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Report Date : |
08.11.2012 |
IDENTIFICATION DETAILS
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Name : |
LINEXPRESS |
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Registered Office : |
A la altura - |
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Country : |
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Date of Incorporation : |
28.10.2008 |
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Legal Form : |
Stock Company |
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Line of Business : |
Marketing of pharmaceuticals and veterinary products |
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No. of Employees : |
04 employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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) |
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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 |
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 $571 million in financing with China's Eximbank for a new hydroelectric project, and announced plans to obtain further Chinese loans in 2012. China has become Ecuador's largest foreign bilateral lender since Quito defaulted in 2008, allowing the government to maintain a high rate of social spending.
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Source : CIA |
LINEXPRESS S.A.
A la altura del Km 11.5 Via A Daule, Parque Comercial California 1,
Local 8 y 9
- Guayaquil
Guayas
ECUADOR
Telephone : 593-4-6009039,
593-4-2103257
E_Mail : fjuca@farmavet.com.ec
Web Site : www.linexpres.com
T A X : 0992599189001
Started :
2008
Total Employees : 4
Payments : Prompt
Subscribed Capital : US$ 200.000.-
Authorized Capital : US$ 400.000.-
Sic(s) : 5169
Line of Business: Marketing of pharmaceuticals and veterinary products
Payment Scoring = [ 90 ]
Financial
indicators
Financial statements could not be obtained, thus financial analysis can
not be carried out
Commercial Bulletin : As at
31/08/2012 subject does not register protested
checks in the national central of risk
Business transactions only with affiliates
Detail of
References
Old : Since 2008
Last purchase : 05-2012
Terms : 60 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : Does not Register
Due : Does not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly US$) 8.000
Last purchase value US$ 5.887,77
This company is part of the ''White listing'' of the Internal Revenue
Service
(IRS). It means that tax
obligations are promptly met.
Detail of Bank References
Bank : Banco
Bolivariano C.A.
To expire : US$
11.362,43
Bank : Banco
de Guayaquil S.A.
To expire : US$
4.015,96
Total debt up to August 2012 is US$ 15.378,39
Linexpress S.A. has no negative references at the National Financial
System
Average amount of indebtedness registered by the subject, in the
National Financial System:
During 2011 was US$ 21.473,98
During 2012 was US$ 15.374,58
Income tax corresponding to the last years:
Year 2011: USD 12.691
Year 2010: USD 7.423
Year 2009: USD 2.572
BANKS
The main banks are:
- Banco Bolivariano C.A.
- Banco de Guayaquil S.A.
Line of Business : Marketing of pharmaceuticals and veterinary products
The line of
business registered at the Internal Revenue
Services(IRS)
is: WHOLESALE AND RETAIL SALE OF PHARMACEUTICAL
AND MEDICINAL
PRODUCTS.
Social
objective registered at the Superintendency of
Companies is:
Import, export, explotation, distribution,
purchase, sale,
marketing, elaboration, and intermediation of
medical
equipment and medicines
Classification according to commercial activity:
Sic: 5169-0000 Chemicals and allied products
Sales
Sales are steady throughout the year
National sales territory
Customers
Main customers are: Line of business' distributors
most important customers is:
Chemical Pharm Del Ecuador C. Ltda.
Purchases
Domestic and international purchases
Imports from Germany, India.
Main suppliers (29/10/2012)
- Farmavet Farmacos Veterinarios C.Ltda.
Employees: 4 employees
Location
- The administrative offices are
located at A la altura del Km 11.5 Via A
Daule, Parque Comercial
California 1, Local 8 y 9 Guayaquil Guayas, Ecuador
Subject does not have any branch
- The telephone numbers 593 4 210 1387 and 593 4 210 0807, supplied
in the
order form, do not belong to
the company
Subject is related with the following company:
- Farmavet Farmacos Veterinarios
C.Ltda. T A X : 0991063269001 Guayaquil Guayas
Insurance
Company:
-Qbe Seguros Colonial S.A.
ADMINISTRATION
General Manager : Iralda
Karola Zambrano Martinez TAX:0917950453
Accountant : Maria fernanda Juca
CURRICULUM
Iralda Karola Zambrano Martinez
T A X : 0917950453
Civil status : Married
Birth date : 26/05/1984
-Ecuador
Position : General
Manager
Mercantile Register : Number 715 of 14/01/2009
Previously : Legally
registered at the IRS to perform personal business
since
18/10/2005 until 17/09/2010. Her registered business
activity is:
Organize and address any kind of events. Had no
a trade
name. Currently, it is in Definite Suspension
LEGAL INFORMATION
(29/10/2012)
Legal Structure : Stock Company
Constitution date : 28/10/2008
Authorization : Resolution Nº 7156
Notary : N° 21, Guayaquil Guayas
Term of duration : 50 Year, ended on 28/10/2058
Legal Address : Guayaquil - Ecuador
Published in : Official Gazette dated 24/10/2008
Current Subscribed Capital: US$ 200.000.-Divided to 200.000.- common shares
unique
series amounting US$ 1.-
Authorized Current Capital: US$ 400.000.-
Subscribed Initial Capital: US$ 800.-
Paid-in Initial Capital: US$ 200.-
Shareholders :
- 40,00% 0917950453 Iralda Karola
Zambrano Martinez
- 30,00% Luz Iralda Martinez
Vasquez
- 30,00% Carlos Alfredo Zambrano
Zambrano
Legal representation is held by General Manager.
Legal changes
By Resolution Nº 3794 on 03/07/2009, notary N° 26, Guayaquil Guayas,
published
in the Official Gazette dated 14/07/2009, capital was increased:
Amounting US$
24.200,00
By Resolution Nº 344 on 20/01/2012, notary N° 26, Guayaquil Guayas,
published in
the Official Gazette dated 05/02/2012, capital was increased: amounting
US$
175.000
INFORMATION SOURCES
On 24/10/2012 Miss. Maria fernanda Juca, Accountant, 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
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.25 |
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UK Pound |
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.83 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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 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.