MIRA
INFORM REPORT
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Report Date : |
13th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
INNOVA ANDINA SA |
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Registered Office : |
Av. Rivera Navarrete 620, Piso 11, San Isidro, Lima,27, Peru |
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Country : |
Peru |
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Date of Incorporation : |
15.10.1992 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
engaged in the distribution and commercialization of chemicals for the
industry of fish flour; ingredients for balanced feeds, chemicals for water
treatment & agrochemicals for crop protection. |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME : INNOVA ANDINA SA
TAXPAYER REGISTRATION :
RUC
20110200201 OPERATING STATUS: Active
MAIN ADDRESS :
Av.
Rivera Navarrete 620, Piso 11, San Isidro,
CITY/PROVINCE/STATE : Lima,27
COUNTRY : PERU
TELEPHONE :
(511)441.7171
FAX :
(511)222.0332/221.0384
E - MAIL :
rocsaint@ercperu.com.pe
QUALIFICATION
RATING : Ba: ELIGIBLE FOR MODERATE CREDITS
PAYMENTS : P2: PAYMENTS USUALLY PROMPT
LEGAL BACKGROUNDS
LEGAL STATUS :
Joint-Stock
Company
DATE OF INCORPORATION :
15OCT1992
REGISTERED IN :
Lima
NOTARY OFFICE :
Oscar
Medelius.
DURATION :
Indefinite
REGISTRATION : Electronic Record
02015927
INITIAL CAPITAL :
S/.7,500.=
Nuevos Soles
CURRENT PAID-IN CAPITAL : S/.17,310,725.=
Nuevos Soles
LAST CAPITAL INCREASE :
July
2002 (for change of shareholders)
TYPE OF SHARES :
Nominatives
LISTED AT STOCK EXCHANGE : No
SHARE VALUE :
S/.1.=
Nuevo Sol
CURRENT EXCHANGE RATE : S/.3.19 per US$1.00
Dollar
COMMENTS .-
HISTORY
This Firm was established on October 15th, 1992, under the original name
of ROCSA INTERNACIONAL SA.
On October 1st, 1996, the Company took over the firm CHEMLOK SA, the
same which was dissolved .
According to Annual Shareholders' Meeting held on March 20th, 1998 ROCSA
INTERNACIONAL SA agreed to split from its shareholders' equity the real estate
situated at Av. Bolívar No.2150, Pueblo Libre (Lima 21), entered into Record
Card 351099 of the Public Registry of Properties in and for Lima in order to
incorporate a new society. Said splitting was effective on May 11th, 1998. The
new firm was called: TECNOLOGIA RICHARD O.CUSTER SA.
In June 2002, a sale agreement was entered to sell almost a hundred
percent of the Subject Company's capital stock to the "FIERRO" group
from Spain.
As from July 2002, ROCSA INTERNACIONAL SA operates under the firm name
INNOVA ANDINA SA.
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE OWNERSHIP %
RUIZ, RICARDO President
MARCILLAC LARREA, OSCAR Vice
President
ALVAREZ PERATA, GUILLERMO MANUEL RICARDO General Manager/Legal Rep
RODRIGUEZ, RENZO Adm.&Finance
Mgr.
GRIFFITHS SHIELDS, HAROLD Mgr.Chemical
Specialties
CARRANZA FALLA, MARIA OFELIA Mgr.Feed Ingredients
GARCIA VELA, RODRIGO Manager
Raw Material Div
RODRIGUEZ,FRANCISCO Accountant
MOLINA REY DE CASTRO, FERNANDO Shareholder 1%
BROADVIEW CAPITAL MANAGEMENT
Shareholder 99%
WHO IS WHO ?
BROADVIEW CAPITAL MANAGEMENT
Company located in Bahamas.
RELATED COMPANY(IES)
The subject is currently a part of the spanish group "FIERRO",
comprised by a conglomerate of national and foreign enterprises including the
ones below named:
COMPANY NAME COUNTRY TAX.REG. RELATION
AGROINPER SA PERU 20162348931
Related
BANCO INTERAMERICANO DE FINANZAS PERU
20100124492 Related
BRITTON SA URUGUAY Related
BROADVIEW
CAPITAL MANAGEMENT
BAHAMAS
Parent Co.
COMPAŅIA COMERCIAL E INDUSTRIAL FOSFORERA GUATEMALA
Related
COMPAŅIA INTERNACIONAL PARA EL COMERCIO EX PORTUGAL Related
CONSTRUCTORES INTERAMERICANOS SAC PERU
20305146618 Related
DESTILERIA PERUANA SAC PERU
20119982911 Related
DESTILERIAS UNIDAS SAC PERU
20222335052 Related
DISTRIBUIDORA DINAMICA SA PERU
20100033268 Related
EMPRESAS RICHARD CUSTER SA PERU
20300007229 Related
FARMEX S.A.
PERU 20100141583 Subsidiary
FILTROS DEL PERU SAC PERU
20100124221 Related
FOSFORERA ARGENTINA SA ARGENTINA Related
FOSFORERA COSTA RICA SA COSTA RICA
310100274010 Related
FOSFORERA ESPAŅOLA SPAIN Related
FOSFORERA PERUANA SA PERU
20100069963 Related
FOSFORERA VENEZOLANO VENEZUELA Related
GRAFANDINA SA ECUADOR 1790574393001 Related
IBEROAMERICANA DE FOMENTO SA PERU
20201501572 Related
IBEROAMERICANA DE PLASTICOS S.A.C. PERU
20508061201 Related
IMPLEMENTOS Y SERVICIOS EMPRESARIALES SA PERU
20134151022 Related
INTEROC SA BOLIVIA 7632703
Related
INVERSIONES DU BOIS SA PERU
20101828167 Related
LEXINTONG FINANCING U.S.A. Related
PACIFIC
TABACCO CO. PANAMA
Related
PERUANA DE CONSTRUCCIONES SA PERU
20122382746 Related
PROCESAMIENTO PERUANO DE DATOS SAC PERU
20100334462 Related
PROMOCIONES FARMACEUTICAS SA PERU
20100096693 Related
T.R.C. SA PERU 20388732025
Related
TABACALERA NACIONAL SAA PERU
20100124492 Related
VERONA TRADING SA PERU 20142607655
Related
BUSINESS
MAIN ACTIVITY .-
The Company is engaged in the distribution and commercialization of
chemicals for the industry of fish flour (antioxidants, additives for fuel,
cleaning agents, polypropylene bags); ingredients for balanced feeds (natural
and artificial colorants, texturized agents flavors, enzimes, gels), chemicals
for water treatment (resins, inhibitors, etc); agrochemicals for crop
protection and industrial supplies in 6 main areas (tanning, ingredients for
detergents, reinforced plastics, chemicals for mining, basic chemicals and paints).
IMPORT
: Yes Industrial supplies from
Uruguay, Morocco, South Africa, Canada, Venezuela, Thailand, Saudi
Arabia, U.K., Australia, India, Japan, Korea, Malaysia,....
Annual Imports in US $(CIF) :
Year Amount
2004 21,889,842.00
2005 25,905,968.00
2006 27,463,470.00
EXPORT
: Yes Industrial supplies to Vietnam, Japan, Nicaragua, Colombia, Mexico,
Germany, Argentina, Portugal, Ecuador, Bolivia, Malaysia and
Chile
Annual Exports in US $(FOB) :
Year Amount
2004 454,568.00
2005 866,807.00
2006 1,448,596.00
% CASH SALES/METHOD : 10%
% CREDIT SALES/TERMS :
90%
(60 days - on average)
% FOREIGN SALES(COUNTRIES) : 10%
SELLING TERRITORY :
90%
(cities of Lima, Arequipa and Trujillo)
EMPLOYEES : 53
FACILITIES .-
Premises : Own
Time Occupied : April 2003
Area : 20,889 sq.mts. Floors : 2
Condition : Good
Use :
Administrative
offices, management, warehouse, tax domicile*
Remarks and other Premises .-
*Facility is located in a commercial zone of the city.
Besides, Company has two other business premises and a warehouse. All
are rented. Exact locations were not detailed.
COMMENTS .-
Subject's imports are also made from
Ecuador, Belgium, France, Denmark, Taiwan, Israel, The Czech Republic,
Spain, China, Germany, Holland, Mexico, Chile, Argentina, Brazil,
Colombia, USA and Italia.
INNOVA ANDINA SA is
an exclusive representative for:
- Aarhur (Denmark)
- Solutia (USA)
- SKW (Argentina)
- Novus (USA)
- IFF (Argentina)
- Solvay (Belgium)
- Rohm & Haas (USA)
- Owens Cornic SA (BraZil)
It also represents
the following firms:
- Chory Company Ltda.(Japan) - Nalco Chemical
- Piroxidos Do Brasil Ltda, Brasil -
Deutsche Chemapal, Alemania
- Grupo Solvay, Chile -
SQM, Chile
Major clients
include:
- Grupo Sindicato Pesquero del Perú SA -
Avícola Yugoslavia SA
- Mega Trading
SA - San Fernando SA
- Alicorp SAA -
Procter & Gamble Perú SRL
- Procacao SA -
Bristol Myers Squibb Perú SA
- Laive SA -
Avinka SA
- Negusa Corp.
SA - Química Suiza SA
- Drokasa Perú
SA - Hersil SA Lab. Industriales
- Colgate
Palmolive Perú SA - Austral Group SAA
- Redondos SA
- Unión de Cervecerías
Peruanas Backus & Johnston SAA
etc.
FINANCIAL INFORMATION
Mr. Francisco Rodriguez (Accountant) updated operating data of company
but he refused latest financial statements of company per orders from
Management.
We got following figures from outside sources (last ones available):
31/12/2004 31/12/2005
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Sales S/.157,819,000.= Sales S/.166,624,000.=
Profits S/. 9,512,000.= Profits S/. 7,646,000.=
Total Assets S/.
85,002,000.=
Total Liabilities S/.
54,657,000.=
Shareholder equity S/.
30,346,000.=
Based on the information compiled we can indicate INNOVA ANDINA SA is a
recognized company in Peru which today forms part the prestigious spanish group
"FIERRO". Local suppliers have given satisfactory references at
present, however it is also worth commenting the company registered protested
bills in past years also delinquent debt with a pension fund administrator and
with SUNAT (Tax Administrator Entity).
DETAILS OF MAIN ASSETS .-
The Company has declared to possess:
- Offices located at the Edificio BIF (Av.Rivera Navarrete).
- Two land areas in the District of Puente Piedra (Lima 25).
- Vehicles to be used by the Managers and commercial purposes.
INSURANCE .-
Company
RIMAC INTERNACIONAL CIA. DE SEG.Y REASEG
PAYMENTS RECORD
TRADE REFERENCES .-
|
Line of Credit |
Monthly Average |
Terms(days) |
Performance? |
_Time |
Products/ Services |
Supplier |
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Open |
S/. 500,000.= |
30 days |
Prompt |
3 years |
Customs service |
Domestic |
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Open |
Not specified |
60 days |
Prompt |
years |
Chemicals |
Domestic |
COMMENTS .-
No.1: Purchasing frequency: Daily
No.2: Purchasing frequency: Monthly
Other firms we consulted have refused to give references and/or have not
responded to our requests.
LIST OF DOMESTIC SUPPLIERS .-
Suppliers listed Alphabetically.
There is not relationship as for the order above
Supplier _ Telephone _
Ag de Ad San Remo (511) 2220863
Interamerican
Service (511) 4655070
Productos
Roche (511) 6188888
LIST OF FOREIGN
SUPPLIERS .-
Suppliers listed
Alphabetically. There is not
relationship as for the order above
Supplier Country Telephone
Akzo Nobel Functional
Chemical NETHERLANDS
Dupont Protein Technologies
International
Farmacapsulas
SA COLOMBIA 57.1
4344391
Flexsys BRAZIL 11 44255499
International Flavors and
Fragance Sabores
novus
International INC 314 5766041
Ondeo
Nalco
COLOMBIA
Peroxidos
Do Brasil LTDA BRAZIL 11
30465030
SKM Biosystems Argentina ARGENTINA
Solvay CCIC BELGIUM 32.2
50961111
Sucromiles SA COLOMBIA
CREDIT RISK CENTRAL .-
2005: There was 1 protested draft against the Company amounting to
S/.4,533.=
It was confirmed this document was settled and subject has not been
reported more protests later.
Furthermore, INNOVA ANDINA SA, has been reported as a DELINQUENT CLIENT
by the following entities:
AFP HORIZONTE (pension fund administrator), debt of S/.5,795.= (in legal
collection process) Report as of 19.01.2006.
TELMEX DE PERU, debt of S/.15.= Report as of 22.03.2005.
We also found a notice issued by SUNAT (TAX ADMINISTRATION) dated
October 11, 2004 for S/.40,000.= regarding compulsory execution.
CREDIT HISTORY .-
Trading history in past years shows similar credit experience.
BANKING INFORMATION
BANKERS
Bank Contact Account
# DC FC
BANCO DE
CREDITO Luis Augusto 1930803446125 X X
BANCO
FINANCIERO Pilar Arana 291014676 X
BANCO
WIESE SUDAMERIS SAA Giancarlo Botteri
BANCO
INTERNACIONAL DEL PERU Mario Gálvez
BANCO
INTERAMERICANO DE FINANZ E milio
Cabada
Subject deals with said banks where it holds well-managed current
accounts as well as is reported good payments experience with regards to
several transactions, no irregularities noted.
SUPERINTENDENCY OF BANK & INSURANCE - SBS
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The SBS reported the following debts before the Financial System as at
31DEC2007 (Last Report)
Obligations DC(S/.) FC(US$)
Advance in current account cont 0.00
2,411.00
Credit cards-contract 3,178.00 545.00
Loans
5,451,500.00 571,501.00
Financial Leasing 0.00 1,797,475.00
Foreign trade credit
15,487,340.00 1,040,000.00
Letters of indemnity 83,322.00 14,152.00
Letters of credit 0.00 1,288,087.00
Banking acceptance 0.00 439,852.00
Others 606,115.00
1,051,111.00
Total Indebtedness S/. 21,631,455.00 US$ 6,205,134.00
Guarantees S/. 0.00 US$ 1,330,033.00
The SBS ranks Subject Company's indebtedness before the Financial System
as follows :
RATING % RATING
DESCRIPTION ACCORDING TO THE SBS
X NORMAL 100 Debtors meet payments on time
PROBLEM POTENTIAL Debtors
reveal certain deficiencies not corrected appropriately
DEFICIENT Debtors present worsening of category with commercial
problem
DOUBTFUL Debtors that reveal high risk characteristics implying
doubtful debt
recovery
LOSS Debtors whose credits are estimated uncollectible
Debt structure for Bank
(domestic currency)
Bank Amount (S/.)
B.DE CREDITO 14,686,864.00
B. CITIBANK 2,256,963.00
B.B.I.F. 8,222,669.00
CREDILEASING 45,674.00
B.WIESE SUDAMERIS 5,451,500.00
B.INTERBANK 6,496,057.00
B. CONTINENTAL 4,273,405.00
MITSUI - MASA LEASING SA 27,840.00
B. FINANCIERO 2,083.00
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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