MIRA
INFORM REPORT
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Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
INTERNACIONAL DEL COMERCIO S.A. |
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Registered Office : |
Centro Colón, Oficina No.25, San José |
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Country : |
Costa Rica |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
2001 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Import, Export and Marketing of Grains as Beans, Rice, Wheat, Corn, Seed,
Soybean, Barley, and it is representative against a Commission Percentage for
the Sale of Metals |
RATING &
COMMENTS
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MIRA’s 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 : |
No Complaints |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME :
INTERNACIONAL DEL COMERCIO S.A.
TRADE NAME : "INTERCOMERCIO"
TAXPAYER REGISTRATION : CJ 3-101-303636
OPERATING STATUS :
Active
MAIN ADDRESS : Centro Colón, Oficina No.25,
CITY/PROVINCE/STATE : San José
COUNTRY : COSTA RICA
TELEPHONE : (506)8357.9052
FAX : (506)2234.0301
E - MAIL : intercomercio@gmail.com;
intercomercio@live.com
WEB SITE :
en
construcción
COMMENTS .-
Other email: intercomsa@yahoo.com
SUMMARY
Incorporation : 2001 Operating Status : Active
Last Capital : US$1,402,500.=
Dólares
Shareholders' Equity :
US$9,350,000.=
Dólares (Al 31.12.2007)
Annual Sales : 10,000,000.00 US
Dollars
Finantial Situation : SATISFACTORY
Employees : 57 (12
administrativos, 45 en procesos y planta)
Rating : Good
Payments : No payment experience
traced
Business Trend : Undetermined
QUALIFICATION
RATING : Good
PAYMENTS : No payment
experience traced
LEGAL BACKGROUNDS
LEGAL STATUS : Joint-Stock
Company
DATE OF INCORPORATION : 12OCT2001
REGISTERED IN :
San
José
REGISTRATION : Volume 1376, Page 215, Entry 253.
CURRENT PAID-IN CAPITAL :
US$1,402,500.=
Dollars
LAST CAPITAL INCREASE : 12SEP2002
SHAREHOLDERS' EQUITY : US$9,350,000.= Dollars (31.12.2007)
TYPE OF SHARES :
Nominatives
CURRENT EXCHANGE RATE : C/.517.93 per 1.00 US Dollar
COMMENTS .-
The latest increase of share capital to US$1,402,500.= Dollars was
implemented on
12.09.2002 in order to achieve an improvement in the credit lines
obtained from banks.
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE OWNERSHIP
%
HARQUIN, FELIX President 88.00%
GUTTER, ALVARO Executive
President 10.35%
CHAMPENTIER, MARCOS Vice President 1.65%
CASTEÑON, ALVARO General Manager
CASTRO, FRANK Import
& Marketing Mg.
PEREZ, ENRIQUE Controller
WHO IS WHO ?
HARQUIN, FELIX
NATIONALITY : Costa Rican BORN : 16JAN1960
DOC. OF IDENT. : CI 800700207
GUTTER, ALVARO
NATIONALITY : Costa Rican BORN : 10NOV1953
DOC. OF IDENT. : CI 100700207
CHAMPENTIER,
MARCOS
NATIONALITY : Costa Rican BORN : 22OCT1966
DOC. OF IDENT. : CI 800510710
CASTRO, FRANK
NATIONALITY : Costa Rican BORN : 09FEB1969
DOC. OF IDENT. : CI CA50020028
PEREZ, ENRIQUE
NATIONALITY : Costa Rican BORN : 19DEC1961
DOC. OF IDENT. : CI 208760731
BUSINESS
MAIN ACTIVITY .-
Company is engaged in the import, export and marketing of grains as
beans, rice, wheat, corn, seed, soybean, barley, and it is representative
against a commission percentage for the sale of metals such as steel, aluminum,
copper, scrap metal.
Brand sold: "INTERCOMMERCE"
IMPORT
: Yes From Canada and USA.
EXPORT
: No
% CASH SALES/METHOD : 98%
% CREDIT SALES/TERMS : 2% (30-day credit terms)
SELLING TERRITORY : 100% (Central Zone and Rural Zone of Costa Rica)
EMPLOYEES : 57(12 office employees, 45 in processes and plant)
FACILITIES .-
Use : At caption address we find the Head Offices.
Remarks and other Premises .-
Processing plant, packaging and storage of
basic raw material and processes in warehouse No.1: Uruca camino hacia Heredia,
Local No.16, Carretera 32. Own facility,
consists of an area of 3,730 sqm, with an estimated value of
US$746,000.= Dollars. Mortgage-free.
Warehouse No.2: Zona Industrial Pavas, Local
9B. Consists of 2,360 sqm, with an estimated value of US$577,500.= Dollars.
Mortgage free.
COMMENTS .-
The Subject's clients belong to all food
sectors
The plant operates in two shifts. Used Plant
Capacity: 98%
Main raw materials used: Plastic Packaging, boxes,
bags and cartons.
They have 57 employees and workers;
occasionally hire 9 additional temporary workers.
Among Subject's short, medium and long term
projects we can mention the posible purchase of equipment for automated
packaging and sealing of basic grains at industrial level. In purchasing and
selling policies , Subject intends to improve the acquisition of products in
terms of price/quality
Working hours in the plant: Two shifts from
08.00 to 12.00 and from 14.00 to 17.00 hours.
FINANCIAL
INFORMATION
Lic. Enrique Pérez (Controller) with whom we
held the interview cordially assisted us with general information regarding the
company and their Balance Sheet for their fiscal year ended September 30th.,
2007, expressed in U.S. Dollars (US$).
BALANCE SHEET DATE : 30SEP2007
BALANCE SHEET OF : 12 months
CURRENCY : US Dollars
ASSETS
TOTAL CURRENT : 8,500,000.00
FIXED :
2,200,000.00
OTHERS :
275,000.00
TOTAL ASSETS
: 10,975,000.00
LIABILITIES
TOTAL CURRENT : 1,100,000.00
LONG TERM :
525,000.00
TOTAL EQUITY : 9,350,000.00
TOTAL LIABILITIES
: 10,975,000.00
SALES : 10,000,000.00
PROFIT (LOSS) : 1,895,000.00
LIQUIDITY
RATIO : 7.73 (Current Assets/Current Liabilities)
DEBT-TO-EQUITY
RATIO: 850.00%
(Shareholders'equity/Current Liabilities)
PROFITABILITY
MARGIN: 18.95%
(Profits/Sales)
WORKING
CAPITAL : 7,400,000.00 (Current Assets - Current Liabilities)
FINANCIAL SITUATION : SATISFACTORY
Company's figures reveal a good profit margin, low indebtedness level
and good cash levels.
PROPERTIES OF THE COMPANY .-
Main assets include:
- A fleet of 12 distribution trucks, valued at US$ 426,000 .= Dollars.
- Process and Packaging Machinery valued at US$ 365.000 .= Dollars.
- Property occupied by the warehouse No.1, valued at US$ 476,000.=
Dollars.
- Raw materials for the amount of US$85,500.= Dollars.
- Property occupied by the warehouse
No.2, valued in US$577,500.= Dollars.
INSURANCE .-
Company Against Amount Validity _
INSTITUTO NACIONAL DE SEGUROS - INS All risk
US$4,500,000.= Yearly
PAYMENTS RECORD
TRADE REFERENCES
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COMMENTS .-
We have requested references from the above
cited suppliers, but they have not yet answered to our requests and/or have
refused to report.
LIST OF DOMESTIC
SUPPLIERS .-
Suppliers listed Alphabetically.
Supplier _ Telephone _
ALBERTA POOL GRAINS INC.
COMMERCIAL METALS INC.
DISTRIBUCIOINES NACIONES DE ALIMENTOS
SA 22267580
I.C.E. INSTITUTO COSTARRICENSE DE
ELECTRICIDAD 22207720
INDUSTRIA ALIMENTOS BASICOS LTDA. 22230845
MULTISERVICIOS S.A. 22229738
TITAN CORPORATION INC.
CREDIT RISK
CENTRAL .-
No negative found during our research.
LAWSUITS ? .-
As of report date no legal suits have been
found filed against this company.
BANKING INFORMATION
BANKERS
Bank
Contact Telephone Account
# DC FC
BANCO DE COSTA RICA Lic. Luis Castillo 22846600 2544300 X
BANCO UNO SA Lic. Pilar Segura J. 25196008 321851
CREDIT SUISSA BANK/SWITZERLAND Mr.Atif
Sarwar +442078835 351
0835-803564
BANK OF AMERICA N.A. Sebastian
Masariegos 1305442278 003769117244 X
BANK OF CREDIT & INVESTMENT Jaime Chapman 17609881449 382909-002177 X
Local banks report well-managed accounts and
good payment experience in different kinds
of obligations acquired by the company. No
irregularities noted.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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%)