MIRA INFORM REPORT
|
Report Date : |
09.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
MOLIBDENOS Y METALES S.A. |
|
|
|
|
Registered Office : |
Huérfanos 812 Of. 612 , Santiago
, Xiii Region Metropolitana |
|
|
|
|
Country : |
Chile |
|
|
|
|
Date of Incorporation : |
28.10.1975 |
|
|
|
|
Legal Form : |
Public Stock Company |
|
|
|
|
Line of Business : |
Sale of molybdenum by-products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
1.560.000 Pesos
|
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Usually Correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Chile |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
IDENTIFICATION
MOLIBDENOS Y METALES S.A.
( MOLYMET )
Huérfanos 812 Of. 612
Santiago
XIII Region Metropolitana
CHILE
Telephone : 56-2-3683600
Fax : 56-2-3683653
E_Mail : info@molymet.cl
Web Site : www.molymet.cl
Postal Code : 8320202
SUMMARY
Started
: 1975
Total Employees : 1.300
Payments :
Prompt
Sales
: 000's$ 467.643.563.-
Capital
: 000's$ 165.094.315.-
Sic(s) : 2899
Line of Business: Sale of molybdenum by-products.
Interpretation at the end of the report.
Credit Recommendation
000's
Pesos 000's US$
dollars 000's Euros
Conservative value :
1.560.000
3.291
2.361
Liberal value
: 1.716.000
3.620
2.597
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 an excellent financial
situation, as indicated in:
** High Working Capital
** Excellent Current Liquidity Ratio
** Excellent Acid Test Ratio
Economic situation is normal, as reflected in:
** Low Current Indebtedness Ratio
** Acceptable Total Indebtedness Ratio
** Good Solvency Ratio
** Normal Profitability Over Sales Ratio
** Normal Profitability Over Assets Ratio
** High Profitability Over Net Worth Ratio
COMMERCIAL INFORMATION
Commercial Bulletin : subject does not register
protested
checks, bank drafts nor promissory notes in the
commercial information bulletin
Labor Bulletin :
does not register labor infringements
Previsional Bulletin : does not register pension fund's
infringements
Consolidated delinquency :, subject does not register any
delinquent bill
TRADE REFERENCES
Suppliers' trade references are supplied as follows:
Detail of References
Old : Since
2001
Last purchase : 02-2011
Terms : 60 days
Payment : Prompt
Notes : order form
Credit : (000'sUS$) 4.000
Owes : Does not
Register
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 1.500
Old : Since
1996
Last purchase : 01-2011
Terms : 30 days
Payment : Prompt
Notes : order form
Credit : (000'sUS$) 4.000
Owes : Does not
Register
Due : Does
not Register
Paying Comments: Excellent
Good customer according to suppliers
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
Since 2002 03-10 Prompt order
form
50.000 None
Since 1996 04-10 Prompt order
form
4.000 None
Since 1996 10-09 Prompt order
form
5.000 None
Since 2002 10-09 Prompt order
form
- None
Since 1996 05-09 Prompt order
form
5.000 None
Since 2002 05-09 Prompt order
form
- None
Since 1996 06-08 Prompt order
form
5.000
-
Since 2002 06-08 Prompt order
form
-
-
Since 1996 04-08 Prompt order
form
5.000
-
Since 1996 03-07 Prompt order
form
5.000
-
Since 2001 01-07 Prompt order
form
10.000 None
Since 2001 07-06 Prompt order
form
4.000
-
10 years 07-06 Prompt order
form
5.000
-
10 years 03-06 Prompt order
form
1.500
-
5 years 03-06 Prompt
checks
Open
-
Since 2001 03-06 Prompt order
form
6.000
-
Since 2001 10-05 Prompt order
form
6.000
-
10 years 10-05 Prompt order
form
1.500
-
5 years 10-05 Prompt
checks
Open
-
5 years 02-05 Prompt
checks
Open
-
10 years 02-05 Prompt order
form
1.500
842
Since 2001 02-05 Prompt order
form
6.000 2.300
10 years 02-04 Prompt order form
5.000
-
5 years 02-04 Prompt
checks
Open
-
10 years 02-04 Prompt
checks
5.000
-
Subject does not register protested/unpaid bills, nor labor infringements or
delayed payments to pension funds up to date.
According to the taxpayer ID indicator, it has registered 110 inquiries over
the last 6 months - requested by banks, insurance companies, credit assessment
companies, banks, companies and businesses in general.
AVERAGE PAYMENTS IN CHILE
International Risk and Payment Review reported in May 2011
The local delays in payment average 0-1 month.
FINANCIAL INFORMATION
COMPARATIVE - SUMMARY
( Figures in Thousand Pesos, local currency )
31/12/2009 31/12/2008
CURRENT
ASSETS
309.659.601 490.021.949
CURRENT
LIABILITIES
97.646.670 216.962.624
WORKING
CAPITAL
212.012.931 273.059.325
FIXED
ASSETS
229.389.727 250.810.307
OTHER
ASSETS
2.561.870 724.281
LONG TERM
LIABILITIES
175.801.427 198.439.382
NET
WORTH
268.163.101 326.154.531
OPERATING
INCOMES
467.643.563 1.613.635.600
CURRENT
PROFIT(LOSS)
35.416.877 45.934.506
B A L A N C E S H E E T
CONSOLIDATED FISCAL YEAR COMPLETE
ASSETS
31/12/2009 31/12/2008
Cash
104.009.253 116.584.275
Term
Deposits
20.668.382 173.114
Marketable
Securities
2.641.991
0
Sales
Debtors
84.330.730 209.565.801
Notes & Accts
Receivable/Interco.Relations
37.525 56.008
Inventory
94.478.815 144.291.489
Taxes
Recoverable
2.194.729 13.373.087
Pre-Paid
Expenses
678.500 2.514.614
Other Current
Assets
619.676 3.463.561
CURRENT
ASSETS
309.659.601 490.021.949
Land
219.584.949 243.884.458
Contructions & Infrastructure
Works
9.798.186 6.573.256
Other Fixed
Assets
6.592 12.729
Net Fixed
Asset
0 339.864
FIXED
ASSETS
229.389.727 250.810.307
Investments in Related
Companies
4.564
0
Investments in Other
Partnerships
0 85.921
Long Term
Debtors
2.021.808
36.278
Intangibles
185.092
23.549
Other
350.406 578.533
OTHER
ASSETS
2.561.870 724.281
TOTAL ASSETS
541.611.198 741.556.537
LIABILITIES
31/12/2009 31/12/2008
Oblig.With Banks & Financ.Inst.Short
Term
28.146.078 209.276
Oblig.With Banks & Financ.Inst.long
Term
1.149.089 831.840
Obligations With Public
(Bonds)
243.408 513.615
Accounts
Payable
14.258.132 16.466.871
Sundry
Creditors
48.304.825 55.161.122
Notes & Accts Payable Related
Companies
248.479 311.861
Withholdings
1.542.091 484.338
Deferred
Tax
0 7.280.352
Other Current
Liabilities
3.754.568 135.703.349
CURRENT
LIABILITIES
97.646.670 216.962.624
Oblig.with Banks & Financial
Intitutions 138.914.467
152.669.717
Obligations With Public
(Bonds)
8.580.639 9.156.606
Notes
Payable
0 326.499
Sundry
Creditors
29.412
0
Notes & Accts Payable Related
Companies
496.958 935.582
Provisions
17.706.917 14.836.922
Other Long Term
Liabilities
10.073.034 20.514.056
LONG TERM
LIABILITIES
175.801.427 198.439.382
Paid
Capital
67.029.492 84.127.234
Other
Reserves
-5.460.960 2.450.333
Reserve Future
Dividends
5.947.776 5.364.637
Accumulated
Profits
165.229.916 188.277.821
Current Profit
(Losses)
35.416.877 45.934.506
NET WORTH
268.163.101 326.154.531
TOTAL
LIABILITIES
541.611.198 741.556.537
STATEMENTS OF
RESULTS
31/12/2009 31/12/2008
Operating Income
467.643.563 1.613.635.600
Operating
Cost
-402.432.025 -1.509.244.435
OPERATING
MARGIN
65.211.538 104.391.165
Administration & Sales Expenses
-21.774.874 -24.227.106
OPERATING
RESULT
43.436.664 80.164.059
Financial
Incomes
0 965.495
Other non Operating
Incomes
13.015.229 1.545.937
Loss investment Related
Companies
-43.104 -19.094
Financial
Expenses
-9.962.994 -15.558.020
Other non Operating
Expenses
-1.418.359 -1.721.597
Exchange
difference
0 -8.949.760
NON OPERATING
RESULT
1.590.772 -23.737.039
Result Before Income
Tax
45.027.436 56.427.020
Income
Tax
-9.610.559 -10.551.705
Monority
Interest
0 59.190
NET
PROFIT(LOSS)
35.416.877 45.934.505
CURRENT
PROFIT(LOSS)
35.416.877 45.934.505
ECONOMIC - FINANCIAL RATIOS
31/12/2009
31/12/2008 Average
Working Capital
(000's$) 212.012.931
273.059.325 242.536.128
Current Liquidity
(Times)
3,17
2,26 2,72
Acid
Test
(Times)
2,20 1,58
1,89
Collection Period Days (
Days)
64,95
46,77 55,86
Accounts Receivable
Turnover(Times)
5,54
7,70 6,62
Inventory Turnover
(Times)
4,26
10,46 7,36
Current Indebtedness
(Times)
0,36
0,67 0,52
Total Indebtedness
(Times)
1,02
1,27 1,15
Solvency
(Times)
1,98
1,79 1,89
Assets Tying
Up
( % ) 42,35
33,82 38,09
Profitability Over Sales ( %
)
7,57
2,85 5,21
Profitability Over Assets ( %
)
6,54
6,19 6,37
Profitability Over Net Worth( %
)
15,22
16,39 15,81
BANKS
Subject operates with the following banks:
National
- Banco Bice
- Banco Bilbao Vizcaya Argentaria, Chile
- Banco de Chile
- Banco de Credito e Inversiones
- Banco Security, head office
- BancoEstado
- Corpbanca
International
- J.P. Morgan Chase United States
OPERATIONS
Line of Business : Sale of molybdenum by-products. Oxides, chemical products,
basic industrial chemical substances, mineral products, ferro
molybdenum, among others.
Classification according to commercial activity:
Sic: 2899-0000 Chemical preparations
Subject is considered as a large company in this line of business, normal
competition
Sales
Sales are steady throughout the year
100% wholesalers
National and international sales territory
Products are sold
National: 2%.
Sales conditions: Cash and credit.
International: 98%.
Exports to Germany, Argentina, Australia, Belgium, Brazil, China, South Korea,
Spain, Finland, France, Netherlands, India, England, Italy, Japan, Mexico,
Peru,
Singapore, South Africa, Sweden, Taiwan, Thailand, United States.
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Netherlands
31,34 35,15
United
States
21,34 25,61
China
13,59 2,61
Japan
7,33 10,32
Belgium
7,11 9,67
Brazil
4,81 5,16
Sweden
2,80 2,38
Finland
2,18 0,00
Spain
2,10 0,80
France
1,63 1,71
South
Korea
1,43 1,30
England
1,23 0,47
Taiwan
0,69 1,50
Argentina
0,52 0,67
South
Africa
0,51 0,85
Mexico
0,43 0,27
Singapore
0,38 0,00
Australia
0,37 0,75
Germany
0,10 0,37
India
0,08 0,10
Thailand
0,02 0,19
Peru
0,01 0,03
Italy
0,00 0,00
Historical registries
Total 2009 = 000's$ 299.655.841 Accumulated 2010 = 000's$ 386.397.406
Total 2008 = 000's$ 1.061.336.355
Total 2007 = 000's$ 870.135.895
Total 2006 = 000's$ 814.195.548
Total 2005 = 000's$ 705.822.065
Total 2004 = 000's$ 373.216.001
Total 2003 = 000's$ 106.669.208
Customers
Main customers are: Companies in general.
The 3 most important customers are:
Cap S.A., Compañia Electro Metalurgica S.A. and Aceros y Metales
Sociedad
Ltda..
Purchases
Places orders with multiple suppliers
National: 50%
International: 50%
Imports from Germany, Argentina, Australia, Belgium, Brazil, Canada, China,
Denmark, England, Japan, Mexico, Peru, Russia, Turkey, United States.
Records of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Peru
44,27 68,23
Mexico
40,85 28,83
United
States
8,42 0,13
Canada
3,87 0,25
Argentina
1,84 0,36
China
0,58 1,60
Japan
0,08 0,06
Turkey
0,03 0,01
Germany
0,03 0,04
Brazil
0,02 0,28
Australia
0,00 0,00
Denmark
0,00 0,13
England
0,00 0,00
Russia
0,00 0,00
Belgium
0,00 0,00
Historical registries
Total 2009 = 000's$ 174.751.674 Accumulated 2010 = 000's$ 207.241.237
Total 2008 = 000's$ 529.529.057
Total 2007 = 000's$ 494.465.892
Total 2006 = 000's$ 316.461.140
Total 2005 = 000's$ 375.794.897
Total 2004 = 000's$ 148.404.368
Total 2003 = 000's$ 48.233.099
Main suppliers
- Compañia de Petroleos de Chile Copec S.A.
- Corporacion Nacional del Cobre de Chile
- Electricidad Gobantes S.A.
- Manufacturas Metalurgicas Rheem Chilena Ltda.
- Minera Anglo American Chile Ltda.
- Minera Sur Andes S.A.
- Oxiquim S.A.
- Petrobras Chile Distribución Ltda.
- Plasticos Haddad S.A.
- Rhein (Chile) S.A.
- Shell Chile S.A.C. e I.
Employees: 1.300 employees
Location
- Headquarters located at Huérfanos 812 Of. 612 Santiago, Chile,
downtown-commercial area, street of busy traffic, construction in
good
conditions
Branches
- Industry at Avda. Peñuelas 0258 San Bernardo Chile
RELATED COMPANIES
Subject is related to the following companies:
National
- Inmobiliaria San Bernardo S.A. T A X 96953640-4, 99,99% Participation
- Carbomet Industrial S.A. T A X 96103000-5 San Bernardo, 99,98%
Participation
- Complejo Industrial Molynor S.A. T A X 76016222-1 Mejillones, 95,88%
Participation
- Carbomet Energia S.A. T A X 91066000-4 San Bernardo, 52,75%
Participation
- Inmobiliaria San Jose de Nos S.A. T A X 96999080-6, 0,01% Participation
- Compañia Auxiliar de Electricidad del Maipo S.A.
- Comotech S.A.
International
- Strategic Metals B.V., Netherlands 99,99%
- Molymet Corporation, United States 99,9%
- Molymex S.A. de C.V., Mexico 99,99%
FIXED ASSETS
Real estates
Subject registers real estates
- Parking lot, Huérfanos 653 Box B 712 Santiago-Chile, Fiscal value of
000's$
1.718.-, rol Nº 121-894
- Sites, Las Acacias con Ochagavia San Bernardo-Chile, Fiscal value of
000's$
743.266.-, rol Nº 4510-30
- Farming exploitation, Parcela 11 Nos San Bernardo-Chile, Fiscal value
of
000's$ 16.877.-, rol Nº 5500-27
- Farming exploitation, Camino Nos Pc. C Querencia San Bernardo-Chile,
Fiscal
value of 000's$ 26.736.-, rol Nº 5500-157
- Farming exploitation, La Querencia Pc. 8 Lt. B 4 A San Bernardo-Chile,
Fiscal
value of 000's$ 6.236.-, rol Nº 5500-115
- Farming exploitation, Las Lilas de Nos Lt. 3 B San Bernardo-Chile,
Fiscal
value of 000's$ 283.387.-, rol Nº 5500-114
- Sites, Peñuelas San Bernardo-Chile, Fiscal value of 000's$ 188.372.-,
rol Nº
5500-79
- Branch, Avda. Peñuelas 0258 San Bernardo-Chile, Fiscal value of 000's$
192.393.-, rol Nº 5.500-80
- Industry, Camino Nos Lt 1 San Bernardo-Chile, Fiscal value of 000's$
2.238.843.-, rol Nº 5500-82
- Industry, Los Suspiros 3700 San Bernardo-Chile, Fiscal value of 000's$
1.169.882.-, rol Nº 5500-91
- Farming exploitation, Cinco Pinos Pc. 9 San Bernardo-Chile, Fiscal
value of
000's$ 41.218.-, rol Nº 5500-24
- Farming exploitation, Parcela 9 Ex Fundo Las Lilas San Bernardo-Chile,
Fiscal
value of 000's$ 17.736.-, rol Nº 5500-28
- Farming exploitation, Rinconada Nos Pc. 19 Lt. 3 San Bernardo-Chile,
Fiscal
value of 000's$ 20.081.-, rol Nº 5500-36
- Farming exploitation, Peñuelas 0725 Nos San Bernardo-Chile, Fiscal
value of
000's$ 7.952.-, rol Nº 5500-151
- Building, Huérfanos 812 Of. 608 Santiago-Chile, Fiscal value of 000's$
31.229.-, rol Nº 101-868
- Industry, Las Lilas Hijuelas A San Bernardo-Chile, Fiscal value of
000's$
556.667.-, rol Nº 5500-49
- Huérfanos 812 Of. 612 Santiago-Chile, Fiscal value of 000's$ 261.230.-,
rol
Nº 101-869
- Premises, Huérfanos 812, Oficina 501 Santiago-Chile, Fiscal value of
000's$
450.296.-, rol Nº 101-865
- Industry, Cinco Pinos 0331 San Bernardo-Chile, Fiscal value of 000's$
361.800.-, rol Nº 5500-130
Total fiscal appraisal $6.115.206.486.-
Machinery & Instalations
Equipments and machinery, not specified
INSURANCES
Through
Insurance Services Brokers.
Risks : All risks
Coverage:
Assets in general.
BOARD OF DIRECTORS
President
: Carlos Hurtado Ruiz-Tagle
Vice President : George
Anastassiou Mustakis
Director
: Gonzalo Ibáñez Langlois TAX:3598597-2
Director
: Jorge Gabriel Larraín Bunster
Director
: Raúl Alamos Letelier
Director
: José Miguel Barriga Gianoli
Director
: Alberto Pirola Gianoli
ADMINISTRATION
General Manager : John
Patrick Graell Moore TAX:6153784-8
Corporate Manager of : Manuel Guzmán Manzo
TAX:4917151-K
Research and Development
Corporate Manager of : Francisco J. Fernández Cañas
TAX:6028944-1
Comtrollership and IT.
Corporate Manager of : Fernando Ortega Aracena
TAX:8208196-8
Human Resources and
Corporate Affairs
Accounting Manager : Máximo Jara Leal
Finance Vice President : Jorge Ramírez Crossler TAX:7017179-1
Commercial Vice : Gonzalo
Bascuñán Obach TAX:12797030-0
President
Vice President :
Fernando Alliende Correa TAX:4883753-0
International and New
Businesses Area
Vice President :
Luis Gonzalo Concha Parada TAX:7817539-7
Engeneering
Operation Vice President : Gabriel Gutiérrez Clavería TAX:5146447-8
Operation Vice :
Rafael Raga Castellanos TAX:4363486-0
President of Molymex and
Real Estate Companies
Auditor Corporate : Claudia Avendaño
Rozas TAX:11959266-6
Internal
CURRICULUM
John Patrick Graell Moore
T A
X
: 6153784-8
Studies
: Finished studies in Universidad de Chile
Titled as :
Industrial Civil Engineer.
Position :
General Manager
Curriculum : Technical
Director of Inecon, consultancy services, 10
years developing works for public & private areas.General
manager of Molymet S.A., the main world"s company of
processing and sale of molybdenum with plants in Chile,
Mexico, Belgium and Germany.Founder and Director of
Agrícola Cerrillos de Tamaya and President of Viña Tamaya,
a company with a very successful growth.
Manuel Guzmán Manzo
T A X
: 4917151-K
Titled as :
Chemical Civil Engineer.
Position :
Corporate Manager of Research and Development
Francisco J. Fernández Cañas
T A
X
: 6028944-1
Titled as :
Computer Engineer.
Position :
Corporate Manager of Comtrollership and IT.
Fernando Ortega Aracena
T A
X
: 8208196-8
Titled as :
Attorney.
Position :
Corporate Manager of Human Resources and Corporate Affairs
Jorge Ramírez Crossler
T A
X
: 7017179-1
Position :
Finance Vice President
Carlos Hurtado Ruiz-Tagle
Studies
: Finished studies in Universidad de Chile .
Titled as :
Economist
Position :
President
Curriculum : Professor of
university, advisor of economy and projects.
He was Minister of Public works during the government of
President Aylwin. Founder and member of important board
of directors and chilean companies.
Gonzalo Ibáñez Langlois
T A
X
: 3598597-2
Titled as :
Commercial Engineer.
Position :
Director
Gonzalo Bascuñán Obach
T A
X
: 12797030-0
Titled as : Commercial
Engineer.
Position :
Commercial Vice President
Fernando Alliende Correa
T A
X
: 4883753-0
Titled as :
Industrial Civil Engineer.
Position :
Vice President International and New Businesses Area
Luis Gonzalo Concha Parada
T A
X
: 7817539-7
Titled as :
Mechanical Civil Engineer.
Position :
Vice President Engeneering
Gabriel Gutiérrez Clavería
T A
X
: 5146447-8
Titled as :
Metallurgical Civil Engineer.
Rafael Raga Castellanos
T A
X
: 4363486-0
Titled as :
Metallurgical Civil Engineer.
Position :
Operation Vice President of Molymex and Real Estate
Companies
Claudia Avendaño Rozas
T A
X
: 11959266-6
Titled as : Auditor
Accountant.
Position :
Auditor Corporate Internal
LEGAL INFORMATION
Legal Structure : Public Stock Company
Constitution date : 28/10/1975. Registered on leaf 1.215
N°689, Trade
Registry of the Real Estates Receivership of Valparaíso,
dated Dec 23, 1975.
Registered at the Superintendency of Securities under
N° 0191 on April 04, 1983.
Term of duration : Indefinite
Legal Address : Santiago - Chile
Current Social Capital: 000's$ 165.094.315.-Divided to 127.111.084.- registered
shares unique series
Shareholder :
- 11,86% Inversiones Lombardia S.A.
- 11,86% Nueva Carenpa S.A.
- 7,94% The Atlantic S.A.
- 7,83% 72251700-8 Fundacion Gabriel y Mary Mustakis
- 4,69% Osvald Wagner Trust Co. Inc.
- 4,69% Phil White International Corp.
- 4,69% Ed Harvey Trust Corporation
- 4,15% Rentas e Inversiones Octay S.A.
- 4,15% Marea Sur S.A.
- 4,02% 90412000-6 Minera Valparaiso S.A.
- 3,75% Whar Trust Corp.
- 2,97% Helen Mustakis K. de Anastassiou
Administration is held by.
Legal changes
Public Deed dated 02/01/1984, notary Sergio Rodriguez Garcés, Santiago,
published in the Official Gazette dated 06/01/1984 page N° 13, corporate
structure was modified: Subject is divided into 2 companies: one is the
continuer, keeping business name with a capital of $238.027.409 divided into
104.000.000 registered shares of same value, and a new company called
Desarrollos Técnicos S.A.,with a capital of $401.647.000 divided into
104.000.000 shares.
Public Deed dated 12/07/1989, notary Aliro Veloso Muñoz, Santiago, published in
the Official Gazette dated 17/08/1989 page N° 9, capital was increased: to
$532.321.598.-
Public Deed dated 01/12/1989, notary Aliro Veloso Muñoz, Santiago, published in
the Official Gazette dated 18/12/1989 page N° 9, statutes were modified: subject
is divided into 2 companies, which keeps business name (subject) and a new one
called RIO VILAMA S.A., line of business is the manufacture of molybdenum
oxide, ferromolybdenum, ammonium perrenate, etc.
Public Deed dated 25/11/2002, notary René Benavente Cash, Santiago, published
in
the Official Gazette dated 29/11/2002 page N° 17, capital was increased: it was
agreed to express capital in dollars: US$2.182.077,35 divided into 104.000.000
no par value shares.
Public Deed dated 05/01/2005, notary René Benavente Cash, Santiago, published
in
the Official Gazette dated 14/01/2005 page N° 15, capital was increased: from
US$2.182.077,35 divided into 104.000.000 no par value shares, to
US$106.182.077,35 divided into same number of shares, no par value.
At the same time, capital of US$106.182.077,35, is again increased to
US$158.182.077,35 divided into 124.800.000 no par value shares.
(Rectified in official gazette of Jan 22, 2005, page 13)
Public Deed dated 25/09/2008, notary Juan Francisco Alamos Ovejero, Santiago,
published in the Official Gazette dated 01/10/2008 page N° 34, capital was
increased: to US$348.270.853,35 divided into 127.111.084 no par
value shares.
Public Deed dated 16/08/2010, notary Eduardo Javier Diez Morello, Santiago,
published in the Official Gazette dated 21/08/2010 page N° 7, statutes were
modified: the number of directors is increased from 7 to 9.-
CAPITAL
US$ 348.270.853,35.-- X $474,04 (exchange rate as of March 4, 2011)
=$165.094.315.322.-
PUBLICATIONS
The following information regarding the subject was published in press
Diario Financiero 09/09/2008 pág 9 of 28/12/2007 Subject is the most important
processor of molybdenum worldwide. It suggested a capital increased that will
have to be confirmed by shareholders' meeting.
This year the company began the construction of the industrial complex
Molynor, located in Mejillones Region of Antofagasta, which is a work including
a new processing plant and related products for an approximated investment
of
US$124 millions. It would be starting operations in 2010 having a processing
capacity of 33.5 million pounds of molybdenum a year. -
DIARIO FINANCIERO of 24/03/2010 Molymet, company linked to families
Matte,
Gianoli and Mustakis, reported as a relevant statement sent to the
Superintendency of Securities (SVS) that its affiliate in China reached an
agreement to purchase the 50% of the firm Luoyang High-Tech Molybdenum Tungsten
Material, which is engaged in the elaboration of molybdenum by-products.
According to comments of Molymet, the agreement was subscribed with China
Molybdenum, the headquarters of the japanese company.
The operation includes the payment of US$37.7 millions for this asset -
figures subject to modification at the moment of the operation's closing.
"The definitive end conditions must be fulfilled within the next two
months, and and related , among others, to the ratification by the board
of
directors of the purchasing and selling companies, the approval of the
authorities and the registration in the corresponding registers of the People's
Republic of China" - stated the company to the SVS.
In the documents was also explained that the acquisition will be carried out
with own resources and that this will not have financial effects. -
INFORMATION SOURCES
On 23/02/2011 Mr. Máximo Jara Leal, Accounting Manager, who submitted the
data
shown in this report.
-Other outside information sources.
Exchange rate
-As at 04/03/2011 $474,04 Per US$
-As at 31/12/2009 $507,10 Per US$
-As at 31/12/2008 $636,45 Per US$
-As at 31/12/2007 $496,89 Per US$
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.33 |
|
UK Pound |
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.65 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.