MIRA
INFORM REPORT
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Report Date : |
12.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
LAQUINSA ANDINA SA |
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Registered Office : |
Via Duran -Tambo Km 5.5 Av. Principal S/N –
Guayaquil, Guayas |
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Country : |
Ecuador |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2001 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Agrochemicals Manufacturing |
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name and address
LAQUINSA ANDINA S.A.
Via Duran -Tambo Km 5.5 Av. Principal S/N - Guayaquil
Guayas
ECUADOR
Telephone :
593-4-2808262
Fax : 593-4-2807279
E_Mail :
clopez@laquinsa.com.ec, laquinsa@laquinsa.com.ec
Web Site :
www.agripac.com.ec
SUMMARY
Started :
2001.-
Total
Employees
: 25
Payments
: Prompt
Financial
Sit.
: Acceptable
Economic
Sit.
: Acceptable
Sales
:
US$ 9.989.711.-
Net
worth
:
US$ 3.476.714.-
Current
profit
:
US$ 71.042.-
Subscribed social capital :
US$ 3.460.000.-
Authorzed
capital : US$
6.500.000.-
Sic(s) : 2879
Line of Business: Agrochemical manufacturing
Credit Recommendation
Dollars
Conservative value : 540.000
Liberal value
: 594.000
If additional information is received or present information is rectified, this
recommendation may be modified.
Payment Scoring = [ 100 ]
Financial indicators
According to last financial statement, subject shows an acceptable financial
situation, as indicated in:
** Negative Working Capital
** Normal Current Liquidity Ratio
** Acceptable Acid Test Ratio
Economic situation is acceptable, as reflected in:
** High Current Indebtness Ratio
** High Total Indebtness Ratio
** Good Solvency Ratio
TRADE REFERENCES
Trade references are supplied as follows:
Detail of References
Old : 4 years
Last purchase : 11-2007
Terms : 60 days
Payment : Prompt
Notes :
Credit : (000's$) 40.000
Owes : Does not Register
Due : Does not Register
Paying Comments: Good
Last purchase US$3.000
Old : New
Last purchase : 10-2007
Terms : 30 days
Payment : Prompt
Notes :
Credit : (000's$) 10.000
Owes : Does not Register
Due : Does not Register
Paying Comments: Good
Last purchase US$10.000
Old : 4 years
Last purchase :
11-2007
Terms : 60 days
Payment : Prompt
Notes :
Credit : (000's$) 10.000
Owes : Does not Register
Due : Does not Register
Paying Comments : Excellent
Last purchase US$1.280
Old : 6 years
Last purchase :
10-2007
Terms : 60 days
Payment : Prompt
Notes : checks
Credit : (000's$) 10.000
Owes : (000's$) 2.300
Due : Does not Register
Paying Comments : Excellent
Last purchase US$6.000
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment. Notes
(000's$) (000's$)
--------------------------------------------------------------------------------
Since 2003 01-07
Prompt
checks
40.000
-
3 years 12-06
Prompt
checks 1.000 -
Since 2003 12-06
Prompt
checks
10.000
-
This company is part of the "White Listing" of Internal
Revenue Service (SRI),
meaning they honor promptly their tax obligations.
Until the year 2006, average and maximum & minimum amounts of indebtness
with the National financial system included indirect credits (debts guaranteed
by subject). At present, indirect credits are not considered anymore for those
average amounts.
Detail of Bank References
Qualifications of the Ecuadorian Financial system
A Normal Risk
B Potential Risk
C Poor Record
D Unsecured Collection
E Uncollectable debt
Bank : Banco Bolivariano C.A.
Calification : A
To expire : US$
1.382.666,65
Bank
: Banco Internacional S.A.
Calification : A
To expire : US$
437.953,37
Calification : A
Credit Card : International
Credit Card
To expire : US$
2.573,57
Total debt up to September 2007 is US$ 1.823.193,59
Average
Maximum amount of indebtness registered by the subject -, in the National
Financial System was US$ 3.696.472,11 in November, 2004
Average amount of indebtness registered by the subject, in the National
Financial System:
During 2004 was US$ 3.012.057,05
During 2005 was US$ 2.931.168,48
During 2006 was US$ 2.220.395,12
During 2007 was US$ 2.181.992,65
FINANCIAL
INFORMATION
C O M P A R A T I V E - S U M M A R Y
( Figures in US$ Dollars )
31/12/2006
31/12/2005 31/12/2004
CURRENT
ASSETS
5.579.390
7.998.745 6.424.508
CURRENT
LIABILITIES
5.657.458
7.637.380 5.979.577
WORKING
CAPITAL
-78.068
361.365 444.931
FIXED
ASSETS
3.016.915
3.133.185 3.012.270
OTHER
ASSETS
996.200
1.126.320 1.184.536
LONG TERM
LIABILITIES
458.333
2.200.000 3.256.093
NET
WORTH
3.476.714
2.420.870 1.385.644
OPERATING
INCOMES
9.989.711
10.231.912 7.410.941
CURRENT
PROFIT(LOSS)
71.042
371.864 304.003
B A L A N C
E S H E E T
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/12/2006 31/12/2005
Cash
16.294 85.187
Sundry
Debtors
2.903.557 3.330.161
Inventory
1.988.748 2.765.334
Other Current
Assets
670.791 1.818.063
CURRENT ASSETS
5.579.390 7.998.745
Net Fixed
Asset
3.016.915 3.133.185
FIXED
ASSETS
3.016.915 3.133.185
Other
996.200 1.126.320
OTHER
ASSETS
996.200 1.126.320
TOTAL
ASSETS
9.592.505 12.258.250
LIABILITIES
31/12/2006 31/12/2005
Accounts
Payable
5.657.458 7.425.687
Notes
Payable
0 160.744
Other Current
Liabilities
0 50.949
CURRENT
LIABILITIES
5.657.458 7.637.380
Notes
Payable
458.333 2.200.000
LONG TERM
LIABILITIES
458.333 2.200.000
Capital &
Reserves
3.250.000 1.750.000
Other
Reserves
249.004 299.004
Accummulated
Profits
0
2
Accummulated
Losses
-93.332
0
Current Profit
(Losses)
71.042 371.864
NET
WORTH
3.476.714 2.420.870
TOTAL
LIABILITIES
9.592.505 12.258.250
STATEMENTS OF
RESULTS
31/12/2006 31/12/2005
Operating
Incomes
9.989.711 10.231.912
Operating Cost
-8.806.010 -8.625.896
OPERATING
MARGIN
1.183.701 1.606.016
Administration & Sales
Expenses
-897.568 -800.392
OPERATING
RESULT
286.133 805.624
Other non Operating
Incomes
72.390 89.346
Other non Operating
Expenses
-236.532 -364.583
NON OPERATING
RESULT
-164.142 -275.237
Result Before Income
Tax
121.991 530.387
Taxes and Employees
Participation
-50.949 -158.523
NET
PROFIT(LOSS)
71.042 371.864
CURRENT
PROFIT(LOSS)
71.042 371.864
ECONOMIC -
FINANCIAL RATIOS
31/12/2006
31/12/2005 Average
Working
Capital
( US$ )
-78.068
361.365 141.649
Current Liquidity
(Times)
0,99
1,05 1,02
Acid
Test
(Times)
0,63 0,69
0,66
Collection Period Days (
Days) 104,64
117,17 110,91
Accounts Receivable
Turnover(Times)
3,44
3,07 3,26
Inventory Turnover
(Times)
4,43
3,12 3,78
Current Indebtness
(Times)
1,63
3,15 2,39
Total
Indebtness
(Times)
1,76
4,06 2,91
Solvency
(Times)
1,57
1,25 1,41
Assets Tying
Up
( % )
31,45
25,56 28,51
Profitability Over Sales ( %
)
0,71
3,63 2,17
Profitability Over Assets ( %
)
0,74
3,03 1,89
Profitability Over Net Worth( %
)
2,09
18,15 10,12
BANKS
Main banks are:
- Banco Bolivariano C.A. ACCT # 000-513955-8
- Banco Internacional S.A. ACCT # 145-000053-7
OPERATIONS
Line of Business : Agrochemical manufacturing, such as insecticides,
fungicides, and herbicides
The registered economic activity
at the internal revenue service is the : INSECTICIDE MANUFACTURING.
The social object registered at Superintendency of Companies is: To manufacture
insecticides, fungicides, fertilizers, herbicides, and products against Black
Sigatoka.
Classification according to commercial activity:
Sic: 2879-0000 Agricultural chemicals
-9903 Fungicides, herbicides
-0106 Insecticides,
agricultural or household
-0100 Insecticides and
pesticides
Commercializes:
- Glifolaq
- Butalaq
- Sanzir
- Verlaq
- Ridodur
Sales
Sales are steady throughout the year
National and international sales territory
Exports to Colombia, Peru, Bolivia, Costa Rica.
29% of production is exported and 71% is domestic sales.
The 80% of the total sales are wholesale.(20% cash and 80% credit up to 90
days term).
The 80% of their retail, 80% is cash, and 20% is up to 90 days term.
Most of the production is sold to Agripac S.A. in charge of the distribution
throughout the country.
Customers
Main customers are: Agricultural companies, line of business'
distributors,
etc..
The 5 most important customers are:
Interoc S.A., Agripac S.A., Agromedio Cia. Ltda., Incoagro C
Ltda,
Agroproteccion S.A..
Purchases
Purchases are both national & international
Imports from Colombia, Venezuela, Mexico, United States, France, China,
Germany,
India, Brazil, Argentina.
- The imports represent the 90% of total purchases.
National suppliers
- Brenntag Ecuador S.A.
- Disan Ecuador S.A. Ecuadisan
- Ecuatoriana De Solventes S. A. Solvesa
- Interoc S.A.
- Latienvases S.A.
- Patcarsil Impresores Cia. Ltda.
- Plastiempaques S.A.
- Resiquim S. A.
- Tecnoplast Del Ecuador Cia Ltda
Foreign suppliers
- Biesterfeld U.S. (United States)
- Clariant S.A. de C.V. (Mexico)
- Continental Industries Group (United States)
- Degussa (Germany)
- Inquiport (Venezuela)
- Rhodia (France)
- Sino Chem (China)
- Stepan Colombiana de Quimicos (Colombia)
- Thai Harvest (China)
Employees
25
employees
Location
- The main offices and the plant are located at Via Duran -Tambo Km 5.5
Av.
Principal S/N Guayaquil Guayas, Ecuador
Branches
Subject does not have branches.
RELATED COMPANIES
Subject is related with the following companies:
National
- Agroindustrial Balanfarina S.A. T A X : 0690030497001
- Agripac S.A. T A X : 0990006687001 Guayaquil Guayas . Sales as at
31/12/2006
US$ 93.940.202
- Inmogoru S.A. T A X : 0991108807001
- Murelsa S.A. T A X : 0991278052001
- Ecofum S.A. T A X : 0991318046001
- Distribuidora Almagripac S.A. T A X : 0991388133001
- Celtec S.A. T A X : 0990143358001
- Agrigrain S.A. T A X : 0991378979001 ,among others
International
- Laquinsa International Corporation, Panama
INSURANCES
Insurance Company:
-Seguros Sucre S.A.
Value : US$
1.071.065.-
Risks : Total
cover.
Objetive : Imported goods.
vehicles, warehouses, machineries,
ADMINISTRATION
General Manager : Mario Chavarria Zannini
TAX:103460840
Imports Manager : Matthew Haynes
President : Colin Robert Armstrong Wilson
TAX:0905014056
Accountant : Cecilia Lopez
Manager : Christopher Bailey TAX:0910764174
CURRICULUM
Mario Chavarria Zannini
T A
X : 103460840
Birth place : Costa Rica
Position : General Manager
Mercantile Register : Number 14389 of 07/06/2001
Colin
Robert Armstrong Wilson
T A
X
: 0905014056
Civil status : Married
Birth place : England
Position : President
Mercantile Register : Number 14027
of 04/06/2001
Christopher Bailey
T A
X
: 0910764174
Civil status : Married
Birth place : England
Position : Manager
Simultaneously :
According to information supplied by the company, Mr.
Bailey is the manager.
LEGAL INFORMATION
Legal Structure :
Stock Company
Constitution date :
25/04/2001
Authorization : Resolution Nº 4145
Notary
: N° 25, Guayaquil
Guayas
Term of duration :
50 Year, ended on 25/04/2051
Legal Address : Guayaquil - Ecuador
Published in : Official Gazette dated 26/04/2001
Current Subscribed social Capital: US$ 3.460.000.-Divided to 3.460.000.- common
shares unique series amounting US$ 1.-
Authorzed Current Capital : US$ 6.500.000.-
Subscribed social Initial Capital : US$
800.-
Paid-in social Initial Capital :
US$ 200.-
Shareholders : 2
- 96,15% 0990006687001 Agripac S.A.
- 3,85% Laquinsa International Corporation (Panama)
Legal representation in charge of: General Manager, President.
Legal changes
By Resolution Nº 3813 on 17/03/2005, notary N° 38, Guayaquil Guayas, published
in the Official Gazette dated 01/07/2005, social capital was increased: for USD
2.250.000 of national investment (98,89%) and direct foreign investment
(1,11%).
Registered trade mark:Laquinsa Andina.
Mr. Colin Armstrong, the President, is also the main owner of an important
company related to consumption, tools and agricultural machinery, named AGRIPAC
SA (established in May 1972), which has a chain of distribution stores all over
the country, and is one of the most important companies on this activity,
at a national level.
INFORMATION
SOURCES
On 07/11/2007 Miss. Cecilia Lopez, Accountant, confirmed general
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
Macroeconomic
Information
International Reserve
of Free
Availability (millions USD) 3.691,00
Interest Rate for the week of 01/11/2007 -
30/11/2007
Ref. Active
Rate for Operations ( % ) 10,55
Ref.
Passive Rate for Operations ( % ) 5,79
Basic
Rate of Central Bank ( %
) 5,79
Legal
( % ) 10,55
Maximum
conventional
( % ) 12,28
Inflation Ratio 108,80
Oct/2007
Yearly
Inflation
( % ) 2,36
Monthly
Inflation
( % ) 0,13 Oct/2007
Accumulated
( % ) 2,22
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%)