MIRA INFORM REPORT

 

 

Report No. :

326409

Report Date :

10.06.2015

 

IDENTIFICATION DETAILS

 

Name :

LIMPIADORES INDUSTRIALES LIPESA, S.A.

 

 

Registered Office :

Av Orinoco Con Calle Baruta EDIF Lipesa Piso PH Ofic PH URB Bello Monte

 

 

Country :

Venezuela

 

 

Date of Incorporation :

25.02.1980

 

 

Legal Form :

Sociedad Anónima

 

 

Line of Business :

Manufacturer of chemical specialties.

 

 

No. of Employees :

149

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Venezuela

C1

C2

 

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 96% of export earnings, about 45% of budget revenues, and around 12% of GDP. Fueled by high oil prices, pre-election government spending helped spur GDP growth in 2013 to 5.6%. 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 20% in 2012 and rising to more than 56% in 2013 and 60% in 2014. Late 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 hurt the private investment environment, reduced productive capacity, and slowed non-petroleum exports. Under President Nicolas MADURO’s administration, Venezuela has continued to wrestle with housing and electricity crises and rolling food and goods shortages, resulting from the government's unorthodox economic policies. The budget deficit for the public sector reached 17% of GDP in 2012 and remained above 10% of GDP in 2014. The Venezuelan government has maintained a regime of strict currency exchange controls since 2003. Venezuelan law now sanctions a three-tiered exchange rate system, with rates based on the government's import priorities.

 

Source : CIA

 

 

STATUTORY INFORMATION

 

Legal Name:

LIMPIADORES INDUSTRIALES LIPESA, S.A.

Trade Name:

LIPESA

RIF:

J080103394

RNC:

1202011080103390   

Date Created:

1980

Date Incorporated:

25/02/1980

Legal Address:

AV ORINOCO CON CALLE BARUTA EDIF LIPESA PISO PH OFIC PH URB BELLO MONTE

Operative Address:

Av Orinoco
Caracas, Distrito Federal
Venezuela

Telephone:

0212 - 952.29.90

Fax:

0212 - 952.47.25

Legal Form:

Sociedad Anónima

Email:

bernali@lipesa.com.ve

Registered in:

Venezuela

Website:

www.lipesa.com

Contact:

Guido Mazza Manari, President

Staff:

149

Activity:

Chemical Manufacture Industry

 

 

BANK DATA

 

Bnaco Central de Venezuela

 

The company does not disclose its banking information

 

 

HISTORY

 

 

The company started business in 1980

PRINCIPAL ACTIVITY

Lipesa is a manufacturer of chemical specialties.

Products/Services description:

Lipesa produces Chemicals Specialties for:
• Oil and Gas Industry
Oil Drilling
• Refineries
• Water Treatment Process
• Steel, Aluminum and Copper Mills
• Agriculture
• Pulp and Paper Industry
• Sugar Mills
• Paints
• Environment

Service includes:
Technical assistance.
Inspection, evaluation and diagnoses of equipments, process and systems.
Reagents & instruments.
Feeding and control equipments.
Water and oil analysis.

Brands:

Pulsafeder

Clients:

PDVSA, DIV.
HIDROCAPITAL
PDVSA PETROLEO S.A.
AGUAS INDUSTRIALES DE JOSE
AZUCARERA PIO TAMAYO, C.A.
C.A. CENTRAL VENEZUELA
CORSERAGRO
C.V.G. ALUMINIO DEL CARONI
C.V.G. CARBONES DEL ORINOCO, C.A.
HIDROCARIBE
MINERA LOMA DE NIQUEL, C.A.
SIDERURGICA DEL ORINOCO (SIDOR), C.A.
SINCRUDOS DE ORIENTE

 

LIPESA COLOMBIA S A
Colombia

Suppliers:

PULSAFEEDER, INC
USA

RETER COMERCIALIZADORA DE PRODUCTOS
Mexico

Operations area:

National and International

The company imports from

USA, Mexico

The company exports to

Colombia, Ecuador, Guatemala, France and Dominican Republic.

The subject employs

149 employees

Payments:

No Complaints

 

 

LOCATION

 

Headquarters :

Av Orinoco
Caracas, Distrito Federal
Venezuela

Branches:

The company has 6 branches:

LIPESA CENTRO, Carabobo Valencia
LIPESA GUAYANA, Bolivar ciudades Guayana
LIPESA MATURIN, Monagas Maturín
LIPESA OCCIDENTE, Zulia Cabimas
LIPESA PLANTA, Anzoategui El Tigre
LIPESA PUERTO LA CRUZ, Anzoategui Barcelona

Industry:

Companies in this industry manufacture gases, dyes and pigments, chlorine and caustic soda, sulfuric and nitric acids, and organic chemicals.
Demand depends on the overall strength of the economy, because most industrial chemicals are used in the manufacture of more-complicated products like fibers, plastics, paints, and paper. The profitability of individual companies is closely linked to efficient operations, because most products are commodities. Big producers have large economies of scale in production, which is why some chemicals are made by just a handful of companies. Small companies can compete effectively by making specialized or highly-purified products.

Industrial chemicals include gases like oxygen and nitrogen, dyes and pigments, chlorine and caustic soda, sulfuric and nitric acids, and thousands of organic chemicals. Unlike advanced chemicals that are manufactured through complicated chemical reactions, most industrial chemicals are made by extraction and purification from natural substances, including minerals, natural gas, petroleum, plants, air, and water. Oxygen and nitrogen gas are made by freezing air, phosphates from marine deposits, ethanol by fermenting corn, chlorine from salt water, and a large number of chemicals are made by boiling petroleum.

 

 

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

 

Listed at the stock exchange:

NO

Capital:

BsF. 8,500,000.00

Shareholders %:

This is a private company. Shareholders are:

MAZZA , GUIDO                            70.26 %
HERNANDEZ L., PEDRO                15.43 % 
DES TRIGAS, ANTONIO                   5.71 % 
HERNANDEZ L., WILLIAMS R         4.09 % 
BERNAL L., IVAN DARIO                  2.5  % 
MARQUEZ L., BRINOLFO R.            0.65 % 
QUINTERO R., GONZALO A.           0.33 % 
LOPEZ CUAURO, ORLANDO JOSE  0.23 % 
FEO G., MIREN MARGARITA          0.22 % 
ALVAREZ, HEYDA C.                         0.22 % 
SALGADO, SANDRA A.                     0.22 % 
MAZZA MIRABAL, ROBERTO A.      0.07 % 
ANGULO C., RODRIGO                     0.07 %

Management:

Enrique Luque, Legal Representative
Guido Mazza Manari, President
Ivan Bernal Londono, General Manager
Antonio Des Trigas, Director
Margarita Feo, Financial Manager
Andemulo Marcan, Trade Manager
Jose Luis Navas, Accountant

Related Companies:

It has subsidiaries in Brazil, Colombia, Ecuador and Peru.

 

 

FINANCIAL INFORMATION

 

 

The company does not make its financial statements public.

BsF

 

Solvency:

1,879

Acid:

1.381

Return on assets (ROA):

0.140

Accounts Receivable Turnover:

101 966

Indebtedness:

0.945

Performance:

0.273

Performance Factor:

3.458

Dear rating Financial Contracting:

A

Financial Capacity Estimated Contract:

215,498,157.19

Estimated Financial Recruitment level:

LEVEL XXXIX

 

 

LEGAL FILINGS

 

There are no legal connected to the subject

 

 

SUMMARY

 

This is a Venezuelan private firm focused on productive closed chemical solutions, and specialized in design, develop, manufacture, develop and commercialize specialty chemicals associated with technical assistance.

 

 It also has subsidiaries in Brazil, Colombia, Ecuador and Peru.

 

The company has more than 30 years of experience in the market with a médium-large sized struture.

 

It has large companies as clients and shows no negative.

 

However; we suggest taking into account current Venezuelan crisis.

 

 

RISK INFORMATION

 

DEBTS

Controlled

PAYMENTS

No Complaints

CASH FLOW

Normal

STATUS

Normal

 

 

INTERVIEW

 

NAME

Enrique 

POSITION

Administrative 

COMMENTS

He confirmed address, president, clients, activity. 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.94

UK Pound

1

Rs.98.27

Euro

1

Rs.72.37

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

VNT

 

               

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.