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MIRA
INFORM REPORT
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Report No. : |
495984 |
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Report Date : |
08.03.2018 |
IDENTIFICATION DETAILS
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Name : |
IXOM CHILE SA |
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Registered Office : |
Calle Dos 9463, Loteo Industrial Américo Vespucio Santiago, Region Metropolitana |
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Country : |
Chile |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
26.06.2001 |
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Legal Form : |
Stock Company |
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Line of Business : |
The company is engaged in the trading, import and manufacture of
chemical products for various types of industries. |
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No. of Employees : |
102 |
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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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 |
CONFIDENTIAL REPORT
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COMPANY NAME |
IXOM CHILE SA |
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TAX ID. TYPE |
RUT |
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TAX ID. NUMBER |
96959480-3 |
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CURRENT STATUS |
Active |
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MAIN ADDRESS |
Calle Dos 9463, Loteo Industrial Américo Vespucio |
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CITY/PROVINCE/STATE |
Santiago, Region Metropolitana |
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PHONE NUMBER(S) |
(56-2) 2384.8100 |
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FAX NUMBER(S) |
(56-2) 2384.8320 |
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EMAIL |
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WEBSITE |
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REMARKS OF
IDENTIFICATION |
Please notice that the correct data is shown above. |
CREDIT OPINION |
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Well known Industrial Company with years in the market and deemed to
be operating normally. It has a good financial position. |
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PAYMENT RECORDS |
No Complaints |
LEGAL INFORMATION
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TYPE OF COMPANY |
Stock Company |
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INCORPORATION
DATE |
26.06.2001 |
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CITY OF
REGISTRATION |
Santiago |
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REGISTRY NUMBER |
Pages 16.424 No. 13.241 Real Estate Conservator's Commerce Registry of
Santiago. |
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NOTARY |
Fernando Alzate Claro |
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TERM |
Indefinite |
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CURRENT CAPITAL |
Ps$29,241,385,059.00 Pesos |
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DATE OF INCREASE |
12/01/2017 (Notary: Maria Jose Huertas Valenzuela) |
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NET WORTH |
Ps$24,923,,000,000.00 Pesos (as of 31/12/2016) |
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TYPE OF SHARES |
Registered shares without a normal value |
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LISTED AT STOCK
EXCHANGE |
No |
BACKGROUND.-
Initially it was established as ORICA CHEMICALS CHILE SA. Then by public
deed of 20/02/2015 and before notary: Ivan Torrealba Acevado, it changed its
name to: CHEMICALS CHILE SA. Then on 29/05/2015 and before notary: Veronica
Torrealba Aceveado, it changed its name for the current one.
LEGAL ASPECTS.-
The company is a member of The Association of Chemical Industries of
Chile, ASIQUIM A.G.
COMMENTS ON
RELATED COMPANIES.-
The company is part of the IXOM Group, market leader in water treatment
and chemical distribution in Australia and New Zealand, with a growing presence
in Asia and Latin America. Ixom supplies general chemicals to a diverse range
of markets like agriculture, building and construction, food and beverages,
pharmaceuticals and personal care, plastics, pulp and paper and water
treatment, with operations in Australia, New Zealand & Pacific, Latin
America, USA, Asia and United Kingdom. Some firms of this group are:
RELATED COMPANIES
|
COMPANY NAME |
TAX ID. NUMBER |
COUNTRY |
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IXOM ARGENTINA SA |
CUIT 30-71028284-2 |
ARGENTINA |
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IXOM BRASIL PRODUCTOS QUIMICOS LTDA. |
CNPJ 09.099.536/0001-80 |
BRAZIL |
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IXOM COLOMBIA SAS |
NIT 900161367-0 |
COLOMBIA |
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IXOM PERU SAC |
RUC 20291398902 |
PERU |
BOARD OF DIRECTORS, SENIOR EXECUTIVES AND SHAREHOLDERS
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NAME |
JOB TITLE |
STAKE |
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CANALA ECHEVARRIA, JAVIER |
General Manager |
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LAILHACAR, FELIPE |
Manager of Chile |
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BRITTO, LUIS |
Logistic Manager |
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ARMAS, ANGGELA |
General Accountant |
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IXOM INTERNATIONAL HOLDINGS PTY LTD |
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85% |
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IXOM HOLDING PTY LTD |
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15% |
DATA OF BOARD OF DIRECTORS, SENIOR EXECUTIVES AND SHAREHOLDERS
IXOM HOLDING PTY LTD
Australian company
IXOM INTERNATIONAL HOLDINGS PTY LTD
Australian company
OPERATIONS
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SECTOR |
G- Wholesale and Retail; Repair of Motor Vehicles and Motorcycles |
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ACTIVITY |
Trading of chemical products |
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ISIC CATEGORY |
46- Wholesale Trade, Except for Vehicles and Motorcycles |
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ISIC CLASS |
4669- Wholesale of Waste, Scrap and Other N.C.P Products |
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MAIN ACTIVITY |
The company is engaged in the trading, import and manufacture of
chemical products for various types of industries. |
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% SALES IN CASH |
20% |
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% SALES ON
CREDIT |
80% (terms at 60-90 days) |
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% TERRITORY OF
SALES |
60% (domestic market) 40% (foreign market) |
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% DOMESTIC
PURCHASES |
5% |
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% FOREIGN
PURCHASES |
95% |
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N. OF EMPLOYEES |
102 |
LOCATION.-
ADMINISTRATIVE OFFICE and PRODUCTION PLANT: Located at caption address
in an industrial zone of the city with easy access. Own premise.
Other premises:
EXTERNAL STORAGE
Calle Rendin s/n. Antofagasta
COMMENTS AS TO
OPERATIONS.-
The company operates directly and has an active portfolio of 200
clients.
IXOM CHILE S.A. It is the regional office for Latin America, integrating
Argentina, Brazil, Colombia and Peru.
The company offers different products such as:
Industrial products:
Film stretch, thermo-shrinkable plastics, refrigerant gases,
polyurethane, concrete sealers, refrigerants for radiators, antioxidants,
emollients, among others.
Chemical products:
Methylene chloride, film stretch, refrigerant gases, glycols, cellulose
nitrate, ethoxylated nonylphenols, sodium laureth sulfate, pigments and dyes,
hydro-absorbent polymers, solvents, surfactants, ethanolamines (MEA, DEA, TEA),
disinfectants (chlorine dioxide), preservatives for fishing, emollients,
silicones, acrylic resins for paints and inks, paint additives,
pentaerythritol, phthalic anhydride, titanium dioxide, oleic acid, stearic
acid, biocides, among others.
Mining products: sodium cyanide, flocculants, anti-foulings, degreasers,
deoxidizers, dielectric solvents, temperature and pressure sensors, filter
cloths, plant of reverse osmosis, recovery of reverse osmosis membranes, zinc
powder, activated charcoal, refractory bricks, ore flotation reagents, RTU
refrigerants, among others.
Main Clients:
CORPORACION NACIONAL DEL COBRE- CODELCO
IXOM AERGENTINA SA
IXOM COLOMBIA SAS
IXOM PERU SAC
LABORATORIOS BALLERNA SA
MINERA SALDIVAR SA
Among others
Main Competitors:
BAYER SA
DANISCO CHILE SA
ENAEX SA
BASF CHILE SA
AISLANTES NACIONALES SA
AISLAPOL SA
Among others
The company imports binding preparations for molds, Polystyrene;
expandable polymers of styrene in primary forms; Acrylic polymers in primary
forms; Plastic and plastic articles (direct credit 60-90 days). It also exports
polyethers, polyacetals, antifreeze preparations, binding preparations for
molds, polyether polyols; Polyether-polyols, etc.
FOREIGN TRADE
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IMPORTS |
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YEAR |
2017 |
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AMOUNT |
US$28,132,656.41 |
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COUNTRIES |
China, USA, UK, Germany, Australia,
Brazil, Etc. |
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NUMBER OF OPERATIONS |
596 |
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IMPORTS |
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YEAR |
2016 |
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AMOUNT |
US$10,501,349.49 |
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COUNTRIES |
China, USA, UK, Germany, Australia,
Brazil, Etc. |
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NUMBER OF OPERATIONS |
249 |
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IMPORTS |
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YEAR |
2015 |
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AMOUNT |
US$25,627,262.60 |
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COUNTRIES |
China, USA, UK, Germany, Australia,
Brazil, Etc. |
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NUMBER OF OPERATIONS |
561 |
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IMPORTS |
|
YEAR |
2014 |
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AMOUNT |
US$20,474,263.28 |
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COUNTRIES |
China, USA, UK, Germany, Australia,
Brazil, Etc. |
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NUMBER OF OPERATIONS |
599 |
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IMPORTS |
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YEAR |
2013 |
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AMOUNT |
US$36,233,881.95 |
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COUNTRIES |
China, USA, UK, Germany, Australia,
Brazil, Etc. |
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NUMBER OF OPERATIONS |
917 |
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EXPORTS |
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YEAR |
2017 |
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AMOUNT |
US$4,577,452.31 |
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COUNTRIES |
Argentina, Peru, Paraguay, Ecuador, Bolivia,
Colombia, Etc. |
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NUMBER OF OPERATIONS |
121 |
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EXPORTS |
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YEAR |
2016 |
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AMOUNT |
US$1,897,309.15 |
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COUNTRIES |
Argentina, Peru, Paraguay, Ecuador, Bolivia, Colombia,
Etc. |
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NUMBER OF OPERATIONS |
60 |
FINANCIAL INFORMATION
We had an interview with Ms. Anggela Armas (General Accountant) who
provided commercial information of the company including the Balance Sheet as
of 31/12/2016 (12 months), expressed in Pesos as below:
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GENERAL BALANCE |
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Balance Date |
31/12/2016 |
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Currency |
Pesos |
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Exchange Rate |
665.312 |
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Current Total |
18,900,000,000.00 |
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Net Fixed |
18,700,000.00 |
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Total Assets |
37,600,000,000.00 |
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Current Liabilities |
10,870,000,000.00 |
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Non-current Liabilities |
1,796,000,000.00 |
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Total
Liabilities |
12,677,000,000.00 |
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Total Equity |
24,923,000,000.00 |
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Total
Liabilities and Equity |
37,600,000,000.00 |
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Balance Date |
31/12/2016 |
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Currency |
Pesos |
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Exchange Rate |
665.312 |
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Net Sales |
47,258,000,000.00 |
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Profit |
1,646,000,000.00 |
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RATIO OF THE
BUSINESS YEAR 2016 |
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Liquidity Index |
1.73 |
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Working Capital |
Ps$8,030,000,000.00 |
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Indebtedness Ratio |
229.2% |
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Profitability Ratio |
3.48% |
FINANCIAL
COMMENTS.-
Monthly sales: US$6,000,000.00 Dollars.
Current merchandise inventory: US$12,000,000.00 Dollars
FIXED ASSETS.-
The company owns:
Office furniture
Production plant
Machinery
Computer equipment
Transport vehicles
Tools, etc.
INSURANCE.-
The company holds multi risk insurance policies with CHILENA CONSOLIDADA
SEGUROS GENERALES SA through its broker MARSH SA CORREDORES DE SEGUROS (expiry
date 31/03/2018).
PAYMENTS REFERENCES
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SUPPLIER |
DOMESTIC |
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START OF THE BUSINESS |
2015 |
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CREDIT LIMIT |
No operation limit |
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CREDIT TERMS |
45 days |
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PRODUCTS/SERVICES |
Plastic containers and drums |
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RATING COMMENTS |
PROMPT |
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COMMENTS |
Payments through bank deposits Average monthly billing amount: US%50,000.00 Dollars Supplier: TECNO TAMBORES SA |
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SUPPLIER |
FOREIGN |
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START OF THE BUSINESS |
Many years ago |
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CREDIT LIMIT |
Confidential |
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CREDIT TERMS |
60 days |
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PRODUCTS/SERVICES |
Not specified |
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RATING COMMENTS |
PROMPT |
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COMMENTS |
Payments through bank deposits Supplier: STEPAN COLOMBIA SAS |
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LOCAL SUPPLIERS |
Phone Number |
Contact Name |
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TECNO TAMBORES SA |
(56-2) 2731.2600 |
Fernando Velo |
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FOREIGN
SUPPLIERS |
Country |
Phone Number |
Contact Name |
|
AK CHEM TECH CO. LTD |
South Korea |
(82-4) 2280.5700 |
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BEIJING HENGJU CHEMICAL GROUP CORPORATION |
China |
(86-10) 8058.5577 |
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STEPAN COLOMBIA SAS |
Colombia |
(57-6) 899.3100 |
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TATA CHEMICALS EUROPE LIMITED |
UK |
(44) 1606.724000 |
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COMMENTS OF
SUPPLIERS.-
Others suppliers consulted do not provide commercial information
regarding clients on grounds of confidentiality.
BANKS
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Bank Name |
Country |
Phone Number |
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BANCO DE CHILE |
Chile |
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BANCO DE CREDITO E INVERSIONES |
Chile |
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BANK REFERENCES
Consulted Banks do not provide information of its clients on grounds of
confidentiality.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.96 |
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1 |
INR 90.34 |
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Euro |
1 |
INR 80.75 |
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CLP |
1 |
INR 0.11 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
VAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.