MIRA
INFORM REPORT
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Report Date : |
17.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
PERU LNG S R L |
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Registered Office : |
Av. Víctor Andrés Belaunde 147, Vía Real 185, Torre Real 12, Of. 101,
San Isidro |
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Country : |
Peru |
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Year of Establishment : |
14.05.2003 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Extraction of Crude Oil and Natural Gas. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME :
PERU
LNG S.R.L.
TAXPAYER REGISTRATION :
RUC
20506342563
OPERATING STATUS : Active
MAIN ADDRESS : Av. Víctor Andrés Belaunde 147, Vía Real
185, Torre Real 12,
Of. 101, San Isidro
CITY/PROVINCE/STATE : Lima,27
COUNTRY :
PERU
TELEPHONE :
(511)704.2000/707.2163
FAX : (511)707.2099
E - MAIL :
perulnginfo@perulng.com
WEB SITE :
www.perulng.com.pe
SUMMARY
Incorporation : 2003
Operating Status : Active
Last Capital : US$120,009,952.=
Dólares (suscrito y pagado)
Financial Situation : UNDETERMINED
Employees : 150
CR-Rating : Good
Payments : Usually to terms/good
Business Trend : Upwards, good, improved
QUALIFICATION
RATING :
Good
PAYMENTS :
Usually
to terms/good
LEGAL BACKGROUNDS
LEGAL STATUS :
Limited
Liability Partnership
DATE OF INCORPORATION :
14MAY2003
REGISTERED IN : Lima
NOTARY OFFICE : Ricardo Fernandini Barreda
DURATION
: Indefinite
REGISTRATION : P.E. 11500968
INITIAL CAPITAL :
S/.1,000.=
Nuevos Sol
CURRENT PAID-IN CAPITAL : US$120,009,952.=
Dollars (issued and paid in)
LAST CAPITAL INCREASE :
13FEB2008
TYPE OF SHARES : Profit sharing
LISTED AT STOCK EXCHANGE :
No
SHARE VALUE :
US$1.=
Dólar
CURRENT EXCHANGE RATE : S/.2.82 per 1.00 US Dollar
HISTORY
Company was established in compliance with Notarial Instrument dated 24.03.2003,
befote notary public Ricardo Fernandini Barreda, in the city of Lima.
As the founders are listed:
- Jose Augusto Perez Taimán (Peruvian, married to Martha Monica Terrey
Gademartory,
Attorney), who subscribed 995
shares
- Rossana María Clemencia Brignett Barbis (Peruvian, married to Nestor
Perazzo Albert
Higgs, Attorney), who
subscribed 5 shares.
Pursuant to Notarial Instrument dated 13.02.2008 , services of Notary of
Lima, Dr. Ricardo Barreda Fernandini and per General Meeting of date 27.12.2007
it was resolved to increase the capital in the amount of US$100,000,000.=
dollars by capitalization of credits and following item was amended:
Capital stock amounts to US$120,099,952.= represented by 120,099,952
shares, worth US$1.= each, fully issued and paid up as follows:
- PERU LNG COMPANY LLC with 119,499,453 shares;
- PERU LNG PARTNER COMPANY LLC, with 600,499 shares.
This event is entered on the P.E. 11500968 (03.04.2008).
Unofficially, it is known that the main shareholder of the subject is
linked to HUNT OIL COMPANY (whose headquarters are located in Texas-USA), and
partnering with Hunt in PERU LNG there are three other owners: SK Energy of
South Korea, Spain’s Repsol YPF and Marubeni of Japan.
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE
OWNERSHIP %
BRUCE VENTURA, BARBARA CECILIA General Manager
CONTAKOS, CHRISTOPHER HARRY JR.
Proxy
DEL SOLAR SIMPSON, CARLOS W. Proxy
PERU LNG COMPANY LLC Shareholder 99.50%
PERU LNG PARTNER COMPANY LLC Shareholder 0.50%
WHO IS WHO ?
BRUCE VENTURA, BARBARA CECILIA
NATIONALITY : Peruvian
BORN : 24JAN1956
DOC. OF IDENT. : DNI 07269874
BACKGROUNDS .-
Her taxpayer code number RUC 10072698741 is TEMPORARILY SUSPENDED.
According to SAT LIMA, Barbara Cecilia Bruce Ventura is incorporated
into regime of PROMPT SOLIDARY TAXPAYERS , according to Resolution No.
001-0040000575.
CREDIT RISK ASSESSMENT CENTER: No protested items are listed under her
name.
THE BANKS AND INSURANCE SUPERINTENDENCE: In its last report dated
29.02.2008 gives Ms. Bruce Ventura, Barbara Cecilia a normal rating (100%). As
of that date she was reported a credit card debt with Banco de Credito
amounting to S/.462.= and US$1,365.= Dollars.
Guarantees engaged in the amount of US$413,350.= Dollars.
Associated as per our database to :
Company Tax. Reg. Country
HUNT OIL COMPANY OF PERU L.L.C., SUCURSAL D 20467685661
PERU
HUNT OIL EXPLORATION AND PRODUCTION COMPANY 20513037504
PERU
PERU UPSTREAM DEVELOPMENT CO. S.R.L. 20509141194 PERU
SOCIEDAD GEOLOGICA DEL PERU 20126350288 PERU
CONTAKOS, CHRISTOPHER HARRY JR.
BORN : 27JUL1959
DOC. OF IDENT. : DNI 136054607
DEL SOLAR SIMPSON, CARLOS W.
NATIONALITY : Peruvian
BORN : 25JUL1940
DOC. OF IDENT. : DNI 07275671
Associated as per our database to :
Company Tax. Reg. Country
COMPAÑIA OPERADORA DE LNG DEL PERU S.A.C. 20511584079 PERU
DELSOTEX S.A.C. 20431221421 PERU
HUNT OIL COMPANY OF PERU L.L.C., SUCURSAL D 20467685661
PERU
HUNT OIL EXPLORATION AND PRODUCTION COMPANY 20513037504 PERU
PERU LNG COMPANY LLC
Company based in Delaware-USA. It is in turn controlled by : Hunt Oil
Company, SK Corporation and Repsol.
PERU LNG PARTNER COMPANY LLC
Company based in Delaware-USA.
RELATED COMPANY(IES)
COMPANY NAME COUNTRY
TAX.REG. RELATION
COMPAÑIA OPERADORA DE LNG DEL PERU S.A.C. PERU 20511584079
HUNT OIL COMPANY OF PERU L.L.C., SUCURSAL PERU 20467685661
HUNT OIL EXPLORATION AND PRODUCTION COMPAN PERU 20513037504
PERU LNG COMPANY LLC U.S.A. Parent Co.
PERU LNG PARTNER COMPANY LLC U.S.A. Related
BUSINESS
MAIN ACTIVITY .-
Extraction of Crude Oil and Natural Gas.
We ought to advise the Company has not begun yet its PRODUCTION STAGE.
PERU LNG project consists of two parts: (1) a liquefied natural gas
plant; that includes a marine loading terminal from which liquefied natural gas
will be transported and (2) a gas supply pipeline connected to the existing TgP
pipeline downstream of the rainforest section that transports the gas from this
connection point to the LNG Plant located between Cañete and Chincha.
IMPORT :
Yes
From Korea, South Africa, India, Germany, Canada, United Kingdom, Malaysia, China,
Mexico and USA.
Annual Imports in US $(CIF) :
Year Amount
2006 78,421.00
2007 65,645,270.00
EXPORT
: No
EMPLOYEES : 150
FACILITIES .-
Use : Headquarters.
Remarks and other Premises .-
Other locations
- Jr. Grau 329, San Vicente de Cañete, Cañete/Lima
- Calle Pedro Moreno 114, Chincha Alta, Chincha/Ica
- Av. Las Mercedes 198, Urb. Jardín, Ayacucho/Ayacucho
COMMENTS .-
The natural gas liquefaction plant and marine facilities are located
between Cañete and Chincha - 170 kilometers south of Lima on a 521-hectare
site. The site is in an area of arid, uncultivated coastal land known as Pampa
Larga above a beach called Melchorita.
Hence, the location has been appropriately named Pampa Melchorita. At
the plant, liquefied natural gas will be produced by cleaning natural gas of
impurities and cooling it to a temperature of minus 163° Celsius (minus 261°
Fahrenheit). The cooling process transforms the natural gas into a liquid and
reduces it to 1/600th of its original volume. Reducing the volume and
converting it to liquid allows for ease of storage and transportation by ship.
The PERU LNG plant will have a nominal capacity of 4.45 million tons per
year with a daily supply of 625 million cubic feet, using a refrigerant process
that pre-cools the natural gas in a refrigeration circuit with propane,
reaching the final temperatura (minus163° Celsius) in a mixed refrigerant
circuit.
In addition, this project involves the development of a quarry,
approximately 25 km east of the plant site.
This quarry will provide the rock required for the construction of a
breakwater that will make ocean operations safer. The rock will be transported by truck along an access road, and
an interchange underpass has been built to cross the South Pan-American
Highway.
FINANCIAL INFORMATION
The investigation was developed fully through outside sources , as the
Subject would not provide any kind of information in keeping with corporate
policies.
FINANCIAL SITUATION : UNDETERMINED
It is not possible to conduct a financial analysis due to lack of
financial statements
However, we should indicate PERU LNG S.R.L. is a Peruvian-registered
company that was created in 2003. Its majority owner and operator is referred
to be Texas-based Hunt Oil Company, one of the world’s leading independent oil
and natural gas companies. Partnering with Hunt in PERU LNG are three other
owners: SK Energy of South Korea, Spain’s Repsol YPF and Marubeni of Japan.
Subject was established in 2003 with the goal of developing a natural
gas liquefaction facility to export the excess supply of Peru's abundant
natural gas to international markets. At a total cost of US$3.8 billion
(including financing costs), the project is the largest direct foreign
investment in Peru’s history.
PERU LNG’s economic benefits will be palpable in the form of
investments, jobs, taxes and royalties. It is expected that the project will
add 0.5 percent annually to Peru’s GDP. The Peruvian government will receive an
estimated US$200 million per year from taxes and incremental royalties as a
result of PERU LNG, for a total of approximately US$4.0 billion over the course
of 18 years. These royalties will be
distributed throughout the country through Canon and FOCAM funds. Moreover, exports of Peruvian liquefied
natural gas - expected to begin in 2010 - will generate an average $1.4 billion
yearly in nominal hard currency revenue for the Peruvian economy.
HUNT OIL COMPANY indirectly is the operator of the PERU LNG Project,
which uses the excess supply of gas from Camisea to be exported as LNG. HUNT
OIL COMPANY is not the operator of the Camisea basis project. TGP is the
operator of the first pipeline of natural gas and natural gas liquids, and
Pluspetrol is the operator of lots 88 and 56 of Camisea.
PAYMENTS RECORD
TRADE REFERENCES .-
COMMENTS .-
The names of the local suppliers this enterprise deals with were not
made available to us, situation preventing us from assessing its payment
performance.
We only got unconfirmed foreing trade references.
Regarding the CDB consortium, we know it is made up by the following
foreign firms:
- Saipem (Italy)
- Constructora Norbero Odebrecht (Brazil)
- Jan de Nul NV (Belgium)
LIST OF DOMESTIC SUPPLIERS .-
Suppliers listed Alphabetically.
Supplier
Chicago Bridge & Iron Co. "CB&I"
Consorcio CDB
CREDIT RISK CENTRAL .-
No protested bills were traced during our investigation.
According to SUNAT (State's Tax Collector), the Subject adopted sales
tax retention regime since 01.09.2007 (R.S.156-2007).
BANKING INFORMATION
BANKERS
Bank
BANCO DE CREDITO DEL PERU
Subject performs its financial transactions in the above named bank ,
without further details available.
SUPERINTENDENCY OF BANK & INSURANCE - SBS
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The SBS reported the following debts before the Financial System as at
29FEB2008 (Last Report)
Obligations DC(S/.) FC(US$)
Letters of indemnity 0.00 1,840,766.00
-------------------- ------------------
Total Indebtedness
S/. 0.00
US$ 1,840,766.00
Guarantees S/.
0.00 US$ 0.00
The SBS ranks Subject Company's indebtedness before the Financial System
as follows :
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Rating |
% |
RATING DESCRIPTION ACCORDING TO THE SBS |
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x |
Normal |
100 |
Good Financial
Situation, Prompt payments, Consistent
and Updated Information |
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PROBLEM POTENTIAL |
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Satisfactory Financial Situation but cash flow can weaken which causes
payment |
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DEFICIENT |
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Deficient Financial Situation with cash problems, profits shortage, continuos |
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DOUBTFUL |
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Heavy Financial Situation, cash flow shortage, continuos delayed payments, ove |
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LOSS |
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Bad Financial Situation, cash flow does not cover production costs,
Declared b |
Debt structure for Bank (domestic currency)
Bank Amount (S/.)
B. DE CREDITO 5,312,450.00
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.78 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.90 |
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%)