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Report Date : |
10.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
IMPORT TACHIRA
C.A. |
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Registered Office : |
Calle F, Nº 5, Zona Industrial Paramillo San Cristobal, Estado Tachira |
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Country : |
Venezuela |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
02.06.2005 |
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Legal Form : |
Stock Company |
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Line of Business : |
Wholesale Trade-Durable Goods. (Sale of vehicles, tires, furniture, toys, Home furnishings, machinery.) |
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No. of Employees : |
14 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Venezuela
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B2 |
B2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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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 |
VENEZUELA - ECONOMIC
OVERVIEW
Venezuela remains highly dependent on oil revenues, which account for roughly 95% of export earnings, about 45% 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 26% in 2011 and 21% in 2012. 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 2012, Venezuela continued to wrestle with a housing crisis, high 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 for the entire government reached 17% of GDP in 2012, and public debt as a percent of GDP climbed steeply to 49%, despite record oil prices
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Source
: CIA |
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CORRECT COMPANY
NAME |
IMPORT TACHIRA C.A. |
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TAXPAYER
REGISTRATION |
RIF J313586838 |
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MAIN ADDRESS |
Calle F, Nº 5, Zona Industrial Paramillo |
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DEPT/PROV/REGION/STATE |
San Cristobal, Estado Tachira |
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COUNTRY |
VENEZUELA |
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TELEPHONE |
(58276) 3564084 - 3565677 - 3564220 |
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CORPORATE E-MAIL |
import_tachira@cantv.net |
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COMMENTS |
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Subject's correct address is given in the identification section. Fax: (58276) 3562600 |
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Date of
foundation |
2005 |
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Capital stock |
BsF.410,000.= Bolivares Fuertes |
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Shareholders'
equity |
5,404,475.00 Bolivar Fuerte (31DEC2012) |
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Annual revenues |
US$ 16,377,679.53 Bolivar Fuerte (31DEC2012) |
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Profits (loss) |
2,455,098.00 Bolivar Fuerte (31DEC2012) |
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permanent
employees |
14 |
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Chief Executive |
MOLINA MORA, ELIBERTH MIGUEL ANGEL |
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Disposition |
REPORT PREPARED FROM OUTSIDE SOURCES. |
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Payments policy |
(P5) Without rating (No payment experience traced) |
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Credit (**) |
Risk is Very High. Vulnerable, Losses. Heavy Situation. |
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Number of times that this company was required: 5 |
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LEGAL STRUCTURE
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LEGAL STATUS |
Stock Company |
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DATE OF
INCORPORATION |
02JUN2005 |
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PLACE OF
REGISTRY |
San Cristobal, Tachira. Reg. of Corp. III |
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NOTARY OFFICE |
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DURATION |
30 years |
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REGISTRATION |
No.97, Volume 7-A. File 18.369 |
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INITIAL CAPITAL |
Bs.50,000,000.= Bolivares |
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CURRENT PAID-IN
CAPITAL |
BsF.410,000.= Bolivares Fuertes |
LAST CAPITAL
INCREASE |
10/08/2006 |
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SHAREHOLDERS
EQUITY |
5,404,475.00 Bolivar Fuerte (31DEC2012) |
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CURRENT EXCHANGE
RATE (US$) |
BsF.6.30 per US$1.= Dollar |
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COMMENTS
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Subject's board of directors was registered on 19/03/2013, for a 5-year period. In 2008, the Monetary Conversion system was entered into force in Venezuela, by which three digits are eliminated from the former currency called Bolivar. The ongoing monetary unit is the Bolivar Fuerte. |
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DIRECTORS - EXECUTIVES –
SHAREHOLDERS
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WHO IS WHO?
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LARA MOLINA, NERIO EDGARDO |
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TITLE |
President |
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NATIONALITY |
Venezuelan |
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D.O.B. |
29JUN1972 |
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ID |
CI 10173332 |
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BACKGROUND
INFORMATION |
He is Public Accountant, graduate from "Universidad Catolica de Tachira", specialized in business audits. |
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ASSOCIATED AS PER
OUR DATABASE TO |
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MOLINA MORA, ELIBERTH MIGUEL ANGEL |
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TITLE |
General Manager |
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NATIONALITY |
Venezuelan |
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CRISTIANO CIANCI, MARISA |
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TITLE |
Administrative Manager |
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NATIONALITY |
Venezuelan |
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ID |
CI 10171986 |
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BUSINESS HISTORY
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Subject was incorporated by Jose Barreto Alcedo and Nerio Lara Molina. In January 2006, Jose Barreto Alcedo and Nerio Lara Molina sold a part of their shares to Carlos Peña Olivares and Marisa Cristiano Cianci. In March 2009, Carlos A. Peña Olivares sold his shares to Eliberth Miguel Angel Molina Mora, who joined the company as a shareholder. In February 2013, Jose Barreto Alcedo sold his shares to Marisa Cristiano Cianci and withdrew from the company. Subject is related to the following companies. |
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RELATED
COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER |
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BUSINESS
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SIC
Classification |
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Main activity |
Subject is engaged in purchase, wholesale, retail, import, export, and trading of any kind of products and items; to be a representative or distributor in national or foreign entities. Sold products: Tires for any type of vehicles, for agricultural and industrial use, tires for motorcycles and bicycles, spare parts, inner tubes, parts, accessories for vehicles. |
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O P E R A T I O N S |
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Import |
Yes |
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Country |
USA, Panama, China, Colombia |
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% Credit SALES /
Terms |
100% (Terms: 30, 60 days) |
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% DOMESTIC
PURCHASES |
50% |
% FOREIGN
PURCHASES |
50% |
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SELLING
TerritorY |
Domestic market |
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EMPLOYEES |
14 |
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Comments
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Subject's sales are aimed at the following sectors: wood, textile, heavy machinery, footwear, clothing, ceramics, ophthalmology. Subject has about 80 customers, including Denim Textiles, Inversiones Viales, La Cerámica C.A., Industrias Cruz de Venzuela C.A., Suministros del Color C.A., Oclimark C.A. |
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FINANCIAL INFORMATION
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Disposition |
TF: REPORT PREPARED FROM OUTSIDE SOURCES. |
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Interviewee(s) |
External Sources |
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Information
provided |
First, we interviewed Ms. Sonia (Assistant), who required a formal letter. Later, we got in contact with Mr. Nadal (Administrator), who informed that they were not interested in providing any information. Therefore, this report was developed with information that was collected from external sources, where the Annual Balance Sheets as of 31/12/2012 and 31/12/2011 were found. Subject is registered in CADIVI for obtaining dollars at a preferential exchange rate. From 2004 to 2001, 411 subject's import applications were approved for the amount of US$ 33,249,818.=. In 2012 (last publication from Cadivi), 67 subject's applications were approved for US$9,183,829.=. |
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BALANCE SHEET
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Balance sheet
date |
31DEC2012 |
31DEC2011 |
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Type of balance
sheet |
Annual |
Annual |
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Period |
12 months |
12 months |
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Currency |
Bolivar Fuerte |
Bolivar Fuerte |
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Exchange rate
per US$ |
4.3 |
4.3 |
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A S S E T S |
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Cash/bank |
10,464.00 |
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Receivables |
32,852,572.00 |
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Inventory |
4,197,522.00 |
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Others |
18,633,271.00 |
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Current Assetsd |
55,693,829.00 |
41,814,786.00 |
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Fixed |
334,186.00 |
445,751.00 |
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Others |
313,186.00 |
88,036.00 |
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Total Assets |
56,341,201.00 |
42,348,573.00 |
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L I A B I L I T I E S |
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Bank/Suppliers |
50,906,726.00 |
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Current
liabilities |
50,906,726.00 |
39,369,197.00 |
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Long term |
30,000.00 |
30,000.00 |
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TOTAL
LIABILITIES |
50,936,726.00 |
39,399,197.00 |
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S H A R E H O L D E R S' E Q U I T Y |
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Capital |
410,000.00 |
410,000.00 |
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Profits (Loss) |
4,994,475.00 |
2,539,376.00 |
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Total
shareholders equity |
5,404,475.00 |
2,949,376.00 |
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Total Liab. /
Sh. equity |
56,341,201.00 |
42,348,573.00 |
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Sales |
70,424,022.00 |
26,501,757.00 |
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Profit (Loss) |
2,455,098.00 |
1,034,433.00 |
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RATIO
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Liquidity ratio |
1.09 |
Current assets / Current liabilities |
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Debt-to-equity
ratio |
10.62 % |
(Shareholders' equity / Current liabilities %) |
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Profitability
margin |
3.49 % |
(Profits / Sales %) |
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Working capital |
4,787,103.00 |
(Current assets - Current liabilities) |
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FINANCIAL
SITUATION |
D: HEAVY Based on the last Financial Statement, this company's Financial Situation is deemed to be HEAVY because its liquidity ratio is loss-making. Its working capital is negative. Its debt is much higher than its shareholders' equity. Its results at the fiscal-year end are negative. There is an evident lack of economic and financial resources. Most of references are adverse. Its future is uncertain. |
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Property of
company comments |
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Subject's main assets include plots of land, furniture, vehicles, sheds, and buildings. |
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INSURANCE |
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TRADE
REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS (Confidential Information) |
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TRADE REFERENCES |
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Note : Other suppliers did not provide information or could not be consulted |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
|
|
1 |
Rs.102.31 |
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Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
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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 |
|
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.