3decades

MIRA INFORM REPORT

Report No. :	506297
Report Date :	12.05.2018

IDENTIFICATION DETAILS

Name :	VENTAS UNIDAS SA

Registered Office :	Avenida Petapa No.53-00, Zona 12

Country :	Guatemala

Date of Incorporation :	04.06.1980

Com. Reg. No.:	7776

Legal Form :	Stock Company

Line of Business :	The Subject is engaged in the manufacture and distribution of clothing for men such as: shirts, jeans, pants, accessories, interior clothing.

No. of Employees :	300

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Guatemala

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

GUATEMALA - ECONOMIC OVERVIEW

Guatemala is the most populous country in Central America with a GDP per capita roughly half the average for Latin America and the Caribbean. The agricultural sector accounts for 13.5% of GDP and 31% of the labor force; key agricultural exports include sugar, coffee, bananas, and vegetables. Guatemala is the top remittance recipient in Central America as a result of Guatemala's large expatriate community in the US. These inflows are a primary source of foreign income, equivalent to over one-half of the country's exports and one-tenth of its GDP.

The 1996 peace accords, which ended 36 years of civil war, removed a major obstacle to foreign investment, and Guatemala has since pursued important reforms and macroeconomic stabilization. The Dominican Republic-Central America Free Trade Agreement (CAFTA-DR) entered into force in July 2006, spurring increased investment and diversification of exports, with the largest increases in ethanol and non-traditional agricultural exports. While CAFTA-DR has helped improve the investment climate, concerns over security, the lack of skilled workers, and poor infrastructure continue to hamper foreign direct investment.

The distribution of income remains highly unequal with the richest 20% of the population accounting for more than 51% of Guatemala's overall consumption. More than half of the population is below the national poverty line, and 23% of the population lives in extreme poverty. Poverty among indigenous groups, which make up more than 40% of the population, averages 79%, with 40% of the indigenous population living in extreme poverty. Nearly one-half of Guatemala's children under age five are chronically malnourished, one of the highest malnutrition rates in the world.

Source : CIA

COMPANY NAME and ADDRESS

COMPANY NAME	VENTAS UNIDAS SA
TAX ID. TYPE	NIT
TAX ID. NUMBER	340150-2
CURRENT STATUS	Active
MAIN ADDRESS	Avenida Petapa No.53-00, Zona 12
CITY/PROVINCE/STATE
PHONE NUMBER(S)	(502) 2417.1500
FAX NUMBER(S)	(502) 2417.1533
EMAIL	patriciasolorzano@ventasunidas.com
WEBSITE	gerencia@ventasunidas.com
REMARKS OF IDENTIFICATION	Please notice that the correct data is shown above.

CREDIT OPINION

Well known Textile Company deemed to be operating normally in a competitive market. It also has a good relationship with its suppliers.

PAYMENT

No Complaints

LEGAL INFORMATION

TYPE OF COMPANY	Stock Company
INCORPORATION DATE	04/06/1980
CITY OF REGISTRATION	Ciudad de Guatemala
REGISTRY NUMBER	No. 7776, Folio 203, Book 43 of the Trade Registry of Guatemala
NOTARY	Francisco Benjamin Garoz Cabrera
TERM	Indefinite
CURRENT CAPITAL	Q.9,193,600.00 Quetzals
DATE OF INCREASE	December 2008
LISTED AT STOCK EXCHANGE	No

RELATED COMPANIES

COMPANY NAME	TAX ID. NUMBER	COUNTRY
INDUSTRIAS TOPAZ SA	NIT 0614-150356-001-8	EL SALVADOR

BOARD OF DIRECTORS, SENIOR EXECUTIVES AND SHAREHOLDERS

NAME	JOB TITLE	STAKE
SOLORZANO VALDIZON, GLORIA XIOMARA	General Manager
VALDIZON AGUILAR SOLORZANO, GLORIA ISOLDA	Legal Representative
SOLORZANO VALDIZON, PATRICIA	Production Manager
MURALLES AGUIRRE, EUGENIA	Treasurer
LEONEL ALVAREZ, HUGO	General Accountant
SOLORZANO BARREIRO, EDGAR		50%
HIRST COHEN, ROBERTO		50%

DATA OF BOARD OF DIRECTORS, SENIOR EXECUTIVES AND SHAREHOLDERS

SOLORZANO VALDIZON, GLORIA XIOMARA

Guatemalan, CUI 2606693420101, NIT 6826733

VALDIZON AGUILAR SOLORZANO, GLORIA ISOLDA

Guatemalan, CUI 2422149321601, NIT 4425987

SOLORZANO BARREIRO, EDGAR

Guatemalan, year of birth 1938, he is married. Trader

HIRST COHEN, ROBERTO

Salvadoran, business man. He is referred to have participation in:

INDUSTRIAS TOPAZ SA - EL SALVADOR - PRESIDENT

OPERATIONS

SECTOR	G- Wholesale and Retail; Repair of Motor Vehicles and Motorcycles
ACTIVITY	Distribution of clothing for men
ISIC CATEGORY	46- Wholesale Trade, Except for Vehicles and Motorcycles
ISIC CLASS	4641- Wholesale of Textiles Products, Clothing and Footwear
MAIN ACTIVITY	The company is engaged in the manufacture and distribution of clothing for men such as: shirts, jeans, pants, accessories, interior clothing.
% SALES IN CASH	10%
% SALES ON CREDIT	90% (terms at 60-90 days)
% TERRITORY OF SALES	95% (domestic market) 5% (exportation)
% DOMESTIC PURCHASES	75%
% FOREIGN PURCHASES	25%
N. OF EMPLOYEES	300

LOCATION.-

ADMINISTRATIVE OFFICE, LEGAL DOMICILE and MAIN OFFICES: Located at caption address in a commercial-industrial zone of the city with easy access. Rented one-story premise.

Other premises:

PLANT

Sito en 39 Avenida 9-36, Zona 7, Colonia La Floresta - Guatemala. Phone: (502) 5432.6771. Owned premise, two-story premise, area 6000 sq.m. located in a commercial-industrial area of the city

It also has 13 warehouses, between them we can mention:

Calzada Roosevelt 14 - 82, Local 117 y 118, Centro Comercial Galerías Prima

Km.15 1/2 Carretera a El Salvador, Finca Condado Concepción, Centro Comercial Pradera Concepción, Local 321, Nivel 3, Santa Catarina, Pinula.

Km. 13.8 Calzada Roosevelt Local 219, Zona 3, Segundo Nivel, Centro Comercial Escala Roosevelt, Mixco, Guatemala.

COMMENTS AS TO OPERATIONS.-

The company operates directly and has an active portfolio of 12000 clients.

House Brands: "PIERRE CARDIN", "ADOLFO BRANSON".

Main Clients:

BANCO DE GUATEMALA

ESCUINTLA - CONTRALORÍA GENERAL DE CUENTAS

MUNICIPALIDAD DE GUATEMALA

MUNICIPALIDAD DE SAN VICENTE PACAYA

MUNICIPALIDAD DE SANTIAGO SACATEPEQUEZ, SACATEPÉQUEZ

UNIVERSIDAD DE SAN CARLOS DE GUATEMALA -USAC

Main Competitors:

CONFECCIONES LA ELEGANTE SA

CONFECCIONES TEXTILES TEXCO SA

FINATEX SA

LA CASA DEL OVEROL SA

Among others

Its purchases cancel 20% cash and 80% on credit through 30 and 45 day terms. Also, its imports are 100% direct credit at 30 and 60 days.

It imports finished products from China, raw material from the United States, Mexico, Italy, Holland, Brazil, El Salvador, Colombia and Spain. It also exports clothing to Honduras (direct credit to 120 days).

Operates at 100% of its installed capacity in a work shift, 9 hours Monday through Friday.

Its daily production is 1,400 shirts and 250 pants.

It register the following awards by the government of Guatemala:

2018: Q. 83,037.23

2017: Q. 416,295.53

2016: Q. 138,792.74

2015: Q. 91,108.94

2014: Q. 87,105.34

2013: Q. 213,834.85

FINANCIAL INFORMATION

We had an interview with Mr. Hugo Leonel Alvarez (General Accountant) who provided commercial information of the company except for financials on grounds of confidentiality.

FINANCIAL COMMENTS.-

Monthly sales: Q. 5,000,000.00 Quetzals.

FIXED ASSETS.-

The company owns:

Office furniture

Bordering machines

Weaving machines

Cutting machines

Computer equipment

Transport vehicles

Tools, etc.

INSURANCE.-

The company holds multi risk insurance policies with SEGUROS G & T SA (expiry date 31/12/2018).

PAYMENTS REFERENCES

SUPPLIER	DOMESTIC
START OF THE BUSINESS	9 years ago
CREDIT LIMIT	No operation limit
CREDIT TERMS	90 days
PRODUCTS/SERVICES	Textile products
RATING COMMENTS	PROMPT
COMMENTS	Payments through bank deposits and checks. Average billing amount: Q.3,000,000.00 Quetzals Supplier: DISTRIBUCION PROSPERA SA

SUPPLIER	FOREIGN
START OF THE BUSINESS	20 years ago
CREDIT LIMIT	No operation limit
CREDIT TERMS	60 days
PRODUCTS/SERVICES	Printing services
RATING COMMENTS	PROMPT
COMMENTS	Payments through bank deposits and checks. Average billing amount: US$50,000.00 Dollars Supplier: IMPRESORA LA UNION SA DE CV

SUPPLIER	FOREIGN
START OF THE BUSINESS	2009
CREDIT LIMIT	No operation limit
CREDIT TERMS	30 days
PRODUCTS/SERVICES	Labels
RATING COMMENTS	PROMPT
COMMENTS	Payments through bank deposits. Average monthly billing: US$1,500.00 Dollars Supplier: INDUSTRIAS GRAFICAS VIMTAZA SA DE CV

SUPPLIER	FOREIGN
START OF THE BUSINESS	25 years ago
CREDIT LIMIT	US$400,000.00 Dollars
CREDIT TERMS	60 days
PRODUCTS/SERVICES	Raw material
RATING COMMENTS	PROMPT
COMMENTS	Payments through bank deposits Supplier: INDUSTRIAS UNIDAS SA DE CV

SUPPLIER	FOREIGN
START OF THE BUSINESS	2009
CREDIT LIMIT	No operation limit
CREDIT TERMS	30 days
PRODUCTS/SERVICES	Adhesive tapes
RATING COMMENTS	PROMPT
COMMENTS	Payments through bank deposits Average monthly billing amount: US$1,500.00 Dollars Supplier: PRINT TAPES SA DE CV

SUPPLIER	FOREIGN
START OF THE BUSINESS	Many years ago
CREDIT LIMIT	No operation limit
CREDIT TERMS	30-90 days
PRODUCTS/SERVICES	Not specified
RATING COMMENTS	PROMPT
COMMENTS	Payments through bank deposits Supplier: YKK EL SALVADOR SA DE CV

LOCAL SUPPLIERS	Phone Number	Contact Name
DISTRIBUCION PROSPERA SA	(502) 2335.2406	Isabel Gonzales
FABRICA DE BOTONES DEL VALLE SA	(502) 2311.6268
TEXTILES DEL SUR SA	(502) 6631.0040

FOREIGN SUPPLIERS	Country	Phone Number	Contact Name
FINOTEX SA	Colombia	(57-5) 361.6100	Beatriz Vergara
IMPRESORA LA UNION SA DE CV	El Salvador	(503) 2249.2400	Susana De Gonzales
INDUSTRIAS GRAFICAS VIMTAZA SA DE CV	El Salvador	(503) 2527.0000	Merly Ales
INDUSTRIAS UNIDAS SA DE CV	El Salvador	(503) 2250.9500	Sonia Sanabria
PRINT TAPES SA DE CV	El Salvador	(503) 2527.0000	Merly Ales
PROTELA SA	Colombia	(57-1) 429.1500
VICUNHA ECUADOR SA	Ecuador	(593-9) 9273.9583
VICUNHA TEXTIL SA	Brazil	(55-11) 2187.2000
YKK EL SALVADOR SA DE CV	El Salvador	(503) 2319.1100	Fátima Aguirre
ZHEJIANG KARL NECKTIE & DRESS CO.,LTD	China	(86-575) 8322.8128

COMMENTS OF SUPPLIERS.-

Others suppliers consulted do not provide commercial information regarding clients on grounds of confidentiality.

BANKS

Bank Name	Country	Phone Number
BANCO DE AMERICA CENTRAL SA	Guatemala
BANCO DE DESARROLLO RURAL SA	Guatemala
BANCO DE LOS TRABAJADORES	Guatemala
BANCO G & T CONTINENTAL SA	Guatemala
BANCO INDUSTRIAL SA	Guatemala

BANK REFERENCES

Consulted Banks do not provide information of its clients on grounds of confidentiality.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.22
UK Pound	1	INR 90.88
Euro	1	INR 80.09
GTQ	1	INR 9.07

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.