MIRA
INFORM REPORT
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Report Date : |
14.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
QUIMICOS LA BARRACA CA |
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Registered Office : |
Calle 1-2, Zona
Industrial Santa Rosalia, Galpon Quibarca, detras de Cervec, Cagua |
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Country : |
Venezuela |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1986 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Purchase, Sale And
Distribution Of Chemical Products |
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 : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME : QUIMICOS LA BARRACA, C.A.
TRADE NAME : "QUIBARCA"
TAXPAYER REGISTRATION : RIF J-07544200-8 OPERATING STATUS: Active
MAIN ADDRESS : Calle 1-2, Zona
Industrial Santa Rosalia, Galpon Quibarca,
detras de
Cervec
CITY/PROVINCE : CAGUA
DEPARTMENT/STATE : ESTADO ARAGUA
COUNTRY : VENEZUELA
TELEPHONE : (58244)395.8029/395.5675/395.4204
FAX : (58244)395.4608
E - MAIL : quibarca@quibarca.com
WEB SITE : www.quibarca.com
SUMMARY
Incorporation : 1986 Operating Status : Active
Last Capital : *
Shareholders' Equity : 7,804,239,000.=
Annual Sales : 43,164,986,000.00 Bolivares
Employees : *
CR-Rating : Satisfactory
Payments : Usually to terms/good
QUALIFICATION
RATING : Satisfactory
PAYMENTS
:: Usually to terms/good
LEGAL BACKGROUNDS
LEGAL STATUS : Joint-Stock Company
DATE OF INCORPORATION :
14FEB1986
REGISTERED IN :
Maracay, state of Aragua. Mercantile Register
No 2
DURATION :
20 years
REGISTRATION :
No. 7, Volume 184-A. File 1,641
INITIAL CAPITAL :
Bs. 900,000.= Bolivares
CURRENT PAID-IN CAPITAL : Bs. 1,259,000,000.= Bolivares
LAST CAPITAL INCREASE :
27.08.2007 (No. 64, Vol. 53-A)
SHAREHOLDERS' EQUITY : Bs. 7,804,239,000.= Bolivares (31-12-2006)
TYPE OF SHARES :
Nominatives
LISTED AT STOCK EXCHANGE : No
SHARE VALUE :
Bs. 1,000.= Bolivares
CURRENT EXCHANGE RATE :
Bs. 2,150 per 1 USD
COMMENTS
The Share Capital has been increased in
latest 12 years as follows:
To Bs. 100 millions, in 09/1995
To Bs. 138 millions, in 09/1996
To Bs. 338 millions, in 08/1997
To Bs. 500 millions, in 12/1997
To Bs. 690 millions, in 03/1999
To Bs. 700 millions, in 05/1999
To Bs. 840 millions, in 06/2000
To Bs. 1,259 millions, current capital,
fully paid.
The Board of Directors was registered on
27.08.2007, for a period of one year.
HISTORY
As founders of company
appear: Rafael Hernandez Camacho, Jose Diego Medina, José Medina Diaz, Rafael Hernandez
Lopez, Arturo Medina, Carlos Medina and Ana Brigida Hernández
In May 1989, Rafael
Hernández Lopez sold his shares to Jose Hernández Camacho.
In August 1992, José
Domingo, Arturo and Carlos Medina M., sold their shares to Rafael Hernández and
to Ana Hernández.
In May 2003, Inversiones
253-34 C.A. sold part of their shares in this Company to Almar Overseas Corp.
It should be mentioned at
current 42.61% of the shares are controlled by World Chemicals Investments Ltd.
(company of unknown nationality).
DIRECTORS / EXECUTIVES / SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE OWNERSHIP %
HERNANDEZ, JOSE JAVIER President
HERNANDEZ CAMACHO, RAFAEL General Manager
HERNANDEZ CAMACHO, ANA B. Regular Director
MAC DONALD, SEAN O. Regular
Director
SOTO, LINDA Regular
Director
MOLINA, MIKE Regular
Director
ALMAR OVERSEAS CORP Shareholder 40.71%
JLM INDUSTRIES DE VENEZUELA CA Shareholder 16.66%
WHO IS WHO ?
HERNANDEZ, JOSE JAVIER
NATIONALITY : Venezuelan
DOC. OF IDENT. : CIC 8736517
PROFESSION : Engineer
HERNANDEZ CAMACHO, RAFAEL
NATIONALITY : Venezuelan
BORN
: 1969
DOC. OF IDENT. : CI 8735691
PROFESSION : Electrical engineer
CIVIL STATUS : Married
LABOR AND/OR BUSINESS BACKGROUNDS .-
A graduate from Universidad Simon Bolivar.
Holds shares in the companies which form
part of the group.
HERNANDEZ CAMACHO, ANA B.
NATIONALITY : Venezuelan
DOC. OF IDENT. : CI 8726445
MAC DONALD, SEAN O.
NATIONALITY : Foreigner
LABOR AND/OR BUSINESS BACKGROUNDS .-
Passport 1402935525.
SOTO, LINDA
NATIONALITY : Foreigner
LABOR AND/OR BUSINESS BACKGROUNDS .-
Passport 140166946
MOLINA, MIKE
NATIONALITY : Foreigner
LABOR AND/OR BUSINESS BACKGROUNDS .-
Passport 1402935525.
ALMAR OVERSEAS CORP
Panamanian company.
JLM INDUSTRIES DE VENEZUELA CA
Venezuelan company.
RELATED COMPANY(IES)
COMPANY NAME COUNTRY RELATION
ALCOLERA VENEZOLANA CA VENEZUELA
ALMAR OVERSEAS CORP U.S.A. Related
ESTACION DE SERVICIOS EL VENAO, SERTECA EL
VENEZUELA
INDUSTRIA SUPER QUIMICA VENEZUELA
INDUSTRIA SUPER QUIMICA INSUQUIM VENEZUELA
INVERSIONES 235-35 C.A. (HOLDING) VENEZUELA
INVERSIONES 235-35, C.A. VENEZUELA
JLM INDUSTRIES DE VENEZUELA CA VENEZUELA Related
LUBRICANTES EL VENAO VENEZUELA
LUBRICANTES LA BARRACA VENEZUELA
TRANSPORTE PANALQUIMICO CA VENEZUELA
BUSINESS
MAIN ACTIVITY .-
Company is engaged in purchase, sale and
distribution of chemical products. Raw material for the industries of foods and
pharmaceuticals of animal and human use, including: Butylacetate, ethylacetate,
acetic acid, BAM, TDI, solvents, silicones, Dicsogel, resins, MEK, MIBK,
hexane, dioxides, glutamate, glycerine, etc.
Sales of the Company are
100% made on the wholesale level.
Trade brands: Air Products, JLM, others.
IMPORT
: Yes USA, Mexico, Germany,
Switzerland, Japan, Singapore, Korea.
EXPORT
: No
% CASH SALES/METHOD : 10% COD
% CREDIT SALES/TERMS : 90% 30-90-day credit terms
% DOMESTIC PURCHASES : 30%
% FOREIGN PURCHASES : 70%
SELLING TERRITORY : All sales are performedi in the national market.
EMPLOYEES : 59
FACILITIES .-
Premises : Own
Area : 12,000 sq.meters
Floors : 2
Condition : Regular. Building of concrete, ceramic, steel,
glass, etc.
Use :
Captioned address belongs to the Headquarters
/ Administrative Offices.
Remarks and other Premises .-
Branches: in the cities of San Cristobal,
Barcelona, Maracaibo, Barquisimeto, Caracas, Valencia, etc.
All at rented spaces.
COMMENTS .-
The subject Company imports raw materials
(chemical products). Their foreign suppliers grant it credits from 60 up to 120
days; the Subject pays them via direct transfers or through their national
representatives.
Sales of company are oriented to the
following sectors: Paints, resins, glues, foods, pharmaceuticals, automotive;
the clientportfolio of this Company is comprised of 900 clients, including:
Intequim, Corimon, Quimicas Victoria, Insecticidas Internacionales, Venezolana
de Pinturas, Couttenye & Co., Rotoven, Empeven, Copequim, Alfonzo Rivas
& Cia.
Competitors: Holanda
Venezuela, Clariant, Quimisol, Productos Central, OCV Trading, Marivelca, among
others.
FINANCIAL INFORMATION
We interviewed Lic.
Yraima Blanco, Chief of Accounting, who provided us information including the
Balance Sheet of the Company for their fiscal year ended December 31st.,
2006.
The figures are expressed in Bolivares
(Bs.).
Note: The subject Company is registered before CADIVI (entity which
controls acquisition of preferential dollars for imports). In the 2004-2006
period subject has been approved import requests amounting to US$34,032,686.13
dollars and from January 2007 to 15.10.2007 import requests amounting to
US$11,575,144.87 Dollars.
BALANCE SHEET DATE :
31DEC2006 31DEC2005 31DEC2004 31DEC2003
TYPE OF BALANCE SHEET : Annual Annual Annual Annual
BALANCE SHEET OF : 12
months 12 months 12 months 12 months
CURRENCY : Bolivares
Bolivares Bolivares Bolivares
(thousands) (thousands) (thousands) (thousands)
EXCHANGE RATE PER US$ : 2,150.00
2,150.00 1,920.00 1,600.00
ASSETS
CASH/BANKS :
1,461,649 2,033,590 1,821,610
RECEIVABLES : 10,133,287
7,907,729 3,510,040
INVENTORY :
14,270,564 6,583,469 3,038,593
OTHERS :
860,209
TOTAL CURRENT :
26,725,709 23,041,931 16,524,788 8,370,243
FIXED :
2,024,903 1,364,762 585,892 4,312,671
OTHERS :
3,688,803 3,278,974 5,157,115 1,327,320
TOTAL ASSETS :
32,439,415 27,685,667 22,267,795 14,010,234
LIABILITIES
BANKS/SUPPLIERS : 12,744,362 11,320,566 667,585
OTHERS : 9,581,598 3,660,069 8,815,103
TOTAL CURRENT :
22,325,960 17,312,297 14,980,635 9,482,688
LONG TERM : 2,309,216
OTHERS : 2,267,871 1,756,667 100,925
SHAREHOLDERS' EQUITY :
CAPITAL : 7,304,239 4,426,621
PROFITS (LOSS) : 500,000
TOTAL EQUITY :
7,804,239 8,105,499 5,530,493
4,426,621
TOTAL LIABILITIES :
32,439,415 27,685,667 22,267,795 14,010,234
Continuación ... :
31DEC2006 31DEC2005 31DEC2004 31DEC2003
SALES :
43,164,986 44,109,450 36,676,927 21,300,035
PROFIT (LOSS) :
837,469 273,511 1,103,872
1,626,239
LIQUIDITY RATIO : 1.20 (Current Assets/Current Liabilities)
DEBT-TO-EQUITY RATIO :
34.96% (Shareholders'equity/Current Liabilities)
PROFITABILITY MARGIN :
1.94% (Profits/Sales)
WORKING CAPITAL :
4,399,749,000.00 (Current Assets - Current Liabilities)
PROPERTIES OF THE COMPANY
Fixed assets of this company include:
Plots of land
Constructions-in-progress,
5 vehicles (for executives use)
16 tanks with pumps
Fork lifts
Laboratory
Computers
etc.
INSURANCE .-
Company Against Amount Validity _
SEGUROS MERCANTIL All risk Total coverage 2006-2007
PAYMENTS RECORD
TRADE REFERENCES .-
Line of Credit _ Terms(days)) Performance? _ Time _ Products/Services Supplier
1 Bs.
100 million 30 days Prompt 7
years Raw material Domestic
2 Bs.
15 million 30 days Prompt 11
years Raw material Domestic
3 Bs.
270 million 30 days Prompt 12
years Raw materials Domestic
4 Bs.
50,000,000.= 30 days Prompt
10 year Customs
service Domestic
COMMENTS
The subject Company also
buys from the following foreign suppliers: Rhodia Silicona and Saso Solvay.
LIST OF DOMESTIC SUPPLIERS
Suppliers listed
Alphabetically. There is not
relationship as for the order above
Supplier _
ADUANERA SERVIQUIMICA
AIR PRODUCTS
CASANAY CHEMICAL
CAVIM
CELANESE
GIBANDEU RONRE
GLASSVEN
INDUSTRIAS MONFEL
INTEQUIM
JLM INDUSTRIES
LAITKERS
MULTICERAS
PRALCA
SERVIQUIM
UNION CARBIDE
LIST OF FOREIGN SUPPLIERS
Suppliers listed
Alphabetically. There is not
relationship as for the order above
Supplier _ Country _
AIR PRODUCTS
CELANESE
GIBANDEU RONRE SWITZERLAND
HELM (USA and Germany)
JLM INDUSTRIES
LAITKERS KOREA
MULTICERAS MEXICO
PANAMERICAN CHEMICAL
BANKING INFORMATION
BANKERS
Bank Account
#
BANCO DEL CARIBE 201-0-052427
BANCO DE VENEZUELA 146-393676-6
BANCO MERCANTIL 1051-50661-1
BANCO PROVINCIAL 51-02213-T
BANCO FONDO COMUN 047-001680-9
CITIBANK 1-119353-013
BANCO INDUSTRIAL DE VENEZUELA 005-5100467-4
BANCO CORP. BANCA 318-173051-9
HELM BANK 12-000100081
Local bank reports properly-managed
current account, with average balance in low 9
figures. No credits reported.
CREDIT OPINION
Consulted Credit Amount : R 500,000.= Terms: 30 days Viable ? :
We would suggest for this Company a maximum
credit amount of US$365,000.= Dollars at 30
days.
NOTE:
The Opinion given is
confidential, referential and without liability.
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%)