MIRA
INFORM REPORT
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Report Date : |
22.08.2007 |
IDENTIFICATION DETAILS
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Name : |
INDUSTRIA QUIMICA DE PORTUGUESA S.A. |
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Registered Office : |
Av. Los Pioneros,
Edificio Inquiport, Salida a Guanare, Araure, Estado Portuguesa |
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Country : |
Venezuela |
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Date of Incorporation : |
29.10.1969 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Manufactures, produces
and sells agrochemicals of all kind, specially herbicides, fungicides, insecticides,
fertilizers. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME : INDUSTRIA QUIMICA DE
PORTUGUESA S.A.
TRADE NAME :
"INQUIPORT"
TAXPAYER REGISTRATION : RIF J-08500299-5
OPERATING STATUS :
Active
MAIN ADDRESS :
Av. Los Pioneros, Edificio Inquiport, Salida a
Guanare
CITY/PROVINCE/STATE :
Araure, Estado Portuguesa
COUNTRY : VENEZUELA
TELEPHONE :
(58255)621.2332/621.4924/622.4767
FAX : (58255)621.2330
E - MAIL : rpena@inquiport.com
WEB SITE : www.inqiport.com
COMMENTS -
Notice the correct name
is as shown above.
SUMMARY
Incorporation
: 1969
Operating Status :
Active
Last Capital
: *
Shareholders' Equity : 6,223,316,279.=
Annual Sales
: 37,600,351,841.00 Bolívares
Employees
: 80
QUALIFICATION
RATING : Satisfactory
PAYMENTS : Usually to terms/good
LEGAL BACKGROUNDS
LEGAL STATUS :
Joint-Stock Company
DATE OF INCORPORATION :
29OCT1969
REGISTERED IN :
Acarigua, State of Portuguesa
DURATION : 50 years
REGISTRATION :
Entered under Number 163, Page 273 -280
INITIAL CAPITAL :
Bs.90,000.= Bolivares
CURRENT PAID-IN CAPITAL : Bs.1,600,000,000.=
Bolívares
LAST CAPITAL INCREASE :
May 5th, 2004
SHAREHOLDERS' EQUITY :
Bs.4,362,486,855.= Bolívares (as at 30/09/2006)
TYPE OF SHARES :
Face value
LISTED AT STOCK EXCHANGE : No
SHARE VALUE :
Bs.1,000.= Bolivares
CURRENT EXCHANGE RATE : Bs.2,150.= per US$1
COMMENTS -
Latest capital stock
increase was made by capitalization of amounts owed to shareholders.
Former capital stock
amounted to Bs.800,000,000.= Bolívares.
The Board of Directors
was appointed on April 21, 2003.
The 3.17% of the shares
are controled by unknown minority shareholders.
HISTORY
FOUNDERS: Montrochen Development Corp., Corporacion
Productores Agricolas de Portuguesa, Asociacion Productores Rurales de
Portuguesa, Asociacion Productores Rurales de Turen.
In June 2004, Montrochem
International S.A. sold its shares to Antonio Giorgetti M and withdrew from the
company.
Virgilio Lovera was the
President of the Company. He passed away in 2004.
DIRECTORS / EXECUTIVES / SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE
OWNERSHIP %
GIORGETTI SANCHEZ,
ROBERTO Exe.
V/President/Leg. Rep
CAMARAN, JOSE
ALBERTO Vice President
DUARTE, ENRIQUE Vice President
GIORGETTI MACCAGNAN,
ANTONIO Vice
President//Fin.Adv. 9.78%
GALINDO DE SANCHEZ,
LUISA Admin. & Finance Manager
REMO, ALBERTO Commercial Director
AGROQUIMICA SANTA TERESA
CA Shareholder
13.50%
AGROPECUARIA SANTA TERESA
SA Shareholder
74%
WHO IS WHO ?
GIORGETTI SANCHEZ, ROBERTO
DOC.
OF IDENT. : CI 6931004
CAMARAN, JOSE ALBERTO
NATIONALITY : Venezuelan
DOC.
OF IDENT. : CI 1361322
DUARTE, ENRIQUE
DOC.
OF IDENT. : CI 81246202
GIORGETTI MACCAGNAN, ANTONIO
NATIONALITY : Venezuelan
DOC.
OF IDENT. : CI 5948332
RELATED COMPANY(IES)
COMPANY NAME COUNTRY TAX.REG. RELATION
AGROPECUARIA R.G.S.
C.A. VENEZUELA Related
AGROPECUARIA SANTA TERESA
SA VENEZUELA
Parent Co.
AGROQUIMICA SANTA TERESA
CA VENEZUELA
Related
INQUIPORT COLOMBIA
LTDA COLOMBIA Related
INQUIPORT ECUADOR SA ECUADOR 1791403118001 Related
BUSINESS
MAIN ACTIVITY .-
Subject Company
manufactures, produces and sells agrochemicals of all kind, specially
herbicides, fungicides, insecticides, fertilizers.
Wholesalers 100%
Trademarks: INQUIPOR,
AGRODIN, DRAGO, KASUMIN, INQUIRON, ATRAZIN, INQUIPOR, AMEFLOW, INQUIPOR KONATE.
IMPORT : Yes Japan, Germany, Italy, England, Brazil, India,
Ecuador; bank transfers
EXPORT : No
% CASH SALES/METHOD :
25% - against delivery
% CREDIT SALES/TERMS :
75% - with terms of 30, 60 and 90 days
% FOREIGN SALES(COUNTRIES) : 22%
% DOMESTIC PURCHASES :
20%
% FOREIGN PURCHASES :
80%
SELLING TERRITORY :
78% - Nationwide
EMPLOYEES : 80
FACILITIES –
Area : 1,400 m2
Condition : Good; modern construction
Use
: Administration and sale offices, warehouse
Remarks
and other Premises -
INDUSTRIAL PLANT: Parque
Industrial Llaves Occidentales, Km. 2, Via Guanare. Real estate size: 2
hectares, of which one is roofed.
BRANCH: Located at
Multicentro Empresarial Macaracuay, Piso 2, Ofic. 9, Caracas.
SELLING OFFICES: In the
cities of Calabozo, El Vigia, Palo Negro, Urachiche.
WAREHOUSES: In the City
of Maturin.
COMMENTS -
Foreign suppliers have
granted credit facilities within 180 days; payments are made via bank
transfers.
Sales of this Company are
specially oriented to the agricultural regions of the country, in the states of
Portuguesa, Barinas, Cojedes, Guarico, Lara, Yaracuy and Carabobo.
Production:
Operating capacity :
100,000 kilograms
Used capacity : 75,000 kilograms
FINANCIAL INFORMATION
We talked to Luisa
Galindo de Sánchez, Administrative & Finance Manager, who provided with the
information contained in this report, including Balance Sheet for the Fiscal
Year closed on September 30, 2006, expressed in Bolívares.
On the other side, found
out in March 2005, CADIVI approved import request for Subject for the sum of
US$10,847,890 Dollars.
BALANCE
SHEET DATE : 30SEP2006
TYPE OF
BALANCE SHEET : Annual
BALANCE
SHEET OF : 12
months
CURRENCY : Bolívares
EXCHANGE RATE PER US$ : 2,150.00
ASSETS
TOTAL
CURRENT : 22,494,944,500.00
FIXED : 3,092,983,308.00
TOTAL
ASSETS : 25,587,927,808.00
LIABILITIES
TOTAL
CURRENT :
18,279,517,616.00
LONG TERM : 1,085,093,913.00
TOTAL
EQUITY : 6,223,316,279.00
TOTAL
LIABILITIES : 25,587,927,808.00
SALES : 37,600,351,841.00
PROFIT
(LOSS) :
1,258,466,214.00
LIQUIDITY RATIO : 1.23
(Current Assets/Current Liabilities)
DEBT-TO-EQUITY
RATIO: 34.05% (Shareholders'equity/Current Liabilities)
PROFITABILITY
MARGIN: 3.35% (Profits/Sales)
WORKING CAPITAL : 4,215,426,884.00 (Current Assets -
Current Liabilities)
FINANCIAL SITUATION
:
PROPERTIES OF THE COMPANY –
- Parcels of land,
contructions in progress.
- Vehicles: 1 Ford truck
350, year 1994
- Machineries and
equipment: Storage tanks of solvents (with capacity of 30,000 liters each one)
INSURANCE –
Company Against
SEGUROS MERCANTIL All
risk
SEGUROS CATATUMBO All
risk
PAYMENTS RECORD
TRADE REFERENCES .-
Line of Credit Monthly Average Terms(days)) Performance? Time Products/Services Supplier
1 US$
50,000 Bs. 60,000
Check/30 day Prompt 8 years Mulsogen Domestic
2 Bs. 40,000,000
Bs. 42,000,000 Check/30 day Prompt 10 years Chemicals Domestic
LIST OF DOMESTIC SUPPLIERS –
Suppliers
listed Alphabetically. There is not
relationship as for the order above
Supplier Telephone
ADUANEX
ALFA AGRO LTD.
BASFAG
BAYER
CASA BERNARDO
CLARIANT DE
VENEZUELA 58243 5503044
DEGUSSA
HUIK WANG CHEMICAL
LTD.
HULS AG.
INDOFIL
MITSUBISHI
MITSUI
OMEX AGROFLUI LTD.
OXON
QUIBARCA 58244 3958029
SANACHEM
LIST OF FOREIGN SUPPLIERS –
Suppliers
listed Alphabetically. There is not
relationship as for the order above
Supplier Country
ALFA AGRO LTD. ENGLAND
BASFAG GERMANY
BAYER GERMANY
CASA BERNARDO BRAZIL
DEGUSSA GERMANY
HUIK WANG CHEMICAL
LTD. JAPAN
HULS AG. GERMANY
INDOFIL INDIA
MITSUBISHI JAPAN
MITSUI JAPAN
OMEX AGROFLUI LTD. ENGLAND
OXON ITALY
SANACHEM ARGENTINA
BANKING INFORMATION
BANKERS
Bank Account #
BANCO PROVINCIAL 640-03114-G
BANCO DE VENEZUELA 330-001444-9
BANCO DEL CARIBE 320-0-059467
BANCO NACIONAL DE
CREDITO
No information could be
obtained from the above banks concernign Subject accounts due to internal
policies.
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%)