MIRA INFORM REPORT
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Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
QUIMICOS LA BARRACA, C.A. |
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Registered Office : |
Calle 1-2 Zona Industrial Santa Rosalía, Galpón Quibarca, Cagua/Estado
Aragua |
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Country : |
Venezuela |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
14.02.1986 |
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Com. Reg. No.: |
No. 7, Volume 184-A. File 1,641 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Subject is engaged in purchase, sale and distribution of chemical
products |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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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 Rosalía, Galpón Quibarca,
CITY/PROVINCE/STATE : Cagua/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 :
Bs.1,259,000.=
Bolívares
Shareholders' Equity : Bs.9,485,779,000.= Bolívares (Al 31.12.2007)
Annual Sales : 56,854,975,000.00
Bolívars
Financial Situation : LIGHTLY FAIR
Employees :
59
Rating : Good
Payments :
Usually
to terms/good
QUALIFICATION
RATING : Good
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.=
Bolivars
CURRENT PAID-IN CAPITAL : Bs.F.1,259,000.= Bolivar Fuerte
LAST CAPITAL INCREASE : 27.08.2007 (No.
64, Vol. 53-A)
SHAREHOLDERS' EQUITY :
Bs.9,485,779,000.=
Bolívars (31.12.2007)
TYPE OF SHARES : Nominatives
LISTED AT STOCK EXCHANGE: No
SHARE VALUE :
Bs.F.1.=
Bolívar Fuerte
CURRENT EXCHANGE RATE : Bs.F. 2,15 per 1.00 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.F. 1,259,000, current
capital, fully paid.
The Board of Directors was registered on 27.08.2007, for a period of one
year. No updates were found recorded.
It should be mentioned at current 42.63% of the shares of this company are
controlled by World Chemicals Investments Ltd. (company of unknown
nationality).
Note: Since January 1st. 2008 a new currency is in circulation in
Venezuela, called Bolivar Fuerte (Bs.F), resulting from the elimination of
three zeros of the old currency, the Bolivar. Both currencies are valid the
first six months of 2008 but from July 2008 only the Bolivar Fuerte will be
accepted.
HISTORY
The founders were: Rafael Hernández Camacho, José Diego Medina, José
Medina Diaz, Rafael Hernández 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.
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE OWNERSHIP %
HERNANDEZ, JOSE JAVIER President
HERNANDEZ CAMACHO, RAFAEL General
Manager
HERNANDEZ CAMACHO, ANA B. Director
MAC DONALD, SEAN O. Director
SOTO, LINDA Director
MOLINA, MIKE Director
BLANCO, YRAIMA Accounting Chief
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. : CI 8736517
PROFESSION : Engineer
HERNANDEZ CAMACHO, RAFAEL
NATIONALITY : Venezuelan
BORN : 1969
DOC. OF IDENT. : CI 8735691
PROFESSION : Electrical
engineer
CIVIL STATUS : Married
BACKGROUNDS .-
A graduate from the Simon Bolivar University. 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.
BACKGROUNDS .-
Foreigner
Passport 1402935525.
SOTO, LINDA
BACKGROUNDS .-
Foreigner
Passport 140166946
MOLINA, MIKE
BACKGROUNDS .-
Foreigner
Passport 1402935525.
ALMAR OVERSEAS CORP
Panamanian company.
JLM INDUSTRIES DE VENEZUELA CA
Venezuelan company.
RELATED COMPANY(IES)
COMPANY NAME COUNTRY TAX.REG. RELATION
ALCOLERA VENEZOLANA CA VENEZUELA
ALMAR OVERSEAS CORP U.S.A. Related
ESTACION DE SERVICIOS EL VENAO,
SERTECA EL VENEZUELA
HONGDA CHEM VENEZUELA C.A. VENEZUELA J-31052799-7 Related
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
QUIBARCA COLOMBIA C.I.S.A. COLOMBIA Related
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.
Brands include: "AIR PRODUCT", "JLM", among others.
IMPORT
: Yes Raw material(chemicals) from Germany, Japan, Singapore, Korea,
Mexico, Switzerland and USA, with credit at 60-120 days.
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 :
23,000
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. All at rented spaces.
Warehouse: in the city of Puerto Caballero, state of Carabobo. Building
with capacity to store 1,000 m3.
COMMENTS .-
The subject is registered with THE COMMISSION OF FOREIGN EXCHANGE
ADMINISTRATION IN VENEZUELA - CADIVI to get dollars at preferential dollar
exchange rate. Between years 2004 and 2007 subject was approved 576 import
requests amounting in total ton US$47,021,25.30 Dollars.
This year to date, subject company has been approved 7 import requests
totaling US$7,239,274.64 Dollars.
Sales of the Company are 100% made on the wholesale level.
Sales of company are oriented to the following sectors: Paints, resins,
glues, foods, pharmaceuticals, automotive; the clientportfolio of this Company
is comprised of 900 clients approximately, including: Intequim, Corimon,
Quimicas Victoria, Insecticidas Internacionales, Venezolana de Pinturas,
Couttenye & Co., Rotoven, Empeven, Copequim, Alfonzo Rivas & Cia.
Closest competitors: Holanda Venezuela, Clariant, Quimisol, Productos
Central, OCV Trading, Marivelca, among others.
In year 2007, a 57% of the purchases of the company were made from
foreign based suppliers.
FINANCIAL INFORMATION
We interviewed Lic. Yraima Blanco (Accounting Chief), who kindly
assisted us with general information including an extract of the Balance Sheet
of the Company dated December 31st., 2007, end of fiscal year, which is
compared with figures from two previous fiscal periods.
The figures are expressed in Bolivars (Bs.).
BALANCE SHEET DATE :
31DEC2007 31DEC2006 31DEC2005 31DEC2004
BALANCE SHEET OF : 12 months 12
months 12 months 12 months
CURRENCY : Bolívars Bolívars
Bolívars Bolívars
(thousands) (thousands) (thousands)
(thousands)
EXCHANGE RATE PER US$ : 2,150.00 2,150.00
2,150.00 1,920.00
ASSETS
CASH/BANKS : 4,618,100 1,461,649
2,033,590
RECEIVABLES : 11,276,388 10,133,287
7,907,729
INVENTORY : 16,879,744 14,270,564 6,583,469
OTHERS : 311,209 860,209
TOTAL CURRENT :
33,085,441 26,725,709 23,041,931 16,524,788
FIXED : 2,239,338 2,024,903 1,364,762 585,892
OTHERS : 4,583,470 3,688,803
3,278,974 5,157,115
TOTAL ASSETS :
39,908,249 32,439,415 27,685,667 22,267,795
Continuación ... : 31DEC2007 31DEC2006 31DEC2005
31DEC2004
LIABILITIES
BANKS/SUPPLIERS : 25,547,981 12,744,362
11,320,566
OTHERS : 1,802,197 9,581,598
3,660,069
TOTAL CURRENT : 27,350,178 22,325,960
17,312,297 14,980,635
LONG TERM : 2,799,224 2,309,216
OTHERS : 273,068 2,267,871
1,756,667
SHAREHOLDERS' EQUITY :
CAPITAL : 1,259,000 7,304,239
RESERVES : 125,900
PROFITS (LOSS) : 8,100,879 500,000
TOTAL EQUITY : 9,485,779 7,804,239 8,105,499
5,530,493
TOTAL LIABILITIES :
39,908,249 32,439,415 27,685,667 22,267,795
SALES :
56,854,975 43,164,986 44,109,450 36,676,927
PROFIT (LOSS) :
1,681,540 837,469 273,511 1,103,872
LIQUIDITY RATIO : 1.21 (Current Assets/Current Liabilities)
DEBT-TO-EQUITY RATIO:
34.68%
(Shareholders'equity/Current Liabilities)
PROFITABILITY MARGIN: 2.96%
(Profits/Sales)
WORKING CAPITAL : 5,735,263,000.00
(Current Assets - Current Liabilities)
FINANCIAL SITUATION : LIGHTLY FAIR
According to the latest Financial Statements available (2007), we
estimate the financial situation of the company is "Slightly
Stretched", since it displays a tight liquidity ratio. Its working capital
is moderate. Debt exceeds shareholders' equity. Results of period are
acceptable.
We are reporting upon a long-established venezuelan company , controlled
by national and foreign capital, highly regarded in commercial and banking
circles. It should be mentioned nothing adverse was found affecting performance
of this company in the various searches applied during our investigation.
PROPERTIES OF THE COMPANY .-
Land lots
Constructions-in-progress,
5 motor vehicles (for executives use)
16 tanks with pumps
Fork lifts
Laboratory
Computers
etc.
INSURANCE .-
Company
Against Amount Validity _
SEGUROS MERCANTIL
Fully comprehensive Total
coverage 2007-2008
PAYMENTS RECORD
TRADE REFERENCES .-
Line of Credit _ Terms(days)) Performance? _ Time _ Products/Services Supplier
1 BsF 100,000.= 30 days
Prompt +5 years Raw
material Domestic
2 BsF 110,000.= 60 days
Prompt 15 years Raw
material Domestic
3 BsF 700,000.= 30 days
Prompt 1 year Raw materials Domestic
4 BsF 215,000.= 30 days
Prompt 13 years Customs
service Domestic
5 BsF Mid 5 figures 30 days
Prompt 13 years Raw
material Domestic
6 BsF 23,188.= 30 days
Prompt 9 years Formol Domestic
7 BsF 8,000.= Cash
No experience +1 year Raw material, transport Domestic
8 BsF Mid 5 figures 30 days
Prompt +10 yrs.
Industrial containers Domestic
LIST OF DOMESTIC SUPPLIERS .-
Suppliers listed Alphabetically.
There is not relationship as for the order above
Supplier _
ADUANERA SERVIQUIMICA
AIR PRODUCTS
CAVIM
CELANESE
GIBANDEU RONRE
GLASSVEN
INDUSTRIAS MONFEL
INMET
INTEQUIM
JLM INDUSTRIES
LAITKERS
MULTICERAS
PEQUIVEN
PRALCA
PROMIVER
RESIMON
RHODIA SILICONA
SASO SOLVAY
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
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
Subject deals with the aforementioned banks, which report it holds
properly managed accounts with average balances in low 6 figures. Good banking
performance, subject has three promissory notes for low 7 figures.
CREDIT OPINION
Consulted Credit Amount : R 500,000.= Terms:
30 days Viable ? :
The subject company is regarded
viable for the proposed credit line.
NOTE:
The
Opinion given is confidential, referential and without liability.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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 |
|
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%)