MIRA
INFORM REPORT
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Report Date : |
02.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
PROCTER & GAMBLE INDUSTRIAL, S.C.A. |
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Formerly Known as : |
INVERSIONES PROCTER & GAMBLE C.A |
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Registered Office : |
Calle Altagracia, Edif. Procter & Gamble, Sector Sorokaima Urb. La Trinidad Caracas |
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Country : |
Venezuela |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1991 |
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Legal Form : |
Limited Partnership with Share Capital |
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Line of Business : |
Manufacture, marketing, import, purchase, sale of home cleaners,
personal higiene products, toiletries, over-the-counter medicines, foodstuffs
and industrial products in general. |
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 : |
No Complaints |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY
NAME :
PROCTER & GAMBLE INDUSTRIAL, S.C.A.
TAXPAYER
REGISTRATION : RIF J-30810986-0
OPERATING STATUS : Active
MAIN ADDRESS :
Calle
Altagracia, Edif. Procter & Gamble, Sector Sorokaima,
Urb. La Trinidad
CITY/PROVINCE/STATE :
CARACAS
COUNTRY : VENEZUELA
TELEPHONE : (58212)9036555/ 9036111
FAX :
(58212)903.6364
WEB SITE : www.proctergamble.com
SUMMARY
Incorporation :
1991 Operating Status : Active
Last Capital :
*
Employees :
*
Rating :
Good
Payments : Little credit
experience available
LEGAL BACKGROUNDS
DATE OF INCORPORATION : 19JUN1991
REGISTERED IN : Caracas.
Mercantile Register II
DURATION : 50 years
REGISTRATION : No.42, Volume 141-A. File 339.496
INITIAL CAPITAL : Bs. 50,000,000.=
Bolivars
CURRENT PAID-IN CAPITAL :
Bs.F.
2,701,390.= Bolivar Fuerte
LAST CAPITAL INCREASE : 03.07.2001 (No.66,
Volume 130-A)
TYPE OF SHARES : Nominatives
LISTED AT STOCK EXCHANGE : No
SHARE VALUE : Bs.F. 10.=
Bolivares
CURRENT EXCHANGE RATE : Bs.F. 2.15.= per 1.00 USD
COMMENTS .-
Subject was started as INVERSIONES PROCTER & GAMBLE C.A.; on
02.09.1991, it changed its name to PROCTER & GAMBLE DE VENEZUELA C.A.,
under No. 67, Volume 115-A.
On 03.07.2001, company transformed from stock company to limited
partnership with share
capital and name was amended to present style: PROCTER & GAMBLE
INDUSTRIAL S.C.A.
(No.66, Volume 130-A).
The capital stock has been increased as follows:
To: Bs. 2,171,600,000, in 12/93
To: Bs. 2,700,990,000, in 01/95
To: Bs.F. 2,701,380.= Bolivar Fuerte in
07.2001
Current capital stock: 270,099 shares at
Bs.F. 10.= each one
Bs.F. 400.= : contribution by partner
The Board of directors was appointed on
30.05.2003.
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
Founders: Procter & Gamble de Venezuela
C.A. (founded on 31.07.1950, under Nº 789.
TAX ID RIF.J-00030031 3)
In december 1994, subject absorbed in a
merger transaction the firm INDUSTRIAS MAMMI C.A., effective from january 1995.
In 1995, in line with strategic alliances
plan of subject, it acquired the firm PRODUCTOS CRUZ VERDE C.A., and its
product lines of home cleaners, cloth softeners, etc.
In 1996 an alliance was attempted with S.C.
JOHNSON DE VENEZUELA, for the Cruz Verde product line (floor wax), but which
was objected by the Competition Superintendency, alleging the resulting entity
would have 7 times more market participation than their nearest competitor.
In August 2000, it was agreed to establish a
branch in the city of Porlamar, state of Nueva Esparta.
In July 2001, INVERSIONES INDUSTRIAS MAMMI
S.C.A. transferred its shares to PROCTER &
GAMBLE TENEDORA S.A.
In November 2002 agreed to pay
Bs.58,054,739,304.= to the firm MAX FACTOR K.K. in
virtue of transference of loan contract made
by PROCTER & GAMBLE HOLDING S.R.L. to the
subject.
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE OWNERSHIP %
BOADAS, ANTONIO RAFAEL Director
DUEÑAS, ALBERTO General
Director
MARIN, WILFREDO Director
PURNELL, SUSAN Finance
Director
CAMPAGNARO, ADRIANA Human
Resources Manager
PROCTER & GAMBLE TENEDORA, SA Shareholder 99.985%
PROCTER & GAMBLE INDUSTRIAL 1 SRL Shareholder 0.015%
WHO IS WHO ?
BOADAS, ANTONIO
RAFAEL
NATIONALITY : Venezuelan
DOC. OF IDENT. : CI 6242031
MARIN, WILFREDO
NATIONALITY : Venezuelan
DOC. OF IDENT. : CI 4509610
Associated as per our database to :
Company Title Tax.
Reg. Country
PROCTER & GAMBLE DE VENEZUELA S.C.A. Proxy J-30810986-0 VENEZUELA
CAMPAGNARO,
ADRIANA
NATIONALITY : Venezuelan
DOC. OF IDENT. : CI 4929664
Associated as per our database to :
Company Title Tax. Reg.
Country
PROCTER & GAMBLE DE VENEZUELA
S.C.A. Proxy J-30810986-0 VENEZUELA
PROCTER &
GAMBLE TENEDORA, SA
NATIONALITY : Venezuelan
Registered in Caracas on 26.06.2001, under
No.68.
Its stake consists of 270,099 shares of
Bs.10,000.= each one.
PROCTER &
GAMBLE INDUSTRIAL 1 SRL
Unknown nationality.
Its participation is represented by a
contribution of Bs. 400,000.=
RELATED COMPANY(IES)
At group level, P & G is one of the biggest multinationals at
current, with presence in over 160 countries and with more than 140,000
employees around the world. P & G is famous as it pioneered market research
and introduced second brands that compete with its main product brands. In
Latin America, P & G has presence in Argentina, Brazil, Chile, Colombia, El
Salvador, Guatemala, Honduras, Mexico, Nicaragua, Peru, Venezuela and Costa
Rica.
Subsidiaries of Procter & Gamble
Company:
Alejandro Llauro E. Hijos S.A.I.C.
[Argentina]
Anjali (HK) Corporation Limited [Hong Kong]
Anjali Corporation [Delaware]
An-Pro Company [Ohio]
B&C International Co. (BVI) Ltd.
[British Virgin Islands]
Betrix Cosmetic GmbH [Germany]
Blendax Unterstutzungskasse GmbH [Germany]
Carlos BT [Hungary]
Celtic Insurance Company Limited [Bermuda]
Cheladerm, Inc. [Delaware]
Clairol (China) Ltd. [China]
Clairol Brasil Higiene e Cosmeticos Ltda
[Brazil]
Clairol Limited [U.K.]
Clairol Peru S.R.L. [Peru]
Compania Procter & Gamble Mexico, S. de
R.L. de C.V. [Mexico]
Compania Quimica S.A. [Argentina]
Comunivers sa [Morocco]
Corpydes S.A. de C.V. [Mexico]
Crest Toothpaste Inc. [Canada]
Detergent Products A.G.
[Switzerland]
Digibrands S.p.A. [Italy]
District Pet Imaging, LLC
[Ohio]
Eczacibasi Yatirim Holding
Ortakligi A.S. [Turkey]
Elysee BT [Hungary]
Eurocos Cosmetic GmbH
[Germany]
Eurocos Cosmetic Warenvertrieb
GmbH [Austria]
Eurocos Ltd [U.K.]
EURO-Juice G.m.b.H. Import und
Vertrieb [Germany]
European Beauty Products
(U.K.) Limited [U.K.]
Ferraris BT [Hungary]
Foreign Company "Procter
& Gamble" [Belarus]
Fountain Square Music
Publishing Co., Inc. [Ohio]
Frank BT [Hungary]
Gala Cosmetics International
Limited [U.K.]
Gala of London Limited [U.K.]
Giorgio Beverly Hills, Inc.
[Delaware]
Girl Cosmetics Limited [U.K.]
Global Business Services de
Costa Rica Limitada [Costa Rica]
Herve Leger Parfums GmbH
[Germany]
Humatro Corporation [Delaware]
Hyginett KFT [Hungary]
Iams (Deutschland) Vertriebs
GmbH [Germany]
Iams Argentina S.A.
[Argentina]
Iams Australia/New Zealand
Pty. Ltd. [Australia]
Iams Canada Inc. [Canada]
Iams Chile Limitada [Chile]
Iams Companion Animal Research
Institute, Inc. [Ohio]
Iams do Brasil Comercial,
Exportadora e Importadora Ltda. [Brazil]
Iams Europe B.V. [Netherlands]
Iams Global, Inc. [Ohio]
Iams Japan K.K. [Japan]
Iams Mexico, S. de R.L. de
C.V. [Mexico]
Iams New Zealand Limited [New
Zealand]
Iams Pet Food International
N.V. [Netherlands]
Iams Pet Imaging, Inc. [Ohio]
Iams Pet Imaging, LLC [Ohio]
Iams S. Africa Pty. [S.
Africa]
Iams Servicios, S. de R.L. de C.V. [Mexico]
Iams U.K. Limited [U.K.]
Industrial Catenation Services
(Pty.) Ltd. [S. Africa]
Industrias Modernas, S.A.
[Guatemala]
Inmobiliaria Procter &
Gamble de Venezuela, S.C.S. [Venezuela]
Inmobiliaria Procter &
Gamble de Venezuela, S.R.L. Venezuela]
Inversiones Industrias Mammi,
S.C.A. [Venezuela]
Inversiones Industrias
Mammi-1, S.R.L. [Venezuela]
Inversiones Procter &
Gamble de Venezuela, S.C.A. [Venezuela]
Inversiones Procter &
Gamble de Venezuela-1, S.R.L. [Venezuela]
Juvian Fabric Care Corporation
[Ohio]
Kangra Valley Enterprises Ltd.
[Delaware]
Komal Manufacturing Chemists
Ltd. [India]
Liberty Street Music
Publishing Company, Inc. [Ohio]
Loreto y Pena Pobre, S.A. de C.V.
[Mexico]
Malabar (HK) Corporation
Limited [Hong Kong]
Marcvenca Inversiones, C.A.
[Venezuela]
Max Factor & Co. (U.K.)
Ltd. [Bermuda]
Max Factor & Co.
[Delaware]
Max Factor K.K. [Japan]
Max Factor Limited [U.K.]
Midway Holdings Ltd. [Cayman
Islands]
Millstone Coffee, Inc.
[Washington]
Modern Industries Company -
Dammam [Saudi Arabia]
Modern Industries Company -
Jeddah [Saudi Arabia]
Modern Products Company -
Jeddah [Saudi Arabia]
Moroccan Modern Industries
[Morocco]
Neoblanc-Produtos de Higiene e Limpeza Lda. [Portugal]
Novomoskovskbytkhim [Russia]
Noxell (Barbados) Limited
[Barbados]
Noxell (Thailand) Limited
[Thailand]
Noxell Corporation [Maryland]
Olay Company, Inc. [Delaware]
Olga BT [Hungary]
OOO Procter & Gamble
Services Company [Russia]
P&G-Clairol, Inc.
[Delaware]
P&G C&CA, Inc. [Ohio]
P&G Consultoria E Servicos
Ltda. [Brazil]
P&G do Brasil Comercial
Ltda. [Brazil]
P&G Holding B.V.
[Netherlands]
P&G Holding Company S.R.L.
[Argentina]
P&G Investments Limited
[Costa Rica]
P&G Israel M.D.O. Ltd.
[Israel]
P&G K.K. [Japan]
P&G Northeast Asia Pte.
Ltd. [Singapore]
P&G Prestige Beaute GmbH
[Germany]
P&G Prestige Beaute
S.A.R.L. [Switzerland]
P&G Servicios S.A.
[Argentina]
P.T. Procter & Gamble
Indonesia TbK [Indonesia]
P.T. Procter & Gamble Home
Products Indonesia [Indonesia]
Papierhygiene GmbH [Germany]
PFX Pet Supply, Inc. [Ohio]
PGV Chile S.A. [Chile]
PPProducts SARL [Switzerland]
Procter & Gamble (Chengdu)
Ltd. [PRC]
etc.
COMPANY NAME COUNTRY RELATION
PROCTER & GAMBLE
INDUSTRIAL 1 SRL VENEZUELA Related
PROCTER & GAMBLE TENEDORA,
SA VENEZUELA
Parent Co.
BUSINESS
MAIN ACTIVITY .-
Manufacture, marketing, import, purchase, sale of home cleaners,
personal higiene products, toiletries, over-the-counter medicines, foodstuffs
and industrial products in general. Subject produces: diapers and women's
sanitary pads, while products as soaps, shampoo, toothpaste, which it formerly
manufactured are being imported. It also is engaged in representation of
manufacturers.
Brands sold:
*Foods and beverages: Eagle snacks, café
Folgers, Hawaiian Punch, Jif. Millstone Coffee, Olean/Olestra, Pringles,
Puritan Oil, Sunny Delight, Tender Leaf Tea. *Perfumes: Giorgio, Hugo Boss,
Laura Bagiotti, Old Spice, Red, Venezia, Wings, Lacoste, Gucci
*Hair care: Head & Shoulders(H&S), Ivory, Pantene, Pert,
Physique, Prell, Vidal Sasson, Clairol, Wella.
*Women's hygiene: Always, Tampax, Attends.
*Laundry and cleaning: Briz, Bold, Bounce,
Cascade, Cheer, Cinch, Comet, Dash, Dawn,
Downy, Era, Ivory, Joy, Maestro Limpio,
Tide, Ariel, Salvo, Ace, Rapido, Magia Blanca.
*Medicines: Day Quil, Metamucil, NyQuil,
Pepto Bismol, Percogesic, Therma Care, Vicks
Vapo Rub
* Teeth care: Cloraseptic, Crest
*Toilet paper: Banner, Bounty, Charmin,
Puffs, Royale, Summit, Bess, Tempo
*Soaps: Camay, Coast, Ivory, Safeguard, Zest,
Fairy.
*Beauty products: Max Factor, Cover Girl,
Oil of Olay
*Pet foods: Iams and Eukanuba
*Deodorants: Old Spice, Secret, Sure, Mum
*Diapers and baby products: Baby Fresh, Kid
Fresch, Luvs, Pampers, Wash a bye baby
IMPORT :
Yes
Mexico, Colombia and Chile
EXPORT :
Yes
The Caribbean, Colombia, Brazil, Peru, Mexico
% CREDIT
SALES/TERMS : 100% 30 days
% FOREIGN
SALES(COUNTRIES : 5%
% DOMESTIC
PURCHASES : Yes
% FOREIGN
PURCHASES : Yes
SELLING
TERRITORY : Domestic market:
95%
EMPLOYEES :
1,500 approx.
FACILITIES .-
Condition : Modern facility
Use : Corporate Offices / Headquarters are found
at caption address.
Remarks and other Premises .-
*Building was built in 1997, with an
investment of US$46 millions.
Plant Nº1: Calle B-2 con Calle Divard, Zona
Industrial, Barquisimeto, state of Lara.
Tel: (58 251) 69.2622.
Plant Nº2: Calle La Arenera Parcela Nº 2,
Edificio Procter & Gamble, Parcela Nº2, Zona
Industrial Las Delicias, Guatire, state of
Miranda. Tel: (58 212) 340.3000. Own
facility.
COMMENTS .-
In year 1998 subject divested from the MAMMI
line of products (diapers), replacing it
with the PAMPERS line at a cost of USD 8
millions. Said brand represented a 60% of the
sales of the plant of Guatire.
FINANCIAL INFORMATION
Be advised all of the information obtained
for this report was gathered through our investigations in different externa
sources. Efforts to get an interview with the people responsible of running the
company were unsuccessful.
For reference purpose we are including in
report the Consolidated Balance Sheet of PROCTER & GAMBLE AND SUBSIDIARIES
dated December 31st., 2006. Latest available figures.
THE PROCTER AND
GAMBLE COMPANY AND SUBSIDIARIES
Amounts in Million USD
Consolidated
Balance Sheet Information
31.12.2006 30.06.2006
CASH AND CASH EQUIVALENTS 4,987 6,693
INVESTMENTS SECURITIES 521 1,133
ACCOUNTS RECEIVABLE 7,523 5,725
TOTAL INVENTORIES 6,883 6,291
OTHER 4,775 4,487
TOTAL CURRENT ASSETS 24,689 24,329
NET PROPERTY, PLANT AND EQUIPMENT 19,096 18,770
NET GOODWILL AND OTHER INTANGIBLE
ASSETS 89,805 89,027
OTHER NON-CURRENT ASSETS 3,710 3,569
TOTAL ASSETS 137,300 135,695
ACCOUNTS PAYABLE 4,490 4,910
ACCRUED AND OTHER LIABILITIES 10,628 9,587
TAXES PAYABLE 3,643 3,360
DEBT DUE WITHIN ONE YEAR 12,533 2,128
TOTAL CURRENT LIABILITIES 31,294 19,995
LONG-TERM DEBT 23,650 35,976
OTHER 16,992 16,826
TOTAL LIABILITIES 71,936 72,787
TOTAL SHAREHOLDERS' EQUITY 65,364
62,908
TOTAL LIABILITIES &
SHAREHOLDERS' EQUITY 137,300 135,695
REVENUES 68,222
PROFIT 8,684
PAYMENTS RECORD
TRADE REFERENCES .-
Line of Credit _ Monthly Average _ Terms(days)) Performance? _ Time _ Products/Services Supplier
1 USD Open US$
Not specified 30 days Prompt 25 years Raw material Domestic
COMMENTS .-
We contacted other possible suppliers but they have not answered our
reference requests yet.
LIST OF DOMESTIC SUPPLIERS .-
Suppliers listed
Alphabetically. There is not
relationship as for the order above
Supplier _ Telephone _
RHODIA SILICES
58-251-2690668
BANKING INFORMATION
BANKERS
Bank Account
#
BANCO VENEZOLANO DE CREDITO 049-000000-3
A detailed reference was unavailable per policy of the above named
banking entity.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
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. |
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%)