MIRA
INFORM REPORT
|
Report Date : |
01.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PROQUIMSA S.A. |
|
|
|
|
Registered Office : |
Km 16.5 Via a Daule, Av. Rosavín (S/N) y Calle
Cobre, en el Parque Industrial |
|
|
|
|
Country : |
Ecuador |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
1978 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Import & sale of chemical raw materials. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & addresss
PROQUIMSA S.A.
Km 16.5 Via a Daule, Av. Rosavín (S/N) y Calle Cobre, en el Parque Industrial
Ecuatoriano. - Guayaquil
Guayas
ECUADOR
Telephone :
593-4-2893220
Fax : 593-4-2894942
E_Mail :
ealvarado@proquimsa.ec.com
Web Site :
www.proquimsaec.com
Postal Code : 10909
TAX
0990344760001
SUMMARY
Started
: 1978.-
Total
Employees
: 204
Payments
: Prompt
Financial
Sit.
: Good
Economic
Sit.
: Acceptable
Sales
:
US$ 27.459.793.-
Net
worth
:
US$ 4.117.966.-
Current
profit
:
US$ 1.809.843.-
Subscribed social capital :
US$ 2.250.000.-
Sic(s) : 5169
Line of Business: Import & sale of chemical raw materials.
Credit
Recommendation
Dollars
Conservative value :
2.160.000
Liberal value :
2.376.000
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 good financial
situation, as indicated in:
** Acceptable Working Capital
** Excellent Current Liquidity Ratio
** Good Acid Test Ratio
Economic situation is acceptable, as reflected in:
** High Current Indebtness Ratio
** Very High Total Indebtness Ratio
** Good Solvency Ratio
This company is part of the 500 largest tax payers of 2006.
Dec 2006, balance of some accounts are:
Total incomes US$ 28.260.078
Assets US$
19.725.128
Profits US$
1.491.296
Income tax US$ 263.234
TRADE REFERENCES
Trade references are supplied as follows:
Detail of References
Old : 6 years
Last purchase : 10-2007
Terms : 45 days
Payment : Prompt
Notes :
Credit : (USD.) 130.000
Owes : Does not Register
Due : Does not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly USD.) 70.000
Last purchase US$30.616
Old : Since 2000
Last purchase : 10-2007
Terms : 45 days
Payment : Prompt
Notes :
Credit : Open
Owes : Does not Register
Due : Does not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly USD.) 120.000
Last purchase US$30.000
Old : 5 years
Last purchase : 10-2007
Terms : 45 days
Payment : Prompt
Notes :
Credit : (USD.) 100.000
Owes : -
Due : Does not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly USD.) 100.000
Last purchase US$27.000
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(000's$) (000's$)
--------------------------------------------------------------------------------
4 years 08-06 Prompt bank
transfer
15.000 None
6 years 10-06 Prompt
checks
Open 51.000
7 years 10-06 Prompt
checks
40.000 None
This company takes part of the "White Listing" of the Internal
Revenue Service., indicating that tax obligations are promptly met.
Detail of Bank References
Bank
: Banco Bolivariano C A.
Calification : A
To expire : US$
716.666,65
Bank
: Banco De La Produccion S.A.
Calification : A
To expire : US$
659.022,23
Bank
: Banco Pichincha C.A.
Calification : A
To expire : US$
500.000,00 expire 28/11/2007
Calification : A
To expire : US$
300.000,00
Average
Maximum amount of indebtness registered by the subject -, in the National
Financial System was US$ 5.852.771,24 in February, 2005
Minimum amount of indebtness registered by the subject -, in the National
Financial System was US$ 1.555.155,28 in February, 2004
Average amount of indebtness registered by the subject, in the National
Financial System:
During 2002 was US$ 2.561.378,29
During 2003 was US$ 2.380.795,82
During 2004 was US$ 3.334.406,92
During 2005 was US$ 4.609.785,24
During 2006 was US$ 2.819.921,34
During 2007 was US$ 2.551.215,65
FINANCIAL INFORMATION
COMPARATIVE - SUMMARY
( Figures in US$ Dollars )
31/12/2005 31/12/2004
31/12/2003
CURRENT
ASSETS
12.603.204
12.013.807 9.084.558
CURRENT
LIABILITIES
7.597.277 11.907.646
9.327.337
WORKING
CAPITAL
5.005.927
106.161 -242.779
FIXED
ASSETS
6.270.061
6.820.390 5.664.506
OTHER
ASSETS
5.456
5.456 617.485
LONG TERM
LIABILITIES
7.163.478
4.572.366 3.736.811
NET
WORTH
4.117.966
2.359.641 2.302.401
OPERATING
INCOMES
27.459.793
24.181.751 20.864.270
CURRENT
PROFIT(LOSS)
1.809.843
57.240 -646.517
BALANCE SHEET
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/12/2005 31/12/2004
Cash
652.123 135.833
Sundry
Debtors
5.589.241 4.895.341
Inventory
4.959.794 5.278.768
Other Current
Assets
1.402.046 1.703.865
CURRENT
ASSETS
12.603.204 12.013.807
Net Fixed
Asset
6.270.061 6.820.390
FIXED
ASSETS
6.270.061 6.820.390
Other
5.456
5.456
OTHER
ASSETS
5.456
5.456
TOTAL
ASSETS
18.878.721 18.839.653
LIABILITIES
31/12/2005 31/12/2004
Accounts
Payable
2.650.796 3.980.171
Notes Payable
4.278.305 7.244.138
Other Current
Liabilities
668.176 683.337
CURRENT
LIABILITIES
7.597.277 11.907.646
Notes Payable
7.163.478 4.572.366
LONG TERM
LIABILITIES
7.163.478 4.572.366
Paid
Capital
313.080 313.080
Other
Reserves
3.150.047 3.144.325
Accummulated
Losses
-1.155.004 -1.155.004
Current Profit
(Losses)
1.809.843
57.240
NET
WORTH
4.117.966 2.359.641
TOTAL
LIABILITIES
18.878.721 18.839.653
STATEMENTS OF
RESULTS
31/12/2005 31/12/2004
Operating
Incomes
27.459.793 24.181.751
Operating
Cost
0 -21.611.603
OPERATING
MARGIN
27.459.793 2.570.148
Administration & Sales
Expenses
-25.346.946 -2.505.665
OPERATING
RESULT
2.112.847
64.483
Other non Operating
Incomes
37.612 16.071
NON OPERATING
RESULT
37.612 16.071
Result Before Income
Tax
2.150.459
80.554
Taxes and Employees
Participation
-340.616 -23.314
NET
PROFIT(LOSS)
1.809.843 57.240
CURRENT
PROFIT(LOSS)
1.809.843
57.240
ECONOMIC - FINANCIAL RATIOS
31/12/2005
31/12/2004 Average
Working
Capital
( US$ )
5.005.927
106.161 2.556.044
Current Liquidity
(Times)
1,66
1,01 1,34
Acid
Test
(Times)
1,01 0,57
0,79
Collection Period Days ( Days)
73,28
72,88 73,08
Accounts Receivable
Turnover(Times)
4,91
4,94 4,93
Inventory Turnover
(Times)
4,09
Current Indebtness
(Times)
1,84 5,05
3,45
Total
Indebtness
(Times)
3,58
6,98 5,28
Solvency
(Times)
1,28
1,14 1,21
Assets Tying
Up
( % )
33,21
36,20 34,71
Profitability Over Sales ( %
)
6,59
0,24 3,42
Profitability Over Assets ( %
)
9,59
0,30 4,95
Profitability Over Net Worth( %
)
78,41
2,49 40,45
BANKS
Main banks are:
- Banco Bolivariano C A.
- Banco De La Produccion S.A.
- Banco Pichincha C.A.
OPERATIONS
Line of Business : Import & sale of chemical raw materials for different
industries and also the manufacture of some components.
Economic activity registered at Internal Revenue Service is the Wholesale of
industrial basic chemical substances.
Social objective registered at the Superintendency of companies is the import,
purchase, sale of raw materials for the industry & agriculture.
Classification according to commercial activity:
Sic: 5169-0000 Chemicals and allied products
-9907
Industrial chemicals
Commercializes:
- Sello Rojo
Sales
Sales are steady throughout the year
National sales territory
Products are sold
National
Sales conditions: 100%
According to the company, informed that monthly average of sale was
US$2.000.000.-
Customers
Main customers are: Chemical industry, industry in general.
Purchases
Purchases are both national & international
Imports from Venezuela, United States, Belgium, Brazil, Colombia, Peru, South
Africa.
National
suppliers
- Codana S.A.
- Lubricantes Y Tambores Del Ecuador Ca
- Producargo S.A. Productora De Alcoholes
- Soderal Sociedad De Destilacion De Alcoholes S.A.
Foreign suppliers
- Copequim (Venezuela)
- Dao Chemical (Brazil)
- Exxo (Brazil)
- Peroxido do Brasil (Brazil)
- Prayon Rupel (Belgium)
- Union Caribe (United States)
Employees: 204 employees
Location
- Administrative offices and head house: Km 16.5 Via a Daule, Av. Rosavín (S/N)
y Calle Cobre, en el Parque Industrial Ecuatoriano.
Guayaquil Guayas, Ecuador
Branches
- Panamercana Sur Km 14 sector Guajalo Quito Pichincha Ecuador
- Panamericana Sur Km Siete y Medio Quimiac S/N y Teniente Hugo Ortiz
Quito Pichincha Ecuador
- Av. Pedro Menendez , Urbanización Santa Leonor solares 20 y 21 a 300
metros del Terminal Terrestre. Guayaquil Guayas Ecuador
- SULFATO DE ALUMINIO Y DE CLORO-SODA is located in Km 16,5 de la Vía a
Daule corresponding to legal address and administration.
- The other plant of SULFATO DE ALUMINIO is in Quito, area La Victoria
Baja-Calle H Diagonal to Novacero., km 7,5 Panamericana Sur.
- Avda Benjamín Rosales, Uranización Santa Leonor Solares 20 & 21,
300 meters from Terminal Terrestre.
Located in an area of 500 M2, for sales room. (This address
was its legal address)
RELATED COMPANIES
Subject is related with the following companies:
- Comercial Ginatta S.A. T A X : 0990003831001 Guayaquil Guayas . Sales as at 31/12/2005 US$ 846.122
- La Llave Sociedad Anonima De Comercio T A X : 0990015295001 Guayaquil
Guayas
. Sales as at 31/12/2005 US$ 18.621.000
- Ecuabarnices Sa T A X : 0990292582001
- Abequimica S.A. T A X : 0990381038001
- Fabrica De Envases S.A. Fadesa T A X : 0990551405001 Guayaquil Guayas .
Sales as at 31/12/2006 US$
66.891.696
- Calamaris S.A. T A X : 0990642664001
- Gambalit Sa T A X : 0990654328001
- Biolit S.A. T A X : 0990684871001
- Managuas Sa T A X : 0990687439001
- Diversey Wyandotte Del Ecuador Sa T A X : 0990744793001
- Latienvases S.A. T A X : 0990813159001 Guayaquil Guayas . Sales as
at 31/12/2005 US$ 7.981.041
- Diserinsa Disenos Servicios E Ingenieria S. A. T A X : 0990870845001
- Taensa S.A. T A X : 0991354387001
- Avicola Del Sur S.A. Avisusa T A X : 0991367845001
- Meinforte S.A. T A X : 0991473262001 Guayaquil Guayas . Sales as
at 31/12/2005 US$ 282.882
- Anguilit S.A. T A X : 0992176261001
- Disanec S.A. T A X : 0992208767001
- Fermagri S.A. T A X : 1791401344001 Quito Pichincha . Sales as at
31/12/2006 US$ 5.718.796
- La Estancia Sa T A X : 0190053865001 etc.
INSURANCES
Insurance Company:
-Atlas Compañia de Seguros S.A.
ADMINISTRATION
General Manager : Arturo Jose Orrantia Santos TAX:0902507805001
President
: Attilio Augusto Castano Aguirre
TAX:0900707308
Vice President : Julio Marcos Jurado Andrade
TAX:0900087362001
Administration Manager : Marcos Ruiz
Commercial Manager :
Antonio Jaramillo
Plant Manager
: Medardo Perez
Production supervisor :
Halin Sadaka Gómez
Finances Manager : Edison Alvarado
Accountant
: Elizabeth Lara
Imports'supervisor : Xavier Pazmiño
CURRICULUM
Arturo Jose Orrantia Santos
T A
X
: 0902507805001
Birth place : Ecuador
Position : General Manager
Mercantile Register : Number 9945
of 21/05/2007
Simultaneously :
Legally registered at the Internal Revenue Service to carry out businesses
since Jul 24,
2003.
Economic activity is Wholesale of furniture (except for offices).
Commercial name MUEBLYPLAST.
Attilio Augusto Castano Aguirre
T A
X
: 0900707308
Birth place : Ecuador
Position : President
Mercantile Register : Number 1115
of 18/01/2007
Julio Marcos Jurado Andrade
T A
X
: 0900087362001
Civil status : Widower
Birth place : Ecuador
Position : Vice President
Mercantile Register : Number 1070
of 18/01/2007
Simultaneously :
Legally registered at the IRS to carry out businesses by his own account since
Apr 5,
2000.
Economic Activity registered is: Management and advisories.
Jorge Abel Oviedo Fierro
T A
X
: 0600348825
Birth place : Ecuador
Carlos Alberto Andrade Gonzalez
T A
X
: 0903410876001
Civil status : Married
Birth place : Ecuador
LEGAL INFORMATION
Legal Structure :
Stock Company
Constitution date :
25/04/1978
Authorization : Resolution Nº 8332
Notary
: N° 16, Guayaquil
Guayas
Term of duration :
50 Year, ended on 25/04/2028
Legal Address : Guayaquil - Guayas
Published in : Official Gazette dated 29/04/1978
Current Subscribed social Capital: US$ 2.250.000.-Divided to 2.250.000.- common
shares unique series amounting US$ 1.-
Paid-in social Initial Capital: US$ 10.-
Subscribed social Initial Capital: US$ 40.-
Shareholders : 5
- 0990594945001 Inmobiliaria Cholbita C Ltda
- 0990271364001 Inversiones Andinas Inversa Ca
- 0600348825 Jorge Abel Oviedo Fierro
- Tottori Enterprises Limited (Virgin Islands British)
- 0903410876001 Carlos Alberto Andrade Gonzalez
Legal representation in charge of: General Manager, President.
Legal changes
By Resolution Nº 8705 on 21/11/2002, notary N° 17, Guayaquil Guayas, published
in the Official Gazette dated 21/11/2002, social capital was increased:
US$292.000 national investment
By Resolution Nº 6073 on 11/11/2004, notary N° 17, Guayaquil Guayas, published
in the Official Gazette dated 11/11/2004, corporate name was modified: former
name PRODUCTOS QUIMICOS Y ANEXOS (PROQUIMSA) S.A., changed to PROQUIMSA S.A.
By Resolution Nº 4435 on 30/05/2007, notary N° 31, Guayaquil Guayas, published
in the Official Gazette dated 03/08/2007, last social capital increase was:
US$1.150.000,00 of direct national & international investment .
Initial capital in Sucres was S/1.000.000
Subject is part of an important and well known group of companies called
FADESA, controlled by members of family Villaseca.
Group FADESA is established by companies, divided as follows: Packing,
agroindustrial, chemical, industrial supplies and services.
INFORMATION SOURCES
Mr. Edison Alvarado, Finances Manager, confirmed general information.
Promised to send updated financial information, however, nothing has been
received for the moment.
-Other outside information sources.
Exchange rate
-Since September 9th, 2000, official currency in Ecuador is the US$ dollar
-Until then, the currency was the sucre.
Exchange rate was s/. 25.000 X US$ 1.00
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 |
|
|
>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. |
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%)