|
Report Date : |
01.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
ANGLO AMERICAN SUR S.A. |
|
|
|
|
Registered Office : |
Av. Pedro de Valdivia
291 – Providencia, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
31.05.2002 |
|
|
|
|
Legal Form : |
Private Stock Company |
|
|
|
|
Line of Business : |
Copper extraction and foundry |
|
|
|
|
No. of Employees : |
1.992 employees |
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 : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Chile |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
CHILE - ECONOMIC OVERVIEW
Chile has a market-oriented economy characterized
by a high level of foreign trade and a reputation for strong financial institutions
and sound policy that have given it the strongest sovereign bond rating in
South America. Exports account for more than one-third of GDP, with commodities
making up some three-quarters of total exports. Copper alone provides one-third
of government revenue. During the early 1990s, Chile's reputation as a role
model for economic reform was strengthened when the democratic government of
Patricio AYLWIN - which took over from the military in 1990 - deepened the
economic reform initiated by the military government. Since 1999, growth has
averaged 4% per year. Chile deepened its longstanding commitment to trade
liberalization with the signing of a free trade agreement with the US, which
took effect on 1 January 2004. Chile claims to have more bilateral or regional
trade agreements than any other country. It has 59 such agreements (not all of
them full free trade agreements), including with the European Union, Mercosur,
China, India, South Korea, and Mexico. Over the past seven years, foreign
direct investment inflows have quadrupled to some $15 billion in 2010, but
foreign direct investment had dropped to about $7 billion in 2009 in the face
of diminished investment throughout the world. The Chilean government conducts
a rule-based countercyclical fiscal policy, accumulating surpluses in sovereign
wealth funds during periods of high copper prices and economic growth, and
allowing deficit spending only during periods of low copper prices and growth.
As of November 2011, those sovereign wealth funds - kept mostly outside the
country and separate from Central Bank reserves - amounted to more than $18
billion. Chile used this fund to finance fiscal stimulus packages during the
2009 economic downturn. In December 2009, the OECD invited Chile to become a
full member, after a two year period of compliance with organization mandates,
and in May 2010 Chile signed the OECD Convention, becoming the first South
American country to join the OECD. The economy started to show signs of a
rebound in the fourth quarter of 2009, and GDP grew 5.1% in 2010 and 6.5% in
2011. Chile achieved this growth despite the 8.8 magnitude earthquake that
struck in February 2010, which was one of the top 10 strongest earthquakes on
record. The earthquake and subsequent tsunamis it generated caused considerable
damage near the epicenter, located about 70 miles from Concepcion - and about
200 miles southwest of Santiago
|
Source
: CIA |
ANGLO AMERICAN SUR
S.A.
Av. Pedro de Valdivia 291 - Providencia
Santiago
XIII Region Metropolitana
CHILE
Telephone :
56-2-2306000
Fax : 56-2-2306700
Web Site : www.anglochile.cl
Postal Code : 6640594
SUMMARY
Started
: 2002
Total Employees
: 1.992
Payments
: See Commercial
Record
Financial
Sit.
: Excellent
Economic
Sit.
: Good
Sales
: 000's$
1.209.877.413.-
Net
worth
: 000's$
2.042.671.977.-
Current
profit
: 000's$
413.261.222.-
Capital
: 000's$
585.478.379.-
Sic(s)
: 1081 - 5052
Line of Business :
Copper extraction and foundry.
EVALUATION
Credit Recommendation
000's
Pesos 000's US$
dollars 000's Euros
Conservative value :
65.000.000
124.650
96.268
Liberal value : 71.500.000
137.115
105.895
If additional information is received or present information is rectified, this
recommendation may be modified.
Payment Scoring = [ 90 ]
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 good, as reflected in:
** Low Current Indebtedness Ratio
** Low Total Indebtedness Ratio
** Excellent Solvency Ratio
** Excellent Profitability Over Sales Ratio
** Normal Profitability Over Assets Ratio
** Excellent Profitability Over Net Worth Ratio
COMMERCIAL INFORMATION
Commercial Bulletin : As at 21/09/2012 subject
does not register protested
checks, bank drafts nor promissory notes in the
commercial information bulletin
Labor Bulletin : As
at 21/09/2012 does not register labor infringements
Previsional Bulletin : As at 21/09/2012 does not
register pension fund's
infringements
Consolidated delinquency : As at 21/09/2012, subject registers the following
delinquent bills
Detail of Delinquent Debts
Date : 30/09/2011
Note : Invoice
Value : Ch$ 833.248,00
Drawer : Autorentas del Pacificio Ltda.
City : -
Date : 30/03/2011
Note : Invoice
Value : Ch$ 2.457,00
Drawer : Autorentas del Pacificio Ltda.
City : -
Date : 30/11/2011
Note : Invoice
Value : Ch$ 435.401,00
Drawer : Autorentas del Pacificio Ltda.
City : -
Date : 30/10/2011
Note : Invoice
Value : Ch$ 652.661,00
Drawer : Autorentas del Pacificio Ltda.
City : -
Date : 01/08/2012
Note : Pay voucher
Value : Ch$ 48.165,00
Drawer : Autopista Central S.A.
City : -
Date : 15/12/2011
Note : Pay voucher
Value : Ch$ 6.780,00
Drawer : Soc. Concesionaria Vespucio Norte Exp
City : -
Date : 30/03/2011
Note : Invoice
Value : Ch$ 93.892,00
Drawer : Autorentas del Pacificio Ltda.
City : -
TRADE REFERENCES
Trade references are supplied as follows:
Detail of References
Old :
Last purchase : 08-2012
Terms : 30 days
Payment : Prompt
Notes : invoice
Credit : -
Owes : -
Due : Does
not Register
Paying Comments: Good
Contract-based operations and amounts vary on each project.-
The account holder credit report reflects no protests and no social security
and/or work infringements as of the date of this report.
However, it registers 10 delinquent payments for unpaid invoices totalling
000's $ 2.073.-
During the last 6 months, the account holder credit history shows 279 credit
review inquiries requested by financial institutions, consultancy agencies,
health insurance companies, industries and businesses in general.-
AVERAGE PAYMENTS IN CHILE
International Risk and Payment Review reported in June 2011
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 )
From 01/01/2011 01/01/2010
01/01/2009
To 31/12/2011 31/12/2010
31/12/2009
CURRENT
ASSETS
711.148.897 462.800.581 349.253.970
CURRENT
LIABILITIES
188.124.517 191.804.538 290.792.438
WORKING
CAPITAL
523.024.380 270.996.043 58.461.532
FIXED
ASSETS
2.506.212.893 1.783.280.967
1.227.535.956
OTHER
ASSETS
66.201.955 61.038.332 63.993.485
LONG TERM LIABILITIES
1.052.767.251 639.497.288 15.032.474
NET
WORTH
2.042.671.977 1.475.818.054
1.334.958.499
OPERATING
INCOMES
1.209.877.413 971.362.243 563.605.646
CURRENT
PROFIT(LOSS)
413.261.222 420.461.120 237.578.886
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR COMPLETE
ASSETS
31/12/2011 31/12/2010
Cash
254.642.997
5.242.180
Term
Deposits
0 34.804.968
Sales Debtors
390.878.073 383.336.227
Inventory
56.054.864
37.415.995
Taxes
Recoverable
9.572.963 2.001.211
CURRENT ASSETS
711.148.897 462.800.581
Net Fixed
Asset
2.506.212.893 1.783.280.967
FIXED
ASSETS
2.506.212.893
1.783.280.967
Investments in Related Companies 3.230.445
2.899.322
Long Term
Debtors
396.310 1.977.810
Intangibles
62.575.200
56.161.200
OTHER
ASSETS
66.201.955 61.038.332
TOTAL
ASSETS
3.283.563.745
2.307.119.880
LIABILITIES
31/12/2011
31/12/2010
Oblig.With Banks & Financ.Inst.Short Term
381.187
0
Accounts
Payable
179.779.071
181.205.516
Provisions
7.964.259
10.599.022
CURRENT
LIABILITIES
188.124.517
191.804.538
Other Long Term
Liabilities
1.052.767.251
639.497.288
LONG TERM
LIABILITIES
1.052.767.251 639.497.288
Paid
Capital
646.994.195
580.676.855
Other
Reserves
-6.324.267
7.746.970
Accumulated
Profits
988.740.827
466.933.109
Current Profit
(Losses)
413.261.222 420.461.120
NET
WORTH
2.042.671.977
1.475.818.054
TOTAL
LIABILITIES
3.283.563.745
2.307.119.880
STATEMENTS OF
RESULTS
31/12/2011 31/12/2010
Operating
Income
1.209.877.413
971.362.243
Operating
Cost
-620.216.181
-414.008.666
OPERATING
MARGIN
589.661.232
557.353.577
Administration & Sales
Expenses
-55.051.576 -35.531.319
OPERATING
RESULT
534.609.656
521.822.258
Financial
Incomes
11.239.549
7.251.815
Other non Operating
Incomes
3.978.740 3.931.284
Financial
Expenses
-15.651.100
-9.405.129
Exchange
difference
10.045.927
0
NON OPERATING
RESULT
9.613.116 1.777.970
Result Before Income
Tax
544.222.772 523.600.228
Income
Tax
-130.961.550
-103.139.108
NET
PROFIT(LOSS)
413.261.222
420.461.120
CURRENT
PROFIT(LOSS)
413.261.222
420.461.120
ECONOMIC - FINANCIAL RATIOS
31/12/2011
31/12/2010
Average
Working
Capital
(000's$) 523.024.380
270.996.043
397.010.212
Current Liquidity
(Times) 3,78
2,41
3,10
Acid
Test
(Times) 3,48
2,22
2,85
Collection Period Days (
Days) 116,31 142,07
129,19
Accounts Receivable
Turnover(Times) 3,10
2,53
2,82
Inventory Turnover
(Times) 11,06
11,07
11,07
Current Indebtedness
(Times)
0,09 0,13
0,11
Total Indebtedness
(Times) 0,61
0,56
0,59
Solvency
(Times) 2,65
2,78
2,72
Assets Tying
Up
( % ) 76,33
77,29
76,81
Profitability Over Sales ( %
) 34,16 43,29
38,73
Profitability Over Assets ( %
) 12,59 18,22
15,41
Profitability Over Net Worth( %
)
25,36 39,84
32,60
BANKS
Subject operates with the following bank:
- Banco Santander Chile
OPERATIONS
Line of Business : Copper extraction and foundry. (Divisions Los Bronces, El
Soldado and Foundry Chagres.)
Classification according to commercial activity:
Sic: 1081-0000 Metal mining services
Sic: 5052-0000 Coal and other minerals and ores
-0101 Copper ore
Subject is considered as a large company in this line of business, normal
competition
Sales
Sales are steady throughout the year
100% wholesalers
National and international sales territory
Products are sold
National: 1%.
International: 99%.
Exports to Germany, Belgium, Brazil, China, South Korea, Netherlands, India,
Italy, Japan, Mexico, Taiwan and United States
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Belgium
25,29 23,01
Brazil
17,94 3,93
Mexico
17,37 0,00
China
11,93 18,57
United
States
10,39 7,00
Japan
4,05 15,55
South
Korea
4,04 10,06
Netherlands
3,12 0,30
India
2,50 13,76
Italy
1,76 0,62
Germany
1,52 6,97
Taiwan
0,09 0,17
Historical registries
Total 2011 = 000's$ 846.887.774 Accumulated 2012 = 000's$ 648.524.360
Total 2009 = 000's$ 503.251.668
Total 2008 = 000's$ 867.430.784
Total 2007 = 000's$ 282.528.003
Purchases
Places orders with multiple suppliers
National: 50%
International: 50%
Imports from Germany, Argentina, Australia, Austria, Belgium, Brazil, Canada,
China, Denmark, Slovenia, France, Netherlands and India. England, Italy, Japan,
Mexico, Unknown Origin/Destin., Peru, The Slovak Republic, Sweden, Switzerland,
Taiwan, Thailand, Turkey and United States
of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
United
States
73,75 86,49
Germany
9,81 1,46
Austria
4,62 3,75
Brazil
3,25 0,59
Canada
1,75 1,18
Australia
0,97 3,10
Denmark
0,92 0,00
Thailand
0,91 0,00
Peru
0,80 1,29
France
0,75 0,00
Sweden
0,51 0,21
Japan
0,44 0,00
Unknown
Origin/Destin. 0,41
0,00
China
0,36 0,61
Netherlands
0,21 0,01
Italy
0,12 0,08
Taiwan
0,10 0,00
Switzerland
0,08 0,00
Mexico
0,07 0,01
India
0,05 0,05
Argentina
0,05 1,05
The Slovak
Republic 0,05
0,00
Belgium
0,01 0,00
Slovenia
0,01 0,00
England
0,00 0,00
Turkey
0,00 0,00
Historical registries
Total 2011 = 000's$ 48.151.372 Accumulated 2012 = 000's$ 25.313.378
Total 2009 = 000's$ 83.724.663
Total 2008 = 000's$ 29.929.399
Total 2007 = 000's$ 1.839.109
Main suppliers
- Finning Chile S.A.
- Janssen S.A.
- S.K. Comercial S.A.
- Tecno Fast Atco S.A.
Employees: 1.992 employees
Location
- General offices at Av. Pedro de Valdivia 291 Providencia Santiago,
Chile,
commercial area, main avenue of busy traffic, construction in good
conditions
Branches
Subject has the following branches:
- Division Los Bronces - Division El Soldado - Foundry Chagres - Mantos
Blancos
and Mantos Verde.-
RELATED COMPANIES
Subject is related to the following companies:
- Compañia Minera Doña Ines de Collahuasi S.C.M. T A X 89468900-5 Las
Condes
Santiago, 44,00% Participation . Sales as at 31/12/2011 000's$
2.000.918.153
- Anglo American Norte S.A. It works Mantos Blancos and Mantoverde.
- Anglo American Chile Ltda. T A X 77905330-K Providencia Santiago It
provides
services to Anglo American Norte and Anglo American Sur.
FIXED ASSETS
Real estates
Subject does not register real estates
Vehicles
Owns vehicles for the company's use
Trucks (for copper extraction.)
Machinery & Instalations
Equipments and machinery, not specified
INSURANCES
Insurance Company:
-Chartis Compania de Seguros Generales
Due
: Unspecified due dates
In force : Annual
Risks : Total
cover.
Objetive : Assets in general.
BOARD OF DIRECTORS
President & Director : Miguel Angel Durán Vergara
Director
: Alejandro Mena Frau
Director
: Felipe Purcell Douds
ADMINISTRATION
General Manager : Marcelo
Glavic Ferrada
Human Resources :
Alejandro Mena Frau
Vicepresident
Commercialization & : Felipe Purcell Douds
Corporate Affairs Vice
President
Vice President of Adm. : James E. Beams
& Finances
CURRICULUM
Alejandro Mena Frau
Titled as :
Commercial Engineer
Position :
Human Resources Vicepresident
Felipe Purcell Douds
Titled as :
Industrial Civil Engineer
Position :
Commercialization & Corporate Affairs Vice President
LEGAL INFORMATION
Legal Structure : Private Stock Company
Constitution date : 31/05/2002. Registered on leaf 13.657
N°11.320 Santiago
Trade Register, year 2002, under business name
Inversiones Anglo American Dos Ltda.
Notary
: María Loreto Zaldívar G., Santiago
Term of duration : Indefinite
Legal Address : Santiago - Chile
Published in : Official Gazette
dated 05/06/2002 page Nº 22
Current Social Capital: 000's$ 585.478.379.-Divided to 1.240.750.565.-
registered shares unique series
Shareholder : 3
- 75,49% 77762890-9 Inversiones Anglo American Sur S.A.
- 24,50% Mc Resource Development Ltd
- 0,01% Clarent Limited (Virgin Islands British)
Power of attorney held by General Manager.
Legal changes
Public Deed dated 07/11/2002, notary Patricio Zaldívar Mackenna, Santiago,
published in the Official Gazette dated 13/11/2002 page N° 28, partners were
modified: INVERSIONES ANGLO AMERICAN LTDA retired from the partnership and sold
all rights to ANGLO AMERICAN CHILE DOS LTDA., which joined the partnership.
Besides, capital was increased: from US$1.000 to US$1.220.000.000.-
Public Deed dated 13/03/2003, notary Gustavo Montero Martí, Santiago, published
in the Official Gazette dated 18/03/2003 page N° 26, corporate name was
modified: INVERSIONES ANGLO AMERICAN DOS LTDA by INVERSIONES ANGLO AMERICAN SUR
LTDA.
Public Deed dated 17/05/2005, notary Jaime Morandé Orrego, Santiago, published
in the Official Gazette dated 02/06/2005, capital was increased: from
US$1.220.000.000 to $1.240.189.980.-
Public Deed dated 23/07/2007, notary Cosme F. Gomila Gatica, Santiago,
published
in the Official Gazette dated 26/07/2007 page N° 8, corporate structure was
modified: from limited liability partnership to private stock company. Also,
corporate name was modified: INVERSIONES ANGLO AMERICAN SUR LTDA by ANGLO
AMERICAN SUR S.A. Indefinite term of duration, address in Santiago and capital
US$1.240.189.980 divided into 1.240.189.980 no par value shares.
Public Deed dated 31/07/2007, notary Cosme F. Gomila Gatica, Santiago,
published
in the Official Gazette dated 09/08/2007 page N° 28, statutes were modified:
the
takeover merger of MINERA SUR ANDES S.A. by subject was approved, on the basis
of the audited balances of both partnerships as at Dec 31, 2006. As a result of
this merger, subject acquired all assets and liabilities of MINERA SUR ANDES
S.A. as well as its rights and duties. This company is then dissolved, not
being
necessary to carry out its asset stripping. Besides, capital was increased:
from
US$1.240.189.980 to US$1.240.735.736,42 divided into 1.240.750.565 no par value
shares.-
Public Deed dated 31/08/2012, notary María V. Wielandt Covarrubias de Patricio
Raby Benavente, Santiago, published in the Official Gazette dated 05/09/2012,
statutes were modified: details were not published.-
CAPITAL US$ 1.240.735.736,46 X $ 471,88 (exchange rate as at
27-09-2012) = $
585.478.379.320.-
INFORMATION SOURCES
On 25/09/2012 Miss. María Eugenia Maresco, General Manager Assistant,
submitted
just general information. outside sources provided Balance Sheets.
-Other outside information sources.
Exchange rate
-As at 27/09/2012 $471,88 Per US$
-As at 31/12/2011 $521,46 Per US$
-As at 31/12/2010 $468,01 Per US$
-As at 31/12/2009 $507,10 Per US$
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.69 |
|
|
1 |
Rs.85.71 |
|
Euro |
1 |
Rs.68.14 |
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.