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Credit Report |
IDENTIFICATION
January 17, 2006
T A X : 11.361.204-5
COMERCIAL MONTE GRANDE S.A.
( LA GUSTOSA )
Independencia 6976
Santiago
CHILE
Telephone : (56)-( 2 )-( 3890000 )
Fax : (56)-( 2 )-(
3389877 )
E_Mail : correo@montegrande.cl
Web Site : www.montegrande.cl
P.O.Box : 45-G - Santiago-1
SUMMARY
Started
: 1992.-
Total
Employees
: 650
Payments
: Prompt
Financial
Sit.
: Good
Economic
Sit.
: Normal
Sales
: 000's$ 20.360.299.-
Net
worth
: 000's$ 22.140.168.-
Current
profit
: 000's$ 1.709.600.-
Social
capital
: 000's$ 17.568.131.-
Sic(s) : 2015
Line
of Business: Poultry breeding.-
EVALUATION
Risk level = 2
Interpretation at the end of the report.
Credit
Recommendation
Conservative value : 000's$ 1.170.000
Liberal value : 000's$ 1.287.000
If additional information is received or present information is
rectified, this
recommendation may be modified.
Payment Scoring =
[ 100 ]
Financial indicators
According to last
financial statement, subject shows a good financial situation,
as indicated
in:
** Normal Working Capital
** Excellent Current Liquidity Ratio
** Normal Acid Test Ratio
Economic situation is normal, as reflected
in:
** Low Current Indebtness Ratio
** Low Total Indebtness Ratio
** Excellent Solvency Ratio
** Normal Profitability Over Sales Ratio
** Normal Profitability Over Assets Ratio
** Normal Profitability Over
Net Worth Ratio
COMMERCIAL INFORMATION
Commercial
Bulletin : As at 17/01/2006 subject does not
register protested
checks, bank drafts nor promissory notes in the
bulletin of commercial information
Labor
Bulletin : As at
17/01/2006 does not register labor infringements
Previsional
Bulletin : As at 17/01/2006 does not register welfare
infringements
Consolidated delinquency : As at 17/01/2006, subject does
not register any
unpaid bills
TRADE REFERENCES
Trade references are
supplied as follows:
Detail of References
Old :
6 years
Last purchase : 12-2005
Terms : 60 days
Payment : Prompt
Notes : checks
Credit : (000's$) 150.000
Owes : (000's$)
15.000
Due
: Does not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly
000's$) 5.000
Old :
5 years
Last purchase : 12-2005
Terms : 30-45-60 days
Payment : Prompt
Notes : checks
Credit : (000's$) 100.000
Owes : (000's$)
35.000
Due
: Does not Register
Paying Comments: Excellent
Old :
3 years
Last purchase : 12-2005
Terms : 30-120 days
Payment : Prompt
Notes : checks
Credit : (000's$) 70.000
Owes : (000's$)
40.000
Due
: Does not Register
Paying Comments: Good
Purchase Aver. : (Monthly
000's$) 3.000
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch.
Payment.
Notes
(000's$) (000's$)
--------------------------------------------------------------------------------
6 years 05-04 Prompt
checks
150.000 28.000
5
years 05-04 Prompt order
form
100.000 90.000
3
years 11-04 Prompt
checks
70.000 50.000
According to tax id indicator, subject registers 40 requests for the
last six
months. Consulting entities are banks, meat distributors, animal
food industry
among others.
Subject does not register protested
bills, delinquent debts neither
previsional or laboral infringements. It's a
prompt customer who pays on credit
from 30 to 120 days and has a 6 year-old
business relationship with suppliers.
AVERAGE PAYMENTS IN CHILE
International Risk and Payment Review reported in March 2006
The local delays in payment average 1-2 months.
FINANCIAL
INFORMATION
C O M P A R A T I V E - S U M M A R Y
( Figures in Thousand Pesos, local currency )
31/12/2004
31/12/2003 31/12/2002
CURRENT
ASSETS
8.170.236
7.420.767 6.364.367
CURRENT
LIABILITIES
4.519.083
4.469.329 3.572.308
WORKING
CAPITAL
3.651.153
2.951.438 2.792.059
FIXED
ASSETS
21.546.939
20.647.519 19.936.777
OTHER
ASSETS
3.719
2.811
4.727
LONG TERM
LIABILITIES
3.061.643
2.146.972 2.387.815
NET
WORTH
22.140.168
21.454.796 20.345.748
OPERATING
INCOMES
20.360.299
19.615.614 16.566.203
CURRENT
PROFIT(LOSS)
1.709.600
1.619.496 1.554.350
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR COMPLETE
ASSETS
31/12/2004 31/12/2003
Cash
118.824 125.388
Sales
Debtors
2.430.900 2.499.501
Notes
Receivable
990.570 1.040.468
Sundry
Debtors
147.882 157.783
Notes & Accts
Receivable/Interco.Relations
16.523 19.067
Inventory
4.228.868 3.349.163
Taxes
Recoverable
85.974 80.527
Pre-Paid
Expenses
125.126 122.585
Other Current
Assets
25.569 26.285
CURRENT
ASSETS
8.170.236 7.420.767
Land
1.493.973 1.485.608
Contructions & Infrastructure
Works
9.902.669 10.529.051
Machineries
&
Equipments
8.152.192 7.681.967
Other
Fixed
Assets
1.998.059 2.134.531
Higher
Value/Technical
Reappr.Fix.Assets
4.095.715 3.324.409
Depreciations
-4.095.669 -4.508.047
FIXED
ASSETS
21.546.939 20.647.519
Intangibles
3.719
2.811
OTHER
ASSETS
3.719
2.811
TOTAL
ASSETS
29.720.894 28.071.097
LIABILITIES
31/12/2004 31/12/2003
Oblig.With Banks & Financ.Inst.Short
Term
1.584.747 1.583.013
Oblig.With Banks & Financ.Inst.long
Term
589.965 514.407
Obligation With Publics (Trade
Effects)
62.803
0
Long Term Obligations, Within 1
Year
0 55.647
Accounts
Payable
779.936 729.327
Notes
Payable
958.666 1.013.448
Sundry
Creditors
999
1.071
Notes & Accts Payable Related
Companies
80.709 81.221
Provisions
150.070 157.984
Withholdings
311.188 333.211
CURRENT
LIABILITIES
4.519.083 4.469.329
Oblig.with Banks & Financial
Intitutions
2.114.300 1.195.924
Notes
& Accts Payable Related
Companies
901.047 902.396
Other Long Term
Liabilities
46.296 48.652
LONG TERM
LIABILITIES
3.061.643 2.146.972
Paid
Capital
17.568.131 18.872.072
Reserve
Capital
Revaluaton
2.495
1.487
Surcharge in Sales of
Shares
175.875 176.993
Accummulated
Profits
2.984.067 1.100.005
Current
Profit
(Losses)
1.709.600 1.619.496
Provisory
Dividends
-300.000 -315.257
NET
WORTH
22.140.168 21.454.796
TOTAL
LIABILITIES
29.720.894 28.071.097
STATEMENTS OF
RESULTS
31/12/2004 31/12/2003
Operating
Incomes
20.360.299 19.615.614
Operating
Cost
-14.257.858 -14.122.632
OPERATING
MARGIN
6.102.441 5.492.982
Administration & Sales
Expenses
-3.099.975 -3.264.546
OPERATING
RESULT
3.002.466 2.228.436
Financial
Incomes
13.492 13.300
Other non Operating
Incomes
75.775 82.363
Financial
Expenses
-438.225 -351.745
Other non Operating
Expenses
-577.692 -76.646
Monetary
Correction
-323.620 -240.121
NON OPERATING
RESULT
-1.250.270 -572.849
Result Before Income
Tax
1.752.196 1.655.587
Income
Tax
-42.596 -36.092
NET
PROFIT(LOSS)
1.709.600 1.619.495
CURRENT
PROFIT(LOSS)
1.709.600 1.619.495
ECONOMIC - FINANCIAL RATIOS
31/12/2004
31/12/2003 Average
Working
Capital
(000's$) 3.651.153
2.951.438 3.301.296
Current
Liquidity
(Times)
1,81
1,66 1,74
Acid
Test
(Times)
0,84
0,88 0,86
Collection Period Days (
Days)
63,40
68,21 65,81
Accounts
Receivable
Turnover(Times)
5,68
5,28 5,48
Inventory Turnover
(Times)
3,37
4,22 3,80
Current Indebtness
(Times)
0,20
0,21 0,21
Total
Indebtness
(Times)
0,34
0,31 0,33
Solvency
(Times)
3,92
4,24 4,08
Assets
Tying Up
( % )
72,50
73,55 73,03
Profitability Over Sales ( %
)
8,40
8,26 8,33
Profitability Over Assets ( %
)
5,75
5,77 5,76
Profitability Over Net Worth( %
)
8,37
8,16 8,27
BANKS
Operates with the following bank(s):
- Banco Bice ACCT # 001-454654-02, main office Teatinos 220,
Santiago
- Banco de Credito e Inversiones ACCT # 00-23849-1, main
office Huérfanos 1134,
Santiago
- Banco del Estado de
Chile ACCT # 00-12345-001, main office Av. Libertador
Bdo.
O"Higgins 1111, Santiago
- Banco Santander Chile ACCT # 001-454654-02,
main office Bandera 140, Santiago
- Scotiabank Sud Americano ACCT #
001-25451-0, main office Morande 226,
Santiago
OPERATIONS
Line of Business : Agriculture and poultry
breeding, Production of
turkeys,chicken & sausages.
Classification according to commercial
activity:
Sic: 2015-0000 Poultry slaughtering and processing
-0601 Poultry, processed
-0906 Sausage, poultry
-0801 Turkey, processed
-0101 Chicken, processed
Commercializes:
- La Gustosa, cured meat
Subject is
considered as a medium company in this line of business, normal
competition
Sales
Sales are steady throughout the year
50%
wholesalers
50% retailers
National and international sales territory
Products are sold
National: 60%.
Sales conditions: 30%
cash with checks, 60% credit with bill of exchange and 10%
with invoice.
International: 40%.
Sales conditions: 15% direct
collection and 85% letter of credit.
Exports to Paraguay ,
Bolivia and Peru .
Records of Exports obtained from
Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Peru
48,08 33,20
Paraguay
24,50 15,40
Bolivia
23,58 17,80
Total 2004 = 000's$ 200.000
Accumulated 2005 = 000's$ 125.000
Customers
Main
customers are: Line of business' distributors. supermarkets and
The 2 most important customers are:
Cadena de Supermercados
Lider and Abastecedora de Supermercados S.A.
Purchases
Places orders with multiple suppliers
National: 50%
Purchase conditions: Cash with checks and credit with
invoices.
International: 50%
Purchase conditions: Direct
collection.
Imports from United States , Germany and Switzerland .
Records of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Switzerland
40,00 70,00
United
States
35,00 15,00
Germany
25,00 15,00
Total 2004 = 000's$ 40.000
Accumulated 2005 = 000's$ 25.000
Main suppliers
-
Bayer S.A.
- Empresas CMPC S.A.
- Fabrica de Papeles Carrascal S.A.
- Merck S.A.
Employees: 650 employees
Location
- Administration and sales store located at Independencia 6976
Santiago, Chile,
commercial area, main avenue of normal
traffic, construction under good
conditions, built in
steel. blocks of concrete and
Branches
-
Headquarters: Av. Apoquindo 4500 Santiago Chile
- Production, Los
Perales s/n Km. 18 Temuco Chile
RELATED COMPANIES
Subject
is related with the following company:
- Inversiones El Monte S.A.
FIXED ASSETS
Real estates
Subject
registers the following real estates
- Branch, Av. Apoquindo 4500
Santiago-Chile, Fiscal value of 000's$ 300.000.-,
rol Nº
k-25555
- Branch, Los Perales s/n Km. 18 Temuco-Chile, Fiscal value of
000's$ 54.464.-,
rol Nº 0001-001
Vehicles
Owns vehicles for the company's use
1 delivery truck and 1
station Ford Ranger 1998.
Machineries & Instalations
Own equipment
- Incubators, industrial beaters,
germinating chambers, stuffing machines,
agricultural
machinery, installations and other necessary elements.
INSURANCES
Insurance Company:
-Cia. de Seguros Generales Las Americas
S.A.
Value
: UF 5.000.-
Due
: Unspecified due dates
In
force : Annual
Risks :
Total cover.
Objetive :
Assets in general.
BOARD OF DIRECTORS
President
: José Antonio López Foressi
Director
: José Martínez Aldunate
Director
: Francisco Pérez Mayor
Director
: Armando Soldati
Director
: Camilo Andrés Mayorgas T A X:8.474.263-5
ADMINISTRATION
Commercial Administrator : Pablo Todres Figueroa T A X:7.777.777-7
Production Manager : Camilo Ramos Muñoz
Administration Manager : Federico Eguiguren Solar
General
Accountant : Fernando Araya Palma
CURRICULUM
Pablo Todres Figueroa
T A
X
: 7777777-7
Civil status : Married
Birth date :
17/02/1960 Santiago-Chile
Address
: Rosales 2521, Vitacura-Chile
Studies
: Graduated at Universidad Católica de Chile Santiago-Chile,
Business Administration
positions :
General Manager and Legal Representative
Federico Eguiguren Solar
Civil status : Married
Birth date :
19/04/1963 Chillán-Chile
Studies
: Graduated at Universidad Católica de Valparaíso
Valparaíso-Chile
positions :
Administration Manager and Finances Manager.
José Antonio López
Foressi
Civil status :
Married
Birth date :
18/04/1956 Ancud-Chile
position :
President
José Martínez Aldunate
Civil
status : Married
Birth
date : 16/04/1946
Algarrobo-Chile
position :
Director
LEGAL INFORMATION
Legal
Structure : Closed Stock Company
Constitution
date : 30/09/1992. Registered under leaf 123 N° 41, Santiago
Trade Registry, 1992, changed business name from
"Comercial Monte Grande Ltda."
Notary
: Iván Tamargo Barros, Santiago
Term of duration :
Indefinite
Legal Address :
Santiago - Chile
Published
in : Official Gazette dated
15/10/1992 page Nº 13
Current Social Capital: 000's$ 17.568.131.-Divided
to 838.500.000.- nominal
shares unique series
Social Initial Capital: 000's$ 10.000.000.-
Shareholders : 7
- 65,00% 84358900-6 Hipermercado Jumbo
Ltda.
- 16,00% 92354000-8 Soc. Agricola y Lechera de Loncoche S.A.
- 9,00% 82557000-4 Agrícola Ariztia Limitada.
-
5,00% 96625330-4 Agronova Frutas S.A.
- 3,00% 78411580-1 Coagro
Ltda.
- 1,45% Codelco Chile Division Andina
-
0,55% Skamol (Denmark)
Power of attorney held by General Manager and
Legal Rep..
Legal changes
Public Deed dated 03/04/1995, notary
Raúl Undurraga Laso, Santiago, published in
the Official Gazette dated
15/04/1995 page N° 13 legal structure was modified: ,
from limited liability
partnership to a closed stock company.-
Public Deed dated 19/06/1998,
notary Fernando Escobar Vivian, Santiago,
published in the Official Gazette
dated 30/06/1998 page N° 21 social capital was
increased: from
$10.000.000.000 to $17.568.131.000 divided into 838.500.000
shares,no par
value.
INFORMATION SOURCES
On 10/01/2006 Mr. Camilo Ramos
Muñoz, Production Manager, submitted the data
shown in this
report.
-Other outside information sources.
Exchange rate
-As at 17/01/2006 $526,10 Per US$
-As at 31/12/2004 $593,80 Per
US$
-As at 31/12/2003 $718,61 Per US$
-As at 31/12/2002 $654,79 Per US$
INTERPRETATION OF RISK LEVEL AND CREDIT RECOMMENDATION
RISK
LEVEL
Credit risk assessment es ordered as follows: 1 Minimum Risk, 2
Low Risk, 3
Middle Risk, 4 Middle High Risk, 5 Significant Risk, 6 High
Risk.
CREDIT RECOMMENDATION
Credit recommendation amounts
are assigned according to criteria usually used in
the commercial credit
evaluation.
The amounts are based on the risk percentages'assignment to
the following
indicators: Trade references, number of employees, legal
structure, protested
bills, labor & welfare infringements, unpaid bills,
operations, insurances, net
profit, net worth, working capital and liquidity
variations.
INTERPRETATION OF PAYMENT SCORING
The Scoring
is arranged as follows: 1 to 40 Delays, 41 to 60 Slow, 61 to 80
Moderate, 81
to 100 Prompt
The information herein contained is
confidential and exclusively intended for
its addressee. Unauthorized
use, copying and/or disclosure of the information
contained in this transmission may
result in legal punishment. If you
receive this document by error, please delete
it and notify to the email
address: informes@tws.cl.
End of Report
AN ED RE
7 31 40