MIRA INFORM REPORT

 

 

Report No. :

328218

Report Date :

24.06.2015

 

IDENTIFICATION DETAILS

 

Name :

INVERSIONES CITYTEX 2005, C.A.

 

 

Registered Office :

Av Stadio Con Alma Mater, Qta Lilia, Piso 1, Ofic 2. Urb Los Chaguaramos

 

 

Country :

Venezuela

 

 

Date of Incorporation :

16.01.2006

 

 

Legal Form :

Capital Anonymous

 

 

Line of Business :

Subject is dedicated to the purchase, sale, distribution, import of fabrics, weaves and related products (unprocessed raw material).

 

 

No. of Employee :

3

 

 

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 :

Small Company

 

 

Payment Behaviour :

Slow but correct

 

 

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.

 

 

VENEZUELA - ECONOMIC OVERVIEW

 

Venezuela remains highly dependent on oil revenues, which account for roughly 96% of export earnings, about 40% of government revenues, and 11% of GDP. The country ended 2014 with an estimated 4% contraction in its GDP, 68.4% inflation, widespread shortages of consumer goods, and declining central bank international reserves. The International Monetary Fund forecasts that the GDP will shrink another 7% in 2015 and inflation may reach 80%. Under President Nicolas MADURO, the Venezuelan government’s response to the economic crisis been to increase state control over the economy and blame the private sector for the shortages. The Venezuelan government has maintained strict currency controls since 2003. Currently, three official currency exchange mechanisms are in place for the sale of dollars to private sector firms and individuals, with rates based on the government's import priorities. These currency controls present significant obstacles to trade with Venezuela because importers cannot obtain sufficient dollars to purchase goods needed to maintain their operations. MADURO has used decree powers to enact legislation to deepen the state’s role as the primary buyer and marketer of imports, further tighten currency controls, cap business profits, and extend price controls. Falling oil prices since 2014 have aggravated Venezuela’s economic crisis. Insufficient access to dollars, price controls, and rigid labor regulations have led some US and multinational firms to reduce or shut down their Venezuelan operations. High costs for oil production and state oil company PDVSA’s poor cash flow have slowed investment in the petroleum sector, resulting in a decline in oil production.

 

Source : CIA

 

 

STATUTORY INFORMATION

 

Legal Name:

INVERSIONES CITYTEX 2005, C.A.

Trade Name:

INVERSIONES CITYTEX 

RIF:

J314792911

RNC:

7E+14

Date Created:

2006

Date Incorporated:

16-01-06

Legal Address:

AV STADIO CON ALMA MATER, QTA LILIA, PISO 1, OFIC 2. URB LOS CHAGUARAMOS

Operative Address:

AV STADIO CON ALMA MATER, QTA LILIA, PISO 1, OFIC 2. URB LOS CHAGUARAMOS

Telephone:

0414-401 9689

Fax:

0414-401 9689

Legal Form:

Capital Anonymous

Email:

CITYTEX2005@MIPUNTO.COM

Registered in:

Venezuela

Website:

www.inversionescitytex2005.com

Contact:

Fernandez Caballero, Eddylin, Manager

Staff:

3

Activity:

Textile Wholesale

 

 

BANKS

 

BANAMEX

 

 

The company does not make its banking data public

 

History

 

 

The company started business in 2006

 

PRINCIPAL ACTIVITY

 

 The company is dedicated to the purchase, sale, distribution, import of fabrics, weaves and related products (unprocessed raw material).

Products/Services description:

Textile items

Brands:

NA

Sales are:

Wholesale and retail

Clients:

BARINATEL, C.A.

CIUDAD TEXTIL, C.A.

Suppliers:

AL BARKA FABRICS (PVT) LTD

India

 

C.I FRANCE SPORT WEAR INTERNATIONAL

France

 

G.C. EXPORTS

India

Operations area:

National

The company imports from

India, France, China

The company exports to

No exports

The subject employs

3 employees

Payments:

Slow But Correct

 

 

 

 

LOCATION

 

Headquarters :

AV STADIO CON ALMA MATER, QTA LILIA, PISO 1, OFIC 2. URB LOS CHAGUARAMOS

Branches:

The company does not have branches

 

 

 

 

 

 

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

 

Listed at the stock exchange:

NO

Capital:

BsF. 80,000.00

Shareholders:

This is a private company. Holders are:

 

FERNANDEZ CABALLERO, EDDYLIN

V-15870858   

97.50%

 

QUINTERO GONZALEZ, WUILMER

V-13099471    

2.50%

Management:

Fernandez Caballero, Eddylin, Manager

Quintero Gonzalez, Wuilmer, Manager

Related Companies:

No related companies

 

 

 

 

FINANCIAL INFORMATION

 

This is a private company which does not make its financial figures public.

 

 

Bs

 

Solvency:

6.951

Acid:

5.542

Return on Assets (ROA):

-0.015

Accounts Receivable Turnover:

11.980.168

Indebtedness:

124.527

Yield:

-1.861

Performance Factor:

1

Estimated Rate Financial Contracting:

C

Financial Capacity Estimated Contract:

2,443,710.74

Estimated Financial Hiring Level:

LEVEL XIV

 

 

 

 

LEGAL FILINGS

 

   

There are no legal filed for the subject

 

 

 

 

SUMMARY

 

 

The company is dedicated to the purchase, sale, distribution, import of fabrics, weaves and related products (unprocessed raw material).

 

The company has 9 years of experience in the market with a small sized structure.

 

It imports mainly from Europe and India for the national market.

 

We suggest taking into account the current Venezuelan situation.

 

 

RISK INFORMATION

 

 

The president of the Venezuelan Chemical and Petrochemical Industry Association (Asoquim), Juan Pablo Olalquiaga, informed that the Venezuelan government owes the sector around USD 350 million, out of which USD 250 million were due by 2013.

 

Additionally, Olalquiaga pointed out that last year the first Ancillary Foreign Currency Administration System (Sicad 1) allowed the oil sector to import raw materials to a certain extent. "Some imports are still being made with the dollars allocated under Sicad 2."

 

In his view, price control has adversely affected household products due their low marketing price. Hence, the companies "can no longer produce them." 

 

 

DEBTS

Controlled 

PAYMENTS

Slow but correct

CASH FLOW

 Normal

STATUS

 Active

 

 

INTERVIEW

 

NAME

NA 

POSITION

Administrative 

COMMENTS

The person contacted confirmed address and activity.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.64

UK Pound

1

Rs.100.41

Euro

1

Rs.71.63

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ASH

 

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.