MIRA INFORM REPORT

 

 

Report Date :

10.06.2014

 

IDENTIFICATION DETAILS

 

Name :

HARTING AROMAS S.A.

 

 

Registered Office :

Americo Vespucio 2680 Of. 34, Conchali Santiago

 

 

Country :

Chile

 

 

Date of Incorporation :

1994

 

 

Legal Form :

Joint-Stock Company

 

 

Line of Business :

Subject is engaged in production and export of terpenic aroma derived from turpentine, for the production of detergents and soaps for household cleaning and disinfecting, personal care products, flavors, perfumes, fragrances, pharmaceuticals and cosmetic products.

 

 

No. of Employees

120

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Chile

A2

A2

 

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

 

 

 

Company name and address

 

CORRECT COMPANY NAME

HARTING AROMAS S.A.

TRADE NAME

HARTING AROMAS

TAXPAYER REGISTRATION

RUT 966906901

MAIN ADDRESS

Americo Vespucio 2680 Of. 34, Conchali

DEPT/PROV/REGION/STATE

Santiago

COUNTRY

CHILE

TELEPHONE

(562) 29490990

CORPORATE E-MAIL

paola.vargas@harting.cl/jorge.quinlan@harting.cl

 

 

EXECUTIVE SUMMARY

Date of foundation

1994

Capital stock

Ps$.4,254,822,418.= Pesos (issued and paid-up)

permanent employees

120

Chief Executive

HAHN, ERWIN

Disposition

Poor. Very few information was given. Politely.

Payments policy

Without rating (No payment experience traced)

Credit (**)

MODERATE RISK. (Acceptable financial situation but limited).

Number of times that this company was required: 3

 

 

LEGAL STRUCTURE

LEGAL STATUS

Joint-Stock Company

 

 

DATE OF INCORPORATION

1994

PLACE OF REGISTRY

Santiago

 

 

REGISTRATION

Entered in the Commercial Register of Santiago.

 

 

CURRENT PAID-IN CAPITAL

Ps$.4,254,822,418.= Pesos (issued and paid-up)

CURRENT EXCHANGE RATE (US$)

Ps$550.43 per USADollar

 

 

COMMENTS

 

Erwin Hahn is the only authorized person to sign credit instruments.

 

 

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

HARTINGS, THOMAS

President

QUINLAN, JORGE

Vice President

HAHN, ERWIN

General Manager

JACOB BENJERODT, HARALD

Adm.& Fin. Manager

VARGAS, PAOLA

General Accountant

HARTING S.A.

Shareholder / Member

99.99%

INGENIERIA Y CONSTRUCCION LO RUIZ S.A.

Related

0.01%

 

 

WHO IS WHO?

HARTINGS, THOMAS

TITLE

President

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

INDUSTRIAL COMPOSITES TECHNOLOGIES S.A.

Director

96879230K

CHILE

 

 

HAHN, ERWIN

TITLE

General Manager

 

 

 

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME

COUNTRY

TAX REG.

RELATION %

HARTING ADHESIVOS S.A.

CHILE

Related

INGENIERIA Y CONSTRUCCION LO RUIZ S.A.

CHILE

Related

 

 

BUSINESS

Main activity

Production and export of terpenic aroma derived from turpentine, for the production of detergents and soaps for household cleaning and disinfecting, personal care products, flavors, perfumes, fragrances, pharmaceuticals and cosmetic products.

O P E R A T I O N S

Import

Yes

Country

United States, South Africa

ANNUAL Imports In US$ (CIF)

YEAR

AMOUNT

2013

204,754.85

2012

1,014,596.85

2011

688,907.72

Export

Yes

COUNTRY

Japan, India, Mexico, Spain

Annual exports in US$ (FOB)

YEAR

AMOUNT

2014

874,292.07

2013

5,920,472.13

2012

4,599,419.70

SELLING TerritorY

Domestic and foreign markets

EMPLOYEES

120

LOCATION

PREMISES

Rented

OTHER PREMISES

 

The industrial plant is located in the Arauco region.

PREVIOUS ADDRESS

Presidente Eduardo Frei M. 6000,

Comments

 

Subject operates under contracts.

 

FINANCIAL INFORMATION

Disposition

Poor. Very few information was given. Politely.

Interviewee(s)

JORGE QUINLAN

Position(s)

Vice President

Information provided

Mr. Quinlan gave us only operational details about the company.

 

For our part we have resorted to various external sources to expand this report.

 

SALES

US$ 0.00 ()

FINANCIAL SITUATION

FAIR

We must emphasize that this is a company with several years of experience in the market.

Property of company comments

 

No mortgages or pledges reported.

Main fixed assets of the company (general detail)

 

We did not locate insurance policies taken out by the company under investigation.

 

 

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

 

(Confidential Information)

TRADE REFERENCES

Note : Other suppliers did not provide information or could not be consulted

Supplier

Country

CELULOSA ARAUCO Y CONSTITUCION SA

CHILE

ALTO PARANA

ARGENTINA

EMPRESAS CMPC SA

CHILE

STOLT-NIELSEN TRANSPORTATION GROUP

U.S.A.


CREDIT BUREAU COMMENTS

No protested drafts, promissory notes neither NSF checks reported.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.20

UK Pound

1

Rs.99.52

Euro

1

Rs.80.83

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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%)

 

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.