MIRA
INFORM REPORT
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Report Date : |
23.05.2007 |
IDENTIFICATION DETAILS
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Name : |
MADERAGRO S.A. |
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Registered Office : |
General Córdova 810 y
Junín, Edificio La Merced, Piso 22, Guayaquil/Guayas |
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Country : |
Ecuador |
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Financials (as on) : |
31.12.2004 |
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Date of Incorporation : |
16.07.2003 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Purchase and export of
lumber. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME :
MADERAGRO S.A.
TAXPAYER REGISTRATION :
RUC 0992310553001
OPERATING STATUS :
Active
MAIN ADDRESS :
General Córdova 810 y Junín, Edificio La
Merced, Piso 22,
CITY/PROVINCE/STATE :
Guayaquil/Guayas
COUNTRY : ECUADOR
TELEPHONE :
(5934)230.2201
E - MAIL : maderagro@yahoo.com; management@maderagro.com
WEB SITE : None
SUMMARY
Incorporation
: 2003
Operating Status :
Active
Last Capital
: US$2,000.= Dólares
Shareholders' Equity : US$1,915.= Dólares (Al
31.12.2004)
Annual Sales
: 89,264.00 US$ Dollars
Employees
: Se desconoce
QUALIFICATION
RATING : SECURED CREDIT IS ADVISED
PAYMENTS : NO FURTHER CREDIT EXPERIENCE AVAILABLE
LEGAL BACKGROUNDS
LEGAL STATUS :
Joint-Stock Company
DATE OF INCORPORATION : 16JUL2003
REGISTERED IN :
Guayaquil/Guayas
NOTARY OFFICE :
No.1 de la ciudad de Guayaquil
DURATION : 100 years until
July 16, 2103
REGISTRATION :
Resolution 3536
INITIAL CAPITAL :
US$1,000.= Dollars (paid US$250.=)
CURRENT PAID-IN CAPITAL : US$2,000.= Dollars
SHAREHOLDERS' EQUITY : US$1,915.= Dollars (31/12/2004)
TYPE OF SHARES :
Common shares, single series
SHARE VALUE :
US$1.= Dollar
COMMENTS .-
Subject appears in the White
List of the Ecuadorian IRS, which means its taxes have been paid on time.
Subject incorporation was
published in the Official Gazette on May 29, 2003.
The General Manager and
President act as Legal Representatives.
DIRECTORS / EXECUTIVES / SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE
SUAREZ-BANGO, ROSA ISABEL
GOMEZ DROUET DE President
SUAREZ-BANCO GOMEZ,
ALFONSO ANTONIO General Manager
REINOSO, MARCELO Accountant
WHO IS WHO ?
SUAREZ-BANGO, ROSA ISABEL GOMEZ DROUET DE
NATIONALITY : Ecuadorian
DOC.
OF IDENT. : CI 0904187036
LABOR
AND/OR BUSINESS BACKGROUNDS .-
Appointed President of
MADERAGRO SA as shown in Record 13463 dated 24.07.2003.
SUAREZ-BANCO GOMEZ, ALFONSO ANTONIO
NATIONALITY : Ecuadorian
TAXP.
REGISTRY : RUC 0918895715001
LABOR
AND/OR BUSINESS BACKGROUNDS .-
Appointed General Manager
of MADERAGRO SA as shown in Record 13501 dated 28.07.2003.
He is duly registered in
the IRS to carry on a sole proprietorship since 28.11.2000.
Registered Business
Purpose: Wholesale of basic chemical substances for industrial use, manure,
pesticides, adhesives, organic inorganic products and other chemicals.
t/a
"SBG&CO"
REINOSO, MARCELO
NATIONALITY : Ecuadorian
RELATED COMPANY(IES)
Subject is not related to
other companies.
BUSINESS
MAIN ACTIVITY .-
Purchase and export of
lumber.
EXPORT : Yes USA, India and Iceland
SELLING TERRITORY :
International market
EMPLOYEES : Unknown
FACILITIES .-
Use
: Headquarters
Remarks
and other Premises .-
Subject has no branches.
COMMENTS .-
REGISTERED BUSINESS
PURPOSE:
- IRS: Wholesale of
lumber
- Superintendence of
Companies: Import, distribution, purchase and sale of lumber.
FINANCIAL INFORMATION
Enrique Romero,
Accounting Assistant, refused to give any information.
We tried to contact all
the executives but we were kept from approaching them.
Finally, we sent a formal
letter to the General Manager but so far he has not replied.
Under such circumstances
and as usual in those cases, this report has been prepared based on the
information we could get from third-party sources where no updated balance
sheets were found. Latest available
information kept in our files is Balance Sheets for the Fiscal Periods 2004 and
2003, expressed in US$ Dollars, included for referente purposes only.
BALANCE
SHEET DATE : 31DEC2004 31DEC2003
TYPE OF
BALANCE SHEET : Annual Annual
BALANCE
SHEET OF : 12
months 12 months
CURRENCY : US$
Dollars US$ Dollars
EXCHANGE
RATE PER US$ : 1.00 1.00
ASSETS
CASH/BANKS : 551.00 205.00
RECEIVABLES : 0.00 15,985.00
INVENTORY : 2,643.00 735.00
OTHERS : 41,340.00
TOTAL
CURRENT : 44,534.00 16,925.00
FIXED : 3,286.00 4,270.00
OTHERS : 1,230.00 2,330.00
TOTAL
ASSETS : 49,050.00 23,525.00
LIABILITIES
TOTAL
CURRENT : 47,135.00 22,367.00
SHAREHOLDERS'
EQUITY :
CAPITAL : 1,000.00 1,000.00
PROFITS (LOSS) : 481.00 158.00
OTHERS : 434.00
TOTAL
EQUITY : 1,915.00 1,158.00
TOTAL
LIABILITIES : 49,050.00 23,525.00
SALES :
89,264.00 37,288.00
PROFIT (LOSS) : 481.00 158.00
LIQUIDITY RATIO : 0.94 (Current Assets/Current Liabilities)
DEBT-TO-EQUITY
RATIO: 4.06% (Shareholders'equity/Current Liabilities)
PROFITABILITY
MARGIN: 0.54% (Profits/Sales)
WORKING CAPITAL :
-2,601.00 (Current Assets -
Current Liabilities)
INSURANCE .-
There is not information
available on this matter.
PAYMENTS RECORD
TRADE REFERENCES -
COMMENTS
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Subject did not reveal
the name of the usual suppliers it does business with, information we were
unable to get from other sources.
CREDIT RISK CENTRAL -
No negative traced.
LAWSUITS ? -
No legal actions have
been brought against this Company.
BANKING INFORMATION
BANKERS
Bank
BANCO DE GUAYAQUIL
SA
Under the Bank Secrecy
Act, the above bank refused to give any information concerning Subject accounts
and/or operations.
No negative records were
found in the National Financial System.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)