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Report Date : |
24.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
ORICA CHEMICALS CHILE S.A. |
|
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|
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Registered Office : |
Calle Dos 9463, Loteo Industrial Américo
Vespucio – Quilicura, |
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Country : |
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Date of Incorporation : |
2001 |
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Legal Form : |
Private Stock Company |
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Line of Business : |
Chemical industry |
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No. of Employees : |
120 |
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 |
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Status : |
Satisfactory |
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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 |
|
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 |
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 $18 billion. Chile used
this fund to finance fiscal stimulus packages during the 2009 economic
downturn. In December 2009, the OECD invited Chile to become a full member,
after a two year period of compliance with organization mandates, and in May
2010 Chile signed the OECD Convention, becoming the first South American
country to join the OECD. The economy started to show signs of a rebound in the
fourth quarter of 2009, and GDP grew 5.1% in 2010 and 6.5% in 2011. Chile
achieved this growth despite the 8.8 magnitude earthquake that struck in
February 2010, which was one of the top 10 strongest earthquakes on record. The
earthquake and subsequent tsunamis it generated caused considerable damage near
the epicenter, located about 70 miles from Concepcion - and about 200 miles southwest
of Santiago.
|
Source
: CIA |
ORICA CHEMICALS CHILE S.A.
( QUIMICA ANGLO CHILENA )
T A X : 96.959.480-3
Calle Dos 9463, Loteo Industrial Américo Vespucio - Quilicura
Santiago XIII Region Metropolitana
CHILE
Telephone : 56-2-3848100,
56-2-3848201
Fax : 56-2-6231987
Web Site : www.oricachemicals.com
P.O.Box :
176-D - Santiago-1
Postal Code : 8710031
SUMMARY
Started
: 2001
Total
Employees :
120
Payments
: Prompt
Capital
: 000's$
9.210.339.-
Sic(s) : 2819 - 5169
Line of Business: Chemical industry.
EVALUATION
Interpretation at the end of the report.
Credit Recommendation
000's Pesos
000's US$ dollars 000's Euros
Conservative value : 520.000
1.019
813
Liberal value
: 572.000
1.121
894
If additional information is received or present information is rectified, this
recommendation may be modified.
Financial indicators
Financial statements could not be obtained, thus financial analysis can not be
carried out
COMMERCIAL INFORMATION
Commercial Bulletin : As at 14/09/2012 subject
does not register protested
checks, bank drafts nor
promissory notes in the
commercial information bulletin
Labor Bulletin : As at 14/09/2012 does not register labor
infringements
Previsional Bulletin :
As at 14/09/2012 does not register pension fund's infringements
Consolidated delinquency : As at 14/09/2012, subject does not register any delinquent bill
TRADE REFERENCES
Suppliers' trade references are supplied as follows:
Detail of References
Old : Since
2001
Last purchase : 04-2012
Terms : 60 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 65.000
Owes : (000'sUS$)
50.000
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 9.000
Old : Since
2001
Last purchase : 04-2012
Terms : 45 days
Payment : Prompt
Notes : bank transfer
Credit : (000'sUS$) 2.000
Owes : -
Due : Does
not Register
Paying Comments: Good
Old : Since
2008
Last purchase : 04-2012
Terms : 60 days
Payment : Prompt
Notes : current account
Credit : (000'sUS$) 10.000
Owes : -
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 2.500
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
Since 2001 11-11 Prompt
invoice
-
-
Since 2008 12-11 Prompt current
account
10.000 10.000
Since 2001 12-11 Prompt bank
transfer
2.000
-
Since 2001 09-10 Prompt bank
transfer
2.000 None
Since 2001 03-10 Prompt bank
transfer
2.000 None
Since 2001 02-10 Prompt
invoice
Open None
Since 2001 11-08 Prompt
invoice
Open
-
Since 2001 11-08 Prompt bank
transfer
2.000
-
Since 2001 09-08 Prompt bank
transfer
5.000
-
Since 2001 09-08 Prompt
invoice
Open
-
Since 2001 07-07 Prompt
invoice
Open
-
Since 2001 07-07 Prompt bank
transfer
2.000 None
Since 2001 12-06 Prompt order
form
1.000
-
Since 2001 12-06 Prompt
invoice
Open
-
Since 2001 07-06 Prompt
invoice
Open
-
Since 2001 06-06 Prompt order
form
1.000
-
Since 2001 01-06 Prompt order
form
Open
-
Since 2001 01-06 Prompt
invoice
Open
-
Since 2001 05-05 Prompt
invoice
Open
-
Since 2001 05-05 Prompt order
form
Open
-
Since 2001 02-05 Prompt order
form
Open
-
Since 2001 01-05 Prompt
invoice
Open
-
2 years 10-03 Prompt
checks
Open
-
1 year 09-03 Prompt
checks
Open
-
During the last 6 months, the account holder credit history shows 48 credit
review inquiries requested by mining, transportation companies, banks,
industry.
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.
Subject operates with the following banks:
- Banco Bice
- Banco de Chile
- Banco de Credito e Inversiones
- Banco Santander Chile
Line of Business : Chemical industry. Elaborarion, sale and import of chemical
products for industrial areas (construction, celluloses, forest, tannery,
shoes, paints, etc.)
CERTIFICATION ISO 9001-2000 and OHSAS 18001:2007
Classification according to commercial activity:
Sic: 2819-0000 Industrial inorganic chemicals
-0201 Boric acid
-9901 Catalysts, chemical
Sic: 5169-0000 Chemicals and allied products
Commercializes:
- NOBEL ENTERPRISES
- JOHNSON MATHEY
- US BORAX
- STEPAN
- LUZAQNAC
- OURO BRANCO
- LUCITE
- 3M, etc.
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: 95%.
International: 5%.
Exports to Germany, United Arab Emirates, Italy, Japan and Uruguay.
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Japan
81,24 89,45
Uruguay
10,66
0,00
Italy
5,59
6,86
Germany
1,75 3,18
United Arab
Emirates 0,76
0,48
Historical registries
Total 2010 = 000's$ 116.005 Accumulated 2011 = 000's$ 200.796
Total 2009 = 000's$ 1.520.490
Total 2007 = 000's$ 1.022.483
Total 2006 = 000's$ 205.547
Total 2005 = 000's$ 78.459
Total 2004 = 000's$ 86.923
Total 2003 = 000's$ 45.116
Customers
Main customers are: Mining companies, forest industry,
laboratories, footwear
industry, laboratory of cosmetics.
The 12 most important customers are:
BHP Billiton Chile S.A., Anglo American Chile Ltda., Sindelen
S.A., Nestle
Chile S.A., Unilever Chile S.A., Compañia Siderurgica Huachipato
S.A.,
Empresas CMPC S.A., Empresa Nacional de Energia Enex S.A., Clorox
Chile S.A.,
Petrobras Chile Lubricantes S.A.C., Cia. Minera Antamina S.A.,
Hexion Quimica.
Purchases
Places orders with multiple suppliers
National: 30%
International: 70%
Purchase conditions: Direct collection.
Imports from Spain.
of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Spain
100,00 0,00
Historical registries
Total 2010 = 000's$ 9.141
Total 2009 = 000's$ 10.382.316
Total 2007 = 000's$ 9.880.084
Total 2006 = 000's$ 6.507.665
Total 2005 = 000's$ 4.202.098
Total 2004 = 000's$ 4.387.090
Total 2003 = 000's$ 3.676.860
Main suppliers
- 3M Chile S.A.
- Brenntag Chile Comercial e Industrial Limitada
- Dow Quimica Chilena S.A.
- Greif-Cogas S.A.
- Oxiquim S.A.
- Plasticos Haddad S.A.
120 employees
Location
- Industrial plant and management offices located at Calle Dos 9463,
Loteo
Industrial Américo Vespucio Quilicura Santiago, Chile, industrial
area,
secondary street of normal traffic, construction in good
conditions
- Commercial offices at Avda. Antonio Rendic 6990, Fono (55) 483239,
Antofagasta Chile
Subject is related to the following companies:
National
- Andean Mining & Chemicals Ltda. Agencia en Chile T A X 59014520-3
Quilicura
Santiago (Inactive)
- Active Chemicals Chile S.A. T A X 96658510-2 Quilicura Santiago
(Inactive)
International
- Orica Chemicals Peru S.A.C., Peru
- Orica Chemicals Colombia S.A., Colombia
- Orica Chemicals Argentina S.A., Argentina
- Orica Brasil / Productos Quimicos Ltda,, Brazil
FIXED ASSETS
Real estates
Subject does not register real estates
Vehicles
Owns vehicles for the company's use
20 delivery vans (years 2008-2010, via leasing 80% and 20% own vehicles.)
Machinery & Instalations
Equipments and machinery, not specified
INSURANCES
Subject is insured, but name of insurance company is not disclosed
ADMINISTRATION
General Manager : Roberto
Hill Planella
Operations Manager : Felipe Rivera
Adm. & Finances Manager : Javier Holgado
General Accountant : Gerardo Ferreira
Foreign Trade Supervisor : Ana María Montabone
LEGAL INFORMATION
Legal Structure : Private Stock Company
Constitution date : 26/06/2001. Registered on leaf 16.424 Nr
13.241, Real
Estate Trade Register, year
2001, under the business name
QUIMICA ANGLO CHILENA S.A.
Trade style Q.A.C. S.A.
Notary
: Fernando Alzate Claro, Santiago
Term of duration : Indefinite
Legal Address : Santiago - Chile
Published in : Official Gazette
dated 29/06/2001 page Nº 37
Current Social Capital: 000's$ 9.210.339.-Divided to 24.400.- registered shares
unique series
Social Initial Capital: 000's$ 354.378.-
Shareholder : 2
- 99,00% 95467000-7 Orica Chile S.A.
- 1,00% Orica Australia
Power of attorney held by General Manager.
Legal changes
Public Deed dated 23/08/2004, notary Fernando Alzate Claro, Santiago, published
in the Official Gazette dated 02/09/2004 page N° 12, statutes were modified:
1)Preferences and differences in shares' series were eliminated. Capital was
divided into 1.200 no par value shares of one series.
2)Article V of statutes was replaced, stating that capital is $354.378.797
divided into 1.200 no par value shares of one series, subscribed & paid as
established in transitory articles of the statutes.
Public Deed dated 25/02/2005, notary Fernando Alzate Claro, Santiago, published
in the Official Gazette dated 08/04/2005 page N° 24, statutes were modified:
1)Articles VI, VII, VIII, IX, XV, XXII of statutes were modified in relation to
board of directors and duration in their positions, frequency of board of
directors' meetings, its constitution and agreements and sessions of
meetings
of shareholders, and
2) Article XVI of statutes was modified in relation to voting in meetings of
shareholdeers.
Public Deed dated 31/05/2006, notary Antonieta Mendoza Escalas, Santiago,
published in the Official Gazette dated 09/06/2006 page N° 26, corporate name
was modified: QUIMICA ANGLO CHILENA S.A. was replaced by ORICA CHEMICALS CHILE
S.A.
It can also use the trade styles QUIMICA ANGLO CHILENA "QAC"., ORICA
CHEMICALS
LATIN AMERICA., ORICA CHEMICALS., ORICA CHEMNET.,ORICA., OCLA., ACTIVE and
ACTIVE CHEMICALS.
Public Deed dated 07/08/2007, notary Antonieta Mendoza Escalas, Santiago,
published in the Official Gazette dated 29/08/2007 page N° 29, statutes were
modified: it was unanimously agreed to replace articles VI and IX of statutes
in
relation to term of duration and positions of the board of directors.
Public Deed dated 10/11/2011, notary Eduardo Avello Concha, Santiago, published
in the Official Gazette dated 28/11/2011, capital was increased: from
$354.378.797 divided into 1.200 nominal shares, to the amount of
$9.210.339.309.- divided into 24.400 nominal shares. The increase will be made
through the issue of 23.200 shares, completely subscribed by "Orica Chile
S.A.".-
IMPORTANT NOTE
Subject was created as from the division of the company "Inversiones
Q.A.C.
S.A.", taxpayer N° 84.114.100-8, established by public deed on December
30, 1974
and registered on leaf 1.642 N°956 of the Santiago Trade Register, year 1975.
INFORMATION SOURCES
On 28/05/2012 Mr. Gerardo Ferreira, General Accountant, declined
financial
figures, however, submitted the data shown in this report.
-Other outside information sources.
Exchange rate
-As at 29/05/2012 $510,26 Per US$
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.53.90 |
|
|
1 |
Rs.87.60 |
|
Euro |
1 |
Rs.70.00 |
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.