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Report Date : |
04.08.2012 |
IDENTIFICATION DETAILS
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Name : |
EMPRESA DE TELECOMUNICACIONES DE CUBA SA
(ETECSA) |
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Registered Office : |
Egido no. 610 e/ Gloria y Apodaca, Habana Vieja, Ciudad de La Habana |
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Country : |
Cuba |
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Date of Incorporation : |
04.07.1994 |
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Com. Reg. No.: |
Not Available |
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|
Legal Form : |
Sociedad Anonima |
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Line of Business : |
Operation, installation, marketing and maintenance of public
telecommunications networks |
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No. of Employees : |
189 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Cuba |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
|
POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Republic
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Currency: 100.00 CUP = 3.77358 USD |
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Ordered as: |
Empresa De Telecomunicaciones De Cuba SA TS ETECSA |
||
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Address in the order: |
Egido No 610 E Gloria Y Apodaca Habana Vieja Ciudad de La Habanacentro
De Negocios Miramar Edificio Beijing 5 To Piso Ave 3RA E76Y Ciudad De la
Habana Cp 11300 Playa Ciudad De la habana |
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Legal Name: |
EMPRESA DE TELECOMUNICACIONES DE CUBA SA (ETECSA) |
||
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Trade Name: |
ETECSA |
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|
Legal Address |
Egido no. 610 e/ Gloria y Apodaca, Habana Vieja, Ciudad de La Habana,
Cuba. |
||
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Operative Address |
Centro de Negocios Miramar, Edificio Beijing, 5to piso, Ave 3ra, e/ 76
y 78 Ciudad de La Habana. CP. 11300 Playa, Ciudad de La Habana, Cuba. |
||
|
Telephone: |
+ 537217533/2668500 |
Registration Number : |
N.A |
|
Fax: |
+ 537217533/2668500 |
Legal Form: |
Sociedad Anonima |
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Email: |
Registered in: |
Cuba |
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Website: |
Date Created: |
1994 |
|
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Manager: |
Minister Ramiro Valdes - President |
Date Incorporated: |
July 4, 1994 |
|
Staff: |
189 |
Stock: |
N.A. |
|
|
|
Value: |
N.A. |
|
Activity: |
Operation, installation, marketing and maintenance of public
telecommunications networks. |
||
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Name of the Bank |
BANCO CENTRAL |
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HISTORY |
|
|
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The company was created in 1994 |
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PRINCIPAL ACTIVITY |
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Empresa de Telecomunicaciones de Cuba S.A. ETECSA, is an organization
of Cuban mixed capital and aims to provide social services, public telecommunications,
through the operation, installation, operation, marketing and maintenance of
public telecommunications networks throughout the territory of the Republic
of Cuba. Although, ETECSA has new rates for their mobile communications,
incoming and outgoing phone calls are still being paid in Cuban Convertible
Pesos (CUC). Which makes receiving and making calls very expensive for
Cubans, even for tourists. The price of receiving or making a call with your
cell phone in Cuba is currently priced at 0.45CUC/minute which is equal to
USD 0.49 per minute. |
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Products/Services description: |
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|
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Telephone service, Cellphone, Internet |
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Suppliers: |
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We could not reach any representative who could provide us with the
suppliers' names. |
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Operations area: |
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National |
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The company does not export |
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The subject employs 189 employee(s) |
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Comments on staff: |
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The staff number could not be confirmed by the company. |
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LOCATION |
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Headquarters |
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Centro de Negocios Miramar, Edificio Beijing, 5to piso, Ave 3ra, e/ 76
y 78 Ciudad de La Habana. CP. 11300 Playa, Ciudad de La Habana, Cuba. |
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The property is: |
|
|
|
Owned |
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Comments on location: |
|
|
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Offices with administrative areas. |
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Branches: |
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|
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Almost 30 branches in total in the territory of Cuba |
- Manager - Related
Companies
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Listed at the stock exchange: |
|
|
|
NO |
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Shareholders Parent Company(ies): |
|
|
|
Empresa de Telecomunicaciones de Cuba S.A. (English:
Telecommunications Company of Cuba; ETECSA) is a government owned full
telecommunications service provider for the island of Cuba. In February 2011 it bought the 27 % of shares that Telecom Italia
owned. |
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Management: |
|
|
|
Minister Ramiro Valdes - President |
- COMMERCIAL TRENDS AND FORECAST
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As a private company the subject does not publish any financial
statements. |
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We have called the company several times, but nobody would answer our
calls. |
|
However our financial sources could provide us with the following
data. Those figures are estimates provided by confidential banking and financial
institutions working with the company. |
|
Currency |
DATE |
|
USD |
2008 |
|
Turnover |
14,500,000 |
|
Operating Income |
36,000 |
|
Net Income |
24,000 |
|
Net worth |
179,000 |
|
Liabilities |
600,000 |
|
The cash flow is |
correct |
|
Currency |
DATE |
|
USD |
2007 |
|
Turnover |
12,300,000 |
|
Net worth |
5,000,000 |
|
Comments on the financial data: The trade
embargo on Cuba made the company lost USD 52,852,000 million in 2009.
|
|
Legal Fillings |
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The
sources consulted record no detrimental legal or labor court information. |
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Local credit bureau gave a low credit
rate. |
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Final
Opinion |
|
|
|
This is a medium sized Cuban company,
which employs 189 people and has 18 years of experience in the market. The company will be affected by the
economical change in the Cuban Regime, as regards supplier relations. Its economic risk is high. No updated financial data has been
released to our sources. We suggest working with caution and
GUARANTEES.- |
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||
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Profitability |
N.A. |
Public |
NO |
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Indebtedness |
N.A. |
Payments |
N.A. |
|
Cash |
N.A. |
|
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Comments |
|
|
|
We called the subject several times but nobody answered our calles. We
also sent an e-mail but nobody has replied. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.08 |
|
UK Pound |
1 |
Rs.87.03 |
|
Euro |
1 |
Rs.68.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.