MIRA
INFORM REPORT
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Report Date : |
01.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
PROVEEDORES
QUIMICOS PROVEQUIM C.A. |
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Registered Office : |
Km 23 Via a
Daule, Solar 6, Calle Alfa y Los Mangos, Cdla. Inmaconsa – Guayaquil,Guayas |
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Country : |
Ecuador |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1991 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Import and Sale of Chemical Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US $ 377.831 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name and Address
PROVEEDORES QUIMICOS PROVEQUIM C.A.
Km 23 Via a Daule, Solar 6, Calle Alfa y Los Mangos, Cdla. Inmaconsa -
Guayaquil
Guayas
ECUADOR
Telephone :
593-4-2100708
Fax : 593-4-2101382
E_Mail
: obrito@provequimca.com
Web Site :
www.provequimca.com
SUMMARY
Started :
1991.-
Total Employees :
25
Payments :
Prompt
Financial
Sit. :
Normal
Economic
Sit. :
Acceptable
Sales
: US$ 4.017.209.-
Net
worth :
US$ 377.831.-
Current
profit :
US$ 100.003.-
Subscribed social capital : US$ 800.-
Sic(s) : 5169
Line of Business: Import & sale of chemical products.
Credit Recommendation
Dollars
Conservative value : 200.000
Liberal value : 250.000
If additional information is received or present information is rectified, this
recommendation may be modified.
Financial indicators
According to last financial statement, subject shows a normal financial
situation, as indicated in:
** Acceptable Working Capital
** Good Current Liquidity Ratio
** Acceptable Acid Test Ratio
Economic situation is acceptable, as reflected in:
** Acceptable Current Indebtness Ratio
** High Total Indebtness Ratio
** Good Solvency Ratio
TRADE REFERENCES
Trade references are supplied as follows:
Detail of References
Old :
Since 2000
Last purchase :
09-2007
Terms :
45 days
Payment : Prompt
Credit : (000's$)
5.000
Owes : Does not Register
Due : Does not Register
Paying Comments : Good
Purchase Aver. : (Monthly
US$) 2.500
Old : 6 years
Last purchase :
09-2007
Terms : 60 days
Payment : Prompt
Credit : (US$) 5.000
Owes : Does not Register
Due : Does not Register
Paying Comments : Good
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(000's$) (000's$)
--------------------------------------------------------------------------------
Since 2001 05-07 Prompt
checks
5.000
-
Since 2001 04-07 Prompt
checks
150.000
-
4 years 05-07 Prompt
checks
10.000
-
4 years 10-06 Prompt
checks
10.000 None
2 years 01-07 Prompt
checks
3.000 None
7 years 01-07 Prompt
checks
5.000 None
6 years
Prompt
checks
5.000
-
3 years
Prompt
checks
10.000 None
This company takes part of the "White Listing"of the IRS indicating
that tax obligations are promptly met.
Subject does not register credits in 2003 and 2004 at the National financial
system.
Detail of Bank References
To expire : US$
7.683,96
Total debt up to September 2007 is US$ 7.683,96
Average
Maximum amount of indebtness registered by the subject -, in the National
Financial System was US$ 21.238,00 in March, 2006
Minimum amount of indebtness registered by the subject -, in the National
Financial System was US$ 3.594,56 in October, 2006
Average amount of indebtness registered by the subject, in the National
Financial System:
During 2005 was US$ 12.115,80
During 2006 was US$ 13.341,83
During 2007 was US$ 7.693,50
FINANCIAL INFORMATION
C O M P A R A T I V E - S U M M A R Y
( Figures in US$ Dollars )
31/12/2005
31/12/2004 31/12/2003
CURRENT
ASSETS
877.162
711.455 777.135
CURRENT
LIABILITIES
593.429
461.774 550.150
WORKING
CAPITAL
283.733
249.681 226.985
FIXED
ASSETS
94.097
28.144 37.568
OTHER
ASSETS
1
3
0
LONG TERM
LIABILITIES
0
0 55.881
NET
WORTH
377.831
277.828 208.672
OPERATING
INCOMES
4.017.209
3.158.871 2.422.469
CURRENT
PROFIT(LOSS)
100.003
69.156 75.632
BALANCE SHEET
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/12/2005 31/12/2004
Cash
43.216 32.822
Sundry
Debtors
244.435 285.899
Inventory
498.433 356.998
Other Current
Assets
91.078 35.736
CURRENT
ASSETS
877.162 711.455
Net Fixed
Asset
94.097 28.144
FIXED
ASSETS
94.097 28.144
Other
1
3
OTHER
ASSETS
1
3
TOTAL
ASSETS
971.260 739.602
LIABILITIES
31/12/2005 31/12/2004
Accounts Payable
535.604 408.933
Other Current
Liabilities
57.825 52.841
CURRENT
LIABILITIES
593.429 461.774
Capital & Reserves
800
800
Other
Reserves
8.281
8.281
Accummulated
Profits
268.747 199.591
Current Profit
(Losses)
100.003
69.156
NET
WORTH
377.831 277.828
TOTAL
LIABILITIES
971.260 739.602
STATEMENTS OF
RESULTS
31/12/2005 31/12/2004
Operating
Incomes
4.017.209 3.158.871
Operating
Cost
0 -2.867.461
OPERATING
MARGIN
4.017.209 291.410
Administration & Sales
Expenses
-3.860.342 -189.307
OPERATING
RESULT
156.867 102.103
Other non Operating
Incomes
0 6.377
NON OPERATING
RESULT
0 6.377
Result Before Income
Tax
156.867 108.480
Taxes and Employees
Participation
-56.864 -39.324
NET
PROFIT(LOSS)
100.003
69.156
CURRENT
PROFIT(LOSS)
100.003
69.156
ECONOMIC -
FINANCIAL RATIOS
31/12/2005 31/12/2004
Average
Working
Capital
( US$ )
283.733
249.681 266.707
Current Liquidity
(Times)
1,48
1,54 1,51
Acid
Test
(Times)
0,64 0,77
0,71
Collection Period Days (
Days)
21,90
32,58 27,24
Accounts Receivable
Turnover(Times)
16,43
11,05 13,74
Inventory Turnover
(Times)
8,03
Current Indebtness
(Times)
1,57
1,66 1,62
Total
Indebtness
(Times)
1,57
1,66 1,62
Solvency
(Times)
1,64
1,60 1,62
Assets Tying
Up
( % )
9,69
3,81 6,75
Profitability Over Sales ( %
)
2,49
2,19 2,34
Profitability Over Assets ( %
)
10,30
9,35 9,83
Profitability Over Net Worth( %
) 35,99
33,14 34,57
BANKS
Main banks are:
- Banco De La Produccion S.A. ACCT # 1006019534
- Banco Del Pacifico S.A.
- Banco Pichincha C.A.
OPERATIONS
Line of Business : Import & sale of chemical products.
Registered economic activity at the IRS is the wholesale of chemical products.
Social objective registered at the Superintendency of companies is the import,
export, sale and manufacture of toys of any kind.
Classification according to commercial activity:
Sic: 5169-0000 Chemicals and allied products
-9907 Industrial chemicals
Sales
Sales are steady throughout the year
National sales territory
Customers
Main customers are: Line of business' distributors, chemical industry.
The 2 most important customers are:
Trecx Cia. Ltda., Acromax Laboratorio Quimico Farmaceutico S.A..
Purchases
Purchases are both national & international
Imports from United States, Germany, Mexico, Netherlands, Peru, China, Korea,
South Africa.
National suppliers
- Basf Ecuatoriana S.A.
- Brenntag Ecuador S.A.
- Ecuatoriana De Solventes S. A. Solvesa
- Resiquim S. A.
Foreign suppliers
- Alicorp (Peru)
- Atlas Chemicals (United States)
- Chemcentral (United States)
- Chempharminc (Germany)
- Dupont Mexico S.A. (Mexico)
- E.I. Dupont the Nemours A.G. (United States)
- Globe Chemicals (Germany)
- HCI Chemicals Nederlands (Netherlands)
- Helm A.G. (Germany)
- Sulfato de Cobre (Peru)
Employees: 25 employees
Location
- Administration located at Km 23 Via a Daule, Solar 6, Calle Alfa y Los
Mangos, Cdla. Inmaconsa Guayaquil Guayas, Ecuador
Branches
Subject has
- 2 branches: one in Quito and one in Zaruma.
RELATED COMPANIES
Subject is related with the following companies:
- Suministros Del Litoral Ecuatoriano, Sumliec S.A. T A X : 0991404236001
Guayaquil Guayas . Sales as at 31/12/2004 US$ 333.780
- Crecicorp S.A. T A X : 0991521917001 Guayaquil Guayas . Sales as at
31/12/2005 US$ 746.971
- Materias Quimicas Materquim C.A. T A X : 0992105739001 Guayaquil Guayas
.
Sales as at 31/12/2005 US$ 600.524
- Mivecorp S.A. T A X : 0992128941001
- Lanecuatoriana S.A. T A X : 0992271574001
INSURANCES
Insurance Company:
-Bolivar Compañia de Seguros del Ecuador S.A.
Risks : Total cover.
Objetive : Assets in general.
ADMINISTRATION
President : Marisol Ballesteros Sevilla TAX:715077
General Manager : Oscar Humberto Brito Guillen
TAX:1200748711001
Assistant General : Elena Yolanda Pulley Ottati TAX:0906652797
Manager
Imports'supervisor : Nely Ortiz
CURRICULUM
Marisol Ballesteros Sevilla
T A
X :
715077
Birth place : Ecuador
Position : President
Mercantile Register : Number 2634
of 09/02/1996
Oscar Humberto Brito Guillen
T A
X
: 1200748711001
Birth place : Ecuador
Position : General Manager
Mercantile Register : Number 20575
of 18/10/2006
Simultaneously :
No commercial name. Administrative position at Suministros
del Litoral Ecuatoriano,
Sumliec S.A.Legally registered at
the IRS to carry out
businesses since Apr 11, 2002.
Economic activity
registered is the retail of books,
journals, magazines and
paper articles.
LEGAL INFORMATION
Legal Structure :
Stock Company
Constitution date :
23/04/1991
Authorization : Resolution Nº 1015
Notary
: N° 21, Guayaquil
Guayas
Term of duration :
50 Year, ended on 23/04/2041
Legal Address : Guayaquil - Ecuador
Published in : Official Gazette dated 29/04/1991
Current Subscribed social Capital :
US$ 800.-
Paid-in social Initial Capital :
US$ 20.-
Subscribed social Initial Capital :
US$ 80.-
Owner :
- 1200748711001 Oscar Humberto Brito Guillen
Legal representation in charge of: General Manager, President.
Legal changes
By Resolution Nº 3102 on 18/06/1998, notary N° 21, Guayaquil Guayas, published
in the Official Gazette dated 11/03/1999, social capital was increased:
Initial capital in Sucres was S/2.000.000
Registered name PROVEEDORES QUIMICOS PROVEQUIM.
This company is head of a group controlled by Oscar Brito Guillén.
These
companies share facilities and employees, are managed by only one company.
INFORMATION SOURCES
Miss. Elena Yolanda Pulley Ottati, Assistant General Manager, who
indicated that can not supply all kind of information.
Refused to supply present financial information.
-Other outside information sources.
Exchange rate
-Since September 9th,
2000, official currency in Ecuador
is the US$ dollar
-Until then, the currency was the sucre.
Exchange rate was s/. 25.000 X US$ 1.00
INTERPRETATION OF RISK LEVEL AND CREDIT RECOMMENDATION
CREDIT RECOMMENDATION
Credit recommendation amounts are assigned according to criteria usually used
in the commercial credit evaluation.
The amounts are based on the assignment of risk percentages to the following
indicators: Trade references, number of employees, legal structures, data base
of protested bills, operations, insurances, variation of net profit, net
worth, working capital and liquidity.
INTERPRETATION OF
PAYMENT SCORING
The Scoring is arranged as follows: 1 to 40 Delays, 41 to 60 Slow, 61 to 80
Moderate, 81 to 100 Prompt
Macroeconomic
Information
International Reserve
of Free
Availability (millions USD) 3.257,00
Interest Rate for the week
of 02/09/2007 - 29/09/2007
Ref. Active Rate for
Operations ( % ) 10,82
Ref. Passive Rate
for Operations ( % ) 5,61
Basic Rate of
Central Bank ( % ) 5,61
Legal
( % ) 10,82
Maximum
conventional
( % )
Inflation Ratio 107,81
Jul/2007
Yearly
Inflation
( % ) 2,44
Monthly
Inflation
( % ) 0,07 Aug/2007
Accumulated
( % ) 1,37
RATING
EXPLANATIONS
|
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. |
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 |
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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%)