|
Report Date : |
19.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
VELARDE HERMANOS |
|
|
|
|
Registered Office : |
San Martín 50, Valparaíso / V Región Valparaíso |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
21.07.1948 |
|
|
|
|
Com. Reg. No.: |
31.12.2013 |
|
|
|
|
Legal Form : |
Joint-Stock Company |
|
|
|
|
Line of Business : |
Import and distribution of food products |
|
|
|
|
No. of Employees : |
309 |
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 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 $20.9 billion. Chile used these funds to finance fiscal
stimulus packages during the 2009 economic downturn. In May 2010 Chile signed
the OECD Convention, becoming the first South American country to join the OECD
|
Source
: CIA |
|
CORRECT COMPANY NAME |
VELARDE
HERMANOS S.A. |
||||||||||||||||||||||||
|
TAXPAYER REGISTRATION |
RUT 810180005 |
||||||||||||||||||||||||
|
MAIN ADDRESS |
San Martín 50 |
||||||||||||||||||||||||
|
DEPT/PROV/REGION/STATE |
Valparaíso / V Región
Valparaíso |
||||||||||||||||||||||||
|
COUNTRY |
CHILE |
||||||||||||||||||||||||
|
TELEPHONE |
(5632) 2767900 |
||||||||||||||||||||||||
|
CORPORATE E-MAIL |
|||||||||||||||||||||||||
|
WEB |
|||||||||||||||||||||||||
|
COMMENTS |
|
||||||||||||||||||||||||
Your order was forwarded without a phone number. |
|||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||
|
|||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||
|
|
|||
|
LEGAL STATUS |
Joint-Stock Company |
|
|
|
DATE OF INCORPORATION |
21JUL1948 |
|
|
|
PLACE OF REGISTRY |
Valparaíso |
|
|
|
NOTARY OFFICE |
|
DURATION |
Indefinite |
|
REGISTRATION |
No.71 |
|
|
|
CURRENT PAID-IN CAPITAL |
Ps$.4,553,000,000.= Pesos |
|
|
|
SHAREHOLDERS EQUITY |
7,208,543,037.00 Pesos
(31DEC2013) |
|
|
|
CURRENT EXCHANGE RATE (US$) |
Ps$.575.87 per USA Dollar |
|
|
|
|
|||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
|
|
VELARDE HERMANOS S.A. was founded in 1948 by Mr. Armando Velarde Gómez, father of the current shareholders. |
|
|
|
|||||||||||||||||
|
|
||||||||||||||||
|
|
|||||||||||||||
|
SIC Classification |
|||||||||||||||
|
Main activity |
Import and distribution of food products (Canned goods, chocolates, candies, ice cream, pop corn, Mexican food, sauces, liqueurs, oils, vinegars, etc.) |
||||||||||||||
|
O P E R A T I O N S |
|||||||||||||||
|
Import |
Yes |
||||||||||||||
|
Country |
Argentina, Brazil, USA, China,
Mexico. |
||||||||||||||
|
ANNUAL Imports In US$ (CIF) |
|
||||||||||||||
|
Export |
No |
||||||||||||||
|
% CASH SALES / METHOD |
20% |
||||||||||||||
|
% Credit SALES / Terms |
80% (Terms: 30, 60 and 90
days) |
||||||||||||||
|
% DOMESTIC PURCHASES |
YES |
% FOREIGN PURCHASES |
YES |
||||||||||||
|
SELLING TerritorY |
Domestic market |
||||||||||||||
|
EMPLOYEES |
309 |
||||||||||||||
|
|||||||||||||||
|
Comments |
|
||||||||||||||
Until year 2013 subject made exports for US$.67,252.95 to Sri Lanka.Sold Brands: "SABU", "MISTRAL", "ADMIRAL", "BELL'S", "CANTOR", "CARAVANA", "CRISPY CRISPS", "CURVER", "DE CUISINE", "ELLIS BROWN", "LA SOBERANA", "NUTRA-GREEN", "PEARL RIVER BRIDGE", "TAURUS", "TRENTO", among others.Subject distributes around 1,200 products. Its sales are mainly targeted at supermarkets, restaurants, among others. Main clients:- SUPERMERCADOS D&S- SUPERMERCADOS SANTA ISABEL S.A.- CENCOSUD SUPERMERCADOS- DISTRIBUCION Y SERVICIO S.A. |
|||||||||||||||
|
|
|
|
Disposition |
Moderate. Some data and
figures were confirmed. |
|
Interviewee(s) |
Victor Peña Ponce |
|
Position(s) |
General Accountant |
|
Information provided |
The person interviewed at the company confirmed commercial and operational information available, and provided other relevant data. With regards to financial information, he made delivery of the main balance sheet figures as of 31/12/2013 (12 months), in Peso, only ones released. At the same time, we consulted external sources where we got additional data of interest. |
Balance sheet
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ratio
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
FINANCIAL SITUATION |
SATISFACTORYAccording to the latest financial statement submitted and/or the Company general conditions, we estimate its financial situation is SATISFACTORY because :- Liquidity Ratio is acceptable. Working Capital has a positive margin. Shareholders' Equity acceptably covers its liabilities. Results are moderate.Regarding its payment behavior, Subject is well rated by its suppliers in the market. Nothing negative was found against this company in our searches. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
INSURANCE |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
TRADE REFERENCES, CREDIT BUREAU,
LAWSUITS, BANKS (Confidential Information) |
|||||||||||||||||||||||||||||||||
|
TRADE REFERENCES |
|||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
Note
: Other suppliers did not provide information or could not be consulted |
|
||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
No adverse information was found against this Company in the sources consulted. |
|
||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
|
|
|
Explanation about commercial reputation |
|
|
|
|
|
PRESS RELEASES |
The food importing company that has a turnover of US$25 millions per year will continue its expansion regarding its own brands, which accounts for 35% of its products.The company expects to begin an Export Plan for the next year. According to Jaime Velarde, commercial manager, for this year 2009, it expects to grow by around 10%.One of the latest line of business of Velarde Hermanos is the representation of the Splenda sweetener brand, in addition to others, such as Hersheys (chocolate), Evian (French water) and Tabasco (spicy sauces). In this line of businees, Velarde explained that they "are expecting to continue to strengthen the line of business of imports and to complement it with an important growth in the own production area". In this category, the company will launch into the market in the following days the filtered water with fiber called Body Light. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.06 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.