MIRA INFORM REPORT

 

 

Report Date :

11.10.2013

 

IDENTIFICATION DETAILS

 

Name :

INDUSTRIAL DE ALIMENTOS EYL SA

 

 

Registered Office :

Anillo Periférico Sur, road to International School, turn left 300 ft after DHL, last warehouse to the right

 

 

Country :

Honduras

 

 

Year of Establishments:

1963

 

 

Legal Form :

Sociedad Anonima

 

 

Line of Business :

manufacturer of condiments and all kind of ingredients.

 

 

No. of Employees :

50

 

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

 

 

Payment Behaviour :

Unknown 

 

 

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)

Honduras

B2

B2

 

Risk Category

ECGC Classification

 

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Honduras ECONOMIC OVERVIEW

 

Honduras, the second poorest country in Central America, suffers from extraordinarily unequal distribution of income, as well as high underemployment. While historically dependent on the export of bananas and coffee, Honduras has diversified its export base to include apparel and automobile wire harnessing. Nearly half of Honduras's economic activity is directly tied to the US, with exports to the US accounting for 30% of GDP and remittances for another 20%. The US-Central America-Dominican Republic Free Trade Agreement (CAFTA-DR) came into force in 2006 and has helped foster foreign direct investment, but physical and political insecurity, as well as crime and perceptions of corruption, may deter potential investors; about 70% of FDI is from US firms. The economy registered modest economic growth of 3.0%-4.0% from 2010 to 2012, insufficient to improve living standards for the nearly 65% of the population in poverty. An 18-month IMF Standby Arrangement expired in March 2012 and was not renewed, due to the country's growing budget deficit and weak current account performance. Public sector workers complained of not receiving their salaries in November and December 2012, and government suppliers are owed at least several hundred million dollars in unpaid contracts. The government announced in January 2013 that loss-making public enterprises will be forced to submit financial rescue plans before receiving their budget allotments for 2013.

 

Source : CIA

 

 

 

 

GEOPOLITICS

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Republic


Economic Risk: High

Currency: Honduras (HLN)

100(HNL)= 4.88(USD)

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

INDUSTRIAL DE ALIMENTOS EYLSA

Address in the order:

Loarque-LA Canada,

Calle A La International School,

100MTS Despues De DHL,

 Doblar A Mano Izquierida,

Ultima Bodega,A La Derecha, Tegucigalpa,

 

 

Legal Name:

INDUSTRIAL DE ALIMENTOS EYL SA

Legal Address

Anillo Periférico Sur, road to International School, turn left 300 ft after DHL, last warehouse to the right.

Postal Town

Tegucigalpa

Post Code

N.A.

Primary Geographic Area

N.A.

Country

HN

Location Status

Headquarters, Legal Address,

Operative Address

Anillo Periférico Sur, road to International School, turn left 300 ft after DHL, last warehouse to the right, Tegucigalpa, Honduras.

Telephone:

(504) 2245-6237 / (504) 2245-6276 / (504) 2217-0042

RNC :

080019007088535

Fax:

(504)  2217-0041

Legal Form:

Sociedad Anonima

Email:

info@industrialdealimentos.com   

Registered in:

HN

Website:

www.industrialdealimentos.com

Date Created:

1963

Manager:

Emil Nuńez

Date Incorporated:

2007

Staff:

50

Stock:

N.A.

 

 

Value:

N.A.

Activity:

This company is engaged to the manufacturing of condiments and all kind of ingredients.

 

 

BANKS

 

Name of the Bank

BAC

Location                                   

Honduras

Comments

This information was provided by the subject company.

 

Name of the Bank

Atlántida

Location                                   

Honduras

Comments

This information was provided by the subject company.

 

BUSINESS

 

HISTORY

 

The company was created in 1963 but they corporate the company in 2007 in Honduras.

 

PRINCIPAL ACTIVITY

 

This company is engaged to the manufacturing of condiments and all kind of ingredients.

 

Products/Services description:

 

Flavors for perfumes producing , smoking flavors, food flavors, aromatizes, dry, additives taste aromatic for meat industry, additives functional for confectionery industry, food additives, seasonings, soy protein, spices, etc.

Sales are:

 

Wholesale

Brands:

 

OPA SPICES, DON YAP

Clients:

 

Supermarkets, food stores, others

Suppliers:

 

IBERCHEM (Mexico)

(52)(55)5390-95-20

 

 

 

Operations area:

 

National, International, Local

The company imports from Central America

The company exports to Central America

Trade References:

 

IBERCHEM (Mexico)

(52)(55)5390-95-20

The company refused to provide information. The said that information is confidential.

 

The subject employs 50 employee(s)

Comments on staff:

 

The amount of employees was provided by the company.

PAYMENTS

 

regular

LOCATION

Headquarters

 

Anillo Periférico Sur, road to International School, turn left 300 ft after DHL, last warehouse to the right.

The property is:

 

Rented

Comments on location:

 

This facility has administrative office, warehouse, factory and sales department.

Branches:

 

San Pedro Sula

Ofi-Bodegas San Bernardo, Warehouse No. 10, 2nd Anillo de Circunvalación, NW sector, in front Campisa residence.

 

 

Shareholders

Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

EYL COMERCIAL SA (Parent Company)

Tegucigalpa Honduras

Management:

 

General Manager: Emil Nuńez.

Administrator: Delmi

Related Companies:

 

EYL Comercial, Drogueria EYL, Insumos Industriales, Construcciones EYL S.A., Inversiones Moravia, Artes Graficas.

 

Financials

COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We have contacted Delmi, Administrator, who refused to provide us any financial data on grounds of confidentiality/without knowing the name of the inquiring party.

 

Comments on the financial data: Despite our long searches and the contact with the company we could not get financial information for 2012 or 2013.

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.

 

 

Rating

 

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 

 

 Final Opinion

 

The company has 50 years of experience.

 

They currently have 50 employees, for which it is considered a medium size company.

 

The company has one branch in the country, for the distribution of its products.

 

The company has as related company EYL Comercial S.A that is a big company in Honduras.

 

It has bank accounts with a well known bank and has steady commercial relations with its suppliers.

 

The country has been presenting deteriorating economic and political conditions since the coup d’état occurred in 2009.  The President Manuel Zelaya was deposed and flown to Costa Rica, at the same time Mr. Roberto Micheletti took the presidency.  The proclamation of the Congress was done after an emergency session in order to accept a false resignation letter from Mr. Manuel Zelaya. The whole process was condemned by the international community.

From both periods 2011 and 2012, the country faced a continuous deterioration of the main indicators for foreign investments. The forecast is not good for 2013 either. Moreover, during 2012 the country was rated as the most violent in the world, according to the UN. In late 2012 the Congress dismissed 4 out of 5 Supreme Judges of the main Court of the country.

International analysts report that political stability and stable economical conditions are not guaranteed. 

The situation might get worse, particularly short after and before the presidential elections in November 2013.

Taking in consideration these facts, we would recommend taking the proper guarantees.

 

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

N.A.

Public

NO

Indebtedness

N.A.

Payments

TO BE MONITORED

Cash

N.A.

 

 

 

 

APPENDIX

 

Person Interviewed

 

Delmi

Position

 

Administrator

Comments

 

She provides all the information on this report.

Address, Legal Name, e-mails, name of the manager, activity, import and export countries, affiliate company names, and amount of employees.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.14

UK Pound

1

Rs.99.02

Euro

1

Rs.83.87

 

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 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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.