MIRA INFORM REPORT

 

 

Report Date :           

05.04.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

FABRICA DE ESPECIAS DON JULIO S DE RL

 

 

Registered Office :

2 Ave. 16 y 17 Calle S.E. Barrio Medina San Pedro Sula

 

 

Country :

Honduras

 

 

Year of Establishment :

1978

 

 

Legal Form :

Sociedad de Responsabilidad Limitada

 

 

Line of Business :

Processing, Import, Export and Trade

 

 

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

 

Maximum Credit Limit :

USD 700,000.00

Status :

Satisfactory

Payment Behaviour :

Usually Correct 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Honduras

c2

c2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GEOPOLITICS - HONDURAS

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Presidential Republic


Economic Risk: Low

Currency: Honduras (HNL)

100(HNL)=5.28(USD)

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

Fabrica De Especias Don Julio

Address in the order:

2A AVE S.E. 16 Y 17 Calle No. 145 San Pedro Sula

 

 

Legal Name:

FABRICA DE ESPECIAS DON JULIO S DE RL

 

 

Legal Address

2 Ave. 16 y 17 Calle S.E. Barrio Medina San Pedro Sula, Honduras

 

 

Mailing Address

2136 San Pedro Sula

Telephone:

(504) 553-2253 / 557-5886/557-9826

RTN :

5019998181179

Fax:

(504) 557-8850

Legal Form:

Sociedad de Responsabilidad Limitada

Email:

donjulio@globalnet.hn/recursos_humanos@especiasdonjuliohn.com

Registered in:

Honduras

Website:

www.especiasdonjuliohn.com

Date Created:

1978

Manager:

 Julio Cesar Sabillón Zuniga

Date Incorporated:

1978

Staff:

500

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Processing, import, export and trade.

 

 

BANKS

 

Name of the Bank

BBVA

 

BUSINESS

 

HISTORY

 

Company created in 1978 in Honduras.

PRINCIPAL ACTIVITY

 

Spice Factory Don Julio is a company dedicated to the processing, import, export and trade in spices, breaded, natural drink powder and sauces and vinegars both nationally and internationally.

Sales are:

 

Wholesale, Retail

Brands:

 

DON JULIO

Suppliers:

 

CORRUGADOS DE SULA (Honduras)

SICASA (Honduras)

KONTEIN (El Salvador)

SOLUCIONES EN TECNOLOGÍAS INFORMÁTICAS (Honduras)

Operations area:

 

National

The company imports from America and Asia (India, Brazil, USA among many others)

The company export to Central America and USA.

The subject employs 500 employee(s)

PAYMENTS

 

made on a 65 days basis - monitored over the last 12 months

LOCATION

Headquarters

 

2 Ave. 16 y 17 Calle S.E. Barrio Medina San Pedro Sula, Honduras

The property is:

 

Owned

Comments on location:

 

Divided in administrative offices, warehouse and production area.

Branches:

 

Company has three branches used as distribution centers, located in:

 

La Ceiba, Tocoa, Santa Rosa de Copán and in Tegucigalpa

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

Sabillón Portillo Family

Management:

 

General Manager: Julio Cesar Sabillón Zuniga

Accountant/Export Manager: Cesar Antonio Obregon

Roberto Gutierrez: Human Resources

 

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We have contacted Dania Duarte, Import/Export, who refused to provide us any financial data on grounds of confidentiality/without knowing the name of the inquiring party.

 

However our financial sources could provide us with the following data.

 

Those figures are estimates provided by confidential banking and financial institutions working with the company.

 

 

Currency

DATE

USD

2009

Turnover

40,800,000

Operating Income

1,600,000

Net Income

1,000,000

Net worth

13,000,000

Bank liabilities

2,000,000

The cash flow is

correct

 

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.

 Final Opinion

 

The company has 33 years of experience, reporting steady activity and having shown positive development. They currently have 500 employees, for which it is considered a large size company.  

The profitability is correct, the indebtedness is controlled, the cash is also correct, and the payments are regular.

 

We recommend a credit line for the maximum amount of USD 700,000.00, based on its size, sales and experience.

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

CORRECT

Public

NO

Indebtedness

CONTROLLED

Payments

REGULAR

Cash

CORRECT

 

 

 

 

APPENDIX

 

Person Interviewed

 

Dania Duarte

Position

 

Import/Export

Comments

 

She provided general and non confidential information of the company.

 

We tried contacting Cesar Obregon, who stated through his assistant that he is not willing to discuss information about the company due to confidentiality.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.65

UK Pound

1

Rs.71.93

Euro

1

Rs.63.24

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.