MIRA
INFORM REPORT
|
Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UNISOURCE, SA DE CV |
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|
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Registered Office : |
Zona Libre Rio Blanco, Edificio 1A, Carretera a Puerto Cortes, Km 5, San Pedro Sula, Cortes |
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Country : |
Honduras |
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Date of Incorporation : |
November 2006 |
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Com. Reg. No.: |
0501-9007-072874 |
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Legal Form : |
Private Limited Company of Variable Corporate Stock |
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Line of Business : |
Importation and Commercialization of Chemical Products for the Textile
Industry |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 25,000 |
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|
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Status : |
Satisfactory |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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REQUIRED CREDIT |
ADVISED CREDIT |
|
MAXIMUM |
25,000 USD |
GEOPOLITICS
|
ECONOMIC
DATA |
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|
CURRENCY BRANCH SITUATION |
Honduras, Lempira (HNL) 100 HNL = 5.28 USD Stable |
name of the company
UNISOURCE, SA DE
CV
The company was incorporated in November
2006, in the city of San Pedro Sula, Cortes, under the name UNISOURCE and legal
structure as a Private Limited Company of Variable Corporate Stock. It is
engaged in the importation and commercialization of chemical products for the
textile industry. Financial information provided by the company shows positive
business activity and signs of favorable future development. Commercial
references are satisfactory. There are no legal or labor antecedents registered
against the company in the consulted databases.
Contact Details
|
Legal and Operative Headquarters: |
Zona Libre Rio Blanco, Edificio 1A, Carretera a Puerto Cortes, Km 5 |
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City / Country: |
San Pedro Sula, Cortes, Honduras |
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Telephone: |
+(504) 551 2721/ 566 9288 |
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Fax: |
+(504) 566 9291 |
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E-Mail Address: |
unisource@sulanet.net |
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Web Page: |
None |
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CURP: |
Not applicable |
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End of Fiscal Year: |
December 31st |
Legal Structure
|
Legal Form: |
Private Limited Company of Variable
Corporate Stock |
|
|
Incorporated: |
November 2006 |
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|
Duration: |
99 years |
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Registration No
(RTN): |
0501-9007-072874 |
|
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Registered: |
RCC of San Pedro Sula, Cortes |
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Legal Address: |
Zona Libre Rio Blanco, Edificio 1 A, Carretera a Puerto Cortes, Km 5 |
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|
|
San Pedro Sula, Cortes, Honduras |
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Management
|
Position |
Name |
|
President: |
Aleck Gilen |
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General Manager: |
Kriss Gilen |
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Administrative
Manager: |
Ingrid Moncada |
Shareholders
|
Name |
% Share |
|
Helen Gilen |
Major shareholder |
Authorized for credit
subscription
|
Position |
Name |
|
President: |
Aleck Gilen |
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General Manager: |
Kriss Gilen |
|
Major shareholder |
Helen Gilen |
History
The company was incorporated in November 2006, in the city of San Pedro
Sula, Cortes, under the name UNISOURCE and legal structure as a Private Limited
Company of Variable Corporate Stock. It is engaged in the importation and
commercialization of chemical products for the textile industry.
Operations
|
Main activity: |
Importation and commercialization of chemical products for the textile
industry |
|
Premises: |
The facility is rented with surface area not disclosed. The facilities
are used as administrative offices, warehouse and sale point. |
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Vehicles: |
The company has 1 vehicle. |
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Machinery and
Office Equipment: |
They have general computing and office equipment as well as basic
warehouse machinery. |
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Staff: |
They employ 6 people. |
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Sales area: |
The company covers Honduras nationwide. |
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Method of
Operation: |
The company sells 100% wholesale. |
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Sales on Credit: |
The company sells on cash and on credit at 30/45 days. No irrecoverable
account receivables are reported. |
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Imports: |
The company imports up to 95% from UK, Holland, China and USA. |
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Exports: |
None |
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Branches: |
The company has no branches |
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Parent or
Controlling Company: |
None |
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End parent: |
Not applicable |
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Affiliated
Companies: |
None |
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Subsidiary
Companies: |
None |
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Payment
Schedule: |
At due date |
Financial Information
We contacted Ingrid Moncada,
administrative manager, who provided the
following financial information:
|
Concept |
12/31/2007 |
07/31/2008 |
|
Current Assets |
Not provided |
6,226,173 |
|
Fixed Assets |
Not provided |
781,093 |
|
Total liabilities |
Not provided |
3,241,953 |
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Net Worth |
Not provided |
3,762,304 |
|
Annual Incomes |
8,947,441 |
14,073,985 |
|
Net Profit/ net loss |
1,084,584 |
1,518,792 |
Banks
|
BANK |
BRANCH |
ACCOUNT |
|
BANCO DEL PAIS |
Confidential |
Confidential |
|
HSBC |
Confidential |
Confidential |
Main Suppliers
·
INVERQUIN (Honduras)
+504 551-7060
This company has supplied plastic resins
since February 2008. The subject company maintains a credit line of USD 40,000.
Company is granted 30-day payment cycles and payments are made by transfer. Information
was provided by Delmi de Romero, who considers the subject company a good
client. No past dues reported.
Numbers are expressed in US dollars.
·
COMERCIAL MAXIMA (Honduras)
+504 617 5912
The company has business relation with this
supplier since May 2008. The subject company maintains a credit line of USD
30,000. Company is granted 30-day payment cycles and payments are made by
transfer. Information was provided by Denia Yadira Flores, who considers the
subject company a good client. No past dues reported.
Numbers are expressed in US dollar.
·
INEOS ENTERPRISES (UK)
The subject company indicated that it is
granted 90 day payment cycle with this supplier.
·
QUARON (Holland)
The subject company indicated that it is
granted 90 day payment cycle with this supplier, and a credit line of 40,000
USD.
Court Files
There are no legal or labor antecedents registered against the company
in the consulted databases.
Credit Opinion
The company has 2 year experience with no legal changes since incorporation.
There is no evidence of negative under the managers’ names. Company currently
has 6 employees, being considered a small size company. Financial information
provided by the company shows positive business activity and signs of favorable
future development. The company maintains trade relation on credit with
suppliers, commercial references are satisfactory and show due diligence by the
company for credit management. Company holds active accounts with well known
banks. No evidence of legal or labor antecedents against the company was found
in the consulted databases.
We contacted Ingrid Moncada, administrative manager.
Based on the
information analyzed, we recommend a maximum credit line of USD 25,000.
SUMMARY
|
FINANCIAL SUMMARY |
DEBT COLLECTIONS AND PAYMENTS |
||
|
PROFITABILITY |
CORRECT |
PUBLIC RECORDS |
NONE |
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INDEBTEDNEES |
CONTROLLED |
PAYMENTS |
REGULAR |
|
CASH |
CORRECT |
|
|
ADVISED CREDIT
25,000 USD
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.44 |
|
UK Pound |
1 |
Rs.79.62 |
|
Euro |
1 |
Rs.63.48 |
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 |
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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%)