MIRA INFORM REPORT

 

 

Report Date :

09.08.2007

 

IDENTIFICATION DETAILS

 

Name :

COŅUEŅIR ALARCON LTDA.

 

 

Registered Office :

Av. Gabriela No. 02881, La Pintana, Santiago

 

 

Country :

Chile

 

 

Date of Incorporation :

01.04.1990

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufactures and sells bed linen and household ítems.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

IDENTIFICATION

 

CORRECT COMPANY NAME     : COŅUEŅIR ALARCON LTDA.

TRADE NAME                           : "TEXTIL CUBRETEX LTDA. "

TAXPAYER REGISTRATION       : RUT 78435730-9 

OPERATING STATUS                : Active

MAIN ADDRESS                       : Av. Gabriela No. 02881, La Pintana

CITY/PROVINCE/STATE            : Santiago

COUNTRY                                 : CHILE

TELEPHONE                             : (56)542.1024

FAX                                          : (56)536.4687

E - MAIL                                   : ealarcon@cubretex.cl

COMMENTS                             : -

  

Notice the correct name of the Company is as written above.

 

 

SUMMARY                         

 

Incorporation                  : 1990 

Operating Status            : Active

Last Capital                   : Ps$ 300,000,000.= Pesos

Shareholders' Equity      : Ps$ 812,812,416.= Pesos (Al 31.12.2006)

Annual Sales                 : 902,471,664.00 Pesos

Finantial Situation          : SATISFACTORY

Employees                    : 31

 

 

QUALIFICATION

 

RATING :  Satisfactory

PAYMENTS : Little credit experience available

 

 

LEGAL BACKGROUNDS  

 

LEGAL STATUS                                                : Limited Liability Company

DATE OF INCORPORATION                   : 01APR1990

REGISTERED IN                                   : Santiago

CURRENT PAID-IN CAPITAL                  : Ps$300,000,000.= Pesos

SHAREHOLDERS' EQUITY                    : Ps$ 812,812,416.= Pesos (as of 31/12/2006)

LISTED AT STOCK EXCHANGE : No

CURRENT EXCHANGE RATE     : Ps$521.25 per USD1

 

COMMENTS .-

As it was commented, Subject was formed under the name COŅUEŅIR ALARCON LTDA. Being able to trade as TEXTIL CUBRETEX LTDA. it doesn't matter which as shown in the Articles of Incorporation. However, they use TEXTIL CUBRETEX LYDA as strategy because said name is known in the market.

 

 

 

 

 

DIRECTORS / EXECUTIVES / SHAREHOLDERS

 

FULL NAMES / COMPANY NAME                      TITLE                            OWNERSHIP %

ALARCON GAETE, EDUARDO                           General Manager          50%

COŅUEŅIR GONZALEZ, JUAN CARLOS             Sale Manager                            50%

 

 

WHO IS WHO ?

 

ALARCON GAETE, EDUARDO

NATIONALITY    : Chilean                          BORN   : 1965

 

COŅUEŅIR GONZALEZ, JUAN CARLOS

NATIONALITY    : Chilean                          BORN   : 1964

 

 

RELATED COMPANY(IES)                     

 

Single company. It is not related to other firms.

 

 

BUSINESS       

 

MAIN ACTIVITY .-

Subject manufactures and sells bed linen and household items such as blankets, tablecloth, sheets, curtains, bedspreads, pillows, towels,  kitchen clothes, mattresses, etc.

 

Trademarks: CUBRETEX, SENTIMENT, AZTECA.

 

IMPORT   : Yes Pakistan and China

EXPORT   : No

 

% CASH SALES/METHOD         : 10%

% CREDIT SALES/TERMS         : 90% - within 30 days

% DOMESTIC PURCHASES      : 10%

% FOREIGN PURCHASES       : 90%

SELLING TERRITORY                : Domestic market

 

EMPLOYEES                 : 31

 

FACILITIES .-

Premises          : Own               

Area                 : 4,500 m2           Floors : 2

Use                  : Headquarters, showroom, sale center and plant

 

 

FINANCIAL INFORMATION

 

Eduardo Alarcon, General Manager, kindly supplied operating information as well as the Balance Sheet for the Fiscal Year ended as of December 31, 2006, expressed in Pesos, detailed as follows:

 

 

   BALANCE SHEET DATE     :          31DEC2006 

   TYPE OF BALANCE SHEET  :                Annual

   BALANCE SHEET OF       :             12 months

   CURRENCY               :                Pesos 

   EXCHANGE RATE PER US$  :                534.20

   ASSETS

      TOTAL CURRENT       :        812,812,490.00

      FIXED               :        664,804,134.00

   TOTAL ASSETS           :      1,477,616,624.00    

   LIABILITIES

      TOTAL CURRENT       :        664,804,208.00

   TOTAL EQUITY           :        812,812,416.00

   TOTAL LIABILITIES      :      1,477,616,624.00   

 

 

   SALES                  :        902,471,664.00

   PROFIT (LOSS)          :        183,819,230.00

 

  

LIQUIDITY RATIO                       :  1.22 (Current Assets/Current Liabilities)

DEBT-TO-EQUITY RATIO           :  122.26% (Shareholders'equity/Current Liabilities)

PROFITABILITY MARGIN           : 20.37% (Profits/Sales)

WORKING CAPITAL                  : 148,008,282.00 (Current Assets - Current Liabilities)

 

FINANCIAL SITUATION  : SATISFACTORY

 

Based on the last Financial Statement, Subject's Financial Position is considered satisfactory. Liquidity ratio is adequate and is over average.  Working capital is good and allows company to meet payments promptly. Relation between shareholders' equity and obligations is acceptable. Economic results have been satisfactory.

 

INSURANCE -

 

Company                                              Against              Amount               Validity

SANTANDER CHILE                  All risk             No specified         31DEC07  

 

 

PAYMENTS RECORD

 

TRADE REFERENCES .-

 

   Line of Credit       Monthly Average  Terms(days)) Performance? Time   Products/Services         Supplier

1            Open Ps$   6,000,000.        = 30, 60 days   Prompt            1999   Blankets, craft carpets   Domestic

 

COMMENTS -

Other suppliers were inquired but they have not responded to our trade referente request.

 

LIST OF DOMESTIC SUPPLIERS -

Suppliers listed Alphabetically.  There is not relationship as for the order above

 

Supplier                                                            Telephone    

AGENCIA DE ADUANA MAX GINTI       (562)6732132  

EDUARDO CARTER                             (562)5568895  

FELTREX                                              (562)2382319  

 

LAWSUITS ? .-

No legal actions have been filed against this Company.

 

 

BANKING INFORMATION

 

BANKERS

 

Bank                          

BANCO BCI                     

 

No information was obtained from the above entity relative to Subject operations and/or accounts under the Bank Secrecy Act.

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions