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Report Date : |
12.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
DUPOCSA PROTECTORES QUIMICOS PARA EL CAMPO S. A. |
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Registered Office : |
Vía
Duran - Tambo, a la altura del Km. 1
½ , S/N - Durán Guayas |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
19.05.1987 |
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Legal Form : |
Stock Company |
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Line of Business : |
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No. of Employees : |
135 |
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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 - 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 $571 million in financing with China's Eximbank for a
new hydroelectric project, and announced plans to obtain further Chinese loans
in 2012. China has become Ecuador's largest foreign bilateral lender since
Quito defaulted in 2008, allowing the government to maintain a high rate of
social spending
|
Source
: CIA |
DUPOCSA PROTECTORES QUIMICOS PARA EL CAMPO S.
A.
( DUPOCSA, AGRIPOWER )
Vía Duran - Tambo, a la altura
del Km. 1 ½ , S/N - Durán
Guayas
ECUADOR
Telephone :
593-4-2809450, 593-4-2809428
Fax : 593-4-2809460
E_Mail : mtoro@dupocsa.com ; c.alvarez@crystalchemical.com.ec
, jparrales@dupocsa.com
Web Site : www.dupocsa.com
SUMMARY
Started
: 1987
Total
Employees
: 135
Payments
: Prompt
Financial
Sit.
: Acceptable
Economic
Sit.
: Regular
Sales
: US$
16.950.321.- (31/12/2011)
Net
worth
: US$
3.530.580.-
Current
profit
:
US$ 183.837.-
Subscribed Capital
: US$ 500.000.-
Sic(s) : 2875 - 2879 - 5169
Line of Business: Sale of agrochemicals
Financial indicators
According to last financial statement, subject shows an acceptable financial
situation, as indicated in:
** Low Working Capital
** Good Current Liquidity Ratio
** Regular Acid Test Ratio
Economic situation is regular, as reflected in:
** Very High Current Indebtedness Ratio
** Very High Total Indebtedness Ratio
** Good Solvency Ratio
COMMERCIAL INFORMATION
Commercial Bulletin : As at 31/08/2012 subject
does not register protested
checks in the national central of risk
TRADE REFERENCES
Other suppliers denied to bring references trade
Detail of References
Old : 20
years
Last purchase : 10-2012
Terms : 45-60 days
Payment : Prompt
Notes : checks
Credit : (US$) 30.000
Owes : Does not
Register
Due : Does
not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly US$) 15.000
Last purchase USD 4.800
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch.
Payment.
Notes
(US$) (US$)
--------------------------------------------------------------------------------
Since 1993 07-12 Prompt
checks
30.000 None
5 years 07-12 Prompt bank
transfer
18.000 None
4 years 01-12 Prompt bank
transfer
16.500 None
Since 1996 02-12 Prompt
invoice
Open None
Since 1993 02-12 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 status: Special
Detail of Bank References
Below are listed the top 2 banks in which this company has credits in the
National Financial System.
Bank
: Banco Internacional S.A.
To expire
: US$ 83.826,52
Bank
: Diners Club del Ecuador S.A. Sociedad Financiera
Credit
Card
: International Credit Card
To
expire
: US$ 6.258,33
credit card quota : US$ 20.000,00
Total debt as of August
2012 is USD 105.122,22.
Credit history
Dupocsa Protectores
Quimicos Para El Campo S. A. has no negative
background in the National Financial System.
Maximum amount of indebtedness registered by the subject -, in the National
Financial System was US$ 1.707.287,68 in December,
2011
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2009 was US$ 692.066,63
During 2010 was US$ 608.871,29
During 2011 was US$ 1.308.960,42
During 2012 was US$ 445.733,28
Income tax corresponding to the last years:
Year 2011: USD 95.128
Year 2010: USD 76.844
Year 2009: USD 72.617
FINANCIAL INFORMATION
C O M P A R A T I V E
- S U M M A R Y
( Figures in US$ Dollars )
31/12/2011
31/12/2010 30/12/2009
CURRENT
ASSETS
14.958.980
8.725.752 6.908.900
CURRENT
LIABILITIES
13.504.838
7.619.757 5.634.508
WORKING
CAPITAL
1.454.142
1.105.995 1.274.392
FIXED
ASSETS
2.375.434
1.256.217 1.123.911
OTHER
ASSETS
68.686
132.015 195.867
LONG TERM
LIABILITIES
367.682
1.116.965 1.173.879
NET
WORTH
3.530.580
1.377.262 1.420.291
OPERATING
INCOMES
16.950.321
13.272.919 10.946.884
CURRENT PROFIT(LOSS)
183.837
353.306 105.934
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/12/2011 31/12/2010
Cash
335.316 605.115
Sundry
Debtors
5.524.947 3.755.374
Inventory
8.481.123 4.069.992
Other Current
Assets
617.594 295.271
CURRENT
ASSETS
14.958.980 8.725.752
Net Fixed
Asset
2.375.434 1.256.217
FIXED
ASSETS
2.375.434 1.256.217
Other
68.686 132.015
OTHER
ASSETS
68.686 132.015
TOTAL ASSETS
17.403.100 10.113.984
LIABILITIES
31/12/2011 31/12/2010
Accounts
Payable
11.491.732 5.952.325
Notes Payable
1.315.602 1.187.676
Other Current
Liabilities
697.504 479.756
CURRENT
LIABILITIES
13.504.838 7.619.757
Notes
Payable
367.682 1.116.965
LONG TERM
LIABILITIES
367.682 1.116.965
Capital &
Reserves
1.552.481 250.000
Other
Reserves
762.020 741.088
Accumulated
Profits
1.032.242
32.868
Current Profit
(Losses)
183.837 353.306
NET
WORTH
3.530.580 1.377.262
TOTAL
LIABILITIES
17.403.100 10.113.984
STATEMENTS OF
RESULTS
31/12/2011 31/12/2010
Operating
Income
16.950.321 13.272.919
Operating
Cost
-12.803.926 -9.753.759
OPERATING
MARGIN
4.146.395 3.519.160
Administration & Sales
Expenses
-3.842.362 -3.408.830
OPERATING
RESULT
304.033 110.330
Other non Operating
Incomes
24.160 242.977
NON OPERATING
RESULT
24.160 242.977
Result Before Income
Tax
328.193 353.307
Taxes and Employees
Participation
-144.357
0
NET
PROFIT(LOSS)
183.836 353.307
CURRENT
PROFIT(LOSS)
183.836 353.307
ECONOMIC - FINANCIAL RATIOS
31/12/2011
31/12/2010 Average
Working
Capital
( US$ ) 1.454.142
1.105.995 1.280.069
Current Liquidity
(Times)
1,11
1,15 1,13
Acid
Test
(Times)
0,48 0,61
0,55
Collection Period Days (
Days) 117,34
101,86 109,60
Accounts Receivable
Turnover(Times)
3,07
3,53 3,30
Inventory Turnover
(Times)
1,51
2,40 1,96
Current Indebtedness
(Times)
3,83
5,53 4,68
Total Indebtedness
(Times)
3,93
6,34 5,14
Solvency
(Times)
1,25
1,16 1,21
Assets Tying
Up
( % )
13,65 12,42
13,04
Profitability Over Sales ( %
)
1,08
2,66 1,87
Profitability Over Assets ( %
)
1,06
3,49 2,28
Profitability Over Net Worth( %
)
5,49
34,50 20,00
BANKS
The main banks are:
- Banco de Guayaquil S.A.
- Banco De La Produccion S.A.
- Banco de Machala S.A. ACCT # 1290001680
- Banco Del Pacifico S.A. ACCT # 192481-8
- Banco Internacional S.A.
- Banco Pichincha C.A.
- Banco Promerica
S.A.
OPERATIONS
Line of Business : Sale of agrochemicals products and pesticides
Agrochemicals import, export, manufacture and trading
such as: pesticides, herbicides, insecticides, fungicides,
fertilizers.
Import, elaboration, marketing and export of agrochemical
products, such as pesticides, herbicides, insecticides,
fungicides, fertilizers.
Registered line of business in the Ecuadorian Internal
Revenue Service (SRI) is: FUNGICIDES MANUFACTURE.
Registered social purpose in the Ecuadorian
Superintendencia de Compañías is:
every kind of chemicals
for industrial and agriculture use manufacture, processing,
import, export, packaging, distribution and marketing.
50% activities are trading, 48% manufacturing and 2%
services.
Subject was audited in 2006 by SGS, achieving ISO
9001:2000 Certification
Classification according to commercial activity:
Sic: 2875-0000 Fertilizers, mixing only
Sic: 2879-0000 Agricultural chemicals
-9903 Fungicides, herbicides
-0106 Insecticides,
agricultural or household
-0100 Insecticides and
pesticides
-0107 Pesticides, agricultural
or household
Sic: 5169-0000 Chemicals and allied products
-9907 Industrial chemicals
Commercializes:
- Biosafe
- Glifonox
- Tol
- Zero
- Cipertox
- Crisodrin
- Crismarom
- Crystal Chemical
Sales
Sales are steady throughout the year
National and international sales territory
Exports to Bolivia, Peru, Colombia, Dominican Republic, Panama, Costa Rica,
Colombia.
According to the interviewed person, the approximate monthly sales average is
US$ 980.000,00
Customers
Main customers are: Line of business' distributors, industry in general.
8 customers International 6 customers National
National Customers: Solagro S.A. Solagremsa, Reyes Argudo Vinicio, Febres
Cordero Compania De Comercio S.A., Interoc S.A., Agripac
S.A., Incoagro C. Ltda..
International Customers: ACEITE ADM SAO Bolivia Central Agricola Panama
Comercial Silvestre Peru Croptech Colombia Colombia
Innovagro S.A. Dominican Republic Interagro Bolivia
Proyectos Agroindustriales Panama San Miguel Industrial
Peru
Purchases
Domestic and international purchases
Imports from United States, China, Taiwan, India, Argentina, Colombia,
Guatemala, Panama, Venezuela, Brazil. Germany,
Italy,
National suppliers
- Agripac S.A.
- Brenntag Ecuador S.A.
- Disan Ecuador S.A.
- Laquinsa Andina S.A.
- Latienvases S.A.
- Plastiempaques S.A.
- Productora Cartonera S.A.
- Quimica Industrial Montalvo Aguilar Quimasa S.A.
- Resiquim S. A.
- Solvesa Ecuador S.A.
- Tecnoplast Del Ecuador Cia. Ltda.
Foreign suppliers
- Crystal Chemical Interamerica (United States)
- Crystal Chemical Interamerica (Taiwan)
- Crystal Chemical Interamerica (India)
- Crystal Chemical Interamerica (Argentina)
- Gilmore (China)
- Tecnoquim (Colombia)
- Westrade (Guatemala)
Employees: 135 employees
Location
- Administration offices and warehouses are located at Vía Duran - Tambo, a la
altura del Km. 1 ½ , S/N Durán Guayas, Ecuador
Branches
- A la altura del Km 1.5 Las Avellanas E2-25 y Cipreses, Juncales Quito
Pichincha Ecuador
- Via Chone Km 2 S/N Santo Domingo de Los Colorados Santo
Domingo de los
Tsachilas Ecuador
- Via A San Carlos Km 1.5 S/N Quevedo Los
Ríos Ecuador
RELATED COMPANIES
Subject is related with the following company:
- Rilmi S.A. T A X : 0991387862001
- Agripower S.A. T A X : 0992258667001
Guayaquil Guayas
INSURANCES
Insurance Company:
-Qbe Seguros Colonial S.A.
ADMINISTRATION
President
: Loy L Amack Perez TAX:0920133360
General Manager : Juan Manuel Perez Echeverria
TAX:0920144011001
Assistant General : Maria Mendoza
Manager
Imports Dept Supervisor :
Miriam Toro
Finances Manager : Jose Parrales
Administrator
: Cinthya
Alvarez
Accountant
: Geovanny
Pilalo
Secretary
: Mayuri
Barzola
CURRICULUM
Loy L Amack Perez
T A
X
: 0920133360
Civil status : Married
Birth date : 22/10/1957
-United States
Position :
President
Mercantile Register : Number 75 of 01/03/2011
Juan Manuel Perez Echeverria
T A
X
: 0920144011001
Civil status : Married
Birth date : 31/05/1956
-Ecuador
Position :
General Manager
Mercantile Register : Number 74 of 01/03/2011
Simultaneously : Officially registered in the
Ecuadorian Internal Revenue
Service (SRI) to engage in business as individual since
April 4th 2008. Registered economic activity is: business
advice. No registered trade name.
LEGAL INFORMATION
Legal Structure : Stock Company
Constitution date : 19/05/1987
Authorization : Resolution Nº 1408
Notary
: N° 4, Guayaquil Guayas
Term of duration : 50 Year, ended on 19/05/2037
Legal Address : Duran - Ecuador
Published in : Official Gazette
dated 26/05/1987
Current Subscribed Capital: US$ 500.000.-Divided to 500.000.- common shares
unique series amounting US$ 1.-
Subscribed Initial Capital: US$ 80.-
Paid-in Initial Capital: US$ 20.-
Shareholders :
- 99,99% 0920144011001 Juan Manuel Perez Echeverria
- 0,01% 0991387862001 Rilmi S.A.
Legal representation is held by General Manager.
Legal changes
By Resolution Nº 517 on 09/12/2004, notary N° 16, Guayaquil Guayas, published
in
the Official Gazette dated 25/01/2005, last capital increase was performed by
45.000,00 national investments.
By Resolution Nº 2075 on 01/03/2005, notary N° 16, Guayaquil Guayas, published
in the Official Gazette dated 11/04/2005, the legal address was modified: from
Guayaquil to Duran, in Guayas province.
By Resolution Nº 4730 on 19/07/2010, notary N° 29, Guayaquil Guayas, published
in the Official Gazette dated 10/11/2010, capital was increased: in USD.
50.000,00
By Resolution Nº 7458 on 30/12/2011, notary N° 29, Guayaquil Guayas, published
in the Official Gazette dated 18/01/2012, capital was increased: in USD.
400.000,00
Initial capital stock in Sucres was
S/2.000.000,00
Registered trade name:Dupocsa.
It is known that main shareholder is Mr. Juan Manuel Perez Echeverria.
Registered official name is DUPOCSA PROTECTORES QUIMICOS PARA EL CAMPO S.A.,
however for commercial purposes it uses the name CRYSTAL CHEMICAL a brand of
one
of its foreign suppliers.
By Resolution No SC-IMVDJMV-DAYR-G-11-7168, December 23th 2011 the
Superintendency of Companies of Ecuador
approved the registration of the Company
on the Stock Market. It currently holds a
issued value of USD 5.000.000.
INFORMATION SOURCES
On 31/10/2012 Miss. Cinthya Alvarez,
Administrator, 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
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 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.