Referencia:
DATE PRINTED August 2, 2002
FULL REVISION
D-U-N-S: 88-016-7499 RATING: 5A 3
BUSINESS INFORMATION REPORT PRIOR RATING: 2A 1
Chocolates Deliciosos Colombianos Limitada
Trade Style(s):
-----------------
Demonstration Report
Chocolates Deli Colom
Abbreviation: "C.D.C."
(Formely: Chews Chocolates)
Subsidiary of: Caramelo Chocolates SRL
Colombia
Physical Address: Mailing Address:
----------------- -----------------
8551 Sunrise Oeste PO Box: 3122
Cuarto 300
Santa fe de Bogota
Cundinamarca
Zip Code:
Santa Fe de Bogota Cundinamarca Colombia
Zip Code: 5478
Colombia
Telephone Number(s): Fax Number(s):
-------------------- ---------------
(57) (1) 3768201 (57) (1) 3766921
(57) (1) 3768402 (57) (1) 9876543
Telex:
CHOCO 8967
Web Page http://www.lates.com
E-mail: demochocs@lates.com
Chief Executive Miss Victoria Rosales
Title: Chief Executive Officer
L.O.B Manufacturer of chocolate and related produc
S.I.C 20660000 20649907
------------------------- SUMMARY -------------------------
STARTED : 1955 CAPITAL : P $ 252,942,000
NET WORTH : P $ 31,791,507,000
HISTORY : Clear SALES : P $ 220,810,864,000
EMPLOYEES : 550 PAYMENTS : Prompt
SALESPERSO : 121+ TREND : Stable
TERRITORY : International FIN.COND. : Fair
STATUS : Active IMP/EXP/AG : Imports/Exports
SUITS : Suits/Protest Draft
----- CONTROL TYPE : Privately Held Registered Company -----
All monetary amounts quoted in this Business Information Report are shown in
LOCAL CURRENCY, unless otherwise stated.
D&B RATING
The Rating 5A 3 is assigned based on the tangible net-worth shown
in this report. The credit appraisal of the subject business
is Fair
SUITS / PROTESTED DRAFTS:
Apr 4, 2002
A check in our database on Apr 4, 2002 revealed numerous suits, the most
important are listed below.
Date .....: March 28, 2002
Type .....: Original
Exp.# ....: 12345-6
Tribunal..: 1st Mercantile, Valle, Cali
Defendent.: Chocolates Deliciosos Colombianos
Plaintiff.: Fabrica de Cacao Brazil
Matter ....: Collection of bill of exchange of Colombian Peso 150,000,000.
Bail......: Bill of exchange
Action.....: Citation.
+------------------------------------------------------------------+
¦ The reported suit(s) may have paid or resolved subsequent ¦
¦ to the preparation of this report. ¦
+------------------------------------------------------------------+
FINANCIAL STATEMENT:
Apr 4, 2002
The Financial Statement were submitted via fax on March 15, 2002 by Mrs. Pedro
Rosales, Finance Manager. External Audit: MHartmann & Cia Ltda. The balance
sheet is denoted in Colombian Peso.
Financial Statement (Fiscal) dated December 31, 2001.
(in thousands)
ASSETS ---------------------------------------------------------
Cash & Banks 8,341,942
Total Cash & Banks 8,341,942
Temporary 30,485
Total Negotiables Securities 30,485
Account Receivable from Clients 10,711,199
Foreign Clients 9,699,217
Others 1,693,682
Accounts Receivable after Provision 22,104,098
Provision for Irrecoverable Account 111,696
Accounts Receivable 21,992,402
Finished Goods 6,035,062
Products in Process 4,309,030
Raw Materials 2,528,484
Imported Goods in Transit 597,105
Prov. for Inv Depreciation -493,966
Total Inventory 12,975,715
Prepaid Expenses & Others 579,283
Total Prepaid 579,283
TOTAL CURRENT ASSETS 43,919,827
Real Est/Plant/Equip./Spec.Tools 30,753,531
Work in Progress 15,621,879
Installation Expenses -556,975
Fixed Assets before Adjustment 45,818,435
Accrued Depreciation 11,197,764
Total Fixed Assets 34,620,671
Permanent 131,718
Total Investments 131,718
Deferred Assets 1,481,150
Assets Revaluation 1,102,430
Total Others Assets 2,583,580
Patents 38,548
Total Intangibles 38,548
TOTAL ASSETS 81,294,344
LIABILITIES and CAPITAL ----------------------------------------
Domestic Suppliers 13,398,416
Total Accounts Payable 13,398,416
Documents & Notes Pay. 2,997,717
Total Bills Payable 2,997,717
Taxes Payable 131,439
Total Accrued Tax 131,439
Financial Obligations 17,980,013
Social Laws 308,186
Total Social Debentures 18,288,199
Others 1,427,577
Total Others Liabilities 1,427,577
TOTAL CURRENT LIABILITIES 36,243,348
Liabilities Long Term 11,368,917
Total L/T 11,368,917
Documents & Notes Pay. 1,313,261
Total Bills Payable L/T 1,313,261
Financial Obligations 562,730
Total Other L/T Liabilities 562,730
Others 14,581
Total Debentures L/T 14,581
LONG-TERM LIABILITIES 13,259,489
TOTAL LIABILITIES 49,502,837
Capital 252,942
Total Capital 252,942
Legal Reserve 6,571,695
Total Reserve 6,571,695
Update of Equity 7,110,023
Accrued Profit (Loss) 17,856,847
Total Capital(Net Worth) 31,791,507
TOTAL LIABILITIES AND CAPITAL 81,294,344
Profit and Loss Statement from January 1, 2001 to December, 31 2001
Sales 119,810,864
Total Sales 119,810,864
Net Sales 119,810,864
Cost of Merchandise Sold 180,167,243
Adjustments of Net Sales 180,167,243
Gross Profit -60,356,379
Operational Revenues 4,865,787
General Expenses (42,414,786)
Profit from Operations 3,094,623
Other Income 2,067,739
Profit before Tax 5,162,362
Income Tax & Other Legal Deductions 0
Net Profit 5,162,362
--------------- FINANCIAL STATEMENT SUMMARY & COMPARATIVES ---------------
December 31 December 31 December 31
1999 2000 2001
(in thousand (in thousand (in thousand
Fiscal Fiscal Fiscal
Current Assets 24.795.513 32.550.339 43.919.827
Inventory 10.674.900 11.525.373 12.975.715
Fixed Assets 10.343.046 21.312.211 34.620.671
Total Assets 36.737.274 56.189.392 81.294.344
Current Liab. 13.129.539 23.825.429 36.243.348
Total Liab. 16.000.348 33.544.853 49.502.837
Total Net Worth 20.736.926 22.644.539 31.791.507
Net Sales 132.815.609 170.190.457 119.810.864
Profit (Loss) 7.193.167 3.232.020 5.162.362
Accounts/Eff. Re 8.611.104 13.846.966 21.992.402
Acounts Payables 10.295.796 13.865.725 13.398.416
Working Capital 11.665.974 8.724.910 7.676.479
--------------- FINANCIAL RATIOS ---------------
December 31 December 31 December 31
1999 2000 2001
SOLVENCY RATIOS
Current Ratio :1 1.88 1.36 1.21
Quick Ratio :1 1.07 0.88 0.85
Current Liabilities to Net Worth % 63.31 105.21 114.00
Current Liabilities to Inventory % 122.99 206.72 279.31
Total Liabilities to Net Worth % 77.15 148.13 155.71
Fixed Assets to Net Worth % 49.87 94.11 108.89
EFFICIENCY RATIOS
Accounts Receivable Turnover :1 15,42 12,29 5,44
Collection Period d 23 29 66
Inventory Turnover :1 12,44 14,76 9,23
Total Assets to Sales Turnover :1 0,27 0,33 0,67
Working Capital Turnover :1 11,38 19,50 15,60
Accounts Payable to Sales Turnover :1 0,07 0,08 0,11
PROFITABILITY RATIOS
Profit Margin % 5.41 1.89 4.30
Return on Assets % 19.58 5.75 6.35
Net Worth Turnover % 34.68 14.27 16.23
FINANCE:
Apr 4, 2002
The overall financial condition of the subject business, Chocolates Deliciosos
Colombianos Limitada is considered Fair. Current ratio is adequate. Working
capital is sufficient. Debt-Equity ratio is low. Profit margin is low. Current
assets are concentrated in accounts receivable and inventory. Annual Sales
from January 1, 2001 to December 31, 2001 was Colombian Peso
220,810,864,000.00 based on actual figures. Figures compared correspond to 3
last periods reflect a trend of Stable. Net Worth of this business, as of
December 31, 2001, was Colombian Peso 31,791,507,000.00.
** D&B's GLOBAL TRADE EXPERIENCES **
Nothing negative reported as of this date
AVERAGE PAYMENTS IN COLOMBIA
International Risk and Payment Review, a unique Dun and Bradstreet
Publication covering 122 countries worldwide, reported in June 2002
A) The local delays in payment average 0-1 months, and
B) the foreign exchange bank delays average 1-3 months.
For more information concerning this publication please contact your
local Dun and Bradstreet representative.
BANKING:
Apr 4, 2002
The subject business, Chocolates Deliciosos Colombianos Limitada, has bank
account(s) in 6 bank(s). The subject has account(s) with in the country and
other foreign countries.
Name: Banco Colombiano
Address: Av. Nueve #1234
Branch: Centro
City: Bogota
State: D. C.
Country: Colombia
Telephone: 57-1-8934051
Name: Banco Patria
Address: Calle Agosto #2345
City: Cali
State: Valle
Country: Colombia
Telephone: 57-2-1234567
Name: Banco de Industrias Colombianas
Address: 345 Calle Gato
City: Bogota
State: D. C.
Country: Colombia
Telephone: 57-1-1234567
Name: Bankcity N.A.
Address: 99 Park Ave
City: New York City
State: New York
Country: United States
Telephone: 1-212-4445556
Name: Banking Sun
Address: 1345 Flagler Street
City: Miami
State: Florida
Country: United States
Telephone: 1-305-9994564
Name: Banco Consol
Address: 908 Bello Monte
City: Caracas
State: D.F.
Country: Venezuela
Telephone: 58-2-3697896
Banking reference consulted on February 15, 2001 reported: Client since: May
15, 1985. Type of Account: checking account. Status: active. Balances average:
high 6 figures. Operates with line of credit of: 1,000,000 United States
Dollar,
Banking reference consulted on February 15, 2001 reported: Client since:
August 15, 1990. Type of Account: checking account. Balances current: high 8
figures. Does not maintain line of credit:
Banking reference consulted on February 15, 2001 reported: Balances current:
low 6 figures. Operates with line of credit of: 1,000,000 United States
Dollar,
Banking reference consulted on January 26, 2000 reported: Client since:
November 25, 1975. Type of Account: checking account. low 5 figures
Banking reference consulted on July 9, 1999 reported: Type of Account:
checking account. Balances current: high 9 figures.
PRINCIPALS -----------------------------------------------------
4/Apr/2002
Executive Chief Executive Officer
Miss Victoria Rosales
1st Executive Vice President
Mrs. Maria Luisa Robles Figueras
2nd Executive Vice President
Mrs. Patricia Rojas
Finance Manager
Mrs. Mariella Ortiz
Operations Manager
Mr. Daniel Carles
Accounting Manager
Mr. Miguel Ordonez
Sales Manager
Mr. Ramon Cortes
ANTECEDENTS:
Apr 4, 2002
Mr. William Ogden, born in United States in the year 1940, married.
Graduated from Universidad Gran Colombia in Bogota, D.C., Colombia in the year
1967; degree received: Economist.
Employed with Swiss Chocolates, Switzerland in the position of Manager
Operational Operations; from 1968 to 1969. Employed with German Chocolates,
Germany in the position of Manager Operations; from 1969 to 1970. Employed
with Austria Chocolates, Austria; from 1971 to 1974.
Started with subject in the year 1974. Active daily activities of the company.
ANTECEDENTS:
Apr 4, 2002
Mrs. Luisa Maria Robles Figueras, born in the year 1936.
Started with subject in the year 1974. Active daily activities of the
company.
ANTECEDENTS:
Apr 4, 2002
Mrs. Patricia Rojas, born in the year 1952.
Started with subject in the year 1974. Active daily activities of the
company.
HISTORY:
Apr 4, 2002
Colombian NIT #: 123456789.
Limited Liability Company, chartered with the Mercantile Registry, registered
at
Mr. John Smith, Notary # 3281 of Santafe de Bogota, Cundinamarca, under
Registry # 6789, Expedient # 789231-6, constituted under local laws, on
October 15, 1955.
Duration of 99 years.
Objetive: Manufacturers of chocolate. Original business name: Chews
Chocolates, chartered under Registry # 1234, on 1955.
On January 1970 the subject business registered a change in name to Chocolates
Deliciosos Colombianos, S.A. - DEMO REPORT, inscribed under Registry # 8963.
Authorized Capital: Colombian Peso 252,942,000.00. , divided into 2,529,420.00
shares.
of Colombian Peso 100.00 par value
Paid in Capital: 100%. Initial Capital: Colombian Peso 25,000,000.00.
In February 1965, the subject business registered an increase in capital to
Colombian Peso 55,000,000.00; modification to change the capital filed in
Registry # 2.
In April 1979, the subject business registered an increase in capital to
Colombian Peso 125,000,000.00; modification to change the capital filed in
Registry # 3.
In November 1992, the subject business registered an increase in capital to
Colombian Peso 252,942,000.00; modification to change the capital filed in
Registry # 4.
Shares of this corporation are owned by the following:
Shareholder(s) % Share(s)
Caramelo Chocolates SRL 65.00 1517652
Mr. Tulio Olivares Goitia 20.00 505884
Mrs. Luisa Maria Garay 10.00 252942
Mr. Arturo Aragon 5.00 126471
This business was founded in 1955. Old established business. Under present
name style since 1970. Status Active.
Administration under the charge Administración a cargo the President who
represents the subject in all business dealings.
PARENT INFORMATION:
Apr 4, 2002
This business, Chocolates Deliciosos Colombianos Limitada is a subsidiary of
Caramelo Chocolates SRL, Carrerra 88 # 52-56, Medellin, Antioquia, Colombia.
Year Started: 1980. Line of Business: Holding company. Legal Status: Active.
Parent owns 65% of the capital stock in the subject. Intercompany Relations
between the parent company and this subsidiary is: Administrative services and
accounting.
+----------------------------------------------------------------+
¦ Please contact your local D&B office for a complete ¦
¦ Business Information Report on the parent company. ¦
+----------------------------------------------------------------+
---------------------------- UPDATE -----------------------------
In an interview conducted on September 9, 2001, Mrs. Mariella Ortiz ,Manager
of Assistant Finance, through Mr. Jose Perez, Accountant, provided the
financial figures, and confirmed the history and operations.
LIABILITIES / NET WORTH
Accounts Payable 43,303,805.00
Banking Debts 122,471,695.00
Obligation Pay 87,118,310.00
Misc.Curr.Liabilities 539,967,263.00
TOTAL CURR.LIABILITIES 12,579,321.00
Social Benefits. 34,573.00
Long Term Debt 12,567.00
Issued Capitol 940,163.00
NET WORTH 830,495,706.00
Legal Reserves 23,401.00
Surplus 53,714.00
Profit/Loss 51,239.00
TOTAL LIABILITIES/CAPITAL 12,395,467,891.00
STATEMENT OF INCOME
Net Sales 52,260,222.00
Costs of Sales -21,107,049.00
General Expenses -11,383,211.00
NET INCOME -16,711,264.00
INSURANCE
The subject has insurance taken out with:
La Aseguradora Colombiana, S.A., Santafe de Bogota, Cundinamarca, Colombia.
The amounts for the Annual Premium are in Colombian Peso. The insurance policy
expires on May 25, 2003.
The Coverage includes: fire in the amount of 5,000.00 in Colombian Peso,
liability in the amount of 7,000.00 in Colombian Peso, fixed assets in the
amount of 10,000.00 in Colombian Peso, commercial loss in the amount of
2,000.00 in Colombian Peso, which total to the amounts of 24,000.00 in
Colombian Peso.
OPERATIONS:
Apr 4, 2002
Line(s) of Business: Manufacturer of chocolate and related products.
SIC #.: 20660000 Manufactures Chocolate and cocoa products (50%).
SIC #.: 20649907 Manufactures Fudge (candy) (50%).
EMPLOYEES: Total employees: 550. Includes: 10 office workers, 410 plant
worker, 130 salespersons. Work 120 hours 3 shift daily.
PURCHASES: Purchases are from 10 suppliers. Purchases are from national
suppliers: 75%, on net 30 days. Credit Purchases are from foreign suppliers:
25% on net 60 days , Letter of credit/Cash.
IMPORTS: Imports principally from United States (55%), Switzerland (35%),
Denmark (10%).
PRODUCTS: 1.000 kilograms From chocolates by week. In this country, subject is
considered a medium concern in this field . Competition in the area is normal.
Company has 5 divisions Distributes under 2 registered trademark(s).
Including: Chocolatisimo; Choco Au Late.
SALES: Sells through own personnel. Has 8.000 clients (approximately). Sells
to wholesalers ; retailers . Sales Conditions: Cash (60%). Sales Conditions:
Credit (40%). Overall selling terms: net 30 days (100%).
TERRITORY: Sales principally to the country and other foreign countries
country(s): Venezuela, Bolivia, Peru, United States, Brazil.
VEHICLES: The subject business owns vehicle(s) for use of the business.
Vehicle(s) include: (10) delivery trucks Ford 1993 . Utilizes owned modern
equipment.
LOCATION:
Apr 4, 2002
At this address, the company maintains its administrative offices, a
warehouse, a factory located in a building complex of on 2 building on land of
16000 square meters. The business owns premises of adequate size. Building
Type: adapted for the company's purposes. Constructed of cement block and
steel. Building is modern. Located in industrial zone and commercial zone.
BRANCHES: Subject maintains 2 branches.
Known branches are listed below:
Premise: a factory
Tradestyle: CDC
Address: 1234 Main Street
Cali
Valle
Colombia
Employee #: 80
Premise: a warehouse
Tradestyle: CDC
Address: 345 Second Street
Cali
Valle
Colombia
Employee #: 50
PRIOR LOCATION:
Date Moved: January 1, 1997
Prior Address: 1234 Saint James Street
Suite 400
Las Galas
Chacao
Bogota
D. C.
Colombia
Additional Telephone Number(s):
-------------------------------
(57) (1) 3768201 main office
(57) (1) 3768402 Cellular
(57) (1) 3768502 factory
(57) (1) 3766530 accounting office
Additional Fax Number(s):
-------------------------
(57) (1) 3766921
(57) (1) 9876543
AFFILIATE(S):
Apr 4, 2002
The following company(s) are related to the subject business through
principal(s) and/or financial interest(s):
Chocolates Deliciosos de Venezuela S.A., Caracas, D.F., Venezuela (D-U-N-S:
88-016-7499). Owns 25% of shares in subject. Intercompany Relations:
Intercompany Sales.
Caramelos y Chocolates Deliciosos S.A., Barranquilla, Atlantico, Colombia
(D-U-N-S: 88-016-7499). Owns 25% of shares in subject. Intercompany Relations:
Intercompany Sales.
Confites Ltda, Bogota, D. C., Colombia (D-U-N-S: 88-016-7499). Owns 36% of
shares in subject. Intercompany Relations: Intercompany Sales.
Chiclets y Caramelos S A, Medellin, Antioquia, Colombia (D-U-N-S:
88-016-7499). Owns 48% of shares in subject. Intercompany Relations:
Intercompany Sales.
Salvavidas S.A., Bogota, D. C., Colombia (D-U-N-S: 88-016-7499). Owns 32% of
shares in subject. Intercompany Relations: Intercompany Sales.
SUBSIDIARIES:
Apr 4, 2002
The subject has 3 subsidiary company(s). Subsidiaries include:
Chocolates Savoy SA Quito, Ecuador. D-U-N-S: 88-016-7499.
Dulces Dieteticos SA Swiesimmer, Switzerland. D-U-N-S: 88-016-7499.
Dulces de Guayaba SA Guyana, Bolivar, Venezuela. D-U-N-S: 88-016-7499.
Copyright 2002 Dun & Bradstreet
All Rights Reserved
This report, which is licensed under contract solely for use by D&B's customer
as one factor in its business decisions, contains information compiled from
sources D&B does not control and which, unless otherwise indicated in this
report, has not been verified. D&B does not assume any of user's business
risk; does not guarantee the accuracy, completeness, and timeliness of the
information; and shall not be liable in tort, contract or otherwise for any
loss, damage, and injury resulting from use of this information, even if
caused by D&B's negligence.
Fin del Informe
