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Report Date : |
21.04.2012 |
IDENTIFICATION DETAILS
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Name : |
SOCIEDAD CONTRACTUAL MINERA ATACAMA MINERALS
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Registered Office : |
Coronel Pereira 72 Oficina 701 - Las Condes |
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Country : |
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Year of Establishment : |
1993 |
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Legal Form : |
Contractual Mining Company |
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Line of Business : |
Exploitation, Processing and trading of iodine. |
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No. of Employees : |
360 |
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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Maximum Credit Limit : |
658.000 US$ dollars |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Chile |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
IDENTIFICATION
SOCIEDAD CONTRACTUAL MINERA ATACAMA MINERALS
( ATACAMA MINERALS
Coronel Pereira 72 Oficina 701 - Las Condes
Santiago
XIII Region Metropolitana
CHILE
Telephone : 56-2-5975900,
56-2-5975901
Fax : 56-2-5975940
E_Mail
: s.silva@atacamaminerals.cl
Web Site :
www.atacama.com
SUMMARY
Started
: 1993
Total
Employees :
360
Payments
: See Commercial Record
Capital
:
000's$ 244.480.-
Sic(s) : 2819
Line of Business: Exploitation, Processing and trading of iodine.
Credit Recommendation
000's
Pesos 000's US$
dollars 000's Euros
Conservative value : 292.500
598 456
Liberal value
: 321.750
658 501
If additional information is received or present information is rectified, this
recommendation may be modified.
Payment Scoring = [ 90 ]
Financial indicators
Financial statements could not be obtained, thus financial analysis can not be
carried out
COMMERCIAL
INFORMATION
Commercial Bulletin : As at 17/04/2012 subject
does not register protested
checks, bank drafts nor
promissory notes in the
commercial information bulletin
Previsional Bulletin :
As at 17/04/2012 does not register pension fund's
infringements
Labor Bulletin : As at 17/04/2012 registers labor
infringements
Labor Detail
Date :16/04/2012
Reason :Undeclared
payrolls
Value :Ch$ 5.913,00.-
Months :1
Bulletin :135
Page
:101568
Drawer : AFP
Cuprum.
Consolidated delinquency : As at 17/04/2012, subject does not register any
delinquent bill
TRADE REFERENCES
Suppliers' trade references are supplied as follows:
Detail of References
Old : Since 1998
Last purchase : 03-2012
Terms : 30 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 100.000
Owes : -
Due : Does not Register
Paying Comments: Good
Old : Since 1998
Last purchase : 03-2012
Terms : 30-60-90 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 200.000
Owes : -
Due : Does not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 10.000
Old : Since 2004
Last purchase : 03-2012
Terms : 45 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 38.000
Owes : -
Due : Does not Register
Paying Comments: Good
Detail
of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
Since 1998 04-11 Prompt
invoice
100.000 None
Since 1998 12-10 Prompt current
account
20.000 None
Since 2004 04-11 Prompt
invoice
38.000
-
Since 1998 05-11 Prompt
invoice
200.000 None
Since 1998 09-06 Prompt
checks
- None
Since 1998 12-09 Prompt current
account
10.000 None
Since 1998 12-09 Prompt
invoice
200.000 None
Since 1999 09-08 Prompt
invoice
Open None
Since 1998 12-09 Prompt
invoice
100.000 None
Since 1999 09-09 Prompt
invoice
Open None
Since 1998 09-09 Prompt
invoice
100.000 None
Since 1998 09-09 Prompt current
account
10.000 None
Since 1998 08-08 Prompt current
account
10.000 None
Since 1998 09-08 Prompt
invoice
100.000 None
5 years 05-08 Prompt
current
account
- None
1 year 05-08 Prompt
current
account
3.000
-
5 years 05-08 Prompt
current
account
-
-
Since 1998 05-08 Prompt current
account
Open None
1 year 10-06 Prompt
current
account
3.000
-
5 years 10-06 Prompt
current
account
-
-
Since 1998 10-06 Prompt current
account
Open
-
5 years 10-06 Prompt
current
account
-
-
New 10-05
Prompt current
account
3.000
-
5 years 10-05 Prompt
current account
-
-
Since 1998 10-05 Prompt current
account
Open
-
5 years 10-05 Prompt
current
account
-
-
The
account holder credit report reflects no delinquent payment history, no
protests, and no social security as of the date of this report.
Registers 1 work infringement, included in the report.
During the last 6 months, the account holder credit history shows 94 credit
review inquiries requested by financial institutions, credit reporting
agencies,
telecommunications companies, industries and insurance companies.
AVERAGE PAYMENTS IN CHILE
International Risk and Payment Review reported in June 2011
The local delays in payment average 0-1 month.
BANKS
Subject operates with the following banks:
- Banco Bilbao Vizcaya Argentaria, Chile
- Banco de Credito e Inversiones
- Banco Itau Chile
- Scotiabank Chile
OPERATIONS
Line of Business : Exploitation, Processing and trading of iodine.
Classification according to commercial activity:
Sic: 2819-0000 Industrial inorganic chemicals
-0106 Iodine, elemental
Subject is considered as a medium company in this line of business, normal
competition
Sales
Sales are steady throughout the year
100% wholesalers
International sales territory
International: 100%
Sales conditions: Cash.
Exports to Brazil, China, India and England.
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
India
48,30 37,34
China
35,72 50,20
England
9,69 12,44
Brazil
6,29 0,00
Historical registries
Total 2011 = 000's$ 23.397.294 Accumulated 2012 = 000's$ 5.206.096
Total 2010 = 000's$ 16.843.904
Total 2008 = 000's$ 12.360.881
Total 2007 = 000's$ 13.199.115
Total 2005 = 000's$ 6.099.656
Total 2003 = 000's$ 5.841.903
Customers
Main customers are: Foreign companies.
Purchases
Domestic and international purchases
National: 50%
International: 50%
Imports from Germany, China, England, Italy, Mexico, United States and Vietnam.
Records of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
United
States
89,00 99,99
England
7,52 0,00
Vietnam
1,84 0,00
Italy
0,55 0,00
China
0,54 0,00
Mexico
0,52 0,00
Germany
0,05 0,00
Historical
registries
Total 2011 = 000's$ 1.695.025 Accumulated 2012 = 000's$ 142.584
Total 2010 = 000's$ 105.734
Total 2008 = 000's$ 271.269
Total 2007 = 000's$ 1.372.494
Total 2005 = 000's$ 434.522
Total 2003 = 000's$ 38.086
Main suppliers
- Distribuidora Portland S.A.
- Empresa Nacional de Energia Enex S.A.
- Finning Chile S.A.
- Gerdau Aza S.A.
- Importadora Santa Alicia Ltda.
- Importadora y Distribuidora Arquimed Ltda.
- Industrias de Tecnologia Hidraulica en Mineria y Construccion S.A.
- Komatsu Chile S.A.
- Otero y Dominguez Ltda.
- Panalpina Chile Transportes Mundiales Ltda.
- Plastecnia S.A.
- Salinas y Fabres S.A.
Employees: 360 employees
Location
- General offices at Coronel Pereira 72 Oficina 701 Las Condes Santiago,
Chile,
commercial area, street of busy traffic, construction in good
conditions
Branches
Subject has
- Field Aguas Blancas (Deposit of Iodine, sulphates and nitrates)
Camino Antiguo Escondida, Antofagasta.
RELATED COMPANIES
Subject does not have any related company.
FIXED ASSETS
Real estates
Subject does not register real estates
The field is 100% owned by Inversiones Aguas Blancas S.A.
Vehicles
Owns vehicles for the company's use
4 trucks (half tonnage), 2 vans .
Machinery & Instalations
Own equipment
- Office supplies , mining equipment among other
INSURANCES
Insurance Company:
-RSA Seguros Chile S.A.
Due
: Unspecified due dates
In force : Annual
Risks : Fire.
Objetive : Assets in general.
-Chilena Consolidada Seguros Generales S.A.
Due
: Unspecified due dates
In force : Annual
Risks : Civil
responsibility.
Objetive : Cars.
ADMINISTRATION
Executive President : Kevin Ross
Adm. & Finances Manager :
Mónica Muller
Plant Manager
: Michael Robinson
Accountant
: Sandra Silva
LEGAL INFORMATION
Legal Structure :
Contractual Mining Company
Constitution date
: 12/02/1993. Registered on leaf 4.226 N°3.463, Santiago
Trade Register as a limited
liability partnership called
"Minera Teslin
Ltda."
Notary : Sergio Rodriguez Garcés,
Santiago
Term of duration :
Indefinite
Legal Address : Santiago - Chile
Published in : Official Gazette dated 24/02/1993
page Nº 22
Current Social Capital: 000's$ 244.480.-Divided to 1.000.- registered shares
unique series
Shareholder : 2
- 99,90% Inversiones Aguas Blancas S.A.
- 0,10% Atacama Minerals Corp (Canada)
Power of attorney held by Executive President.
Legal changes
Public Deed dated 23/02/1994, notary Sergio Rodriguez Garcés, Santiago,
published in the Official Gazette dated 25/03/1994 page N° 26, partners were
modified: Trans America Industries Limited, retired, sold and transferred 99%
of
participation to : Teslin Quimicas de Chile, Incorporated 73,9% and Atacama
Chemicals Company Limited 25,1%.
Public Deed dated 13/02/1998, notary María Gloria Acharán Toledo, Santiago,
published in the Official Gazette dated 26/03/1998 page N° 11, corporate
structure was modified: Limited liability partnership by mining contract
partnership, corporate name was modified: " Minera Teslin Ltda." by
"Sociedad
Contractual Minera Atacama Minerals Chile": May also use name of
"Atacama
Minerals Chile S.C.M." statutes were modified: established new text and
address
in Santiago de Chile. Indefinite term of duration and capital is
US$500.000
divided into 1.000 shares, no par value.
Capital US$ 500.000 (Exchange rate as of 20/04/2012 e= $488,96) Capital $
244.480.000.-
INFORMATION SOURCES
On 18/04/2012 Miss. Sandra Silva, Accountant, submitted just general
information.
-Other outside information sources.
Exchange rate
-As at 20/04/2012 $488,96 Per US$
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.00 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.68.40 |
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.