MIRA INFORM REPORT
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Report Date : |
21.01.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
ENVASES DEL PACIFICO S.A. |
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Registered Office : |
Camino a Melipilla 13320 –
Maipú, Santiago , XIII Region Metropolitana, Postal
Code 9260075 |
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Country : |
Chile |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
06.03.1984 |
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Legal Form : |
Public Stock Company |
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Line of Business : |
Subject is engaged in Industry of aluminium and cellophane
flexible packagings, printing
of photoengraving and flexography technics |
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No. of Employees
: |
530 |
RATING & COMMENTS
|
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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Maximum Credit Limit : |
1.300.000 000’s Pesos |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Slow |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
|
Off-credit |
D |
IDENTIFICATION
ENVASES
DEL PACIFICO S.A.
( EDELPA )
Camino a Melipilla 13320 - Maipú
Santiago
XIII Region Metropolitana
Postal Code : 9260075
CHILE
Telephone :
56-2-3854500
Fax : 56-2-3854600
E_Mail :
comercial@edelpa.cl
Web Site : www.edelpa.cl
SUMMARY
Started : 1984
Total Employees :
530
Payments : See Commercial Record
Capital : 000's$
37.306.915.-
Sic(s) : 2656
Line of Business: Packaging
industry.
Credit Recommendation
000's
Pesos 000's US$
dollars 000's Euros
Conservative value :
1.300.000
2.643 2.042
Liberal value
: 1.430.000
2.907 2.246
If additional information is received or present information is rectified, this recommendation may be modified.
COMMERCIAL INFORMATION
Commercial Bulletin : As at 19/01/2012 subject
does not register protested checks,
bank drafts nor promissory notes in the commercial
information bulletin
Labor Bulletin : As
at 19/01/2012 does not register labor infringements
Previsional Bulletin : As at 19/01/2012 does not
register pension fund's
infringements
Consolidated delinquency : As at 19/01/2012, subject registers the following delinquent bill
Detail of Delinquent Debts
Date : 11/07/2010
Note : Invoice
Value : Ch$ 107.100,00
Drawer : Banco Internacional
City : -
TRADE REFERENCES (20/01/2012)
No credit experiences to date were obtained
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
10-10
-
-
-
10 years 01-07 Prompt
invoice
Open
-
10 years 01-06 Prompt
invoice
Open
-
10 years 08-05 Prompt
invoice
Open
-
10 years 02-05 Prompt
invoice
Open
-
10 years 08-04 Prompt
checks
Open
-
The account holder credit report reflects no protests, and no social security
and/or work infringements as of the date of this report.
Registers an unpaid invoice amounting $107.100 as of Jul 11, 2010.-
During the last 6 months, the account holder credit history shows 69 credit
review inquiries requested by financial institutions, industry, insurance
companies and workmen compensatio agencies.
AVERAGE PAYMENTS IN CHILE
International Risk and Payment Review reported in May 2011
The local delays in payment average 0-1 month.
FINANCIAL INFORMATION
COMPARATIVE - SUMMARY
( Figures in Thousand Pesos, local currency )
( Please note that last Balance Sheet does not correspond to annual
figures)
From 01/01/2011
01/01/2010 01/01/2009
To 30/09/2011
31/12/2010 31/12/2009
CURRENT
ASSETS
23.894.852
22.273.859 21.598.230
CURRENT
LIABILITIES
11.572.166
8.836.219 8.637.260
WORKING CAPITAL
12.322.686
13.437.640 12.960.970
FIXED
ASSETS
32.586.148
31.260.524 32.299.965
OTHER
ASSETS
804.786
1.651.432 1.824.830
LONG TERM LIABILITIES
8.778.388
8.834.703 9.249.676
NET
WORTH
36.935.232
37.514.893 37.836.089
OPERATING
INCOMES
37.842.274
48.229.769 45.867.881
CURRENT
PROFIT(LOSS)
4.531.847
6.621.341 7.486.577
BALANCE SHEET
CONSOLIDATED FISCAL YEAR COMPLETE
ASSETS
30/09/2011 31/12/2010
Cash
167.776
31.192
Term
Deposits
0 216.077
Sales
Debtors
426.074 12.149.073
Sundry
Debtors
13.381.158
0
Notes & Accts
Receivable/Interco.Relations
339.649 301.700
Inventory
9.466.841 9.384.701
Taxes
Recoverable
107.862 185.624
Other Current
Assets
5.492
5.492
CURRENT
ASSETS
23.894.852 22.273.859
Higher Value/Technical
Reappr.Fix.Assets
873.358
0
Net Fixed
Asset
31.712.790 31.260.524
FIXED
ASSETS
32.586.148 31.260.524
Long Term
Debtors
469.110 384.878
Intangibles
335.676 373.839
Other
0 892.715
OTHER
ASSETS
804.786 1.651.432
TOTAL
ASSETS
57.285.786 55.185.815
LIABILITIES
30/09/2011 31/12/2010
Oblig.With Banks & Financ.Inst.Short
Term
1.255.467 623.100
Accounts
Payable
9.864.706
0
Sundry
Creditors
0 7.788.682
Provisions
451.993 424.437
CURRENT LIABILITIES
11.572.166 8.836.219
Oblig.with Banks & Financial
Intitutions
3.900.000 4.500.000
Provisions
4.878.388 1.522.007
Other Long Term Liabilities
0 2.812.696
LONG TERM
LIABILITIES
8.778.388 8.834.703
Paid
Capital
32.338.507 30.893.552
Accumulated Profits
64.334
0
Current Profit
(Losses)
4.531.847 6.621.341
Provisory
Dividends
544
0
NET
WORTH
36.935.232 37.514.893
TOTAL
LIABILITIES
57.285.786 55.185.815
STATEMENTS OF
RESULTS
30/09/2011 31/12/2010
Operating
Income
37.842.274 48.229.769
Operating
Cost
-30.268.826 -37.458.868
OPERATING
MARGIN
7.573.448 10.770.901
Administration & Sales
Expenses
-1.979.207 -1.862.254
OPERATING
RESULT
5.594.241 8.908.647
Financial
Incomes
122.631
27.068
Other non Operating
Incomes
0 138.209
Financial
Expenses
-284.569 -404.150
Other non Operating
Expenses
-19.411 -908.461
Monetary
Correction
25.002
0
Exchange
difference
152.126
43.306
NON OPERATING
RESULT
-4.221 -1.104.028
Result Before Income
Tax
5.590.020 7.804.619
Income
Tax
-1.058.137 -1.200.788
Monority
Interest
0 17.510
NET
PROFIT(LOSS)
4.531.883 6.621.341
CURRENT PROFIT(LOSS)
4.531.883 6.621.341
ECONOMIC - FINANCIAL RATIOS
30/09/2011
31/12/2010 Average
Working
Capital
(000's$) 12.322.686
13.437.640 12.880.163
Current Liquidity
(Times)
2,06
2,52 2,29
Acid
Test
(Times)
1,25 1,46
1,36
Collection Period Days (
Days) 134,58
92,94 113,76
Accounts Receivable
Turnover(Times)
2,67
3,87 3,27
Inventory Turnover
(Times)
3,20
3,99 3,60
Current Indebtedness
(Times)
0,31 0,24
0,28
Total Indebtedness
(Times)
0,55
0,47 0,51
Solvency
(Times)
2,81
3,12 2,97
Assets Tying
Up
( % )
56,88
56,65 56,77
Profitability Over Sales ( %
)
11,98
13,73 12,86
Profitability Over Assets ( %
)
7,91
12,00 9,96
Profitability Over Net Worth( %
)
13,99
21,43 17,71
BANKS
Subject operates with the following banks:
- Banco Bilbao Vizcaya Argentaria, Chile, main office Huérfanos 1234,
Santiago
- Banco Santander Chile, main office Bandera 140, Santiago
OPERATIONS
Line of Business : Industry of aluminium and cellophane flexible packagings,
printing of photoengraving and flexography technics.
Classification according to commercial activity:
Sic: 2656-0000 Sanitary food containers corresponding to 100% of sales.
-0300 Food containers (liquid
tight), including milk cartons
-0201 Frozen food containers:
made from purchased material
Subject is considered leader in this line of business, high competition
Sales
Sales are steady throughout the year
100% wholesalers
National and international sales territory
Products are sold
National: 63%.
Sales conditions: Cash and documented credit.
International: 37%.
Exports to Argentina, Brazil, Colombia, Costa Rica, Ecuador, El Salvador,
Guatemala, Honduras, Italy, Mexico, Nicaragua, Panama, Peru, Puerto Rico,
Dominican Republic, Switzerland, United States and Uruguay.
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Mexico
30,24 36,94
Costa
Rica
22,66 14,54
Colombia
17,97 13,05
Argentina
14,26 13,76
El
Salvador
3,45 5,40
Honduras
3,03 4,17
Uruguay
2,07 2,59
Puerto
Rico
1,82 0,00
Ecuador
1,47 1,71
Guatemala
1,40 2,97
Nicaragua
0,58 1,26
Peru
0,38 0,00
Brazil
0,36 2,35
Dominican
Republic
0,18 1,10
Panama
0,13 0,10
United
States
0,01 0,00
Switzerland
0,00 0,00
Italy
0,00 0,00
Historical registries
Total 2010 = 000's$
18.875.008 Accumulated 2011 = 000's$
17.446.474
Total 2009 = 000's$ 15.164.249
Total 2008 = 000's$ 18.896.572
Total 2007 = 000's$ 9.414.695
Total 2006 = 000's$ 9.091.897
Total 2005 = 000's$ 8.068.346
Total 2004 = 000's$ 6.897.639
Total 2003 = 000's$ 4.756.645
Customers
Main customers are: Canning and salmon producer companies. food
industry,
The 15 most important customers are:
Inversiones Agricolas y Comercial S.A., Clorox Chile S.A., Empresas
CMPC S.A.,
Industria de Alimentos Dos en Uno S.A., Evercrisp Snack Productos de
Chile
S.A., Corn Products Chile-Inducorn S.A., Laboratorio Ballerina
Ltda.,
Unilever Chile S.A., Envases Multipack S.A., Nestle Chile
S.A., Soprole S.A.,
Vital S.A., Watt"s Alimentos S.A., Marine Harvest Chile
S.A., Sociedad
Comercial e Industrial Aqua Chile Eden S.A., etc.
Purchases
Places orders with multiple suppliers
National: 60%
International: 40%
Imports from Germany, Argentina, Austria, Belgium, Brazil, Canada, Chile,
China,
Colombia, South Korea, Ecuador, Slovenia, Spain, France, Netherlands, India,
England, Israel, Italy, Japan, Mexico, Norway, Peru, Sweden, Switzerland,
Taiwan, Dominican Republic, Thailand, Turkey, United States and Uruguay.
Records
of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Brazil
23,30 18,27
South
Korea
14,75 16,06
United
States
11,30 15,19
Germany
11,27 8,55
Mexico
9,77 17,30
Italy
7,83 7,92
Spain
4,74 3,14
Argentina
3,74 4,07
India
3,34 1,26
Colombia
1,82 0,00
Austria
1,43 2,36
China
1,34 0,73
Slovenia
1,15 0,00
Thailand
1,01 0,00
Belgium
0,71 0,00
Netherlands
0,59 1,41
Ecuador
0,44 0,00
Uruguay
0,39 0,15
France
0,33 0,85
Peru
0,25 0,00
Switzerland
0,24 0,21
Taiwan
0,06 0,02
Israel
0,06 0,00
England
0,04 0,09
Sweden
0,01 0,04
Japan
0,01 0,02
Canada
0,01 0,04
Chile
0,00 0,00
Norway
0,00 0,00
Turkey
0,00 2,17
Dominican
Republic
0,00 0,00
Historical registries
Total 2010 = 000's$
12.575.902 Accumulated 2011 = 000's$
10.642.173
Total 2009 = 000's$ 8.184.563
Total 2008 = 000's$ 16.785.950
Total 2007 = 000's$ 12.325.112
Total 2006 = 000's$ 11.566.410
Total 2005 = 000's$ 11.899.088
Total 2004 = 000's$ 9.267.473
Total 2003 = 000's$ 7.965.684
Main suppliers (20/01/2012)
- Dow Quimica Chilena S.A.
- Muehlstein de Chile S.A.
- Shell Chile S.A.C. e I.
- Sigdopack S.A.
- Sun Chemical (Chile) S.A.
Employees: 530 employees
Location
- Industrial plant, management and general offices (total area 38.800 m2,
facilities 25.300 m2 and capacity of 17.000 tons/year)
located at Camino a
Melipilla 13320 Maipú Santiago, Chile, industrial area, main
avenue of busy
traffic, construction in good conditions
Branches
- Technical and commercial offices. Distribution center located at
Rengifo 983
Puerto Montt Chile
RELATED COMPANIES
Subject is related to the following companies:
National
- Envases del Plata S.A. T A X 76011487-1, 99,99% Participation
- Inversiones del Plata Ltda. T A X 76055199-6, 99,99% Participation
International
- Mandamientos e Inversiones S.A., Argentina 99,99%
FIXED ASSETS
Real estates
Subject registers real estates
- Camino a Melipilla 13320 Maipú Santiago-Chile, Fiscal value of 000's$
1.741.556.-, rol Nº 2.585-6
- Parking lot, Agustinas 1361 Estacionamiento 314 Quinta Normal Santiago-Chile,
Fiscal value of 000's$ 4.634.-, rol Nº 109-377
Total fiscal appraisal $ 1.746.190.837.-
Vehicles
Owns vehicles for the company's use
Vans , of various models & trademarks (2003-2004 and 2005 (15
altogether)).
Machinery & Instalations
Subject owns the following
- Sealers , 6 printers , extrusion machines , rolling mills , injectors ,
laboratories , aluminium cutting equipments , flexographic
printers Italian,
installations and other necessary elements .
INSURANCES
Insurance Company:
-Mapfre Cia. de Seguros Generales de Chile S.A.
Due
: Unspecified due dates
In force : Annual
Risks : Total
cover.
Objetive : Assets in general.
BOARD OF DIRECTORS
President
: Carlos Jorge Renato Ramírez Fernández TAX:6151559-3
Director
: Isabel Margarita Said Somavía TAX:6379627-1
Director
: Salvador Said Somavía TAX:6379626-3
Director
: Fernando Franke García TAX:6318139-0
Director
: Francisco Sáenz Rica TAX:8349120-5
Director
: Patricio del Sol Guzmán TAX:6926371-2
Director
: José Domingo Eluchans Urenda TAX:6474632-4
ADMINISTRATION
General Manager and : Oscar Jaime López
TAX:5769616-8
Legal Rep.
Commercial Manager : José Horacio Cisternas
Pérez TAX:7003411-5
Export Manager :
Felipe Bascuñán Arellano TAX:7624497-9
Operations Manager : José Espinoza Barra
TAX:7361875-4
Logistics manager : Rodrigo Bravo
Foster TAX:6444479-4
Manager of People : Carlos Pérez
Vargas TAX:8651863-5
Development Manager : Antonio Núñez Marinkovic
TAX:6552463-5
Strategic
Controllership Manager : Jaime Valenzuela Piña TAX:9819438-K
and management
Administration Manager : Eduardo Silva Aránguiz TAX:9401810-2
and finances
CURRICULUM
Fernando Franke García
T A
X
: 6318139-0
Studies
: Finished studies in Universidad Adolfo Ibañez ,
Engineering
Titled as :
Commercial Engineer.
Position :
Director
José Domingo Eluchans Urenda
T A
X
: 6474632-4
Titled as :
Attorney.
Position :
Director
Oscar Jaime López
T A X
: 5769616-8
Titled as :
Business Administrator.
Position :
General Manager and Legal Rep.
LEGAL INFORMATION
Legal Structure
: Public Stock Company
Constitution date :
06/03/1984. Registered on leaf 3.398 N°1.937, Santiago
Trade Register, year 1984 as
a limited liability
partnership called ENVASES
DEL PACIFICO LTDA.
Notary : Andrés Rubio Flores, Santiago
Term of duration
: Indefinite
Legal Address : Santiago - Chile
Published in : Official Gazette dated
14/03/1984 page Nº 3
Current Social Capital: 000's$ 37.306.915.-Divided to 124.000.000.- registered
shares unique series
Shareholder :
- 34,80% Inversiones Cabildo S.A.
- 12,02% 96572560-1 Inversiones del Pacifico S.A.
- 9,62% Moneda S.A.A.F.I. para Pionero F.I.M.
- 9,01% 88036500-2 Sociedad Constructora Jardines del Bosque Ltda.
- 6,21% Chile Fondo de Inversion Small CAP
- 4,91% Celfin Small Cap Chile Fondo de Inversiones
- 2,51% Compass Small Cap Chile Fondo de Inversion
- 1,79% 80537000-9 Larrain Vial S.A. Corredores de Bolsa
- 1,76% AFP Provida S.A. Fondo Tipo C
- 1,55% 96571220-8 Banchile Corredores de Bolsa S.A.
- 1,48% Siglo XXI, Fondo de Inversion
- 0,95% Celfin Capital S.A. Corredores de Bolsa
Administration is held by General Manager and Legal Rep..
Legal changes
Public Deed dated 03/04/1990, notary Andrés Rubio Flores, Santiago, published
in
the Official Gazette dated 28/05/1990 page N° 13, corporate purpose was
modified: manufacture, sale, marketing (directly or through third parties) of
all kind of packagings. The import, export of raw materials, finished
products.
The address is settled in Santiago and term of duration is 5 years, renewable
for equal and successive periods.
Public Deed dated 13/07/1990, notary Andrés Rubio Flores, Santiago, published
in
the Official Gazette dated 30/08/1990 page N° 13, statutes were modified: it
was
agreed to divide subject company into two enterprises: one is the continuer,
keeping business name (subject) and a new one called Inversiones del Pacífico
Ltda. Consequently, subject reduced capital to $144.000.000.-
Public Deed dated 09/05/1991, notary Andrés Rubio Flores, Santiago, published
in
the Official Gazette dated 24/06/1991 page N° 6, corporate structure was
modified: from Limited liability partnership into a private stock company under
the above mentioned business name. The trade style EDELPA can also be used.
Capital is $144.000.000 divided into 14.400.000 no par value shares.
Public Deed dated 01/08/1991, notary Andrés Rubio Flores, Santiago, published
in
the Official Gazette dated 05/09/1991 page N° 10, capital was increased: to
$654.120.253 divided into 64.800.000 no par value shares.
Public Deed dated 29/08/1991, notary Andrés Rubio Flores, Santiago, published
in
the Official Gazette dated 07/09/1991 page N° 10, capital was increased: from
$654.129.253.- to $1.886.129.253.- divided into 100.000.000 shares, no par
value. (Rectified in official gazette dated Sep 13, 1991 page 9)
Public Deed dated 16/07/1993, notary Andrés Rubio Flores, Santiago, published
in
the Official Gazette dated 03/08/1993 page N° 15, capital was increased: to
$2.048.062.825 divided into 76.260.792 no par value shares.
Public Deed dated 06/06/1995, notary Andrés Rubio Flores, Santiago, published
in
the Official Gazette dated 21/06/1995 page N° 11, capital was increased: from
(revalued) $2.500.210.947 divided into 76.260.792 no par value shares, to
$4.914.145.261 divided into same number of shares.
Public Deed dated 07/05/1996, notary Martín Vásquez Cordero, Santiago,
published
in the Official Gazette dated 03/06/1996 page N° 13, capital was increased:
from
(revalued) $5.317.105.172 divided into 76.260.792 no par value shares, to
$12.500.000.000 divided into 100.000.000 no par value shares.
Public Deed dated 18/01/2005, notary Alvaro Bianchi Rosas, Santiago, published
in the Official Gazette dated 25/01/2005 page N° 19, capital was increased:
from
(revalued) $14.306.915.000 divided into 99.261.191 no par value shares, to
$37.306.915.000 divided into 124.000.000 no par value shares.
PUBLICATIONS
Information regarding subject is supplied as follows
Economia y Negocios Cuerpo B Pag 7 of 03/12/2011 ENVASES DEL PACIFICO will
build
a new plant
A new flexible packaging manufacturing plant will be built by EDELPA to
complement the new production center located in Camino a Melipilla.
The firm-linked to Said group-informed that it is a US$30.000.000 investment,
created with the purpose of meeting future domestic and
internationalmarket
demands.
For that purpose, the company will make the corresponding arrangements to make
this expansion concrete.
from Jan-Sep 2011, the revenue reached to $37,842 millions (increase of 3,3%
compared to 2010).
The result was $4,532 millions, lower than 13%/year.
INFORMATION SOURCES
On 19/01/2012 Mr. José Horacio Cisternas Pérez, Commercial Manager,
submitted
just general information, outside sources provided Consolidated balance
sheets.
IMPORTANT NOTE TO CONSOLIDATED BALANCE SHEETS
When entering consolidated balance sheets into the evaluation system,
they are not taken into account for assessment purposes as they do not
represent the actual
situation of the subject company, therefore, they are not considered for
credit recommendation purposes.
-Other outside information sources.
Exchange rate
-As at 20/01/2012 $491,93 Per US$
-As at 30/09/2011 $515,14 Per US$
-As at 31/12/2010 $468,01 Per US$
-As at 31/12/2009 $507,10 Per US$
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.33 |
|
UK Pound |
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.07 |
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 |
|
---- |
NB |
New Business |
---- |
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.