MIRA INFORM REPORT
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Report Date : |
24.05.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
CASSIS S.A., ELIAS |
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Registered Office : |
Rodrigo de Araya 1095 - Macul , Santiago, XIII Region
Metropolitana |
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Country : |
Chile |
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Date of Incorporation : |
20.06.1967 |
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Legal Form : |
Private Stock Company |
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Line of Business : |
Textile industry, mfg. of plain, jersey, patterned, silk,
cotton, woven, polyester, acrylic fabrics, among others. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
39.000’000
Pesos |
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Status : |
Moderate |
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Payment
Behaviour : |
Regular |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Chile |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
IDENTIFICATION
CASSIS S.A., ELIAS
Rodrigo de Araya 1095 - Macul
Santiago
XIII Region Metropolitana
CHILE
Telephone : 56-2-2380735,
56-2-2391029
Fax : 56-2-2385105
E_Mail :
eliascassis@tie.cl
Web Site :
www.eliascassis.cl
SUMMARY
Started
: 1967
Total Employees : 45
Payments :
Prompt
Capital
: 000's$ 105.000.-
Sic(s) : 2211 - 2231 - 2261
Line of Business: Textile industry.
Credit Recommendation
000's
Pesos 000's US$
dollars 000's Euros
Conservative value : 39.000 83
59
Liberal value
: 42.900
92
65
If additional information is received or present information is rectified, this
recommendation may be modified.
Financial indicators
Financial statements could not be obtained, thus financial analysis can not be
carried out
COMMERCIAL
INFORMATION
Commercial Bulletin : As at 17/05/2011 subject
does not register protested
checks, bank drafts nor promissory notes in the
commercial information bulletin
Labor Bulletin : As
at 17/05/2011 does not register labor infringements
Previsional Bulletin : As at 17/05/2011 does not
register pension fund's
infringements
Consolidated delinquency : As at 17/05/2011, subject does not register any
delinquent bill
TRADE REFERENCES
No credit experiences to date were obtained
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
Since 1998 02-10 Prompt
invoice
- None
Since 1998 02-09 Prompt invoice
- None
10 years 06-03 Prompt
checks
Open
-
No protests, delinquent debts, labor infringements or delayed payments to
pension funds recorded up to date.
According to the taxpayer ID indicator, subject has registered 7 inquries over
the last six months - requested by banks, credit assessment companies,
telecommunication companies, etc.
AVERAGE PAYMENTS IN CHILE
International Risk and Payment Review reported in March 2011
The local delays in payment average 0-1 month.
BANKS
Subject operates with the following bank:
- Banco Santander Chile, branch Vicuña Mackenna
OPERATIONS
Line of Business : Textile industry, mfg. of plain, jersey, patterned, silk,
cotton, woven, polyester, acrylic fabrics, among others.
Classification according to commercial activity:
Sic: 2211-0000 Broadwoven fabric mills, cotton
Sic: 2231-0000 Broadwoven fabric mills, wool
Sic: 2261-0000 Finishing plants, cotton
Subject is considered as a medium company in this line of business, strong
competition
Sales
Sales are steady throughout the year
100% wholesalers
National sales territory
Products are sold
National: 100%.
Sales conditions: Cash and credit.
Customers
Main customers are: Companies.
most important customer is:
Manufacturas de Vestuario Mavesa Ltda.
Purchases
Places orders with multiple suppliers
National: 1%
International: 99%
Purchase conditions: Letter of credit and collection.
Imports from Germany, China, India, Indonesia, Switzerland and Taiwan.
of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
India
42,30 69,13
China
42,27 5,16
Taiwan
8,46 25,70
Indonesia
6,49 0,00
Switzerland
0,31 0,00
Germany
0,17 0,00
Historical registries
Total 2010 = 000's$ 319.336 Accumulated 2011 = 000's$ 66.646
Employees: 45 employees
Location
- Industrial plant and administrative offices at Rodrigo de Araya 1095
Macul
Santiago, Chile, commercial area, street of normal traffic,
construction in
good conditions
Branches
Subject does not have any branch
RELATED COMPANIES
Subject does not have any related company.
FIXED ASSETS
Real estates
Subject registers the following real estate
- Rodrigo de Araya 1095 Macul Santiago-Chile, Fiscal value of 000's$
893.081.-,
rol Nº 9068-4
Vehicles
Subject has no vehicles
Machinery & Instalations
Equipments and machinery, not specified
INSURANCES
Insurance Company:
-HDI Seguros Generales S.A.
Risks : Total
cover.
Objetive : All assets.
ADMINISTRATION
General Mgr. &
: Elías Cassis Abedrapo TAX:4515234-0
Shareholder
Accountant
: Eduardo Cabrera
LEGAL INFORMATION
Legal Structure : Private Stock Company
Constitution date : 20/06/1967. Registered on leaf 4.561 N°
1.916 of the
Santiago Real Estate Trade Registry, year 1967, before
Notary Andrés Rubio Flores, under the business name
"Elias Cassis y Cia. Ltda."
Term of duration : Indefinite
Legal Address : Santiago - Chile
Current Social Capital: 000's$ 105.000.-Divided to 100.- registered shares
unique series
Shareholder :
- Josefa Reig
- Marta Cassis Abedrapo
- Patricia Cassis Abedrapo
- Raúl Cassis Abedrapo
- Rosa Emilia Abedrapo Auad
- 4515234-0 Elías Cassis Abedrapo
Administration is held by General Mgr. & Shareholder.
Legal changes
Public Deed dated 15/12/1986, notary René Benavente Cash, Santiago, published
in
the Official Gazette dated 06/01/1987 page N° 10, partners were modified:
cession of rights was carried out, resulting in capital of $ 61.180.804.-
completed by :
-26% Rosa Emilia Abedrapo Awad;
-22% Elias Cassis Abedrapo;
-18% María Cassis Abedrapo;
-18% Marta Cassis Abedrapo;
-8% Patricia Cassis Abedrapo; and
-8% Raúl Cassis
Abedrapo.-
Public Deed dated 19/07/1989, notary Eduardo Quezada Roldán,suplente Humberto
Quezada Moreno, Santiago, published in the Official Gazette dated 03/07/1989
page N° 8, corporate structure was modified: from limited liability partnership
called ELIAS CASSIS Y CIA. LTDA. to a private stock company called ELIAS
CASSIS
S.A.
Capital is confirmed in $ 105.000.000. divided into 100 registered and no par
value shares.
INFORMATION SOURCES
On 20/05/2011 Mr. Eduardo Cabrera, Accountant, declined all kind of
information.
Later, Ms. Maritza Coloma, Accounting assitant, confirmed general information.
-Other outside information sources.
Exchange rate
$ 468,34 Per US$
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.28 |
|
UK Pound |
1 |
Rs.73.30 |
|
Euro |
1 |
Rs.63.61 |
RATING EXPLANATIONS
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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 |
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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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.