|
Report Date : |
25.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
MINERA ESCONDIDA
LTDA. ( MINSEC ) |
|
|
|
|
Registered Office : |
Av. Americo Vespucio
Sur 100 Piso 9 - Las Condes, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
14.08.1985 |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Mining company like, Production
of copper, export of copper cathodes and concentrates, gold and silver. |
|
|
|
|
No. of Employees : |
3.869 |
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 : |
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) |
|
|
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 $18 billion. Chile used this fund to finance fiscal
stimulus packages during the 2009 economic downturn. In December 2009, the OECD
invited Chile to become a full member, after a two year period of compliance
with organization mandates, and in May 2010 Chile signed the OECD Convention,
becoming the first South American country to join the OECD. The economy started
to show signs of a rebound in the fourth quarter of 2009, and GDP grew 5.1% in
2010 and 6.5% in 2011. Chile achieved this growth despite the 8.8 magnitude
earthquake that struck in February 2010, which was one of the top 10 strongest
earthquakes on record. The earthquake and subsequent tsunamis it generated
caused considerable damage near the epicenter, located about 70 miles from
Concepcion - and about 200 miles southwest of Santiago
|
Source
: CIA |
MINERA ESCONDIDA LTDA. ( MINSEC )
Av. Americo Vespucio Sur 100 Piso 9 - Las Condes
Santiago
XIII Region Metropolitana
CHILE
Telephone :
56-2-3305000
Fax : 56-2-2076510
E_Mail :
karina.kavendano.bhpbilliton.com
Web Site : www.escondida.cl
Postal Code : 1271075
SUMMARY
Started
: 1985
Total
Employees
: 3.869
Payments
: See Commercial Record
Financial
Sit.
: Normal
Economic
Sit.
: Excellent
Sales
: 000's$
3.868.991.764.-
Net
worth
: 000's$
3.007.218.625.-
Current
profit
: 000's$ 1.447.132.848.-
Capital
: 000's$
354.359.831.-
Sic(s) :
1021 - 1041 - 1044
Line of Business: Mining company.
EVALUATION
Interpretation at the end of the report.
Credit Recommendation
000's Pesos
000's US$ dollars 000's Euros
Conservative value :
195.000.000
373.950
288.803
Liberal value : 214.500.000
411.345
317.684
If additional information is received or present information is rectified, this
recommendation may be modified.
Financial indicators
According to last financial statement, subject shows a normal financial
situation, as indicated in:
** Acceptable Working Capital
** Good Current Liquidity Ratio
** Normal 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 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 registers pension fund's
infringements
Previsional Detail
Date :20/08/2012
Reason :Fines on the previsional legislation
Value :Ch$ 122.400,00.-
Months :8
Bulletin :136
Page :120427
Drawer : Adm. de Fondos de Cesantía
(afc)
Consolidated delinquency : As at 21/09/2012, subject registers the following
delinquent bills
Detail of Delinquent Debts
Date : 31/07/2011
Note : Holder certificate
Value : Ch$ 54.872,00
Drawer : Dicom S.A.
City : -
Date : 30/06/2011
Note : Holder certificate
Value : Ch$ 54.732,00
Drawer : Dicom S.A.
City : -
Date : 31/05/2011
Note : Holder certificate
Value : Ch$ 54.530,00
Drawer : Dicom S.A.
City : -
Date : 29/02/2012
Note : Holder certificate
Value : Ch$ 56.161,00
Drawer : Dicom S.A.
City : -
Date : 31/01/2012
Note : Holder certificate
Value : Ch$ 56.043,00
Drawer : Dicom S.A.
City : -
Date : 31/12/2011
Note : Holder certificate
Value : Ch$ 55.751,00
Drawer : Dicom S.A.
City : -
Date : 30/11/2011
Note : Holder certificate
Value : Ch$ 55.543,00
Drawer : Dicom S.A.
City : -
Date : 31/10/2011
Note : Holder certificate
Value : Ch$ 55.287,00
Drawer : Dicom S.A.
City : -
Date : 30/09/2011
Note : Holder certificate
Value : Ch$ 55.043,00
Drawer : Dicom S.A.
City : -
Date : 28/11/2010
Note : Invoice
Value : Ch$ 761.078,00
Drawer : U.C.N. Liemun
City : -
Date : 30/05/2012
Note : Invoice
Value : Ch$ 3.590.512,00
Drawer : MDP Andamios
City : -
Date : 31/08/2011
Note : Holder certificate
Value : Ch$ 54.942,00
Drawer : Dicom S.A.
City : -
Subject registers 20 Invoices amounting 000's$ 7.783 . Only the latest have
been
hereabove detailed..
TRADE REFERENCES
Suppliers' trade references are supplied as follows:
Detail of References
Old : Since
2001
Last purchase : 06-2012
Terms : 30 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 120.000
Owes : (000'sUS$)
20.000
Due : Does
not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly 000's$) 100.000
Old : Since
2008
Last purchase : 06-2012
Terms : 30 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 20.000
Owes : -
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 5.000
Old : Since
1985
Last purchase : 07-2012
Terms : 30 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 4.500.000
Owes : -
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 4.500.000
Old : Since
2000
Last purchase : 06-2012
Terms : 30-45 days
Payment : Prompt
Notes : bank transfer
Credit : (000'sUS$) 60.000
Owes : -
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 6.000
Old : Since
2005
Last purchase : 06-2012
Terms : 30 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 50.000
Owes : (000'sUS$)
28.000
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 33.000
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
Since 2008 10-11 Prompt
invoice
-
-
Since 1985 10-11 Prompt
invoice
4.500.000
-
Since 2005 10-11 Prompt
invoice
50.000
-
Since 2001 11-11 Prompt
invoice
120.000 21.000
Since 2000 10-11 Prompt bank
transfer
60.000
-
Since 1997 06-10 Prompt invoice
Open None
Since 2008 04-10 Prompt invoice &
check
Open None
Since 1985 07-10 Prompt
invoice
25.000 None
Since 1999 07-10 Prompt
invoice
150.000 None
Since 1999 06-10 Prompt
invoice
60.000 None
Since 1998 07-10 Prompt
invoice
80.000 None
Since 2001 06-10 Prompt
checks
Open None
Since 2005 06-10 Prompt
invoice
50.000 None
Since 2000 07-10 Prompt
checks
60.000 None
Since 2000 02-10 Prompt
checks
60.000 None
Since 2005 01-10 Prompt
invoice
50.000 None
Since 2001 02-10 Prompt
checks
Open None
Since 1997 02-10 Prompt
invoice
Open None
Since 1998 02-10 Prompt
invoice
80.000 None
Since 2008 12-09 Prompt invoice &
check
- None
Since 1999 02-10 Prompt
invoice
Open None
Since 1997 01-10 Prompt
invoice
50.000 None
Since 1999 02-10 Prompt
invoice
150.000 None
Since 1985 01-10 Prompt
invoice
25.000 None
Since 1985 11-09 Prompt
invoice
Open None
Since 1997 11-09 Prompt
invoice
Open None
Since 1997 11-09 Prompt
invoice
Open None
-
invoice
-
-
Since 2000 11-09 Prompt
checks
Open None
Since 2001 11-09 Prompt
checks
Open None
Since 2001 10-08 Prompt
checks
Open None
Since 1997 10-08 Prompt
invoice
Open
-
Since 2000 10-08 Prompt
checks
Open
-
Since 1997 10-08 Prompt invoice
Open
-
Since 1985
Prompt
invoice
Open None
Since 1998 10-08 Prompt
invoice
Open None
Since 1985 09-07 Prompt
invoice
Open None
Since 1997 04-08 Prompt
invoice
Open
-
Since 2000 05-08 Prompt
checks
Open
-
Since 1997 05-08 Prompt
invoice
Open
-
Since 2001 04-08 Prompt
checks
Open None
Since 1998 05-08 Prompt
invoice
Open
-
9 years 09-07 Prompt
invoice
-
-
Since 2001 09-07 Prompt
checks
Open None
Since 1997 09-07 Prompt
invoice
Open
-
Since 2000 09-07 Prompt
checks
Open
-
Since 1997 10-07 Prompt
checks
Open
-
Since 1985 09-07 Prompt
invoice
Open
-
Since 1995
Prompt current
account
Open None
10 years 03-07 Prompt
checks
Open
-
Since 1985 03-07 Prompt
invoice
Open
-
Since 2000 04-07 Prompt
checks
Open
-
Since 1997 04-07 Prompt
checks
Open
-
Since 1997 04-07 Prompt
invoice
Open
-
Since 2001 04-07 Prompt
checks
Open None
8 years 06-06 Prompt
invoice
-
-
5 years 06-06 Prompt not
specified
Open
-
5 years 06-06 Prompt
checks
Open
-
6 years 06-06 Prompt
checks
Open
-
10 years 06-06 Prompt
checks
Open
-
10 years 06-06 Prompt
invoice
Open
-
5 years 06-06 Prompt
checks
Open
-
8 years 06-06 Prompt not
specified
Open
-
8 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
-
5 years 01-06 Prompt
checks
Open
-
6 years 01-06 Prompt
checks
Open
-
4 years 01-06 Prompt not
specified
Open
-
8 years 01-06 Prompt
invoice
-
-
8 years 03-05 Prompt
invoice
-
-
3 years 03-05 Prompt not
specified
Open
-
6 years 03-05 Prompt
checks
Open
-
5 years 03-05 Prompt
checks
-
-
10 years 03-05 Prompt
invoice
Open
-
5 years 03-05 Prompt
checks
Open
-
5 years 03-05 Prompt
checks
Open
-
8 years 03-05 Prompt not
specified
Open
-
10 years 03-04 Prompt
invoice
Open 1.656
Registers 20 delinquent payments and one social security infringement.
During the last 6 months, the account holder credit history shows 379 credit
review inquiries requested by companies, workmen's compensation agencies,
warehouses, credit assessment agencies, department stores, financial
institutions, hardware stores, among others.-
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
1.142.256.565 1.443.400.371
1.389.773.479
CURRENT
LIABILITIES
749.142.992 738.076.287 402.160.058
WORKING
CAPITAL
393.113.573 705.324.084 987.613.421
FIXED
ASSETS
3.318.680.425
2.527.306.953
2.312.377.505
OTHER
ASSETS
44.684.950
47.880.313
20.266.706
LONG TERM
LIABILITIES
749.260.323 629.523.072 714.101.826
NET
WORTH
3.007.218.625
2.650.988.278
2.606.155.806
OPERATING
INCOMES
3.868.991.764 4.479.186.069
3.309.321.642
CURRENT
PROFIT(LOSS)
1.447.132.848 2.109.491.344
1.497.442.454
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR COMPLETE
ASSETS
31/12/2011
31/12/2010
Cash
107.634.559
103.690.592
Term
Deposits
59.118.963
56.941.326
Sales
Debtors
993.903
821.481.957
Sundry
Debtors
440.654.558
0
Notes & Accts
Receivable/Interco.Relations
26.343.116 14.127.382
Inventory
491.144.401
447.159.114
Taxes
Recoverable
16.367.065
0
CURRENT
ASSETS
1.142.256.565
1.443.400.371
Net Fixed
Asset
3.318.680.425
2.527.306.953
FIXED
ASSETS
3.318.680.425
2.527.306.953
Investments in Related
Companies
0 9.386.809
Long Term
Debtors
43.404.244
15.165.552
Intangibles
1.280.706
1.412.592
Other 0
21.915.360
OTHER
ASSETS
44.684.950
47.880.313
TOTAL
ASSETS
4.505.621.940
4.018.587.637
LIABILITIES
31/12/2011
31/12/2010
Oblig.With Banks & Financ.Inst.Short
Term
81.201.230 220.889.067
Accounts
Payable
438.885.242
149.014.623
Notes & Accts Payable Related
Companies
135.929.500 71.431.945
Provisions
87.970.302
90.802.208
Withholdings
0 205.921.425
Other Current
Liabilities
5.156.718
17.019
CURRENT
LIABILITIES
749.142.992
738.076.287
Oblig.with Banks & Financial
Intitutions 238.626.875
114.940.759
Notes
Payable
0
14.398.716
Sundry
Creditors
12.029.561
0
Notes & Accts Payable Related
Companies
51.103.080 70.994.309
Provisions
447.500.807
82.056.779
Other Long Term
Liabilities
0
347.132.509
LONG TERM
LIABILITIES
749.260.323 629.523.072
Paid
Capital
381.313.453
355.575.482
Accumulated
Profits
1.178.772.324
185.921.452
Current Profit
(Losses)
1.447.132.848
2.109.491.344
NET
WORTH
3.007.218.625 2.650.988.278
TOTAL
LIABILITIES
4.505.621.940
4.018.587.637
STATEMENTS OF
RESULTS
31/12/2011 31/12/2010
Operating
Income
3.868.991.764
4.479.186.069
Operating
Cost
-1.648.368.955 -1.561.878.200
OPERATING
MARGIN
2.220.622.809
2.917.307.869
Administration & Sales
Expenses
-240.930.164
-52.135.108
OPERATING
RESULT
1.979.692.645
2.865.172.761
Financial
Incomes
14.049.175
1.266.227
Other non Operating
Incomes
3.229.402
13.364.436
Financial
Expenses
-3.920.336
-29.372.193
Other non Operating
Expenses
-148.988.944
-110.374.269
Exchange
difference
12.960.889
0
NON OPERATING
RESULT
-122.669.814
-125.115.799
Result Before Income
Tax
1.857.022.831
2.740.056.962
Income
Tax
-409.889.983
-630.565.617
NET PROFIT(LOSS)
1.447.132.848
2.109.491.345
CURRENT
PROFIT(LOSS)
1.447.132.848 2.109.491.345
ECONOMIC - FINANCIAL
RATIOS
31/12/2011
31/12/2010
Average
Working
Capital
(000's$) 393.113.573
705.324.084
549.218.829
Current Liquidity
(Times) 1,52
1,96
1,74
Acid
Test
(Times) 0,87
1,35
1,11
Collection Period Days (
Days)
43,55 67,16
55,36
Accounts Receivable
Turnover(Times)
8,27 5,36
6,82
Inventory Turnover
(Times) 3,36
3,49
3,43
Current Indebtedness
(Times)
0,25 0,28
0,27
Total Indebtedness
(Times)
0,50 0,52
0,51
Solvency
(Times) 3,01
2,94
2,98
Assets Tying
Up
( % ) 73,66
62,89
68,28
Profitability Over Sales ( %
) 37,40 47,10
42,25
Profitability Over Assets ( %
) 32,12 52,49
42,31
Profitability Over Net Worth( %
)
92,76 389,57
241,17
BANKS
Subject operates with the following banks:
- Banco de Chile
- Banco de Credito e Inversiones
- Banco Santander Chile
Line of Business : Mining company.
Production of copper, export of copper cathodes and
concentrates, gold and silver.
Classification according to commercial activity:
Sic: 1021-0000 Copper ores
-0100 Copper ore mining and
preparation
Sic: 1041-0000 Gold ores
-0100 Gold ores mining
Sic: 1044-0000 Silver ores
-0100 Silver ores mining
Subject is considered as a large company in this line of business, high
competition
Sales
Sales are steady throughout the year
100% wholesalers
National and international sales territory
Products are sold
National: 12%.
Territory: North zone (Codelco).
International: 88%.
Exports to Australia, Brazil, Canada, China, South Korea, France, Netherlands,
India, Italy, Japan, Taiwan, Thailand and United States
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
China
31,40 29,90
Japan
18,23 19,91
India
12,70 11,22
South
Korea
12,27 13,58
Brazil
8,00 8,61
United
States
7,71 5,24
Italy
3,73 4,13
Netherlands
2,28 2,76
Taiwan
2,21 3,97
France
0,86 0,36
Thailand
0,60 0,27
Canada
0,00 0,00
Australia
0,00 0,00
Historical registries
Total 2011 = 000's$ 3.232.132.824 Accumulated 2012 = 000's$ 1.742.927.430
Total 2010 = 000's$ 581.587.239
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, Argentina, Australia, Austria, Belgium, Brazil, Bulgaria,
Canada, China, Colombia, Denmark, Spain, Finland, France, Greece, Hungary,
India, Indonesia, England, Israel, Japan, Mexico, Peru, Dominican Republic,
Czech Republic, Singapore, Southafrica, Sweden, Switzerland, Taiwan, Turkey and
United States
of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
United
States
55,12 55,79
Germany
10,38 4,34
Canada
8,81 8,42
Brazil
6,74 2,82
Switzerland
4,76 2,35
China
3,96 2,35
Spain
3,26 1,09
Australia
1,66 4,62
Southafrica
1,66 0,62
Argentina
1,23 0,00
Belgium
0,54 0,27
Bulgaria
0,41 0,00
Finland
0,37 7,70
France
0,24 0,00
Mexico
0,23 0,45
Colombia
0,22 0,00
Greece
0,14 2,17
Turkey
0,09 0,00
Japan
0,06 0,00
Denmark
0,06 0,06
Sweden
0,03 0,00
Singapore
0,01 0,00
England
0,01 0,00
Israel
0,00 0,00
Hungary
0,00 0,00
India
0,00 2,29
Indonesia
0,00 0,00
Austria
0,00 0,00
Taiwan
0,00 0,00
Peru
0,00 3,87
Dominican
Republic
0,00 0,00
Czech
Republic
0,00 0,65
Historical registries
Total 2011 = 000's$ 106.522.449 Accumulated 2012 = 000's$ 44.346.533
Total 2010 = 000's$ 2.493.224
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
- Accenture Chile Asesorias y Servicios Limitada
- Aguas Industriales Limitada
- B. Bosch S.A.
- BHP Chile Inc.
- Cemento Polpaico S.A.
- Compass Catering S.A.
- Constructora Excon S.A.
- Cooperativa de Dueños de Camiones de Iquique Caliche Ltda.
- Elementos Industriales y Tecnologicos Limitada
- Empresa Nacional de Energia Enex 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.
- Industria Metalurgica Inamar Limitada
- Ingenieria y Construccion Sigdo Koppers S.A.
- Interfluid Equipos Industriales 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.
- Sodexo Chile S.A.
Employees: 3.869 employees approx.
Location
- Administration offices located at Av. Americo Vespucio Sur 100 Piso 9
Las
Condes Santiago, Chile, commercial area, main avenue of busy
traffic,
construction in good conditions
Branches
- Offices (ph: 56-55-201223) at Av. de la Minería 501 Antofagasta Chile
RELATED COMPANIES
Subject does not have any related company.
- Compañia Minera Cerro Colorado Ltda. T A X 94621000-5 Iquique . Sales
as at
31/12/2010 000's$ 378.928.977
- Minera Spence S.A. T A X 86542100-1 Antofagasta
FIXED ASSETS
Real estates
Subject registers real estates
- Home, Pasaje Neorara 1230 Antofagasta-Chile, Fiscal value of 000's$
45.539.-,
rol Nº 3.351-9
- Home, Avda. Grecia 1150 Depto. 306 Antofagasta-Chile, Fiscal value of
000's$
52.361.-, rol Nº 488-59
- Home, Cerro Rincones 582 Antofagasta-Chile, Fiscal value of 000's$
59.706.-,
rol Nº 4.511-11
- Home, Cerro Trapecio 01968 Antofagasta-Chile, Fiscal value of 000's$
45.093.-, rol Nº 3.351-7
- Home, Avda. Grecia 1160 Depto. 304 Antofagasta-Chile, Fiscal value of
000's$
52.361.-, rol Nº 488-49
- Home, Salar de Pedernales 1372 Antofagasta-Chile, Fiscal value of
000's$
21.663.-, rol Nº 1.490-7
- Sites, Avda. Escondida Mz I Sitio 10 Antofagasta-Chile, Fiscal
value of
000's$ 74.080.-, rol Nº 4.515-7
- Branch, Av. de la Minería 501 Antofagasta-Chile, Fiscal value of 000's$
24.297.693.-, rol Nº 110-1
- Home, Avda. Antilhue 02082 Antofagasta-Chile, Fiscal value of 000's$
53.545.-, rol Nº 3.351-13
- Home, Mehuin 01637 Depto. 101 Antofagasta-Chile, Fiscal value of 000's$
26.391.-, rol Nº 3.304-16
- Home, Avda. Grecia 1160 Depto. 503 Antofagasta-Chile, Fiscal value of
000's$
52.361.-, rol Nº 488-52
- Sites, Patricio Lynch Lote 1 C Antofagasta-Chile, Fiscal value of
000's$
1.101.618.-, rol Nº 456-1
- Sites, P. Aguirre Cerda 9101 Antofagasta-Chile, Fiscal value of 000's$
17.949.-, rol Nº 5.150-3
- Home, Huellelhue 1230 Antofagasta-Chile, Fiscal value of 000's$
31.248.-, rol
Nº 3.340-9
- Home, Collico 1216 Antofagasta-Chile, Fiscal value of 000's$ 42.841.-,
rol Nº
3.350-2
- Home, Diaz Gana 720 Depto. 502 Antofagasta-Chile, Fiscal value of
000's$
52.361.-, rol Nº 488-42
- Home, Huellehue 1313 Antofagasta-Chile, Fiscal value of 000's$
38.888.-, rol
Nº 3.323-4
- Home, Cerro Cenicero 01656 Antofagasta-Chile, Fiscal value of 000's$
26.053.-, rol Nº 3.303-10
Total fiscal appraisal $74.073.556.189.-
Vehicles
Owns vehicles for the company's use
777 trucks Aljibes, 65 trucks Caterpillar, railroad wagons . 28 trucks
Diesel,
Machinery & Instalations
Subject owns the following
- Packers , tractors Komatsu-Caterpillar , crushing machines , cells ,
concentrates' thickeners , flotation columns , 9 inches, metallic
underground
mineduct , filters , drillers eléctricas y diesel , motolevelers
Caterpillar
, mills , etc.
INSURANCES
Subject is insured, but name of insurance company is not disclosed
BOARD OF DIRECTORS
President
: Edgar Basto Baez TAX:22804787-2
Director of Production : Pedro Damjanic Yutronic TAX:6321726-3
ADMINISTRATION
Human Resources : Jorge
Lopéz del Pino
Vicepresident
Finance Vice President : Maree Robertson Robertson
Supply Manager :
Marco Lagos Castillo
CURRICULUM
Pedro Damjanic Yutronic
T A X
: 6321726-3
Titled as :
Mechanical Civil Engineer.
LEGAL INFORMATION
Legal Structure : Limited Liability Partnership
Constitution date : 14/08/1985. Registered on leaf N° 12.876
Nro. 6.652 of
the Santiago Trade Registry, year 1985.
Notary
: Patricio Raby Benavente, Santiago
Term of duration : 75 Year renewable in five-year
periods
Legal Address : Santiago - Chile
Published in : Official Gazette
dated 20/08/1985 page Nº 5
Current Social Capital: 000's$ 354.359.831.-
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 (ThChs$51.088.930).-
Public Deed dated 13/08/1999, notary Gustavo Montero Martí, suplente de Andrés
Rubio Flores, Santiago, published in the Official Gazette dated 19/08/1999 page
N° 36, statutes were modified: .- Rectified prior deed.
Public Deed dated 30/03/2001, notary Andrés Rubio Flores, Santiago, published
in
the Official Gazette dated 12/04/2001 page N° 45, capital was increased: to US$
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
all 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$731.241.912,64.-
Public Deed dated 26/05/2010, notary Sebastián Aninat Salas, Santiago,
published
in the Official Gazette dated 07/06/2010 page N° 28, partners were modified:
International Finance Corporation, owner of 2,50%, retired from the partnership,
sold and transferred participation to "JECO 2 LTD.", which joined as
new
partner.
Capital of US$ 731.241.912,64 x $484,6 (exchange rate as at August 2, 2012) =
$354.359.830.865.-
PUBLICATIONS
Information regarding subject is supplied as follows
El Mercurio Economia y Negocios Cuerpo b Pag 5 Cuerpo B of 16/02/2012
Escondida's profits fell 36% in 2011
Minera Escondida, operated by BHP Billiton - registered profits for
US$2,775million last year, representing a drop of 36% compared to 2010.
This happened along with a reduction of 19.5% over the revenues of the firm,
which reached US $ 7,419 million in 2011, and with a reduction of 24.6% in the
Escondida's production, which reached 819,261 metric tons of copper.
In 2011, Escondida accrued US$ 641 million for income taxes and US$ 145
million for the specific mining taxation. In total, it was a drop of 39.4%
compared to the taxation of 2010. -
INFORMATION SOURCES
On 02/08/2012 Miss. Karina Avendaño, President's Office Secretary, submitted
the data shown in this report, outside sources provided financial
figures.
-Other outside information sources.
Exchange rate
-As at 03/08/2012 $484,60 Per US$
-As at 31/12/2011 $521,46 Per US$
-As at 31/12/2010 $468,01 Per US$
-As at 31/12/2009 $468,01 Per US$
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
DIAMOND INDUSTRY –
INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of diamonds
but history says that in the remote past, diamonds were mined only in India.
Diamond production in India can be traced back to almost 8th Century
B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian workforce
and the untiring and unflagging efforts of the Indian diamantaires, supported
by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations which
operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND SAGA – DIRTY DOZEN STUCK
WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
-
Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
|
1 |
Rs.86.43 |
|
Euro |
1 |
Rs.68.95 |
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.