|
Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUN CHEMICAL (CHILE) S.A. |
|
|
|
|
Registered Office : |
Santa Bernardita 12035 San Bernardo - Maipo XIII Region Metropolitana |
|
|
|
|
Country : |
Chile |
|
|
|
|
Date of Incorporation : |
1989 |
|
|
|
|
Legal Form : |
Private Stock Company |
|
|
|
|
Line of Business : |
Manufacture of printing ink |
|
|
|
|
No. of Employees : |
180 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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 $20.9 billion. Chile used these funds to finance fiscal stimulus packages
during the 2009 economic downturn. In May 2010 Chile signed the OECD
Convention, becoming the first South American country to join the OECD
Source
: CIA
SUN CHEMICAL (CHILE) S.A.
Santa Bernardita 12035 San Bernardo -
Maipo XIII Region Metropolitana CHILE
Telephone : 56-2-25102000,
56-2-25102027, 56-2-25102059
Fax : 56-2-25539225
E_Mail : alejandra.cruz@sunchemical.com,
pedro.sandoval@sunchemical.com
Web Site : www.sunchemical.com
Started :
1989
Total
Employees
: 180
Payments
: See Commercial Record
Capital
: 000's$
3.644.224.-
Sic(s) : 2893
Line of Business: Manufacture of printing ink.
EVALUATION
Risk level = 2
Interpretation at the end of the report.
Credit Recommendation
000's Pesos
000's US$ dollars 000's Euros
Conservative value : 260.000
509
387
Liberal value
: 286.000
560
426
If additional information is received or present information is rectified, this
recommendation may be modified.
Payment Scoring = [ 90 ]
Financial indicators
Financial statements could not be obtained, thus financial analysis can not
be carried out
COMMERCIAL INFORMATION
Commercial Bulletin : As at 01/10/2013 subject does not register protested
checks, bank drafts
nor promissory notes in the
commercial
information bulletin
Labor Bulletin : As
at 01/10/2013 does not register work infringements
Previsional Bulletin :
As at 01/10/2013 does not
register social security
infringements
Consolidated delinquency : As at
01/10/2013, subject registers the following
delinquent bill
Detail of Delinquent Debts
Date :
05/09/2013
Note : Pay
voucher
Value : Ch$
40.007,00
Drawer : Autopista Central S.A.
City : -
TRADE REFERENCES
Suppliers' trade references are supplied as follows:
Detail of References
Old :
Since 2004
Last purchase : 08-2013
Terms : 60 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 450.000
Owes : (000'sUS$) 300.000
Due : Does not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 125.000
Old : Since 2000
Last purchase : 08-2013
Terms : 60 days
Payment : Prompt
Notes : bank transfer
Credit : (000'sUS$) 150.000
Owes : -
Due : Does not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 80.000
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit
Owes
Old
(000'sUS$) Purch
Payment. Note (000'sUS$)
--------------------------------------------------------------------------------
Since 1994 07-11 Prompt
sight
draft
- None
Since 2000 11-11 Prompt bank
transfer
150.000
-
Since 1994 07-10 Prompt
sight
draft
Open None
Since 2000 12-09 Prompt
invoice
Open None
Since 1994 12-09 Prompt
sight
draft
Open None
Since 1994 04-09 Prompt
sight
draft
Open -
Since 1992 04-09 Prompt
invoice
Open None
Since 2000 04-09 Prompt
invoice
Open None
Since 2000 04-09 Prompt
invoice
- None
Since 1994 04-09 Prompt
sight
draft
Open None
15 years 08-08 Prompt
sight
draft
Open None
15 years 04-07 Prompt
sight
draft
Open 1.000
Since 1995 05-07 Prompt
order
form
72.000 None
Since 1997 04-07 Prompt
invoice
20.000
-
10 years 08-06 Prompt not
specified
-
-
10 years 08-06 Prompt
checks
Open
-
5 years 08-06
Prompt
invoice
35.000
-
15 years 08-06 Prompt
sight
draft
Open
-
15 years 03-06 Prompt
sight
draft
Open
-
10 years 03-06 Prompt
checks
Open
-
5 years 03-06
Prompt
invoice
35.000
-
10 years 03-06 Prompt not
specified
-
-
8 years 08-05
Prompt
not
specified
-
-
10 years 08-05 Prompt
checks
Open
-
15 years 08-05 Prompt
sight
draft
Open
-
5 years 08-05
Prompt
invoice
35.000
-
5 years 03-05
Prompt
invoice
35.000
-
15 years 03-05 Prompt
sight
draft
Open
-
10 years 03-05 Prompt
checks
Open
-
8 years 03-05 Prompt not
specified
-
-
8 years 11-04 Prompt not
specified
-
-
5 years 11-04 Prompt
invoice
35.000
-
15 years 11-04 Prompt
sight
draft
Open
-
10 years 11-04 Prompt
checks
Open
-
5 years 03-04 Prompt
invoice
35.000
-
10 years 03-04 Prompt
checks
Open
-
8 years 03-04 Prompt not
specified
-
-
15 years 03-04 Prompt
sight
draft
Open
-
During the last 6 months, the account holder credit history shows 30
credit review inquiries requested by
financial institutions, telecommunications
companies, consulting agencies.
Subject registers 1 delinquent payment included in the report.
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 de Chile
- Banco Santander Chile
OPERATIONS
Line of Business : Factory of printing, typographic inks, offset, tinplate,
flexographic, liquid & paste inks.
CERTIFICATION ISO 9001:2000
Classification according to commercial activity:
Sic: 2893-0000 Printing ink
Subject is considered as a large company 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: 98%.
Sales conditions: Term payments
to 30 days and term payments to 60-90 days with
Current
Account.
International: 2%.
Sales conditions: Letter of credit.
Exports to Argentina, Bolivia, Brazil, Colombia, El Salvador and Italy.
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Argentina
49,44 52,93
Bolivia 23,46 36,63
Brazil 18,60 1,69
Colombia 3,32
8,74
El Salvador 3,25
0,00
Italy 1,93 0,00
Historical registries
Total 2012 = 000's$ 504.905 Accumulated 2013 = 000's$ 314.915
Total 2010 = 000's$ 794.681
Total 2009 = 000's$ 480.216
Total 2008 = 000's$ 438.866
Total 2007 = 000's$ 386.032
Total 2006 = 000's$ 402.043
Total 2005 = 000's$ 264.210
Total 2004 = 000's$ 320.897
Customers
Main customers are: Wholesale, publishing company, companies in
general.
The 4 most important customers are:
Marinetti S.A., Editorial Lord Cochrane S.A., Envases Impresos S.A.
and
Quad/Graphics Chile S.A.
Purchases
Places orders with multiple suppliers
National: 35%
Purchase conditions: Cash and credit with Current Account.
International: 65%
Purchase conditions: Direct collection.
Imports from Germany, Argentina, Austria, Belgium, Brazil, Canada, China,
Colombia, South Korea, El Salvador, Spain, Finland, France, Netherlands, India,
England, Italy, Mexico, Unknown Origin/Destin., Southafrica, Switzerland,
Taiwan, Thailand, United States and Uruguay.
of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
United
States
25,05 22,22
Germany
18,23 18,09
Spain
10,56
6,46
India
9,72 12,94
Finland
6,89
7,77
France
5,56 7,19
China 5,18 8,84
Italy
4,53
1,66
South
Korea
3,04
2,42
Austria
1,87
3,69
Belgium
1,69 1,09
Argentina
1,39 0,14
Canada
1,09 0,89
Brazil
0,87
2,16
England
0,85 2,25
Thailand
0,69 0,00
Southafrica
0,65 1,23
Netherlands 0,64 0,73
Taiwan 0,58 0,00
Mexico
0,37 0,12
Unknown
Origin/Destin. 0,30
0,00
Colombia
0,13 0,00
Uruguay
0,08 0,00
Switzerland
0,02 0,00
El
Salvador 0,02 0,00
Historical registries
Total 2012 = 000's$ 5.996.363 Accumulated 2013 = 000's$ 3.359.125
Total 2010 = 000's$ 9.020.835
Total 2009 = 000's$ 6.562.745
Total 2008 = 000's$ 9.242.873
Total 2007 = 000's$ 7.458.818
Total 2006 = 000's$ 7.231.209
Total 2005 = 000's$ 7.748.006
Total 2004 = 000's$ 7.472.509
Main suppliers (03/09/2013)
- Basf Chile S.A.
- Brenntag Chile Comercial e Industrial Limitada
- Clariant Colorquimica (Chile) Limitada
- Empresa Nacional de Energia Enex S.A.
- Industrias Quimicas Reno S.A.
- Manufacturas Metalurgicas Rheem Chilena Limitada
- Oxiquim S.A.
- Petrobras Chile Distribución Ltda.
Employees: 180 employees
Location
- General offices located at Santa Bernardita 12035 San Bernardo, Chile,
commercial area, street of normal traffic, construction in good
conditions
Branches (30/08/2013)
- Sales room at San Diego 624 Santiago Chile
RELATED COMPANIES
Subject does not have any related company.
FIXED ASSETS
Real estates (30/08/2013)
Subject registers real estates
- Industry, Avda. Vicuña Mackenna 4525 (Antigua Planta hasta principios
del
2012) San Joaquín Santiago-Chile, Fiscal value of 000's$
598.450.-, rol Nº
3600-5
- Facility, Miraflores 419 Bx. 59 Santiago-Chile, Fiscal value of 000's$
4.465.-, rol Nº 151-374
Total fiscal appraisal $ 602.915.539.-
Informed that these properties were sold and nowadays are owners of property
located at heading address.
Vehicles
Subject has no vehicles
Machinery & Instalations
Equipments and machinery, not specified
INSURANCES
Insurance Company:
-Liberty Cia. de Seguros Generales S.A.
In force : Annual
Risks : All
risks.
Objetive : Assets in general.
Taken out through Aon Corredores de Seguros (Insurance Brokers)
ADMINISTRATION
General Manager : Gabriel Silberstein Ortíz
TAX:10216195-5
Production Manager : Hernán Rodrigo Caro Faundez TAX:8108070-4
Technical Manager : Carmen Ureta Zañartu
(Solid inks)
Technical Manager : Andrés Luis Donoso Pardo
TAX:9907410-8
(Liquid inks)
Adm. & Finances Manager :
Julio Pauliac Pérez
Accountant
: Pedro Sandoval Jara
Treasurer : José Luis Bobadilla
LEGAL INFORMATION (30/08/2013)
Legal Structure : Private Stock Company
Constitution date : 29/09/1989.
Registered on leaf 26.281 N°13.294 Santiago
Trade Register year 1989
under the business name QUIMICAL
SOL S.A.
Notary : Alvaro Bianchi Rosas, Santiago
Term of duration :
Indefinite
Legal Address : Santiago - Chile
Published in : Official Gazette dated 06/10/1989
page Nº 10
Current Social Capital: 000's$ 3.644.224.-Divided to 154.745.- registered
shares unique series
Shareholder : 2
- 80,00% Sun Chemical Group Cooperatief U.A. (Netherlands)
- 20,00% Sun Chemical S.R.L. (Spain)
Administration is held by General Manager.
Legal changes
Public Deed dated 21/08/1996, notary Luis Poza Maldonado, Santiago, published
in
the Official Gazette dated 31/08/1996 page N° 12, corporate name was modified:
QUIMICA SOL S.A. was replaced by SUN CHEMICAL (CHILE)S.A.
Public Deed dated 27/01/1997, notary Luis Poza Maldonado, Santiago, published
in
the Official Gazette dated 08/02/1997 page N° 11, statutes were modified:
subject agreed to take over the companies QUIMICA FLESH S.A, INDUSTRIA DE
TINTAS
Y PINTURAS S.A., and AQUA PRINT S.A. which were automatically dissolved.
Consequently, capital was increased: to $3.644.215.860 divided into 154.745
registered, no par value shares of one same series.
INFORMATION SOURCES
On 30/08/2013 Mr. Pedro Sandoval Jara, Accountant, declined financial
statements according to policies of the company, submitted just general
information.
-Other outside information sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
|
UK Pound |
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.84.24 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.