MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
INTEROC S.A. |
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Registered Office : |
Urdesa Central Calle 3era. 4014 Datiles, Guayaquil/Guayas |
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Country : |
Ecuador |
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Date of Incorporation : |
1993 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Import and Distribution of Agrochemicals, Industrial Chemicals,
Chemicals for Water Treatment and Supplies for Animal Health. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
No Complaints |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME : INTEROC S.A.
TAXPAYER REGISTRATION : RUC 0991028544001 OPERATING STATUS: Active
MAIN ADDRESS : Urdesa Central
Calle 3era. 4014 Dátiles
CITY/PROVINCE/STATE : Guayaquil/Guayas
COUNTRY : ECUADOR
TELEPHONE : (5934)288.1662
FAX : (5934)288.1662
E - MAIL : fdelapuente@corpcuster.com.ec
COMMENTS .-
Additional E-mail : jobando@corpcuster.com.ec
It should be made clear that the
above-mentioned address corresponds to one of
subject's warehouses.
SUMMARY
Incorporation :
1993 Operating Status : Active
Last Capital : US$.2,794,748.= Dólares (suscrito y pagado)
Shareholders'
Equity : US$5,059,729.=
Dólares (Al 31.12.2007)
Annual Sales :
26,025,685.00
US$ Dollars
Finantial
Situation : LIGHTLY FAIR
Employees :
101
Rating :
Satisfactory
Payments :
Little
credit experience available
Business Trend :
Upwards,
good, improved
QUALIFICATION
RATING :
Satisfactory
PAYMENTS :
Little
credit experience available
LEGAL BACKGROUNDS
LEGAL STATUS :
Joint-Stock
Company
DATE OF
INCORPORATION : Oct.1993
REGISTERED IN : Guayaquil
CURRENT PAID-IN
CAPITAL : US$.2,794,748.=
Dollars (issued and paid-in)
SHAREHOLDERS'
EQUITY : US$5,059,729.= Dollars (As of 31.12.2007)
TYPE OF SHARES : Registered shares
COMMENTS .-
INTEROC S.A. is a member of the Chamber of Commerce of Guayaquil.
This company is NOT included in the "White List" of the
Internal Revenue Service, which means it has outstanding tax obligations.
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE OWNERSHIP %
CUSTER HALLETT, FELIPE ANTONIO Executive President
MANCHEGO, ERICK Vice
President
DE LA PUENTE ARBAIZA, FERNANDO General Manager
BECERRA BRAZZINI, DANIEL ALBERTO Assistant Manager
WONG, ENRIQUE Division
Manager
ESTRADA, MANUEL Division
Manager
PAZMIÑO, FREDDY Division
Manager
DURAN, ANGELLO Division
Manager
OBANDO, JOSE General
Accountant
RODRIGUEZ RODRIGUEZ, MARGARITA Accountant
C.P.G. HOLDING INC Shareholder Yes
WHO IS WHO ?
CUSTER HALLETT, FELIPE ANTONIO
NATIONALITY : Peruvian BORN : 27MAY1954
DOC. OF IDENT. : DNI 10543968
PROFESSION : Economist
CIVIL STATUS : Married to Giulfo Suarez-Durand, Ana María
BACKGROUNDS .-
Prestigious businessman.
He studied Economics in the University of Harward Major in Finance;
other studies were made in the Harward Business School, being awarded a MBA. He
acts as Executive and Majority Shareholder in the companies of the CUSTER
Group. He created the Foundation which holds his name where the program
"Aprendamos Juntos", has been developed. This program supports children with learning problems in the
poorest region of Peru; besides, it promotes young musicians participation in
Orquesta Juvenil de las Américas. He is the author of a collection of short
tales for children: "Las Aventuras de Osezno Febezno", he wrote the
book "El Arte de la Cocina Peruana". The accrued income from sale of
those editions are important to support the Felipe Antonio Custer Foundation.
He is member of the Advisory Board of the Harvard Business School "Global
Initiative" for Latin America, and of the Board "David Rockefeller
Center for Latin American Studies" of Harvard.
MANCHEGO, ERICK
BACKGROUNDS .-
He is also the Finance
Manager.
WONG, ENRIQUE
BACKGROUNDS .-
He is the Agricultural
Division Manager.
ESTRADA, MANUEL
BACKGROUNDS .-
He is the Chemical Division
Manager.
PAZMIÑO, FREDDY
BACKGROUNDS .-
He is the Animal Health
Division Manager.
DURAN, ANGELLO
BACKGROUNDS .-
He is the Water Treatment
Division Manager.
C.P.G. HOLDING INC
This is an American company.
RELATED COMPANY(IES)
Subject is part of CORPORACION CUSTER, which includes various companies
that are headed by Mr. Felipe Antonio Custer Hallett, such as:
COMPANY NAME COUNTRY TAX.REG. RELATION
C.P.G. HOLDING INC U.S.A. Parent Co.
CUSTER CONSUMO S.A. ECUADOR 0992317434001 Related
CUSTER FARMA S.A. ECUADOR 0992317450001 Related
FARMANDINA SA ECUADOR Related
INTEROC CUSTER SA COSTA
RICA 3101208009 Related
PRODUCTOS ALIMENTICIOS CARTER SA
PERU 20378466866 Related
ROCSITA SA ECUADOR Related
BUSINESS
MAIN ACTIVITY .-
This company is engaged in import and
distribution of agrochemicals, industrial chemicals, chemicals for water
treatment and supplies for animal health.
IMPORT
: Yes (From Colombia, Brazil, Belgium, Peru)
EXPORT
: No
% CASH SALES/METHOD : 45%
% CREDIT SALES/TERMS : 55% (Terms up to 60 days)
% DOMESTIC PURCHASES : 30%
% FOREIGN PURCHASES : 70%
SELLING TERRITORY : 100% (Domestic market)
EMPLOYEES : 101
FACILITIES .-
Area : Not
specified. Floors : 2
Use : Registered office and main offices
Remarks and other Premises .-
Warehouses:
- Km. 7.5 Vía Daule - Guayaquil
- Km. 16.5 Vía Daule -
Guayaquil. Rented facilities.
Previously, they were located on Boyaca 608 y Alejo Lascano - Padre
Solano, Guayaquil.
COMMENTS .-
AGROCHEMICALS:
INTEROC is one of the most important distribution companies of supplies
for protection and nutrition of cultivations in Ecuador, which is focused on
profitable and high quality solutions, including herbicides, fungicides,
insecticides, acaricides, nematicides, foliar fertilizers, biostimulants, plant
growth regulators, auxiliary agents, and equipment for special applications. It
represents exclusive products and trademarks, such as Dow AgroSciences,
Syngenta, Valent Biosciences, FMC, Maktheshin Agan, among others, as well as
our own trademarks.
Those products are important in main cultivations in Ecuador, such as
bananas, flowers, rice, potatoes, African palm, pineapple, tobacco, soybean,
corn, vegetables, among others.
INDUSTRIAL CHEMICALS:
It provides supplies, both for local sale and indent, to industries
related to textiles, leather, detergents, explosives, metal cables, food,
through its most important international represented companies, such as Solvay,
Hydro, Mk do Brasil, Peróxidos do Brasil.
WATER TREATMENT:
It is an exclusive distributor of Ondeo-Nalco, supplying oil refining
sector and water treatment and processes, as well as other many industries in
the country.
ANIMAL HEALTH:
It provides main supplies to balanced food industry and poultry and pig
sectors in
Ecuador. INTEROC provides high-tech nutritional products. Some sold
products: amino acids (Alimet) from Novus Inc., Novartis pharmaceutical,
products for animal health and calcium phosphate (Phosbic) from Química del
Pacífico.
FINANCIAL INFORMATION
Arrangements for this investigation were performed before Mrs. Margarita
Rodriguez Rodriguez (Controller), who provided and confirmed subject's general
and operating information.
Also, she provided main figures of the last Balance Sheet as of
31.12.2007 (12 months), expressed in US$ Dollars.
As references, it is included main figures of the Balance Sheet (12
months) as of December 31, 2006 and 2005, which are expressed in US$ Dollars.
This information was obtained from our database in previous opportunities.
BALANCE SHEET
DATE : 31DEC2007
31DEC2006 31DEC2005
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)
EXCHANGE RATE PER
US$ : 1.00 1.00
1.00
ASSETS
TOTAL CURRENT : 18,154
12,593 12,127
FIXED
: 1,719 589
615
OTHERS : 912 382
TOTAL ASSETS :
19,873 14,094 13,124
LIABILITIES
TOTAL CURRENT :
13,622 7,964 8,389
LONG TERM :
1,192 2,273 1,616
TOTAL EQUITY : 5,060
3,857 3,119
TOTAL LIABILITIES :
19,873 14,094 13,124
SALES : 26,026
20,430 15,566
PROFIT (LOSS) : 1,203
737 783
LIQUIDITY RATIO : 1.33 (Current Assets/Current
Liabilities)
DEBT-TO-EQUITY RATIO : 37.14% (Shareholders'equity/Current
Liabilities)
PROFITABILITY MARGIN :
4.62% (Profits/Sales)
WORKING CAPITAL : 4,532,604.00 (Current Assets -
Current Liabilities)
FINANCIAL SITUATION : LIGHTLY FAIR
According to the last Financial Statement, Subject's Financial Position
is considered slightly Extended, as Liquidity Ratio is lightly acceptable.
Working Capital is lightly satisfactory. Liabilities are moderately supported
by shareholder's equity. Results are acceptable.
INSURANCE .-
Company
COMPAÑIA DE SEGUROS EL CONDOR S.A.
PAYMENTS RECORD
TRADE REFERENCES .-
Line of Credit _ Monthly Average Terms(days)) Performance? _ Time _ Products/Services Supplier
1 Open US$ 4,000 to 6,000.= 90
days Prompt 7 years Several products Domestic
COMMENTS .-
- Consulted supplier said that subject was a good customer.
- It was not able to get in contact with its other suppliers to obtain
more trade references on subject.
LIST OF DOMESTIC SUPPLIERS .-
Suppliers listed
Alphabetically. There is not
relationship as for the order above
Supplier _ Telephone _
Aventis Cropscience Colombia S.A.
Derivados del Maiz S.A. (511) 4604101
Dupocsa (5934) 2809391
Latinenvases
Novartis de Colombia (5795) 3560176
Peróxidos Do Brasil
Quimasoc S.A. (5932)
2403992
Solvay
LIST OF FOREIGN SUPPLIERS .-
Suppliers listed
Alphabetically. There is not
relationship as for the order above
Supplier _ Country _ Telephone _
Aventis Cropscience Colombia SA COLOMBIA
(571) 3138480
Derivados del Maiz SA PERU (511)
4604101
Novartis de Colombia COLOMBIA (5795) 3560176
Peróxidos Do Brasil BRAZIL
Solvay BELGIUM
BANKING INFORMATION
BANKERS
Bank
BANCO DE GUAYAQUIL MULTIBANCO
BANCO DEL PICHINCHA C.A.
BANCO DEL PACIFICO S.A.
GUAYAQUIL BANK TRUST (USA)
PACIFIC NATIONAL BANK (USA)
Subject carries out its financial operations through the above-mentioned
entities which did not provide additional information under bank secrecy.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.78 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.90 |
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. |
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%)