MIRA INFORM REPORT

 

Report Date :

25.05.2012

 

IDENTIFICATION DETAILS

 

Name :

FRUTOS Y ESPECIAS S.A.C.

 

 

Registered Office :

México 1937, La Victoria

 

 

Country :

Peru

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

01.02.1994

 

 

Legal Form :

Closely-held Corporation

 

 

Line of Business :

Engaged in import and trading of spices

 

 

No. of Employees :

84

 

 

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

 

Status :

Satisfactory

Payment Behaviour :

No complaints

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Peru

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

IDENTIFICATION

 

 

CORRECT COMPANY NAME

FRUTOS Y ESPECIAS S.A.C.

TAXPAYER REGISTRATION

RUC 20207845044

MAIN ADDRESS

México 1937, La Victoria

POSTAL CODE

Lima,13

PROVINCE / DEPARTAMENT

Lima

STATE / REGION

Lima

COUNTRY

PERU

TELEPHONE

(511) 4737037 - 4737552 - 4737250

E-MAIL

fye@frutosyespecias.com.pe

WEB

www.frutosyespecias.com.pe

COMMENTS

 
Other e-mail:  contador@frutosyespecias.com.pe/walterhuapaya@frutosyespecias.com.pe

 

SUMMARY

Date of foundation

1994

Capital stock

S/.2,040,000.= Nuevos Soles

Shareholders' equity

4,960,806.00 Nuevos Soles (31DEC2011)

Annual revenues

US$ 58,708,631.14 Nuevos Soles (31DEC2011)

Profits (loss)

1,571,537.00 Nuevos Soles (31DEC2011)

permanent employees

84

Chief Executive

SANTISTEBAN RAMIREZ, PEDRO ROBERTO

Disposition

Excellent.- Full information and updated figures.

Payments policy

Usually to terms/good

 

 

 

LEGAL BACKGROUNDS

 

 

LEGAL STATUS

Closely-held Corporation

DATE OF INCORPORATION

01FEB1994

STARTING DATE

01/02/1994

PLACE OF REGISTRY

Lima

NOTARY OFFICE

César Torres Kruge

DURATION

Perpetual

REGISTRATION

File 109557 (10/03/94) Entry 00347604

INITIAL CAPITAL

S/.10,000.= Nuevos Soles

CURRENT PAID-IN CAPITAL

S/.2,040,000.= Nuevos Soles

LAST CAPITAL INCREASE

December 2003 (last reported)

SHAREHOLDERS EQUITY

4,960,806.00 Nuevos Soles (31DEC2011)

CLASS OF SHARES

Registered

LISTED AT STOCK EXCHANGE

No

SHARE VALUE

S/.1.= Nuevo Sol

CURRENT EXCHANGE RATE (US$)

S/.2.64 per 1 USD

 

 

DIRECTORS - EXECUTIVES – SHAREHOLDERS

 

 

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

SANTISTEBAN RAMIREZ, PEDRO ROBERTO

CEO

80%

22/02/02

ALEJOS FERNANDEZ, MERCEDES SATURNA

Director-Sales Mg/Leg.Rep

20%

15/02/02

SANTISTEBAN ALEJOS, OMAR PETER

Managing Director

 

 

SANTISTEBAN ALEJOS, ROXANA VIRGINIA

Director

 

 

MONTOYA DIAZ, ROBERTO

Accountant

 

 

HUAPAYA, WALTER

Assistant Accountant

 

 

 

 

 

WHO IS WHO?

 

 

SANTISTEBAN RAMIREZ, PEDRO ROBERTO

NATIONALITY

Peruvian

D.O.B.

March 29,1943

ID

DNI 07399454

CIVIL STATUS

Married to Mercedes Saturna Alejos Fernandez

DOMICILE

El Bucare Mz.I-1, Lt. 1, La Molina, Lima

TELEPHONE

4378012

BACKGROUND INFORMATION

 
Tax ID: RUC 10073994549 was issued on December 8th, 1993 to operate as a individual without business.
Registered Office: Calle El Bucare 593, Urb. Camacho, La Molina (Lima,12)

 

 

 

 

ALEJOS FERNANDEZ, MERCEDES SATURNA

NATIONALITY

Peruvian

D.O.B.

November 29, 1949

ID

DNI 09175861

CIVIL STATUS

Married to Pedro Roberto Santisteban Ramirez

DOMICILE

El Bucare Mz.I-1, Lt. 1, La Molina, Lima

TELEPHONE

4378012

PROFESSION

Businessman

 

 

 

 

SANTISTEBAN ALEJOS, OMAR PETER

NATIONALITY

Peruvian

D.O.B.

March 9, 1970

ID

DNI 09399554

DOMICILE

Vive en Santiago, Chile

PROFESSION

Economist

BACKGROUND INFORMATION

 
Parents: Pedro Roberto Santisteban Ramirez and Mercedes Saturna Alejos Fernandez.
Businessman.  He livesin Chile.
 

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

SOCIEDAD EXPORTADORA SANTIS FRUIT LTDA.

 

76009140-5

CHILE

 

 

 

 

SANTISTEBAN ALEJOS, ROXANA VIRGINIA

NATIONALITY

Peruvian

D.O.B.

October 4, 1973

ID

DNI 10060120

BACKGROUND INFORMATION

 
Parents:  Pedro Roberto Santisteban Ramirez and Mercedes Saturna Alejos Fernandez.

 

 

 

 

 

 

BUSINESS HISTORY

 

 

 
Subject was founded on December 1st, 1994 under the name of FRUTOS Y ESPECIAS S.A. 
Later, Subject changed its legal status and became a Closed Corporation pursuant to the provisions of the New Business Corporation Act (No.2688 Closed Corporation 7), therefore, it adopted the current name FRUTOS Y ESPECIAS S.A.C.
 
Subject's story dates back to 1960, when Don Pedro Santisteban started selling spices and dried fruit for the first time in the Wholesale Market No.2 La Victoria, Lima, Peru, being supplied by Chinese merchants that formed a closed group that supplied the Peruvian market.
 
In 1968, Subject started to import a container of cinnamon, temporarily joined with other retailers and it moved to La Parada in Lima downtown. However, this alliance did not last long, so he continued with the imports.
 
In 1970, he founded COMPAÑIA DE IMPORTACIONES Y EXPORTACIONES SANTIS S.A engaged in wholesaling spices and dried fruits at the same time. Primarily, he worked with raisins from the United States, which helps him to understand how the global market for dried fruit operates.
 
In 1985, due to the growth of business, Subject became FRUTOS Y ESPECIAS S.A. That year, his wife joined the Company and the early 90's (1992), his son Peter Santisteban joined the Group.
 
In 1995, the volume traded in Chile had grown exponentially. In 1996, Subject started operations in Chile as AGRICOLA SANTISFRUT LTDA. Subject established an office in Santiago. From there, it carried out exports to Peru and negotiate with producers and agribusiness plants in Chile. Supply territory covers II to VII region, mainly the V region.
 
 
Between 2000 and 2001, Subject decided to expand operations in Chile due to logistical problems because it was not able to ensure supply and quality of fruit that were received in Peru. At the same time, due to good results obtained in previous years, Subject decided to diversify by investing abroad and Chile offered a good opportunity.
 
 
Thus, in 2001 Subject bought a plot of land of 5 hectares in Carretera General San Martin S/N Sector Bucalemu, San Felipe - Chile, where in 2002, it constructed 10,000 m2 of warehouses and 200 m2 for offices. At the same time, Subject installed a production line with latest machinery to process raisins and prunes.

 

 

 

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

 

 

COMPANY NAME

COUNTRY

TAX REG.

RELATION %

BOCADITOS E.I.R.L.

PERU

20252849417

Related

LA EMPRESA SAC

PERU

20100802822

Related

SOCIEDAD EXPORTADORA SANTIS FRUIT LTDA.

CHILE

76009140-5

Related

 

 

 

BUSINESS

 

 

Main activity

 
Subject is engaged in mport and trading of spices (cinnamon, cumin, pepper, clove, bay, curry, glutamate and Chinese condiments); dried fruit (raisins, plums, peaches, apricots, pears, walnuts, almonds, pecans, etc.).; pulses (lentils, peas, pop corn, canary-seeds), canned foods, among other.
 
Trademarks: BABY POP, SANTIS, ARICA, NAKAMITO, BELLA.

Import

Yes

Country

Argentina, Brazil, Canada, Chile, China, Ecuador, Germany, India, Indonesia Madagascar, Malaysia, Mexico, Poland, Spain, Sri Lanka, Taiwan, Thailand ...

ANNUAL Imports In US$ (CIF)

YEAR

AMOUNT

2012

7,478,550.00

2011

46,939,417.00

2010

32,984,960.00

2009

20,374,132.00

2008

19,953,296.00

2007

16,286,729.00

2006

8,845,996.00

2005

15,637,568.00

2004

12,756,401.00

2003

11,845,492.00

Export

Yes

COUNTRY

Chile

Annual exports in US$ (FOB)

YEAR

AMOUNT

2010

176,770.00

2007

248,200.00

2006

358,468.00

2005

735,432.00

2004

381,600.00

2003

309,056.00

% CASH SALES / METHOD

70%

% Credit SALES / Terms

30% (15,30 and 45 days-terms)

% Ventas exterior (Paises)

10%

% DOMESTIC PURCHASES

90%

% FOREIGN PURCHASES

10%

SELLING TerritorY

90% (Domestic market)

EMPLOYEES

84

LOCATION

PREMISES

Rented

FLOORS

2

AREA

8,000 m2

OTHER PREMISES

 
Premises are owned by the related company LA EMPRESA S.A.C.
 
Besides they own a warehouse at Morro de Arica Lt.5 Villa Baja, Chorrillos, with a total land size of 500 m2.
 
Other Facilities. They are constructing a warehouse of 10,000 m2, located at Av. Huarochirí 160, Santa Anita, Lima (Lima 43) Own premises.

Comments

 
The company also imports from Turkey and United States. Transactions are made via bank transfers and letters of credit.
 
 
Main Clients:
 
- Fabrica de Productos Alimenticios Sibarita SA
- Nestle Perú SA
- Laive SA
- Industrias Pacocha SA
- Supermercados Peruanos.
- Cencosud S.A.
- Main wholesalers of spices and grains nationwide
 
The company in Chile is currently under the process to get the HACCP and SAFE certification.
 
The executives of Frutos y Especias have visited the main food fairs worldwide, among them: SIAL (France) and ANUGA (Germany).

 

 

 

FINANCIAL INFORMATION

 

 

Interviewee(s)

Walter Huapaya

Position(s)

Assistant Accountant

Disposition

Excellent.- Full information and updated figures.

Information provided

 
Mr. Walter Huapaya provided operating data as well as its Annual Balance Sheet as of December 31, 2011 (12 months) expressed in Nuevos soles. 
 
We supplemented this report with some additional data obtained from third reliable sources, official and our own files. 
 
Based on previous investigations, we have a summary of the Annual Balance Sheets as of December 31st, 2009, December 31st, 2008, December 31st, 2007 and December 31st, 2006 (12 months each one), expressed in  Nuevos Soles (S/.)
 
Balance Sheet as of 2010 was not available.

 

BALANCE SHEET

Balance sheet date

31DEC2011

31DEC2009

31DEC2008

31DEC2007

Type of balance sheet

Annual

Annual

Annual

Annual

Period

12 months

12 months

12 months

12 months

Currency

Nuevos Soles

Nuevos Soles

Nuevos Soles

Nuevos Soles

Exchange rate per US$

2.73

2.88

3.1

2.98

A S S E T S

 

 

 

 

Current Assetsd

39,945,399.00

27,145,698.00

28,481,181.00

32,701,247.00

Fixed

26,388,435.00

894,707.00

1,389,701.00

1,105,587.00

Others

 

1,389,701.00

 

 

Total Assets

66,333,834.00

29,430,106.00

29,870,882.00

33,806,834.00

L I A B I L I T I E S

 

 

 

 

Current liabilities

1,460,563.00

10,411,903.00

15,512,438.00

13,431,904.00

Long term

59,912,465.00

16,405,362.00

11,782,552.00

18,607,619.00

TOTAL LIABILITIES

61,373,028.00

 

 

 

S H A R E H O L D E R S'  E Q U I T Y

 

 

 

 

Total shareholders equity

4,960,806.00

2,612,841.00

2,575,892.00

1,767,311.00

Total Liab. / Sh. equity

66,333,834.00

29,430,106.00

29,870,882.00

33,806,834.00

Sales

160,274,563.00

101,529,524.00

96,917,091.00

88,147,462.00

Profit (Loss)

1,571,537.00

550,000.00

295,530.00

442,479.00

 

R A T I O

 

Liquidity ratio

27.35

Current assets / Current liabilities

Debt-to-equity ratio

339.65 %

(Shareholders' equity / Current liabilities %)

Profitability margin

0.98 %

(Profits / Sales %)

Working capital

38,484,836.00

(Current assets - Current liabilities)

FINANCIAL SITUATION

 
B: FAIR
Based on the last submitted Financial Situation is considered to be fair as indebtedness level is high and profits are limited at the end of the fiscal year. However, liquidity ratio is good and working capital is adequate with a good sales volume that allows them to maintain regular operations.
 
 

Property of company comments

 
We searched in the Registry of Vehicle Property of Lima, and found 7 motor vehicles registered under the name FRUTOS Y ESPECIAS SAC, as follows:
 
- RQH107 (as shown in the Entry 50096715)
- RIZ097 (as shown in the Entry 51039172)
- XO4151 (as shown in the Entry 51063348)
- XO5276 (as shown in the Entry 50082051)
- XI6129 (as shown in the Entry 50143688)
- PG0069 (as shown in the Entry 50143861)
- RQ6055 (as shown in the Entry 50012058)

 

 

 

 

 

INSURANCE

COMPANY

AGAINST

EXPIRATION

AMOUNT

RIMAC INTERNACIONAL CIA DE SEGUROS

All risk

Dec 2012

US$15,000,000

Insurance Comments

 
The company hires its insurance policy through its Broker Otes Corredores de Seguros.

 

 

PAYMENTS RECORD: TRADE REFERENCES

 

(Confidential Information)

 

Supplier: Morrison Outsourcing S.A.C.

Tel.: (511) 2750084

Country: PERU

Goods/Services? : Customs services

 

 

Highest credit? : US$ 30,000.=

 

 

Client since? : 2002

Terms? : 30 days

Performance? : Prompt

Supplier: Beagle Agente de Aduana S.A.

Tel.: (511) 2640155

Country: PERU

Goods/Services? : Customs services

 

 

Highest credit? : DC 30,000.=

 

 

Client since? : 2002

Terms? : 30 days

Performance? : Prompt

Supplier: Aduamérica Ag. de Aduana

Tel.: (511) 4290000

Country: PERU

Goods/Services? : Customs services

 

 

Highest credit? : US$ 3,000.=

 

 

Client since? : 2006

Terms? : 30 days

Performance? : Prompt

Supplier: Transcontinental Ag. de Aduana

Tel.: (511) 5612290

Country: PERU

Goods/Services? : Customs services

 

 

Highest credit? : US$ 5,000.=

 

 

Client since? : 2006

Terms? : 30 days

Performance? : Prompt

 

Note : Other suppliers did not provide information or could not be consulted

 

Supplier

Country

Comment

Agro Carnes

PERU

 

Carneiro Mendoica Industrial e Exportadora Ltd

PERU

 

H.K. Bio Chemical Ltd.

PERU

 

Qingdad Shenda Commercial and Trade Co.Ltd.

PERU

 

Café Ricalde S.A.C.

PERU

It was not available.

Aduana y Logística S.A.C.

PERU

Good customer and good experience

Alimentos ATC Ltda.

BRAZIL

 

Prunesco S.A.

CHILE

 

Prunesco S.A.

CHILE

 

Sociedad Exportadora Santis Frot Ltda.

CHILE

 

Agrícola Santis

CHILE

 

Prunesco SA

CHILE

 

Jabs International Put Ltda.

INDIA

 

Walker Seeds

CANADA

 

Commodius Trading Inc.

CANADA

 

Export Packerd Company Ltd.

CANADA

 

Dessang Corporation

ARGENTINA

 

Agrícola Comercial Sánchez .S.R.L.

ARGENTINA

 

Ensland Starke

GERMANY

 

Mercado Global S.A. de C.V.

MEXICO

Good customer. Good payment performance. Its working in chickpea entry

North Pacific

U.S.A.

 

Dessang Corporation

U.S.A.

 

PS International

U.S.A.

 

Cargill Inc.

U.S.A.

 

 

RISK INFORMATION CENTER

 

DELINQUENCY (INVOICES, RECEIPTS, CHECKS)

 

Creditor

Date of default

Amount S/.

Amount US$

Payment Date

America Movil Peru

04/05/2011

57.71

0.00

 

 

DELINQUENCY (PROTESTED DRAFTS, PROMISSORY NOTES)

 

Drawer

Document

Amount S/.

Amount US$

Protested date

Payment date

 

CREDIT HISTORY

Prior Reports evidence a good credit record, with not negative incidents.

 

LAWSUITS

No lawsuits against Subject were found.

 

 

 

BANKING INFORMATION

 

 

Bank

Contact name

S/.

US$

BBVA BANCO CONTINENTAL

Cristina Fernandez

X

X

BANCO DE CREDITO DEL PERU

Milena Portato

X

X

 

Subject works with above-mentioned banks, without further information.

 

SUPERINTENDENCY OF BANK & INSURANCE (SBS)

 

Debt structure for bank. SBS Latest Consolidated Credit Report as of : 31/03/2012

 

Bank

Debt Rating

Current Debt

S/.

US$

BANCO DE CREDITO

Normal

178,614.00

 

Total

178,614.00

 

 

CONSOLIDATED DEBT (ALL BANKS)                              ENTITIES NUMBER : 1                           31/03/2012

 

 

 

Domestic Currency

Foreign Currency

DISCOUNTS

:

111,939.00

 

 

:

66,675.00

 

 

 

--------------------------------------------

--------------------------------------------

TOTAL DEBT

:

178,614.00

 

 

 

=========================

=========================

 

 

RATING DESCRIPTION ACCORDING TO THE SBS (Caption)

Normal

Good Finantial Situation, Prompt payments, Consistent information. Increasing Trend, Creditworthy.

Potential Problem

Satisfactory Finantial Situation but cash flow can be weak. Irregular payments. Irregular Trend.

Deficient

Fair Finantial Situation, cash problems, profits shortage, delayed and overdue payments.

Doubtful

Heavy Finantial Situation, liquidity shotage, notorious delayed payments, Judicial Collection, Bad Management.

Loss

Bad Finantial Situation, Insufficient funds, declared bankruptcy, debt default.

 

 

GENERAL INFORMATION

 

 

REPUTATION

NOTHING AGAINST COMPANY

 
 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.28

UK Pound

1

Rs.88.25

Euro

1

Rs.70.81

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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%)

 

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.