MIRA
INFORM REPORT
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Report Date : |
14th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
CMPC CELULOSA S.A. |
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Registered Office : |
Agustinas 1343, Piso 3, Santiago, Chile |
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Country : |
Chile |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
31.03.1988 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Engaged in production and trade of cellulose,
paper and cardboard. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME : CMPC
CELULOSA S.A.
TAXPAYER
REGISTRATION : RUT 965323309 OPERATING STATUS: Active
MAIN ADDRESS :
Agustinas 1343, Piso 3,
CITY/PROVINCE/STATE :
Santiago
COUNTRY : CHILE
TELEPHONE : (562)441.2602/441.2030
FAX : (562)698.2179
E - MAIL :
correo@celulosa.cmpc.cl; sales@celulosa.cmpc.cl
COMMENTS .-
Mailing address: Casilla 1343, Piso 3, Santiago -
Chile.
LEGAL BACKGROUNDS
LEGAL STATUS :
Joint-Stock Company
DATE OF
INCORPORATION : 31MAR1988
REGISTERED IN : Santiago
NOTARY OFFICE :
Enrique Morgan Torres.
CURRENT PAID-IN CAPITAL : Ps$260,738,276,000.=
Pesos (issued and paid-in)
LAST CAPITAL
INCREASE : 17.02.1999 (Notary: Hedwig Steldle Jooss)
SHAREHOLDERS' EQUITY :
US$4,361,994 (CONSOLIDATED- 30.06.2006)
TYPE OF SHARES :
Nominal, single series
CURRENT EXCHANGE
RATE :
Ps$545.75 per USD1
HISTORY
Subject Company was formed on March 31, 1988, under
the name CELULOSA DEL PACIFICO SA.
Published in the Official Gazette on April 7, 1988,
Page 6.
In accordance with Notarial Act dated December 31,
1998, before Iván Torrealba Acevedo, Notary, Subject changed its name to the
current form: CMPC CELULOSA SA. Published in the Official Gazette dated
February 23, 1999, Page 15.
Pursuant to Notarial Act dated January 8, 1999,
before Raul Iván Perry Pefaur, Notary, Subject merged the firm CMPC CELULOSA SA
(Tax ID RUT 899993004, duly formed on March 27, 1984, under the name
EXPORTADORA E IMPORTADORA CMPC INTERNACIONAL SA, as shown in the Registry of
Commerce of Santiago, Pages 4,271 Nº2,402), which was automatically dissolved.
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
FULL NAMES / COMPANY
NAME TITLE OWNERSHIP %
MATTE LARRAIN, ELIODORO President
MACKENNA IÑIGUEZ, ARTURO Vice
President
LARRAIN BUNSTER, JORGE GABRIEL Director
AYALA OLIVA, ALEJANDRO ERNESTO Director
MATTE LARRAIN, BERNARDO EDUARDO Director
ARAYA DIAZ, JORGE Director
LLANOS COLLADO, LUIS Director
COLVIN TRUCCO, SERGIO General
Manager
TORO UGARTE, LUIS Administrative
Manager
MALDONADO, LUIS Accountant
INVERSIONES CMPC SA Shareholder 99.95%
EMPRESAS CMPC SA Shareholder 0.05%
WHO IS WHO ?
MATTE LARRAIN, ELIODORO
TAXP. REGISTRY :
RUT 44365022
PROFESSION
: Civil
Engineer
MACKENNA IÑIGUEZ, ARTURO
TAXP. REGISTRY :
RUT 45232875
LARRAIN BUNSTER, JORGE
GABRIEL
TAXP. REGISTRY :
RUC 41025816
AYALA OLIVA, ALEJANDRO
ERNESTO
NATIONALITY
: Chilean
TAXP. REGISTRY :
RUT 487.554-0
PROFESSION
: Civil
Engineer
MATTE LARRAIN, BERNARDO
EDUARDO
NATIONALITY
: Chilean
TAXP. REGISTRY :
RUT 65987287
PROFESSION
: Commercial
Engineer
ARAYA DIAZ, JORGE
TAXP. REGISTRY :
RUT 54743580
PROFESSION
:
COLVIN TRUCCO, SERGIO
DOC. OF IDENT. :
CI 54532342
PROFESSION
:
INVERSIONES CMPC SA
NATIONALITY
: Chilean
TAXP. REGISTRY :
RUT 965965408
LABOR AND/OR BUSINESS BACKGROUNDS .-
Stock corporation entered in the Registry of
Securities under Number 672.
Formed in accordance with Notarial Act dated January
2, 1991, before Rubén Galecio G.
Notary of Santiago.
EMPRESAS CMPC SA
Chilean company. Tax ID RUT 902220003
Holding of the companies of the "CMPC"
group.
RELATED COMPANY(IES)
COMPANY NAME COUNTRY TAX.REG. RELATION
ABASTECIMIENTOS CMPC SA CHILE 967687502 Related
CARTULINAS CMPC SA CHILE 967318906 Related
CHILENA DE MOLDEADOS SA CHILE 936580009 Related
CMPC ASIA LTD JAPAN Related
CMPC INVERSIONES DE ARGENTINA SA ARGENTINA Related
CMPC PAPELES SA CHILE 798186000 Related
CMPC PRODUCTOS DE PAPEL SA CHILE 967577103 Related
CMPC TISSUE SA CHILE 965293108 Related
EMPRESAS CMPC SA CHILE Parent Co.
ENVASES IMPRESOS SA CHILE 892014000 Related
FORESTAL MININCO SA CHILE 914400007 Related
INVERSIONES CMPC CAYMAN LTD CAYMAN ISLAN Related
INVERSIONES PROTISA SA CHILE 968507605 Related
PORTUARIA CMPC SA CHILE 845525005 Related
PRODUCTOS AUSTRAL SA CHILE 946720003 Related
PROPA SA CHILE 799436000 Related
BUSINESS
MAIN ACTIVITY .-
Subject Company is engaged in production and trade
of cellulose, paper and cardboard.
IMPORT :
Yes (from USA, Asia and Europe)
EXPORT :
Yes (to Europe, Asia and South America)
% FOREIGN
SALES(COUNTRIES) : 80%
% DOMESTIC PURCHASES : 90%
% FOREIGN PURCHASES :
10%
SELLING TERRITORY :
20% - domestic market
EMPLOYEES : 1,153
FACILITIES .-
Condition
: Good; premisess
located in a central commercial area
Use :
Corporate offices
Remarks and other Premises .-
Facilities are situated in a main thoroughfare; lots
of traffic
- Pacific Plant : Av. Jorge Alessandri 001,
Collipulli, Angol
- Santa Fe Plant: Av. Julio Hemmelmann 670,
Nacimiento
- Laja plant
: Balmaceda 30, Laja, La Laja.
COMMENTS .-
CMPC CELULOSA SA is the Business Unit of Cellulose of
EMPRESAS CMPC SA, which was founded in 1920 like an integrated forest company.
It is the largest producer of paper in the country and has a long experience as
a reliable supplier in the overseas markets. The Company has a strong
relationship with its clients around the world and has a diversified network to
trade exports totaling more than 200 clients in 30 countries.
CMPC CELULOSA SA operates three plants of cellulose
in Chile, using exclusively plantations, with a production capacity of 870,000
metric tons of long fiber Kraft cellulose annually and 375,000 metric tons of
short fiber Kraft cellulose. In addition, it has an annual capacity of pulp in
the market accounting for 785,000 metric tons of long fiber and 235,000 metric
tons of short fiber Kraft pulp annually. Reportedly, in 2005, the volume of
sales of CMPC Celulosa hit 1,324,000 tons, exceeding in 19,000 tons the number
of the previous year. This allowed to consolidate its position of reliable
supplier both of long fiber cellulose and
short fiber for a portfolio of approximately 200 clients located in 30
countries around the world.
The main clients are distributors in the field.
According to local press releases, CMPC CELULOSA
presented before the COREMA of the Bío-Bío Region, the study of environmental
impact for the construction of the second stage of the industrial spillway for
their plant in Laja. The project involves an investment of US$500 Thousand
Dollars and it is planned to begin in October. This will allow to continue
having a technically appropriate place to spill the excesses from the
productive process of the factory for next 6, 7 years. The plant of Laja is
mainly of white paper, with a smaller production of crude cellulose.
FINANCIAL INFORMATION
We were unable to fix an appointment with Subject
executives. Several times they refused to attend to us by arguing lack of time.
Under such circumstances, we consulted other sources
where no separate balance sheet of Subject were obtained other than the INTERIM
CONSOLIDATED BALANCE SHEET OF CMPC CELULOSA SA and SUBSIDIARIES, including
Subject for the period ending as of June 30, 2006 (6 months), expressed in USD
Dollars.
BALANCE SHEET DATE : 30JUN2006
TYPE OF BALANCE SHEET : Interim
BALANCE SHEET OF : 6
months
CURRENCY : US$ Dollars
EXCHANGE RATE PER US$ : 1.00
ASSETS
TOTAL CURRENT : 1,152,418.00
FIXED : 5,094,510.00
OTHERS : 175,401.00
TOTAL ASSETS :
6,422,329.00
LIABILITIES
TOTAL CURRENT : 434,194.00
LONG
TERM : 1,508,814.00
OTHERS : 117,327.00
TOTAL EQUITY :
4,361,994.00
TOTAL LIABILITIES :
6,422,329.00
SALES :
1,080,236.00
PROFIT (LOSS) :
83,200.00
LIQUIDITY RATIO
: 2.65 (Current
Assets/Current Liabilities)
DEBT-TO-EQUITY RATIO :
1,004.62% (Shareholders'equity/Current Liabilities)
PROFITABILITY MARGIN :
7.70% (Profits/Sales)
WORKING CAPITAL
: 718,224.00 (Current
Assets - Current Liabilities)
DETAILS OF MAIN ASSETS .-
REAL ESTATE. According to a search made in the
pertinent, found out Subject has
been registered a total of 109 estates, being the
most important ones the following:
- Estero Deuco St 1 Casa Tipo A-2, Angol-Chile.
Appraisal: Ps$39,148,000.= Pesos
Roll 00649-004
- Estero Deuco St 2 Casa Tipo A-1, Angol-Chile.
Appraisal: Ps$49,792,000.= Pesos
Roll 00649-007
- Estero Deuco St 1 Casa Tipo A-1, Angol-Chile.
Appraisal: Ps$49,222,000.= Pesos
Roll 00649-006
- Hotel Río Huequen Casa Huéspedes Angol-Chile.
Appraisal: Ps$88,993,000.= Pesos
Roll 00649-014
- Río Huequen Sitio 4, Casa Tipo A-2, Angol-Chile.
Appraisal: Ps$38,410,000 Pesos
Roll 00649-012
- Río Huequen Sitio 3, Angol-Chile. Appraisal:
Ps$49,671,000.= Pesos
Roll 00649-011
- Río Huequen Sitio 3, Tipo A-2, Angol-Chile.
Appraisal: Ps$39,343,000.= Pesos
Roll 00649-013
- Río Huequen Sitio 4, Tipo A-1, Angol-Chile.
Appraisal: Ps$49,222,000.= Pesos
Roll 00649-010
- Rosamel Bravo Sitio 2 Casa Tipo B, Angol-Chile.
Appraisal: Ps$16,125,000.= Pesos
Roll 00650-001
VEHICLES: Details regarding motor vehicles were
refused.
MACHINERY AND FACILITIES: Boilers, several machines,
processing plant.
INSURANCE .-
Subject is covered by insurance policies at a
corporate level.
PAYMENTS RECORD
TRADE REFERENCES .-
COMMENTS .-
Three of the suppliers reported to deal with Subject
for several years. Open credits
extended, satisfied regularly. No adverse records
traced. Credit amounts and maturity
date were not specified due to their confidential
nature.
Other suppliers were unwilling to give information
concerning Subject credit records.
LIST OF DOMESTIC
SUPPLIERS .-
Suppliers listed Alphabetically.
Supplier Telephone
Basf Chile SA
Distribuidora de Suminist.Industriales Valmec
Empresas Copec SA (56-2)461.7070
IBM de Chile SAC
IKS Ingeniería en Corte Ltda.
Libreria Rey-Ser y Cia. Ltda.
Marson Chilena SA
Mathiesen SAC (56-2)640.5600
Oxiquim SA (56-2)231.3741
Técnica Thomas C. Sargent SAC e I
Válvulas Industriales SA
CREDIT RISK CENTRAL .-
Subject does not appear in the Bulletin of
Commercial Information because of protested
documents or bad cheques. Found no labor
infringements nor delinquent payments.
CREDIT HISTORY .-
Trade backgrounds in June 2004 show a good payment
record.
BANKING INFORMATION
BANKERS
Bank
BANCO BICE
BANCO DE CHILE
BANCO DE CREDITO E INVERSIONES
The aforesaid banks refused to give information
concerning Subject accounts.
Subject deals abroad with:
CITIBANK NA (London/England)
JP MORGAN CHASSE BANK NA (New York/USA)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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