MIRA INFORM REPORT

Report Date :

16.01.2013

IDENTIFICATION DETAILS

Name :	INDUSTRIAS QUIMICAS ROSER C.A.
Registered Office :	Principal La Urbina, Torre Olimpia, Piso 12, Of. 12-A CP.1073 Caracas Distrito Capital
Country :	Venezuela
Financials (as on) :	31.12.2011
Date of Incorporation :	07.021985
Legal Form :	Stock Company
Line of Business :	Subject is engaged in import and distribution, of raw materials for the pharmaceutical, cosmetic and food industry.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Venezuela	B2	B2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

VENEZUELA - ECONOMIC OVERVIEW

Venezuela remains highly dependent on oil revenues, which account for roughly 95% of export earnings, about 40% of federal budget revenues, and around 12% of GDP. Fueled by high oil prices, record government spending helped to boost GDP growth by 4.2% in 2011, after a sharp drop in oil prices caused an economic contraction in 2009-10. Government spending, minimum wage hikes, and improved access to domestic credit created an increase in consumption which combined with supply problems to cause higher inflation - roughly 28% in 2011. President Hugo CHAVEZ's efforts to increase the government's control of the economy by nationalizing firms in the agribusiness, financial, construction, oil, and steel sectors have hurt the private investment environment, reduced productive capacity, and slowed non-petroleum exports. In the first half of 2010 Venezuela faced the prospect of lengthy nationwide blackouts when its main hydroelectric power plant - which provides more than 35% of the country's electricity - nearly shut down. In May 2010, CHAVEZ closed the unofficial foreign exchange market - the "parallel market" - in an effort to stem inflation and slow the currency's depreciation. In June 2010, the government created the "Transaction System for Foreign Currency Denominated Securities" to replace the "parallel" market. In December 2010, CHAVEZ eliminated the dual exchange rate system and unified the exchange rate at 4.3 bolivars per dollar. In January 2011, CHAVEZ announced the second devaluation of the bolivar within twelve months. In December 2010, the National Assembly passed a package of five organic laws designed to complete the transformation of the Venezuelan economy in line with CHAVEZ's vision of 21st century socialism. In 2011, Venezuela continued to wrestle with a housing crisis, higher inflation, an electricity crisis, and rolling food and goods shortages - all of which were fallout from the government's unorthodox economic policies. The budget deficit reached around 5.2% of GDP in 2011, and public debt as a percent of GDP climbed steeply, despite record oil prices.

Source : CIA

IDENTIFICATION

CORRECT COMPANY NAME

INDUSTRIAS QUIMICAS ROSER C.A.

TAXPAYER REGISTRATION

RIF J002132043

MAIN ADDRESS

Principal La Urbina, Torre Olimpia, Piso 12, Of. 12-A

POSTAL CODE

CP.1073

PROVINCE / DEPARTAMENT

Caracas

STATE / REGION

Distrito Capital

COUNTRY

VENEZUELA

TELEPHONE

(58212) 2425037 - 2435833

E-MAIL

iqroser.rodriguez@cantv.net

WEB

www.roser.com.ve

COMMENTS

Other e-mail: ffalcon@roser.com.ve

SUMMARY
Date of foundation	1995
Capital stock	BsF.500,000.= Bolívares Fuertes
Shareholders' equity	9,896,487.00 Bolívares Fuertes (31DEC2011)
Annual revenues	US$ 12,760,976.05 Bolívares Fuertes (31DEC2011)
Profits (loss)	4,938,591.00 Bolívares Fuertes (31DEC2011)
permanent employees	No specified
Chief Executive	RODRIGUEZ TEMES, MARCIAL
Disposition	Excellent.- Full information and updated figures.

LEGAL BACKGROUNDS
LEGAL STATUS	Stock Company
DATE OF INCORPORATION	07FEB1985
PLACE OF REGISTRY	Caracas
REGISTRATION	Registry 5, Volume 32-A, Page 75
CURRENT PAID-IN CAPITAL	BsF.500,000.= Bolívares Fuertes
SHAREHOLDERS EQUITY	9,896,487.00 Bolívares Fuertes (31DEC2011)
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
CURRENT EXCHANGE RATE (US$)	Bs.F.4.29 per 1 USD

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
RODRIGUEZ TEMES, MARCIAL	Managing Director	90%
RODRIGUEZ GOLDAR, REBECA	Director	10%

WHO IS WHO?
RODRIGUEZ TEMES, MARCIAL
NATIONALITY	Venezuelan
ID	CI 7978326
RODRIGUEZ GOLDAR, REBECA
NATIONALITY	Venezuelan
ID	CI 13477641
BACKGROUND INFORMATION	Father: Marcial Rodríguez Temes.

BUSINESS HISTORY

We learnt that among its related companies, SEAPEX FINE CHEMICALS S.A. is currently INACTIVE. 

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
LABORATORIO QUALER C.A.	VENEZUELA		Related
ROSER 2000 C.A.	VENEZUELA		Related
SEAPEX FINE CHEMICALS S.A.	VENEZUELA	J300497801	Related

BUSINESS

Main activity

Subject is engaged in import and distribution, of raw materials for the pharmaceutical, cosmetic and food industry. 
 
 
As secondary activity, Subject is engaged in manufacturing of mixtures for the manufacturing of self-shining wax

Import

Yes

Country

Germany, Spain, Italy, France, Holland, Argentina, Chile, China, Brazil, Colombia, USA, Thailand, Peru

Export

No

% CASH SALES / METHOD

1%

% Credit SALES / Terms

90% (30, 60 days)

SELLING TerritorY

100% (Domestic market)

EMPLOYEES

No specified

LOCATION
PREMISES	Rented
OTHER PREMISES	The property belongs to Mr. Marcial Rodríguez. WAREHOUSE: Zona Industrial Cumaca, Calle Para Parcela 28, Galpon 28, Paracotos, Zona Industrial Cumaca, Miranda State, Venezuela. Rented facilities. Tel.(212)3911029. Premises of 4,300 M2. Located in a industrial sector. Personal Office of the General Director: Av. Principal La Urbina, Olimpia Tower, 5th floor, 5A Office, Caracas. Property of the General Director. Third parties reportes Subject other address: Calle L. Caciques, El Cacique 2, Caracas, Distrito Capital. Telef.(0212)2564080.

Comments

We learnt that during the period 2004 as of 12/31/2007, Subject was approved with a total of 18 import requests amounted to US$247,314.01 

FINANCIAL INFORMATION

Interviewee(s)

Cesareo Goméz

Disposition

Full information and updated figures.

Information provided

Mr. Fernando Falcón (General Manager) kindly provided information, including a summary of the Annual Balance Sheet as of 12/31/2009, close of fiscal year, expressed in Bolívares Fuertes (Bs.F) 
 
Some interesting data included in this report were obtained from third sources, public sources and our own files. 

BALANCE SHEET
Balance sheet date	31DEC2011	31DEC2010	31DEC2009
Type of balance sheet	Annual	Annual	Annual
Period	12 months	12 months	12 months
Currency	Bolívares Fuertes	Bolívares Fuertes	Bolívar Fuerte
Exchange rate per US$	4.3	4.3	2.15
A S S E T S
Cash/bank	1,014,791.00	1,163,713.00
Receivables	9,215,059.00	6,234,729.00
Inventory	16,382,601.00	12,571,349.00
Others	770,977.00
Current Assetsd	27,383,428.00	19,969,791.00	13,977,672.00
Fixed	322,272.00	780,353.00	1,112,538.00
Others	2,040,665.00	755.00
Total Assets	29,746,365.00	20,750,899.00	15,090,210.00
L I A B I L I T I E S
Bank/Suppliers	13,370,681.00	11,140,253.00
Others	1,995,964.00	443,499.00
Current liabilities	15,366,645.00	11,583,752.00	4,554,982.00
Long term	914,508.00	640,525.00	1,568,946.00
Others	3,568,725.00	3,568,726.00
TOTAL LIABILITIES	19,849,878.00	15,793,003.00	6,123,928.00
S H A R E H O L D E R S'  E Q U I T Y
Capital	500,000.00	500,000.00
Reserves	5,000.00	5,000.00
Profits (Loss)	9,391,487.00	4,452,896.00
Total shareholders equity	9,896,487.00	4,957,896.00	8,966,282.00
Total Liab. / Sh. equity	29,746,365.00	20,750,899.00	15,090,210.00
Sales	54,872,197.00	31,308,073.00	23,849,921.00
Profit (Loss)	4,938,591.00	2,782,877.00	8,679,811.00

RATIO
Liquidity ratio	1.78	Current assets / Current liabilities
Debt-to-equity ratio	64.40 %	(Shareholders' equity / Current liabilities %)
Profitability margin	9.00 %	(Profits / Sales %)
Working capital	12,016,783.00	(Current assets - Current liabilities)

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
SEGUROS MERCANTIL	All risk	Yearly	Non specified

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier	Country	Comment
AGENTE ADUANAL LUGOMAR	VENEZUELA
BASSA	VENEZUELA
EKA CHEMICAL	VENEZUELA
MARIVELCA	VENEZUELA
OXITENO INDUSTRIA Y COMERCIO	VENEZUELA
POLO NORTH CHEMICAL	VENEZUELA
TRIPOLIVEN	VENEZUELA
ADM	U.S.A.
BASF	GERMANY
BMP	GERMANY
BORAX	U.S.A.
CERA VEGETAL DO CEARA LTDA	BRAZIL
CLORO BENCENOS S.A.	MEXICO
FONCEPI FONTENELE CERAS DO PIAVI S.A.	BRAZIL
KHAL & CO.	GERMANY
MATERIA HERMANOS	ARGENTINA
REBAIM	SPAIN
ROBERTET	FRANCE
SENSIEN COLORS	MEXICO
WILLY BENECKE	GERMANY
ZHEJIAMG	CHINA
ZHOLGBAO	CHINA

CREDIT HISTORY

Coincidentally, three supplier rated Subject as GOOD CLIENT. 

BANKERS

Subject is a client of the above-mentioned banks, which did not provide information on handling of its accounts, due to internal policy.

GENERAL INFORMATION

REPUTATION

NOTHING AGAINST COMPANY

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.54
UK Pound	1	Rs.87.69
Euro	1	Rs.72.85

INFORMATION DETAILS

Report Prepared by :

PRL

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.