MIRA INFORM REPORT

 

 

Report Date :

04.01.2013

 

IDENTIFICATION DETAILS

 

Name :

CERRO MATOSO SA (CMSA)

 

 

Registered Office :

Calle 114 #9-01 Torre A Piso 5 Oficina 509; Bogotá

 

 

Country :

Colombia

 

 

Date of Incorporation :

1982

 

 

Legal Form :

Sociedad Anonima

 

 

Line of Business :

Mining company.

 

 

No. of Employees :

less than 1500

 

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)

Colombia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Colombia - ECONOMIC OVERVIEW

 

Colombia's consistently sound economic policies and aggressive promotion of free trade agreements in recent years have bolstered its ability to face external shocks. Real GDP grew 5.7% in 2011 and inflation ended 2011 at 3.7%, continuing almost a decade of strong economic performance. All three major ratings agencies have upgraded Colombia''s investment grade. Nevertheless, Colombia depends heavily on oil exports, making it vulnerable to a drop in oil prices. Economic development is stymied by inadequate infrastructure, weakened further by recent flooding. Moreover, the unemployment rate of 10.8% in 2011 is still one of Latin America''s highest. The SANTOS Administration''s foreign policy has focused on bolstering Colombia''s commercial ties and boosting investment at home. The US-Colombia Free Trade Agreement (FTA) was ratified by the US Congress in October 2011 and is pending implementation in 2012. Columbia has signed or is negotiating FTAs with a number of other countries, including Canada, Chile, Mexico, Switzerland, the EU, Venezuela, South Korea, Turkey, Japan, and Israel. Foreign direct investment - notably in the oil sector - reached a record $10 billion in 2008 but dropped to $7.2 billion in 2009, before beginning to recover in 2010, and it appears to have reached a record high $13 billion in 2011. Colombia is the third largest Latin American exporter of oil to the US. Inequality, underemployment, and narcotrafficking remain significant challenges, and Colombia''s infrastructure requires major improvements to sustain economic expansion. In late 2010, Colombia experienced its most severe flooding in decades with damages estimated to exceed $6 billion. The rains resumed in 2011 causing further damages to crops and infrastructure as well as killing hundreds of Colombians and displacing millions.

         

Source : CIA

 

 

GEOPOLITICS - COLOMBIA

POLITICAL DATA

ECONOMIC DATA

Form of Government: Republic


Economic Risk: Low

Currency: USD

Branch Situation:Medium

 

 

IDENTIFICATION

Ordered as:

CERRO MATOSO SA (BHP BILLITON)

Address in the order:

Calle 113 No. 7-21, Torre A, Piso 5, Oficina 509, bogota

Colombia

 

 

Legal Name:

CERRO MATOSO SA (CMSA)

Trade Name:

CMSA

Legal Address

Calle 114 #9-01 Torre A Piso 5 Oficina 509; Bogotá; Colombia.

Operative Address

Calle 114 #9-01 Torre A Piso 5 Oficina 509; Bogotá; Colombia.

Telephone:

+57 47 723200 / +57 1 6291570

NIT :

860069378 - 6

Fax:

+57 47 723612

Legal Form:

Sociedad Anonima

Email:

lponguta@cmatoso.com

Registered in:

Colombia

Website:

http://www.bhpbilliton.com (group site)

Date Created:

1982

Manager:

Alan Nigel Pangbourne, Presidente

Date Incorporated:

N.A.

Staff:

less than 1500

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Mining company.

 

 

BANKS

 

Name of the Bank

Bancolombia

 

 

BUSINESS

 

HISTORY

 

CERRO MATOSO SA was created in 1982

 

BHP Billiton announced that it has acquired exploration and production rights offshore Colombia, South America.

PRINCIPAL ACTIVITY

 

Cerro Matoso is a private company related to the mining business in Colombia (ferronickel mine).

 

This company is currently waiting for the decision from the local government, to get the extension of its license and keep operating in Colombia.

Products/Services description:

 

This company has as main products the Aluminium and nickel.

Sales are:

 

Wholesale

Clients:

 

Their clients are companies related to the market where they develop.

Operations area:

 

International, Local

The company does not import

The company exports to worldwide deppending on the demand

The subject employs less than 1500 employees

Comments on staff:

 

The number of employee was not verified by the company

PAYMENTS

 

regular

LOCATION

Headquarters

 

This company has its headquarters located at:

 

Calle 114 #9-01 Torre A Piso 5 Oficina 509; Bogotá; Colombia.

Branches:

 

They have the mining camp located in Córdoba, Colombia.

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

This company is own by:

 

BHP Billiton 75%.

 

Colombia’s state-owned oil company, Ecopetrol, holds the remaining 25%.

Management:

 

Alan Nigel Pangbourne, Presidente

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We have contacted the receptionist who refused to communicated us with the financial department without knowing the name of the inquiring party.

Comments on the financial data: Despite our research we could not get financial information for 2011.

Legal Filings

 The sources consulted record no detrimental legal or labor court information.

 

 

Rating

Local credit bureau gave a Normal credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 

 

 Final Opinion

 

This company has 30 years of experience in the market where they develop.

 

Cerro Matoso is a private company related to the mining business in Colombia (ferronickel mine).

 

This company is currently waiting for the decision from the local government, to get the extension of its license and keep operating in Colombia.

 

After our research and based on the information obtained we suggest a credit line for USD 500,000. However as the company is waiting for the entension of the license we suggest a monitoring in 6 months.

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

N.A.

Public

NO

Indebtedness

CONTROLLED

Payments

REGULAR

Cash

NORMAL

 

 

 

 

APPENDIX

 

Comments

We have contacted the receptionist who refused to communicated us with the financial department without knowing the name of the inquiring party. However we left a message indicating the call purpose.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.42

UK Pound

1

Rs.88.29

Euro

1

Rs.71.49

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.