MIRA
INFORM REPORT
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Report Date : |
05.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
FRIGORIFICO SIMUNOVIC S.A. |
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Registered Office : |
Km. 13.7 Norte, Punta Arenas/Magallanes |
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Country : |
Chile |
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Date of Incorporation : |
1985 |
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Legal Form : |
Joint - Stock Company |
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Line of Business : |
Slaughtering, processing and marketing of ovine meats and byproducts. |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Undetermined |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME : FRIGORIFICO SIMUNOVIC S.A.
TAXPAYER REGISTRATION : RUT NOT OBTAINED
MAIN ADDRESS : Km. 13.7 Norte,
CITY/PROVINCE/STATE : Punta Arenas/Magallanes
COUNTRY : CHILE
TELEPHONE : (5661) 292800/210022
FAX : (5661) 214699
E – MAIL : nsimunovic@simunovic.cl
WEB SITE : www.frigorificosimunovic.cl
SUMMARY
Incorporation : 1985
Operating Status :
Employees : Unknown
Rating (1) : COMPANY REFUSED INFORMATION
Paymens (2) : NO CREDIT EXPERIENCE AVAILABLE
LEGAL BACKGROUNDS
LEGAL STATUS : Joint-Stock Company
DATE OF INCORPORATION : 1985
PLACE OF REGISTRY : Punta Arenas
CURRENT EXCHANGE RATE : Ps$539.15 per 1.00 US Dollar
COMMENTS .-
It was not possible to learn the capital stock of the company.
HISTORY
The city of Punta Arenas, situated in the southernmost region of Chile next to the Strait of Magellan, was the birthplace of a visionary businessman, Nicolás Simunovic Sapunar.
As a son of Croatian immigrants in love with his birthplace, he invested all his entrepreneurial skills in the region by developing business related to sheep production. In 1958 he created the family business “Industria de Cueros y Lanas Magallanes S.A.” , a pickling plant and exporter of regional slipe wool and pickled pelts. 1985, with the expertise of the founder’s sons, the company incorporated a state-of-the-art sheep processing plant into its activities and changed its name to Frigorífico Simunovic S.A
Frigorífico Simunovic S.A. is today the largest and most modern processor of sheep meat in Chile and the first to be granted approval to export to the European Union. It is also licensed to export to Brazil, Argentina, Cuba, México, Canada and Japan, among other markets.
DIRECTORS -
EXECUTIVES - SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE
SIMUNOVIC VODANOVIC, NICOLAS General Mg/Legal Rep.
WHO IS
WHO ?
SIMUNOVIC VODANOVIC, NICOLAS
BUSINESS
MAIN ACTIVITY .-
Sheep processing plant. Enterprise dedicated specifically to slaughtering, processing and marketing of ovine meats and byproducts.
The production includes a wide variety of products. Relevant are the carcasses from small lamb, offals, lamb cuts bone in and boneless, fresh or frozen, film, vacuum packed, layer or block, packed in different size cartons in accordance to the requirements of the buying market.
EXPORT (Countries) : Meat
% FOREIGN SALES(COUNTRIES) : 95% to the European Union, Mexico, Canada
EMPLOYEES : Unknown
FACILITIES .-
Use : Legal domicile, administrative office and production facility, among other
Remarks and other Premises .-
Frigorífico Simunovic S.A. is located on land of 7,5 hectares, has today over 24,000 square meters covered, that include all the industrial processes.
FINANCIAL INFORMATION
We interviewed Mr. Nicolás Simunovic, General Manager, after several verbal and written requests and he said he was surprised about this enquiry claiming he has no pending credit transaction with any foreign based supplier so he considered unnecessary to cooperate.
Given the circumstances and as usual in these cases in order to prepare report we had to consult third parties, official, etc. but in spite of the efforts employeed we could not get balance sheets of this enterprise. We could only learn sales of the company are in the US$20 million range.
Based on the information gathered we could indicate FRIGORIFICO SIMUNOVIC S.A. is a reknown chilean company with more than 20 years of operations dedicated to slaughtering and marketing of ovine meats and hides, and whose products enjoy great acceptance in international markets.
PAYMENTS RECORD
TRADE REFERENCES .-
COMMENTS .-
The interviewed person refused to reveal the names of the suppliers they deal with. We checked with potential local suppliers but without success. Due to this reason it was not possible to determine the pay records of the company.
BANKING INFORMATION
BANKERS .-
The interviewed person would not provide the names of the banks they deal with either, and it was not possible to get said information from outside sources. However it is important to mention there are not returned checks for insufficient funds in the company name.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)