|
Report Date : |
07.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
EMPRESA DE TELECOMUNICACIONES DE CUBA S.A. |
|
|
|
|
Registered Office : |
Edificio Beijing, 5to piso, Ave 3ra, e/ 76 y 78, Centro de Negocios Miramar, Playa, CP. 11300 Ciudad de La Habana |
|
|
|
|
Country : |
Cuba |
|
|
|
|
Date of Incorporation : |
28.06.1994 |
|
|
|
|
Legal Form : |
Company limited by shares |
|
|
|
|
Line of Business : |
·
Wired
telecommunications activities ·
Satellite
telecommunications activities ·
Wireless
telecommunications activities |
|
|
|
|
No. of Employees : |
189 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Cuba |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. Since then, the Cuban government has slowly and incrementally implemented limited economic reforms, including allowing Cubans to buy electronic appliances and cell phones, stay in hotels, and buy and sell used cars. The Cuban government also opened up some retail services to "self-employment," leading to the rise of so-called "cuentapropistas" or entrepreneurs. Recent moves include permitting the private ownership and sale of real estate and new vehicles, allowing private farmers to sell agricultural goods directly to hotels, and expanding categories of self-employment. Despite these reforms, the average Cuban's standard of living remains at a lower level than before the collapse of the Soviet Union and the resulting downturn of the 1990s. 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 |
EMPRESA DE TELECOMUNICACIONES
DE CUBA S.A.
DBA:
Etecsa
ADDRESSES:
Main Address: Edificio
Beijing, 5to piso, Ave 3ra, e/ 76 y 78, Centro de Negocios Miramar, Playa
Zip code/City: CP. 11300 Ciudad de La Habana, Cuba
Telephone: +53
7217533
+53
2668500
Fax: +53
7217533
+53
2668500
Web site: http://www.etecsa.cu
E-mail: gestur@softel.cu
VAT-No.: 30000352932
Established: 1994
Line of Business: Telecommunication
Industry Division: Services
Industry-code (NACE): 6190 Other telecommunications activities
6110 Wired telecommunications
activities
6130 Satellite telecommunications
activities
6120 Wireless telecommunications
activities
Banks: Banco
Central
Employees: 189
Official Administration:
President Mayra Arevich Marin
President Ramiro
Valdes
Director Luis
Manuel Díaz
Public information:
- Nomination of Directory in 28/06/1994
- Last Modification of Shareholders Structure
in 16/12/2010
Regulatory Institution:
- National Office of Tax Administration
Act of Legal Incorporation:
- Office: Central Merchant Registry
- Number of Writing: 1657
State Register: 1657
Legal form: Company
limited by shares
Incorporation date: 28.06.1994
Balance sheet filing date: -
Tax Contributor Number (CNPJ): -
Legal status: active
Responsible Register: State Register of Ciudad de La Habana, Cuba
Entry Deleted Name
28.06.1994 Empresa
De Telecomunicaciones De Cuba S.A.
Entry Deleted Legal domicile
28.06.1994 La
Habana, Cuba
Entry Deleted Address
28.06.1994 Egido
no. 610 e/ Gloria y Apodaca, Habana Vieja, Ciudad de La Habana, Cuba/CU
Entry Deleted Capital
active Share
Capital USD 300,000,000, paidup USD 300,000,000
Import and Export:
Import
Payment history:
Regular.
This is a state-owned Company, subsidized and
funded by the Cuban government; therefore, payments should be considered to be
guaranteed by the Cuban Government.
Owners/-s:
Class: 50-100%
Type: direct
Name: Telefónica
Antillana S.A.
City/Country: Havana/La
Habana, Cuba/CU
No. of shares: 6,188
Interest: 51,01%
voting right, 51,01% capital interest
Class: 20-29%
Type: direct
Name: RAFIN
S.A
City/Country: Havana/La
Habana, Cuba/CU
No. of shares: 3,276
Interest: 27,00%
voting right, 27,00% capital interest (since 31.01.2011)
Class: 10-19%
Type: direct
Name: Universal
Trade & Management Corporation S.A.
City/Country: La
Habana, Cuba/CU
No. of shares: 1,345
Interest: 11,09%
voting right, 11,09% capital interest
Class: 0-9%
Type: direct
Name: Banco
Financiero Internacional SA
City/Country: Havana/La
Habana, Cuba/CU
Interest: 6,16%
voting right, 6,16% capital interest
Class: 0-9%
Type: direct
Name: Negocios
en Telecomunicaciones S.A.
City/Country: La
Habana, Cuba/CU
No. of shares: 464
Interest: 3,83%
voting right, 3,83% capital interest
Class: 0-9%
Type: direct
Name: Banco
Internacional de Comercio S.A
City/Country: Havana/La
Habana, Cuba/CU
No. of shares: 112
Interest: 0,92%
voting right, 0,92% capital interest
Financial Data Empresa de
Telecomunicaciones de Cuba S.A.
Consolidation: unconsolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2012
Number of months: 12
Currency:
USD
Total shareholders equity 230,000.0
Total assets 710,000.0
Cash flow 122,000.0
Financial information:
The full accounts are not available. From
third-party sources we were given the financial information provided in this
report.
Score on National Credit Report: Available to
Fiscal Credit, score "01" - low risk
Tax Class: Legal User
Tax Status: Active
Observations: 03 on
- This user require of a retention for 100% on
each tax
- Mandatory statement (Last on September 2013)
- Subscribed to social security system
Exchange rate:
US$ 1,00 = CUP
22,222 - Official rate
Main Activities:
The company is an organization of Cuban mixed
capital, supported by the Cuban Government which 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.
Products/Services description: Telephone
service, Cellphone, Internet.
Brands: ETECSA
Competitors: The company is highly questioned
to be the only communications provider within the country without competition.
The company imports from Italy
Suppliers: Telecom Italia S.p.A
Partnerships:
The company has at least some contractual
relationships with: MACH Switzerland.
Operations and branches:
At the address, Centro de Negocios Miramar,
Edificio Beijing, 5to piso, Ave 3ra, e/ 76 y 78, CP. 11300 Playa, Ciudad de La
Habana, Cuba, we find the headquarters and operative office of the company.
At the address, Egido no. 610 e/ Gloria y
Apodaca, Habana Vieja, Ciudad de La Habana, Cuba, we find the legal office of
the company.
Branches:
Dirección Central de Comercial y Mercadotecnia
Centro de Negocios Miramar, Edificio Beijing, Ave 3ra, e/ 76 y 78, 4to piso,
Playa, La Habana Teléfonos:Secretaria 266 8364/Secretaria Ejecutiva:2668363
Dirección Central de Negociación e
Importaciones Centro de Negocios Miramar, Edificio Habana, 4to piso. Ave 3ra,
e/ 76 y 78, Playa, La Habana
Dirección Central de
Capital Humano Centro de Negocios Miramar, Edificio Beijing, Ave 3ra, e/ 76 y
78, 4to piso, Playa, La Habana
Divisiones
territoriales:División La Habana Águila #565 esq.a Dragones, Centro Habana,
Ciudad de La Habana.
División Territorial Isla
de la Juventud Calle 41 No.2804 Esquina 28 Nueva Gerona, Isla de la Juventud.
División Territorial Pinar del Río Alameda
#11A esq. Maceo, Pinar del Río.
División Territorial
Artemisa Calle 33 esquina 48 Municipio Artemisa
División Territorial
Mayabeque Ave.47 #8213 e/82 y 86, San José de las Lajas.
Quality certification: NC-ISO 9000
Staff:
189
Company's Background:
In 1993 the constitution of ETECSA was
authorized, and in 1994 it was granted the administrative concession for the
provision and marketing of public telecommunications services.
Empresa de Telecomunicaciones de Cuba S.A.
ETECSA, is an organization of Cuban mixed capital and aims to provide social
services, public telecommunications
The company has a medium sized structure and
20 years of experience in the market.
The company has been highly questioned since
it is the only telecommunications company and has no competitors in its field, therefore
it sets prices well above the usual rates in the world.
The company has alliances with Italian
providers and its revenue has shown an increase in the last years.
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. Starting on 4 June 2013 Cubans can
sign up with ETECSA for public Internet access under the brand "Nauta"
at 118 centers across the country. Juventud Rebelde, an official newspaper,
said new areas of the Internet would gradually become available. The cost of
Internet access is CUC$4.50 per hour (or CUC$0.60 for domestic intranet access
and CUC$1.50 for email), which is still high in a country where state salaries
average $20 a month. ETECSA now is working on the installation of new public
telephones and has decided to import from a new model from Italy. In an
exclusive interview, it has been said that the installation may be delayed
because of financial crisis being faced by ETECSA. However, the government is
keen on providing the best facilities for the Cuban people.
We called the company several times but could
only contact the operators department which refused to confirm information.
Other Branches:
División Territorial
Matanzas Milanés e/. Jovellanos y Ayuntamiento, Ciudad de Matanzas.
División Territorial
Villa Clara Carretera Central No. 116 Banda Placetas. Reparto Escambray
División Territorial
Cienfuegos Calle 43 No. 5802, entre 58 y 60, Cienfuegos
División Territorial
Sancti Spíritus Bartolomé Massó No. 167 Norte. Sancti Spíritus
División Territorial
Ciego de Ávila Prolongación de Bembeta y Circunvalación # 250, Ciego de Ávila.
División Territorial
Camagüey Calle Ignacio Agramonte # 442 Entre López Recio e Independencia,
Camagüey.
División Territorial Las
Tunas Francisco Vega # 53 Rpto. La Loma, Las Tunas.
División Territorial
Holguín Martí No. 122 e/ Mártires y Máximo Gómez. Holguín.
División Territorial
Granma Libertad # 2 altos. / Maceo y Canducha Figueredo, Bayamo. Granma
División Territorial
Santiago de Cuba Aguilera #401 Esq. Pío Rosado, Santiago de Cuba
División Territorial Guantánamo
Ahogados entre 11 y 12 norte, Guantánamo.
News
In Cuba Standard - Cuban Business and Economic
News in January 31, 2010
"Cuban state buys out Telecom Italia
Amid a cash crunch for the Cuban government,
Cuban state company Rafin S.A. bought Telecom Italia’s 27-percent share in
Cuban telecom ETECSA for a premium price of $706 million.
In its latest half-year report, TI valued its
ETECSA stake at 367 million euro ($481 million), according to Italian newspaper
Il Sole. However, TI reportedly asked
$780 million for the stake in negotiations with Spain’s Telefónica in 2009.
According to a Telecom Italia press release,
the Cuban entity already paid $500 million; Rafin will pay the remainder in 36
monthly installments of $5.72 million each. The arrangement is subject to
“specific credit guarantees,” TI said, without explaining.
The sale of the ETECSA stake concludes Telecom
Italia’s efforts to shed non-core assets and reduce debt; the company announced
in 2008 that it wanted to sell its Cuban business. Chairman Franco Bernabe told
Italian reporters that the participation in ETECSA was “only financial,”
contrasting with Telecom Italia’s controlling stakes in entities in Brazil and
Argentina.
The Cuban government has not commented the
purchase.
The government set up Rafin in 1997 as an
entity to finance import-export operations, participate in debt refinancing
operations, and manage centralized funds for state companies, among others. It
is the non-bank financial branch of Grupo de Administración Empresarial S.A.
(Gaesa), the armed forces’ business unit that controls entities that have
remained solvent throughout the most recent cash crunch that began in
2008. This is likely Rafin’s
largest-volume undertaking ever.
The Cuban purchase doesn’t come as a surprise,
since TI officials had talked about negotiations since last October. However,
third-country companies including Telefónica had also expressed interest.
Earlier this year, Britain’s Cable & Wireless Communications plc said it
wanted to bid for the stake, attracted by Cuba’s growth potential in the mobile
phone sector. The London-based company is entering the Cuban market via an
undersea cable linking Jamaica and Cuba. The cable landing, company CEO Tony
Rice said last year, would position Cable & Wireless as a top contender to
take over the ETECSA share.
“The starting point is the cable landing, but
the greater prize is working with the [Cuban] government to develop its
telecoms market,” Cable & Wireless CEO Tony Rice said in March, according
to the Sunday Times.
A Cable & Wireless spokesman later said
that reports about an ETECSA stake purchase went “too far,” according to trade
publication Total Telecom.
Cuba is not only the largest Caribbean market,
but it is also the most underdeveloped for broadband and wireless
communications in the western hemisphere.
Six Cuban state entities now own ETECSA —
Telefónica Antillana S.A. (51.006%), Rafin S.A. (27.003%), Banco Financiero
Internacional S.A. (6.157%), Universal Trade & Management Corporation S.A.
(11.086%), Banco Internacional de Comercio S.A. (0.923%), and Negocios en
Telecomunicaciones S.A. (3.825%)."
In Cuba Standard - Cuban Business and Economic
News in January 31, 2010
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
|
1 |
Rs.102.66 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NNA |
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.