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Report Date : |
16.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
EMPRESA CUBANA IMPORTADORA EXPORTADORA DE
AVIACION SA |
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|
|
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Registered Office : |
Calle 182 No.126 entre 1era y 5ta Avenidas, Flores, Ciudad de La
Habana |
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Country : |
Cuba |
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Year of Establishments: |
1950 |
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Com. Reg. No.: |
Not available |
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Legal Form : |
Sociedad Anonima |
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|
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Line of Business : |
Importer of aircraft and equipment |
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No. of Employees : |
345 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Cuba |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
CUBA - ECONOMIC OVERVIEW
The government continues to balance the need for loosening its
socialist economic system against a desire for firm political control. The
government in April 2011 held the first Cuban Communist Party Congress in
almost 13 years, during which leaders approved a plan for wide-ranging economic
changes. President Raul CASTRO said such changes were needed to update the
economic model to ensure the survival of socialism. The government has expanded
opportunities for self-employment and has introduced limited reforms, some
initially implemented in the 1990s, to increase enterprise efficiency and alleviate
serious shortages of food, consumer goods, services, and housing. The average
Cuban's standard of living remains at a lower level than before the downturn of
the 1990s, which was caused by the loss of Soviet aid and domestic
inefficiencies. Since late 2000, Venezuela has been providing oil on
preferential terms, and it currently supplies over 100,000 barrels per day of
petroleum products. Cuba has been paying for the oil, in part, with the
services of Cuban personnel in Venezuela including some 30,000 medical
professionals.
|
Source : CIA |
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Republic
|
Currency: 100 CUP = 3.77SD |
|
Legal Name: |
Empresa Cubana Importadora Exportadora de
Aviacion SA |
||
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Trade Name: |
AVIAIMPORT |
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|
Legal Address |
Calle 182 No.126 entre 1era y 5ta
Avenidas, Flores, Ciudad de La Habana, Cuba |
||
|
Operative Address |
Calle 182 No.126 entre 1era y 5ta
Avenidas, Flores, Ciudad de La Habana, Cuba |
||
|
Telephone: |
+53 07 66 6637 /+53- 273-6365/ +53 273-
6669 / +53 07 838-0573 |
Registration Number : |
N.A. |
|
Fax: |
+53-733-6234 / +53 07 873-3151 |
Legal Form: |
Sociedad Anonima |
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Email: |
Registered in: |
Cuba |
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Website: |
N.A. |
Date Created: |
1950 |
|
Manager: |
Ramon Aloy - Director |
Date Incorporated: |
N.A. |
|
Staff: |
345 |
Stock: |
N.A. |
|
|
|
Value: |
N.A. |
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Activity: |
Import of aircraft and equipment. |
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Name of the Bank |
Banco Central de Cuba |
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Account Number |
Confidential |
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Comments |
We could not verified this information with the company. |
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HISTORY |
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Aviaimport was founded in 1950 and it is based in La Habana, Cuba. |
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PRINCIPAL ACTIVITY |
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|
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The company imports aircraft and equipment. |
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Products/Services description: |
|
|
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Aviaimport manages the import of planes to supply the Cuban Government.
They also do the import of general supplies for the plains. The most common planes the company´s imports are the Russian «
Ilyushin », which are used by CUBANA AIRLINE, which is owned by the State of
Cuba. In addition, Russia’s leasing company Ilyushin Finance and Cuban
Aviaimport S.A. have clinched a deal to supply a mid-range Tu-204SE to Cubana
de Aviacion in the third quarter, Ilyushin Finance reported. |
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Clients: |
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The company supplies its products to the Cuban Government. |
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Suppliers: |
|
|
|
Corporacion de Aviacion Cubana (CACSA). This company was created in
2000 by the Cuban Government and Iberia to perform the general maintenance of
planes from USA and Europe. |
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Operations area: |
|
|
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National, Local |
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The company imports from Russia. |
|
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The company does not export |
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Trade References: |
|
|
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We could not obtain suppliers contact information for us to check
trade references. |
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The subject employs 345 employee(s) |
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Comments on staff: |
|
|
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We could not verify this information with the company. |
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PAYMENTS |
|
|
|
made on a 128 days basis - monitored over the last 12 months |
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LOCATION |
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Headquarters |
|
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The company is headquartered at Calle 182 No.126 entre 1era y 5ta Avenidas,
Flores, Ciudad de La Habana, Cuba. |
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Comments on location: |
|
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The administrative office and operations of the company can be found
at the above listed address. |
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Branches: |
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The company does not have branches. |
Manager - Related
Companies
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Listed at the stock exchange: |
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|
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NO |
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Shareholders Parent Company(ies): |
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|
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This is a private company owned by the Cuban Government. |
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Management: |
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|
|
Ramon Aloy, Director |
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Related Companies: |
|
|
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Affiliated companies: Empresa Cubana Exportadora e Importadora
de Servicios. Artículos y Productos Técnicos Especializados (TECNOTEX). Empresa para la Prestación de Servicios a
Extranjeros (CUBALSE) Empresa de Abastecimiento al Turismo
(ABATUR), S.A.) Empresa Central Importadora de Vehículos
de Transporte (TRANSIMPORT) Proveedora General del Transporte EMPRESA CUBANA EXPORTADORA E IMPORTADORA
DE MINERALES Y METALES |
Commercial trends and forecast
|
As a private company the subject does not publish any financial
statements. |
|
We tried to contact the company to the different phone numbers
obtained without success. |
|
Currency |
DATE |
|
USD |
2010 |
|
Turnover |
112,500,000. |
|
Operating Income |
(10,500,000) |
|
Net Income |
(11,800,000) |
|
Bank liabilities |
32,000,000 |
|
The cash flow is |
NORMAL |
|
Currency |
DATE |
|
USD |
2008 |
|
Turnover |
109,000,000 |
|
Net Income |
(21,000,000) |
|
Current Assets |
(23,000,000) |
|
Bank liabilities |
44,000,000 |
Currency |
DATE |
|
USD |
2006 |
|
Turnover |
103,000,000 |
|
Operating Income |
- |
|
Net Income |
(17,000,000) |
|
Bank liabilities |
21,000,000 |
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Comments on the financial data: As of today, the
company’s 2011 numerical financial figures were neither released nor revealed
to our sources. |
|
Legal Filings |
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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 |
|
|
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The company was founded in 1950 and it is
based in La Habana, Cuba. It is a medium sized company, with 345 employees
and operates as an importer of aircraft and equipment. According to our figures, this Cuban
company had negative profitability since 2006, operating also with high
indebtedness. Moreover, payments are made in 128 days, which are considered
long termed. The financial data is continuously
negative and showing a bad performance. The country risk in Cuba will always be
rated as “high”, as long as the political organization of the State is
submitted to the socialist premises, jointly with the economic blockage made
by the Kennedy administration in 1962. The economical risk is determined by the
consequence of those two elements. The Socialist State oriented premises
makes the burocracy of the ruling party take care of the economy, which is,
and has to be, planned after the consequences of the blockage. The blockage makes Cuba one of the less
developed countries in Latin America, with a high indebtedness ratio and no
possibilities of incorporating added value to the economy. There are no Foreign
Direct Investments (FDI) and neither a strong inner market to sustain any
offer exceeding basic and only structural needed products, all of them
controlled and directed by the State. Therefore, there is a complete lack of
competitiveness, which makes the economy operating in an always struggling
scenario. Based on those premises, we suggest
working with guarantees. |
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Profitability |
N.A. |
Public |
NO |
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Indebtedness |
HIGH |
Payments |
TO BE MONITORED |
|
Cash |
NORMAL |
|
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Comments |
|
|
|
We tried to contact the company but nobody answer our calls after
several times. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
UK Pound |
1 |
Rs.83.70 |
|
Euro |
1 |
Rs.71.42 |
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 |
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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 |
|
<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.