|
Report Date : |
07.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
HILACRIL S.A. |
|
|
|
|
Registered Office : |
Vía
Interoceánica a la altura del Km. 18 y Calle Rio San Pedro E7-167, Sector El,
Arenal en Tumbaco, al Oriente de Quito – Quito, Pichincha |
|
|
|
|
Country : |
Ecuador |
|
|
|
|
Financials (as on) : |
30.04.2012 |
|
|
|
|
Date of Incorporation : |
1974 |
|
|
|
|
Legal Form : |
Stock Company |
|
|
|
|
Line of Business : |
Manufacture and sale of textiles |
|
|
|
|
No. of Employees : |
238 |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 |
|
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'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 5% 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 $9 billion in oil for cash and project loans as of December 2012.
|
Source
: CIA |
HILACRIL S.A.
Vía Interoceánica a la altura
del Km. 18 y Calle Rio San Pedro E7-167, Sector El
Arenal en Tumbaco, al Oriente de Quito - Quito
Pichincha
ECUADOR
Telephone : 593-2-2044004,
593-2-2044193
Fax : 593-2-2044008
E_Mail : ivonne.novoa@hilacril.com,
info@hilacril.com, fausto.flores@hilacril.com
Web Site : www.hilacril.com
Postal Code : 17 01 3234
SUMMARY
Started : 1974
Total Employees : 238
Payments : Prompt
Financial Sit : Good
Economic Sit.: Excellent
Sales : US$
1.689.450.- (30/04/2012)
Net worth : US$
5.813.997.-
Current profit : US$
112.870.-
Subscribed Capital : US$
5.500.000.-
Sic(s) : 2253 - 2311
Line of Business: Manufacture and sale of textiles.
EVALUATION
Risk level = 3
Interpretation at the end of the report.
Credit Recommendation
Dollars
Conservative value : 370.000
Liberal value
: 400.000
If additional information is received or present information is rectified, this
recommendation may be modified.
Payment Scoring = [ 100 ]
Financial indicators
According to last financial statement, subject shows a good financial
situation, as indicated in:
** Normal Working Capital
** Excellent Current Liquidity Ratio
** Good Acid Test Ratio
Economic situation is excellent, as reflected in:
** Low Current Indebtedness Ratio
** Low Total Indebtedness Ratio
** Excellent Solvency Ratio
COMMERCIAL INFORMATION
Commercial Bulletin : As at 31/10/2013 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 : 12 years
Last purchase : 12-2013
Terms : 60 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : Does not Register
Due : Does not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly US$)
3.000
Detail of Former
Trade References
--------------------------------------------------------------------------------
Owes
Last
Credit
Old
Payment Purch..
Notes
(US$)
(US$)
--------------------------------------------------------------------------------
20 years 07-12 Prompt
invoice
10.000 None
5 years 07-12 Prompt
invoice
10.000 None
2 years 06-11 Prompt
checks
10.000
-
5 years 07-11 Prompt
checks
Open None
8 years 06-11 Prompt
checks
Open None
6 years 09-10 Prompt
checks
Open None
8 years 10-10 Prompt
checks
Open None
2 years 09-10 Prompt
checks
500 None
8 years 03-10 Prompt
checks
5.000 None
15 years 03-10 Prompt
checks
Open None
Since 1991 04-09 Prompt
checks
6.000 None
Since 2002 11-09 Prompt
checks
50.000 None
5 years 10-08 Prompt
checks
15.000
-
15 years 01-09 Prompt
checks
Open
-
15 years 03-08 Prompt
checks
Open None
20 years 04-08 Prompt
checks
1.500 None
20 years 04-08 Prompt
checks
1.000 None
10 years 04-07 Prompt
checks
Open
-
Since 2003 03-07 Prompt
checks
Open
-
Since 2002 02-07 Prompt
checks
Open
-
4 years 04-06 Prompt
checks
50.000
-
12 years 04-06 Prompt
checks
500
-
12 years 04-06 Prompt
checks
2.000
-
- Tax Status: Current obligations fulfilled
- Special Taxpayer
- Special Taxpayer: It has special features and obligations which allow
apply a
better control in then taxes
Detail of Bank References
Following are detailed the three main banks where this company has current
credits in the National Financial System.
Bank
: Banco Cofiec S.A.
To
expire
: US$ 284.265,58
Bank
: Banco de Guayaquil S.A.
To
expire
: US$ 600.000,00
Bank
: Banco Pichincha C.A.
To
expire
: US$ 1.177.787,49
Bank
: Diners Club del Ecuador S.A. Sociedad Financiera
Credit
Card
: Credit Card
To
expire
: US$ 918,01
Total debt as of October
2013 is US$ 2.350.831,77
Credit history
Hilacril S.A not have in the last three years negative history in the National
Financial System.
Maximum amount of indebtedness registered by the subject -, in the National
Financial System was US$ 2.350.831,77 in October, 2013
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2010 was US$ 1.279.028,92
During 2011 was US$ 1.954.273,02
During 2012 was US$ 1.803.369,79
During 2013 was US$ 2.187.959,33
Income tax corresponding to the last years:
Year 2012: US$ 37.617
Year 2011: US$ 65.862
Year 2010: US$ 53.320
Year 2009: US$ 60.857
FINANCIAL INFORMATION
C O M P A R A T I V E - S U M M A R Y
( Figures in US$ Dollars )
30/04/2012
31/12/2011 31/12/2010
CURRENT
ASSETS
3.376.610
3.112.883 3.416.967
CURRENT
LIABILITIES
1.685.662
624.843 839.610
WORKING
CAPITAL
1.690.948
2.488.040 2.577.357
FIXED
ASSETS
4.816.860
4.659.909 4.602.580
OTHER
ASSETS
0 121.279
38.000
LONG TERM
LIABILITIES
693.811
1.462.560 1.342.090
NET
WORTH
5.813.997
5.806.668 5.875.847
OPERATING
INCOMES
1.689.450
5.191.012 4.694.710
CURRENT
PROFIT(LOSS)
112.870
116.706 197.310
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
30/04/2012 31/12/2011
Cash
186.610 103.684
Sundry
Debtors
2.239.130 2.071.056
Inventory
869.490 767.473
Other Current
Assets
81.380 170.670
CURRENT
ASSETS
3.376.610 3.112.883
Net Fixed
Asset
4.816.860 4.659.909
FIXED
ASSETS
4.816.860 4.659.909
Other
0 121.279
OTHER
ASSETS
0 121.279
TOTAL
ASSETS
8.193.470 7.894.071
LIABILITIES
30/04/2012 31/12/2011
Accounts
Payable
363.615 265.135
Notes
Payable
1.092.777
0
Other Current
Liabilities
229.270 359.708
CURRENT
LIABILITIES
1.685.662 624.843
Notes
Payable
693.811 1.462.560
LONG TERM
LIABILITIES
693.811 1.462.560
Capital &
Reserves
5.500.000 5.500.000
Other Reserves
201.127 189.962
Current Profit
(Losses)
112.870 116.706
NET
WORTH
5.813.997 5.806.668
TOTAL LIABILITIES
8.193.470 7.894.071
STATEMENTS OF
RESULTS
30/04/2012 31/12/2011
Operating
Income
1.689.450 5.191.012
Operating
Cost
-1.373.920 -4.308.602
OPERATING
MARGIN
315.530 882.410
Administration & Sales
Expenses
-214.260 -749.923
OPERATING
RESULT
101.270 132.487
Other non Operating
Incomes
11.600 82.299
NON OPERATING
RESULT
11.600 82.299
Result Before Income
Tax
112.870 214.786
Taxes and Employees
Participation
0 -98.079
NET
PROFIT(LOSS)
112.870 116.707
CURRENT
PROFIT(LOSS)
112.870 116.707
ECONOMIC - FINANCIAL RATIOS
30/04/2012
31/12/2011 Average
Working
Capital
( US$ ) 1.690.948
2.488.040 2.089.494
Current Liquidity
(Times)
2,00
4,98 3,49
Acid
Test
(Times)
1,49 3,75
2,62
Collection Period Days (
Days)
477,13
143,63 310,38
Accounts Receivable Turnover(Times)
0,75
2,51 1,63
Inventory Turnover
(Times)
1,58
5,61 3,60
Current Indebtedness
(Times)
0,29
0,11 0,20
Total Indebtedness (Times)
0,41
0,36 0,39
Solvency
(Times)
3,44
3,78 3,61
Assets Tying
Up
( % )
58,79
59,03 58,91
Profitability Over Sales ( %
)
6,68
2,25 4,47
Profitability Over Assets ( %
)
1,38
1,48 1,43
Profitability Over Net Worth( %
)
1,98
2,05 2,02
BANKS
Subject operates with the following financial institutions
- Banco Cofiec S.A. ACCT # 1300052
- Banco de Guayaquil S.A.
- Banco Pichincha C.A. ACCT # 30187429-04
Line of Business : Manufacture
and sale of textiles
The
line of business registered at the Internal Revenue Services(IRS) is: MANUFACTURE OF COTTON YARN OR
THREAD, WOOL FIBER SYNTHETIC OR
ARTIFICIAL
Social
objective registered at the Superintendency of Companies is: The production and textile
products manufacturing and may engage in any act or contract trade.
Classification according
to commercial activity:
Sic: 2253-0000 Knit outerwear mills
-0207 Sweaters and sweater coats, knit
-0205 Shawls, knit
Sic: 2311-0000 Men's and boy's suits and coats
-0200 Coats, overcoats and vests
Commercializes:
- D & Bond
Sales
Sales are steady throughout the year
National and international sales territory
Exports to Mexico, Colombia, Chile, United States, Bolivia, Canada.
Estimated average monthly sales are US$. 450.000
Customers
Main customers are: Line of business' distributors, textile
industry, public in general.
Main customer is:
Importadora, Exportadora Y Comercializadora Davila & Bond C.A.
Purchases
Domestic and international purchases
Imports from Peru, Germany, Panama, Italy, Spain.
National suppliers
- Botoperla S.A.
- Corporacion Ekazipper del Ecuador S.A.
- Marquillas Fast S.A.
- Quifatex S.A.
Foreign suppliers
- Fibras Nacionales de Acrilicos (Mexico)
- Huntsman (Panama)
- Stoll (Germany)
- Sudamericana de Fibras (Peru)
Employees: 238 employees approx.
Location
- The administrative offices and factory are in the Vía Interoceánica a
la altura del Km. 18 y Calle Rio San Pedro E7-167, Sector El Arenal en Tumbaco,
al Oriente de Quito Quito Pichincha, Ecuador
Branches
Subject does not have any branch
RELATED COMPANIES
Subject is related with the following company:
- Importadora, Exportadora Y Comercializadora Davila & Bond C.A. T A
X :
1791354419001
INSURANCES
Insurance Company:
-Liberty Seguros S.A.
ADMINISTRATION
President
: Luis Fernando Davila
Pinto TAX:1703005445
Manager
: Charles Fernando Davila
Bond TAX:1703764405001
Human Resources Manager : Fernando
Javier Davila Bond TAX:1706455233
Finances Manager : Fausto Flores
Accounting Assistant : Ivonne
Noboa
CURRICULUM
Luis Fernando Davila Pinto
T A
X
: 1703005445
Civil status : Married
Birth date : 24/06/1945 -Ecuador
Position : President
Mercantile Register : Number
9569 of 30/06/2011
Charles Fernando Davila Bond
T A
X
: 1703764405001
Civil status : Married
Birth date : 07/06/1969 -Ecuador
Position : Manager
Mercantile Register : Number
9568 of 30/06/2011
Previously : He was legally registered
at the IRS to perform personal business from 11-06-
1997until
11-06-1997. His registered business activity was: sale of accessories for clothing: hats, belts. Trade name was
Fashionlana. At present, it is in Definite Suspension.
Fernando Javier Davila Bond
T A
X
: 1706455233
Civil status : Married
Birth date : 15/06/1977
LEGAL INFORMATION
Legal Structure : Stock Company
Constitution date : 02/05/1974
Authorization : Resolution Nº 3931
Notary
: N° 11, Quito
Pichincha
Term of duration : 50 Year, ended on 02/05/2024
Legal Address : Quito - Ecuador
Published in : Official Gazette dated
03/05/1974
Current Subscribed Capital: US$ 5.500.000.-Divided to 55.000.- common shares
unique series amounting US$ 100.-
Subscribed & paid-in Initial Capital: US$ 414.-
Shareholders :
- 65,00% 1703005445 Luis Fernando Dávila Pinto
- 6,73% Jorge Anibal Vergara Narvaez
- 5,74% Christina Louice Davila Bond
- 5,74% 1706455233 Fernando Javier Davila Bond
- 5,19% John Alexander Davila Bond
- 4,50% Arturo Eduardo Davila Bond
- 4,50% 1703764405001 Charles Fernando Davila Bond
- 3,73% Flavio Leonardo Noboa Estupiñan
- 3,40% Bolivar Jaime Guarderas Alomia
Legal representation is held by Manager, President.
Legal changes
By Resolution Nº 1279 on 16/06/1986, notary N° 9, Quito Pichincha, published in
the Official Gazette dated 05/07/1986, corporate name was modified: of
Hilaturas Acrilicas
S.A. Hilacril to Hilacril S.A..
By Resolution Nº 4944 on 21/12/2004, notary N° 9, Quito Pichincha, published in the Official Gazette dated
27/12/2004, capital was increased: in US$. 500.000,00
By Resolution Nº 3033 on 18/07/2005, notary N° 9, Quito Pichincha, published in the Official Gazette dated
02/08/2005, capital was increased: in USD 500.000,00
El capital social inicial (constitucion) en Sucres fue de S/ 10.360.000
Registered trade name: Hilacril S.A.
This company is controlled by members of a family of Pinto surname, long
tradition in textiles, as known, is the third generation that today manages Hilacril SA Fashion and other named
Lana Cia works in a local by the owner.
PUBLICATIONS
Information regarding subject is supplied as follows
www.aite.com.ec of 07/10/2010 Hilacril SA participated in Colombiamoda 2010
The company has maintained a steady growth which places it at the time, with a
production of 80 tons of acrylic yarn per month, of which 50 used in the production of 40,000 knitted garments
such as jackets and sweaters, and 7000 in flat
woven products such as scarves, shawls and collars -
INFORMATION SOURCES
On 03/12/2013 Mr. Fernando Javier Davila Bond, Human Resources Manager,
declined financial information as she is not authorized to provide it,
however, submitted general
information.
-Other outside information sources.
Exchange rate
-Since September 9th, 2000, official currency in Ecuador is the US$ dollar
-Until then, the currency was the sucre. Exchange
rate was s/. 25.000 X US$ 1.00
INTERPRETATION OF RISK
LEVEL AND CREDIT RECOMMENDATION
RISK LEVEL
Credit risk assessment is ordered as follows: 1 Minimum Risk, 2 Low Risk, 3
Middle Risk, 4 Middle High Risk, 5 Significant Risk, 6 High Risk.
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.
INTERPRETATION OF PAYMENT SCORING
The Scoring is arranged as follows: 0 to 40 Delays, 41 to 60 Slow, 61 to 80
Moderate, 81 to 100 Prompt
Macroeconomic
Information
Interest Rate for the week of 22/10/2013 - 28/10/2013
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 ( % ) 2,04 Oct/2013
Monthly
Inflation ( % ) 0,41 Oct/2013
Accumulated ( % ) 2,09
Oct/2013
The information herein contained is confidential and exclusively
intended for its
addressee. Unauthorized use, copying and/or disclosure of the
information contained
in this transmission may result in
legal punishment. If you receive
this document by error, please delete it and
notify to the email address:
peraciones.ecuador@tws.cl.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.67 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.