|
Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
ECUAWOOD S.A. |
|
|
|
|
Registered Office : |
Av. Septima 300 y Calle Tercera, sector de Mapasingue Oeste – Guayaquil Guayas |
|
|
|
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Country : |
Ecuador |
|
|
|
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Date of Incorporation : |
27.01.2005 |
|
|
|
|
Legal Form : |
Stock Company (Ecuador) |
|
|
|
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Line of Business : |
Export of wood |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Delayed |
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Litigation : |
Exist |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. 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 $9
billion in oil for cash and project loans as of December 2012.
|
Source
: CIA |
ECUAWOOD
S.A.
Av. Septima 300 y Calle Tercera, sector de Mapasingue Oeste – Guayaquil Guayas ECUADOR
Telephone : 593-09-89153043
E_Mail :
mjbv05@gmail.com
Started : 2005
Payments : Slow
Subscribed Capital
: US$ 800.-
Authorized Capital
: US$ 1.600.-
Sic(s) : 5031
Line of Business : Export of
wood
Financial
statements could not be obtained, thus financial analysis can not be carried
out
Commercial
Bulletin : As at 28/02/2014 subject does not
register protested checks in the national central of risk
Since
all information on suppliers was declined, credit experiences could not be
obtained
- Tax Status: Current obligations fulfilled
Up
to April 02, 2014 (last available report) this company HAS delayed paymnents in the IESS (Ecuadorian Institute of Social
Security), in the amount of US$ 3,519.88.
Detail of
Bank References
Bank
: Banco Pichincha C.A.
Law
Suit
: US$ 5.331,00
Expired
: US$ 5.331,00
Ecuawood S.A. has overdue debts for US$ 10.662,00,
and US$ 5.331,00 of them are in a judicial lawsuit registered up to February
2014
Average
amount of indebtedness registered by the subject, in the National Financial
System:
During 2013 was US$ 9.784,36
Indebtedness with 9 months past due.
Date
amount in US$
February,
2012
4.436,01
The main
bank is:
- Banco Pichincha C.A.
Line of
Business : Wood exportation
The line of business registered at the
Internal Revenue Services(IRS) is: ACTIVITIES OF CONSTRUCTION IN
GENERAL
Social objective registered at the
Superintendency of Companies is: This Company will be engaged in the exportation of all kind of wood either in
natural state or processed
Classification according to commercial
activity:
Sic: 5031-0000 Lumber, plywood, and millwork
Sales are steady throughout the year
International
sales territory
Exports
to China, Israel.
They
informed that they export to several countries of the world without giving more
details. They also said not to remember Woodstar Wood
Solutions (2010), because they have many customers in Israel.
Main
customers are: Foreign companies.
Employees: Number of employees unknown
Location
- The administrative offices are located at Av. Septima
300 y Calle Tercera, sector
de Mapasingue Oeste Guayaquil Guayas, Ecuador
Subject
does not have any branch
-
The phone number 005093-4200022 supplied in the order form does not belong to
the company
Subject
is related with the following company:
-
Bazurto Vargas Alicia Brigida
T A X : 0904644077001
Insurance
details were declined.
General Manager :
Manuel Jose Basurto Vargas TAX:0991097872001
President : Alicia Brigida Bazurto Vargas TAX:0904644077001
Manuel Jose Basurto Vargas
T A
X
: 0991097872001
Position : General Manager
Mercantile Register : Number 8299 of 06/05/2010
Previously : He was legally registered at the IRS to perform personal business from 12-12-1990 until 13-09-2006. His registered business activity was: Sale of food and beverages in bars, restaurants, seafood restaurants, He did not have a trade name. Currently, it is in Definite Suspension
Alicia Brigida Bazurto Vargas
T A X
: 0904644077001
Civil status : Widow
Birth date : 20/09/1940
-Ecuador
Position :
President
Mercantile Register : Number 8108 of 05/05/2010
Simultaneously : She is legally registered at the
IRS to perform personal business since January 26, 2000. Her registered
business activity is: Activities of garment tailored production. Her
trade name is: "Taller Alicia"
Legal Structure : Stock Company (Ecuador)
Constitution date : 27/01/2005
Authorization : Resolution Nº
7006
Notary
: N° 7, Guayaquil Guayas
Term of duration : 50 Year, ended on 27/01/2055
Legal Address : Guayaquil -
Ecuador
Published in : Official
Gazette dated 18/01/2005
Current Subscribed Capital: US$ 800.-Divided to 800.- common shares unique
series amounting US$ 1.-
Authorized Current Capital: US$ 1.600.-
Subscribed Initial Capital: US$ 800.-
Paid-in Initial Capital: US$ 200.-
Authorized Initial Capital: US$ 1.600.-
Shareholders :
- 98,00% 0991097872001 Manuel Jose Basurto Vargas
- 2,00% 0904644077001 Alicia Brigida Bazurto Vargas
Legal representation is held by General Manager, President..
Legal changes
By Resolution Nº 4674 on 07/08/2009, published in the Official Gazette By resolution Nº 4674 dated on 07/08/2009, the Superintendency
of Companies decided to declare inactive
to the company Vidlet S.A., because it is immerse in
the causal of Art. 359 of the Companies
' Law, which says that the Superintendency
will be able to declare "inactive" to the companies under its control
which have not been operating for two consecutive years. This inactivity is
presumed when the company has not complied, in this period of time, with the
requirements set out in the Art. 20 of this Law
Art. 20.- Companies established in Ecuador, under the control of the Superintendency of Companies, will send to
this institution, in the first quarter of each year the following information:
a.) Authorized copies of Annual Balance Sheet, State Income, as well as the reports of the Administrators and Supervising
Agencies.
b.) The list of Administrators, Legal Representatives and partners or
shareholders
c.) All other information set out in the regulation issued by the Superintendency
of Companies.
Rescind:
By resolution Nº 3370 dated 26/05/2010, the Superintendency of Companies decided:
Rescind the resolution Nº 4674 dated 07/08/2009 because the company has issued
its Balance Sheets, therefore, it is no longer immersed in the reasons of
inactivity or closing down.
On 02/04/2014 Mr. Manuel Jose Basurto Vargas, General
Manager, declined general information.
-Other outside information sources.
-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
Interest
Rate for the week
of
10/03/2014 - 18/03/2014
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 ( % ) 2,85 Feb/2014
Monthly
Inflation ( % ) 0,11 Feb/2014
Accumulated
( % ) 0,83 Feb/2014
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.