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Report Date : |
21.06.2013 |
IDENTIFICATION DETAILS
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Name : |
COMERCIAL COLTRADE S.A. |
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Registered Office : |
Augusto Matte 1840 - Quinta
Normal , |
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Country : |
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Date of Incorporation : |
15.10.1997 |
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Legal Form : |
Private Stock Company |
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Line of Business : |
Export and marketing of textile products and footwear for
children |
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No. of Employees : |
350 |
RATING & COMMENTS
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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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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 approximately one-third of GDP, with commodities making up some three-quarters of total exports. Copper alone provides 19% of government revenue. From 2003 through 2012, real growth averaged almost 5% per year, despite the slight contraction in 2009 that resulted from the global financial crisis. 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 has 22 trade agreements covering 60 countries including agreements with the European Union, Mercosur, China, India, South Korea, and Mexico. Chile has joined the United States and nine other countries in negotiating the Trans-Pacific-Partnership trade agreement. In 2012, foreign direct investment inflows reached $28.2 billion, an increase of 63% over the previous record set in 2011. The Chilean Government has generally followed a countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and generally allowing deficit spending only during periods of low copper prices and growth. As of 31 December 2012, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $20.9 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn. In May 2010 Chile signed the OECD Convention, becoming the first South American country to join the OECD.
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Source : CIA |
COMERCIAL
COLTRADE S.A.
( COLTRADE S.A. )
Augusto Matte 1840 - Quinta Normal
Santiago
XIII Region Metropolitana
CHILE
Telephone : 56-2-24626000
Fax : 56-2-24625100
E_Mail
: bfuentes@colloky.cl, esalinas@colloky.cl
SUMMARY
Started
: 1997
Total Employees : 350
Payments :
See Commercial Record
Capital : 000's$
5.994.182.-
Sic(s) : 5139
Line of Business: Export and marketing of textile products and footwear for
children.
Financial indicators
Financial statements could not be obtained, thus financial analysis can not be
carried out
COMMERCIAL INFORMATION
Commercial Bulletin : Subject does not register
protested
checks, bank drafts nor
promissory notes in the
commercial information bulletin
Labor Bulletin : Does not register work infringements
Previsional bulletin :
Registers social security infringements
Previsional Detail
Date :17/12/2012
Reason :Fines on the
labor law legislation
Value :Ch$
10.929,00.-
Months :1
Bulletin :142
Page :170058
Drawer : AFP
Cuprum
Consolidated delinquency :, Subject registers the following delinquent bills
Detail of Delinquent Debts
Date
: 30/06/2011
Note : Invoice
Value : Ch$ 4.852.420,00
Drawer : Consultora y Adm.
City : -
Date : 30/06/2011
Note : Invoice
Value : Ch$ 2.978.984,00
Drawer : Consultora y Adm.
City : -
Date : 30/06/2011
Note : Invoice
Value : Ch$ 1.648.895,00
Drawer : Consultora y Adm.
City : -
Date : 30/06/2011
Note : Invoice
Value : Ch$ 1.648.895,00
Drawer : Consultora y Adm.
City : -
Date : 30/06/2011
Note : Invoice
Value : Ch$ 312.717,00
Drawer : Consultora y Adm.
City : -
Date : 30/06/2011
Note : Invoice
Value : Ch$ 211.437,00
Drawer : Consultora y Adm.
City : -
TRADE REFERENCES
Trade references are supplied as follows:
Detail of References
Old
: Since 2003
Last purchase : 06-2013
Terms : 30 days
Payment : Prompt
Notes : invoice
Credit : -
Owes : (000'sUS$) 4.500
Due : Does not Register
Paying Comments : Good
Purchase Aver. : (Monthly 000's$) 5.000
Registers 6
delinquent payments and 1 work infringement included in the
report.
During the last 6 months, the account holder credit history shows 42 credit
review inquiries requested by financial institutions, telecommunications
companies, industries, cooperatives.
AVERAGE PAYMENTS IN CHILE
International Risk
and Payment Review reported in June 2011
The local delays in payment average 0-1 month.
BANKS
Subject operates with the following bank:
- Banco Santander Chile
OPERATIONS
Line of Business : Export and sale of textile products and footwear for
children.
Classification according to commercial activity:
Sic: 5139-0000 Footwear
Subject is considered as a medium company in this line of business, normal
competition
Sales
Sales are steady throughout the year
100% wholesalers
National and international sales territory
Products are sold
National: 80%.
International: 20%.
Sales conditions: Cash
Exports to Colombia, Guatemala, Honduras, Paraguay and Peru.
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Peru
48,80 61,54
Guatemala
34,26 19,49
Colombia
12,86 18,29
Honduras
3,61 0,00
Paraguay
0,47 0,64
(Latin America and Central America)
Historical registries
Total 2011 = 000's$ 546.858 Accumulated 2012 = 000's$ 1.239.576
Total 2009 = 000's$ 538.486
Total 2007 = 000's$ 225.964
Total 2005 = 000's$ 0
Customers
Main customers are: Retail, related companies.
The 4 most important customers are:
S.A.C.I. Falabella, Cencosud Retail S.A., Comercial Eccsa
S.A., Empresas La
Polar S.A.
Purchases
Places orders with multiple suppliers
National: 99%
Purchase conditions: 1% cash and term payments to 30 days with checks.
International: 1%
Imports from China.
of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
China
100,00 100,00
Historical registries
Total 2011 = 000's$ 243 Accumulated 2012 = 000's$ 173
Total 2009 = 000's$ 22.244
Total 2007 = 000's$ 176
Main suppliers
- Comercial Patricia Cabello Catalan E.I.R.L.
- Inversiones, Industrias y Comercio Limitada
- Servicios Global Limitada
Employees
350 employees
Location
- Administrative offices located at Augusto Matte 1840 Quinta Normal
Santiago,
Chile, commercial area, secondary street of normal traffic,
construction in
good conditions
Branches
- Puerto Madero 9710 Pudahuel Santiago Chile
- Warehouses: Augusto Matte 1740 Quinta Normal Santiago Chile
RELATED COMPANIES
Subject is related to the following companies:
- Colgram S.A. T A X 76568680-6 Quinta Normal Santiago (Store)
- Comercial e Industrial Hoevel Limitada T A X 83610000-K Renca Santiago
(Industry of children's clothes)
- Calarcol S.A. T A X 96572060-K Independencia Santiago (Industry of
clothes)
- Comercial La Polilla S.A. T A X 88468400-5 Quinta Normal Santiago
(Store)
- Inversiones, Industrias y Comercio Limitada T A X 96759240-4 Quinta
Normal
Santiago (Importer)
- Grip Limitada (Transportation)
FIXED ASSETS
Real estates
Subject does not register real estates
Vehicles
Owns vehicles for the company's use
Vehicles of various models, brands & years (of related company GRIP LTDA
(Transportation).)
Machinery & Instalations
Own modern equipment
- Office installations .
INSURANCES
Insurance Company:
-RSA Seguros Generales S.A.
Risks : Total
cover.
Objetive : Assets in general.
ADMINISTRATION
General Manager : Félix Víctor Lührs Raggio TAX:7017609-2
Assistant Finances : Roberto Gárate
Manager
Accountant : Berta Fuentes
CURRICULUM
Félix Víctor Lührs Raggio
T A
X
: 7017609-2
Titled as :
Commercial Engineer.
LEGAL INFORMATION
Legal Structure : Private Stock Company
Constitution date : 15/10/1997. Registered on leaf 25.715
N°20.806, Santiago
Trade Register 1997, under business name COLTRADE S.A.
Notary
: Fernando Opazo Larraín, Santiago
Term of duration : Indefinite
Legal Address : Santiago - Chile
Published in : Official Gazette
dated 27/10/1997 page Nº 37
Current Social Capital: 000's$ 5.994.182.-Divided to 5.994.182.067.- registered
shares unique series
Social Initial Capital: 000's$ 15.000.-
Partner : 3
- 33,33% Comercial e Inversiones Pin SpA.
- 33,33% Inversiones Faluco Limitada
- 33,33% Inversiones Clones Limitada
Power of attorney held by General Manager.
Legal changes
Public Deed dated 30/08/2004, notary Gabriel Ogalde Rodríguez, Santiago,
published in the Official Gazette dated 11/09/2004 page N° 14, capital was
reduced: from $15.000.000 to $5.250.000.-
Public Deed dated 22/10/2004, notary Gabriel Ogalde Rodriguez, Santiago,
published in the Official Gazette dated 15/11/2004 page N° 25, capital was
increased: from $5.250.000 to $91.500.000.- At the same time, it was agreed to
change the legal structure from private stock company COLTRADE S.A. by limited
liability partnership called COMERCIAL COLTRADE LTDA.
Public Deed dated 20/05/2005, notary Iván Tomargo Barros, Santiago, published
in
the Official Gazette dated 10/06/2005 page N° 55, partners were modified:
Augusto Bezmalinovic Toro and Juan Ignacio Lührs Raggio each one owner of
33,33%
, retired from the partnership, sold and transferred to Inversiones Faluco Ltda
and Inversiones Clones Ltda. Capital is $91.500.000.-
Public Deed dated 05/09/2011, notary Iván Tamargo Barros, Santiago, published
in
the Official Gazette dated 07/10/2011, capital was increased: from $91.500.000
(Revalued balance sheet as at Dec 31, 2010) to $5.994.182.067.-At the same
time,
corporate structure was modified: from limited liability partnership to private
stock company, corporate name was modified: "Comercial Coltrade
Limitada." by
"Comercial Coltrade S.A.", trade style "Coltrade S.A."
Finally, statutes were
modified: established new text indicating that address is Santiago., term of
duration is indefinite and capital is $5.994.182.067 divided into 5.994.182.067
ordinary shares, same series, totally subscribed and paid.
INFORMATION SOURCES
Miss. Berta Fuentes, Accountant, declined financial figures,
however, submitted the data shown in this report.
-Other outside information sources.
Exchange rate
$492,90 Per US$
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
UK Pound |
1 |
Rs.92.21 |
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Euro |
1 |
Rs.79.18 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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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 |
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<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.