MIRA INFORM REPORT

 

 

Report Date :

12.09.2014

 

IDENTIFICATION DETAILS

 

Name :

COMERCIAL INTERNACIONAL EXPORTADORA S.A

 

 

Registered Office :

Avenida Jean Paul Genie Edificio ProCredit, 3er piso Managua

 

 

Country :

Nicaragua         

 

 

Date of Incorporation :

1952

 

 

Legal Form :

Stock Company

 

 

Line of Business :

Subject is engaged in production, import, export, trade and distribution of coffee

 

 

No. of Employees

200

 

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 :

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)

Nicaragua         

B2

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

NICARAGUA ECONOMIC OVERVIEW

 

Nicaragua, the poorest country in Central America and the second poorest in the Western Hemisphere, has widespread underemployment and poverty. The Dominican Republic-Central America-United States Free Trade Agreement (CAFTA-DR) has been in effect since April 2006 and has expanded export opportunities for many agricultural and manufactured goods. Textiles and agriculture combined account for nearly 50% of Nicaragua's exports. In 2013, the government granted a 100-year concession to a newly formed Chinese-run company to finance and build an inter-oceanic canal and related projects, at an estimated cost of $40 billion. The economy grew 4.6% in 2013, despite a 33% decline in coffee export revenues due to a coffee rust fungus

 

Source : CIA

 

 

 

Company name and address

 

COMPANY NAME

COMERCIAL INTERNACIONAL EXPORTADORA S.A

TRADE NAME

CISA EXPORTADORA

TAX ID TYPE

RUC

TAX ID NUMBER

J0310000000417

CURRENT STATUS

Active

MAIN ADDRESS

Avenida Jean Paul Genie Edificio ProCredit, 3er piso

CITY/PROVINCE/STATE

Managua

PHONE NUMBER(S)

(505) 2255.9200

FAX NUMBER

(505) 2249.0547

E-MAIL

origin@merconcorp.com

WEB SITE

www.merconcoffeegroup.com

COMMENTS OF IDENTIFICATION.-

This report was ordered as COMMERCIAL INTERNACIONAL EXPORTADORA. Please be noted that the complete and correct company name of the subject is as shown above. Likewise, this report was ordered with address: Insta Jean Paul Genie,Edificio Procredit 3er Piso, Managua. Please be noted that the complete and correct address of the subject is as shown above.

 

 

LEGAL ASPECTS

 

LEGAL STATUS

Stock Company

INCORPORATION DATE

1952

REGISTERED IN

Managua

DURATION

99 years

INITIAL CAPITAL

C$100,000.00 Cordobas

TYPE OF SHARES

Registered shares.

LISTED AT STOCK EXCHANGE

NO

SHARE VALUE

C$1.00 Cordoba

 

COMMENTS ON LEGAL ASPECTS .-

Pertinent Registration data was not directly provided by the subject. The subject is member of the American Chamber of Commerce of Nicaragua (AMCHAM NICARAGUA) It is also member of the Chamber of Commerce of Nicaragua. The subject participates and is supplier - through bidding processes, tenders and procurement - of institutions and state entities.

 

 

 

DIRECTORS/MANAGEMENT

 

BOARD OF DIRECTORS-EXECUTIVES

NAME

JOB TITLE

% STAKE

BALTODANO, JOSÉ ANTONIO

President

 

CABRERA, DUILIO , BALTODANO

Vice President

 

BALTODANO, ERNESTO

General Manager

 

ESLAQUIT, JORGE

Commercial Manager

 

MENDOZA, ADRIANA

Accountant

 

 

 

 

 

NEGATIVE INFORMATION

 

NO negative information found.

 

 

SHARE & SHARE CAPITAL INFORMATION

 

SHAREHOLDERS

NAME

JOB TITLE

% STAKE

INVERSIONES NACIONALES SA

Shareholder

 

 

 

PAYMENT INFORMATION

 

PAYMENTS

TRADE REFERENCES

TYPE OF SUPPLIER

NATIONAL

CREDIT FACILITIES

No current operations limit

SUPPLIER FROM

Since 6 years ago

DEADLINES

at 15 days

PRODUCTS SOLD

Customs clearance

RATING

PROMPT

COMMENTS.-

Last purchase: August 2014 Good clients.

 

CREDIT FILES

Other consulted suppliers do not give any information of their clients by policy of companies.

 

 

LOCAL SUPPLIERS

Name

Contact

Telephone

ADUANERA DE ULTRAMAR, S.A

Dennis Torres

(505) 2269.7235

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

COMMENTS RELATED COMPANIES

The subject is part of Mercon Group, with over 50 years of experience and outstanding participation in various lines of business. With 500 employees, with headquarters in USA, based in Honduras, Spain, Nicaragua, Vietnam, Guatemala, among others.

 

RELATED COMPANIES

NAME

TAX ID. NUMBER

COUNTRY

CAFE SOLUBLE SA

J0310000001383

NICARAGUA

COMERCIAL INTERNACIONAL AGRICOLA SA

J0310000005273

NICARAGUA

COMERCIAL INTERNACIONAL DE GRANOS DE HONDURAS SA DE CV

05019002063147

HONDURAS

DIVISIONES UNIDAS SA

 

NICARAGUA

INVERSIONES INTERNACIONALES SA

J0310000162093

NICARAGUA

MERCAFE VIETNAM CO. LTD.

 

VIETNAM

MERCON COFFEE CORP.

 

U.S.A.

MERCON EUROPE SL

 

SPAIN

 

 

FINANCIAL INFORMATION

 

FINANCIAL INFORMATION

CONTENT.-

During our investigation, we interviewed Ms. Adriana Mendoza (Accountant) who supplied business information regarding the subject and stated that she will will assess the possibility of providing financial figures. Besides, she required the inquirer's name. The subject is and industrial company with long experience in business which according to our investigation, it reports good fulfillment of its obligations which shows stability in its operations. COUNTRY CONTEXT - NICARAGUA : The below country comments were obtained from a highly regarded public source that issues economic comments on all of world's countries Taxes: Nicaraguan Income Tax 30% on the net profit-business. Alphabetic currency code for every country by the International Organization for Standardization (ISO) 4217: Cordoba (NIO) Main economic indicators: External debt US$8.16 billion (31 December 2013 est.) International reserves: US $1.89 billion (31 December 2013 est.) Inflation rate : 7.4% (2013 est.) GDP growth rate: 4.2% (2013 est.) Annual GDP per capita: US$4,500 (2013 est.) GDP - composition, by sector of origin: agriculture: 17.1% industry: 25.5% services: 57.5% (2013 est.) Labour force of 3.039 million people (2013 est.) divided by: agriculture: 28% industry: 19% services: 53% Unemployment rate: 7.2% (2013 est.) Productive Sector: Agriculture - products: coffee, bananas, sugarcane, rice, corn, tobacco, sesame, soya, beans; beef, veal, pork, poultry, dairy products; shrimp, lobsters, cotton Industries: food processing, chemicals, machinery and metal products, knit and woven apparel, petroleum refining and distribution, beverages, footwear, wood, electric wire harness manufacturing, mining Foreign Trade: Exports: US$4.278 billion (2013 est.) country comparison to the world: 116 US$4.157 billion (2012 est.) Exports - commodities: coffee, beef, gold, sugar, peanuts, shrimp and lobster, tobacco, cigars, automobile wiring harnesses, textiles, apparel, cotton Exports - partners: US 55.6%, Canada 8.6%, Venezuela 7.3%, El Salvador 4.2% Imports: US$6.608 billion (2013 est.) country comparison to the world: 117 US$6.45 billion (2012 est.) Imports - commodities: consumer goods, machinery and equipment, raw materials, petroleum products Imports - partners: US 19%, Venezuela 14.8%, Mexico 12.2%, Costa Rica 8.5%, Guatemala 8%, China 7.9%, El Salvador 4.7% Country risks: Commercial country risk: HIGH Political country risk : MEDIUM

DETAILS OF FIXED ASSETS.-

Main assets include: - Fleet of vehicles - Reactors Area - Cooling system - Quality Control Laboratory - Tanks - Hand and power tools - Small appliances (equipment furniture and office equipment)

INSURANCE.-

No insurance policies were reported.

 

 

FOREIGN EXCHANGE RATES

 

RATE OF EXCHANGE

US$1.00 = C$26.18 (as of report date)

 

 

ADDITIONAL INFORMATION

 

OPERATIONS

SECTOR

1.-INDUSTRY

ACTIVITY

COFFEE

ISIC CATEGORY

D-MANUFACTURING INDUSTRIES (ELABORATION, MANUFACTURING, PRODUCTION, PUBLISHING, CASTING, CONSTRUCTION)

MAIN ACTIVITY

Production, import, export, trade and distribution of coffee.

% CASH SALES/PAYMENT METHOD

30%

% CREDIT SALES/TERMS

70% (Terms at 30 - 60 days)

TERRITORY OF SALES

National and International markets

N. OF EMPLOYEES

200 approximately

 

 

LOCATION

TAX DOMICILE, ADMINISTRATIVE OFFICES, COMMERCIAL PREMISES: located at captioned address in a centric and industrial zone of the city of easy access. Premises consists of 6,000 sq.m. OTHER PREMISES: - Km 120 ˝ Carretera Sébaco ? Matagalpa, Matagalpa, Nicaragua, Tel. (505) 2255.9200 / 505 2775.4508 - Sucursal Matagalpa: Del Citi Bank, 2c. al este, Matagalpa, Nicaragua. Tel. (505) 2255.9200 / (505)2772.3100 - Sucursal Ocotal: Del Cuerpo de Bomberos de Ocotal 300 mts al norte. Nueva Segovia, Nicaragua. Tel. (505) 2255-9200/ (505)2732.2061 - Sucursal Jinotega: Contiguo a Gasolinera Esso Apanás, Jinotega, Nicaragua. Telf. (505) 2255.9200/ (505) 2782.2464

COMMENTS OF OPERATIONS.-

Sales are 100% directly. It imports from China, USA and it exports to Costa Rica Honduras, Mexico among others. Currently, the subject has an important portfolio of clients in NIcaragua. Main clients are large companies, as well as medium and small sized companies. The subject has the ISO 9001:2008 certification (purchase, processing and export)

 

BANKERS / REFERENCE

Bank Name

Account Number

Account Officer

Telephone

Country

BANCO CITIBANK DE NICARAGUA SA - CITIBANK

 

 

 

NICARAGUA

BANCO DE AMERICA CENTRAL SA - BAC

 

 

 

NICARAGUA

BANK COMENTS

Consulted banks do not give any information of their clients due to bank secrecy.

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.19

UK Pound

1

Rs.98.65

Euro

1

Rs.78.63

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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

 

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.