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Report Date : |
12.11.2012 |
IDENTIFICATION DETAILS
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Name : |
AMBAGRO S.A. |
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Registered Office : |
Calle Cinco S/N y Calle
D, Parque Industrial Sector Izamba
- Ambato |
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Country : |
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|
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Date of Incorporation : |
21.07.1993 |
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Legal Form : |
Stock Company |
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Line of Business : |
Agricultural raw material and inputs trade. |
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No. of Employees : |
15 |
RATING & COMMENTS
|
MIRAs 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 |
|
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 $571 million in financing with China's Eximbank for a
new hydroelectric project, and announced plans to obtain further Chinese loans
in 2012. China has become Ecuador's largest foreign bilateral lender since
Quito defaulted in 2008, allowing the government to maintain a high rate of
social spending
|
Source
: CIA |
IDENTIFICATION
AMBAGRO S.A.
Calle Cinco
S/N y Calle D, Parque
Industrial Sector Izamba - Ambato
Tungurahua
ECUADOR
Telephone :
593-3-2452828, 593-3-2854197
Fax : 593-3-2452828
E_Mail : ambagro@andinanet.net
Web Site www.ambagro.com
Postal Code : 180116
SUMMARY
Started
: 1993
Total
Employees
: 15
Payments
: Prompt
Subscribed Capital
: US$ 250.000.-
Sic(s) : 5191
Line of Business: Agricultural raw material and inputs trade.
Financial indicators
As updated financial statements could not be obtained, the company's financial
situation cannot be determined
COMMERCIAL INFORMATION
Commercial Bulletin : As at 31/08/2012 subject
does not register protested
checks in the national central of risk
TRADE REFERENCES
Suppliers' trade references are supplied as follows:
Detail of References
Old : Since
2001
Last purchase : 10-2012
Terms : 30 days
Payment : Prompt
Notes :
Credit : (US$) 35.000
Owes : -
Due : Does
not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly US$) 3.000
Last purchase amount USD 700,00
Old : 12
years
Last purchase : 08-2012
Terms : 90-120-150 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : -
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly US$) 20.000
Last purchase amount USD 8.000,00
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch.
Payment.
Notes
(US$) (US$)
--------------------------------------------------------------------------------
Since 2000 09-10 Prompt
checks
3.000 None
12 years 09-10 Prompt
checks
Open None
10 years 10-10 Prompt
checks
20.000 None
10 years 01-07 Prompt
checks
39.000
-
Since 2000 01-07 Prompt
checks
3.000
63
This company is part of the ''White listing'' of the Internal Revenue Service
(IRS). It means that tax obligations are promptly met.
Detail of Bank References
Bank
: Banco de Guayaquil S.A.
To
expire
: US$ 31.044,73
Bank
: Banco Internacional
S.A.
To
expire
: US$ 136.895,50
Bank
: Diners Club del Ecuador S.A. Sociedad Financiera
Credit
Card
: Credit Card
To
expire
: US$ 3.814,24
Total debt up to August 2012 is US$ 171.754,47
Credit history
Maximum amount of indebtedness registered by the subject during the last 3
years, in the National Financial System was US$ 388.902,73 in October, 2010
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2010 was US$ 337.562,59
During 2011 was US$ 279.943,24
During 2012 was US$ 224.673,87
Income tax corresponding to the last years:
Year 2011: USD 26.512
Year 2010: USD 18.770
Year 2009: USD 8.826
Year 2008: USD 27.452
BANKS
Subject operates with the following banks:
- Banco de Guayaquil S.A. ACCT # 7171277
- Banco Internacional
S.A. ACCT # 5000610602
- Banco Pichincha C.A. ACCT # 3145847104
OPERATIONS
Line of Business : Agricultural raw material and inputs trade.
Such as insecticides and bio-stimulants.
Registered line of business in the Ecuadorian Internal
Revenue Service (SRI) is: AGRICULTURAL INPUTS WHOLESALE AND
RETAIL.
Registered social purpose in the Ecuadorian
Superintendencia de Compaņías
is: agricultural raw
materials, machinery, inputs, and finished products import
and trade.
Classification according to commercial activity:
Sic: 5191-0000 Farm supplies
-0100 Fertilizers and
agricultural chemicals
Sales
Sales are steady throughout the year
Regional sales territory
Customers
Main customers are: Farmers in general.
The 6 most important customers are:
Camacho Barrero Sixto Wilfrido, Agropecuarios Figueroa, Llagua Rujel Segundo
Byron, Inca Paucar Hector Rene, Camacho Tobar Jenny Carmelina, Altamirano
Lopez Martha Virginia.
Purchases
Domestic and international purchases
Imports from Germany, Israel, China, Spain, Costa
Rica.
National suppliers
- Arilec S.A.
- Brenntag Ecuador S.A.
- Celoplast S.A.
- Latienvases S.A.
- Plastiempaques S.A.
- Profiandina S.A.
Foreign suppliers
- Cat Saigner - Agrar
Plantas del Sur (Spain)
- DVA - Iprochem Company Limited (China)
- Industrias Bioquim
(Costa Rica)
- Mackteshim Chemicals Works Ltd. (Israel)
Employees: 15 employees
According to the last report issued in December 2010, this company had 12
employees; to date it hired 3 employees more
Location
- Administrative offices and warehouse are located at Calle
Cinco S/N y Calle
D, Parque Industrial Sector Izamba Ambato Tungurahua, Ecuador
Branches
Subject does not have any branch
- Two warehouses in San Gabriel and Quito were confirmed
- Industrial plant has a total area of 1700 M2 and cover and are rented by
the
owner.
- The exact name, which is legally registered is Ambagro
S.A. and not Ambargo
S.A. as is in the order form
RELATED COMPANIES
Subject does not have any related company.
INSURANCES
Insurance Company:
-Rio Guayas Compaņia de Seguros y Reaseguros S.A.
Risks
: Explosions. floods and water damage,
Objetive
: Warehouses.
-La Union Compaņia Nacional
de Seguros S.A.
Risks
: Fire,
Objetive : Merchandise.
-Aseguradora del Sur C. A.
Risks
: Explosions.
Objetive
: Vehicles,
ADMINISTRATION
General Manager : Juan
Fernando Caicedo Mafla
TAX:1801352939001
President
: Gabriel Augusto Naranjo Roman
TAX:1800590851001
Captain Main.
: Victor Hugo Calero Vallejo
TAX:1801091834001
Accounting Assistant : Tatiana Chavez
CURRICULUM
Juan Fernando Caicedo Mafla
T A
X
: 1801352939001
Civil status : Married
Birth date : 15/12/1957
-Ecuador
Position :
General Manager
Mercantile Register : Number 817 of 13/08/2012
Simultaneously : Officially registered in the
Ecuadorian Internal Revenue
Service (SRI) to engage in business as a natural person
since March 3rd 1997. His registered economic activity
is: pool chemicals wholesale and retail. His registered
trade name is: Aqua Star.
Gabriel Augusto Naranjo
Roman
T A
X
: 1800590851001
Civil status : Married
Birth date : 29/06/1949
Ambato Tungurahua-Ecuador
Position :
President
Mercantile Register : Number 505 of 08/08/2012
Victor Hugo Calero Vallejo
T A
X
: 1801091834001
Birth place : Ecuador
Position :
Captain Main.
Mercantile Register : Number 237 of 17/04/2008
Simultaneously : Officially registered in the
Ecuadorian Internal Revenue
Service (SRI) to engage in business as a natural person
since February 1st 1996. His registered economic activity
is: Pharmaceuticals, medicines retail. His trade name is
Farmacia Presidencial.
LEGAL INFORMATION
Legal Structure :
Stock Company
Constitution date :
21/07/1993
Authorization : Resolution Nš 44
Notary
: N° 1, Ambato
Tungurahua
Term of duration :
50 Year, ended on 21/07/2043
Legal Address : Ambato - Ecuador
Published in : Official Gazette dated 05/08/1993
Current Subscribed Capital: US$ 250.000.-Divided to 250.000.- common shares
unique series amounting US$ 1.-
Subscribed Initial Capital: US$ 2.000.-
Paid-in Initial Capital: US$ 500.-
Shareholders : 4
- 52,61% 1800590851001 Gabriel Augusto Naranjo
Roman
- 26,33% Klever Ernesto Figueroa Espin
- 18,87% 1801352939001 Juan Fernando Caicedo
Mafla
- 2,19% Aida Herminia
Hernandez Gavilanez
Legal representation is held by General Manager.
Legal changes
By Resolution Nš 244 on 27/10/2004, notary N° 1, Ambato Tungurahua, published
in
the Official Gazette dated 20/11/2004, capital was increased: by USD 30.000,00
national and foreigher direct
investment.
By Resolution Nš 204 on 02/07/2007, notary N° 1, Ambato Tungurahua, published
in
the Official Gazette dated 09/07/2007, capital was increased: by USD $
80.000,00
By Resolution Nš 307 on 11/08/2008, notary N° 1, Ambato Tungurahua, published
in
the Official Gazette dated 21/08/2008, capital was increased: by USD $
50.000,00
By Resolution Nš 465 on 23/12/2010, notary N° 5, Ambato Tungurahua, published
in
the Official Gazette dated 25/12/2010, capital was increased: by US$. 60.000,00
INFORMATION SOURCES
On 05/11/2012 Miss. Tatiana Chavez, Accounting Assistant, confirmed general
information.
-Other outside information sources.
Exchange rate
-Since September 9th, 2000, official currency in Ecuador
is the US$ dollar
-Until then, the currency was the sucre.
Exchange rate was s/. 25.000 X US$ 1.00
INTERPRETATION OF RISK LEVEL AND CREDIT RECOMMENDATION
RISK LEVEL
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.54.34 |
|
|
1 |
Rs.86.96 |
|
Euro |
1 |
Rs.69.24 |
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 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.