MIRA INFORM REPORT
|
Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
FRUTERA DEL LITORAL CIA. LTDA. |
|
|
|
|
Registered Office : |
Autopista General Ruminahui, a
la altura del Km. 4 1/2, Francisco de Orellana 14 y Hernando de Magallanes –
Quito, Pichincha |
|
|
|
|
Country : |
Ecuador |
|
|
|
|
Financials (as on) : |
31.05.2009 |
|
|
|
|
Date of Incorporation : |
11.12.2002 |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Sale of fresh and dried fruits. |
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 |
|
Maximum Credit Limit : |
Dollars 1.750.000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
Regular |
|
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) |
|
Ecuador |
c1 |
c1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
IDENTIFICATION
FRUTERA DEL LITORAL CIA. LTDA.
Autopista General Ruminahui, a la altura del Km. 4 1/2, Francisco de Orellana
14
y Hernando de Magallanes - Quito
Pichincha
ECUADOR
Telephone : 593-2-2324102, 593-2-2836216, 593-4-2808361
E_Mail : gp@grupo-rueda.com
, amc@grupo-rueda.com
Web Site : www.grupo-rueda.com
SUMMARY
Started
: 2002
Total Employees : 60
Payments :
Prompt
Financial
Sit.
: Normal
Economic
Sit.
: Acceptable
Sales : US$
10.340.964.- (31/05/2009)
Net
worth
: US$ 2.901.436.-
Current
profit
: US$ 1.627.748.-
Subscribed Capital :
US$ 1.885.000.-
Sic(s) : 5148 - 5499
Line of Business: Sale of fresh and dried fruits.
Credit Recommendation
Dollars
Conservative value : 1.750.000
Liberal value
: 1.900.000
If additional information is received or present information is rectified, this
recommendation may be modified.
Payment Scoring = [ 105 ]
Financial indicators
According to last financial statement, subject shows a normal financial
situation, as indicated in:
** Acceptable Working Capital
** Good Current Liquidity Ratio
** Good Acid Test Ratio
Economic situation is acceptable, as reflected in:
** Acceptable Current Indebtedness Ratio
** High Total Indebtedness Ratio
** Good Solvency Ratio
** High Profitability Over Sales Ratio
** High Profitability Over Assets Ratio
** Excellent Profitability Over Net Worth Ratio
This company was ranked in place 377 among the 500 major companies of the
country in 2009.
Some approximated figures as at Dec. 2009:
Sales :
USD. 23.460.000,00
Assets :
USD. 11.000.000,00
Liabilities: USD. 10.000.000,00
Net worth :
USD. 500.000,00
Taxable profit: USD. 600.000,00
TRADE REFERENCES
Do not trade with domestic suppliers
This company is part of the ''White listing'' of the Internal Revenue Service
(IRS). It means that tax obligations are promptly met.
Tax payer status: Special
Up to October 20th of 2010, subject does NOT have any delay in payments in IESS
(Ecuadorian of Social Security Institute).
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 Frutera Del Litoral Cia. Ltda. in the
National Financial System is (A)
Bank
: Banco Bolivariano C.A.
Qualification
: A
To
expire
: US$ 1.210.658,84
Bank
: Banco de Guayaquil S.A.
Qualification
: A
Joint
Credit
: US$ 89.344,82
Bank
: Banco De La Produccion S.A.
Qualification
: A
To
expire
: US$ 566.727,49
Qualification
: A
Joint
Credit
: US$ 219.952,11
Bank
: Banco Pichincha C.A.
Qualification
: A
Credit
Card
: International Credit Card
To
expire
: US$ 519,45 Date granted 01/02/2004
credit card quota : US$ 8.000,00
Bank
: Diners Club del Ecuador S.A. Sociedad Financiera
Qualification
: A
Credit
Card
: International Credit Card
To
expire
: US$ 2.414,74 Date granted 01/05/2007
credit card quota : US$ 12.000,00
Subject's debt up to October 2010 is US$ 1.780.320,52
Credit history
Until May 2009, credits, averages, maximum amount of indebtedness to the
National Financial System included the group loans (debts in which the owner
was co-signer) Currently these amounts are not considered for these averages.
Maximum amount of indebtedness registered by the subject during the last 3
years, in the National Financial System was US$ 2.810.066,94 in April, 2010
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2006 was US$ 521.688,14
During 2007 was US$ 1.310.016,49
During 2008 was US$ 1.647.900,83
During 2009 was US$ 1.384.568,23
During 2010 was US$ 2.150.736,73
Income tax corresponding to last years:
Year 2009: USD 247.618
Year 2008: USD 63.731
Year 2007: USD 5.795
FINANCIAL INFORMATION
C O M P A R A T I V E - S U M M A R Y
( Figures in US$ Dollars )
31/05/2009 31/12/2008
31/12/2007
CURRENT
ASSETS
6.546.430
4.841.889 2.432.879
CURRENT
LIABILITIES
4.382.513
4.765.887 2.320.644
WORKING
CAPITAL
2.163.917
76.002 112.235
FIXED
ASSETS
1.555.718 1.621.997
1.733.469
OTHER
ASSETS
381.801
254.554 211.594
LONG TERM
LIABILITIES
1.200.000
1.200.000 1.545.997
NET
WORTH
2.901.436
752.553 511.301
OPERATING
INCOMES
10.340.964
16.326.462 12.422.339
CURRENT
PROFIT(LOSS)
1.627.748
213.251 20.884
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/05/2009 31/12/2008
Cash
457.920 124.477
Sundry
Debtors
3.543.669 2.671.751
Inventory
2.019.862 1.238.548
Other Current
Assets
524.979 807.113
CURRENT
ASSETS
6.546.430 4.841.889
Net Fixed
Asset
1.555.718 1.621.997
FIXED
ASSETS
1.555.718 1.621.997
Other
381.801 254.554
OTHER
ASSETS
381.801 254.554
TOTAL
ASSETS
8.483.949 6.718.440
LIABILITIES
31/05/2009 31/12/2008
Accounts
Payable
3.631.616 2.946.131
Notes
Payable
489.649 1.585.038
Other Current
Liabilities
261.248 234.718
CURRENT LIABILITIES
4.382.513 4.765.887
Notes
Payable
1.200.000 1.200.000
LONG TERM
LIABILITIES
1.200.000 1.200.000
Capital & Reserves
514.135 514.135
Other
Reserves
7.000
7.000
Accumulated
Profits
752.553
18.167
Current Profit (Losses)
1.627.748 213.251
NET
WORTH
2.901.436 752.553
TOTAL
LIABILITIES
8.483.949 6.718.440
STATEMENTS OF
RESULTS
31/05/2009 31/12/2008
Operating
Income
10.340.964 16.326.462
Operating
Cost
-8.077.350 -14.382.455
OPERATING
MARGIN
2.263.614 1.944.007
Administration & Sales
Expenses
-726.358 -1.398.378
OPERATING
RESULT
1.537.256 545.629
Other non Operating
Incomes
90.490 127.734
Other non Operating
Expenses
0 -347.501
NON OPERATING
RESULT
90.490 -219.767
Result Before Income
Tax
1.627.746 325.862
Taxes and Employees
Participation
0 -112.611
NET
PROFIT(LOSS)
1.627.746 213.251
CURRENT
PROFIT(LOSS)
1.627.746 213.251
ECONOMIC - FINANCIAL RATIOS
31/05/2009
31/12/2008 Average
Working
Capital
( US$ )
2.163.917
76.002 1.119.960
Current Liquidity
(Times)
1,49
1,02 1,26
Acid
Test
(Times)
1,03 0,76
0,90
Collection Period Days (
Days)
123,37
58,91 91,14
Accounts Receivable Turnover(Times)
2,92
6,11 4,52
Inventory Turnover
(Times)
4,00
11,61 7,81
Current Indebtedness
(Times)
1,51
6,33 3,92
Total Indebtedness
(Times)
1,92
7,93 4,93
Solvency
(Times)
1,52
1,13 1,33
Assets Tying
Up
( % )
18,34
24,14 21,24
Profitability Over Sales ( %
) 15,74
1,31 8,53
Profitability Over Assets ( %
)
19,19
3,17 11,18
Profitability Over Net Worth( %
)
127,80
39,54 83,67
BANKS
The main banks are:
- Banco Bolivariano C.A.
- Banco de Guayaquil S.A.
- Banco De La Produccion S.A. ACCT # 0200507168-9
- Banco De La Produccion S.A. ACCT # 0200508130-7
- Banco General Rumiñahui S. A.
- Banco Pichincha C.A. ACCT # 3026567704
- Banco Pichincha C.A. ACCT # 3026392404
OPERATIONS
Line of Business : Sale of fresh and dried fruits.
Registered line of business in the Ecuadorian Internal
Revenue Service is: Fruit wholesale.
Registered social purpose in the Ecuadorian
Superintendencia de Compañías is: Acquisition and / or
transfer any title, industrialization, commission, mandate,
consignment, distribution, both fruit and vegetables in any
form, etc.
Classification according to commercial activity:
Sic: 5148-0000 Fresh fruits and vegetables
Sic: 5499-0000 Miscellaneous food stores
-9901 Dried fruit
Commercializes:
- Chiquita
- Del Monte
- Frusan
Sales
Sales are steady throughout the year
National sales territory
85% wholesale: 30% cash and 70% 15 days credit.
15% retail: 70% cash and 30% 8 days credit.
Customers
Main customers are: Retail. line of business' distributors,
wholesale.
The 4 most important customers are:
Tiendas Industriales Asociadas S.A. Tia. Mega Santa Maria S.C.C.,
Corporacion
Favorita C.A., Corporacion El Rosado S.A.,
Purchases
International purchases only
Imports from Chile, United States, France, Canada, China, Spain.
- 100% of total purchase are import.
Foreign suppliers (08/12/2010)
- Chiquita Enza (Chile)
- Del Monte (Chile)
- Exago (France)
- Exportadora Rueda Ltda (Chile)
- Frutera San Fernando (Chile)
- Gold Harbor (United States)
- King Fresh (United States)
- Royal Rich (China)
Employees: 60 employees
The group has around 120 employees.
According to last investigation in June 2010, subject had 40 employees. This
number has increased in 20 employeed.
Location
- Administrative offices and plant located at Autopista General
Ruminahui, a la
altura del Km. 4 1/2, Francisco de Orellana 14 y Hernando de
Magallanes Quito
Pichincha, Ecuador
Branches
- Guayaquil S/N Guayaquil Guayas Ecuador
- Via a Duran, a la altura del Km 6 1/2, Av. Babahoyo SN Durán Guayas
Ecuador
- Ambato OE-9226 Y Tupac Yupanqui Quito Pichincha Ecuador
- Via Limon S/N y Secundaria Machala El Oro Ecuador
- Av. Nicolas Lapenti 19 Durán Guayas Ecuador
- AV. Segunda y 5-A Guayaquil Guayas Ecuador
- Av. El Condor S/N Ambato Tungurahua Ecuador
- A branch in Santo Domingo de los Tsachilas, and a warehouse located at
Lote
160 y Abdon Calderon- Quito were confirmed. However, they are not
legally
registered.
- Subject has a branch that operates as subject’s office and plant at Vía
a Durán Km 6,5, Avda Babahoyo
S/N.
RELATED COMPANIES
Subject is related to the following companies:
National
- Rueda & Rueda Car. Cia. Ltda.
Transportel T A X : 0992260521001
- Rueda Fruit Cia. Ltda. T A X : 1791854470001
- Del Fort Cia. Ltda. T A X : 1791838653001 Quito Pichincha
- Importadores Y Productores Carnicos Improcar Cia. Ltda. T A
X : 1791883497001
Quito Pichincha
- Rueda Shows Business Cia. Ltda. T A X : 1792002591001
International
- Rueda Export Co. Ltda., Chile
- Frutera del Litoral Colombia, Colombia
- RDM Group LLC, United States
INSURANCES
Insurance Company:
-Mapfre Atlas Compañia de Seguros S.A.
Risks
: Total cover.
Objetive : Equipment, materials
transportation, vehicles.
-Seguros Oriente S.A.
ADMINISTRATION
President
: Carlos Mauricio Rueda Mesias
TAX:1706738141001
General Manager : Hector
Mauricio Mesias Villavicencio TAX:1709987513
Imports Manager :
Veronica Boada
Finances Manager : Leyla Jacome
Controller
: Jhonny Fernandez
General Accountant : Mayra Cadena
Chief of Human Resources : Aracely Chavez
Finances supervisor : Gina Perez
Imports Dept Supervisor : Viviana Zambrano
Administrative Assistant : Juan Carlos Martinez
General Manager : Ricardo
Ordoñez
Assistant
Controllership Assistant : Diego Rodrigo Chipantaxi
CURRICULUM
Carlos Mauricio Rueda Mesias
T A X
: 1706738141001
Civil status : Married
Birth place : Ecuador
Position :
President
Mercantile Register : Number 972 of 29/01/2009
Simultaneously : Legally registered in the
Ecuadorian Internal Revenue
Service (SRI) to engage in businesses as individual since
Jan 15th, 1992. His registered economic activity is:
professional services. Registered trade name: Rulitec.
Hector Mauricio Mesias Villavicencio
T A
X
: 1709987513
Civil status : Married
Birth date : 28/08/1972
Quito Pichincha-Ecuador
Position :
General Manager
Mercantile Register : Number 973 of 29/01/2009
LEGAL INFORMATION
Legal Structure : Limited Liability Partnership
Constitution date : 11/12/2002
Authorization : Resolution Nº 8756
Notary
: N° 16, Guayaquil Guayas
Term of duration : 50 Year, ended on 11/12/2052
Legal Address : Quito - Ecuador
Published in : Official Gazette
dated 20/11/2002
Current Subscribed Capital: US$ 1.885.000.-contributions US$ 1.-
Subscribed & paid-in Initial Capital: US$ 400.-
Partner : 2
- 99,98% 1706738141001 Carlos Mauricio Rueda Mesias
- 0,02% 1705660791001 Gonzalo Orlando Rueda Mesias
Legal representation is held by General Manager and President.
Legal changes
By Resolution Nº 7230 on 21/11/2003, notary N° 26, Guayaquil Guayas, published
in the Official Gazette dated 28/11/2003, capital was increased: by
US$199.600,00 in National Investment.
By Resolution Nº 3812 on 29/05/2006, notary N° 38, Guayaquil Guayas, published
in the Official Gazette dated 22/06/2006, the legal address was modified: from
Guayaquil to Quito.
By Resolution Nº 1030 on 19/03/2010, notary N° 24, Quito Pichincha, published
in
the Official Gazette dated 29/03/2010, capital was increased: in USD $ 1.685.000,00
Registered trade name FRUTERA DEL LITORAL.
This company is part of GRUPO RUEDA, controlled by Carlos Rueda
Mesías,which includes a company engaged in
building of cooling systems and cold rooms and another one engaged in
import and sale of meat products.
PUBLICATIONS
Information regarding subject is supplied as follows
Suplemento Lideres of 25/06/2007 Group Rueda has more than 200 employees in
Quito and its branch Frutera del Litoral, in Chinatown-New York, decided to
trade with fruits since 2005. Imports also apples for the Ecuadorian and
American markets and garlic from China.
Circle Chile, USA and Ecuador not only brings chilean grapes and apples to USA
but also from Chile to Ecuador or USA in order to take advantage of the
distribution chain.
With Rueda Show Business Cía Ltda,, the group runs the art business with
Ecuadorian artists, -
INFORMATION SOURCES
On 08/12/2010 Miss. Mayra Cadena, General 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
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.44.38 |
|
UK Pound |
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.92 |
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.