MIRA
INFORM REPORT
|
Report Date : |
18.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
MINERA ESCONDIDA LTDA. |
|
|
|
|
Registered Office : |
Av. Americo Vespucio Sur 100 Piso 10 - Las Condes Santiago XIII Region Metropolitana |
|
|
|
|
Country : |
Chile |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
14.08.1985 |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Mining company |
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Chile |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
IDENTIFICATION
MINERA ESCONDIDA LTDA.
( MINSEC )
Av. Americo Vespucio Sur 100 Piso 10 - Las Condes
Santiago
XIII Region Metropolitana
CHILE
Telephone : 56-2-3305000, 56-2-3305059
Fax : 56-2-2076510
E_Mail :
verena.h.preuss@bhpbilliton.com
Web Site : www.escondida.cl
Postal Code
: 1271075
SUMMARY
Started
: 1985
Total
Employees
: 3.640
Payments
: See Commercial
Record
Financial
Sit.
: Good
Economic
Sit.
: Excellent
Sales
: 000's$ 4.311.054.927.-
Net
worth
: 000's$
2.551.480.537.-
Current
profit
: 000's$
2.030.309.282.-
Capital
: 000's$
342.096.904.-
Sic(s) : 1021 - 1041 - 1044
Line of Business: Mining company.
EVALUATION
Risk level = 2
Interpretation at the end of the report.
Credit
Recommendation
000's Pesos 000's US$
dollars 000's Euros
Conservative value :
195.000.000
416.658
313.742
Liberal value
:
214.500.000
458.324
345.116
If additional information is received or present
information is rectified, this
recommendation may be modified.
Payment Scoring = [ 70 ]
Financial indicators
According to last financial statement, subject
shows a good financial situation,
as indicated in:
** Normal Working Capital
** Excellent Current Liquidity Ratio
** Good Acid Test Ratio
Economic situation is excellent, as reflected in:
** Low Current Indebtedness Ratio
** Low Total Indebtedness Ratio
** Excellent Solvency Ratio
** Excellent Profitability Over Sales Ratio
** Excellent Profitability Over Assets Ratio
** Excellent Profitability Over Net Worth Ratio
COMMERCIAL INFORMATION
Commercial Bulletin
: As at 16/05/2011 subject does not register protested
checks, bank drafts nor
promissory notes in the
commercial information bulletin
Labor
Bulletin : As at
16/05/2011 does not register labor infringements
Previsional bulletin : As
At 16/05/2011 registers pension fund's
infringements
Previsional Detail
Date :18/04/2011
Reason :Undeclared
payrolls
Value :Ch$ 124.896,00.-
Months
:1
Bulletin :129
Page :115586
Drawer : AFP.
Habitat
Date :18/04/2011
Reason :Undeclared
payrolls
Value :Ch$ 159.648,00.-
Months
:12
Bulletin :129
Page :115586
Drawer : Adm. de Fondos de Cesantía
(afc)
Consolidated delinquency : As at 16/05/2011,
subject registers the following
delinquent bills
Detail of Delinquent Debts
Date : 28/11/2010
Note : Invoice
Value : Ch$ 761.078,00
Drawer : U.C.N. Liemun
City : -
Date : 17/06/2004
Note : Invoice
Value : Ch$ 342.720,00
Drawer : Sociedad Petreos
City : -
TRADE REFERENCES
Suppliers' trade references are supplied as
follows:
Detail of References
Old
: Since 2008
Last purchase :
Terms
: 30 days
Payment : Prompt
Notes
: invoice & check
Credit
: Open
Owes
: Does not Register
Due : Does not Register
Paying Comments :
Good
Old
: Since 1985
Last purchase : 05-2011
Terms
: 30 days
Payment : Prompt
Notes
: invoice
Credit
: (000'sUS$) 4.500.000
Owes : (000'sUS$) 4.500.000
Due
: Does not Register
Paying Comments :
Excellent
Purchase Aver. :
(Monthly 000's$) 4.500.000
.
Old : Since 2005
Last purchase : 04-2011
Terms
: 30 days
Payment : Prompt
Notes
: invoice
Credit
: (000'sUS$) 50.000
Owes
: Does not Register
Due
: Does not Register
Paying Comments :
Good
Old :
Since 2000
Last purchase : 04-2011
Terms
: 30-45 days
Payment : Prompt
Notes
: checks
Credit
: (000'sUS$) 60.000
Owes : -
Due
: Does not Register
Paying Comments :
Excellent
Old
: 10 years
Last purchase : 04-2011
Terms
: 30 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 50.000
Owes : -
Due
: Does not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly 000's$) 100.000
Supplier indicates that registers a debt, amount
was not disclosed.
Good customer according to suppliers
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old
Purch. Payment.
Notes
(000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
Since 1997 06-10
Prompt
invoice
Open None
Since 1999 06-10
Prompt
invoice
60.000 None
Since 1985 07-10
Prompt
invoice
25.000 None
Since 2001 06-10
Prompt
checks
Open None
Since 2008 04-10 Prompt
invoice & check
Open None
Since 2005 06-10
Prompt
invoice
50.000 None
Since 2000 07-10 Prompt
checks
60.000 None
Since 1998 07-10
Prompt
invoice
80.000 None
Since 1999 07-10
Prompt
invoice
150.000 None
Since 1999 02-10
Prompt
invoice
150.000 None
Since 1998 02-10
Prompt
invoice
80.000 None
Since 2000 02-10
Prompt
checks
60.000 None
Since 2005 01-10
Prompt invoice
50.000 None
Since 2008 12-09
Prompt invoice &
check
- None
Since 2001 02-10
Prompt
checks
Open None
Since 1985 01-10
Prompt
invoice
25.000 None
Since 1999 02-10
Prompt
invoice
Open None
Since 1997 01-10
Prompt
invoice
50.000 None
Since 1997 02-10
Prompt
invoice
Open None
Since 1997 11-09
Prompt
invoice
Open None
Since 1997 11-09
Prompt
invoice
Open None
Since 1985 11-09
Prompt
invoice
Open None
Since 2001 11-09
Prompt
checks
Open None
-
checks
-
-
Since 2000 11-09
Prompt
checks
Open None
Since 2000 10-08
Prompt
checks
Open
-
Since 1998 10-08
Prompt
invoice
Open None
Since 2001 10-08
Prompt
checks
Open None
Since 1985
Prompt
invoice
Open None
Since 1997 10-08
Prompt
invoice
Open
-
Since 1997 10-08
Prompt
invoice
Open
-
Since 1997 05-08
Prompt
invoice
Open
-
Since 1997 04-08
Prompt
invoice
Open
-
Since 1985 09-07
Prompt
invoice
Open None
Since 2001 04-08 Prompt
checks
Open None
Since 1998 05-08
Prompt
invoice
Open
-
Since 2000 05-08
Prompt
checks
Open
-
Since 2000 09-07
Prompt checks
Open
-
9 years 09-07
Prompt
invoice
-
-
Since
1995
Prompt current
account
Open None
Since 2001 09-07
Prompt
checks
Open None
Since 1985 09-07
Prompt
invoice
Open
-
Since 1997 10-07
Prompt
checks
Open
-
Since 1997 09-07
Prompt
invoice
Open
-
Since 1997 04-07
Prompt
invoice
Open
-
Since 1997 04-07
Prompt
checks
Open
-
Since 1985 03-07
Prompt
invoice
Open
-
Since 2001 04-07
Prompt
checks
Open None
Since 2000 04-07
Prompt
checks
Open
-
10 years 03-07
Prompt
checks
Open
-
10 years 06-06
Prompt
checks
Open
-
8 years 06-06
Prompt not
specified
Open
-
6 years 06-06
Prompt
checks
Open
-
8 years 06-06
Prompt
invoice
-
-
5 years 06-06
Prompt
checks
Open
-
10 years 06-06
Prompt
invoice
Open
-
5 years 06-06
Prompt
checks
Open
-
5 years 06-06
Prompt not
specified
Open
-
4 years 01-06
Prompt not
specified
Open
-
5 years 01-06 Prompt
checks
Open
-
10 years 01-06
Prompt
invoice
Open
-
5 years 01-06
Prompt
checks
Open
-
8 years 01-06
Prompt invoice
-
-
6 years 01-06
Prompt
checks
Open
-
8 years 01-06
Prompt not
specified
Open
-
5 years 01-06
Prompt
checks
Open
-
5 years 03-05
Prompt
checks
Open
-
8 years 03-05
Prompt not
specified
Open
-
6 years 03-05
Prompt
checks
Open
-
8 years 03-05
Prompt
invoice
-
-
5 years 03-05
Prompt
checks
Open
-
10 years 03-05
Prompt
invoice
Open
-
5 years 03-05
Prompt
checks
-
-
3 years 03-05
Prompt not
specified
Open
-
10 years 03-04
Prompt
invoice
Open 1.656
It does not register protests, delinquent debts
nor labor infringements to date.
Registers 2 pension funds' infringements included
in the report.
According to the taxpayer ID indicator, it has
registered 253 search entries
over the last six months - requested by workmen's
compensation agencies,
materials stores, credit assessment companies,
department stores, banks, and
others.
AVERAGE PAYMENTS IN CHILE
International Risk and Payment Review reported in
November 2010
The local delays in payment average 0-1 month.
FINANCIAL
INFORMATION
C O M P A R A T I V E - S U M M A R Y
( Figures in Thousand Pesos, local currency )
31/12/2010 31/12/2009
31/12/2008
CURRENT
ASSETS
1.389.220.760 1.389.773.479
1.121.029.743
CURRENT
LIABILITIES
710.371.787
402.160.058 1.223.619.623
WORKING
CAPITAL
678.848.973
987.613.421 -102.589.880
FIXED
ASSETS
2.432.441.726 2.312.377.505
2.429.093.686
OTHER
ASSETS
46.083.073
20.266.706 52.444.282
LONG TERM
LIABILITIES
605.893.235
714.101.826 771.950.724
NET WORTH
2.551.480.537 2.606.155.806
1.606.997.364
OPERATING
INCOMES
4.311.054.927 3.309.321.642
4.219.008.613
CURRENT
PROFIT(LOSS)
2.030.309.282 1.497.442.454
1.811.942.844
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR COMPLETE
ASSETS
31/12/2010 31/12/2009
Cash
99.798.452 135.617.598
Term
Deposits
54.803.971 71.626.122
Sales
Debtors
790.646.734 621.527.108
Notes & Accts
Receivable/Interco.Relations
13.597.095 34.353.338
Inventory
430.374.508 503.011.532
Taxes
Recoverable
0 23.637.781
CURRENT
ASSETS
1.389.220.760 1.389.773.479
Net Fixed Asset
2.432.441.726 2.312.377.505
FIXED
ASSETS
2.432.441.726 2.312.377.505
Investments in Related
Companies
9.034.465 4.075.899
Long Term
Debtors
14.596.296 12.014.285
Intangibles
1.359.569 1.529.457
Other
21.092.743 2.647.065
OTHER
ASSETS
46.083.073 20.266.706
TOTAL
ASSETS
3.867.745.559 3.722.417.690
LIABILITIES
31/12/2010 31/12/2009
Oblig.With Banks & Financ.Inst.Short
Term
212.597.755 127.853.780
Accounts
Payable
143.421.196 158.305.319
Notes & Accts Payable Related
Companies
68.750.669 41.663.186
Provisions
87.393.848 74.271.784
Withholdings
198.191.939
0
Other Current
Liabilities
16.380 65.989
CURRENT
LIABILITIES
710.371.787 402.160.058
Oblig.with Banks & Financial
Intitutions
110.626.332 276.690.788
Notes
Payable
13.858.244 16.685.493
Notes & Accts Payable Related
Companies
68.329.460 90.793.940
Provisions
78.976.688 67.873.618
Other Long Term
Liabilities
334.102.511 262.057.987
LONG TERM
LIABILITIES
605.893.235 714.101.826
Paid
Capital
342.228.568 342.228.568
Accumulated
Profits
178.942.687 766.484.784
Current Profit
(Losses)
2.030.309.282 1.497.442.454
NET WORTH
2.551.480.537 2.606.155.806
TOTAL
LIABILITIES
3.867.745.559 3.722.417.690
STATEMENTS OF
RESULTS
31/12/2010 31/12/2009
Operating Income
4.311.054.927 3.309.321.642
Operating
Cost
-1.503.251.396 -1.264.033.233
OPERATING
MARGIN
2.807.803.531 2.045.288.409
Administration & Sales Expenses
-50.178.160 -58.174.579
OPERATING
RESULT
2.757.625.371 1.987.113.830
Financial
Incomes
1.218.698 860.670
Other non Operating
Incomes
12.862.787 73.205.188
Financial
Expenses
-28.269.676 -32.019.372
Other non Operating
Expenses
-106.231.250 -120.140.507
Exchange
difference
0 -25.396.095
NON OPERATING
RESULT
-120.419.441 -103.490.116
Result Before Income
Tax
2.637.205.930 1.883.623.714
Income
Tax
-606.896.648 -386.181.260
NET
PROFIT(LOSS)
2.030.309.282 1.497.442.454
CURRENT
PROFIT(LOSS)
2.030.309.282 1.497.442.454
ECONOMIC - FINANCIAL RATIOS
31/12/2010 31/12/2009
Average
Working
Capital
(000's$) 678.848.973
987.613.421 833.231.197
Current
Liquidity
(Times)
1,96
3,46 2,71
Acid
Test
(Times)
1,35
2,20 1,78
Collection Period
Days (
Days)
67,16
71,35 69,26
Accounts Receivable
Turnover(Times)
5,36
5,05 5,21
Inventory
Turnover
(Times)
3,49
2,51 3,00
Current
Indebtedness
(Times)
0,28
0,15 0,22
Total
Indebtedness
(Times)
0,52
0,43 0,48
Solvency
(Times)
2,94
3,33 3,14
Assets Tying
Up
( % )
62,89
62,12 62,51
Profitability Over Sales (
% )
47,10
45,25 46,18
Profitability Over Assets (
% ) 52,49
40,23 46,36
Profitability Over Net Worth( %
)
389,57
135,06 262,32
BANKS
Subject operates with the following banks:
- Banco de Chile
- Banco de Credito e Inversiones
- Banco Santander Chile
OPERATIONS
Line of Business : Mining company.
Production of copper, export of copper cathodes and
concentrates, also gold and silver.
Classification according to commercial activity:
Sic: 1021-0000 Copper ores
-0100 Copper ore mining and preparation
Sic: 1041-0000 Gold ores
-0100 Gold ores mining
Sic: 1044-0000 Silver ores
-0100 Silver ores mining
Subject is considered as a large company in this
line of business, high
competition
Sales
Sales are steady throughout the year
100% wholesalers
National and international sales territory
Products are sold
National: 12%.
Territory: North zone (Codelco).
International: 88%.
Exports to Germany, Australia, Brazil, Bulgaria,
China, North Korea, South
Korea, Spain, Philippines, France, Netherlands,
India, Italy, Japan, Malaysia,
Mexico, Peru, Taiwan, Thailand, United States and
Vietnam,
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
China
32,67 22,43
Japan
22,15 26,07
India
12,13 11,74
South
Korea
9,77 13,61
Brazil
9,58 6,82
Taiwan
3,45 2,12
Italy
2,59 5,05
Netherlands
2,17 2,46
United
States
1,87 9,08
Philippines
0,97 0,00
Malaysia
0,58 0,00
Germany
0,52 0,00
Bulgaria
0,42 0,00
Mexico
0,35 0,00
Thailand
0,35 0,57
Spain
0,21 0,00
France
0,11 0,00
North
Korea
0,08 0,00
Vietnam
0,04 0,00
Australia
0,00 0,00
Peru
0,00 0,00
Historical registries
Total 2010 =
000's$ 3.030.977.614 Accumulated
2011 = 000's$ 829.597.392
Total 2009 =
000's$ 2.217.693.814
Total 2007 =
000's$ 4.081.384.976
Total 2006 =
000's$ 3.203.154.694
Total 2005 =
000's$ 1.669.278.056
Total 2004 =
000's$ 1.257.430.142
Customers
Main customers are: Foreign companies,
companies in general, etc.
6 customers International and 9 customers
National.
National Customers: Corporacion Nacional del Cobre
de Chile, Sumitomo
Corporation (Chile) Ltda., Mitsubishi Chile Ltda., Mitsui
Chile Ltda., Samsung Motors Chile S.A., Alcatel- Lucent de
Chile S.A., XStrata Copper Chile S.A., Madeco S.A. and
Cobre Cerrillos S.A.
International Customers: Dowa Mining Japan,
Nippon Japan, Furukawa Japan,
Nittetsu Japan, Nordeutsche Affinerie Germany,
Sumitomo Electric Industries Japan.
Purchases
Domestic and international purchases
National: 80%
International: 20%
Purchase conditions: Letter of credit and direct
collection.
Imports from Germany, Australia, Austria, Belgium,
Brazil, Canada, China,
Denmark, Slovenia, Spain, Philippines, Finland,
France, Greece, Netherlands,
India, Indonesia, Italy, Japan, Mexico, Singapore,
South Africa, Sweden,
Switzerland, Taiwan and United States
Records of Imports obtained from Customs'National
Service
Country
%last year %Accum.
-------------------------------------------------------
United
States
64,71 57,99
Spain
12,50 0,19
Canada
7,14 15,81
Australia
6,50 0,19
Switzerland
2,34 7,07
Germany
1,37 0,69
India
1,28 0,00
South Africa
0,74 0,62
China
0,71 9,34
Brazil
0,69 6,19
Italy
0,50 0,00
Greece
0,46 0,00
France
0,44 0,12
Belgium
0,27 0,23
Mexico
0,16 0,55
Austria
0,10 0,00
Indonesia
0,02 0,00
Finland
0,01 0,00
Slovenia
0,01 0,00
Denmark
0,01 0,20
Singapore
0,00 0,00
Japan
0,00 0,46
Sweden
0,00 0,20
Taiwan
0,00 0,00
Philippines
0,00 0,00
Netherlands
0,00 0,00
Historical registries
Total 2010 =
000's$ 71.883.965 Accumulated
2011 = 000's$ 12.296.649
Total 2009 =
000's$ 98.418.663
Total 2007 =
000's$ 71.332.603
Total 2006 =
000's$ 56.113.874
Total 2005 =
000's$ 85.986.011
Total 2004 =
000's$ 76.549.143
Main suppliers (11/05/2011)
- Aguas Industriales Ltda.
- B. Bosch S.A.
- Cemento Polpaico S.A.
- Compass Catering S.A.
- Constructora Excon S.A.
- Enaex S.A.
- Finning Chile S.A.
- Fluor Chile Ingenieria y Construccion S.A.
- GasAtacama Generacion S.A.
- Hilti Chile Ltda.
- Importadora Tech Ltda.
- Ingenieria y Construccion Sigdo Koppers S.A.
- KSB Chile S.A.
- Kychenthal Industrial y Comercial S.A.
- Lan Airlines S.A.
- Nexxo S.A.
- Puente Alto Ingenieria y Servicios Ltda.
- Reliper Comercial Ltda.
- Saavedra y Abalo M&S Ltda.
- Sande S.A.
- Shell Chile S.A.C. e I.
- Sodexho Chile S.A.
Employees: 3.640 employees approx.
Location
- Offices located at Av. Americo Vespucio
Sur 100 Piso 10 Las Condes Santiago,
Chile, commercial area, main avenue
of busy traffic, construction in good
conditions
Branches
- Offices at Av. de la Minería 501
Antofagasta Chile
RELATED COMPANIES
Subject is related with the following company:
- Compañia Minera Cerro Colorado Ltda. T A X
94621000-5 Iquique . Sales as at
31/12/2009 000's$ 277.605.303
- Minera Spence S.A. T A X 86542100-1
Antofagasta
FIXED ASSETS
Real estates (10/05/2011)
Subject registers real estates
- Home, Cerro Trapecio 01968
Antofagasta-Chile, Fiscal value of 000's$
43.173.-, rol Nº 3.351-7
- Sites, Patricio Lynch Lote 1 C
Antofagasta-Chile, Fiscal value of 000's$
1.054.701.-, rol Nº 456-1
- Home, Salar de Pedernales 1372
Antofagasta-Chile, Fiscal value of 000's$
21.803.-, rol Nº 1.490-7
- Home, Mehuin 01637 Depto. 101
Antofagasta-Chile, Fiscal value of 000's$
25.267.-, rol Nº 3.304-16
- Sites, P. Aguirre Cerda 9101
Antofagasta-Chile, Fiscal value of 000's$
17.185.-, rol Nº 5.150-3
- Sites, Avda. Escondida Mz I Sitio 10
Antofagasta-Chile, Fiscal value of
000's$ 70.925.-, rol Nº 4.515-7
- Home, Pasaje Neorara 1230
Antofagasta-Chile, Fiscal value of 000's$ 43.599.-,
rol Nº 3.351-9
- Home, Avda. Grecia 1150 Depto. 306
Antofagasta-Chile, Fiscal value of 000's$
50.131.-, rol Nº 488-59
- Home, Avda. Grecia 1160 Depto. 304
Antofagasta-Chile, Fiscal value of 000's$
50.131.-, rol Nº 488-49
- Home, Avda. Grecia 1160 Depto. 503
Antofagasta-Chile, Fiscal value of 000's$
50.131.-, rol Nº 488-52
- Home, Cerro Rincones 582
Antofagasta-Chile, Fiscal value of 000's$ 57.163.-,
rol Nº 4.511-11
- Home, Collico 1216 Antofagasta-Chile,
Fiscal value of 000's$ 41.016.-, rol Nº
3.350-2
- Home, Huellehue 1313 Antofagasta-Chile,
Fiscal value of 000's$ 37.232.-, rol
Nº 3.323-4
- Home, Cerro Cenicero 01656
Antofagasta-Chile, Fiscal value of 000's$
24.943.-, rol Nº 3.303-10
- Home, Huellelhue 1230 Antofagasta-Chile,
Fiscal value of 000's$ 29.917.-, rol
Nº 3.340-9
- Home, Diaz Gana 720 Depto. 502
Antofagasta-Chile, Fiscal value of 000's$
50.131.-, rol Nº 488-42
- Branch, Av. de la Minería 501
Antofagasta-Chile, Fiscal value of 000's$
23.262.869.-, rol Nº 110-1
- Home, Avda. Antilhue 02082
Antofagasta-Chile, Fiscal value of 000's$
51.265.-, rol Nº 3.351-13
Total fiscal appraisal $70.918.806.042.-
Vehicles
Owns vehicles for the company's use
28 trucks Diesel, 777 trucks Aljibes, 65 trucks
Caterpillar, railroad wagons .
Machinery & Instalations
Subject owns the following
- Packers , tractors Komatsu-Caterpillar ,
crushing machines , cells ,
concentrates' thickeners , flotation
columns , 9 inches, metallic underground
mineduct , filters , drillers
eléctricas y diesel , motolevelers Caterpillar
, mills , etc.
INSURANCES
Insurance Company:
-Ace Seguros S.A.
Due
: Unspecified due dates
In
force : Annual
Risks
: Various risks.
Objetive
: Assets in general.
BOARD OF DIRECTORS
President
: Peter Beaven
Director
: Lindsay Kirsner
Director
: Carlos Mesquita TAX:22583247-1
Director
: Andrew Harding
Director
: Norikazu Tanaka
Vice
President : Edgar
Basto Baez TAX:22804787-2
ADMINISTRATION
General Manager & Vice : Edgar
Basto Baez TAX:22804787-2
President
Operation Vice President : Pedro Damjanic Yutronic
TAX:6321726-3
Development
Vice : Andrés Hevia Hormazábal
TAX:6449000-1
President and projects
Vice President
of : Juan Carlos Villarroel Mella
TAX:7014622-3
processes.
Vice President Health, : Claudio
Monken TAX:22764700-0
safety and environment.
Human
Resources : Jorge Lopéz
del Pino
Vicepresident
Vice
President : Jorge
Muñoz del Pino TAX:6459912-7
Environment and safety
Vice President Mining : Carlos
Avila Urrutia TAX:10237401-0
Finance Vice President : Maree
Robertson Robertson
CURRICULUM
Carlos Mesquita
T A
X
: 22583247-1
Titled
as : Metallurgical
Engineer.
Position
: Director
Pedro Damjanic Yutronic
T A
X
: 6321726-3
Titled
as : Mechanical
Civil Engineer.
Andrés Hevia Hormazábal
T A
X
: 6449000-1
Titled
as : Mining Civil
Engineer.
Position
: Development Vice President and projects
Simultaneously :
Master in Administration.-
Claudio Monken
T A X
: 22764700-0
Titled
as : Electrical
Engineer.
Position
: Vice President Health, safety and environment.
Jorge Muñoz del Pino
T A
X
: 6459912-7
Titled
as : Mining Civil
Engineer.
Carlos Avila Urrutia
T A
X
: 10237401-0
Titled
as : Mining Civil
Engineer.
Position
: Vice President Mining
Simultaneously :
Degree in Projects administration and master in Sciences
of mining and soil.
LEGAL
INFORMATION
Legal Structure :
Limited Liability Partnership
Constitution date : 14/08/1985.
Registered on leaf N° 12.876 Nro. 6.652 of
Santiago Trade Registry, year 1985.
Notary
: Patricio Raby Benavente, Santiago
Term of duration : 75 Year
renewable in five-year periods
Legal
Address : Santiago - Chile
Published
in : Official Gazette dated
20/08/1985 page Nº 5
Current Social Capital: 000's$ 342.096.904.-
Partner : 4
- 57,50% BHP Escondida Inc (United States)
- 30,00% Rio Tinto Escondida Investments
Ltd. (Bermuda)
- 10,00% Jeco Corporation (Japon)
- 2,50% Jeco 2 Ltd.
Power of attorney held by directors, each one of
them.
Legal changes
Public Deed dated 22/07/1999, notary Andrés Rubio
Flores, Santiago, published in
the Official Gazette dated 27/07/1999 page N° 30,
statutes were modified: .-
Established new statutes. Capital is
US$98.804.668.76 (000's$51.088.930).-
Public Deed dated 13/08/1999, notary Gustavo
Montero Martí, suplente de Andrés
Rubio Flores, Santiago, published in the Official
Gazette dated 19/08/1999 page
N° 36, statutes were modified: .- Rectified prior
deed.
Public Deed dated 30/03/2001, notary Andrés Rubio
Flores, Santiago, published in
the Official Gazette dated 12/04/2001 page N° 45,
capital was increased: to US$
259.804.668,76.-
Public Deed dated 21/12/2001, notary Gustavo
Montero Martí, Santiago, published
in the Official Gazette dated 29/12/2001 page N°
39, capital was increased: in
US$196.700.000.- Consequently, it is established
in US$456.504.668,76.-
Public Deed dated 15/10/2002, notary Gustavo
Montero Martí, Valparaíso,
published in the Official Gazette dated 26/10/2002
page N° 32, statutes were
modified: , Sociedad Contractual Minera Escondida
merged with Minera Escondida
Ltda. The first one was dissolved and was taken
over by the second one acquiring
assets and liabilities.
Consequently, capital was increased to
US$461.101.912,64.-
Public Deed dated 19/12/2002, notary Gustavo
Montero Martí, Santiago, published
in the Official Gazette dated 28/12/2002 page N°
22, capital was increased: in
US$53.400.000.- Paid capital is US$514.501.912,64.
Public Deed dated 27/12/2004, notary Gustavo
Montero Marti, Santiago, published
in the Official Gazette dated 05/01/2005 page N°
28, capital was increased: in
US$16.700.000 remaining in US$547.901.912,64.-
Public Deed dated 27/12/2005, notary Gustavo
Montero Martí, Santiago, published
in the Official Gazette dated 31/12/2005 page N°
45, capital was increased: in
US$50.000.000.- remaining in US$597.901.912,64.-
Public Deed dated 22/12/2006, notary Alvaro
Bianchi Rosas, Santiago, published
in the Official Gazette dated 08/01/2007 page N°
33, capital was increased: to
US$647.901.912,64.-
Public Deed dated 18/12/2009, notary Alvaro
Bianchi Rosas, Santiago, published
in the Official Gazette dated 07/01/2010 page N°
30, capital was increased: to
US$731.241.912,64.-
Public Deed dated 26/05/2010, notary Sebastián
Aninat Salas, Santiago, published
in the Official Gazette dated 07/06/2010 page N°
28, partners were modified:
retired International Finance Corporation, owner
of 2,50%, sold and transferred
to JECO 2 LTD., new partner.
Capital of US$731.241.912,64 x $467,83 exchange
rate as at 12/05/2011 =
$342.096.903.990.-
PUBLICATIONS
The following information regarding the subject
was published in press
El Mercurio B5 of 25/08/2010 Registered net
profits in the first semester
amounting to US$1.607,5 millions what represents
an increase of 53% compared to
2009. This is consequence of copper price
increase. -
INFORMATION SOURCES
On 10/05/2011 Miss. Carolina Lucaronni, General
Manager Assistant, submitted
the data shown in this report, outside
sources provided financial figures.
-Other outside information sources.
Exchange rate
-As at 12/05/2011 $467,83 Per US$
-As at 31/12/2010 $468,01 Per US$
-As at 31/12/2009 $468,01 Per US$
-As at 31/12/2008 $507,10 Per US$
INTERPRETATION OF RISK LEVEL AND CREDIT
RECOMMENDATION
RISK LEVEL
Credit risk assessment is ordered as follows: 1
Minimum Risk, 2 Low Risk, 3
Middle Risk, 4 Middle High Risk, 5 Significant
Risk, 6 High Risk.
CREDIT RECOMMENDATION
Credit recommendation amounts are assigned
according to criteria usually used in
the commercial credit evaluation.
The amounts are based on the risk
percentages'assignment to the following
indicators: Trade references, number of
employees, legal structure, protested
bills, labor & welfare infringements, unpaid
bills, operations, insurances, net
profit, net worth, working capital and liquidity
variations.
INTERPRETATION OF PAYMENT SCORING
The Scoring is arranged as follows: 0 to 40
Delays, 41 to 60 Slow, 61 to 80
Moderate, 81 to 100 Prompt
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.07 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
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.