|
Report No. : |
311902 |
|
Report Date : |
14.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
EMPRESA
IMPORTADORA-EXPORTADORA DE OBJETIVOS ELECTROENERGÉTICOS |
|
|
|
|
Registered Office : |
Calle Amenidad n 124 E/20
De Mayo Y nueva - Municipio Cerro, La Habana |
|
|
|
|
Country : |
Cuba |
|
|
|
|
Year of Establishment : |
1977 |
|
|
|
|
Legal Form : |
Gobernante Controlled
Entity |
|
|
|
|
Line of Business : |
Subject is Energy Supply Industry. |
|
|
|
|
No. of Employee : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 10 000 |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Cuba |
B1 |
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 |
Company name and address
|
|
|
Legal Name: |
EMPRESA IMPORTADORA-EXPORTADORA DE OBJETIVOS ELECTROENERGÉTICOS |
|
Trade Name: |
ENERGOIMPORT |
|
ID: |
NA |
|
Date Created: |
1977 |
|
Date Incorporated: |
1977 |
|
Legal Address: |
Calle Amenidad n 124 E/20 De Mayo Y nueva - Municipio Cerro, La
Habana, Cuba |
|
Operative Address: |
Calle Amenidad n 124 E/20 De Mayo Y nueva - Municipio Cerro, La
Habana, Cuba |
|
Telephone: |
53-3-33-5407 |
|
Fax: |
53-3-33-0335 |
|
Legal Form: |
Entity |
|
Email: |
NA |
|
Registered in: |
Cuba |
|
Website: |
www.energonet.com.cu (not working) |
|
Contact: |
Rafael Ernesto Lage Pérez |
|
Staff: |
100 |
|
Activity: |
Energy Supply Industry |
|
|
|
|
|
|
BANKS
|
|
|
|
Banco Central de Cuba |
|
|
The company does not make its bankin data public |
|
|
|
|
|
|
HISTORY
|
|
|
|
The company was founded in 1977 |
|
|
A delegation of the Cuban company Energoimport makes business visit to
Slovakia. |
|
Submitted by editor on Mon, 19/11/2012 |
|
|
|
|
|
As part of economic and trade exchanges
between Cuba and Slovakia, a delegation of representatives of the company
Energoimport of the Electrical Union of Cuba (UNE), paid a working visit of
five days to Slovakia, with the aim to exchange with their counterparts in
business. (Cubaminrex / Embacuba Slovakia) |
|
|
|
Transformer Oil |
|
|
|
|
The policy of the utility in early 98 was
based on the purchase by each independent Provincial OBE, which brought a significant
increase in sales since the year 99 the product is monopolized by the Cuban
company ENERGOIMPORT which brought serious funding shortfall caused great
product on the main electrical organizations, ie decreased sales policy proving to be a serious
threat. For example sales in 1998 were 202.5 TM and 1999 TM 151.6 were
declining 25.3%. |
|
|
|
|
PRINCIPAL ACTIVITY
Technical assistance and rehabilitation of plants are some of the
exportable services offered by the Cuban company Energoimport. Energoimport
participates in the Energy Revolution nations of Latin America and the
Caribbean and Venezuela, Haiti, Bolivia, Nicaragua and Ecuador |
|
|
Products/Services description: |
Its offerings include converting voltages hot line distribution, maintenance
and repair of power stations, gas and hydraulic, industrial and generators,
among others |
|
Brands: |
Yokogawa |
|
Sales are: |
Wholesale |
|
Clients: |
Sistema Electroenergético Nacional y de Emergencia. |
|
|
It has been involved in the installation of wind energy parks existing
in Cuba and lamps and bulbs that contribute to energy savings. |
|
Suppliers: |
LAOF CABLES Y LINEAS |
|
Argentina |
|
|
|
Energoimport ordered wind turbines from Xinjiang Goldwind Science
& Technology for a wind project in Cuba. Goldwind will deliver 34
turbines to Energoimport for the Herradura wind project, which is expected to
be completed in June 2015. |
|
Operations area: |
National and International |
|
The company imports from |
Argentina. The Cuban company has over 30 years experience in importing
complete plants, equipment, parts, technical assistance and services, said
Rosales. |
|
The company exports to |
Panama, Bolivia |
|
The subject employs |
100 |
|
Payments: |
Regular |
|
|
|
|
|
|
LOCATION
|
|
|
Headquarters : |
Calle Amenidad n 124 E/20 De Mayo Y nueva - Municipio Cerro, La
Habana, Cuba |
|
Branches: |
The company does not have branches |
|
Industry: |
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 is an absolute lack of
competitiveness, which makes the economy very poor. |
|
|
|
|
|
Considering the latest conract signed with US, the Cuban economy may
start improving gradually. |
|
|
|
|
|
|
|
GROUP STRUCTURE
AND SUBSIDIARY COMPANIES
|
|
|
Listed at the stock exchange: |
NO |
|
Capital: |
NA |
|
Shareholders %: |
This is a government controlled entity. It belongs to: |
|
|
|
|
Unión Eléctrica de Cuba |
|
|
Management: |
Rafael Ernesto Lage, Director |
|
Misael Sanchez Uria, Secretary |
|
|
Marilín Rosales Reyes |
|
|
Kenia Renté Ceruto |
|
|
Related Companies: |
SIECSA (SERVICIOS DE INGENIERiA ELÉCTRICA CUBANA S.A.) |
|
Address: Street N, Bldg ENE, 8th.. Flat, Municipality
Revolution Square, Havana. |
|
|
Phone: (53 7) 831-8473, 831-8546 |
|
|
E-mail: otero@siecsa.cu |
|
|
The Sociedad Mercantil Cubana Electrical
Engineering Services, SA (SIECSA) is 100% with Cuban capital consists of two shareholders,
Energoimport (Export and Import Company of Electricity) and GEYSEL (Company
Generators and Electrical Services) both belonging to the Electrical Union of
Cuba. The company provides comprehensive services including project
implementation, from diagnosis, design, supply of specialized technical
services, installation and commissioning of energy objectives. |
|
|
services: |
|
|
- INTEGRATED ENGINEERING SERVICES |
|
|
- GENERAL CONSTRUCTION WORK FOR CIVIL
ENGINEERING |
|
|
|
|
FINANCIAL INFORMATION
|
|
|
|
This is a private company which does not make its financial statements
public. No financial figures were disclosed for
the subject. |
|
|
|
|
|
|
LEGAL FILINGS
|
|
|
There are no legal connected to the subject |
|
|
|
RESOLUTION OF CABINET # 7 |
|
|
(from February 9, 2009) |
|
|
Authorizing the Ministry of the Presidency to manage an addendum to
the contract signed between the State 82-2008 |
|
|
Panama and the Ministry of Basic Industries
of Cuba and ENERGOIMPORT belonging to the Electrical Union of Cuba, for the
purchase and distribution of Compact and other provisions amounting to 6.528
million two hundred fifty dollars and 00/100 fluorescent lamps (B /
6,528,250.00.) |
|
|
|
|
|
|
SUMMARY
|
|
|
This company has more than 35 years of experience in importing
complete plants, equipment, components, spare parts, products, projects,
technical assistance, services, information, and knowledge related to the electrical
industry in this country. |
|
|
|
Energoimport facilitated the installation
of power transmission lines of 220-110kw, and as well as substations of
220-110 kw |
|
|
|
RISK INFORMATION
|
|
|
DEBTS |
Unkwnown |
|
PAYMENTS |
Unkwnown |
|
CASH FLOW |
Normal |
|
SUGGESTED CREDIT
LINE |
USD 10 000 |
|
STATUS |
Active |
|
|
|
ENTERVIEW
|
|
|
NAME |
Arline |
|
POSITION |
Sales |
|
COMMENTS |
She refused to confirm any data on the subject. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.67 |
|
|
1 |
Rs.93.16 |
|
Euro |
1 |
Rs.66.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.