|
Report No. : |
346163 |
|
Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
PDVSA PETRÓLEO, S.A. |
|
|
|
|
Registered Office : |
Av. Libertador Edificio Pdvsa Torre Oeste
Piso 8 La Campina Caracas, 1060 |
|
|
|
|
Country : |
Venezuela |
|
|
|
|
Date of Incorporation : |
1998 |
|
|
|
|
Legal Form : |
Sociedad Anónima |
|
|
|
|
Line of Business : |
Explores, extracts, transports, refines,
stores, and markets crude oil and hydrocarbons. |
|
|
|
|
No. of Employee : |
140,626 |
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 : |
Usually 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Venezuela |
C2 |
D |
|
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 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 has 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: |
PDVSA
Petróleo, S.A. |
|
Trade
Name: |
PDVSA |
|
RIF: |
J-00123072-6 |
|
Date
Created: |
1998 |
|
Date
Incorporated: |
1998 |
|
Legal
Address: |
Av.
Libertador Edificio Pdvsa Torre Oeste Piso 8 La Campina |
|
Operative
Address: |
Av.
Libertador Edificio Pdvsa Torre Oeste Piso 8 La Campina |
|
Telephone:
|
58-212-7081111,
58-212-7084111 |
|
Fax: |
58-212-7084460 |
|
Legal
Form: |
Sociedad
Anónima |
|
Email: |
|
|
Registered
in: |
Venezuela |
|
Website:
|
|
|
Contact: |
Eulogio
Del Pino, CEO |
|
Staff:
|
140,626 |
|
Activity: |
Oil
& Gas Exploration & Production Industry |
|
|
|
BANKS
|
|
|
|
The
company does not make its banking data public. |
History
|
|
|
|
PDVSA
Petróleo, S.A. was formerly known as PDVSA Petroleo y Gas, S.A. and changed
its name to PDVSA Petróleo, S.A. in May, 2001. The company was founded in
1998 and is based in Caracas, Venezuela. PDVSA Petróleo, S.A. operates as a
subsidiary of Petróleos de Venezuela S.A. |
|
In
full crisis in Venezuela, PDVSA purchased 25% of an oil of Antigua and
Barbuda The
Venezuelan government agreed to buy a stake in the company West Indies Oil
Company, in the former British colony. He did not say how much money it cost this
business WIOC
operates a refinery in Antigua and Barbuda which functions as an oil terminal
with a capacity to store up to 322,000 barrels of oil products. |
|
|
|
PDVSA
Petróleo, S.A. Key Developments
Joint
Venture Financing Agreement
|
PRINCIPAL ACTIVITY
|
|
|
|
PDVSA
Petróleo, S.A. explores, extracts, transports, refines, stores, and markets
crude oil and hydrocarbons. |
|
Products/Services
description: |
Its
portfolio includes natural gas, liquefied petroleum gas, reformed naphtha,
and sulfur. |
|
Brands: |
PDVSA |
|
Sales
are: |
Wholesale |
|
Clients: |
PDVSA
Services INC |
|
Suppliers: |
NA
|
|
Operations
area: |
National
and International |
|
The
company imports from |
No
imports |
|
The
company exports to |
Worldwide |
|
The
subject employs |
Own
Workforce: 140,626 Workers |
|
Payments:
|
Regular
|
|
Top
3 Competitors: |
Exxon
Mobil Corporation |
|
|
|
LOCATION
|
|
|
Headquarters
: |
Av.
Libertador Edificio Pdvsa Torre Oeste Piso 8 La Campina |
|
Branches: |
The
company does not have branches |
|
Related
Companies: |
PDVSA
Bolivia |
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
|
|
|
Listed
at the stock exchange: |
NO |
|
Capital: |
NA |
|
Shareholders: |
The
company is a subsidiary of: |
|
Management:
|
Victor
Aular, Executive Director of Finance |
FINANCIAL INFORMATION
|
|
|
|
This
is a private company which does not make its financials public. |
|
Petroleos
de Venezuela SA |
|
|
Income
Statement USD 2012 |
|
|
Revenue |
$
124,46 |
|
Gross
Profit |
$
84,45 |
|
Operating
Income |
$
32,03 |
|
Net
Income |
$
2,68 |
|
Net
Operating Cash |
$
21,54 |
|
Total
Assets |
$
218,42 |
|
Total
Liabilities |
$
153,19 |
LEGAL FILINGS
|
|
|
|
According
to the U.S. Department of State, PDVSA was sanctioned in May 2011 because it
"delivered at least two cargoes of reformate to Iran between December
2010 and March 2011, worth approximately $50 million. Reformate is a blending
component that improves the quality of gasoline. The
sanctions we have imposed on PDVSA prohibit the company from competing for
U.S. government procurement contracts, from securing financing from the
Export-Import Bank of the United States, and from obtaining U.S. export licenses.
These
sanctions do not apply to PDVSA subsidiaries and do not prohibit the export
of crude oil to the United States" (U.S. Department of State, May 24,
2011). |
SUMMARY
|
|
|
|
The
company is a subsidiary of Petroleos de Venezuela SA , a company owned by Republic of venezuela
and created in 1975 by the government of Venezuela. It
is responsible for the Venezuelan state oil production and its corporate
purpose is the petroleum, petrochemical and coal development, and the
planning, coordination, monitoring and control over the operational
activities of its divisions, both in Venezuela and abroad. The
company is well establihsed in the market, however; it is affected by the
current Venezuelan crisis. |
RISK INFORMATION
|
|
|
DEBTS |
Controlled |
|
PAYMENTS |
Regular |
|
CASH
FLOW |
Normal |
|
STATUS |
Active
|
|
|
|
|
INTERVIEW |
|
|
NAME |
Daniel
|
|
POSITION |
Administrative |
|
COMMENTS |
The
person contacted confirmed address, managers, staff, parent company and
clients. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.88 |
|
|
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
ANK |
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.