MIRA INFORM REPORT

 

 

Report Date :

02.08.2014

 

IDENTIFICATION DETAILS

 

Name :

COFASEG CHILE S.A.

 

 

Registered Office :

Carlos Valdovinos 1526, San Miguel, Postal Code 8910037, Santiago / XIII Región Metropolitano

 

 

Country :

Chile

 

 

Date of Incorporation :

20.03.2003

 

 

Legal Form :

Joint-Stock Company

 

 

Line of Business :

 
Importer and Marketer of Industrial Safety Items. 
 
Subject product ranges includes

·         Head Protection: Helmet, Accessories

Hand Protection: Synthetic, Leather Fabric

Eye Protection: Goggles, Lenses, Accessories

Respiratory Protection: Masks

Hearing Protection: Hearing Protectors, Ear Plugs

Safety Shoes: Le Coq, Tempest, Jorrat

Protection Soldering Masks, Spare Parts And Accessories, Clothing

Workwear: Overalls, Slacks, Sweatshirts, Nex-Gen, Parkas, Pants, Thermal Sweatpants

Other: Lumbar Girdle, Disposables, Breastbands

Road Safety: Cones, Mesh, Tapes, Reflective Vests, Rain Suit, Geologist Vests, Jockey

Height Safety: Harness, Belt, Sling, Rope

Rain Protection: Overalls, Boots, Ponchos

Face Protection: Adapters, Blaster Suits, Caps - Viewfinder

 

 

No of Employees :

05

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown 

 

 

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Chile

A2

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 of goods and services 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 2013, 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. 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

 

 

 

IDENTIFICATION

 

CORRECT COMPANY NAME

COFASEG CHILE S.A.

TAXPAYER REGISTRATION

RUT 995243806

MAIN ADDRESS

Carlos Valdovinos 1526, San Miguel

POSTAL CODE

8910037

DEPT/PROV/REGION/STATE

Santiago / XIII Región Metropolitano

COUNTRY

CHILE

TELEPHONE

(562) 5562266

CORPORATE E-MAIL

cofaseg@cofaseg.cl

WEB

www.cofaseg.cl

COMMENTS

 

 
Phone: (562) 25518344

 

 

EXECUTIVE SUMMARY

 

Date of foundation

2003

Capital stock

Ps$10,000,000.= Pesos

permanent employees

5

Chief Executive

TORO RIQUELME, LUIS ORLANDO

Disposition

FAIR

Financial Situation

Poor. Very few information was given. Politely.

Payments policy

Without rating (No payment experience traced)

Credit (**)

MODERATE RISK. (Acceptable financial situation but limited).

Company Size

(PE) SMALL COMPANY

Number of times that this company was required: 2

 

LEGAL STRUCTURE

 

LEGAL STATUS

Joint-Stock Company

 

 

DATE OF INCORPORATION

20MAR2003

 

 

PLACE OF REGISTRY

Santiago

 

 

NOTARY OFFICE

Eugenio del Real A.

DURATION

Indefinite

INITIAL CAPITAL

Ps$10,000,000.= Pesos

 

 

CURRENT PAID-IN CAPITAL

Ps$10,000,000.= Pesos

 

 

CURRENT EXCHANGE RATE (US$)

Ps$563.06 per USA Dollar

 

 

COMMENTS

 

 
Its incorporation was published in the Official Journal on 23/04/2003, page 15. 
 
Administration by: General Manager and Legal Representative.

 

DIRECTORS

EXECUTIVES – SHAREHOLDERS

 

FULL NAMES / COMPANY NAME

TITLE

%PART.

TORO RIQUELME, LUIS ORLANDO

Manager

50%

VALDES SOLORZA, CLAUDIO H.

Shareholder

50%

 

 

bUSINESS HISTORY

 

 
COFASEG CHILE SA was born in the year 2002 as specialist in equipment, safety clothing and footwear, as a response to the most demanding expectations of labor protection. 
 
The company under investigation has no related companies.

 

 

BUSINESS

 

Main activity

 
Importer and Marketer of Industrial Safety Items. 
 
Subject product ranges includes

·         Head Protection: Helmet, Accessories

Hand Protection: Synthetic, Leather Fabric

Eye Protection: Goggles, Lenses, Accessories

Respiratory Protection: Masks

Hearing Protection: Hearing Protectors, Ear Plugs

Safety Shoes: Le Coq, Tempest, Jorrat

Protection Soldering Masks, Spare Parts And Accessories, Clothing

Workwear: Overalls, Slacks, Sweatshirts, Nex-Gen, Parkas, Pants, Thermal Sweatpants

Other: Lumbar Girdle, Disposables, Breastbands

Road Safety: Cones, Mesh, Tapes, Reflective Vests, Rain Suit, Geologist Vests, Jockey

Height Safety: Harness, Belt, Sling, Rope

Rain Protection: Overalls, Boots, Ponchos

Face Protection: Adapters, Blaster Suits, Caps - Viewfinder

 

OPERATIONS

 

Import

Yes

Country

China, India, Taiwan

ANNUAL Imports In US$ (CIF)

YEAR

AMOUNT

2014

621,755.08

2013

1,588,154.22

Export

No

% CASH SALES / METHOD

YES

% Credit SALES / Terms

YES Terms: 30, 60 days

% DOMESTIC PURCHASES

10%

% FOREIGN PURCHASES

90%

SELLING TerritorY

100% Domestic Market

EMPLOYEES

5

 

LOCATION

OTHER PREMISES

 
Headquarters are located at the address stated in the identification field. Located on a heavily transited main street, commercial area, building in good condition. 
 
The subject has no branches

 

 

Comments

 
The 4 most important customers are:
- Vicsa Safety Comercial Ltda.
- Sociedad Comercializadora de Productos de Seguridad Industrial Celume
- Comercializadora de Articulos de Proteccion y Seguridad Industrial Man  
- Jame Selume y Compañia

 

 

FINANCIAL INFORMATION

 

Interviewee(s)

Luis Orlana Toro Riquelme

Position(s)

General Manager

Disposition

Poor. Very few information was given. Politely.

Information provided

 
The person interviewed at the company provided only general business information, without revealing financial figures. 
 
We continued with our efforts, and used various indirect sources to supplement information, but it was impossible to get balance sheets and / or reference accounting figures.

 

 

SALES

US$ 0.00 ()

FINANCIAL SITUATION

 
FAIR
Despite having no financial statements available, we could learn that this is a company with over a decade of activities, small in its field, operating in a normally competitive market. So far no problems recorded in its development.

Main fixed assets of the company (general detail)

 
REAL ESTATE:  2 real properties have been found registered under the Company's name, as listed below: 
- Warehouse, Avda. Carlos Valdovinos 1520, San Miguel Santiago-Chile, with appraisal for taxation purposes of  Ps$. 112,384,000. = -, No. 1762-18 
- Avda. Carlos Valdovinos 1526 San Miguel Santiago-Chile, with appraisal for taxation purposes of 
 Ps$.35,406,000 = , No. 1762-20. 
Total appraisal for taxation purposes of Ps$.147,790,031. = 
 
MACHINERY AND EQUIPMENT: 
Used Equipment 
- Office facilities, warehouses and other necessary elements.

 

Comments about insurance and claims?

 

 
It was not possible to obtain information on insurance.

 

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

 

TRADE REFERENCES OBTAINED:

GENERAL COMMENT ON ITS TRADE REFERENCES:

 

Subject is very reserved. Payment policy is unknown. Consulted suppliers do not have credit experience with Subject.

 

 

THE FOLLOWING INFORMATION IS REPORTED BY RISK INFORMATION CENTER

 


CREDIT BUREAU COMMENTS

The company under investigation has not been found published in the Bulletin of Commercial Information, with bad checks, bills or notes protested. Neither has it been found labor infringements, social security or bad debts.

 

 

BANK DEBT REPORTED BY SUPERINTENDENCY OF BANK & INSURANCE (SBS)

 

No reported banking debt.

 


GENERAL COMMENT
BANCO BILBAO VIZCAYA ARGENTARIA, Chile

BANCO DEL ESTADO DE CHILE

BANCO SANTANDER CHLE

 

The subject is a client of the above-mentioned banks, which do not provide references about their clients in respect to bank secrecy.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.85

UK Pound

1

Rs.102.69

Euro

1

Rs.81.46

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

MNL

 

 

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.