MIRA
INFORM REPORT
|
Report Date : |
13th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
INPROEL S.A. |
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Registered Office : |
Av 33 Guillermo Cubillo
y Calle 18 I,altura Km.4.5 Av Juan Tanca
Marengo, 600 Mt Atrás de Coca Cola, Guayaquil/Guayas |
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Country : |
Ecuador |
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Date of Incorporation : |
15.12.1972 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Commercialization of all
kind of electrical material (high, medium and low tension). It offers
electrical services, studies and constructions. Also, it manufactures some
electrical products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT
COMPANY NAME : INPROEL S.A.
TRADE
NAME : "INPROEL"
TAXPAYER
REGISTRATION : RUC
0990020264001 OPERATING STATUS: Active
MAIN
ADDRESS : Av 33 Guillermo Cubillo y Calle 18 I,altura Km.4.5 Av Juan
Tanca Marengo, 600 Mt Atrás
de Coca Cola
CITY/PROVINCE/STATE :
Guayaquil/Guayas
COUNTRY : ECUADOR
TELEPHONE : (5934)224.5500/224.5600
FAX : (5932)224.0446/224.2084
E
- MAIL : inproel@telconet.net/ financiero@inproel.com
WEB
SITE : www.inproel.com
COMMENTS .-
The complete address of
the company is Av. 33 Guillermo Cubillo y Calle 18 I, Av.Juan Tanca Marengo
Km.4 1/2, 600 metros atrás de la Coca Cola, frente a la fábrica de Colchones
Paraíso, Guayaquil - Guayas.
P.O. Box: Casilla Postal
09-01-10129
QUALIFICATION
RATING
: ELIGIBLE FOR CREDITS
PAYMENTS
: PAYMENTS USUALLY PROMPT
LEGAL BACKGROUNDS
LEGAL
STATUS : Joint-Stock Company
DATE
OF INCORPORATION : 15DEC1972
REGISTERED
IN : Guayaquil, Guayas
DURATION : 50 years
INITIAL
CAPITAL : S/.200,000.= Sucres
CURRENT
PAID-IN CAPITAL :
US$1,000,000.= Dollars (100% National capital)
LAST
CAPITAL INCREASE : 03.03.2004 (Resolution No 7976, 2nd Notary's Off.)
SHAREHOLDERS'
EQUITY : US$1,376,099.= Dollars (As of 31.12.2005)
TYPE
OF SHARES : Registered
LISTED
AT STOCK EXCHANGE :
No
SHARE
VALUE :
US$0.20 Dollars
COMMENTS
.-
INPROEL SA is the main
company of an important group whose majority shareholder is Eng. Pablo Alberto
Ortiz San Martin, who performs as General Manager and President of the company.
This company has a filial
in Miami (USA) called INTERNATIONAL ELECTRO MACHENICAL ENT.
Subject appears in the
"White List" of the Internal Revenue Service, which means that
it has complied with its
tax obligations promptly.
It is known that subject
paid US$44,990.40 Dollars for Income Tax for year 2005.
HISTORY
Subject was established
with a legal status of Limited Liability Company and with the name
INSTALACIONES Y ELECTRICOS CIA. LTDA.
It changed its legal
status and corporate name to INPROEL SA on 14.08.1987.
DIRECTORS / EXECUTIVES / SHAREHOLDERS
FULL
NAMES / COMPANY NAME TITLE OWNERSHIP %
RON, FREIRE Shareholder Yes
ORTIZ SAN MARTIN, PABLO
ALBERTO
President/Gen.Manager
Yes
ORTIZ PALACIOS, JAIME
ALFREDO Vice-President
INTRIAGO RUIZ, PEDRO
ARTURO Member
ORTIZ PALACIOS, JUAN
PABLO Financial Manager
BASTIDAS, MERCEDES Financial Manager
URBINA, INGRID Import
Manager
AZZIN, JESSENIA Chief of Import
ECO-CASA CASAS ECONOMICAS
SA Shareholder Yes
WHO IS WHO ?
ORTIZ
SAN MARTIN, PABLO ALBERTO
NATIONALITY : Ecuadorian
BORN : 30JUN1943
DOC. OF IDENT. : CI 0900044157
PROFESSION : Electronic engineer
Associated
as per our database to :
Company Title Tax. Reg. Country
DIPRELSA DISTRIBUIDORA DE
PRODUCTOS TECNICO President 0990714762001 ECUADOR
ORTIZ
PALACIOS, JAIME ALFREDO
NATIONALITY : Ecuadorian
DOC. OF IDENT. : CI 0909616781
LABOR AND/OR BUSINESS
BACKGROUNDS .-
He was appointed
Vice-President of INPROEL SA on 09.01.2006 for a period of two years,
as it is registered in
the Mercantile Registry under No.1146 on 19.01.2006.
INTRIAGO
RUIZ, PEDRO ARTURO
NATIONALITY : Ecuadorian
DOC. OF IDENT. : CI 0904896206
ORTIZ
PALACIOS, JUAN PABLO
NATIONALITY : Ecuadorian
DOC. OF IDENT. : CI 0909616773
RELATED COMPANY(IES)
INPROEL is the main
company in an important group of companies whose majority shareholder is Eng.
Pablo Alberto Ortiz San Martin.
The Group includes
companies engaged in manufacture of metallic modules, electric component
assemblies; concrete poles for public lighting and transmission and
distribution lines; cast aluminium pieces; transformers.
This Group occupies a
warehousing and factory area of more than 60,000 m2, offers 9,000 products and
hires more than 500 workers.
Member companies of this
group are:
COMPANY
NAME
COUNTRY TAX.REG. RELATION
ARICACORP SA ECUADOR 0991386734001
Related
BELTESA CA ECUADOR 0992221097001
Related
BYKAINNA SA ECUADOR 0991471359001
Related
CIMATEC SA ECUADOR 0991312277001 Related
COMPAÑIA ECUATORIANA NUEVA FE SA ECUADOR Related
CONPRELEC SA ECUADOR Related
CONSTRICCIONES Y PROYECTOS ELECTROMECANICO
ECUADOR 0990566909001 Related
DERMIGON, DERIVADOS DE HORMIGON SA ECUADOR 0991292691001
Related
DIPRELSA DISTRIBUIDORA DE PRODUCTOS TECNIC
ECUADOR 0990714762001 Related
ECO CASAS ECONOMICAS SA ECUADOR
Related
ECO-CASA CASAS ECONOMICAS SA ECUADOR 0990774668001 Related
ENERLUZ SA ECUADOR 0991193332001
Related
INTERNATIONAL ELECTRO MACHENICAL ENT U.S.A. Related
MARIANC SA ECUADOR 0991220518001
Related
PANELEC ECUADOR Related
POSTEC POSTES Y ESTRUCTURAS DE
CONSTRUCCIO ECUADOR
0990566909001 Related
PROELECTRICA, PRODUCTOS ELECTRICOS GENERAL ECUADOR 0990935254001 Related
RIOLS SA ECUADOR 0991475354001 Related
RONITON SA ECUADOR 0991143653001
Related
BUSINESS
MAIN
ACTIVITY .-
Commercialization of all
kind of electrical material (high, medium and low tension). It offers electrical
services, studies and constructions. Also, it manufactures some electrical
products.
Sold trademarks: AMPROBE
INSTRUMENT, CENTRAL MOLONEY, FISHER PIERCE, KEARNEY, HARRIS,
GEC ALSTHOM BALTEAU, KWI
KING WINE INC, FURNAS, POWER MEASUREMENT, THOMAS & BETTS,
CRADY.
IMPORT :
Yes (Electrical products and equipment, mainly
from Colombia, France, China, Brazil and USA)
EXPORT :
No
%
CASH SALES/METHOD : 40%
%
CREDIT SALES/TERMS : 60% (Invoices at 30 days)
SELLING
TERRITORY : 100% (Domestic market)
EMPLOYEES : 500
(approximately)
FACILITIES
.-
Premises :
Own
Time Occupied :
9 years
Equipment :
Suitable for its activities
Condition :
Building in regular appearance
Use : Registered office and administrative offices
Remarks and other
Premises .-
Subject has two
industrial plants located on:
- Km. 7.5 Vía a Daule s/n
- Guayaquil
- Km. 16.5 Vía a Daule
s/n - Guayaquil
COMMENTS
.-
The economic activity
registered in the Internal Revenue Service (IRS) is the wholesale of electrical
material.
The corporate purpose
registered in the Superintendency of Companies is: The company will be engaged
in technical advisory on electricity, mechanics, industries, hydraulics, oil
and civil engineering and in general, projects and designs, estimations and
planning.
Subject is engaged in
wholesale and retail.
Among its clients, there
are national prestigious companies, such as:
- Aeropuerto de
Guayaquil.
- Procesadora Nacional de
Alimentos CA-Pronaca.
- Hotel Sheraton.
- Supermercados La
Favorita.
- Banco Guayaquil.
- Banco del Pacífico.
- Supermaxi.
- Hotel Oro Verde.
- Mall del Sol.
- La Cemento Nacional.
- Estadio Monument.al
- Hotel Ramada.
- Hotver Exportadora
Bananera Noboa SA.
- Holcin Ecuador SA.
- General Public Lighting
SA.
among others.
FINANCIAL INFORMATION
We were attended by Econ.
Mercedes Bastidas (Financial Manager), who provided general information.
It should be mentioned
that information provided was supplemented with data obtained from other
indirect means.
It is included financial
statements as of 31.12.2005, 31.12.2004 and 31.12.2003, 12 months, values
expressed in thousand dollars.
INPROEL SA is referred to
as one of the main companies in its line of business, and it enjoys a good
concept at commercial and banking level.
BALANCE SHEET DATE :
31DEC2005 31DEC2004 31DEC2003
TYPE OF BALANCE SHEET : Annual Annual Annual
BALANCE SHEET OF : 12 months 12 months 12 months
CURRENCY : US Dollars US Dollars US Dollars
(thousands) (thousands) (thousands)
ASSETS
CASH/BANKS
: 73 44 40
RECEIVABLES
: 2,118 2,027 1,378
INVENTORY
: 6,768 5,670 4,408
OTHERS
: 130 183 330
TOTAL CURRENT : 9,089 7,923 6,155
FIXED : 830 885 623
OTHERS
: 782 469 423
TOTAL ASSETS :
10,700 9,276 7,202
LIABILITIES
BANKS/SUPPLIERS
: 1,405
OTHERS
: 446
TOTAL CURRENT : 1,851 1,467 838
LONG TERM
: 6,953 6,484 230
OTHERS
: 521
SHAREHOLDERS' EQUITY :
CAPITAL
: 1,007 1,007 5,772
RESERVES
: 146 124 112
PROFITS (LOSS)
: 31 164 250
OTHERS : 193
31
TOTAL EQUITY :
1,376 1,326 6,134
TOTAL LIABILITIES :
10,700 9,276 7,202
SALES :
13,210 13,173 10,840
PROFIT (LOSS) :
193 164 137
LIQUIDITY RATIO :
4.91 (Current Assets/Current Liabilities)
DEBT-TO-EQUITY RATIO : 74.36% (Shareholders'equity/Current
Liabilities)
PROFITABILITY MARGIN : 1.46% (Profits/Sales)
WORKING CAPITAL :
7,238,318.00 (Current Assets - Current Liabilities)
Continuación
... : 31DEC2005
31DEC2004 31DEC2003
FINANCIAL
SITUATION : SATISFACTORY
Based on the last
Financial Statement, Subject's Financial Position is considered satisfactory.
Liquidity ratio is adequate and is over average. Working capital is good and allows company to meet payments
promptly. Relation between shareholders' equity and obligations is acceptable.
Economic results have been satisfactory.
INSURANCE
.-
Information related to
insurances was not obtained.
PAYMENTS RECORD
TRADE
REFERENCES .-
Line
of Credit Monthly Average Terms(days)) Performance?
Time Products/Services
Supplier
1
US$ 1,800.= US$
Not specified 30 days Prompt 5 years Not specified
Domestic
2
US$ Open US$
Not specified 45 days Prompt 16 years Not specified
Domestic
3
US$ 5,000.= US$
Not specified 45 days Prompt 16 years Not specified
Domestic
COMMENTS .-
Additional comments from
the above suppliers:
No.1: Subject's last
purchase was in November 2006 for US$1,600.=
No.2: Subject's last
purchase was in November 2006 for US$25,000.=, debt to date amounting to
US$40,000.=, no delays in its payments.
No.3: Subject's last
purchase was in November 2006 for US$1,400.=
LIST
OF DOMESTIC SUPPLIERS .-
Suppliers listed Alphabetically. There is not relationship as for the order
above
Supplier
3M Ecuador CA
Incable SA
Novacero SA
Plastidor SA
Shell Ecuador SA
LIST
OF FOREIGN SUPPLIERS .-
Suppliers listed
Alphabetically. There is not relationship
as for the order above
Supplier Country
Centelsa COLOMBIA
CMEC Electric Import y
Export CHINA
Colmena SA COLOMBIA
Crouse Hinds
Klein Tools
Magnetron SA COLOMBIA
Schneider Electric FRANCE
CREDIT
RISK CENTRAL .-
To date, it was not found
for subject any returned checks, protests or other financial restrictions which
may affect it commercially.
LAWSUITS
? .-
No lawsuits filed against
subject were found.
BANKING INFORMATION
BANKERS
Bank
BANCO DE GUAYAQUIL SA
BANCO DE LA PRODUCCION SA
BANCO BOLIVARIANO CA
BANCO MM JARAMILLO
ARTEAGA
BANCO DE MACHALA SA
BANCO DEL PACIFICO SA
BANCO TERRITORIAL SA
Subject carries out its
financial operations through the above-mentioned entities which did not provide
references because of bank reservations.
NATIONAL FINANCIAL SYSTEM
On its last report, subject
was granted an "A" rating (Stable Situation). Structure of its debt
by entity is as follows:
ENTITY CREDIT
TYPE AMOUNT IN DOLLARS CREDIT DATE DUE DATE
Banco Amazonas Commercial US$1,000,000.00 25.08.2006 30.07.2011
Banco Bolivariano C.A. Commercial 37,635.98 18.07.2006
Banco Bolivariano C.A. Commercial 2,000.00
04.07.2006
Banco Bolivariano C.A.
Consumption/Card 3,219.40 30.09.2006
Banco Guayaquil S.A. Commercial 200,000.00 22.09.2006 21.03.2007*
Banco Guayaquil S.A. Commercial 152,933.33 16.06.2006 13.12.2006*
Banco de la Producción Commercial 8,184.49
* Approved amount
US$208,000.=
* Approved amount
US$208,000.=
Over the last years,
credit level reported for subject were as follows:
- Maximum amount of
indebtedness US$ 1,598,258.88
(08.2006)
- Minimum amount of indebtedness US$
27.55 (09.2003)
Background
Indebtedness with one
month-period due:
06.2002 US$ 23,716.59
02.2003 1,934.37
Subject is a co-debtor of
a banking loan obtained by ENERLUZ SA, CONSTRUCC. Y PROY.
ELECTROMECANICOS S.A.
CONPRELEC, MARIANC S.A., a company which is a member of the same business group
of subject.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)