MIRA
INFORM REPORT
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Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SUDAMERICANA DE METALES COMERCIAL LTDA. |
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Registered Office : |
Calle Marchant Pereira
221, Piso 8, Oficina 81, Providencia, Santiago |
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Country : |
Chile |
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Date of Incorporation : |
1970 |
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Legal Form : |
Limited Liability
Partnership |
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Line of Business : |
Broker of business,
intermediary on a commission basis. |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME : SUDAMERICANA DE METALES
COMERCIAL LTDA.
TRADE NAME :
"SUDMETAL COMERCIAL LTDA."
TAXPAYER REGISTRATION : RUT 85112900-6
OPERATING STATUS :
Active
MAIN ADDRESS :
Calle Marchant Pereira 221, Piso 8, Oficina
81, Providencia,
CITY/PROVINCE :
Santiago
DEPARTMENT/STATE :
Santiago
COUNTRY : CHILE
TELEPHONE :
(562)435.7500/750.0531
FAX : (562)435.7518
E - MAIL : azaldiva@sudmetal.cl;
jlarrain@sudmetal.cl
WEB SITE : www.sudmetal.cl
COMMENTS -
Regarding the telephone
number given 562 2743510, it is not accurate, being the correct ones those
above shown.
SUMMARY
Incorporation
: 1970
Operating Status :
Active
Last Capital
: US$2,000,000.= Dólares
Shareholders' Equity : US$4,159,309.= Dólares
(Al 31.12.2005)
Annual Sales
: 2,565,633.00 US Dollars
Finantial Situation : UNDETERMINED
Employees
: 18
CR-Rating
: Satisfactory
Payments
: No further credit experience available
QUALIFICATION
RATING :
Satisfactory
PAYMENTS :
No further credit experience available
LEGAL BACKGROUNDS
LEGAL STATUS :
Limited Liability Partnership
DATE OF INCORPORATION : 1970
REGISTERED IN :
Santiago
CURRENT PAID-IN CAPITAL : US$2,000,000.= Dollars
SHAREHOLDERS' EQUITY : US$4,159,309.= Dollars (as of 31.12.2005)
TYPE OF SHARES :
Profit sharing
CURRENT EXCHANGE RATE : Ps$493.41 per USD 1.00
COMMENTS -
Background information of
the executive officers was declined for security reasons but found all of them
are Chilean.
HISTORY
SUDAMERICANA DE METALES
COMERCIAL (SUDMETAL) has been operating in the regional mining and industrial
market since 1970, acting as an Agent, Representative and/or Principal. Its
activities have been focused on the exportation and importation of materials and
raw material.
DIRECTORS / EXECUTIVES / SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE
OWNERSHIP %
BARRIGA UGARTE,
ALFREDO General Manager/Leg.Rep.
REYES ARANIS,
LEOPOLDO Executive
Vice President
LARRAIN ARROYO, JUAN
PAULO Commercial Manager
VENEGAS GOMEZ,
GUILLERMO Operations Manager
ZALDIVAR PALACIOS,
ANDRES Finance
Manager
SUDAMERICANA TRADING
LTD. Shareholder 99.98%
WHO IS WHO ?
SUDAMERICANA TRADING LTD.
Company headquartered in
Bermudas.
RELATED COMPANY(IES)
COMPANY NAME COUNTRY
RELATION
SUDAMERICANA TRADING
LTD. BERMUDA Parent Co.
BUSINESS
MAIN ACTIVITY -
Broker of business,
intermediary on a commission basis.
Subject is a Representative
of the line of fish flour and oil; metal sheets, cobalt sulphate and raw
materials such as:
Products and byproducts
from metal and nonmetallic mining.
Chemicals for mining and
industrial use
Products for the fishing
industry
Byproducts of non-ferrous
metals
Products of industrial
distribution
IMPORT : Yes From South Afirca.
Annual
Imports in US $(CIF) :
Year Amount
2007 1,261,706.15
EXPORT : Yes Scraps to England; other products to Brazil,
Argentina, Peru.
Annual
Exports in US $(FOB) :
Year Amount
2007 115,796,913.00
% CREDIT SALES/TERMS :
100% (Terms of 30 days)
% FOREIGN SALES(COUNTRIES) : 50%
SELLING TERRITORY :
Domestic market - 50%
EMPLOYEES : 18
FACILITIES -
Premises :
Own
Area :
250 sqm.
Condition :
Adequate for their line of activity.
Use
: Administration and commercial offices, also the
legal domicile.
Remarks
and other Premises -
There is a rented
warehouse located in an industrial area of Santiago. The precise address was not given.
COMMENTS -
Start date of activities:
01.01.1993.
* Some of the companies
Subject represents, include:
SEA PRODUCTS DIVISION:
- Smit Trading B.V. (The
Netherlands)
- Kanematsu Gosho (Japan)
METAL & MINERALS
DIVISION:
- Almalgamated Metals
Inc. (Peussag Group)
- Brandeis Intsel
(Pechiney Group)
- Centrotrade Minerals
and Metals (Centro Bank)
- Koch Metals
CHEMICALS DIVISION:
- Anglo Platinum (South Africa)
- Produquimica (Brazil)
- Tecnología y Sales
SA (Chile)
* CLIENTS include mainly
trading companies of different sectors: Mining, salmon farming, fishery
industry, chemicals, etc. Among them:
MINING INDUSTRY:
In Chile:
- Corporación Nacional
del Cobre (Codelco)
- Empresa Nacional de
Minería (Enami)
- Mineral Escondida
Limitada (BHP Billiton)
In Peru:
- Refinería Cajamarquilla
(TeckCominco)
- BHP Billiton Tintaya
S.A.
- Southern Peru Copper
Corporation (Grupo Mexico)
- Sociedad Contractual
Minera Cerro Verde (Phelps Dodge)
In Brazil:
Caraiba Mineraçao
(Paranapanema Group)
Caraiba Metais (Paranapanema Group)
In Argentina:
- Borax Argentina S.A.
- Manufactura Los Andes
S.A.
- Tucumán Químicos Ltda.
SALMON FARMING:
- Ewos Chile
- Nutreco Chile S.A.
- Salmofood S.A.
- Alitec
- Pesquera Pacific Star
- Quimica Spes
FISHERY INDUSTRY:
- Pesquera Camanchaca
- Pesquera El Golfo
- Pesquera Lota Protein
- Pesquera Pacific
Fisheries
- Pesquera Bahia Coronel
CHEMICAL INDUSTRY:
- Industria Química
- Enap Refinerías
- Enap Magallanes
- Enap Biobío
We know Subject has at
present purchase contracts for the medium and long term with various companies.
FINANCIAL INFORMATION
During this investigation
we interviewed Mr. Andrés Zaldivar (Finance Manager) who confirmed to us
general commercial data of the Company, but balance sheet disclosure was
deferred by him as according to him he did not have time as he was overcharged
with Company affairs at this moment. If he honours his word and financial
information is received from the Company later, a supplemental report will be
forwarded immediately to you, otherwise, this report will be considered a
definitive report.
On our part we tried to
get updated financial information of this Company through indirect sources
without success.
The only financial
information of this company available in our files is its Balance Sheet for its
fiscal year ended on 31.12.2005, expressed in U.S. Dollars, which we include in
this report as reference.
BALANCE SHEET DATE : 31DEC2005
TYPE OF
BALANCE SHEET : Annual
BALANCE
SHEET OF : 12
months
CURRENCY : US
Dollars
ASSETS
TOTAL CURRENT : 1,908,537.00
FIXED : 2,742,070.00
TOTAL
ASSETS : 4,650,607.00
LIABILITIES
TOTAL
CURRENT : 491,298.00
TOTAL
EQUITY : 4,159,309.00
TOTAL
LIABILITIES : 4,650,607.00
SALES : 2,565,633.00
PROFIT (LOSS) : 656,205.00
LIQUIDITY RATIO : 3.88 (Current Assets/Current Liabilities)
DEBT-TO-EQUITY RATIO :
846.60% (Shareholders'equity/Current Liabilities)
PROFITABILITY MARGIN :
25.58% (Profits/Sales)
WORKING CAPITAL : 1,417,239.00 (Current Assets - Current
Liabilities)
FINANCIAL SITUATION
: UNDETERMINED
Subject's financial Position
is considered Undetermined since there is insufficient financial figures to
allow an accurate analysis on results. Absence of figures prevents us from
evaluating the relation between debts and shareholder's equity as well as
operative results and there is insufficient credit experience to know its
creditworthiness.
Mostly such refusal to
show financial statements hides financial imbalance, this opinion is not
definitive
INSURANCE –
Company Against
SEGUROS CHILENA
CONSOLIDADA SA All risk
PAYMENTS RECORD
TRADE REFERENCES –
Monthly Average Terms(days)) Performance?
Time Products/Services Supplier
1 US$ 300,000.= Cash No experience 10 years
Customs services Domestic
COMMENTS
-
We requested references
from other companies in the local market but they have not responded to us yet.
LIST OF DOMESTIC SUPPLIERS -
Suppliers
listed Alphabetically. There is not relationship
as for the order above
Supplier Telephone
Cem SA (2)780.513
Jaime Sierralta Ag. de
Aduana (5)522.2254
Kupfer Hnos. (2)351.5000
Rustenburg Platinum
Mine
LIST OF FOREIGN SUPPLIERS -
Suppliers
listed Alphabetically. There is not
relationship as for the order above
Supplier Country
Rustenburg Platinum
Mine SOUTH AFRICA
CREDIT RISK CENTRAL -
We found one overdue
invoice of this company since 17.05.2004, amounting to Ps$58,931.= Pesos.
At subsequent date no
similar impasses have been reported.
LAWSUITS ? -
No lawsuits have been
found filed against this company.
BANKING INFORMATION
BANKERS
Bank
BANCO DE CHILE
BANCO SANTANDER
Subject does its financial
transactions through those banks which declined to give us information without
a prior authorization from their client.
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. |
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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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)