MIRA INFORM REPORT
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Report Date : |
06.04.2011 |
IDENTIFICATION DETAILS
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Name : |
ECUATORIANA DE NEGOCIOS ECUNE S.A. |
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Registered Office : |
Av. Domingo Comin 1200 Y Pio Jaramillo Alvarado - |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
14.03.1972 |
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Legal Form : |
Stock Company |
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Line of Business : |
Importation and marketing
of grains, spices and fruits |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
Dollars 600.000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
c1 |
c1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
company name & address
ECUATORIANA
DE NEGOCIOS ECUNE S.A.
Av. Domingo Comin 1200 Y Pio Jaramillo Alvarado - Guayaquil Guayas, ECUADOR
Telephone : 593-4-2490444,
593-4-2491537
Fax : 593-4-2437562
E_Mail : ecune@porta.net , myambay@ecune.com.ec
Web Site : www.ecune.com.ec
SUMMARY
Started
: 1972
Total Employees : 35
Payments :
Prompt
Financial
Sit.
: Excellent
Economic
Sit. :
Acceptable
Sales
: US$ 9.070.670.- (31/12/2009)
Net
worth :
US$ 946.758.-
Current
profit :
US$ 52.776.-
Subscribed Capital :
US$ 10.000.-
Authorized Capital :
US$ 20.000.-
Sic(s) : 5149 - 5153
Line of Business: Importation and marketing of grains, spices and fruits.
Credit Recommendation
Dollars
Conservative value : 600.000
Liberal value
: 700.000
If additional information is received or present information is rectified, this
recommendation may be modified.
Payment Scoring = [ 90 ]
Financial indicators
According to last financial statement, subject shows an excellent financial
situation, as indicated in:
** High Working Capital
** Excellent Current Liquidity Ratio
** Excellent Acid Test Ratio
Economic situation is acceptable, as reflected in:
** High Current Indebtedness Ratio
** Very High Total Indebtedness Ratio
** Good Solvency Ratio
TRADE REFERENCES (04/04/2011)
Suppliers' trade references are supplied as follows:
Detail of References
Old : Since
2001
Last purchase : 12-2010
Terms : 30 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : Does not
Register
Due : Does
not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly US$) 314
Last purchase USD 314,00
Old : 10
years
Last purchase : 03-2011
Terms : 10 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : Does not
Register
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly US$) 3.000
Last purchase USD 2.200,00
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(US$) (US$)
--------------------------------------------------------------------------------
6 years 05-10 Prompt
checks
Open None
Since 2003 05-10 Prompt
checks
- None
10 years 03-10 Prompt
checks
Open None
Since 2001 01-10 Prompt
checks
1.000 None
7 years 08-08 Prompt
checks
Open None
10 years 08-08 Prompt
checks
50.000 None
10 years 04-08 Prompt
checks
50.000
-
14 years 05-08 Prompt
checks
Open
-
Since 2001 05-08 Prompt
checks
Open
-
6 years 09-07 Prompt
checks
500
-
3 years 10-07 Prompt
checks
3.000 None
1 year 07-07 Prompt
checks
4.000 None
This company is part of the ''White listing'' of the Internal Revenue Service
(IRS). It means that tax obligations are promptly met.
Contributor's class: Special
Up to February 20, 2011, this company has NO delayed payments at IESS
(Ecuadorian Institute of Social Security)
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
The lowest qualification registered by Ecuatoriana De Negocios Ecune S.A. in
the National Financial System is (A)
Bank
: Banco Bolivariano C.A.
Qualification
: A
To
expire
: US$ 638.888,86
Bank
: Banco de Guayaquil S.A.
Qualification
: A
To
expire
: US$ 46.990,47
Qualification
: A
Credit Card
: International Credit Card
To
expire
: US$ 823,55
Bank
: Banco De La Produccion S.A.
Qualification
: A
To
expire
: US$ 152.844,79
Bank
: Banco Pichincha C.A.
Qualification
: A
To
expire
: US$ 251.998,98 Date granted 16/12/2010 expire 11/12/2011
Approved amount : US$
300.000,00
Bank
: Diners Club del Ecuador S.A. Sociedad Financiera
Qualification
: A
Credit
Card
: International Credit Card
To
expire
: US$ 5.587,04
Total debt up to February 2011 is US$ 1.097.133,69
Credit history
Maximum amount of indebtedness registered by the subject -, in the National Financial
System was US$ 1.336.400,98 in March, 2010
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2008 was US$ 580.139,25
During 2009 was US$ 801.819,59
During 2010 was US$ 984.776,68
During 2011 was US$ 1.147.486,84
Income tax corresponding to the last years:
Year 2009: USD 20.520
Year 2008: USD 61.794
Year 2007: USD 20.636
FINANCIAL INFORMATION
SUMMARY
( Figures in US$ Dollars )
31/12/2009
CURRENT
ASSETS
5.592.255
CURRENT
LIABILITIES
1.542.860
WORKING CAPITAL
4.049.395
FIXED
ASSETS
59.985
LONG TERM
LIABILITIES
3.162.622
NET WORTH
946.758
OPERATING
INCOMES
9.070.670
CURRENT
PROFIT(LOSS)
52.776
BALANCE SHEET
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/12/2009
Cash
152.988
Sundry
Debtors
4.026.816
Inventory
1.111.661
Other Current
Assets
300.790
CURRENT
ASSETS
5.592.255
Net Fixed
Asset
59.985
FIXED
ASSETS
59.985
TOTAL
ASSETS
5.652.240
LIABILITIES
31/12/2009
Accounts
Payable
1.505.492
Other Current
Liabilities
37.368
CURRENT
LIABILITIES
1.542.860
Notes
Payable
3.090.156
Other Long Term
Liabilities
72.466
LONG TERM
LIABILITIES
3.162.622
Capital &
Reserves
10.000
Other
Reserves
684.096
Accumulated
Profits
199.886
Current Profit
(Losses)
52.776
NET
WORTH
946.758
TOTAL LIABILITIES
5.652.240
STATEMENTS OF
RESULTS
31/12/2009
Operating
Income
9.070.670
Operating Cost
-7.936.416
OPERATING
MARGIN
1.134.254
Administration & Sales
Expenses
-1.145.274
OPERATING
RESULT
-11.020
Other non Operating
Incomes
110.468
NON OPERATING
RESULT
110.468
Result Before Income
Tax
99.448
Taxes and Employees
Participation
-46.671
NET
PROFIT(LOSS)
52.777
CURRENT
PROFIT(LOSS)
52.777
ECONOMIC - FINANCIAL RATIOS
31/12/2009
Working
Capital
( US$
)
4.049.395
Current Liquidity (Times)
3,62
Acid
Test
(Times)
2,90
Collection Period Days (
Days)
159,82
Accounts Receivable Turnover(Times)
2,25
Inventory Turnover
(Times)
7,14
Current Indebtedness
(Times)
1,63
Total Indebtedness
(Times)
4,97
Solvency
(Times)
1,20
Assets Tying
Up
( %
)
1,06
Profitability Over Sales ( %
)
0,58
Profitability Over Assets ( %
)
0,93
Profitability Over Net Worth( %
)
5,90
BANKS
The main banks are:
- Banco Bolivariano
- Banco de Guayaquil S.A.
- Banco De La Produccion S.A. ACCT # 0106008885
- Banco Del Pacifico S.A. ACCT # 6056539
- Banco Pichincha C.A. ACCT # 6341739
- Banco Promerica S.A.
OPERATIONS (04/04/2011)
Line of Business : Line of Business: Importation of grains, spices and fruits,
such as: beans, lentil, pea, garbanzo bean, popcorn, oats,
rice, raisins, prunes, pistachio, almonds, nuts, cumin,
cinnamon, aniseed, clove, pepper, mustard, garlic, apples,
grapes, pears, peaches, onion, birdseed, linseed, millet,
etc.
The economic activity registered at the Internal Revenue
Service (IRS) is: WHOLESALE OF FOOD IN GENERAL
The corporate purpose registered at the Superintendency
of Companies is: It shall engage in rendering services as
maritime agent, customs dispatcher, contractor, stevedore or
maritime vendor.
Classification according to commercial activity:
Sic: 5149-0000 Groceries and related products
-0310 Spices and seasonings
Sic: 5153-0000 Grain and field beans
Commercializes:
- Don Chicho
Sales
Sales are steady throughout the year
National sales territory
Sales forecast for the year 2008 are of USD. 10.000.000
99% of the goods it markets are goods produced by other companies.
80% of its sales are wholesale and 20% retail.
Customers
Main customers are: Line of business' distributors.
The 5 most important customers are:
Cobos Toala Joffre Elio (Comercial Cobos), S & S Negocios Asociados
Mayoristas
Negasmart S.A, Maldonado Criollo Alex Patricio, Corporacion El
Rosado S.A.,
Tiendas Industriales Asociadas S.A. Tia.
Purchases
Domestic and international purchases
Imports from
States
- From their total purchases, importations represent 99%.
National suppliers (04/04/2011)
- Almacenera
del Ecuador S.A. Almesa
- Cobos Toala Joffre Elio (Comercial Cobos)
- Delta Plastic C.A.
- Inmobiliaria Polyzoo S.A.
- Novaplast S.A.
- Reyes Rosero Javier Rafael
- Sacos Duran Reysac S.A.
Foreign
suppliers (04/04/2011)
- Austral Granos S.A. (Chile)
- Avena de los Andes (Chile)
- Duives International (Netherlands)
- Gregorio Numho y Noel Westhein (Argentina)
- JB Global (United States)
- Snack Cropss (Argentina)
- Tumac (United States)
Employees: 35 employees
It shares the employees with other companies of the group.
Location
- Administrative offices are located at Av. Domingo Comin 1200 Y Pio
Jaramillo
Alvarado Guayaquil Guayas,
Branches (04/04/2011)
- Manglar Alto OE1G S2742 y Las Lajas Quito Pichincha
- The main facilities have a total area of 3.800m2 of which 1.000m2 are
destined to their offices and 2.800m2 to the warehouse.
RELATED COMPANIES (04/04/2011)
Subject is related to the following companies:
- Inmobiliaria Negesa S.A. T A X : 0990258635001
- Agencias Neptuno S.A. T A X : 0990279063001 Guayaquil Guayas
- Inmobiliaria Pasobaq S. A. T A X : 0990851247001
- Inmobiliaria Cachorrasa S. A. T A X : 0990858055001
- Inmobiliaria Heistecar S.A T A X : 0990889643001
- Inmobiliaria Los Canarios (Canariosa) S.A. T A X : 0991020942001
- Banertop S.A. T A X : 0991382488001
- Foriasa S.A. T A X : 0992241209001 Guayaquil Guayas
- Vadel S.A. T A X : 0992268433001
- Eiser Perez Carlos Xavier T A X : 0908887672001 Guayaquil Guayas
- Eiser Flores Harry Emil T A X : 0902040286001 Guayaquil Guayas
INSURANCES (04/04/2011)
Insurance Company:
-Bolivar Compañia de Seguros
Risks
: Total cover, robbery.
Objetive : Machinery &
equipment.
BOARD OF DIRECTORS
ADMINISTRATION
Manager
: Harry Emil Eiser Flores TAX:0902040286001
President
: Carlos Xavier Eiser Perez TAX:0908887672001
Vice President :
Stephanie Guadalupe Eiser Perez TAX:0908887706001
Assistant General : Monica Jacqueline
Yambay Reyes TAX:0909090375001
Manager
President's Office : Catalina Torres
Assistant
General Manager : Wendy
Aguirre
Assistant
Secretary
: Martha Vite
Secretary
: Diana Lopez
CURRICULUM
Harry Emil Eiser Flores
T A
X
: 0902040286001
Titled as :
Industrial.
Position :
Manager
Mercantile Register : Number 4809 of 14/03/2006
Simultaneously : Legally registered at the IRS to
engage in business as a
natural person since January 1, 1969. His economic
activity registered is: Wholesale of grains. He has no
trade name.
Carlos Xavier Eiser Perez
T A
X
: 0908887672001
Birth place : Ecuador
Position :
President
Mercantile Register : Number 4811 of 14/03/2006
Simultaneously : Legally registered at the IRS to
engage in business as a
natural person since 12-01-1995. His economic activity
registered is: Wholesale of grains. He has no trade
name.
Stephanie Guadalupe Eiser Perez
T A
X
: 0908887706001
Birth place : Ecuador
Position :
Vice President
Mercantile Register : Number 21583 of 29/08/2001
Simultaneously : Legally registered at the IRS to
engage in business as a
natural person since 07-05-2008. Her economic activity
registered is: Processing of bakery products. She has no
trade name.
Monica Jacqueline Yambay Reyes
T A
X
: 0909090375001
Birth place : Ecuador
Position :
Assistant General Manager
Mercantile Register : Number 21584 of 29/08/2001
Simultaneously : Legally registered at the IRS to
engage in business as a
natural person since August 15, 2005. Her economic
activity registered is: Activities related to accounting.
She has no trade name.
Curriculum : She also
holds the position of General Accountant.
LEGAL INFORMATION (04/04/2011)
Legal Structure
: Stock Company
Constitution date :
14/03/1972
Notary
: N° 7, Guayaquil
Guayas
Term of duration
: 50 Year, ended on 14/03/2022
Legal Address : Guayaquil - Ecuador
Published in : Official Gazette dated 08/03/1972
Current Subscribed Capital: US$ 10.000.-Divided to 10.000.- common shares
unique
series amounting US$ 1.-
Authorized Current Capital: US$ 20.000.-
Subscribed & paid-in Initial Capital: US$ 2.-
Shareholders : 6
- 39,00% 0990851247001 Inmobiliaria Pasobaq S. A.
- 22,25% Carlos Xavier Eiser Perez
- 12,25% Crespo Eiser Enrique
- 12,25% Valeria Crespo Eiser
- 12,25% Carlos Crespo Eiser
- 2,00% 0902040286001 Harry Emil Eiser Flores
Legal representation is held by Assistant General Manager Manager, President,
Vice President,.
Legal changes
By Resolution Nº 969 on 01/04/2000, notary N° 21, Guayaquil Guayas, published
in
the Official Gazette dated 16/02/2001, capital was increased: USD 1.800,00 of
National investment and corporate structure was modified: from Limited
Liability
to Stock Company.
By Resolution Nº 580 on 30/01/2009, notary N° 21, Guayaquil Guayas, published
in
the Official Gazette dated 30/01/2009, capital was increased: in USD 8.000,00
The initial capital stock (constitution) in Sucres was of S/ 50.000
Registered trade name: Ecuatoriana de Negocios Ecune.
Subject was established based on the personal business that Mr. Harry Emil
Eiser Flores has been making since 1969.
INFORMATION SOURCES
Miss. Diana Lopez, Secretary, declined all information as she is
not authorized to provide it.
-Other outside information sources.
Exchange rate
-Since September 9th, 2000, official currency in
is the US$ dollar
-Until then, the currency was the sucre.
Exchange rate was s/. 25.000 X US$ 1.00
Macroeconomic Information
Interest
Rate for the week of 01/03/2011 -
31/03/2011
Ref.
Active Rate for Operations ( % ) 8,65
Ref. Passive
Rate for Operations ( % ) 4,59
Basic
Rate of Central Bank ( %
)
Legal
( % ) 8,65
Maximum
conventional
( % ) 9,33
Inflation
Ratio
Monthly
Inflation
( % ) 0,55 Feb/2011
Accumulated
( % ) 1,24 Jan/2011
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.45 |
|
|
1 |
Rs.71.59 |
|
Euro |
1 |
Rs.63.01 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.