|
Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
KRONOS LABORATORIOS C. LTDA. |
|
|
|
|
Registered Office : |
A la altura del Km. 8.5 Via a Daule, Av. Principal entre la Calle Segunda y
Tercera, lotización San Francisco - Guayaquil |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
05.06.1978 |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Production and sale of pharmaceuticals for human use, such
as medicines, nutritional supplements
(vitamins) y other related products |
|
|
|
|
No. of Employees : |
180 |
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 |
|
Payment Behaviour : |
No complaints |
|
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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 $571 million in financing with China's Eximbank for a
new hydroelectric project, and announced plans to obtain further Chinese loans
in 2012. China has become Ecuador's largest foreign bilateral lender since
Quito defaulted in 2008, allowing the government to maintain a high rate of social
spending
|
Source
: CIA |
KRONOS LABORATORIOS C.
LTDA.
A la altura del Km. 8.5 Via a Daule, Av. Principal entre la Calle Segunda y
Tercera, lotización San Francisco - Guayaquil
Guayas
ECUADOR
Telephone : 593-4-2251445, 593-4-2263947,
593-4-2253143
Fax : 593-4-2251446
E_Mail
: asantos@kronoslaboratorios.com
, mmendoza@kronoslaboratorios.com
Web Site : www.kronoslaboratorios.com
Postal Code : 09-01-3403
SUMMARY
Started
: 1978
Total Employees :
180
Payments
: Prompt
Social
Capital
:
US$ 2.000.-
Sic(s) : 2833 - 2834
Line of Business: Production of pharmaceuticals for human use
Financial indicators
Financial statements could not be obtained, thus financial analysis can not be
carried out
According to the Superintendence of Companies the most important figures as of
December 31st, 2010 are:
Sales: US$. 9.617.433
Assets: US$. 5.360.918
Liabilities: US$. 4.609.609
Equity: US$. 751.309
Profit: US$.
438.008
COMMERCIAL
INFORMATION
Commercial Bulletin : As at 31/08/2012 subject
does not register protested checks in the national central of risk
Suppliers' trade references are supplied as follows:
Detail of References
Old : 3 years
Last purchase : 10-2012
Terms : 60 days
Payment : Prompt
Notes : checks
Credit : (US$) 35.000
Owes : -
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly US$) 20.000
Last purchase value US$ 1.000,00
Old : 2 years
Last purchase : 10-2012
Terms : 30-45 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : -
Due : Does
not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly US$) 6.000
Last purchase value US$ 2.000,00
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch.
Payment.
Notes
(US$) (US$)
--------------------------------------------------------------------------------
Since 2007 04-12 Prompt checks
25.000
-
3 years 07-12 Prompt
checks
35.000 None
2 years 07-12 Prompt
checks
Open None
Since 2000 09-11 Prompt
checks
35.000 None
Since 2003 08-11 Prompt
checks
Open None
Since 2003 02-11 Prompt
checks
Open None
11 years 02-11 Prompt
checks
35.000 None
This company is part of the ''White listing'' of the Internal Revenue Service
(IRS). It means that tax obligations are promptly met.
Taxpayer status: Special
Detail of Bank References
Bank
: Banco De La Produccion S.A.
To
expire
: US$ 432.662,12
Bank
: Banco Pichincha C.A.
To
expire
: US$ 69.158,78
Bank
: Diners Club del Ecuador S.A. Sociedad Financiera
Credit Card
: International Credit Card
To
expire
: US$ 8.398,43
Total debt up to August 2012 is US$ 510.219,33
Credit history
Kronos Laboratorios
C. Ltda.,has no negative references at the
National Financial System
Maximum amount of indebtedness registered by the subject -, in the National
Financial System was US$ 701.258,58 in March, 2012
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2009 was US$ 196.449,43
During 2010 was US$ 227.420,18
During 2011 was US$ 171.378,17
During 2012 was US$ 414.877,34
Income tax corresponding to the last years:
Year 2011: USD 120.039
Year 2010: USD 123.121
Year 2009: USD 52.704
BANKS
The main banks are:
- Banco De La Produccion
S.A. ACCT # 2006007577
- Banco Pichincha C.A. ACCT # 3116916904
- Lloyds TSB Bank PLC. ACCT # 514039
Line of Business : Production and sale of
pharmaceuticals for human use, such as
medicines, nutritional supplements (vitamins) y other related
products; import of raw material of chemical or botanic
origin.
The line of business registered at the Internal Revenue
Services(IRS) is: PRODUCTION OF
PHARMACEUTICALS FOR HUMAN USE.
Social objective registered at the Superintendence of
Companies is: Production, purchase and sale of
pharmaceuticals, it could perform import and
commercialization activities related to its social
objective.
It has the ISO 9001 and GMP (Good Manufacturing
Practices) certifications
Classification according to commercial activity:
Sic: 2833-0000 Medicinals and botanicals
-0100 Medicinal chemicals
Sic: 2834-0000 Pharmaceutical preparations
-0201 Analgesics
-0801 Antibiotics, packaged
-9910 Tablets, pharmaceutical
-0700 Vitamin, nutrient, and hematinic preparations for human use
Commercializes:
- Kro-Femikol
- Kro Bactrol
- Kronvit Mineral
- Kro Salburol
- Kronodryl
- Kronafel
Sales
Sales are steady throughout the year
National sales territory
According to the interviewee, the approximate monthly sales average is US$
1.000.000,00
According to the company's information, the projected sales amount to
December 31st, 2012 is US$ 12.000.000,00
Customers
Main customers are: Private hospitals. drugstores,
hospitals,
Purchases
Domestic and international purchases
Imports from Germany, Colombia, Spain, Italy, United States, India.
National suppliers
- Corrugadora Nacional Cransa S.A.
- Crecicorp S.A.
- Flexoprint C. Ltda.
- Latienvases S.A.
- Materias Quimicas Materquim C.A.
- Milempro S.A.
- Multiservicios Graficos Alcivar Grafalci C. Ltda.
- Plasticos Koch C Ltda
- Proveedores Quimicos Provequim C.A.
- Quifatex S.A.
- Resiquim S. A.
- Tecnoplast Del Ecuador Cia. Ltda.
Foreign suppliers (29/10/2012)
- Farma International (United States)
- Farmacapsulas (Colombia)
- I.Q.A (Colombia)
- Klaus Evers (Germany)
- Wendt Ceime (Germany)
- West Pharmaceutical (Colombia)
Employees: 180 employees
Location
- Administrative offices and laboratories are located at A la altura del Km.
8.5 Via a Daule, Av. Principal
entre la Calle Segunda
y Tercera, lotización
San Francisco Guayaquil Guayas, Ecuador
Branches
- Warehouse is locate at Via a Daule a la altura del Km 8.5 Mz. 4 Solar 49
Guayaquil Guayas Ecuador
The interviewee did not provide any information about it, so it was impossible
to check if there is any existing subsidiary.
INSURANCES
Insurance Company:
ADMINISTRATION
Manager General : Renato Felipe Carlo Paredes
TAX:0905440228
Assistant General : Luis Francisco
Carlo Paredes TAX:0908090749001
Manager
President
: Francisca Aglae Paredes
Ortega TAX:0904393261
Accountant
: Maria Lourdes Mendoza
Imports'supervisor
: Javier Fernando Alcivar Mendoza
TAX:0910659002001
General Manager : Maria
Cristina Bunces
Assistant
CURRICULUM
Renato Felipe Carlo Paredes
T A
X
: 0905440228
Civil status : Married
Birth date : 13/07/1957
-Ecuador
Position :
Manager General
Mercantile Register : Number 13123 of 25/06/2008
Curriculum : He is also
legally registered as Vice President since
August 1st, 2007 with registration number 15997; but it
was confirmed that no longer plays this role.
Luis Francisco Carlo Paredes
T A
X
: 0908090749001
Civil status : Married
Birth date : 25/08/1962
-Ecuador
Position :
Assistant General Manager
Mercantile Register : Number 13401 of 24/07/2003
Simultaneously : Legally registered at the IRS to
perform personal business since October 8, 2001. His
registered business activity is: Higher education in
general (culminating in obtaining a university degree or
equivalent). Has no a trade name.
Francisca Aglae Paredes Ortega
T A
X
: 0904393261
Civil status : Single
Birth date : 17/12/1925
-Ecuador
Position :
President
Mercantile Register : Number 5908 of 25/03/2008
Simultaneously : Legally registered at the IRS to
perform personal business
since July 1st, 1967. His registered business activity is:
Pharmaceuticals and medicines retail. No trade name
Javier Fernando Alcivar
Mendoza
T A
X
: 0910659002001
Civil status : Married
Birth date : 20/07/1974
-Ecuador
LEGAL INFORMATION
Legal Structure : Limited Liability Partnership
Constitution date : 05/06/1978
Authorization : Resolution Nº 4520
Notary
: N° 1, Guayaquil Guayas
Term of duration : 50 Year, ended on 05/06/2028
Legal Address : Guayaquil - Ecuador
Published in : Official Gazette
dated 23/05/1978
Current Social Capital: US$ 2.000.-
Subscribed Initial Capital: US$ 16.-
Partner :
- 28,00% 0905440228 Renato Felipe Carlo Paredes
- 15,00% 0902884097001 Nicolas Ramon Carlo Mejia
- 15,00% 0904393261 Francisca Aglae Paredes Ortega
- 14,00% 0908090749001 Luis Francisco Carlo Paredes
- 14,00% 0902884097001 Nicolas Ramon Carlo Paredes
- 14,00% 0990358753001 Pedro Nicolas Carlo Paredes
Legal representation is held by Manager General..
Legal changes
By Resolution Nº 2108 on 16/07/1990, notary N° 25, Guayaquil Guayas, published
in the Official Gazette dated 20/07/1990, capital was increased: amounting US$
1.714,00
Promoters to create the company were Dr. Nicolas Carlo Mejia and wife Mrs.
Francisca Aglae Paredes
de Carlo.
PUBLICATIONS
Information regarding subject is supplied as follows
Diario El Comercio
of 04/11/2009 Luis Monteverde,Quality
Control Chief said that
this lab uses only the 40% production capacity manufacturing 150 products such
as: syrups, tablets, antiseptic powders, anti.inflammatories.
60% of them are
generic products, the rest are own brands.
At present, it produces 75 million tablets of different generic brands and
it is the third industry in the local
market, according its production levels. -
INFORMATION SOURCES
On 24/10/2012 Miss. Maria Cristina Bunces, General
Manager Assistant, declined
financial information as she is not authorized to provide it, however,
submitted general information.
-Other outside information sources.
-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
01/10/2012 - 07/10/2012
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 ( % ) 5,22 Sep/2012
Monthly Inflation ( % ) 1,12 Sep/2012
Accumulated ( % ) 4,12 Sep/2012
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.