MANUFACTURAS DE PAPEL, S.A.C.A.
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DATE: 4 MAY 2001

 

STATUS REPORT - VENEZUELA

 

------IDENTIFICATION------------------------------------------------------

 

Company Name:    MANUFACTURAS DE PAPEL, S.A.C.A.    

Address     :    Av. Aragua con calle Marino,       

                 Maracay, Estado Aragua,  1050     

                 Venezuela

 

Telephone   :    58243 40 1111 

Facsimile   :    58243 40 1127 

 

------EXECUTIVE SUMMARY---------------------------------------------------

 

Legal: Corporation - Public               

Date Found: 1894          

Major Shareholder: CLARIDGE, LTD

Employees: 3000 

 

Financial Data in '000 VEB           1999              2000

Sales                         137,157,009       148,352,730

Income                          2,301,935        41,820,582

 

 

 

------ANSWERS TO YOUR SPECIFIC QUESTIONS----------------------------------

 

We believe that the amount of credit required ($1,500,000 USD) may be

possible.

 

The correct address is the above noted.

 

Provided address corresponds to administrative offices.

 

 

------IMPERATIVES---------------------------------------------------------

 

IMPORTANT NOTE

---------------

 

On December, 1997, the company merged into C.A. FABRICA DE PAPELES MARACAY

and CORPORACION INDUSTRIAL ALPES.

 

SUMMARY:

-------

 

MANUFACTURAS DE PAPEL, C.A. continues with its integration strategy and

presence increment onto international markets. During the third quarter,

1998, the company planned to concentrate the following projects:

 

* To sign an association 50-50 with TOYCOS from Costa Rica for converted

  paper distribution all over the region.

 

* To purchase all assets of TRINIDAD & TOBAGO PAPER CONVERTER. With this 

  purchase the plant capacity will increase 4,165 tons. per year.

 

* MANPA, through out its affiliated  ASERRADERO VENWOOD, associated with  

  PLANTATION FOREST PRODUCTS, to  supply wood fences to the   Caribbean.

 

 

 

------LEGAL---------------------------------------------------------------

 

Legal Form: Corporation - Public

 

Date of Incorporation: 1992 in the City of Caracas             

Date of Founding: 1894          

 

Issued Capital : 22,940,094,000 VEB

 

Current Capital: 45,880,188,480 VEB

 

Tax ID RIF     : J-00023530-9

       NIT     : 0007464378

 

Mercantile Registry:  Dto Federal Nro. 379, Tomos 1-B, Expediente Nro.  

                      3251,

 

Duration           :  Until 2051

 

 

Tax ID Number: J-00023530-9

Managers:  Mr. Carlos Delfino / President 

           Mr. Jose G. Paparoni M. / First Vice President 

           Mr. Celestino Martinez P. / 2nd Vice President 

           Mr. Alfredo Travieso / Main Director 

           Mr. Julio Bustamante D. / Main Director 

           Mr. Juan Carlos Carpio / Main Director 

           Mr. Fernando Paparoni M. / Main Director 

           Mr. Alfredo Gomez Ruiz R / Main Director 

           Mrs. Elena Delfino / Main Director 

           Mr. Arnaldo Anez / Main Director 

           Mr. Alberto Delfino / Deputy Director 

           Mr. Ricardo Vegas R. / Deputy Director 

           Mr. Carlos Soto Rivera A. / deputy Director 

           Mr. Ricardo Delfino / Deputy Director 

           Mr. Gustavo Paparoni / Deputy Director 

           Mr. Celestino Martinez M. / Deputy Director 

           Mr. Miguel Carpio / Deputy Director 

           Mr. Alejandro Delfino / deputy Director 

           Mr. Angel J. Ramirez O. / Deputy Director 

           Mr. Manuel Diaz / Deputy Director 

           Mr. Guillermo Salas / Deputy Director 

           Mr. Juan Delfino Perez / Assesor 

 

Owners:    CLARIDGE, LTD   . . . . . . . . . . . . . . . . 15,26%

           ARMANECA BIENES Y RAICES, C.A.    . . . . . . . 14,12%

           THREE D INTERNATIONAL MARKETING INC.    . . . . 6,75%

           INVERSIONES 85735, C.A.   . . . . . . . . . . . 6,32%

           BROWN BROTHERS HARRIMAN & CO    . . . . . . . . 6,10%

           MILANASA CORP   . . . . . . . . . . . . . . . . 6,04%

           FUNDACION CARLOS DELFINO    . . . . . . . . . . 4,35%

           VETA HOLDINGS AVV   . . . . . . . . . . . . . . 2,80%

           INVERSIONES MORAVIA, C.A.   . . . . . . . . . . 2,22%

           INVERSIONES SF 118, C.A.    . . . . . . . . . . 2,17%

           OTHERS WITH LESS THAN 2,17 %    . . . . . . . . 33,87%

 

Business:   Process papel and related products.                        

            Imports raw material from the U.S.A., Germany and Spain.   

            Exports to the Caribbe, South America and the U.S.A.       

 

Affiliated Companies:  VENCARIBBEAN PAPER PRODUCTS LTD    

                       ( Trinidad )                           

 

                       CORPORACION FORESTAL IMATACA C.A.  

                       Y FILIALES                             

 

                       FIRST CARIBBEAN FINANCE, LTD       

 

                       CORPORACION FORESTAL GUAYAMURE, C.A.

 

                       SIMCO RECYCLING CORPORATION        

                       ( MIAMI-FLORIDA )                      

 

                       JC PAPELERAS                       

 

MANUFACTURERA DE PAPEL, S.A.C.A. counts with more than 6 affiliated companies

in Venezuela.

 

 

 

------TECHNICAL----------------------------------------------------------

 

NAICS Code: 322  

SCIAN Code: 322  

 

 

 

Total number of employees: 3000

 

Facility size: 20000 sq. meters in an owned space

 

Manufacturing facilities:

-----------------------

 

MOLINO IMPRIMIR, ESCRIBIR Y EMBALAR:

-----------------------------------

Located at :

- Av. Aragua, Maracay, Edo. Aragua, space: 137,400,35 sq. meters

 

 

MOLINI HIGIENICO:

----------------  

Located at: Zona Industrial La Hamaca, Maracay, Edo. Aragua, space: 712,500

sq. meters.

 

 

PLANTA DE PRODUCTOS ESCOLARES:

------------------------------

Located at: Zona Industrial de Valencia, Edo. Carabobo, space: 27,810,18 sq.

meters.

 

 

PLANTA INDUSTRIAL SACOS:

------------------------

Located at: Zona Industrial La Hamaca, Maracay, Edo. Aragua, space: 68,510 sq.

meters.

 

 

PLANTA INDUSTRIAL RESMAS, RESMILLAS, FORMAS CONTINUAS:

-----------------------------------------------------

Located at:  Zona Industrial La Hamaca, Maracay, Edo Aragua, space: 27,909 sq.

meters.

 

 

INSTALACIONES DE TRANSPORTE ALPES, C.A.:

----------------------------------------

Located at: Zona Industrial La Hamaca, Maracay, Edo Aragua, space: 16,780 sq.

meters

 

 

SECTOR FORESTAL:

-----------------

It covers :

 

- Corporacion Forestal Gayumare, C.A.,

- Corporacion Forestal Imataca, C.A.

- Aserradero Venwood, C.A.

 

The first located at: aceital el Yabo, Edo. Anzoategui; The others are at:

 

- Zona  Mantecal del Yabo, Edo Monagas; satisfying an area of 77,000 hect.

  approx.

 

 

 

------FINANCIAL FIGURES---------------------------------------------------

 

Fiscal Year End:  12/31           All figures in thousand  VEB

 

                              12/31/98         12/31/99         12/31/00

INCOME STATEMENT

 

Sales / Revenues........   131,914,545      137,157,009      148,352,730

Cost of Goods Sold......   105,852,177      103,703,301      106,532,148

Net Income..............     2,321,661        2,301,935       41,820,582

 

BALANCE SHEET

 

Cash and Equivalents....       511,903          147,524       13,317,822

Trade Accounts Recv.....        32,396       32,097,064       35,962,452

Inventory...............    21,585,388       26,045,317       31,219,778

Total Current Assets....    77,810,408       76,865,632      122,340,695

Total Assets............   332,860,654      339,043,936      349,050,879

Accounts Payable........    24,282,056       24,503,367       26,573,996

Total Current Liab......    65,486,925       52,644,688       67,185,236

Total Liabilities.......   103,675,552       90,391,431       96,814,339

Total Equity............   229,185,102      248,652,505      252,236,540

 

Working Capital.........    12,323,483       24,220,944       55,155,459

 

               Balance Sheet as of 12/31/00 in thousand VEB              

    Assets                                Liabilities

Cash                   13,317,822    Accounts Payable       26,573,996

Accounts Recv.         35,962,452    Current Debt                    

Inventory              31,219,778    Other Current                   

Other Current                        Total Current Liab     67,185,236

Total Current Asst    122,340,695    Long Term Debt                   

Prop,Plant,Equip                     Total Liabilities      96,814,339

Other Assets                         Retained Earnings               

Total Assets          349,050,879    Net Worth / Equity    252,236,540

 

Financial information gathered from Caracas Stock Market.

 

 

 

                           FINANCIAL INDICATORS                          

 

                            12/31/98   12/31/99   12/31/00

Quick Ratio                    0.01       0.61       0.73

Current Ratio                  1.19       1.46       1.82

Return on Sales                0.02       0.02       0.28

Return on Assets               0.01       0.01       0.12

Return on Equity               0.01       0.01       0.17

Debt to Equity                 0.45       0.36       0.38

Inventory Turns                0.20       0.25       0.29

A/R Turns                   4071.94       4.27       4.13

 

 

------BANK----------------------------------------------------------------

 

     BANCO DE VENEZUELA                 

     Main Off                           

     Caracas                            

     Venezuela                          

     Tel: 58 212 501 2701

 

     Bank Rating       : Satisactory                        

     Account Manager   : Mr. Cruz Montilla                   

     Account Number    : 126-125484         

     Account Opened    : 1987          

     Average Balance   : 7 high figs VEB    

 

     Mr. Montilla, gave a good rating for the acct.

    

     -----------------------------------------------------------------

     BANCO MERCANTIL

     Main Off

     Caracas

     Venezuela

     Tel: 58 212 503 1566

    

     Contact        : Mr. Fernando Padron

     Acct. No.      : 1018-144684

     Avg. Bal.      : 8 med figs .VEB

     Line of  Credit: 10 low figs VEB

     Rating         : Satisfactory

    

Mr. Padron, reported that the company is still in debt and gave a good

     rating for the same.

    

     -----------------------------------------------------------------

     BANCO VENEZOLANO DE CREEDITO

     Main Off.

     Caracas

     Venezuela

     Tel: 58 212 905 4642

    

     Acct. Mngr.: Mrs. Zulay Gonzalez

    

     Bank policy prohibits it from releasing any acct. information.

    

     -----------------------------------------------------------------

     BANCO EXTERIOR

     Main Off

     Caracas

     Venezuela

     Tel. 58 212 501 0092

    

     Acct. Mngr.: Mrs. Eloisa Gomez

    

     Bank policy prohibits it from releasing any acct. information.

    

     -----------------------------------------------------------------

     BANCO CARACAS

     Main Off

     Caracas

     Venezuela

     Tel. 58 212 505 1313

    

     Acct. Mngr.: Mrs. Yelitza Garcia

    

     Bank policy prohibits it from releasing any acct. information.

    

     -----------------------------------------------------------------

     CITIBANK

     Main Off.

     Caracas

     Venezuela

    

     Bank policy prohibits it from releasing any acct. information.

    

 

     BANCO PROVINCIAL                   

     Main Off                           

     Caracas                            

     Venezuela                          

     Tel: 58 212 504 6295

 

     Bank Rating       : Satisfactory                       

     Account Manager   : Mrs Carol Canelon                   

     Account Opened    : 1980          

     Average Balance   : 9 Med figs VEB     

 

     Mr. Teran gave a good rating for the acct.

    

     The company maintains accts. and bank relations with the following

     banks:

    

     - CORPORACION ANDINA DE FOMENTO

     - INTERNATIONAL FINANCE CORPORATION

     - CHASE MANHATTAN BANK

     - BANK OF AMERICA

     - SWISS BANK CORPORATION

     - FINNISH EXPORT CREDIT

    

    

     No further bank information disclosed.

    

  


   ------------- TOTAL DEBT WITH BANKS --------------------------

 

       Figures are expressed in millions of (000,000) VEB

    

     Date: Sept. 27, 1999

    

                          Still in    Restruc-   Overdue   Lawsuits

                             debt       tured

    

     Installment Payments:  18,754        0         46          0   

    

    

     Total:                  18,754        0         46          0   

    

        

     We have searched the database of the National Finance Bank System and

     found the following balance against the subject for the month of July,

     1999.

    

 

------TRADE REFERENCES----------------------------------------------------

 

CMPC                                    SIMCO RECYCLING

Santiago De Chile, Chile                Miami, Fl.

                                        Tel: 305 759 2278

                                        Fax: 305 757 6646

 

                                        Contact: Mr. Britt

                                        Customer Since: 1990

                                        Line of Credit: 1,000,000 USD

Terms: 90 Days                          Terms: 30 Days

 

ARACRUZ                                 SMURFIT CARTON DE VENEZUELA, C.A.

Brazil                                  Caracas, Venezuela.

                                        Tel: 58 212 205 1204

 

Contact: Mr. Roberto Rether             Contact: Mr. Luis Arreaza

                                        Customer Since: 1985

Line of Credit: 50,000 USD

Terms: 90 Days                          Terms: 30 Days

                                        History: SATISFACTORY

                                        Mr. Arreaza gave a good rating for

                                        the customer.

 

CLARIANT DE VENEZUELA, C.A.             MASTERFLEX, C.A.

Maracay, Venezuela                      Tachira, Venezuela

Tel: 58 43 50 3111                      Tel: 58 76 87 1425

Fax: 58 43 50 7222                      Fax: 58 76 87 1983

 

Contact: Mrs. Peggy Ojeda               Contact: Mrs. Barbara Bermudez

Customer Since: 1990                    Customer Since: 1990

                                        Line of Credit: 141,800 USD

Terms: 30 Days                          Terms: 30 days

History: SATISFACTORY                   History: SATISFACTORY

Mrs. Ojeda gave a good rating for       Mrs. Ojeda gave a good rating for

the customer.                           the customer.

 

 

LIPESA ALCA, C.A.                    LIPESA, DIVIS PAPEL, C.A..

Pto La Cruz, Venezuela.              Valencia, Venezuela.

Tel. 58 286 940515                   Tel. 58 241 349851

     58 286 941863                        58 241 717986

 

Contact      : Mss. Claudia Masinela

Relat. since : 1990

Payment terms: 30 days

Rating       : SATISFACTORY

 

Mrs. Masimela gave a good rating for the customer.

 

 

ADD. SUPPLIERS

---------------

 

- INDELMA INDUSTRIA DEL MAIZ          ( Local )

- INDUSTRIAS QUIMICAS CARABOBO        ( Local )

- REFINADORA DE SUSTANCIAS CUYUNI     ( Local )

- AGROINDUSTRIAL MANDIOCA             ( Local )

- HOESCH DE VENEZUELA                 ( Local )

- INTEQUIM                            ( Local )

- QUIMICAS VICTORIAS                  ( Local )

- FERRO ALUMINIO                      ( Local )

- EKA CHEMICALS DE VENEZUELA          ( Local )

- TRANSPACA                           ( Local )

 

- ECC INTERNATIONAL                   ( International )

- OMYA DE COLOMBIA                    ( International )

- CELULOSA ARAUCO Y CONSTITUCION      ( International )

- GEORGIA PACIFIC CORP.               ( International )

- ELOF HANSON PULP INC.               ( International )

- PULP SALES CORPORATION              ( International )

- EKMAN &  Co. INC.                   ( International )

- FLETCHER CHALLENGE CANADA           ( International )

- CELULOSA DEL PACIFICO               ( International )

 

 

 

------PAYMENT HISTORY-----------------------------------------------------

 

We report nothing unfavourable in regard to the Company’s commercial

reputation.

 

The Company reports to pay the majority of its invoices within 30 days.

 

***************************************************************************

 

Payment Information gathered from Suppliers:

Figures in thousand ('000) USD:

 

Date/               Recent    Total     Amt                           Last 

Suppl/  Credit     Highest   Amount    Past     Terms/Guarant  Avg    Sale

Curr.    Limit     Balance     Owed     Due         Days       DBT    Date 

__________________________________________________________________________

 

03/01

 

(c)       141,8       -       0       0         30/I          0       03/01

 

(d)        56,7       -       0       0         30/I          0       03/01

 

11/00

 

(a)         130      130      0       0         30/I           0      11/00 

 

(b)          87       87      0       0         30/I           0      11/00

 

(c)         130      130      0       0         30/I           0      11/00

 

08/00   

 

(a)         130      130      0       0         30/I           0      08/00 

 

(b)          87       87      0       0         30/I           0      08/00

 

(c)         130      130      0       0         30/I           0      08/00

 

 

SUPPLIERS

---------

 

(a) SMURFIT CARTON DE VENEZUELA, C.A.  

(b) CLARIANT DE VENEZUELA, C.A.         

(c) MASTERFLEX, C.A.                   

(d) LIPESA ALCA, C.A.

 

 

--   = Not Given

DBT  = DAYS BEYOND TERMS

Terms= I - Invoice / NP - Negotiable Paper / LC - Letter of Credit / MO -   

       Money Order / PN - Promissory Notes

 

THE PAYMENT HISTORY CORRESPONDS TO THE COMPANIES MENTIONED ABOVE.

 

 

 

------JUDICIAL SYSTEM RECORDS---------------------------------------------

 

--- JUDICIAL SYSTEM ---

 

From the Supreme Court of Venezuela, Courts of Justice, and First Instance

Distributing Courts in the Metropolitan area of Caracas. Includes public

edicts published at a national and regional level of Venezuela.

 

We have searched for legal actions against the Subject Company and the

following  has been found for the last 2 years.

 

LAWSUIT

 

Defendant        : MANPA C.A.                                               

Plaintiff        : UNARES , SALVADOR                                        

No. de Expediente: 95-970                                 

DATE             : 11/18/98

COURT            : CIVIL

SOURCE           : SUPREME COURT                                                     

 

 

Defendant        : MANUFACTURA DE PAPEL C.A.                                

Plaintiff        : FERNANDEZ LEDEZMA, FENNY JOSE                             

No. de Expediente: 95-462                                 

DATE             : 10/09/97

TYPE OF SUIT     : CIVIL

JUDGE            : DR. GRISANTI

SOURCE           : SUPREME COURT

 

 

 

------CONCLUSION----------------------------------------------------------

 

Even though our database records some lawsuits against the subject,

considering the size, age and nature of the business, it seems not to affect

it's operations.

 

The Company is well established, having been in business for 106 years,

therefore, we believe it may be possible to have good trade relations with

the Company and that it is in conditions to respond for credits according it

resources.

 

Person contacted: Mrs. Juanita Perez, Purchases Manager, verified the

information in this report.

 

 

EXCHANGE RATE: US $1 ./= VEB 711.75

 

END OF REPORT

 

This report is furnished in response to your request and shall be held in strict confidence, and shall never be revealed in any matter whatever to the officers or owners of the company reported on or to any others without permission of Graydon America, Inc. Graydon does not guarantee the correctness of information furnished and shall not be liable for any loss or injury from any cause whatsoever.