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 : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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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)29.2800/21.0022
FAX :
(5661)21.4699
E - MAIL :
nsimunovic@simunovic.cl
WEB SITE :
www.frigorificosimunovic.cl
COMMENTS .-
SUMMARY
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Incorporation
: 1985
Employees
: Se desconoce
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QUALIFICATION
RATING : COMPANY REFUSED INFORMATION
PAYMENTS: NO CREDIT EXPERIENCE AVAILABLE
LEGAL
BACKGROUNDS
LEGAL STATUS : Joint-Stock Company
DATE OF INCORPORATION : 1985
REGISTERED IN : 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 meta 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
NATIONALITY :
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 : Yes 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%)