone Number
  • Business Identification Number
  • Contact Name
  • Reference
  • Order Date

Exchange Rate

The registered values correspond to the last working day of each year. For further information about macroeconomic variables of this country, please consult the International Risk and Payment Review, a D&B's monthly publication.

Since Jan 2002, with the finalization of the Convertibility Plan, the floating exchange rate was established. As a sample of this, the fluctuation of the local currency regarding the US Dollar during the last 5 years is detailed below:

Date Quotation
Dec, 2013 U$S 1 = $ 6.52
Dec, 2014 U$S 1 = $ 8.55
Dec, 2015 U$S 1 = $ 13.43
Dec, 2016 U$S 1 = $ 16.30
Dec, 2017 U$S 1 = $ 18.98

D&B Rating Glossary

The following ratings are available for businesses in Argentina:

D&B Rating - The D&B® Rating in Argentina consists of 2 parts, the Financial Strength Indicator and the Risk Indicator. The Financial Strength Indicator is based on Net Worth of a current fiscal balance sheet. The Risk Indicator reflects D&B's opinion of the risk associated with trading with a specific business, notably the likelihood of business continuance or failure over the next 12 months. The table below contains the values for the D&B Rating in Argentina.

Financial Strength Indicator

Range USD
Net Worth
From
To
5A 50,000,000 And above
4A 10,000,000 49,999,999
3A 1,500,000 9,999,999
2A 750,000 1,499,999
1A 375,000 749,999
A 188,000 374,999
B 94,000 187,999
C 47,000 93,999
D 24,000 46,999
E 12,000 23,999
F 6,000 11,999
G 0 5,999

Risk Indicator Condition Interpretation
1 Solid Minimum expectation of risk
2 Satisfactory Low expectation risk
3 Acceptable Risk Slightly Over the Average
4 Unfavourable Significant Risk - To review carefully
S Services Not Applicable - No Assigned condition
- Undetermined Insufficient information to assign a Rating

Alternate Ratings Used
NQ Cease of Operations
NB New Business - Generally less than 2 years and six months
O No financial statement or not up to date financial statement
N/N4 Negative Net Worth
BR Branch of Local Company
- Unable to locate - Non Commercial Report

Confidentiality

CONFIDENTIAL THIS INFORMATION IS PROVIDED BY DUN & BRADSTREET SUBJECT TO THE TERMS AND CONDITIONS OF YOUR SUBSCRIPTION CONTRACT AND IS NOT TO BE DISCLOSED.


© Rights Reserved 2018 Dun & Bradstreet. All Rights Reserved. This report, which is authorized for the exclusive use of D&B Customers, through a contract, and to be used as an instrument of business decision, contains information compiled from different sources on which D&B has no control and have not been verified unless otherwise specified in this report. Dun & Bradstreet does not assume any of the user's business risks; does not guarantee the accuracy, integrity and timeliness of the information and shall not be liable in tort, contract or otherwise for any loss, damage or injury resulting from the use of this information, even if caused by Dun & Bradstreet's negligence. Dun & Bradstreet declare that this report has been made under the prescriptions of the Argentine Data Protection Law Number 25.326, and that the agreement of the data owners has been required in such cases that was necessary (articles 5th, 6th and 26th of the Law).


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