MIRA INFORM REPORT
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Report Date : |
05.01.2012 |
IDENTIFICATION DETAILS
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Name : |
INDUSTRIA LOJANA DE ESPECERIAS ILE C.A. |
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Registered Office : |
Km1, Via Nueva A Cuenca, Barrio Consacola, Loja |
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Country : |
Ecuador |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.12.1982 |
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Legal Form : |
Stock Company |
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Line of Business : |
Manufacture of condiments and spices in general. |
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No. of Employees
: |
200 |
RATING & COMMENTS
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MIRAs 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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Maximum Credit Limit : |
900.000 Dollars |
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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 September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Ecuador |
c1 |
c1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
IDENTIFICATION
INDUSTRIA LOJANA DE ESPECERIAS ILE C.A.
( ILE C.A. )
Km1, Via Nueva a Cuenca, Barrio Consacola
Loja
ECUADOR
Telephone : 593-7-2540840/1, 593-7-2540842/3
Fax : 593-7-2540836
E_Mail : info@ile.com.ec ; mmendieta@ile@.com.ec ,
gerencia@ile.com.ec
Web Site : www.ile.com.ec
SUMMARY
Started
: 1982
Total Employees : 200
Payments :
Prompt
Financial
Sit. :
Good
Economic
Sit. :
Normal
Sales
: US$ 17.332.669.-
Net
worth :
US$ 3.376.896.-
Current
profit :
US$ 1.080.596.-
Subscribed Capital :
US$ 2.367.715.-
Sic(s) : 2099
Line of Business: Manufacture of condiments and spices in general.
Credit Recommendation
Dollars
Conservative value
: 900.000
Liberal value
: 990.000
If additional information is received or present information is rectified, this
recommendation may be modified.
Financial indicators
According to last financial statement, subject shows a good financial
situation,
as indicated in:
** Acceptable Working Capital
** Excellent Current Liquidity Ratio
** Good Acid Test Ratio
Economic situation is normal, as reflected in:
** Normal Current Indebtedness Ratio
** High Total Indebtedness Ratio
** Good Solvency Ratio
** Normal Profitability Over Sales Ratio
** Normal Profitability Over Assets Ratio
** Excellent Profitability Over Net Worth Ratio
According to magazine "Gestion Economia y Sociedad" Nš 204 of June 01, 2011,
this Company was part of the "500 largest Companies of the Country"
in year
2010, occupying the 452 place
TRADE REFERENCES
Other suppliers denied to bring references trade
Detail of References
Old : 10
years
Last purchase : 12-2011
Terms : 30 days
Payment : Prompt
Notes : invoice
Credit : (US$) 20.000
Owes : Does not
Register
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly US$) 12.500
Because of the year closing, they have the system turned off
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(US$) (US$)
--------------------------------------------------------------------------------
Since 1992 09-09 Prompt bank
transfer
65.000 None
4 years 09-09 Prompt
checks
Open None
10 years 09-09 Prompt
checks
Open None
13 years 07-09 Prompt
checks
30.000 None
This company is part of the ''White listing'' of the Internal Revenue Service
(IRS). It means that tax obligations are promptly met.
Taxpayer Class: Special
Up to November 15th, 2011, this company has NO delayed payments at IESS
(Ecuadorian Institute of Social Security)
Detail of Bank References
Bank
: Banco Bolivariano C.A.
To expire
: US$ 18.141,38
Bank
: Banco de Loja S.A.
To
expire
: US$ 26.717,00
Bank
: Banco Pichincha C.A.
Credit
Card
: International Credit Card
To
expire
: US$ 973,99
credit card quota : US$ 10.500,00
Total debt up to November 2011 is US$ 45.832,37
Credit history
Industria Lojana De Especerias Ile C.A., has no negative references
in the National Financial System
Maximum amount of indebtedness registered by the subject -, in the National
Financial System was US$ 698.997,94 in July, 2007
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2008 was US$ 376.446,08
During 2009 was US$ 277.846,58
During 2010 was US$ 407.466,98
During 2011 was US$ 253.051,87
Income tax corresponding to the last years:
Year 2010: USD 305.991
Year 2009: USD 305.987
Year 2008: USD 295.645
FINANCIAL INFORMATION
C O M P A R A T I V E - S U M M A R Y
( Figures in US$ Dollars )
31/12/2010 31/12/2009
31/12/2008
CURRENT
ASSETS
5.696.001
4.536.319 3.717.047
CURRENT LIABILITIES
3.298.371
2.550.232 2.101.472
WORKING
CAPITAL
2.397.630
1.986.087 1.615.575
FIXED
ASSETS
2.072.359
1.499.739 1.409.296
OTHER
ASSETS
400.565
163.968 165.379
LONG TERM
LIABILITIES
1.493.658
807.225 817.699
NET
WORTH
3.376.896
2.842.569 2.372.551
OPERATING
INCOMES
17.332.669
14.192.214 12.918.568
CURRENT
PROFIT(LOSS)
1.080.596
1.051.610 726.990
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/12/2010 31/12/2009
Cash
23.737 131.703
Sundry
Debtors
3.582.533 2.603.123
Inventory
2.025.121 1.703.111
Other Current
Assets
64.610 98.382
CURRENT
ASSETS
5.696.001 4.536.319
Net Fixed
Asset
2.072.359 1.499.739
FIXED
ASSETS
2.072.359 1.499.739
Other
400.565 163.968
OTHER
ASSETS
400.565 163.968
TOTAL
ASSETS
8.168.925 6.200.026
LIABILITIES
31/12/2010 31/12/2009
Accounts
Payable
2.225.886 1.747.005
Notes
Payable
94.034 486.756
Other Current
Liabilities
978.451 316.471
CURRENT
LIABILITIES
3.298.371 2.550.232
Notes
Payable
484.471
70.498
Other Long Term
Liabilities
1.009.187 736.727
LONG TERM
LIABILITIES
1.493.658 807.225
Capital &
Reserves
1.881.444 1.481.264
Other
Reserves
414.856 309.695
Current Profit
(Losses)
1.080.596 1.051.610
NET
WORTH
3.376.896 2.842.569
TOTAL
LIABILITIES
8.168.925 6.200.026
STATEMENTS OF
RESULTS
31/12/2010 31/12/2009
Operating
Income
17.332.669 14.192.214
Operating
Cost
-12.002.246 -9.798.329
OPERATING
MARGIN
5.330.423 4.393.885
Administration & Sales
Expenses
-3.709.578 -2.816.575
OPERATING
RESULT
1.620.845 1.577.310
Other non Operating
Incomes
10.434 19.862
NON OPERATING RESULT
10.434 19.862
Result Before Income
Tax
1.631.279 1.597.172
Taxes and Employees
Participation
-550.682 -545.564
NET
PROFIT(LOSS)
1.080.597 1.051.608
CURRENT
PROFIT(LOSS)
1.080.597 1.051.608
ECONOMIC - FINANCIAL RATIOS
31/12/2010 31/12/2009
Average
Working
Capital
( US$ ) 2.397.630
1.986.087 2.191.859
Current Liquidity
(Times)
1,73
1,78 1,76
Acid
Test
(Times)
1,11 1,11
1,11
Collection Period Days (
Days)
74,41
66,03 70,22
Accounts Receivable
Turnover(Times)
4,84
5,45 5,15
Inventory Turnover
(Times)
5,93
5,75 5,84
Current Indebtedness
(Times)
0,98
0,90 0,94
Total Indebtedness
(Times)
1,42
1,18 1,30
Solvency
(Times)
1,70
1,85 1,78
Assets Tying Up
( % )
25,37
24,19 24,78
Profitability Over Sales ( %
)
6,23
7,41 6,82
Profitability Over Assets ( %
)
13,23
16,96 15,10
Profitability Over Net Worth( %
)
47,06
58,72 52,89
BANKS
The main banks are:
- Banco Amazonas S.A.
- Banco Bolivariano C.A.
- Banco de Loja S.A.
- Banco Pichincha C.A.
OPERATIONS
Line of Business : Manufacture of condiments and spices in general.
The line of business registered at the Internal Revenue
Services (IRS) is: ELABORATION OF SPICES OR
CONDIMENTS
Social objective registered at the Superintendency of
Companies is: Elaboration of condiments in general and sale
of spices which are properly selected and packed. It can
perform imports and exports related to this social
objective
Classification according to commercial activity:
Sic: 2099-0000 Food preparations
-0400 Seasonings and spices
Commercializes:
- Ile
- Sabora
- Aromaticas Saludables
Sales
Sales are steady throughout the year
National and international sales territory
Exports to United States, Colombia, Spain.
Customers
Main customers are: Retail, line of business' distributors, food
industry, supermarkets.
Purchases
Domestic and international purchases
Imports from United States, Spain. China.
Main suppliers
- Cartones Nacionales S.A. I Cartopel
- Cristaleria Del Ecuador S.A. Cridesa
- Engoma Adhesivos Cia. Ltda
- Envapress Cia. Ltda.
- La Fabril S.A.
- Marriott S.A.
- Neyplex Cia. Ltda.
- Plasticos Del Litoral S.A. Plastlit
- Quifatex S.A.
Employees:
200 employees approx.
Location
- The administrative offices and the industrial plant are located at Km1,
Via
Nueva a Cuenca, Barrio Consacola Loja,
Ecuador
Branches
Subject has
- They confirmed approximately 21 agencies nationwide, which are not
legally
registered
RELATED COMPANIES
Subject is related to the following companies:
- Comercializadora Coile S.A. T A X : 0991451331001
- Inmobiliaria Simego Compania De Responsabilidad Limitada T A
X :
1190065916001
- Arcimego Cia. Ltda. T A X : 1190080117001
- Comercializadora Godoy Ruiz S.A. T A X : 1791401336001
INSURANCES
Insurance Company:
-Generali Ecuador Compaņia de
Seguros S.A.
ADMINISTRATION
President
: Cruz Amada Godoy Ruiz
TAX:1101461612001
General Manager : Manuel Agustin Godoy Ruiz TAX:1101989745001
Exports'supervisor
: Martha Mendieta
Secretary : Marcia Gomez
CURRICULUM
Cruz Amada Godoy Ruiz
T A
X
: 1101461612001
Civil status : Married
Birth date : 03/05/1956
Loja-Ecuador
Position :
President,
Mercantile Register : Number 51 of 20/01/2010
Simultaneously : Legally registered at the IRS to
perform personal business
since February 04, 2002. Her registered business activity
is: Professional Services Provider. Has no a trade name
Manuel Agustin Godoy Ruiz
T A
X
: 1101989745001
Civil status : Married
Birth date : 28/08/1960
-Ecuador
Position :
General Manager
Mercantile Register
: Number 52 of 20/01/2010
Simultaneously : Legally registered at the IRS to
perform personal business
since June 10, 1992. His registered business activity is:
Vegetable cultivation. Has no a trade name
LEGAL INFORMATION
Legal Structure : Stock Company
Constitution date : 30/12/1982
Authorization : Resolution Nš 1094
Notary : N° 1, Loja
Term of duration : 70 Year, ended on 19/02/2052
Legal Address : Loja - Ecuador
Published in : Official Gazette
dated 21/12/1982
Current Subscribed Capital: US$ 2.367.715.-Divided to 2.367.715.- common shares
unique series amounting US$ 1.-
Subscribed & paid-in Initial Capital: US$ 16.-
Shareholders :
- 30,19% . Otros
- 17,73% Blanca Vicenta Ruiz Aguilera
- 8,23% Magna Orlanda Godoy
Ruiz
- 8,23% France Jose Godoy
Ruiz
- 8,23% Maria Leticia
Godoy Ruiz
- 8,23% Fabian Vicente
Godoy Ruiz
- 8,23% 1101461612001 Cruz Amada Godoy Ruiz
- 8,23% 1101989745001 Manuel Agustin Godoy
Ruiz
- 2,70% Veronica Paulina
Godoy Ruiz
Legal representation is held by General Manager..
Legal changes
By Resolution Nš 89 on 10/01/2006, notary N° 8, Loja, published in the Official
Gazette dated 12/01/2006, corporate structure was modified: From Limited
Liability Company to Corporation
By Resolution Nš 129 on 31/07/2007, notary N° 8, Loja, published in the
Official
Gazette dated 01/08/2007, capital was increased: amounting US$ 339.905,00
By Resolution Nš 296 on 21/10/2011, notary N° 8, Loja, published in the
Official
Gazette dated 02/11/2011, capital was increased: Amounting US$ 486.271,00
The initial capital stock (constitution) in sucres was
S/. 400.000
By Resolution Nš. SC.IMV.DJMV.DAYR.G 10.009065
dated on December 24, 2010,
the Superintendency of Companies approved the registration
of this Company in
the Stock Exchange. At present, it holds a issued value
for US$ 2.500.000
INFORMATION SOURCES
On 27/12/2011 Miss. Marcia Gomez, Secretary, declined financial
information as
she is not authorized to provide it, however, submitted 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
CREDIT RECOMMENDATION
Credit recommendation amounts are assigned according to criteria usually used
in
the commercial credit evaluation.
The amounts are based on the assignment of risk percentages to the following
indicators: Trade references, number of employees, legal structures, data base
of protested bills, operations, insurances, variation of net
profit, net worth,
working capital
and liquidity.
Macroeconomic Information
Interest
Rate for the week
of
01/12/2011 - 31/12/2011
Ref.
Active Rate for Operations ( % ) 8,17
Ref.
Passive Rate for Operations ( % ) 4,53
Basic
Rate of Central Bank ( % )
Legal ( % ) 8,17
Maximum
conventional ( % ) 9,33
Inflation
Ratio
Monthly
Inflation ( % ) 0,35 Oct/2011
Accumulated ( % ) 4,67 Oct/2011
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.14 |
|
UK Pound |
1 |
Rs.83.08 |
|
Euro |
1 |
Rs.69.25 |
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 |
|
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NB |
New Business |
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This score serves as a reference to assess SCs 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.