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Report Date : |
23.04.2014 |
IDENTIFICATION DETAILS
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Name : |
AJAY SQM CHILE
S.A. |
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Registered Office : |
Presidente Eduardo Frei Montalva 4900 Renca Santiago |
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Country : |
Chile |
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Date of Incorporation : |
21.11.1990 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Manufacture of chemicals made of iodine (iodate iodide and
compounds) and byproducts, including methyl iodide, potassium iodide, calcium
iodide, copper iodide, among others |
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No. of Employees |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Chile |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 of goods and services account for approximately one-third of GDP, with commodities making up some three-quarters of total exports. Copper alone provides 19% of government revenue. From 2003 through 2013, real growth averaged almost 5% per year, despite the slight contraction in 2009 that resulted from the global financial crisis. 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 has 22 trade agreements covering 60 countries including agreements with the European Union, Mercosur, China, India, South Korea, and Mexico. Chile has joined the United States and nine other countries in negotiating the Trans-Pacific-Partnership trade agreement. The Chilean Government has generally followed a countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and generally allowing deficit spending only during periods of low copper prices and growth. As of 31 December 2012, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $20.9 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn. In May 2010 Chile signed the OECD Convention, becoming the first South American country to join the OECD
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Source
: CIA |
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IDENTIFICATION |
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CORRECT COMPANY
NAME |
AJAY SQM CHILE S.A. |
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TRADE NAME |
AJAY-SQM GROUP |
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TAXPAYER
REGISTRATION |
RUT 96592180K |
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MAIN ADDRESS |
Presidente Eduardo Frei Montalva 4900 Renca |
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DEPT/PROV/REGION/STATE |
Santiago |
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COUNTRY |
CHILE |
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TELEPHONE |
(562) 24437110 |
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CORPORATE E-MAIL |
ajaysqmchile@ajay-sqm.cl |
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COMMENTS |
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FAX: 562-4437114 |
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EXECUTIVE
SUMMARY
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Date of
foundation |
1990 |
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Capital stock |
US$5,313,794.= Dollars |
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permanent
employees |
50 |
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Chief Executive |
COVARRUBIAS GIORDANO, PATRICIO |
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Disposition |
Moderate. Some data and figures were confirmed. |
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Payments policy |
Without rating (No payment experience traced) |
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Number of times that this company was required: 2 |
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REPUTATION
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NOTHING AGAINST COMPANY |
LEGAL
STRUCTURE
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LEGAL STATUS |
Joint-Stock Company |
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DATE OF
INCORPORATION |
21NOV1990 |
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PLACE OF
REGISTRY |
Santiago |
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NOTARY OFFICE |
No 43, Juan Ricardo San Martín |
DURATION |
Indefinite |
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INITIAL CAPITAL |
Ps$1,000,000.= Pesos. |
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CURRENT PAID-IN
CAPITAL |
US$5,313,794.= Dollars |
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CURRENT EXCHANGE
RATE (US$) |
Ps$553.38 Pesos per USD1 |
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COMMENTS |
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Founded in 1990 as INDUSTRIAS QUIMICAS DE YODO S.A. Its constitution was published in the Official Journal DO 24/11/1990 . By public deed the company Sociedad Química y Minera de Chile S.A., based in alle Moneda No. 970, piso 15, Santiago and Soquimich European Holdings B.V., based in Hoogoorddreef No. 66, piso 7, Amsterdam, Holland, and for these purposes , in Avda . Libertador Bernardo O'Higgins No. 949 , piso 24 , Santiago , constitued closed company under the name of "Industrias Químicas de Yodo S.A." which may also act with acronym " INQUIM SA ". It is provided that the Registrar of companies will be the city of Santiago without prejuices, special addresses of agencies, branches and offices to be specified in other parts of the country or abroad. Duration of this society will be indefinite from this date. Management company shall be exercised by Board of 3 members. Capital stock of Ps $ 1,000,000 - . divided into 1,000 shares of no par value , of the same series without privileges or preferences is fully subscribed and paid in cash and in appropriate proportions. Other provisions are contained in extracted Deed - . Santiago , 21.11.90.- J.R. San Martín U. N.P On 26/09/2011 changed its name to the current one AJAY SQM CHILE S.A. |
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DIRECTORS
- EXECUTIVES – SHAREHOLDERS
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BUSINESS
HISTORY
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They are part of the Group " AJAY SQM ", global leader in its three core business area: Specialty Plant Nutrition, Iodine and Lithium , with operations in more than 20 countries. The Group has its origins in 1972 by Abner Tower and John Trotter . The chemist and the top sales executive , Tower and Trotter respectively, saw a business opportunity with a better technology based on element iodine to dry - oxidation process in the U.S. textile industry . Beginning with potassium iodate as oxidizing element , the two men launched a company that grew from experiments in the kitchen of John Trotter to be one of the world leaders of Iodine based chemistry . As the pharmaceutical and industrial use of Iodine grew in Europe, Ajay Chemical expands its production and distribution capacity. In 1992 the company built its second production and distribution - . Ajay Europe Sarl . Located in Evron , France - to supply the European market , Middle East and Africa. In 1995 Iodine consumption increases to the point that the availability of iodine limits the growth of the mass. To ensure a reliable supply of iodine Ajay Chemical enters into a Joint Venture with Sociedad Quimica y Minera de Chile SA ( SQM ) , owners of the world's largest reserves of iodine that are known. In partnership with the plant producing iodine derivatives of SQM located in Santiago de Chile. To Ajay - SQM Group adds Ajay SQM Chile becoming the largest consumer of iodine and the largest producer of iodine derivatives in the world. With the purchase of DSM Minera in 2006 from its plant in iodine derivatives in northern Chile, is added the fourth production center to Ajay - SQM Group . Using a dedicated supply of the world's largest producer of iodine, Ajay - SQM Group combines the supply of iodine, fine chemical experience in multiple production centers with a wide distribution network capable of providing to the world market a comprehensive suite of products derived from iodine . Today, the group Ajay_SQM still maintains leadership with a strong supply and quality products. In 2007, the group goes a step further by introducing Iodeal ® brand products, which represents the company's commitment to its customers. The Iodeal ® brand is essentially a guarantee to customers that any product released under this label are manufactured under processes, standards and consistent quality, no matter which plant group has been manufactured. The company goal is simple: To provide our valued customers the peace of mind that iodinated derivatives which are based on the success of its business, have been manufactured with the greatest care and dedication. |
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RELATED
COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER |
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BUSINESS
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SIC
Classification |
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Main activity |
Manufacture of chemicals made of iodine (iodate iodide and compounds) and byproducts, including methyl iodide, potassium iodide, calcium iodide, copper iodide, among others. |
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O P E R A T I O N S |
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Import |
Yes |
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Country |
USA, Germany |
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ANNUAL Imports
In US$ (CIF) |
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Export |
Yes |
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COUNTRY |
China, Korea, Japan, Argentina, Colombia, Dominican Republic. |
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Annual exports
in US$ (FOB) |
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% Credit SALES /
Terms |
100% within 30 days |
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% Ventas
exterior (Paises) |
98% |
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SELLING
TerritorY |
Domestic and foreign markets |
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EMPLOYEES |
50 |
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Comments |
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Main clients: - SOCIEDAD QUIMICA Y MINERA DE CHILE S.A. (Related company), - ELECTROQUIMICA WEST S.A (Colombia), - INFEREX SA (Colombia). Certifications: ISO 9001:2000 |
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FINANCIAL
INFORMATION
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Disposition |
B: Moderate. Some data and figures were confirmed. |
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Interviewee(s) |
Nicolás Olguin |
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Position(s) |
Administration and Finance Manager |
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Information
provided |
Very kindly collaborated with the general and operational data of the company. They indicate sales increased to approximately 70,000,000.00 dollars in 2013. Further information was gathered from research conducted by external sources. |
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SALES |
US$ 0.00 () |
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FINANCIAL
SITUATION |
B: FAIR Despite not having available financial statements, they report that the company has financial support of its owners. It is known that the company operates without problems. |
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Sales History in
US$ (of Balance Sheet, statement of third parties) |
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INSURANCE |
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Main fixed
assets of the company (general detail) |
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Coverage: Fixed assets, among other. Floating policy. |
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TRADE
REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS
(Confidential Information) |
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TRADE REFERENCES |
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Note : Other suppliers did not provide information or could not be consulted |
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GENERAL
INFORMATION
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Explanation about
commercial reputation |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.71 |
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1 |
Rs.102.04 |
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Euro |
1 |
Rs.83.77 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared by
: |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.