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MIRA INFORM REPORT
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Report No. : |
505809 |
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Report Date : |
28.04.2018 |
IDENTIFICATION DETAILS
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Name : |
COMPLEJO INDUSTRIAL MOLYNOR SA |
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Registered Office : |
Av. Prolongación Longitudinal 6400 Complejo Portuario Mejillones, Antofagasta |
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Country : |
Chile |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
12.03.2008 |
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Legal Form : |
Stock Company |
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Line of Business : |
The company is engaged in the elaboration of production
and extraction of molybdenum for the production of molybdenum. Also,
manufacture and processing of molybdenum oxide and other products derived
from molybdenum. |
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No. of Employees : |
316 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Chile |
A1 |
A1 |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 60% of total exports. Copper is Chile’s top export and provides 20% of government revenue.
From 2003 through 2013, real growth averaged almost 5% per year, despite a slight contraction in 2009 that resulted from the global financial crisis. Growth slowed to an estimated 1.4% in 2017. A continued drop in copper prices prompted Chile to experience its third consecutive year of slow growth.
Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, effective 1 January 2004. Chile has 22 trade agreements covering 60 countries including agreements with the EU, Mercosur, China, India, South Korea, and Mexico. In May 2010, Chile signed the OECD Convention, becoming the first South American country to join the OECD. In October 2015, Chile signed 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 October 2016, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $23.5 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn.
In 2014, President Michelle BACHELET introduced tax reforms aimed at delivering her campaign promise to fight inequality and to provide access to education and health care. The reforms are expected to generate additional tax revenues equal to 3% of Chile’s GDP, mostly by increasing corporate tax rates to OECD averages.
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Source
: CIA |
COMPANY
NAME and address
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COMPANY NAME |
COMPLEJO INDUSTRIAL MOLYNOR SA |
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TRADE NAME |
MOLYNOR SA |
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TAX ID. TYPE |
RUT |
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TAX ID. NUMBER |
76.016.222-1 |
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CURRENT STATUS |
Active |
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MAIN ADDRESS |
Av. Prolongación Longitudinal 6400
Complejo Portuario |
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CITY/PROVINCE/STATE |
Mejillones, Antofagasta |
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PHONE NUMBER(S) |
(56-2) 2937.6150/655.8464/368.3685 |
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FAX NUMBER(S) |
(56-2) 368.3653 |
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EMAIL |
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WEBSITE |
www.molynor.cl (under construction) |
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REMARKS OF IDENTIFICATION |
Other mails: john.graell@molymet.cl, info@molymet.cl This report was requested with address: Av. Prolongacion Longitudinal 6400 Complejo
Portuario Mejillones Chile. Please notice that the correct data is
shown above. |
CREDIT
OPINION
Well known International Company deemed to
be operating normally. No detrimental were reported.
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PAYMENT RECORDS |
Regular |
LEGAL
INFORMATION
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TYPE OF COMPANY |
Stock Company |
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INCORPORATION DATE |
12/03/2008 |
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CITY OF REGISTRATION |
Melipeuco |
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REGISTRY NUMBER |
Pages 406 No. 304 |
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NOTARY |
Raul Ivan Perry Pefaur |
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TERM |
Indefinite |
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INITIAL CAPITAL |
PS$20,000.00 Chilean Pesos (10 shares) |
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NET WORTH |
US$224,398,000.00 Dollars (31/12/2016) |
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LISTED AT STOCK EXCHANGE |
No |
LEGAL ASPECTS.-
The company was constituted in Santiago, by
public writing of March 12, 2008, before the notary Don Raúl Perry Pefaur. The
respective certificate was published in the official journal of April 11, 2008
and registered in the trading register of Antofagasta on April 2, 2008, at
pages 406 No. 304.
The
incorporation of the topic was published in the official newspaper of
04/11/2008, page No. 20. The legal address of the company is located in
Mejillones. COMPLEJO INDUSTRIAL MOLYNOR SA is a public limited company
belonging to the MOLYMET group of companies. It is the most recent company
formed by MOLYMET and is located in an area of 30 hectares in the
industrial neighborhood of the port of Mejillones, Antofagasta region, northern
Chile. The construction of the first stage of MOLYNOR began in mid-2008 and
includes a roasting furnace, a gas treatment plant, a seawater desalination
plant and several complementary facilities, all in accordance with the
Environmental Qualification Resolution No.354 / 2007. The investment in this
first stage reaches approximately US $ 150 million and the first productive
operations began at the end of 2009. The subject has a roasting capacity of
about 30 million pounds of molybdenum per year. Its main product is technical
molybdenum oxide, in addition to the generation of about 25,000 tons of
sulfuric acid per year as a result of gas treatment and control processes.
On
December 15, 2016 Molynor obtained the Environmental Qualification Resolution
(RCA) No. 0425/2016 of the "Molynor Industrial Complex Expansion
Project", whose general objective is to increase the processing capacity
of molybdenum concentrate, through the installation of a third and a fourth
roasting plant, considering a second gas scrubbing plant and a second sulfuric
acid plant for the abatement of particulate material (PM) and (SO2),
respectively.
After
years of work and implementation of the Sustainability Policy, Community
Relations Policy and Contributions and Donations Policy, this year Molynor was
publicly recognized by various actors and relevant organizations of the
Mejillones community, legitimizing its social license as a collaborative
neighbor and respectful of the environment in which it is inserted. Molynor
maintained the certification of its integrated management system "SIG
Molynor" until October 2017, regarding the compliance with the
requirements of ISO 9001: 2008 Quality; ISO 14001: 2004 Environment and OHSA
18001: 2007 Occupational Safety and Health, accrediting all processes. With
this Molynor accredits that all its processes are managed with the highest
standards of quality, safety and care for the environment and complying with
current legislation. Molynor Industrial Complex S.A. is a closed corporation,
whose Board of Directors is made up of the following people: John Graell Moore
(Chairman), Fernando Ortega Aracena, Gonzalo Concha Parada, Manuel Guzman
Manzo, Jorge Ramírez Gossler, Gonzalo Bascuńán Obach and Francisco Fernández
Cańas. The General Manager is Mr. Edgar Pape Arellano.
RELATED
COMPANIES
|
COMPANY NAME |
TAX ID. NUMBER |
COUNTRY |
|
CARBOMET ENERGIA SA |
91066000-4 |
CHILE |
|
CARBOMET INDUSTRIAL SA |
96103000-5 |
CHILE |
|
CHEMIEMETALL GMBH |
|
GERMANY |
|
COMPANIA AUXILIAR ELECTRICA DEL MAIPO SA |
91.904.000-9 |
CHILE |
|
EASTERN SPECIAL METALS HONG KONG LIMITED |
|
CHINA |
|
INMOBILIARIA SAN BERNARDO SA |
96953640-4 |
CHILE |
|
INMOBILIARIA SAN JOSE DE NOS SA |
96999080-6 |
CHILE |
|
INVERSIONES STRATEGIC METALS LTDA. |
76.603.010-6 |
CHILE |
|
MOLIBDENOS Y METALES SA |
93628000-5 |
CHILE |
|
MOLYMET BEIJING TRADING CO. LTD. |
|
CHINA |
|
MOLYMET BRASIL |
|
BRAZIL |
|
MOLYMET CORP. |
|
USA |
|
MOLYMET RECYCLING LTD. |
76.172.181-K |
CHILE |
|
MOLYMET SA DE CV |
|
MEXICO |
|
MOLYMET SERVICES LTD. |
|
ENGLAND |
|
MOLYMET TRADING SA |
76.107.905-0 |
CHILE |
|
MOLYMEX S.A. DE C.V. |
|
MEXICO |
|
RAINTECH GMBH |
|
BELGIUM |
|
SADACI N.V. |
|
BELGIUM |
|
STRATEGIC METALS BV |
|
NETHERLANDS |
BOARD
OF DIRECTORS, SENIOR EXECUTIVES AND SHAREHOLDERS
|
NAME |
JOB TITLE |
STAKE |
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GRAELL MOORE, JOHN |
Executive President |
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AVENDAŃO ROZAS, CLAUDIA |
Corporate internal Auditor |
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GONZALO BASCUŃÁN, OBACH |
Market Development and Commercial Vice
President |
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CONCHA PARADA, GONZALO |
Engineering Vice President |
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RAMÍREZ GOSSLER, JORGE |
Finance Vice President |
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RIQUELME, EDUARDO |
Quality Control Deputy Manager |
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CID DÍAZ, BRAULIO |
Production Deputy Manager |
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PAPE, EDGAR |
General Manager |
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TOBAR, ANDRÉS |
Production Manager |
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PARRA, CRISTIAN |
Electric Energy Deputy Manager |
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NAVARRETE, JORGE |
Maintenance Manager |
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OSORIO, ABEL |
Production Deputy Manager |
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MATAMALA, DIEGO |
Administration and Logistic Manager |
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OYANADEL, JAIME |
Human Resources Manager |
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GUTIERREZ CLAVERÍA, GABRIEL |
Legal Representative |
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RAMIREZ GOSSLER, JORGE |
Legal Representative |
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INVERSIONES STRATEGIC METALS LTDA. |
Shareholder |
95.8899% |
|
CARBOMET INDUSTRIAL SA |
Shareholder |
4.0951% |
|
MOLIBDENOS Y METALES SA |
Shareholder |
0.0150% |
OPERATIONS
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SECTOR |
C- Industrial Manufacturing |
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ACTIVITY |
Production of molybdenum |
|
ISIC CATEGORY |
28- Manufacture of Machinery and NCP
Equipment |
|
ISIC CLASS |
2819- Manufacture of Other Types of
Machinery of General Use |
|
MAIN ACTIVITY |
The company is engaged in the
elaboration of production and extraction of molybdenum for the production of
molybdenum. Also, manufacture and processing of molybdenum oxide and other
products derived from molybdenum. |
|
% SALES IN CASH |
20% |
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% SALES ON CREDIT |
80% (terms at 15-30 days) |
|
% TERRITORY OF SALES |
domestic and foreign market |
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N. OF EMPLOYEES |
316 |
LOCATION.-
ADMINISTRATIVE OFFICE: Located at captioned
address, on Main Street of industrial zone, of heavy flow of traffic. Construction
in good repair, with 30 ha of area. HEAD OFFICE: Camino Nş5 a los Morros No.
590 Comuna San Bernardo, Edificio Corporativo Molymet Piso 1. Phone: (56-2)
655.8464.
COMMENTS AS TO OPERATIONS.-
CORPORATE PURPOSE: the manufacture, by yes
or by third parties, of molybdenum oxide, ferromolybdenum, ammonium perrenate
and any other alloy or industrial product derived from minerals containing
molybdenum or which are presented along with it in its natural state or as a
by-product other previous industrial processes, acquisition, disposal,
importation, exportation, commission, etc. As well as the acquisition of
movable property, especially technical equipment, machinery, products and
supplies.
Business Hour: Monday - Friday: from 08:00
am to 05:00 pm
Main Clients:
EL SAFA COMPANY FOR IMPORT & EXPORT
(Egypt)
MACARICO, S.A. (Portugal)
SNACKS AMERICA LATINA SRL
Among others
Main Competitors:
AGRICOLA GILDEMEISTER S.A.
ALIMENTOS DOS EN UNO S.A.
EMPRESAS CAROZZI S.A.
FOODS CÍA DE ALIMENTOS CCU S.A.
NESTLÉ CHILE S.A.
Among others
FOREIGN
TRADE
|
|
IMPORTS |
|
YEAR |
2015 |
|
AMOUNT |
US$165,434.62 |
|
COUNTRIES |
Germany, Switzerland, USA, Netherlands |
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NUMBER OF OPERATIONS |
- |
|
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IMPORTS |
|
YEAR |
2014 |
|
AMOUNT |
US$2,550,092.52 |
|
COUNTRIES |
USA, Italy, Brazil, Germany |
|
NUMBER OF OPERATIONS |
- |
|
|
IMPORTS |
|
YEAR |
2013 |
|
AMOUNT |
US$5,582,511.63 |
|
COUNTRIES |
Germany, USA, Brazil, Italy, South
Africa, China |
|
NUMBER OF OPERATIONS |
- |
FINANCIAL
INFORMATION
We had an interview with Mr. Jaime
Oyanadel (Human Resources Manager) who provided commercial information of the
company except for financials on grounds of confidentiality.
Through external sources, we obtain the
Balance Sheet as of 31/12/2015 and 31/12/2016 (12 months each), expressed in
Dollars as below:
|
GENERAL BALANCE |
|
|
Balance Date |
31/12/2016 |
|
Currency |
Dollars |
|
Exchange Rate |
1.00 |
|
Current Total |
67,088,000.00 |
|
Net Fixed |
195,662,000.00 |
|
Total Assets |
262,750,000.00 |
|
Current Liabilities |
8,228,000.00 |
|
Non-current Liabilities |
30,124,000.00 |
|
Total Liabilities |
38,352,000.00 |
|
Total Equity |
224,398,000.00 |
|
Total Liabilities and Equity |
262,750,000.00 |
|
|
|
|
|
|
|
Balance Date |
31/12/2016 |
|
Currency |
Dollars |
|
Exchange Rate |
1.00 |
|
|
|
|
Net Sales |
88,596,000.00 |
|
Profit |
26,471,000.00 |
|
RATIO OF THE BUSINESS YEAR 2016 |
|
|
Liquidity Index |
8.15 |
|
Working Capital |
US$58,860,000.00 |
|
Indebtedness Ratio |
2,727.2% |
|
Profitability Ratio |
29.8% |
|
GENERAL BALANCE |
|
|
Balance Date |
31/12/2015 |
|
Currency |
Dollars |
|
Exchange Rate |
1.00 |
|
Current Total |
32,616,000.00 |
|
Net Fixed |
209,073,000.00 |
|
Total Assets |
241,689,000.00 |
|
Current Liabilities |
6,216,000.00 |
|
Non-current Liabilities |
37,546,000.00 |
|
Total Liabilities |
43,762,000.00 |
|
Total Equity |
197,927,000.00 |
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Total Liabilities and Equity |
241,689,000.00 |
|
|
|
|
|
|
|
Balance Date |
31/12/2015 |
|
Currency |
Dollars |
|
Exchange Rate |
1.00 |
|
|
|
|
Net Sales |
79,644,000.00 |
|
Profit |
26,876,000.00 |
|
RATIO OF THE BUSINESS YEAR 2015 |
|
|
Liquidity Index |
5.24 |
|
Working Capital |
US$26,400,000.00 |
|
Indebtedness Ratio |
3,184.1% |
|
Profitability Ratio |
33.7% |
PAYMENTS
REFERENCES
|
SUPPLIER |
DOMESTIC |
|
START OF THE BUSINESS |
Many years ago |
|
CREDIT LIMIT |
Not specified |
|
CREDIT TERMS |
30 days |
|
PRODUCTS/SERVICES |
Tubes and connections |
|
RATING COMMENTS |
PROMPT |
|
COMMENTS |
Payments through bank deposits Supplier: MAURICIO HOCHSCHILD INGENIERIA
Y SERVICIOS SA |
|
LOCAL SUPPLIERS |
Phone Number |
Contact Name |
|
MAURICIO HOCHSCHILD INGENIERIA Y
SERVICIOS SA |
(56-2) 2473.6600 |
|
|
ORYGGEN INGENIERIA Y DESARROLLO |
(56-2) 264.3330 |
|
|
TIGRE CHILE SA |
(56-2) 2444.3900 |
Rosa Ortiz |
|
FOREIGN SUPPLIERS |
Country |
Phone Number |
Contact Name |
|
DIAMOND POWER INTERNATIONAL INC |
USA |
|
|
|
GEA BISCHOFF GMBH |
Germany |
|
|
|
GREEN INSTRUMENTS A/S |
Denmark |
|
|
|
HALDOR TOPSOE A/S |
Denmark |
|
|
|
KINERGU CORPORATION |
USA |
|
|
|
OUTOTEC (FILTERS) OY |
Finland |
(358-20) 529.211 |
|
|
REYNORD INDUSTRIES LLC |
USA |
|
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COMMENTS OF SUPPLIERS.-
Others suppliers consulted do not provide commercial
information regarding clients on grounds of confidentiality.
BANKS
|
Bank Name |
Country |
Phone Number |
|
BANCO DE CHILE SA |
Chile |
|
|
BANCO DEL ESTADO DE CHILE |
Chile |
(56-600) 200.7000 |
|
BANCO SANTANDER SA |
Chile |
|
BANK
REFERENCES
Consulted Banks do not provide information
of its clients on grounds of confidentiality.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.78 |
|
|
1 |
INR 92.89 |
|
Euro |
1 |
INR 80.74 |
|
CLP |
1 |
INR 0.11 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.