|
Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
QUIMICA ARISTON DEL ECUADOR COMPANIA LIMITADA |
|
|
|
|
Registered Office : |
Joaquín Mancheno OE1 - 209 y Francisco García, a la altura del Km 6 ½ Panamericana Norte, Sector de Carcelen - Quito Pichincha |
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|
|
|
Country : |
Ecuador |
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|
|
|
Financials (as on) : |
31.12.2012 |
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|
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Date of Incorporation : |
14.06.1972 |
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|
|
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Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Manufacturing of pharmaceutical products for humans |
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|
|
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No. of Employees : |
250 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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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 (31.03.2011) |
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 $571 million in financing with China's Eximbank for a new hydroelectric project, and announced plans to obtain further Chinese loans in 2012. China has become Ecuador's largest foreign bilateral lender since Quito defaulted in 2008, allowing the government to maintain a high rate of social spending.
Source
: CIA
QUIMICA ARISTON
DEL ECUADOR COMPAÑIA LIMITADA
Joaquín Mancheno OE1 - 209 y Francisco García, a la altura del Km 6 1/2
Panamericana Norte, Sector de Carcelen - Quito
Pichincha
ECUADOR
Telephone : 593-2-2470984,
593-5-2627090, 593-7-2835262, 593-2-2470817
Fax : 593-2-2470983
E_Mail :
ivela@qariston.com, cbarreto@qariston.com
Web Site :
www.quimicaariston.com
Postal Code : 17-1104932
Started : 1972
Total Employees
: 250
Payments
: Prompt
Financial
Sit. :
Normal
Economic
Sit.
: Regular
Sales
: US$
9.410.990.- (31/12/2012)
Net
worth :
US$ 1.293.755.-
Current
profit :
US$ -250.796.-
Subscribed
Capital : US$
1.200.000.-
Sic(s) : 2834 - 5122
Line
of Business
: Manufacturing of pharmaceutical products for humans.
EVALUATION
Financial indicators
According
to last financial statement, subject shows a normal financial situation,
as indicated in:
** Acceptable Working Capital
** Good Current Liquidity Ratio
** Acceptable Acid Test Ratio
Economic
situation is
Regular, as reflected in:
** Very high Current Indebtedness Ratio
** Very High Total Indebtedness Ratio
** Good Solvency Ratio
ANTECEDENTES COMERCIALES
Boletín Comercial : As at 31/03/2013
the account holder credit report
reflects no protests.
Trade
references are supplied as follows:
Detail of References
Old : Since 1994
Last purchase : 01-2013
Terms : 30 days
Payment : Prompt
Notes : checks
Credit
: (US$) 45.000
Owes : -
Due : Does not Register
Paying Comments : Good
Purchase Aver. : (Monthly US$) 5.000
Latest purchase : US$ 2.000,00
Old : 9 years
Last purchase : 03-2013
Terms : 45 days
Payment : Prompt
Notes : checks
Credit
: Open
Owes : -
Due : Does not Register
Paying Comments : Excellent
Purchase Aver. : (Monthly US$) 45.000
Latest purchase :US$ 4.000,00
Detail of Former Trade References
--------------------------------------------------------------------------------
Last Credit Owes
Old Purch. Payment.
Notes
(US$) (US$)
--------------------------------------------------------------------------------
8 years 04-12 Prompt
checks
Open
No
7 years 08-11 Prompt
checks 5.000
2.000
SInce 2004 05-11 Prompt checks
Open
No
- Tax payer status: prompt
- Taxpayer status: Special
Detail
of Bank References
Bank
: Banco Amazonas S.A.
To
expire
: US$ 24.044,53
Bank : Banco Bolivariano C.A.
To
expire :
US$ 916.664,07
Bank
: Banco De La Produccion S.A.
To
expire :
US$ 124.385,93
Bank
: Banco Pichincha C.A.
To
expire :
US$ 28.654,02
Bank : Diners Club del Ecuador S.A.
Sociedad Financiera
Credit
Card : Credit Card
To
expire :
US$ 68.191,40
Total
debt up to Februuary
2013 is US$ 1.161.939,95
Quimica Ariston Del Ecuador Compañia Limitada, in the last 3 years, does
not register any credit in the Ecuadorian National Financial System.
Average
amount of indebtedness registered by the subject, in the National Financial
System:
During 2010 was US$ 900.413,81
During
2011 was US$ 1.188.738,13
During
2012 was US$ 1.344.597,44
During
2013 was US$ 1.230.917,03
Income
tax corresponding to the last years:
Year 2011: US$ 82.220
Year
2010: US$
52.520
Year 2009: US$ 55.725
C O
M P A R A T I V E - S U M M A R Y
(Figures in US$ Dollars)
31/12/2012 31/12/2011
31/12/2010
CURRENT ASSETS
5.716.826
4.226.048 3.057.677
CURRENT LIABILITIES 3.779.209
3.040.441 2.234.991
WORKING CAPITAL
1.937.617
1.185.607 822.686
FIXED ASSETS 2.213.520
2.395.928 2.389.262
OTHER ASSETS
769.450
75.166
0
LONG TERM LIABILITIES 3.626.832
2.112.150 1.719.526
NET WORTH 1.293.755
1.544.551 1.492.422
OPERATING INCOMES
9.410.990
9.808.848 10.334.257
CURRENT PROFIT(LOSS)
-250.796
36.330
0
B A
L A N C E S H E E T
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/12/2012 31/12/2011
Cash
21.110
51.032
Sundry Debtors
2.513.749 1.367.723
Inventory
2.809.189 2.451.307
Other Current Assets 372.778
355.986
CURRENT ASSETS 5.716.826
4.226.048
Net Fixed Asset 2.213.520
2.395.928
FIXED ASSETS
2.213.520 2.395.928
Other
769.450
75.166
OTHER ASSETS 769.450
75.166
TOTAL ASSETS
8.699.796 6.697.142
LIABILITIES 31/12/2012 31/12/2011
Accounts Payable 1.650.839
1.723.868
Notes Payable
1.576.839 638.995
Other Current Liabilities
551.531 677.578
CURRENT LIABILITIES
3.779.209 3.040.441
Notes Payable
1.723.187
665.453
Other Long Term Liabilities 1.903.645
1.446.697
LONG TERM LIABILITIES 3.626.832
2.112.150
Capital & Reserves 1.200.000
1.200.000
Other Reserves
73.863 72.046
Accumulated Losses 270.688
236.175
Current Profit (Losses)
-250.796
36.330
NET WORTH 1.293.755
1.544.551
TOTAL LIABILITIES 8.699.796
6.697.142
STATEMENTS OF RESULTS 31/12/2012 31/12/2011
Operating Income
9.410.990 9.808.848
Operating Cost -4.963.852
-4.386.579
OPERATING MARGIN 4.447.138
5.422.269
Administration & Sales Expenses
-5.319.369 -5.391.856
OPERATING RESULT -872.231
30.413
Other non Operating Incomes
621.436
20.630
NON OPERATING RESULT 621.436
20.630
Result Before Income Tax -250.795
51.043
Taxes and Employees Participation
0 -14.710
NET PROFIT(LOSS) -250.795
36.333
CURRENT PROFIT(LOSS)
-250.795
36.333
ECONOMIC
- FINANCIAL RATIOS
31/12/2012
31/12/2011 Promedio
Working Capital ( US$
) 1.937.617
1.185.607 1.561.612
Current Liquidity (Times)
1,51
1,39 1,45
Acid Test (Times)
0,77
0,58 0,68
Collection Period Days (Days)
96,16
50,20 73,18
Accounts Receivable Turnover (Times)
3,74
7,17 5,46
Inventory Turnover (Times)
1,77
1,79 1,78
Current Indebtedness (Times)
2,92
1,97 2,45
Total Indebtedness (Times)
5,72
3,34 4,53
Solvency (Times)
1,17
1,30 1,24
Assets Tying Up
( %
) 25,44
35,78 30,61
Profitability Over Sales
( %
)
-2,66
0,37 -1,15
Profitability Over Assets
( %
)
-2,88
0,54 -1,17
Profitability Over Net Worth ( %
)
-16,24
2,41 -6,92
BANKS
The
main banks are:
- Banco Amazonas S.A.
- Banco Bolivariano C.A.
- Banco De La Produccion S.A.
- Banco Pichincha C.A.
OPERATIONS
Line
of Business
: Manufacture of pharmaceutical products for humans and the
import of these
articles.
The
line of business registered at the Internal Revenue
Services(IRS) is:
MANUFACTURE OF PHARMACEUTICAL PRODUCTS
FOR HUMANS, BOTH GENERIC AND REGISTERED BRAND AND FOR SALE
TO GENERAL PUBLIC.
Social
objective registered at the Superintendency of
Companies is:
Import, manufacture, marketing and distribution
of chemical, pharmaceutical, cosmetic, veterinary products, both
at national and
international level.
This company
has the following certifications: BPM (buenas
practicas) de manufactura and ISO 9001:2008
Classification according to commercial activity:
Sic: 2834-0000 Pharmaceutical preparations
Sic: 5122-0000 Drugstore, pharmaceutical specialties
-0308 Pharmaceuticals
Brands:
- CeVit
- Dalavit
- Dolovan
- Katrina
- Venostasin
Sales
Sales/services
are steady throughout the year.
Sale territory: domestic and international level
Exports to Panamá.
Customers
Main
customers are:
pharmaceutical distributors, drugstores.
The 3 most important customers are:
Instituto Ecuatoriano de Seguridad Social Direccion General Quito, Junta
De
Beneficencia De Guayaquil, Ministerio de Salud Publica,
Purchases
Domestic and abroad purchases
Imports from Italia, England, Germany, Colombia. U.S.A., India,
Common Suppliers
- Disan Ecuador S.A.
- Induauto Sa
- Interoc S.A.
- Linexpress S.A.
- Quifatex S.A.
- Resimon S.A.
Employees: 250 Employees approx.
Location
- Management offices and plant are located at calle Joaquín Mancheno OE1
- 209 y Francisco García, a la altura del
Km 6 1/2 Panamericana
Norte, Sector de Carcelen Quito Pichincha, Ecuador
Branches
- Av.de las Americas 3180 y Los Naranjos Cuenca Azuay Ecuador
- Pasaje Cormoran 119 y Pasaje Charles Darwin, Ciudadela Albatros
Guayaquil
Guayas Ecuador
- Calle 28 #208 y Av. Flavio Reyes Barrio Umiña Manta Manabí Ecuador
- Correct numbers of management offices are
OE1-209, instead of OEI-255 as the order indicated.
The
interviewee did not provide any information about its subsidiaries.
INSURANCES
Insurance Company:
-Panamericana del Ecuador S. A. Compañia de Seguros y Reaseguros
ADMINISTRATION
General Manager : Roberto Carlos Enrique Hahn Klinge
RUC:1707454698001
President : Rodolfo Alfredo Gerardo Hahn Klinge
RUC:354139
Finance Manager
:
Elizabeth Gertie Hahn Krol
Manager for sales : Cid Barreto
Import Chief : Vette Vela
Accountant : Oscar Chiriboga
Reception Secretary : Consuleo
Chavez
CURRICULUM
Roberto Carlos Enrique Hahn Klinge
RUC
Nº
: 1707454698001
Civil
status
: Divorced
Birth
date : 20/09/1953 - Germany
Position : General
Manager
Mercantile Register : Number 8688 of 28/07/2009
Simultaneously : Legally
registered in the Ecuadorian Internal Revenue
Service
(SRI) to engage in business as individual since
Febrero 28, 2002. His registered economic activity is: Work activities carry out
in the private sector.
No
business name.
Rodolfo Alfredo Gerardo Hahn Klinge
RUC
Nº
: 354139
Birth
date : Germany
Position : President
Mercantile Register : Number
14768 of 20/10/2011
Legal
Structure
: Limited Liability Partnership
Constitution
date : 14/06/1972
Authorization : Resolution Nº 498
Notary :
N° 16 Quito Pichincha
Term
of duration : 50 year, ended
on 14/06/2022
Legal
Address
: Quito - Ecuador
Published
in : Official Gazette dated 13/02/2006
Current
Subscribed Capital: US$ 1.200.000.-aportes US$ 1.000.-
Subscribed
Initial Capital:
US$ 2.-
Partner:
- 96,08% 1707454698001 Roberto Carlos Enrique Hahn Klinge
- 3,75% Elizabeth Gertie Hahn Krol
- 0,17% Christian Roberto Hahn Krol
Legal representation is held by: General Manager.
Legal
changes
By
Resolution Nº
498 on 08/02/2006 notary N° 16 Quito Pichincha,
published
in the Official Gazette dated 03/02/2006, capital increased in USD 370.000,00.
By
Resolution Nº
2691 on 17/07/2008 notary N° 16 Quito Pichincha,
published
in the Official Gazette dated 22/07/2008, capital increased in USD 330.000,00 by domestic
and international (direct) investment. Statutes were modified by public deed
before Notary Décimo Sexto.
By
Resolution Nº3257
on 09/08/2010 notary N° 31 Quito Pichincha,
published
in the Official Gazette dated 16/08/2010, capital increased USD. 300.000,00
Registered trade style: Quimica Ariston Del Ecuador Cia. Ltda.
Partnership founded by the Dr. Rodolfo Hahn, son of the Dr. Alfredo
Hahn, founded of Quimica Ariston Argentina in 1950.
Since 1978 until the current day, the company belongs to the Dr. Roberto
Hahn, founder´s brother, who manages partnership.
By
Resolution Nº
Q.IMV.2012.1946 on April 24, 2012. The Superintendency of companies approved
the inscription of subject in the stock exchange. Nowadays company keeps a
value issued by the amount of US$. 1.500.000
INFORMATION SOURCES
Mr. Consuleo Chavez, Secretary, confirmed general information.
-
Other outside information sources.
Exchange rate
-
Since September 9th, 2000, official currency in Ecuador is the US$ dollar
-
Until then, the currency was the sucre.
Exchange rate was s/. 25.000 sucres = USD 1.00
INTERPRETATION
OF RISK LEVEL AND CREDIT RECOMMENDATION
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.82.45 |
|
Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.