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Report Date : |
07.08.2013 |
IDENTIFICATION DETAILS
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Name : |
ENTER SOLUTIONS S.A. |
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Registered Office : |
Baquerizo Moreno 1119 y Av. 9 de Octubre, Edificio Plaza 9, piso 9 – Quito Pichincha |
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Country : |
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Date of Incorporation : |
01.08.2007 |
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Legal Form : |
Stock Company ( |
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Line of Business : |
Import and
commercialization of grains and spices |
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No. of Employees : |
8 |
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 : |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Ecuador |
B2 |
B2 |
|
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's economy suffered from a banking crisis, with GDP
contracting by 5.3% and poverty increasing significantly. 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 4.3% per year, the highest five-year
average in 25 years. After moderate growth in 2007, the economy reached a
growth rate of 6.4% in 2008, buoyed by 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 - for example, 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 1% 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 3.3% rate in 2010 and nearly
8% in 2011, before falling to 4% in 2012. China has become Ecuador's largest
foreign lender since Quito defaulted in 2008, allowing the government to
maintain a high rate of social spending; Ecuador contracted with the Chinese
government for more than $9 billion in oil for cash and project loans as of
December 2012.
Source
: CIA
ENTER SOLUTIONS
S.A.
Baquerizo Moreno 1119 y Av. 9 de Octubre, Edificio Plaza 9, piso 9 - Quito
Pichincha
ECUADOR
Telephone
: 593-4-2304807
E_Mail :
repa@iclaro.com.ec; disfarsa@iclaro.com.ec
Started
: 2007
Total
Employees
: 8
Payments
: Prompt
Subscribed Capital
: US$ 800.-
Authorized Capital
: US$ 1.600.-
Sic(s) : 5149 - 5153
Line of Business: Import and commercialization of grains and spices
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$ 1.822.884
Assets US$ 30.993
Liabilities US$
5.767
Equity US$ 25.226
Profit US$ 24.426
Commercial Bulletin : As at 30/06/2013 subject
does not register protested
checks in the national central of risk
TRADE REFERENCES
Little or no local credit experience, since main purchases are carried out
abroad
- Tax Status: With outstanding obligations. It has no permission to issue new
sales receipts
Enter Solutions S.A. has no
current credits in the National Financial System.
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2011 was US$ 10.009,28
Income tax corresponding to the last years:
Year 2012: US$ 794
Year 2011: US$ 1.309
Year 2010: US$ 8.142
Year 2009: US$ 1.013
BANKS
Subject operates with the following bank:
- Banco Pichincha C.A.
OPERATIONS
Line of Business : Import and commercialization of grains and spices
The economic activity in the Internal Revenue Service
(SRI) is: WHOLESALE AND RETAIL FARM PRODUCE
Corporate porpuse in the Superintendency of companies is:
analysis, design, development, implementation of computer
systems, etc.
Classification according to commercial activity:
Sic: 5149-0000 Groceries and related products
-0301 Condiments
Sic: 5153-0000 Grain and field beans
Sales
Sales are steady throughout the year
Local sales territory
Customers
Main customers are: Line of business' distributors, public in general.
Purchases
International purchases only
Imports from Canada, India, China, Swaziland, Chile, United States, Sri Lanka.
Employees: 8 employees
Location
- The administrative offices are located at Baquerizo Moreno 1119 y Av. 9
de
Octubre, Edificio Plaza 9, piso 9 Quito Pichincha, Ecuador
Branches
- Mucho Lote 3, Solar 16 Guayaquil Guayas Ecuador
- The administrative offices are not legally registered.
- Previously they had warehouse at Ciudadela Urdenor Dos, Manzana 209,
Solar 8
The interviewee did not provide any information about it, so it was impossible
to check if there is any existing subsidiary.
INSURANCES
Insurance Company:
-Constitucion C.A. Compañia de Seguros
General Manager : Jaime
Roberto Efrain Farfan TAX:0904041977001
President
: Angel Xavier Pacheco Galarza TAX:0906030226
CURRICULUM
Jaime Roberto Efrain Farfan
T A
X
: 0904041977001
Civil status : Married
Birth date : 14/08/1951
-Ecuador
Position :
General Manager.
Mercantile Register : Number 551 of 13/01/2010
Simultaneously : Was registered legally in the
SRI for a personal business
since may 16, 2003. His economic activity recorded is:
Wholesale spices. No trade name
Angel Xavier Pacheco Galarza
T A
X
: 0906030226
Civil status : Single
Birth date : 24/11/1956
-Ecuador
Position :
President.
Mercantile Register : Number 12622 of 07/07/2009
Legal Structure : Stock Company (Ecuador)
Constitution date :
01/08/2007
Authorization : Resolution Nº 4809
Notary
: N° 3, Guayaquil Guayas
Term of duration :
50 Year, ended on 01/08/2057
Legal Address : Guayaquil - Ecuador
Published in : Official Gazette dated 02/08/2007
Current Subscribed Capital: US$ 800.-Divided to 800.- common shares unique
series amounting US$ 1.-
Authorized Current Capital: US$ 1.600.-
Subscribed & paid-in Initial Capital: US$ 800.-
Authorized Initial Capital: US$ 1.600.-
Shareholders : 2
- 50,00% 0906030226 Angel Xavier Pacheco Galarza
- 50,00% 0904041977001 Jaime Roberto Efrain Farfan
Legal representation is held by General Manager and President.
On 05/08/2013 Mr. Jaime Roberto Efrain Farfan, General Manager, declined
financial information indicating that it is not convenient to subject's
interests, 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
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.53 |
|
|
1 |
Rs.94.37 |
|
Euro |
1 |
Rs.81.58 |
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 |
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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 |
|
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 |
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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 |
|
<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.