MIRA INFORM REPORT

Report Date :

16.10.2014

IDENTIFICATION DETAILS

Name :	CASA BLANCA SA
Registered Office :	Calle 90 No 510 E/5tay 5ta a Playa Ciudad Habana Havana
Country :	Cuba
Date of Incorporation :	12.12.2010
Legal Form :	Public Company
Line of Business :	Not Available [We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employees :	Less than 10

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Cuba	B2	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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. 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

STATUTORY INFORMATION
Order:	Casa Blanca SA
Address in the order:	Calle 90 No 510 E/5tay 5ta a Playa Ciudad Habana Havana
Legal Name:	CASA BLANCA, SA
Trade Name:	NA
ID:	NA
Date Created:	2010
Date Incorporated:	December 12, 2010
Legal Address:	Calle 90 No 510 E/5tay 5ta a Playa Ciudad Habana Havana
Operative Address:	Calle 90 No 510 E/5tay 5ta a Playa Ciudad Habana Havana
Telephone:	204-3515/204-3516
Fax:	NA
Legal Form:	Sociedad Anonima
Email:	shahita.chopade@cotecna.co.in (NOT CONFIRMED)
Registered in:	Cuba
Website:	NA
Manager:	Laura Fuentes
Staff:	Less than 10
Activity:	NA
SIC Codes:	NA
NAICS Codes:	NA
BANKS
Name of the Bank:	Banco Central de Cuba
	The company does not make its banking information public
HISTORY
	The company started business in 2010
PRINCIPAL ACTIVITY
	We found CASA BLANCA S.A. as being an incorporated company in Cuba. However; there is no listing of CASA BLANCA S.A. as an active business. The Company is not listed with the Cuba Chamber of Commerce. Not listed with the yellow pages. Not listed with the major credit bureaus.
Products/Services description:	NA
Brands:	NA
Sales are:	NA
Clients:	NA
Competitors:	NA
Suppliers:	NA
Operations area:	NA
The company imports from	NA
The company exports	NA
The subject employs	NA
Payments:	NA
LOCATION
Headquarters :	Calle 90 No 510 E/5tay 5ta a Playa Ciudad Habana Havana
Property:	No branches were found
Branches:	NA
Business Overview:	NA
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	NA
Management:	Laura Fuentes, Executive Assistant Claribel Polanco, Economist
FINANCIAL INFORMATION
	This is a provate company which does not make its financial statements public.
	No financial information has been found for the subject
LEGAL FILINGS
	No legal were connected to the subject
SUMMARY
	Despite our long searches we were unable to locate more information through outside sources of the Company. Please provide us with further information such as telephone numbers or email address in order to pursue the investigation.
RISK INFORMATION
	The country risk in Cuba is high, as long as the political organization of the State is submitted to the socialist premises. The current blockage makes Cuba one of the less developed countries in Latin America, with high indebtedness and no possibilities of incorporating added value to the economy. There are no Foreign nor National Investments to sustain any offer exceeding basic and only structural needed products, all of them controlled and directed by the State. There is an absolute lack of competitiveness, which makes the economy very poor.
Payments	NA
Cash	NA
ADVISED CREDIT	Guarantees
Indebtedness	NA
CALL
INTERVIEWEE	NA
POSITION	NA
COMMENTS	We tried to contact the company through the telephone found, however; we received no response.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.10
UK Pound	1	Rs.98.15
Euro	1	Rs.77.68

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	PDT

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%)

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