|
Report Date : |
02.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
FEROSOR AGRICOLA S.A. |
|
|
|
|
Registered Office : |
Los Carreras 643 Osorno X Region De Los Lagos |
|
|
|
|
Country : |
Chile |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
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Date of Incorporation : |
10.12.1996 |
|
|
|
|
Legal Form : |
Private Stock Company |
|
|
|
|
Line of Business : |
Agricultural supplies. Marketing of agricultural
supplies and machines. Veterinary products, tires and dairy products. |
|
|
|
|
No. of Employees : |
170 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Chile |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
CHILE - ECONOMIC OVERVIEW
Chile has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Exports account for more than one-third of GDP, with commodities making up some three-quarters of total exports. Copper alone provides one-third of government revenue. During the early 1990s, Chile's reputation as a role model for economic reform was strengthened when the democratic government of Patricio AYLWIN - which took over from the military in 1990 - deepened the economic reform initiated by the military government. Since 1999, growth has averaged 4% per year. Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, which took effect on 1 January 2004. Chile claims to have more bilateral or regional trade agreements than any other country. It has 59 such agreements (not all of them full free trade agreements), including with the European Union, Mercosur, China, India, South Korea, and Mexico. Over the past seven years, foreign direct investment inflows have quadrupled to some $15 billion in 2010, but foreign direct investment had dropped to about $7 billion in 2009 in the face of diminished investment throughout the world. The Chilean government conducts a rule-based countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and allowing deficit spending only during periods of low copper prices and growth. As of November 2011, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $18 billion. Chile used this fund to finance fiscal stimulus packages during the 2009 economic downturn. In December 2009, the OECD invited Chile to become a full member, after a two year period of compliance with organization mandates, and in May 2010 Chile signed the OECD Convention, becoming the first South American country to join the OECD. The economy started to show signs of a rebound in the fourth quarter of 2009, and GDP grew 5.1% in 2010 and 6.5% in 2011. Chile achieved this growth despite the 8.8 magnitude earthquake that struck in February 2010, which was one of the top 10 strongest earthquakes on record. The earthquake and subsequent tsunamis it generated caused considerable damage near the epicenter, located about 70 miles from Concepcion - and about 200 miles southwest of Santiago.
Source
: CIA
FEROSOR AGRICOLA S.A.
( FEROSOR S.A. )
Los Carreras 643
Osorno
X Region De Los Lagos
CHILE
Telephone
: 56-64-269200, 56-64-269216, 56-64-269234
Fax : 56-64-629220
E_Mail : ferosor@ferosor.cl
Web Site
: www.ferosor.cl
Started
: 1996
Total
Employees :
170
Payments
: Prompt
Financial
Sit. : Normal
Economic
Sit.
: Acceptable
Sales :
000's$ 35.213.744.-
Net
worth :
000's$ 3.681.616.-
Current
profit :
000's$ 378.449.-
Capital
:
000's$ 4.890.455.-
Sic(s) : 5083 - 5999
Line of Business: Agricultural supplies.
Financial indicators
According to last financial statement, subject shows a normal financial
situation, as indicated in:
** Low Working Capital
** Good Current Liquidity Ratio
** Normal Acid Test Ratio
Economic situation is acceptable, as reflected in:
** Very High Current Indebtedness Ratio
** Very High Total Indebtedness Ratio
** Good Solvency Ratio
** Low Profitability Over Sales Ratio
** Low Profitability Over Assets Ratio
** High Profitability Over Net Worth Ratio
Commercial Bulletin : As at 29/01/2013 subject
does not register protested
checks, bank drafts nor promissory notes in the
commercial information bulletin
Labor Bulletin : As
at 29/01/2013 does not register work infringements
Previsional Bulletin : As at 29/01/2013 does not
register social security
infringements
Consolidated delinquency : As at 29/01/2013, subject does not register any
delinquent bill
TRADE REFERENCES
Suppliers' trade references are supplied as follows:
Detail of References
Old
: Since 2008
Last purchase : 07-2012
Terms : 30 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 30.000
Owes : (000'sUS$)
12.000
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 10.000
Old : Since
1999
Last purchase : 07-2012
Terms : 60-90 days
Payment : Prompt
Notes : checks
Credit : (000'sUS$) 120.000
Owes : -
Due : Does
not Register
Paying Comments: Good
Old : Since
2002
Last purchase : 07-2012
Terms : 60 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 25.000
Owes : (000'sUS$)
9.500
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 4.000
Supplier reported that its high season is from June to December
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
Since 2008 06-11 Prompt
invoice
30.000
-
Since 2002 04-11 Prompt
invoice
25.000 3.500
Since 2002 05-10 Prompt current
account
25.000 None
Since 1999 06-10 Prompt
checks
120.000 None
9 years 05-08 Prompt
checks
120.000 90.000
Since 2001 05-08 Prompt order
form
Open
-
8 years 06-08 Prompt
current
account
-
-
7 years 04-08 Prompt
current
account
- None
6 years 06-07 Prompt
current
account
-
-
9 years 10-07 Prompt
checks
120.000 90.000
8 years 10-07 Prompt
current
account
-
-
Since 2001 10-07 Prompt order
form
Open
-
Since 2001 12-06 Prompt order
form
Open
-
8 years 12-06 Prompt
current
account
-
-
5 years 12-06 Prompt
checks
Open
-
5 years 12-06 Prompt
current
account
-
-
8 years 12-06 Prompt
checks
80.000
-
6 years 12-06 Prompt
current
account
760.000
-
5 years 12-06 Prompt
checks
-
-
5 years 12-06 Prompt
current account
-
-
8 years 12-06 Prompt
checks
Open
-
5 years 12-06 Prompt
invoice
Open
-
5 years 03-05 Prompt
invoice
Open
-
8 years 03-05 Prompt
checks
Open
-
5 years 03-05 Prompt
current
account
-
-
5 years 03-05 Prompt
checks
-
-
6 years 03-05 Prompt
current
account
761.700 3.997
8 years 03-05 Prompt
checks
80.000 47.000
5 years 03-05 Prompt
current
account
-
-
5 years 03-05 Prompt
checks
Open
-
8 years 03-05 Prompt
current
account
-
-
Since 2001 03-05 Prompt order
form
Open
-
6 years 10-03
Slow
checks
527.000 204.000
5 years 09-03 Prompt
invoice
Open
-
3 years 10-03 Prompt
checks and
current
-
-
5 years 09-03 Prompt
checks
Open
-
During the last 6 months, the account holder credit history shows 88 credit
review inquiries requested by companies, businesses in general and financial
institutions.-
The account holder credit report reflects no delinquent payment history, no
protests, and no social security and/or work
infringements as of the date of
this report.
AVERAGE PAYMENTS IN CHILE
International Risk and Payment Review reported in June 2011
The local delays in payment average 0-1 month.
C O M P A R A T I V E - S U M M A R Y
( Figures in Thousand Pesos, local currency )
From 01/01/2011
01/01/2010 01/01/2009
To 31/12/2011 31/12/2010
31/12/2009
CURRENT
ASSETS
20.439.576
13.784.107 22.409.392
CURRENT
LIABILITIES
18.191.883
11.000.600 16.838.536
WORKING
CAPITAL
2.247.693
2.783.507 5.570.856
FIXED
ASSETS
909.579
345.391 1.307.052
OTHER
ASSETS
556.975
613.544
0
LONG TERM
LIABILITIES
32.631
311.406
0
NET
WORTH
3.681.616
3.431.036 6.877.908
OPERATING
INCOMES
35.213.744
22.252.997 2.528.602
CURRENT PROFIT(LOSS)
378.449
346.142 893.738
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR COMPLETE
ASSETS 31/12/2011
31/12/2010
Cash 436.004
165.314
Notes
Receivable
15.031.685 10.398.716
Notes & Accts
Receivable/Interco.Relations
387
2.274
Inventory 4.768.354
3.155.128
Taxes
Recoverable
62.946 30.521
Other Current
Assets
140.200
32.154
CURRENT ASSETS
20.439.576 13.784.107
Machineries &
Equipments
909.579 345.391
FIXED
ASSETS
909.579 345.391
Long Term Debtors
556.975 607.604
Other
0 5.940
OTHER
ASSETS
556.975 613.544
TOTAL
ASSETS
21.906.130 14.743.042
LIABILITIES
31/12/2011 31/12/2010
Oblig.With Banks & Financ.Inst.Short
Term
17.900.289 10.683.141
Notes & Accts Payable Related Companies
45.685 51.597
Provisions
245.909 159.517
Other Current
Liabilities
0 106.345
CURRENT
LIABILITIES
18.191.883 11.000.600
Oblig.with Banks & Financial
Intitutions
32.631 311.406
LONG TERM
LIABILITIES
32.631 311.406
Paid
Capital
1.890.455 1.890.455
Other
Reserves
42.575 50.444
Accumulated
Profits
1.370.137 1.143.995
Current Profit
(Losses)
378.449 346.142
NET
WORTH
3.681.616 3.431.036
TOTAL
LIABILITIES
21.906.130 14.743.042
STATEMENTS OF
RESULTS
31/12/2011 31/12/2010
Operating
Income
35.213.744 22.252.997
Operating
Cost
-32.991.065 -20.534.398
OPERATING
MARGIN
2.222.679 1.718.599
Administration & Sales
Expenses
-1.990.278 -1.504.513
OPERATING
RESULT
232.401 214.086
Financial
Incomes
432.280 271.586
Other non Operating
Incomes
14.919
2.883
Financial
Expenses
-284.548 -110.862
Exchange
difference
4.185
-140
NON OPERATING RESULT
166.836 163.467
Result Before Income
Tax
399.237 377.553
Income
Tax
-59.773 -33.654
Monority
Interest
38.985
2.243
NET
PROFIT(LOSS)
378.449 346.142
CURRENT
PROFIT(LOSS)
378.449 346.142
ECONOMIC - FINANCIAL RATIOS
31/12/2011
31/12/2010 Average
Working
Capital
(000's$) 2.247.693
2.783.507 2.515.600
Current Liquidity
(Times)
1,12
1,25 1,19
Acid
Test
(Times)
0,86 0,97
0,92
Collection Period Days (
Days)
153,68
168,26 160,97
Accounts Receivable
Turnover(Times)
2,34
2,14 2,24
Inventory Turnover
(Times)
6,92
6,51 6,72
Current Indebtedness
(Times)
4,94
3,21 4,08
Total Indebtedness
(Times)
4,95
3,30 4,13
Solvency
(Times)
1,20
1,30 1,25
Assets Tying
Up
( % )
4,15
2,34 3,25
Profitability Over Sales ( %
)
1,07
1,56 1,32
Profitability Over Assets ( %
)
1,73
2,35 2,04
Profitability Over Net Worth( %
)
11,46
11,22 11,34
BANKS
Subject operates with the following banks:
- Banco Bice
- Banco Bilbao Vizcaya Argentaria, Chile
- Banco de Chile
- Banco de Credito e Inversiones, branch Osorno
- Banco Santander Chile
- BancoEstado, branch Osorno
- Corpbanca, branch Osorno
OPERATIONS
Line of Business : Agricultural supplies. Marketing of agricultural supplies
and
machines. Veterinary products, tires and dairy products.
In process of Certification ISO 9000
Classification according to commercial activity:
Sic: 5083-0000 Farm and garden machinery
Sic: 5999-0000 Miscellaneous retail stores, not elsewhere classified
-0803 Feed and farm supply
-0800 Farm equipment and
supplies
-0801 Farm machinery
Commercializes:
- FELLA, Disk harrows, conditioners, rakes.
- WILLIAMSON BALFOUR, New Holland, Ford, Fiat, Case
- RAUTOP, Spare parts and accesories for tractors, disks, colters, harvest
tires, etc.-
- CUNCAN, Regenerators.
- KNIGHT, Mixers and manure carts.
- YOMEL, Fertilizing hoppers.
- WALINGA, Grain vacuums.
- QUIVOGNE, harrow and plows.
- SIGDO TEK, Tractors and industrial machines New Holland, front loaders
Mailleux and Plows Gregoire Besson.
- SARGENT AGRICOLA, Irrigation carts Irtec, sowers Cero Labranza and plows
Tatu.
- AGRICOSAN, Vibrocultivating rakes, plows, pulverizers and sprayers.
- COLOSO, Dragging carts.
Subject is considered as the largest company in the line of business, normal
competition
Sales
Sales are steady throughout the year
100% retailers
National sales territory
Products are sold
National: 99%.
Sales conditions: Cash and term payments to 30-60-90-120 days.
International: 1%.
Customers
Main customers are: Farmers in general.
Purchases
Places orders with multiple suppliers
National: 70%
Purchase conditions: Cash and term payments to 30, 60 & 90 days with
checks.
International: 30%
Purchase conditions: Letter of credit.
Imports from Germany, Argentina, Canada, China, Spain, France, Italy, New
Zealand and United States.
of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Argentina
28,15 32,71
New
Zealand
16,43 18,51
Germany
13,46 0,09
United
States
13,14 17,52
France
6,79 0,00
Italy
6,40 8,65
Spain
5,99 0,00
China
5,27 20,29
Canada
4,39 2,17
Historical registries
Total 2011 = 000's$ 1.540.836 Accumulated 2012 = 000's$ 676.365
Total 2010 = 000's$ 793.500
Total 2009 = 000's$ 502.552
Total 2007 = 000's$ 0
Total 2006 = 000's$ 316.365
Total 2005 = 000's$ 319.638
Total 2004 = 000's$ 185.357
Main suppliers
- Basf Chile S.A.
- Bayer S.A.
- Comercial Hydro S.A.
- Comercializadora Crandon Chile Limitada
- Compañia Industrial el Volcan S.A.
- Dow Quimica Chilena S.A.
- Laboratorio Drag Pharma - Chile - Invetec S.A.
- Laboratorios Pfizer de Chile
- Michelin Chile Ltda.
- S.K. Comercial S.A.
- Sanofi Pasteur S.A.
- Sargent Agricola Ltda.
- Soquimich Comercial S.A.
Employees: 170 employees
Location
- Administrative offices and sales room (belonging to headquarters)
located at
Los Carreras 643 Osorno, Chile, commercial area, main street of
normal
traffic, construction in good conditions
Branches
- Commercial office located at Av. Gramado 1255 Puerto Varas Chile
- Commercial office located at Brasil 650 Loncoche Chile
- Commercial office located at Comercio 786 Río Bueno Chile
- Commercial office located at Av. Pedro Aguirre Cerda 1680 Valdivia
Chile
- Commercial office located at Pedro de Valdivia 259 Temuco Chile
- Commercial office located at Martinez de Rosas 440 Panguipulli Chile
- Commercial office located at Bulnes 31 Purranque Chile
- Commercial office located at Av. Simpson 169 Coyhaique Chile
- Commercial office located at Westermeir 190 Los Muermos Chile
- Commercial office located at Quinchilen 1059 Los Lagos Chile
- Also in Los Lagos.
RELATED COMPANIES
Subject does not have any related company.
FIXED ASSETS
Real estates
Subject does not register real estates
Machinery & Instalations
Equipments and machinery, not specified
INSURANCES
Insurance Company:
-Compañia de Seguros de Credito Continental S.A.
-Penta Seguros Generales S.A.
Risks :
Earthquake.
Objetive : Inventory.
President
: Hermann Rusch B.
General
Manager : Christian González Andrade
Finances
Mgr : Cristián Roldán Silva
Accounting & finances : Andrés Barrientos Bascuñan
supervisor
Operations'supervisor : Felipe Diaz
LEGAL INFORMATION
Legal Structure : Private Stock Company
Constitution date : 10/12/1996. Registered on leaf 520 N°
300, Osorno Trade
Registry, year 1996.-
Notary
: Oscar Aníbal Henríquez Marino, Osorno
Term of duration : Indefinite
Legal Address : Osorno - Chile
Published in : Official Gazette
dated 14/12/1996 page Nº 12
Current Social Capital: 000's$ 4.890.455.-Divided to 3.200.- registered shares
unique series
Social Initial Capital: 000's$ 1.200.000.-
Shareholder : 2
- 99,50% 91237000-3 Feria de Osorno S.A.
- 0,50% 77044200-1 Administradora de Bienes y Servicios Osorno
Ltda.
Power of attorney held by General Manager.
Legal changes
Public Deed dated 14/03/1997, notary Oscar Aníbal Henríquez Merino, Osorno,
published in the Official Gazette dated 31/03/1999 page N° 18, statutes were
modified: a new constitution deed text was established.-
Public Deed dated 17/05/2000, notary Oscar A. Henríquez, Santiago, published in
the Official Gazette dated 01/06/2000 page N° 30, board of directors was
modified: the amount of directors was decreased from 5 to 3 members.-
Public Deed dated 17/10/2003, notary Oscar Aníbal Henríquez Marino, Osorno,
published in the Official Gazette dated 31/10/2003 page N° 43, corporate
purpose
was modified: to the marketing, distribution, representation, manufacture,
import, export and brokerage of goods and services engaged in the forestry,
farming, livestock and industrial development.-
Provision of training and consultancy services for the areas of management,
administration and finances. Marketing of machinery.
Public Deed dated 07/12/2012, notary Harry Maximiliano Winter Aguilera, Osorno,
published in the Official Gazette dated 22/12/2012, capital was increased: to
$4.890.454.865.- divided into 3.200 shares, same series.
NOTE:
It started activities as the Agricultural department of Feria de Osorno S.A.
In 1997 it became an affiliate company.
INFORMATION SOURCES
Miss. Herta Aron, General Manager Assistant, submitted the data
shown in this report. outside sources provided financial figures.
-Other outside information sources.
Exchange rate
-As at 09/08/2012 $477,07 Per US$
-As at 31/12/2011 $521,46 Per US$
-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.53.32 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.