MIRA
INFORM REPORT
|
Report Date : |
09.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
INSECTICIDAS INTERNACIONALES C.A. |
|
|
|
|
Registered Office : |
Av. Isaías Medina
Angarita, Zona Industrial Cagua, entre Mamusa y Aragua Papelera, Cagua, Estado
Aragua |
|
|
|
|
Country : |
Venezuela |
|
|
|
|
Date of Incorporation : |
22.03.1963 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture pesticides
for agricultural use. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME : INSECTICIDAS INTERNACIONALES C.A.
TRADE NAME :
"INICA"
TAXPAYER REGISTRATION : RIF J-00050995-6
OPERATING STATUS :
Active
MAIN ADDRESS :
Av. Isaías Medina Angarita, Zona Industrial
Cagua, entre
Mamusa y Aragua Papelera
CITY/PROVINCE/STATE :
Cagua, Estado Aragua
COUNTRY : VENEZUELA
TELEPHONE :
(58244)447.2092/395.9573/395.8445/395.9843
FAX : (58244)447.2092/395.8278
E - MAIL : inicajf@telcel.net.ve
SUMMARY
Incorporation
: 1963
Operating Status :
Active
Last Capital
: *
Shareholders' Equity : 97,137,811,000.=
Annual Sales
: 244,993,831,000.00 Bolívares
Employees
: 300
QUALIFICATION
RATING : ELIGIBLE FOR MODERATE CREDITS
PAYMENTS : PAYMENTS USUALLY PROMPT
LEGAL BACKGROUNDS
LEGAL STATUS :
Joint-Stock Company
DATE OF INCORPORATION : 22MAR1963
REGISTERED IN :
Caracas - Registry of Companies I
DURATION : 50 years
REGISTRATION :
Nº 73, Volume 5-A. File 22.033
INITIAL CAPITAL :
Bs.100,000.= Bolívares
CURRENT PAID-IN CAPITAL : Bs.15,000,000,000.=
Bolívares
LAST CAPITAL INCREASE : April 29, 1998 (Nº52, Volume 17-A)
SHAREHOLDERS' EQUITY : Bs.37,565,611,154.= Bolivares (as of 31/12/2004)
TYPE OF SHARES :
Face value
LISTED AT STOCK EXCHANGE: No
SHARE VALUE :
Bs.1,000.= Bolivares
CURRENT EXCHANGE RATE : Bs.2,150 per USD$1
COMMENTS -
Over the past 20 years,
capital stock has increased as follows:
Bs. 470 Million
in 09/1994
Bs. 1,645 Million in 06/1996
Bs. 5,000 Million in 05/1997
Bs.15,000 Million current capital, fully paid.
The Board of Directors
was appointed on April 26, 2005, for a period of one year.
There are not papers
revealing ratification.
The 21.52% of the shares
are owned by other shareholders whose identities were not revealed.
HISTORY
This Company was
initially registered in the City of Caracas; but in 1968 they decided to move
the headquarters to the state of Aragua, being registered in the City of
Maracay on December 13, 1968, under Record 63, Volume 6.
DIRECTORS / EXECUTIVES / SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE
OWNERSHIP %
FRAGA LEON, LUIS
ENRIQUE President
VARGAS PRIETO, JOSE
ANTONIO Vice President 5.26%
FRAGA LEON, JAVIER Director
PRIETO VARGAS, RICARDO
JOSE Member
GARCIA MORALES,
MANUEL Shareholder 2.78%
FRAGA, MANUELA LEON
DE Shareholder 31.35%
BARRIOS, JOSE Shareholder 5.00%
FRAGA LEON, ELADIO Shareholder 5.18%
FRAGA RODRIGUEZ,
PATROCINIO Shareholder 4.75%
VARGAS ESQUIVEL,
MANUEL Shareholder 4.87%
DE PINO, ELCIDA Shareholder 2.78%
LEON PRIETO, ULISES Shareholder 4.66%
MORALES, WENCESLAO Shareholder 2.74%
LEON, JOSE M. Shareholder 4.58%
MORA CRUZ, VICTORIA Shareholder 4.53%
WHO IS WHO ?
FRAGA LEON, LUIS ENRIQUE
NATIONALITY : Venezuelan
PROFESSION : Industrialist
LABOR
AND/OR BUSINESS BACKGROUNDS .-
Born is Spain. He is
shareholder of Insecticidas Internacionales, Tubo Riego and Semillas Hibridas
de Venezuela.
Associated as per our database to :
Company
Title Tax. Reg. Country
AGRO ISLEÑA CA President J-00000643-1 VENEZUELA
SEMILLAS HIBRIDAS DE
VENEZUELA CA Shareholder VENEZUELA
TUBO RIEGO Shareholder VENEZUELA
VENEZOLANA DE RIEGO
CA
J075114710 VENEZUELA
VARGAS PRIETO, JOSE ANTONIO
NATIONALITY : Venezuelan BORN : Year 1923
DOC.
OF IDENT. : CI 8732621
LABOR
AND/OR BUSINESS BACKGROUNDS .-
Born in Tenerife Islands,
Spain. He is shareholder of Tubo Riego and of all the companies which form the
group.
Associated as per our database to :
Company Title Tax. Reg.
Country
AGRO ISLEÑA CA Vice
President J-00000643-1
VENEZUELA
FRAGA LEON, JAVIER
NATIONALITY : Unknown
PROFESSION : Licentiate
CIVIL
STATUS : Married
GARCIA MORALES, MANUEL
NATIONALITY : Venezuelan
PROFESSION : Industrialist
CIVIL
STATUS : Married
FRAGA LEON, ELADIO
NATIONALITY : Venezuelan
Associated as per our database to :
Company Title Tax. Reg. Country
AGRO ISLEÑA CA Shareholder J-00000643-1 VENEZUELA
FRAGA RODRIGUEZ, PATROCINIO
NATIONALITY : Venezuelan
Associated as per our database to :
Company Title Tax. Reg. Country
AGRO ISLEÑA CA Shareholder J-00000643-1 VENEZUELA
LEON PRIETO, ULISES
NATIONALITY : Venezuelan
Associated as per our database to :
Company Title Tax. Reg. Country
AGRO ISLEÑA CA Shareholder J-00000643-1 VENEZUELA
MORALES, WENCESLAO
RELATED COMPANY(IES)
COMPANY NAME COUNTRY TAX.REG. RELATION
AGRO ISLEÑA CA VENEZUELA J-00000643-1 Related
AGROQUMICOS SEMILLAS Y EQUIPOS
DE RIEGO SA COLOMBIA Related
ASPERJADORAS VENEZOLANAS
CA VENEZUELA Related
INVERSIONES ENFRA CA VENEZUELA Related
PROYEFA CA VENEZUELA Related
SEMILLAS HIBRIDAS DE
VENEZUELA CA VENEZUELA Related
SERVIFROM CA VENEZUELA Related
STOCKTON CHEMICALS
CORP. VENEZUELA Related
TUBO RIEGO CA VENEZUELA Related
VENEZOLANA DE RIEGO
CA VENEZUELA J075114710 Related
BUSINESS
MAIN ACTIVITY .-
Manufacture pesticides
for agricultural use.
Subject handles three
lines of product: Insecticides which represents a 30% of its sales, fungicides
10% and herbicides which represents a 60% of the sales of this company.
Wholesalers 100%
IMPORT : Yes England, USA, Denmark, Germany, Brazil, Israel,
Colombia
EXPORT : Yes Central America, the Caribbean, Colombia and
Ecuador
% CREDIT SALES/TERMS :
100% within 90 to 150 days
% FOREIGN SALES(COUNTRIES) : 15%
% DOMESTIC PURCHASES :
20%
% FOREIGN PURCHASES :
80%
SELLING TERRITORY :
85% - State of Aragua
EMPLOYEES : 300 approximately
FACILITIES .-
Premises :
Own
Area :
20,000 m2
Condition :
Good; semi modern premises located in an
industrial area
Use
: Administrative offices, industrial plant and
warehouse
Remarks
and other Premises .-
COMMENTS -
Subject imports raw
material. Foreign suppliers have extended credit facilities within 90 and 180
days; payments are made by letters of credit, drafts and invoices.
Sales are oriented to the
agribusinesses; the client portfolio comprises about 20 clients, being the main
ones Agro Isleña and the Ministry of Sanitation.
FINANCIAL INFORMATION
No information was
obtained directly from Subject Company. They asked to show them a letter where
the interested requesting party instructed us to conduct this investigation.
Nevertheless, through
outside sources, we could access to the Balance Sheet for the Fiscal Year
closed on December 31, 2006, expressed in Bolívares.
Additionally, balance
sheets for the previous periods as of December 2005, 2004 and 003 are included.
Moreover, we knew Subject
was authorized by CADIVI to import for US$11,200,827,131 Dollars during the
year 2004.
BALANCE SHEET DATE :
31DEC2006 31DEC2005 31DEC2004 31DEC2003
TYPE OF BALANCE SHEET : Annual Annual Annual
BALANCE SHEET OF : 12 months 12 months 12 months
CURRENCY : Bolívares Bolívares Bolívares Bolívares
(thousands) (thousands) (thousands) (thousands)
EXCHANGE RATE PER US$ : 2,150.00 2,150.00 1,920.00 1,600.00
ASSETS
CASH/BANKS : 11,484,411 6,648,780 6,099,955 3,525,418
RECEIVABLES :
29,613,583 21,926,061 28,865,016 40,828,674
INVENTORY : 70,806,383 61,276,938 29,781,846 55,554,107
OTHERS : 65,004,669 59,743,134
TOTAL CURRENT :
176,909,046 149,594,913 64,746,816 99,908,200
FIXED : 43,213,197 39,853,766 7,851,444 21,629,712
OTHERS : 10,930,374 6,322,404 196,201 639,403
TOTAL ASSETS :
231,052,617 195,771,083 72,794,462 122,177,315
LIABILITIES
BANKS/SUPPLIERS : 116,761,594 99,233,193 15,879,899 56,927,029
OTHERS : 15,284,961 9,618,336 18,127,784 7,799,517
TOTAL CURRENT :
132,046,555 108,851,529 34,007,683 64,726,546
LONG TERM : 1,868,251 3,019,911
SHAREHOLDERS' EQUITY :
CAPITAL : 97,137,811 83,899,643 15,000,000 15,000,000
TOTAL EQUITY : 97,137,811 83,899,643 37,565,611 55,551,446
TOTAL LIABILITIES : 231,052,617 195,771,083 72,794,462 122,177,315
SALES : 244,993,831 226,861,055 110,375,553 207,634,569
PROFIT (LOSS) : 13,238,168 23,071,142 21,065,611 39,051,446
LIQUIDITY RATIO :
1.34 (Current Assets/Current Liabilities)
DEBT-TO-EQUITY RATIO : 73.56% (Shareholders'equity/Current
Liabilities)
PROFITABILITY MARGIN : 5.40% (Profits/Sales)
WORKING CAPITAL :
44,862,491,000.00 (Current Assets - Current Liabilities)
PROPERTIES OF THE COMPANY -
- Real estate where they
operate
- Machineries:
Formulation plant, herbicides plant, 4 fork lifts, etc.
- Vehicles: 1 van
- Laboratory
PAYMENTS RECORD
TRADE REFERENCES .-
Line of Credit Terms(days))
Performance? Time
Products/Services Supplier
1 Bs. 200,000 60 days Prompt 7 years
Raw material Domestic
2 Bs. Unlimited 30 days Prompt 17
years Chemicals Domestic
3 Bs. Mid 8 figures 30 days Prompt
+20 yrs Plastic
containers Domestic
4 Bs. Unlimited Inv./30 days Prompt 25
years Raw material Domestic
5 Bs. High 9 figures 30 days Prompt 23
years Solvents Domestic
6 Bs. 120,000,000 60 days Prompt 7
years Raw material Domestic
COMMENTS
-
LIST OF DOMESTIC SUPPLIERS -
Suppliers
listed Alphabetically. There is not
relationship as for the order above
Supplier
AEAN
CLARIANT
DUPONT
INMET
PIGMENTOS QUIMICOS
PLASTIVEN
PRODUCTOS CENTRAL
QUIBARCA
QUIDECO
SHEMINOVAL
SYNGENTA
VARIPACK
LIST OF FOREIGN SUPPLIERS -
Suppliers
listed Alphabetically. There is not
relationship as for the order above
Supplier Country
AEAN ISRAEL
DUPONT U.S.A.
SHEMINOVAL DENMARK
SYNGENTA ENGLAND
BANKING INFORMATION
BANKERS
BANCO MERCANTIL Account 1061-00003-6
BANCO DEL CARIBE 201-000866-5
BANCO EXTERIOR 054-601017-7
BANCO CORP. BANCA 318-468610-3
Subject deals with the
above banks. No further details were
given under internal policies.
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)