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MIRA
INFORM REPORT
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Report No. : |
497326 |
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Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
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Name : |
TEXTIL CASSIS SA |
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Registered Office : |
Avenida Jose Pedro Alessandri 1880, Comuna de Ņuņoa, Santiago Region Metropolitana |
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Country : |
Chile |
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Date of Incorporation : |
12.12.1968 |
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Legal Form : |
Stock Company |
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Line of Business : |
Manufacture and trade of knitted and woven fabrics. |
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No. of Employees : |
75 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRAs Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Chile |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 Chiles 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 Chiles GDP, mostly
by increasing corporate tax rates to OECD averages.
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Source
: CIA |
Company name and address
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COMPANY NAME |
TEXTIL CASSIS SA |
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TAX ID. TYPE |
RUT |
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TAX ID. NUMBER |
93.149.000-1 |
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CURRENT STATUS |
Active |
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MAIN ADDRESS |
Avenida
Jose Pedro Alessandri 1880, Comuna de Ņuņoa |
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CITY/PROVINCE/STATE |
Santiago
Region Metropolitana |
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PHONE NUMBER(S) |
(56-2) 2238.0571/2361.9362 |
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FAX NUMBER(S) |
(56-2) 2238.0563 |
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EMAIL |
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WEBSITE |
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REMARKS OF IDENTIFICATION |
This report was requested with address: Av. Jose
Pedro Alessandri 1880, Sabtiago, Chile. Please notice that the correct
address is shown above. |
CREDIT OPINION |
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Textile company of recognized prestige locally. It
seems to operate satisfactorily in a competitive sector. It holds good
relations with suppliers. |
LEGAL INFORMATION
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TYPE OF COMPANY |
Stock Company |
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INCORPORATION DATE |
12/12/1968 |
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REGISTERED IN |
Santiago |
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REGISTRATION |
Page 2523, No. 904 (26/02/1969) |
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NOTARY |
Andres Rubio Flores |
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DURATION |
Unlimited |
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PAID-UP CAPITAL |
Ps$2,540,005.00 Chilean Pesos |
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LAST CAPITAL INCREASE |
05/02/2003 |
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TYPE OF SHARES |
Non-par value registered stock |
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LISTED AT STOCK EXCHANGE |
NO |
BACKGROUND
The company has more than 50 years of experience in
fashion and quality, in the textile area, with the most diverse designs of
fabrics, expanding its products in national and international market, creating
designs extracted from the current fashion of European countries.
RELATED COMPANIES |
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COMPANY NAME |
TAX ID. NUMBER |
COUNTRY |
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TEXTIL
LAS DALIAS SA |
RUT
95.905.000-7 |
CHILE |
BOARD OF DIRECTORS, EXECUTIVES AND SHAREHOLDERS
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NAME |
JOB TITLE |
STAKE |
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ABUTON JAMIS, ADLA |
President |
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CASSIS LOLAS, VICTOR ARMANDO |
Managing Director/Leg.
Representative |
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CASSIS LOLAS, JALIL |
Director |
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CARMASH CASSIS, SUSANA |
Administration Manager |
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VILLEGAS, ANA MARIA |
Accountant |
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DATOS DEL BOARD OF DIRECTORS, EXECUTIVES AND SHAREHOLDERS
CASSIS LOLAS, VICTOR ARMANDO
Chilean, ID N° 5.121.534-6
Civil Status: Married
He is a businessperson.
OPERATIONS
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SECTOR |
C- Manufacturing Industries |
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ACTIVITY |
Manufacture of fabrics |
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ISIC CATEGORY |
13- Manufacture of textile products |
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ISIC CLASS |
1399- Manufacture of other textile products |
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MAIN ACTIVITY |
Manufacture and trade of knitted and woven fabrics. House brands: CARAMELLE, CATCHIT, LOCAL
MOTION, OŅEITA, TEXTIL CASSIS, among others. |
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% SALES IN CASH |
40% |
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% SALES ON CREDIT |
60% (terms at 150 days) |
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% TERRITORY OF SALES |
80% (national market) |
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% FOREIGN SALES |
20% (Argentina) |
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% DOMESTIC PURCHASES |
3% |
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% FOREIGN PURCHASES |
97% |
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N. OF EMPLOYEES |
75 |
LOCATION
ADMINISTRATIVE OFFICES AND TAX DOMICILE: Located at
the heading address, in a commercial zone of the city of easy access. Rented
premises in good condition.
PLANT: Las Dalias 2950, Santiago. Premises owned by
TEXTIL LAS DALIAS SA (related firm).
COMMENTS
OF OPERATIONS
The company has a weaving
with the most modern computerized circular machines and looms, all this
equipment came from countries of great prestige in Europe, the manufacture of
high quality in both knitted and flat fabrics, the dry cleaning has modern
machines for different processes of dyeing and finishing of all types of
fabrics.
It operates directly.
It has an active portfolio of 150 clients. Main
clients include:
CORPORACION
INDUSTRIAL QUINCUAGESIMA SA (Peru)
FALABELLA DE COLOMBIA SA
COMERCIAL CHARITO S.R.L.
ALPACOTTON EXPORT CORPORATION SA (Peru), among others.
Foreign purchases are settled on direct credit (terms
at 30 and 60 days).
Main competitors:
ARJA TEXTIL LTDA.
S.I.C.PYMA LTDA
ELIAS MAZU Y CIA.LTDA.
TEXTIL CIRCUTEX S.A.
TELAS ANTOFAGASTA LTDA
ALBERTO JADUE DIAZ
TEXTIL WAKY LTD, Among others.
It imports fiber spun yarns, pants, spun yarns of
combed fibers, coats, among others.
It exports synthetic fibers, elastomer spun yarns,
velvet, plush, among others.
FOREIGN TRADE
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IMPORTS |
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YEAR |
2017 |
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AMOUNT |
US$1,515,466.98 |
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COUNTRIES |
India, Vietnam, Peru,
Indonesia, Korea, China, Taiwan. |
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OPERATIONS |
33 |
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IMPORTS |
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YEAR |
2016 |
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AMOUNT |
US$2.217.957,40 |
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COUNTRIES |
Indonesia, India, Thailand, Pakistan, China, Peru,
Singapore, Taiwan, Italy, Spain. |
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OPERATIONS |
50 |
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IMPORTS |
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YEAR |
2015 |
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AMOUNT |
US$3,463,373.82 |
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COUNTRIES |
Indonesia, India, Pakistan, China, Peru, Brazil,
Taiwan, Argentina, Thailand |
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OPERATIONS |
64 |
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IMPORTS |
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YEAR |
2014 |
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AMOUNT |
US$4,705,069.92 |
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COUNTRIES |
Indonesia, India, Pakistan, China, Peru, Brazil,
Taiwan, Argentina, Thailand |
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OPERATIONS |
104 |
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IMPORTS |
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YEAR |
2013 |
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AMOUNT |
US$5,314,802.21 |
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COUNTRIES |
Indonesia, India, Pakistan, China, Peru, Brazil,
Taiwan, Argentina, Thailand |
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OPERATIONS |
108 |
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IMPORTS |
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YEAR |
2012 |
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AMOUNT |
US$4,709,997.29 |
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COUNTRIES |
Indonesia, India, Pakistan, China, Peru, Brazil,
Taiwan, Argentina, Thailand |
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OPERATIONS |
79 |
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EXPORTS |
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YEAR |
2016 (January-August) |
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AMOUNT |
US$390,885.00 |
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COUNTRIES |
Argentina |
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OPERATIONS |
12 |
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EXPORTS |
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YEAR |
2015 |
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AMOUNT |
US$1,060,865.00 |
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COUNTRIES |
Argentina |
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OPERATIONS |
34 |
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EXPORTS |
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YEAR |
2014 |
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AMOUNT |
US$909,986.80 |
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COUNTRIES |
Argentina, Peru |
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OPERATIONS |
24 |
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EXPORTS |
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YEAR |
2013 |
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AMOUNT |
US$784,983.00 |
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COUNTRIES |
Argentina |
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OPERATIONS |
23 |
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EXPORTS |
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YEAR |
2012 |
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AMOUNT |
US$909,851.87 |
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COUNTRIES |
Argentina, Peru, Venezuela |
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OPERATIONS |
16 |
FINANCIAL INFORMATION
We interviewed Ms. Susana Carmash (Administration
Manager) who kindly provided commercial information including the Balance Sheet
as of 31/12/2015 (12 months), expressed in Chilean Pesos, which is detailed in
the attached document.
FINANCIAL COMMENTS
The interviewee also indicated that its monthly sales
amount to US$600,000.00 Dollars.
FIXED ASSETS
Computerized circular machines
Dyeing machines, among others.
INSURANCE
The subject takes out a multi-risk insurance policy
with HDI SEGUROS SA. (Unspecified coverage amount and expiry date).
PAYMENTS REFERENCES
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SUPPLIER |
NATIONAL |
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START OF THE BUSINESS |
30 years ago |
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CREDIT LIMIT |
No operations limit |
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MONTHLY SALES |
Ps$3,000,000.00 |
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CREDIT TERMS |
Terms at 120, 150 days |
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PRODUCTS/SERVICES |
Weaving and dyeing services |
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RATING |
PROMPT |
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RATING COMMENTS |
Supplier:
TINTORERIA INDUSTRIAL PEDRO DE VALDIVIA SA |
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LOCAL SUPPLIERS |
Phone Number |
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TINTORERIA
INDUSTRIAL PEDRO DE VALDIVIA SA |
(56-2)
2237.2722 |
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FOREIGN SUPPLIERS |
Country |
Phone Number |
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WINSOME
TEXTILE INDUSTRIES LTD. |
India |
(91)
244.284/244.285/244.045 |
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NARENDRA COTTON GINNING & PRESSING CO. PVT. LTD |
India
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(91)
0281 2460 633 |
COMMENTS OF SUPPLIERS
Foreign supplier consulted did not provide information
of clients on grounds of confidentiality.
BANKS
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Bank Name |
Country |
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BANCO
DE CHILE SA |
Chile |
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BANCO
SANTANDER CHILE SA |
Chile |
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BANCO
ITAU CHILE SA |
Chile |
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BANCO
DE CREDITO E INVERSIONES SA |
Chile |
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BANCO
CORPBANCA SA |
Chile |
BANK REFERENCES
Consulted Banks do not provide information of clients
on grounds of confidentiality.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.99 |
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1 |
INR 90.83 |
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Euro |
1 |
INR 80.58 |
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CLP |
1 |
INR 0.11 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
SCs 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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.