|
Report Date : |
05.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
MILEMPRO S.A.
|
|
|
|
|
Registered Office : |
Av. De los Naranjos N44-125
y Av. De los Granados - Quito Pichincha |
|
|
|
|
Country : |
Ecuador |
|
|
|
|
Date of Incorporation : |
29.03.2000 |
|
|
|
|
Legal Form : |
Stock Company |
|
|
|
|
Line of Business : |
Commercialization of plastic products |
|
|
|
|
No. of Employees : |
15 |
RATING & COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
650.000 Dollars
|
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
Litigation : |
--- |
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 $9 billion in oil for cash and project loans as of December 2012.
Source : CIA
MILEMPRO S.A.
Av. De los Naranjos N44-125 y Av. De
los Granados - Quito
Pichincha
ECUADOR
Telephone : 593-2-2275210, 593-2-3340309, 593-2-2227510
Fax : 593-2-2275211
E_Mail : milempro@milempro.ec , hagaleano@milempro.ec
Started
: 2000
Total Employees : 15
Payments :
Has not been established
Subscribed Capital :
US$ 1.500.000.-
Authorized Capital :
US$ 3.000.000.-
Sic(s) : 5162
Line of Business: Sale of plastic products in general
Credit Recommendation
Dollars
Conservative value
: 650.000
Liberal
value
: 750.000
If additional information is
received or present information is rectified, this
recommendation may be
modified.
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, 2012 are:
Sales US$ 13.550.708
Profit US$ 179.094
According to the Superintendence of Companies the most important figures as
of December 31st, 2011 are:
Sales US$ 15.032.147
Profit US$ 356.328
According to the Superintendence of Companies the most important figures as
of December 31st, 2010 are:
Sales: US$ 10,847,834
Assets: US$ 6,304,394
Liabilities: US$ 5,840,694
Equity: US$
463,700
COMMERCIAL INFORMATION
Commercial Bulletin : As at 31/08/2013
subject does not register protested
checks in the national central of risk
Trade reference of the
sole supplier is detailed
Detail of References
Old : 15
years
Last purchase : 09-2013
Terms : 15 days
Payment : Prompt
Notes : bank transfer
Credit : Open
Owes : Does not
Register
Due : Does
not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly US$) 150
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(US$) (US$)
--------------------------------------------------------------------------------
10 years 05-12 Prompt
checks
Open None
- Tax Status: Current obligations fulfilled
- Special Taxpayer
- Special Taxpayer: It has special features and obligations which allow
apply a
better control in then taxes
Milempro S.A. does not have current
credits in the National Financial System
Income tax corresponding to the last years:
Year 2012: US$ 69.087
Year 2011: US$ 101.957
Year 2010: US$ 43.564
BANKS
The main banks are:
- Banco Internacional
S.A.
- Banco Pichincha C.A.
Line of Business :
Commercialization of plastic products in general
The line of business registered at the Internal Revenue
Services(IRS) is: ACTIVITIES OF PRODUCTION OF
OTHER PRIMARY
PLASTIC ITEMS
Social objective registered at the Superintendency of
Companies is: production, transformation, processing,
acquisition, distribution of thermoplastic film in all its
forms, or any other similar product or a substitute developed
in the chemical industry of plastics
Classification according to commercial activity:
Sic: 5162-0000 Plastics materials and basic shapes
Sales
Sales are steady throughout the year
National sales territory
Customers
Main customers are: Companies in general.
Purchases
Domestic and international purchases
Imports from Colombia, China.
Main suppliers
- Sumofi Proveedores Cia. Ltda.
Employees: 15 employees
Location
- The administrative offices are located at Av. De los Naranjos N44-125 y Av.
De los Granados Quito Pichincha, Ecuador
Branches
Subject does not have any
branch
Subject is related to the
following companies:
International
- Angostura Holdings S.A., Panama
- Springfield Bvi, Virgin Islands
British
Insurance Company:
-Compaņia de Seguros
Generales Equinoccial
S.A.
General
Manager : Hernan Alberto Galeano
Ospina TAX:1715553754
President
: Patricia Elena Ramirez Diaz TAX:1715553747
General Manager : Anita
Guzman
Assistant
CURRICULUM
Hernan Alberto Galeano
Ospina
T A
X
: 1715553754
Civil status : Married
Birth date : 26/02/1962
Position :
General Manager
Mercantile Register : Number 8606 of 14/07/2010
Simultaneously : He is legally registered at the
IRS to perform personal
business since September 15, 2000. His registered business
activity is: Provision of Professional Services. No
registered trade name
Patricia Elena Ramirez Diaz
T A
X
: 1715553747
Civil status : Married
Birth date : 24/01/1965
Position :
President
Mercantile Register : Number 5694 of 21/06/2005
Simultaneously
: She is legally registered at the IRS to perform personal
business since March 13, 2006. Her registered business
activity is: Business and Management advisory. No
registered trade name
Legal
Structure : Stock Company
Constitution date : 29/03/2000
Authorization : Resolution Nš 720
Notary
: N° 28, Quito Pichincha
Term of duration : 50 Year, ended on 29/03/2050
Legal Address : Quito - Ecuador
Published in : Official Gazette
dated 23/03/2000
Current Subscribed Capital: US$ 1.500.000.-Divided to 37.500.- common shares
unique series amounting US$ 40.-
Authorized Current Capital: US$ 3.000.000.-
Subscribed Initial Capital: US$ 800.-
Paid-in Initial Capital: US$ 200.-
Shareholders :
- 99,52% Angostura Holdings S.A. (Panama)
- 0,48% Springfield Bvi (Virgin
Islands British)
Legal representation is held by General Manager.
Legal changes
By Resolution Nš 2847 on 23/07/2008, notary N° 11, Quito Pichincha, published
in
the Official Gazette dated 04/08/2008, capital was increased: Amounting US$
1.007.000
On 02/10/2013 Mr. Anita
Guzman, General Manager Assistant, 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 sure.
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.
Interest
Rate for the week
of
02/09/2013 - 08/09/2013
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
( % ) 2,27 Aug/2013
Monthly
Inflation
( % ) 0,17 Aug/2013
Accumulated
( % ) 1,10 Aug/2013
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
UK Pound |
1 |
Rs.99.29 |
|
Euro |
1 |
Rs.83.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.