MIRA INFORM REPORT

Report No. :	314464
Report Date :	27.03.2015

IDENTIFICATION DETAILS

Name :	COMPAÑÍA TURÍSTICA HABAGUANEX S.A.
Registered Office :	Oficios #110, entre Lamparilla y Amargura La Habana Vieja, CP: 10100 Ciudad de La Habana
Country :	Cuba
Date of Incorporation :	06.01.1994
Legal Form :	Government Entity
Line of Business :	The Company operates in three main business lines: The Hotel The Gastronomic Trading Activity
No. of Employees :	1000

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:

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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

NOTE

In absence of financials, no credit limit could be recommended.

STATUTORY INFORMATION
Order:	HABAGUANEX COMPANIA TURISTICA
Address in the order:	Calle Oficios Num 52 Esquina A Obrapia La Habana Vieja Cuba
Legal Name:	COMPAÑÍA TURÍSTICA HABAGUANEX S.A.
Trade Name:	COMPAÑÍA TURÍSTICA HABAGUANEX
ID:	NA
Date Created:	1994
Date Incorporated:	January 6, 1994
Legal Address:	Oficios #110, entre Lamparilla y Amargura La Habana Vieja, CP: 10100 Ciudad de La Habana, Cuba
Operative Address:	Oficios #110, entre Lamparilla y Amargura La Habana Vieja, CP: 10100 Ciudad de La Habana, Cuba
Telephone:	(537) 867 1039
Fax:	(537) 860 9761
Legal Form:	Government Entity
Email:	NA
Registered in:	Cuba
Website:	No website
Contact:	Luis Enrique Sotolongo Otero, President
Staff:	1 000
Activity:	Tourism Company
BANKS	Banco Central de Cuba
	The company does not make its banking data public
HISTORY
	It was created on January 6, 1994 by the Office of the City Historian.
	Habaguanex S.A: explosion November 21, 2012 Corruption Officers arrested, influence peddling, millionaires theft: an ongoing investigation exposes corruption in companies associated with the Office of the City Historian. The whole country heard the explosion but no one knows exactly how many people affected and to what extent. The truth is that corruption in companies associated with the Office of the City Historian finally ceased to be a public secret. Everything indicates that the detonation problem began one of the most visited by foreign tourists, "The Factory," a bar-restaurant located in Merchants Square Historic Center known as The House of Beer. According to testimonies of workers, the arrest of CEO occurred in the street. The leader was accused of embezzlement and as it was known after the arrest, a field of marijuana was discovered on a farm owned. Other disclosures devenidas of the police investigation say the drug is marketed at "The Factory".
PRINCIPAL ACTIVITY	The Company operates in three main business lines: the hotel the gastronomic Trading Activity The company currently has 20 hotels, 39 restaurants and 56 bars.
Products/Services description:	The company controlls: Hotels: Hotel Ambos Mundos Hotel Armadores de Santander Hotel Beltrán de Santa Cruz Hotel Conde de Villanueva Hotel El Comendador Hotel El Mesón de la Flota Hotel Florida Hotel Los Frailes Hotel Marqués de Prado Ameno Hotel Marqués de San Felipe y Santiago de Bejucal Hotel Palacio O'Farrill Hotel Park View Hotel Raquel Hotel San Miguel Hotel Santa Isabel Hotel Saratoga Hotel Tejadillo Hotel Telégrafo Hotel Terral Hostal Valencia Restaurants: Restaurante A Prado y Neptuno Restaurante Anacaona Restaurante Bodegón Onda Restaurante Cabaña Restaurante Café del Oriente Restaurante Café Taberna Restaurante Cantabria Restaurante Casa de la Parra Restaurante Castillo de Farnés Restaurante Conde del Castillo Restaurante Don Giovanni Restaurante Don Ricardo Restaurante Dos Hermanos Restaurante El Baturro Restaurante El Condado Restaurante El Mercurio Restaurante El Mesón de la Flota Restaurante El Patio Restaurante El Templete Restaurante Europa Restaurante Factoría Plaza Vieja Restaurante Jardín del Edén Restaurante La Barca Restaurante La Dominica Restaurante La Floridana Restaurante La Imprenta Restaurante La Mina Restaurante La Paella Restaurante La Torre de Marfil Restaurante Las Palmeras Restaurante Plaza de Armas Restaurante Prado Restaurante Puerto de Sagua Restaurante Santo Ángel Restaurante Taberna El Molino Restaurante Telégrafo Restaurante Vuelta Abajo Cafes and Bars: Hotel Ambos Mundos Bar de tapas La Abadía Bar Monserrate Bar Bilbao Café El Escorial Café Lucero Café Neruda Café París Cafetería La Barrita Columnata Egipciana El Portal Restaurante El Templete Jardín del Oriente La Barca Restaurant La Dichosa La Marina Cafetería La Pérgola Café Lamparilla Las Columnas Los Marinos Marina Casablanca Museo del Chocolate Museo del Ron La Lluvia de Oro Cafetería Torrelavega Stores: Boutique Al capricho Boutique El Sol Boutique Habana Boutique La Bella Cubana Boutique La Ciudad Boutique La Sorpresa Boutique Le Palais Royal Boutique Noble Habana Boutique Paul and Shark Boutique Plaza Vieja Boutique Revert Boutique Vía Uno Casa Cubana del Perfume Casa del Abanico Colección Habana Tienda El Navegante Farmacia La Reunión Museo Farmacia Taquechel Florería Jardín Wagner Boutique Fornos Galerías Sargadelos Tienda Harry Brothers Tienda Jabones de Marcellas La Casa del Regalo Librería El Navío Librería La Moderna Poesía Mercería La Muñeca Azul Tienda Muñecos de Leyenda Óptica Almendares Perfumería Habana 1791 San Ignacio 415 Soldadito de Plomo
Brands:	No brands
Sales are:	Retail
Clients:	General Clientele
Suppliers:	CONFITES ECUATORIANOS CA CONFITECA Ecuador
Operations area:	Local
The company imports from	Ecuador
The company exports to	No exports
The subject employs	1 000 estimated
Payments:	Unkwnoen
LOCATION
Headquarters :	Oficios #110, entre Lamparilla y Amargura La Habana Vieja, CP: 10100 Ciudad de La Habana, Cuba
Branches:	The company does not have branches
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	The Entity is owned by: Oficina del Historiador de la Ciudad (Historian City Office) Controlled by the Ministry of Tourism
Management:	Luis Enrique Sotolongo Otero, President
Related Companies:	The company currently has 20 hotels, 39 restaurants and 56 bars.
FINANCIAL INFORMATION
	This is a government owned company which does not make its financial statements public.
	Today Habaguanex is distinguished by reversing their income in restorative work carried out by the Office of the Historian and thus the recovery from downtown.
LEGAL FILINGS
	There are no legal connected to the subject
SUMMARY
	The Company currently has 20 hotels, 39 restaurants and 56 bars. It was created by the Historian City Office of La Habana, with the aim of obtaining funds to restore the Historic Center of the city.
	The comapny has a large sized structure with more than 20 years of experience. There are recent events of corruption connected to the administration of the companys funds.
RISK INFORMATION
DEBTS	Unkwnown
PAYMENTS	Unkwnown
CASH FLOW	Unkwnown
STATUS	Active
ENTERVIEW
NAME	NA
POSITION	NA
COMMENTS	We called the company but the person contacted refused to confirm any kind of data.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.67
UK Pound	1	Rs.93.26
Euro	1	Rs.68.85

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	TPT

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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