|
Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
ECUATORIANA DE NEGOCIOS ECUNE S.A. |
|
|
|
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Registered Office : |
Av. Domingo Comin 1200 y Pio Jaramillo Alvarado, Pradera 1 – Guayaqui, Guayas |
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|
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Country : |
Ecuador |
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|
|
|
Date of Incorporation : |
14.03.1972 |
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|
|
|
Legal Form : |
Stock Company |
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|
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Line of Business : |
Importation and marketing of grains, spices and fruits |
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No. of Employees : |
35 employees |
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 |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Ecuador |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Ecuador - ECONOMIC OVERVIEW
Ecuador is substantially dependent on its petroleum resources, which have accounted for more than half of the country's export earnings and approximately two-fifths of public sector revenues in recent years. In 1999/2000, Ecuador suffered a severe economic crisis as a result of a banking crisis with GDP contracting by 5.3%. Poverty increased significantly and Ecuador defaulted on some of its external debt. In March 2000, the Congress approved a series of structural reforms that also provided for the adoption of the US dollar as legal tender. Dollarization stabilized the economy, and positive growth returned in the years that followed, helped by high oil prices, remittances, and increased non-traditional exports. From 2002-06 the economy grew an average of 5.2% per year, the highest five-year average in 25 years. After moderate growth in 2007, the economy reached a growth rate of 7.2% in 2008, in large part due to high global petroleum prices and increased public sector investment. President Rafael CORREA, who took office in January 2007, defaulted in December 2008 on Ecuador's sovereign debt, which, with a total face value of approximately US$3.2 billion, represented about 30% of Ecuador's public external debt. In May 2009, Ecuador bought back 91% of its "defaulted" bonds via an international reverse auction. Economic policies under the CORREA administration - including an announcement in late 2009 of its intention to terminate 13 bilateral investment treaties, including one with the United States - have generated economic uncertainty and discouraged private investment. The Ecuadorian economy slowed to 0.4% growth in 2009 due to the global financial crisis and to the sharp decline in world oil prices and remittance flows. Growth picked up to a 3.6% rate in 2010 and 6.5% in 2011. The government in 2011 signed a $2 billion loan with the state-owned China Development Bank, received $1 billion under a two-year forward sale of an oil contract, negotiated $571 million in financing with China's Eximbank for a new hydroelectric project, and announced plans to obtain further Chinese loans in 2012. China has become Ecuador's largest foreign bilateral lender since Quito defaulted in 2008, allowing the government to maintain a high rate of social spending.
|
Source : CIA |
ECUATORIANA DE
NEGOCIOS ECUNE S.A.
Av. Domingo Comin 1200 y Pio Jaramillo Alvarado, Pradera 1 - Guayaquil
Guayas
ECUADOR
Telephone 593-4-2490444, 593-4-2491537
Fax 593-4-2437562
E_Mail ecune@porta.net
, myambay@ecune.com.ec
Web Site www.ecune.com.ec
T A X : 0990037019001
Started :
1972
Total Employees : 35
Payments : Prompt
Subscribed Capital : US$ 40.000.-
Authorized Capital : US$ 80.000.-
Sic(s) : 5149 - 5153
Line of Business: Importation and marketing of grains, spices and
fruits.
As updated financial statements could not be obtained, the company's
financial
situation cannot be determined
According to SRI had total revenues for the year 2011 in US$.
13.624.091
According to the Superintendence of Companies most important figures at
31
December 2010 are:
Sales: US$
11.802.338
Assets: US$ 5.917.937
Liabilities: US$ 5.011.977
Net Worth: US$ 905.960
Taxable Profits: US$
75.652
Commercial Bulletin : As at
30/11/2012 subject does not register protested
checks in the national central of
risk
Suppliers' trade
references are supplied as follows:
Detail of References
Old : 11 years
Last purchase : 11-2012
Terms : 30 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : -
Due : Does not
Register
Paying Comments: Excellent
Purchase Aver. : (Monthly US$) 600
Last purchase US$ 210
Old : 11 years
Last purchase : 12-2012
Terms : 15 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : Does not
Register
Due : Does not
Register
Paying Comments: Good
Purchase Aver. : (Monthly US$) 4.000
Last purchase US$ 1.600
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch.
Payment. Notes (US$) (US$)
--------------------------------------------------------------------------------
Since 2001 12-10
Prompt checks Open None
10 years 03-11 Prompt
checks
Open None
10 years 03-10 Prompt
checks Open None
6 years 05-10 Prompt
checks
Open None
Since 2003 05-10
Prompt checks - None
Since 2001 01-10
Prompt checks 1.000 None
- Tax Status: Current obligations fulfilled
- Special Taxpayer
- Special Taxpayer: It has
special features and obligations which allow apply a
better control in then taxes
Detail of Bank References
Bank : Banco
Bolivariano C.A.
To expire : US$
597.222,19
Bank : Banco
de Guayaquil S.A.
Credit Card :
International Credit Card
To expire : US$
272,33
Bank : Banco
De La Produccion S.A.
To expire : US$
231.543,89
Bank : Banco
Pichincha C.A.
To expire : US$
129.583,27
Approved amount : US$
300.000,00
Bank : Diners
Club del Ecuador S.A. Sociedad Financiera
Credit Card :
International Credit Card
To expire : US$
14.469,20
Credit history
Ecuatoriana De Negocios Ecune S.A. has no negative references at the
National Financial System.
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 2009 was US$ 801.819,59
During 2010 was US$ 984.776,68
During 2011 was US$ 790.883,17
During 2012 was US$ 1.069.838,71
Income tax corresponding to the last years:
Year 2011: US$ 28.126
Year 2010: US$ 39.731
Year 2009: US$ 20.520
BANKS
The main banks are:
- Banco Bolivariano C.A. ACCT #
5078846
- 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.
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 Superintendence
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
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 Canada, Argentina, Chile, China, Far East, Sri Lanka,
United
States, Netherlands.
National suppliers
- 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
- 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, pradera 1 Guayaquil
Guayas, Ecuador
Branches
- Manglar Alto OE1G S2742 y Las
Lajas Quito Pichincha Ecuador
- 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.
Subject is related
to the following companies:
- Inmobiliaria Negesa
S.A. T A X : 0990258635001
- 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
- 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
Insurance Company:
-Bolivar Compañia de Seguros del Ecuador S.A.
Risks : Total cover,
robbery.
Objetive : Machinery &
equipment.
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
Civil status : Married
Birth date : 27/07/1942
-Ecuador
Titled as : Industrial.
Position : Manager
Mercantile Register : Number 3544 of 25/02/2011
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
Civil status : Married
Birth date : 18/03/1968
-Ecuador
Position : President
Mercantile Register : Number 3570 of 25/02/2011
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
Civil status : Divorced
Birth date : 31/10/1972
-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
Civil status : Divorced
Birth date : 13/02/1963
-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 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$ 40.000.-Divided to 40.000.- common
shares unique series amounting US$ 1.-
Authorized Current Capital: US$ 80.000.-
Subscribed & paid-in Initial Capital: US$ 2.-
Shareholders :
- 25,00% Kayla Rafaela Eiser
Vivero
- 25,00% Luis Carlos Eiser Vivero
- 13,00% Enrique Jose Crespo
Eiser
- 13,00% Carlos Andres Crespo
Eiser
- 13,00% Valeria Cristina Crespo
Eiser
- 9,00% Maria Paula Martinez
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
By Resolution Nº 7471 on 30/12/2011, notary N° 30, Guayaquil Guayas,
published
in the Official Gazette dated 08/08/2012, capital was increased: in US$.
30.000
In addition there was a merger of Companies Foriasa S.A.
Agencias Neptuno S.A. and Manufacturas Vanidades Vani S.A. by Company
Ecuatoriana de Negocios Ecune S.A.
The initial capital stock (constitution) in Sucres was of S/ 50.000
Registered trade name: Ecuatoriana de Negocios Ecune.
Subject was established based on the personal business that Mr. Harry
Emil
Eiser Flores has been making since 1969.
INFORMATION
SOURCES
On 12/12/2012 Miss. Monica Jacqueline Yambay Reyes, Assistant General
Manager,
declined all kind of information.
-Other outside information sources.
Exchange rate
-Since September 9th, 2000, official currency in Ecuador
is the US$ 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 01/12/2012 - 07/12/2012
Ref. Active Rate for Operations ( % ) 8,17
Ref. Passive Rate for Operations ( % ) 4,53
Basic Rate of Central Bank ( % ) 0,20
Legal ( % ) 8,17
Maximum conventional ( % ) 9,33
Inflation
Ratio
Yearly Inflation ( % ) 4,77 Nov/2012
Monthly Inflation ( % ) 0,14 Nov/2012
Accumulated ( % ) 4,36 Nov/2012
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
UK Pound |
1 |
Rs.89.11 |
|
Euro |
1 |
Rs.72.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
---- |
NB |
New Business |
---- |
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.