MIRA
INFORM REPORT
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Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
CORPORACION ELICE 2222 C.A. |
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Registered Office : |
Av. Juan Bautista Arismendi, Edif. Citroén, Sector Los Cocos, Porlamar
/ Isla De Margarita / Edo. Nueva Esparta |
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Country : |
Venezuela |
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Financials (as on) : |
30.11.2007 |
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Date of Incorporation : |
1.07.2003 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Importation, Distribution and Commercialization of Motor Vehicles,
Spare Parts and Accessories of the Trademark CITROEN. |
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 : CORPORACION ELICE 2222 C.A.
TAXPAYER REGISTRATION : RIF
J-30177898-7 OPERATING STATUS: Active
MAIN ADDRESS : Av. Juan Bautista Arismendi, Edif. Citroén, Sector Los Cocos
CITY/PROVINCE/STATE : PORLAMAR / ISLA DE MARGARITA / EDO. NUEVA
ESPARTA
COUNTRY : VENEZUELA
TELEPHONE : (58295)274.5308/274.2795
FAX : (58295)274..4060
E - MAIL : info@citroen.com.ve//autoelice222_01@autoelice.com
WEB SITE : www.citroen.com.ve
COMMENTS .-
This report replaces our report dated
24.01.2008 (Please find the balance sheet of the company dated 30.11.2007 and
additional information in general).
SUMMARY
Incorporation : 2003 Operating Status : Active
Last Capital : *
Shareholders' Equity : 4,630,654,000.=
Annual Sales : 30,843,234,000.00 Bolivar
Employees : *
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 : 11JUL2003
REGISTERED IN : Nueva Esparta State. Mercantile Register II
REGISTRATION : No. 68, Volume 17-A
INITIAL CAPITAL : Bs. 1,000,000.00 Bolivar
CURRENT PAID-IN CAPITAL : Bs.F. 700,000.00
Bolivar Fuerte
LAST CAPITAL INCREASE : Meeting of date 19.07.2006
SHAREHOLDERS' EQUITY : Bs. 4,630,654,000.= Bolivar (30-11-2007)
TYPE OF SHARES :
Nominatives
LISTED AT STOCK EXCHANGE : No
SHARE VALUE : Bs.F. 1.00
CURRENT EXCHANGE RATE : Bs.F. 2.15 per 1.00 U.S. Dollar
COMMENTS .-
The Capital Stock has been increased as
follows:
To: Bs.
9,150,000.00 , in 03/2001
To: Bs.
100,000.000.00 , in 03/2002
To. Bs.F. 700,000.00, current capital.
The Board of directors was appointed on
19.07.2006.
Bs.F 1.00 = Bs. 1,000.00
HISTORY
FOUNDERS: Inversiones Visión 2000 C.A. and
José Roberto Aldariz Martínez.
In December 2000, the firm Inversiones
Visión 2000 C.A. sold all its shares to José Manuel Rodríguez.
In March 2002, they agreed to open a branch
in the city of Porlamar, state of Nueva Esparta.
In July 2004, José Manuel Rodríguez sold all
his shares to Emilio Aldariz Martínez.
In July 2006, José Roberto Aldariz sold all
his shares to José Venancio Bisogno.
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE OWNERSHIP %
BISOGNO, JOSE VENANCIO General Director 57.50%
ALDARIZ MARTINEZ, EMILIO Director 42.50%
WHO IS WHO ?
BISOGNO, JOSE
VENANCIO
NATIONALITY :
Venezuelan
DOC. OF IDENT. : CI 1267547
E - MAIL : jbisogno@citroen.com.ve
ALDARIZ MARTINEZ,
EMILIO
NATIONALITY : Venezuelan
DOC. OF IDENT.
: CI
11635461
BUSINESS
MAIN ACTIVITY .-
Importation, distribution and
commercialization of motor vehicles, spare parts and accessories of the
trademark CITROEN.
Wholesalers 100%
IMPORT
: Yes From Europe, Argentina, Brazil and India.
EXPORT
: Yes Aruba, Curacao, Bonaire.
% CASH SALES/METHOD :
85%
% CREDIT SALES/TERMS :
15%
% DOMESTIC PURCHASES :
Yes
% FOREIGN PURCHASES : Yes
SELLING TERRITORY : 18.97% Capital
city / 81.03% Provinces
EMPLOYEES : 53
FACILITIES .-
Premises : Rented Monthly Amount:Bs.F.
12,000.=
Area : 5,200 M3
Condition : Consruction with materials
of first quality.
Use : Administration / Headquarters at caption
address.
Remarks and other Premises .-
The construction of the site of operations
of Caracas (Elice Motors C.A.) is in
progress now.
COMMENTS .-
Sales are direct.
Clients: Corporations and retailers in this
segment.
Subject is an exclusive representative for
CITROEN.
FINANCIAL INFORMATION
During the course of this investigation we
spoke to Mr. José Manuel Golding, who supplied information, including the
Balance Sheet of the company dated november 30th., 2007 (11 months); signed by
Lic. Efrain Flores, Accountant.
This company is registered with CADIVI to
obtain dollars at preferential dollar exchange rate; in the period comprised
between year 2004 up to 31.01.2008, the subject was approved 139 import
requests for a total amount of US$16,577,284.68 dollars.
BALANCE SHEET DATE :
30NOV2007 31DEC2006
TYPE OF BALANCE SHEET : Interim Annual
BALANCE SHEET OF : 11
months 12 months
CURRENCY : Bolivar
Bolivar
EXCHANGE RATE PER US$ : 2,150.00
2,150.00
ASSETS
CASH/BANKS :
6,726,184,000.00
RECEIVABLES : 693,296,000.00
INVENTORY :
4,863,890,000.00
OTHERS :
422,322,000.00
TOTAL CURRENT :
12,705,692,000.00
7,628,708,486.00
FIXED :
2,396,637,000.00
2,139,617,103.00
OTHERS : 0.00 6,417,063.00
TOTAL ASSETS :
15,102,329,000.00 9,774,742,652.00
LIABILITIES
BANKS/SUPPLIERS : 9,629,802,000.00
OTHERS :
7,873,000.00
TOTAL CURRENT : 9,637,675,000.00 8,689,564,729.00
LONG TERM :
430,000,000.00
OTHERS :
404,000,000.00
SHAREHOLDERS'
EQUITY :
CAPITAL :
700,000,000.00
RESERVES :
24,514,000.00
PROFITS (LOSS) : 3,906,140,000.00
TOTAL EQUITY :
4,630,654,000.00
1,085,177,923.00
TOTAL LIABILITIES :
15,102,329,000.00 9,774,742,652.00
SALES :
30,843,234,000.00
21,692,227,226.00
PROFIT (LOSS) : 3,545,476,000.00 610,861,537.00
LIQUIDITY RATIO : 1.32
(Current Assets/Current Liabilities)
DEBT-TO-EQUITY RATIO: 48.05%
(Shareholders'equity/Current Liabilities)
Continuación ... :
30NOV2007 31DEC2006
PROFITABILITY MARGIN: 11.50% (Profits/Sales)
WORKING CAPITAL : 3,068,017,000.00
(Current Assets - Current Liabilities)
PROPERTIES OF THE COMPANY .-
- Constructions where they operate (the
building is owned, plot of land is rented).
- Office furniture and equipment
- Machineries and 7 vehicles.
- Specialty tools
etc.
INSURANCE .-
Company Against
SEGUROS FEDERAL (*)
Coverage: risk of fire, theft, transportation,
among others.
Policy is renewed annually.
PAYMENTS RECORD
TRADE REFERENCES .-
COMMENTS .-
Five local suppliers provided the following
references:
Credit Line Terms How pays? Time Goods Sold
1. BsF. 800,000 15 days Prompt 01 years Customs
service
2. BsF.
543 15 days
Prompt +2 years Not informed
3. BsF.Mid 3 figures 30 days Prompt 2003 Chemicals
4. BsF. 2,500,000 15 days Prompt 11/2006 Lubricants
5. Not disclosed Cash +2 years Headlights
The figures are expressed in Bolivar Fuerte,
unless otherwise stated.
LIST OF DOMESTIC SUPPLIERS .-
Suppliers listed Alphabetically.
Supplier _
ADUANERA INSULAR
ADUANERA LAS DOS ELES
AUTOMOBILES CITROEN FRANCIA
DIGASMAR
GCS CORPORATION
LASA
PEUGEOT CITROEN ARGNTINA S.A.
PEUGEOT CITROEN DO BRASIL AUTOMOVEIS LTDA.
SERVICIOS DINNOVACIONA
VENEFAROS
BANKING INFORMATION
BANKERS
Bank Account
#
BANCO EXTERIOR 22-0100933362
BANCO CORP. BANCA 11-0105613167
BANCO BOLIVAR 74-0200000143
BANCO FONDO COMUN 91-0008086251
Per inside policies the above named banks do
not provide references to third parties.
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%)