MIRA
INFORM REPORT
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Report Date : |
14.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
CAMBIASO HNOS S.A.C. |
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Registered Office : |
Av. Brasil 2492 Valparaiso/Quinta Region |
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Country : |
Chile |
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Date of Incorporation : |
03.12.1950 |
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Com. Reg. No.: |
191 |
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Legal Form : |
Closely-held Corporation |
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Line of Business : |
Packaging and Commercialization of Tea and
Organic Herbs of the Trademarks "SUPREMO" and "GARDEN OF THE
ANDES" respectively. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY
NAME :
CAMBIASO HNOS S.A.C.
TAXPAYER
REGISTRATION : RUT 91.438.000-6
OPERATING STATUS: Active
MAIN ADDRESS : Av. Brasil 2492
CITY/PROVINCE/STATE : Valparaíso/Quinta
Región
COUNTRY : CHILE
TELEPHONE : (5632)220.6900
FAX : (5632)221.3674
E - MAIL : glittle@cambiaso.cl
WEB SITE : www.cambiaso.cl; www.supremo.cl
SUMMARY
Incorporation :
1950 Operating Status : Active
Last Capital : Ps$1,256,000,000.= Pesos
Shareholders' Equity : Ps$18,418,000,000.=
Pesos (Al 31.12.2006)
Annual Sales : 37,054,000,000.00 Pesos
Finantial Situation : SATISFACTORY
Employees : 1,200
CR-Rating : Good
Payments : Usually to terms/good
Business Trend : Stable, unchanged
QUALIFICATION
RATING : Good
PAYMENTS :Usually to terms/good
LEGAL BACKGROUNDS
LEGAL STATUS : Closely-held
Corporation
DATE OF INCORPORATION : 03DEC1950
REGISTERED IN : Santiago
DURATION : Indefinite
REGISTRATION : No.191, Page 315 at Registry of Commerce
CURRENT PAID-IN CAPITAL : Ps$1,256,000,000.=
Pesos
SHAREHOLDERS' EQUITY : Ps$18,418,000,000.= Pesos (As of 31.12.2006)
LISTED AT STOCK EXCHANGE: No
CURRENT EXCHANGE RATE : Ps$453.11 per
US$1.= Dollar
HISTORY
Two migrants, Juan Bautista and his nephew Antonio Cambiaso, created in
1875 a small business called "CAMBIASO", the same which gradually
became one of the most important suppliers of the country in the distribution
of tea, olive oil, cheese, canned food of every kind as well as every type of
tools. The Company grew quickly but Juan Bautista came back to Italy, and
Antonio took charge of the business. Antonio got married and had 11 sons. Some
of them, Juan, Ernesto, Carlos, Luis and Armando, followed their father into
the business. They went to European universities to study and then entered into
the Company, the same which was called "CAMBIASO E HIJOS".
The Company made progress gradually and
during 1930's, the factory EL VERGEL SA, was created. Later, in 1943, said firm
left the Company. In 1948, CONVERVERA CORRAL SA was founded, a firm engaged in
the seafood products, which was part of the Company until 1959.
After the partners died, at the beginning of
the 1960's, the Company had to face a serious crisis that put the Company's
existance at a risk, so personnel working there had to be reduced.
Under these circumtances, Luis Cambiaso Ropert, took charge of the
Company and later, his sister Monica helped him with the management. Both
together, started new activities to cope with such situation. By that time
being, the different products the Company marketed, were reduced only to the
tea, and in 1964, the brandname SUPREMO
was launched into the market (SUPREMO tea and mate herbs). They began to
package these products in facilities of their own (located at Av. Brasil 2492,
Valparaíso). After that, they were introduced gradually in the domestic market.
During 1970, the Company faced up the nationalization of the
commercialization and distribution of tea, and mate herbs, principal products
of its activities. Company's return to the market took place again at the end
of the Year 1973 and since then, it has been working without interruption up to
date. Its products are preferred by consumers all over the country, ranking in
the leading position.
In the middle of 1980's, CAMBIASO HERMANOS SAC continuing with its
expanding trend, started the export of its products to countries in North and
South America, Europe and other countries worldwide.
Today, its quality products continue to conquer new markets.
In order to meet the requirements of the most developed markets and
adapting itself to the changes and food trends, CAMBIASO HERMANOS SAC has
created a line of organic herbs under the brandname "GARDEN OF THE
ANDES". Said ecologic product is exported to the United States of America,
Japan and Europe.
Moroever, with the aim to diversify its commercial activities, this firm
entered at the beginning of the 80's in the plastic industry. At first, it
wanted to meet some of the tea packaking requriments, but soon, such activity
started to increse by itself and as a result of the excellent distribution
nationwide, the Company decided to specialize in cleaning bags and packaging
products for supermarkets and commerce in general, the same which are marketed
under the brand "SUPERIOR".
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE OWNERSHIP %
CAMBIASO ROPERT, LUIS President 92%
AGUAYO ESPEJO, SERGIO Vice President
CAMBIASO ROPERT, MONICA Executive Director
6%
GAIO JORQUERA, OSWALDO Director 1%
GUBLER DIAZ, FERNANDO Director/ Controller Mg 1%
RAMM, JUAN CARLOS General
Manager
LITTLE, GEORGE Finance
Manager
LARRAIN, JOSE LUIS Commercial
Manager
BUSINESS
MAIN ACTIVITY .-
Subject is engaged in packaging and
commercialization of tea and organic herbs of the trademarks
"SUPREMO" and "GARDEN OF THE ANDES" respectively.
Also, it specializes in manufacture of cleaning bags and packaging
products for supermarkets and business in general, under the trademark
"SUPERIOR".
IMPORT : Yes (From USA,
England, Argentina, Brazil and Sri Lanka)
Annual Imports in
US $(CIF) :
Year Amount
2006
27,537,237.00
EXPORT : Yes (To Paraguay,
Peru, Japan, USA)
Annual Exports in
US $(FOB) :
Year Amount
2006
1,499,514.00
% CASH SALES/METHOD : 10%
% CREDIT SALES/TERMS : 90% (30-day terms)
SELLING TERRITORY : Domestic and international market
EMPLOYEES : 1,200
FACILITIES .-
Premises : Own
Equipment :
Suitable
for its activities
Condition :
Building
in good conditions
Use : Registered office
and head offices
Remarks and other
Premises .-
Commercial offices: Av. Vitacura No. 2939,
Ofic.1101, Edificio Millenium - Santiago,
Región Metropolitana. Telephone: 679.3100.
Fax: 234.5103. Rented premises.
Division Plant of Polyethylene: Calle
Virginia Bravo Letelier 777, Placilla,
Valparaíso. Telephone: (56.32) 29.1420. Own
premises.
Division Plant of Tea and Herbs: Calle El
Sauce 851, Placilla, Valparaíso.
Telephone:(56.32) 29.1256. Fax: (56.32)
29.1523.
Distribution Centers:
- Central: Calle El Sauce 851, Placilla,
Valparaíso, Quinta Región, Chile.
- Sotomayor 2385 esq. Av. Circunvalación,
Iquique, Primera Región, Chile.
- Calle Cobija 149, Barrio Industrial,
Antofagasta, Segunda Región, Chile.
- Parque Araucas, Calle Américo Vespucio
550, Talcahuano, Octava Región, Chile.
- Calle Caupolican 1217, Temuco, Novena
Región, Chile.
COMMENTS .-
Subject has an own organic farm, which
operates under strict quality standards, certified by prestigious international
entities.
FINANCIAL INFORMATION
After many arrangements, we accomplished to interview Mr. George Little,
Finance Manager, who kindly updated and/or confirmed general information and
provided a summary of the Balance Sheet as of 31.12.2006, only available, which
is included next to that of the previous fiscal year obtained in previous
investigations. In both cases, figures are expressed in Pesos (Ps$).
Regarding last financial statements corresponding to the fiscal year
2007, the interviewee said those would be finished in April of this year. As
references, he only said that sales and profits were higher than those of the
years 2006 and 2005.
Some supplementary information was obtained
from other indirect sources.
BALANCE SHEET DATE : 31DEC2006 31DEC2005
TYPE OF BALANCE SHEET : Annual Annual
BALANCE SHEET OF : 12
months 12 months
CURRENCY : Pesos Pesos
EXCHANGE RATE PER US$ : 534.20 518.85
ASSETS
TOTAL CURRENT : 21,625,000,000.00 20,200,579,994.00
FIXED :
19,702,000,000.00 26,297,821,502.00
TOTAL ASSETS : 41,327,000,000.00 46,498,401,496.00
LIABILITIES
TOTAL CURRENT : 13,889,000,000.00 12,510,338,631.00
LONG TERM : 9,020,000,000.00 9,475,638,329.00
TOTAL EQUITY : 18,418,000,000.00 24,512,424,536.00
TOTAL LIABILITIES :
41,327,000,000.00 46,498,401,496.00
SALES :
37,054,000,000.00 36,441,995,190.00
PROFIT (LOSS) : 1,530,000,000.00 1,930,818,165.00
LIQUIDITY RATIO : 1.56 (Current Assets/Current Liabilities)
DEBT-TO-EQUITY RATIO :
132.61% (Shareholders'equity/Current Liabilities)
PROFITABILITY MARGIN :
4.13% (Profits/Sales)
WORKING CAPITAL : 7,736,000,000.00 (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 Validity
_
MAPFRE CHILE SEGUROS SA Annually
PAYMENTS RECORD
TRADE REFERENCES .-
Line of
Credit _ Monthly Average _ Terms(days))
Performance? _ Time _ Products/Services Supplier
1
Unlimited Not
specified 60 days Prompt 25 years
Printing services
Domestic
2
Not specified Not
specified Inv./30, 45 Prompt +10 yrs.
Yarns
Domestic
COMMENTS .-
It was sent a request for references to a
third supplier; however, until now it has not been received any reply.
LIST OF DOMESTIC SUPPLIERS .-
Suppliers listed
Alphabetically. There is not
relationship as for the order above
Supplier _ Telephone _
IPEGRAF S.A. 562
4509391
MARINETTI S.A. 562
3648888
TEXTIL LO ESPEJO S.A. 562 8542409
CREDIT RISK CENTRAL
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No adverse were found.
CREDIT HISTORY .-
Its trade background shows prompt payments.
LAWSUITS ? .-
No lawsuits or judicial proceedings filed
against subject were found.
BANKING INFORMATION
BANKERS
Bank Account
# DC
BANCO SANTANDER 9397091-8
X
CITIBANK NA 100-815-02-8 X
BANCO DE CHILE 101-10320-04 X
Subject is a client of the above-mentioned
banks which refused to provide information under internal policies.
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. |
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%)