|
Report Date : |
24.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
ANGLO AMERICAN CHILE LTDA. |
|
|
|
|
Registered Office : |
Av. Pedro de Valdivia 291 – Providencia,
Santiago, XIII Region Metropolitana |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
14.03.2003 |
|
|
|
|
Legal Form : |
Limited
Liability Partnership |
|
|
|
|
Line of Business : |
Administration and planning services in areas
such as management, financial, treasury, accounting, auditing , control of
mining projects, etc. |
|
|
|
|
No. of Employees : |
400 |
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 : |
Regular |
|
|
|
|
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
IDENTIFICATION
ANGLO AMERICAN CHILE LTDA.
Av. Pedro de Valdivia 291 - Providencia
Santiago
XIII Region Metropolitana
CHILE
Telephone : 56-2-2306000, 56-2-3606793
Fax : 56-2-2306700
E_Mail : maesquivel@anglochile.cl
Web Site : www.anglochile.cl ,
www.angloamerican-chile.cl
Postal Code : 750-0524
SUMMARY
Started
: 2003
Total Employees : 400
Payments :
Prompt
Capital
: 000's$ 4.458.276.-
Sic(s) : 8742
Line of Business: Administrative Services.- Shared services.-
Credit Recommendation
000's
Pesos 000's US$
dollars 000's Euros
Conservative value :
520.000
1.032
813
Liberal value
: 572.000
1.135
894
If additional information is received or present information is rectified, this
recommendation may be modified.
Payment Scoring = [ 100 ]
Financial indicators
Financial statements could not be obtained, thus financial analysis can not be
carried out
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 : As at 16/05/2012, subject does not register any
delinquent bill
Suppliers' trade references are supplied as follows:
Detail of References
Old : Since
2007
Last purchase : 04-2012
Terms : 30 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 200.000
Owes : -
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 150.000
Old : Since
1998
Last purchase : 04-2012
Terms : 30 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 1.000.000
Owes : -
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 450.000
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit
Owes
Old Purch. Payment.
Notes
(000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
Since 1998 03-11 Prompt
invoice
1.000.000 454.000
Since 2006 09-10 Prompt
invoice
10.000 None
Since 2005 08-10 Prompt
invoice
35.000 None
Since 2005 12-09 Prompt
invoice
Open None
Since 2006 01-10 Prompt
invoice
10.000 None
01-10
Prompt
invoice
- None
During the last 6 months, the account holder credit history shows 44 credit
review inquiries requested by banks, credit reporting agencies, health
insurance
companies, department stores, and other businesses in general.
The account holder credit report reflects no delinquent payment history, no
protests, and no social security and/or work
infringements as of the date of
this report.
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 de Chile
- Banco Santander Chile, main office Bandera 140, Santiago
OPERATIONS
Line of Business : Administration and planning services in areas such as
management, financial, treasury, accounting, auditing ,
control of mining projects, etc.
Classification according to commercial activity:
Sic: 8742-0000 Management consulting services
-9902 Business management
consultant
Subject is considered as a large company in this line of business, does not
exist competition
Sales
Services keep steady throughout the year
National and international sales territory
Services are offered
National: 99%.
Sales conditions: 100% cash.
International: 1%
Exports to Brazil, Japan and Peru.
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Japan
90,34 0,00
Peru
9,66 0,00
Brazil
0,00 100,00
Historical registries
Total 2011 = 000's$ 15.234.160 Accumulated 2012 = 000's$
9.961
Total 2009 = 000's$ 47.176
Total 2008 = 000's$ 503
Total 2007 = 000's$ 398
Total 2004 = 000's$ 2.076
Customers
Main customers are: Related companies.
The 3 most important customers are:
Anglo American Norte S.A., Anglo American Sur S.A., Compañia Minera
Doña Ines
de Collahuasi S.C.M.
Purchases
Places orders with multiple suppliers
National: 99%
Purchase conditions: 100% cash.
International: 1%
Imports from Germany, Australia, Canada, England, Southafrica and United States
Records of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
United
States
35,30 34,80
Southafrica
22,85 65,18
Canada
15,95 0,00
Germany
15,81 0,00
Australia
6,70 0,00
England
3,38 0,00
Historical registries
Total 2011 = 000's$ 87.696 Accumulated 2012 = 000's$ 6.185
Total 2010 = 000's$ 44.232
Total 2009 = 000's$ 45.710
Total 2008 = 000's$ 25.890
Total 2007 = 000's$ 7.154
Total 2006 = 000's$ 3.673
Total 2005 = 000's$ 2.502
Total 2004 = 000's$ 8.108
Main suppliers
- Aceros Chile S.A.
- Distribuidora Industrial y Tecnica Ltda.
- Elementos Industriales y Tecnologicos Limitada
- Fluor Chile Ingenieria y Construccion S.A.
- Importadora y Comercial Norval Limitada
- Kala S.A.
- Sociedad Acustical S.A.
- Veyance Technologies Chile Limitada
Employees: 400 employees
Overall personnel: 5.854 employees.
Location
- Administrative offices located at Av. Pedro de Valdivia 291 Providencia
Santiago, Chile, commercial area, main avenue of busy traffic,
construction
in good conditions
Branches
Subject does not have any branch
RELATED COMPANIES
Subject is related to the following companies:
- Anglo American Sur S.A. T A X 77762890-9 Providencia Santiago (El
Soldado
foundry, Los Bronces)
- Anglo American Norte S.A. T A X 91658000-2 Providencia Santiago ,
(Mantos
blancos and Mantos Verde)
- Compañia Minera Doña Ines de Collahuasi S.C.M. T A X 89468900-5 Las
Condes
Santiago . Sales as at 31/12/2010 000's$ 1.838.746.705
FIXED ASSETS
Real estates
Subject does not register real estates
Machinery & Instalations
Equipments and machinery, not specified
INSURANCES
Insurance details were declined.
BOARD OF DIRECTORS
President Executive : Miguel Angel Durán Vergara
TAX:7750395-1
Director
: Lorenzo Menéndez Pagliotti
Director
: Felipe Purcell Douds
Director
: Luis Ignacio Quiñones Sotomayor TAX:7776718-5
ADMINISTRATION
Finance Vice President : James E. Beams
Commercialization & : Felipe Purcell Douds
Corporate Affairs Vice
President
Human Resources :
Alejandro Mena Frau
Vicepresident
Manager of External : Marcelo Esquivel Gómez
TAX:10900986-5
Affairs
Controller
: Gastón Véliz
CURRICULUM
Felipe Purcell Douds
Titled as :
Industrial Civil Engineer
Position :
Commercialization & Corporate Affairs Vice President
Alejandro Mena Frau
Titled as :
Commercial Engineer
Position :
Human Resources Vicepresident
LEGAL INFORMATION
Legal Structure : Limited Liability Partnership
Constitution date : 14/03/2003. Registered on leaf
7.114 Nr 5.596, of
Santiago Trade Registry year 2003.
Notary
: Gustavo Montero Martí, Santiago
Term of duration : 10 Year automatically renewable for
equal and successive
periods
Legal Address : Santiago - Chile
Published in : Official Gazette
dated 20/03/2003 page Nº 23
Current Social Capital: 000's$ 4.458.276.-
Partner : 2
- 70,00% 77762890-9 Anglo American Sur S.A.
- 30,00% 91658000-2 Anglo American Norte S.A.
Power of attorney held by directors, each one of them.
Legal changes
Public Deed dated 30/12/2003, notary Gustavo Montero Martí, Santiago, published
in the Official Gazette dated 17/01/2004 page N° 35, statutes were modified:
stating that partner Compañía Minera Disputada de las Condes Ltda changed
business name by Minera Sur Andes Ltda.
Public Deed dated 25/05/2004, notary Andrés Rubio Flores, Santiago, published
in
the Official Gazette dated 21/06/2004 page N° 28, statutes were modified:
partners stipulated payment of capital and that deadline to pay is extended.
Capital is US$ 10.166.615.-
Public Deed dated 27/04/2005, notary Andrés Rubio Flores, Santiago, published
in
the Official Gazette dated 03/06/2005 page N° 59, corporate purpose was
modified: it was extended to services of administration, planning, advisories
and/or performance in different areas such as management, supervision of
operators, treasury,accounting etc.
Public Deed dated 13/02/2007, notary Sebastián Aninat Salas, Santiago,
published
in the Official Gazette dated 03/03/2007 page N° 29, statutes were modified:
administration and power of attorney will correspond to both partners through a
board of directors composed by 3 regular members and 3 deputy members.
Public Deed dated 12/12/2007, notary Cosme Fernando Gomila Gatica, Santiago,
published in the Official Gazette dated 21/12/2007 page N° 89, partners were
modified: Minera Sur Andes S.A. retired from the partnership and Anglo American
Sur S.A. joined the partnership. Empresa Minera Mantos Blancos S.A
retired and
Anglo American Norte S.A. joined the partnership with the same percentages, at
the same time capital of US$10.166.615.- is confirmed.
Public Deed dated 25/04/2011, notary Gustavo Montero M., Santiago, published in
the Official Gazette dated 10/05/2011, capital was increased: to US$
8.850.000.-
Current capital is US$ 8.850.000.- X $503,73 (exchange rate as at May 18, 2012)
= $4.458.276.000.-
PUBLICATIONS
Information regarding subject is supplied as follows
Diario Estrategia of 31/01/2011
The Anglo-South African mining company, Anglo American Chile, is part of the
Basic Metals Division of Anglo American PLC, its Executive President is Miguel
Ángel Durán, the company is the third major producer of copper in the country,
keeping the 11.7% of the market share. With the operation of Mantos Blancos and
Mantoverde (Anglo American Norte); El Soldado, Chagres and Los Bronces
(Anglo
American Sur) and the 44% of Compañía Minera Doña Inés de Collahuasi.
Headquartered in London, UK, it is an important producer of diamonds, copper,
nickel, iron metals, and also metal-working and carbon-thermal industries.
Besides, it is the world's first producer of platinum, with approximately 40%
of
the global production. Its operations are settled in Africa, Asia, Australasia,
Europe, North and South America, including 45 countries around the world.
The
company started operations in Chile in 1995 with the start-up of the
copper
mine Mantoverde, later in 2002 when Exxon Mobil was selling the mine Disputada
de Las Condes (where Los Broces Division is located), Anglo American paid
US$1,300 million for it and began to produce around the 4% of the world's
production of copper. Nowadays, the company expects to reach a production of a
million tons of copper between 2014 and 2015, with the extension of Los Bronces
and Collahuasi. -
www.emol.com of 25/04/2012
Judge Juan Luis Correa, of the 14 Civil Court of Santiago, rejected this
Wednesday the appointment of an interventor and also the retention of Anglo
American Sur's dividends - both precautionary measures required by Codelco.
Judge Correa discarded both petitions arguing that it has not been acredited
that the defendant (Anglo American) is lacking sufficient goods to answer for a
probable unfavourable sentence.
"The measures required by Codelco did not have any justificaiton and they
were only an attempt of the state-owned company to harass and intimidate Anglo
American to desist from the legitime defence of its interests" - the
Anglo-South
African mining company stated through a release.
Codelco seeks for the chilean courts to recognize its right to acquire the
49% of AAS, as it was established in a call option renewed in 2002 between both
companies.
However, in December 2011 Anglo required the resolution of the call
option
contract with the state-owned mining company based on "the multiple
breached of
contract of Codelco" - the legal team stated.
"As one of the most important foreign investors in Chile, Anglo Amercan
has
always acted with all the clear rights granted by the contract and in good
faith. Anglo American will not abandon its defense until its rights are
recognized and the unfairly damaged prestige of Anglo American, its
shareholders
and workers is restored" - said the the mining company headquartered in
London. -
INFORMATION SOURCES
Miss. Teresa Ganem, Management secretary of Human Resources,
declined financial figures, however, submitted the data shown in this
report.
-Other outside information sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.93 |
|
|
1 |
Rs.88.14 |
|
Euro |
1 |
Rs.70.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.