MIRA
INFORM REPORT
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Report Date : |
08.08.2007 |
IDENTIFICATION DETAILS
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Name : |
INDUSTRIAS ELECTRO QUIMICAS |
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Registered Office : |
Av.Elmer Faucett 1920 (Fte.Grupo Aviación Naval), |
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Country : |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
09.08.1963 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Production and marketing of anodes, bobbins, discs, sheets, oxides,
plates, all of zinc. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY
NAME :
INDUSTRIAS ELECTRO QUIMICAS
TRADE NAME :
"IEQSA"
TAXPAYER
REGISTRATION : RUC 20100003512
OPERATING STATUS : Active
MAIN ADDRESS :
Av.Elmer
Faucett 1920 (Fte.Grupo Aviación Naval),
COUNTRY :
TELEPHONE :
(511)572.4444
FAX : (511)572.0118
E - MAIL : ieqsa@ieqsa.com.pe
WEB SITE : www.ieqsa.com.pe
SUMMARY
Incorporation :
1963
Operating Status : Active
Last Capital :
S/.46,162,016.=
Nuevos Soles
Shareholders'
Equity : S/.87,599,000.=
Nuevos Soles (Al 31.12.2006)
Annual Sales :
457,959,000.00
Nuevos Soles
Employees :
380
QUALIFICATION
RATING : Excellent
LEGAL
BACKGROUNDS
LEGAL STATUS :
Joint-Stock
Company
DATE OF
INCORPORATION : 09AUG1963
REGISTERED IN :
NOTARY OFFICE :
Daniel
Céspedes Marín
DURATION : Perpetual
REGISTRATION :
Card
12255, Entry 1-B - Reg. Busin. Corporations
INITIAL
CAPITAL : S/.1,000,000 Soles Oro (old currency)
CURRENT PAID-IN
CAPITAL : S/.46,162,016.=
Nuevos Soles
LAST CAPITAL
INCREASE : January 2004
SHAREHOLDERS'
EQUITY : S/.87,599,000 Nuevos Soles (as of 31/12/2006)
TYPE OF SHARES :
Common
shares
LISTED AT STOCK
EXCHANGE: Yes
SHARE VALUE :
S/.1.=
Nuevo Sol
CURRENT EXCHANGE
RATE :
S/.3.19
per USD1
DIRECTORS /
EXECUTIVES / SHAREHOLDERS
FULL NAMES /
COMPANY NAME TITLE OWNERSHIP %
GLISKMAN LATOWICKA, CARLOS Chairman
GLISKMAN GOLDSTEIN, ALEX Director
HERVE MARTINELLI, FRANK JEAN Director
JURGEN PLEYER, ERNST Director
MUSSO VENTO, RAUL ALBERTO F. Gen.
Manager/Leg.Rep.
RIVERA MINAYA, JOSE MANUEL Admi. & Finance Manager
SCHWEIG JACHCEL, EDGARD Plant Manager
CORNEJO TORRES, JOSE LUIS General Accountant
PARMA HOLDINGS S.A. Shareholder 60%
UMICORE Shareholder 40%
WHO IS WHO ?
GLISKMAN LATOWICKA,
CARLOS
NATIONALITY
: Peruvian BORN
: 21AUG1933
DOC. OF IDENT. : DNI 09343315 TAX.REGIS.: RUC
10093433152
PROFESSION
: Industrialist
CIVIL STATUS
: Married
LABOR AND/OR BUSINESS BACKGROUNDS .-
In 1949 traveled to
Returned to
GLISKMAN GOLDSTEIN,
ALEX
NATIONALITY
: Peruvian
DOC. OF IDENT. : DNI 10222722
MUSSO VENTO, RAUL
ALBERTO F.
NATIONALITY
: Peruvian
DOC. OF IDENT. : DNI 08233204 TAX.REGIS.: RUC 10082332044
RIVERA MINAYA, JOSE
MANUEL
NATIONALITY
: Peruvian
DOC. OF IDENT. : DNI 25542887
RELATED
COMPANY(IES)
Subject Company is part of the corporation GLIKSMAN, which groups the
firms below:
COMPANY NAME COUNTRY
TAX.REG. RELATION
INMOB. AICA SA
INMOB. PILCAM S A
PARMA HOLDINGS S.A. PERU Parent Co.
UMICORE
BUSINESS
MAIN ACTIVITY .-
Production and marketing of anodes, bobbins, discs, sheets, oxides,
plates, all of zinc.
Trademark: "IEQSA"
IMPORT : Yes (Titanium, lead, ammonium chloride from
Annual Imports in US $(CIF) :
Year
Amount
2005 1,216,761.00
2006 1,338,005.00
2007 682,284.00
EXPORT : Yes
Annual Exports in US $(FOB) :
Year
Amount
2005 57,124,206.00
2006 132,248,574.00
2007 73,743,440.00
% CREDIT
SALES/TERMS : 100% (invoices up to 30 days/ Drafts at 30 days)
% FOREIGN
SALES(COUNTRIES) : 98%
SELLING
TERRITORY : Domestic market and abroad
EMPLOYEES : 380
FACILITIES -
Premises
: Own
Area
: 32,000 m2
Equipment
: Suitable for its operations
Condition
: Good; premises situated in an industrial area
Use :
Registered
offices and plant
Remarks and other Premises -
Facilities are shared with the companies of GLIKSMAN group.
COMMENTS .-
Subject started operating on August 20, 1963.
The raw material used in the production process includes electrolytic
zinc, lead, copper, titanium, ammonium chloride, etc.
Subject also imports from
On the other hand, it exports to
Located near the seaport area of
Its operations include the production of metallurgical zinc derivatives
such as alloys, rolled zinc (plates, sheets and coils), calots for the
manufacture of zinc-carbon batteries, powders for alkaline batteries, zinc
strips for electrochemical applications, letterpress plates, anodes for
electroplating, etc., and chemical products such as zinc oxide. IEQSA's exports
reach satisfied clients throughout the world.
Major domestic clients include:
- Cia. Good Year del Peru SA
- Lima Caucho SA
- Corporación Cerámica SA
- Cerámica Lima
- Industrias Vencedor SA
FINANCIAL INFORMATION
The information contained in this report has been gathered from outside
sources and official.
The following are the Interim Balance Sheet for the Period ending as of
June 30, 2007 (6 months) and Balance Sheets for the Fiscal Years closed on
December 31, 2006, 2005, 2004 and 2003, all of them expressed in Nuevos Soles.
INDUSTRIAS ELECTRO QUIMICAS
INTERIM BALANCE SHEET AS OF JUNE 30, 2007
DATE OF BALANCE SHEET :
30.06.2007
TYPE OF BALANCE SHEET :
Interim
PERIOD : 6 monthss
CURRENCY : Nuevos Soles
EXCHANGE RATE PER US$ :
3.20
ASSETS
CASH/BANK : 4,861,000
RECEIVABLES : 89,556,000
INVENTORY : 55,684,000
OTHER : 3,362,000
TOTAL CURRENT :
153,463,000
FIXED : 83,183,000
OTHER : 7,779,000
TOTAL ASSETS : 244,433,000
LIABILITIES
BANKS/SUPPLIERS :
126,648,000
OTHERS : 3,648,000
TOTAL CURRENT :
130,296,000
LONG-TERM : 7,896,000
OTHER : 13,186,000
SHAREHOLDERS' EQUITY
CAPITAL : 50,147,000
RESERVES : 2,583,000
PROFITS (LOSS) :
25,595,000
OTHER : 14,730,000
TOTAL SHAREH.'S EQUITY : 93,055,000
TOTAL LIAB/SHARE'EQUITY: 244,433,000
SALES :
PROFIT (LOSS) :
RATIOS
LIQUIDITY : 1.18 (Current Assets/Current
Liabilities)
DEBT-TO-EQUITY : 71.42%(Shareh.'s
Equity/Cur.Liabilities %)
PROFITS : 2.16% (Profits/Sales %)
WORKING CAPITAL :
23,167,000.00 (Current Assets-Current Liabilities)
INDUSTRIAS ELECTRO QUIMICAS
BALANCE SHEETS AS OF
31.12.2006/31.12.2005/31.12.2004/31.12.2003
BALANCE
SHEET DATE : 31DEC2006 31DEC2005 31DEC2004 31DEC2003
TYPE OF BALANCE SHEET : Annual Annual Annual Annual
BALANCE SHEET OF : 12
months 12 months 12 months 12 months
CURRENCY : Nuevos Soles Nuevos Soles Nuevos Soles Nuevos Soles
(thousands) (thousands) (thousands) (thousands)
EXCHANGE RATE PER US$ : 3.20 3.23 3.28 3.47
ASSETS
CASH/BANKS : 653
RECEIVABLES : 115,380
INVENTORY : 66,186
OTHERS : 2,312
TOTAL CURRENT :
184,531 55,605 55,605 55,605
FIXED : 87,321 104,992 111,977 110,414
OTHERS : 7,787 9,368 9,368 9,368
TOTAL ASSETS :
279,639 202,319 195,404 175,387
LIABILITIES
BANKS/SUPPLIERS :
166,315
OTHERS : 4,047
TOTAL CURRENT :
170,362
53,239 53,239
LONG TERM : 7,874 35,179 35,179 35,179
OTHERS : 13,804 21,125 21,125 21,125
SHAREHOLDERS' EQUITY :
CAPITAL : 50,147
RESERVES : 1,571
PROFITS (LOSS) :
21,151
OTHERS : 14,730
TOTAL EQUITY : 87,599 77,479 75,927 65,844
TOTAL LIABILITIES : 279,639 124,840 119,477 175,387
SALES : 457,959 198,698 194,483 126,122
PROFIT (LOSS) : 10,120 1,552 6,857 6,957
LIQUIDITY RATIO : 1.08
(Current Assets/Current Liabilities)
DEBT-TO-EQUITY RATIO: 51.42% (Shareholders'equity/Current
Liabilities)
PROFITABILITY MARGIN: 2.21% (Profits/Sales)
WORKING CAPITAL : 14,169,000.00
(Current Assets - Current Liabilities)
INSURANCE .-
Subject is covered against all-risk by EL PACIFICO PERUANO SUIZA CIA. DE
SEGUROS Y REASEGUROS SA.
PAYMENTS RECORD
TRADE REFERENCES –
COMMENTS .-
The cited usual suppliers reported to deal with Subject for several years.
Favorable opinion in general.
LIST OF DOMESTIC
SUPPLIERS -
Suppliers listed Alphabetically.
Supplier
ACEROS BOEHLER DEL PERU S.A.
AG.AD. RAPIADUANAS
AGA
CIA. AGA DEL PERU S.A.
DOE RUN
REFINERIA CAJAMARQUILLA
REFINERIA DE ZINC DE CAJAMARQUILLA
CREDIT RISK CENTRAL
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Found no records of protested drafts, promissory notes neither NSF
checks or other financial restrictions.
CREDIT HISTORY -
No delinquent balances, written-down portfolio, cancelled credits due to
bad management were traced.
BANKING INFORMATION
BANKERS
Bank
SCOTIABANK
BANCO DE CREDITO
BANCO CONTINENTAL
HSBC BANK PERU S.A.
BANCO INTERBANK
B.I.F.
Subject is a client of the above banks. Further information was not
available under internal policies.
SUPERINTENDENCY OF
BANK & INSURANCE - SBS .-
The SBS reported the following debts before
the Financial System as at 30JUN2007 (Last Report)
Obligations DC(S/.) FC(US$)
Credit cards-contract 2,753.00 2,468.00
Loans
0.00 375,000.00
Financial Leasing 0.00 73,923.00
Foreign trade credit 0.00 26,761,397.00
Letters of indemnity 0.00 4,000,000.00
Others 0.00 393.00
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Total Indebtedness S/.
2,753.00 US$ 31,213,181.00
Guarantees S/. 0.00 US$ 10,711,057.00
The
SBS ranks Subject Company's indebtedness before the Financial System as follows
:
RATING % RATING
DESCRIPTION ACCORDING TO THE SBS
X
PROBLEM POTENTIAL Debtors
reveal certain deficiencies not corrected appropriately
DEFICIENT Debtors present worsening of category with commercial
problem
DOUBTFUL Debtors that reveal high risk characteristics
implying doubtful debt
recovery
LOSS Debtors whose credits are estimated
uncollectible
Debt structure for Bank (domestic currency)
Bank Amount (S/.)
Banco Continental 48,583,899.00
Banco de Crédito 24,859,638.00
B.I.F. 16,971,996.00
HSBC Bank Perú 5,433,401.00
Citibank 2,799,244.00
Credileasing 234,188.00
Scotiabank Perú SAA 3,739.00
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)