Important!:
+-----------------------------------------------------------+
¦ On December 2001, the Argentinian Government imposed ¦
¦ restrictions on bank withdrawals. ¦
¦ On January 6, 2002 it officially devaluated the Peso. ¦
¦ ¦
¦ As a result of those measures, a free float exchange ¦
¦ rate was established. It will change in a daily basis ¦
¦ according to supply and demand. ¦
¦ In addition, The Argentinian Government has issued other ¦
¦ measures that may affect local and international ¦
¦ business transactions. ¦
¦ For futher information, please consult the International ¦
¦ Risk and Payment Review, a D&B publication. ¦
¦ ¦
¦ It is recommended that the above information be carefully ¦
¦ evaluated when making business decisions and that future ¦
¦ events continue to be monitored. ¦
+-----------------------------------------------------------+
BUSINESS INFORMATION REPORT Jun 29, 2002
Condensed
D-U-N-S Number: 97-081-4638 CUIT: 30-11111111-1
International Rating: --
Domestic Rating: 5A 3
Prev. Dom. Rating: 3A 2
EMPRESA MODELO S.A.
(Before: Empresa Modelo S.R.L.)
BUSINESS: Motor vehicle transmissions,
drive assemblies, and parts
SIC(s): 37140200 37140300 - 50130100
Viamonte 570
Pisos 2° y 3º
1053 - Buenos Aires
Argentina
Internet E-Mail: info@empresa-modelo.com.ar
Web Page: http://www.empresa-modelo.com.ar
Tel(s): (54) (011) 43183100 Fax: (54) (011) 43183183
(011) 43183190
------------------------------- SUMMARY --------------------------------
Established : 1948 Payments : SEE COMMENTS
Control : 1992 Sales : $ 256,610,319
Legal Actions : YES Net Capital : $ 176,841,566
Fin. Position : GOOD Employees : 250 (40 here)
Trend : STEADY Imp. Exp. : IMPORTS/EXPORTS
History : BUSINESS Status : ACTIVE
Legal Structure: Corporation
----------------------------- EVALUATION -------------------------------
EMPRESA MODELO S.A. financial status as of Dec 31, 2000, showed good
financial condition, which was reflected by the following:
* Current ratio was high
* Liquidity index was high.
* Working capital was high.
The subject's economic situation, as of that date was good, this was
reflected by the following:
* Indebtness index low.
* Creditworthy index very high.
Current Assets were mainly concentrated on Inventories and Credits for
Sales, while Short Term Liabilities were mostly concentrated on Commercial
Debts. Annual Sales 256.610.319 Pesos, closing the period with a Net
Profit 15.570.918 Pesos. Net Worth was 178.108.024 Pesos. Trend was
steady.
Respect to its previous fiscal the following variances can be observed:
+----------------------------------------------+
¦ VARIATION ¦
+----------------------------------------------¦
¦ Cash ¦ -9% ¦
¦ Accounts Receivable ¦ 16% ¦
¦ Collection Period ¦ 9 days ¦
¦ Inventory ¦ -26% ¦
¦ Inventory Turnover ¦ 1 times ¦
¦ Fixed Assets ¦ -0% ¦
¦ Short Terms Liabilities ¦ 0% ¦
¦ Working Capital ¦ -33% ¦
¦ Net Sales ¦ -8% ¦
¦ Direct Costs ¦ 0% ¦
¦ Net Earnings ¦ 70% ¦
+----------------------------------------------+
------------------------------ PRINCIPALS ------------------------------
Board of Directors:
Jorge Andrés Natalino President
Fabián Andrés Silverman Vice-President
Mariano Mauricio Goldman Permanent Director
Delia Rita García Deputy Director
Carlos Pérez Deputy Director
Auditing Board:
Juan Alberto Triventi Permanent Syndic
Ricardo Enrique Tagliabue Deputy Syndic
Chief Executives:
Mariano Mauricio Goldman General Manager
Pablo Souza Sales Manager
Eduardo Perea Administrative Manager
Francisco Muzzi Financial Manager
Luis López Human Resources Manager
Cristian Pardo Data Processing Manager
---------------------------- SPECIAL EVENTS ----------------------------
On Jun 20, 2001, Sir Francisco Mauricio Goldman who held the office of
President died after 10 years of service with subject.
-------------------------------- PAYMENTS ------------------------------
** D&B's GLOBAL 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.
---------------------------------------------------------------------------
HIGH LAST
DATE FULFILLMENT CREDIT OWES TERMS PURCHASE CONCEPT
---------------------------------------------------------------------------
05/01 Prompt 10,000 5,000 30 05/01 *4
05/02 Cash on de
Pay Concept:
*4 Good
---------------------------------------------------------------------------
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.
-------------------------- COMPARATIVE FIGURES -------------------------
Dec/2000 Dec/1999 Dec/1998
Current Assets 69,329,903 89,121,305 87,112,171
Current Liabilities 29,846,997 29,739,562 31,319,604
Non Current Assets 149,139,536 149,358,509 140,034,957
Non Curr. Liabilities 10,514,418 7,926,463 10,158,255
Working Capital 39,482,906 59,381,743 55,792,567
Net Tangible Capital 176,841,566 198,090,770 183,470,359
Net Worth 178,108,024 200,813,789 185,669,269
Net Sales 256,610,319 279,202,578 294,845,865
Net Profit (Loss) 15,570,918 9,137,748 20,001,610
In order to estimate Net Tangible Capital, Intangible Assets were deducted
from Net Worth.
------------------- ECONOMIC - FINANCIAL INDEXES -----------------------
Dec/2000 Dec/1999 Dec/1998
Collection Period (days) 43.98 34.62 24.12
Inventory Turnover (times) 8.14 6.47 8.65
Current Endebtedness 0.16 0.15 0.17
Total Endebtedness 0.22 0.19 0.22
Current Ratio 2.32 2.99 2.78
Liquidity 1.26 1.54 1.69
Solvency 5.41 6.33 5.47
Fixed Assets/Total Assets 0.80 0.72 0.74
Own Resources 0.80 0.83 0.80
Return on Sales (%) 6.06 3.27 6.78
Return on Assets (%) 7.12 3.83 8.80
Return on Net Worth (%) 8.74 4.55 10.77
------------------------- FINANCIAL STATMENT ---------------------------
GENERAL BALANCE SHEET AS OF DECEMBER 31, 2000 (in Pesos).
ASSETS
Cash & Banks 2,788,949
--------------
Cash and Banks 2,788,949
Investments 2,174,315
--------------
Total Investments 2,174,315
Credits for Sales 31,355,995
--------------
Sub-total Credits 31,355,995
Total Credits 31,355,995
Inventory 31,510,644
--------------
Total Inventories 31,510,644
Property and Equipment 1,500,000
--------------
Total Other Assets 1,500,000
TOTAL CURRENT ASSETS 69,329,903
Other Credits 70,658
--------------
Sub-total Other Credits 70,658
TOTAL CREDITS 70,658
Investments 157,118
--------------
Total Investments 157,118
Property and Equipment 142,706,764
--------------
Total Property and Equipment 142,706,764
Fiscal Credit 4,938,538
--------------
Total Other Assets 4,938,538
Intangible Assets 1,266,458
--------------
Total Intangible Assets 1,266,458
TOTAL NON CURRENT ASSETS 149,139,536
TOTAL ASSETS 218,469,439
LIABILITIES AND NET WORTH
Commercial Debts 15,027,302
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 Liabilities 1,872,164
--------------
TOTAL CURRENT LIABILITIES 29,846,997
Wages and Payroll Expenses 144,907
Forecasts 10,314,034
Other Liabilities 55,477
--------------
TOTAL 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
--------------
TOTAL NET WORTH 178,108,024
TOTAL LIABILITIES AND NET WORTH 218,469,439
STATMENT OF INCOME
Sales 256,610,319
--------------
Total Gross Sales 256,610,319
Total Net Sales 256,610,319
Cost of Sales -173,565,665
--------------
Total Cost -173,565,665
Gross Earnings 83,044,654
Administration Expenses -17,656,525
Marketing Expenses -52,686,726
--------------
Operative Earnings 12,701,403
Financial and Holding Earnings 265,623
Other Incomes 9,892,323
Permanent Investment Earnings 3,232,223
Ordinary Earnings 26,091,572
Extraordinary Earnings -4,827,197
--------------
Total Extraordinary Earnings -4,827,197
Earnings Before Taxes 21,264,375
Taxes -5,693,457
--------------
Total Taxes -5,693,457
FISCAL YEAR PROFIT (LOSS) 15,570,918
ASSETS AND LIABILITIES IN FOREIGN CURRENCY
(Value in Pesos)
Total Assets 17,535,521
Total Liabilities 29,333,353
EXPENSES COMPARISON
------------------------------------------------------------------------
ITEM 2000 1999 Variation(%)
------------------------------------------------------------------------
Management Retribution 956,645 1,084,574 -11
Fees due to Services 30,637,859 36,817,942 -16
Wages & Salaries and Social Se 51,932,425 53,775,475 -3
Social Contributions 16,615,339 22,735,577 -26
Advertising 14,735,379 16,019,427 -8
Materials 3,905,492 7,878,061 -50
Commercial Interests 0 6,814 --
Taxes and Contributions 875,145 1,041,549 -15
Fiscal Interests 182,570 235,803 -22
Property & Equipment Depreciat 14,510,800 12,645,978 14
Intangible Assets Depreciation 361 361 000
Compensations 8,749,419 5,473,486 59
Contingencies Forecast 4,408,714 3,266,349 34
Provision Bad Debt 952,401 1,141,634 -16
Bank Expenses 651,244 715,895 -9
Sundry Expenses 10,302,029 10,457,980 -1
Other Expenses 3,199,751 2,007,627 59
------------------------------------------------------------------------
TOTALS 162,615,573 175,304,532 -7
------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2000 (in Pesos).
ASSETS
CURRENT ASSETS 89,301,358
NON CURRENT ASSETS 149,635,535
TOTAL ASSETS 238,936,893
LIABILITIES / SHARES OF THIRD PARTIES / NET WORTH
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
STATMENT OF INCOME
NET SALES 261,656,323
NET PROFIT 15,570,918
Statement Audited by LOPEZ SALGADO Y ASOCIADOS, C.P.C.E.C.F. Tº 7 Fº 25.
Signed by Accountant JUAN CARLOS VAZQUEZ, C.P.C.E.C.F. Tº 67 Fº 235.
REAL ESTATE
Subject owns real estate located at:
Viamonte 570, Pisos 2º y 3º, Buenos Aires, Argentina. Did not present
title of property. Control: 100%.
Avenida Mitre 6640, Munro, Buenos Aires, Argentina. Did not present title
of property. Control: 100%.
Reconquista 1010, Piso 2º , Buenos Aires, Argentina. Did not present title
of property. Control: 100%.
José Alberto Carrizo 9663, Buenos Aires, Argentina. Did not present title
of property. Control: 100%.
+----------------------------------------------------------------------+
¦ Uses D&B's services for the verification of properties domain ¦
+----------------------------------------------------------------------+
RENT(S)
Subject also rents premises located at:
neuquen 602, buenos aires. Pays for said concept 500 Pesos.
VEHICLES
Vehicle(s) include: 2 vehicles, Ford Escort, model 1999; 3 vehicles,
Peugeot 405, model 1999; 4 vehicles, Renault 19, model 1998; 1 trucks,
Ford 14000, model 1992. Equipment include: 1 (Prensa HYD) model (JVC10002)
year (1998); 1 (Prensa NYD) model (JVC 1003) year (2000).
------------------------------- UPDATE ---------------------------------
On May 21, 2001, the Accountant Victoria Del Río ( Auditing Chief )
submitted the General Balance Sheet as of December 31, 2000. Confirmed
Board of Directors, historical and business information.
MONTHLY SALES FIGURES
------------------------------------------------------------------------
MONTH YEAR MONTHLY SALES CURRENCY
------------------------------------------------------------------------
Jan 2001 16,963,211 Pesos
Feb 2001 12,998,347 Pesos
Mar 2001 19,122,399 Pesos
Apr 2001 13,337,567 Pesos
------------------------------------------------------------------------
INSURANCE
Has insurances taken out with:
La Equitativa del Plata S.A. de Seguros . Insurance type: all risks
insurance, covering assets in general, for USD 122,000,000. Prime annually
for 10,000 Pesos, maturity date January 1, 2002.
------------------- LEGAL RECORDS AND DISSABLEMENTS --------------------
Inquiries carried out as of May/21/2001, allowed to report
SUITS:
On Feb/19/1999 a Summary Proceeding was filed in Court Nº 14, Secretary Nº
28, by MARIA F. REY Y ASOCIADOS. On Jan/1/1999 Auditing Chief Accountant
Victoria Del Río informed to have reached to an extra-legal agreement .
On May/25/1999 a Summary Proceeding was filed in Court Nº 7, Secretary Nº
14, by MARCELO A. SENAR. On Jan/1/2000 Auditing Chief Accountant Victoria
Del Río informed to have reached to an extra-legal agreement .
OTHERS:
On Dec/18/1999 registered a Official Letter Act 22172 at Court Nº 8,
Secretary Nº 16, requested by RAMON Z. MEDINA. No details could be
obtained on this issue .
-------------------------------- BANKS ---------------------------------
May 2001
Operates with the following bank(s):
Banco de la Provincia de Buenos Aires, headquarters, San Martín 137,
Buenos Aires, Argentina, telephone: (011) 4331-1780, account number
11489-123/0. Overdraft margin Pesos 5,000,000.
Banco de la Nación Argentina, headquarters, Bartolomé Mitre 326, Buenos
Aires, Argentina, telephone: (011) 4326-1000, account number
0089998777/0-9. Overdraft margin Pesos 100,000.
Citibank N.A. (Sucursal Argentina), headquarters, Bartolomé Mitre 502/30,
Buenos Aires, Argentina, telephone: (011) 4322-0013, account number
9987781223/202-3.
BankBoston N.A. (Sucursal Argentina) , headquarters, Florida 99, Buenos
Aires, Argentina, telephone: (011) 4332-9966, account number 48975/023.
Overdraft margin Pesos 1,500,000.
Banco Río de la Plata S.A., headquarters, Bartolomé Mitre 480, Buenos
Aires, Argentina, telephone: (011) 4348-5000, account number 997533311.
Banco Francés S.A., headquarters, Reconquista 199, Buenos Aires,
Argentina, telephone: (011) 4340-4343.
Banco de Galicia y Buenos Aires S.A., headquarters, Teniente General Juan
Domingo Perón 407, Buenos Aires, Argentina, telephone: (011) 4369-6977,
account number 9877854-001. Overdraft margin Pesos 800,000.
------------------------------ DUD CHEQUES -----------------------------
The subject has 3 dud cheques.
---------------------------- FINANCIAL SYSTEM DEBTORS --------------------
As per information held in our files, subject registers the following
history of its banking debts:
--------------------------------------------------------------------
DATE TOTAL DEBT # OF BANKS
--------------------------------------------------------------------
31/8/2000 4,792,000 Pesos 5
- In 4 by 90%. Normal.
- In 1 by 10%. With problems.
--------------------------------------------------------------------
30/9/2000 4,850,000 Pesos 5
- In 5 by 100%. Normal.
--------------------------------------------------------------------
31/10/2000 4,178,000 Pesos 5
- In 4 by 90%. Normal.
- In 1 by 10%. With problems.
--------------------------------------------------------------------
30/11/2000 4,901,000 Pesos 5
- In 5 by 100%. Normal.
--------------------------------------------------------------------
31/12/2000 4,875,000 Pesos 5
- In 5 by 100%. Normal.
--------------------------------------------------------------------
31/1/2001 4,915,000 Pesos 5
- In 5 by 100%. Normal.
--------------------------------------------------------------------
------------------------------ HISTORY ---------------------------------
Corporation. Chartered on January 23, 1992. Registered on May 24, 1992, at
the Registro Público de Comercio, File N° 7.638, Page 12, Book 116, Volume
A. Published on May 24, 1992, in Official Bulletin. Registered on May 31,
1992 at the Inspección General de Justicia, File N° 1.201.286. Term 99
years, expires on May 24, 2092.
The activities were started by SIMON GOLDMAN, in 1948, addressed at
Avenida Leandro N. Alem 928, Piso 1°, Buenos Aires, Argentina; , the
business was continued by SIMON GOLDMAN & ASOCIADOS in 1970; , business
was followed by subject on April 1, 1992; moving to heading address, on
April 3, 1998
Originaly registered on May 24, 1992, under business name of EMPRESA
MODELO S.R.L., legal form Limited Partnership.
On April 3, 1998 the legal structure was modified to Corporation,
registered in the Registro Público de Comercio, Buenos Aires, Book 7.638.
Capital allocated: 2,000,000.0000000 Pesos. Divided into:
10,000,000 common shares type A nominal value 0.0002500 Pesos, 5 votes per
share.
5,000,000 common shares type B nominal value 100.0000000 Pesos, 1 vote per
share.
6,000,000 common shares type C nominal value 0.0003000 Pesos, 1 vote per
share.
Active Partnership Capital unknown. Capital payed: 0 Pesos. Initial
Capital: 15,000,000.0000000 Pesos.
On April 3, 1998, subject increased capital to 20,000,000.0000000 Pesos;
registered in the Registro Público de Comercio, Buenos Aires, Nº 55.533,
Volume A, Book 116.
Current Board of Directors was appointed on November 28, 2000, in
Extraordinary General Meeting.
Balance Sheet as of: Dec/31.
Subject is affiliated with ASOCIACION DE FABRICANTES ARGENTINOS DE
COMPONENTES (AFAC).
Proxy held by the President and/or the Vice-President, indistinctly.
------------------------------ STOCKHOLDERS ------------------------------
MAIN STOCKHOLDER:
ARTES GRAFICAS MODELO S.R.L.
Percentage of interest: 52 %.
D-U-N-S 97-129-3097
Viamonte 570 Pisos 2° y 3°
Buenos Aires
Argentina.
Argentina
Telephone: (011) 4318-3100
Fax: (011) 4318-3183
Line of Business: fabricación de formularios continuos
SIC: 2761
Year started: 1964
C.U.I.T. 36-25574410-2
MINORITY STOCKHOLDERS:
NATALINO, JORGE ANDRES
Percentage of interest: 48 %.
D-U-N-S 97-129-2925
Viamonte 570 Pisos 2° y 3°
Buenos Aires
Argentina.
Argentina
Telephone: (011) 4318-3100
Fax: (011) 4318-3183
Line of business: comercialización mayorista y minorista de comestibles y
afines
SIC: 5141
Year started: 1969
C.U.I.T. 20-00000000-1
------------------------------- AFFILIATE --------------------------------
Subject is member of the HOLDING MODELO.
Company related to subject:
MODELO S.A. DE SERVICIOS, addressed at José Alberto Carrizo 9663, Buenos
Aires, Argentina.. Subject holds 49.00% of capital.
Companies controlled by subject:
GOLDMAN AUTOMOTORES S.A., addressed at Avenida Del Libertador 14541,
Martínez, Buenos Aires, Argentina. Legal form: active. Subject holds
99.99% of capital.
INDUSTRIAS GOLDMAN S.A., addressed at José Alberto Carrizo 9663, Buenos
Aires, Argentina. Legal form: active. Subject holds 90.00% of capital.
+------------------------------------------------------+
¦ Request for D&B local office Business Information ¦
¦ Reports on companies related to subject. ¦
+------------------------------------------------------+
-------------------------------- BACKGROUND ------------------------------
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. Lives at Avenida Del Libertador 3850, Piso 1º, Buenos Aires,
Argentina. Economist .
Graduated from:
Facultad de Ciencias Económicas, Universidad Nacional de Buenos Aires.
Graduated as Economist, in 1958.
Simultaneously from 1978, he is President of BIERZO S.C.A. (D-U-N-S
97-270-7306) , addressed at Dr. Adolfo Alsina 1569 PISO 3º DPTO 12
Monserrat, Capital Federal, Federal District, Argentina. ; he is President
of MODELO S.A. DE SERVICIOS, addressed at José Alberto Carrizo 9663,
Buenos Aires, Argentina; from 1971, he is Partner of ARTES GRAFICAS MODELO
S.R.L. (D-U-N-S 97-129-3097) , addressed at Viamonte 570 Pisos 2° y 3°,
Buenos Aires, Argentina. .
Previously from 1970 until 1992, he was Partner of SIMON GOLDMAN &
ASOCIADOS, addressed at Avenida Leandro N. Alem 928, Piso 1°, Buenos
Aires, Argentina.
business founder 1948. Took office in 1998. Commercial background unknown.
Engineer Fabián Andrés Silverman; Vice-President, D.N.I. 16.543.327,
C.U.I.T. 20-16543327-9, single, born in Argentina on Mar/16/1964. Lives at
Echeverría 3965, Buenos Aires, Argentina. Electromechanical Engineer .
Graduated from:
Facultad de Ingeniería, Universidad Católica Argentina. Graduated as
Electromechanical Engineer, in 1988.
Simultaneously from 1992, he is Director of MODELO S.A. DE SERVICIOS ,
addressed at José Alberto Carrizo 9663, Buenos Aires, Argentina; he is
Director of INDUSTRIAS GOLDMAN S.A., addressed at José Alberto Carrizo
9663, Buenos Aires, Argentina.
Previously from 1984 until 1988, he was employee of INDUSTRIAS
ALIMENTICIAS EL ANGEL S.A., addressed at Avenida General Paz 2269, Buenos
Aires, Argentina.
Entered the board of directors of subject in 1992. Took office in 2000.
Commercial background unknown.
Dr. Mariano Mauricio Goldman; Permanent Director, D.N.I. 15.891.997,
C.U.I.T. 20-15891997-3, married to Delía Rita García, born in Argentina on
Dec/16/1963. Lives at Avenida La Plata 122, Buenos Aires, Argentina.
Attorney .
Graduated from:
Facultad de Derecho y Ciencias Sociales, Universidad Nacional de Buenos
Aires. Graduated as Attorney, in 1990.
Simultaneously from 1992, he is Director of GOLDMAN AUTOMOTORES S.A.; from
1992, he is Director of MODELO S.A. DE SERVICIOS; from 1992, 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) , addressed at Viamonte
570 Pisos 2° y 3°, Buenos Aires, Argentina. . Entered the board of
directors of subject in 1985. Took office in 1985. Commercial background
unknown.
Delia Rita García; Deputy Director, D.N.I. 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, 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., addressed at Avenida Warnes 2247, Buenos Aires, Argentina.
Entered the board of directors of subject in 1990. Commercial background
unknown.
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, he is Director of MODELO S.A. DE SERVICIOS; from
1990, he is Director of AUTOMOTORES GOLDMAN S.A..
Previously from 1968 until 1977, he was employee of EMPRESA MODELAR
S.C.A., addressed at Avenida Santa Fe 2929, Buenos Aires, Argentina.
Entered the board of directors of subject in 1977. Took office in 1998.
Commercial background unknown.
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, he is member of ESTUDIO TRIVENTI, TAGLIABUE &
ASOCIADOS, addressed at Uruguay 353, Piso 21°, Buenos Aires, Argentina.
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, he is member of ESTUDIO TRIVENTI, TAGLIABUE &
ASOCIADOS, addressed at Uruguay 353 Piso 21°, Buenos Aires, Argentina.
Dr. Mariano Mauricio Goldman; General Manager, married to Rita Delia
García, born in Argentina, of age. Attorney . No filiatory and/or
commercial information could be gathered.
Lic. (a five years degree) Pablo Souza; Sales Manager, married, born in
Spain, of age. Licenciado en Comercio Internacional . No filiatory and/or
commercial information could be gathered.
Accountant Eduardo Perea; Administrative Manager, married, born in
Argentina, of age. National Public Accountant . No filiatory and/or
commercial information could be gathered.
Lic. (a five years degree) Francisco Muzzi; Financial Manager, married,
born in Argentina, of age. Doctor in Economy . No filiatory and/or
commercial information could be gathered.
Lic. (a five years degree) Luis López; Human Resources Manager, married,
born in Argentina, of age. Doctor in Labor Relations . No filiatory and/or
commercial information could be gathered.
Engineer Cristian Pardo; Data Processing Manager, married, born in
Argentina, of age. Systems Engineer . No filiatory and/or commercial
information could be gathered.
--------------------------- MEDIA INFORMATION ---------------------------
The following media research maybe expressed in the country's local
language.
25/Jun/2000.
La Asamblea Extraordinaria de Accionistas resolvió la creación de un
Programa Global de Obligaciones Negociables Simples, no convertibles en
acciones, por un monto global de hasta u$s 200 millones y resolvió la
emisión de Obligaciones Negociables, dentro del mismo programa, por un
monto de hasta u$s 50 millones, para la instalación de una nueva planta
industrial ubicada en San Martín (Buenos Aires).
1/Oct/2000.
Empresa Modelo S.A., dedicada a la fabricación de repuestos para
automotores, es referida con buenas probabilidades de ganar la licitación
para la provisión de repuestos para el parque automotor de la Policía de
la Provincia de Buenos Aires.
5/Jan/2001.
La titular resultó adjudicataria para la provisión del parque automotor de
la Policía de la Provincia de Buenos Aires, por el cual ha firmado un
contrato de provisión por el término de diez años, renovable de a cinco
años de común acuerdo, por la suma de u$s 75 millones.
2/Feb/2001.
Según Ranking de la Cámara Argentina de Autopartistas, al 31/Dic/2000, la
titular ocupaba el Puesto Nº 2, según volúmenes de facturación, con una
participación del 12 % del total del mercado.
----------------------------- OPERATIONS -------------------------------
SIC Nº 37140200, Manufacture Motor vehicle transmissions, drive
assemblies, and parts, (80%)
SIC Nº 50130100, Commercialization Automotive supplies and parts, (20%)
Representative of DINAMO EASTERN CORPORATION, Houston, United States.
Representative of COMPAGNIE PEINTURES S.A., París, France.
Representative of WHELLSNARGS GmbH, Berlín, Germany.
PRODUCTION CAPACITY: 10,000,000.00 units monthly.
Manufactures about 7,000,000.00 units per month.
ISO9000 certificate was awarded by Det Norske Veritas, applicable to la
planta industrial.
At present operates at 70% of its capacity.
In the country, subject is considered leader in this line of business.
Manufactures under 3 trademarks: HAUS; WINEX; ZERTIN.
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 bill of exchange.
IMPORTS
Imports mainly from United States; France; Germany.
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 270 days.
- To distributors (30%); net 30-60 days.
- To retailers (10%); net 30 days.
Main Customers:
REPUESTOS AVENIDA S.A., San Martin, Buenos Aires; REPUESTOS SAN MARTIN
S.A., San Martin, Buenos Aires; WARNES REPUESTOS S.A., Buenos Aires;
CORRIENTES REPUESTOS S.A., Goya, Corrientes; 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.
Main Suppliers:
INDUSTRIAS METALURGICAS CHAVEZ S.A.; 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..
SEASON
Heavy sales season is from July to November.
TERRITORY
Products are commercialized locally and in foreign countries. Exports to
Uruguay, Colombia, Ecuador, Brazil.
EMPLOYEES
Total: 250, (40 here). 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.
Gross Revenue Tax Nº 908-560212-2.
------------------------------ LOCATION --------------------------------
Heading address includes administration office, warehouse and sales,
occupying own real estate of 1.200 covered square meters, on land of 2.000
square meters, located in industrial area, on main avenue of busy traffic
and of good shape.
It also has:
Industrial plant, occupying own real estate, located at Avenida Mitre
6640, Munro, Buenos Aires, Argentina, telephone/s (011) 4777-7777, fax
(011) 4777-1111, of 20.000 covered square meters, on land of 15.000 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 2º , Buenos Aires, Argentina, telephone/s (011) 4322-0011, fax
(011) 4311-0099, of 350 covered square meters, located in
downtown-commercial area, on main street of busy traffic and of good
shape.
LEGAL PLACE OF BUSINESS: Viamonte 570 Piso 2°, Buenos Aires.
------------------------- CREDIT RISK INDICATOR ------------------------
The Credit Risk Indicator appears from the analysis of key areas
determinated by D&B. The indicator is made as from the summatory of the
estimation of each area.
----------------------------------------------------------------------
# Key Area Result Estimated Result
Contribution by Area
----------------------------------------------------------------------
1 Payments Bahviour 5 20.00% 1.000
2 Legal Background 6 12.50% 0.750
3 Financial System Debt 0 10.00% 0.000
4 Rejected Checks 4 10.00% 0.400
5 Liquidity Ratio 8 10.00% 0.800
6 Total Indebtedness 8 5.00% 0.400
7 Profitability Margin 2 5.00% 0.100
8 Sales Tendency 8 5.00% 0.400
9 Years on Business 10 10.00% 1.000
10 Employees 8 7.50% 0.600
11 Capital Stock 7 5.00% 0.350
----------------------------------------------------------------------
Final Indicator 5.800
The Credit Risk Indicator Average that appears from the product analysis
of the Dun & Bradstreet Argentina's Database is the following:
Average Average
Employees Indicator Activity Indicator
------------------- --------- ------------------------- ---------
Between 1 and 10 4.980 Agriculture, Forestry
Between 11 and 40 5.820 and Fishing 5.220
Between 41 and 100 6.200 Mining and Petroleum 5.930
Between 101 and 500 6.620 Construtions 5.960
More than 500 6.760 Food and Tobacco
Products 5.760
Average Manufacture of non
Age Indicator Perishble Products 5.950
------------------- --------- Transporty Public
Older than 20 Years 5.980 Services 5.470
Between 11 and 20 5.730 Wholesaler
Between 5 and 11 5.360 Commercialization 5.490
Between 3 and 5 4.980 Retailer
Between 1 and 3 4.320 Commercialization 5.430
Younger than 1 4.170 Services 5.270
KEY AREA DETAIL
1 Payments Behaviour 2 Legal Background
----------------------------- -----------------------------------
0% 10 No Suits 10
Between 0% and 25% 8 1 Suit 8
Between 25% and 40% 7 2 or more Suits 6
Between 40% and 55% 5 1 Bankruptcy Proceeding 4
Between 55% and 70% 4 2 or more Bankruptcy Proceedings 2
More than 70% 2 Homologed Bankruptcy Proceeding 0
No Information 0 -----------------------------------
-----------------------------
3 Financial System Debt 4 Rejected Checks in the last
in Situation 1 (Normal) 12 months for lack of funds
----------------------------- -----------------------------------
100% In Normal Situation 10 Without Rejected Checks 10
Between 90% and 100% 8 1 Rejected Check 8
Between 70% and 90% 6 2 Rejected Checks 6
Between 50% and 70% 4 3 Rejected Checks 4
Between 30% and 50% 2 4 Rejected Checks 2
Less than 30% 0 More than 4 Rejected Checks 0
----------------------------- -----------------------------------
5 Liquidity Ratio 6 Total Indebtedness
----------------------------- -----------------------------------
Greater than 2.00 10 Lower than 0.20 10
Between 1.50 and 2.00 9 Between 0.20 and 0.50 8
Between 1.00 and 1.50 8 Between 0.50 and 1.00 6
Between 0.70 and 1.00 7 Between 1.00 and 1.50 4
Between 0.50 and 0.70 5 Between 1.50 and 2.00 2
Lower than 0.50 1 Greater than 2.00 1
No Information 0 No Information 0
----------------------------- -----------------------------------
7 Sales Tendency 8 Profitability Margin
----------------------------- -----------------------------------
Greater than 10% 10 Greater than 15% 10
Between 5% and 10% 8 Between 10% and 15% 9
Between 0% and 5% 6 Between 5% and 10% 8
Between 0% and (5)% 4 Between 3% and 5% 6
Between (5)% and (10)% 2 Between 0% and 3% 4
Greater thanl (10)% 1 Loss 0
No Information 0 No Information 0
----------------------------- -----------------------------------
9 year in Business 10 Employees
----------------------------- -----------------------------------
Greater than 20 10 Greater than 500 10
Between 11 and 20 9 Between 101 and 500 8
Between 5 and 11 7 Between 41 and 100 6
Between 3 and 5 5 Between 11 and 40 4
Between 1 and 3 3 Between 1 and 10 2
Less than 1 1 No Information 0
No Information 0
----------------------------- -----------------------------------
11 Capital Stock(in Thousands)
-----------------------------
Greater than $10.000 10
Between $5.000 and $10.000 9
Between $2.500 and $5.000 8
Between $1.000 and $2.500 7
Between $500 and $1.000 6
Between $100 and $500 5
Between $50 and $100 4
Between $10 and $50 2
Less than $10 1
No Information 0
-----------------------------
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