MIRA INFORM REPORT

 

 

Report No. :

496151

Report Date :

09.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

MONARCH INDUSTRIAL SA

 

 

Registered Office :

Av. Marathon 2239, Macul

 

 

Country :

Chile

 

 

Date of Incorporation :

15.09.1999

 

 

Legal Form :

Stock Company

 

 

Line of Business :

Manufacture, commercialization, distribution of socks, pantyhose, shirts, underwear, footwear, ballerinas, school line products and for every need of all members of the family.

 

 

No. of Employees :

100

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Chile

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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 60% of total exports. Copper is Chile’s top export and provides 20% of government revenue.

From 2003 through 2013, real growth averaged almost 5% per year, despite a slight contraction in 2009 that resulted from the global financial crisis. Growth slowed to an estimated 1.4% in 2017. A continued drop in copper prices prompted Chile to experience its third consecutive year of slow growth.

Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, effective 1 January 2004. Chile has 22 trade agreements covering 60 countries including agreements with the EU, Mercosur, China, India, South Korea, and Mexico. In May 2010, Chile signed the OECD Convention, becoming the first South American country to join the OECD. In October 2015, Chile signed 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 October 2016, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $23.5 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn.

In 2014, President Michelle BACHELET introduced tax reforms aimed at delivering her campaign promise to fight inequality and to provide access to education and health care. The reforms are expected to generate additional tax revenues equal to 3% of Chile’s GDP, mostly by increasing corporate tax rates to OECD averages.

 

Source : CIA

 

CONFIDENTIAL REPORT

 

COMPANY NAME

MONARCH INDUSTRIAL SA

TRADE NAME

MINSA

TAX ID. TYPE

RUT

TAX ID. NUMBER

96.903.050-0

CURRENT STATUS

Active

MAIN ADDRESS

Av. Marathon 2239, Macul

CITY/PROVINCE/STATE

Santiago

PHONE NUMBER(S)

(56-2) 2478.9100 / 9150

FAX

(56-2) 2478.9100

EMAIL

avaras@grupomonarch.cl

WEBSITE

www.monarch.cl

 

 

CREDIT OPINION

 

Company with over 15 years of experience. It does not register detrimental records and has a solid working capital.

 

 

PAYMENT RECORDS

Slow but Correct

 

 

LEGAL INFORMATION

 

TYPE OF COMPANY

Stock Company

INCORPORATION DATE

15/09/1999

CITY OF REGISTRATION

Santiago

REGISTRY NUMBER

Sheet 22782, No. 18059

NOTARY

Álvaro Bianchi Rosas

TERM

Unlimited

INITIAL CAPITAL

Ps$ 200,000,000.00 Chilean Pesos

PAID UP CAPITAL

Ps$ 2,613,598,528.00 Chilean Pesos

LAST CAPITAL INCREASE

16/02/2011 (CBRS Sheet 9440, No. 7172)

LISTED AT STOCK EXCHANGE

No

 

 

BACKGROUND. –

In 1999, the company was established as TAIS TEXTIL Y COMERCIAL SA.

 

In 2004, the company name was changed once again to TEXCO TEXTIL Y COMERCIAL SA.

 

Finally, in 2011, the company name was modified to MONARCH INDUSTRIAL SA.

COMMENTS ON LEGAL ASPECTS. –

On 15/09/1999, the company was established as TAIS TEXTIL Y COMERCIAL SA before the notary Álvaro Bianchi Rosas, by public deed or repertoire No. 19254.

On 17/09/1999, the Public Deed of the constitution of the company was registered in Sheet 22782, Number 18059 in the Registry of Commerce of the Real Estate Registrar of Santiago, Chile.

On 23/09/1999, it was incorporated to the SII (Internal Tax Service) of Chile, date on which it began to pay taxes to the State.

On 22/12/2004, the company name was changed to TEXCO TEXTIL Y COMERCIAL SA. The public deed of the merger and change of name was registered in Sheet 41286, Number 30679 of the Registry of Commerce of the Real Estate Registrar of Santiago, Chile.

 

On 16/02/2010, the merger by absorption with SOCIEDAD INDUSTRIAL DE TEJIDOS SA (absorbed company) was carried out, surviving TEXCO TEXTIL Y COMERCIAL SA. The public deed of the merger by absorption was registered in Sheet 8334, Number 5827 of the Registry of Commerce of the Real Estate Registrar of Santiago, Chile.

 

On 16/02/2011, the company name was changed to MONARCH INDUSTRIAL SA. In addition, the merger by absorption with ITM FABRIL SA (absorbed company) was carried out. The public deed of the merger and change of name was registered in Sheet 9440, Number 7172 of the Registry of Commerce of the Real Estate Registrar of Santiago, Chile.

 

 

RELATED COMPANIES

 

  COMPANY NAME

TAX ID. NUMBER

COUNTRY

INDUSTRIA TEXTIL MONARCH SA

RUT 90.991.000-5

CHILE

MONARCH MARCAS SPA (MARSA)

RUT 76.139.419-3

CHILE

RENTAS PEÑABLANCA LIMITADA

RUT 86.970.600-0

CHILE

INVERSIONES FUTURO LIMITADA

RUT 79.769.310-3

CHILE

INVERSIONES IRUN LIMITADA

RUT 79.836.660-2

CHILE

INVERSIONES ATMA LIMITADA

RUT 78.172.280-4

CHILE

INVERSIONES MAGNALLOR SA

RUT 79.819.610-3

CHILE

INVERSIONES ANI LIMITADA

RUT 79.926.910-4

CHILE

 

 

BOARD OF DIRECTORS, SENIOR EXECUTIVES AND SHAREHOLDERS

 

NAME

JOB TITLE

STAKE

ASTE GOTELLI, ROBERTO JAVIER

General Manager/ Director

 

MAGNASCO ASTE, FERNANDO AUGUSTO

Director

 

MAGNASCO ASTE, ALDO MANUEL

Director

 

ASTE OTONDO, ROBERTO IGNACIO

Director

 

ASTE OTONDO, DARÍO MANUEL

Director

 

THIEME MAGNASCO, EDUARDO JOSÉ

Director

 

DEL RIO MONTT, FRANCISCO

Director

 

MAGNASCO DIEZ, CLAUDIO ANDRÉS

Director

 

MAGNASCO DIEZ, ALEJANDRO JAVIER

Director

 

NAZAL, MARIO

Administration and Finance Manager

 

VARAS, ALDO

Foreign Trade Manager

 

 

 

DATA OF THE BOARD OF DIRECTORS, SENIOR EXECUTIVES AND SHAREHOLDERS

 

ASTE GOTELLI, ROBERTO JAVIER

Chilean. ID No. 15644629.

 

MAGNASCO ASTE, FERNANDO AUGUSTO

Chilean. ID No. 4437635-0. Commercial Engineer. Married.

 

MAGNASCO ASTE, ALDO MANUEL

Chilean. ID No. 5165097-2.

 

ASTE OTONDO, ROBERTO IGNACIO

Chilean. ID No. 7014051-9.

 

THIEME MAGNASCO, EDUARDO JOSÉ

Chilean. ID No. 9498756-3.

 

MAGNASCO DIEZ, CLAUDIO ANDRÉS

Chilean. ID No. 9977245-K.

 

MAGNASCO DIEZ, ALEJANDRO JAVIER

Chilean. ID No. 15364536-1. Commercial Engineer. Married.

 

 

OPERATIONS

 

SECTOR

C- Industrial Manufacturing

ACTIVITY

Manufacture of clothing

ISIC CATEGORY

14- Manufacture of clothing

ISIC CLASS

1410- Manufacture of clothing, except of leather garments

MAIN ACTIVITY

Manufacture, commercialization, distribution of socks, pantyhose, shirts, underwear, footwear, ballerinas, school line products and for every need of all members of the family.

% SALES IN CASH

60%

% SALES ON CREDIT

40% (terms at 30 to 60 days)

% TERRITORY OF SALES

100% (domestic market)

% LOCAL PURCHASES

50%

% FOREIGN PURCHASES

50%

N. OF EMPLOYEES

100

 

 

LOCATION. –

ADMINISTRATIVE OFFICE: located at captioned address in a commercial zone with easy access routes. Spacious premise.

 

COMMERCIAL PREMISES:

It has over 70 commercial premises, such as:

Gran Av. Jose Miguel Carrera 6151 Local 1160, San Miguel, Santiago – Chile

Av Larrain 5862 local A 2009, La reina, Santiago – Chile

Jose Ananías 530, Macul, Santiago – Chile

Puente 689 Local 139, Stgo Centro - Chile

Interior Estación Metro Moneda Local 5, Stgo Centro – Chile.

 

COMMENTS AS TO OPERATIONS. –

The company’s portfolio is comprised of wholesale distributors and general public.

 

Main competitors:

TEXTIL FORMOSA LTDA

FÁBRICA DE CALCETINES CRYSTAL SA

IMPORTADORA MAYO LTDA.

INDUSTRIAL Y COMERCIAL CONTI LTDA

COMERCIAL INTERNACIONAL SANDY REY LIMITADA

The company imports from Ecuador and Colombia.

 

It does not register export operations.

 

 

FINANCIAL INFORMATION

 

In this investigation, we interviewed Ms. Angela Rojas (Administrative Assistant) and Mr. Aldo Varas (Foreign Trade Manager) who provided general information on the company. For further details, it was necessary to reveal the inquirer’s name and contact name.

 

No financial figures were obtained through outside sources.

 

INSURANCE. –

No insurance policy reported.

 

 

PAYMENTS REFERENCES  

 

SUPPLIER

FOREIGN

START OF THE BUSINESS

2012

CREDIT LIMIT

No current operations limit

CREDIT TERMS

60 days

PRODUCTS/SERVICES

Materials for making clothes, yarns

RATING COMMENTS

PROMPT

COMMENTS

Last purchase: US$ 8,500.00 Dollars

Payments through transfers.

Supplier: FIBREXA SAS

 

 

SUPPLIER

FOREIGN

START OF THE BUSINESS

2016

CREDIT LIMIT

No current operations limit

CREDIT TERMS

60 days

PRODUCTS/SERVICES

Sewing threads, polyester filament

RATING COMMENTS

PROMPT

COMMENTS

Payments through transfers.

Supplier: ENKADOR SA

 

 

FOREIGN SUPPLIERS

COUNTRY

PHONE NUMBER

CONTACT NAME

FIBREXA SAS

Colombia

(57-1) 447.0000

Judith Calderón

ENKADOR SA

Ecuador

(593-2) 395.9260

Fernando Carrera

 

 

COMMENTS OF SUPPLIERS. –

Possible local suppliers consulted do not provide information on clients for confidentiality policies.

 

 

 

BANK REFERENCES

 

Possible banks consulted do not provide information of its clients on grounds of confidentiality.

 

 

LITIGATIONS

 

OFAC - US Office of Foreign Assets Control

Agency dependent on the Office of Terrorism and Financial Intelligence of the US Ministry of Finance. (Internal Revenue Service-IRS) that administers and applies economic sanctions imposed by the United States against different countries or individuals. These sanctions are based on the country's foreign policy and national security objectives; and they are used to prevent countries, entities and individuals from using the US financial system for purposes against US policy and its national security objectives.

 

MONARCH INDUSTRIAL SA is not sanctioned.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.92

UK Pound

1

INR 90.23

Euro

1

INR 80.54

CLP

1

INR 0.11

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

TRU

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.