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MIRA INFORM REPORT
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Report No. : |
506545 |
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Report Date : |
12.05.2018 |
IDENTIFICATION DETAILS
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Name : |
COFASEG CHILE SA |
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Registered Office : |
Av. Alcalde Carlos Valdovinos
No. 1520, Comuna San Miguel, CP. 8910037 - Región Metropolitana de Santiago |
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Country : |
Chile |
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Date of Incorporation : |
20.03.2003 |
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Com. Reg. No.: |
7471 |
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Legal Form : |
Stock Company |
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Line of Business : |
The subject is engaged in the import and trade of equipment, clothing
and footwear, and equipment for labor protection |
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No. of Employees : |
13 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 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.
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Source
: CIA |
COMPANY
NAME
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COMPANY NAME |
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TAX ID. TYPE |
RUT |
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TAX ID. NUMBER |
99.524.380-6 |
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CURRENT STATUS |
Active |
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MAIN ADDRESS |
Av. Alcalde Carlos
Valdovinos No. 1520, Comuna San Miguel |
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CITY/PROVINCE/STATE |
CP. 8910037 - Región
Metropolitana de Santiago |
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PHONE NUMBER(S) |
(56-2) 2556.2266 |
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FAX |
(56-2) 2551.8331/ 2551.8344 |
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EMAIL |
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WEBSITE |
www.cofaseg.cl |
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REMARKS ON
IDENTIFICATION |
Another email: cofaseg@hotmail.com This report was requested with address: Av Carlos Valdovinos 1526 San Miguel
Santiago. Be advised that the correct and complete address is indicated
above. |
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CREDIT OPINION |
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Company with wide experience in the market that is deemed to be
operating normally. |
LEGAL
INFORMATION
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TYPE OF COMPANY |
Stock Company |
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INCORPORATION
DATE |
20/03/2003 |
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CITY OF
REGISTRATION |
Santiago |
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REGISTRY NUMBER |
Page 9581, No. 7471 |
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NOTARY |
Eugenio del Real Armas |
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TERM |
5 years (Renewable) |
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PAID UP CAPITAL |
Ps$10,000,000.00 Chilean Pesos |
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LAST CAPITAL
INCREASE |
Last recorded |
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SHARES VALUE |
PS$10,000.00
Chilean Pesos (each) |
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LISTED AT STOCK
EXCHANGE |
No |
COMMENTS ON LEGAL
ASPECTS. –
On 03/20/2003, the
subject was established before the notary Eugenio del Real Armas.
On 08/04/2003, by
Public Deed, the subject is registered on pages 9581, number 7471 in the
Commerce Registry of Santiago de Chile.
BOARD
OF DIRECTORS, SENIOR EXECUTIVES AND SHAREHOLDERS
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NAME |
JOB
TITLE |
STAKE |
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TORO RIQUELME, LUIS ORLANDO |
Legal Representative / General Manager / Director |
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ALEJANDRO JOSE, MATUS MORALES |
Director |
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VALDES SOLORZA, CLAUDIO UMBERTO |
Director |
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ORTUETA CANOBRA FRANCISCO JAVIER |
Director |
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LIZAMA, DANIELA |
Administrative Assistant |
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DATA
OF BOARD OF DIRECTORS, EXECUTIVES AND SHAREHOLDERS
LUIS ORLANDO, TORO
RIQUELME
Chilean – He is divorced, Business man, and address: Calle Cerro Granito
06323, Villa Portusuelo Tobalaba, Puente Alto.
ALEJANDRO JOSE, MATUS
MORALES
Chilean – He is
married, Business man, RUT: 10952645-2.
ORTUETA CANOBRA
FRANCISCO JAVIER
Chilean – He is married, Business man, RUT: 7036267-8.
OPERATIONS
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SECTOR |
G- Wholesale and Retail; Repair of Motor
Vehicles and Motorcycles |
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ACTIVITY |
Trade of Clothing and Footwear |
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ISIC CATEGORY |
46- Wholesale Trade, Except for Vehicles
and Motorcycles |
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ISIC CLASS |
4641- Wholesale of Textiles Products,
Clothing and Footwear |
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MAIN ACTIVITY |
The subject is engaged in the import and trade
of equipment, clothing and footwear, and equipment for labor protection. Third Party Brands: “BULL DOG”, “LONGYUE,
A”. “TANNERY”, “AHMED, “PANAN”, “GAIMI”, among others. |
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% SALES IN CASH |
40% |
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% SALES ON
CREDIT |
60% |
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% TERRITORY OF
SALES |
Domestic market |
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% LOCAL
PURCHASES |
25% |
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%
FOREIGN PURCHASES |
75% |
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N. OF EMPLOYEES |
13 |
LOCATION. –
ADMINISTRATIVE OFFICE and WAREHOUSE: Located at
caption address in a commercial zone of the city with easy access.
COMMENTS AS TO OPERATIONS. –
It operates directly.
It imports 100% by
sea from China (74%) and India (26%).
Main clients:
DISTRIBUIDORA G&G LIMITADA
MUNICIPALIDAD DE SAN MIGUEL
(MUNICIPALITY OF SAN MIGUEL)
SEGURIDAD Y ASEO LTDA
PE Y PE S.A.
SEAFOODS RESOURCES CHILE SA
Retail companies
General public
Main competitors:
COMERCIALIZADORA VERAZZI LTADA.
IMPORT Y EXPORT BANGBO CHILE LTDA
IMPORT Y EXPORT DING HEN FEI LTDA
PROSURF SPA
SPORT ZONE SA
SEGURIDAD S.I. LTDA
It imports footwear with
metal toe cap for protection with leather soles, gloves, mittens and mitts,
garments, knitted of synthetic fibers, impregnated, coated or covered with
plastic or rubber, protective for work in general, boots, safety boots, safety
gloves, overalls. They are manufactured in accordance with Chilean (N CH) and
European Community (ANSI, CE, EN) RULES. These rules are fundamental for a
correct application of the law in prevention of labor risks.
FOREIGN
TRADE
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IMPORTS |
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YEAR |
2018 (January-February) |
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AMOUNT |
US$ 101,748.00 |
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COUNTRIES |
India, China |
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NUMBER OF
OPERATIONS |
11 |
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IMPORTS |
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YEAR |
2017 |
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AMOUNT |
US$ 1,109,131.00 |
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COUNTRIES |
India, China |
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NUMBER OF
OPERATIONS |
39 |
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IMPORTS |
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YEAR |
2016 |
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AMOUNT |
US$ 1,507,524.76 |
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COUNTRIES |
India, China, Taiwan |
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NUMBER OF
OPERATIONS |
29 |
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IMPORTS |
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YEAR |
2015 |
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AMOUNT |
US$ 2,300,227.14 |
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COUNTRIES |
India, China, Taiwan |
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NUMBER OF
OPERATIONS |
32 |
FINANCIAL
INFORMATION
We interviewed Mr. Alejandro Jose Matus Morales (Director) who only
confirmed the previously provided information on the company, without adding
any further detail. Therefore, this
report was prepared also based on outside sources.
No financial figures were obtained through outside sources.
FIXED ASSETS. –
The company owns
office furniture, computer equipment, transport vehicles, etc.
INSURANCE. –
No insurance policies
were found.
PAYMENTS
REFERENCES
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SUPPLIER |
LOCAL |
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START OF THE BUSINESS |
2009 |
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CREDIT TERMS |
Invoices at 60 days |
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PRODUCTS/SERVICES |
Industrial safety items |
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COMMENTS |
Payments through bank deposits Supplier: SEGURYCEL SA |
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LOCAL SUPPLIERS |
PHONE NUMBER |
CONTACT NAME |
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GARMENDIA
SA |
(56-2) 2422.9500 |
Alejandro Araya |
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SEGURYCEL
SA |
(56-2) 2707.5701 |
Olga Valle |
COMMENTS OF SUPPLIERS. –
The other local
supplier consulted did not provide information on clients for confidentiality
policies.
BANKS
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BANK NAME |
COUNTRY |
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BANCO DE CHILE SA |
Chile |
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BANCO ITAU CHILE |
Chile |
BANK
REFERENCES
Consulted banks 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.
COFASEG CHILE SA is not sanctioned.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.22 |
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1 |
INR 90.88 |
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Euro |
1 |
INR 80.99 |
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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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PRA |
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Report Prepared
by : |
KET |
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
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
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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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.