|
Report Date : |
05.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
GERARDO ORTIZ |
|
|
|
|
Registered Office : |
A la altura |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
16.01.1980 |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
· General items such as: raw material, equipment, finished products, handicrafts, agriculture and building: ·
imports
hardware, glass, toys, perfumes, audio and video, home appliances, construction materials,
industrial machinery, musical instruments,
mass consumption products. |
|
|
|
|
No. of Employees |
1,229 |
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 : |
No complaints |
|
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.
|
Source
: CIA |
GERARDO ORTIZ
(GERARDO ORTIZ
A la altura
ECUADOR
Telephone :
593-7-2882594, 593-7-2887070, 593-7-2887766
Fax : 593-7-2883344
E_Mail
: cperalta@gerardoortiz.com; ecarrion@gerardoortiz.com,
hcerillo@gerardoortiz.com
Web Site :
www.gerardoortiz.com
Started
: 1980
Total
Employees :
1.229
Payments : Prompt
Financial
Sit. : Acceptable
Economic
Sit.
: Regular
Sales
: US$ 171.455.654.-
Net worth : US$ 28.279.270.-
Current
profit : US$ 11.201.756.-
Subscribed Capital :
US$ 700.000.-
Sic(s) : 5023 - 5031 - 5064 - 5251 - 5331
Line of Business:
Interpretation at the end of the report.
Credit Recommendation
Dollars
Conservative value : 6.000.000
Liberal value
: 6.600.000
If additional information is received or present information is rectified, this
recommendation may be modified.
According to last financial statement, subject shows an acceptable financial
situation, as indicated in:
** Low Working Capital
** Good Current Liquidity Ratio
** Regular Acid Test Ratio
Economic situation is regular, as reflected in:
** Very High Current Indebtedness Ratio
** Very High Total Indebtedness Ratio
** Good Solvency Ratio
According to the SRI the most important figures as of December 31st, 2011 are:
Sales US$ 158.712.464
Profit US$ 11.594.600
According to magazine "Vistazo" Nº 1058 of September 22, 2011, this
Company
was part of the "500 largest Companies of the Country" in year 2010,
occupying
the 65 place
This partnership was part of the 500 largest Ecuadorian companies in 2009
occupying the 69 position
This partnership was part of the 500 largest Ecuadorian companies in 2008
occupying the 77 position
COMMERCIAL INFORMATION
Commercial Bulletin : As at 31/12/2013 subject
does not register protested
checks in the national central of
risk
TRADE REFERENCES (13/03/2014)
Other suppliers denied to bring references trade
Detail of References
Old : 5 years
Last purchase : 01-2014
Terms : 30-60 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : Does not Register
Due : Does not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly US$) 15.000
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(US$) (US$)
--------------------------------------------------------------------------------
5 years 10-13 Prompt
checks
Open None
Since 1995 10-13 Prompt
checks
Open None
5 years 07-13 Prompt
checks
Open None
7 years 07-13 Prompt
checks
Open None
7 years 01-13 Prompt
checks
60.000
-
10 years 02-13 Prompt
checks
80.000
-
4 years 11-12 Prompt
checks
Open None
Since 1995 11-12 Prompt
checks
Open None
10 years 05-12 Prompt
checks
80.000 None
Since 2005 05-12 Prompt
checks
59.856 None
Since 2005 02-12 Prompt
checks
50.700 None
10 years 02-12 Prompt
checks
100.000 None
Since 1995 12-11 Prompt
checks
Open None
Since 1995 07-11 Prompt
checks
Open None
3 years 06-11 Prompt
checks
13.500 None
- Tax Status: Current obligations fulfilled
- Special Taxpayer
- Legal Representative is not prevented from leaving the country
- Legal Representative does not register criminal
- Subject is not part of the Clinton List
- Subject does not appear as failed supplier of de State (INCOP)
- Subject does not appear as a later-payer at IESS to March, 2014
- Subject has prosecutions in the province registered as its legal address
- Special Taxpayer: It has special features and obligations which allow
apply a
better control in then taxes
- Clinton List: A list of companies and persons from all around the world
involved in the drugs traffic and money washign, it is issued by the Office of
Foreign Assets Control (OFAC)of the Treasury Department of the United Sates of
America
- INCOP: Instituto Nacional de Contratación Pública (National Institute of
Government Procurement), state entity.
Detail of Bank References
Bank
: Banco de Guayaquil S.A.
To expire
: US$ 4.820.974,52
Bank
: Banco Pichincha C.A.
To
expire
: US$ 605.630,60
Total debt up to December 2013 is US$ 5.426.605,12
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2011 was US$ 4.630.784,12
During 2012 was US$ 2.704.290,93
During 2013 was US$ 4.149.395,42
Indebtedness with 2 months past due.
Date
amount in US$
November,
2011
8,00
Income tax corresponding to the last years:
Year 2012: US$ 4.687.495
Year 2011: US$ 3.288.486
Year 2010: US$ 2.746.741
Year 2009: US$ 1.793.619
S U M M A R Y
( Figures in US$ Dollars )
31/12/2012
CURRENT
ASSETS
98.477.481
CURRENT
LIABILITIES
86.045.154
WORKING
CAPITAL
12.432.327
FIXED
ASSETS
26.812.606
LONG TERM
LIABILITIES
10.965.663
NET
WORTH
28.279.270
OPERATING
INCOMES
171.455.654
CURRENT
PROFIT(LOSS)
11.201.756
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/12/2012
Cash
7.524.845
Sundry
Debtors
40.727.654
Inventory
48.742.334
Other Current
Assets
1.482.648
CURRENT ASSETS
98.477.481
Net Fixed
Asset
26.812.606
FIXED
ASSETS
26.812.606
TOTAL ASSETS
125.290.087
LIABILITIES
31/12/2012
Accounts
Payable
51.482.659
Notes
Payable
7.054.717
Other Current
Liabilities
27.507.778
CURRENT
LIABILITIES
86.045.154
Notes
Payable
1.927.973
Other Long Term
Liabilities
9.037.690
LONG TERM
LIABILITIES
10.965.663
Capital &
Reserves
1.682.932
Other
Reserves
3.931.011
Accumulated
Profits
11.463.571
Current Profit
(Losses)
11.201.756
NET
WORTH
28.279.270
TOTAL
LIABILITIES
125.290.087
STATEMENTS OF
RESULTS
31/12/2012
Operating
Income
171.455.654
Operating
Cost
-124.565.233
OPERATING
MARGIN
46.890.421
Administration & Sales
Expenses
-32.090.480
OPERATING
RESULT
14.799.941
Other non Operating
Incomes
3.893.297
NON OPERATING
RESULT
3.893.297
Result Before Income
Tax
18.693.238
Taxes and Employees
Participation
-7.491.481
NET PROFIT(LOSS)
11.201.757
CURRENT
PROFIT(LOSS)
11.201.757
ECONOMIC - FINANCIAL RATIOS
31/12/2012
Working
Capital
( US$
)
12.432.327
Current Liquidity
(Times)
1,14
Acid
Test
(Times)
0,58
Collection Period Days (
Days)
85,51
Accounts Receivable
Turnover(Times)
4,21
Inventory Turnover
(Times)
2,56
Current Indebtedness
(Times)
3,04
Total Indebtedness
(Times)
3,43
Solvency
(Times)
1,29
Assets Tying
Up
( %
)
21,40
Profitability Over Sales ( %
)
6,53
Profitability Over Assets ( %
)
8,94
Profitability Over Net Worth( %
)
65,59
The main banks are:
- Banco de Guayaquil S.A.
- Banco Del Austro S.A. ACCT # 2000297235
- Banco Del Pacifico S.A. ACCT # 5100003
- Banco Internacional S.A. ACCT # 800060406
- Banco Pichincha C.A. ACCT # 9658352
(13/03/2014)
Line of Business : Goods in general trade.
eneral items such as: raw material, equipment, finished
products, handicrafts, agriculture and building: imports
hardware, glass, toys, perfumes, audio and video, home
appliances, construction materials, industrial machinery,
musical instruments, mass consumption products.
Registered line of business in the Ecuadorian Internal
Revenue Service (SRI) is: PRODUCTS RANGE WHOLESALE AND
RETAIL
The Social purpose registered in the Superintendency of
Companies is: Commercialization of every kind of: raw
material, equipment and finished products for home,
handicrafts, industry, agriculture and construction.
Accordingly, the company will be able to import, export,
manufacture and distribute.
Classification according to commercial activity:
Sic: 5023-0000 Homefurnishings
-0500 Decorative home
furnishings and supplies
Sic: 5031-0000 Lumber, plywood, and millwork
-0100 Building materials,
exterior
-0200 Building materials,
interior
Sic: 5064-0000 Electrical appliances, television and radio
-9903 Electric household
appliances
Sic: 5251-0000 Hardware stores
-0100 Tools
Sic: 5331-0000 Variety stores
Sales
Sales are steady throughout the year
National sales territory
Sales are mainly wholesale. Its main customers are indipendent sub
distributors,
located in different cities nationwide.
Customers
Main customers are: Retail, companies in general, public in
general.
wholesale,
Purchases
Domestic and international purchases
Imports from Germany, Brazil, Colombia, Venezuela, Spain, United States,
Mexico,
Far East, Argentina, China.
- Among Its main suppliers are firms which belong to the same group.
National suppliers
- Adheplast S.A
- Alessa S.A.
- Cartones Nacionales S.A. I Cartopel
- Colgate Palmolive Del Ecuador Sociedad Anonima Industrial Y Comercial
- Industria De Alimentos La Europea Cia. Ltda.
- Kimberly - Clark Ecuador S.A.
- Laminados Y Textiles Lamitex S. A.
- Negocios Industriales Real N.I.R.S.A. S.A.
- Nestle Ecuador S.A.
- Plasticaucho Industrial S.A.
- Productos Familia Sancela Del Ecuador S.A
- Quifatex S.A.
- Sintecuero S.A.
Foreign suppliers (13/03/2014)
- Air Products (United States)
- Basf Corporation (Germany)
- Bayer (Germany)
- Colceramica S.A. (Colombia)
- Copequim (Venezuela)
- LC Internacional
- Lyondel (Brazil)
- Modaplass (Colombia)
Employees: 1.229 employees
Location
- Official address and a part of the administrative offices are located
at A la
altura del Km 1.5, Av. Carlos Julio Arosemena S/N Guayaquil
Guayas, Ecuador
Branches
- Circunv. Sur S-N Y Felipe Segundo Cuenca Azuay Ecuador
- Warehouse located at Gonzalo Dias De Pineda S-N Cuenca Azuay Ecuador
- Mariscal Sucre 1-73 Y Huayna Capac Cuenca Azuay Ecuador
- Tarqui 7-50 Y Mariscal Sucre Cuenca Azuay Ecuador
- Warehouse located at Brevas 10-144 Y De Las Palmeras Quito Pichincha
Ecuador
- Esmeraldas 5-92 Y Tungurahua Ambato Tungurahua Ecuador
- A part of the Administrative offices and the main branch are located at
Av de
las Americas 6-118 y Nicolas de la Rocha, a la altura del Km 6.5
de la
Panamericana Sur. Edif. Coralcentro Cuenca Azuay Ecuador
- Warehouse located at Via a Daule S/N Guayaquil Guayas Ecuador
- Av. Don Bosco 3256 y La Pinta Cuenca Azuay Ecuador
- Via Racar Av. Principal S/N Cuenca Azuay Ecuador
- Autopista Sur Via Turi S/N y Felipe Segundo Cuenca Azuay Ecuador
- Warehouse located at Carlos Tosi Siri 2-29 Y Calle Principal Cuenca
Azuay
Ecuador
- Federico González Suarez s/n y Emiliano Zapata Cuenca Azuay Ecuador
- Warehouse located at Carlos Tosi Siri 2-04 y Primera Transversal Cuenca
Azuay
Ecuador
- La Pinta 1-126 Cuenca Azuay Ecuador
- Another part of the administrative and sales offices Av. Las Americas
6-118 y
Nicolas de Rocha Cuenca Azuay Ecuador
- Main offices of the group are located in Cuenca.
RELATED COMPANIES
Subject is related to the following companies:
- Embutidos De Carne De Los Andes Embuandes Cia. Ltda. T A X :
0190330494001
Cuenca Azuay . Sales as at 31/12/2012 US$ 13.019.662
- Adheplast S.A T A X : 0190099725001 Cuenca Azuay . Sales as at
31/12/2012 US$
43.115.442
- Laminados Y Textiles Lamitex S. A. T A X : 0190104567001 Cuenca Azuay .
Sales
as at 31/12/2012 US$ 41.759.328
- Industria De Soldaduras y Metales Insomet Cia. Ltda. T A X :
0190114473001
Cuenca Azuay . Sales as at 31/12/2012 US$ 24.614.849
- Importadora Comercial Lartizco Cia. Ltda. T A X : 0190117278001 Cuenca
Azuay
. Sales as at 31/12/2012 US$ 18.978.277
- Sintecuero S.A. T A X : 0190133346001 Cuenca Azuay . Sales as at 31/12/2012
US$ 11.138.308
- Ortiz Y Jacome De Comercio Cia. Ltda. T A X : 0190147398001 Cuenca
Azuay .
Sales as at 31/12/2012 US$ 10.434.324
- Importadora Rolortiz Cia. Ltda. T A X : 0190157075001 Cuenca Azuay
- Comercial Carlos Roldan Cia. Ltda. T A X : 0190316025001 Cuenca Azuay .
Sales
as at 31/12/2012 US$ 37.910.179
INSURANCES
Insurance Company:
-Qbe Seguros Colonial S.A.
-Seguros Equinoccial S. A.
ADMINISTRATION
President
: Wilson Anibal Andrade Rodriguez TAX:0100870559001
Manager
: Carlos Enrique Bermeo Calle TAX:0101519064001
Controller General : Carlos Peralta
Head of personnel : Diego Alvarez
Imports'supervisor : Rocio Calderon
Supervisor of Systems : Humberto Cerillo
Accountant-in-chief : Eulalia Carrion
Accountant
: Rene Arevalo
Coordinator
: Héctor German Cortazar Solano TAX:0100915420001
Coordinator Logistics : Ing. Hugo Quezada
Coordinator Payable : Ing. Ruth Encalada
accounts.
Coordinator Purchases : Juan Pablo Campana Sáenz
Administrative Assistant : Cecilia Tapia
CURRICULUM
Wilson Anibal Andrade Rodriguez
T A
X
: 0100870559001
Civil status : Married
Birth date : 10/06/1951
-Ecuador
Position :
President
Mercantile Register : Number 7511 of 28/04/2011
Simultaneously : Legally registered in the
Ecuadorian Internal Revenue
Service (SRI) to engage in business as individual since
November 22nd de Noviembre 2006 Registered economic
activity is: Commissionist. No registered trade name.
Carlos Enrique Bermeo Calle
T A
X
: 0101519064001
Civil status : Divorced
Birth date : 31/03/1962
-Ecuador
Position :
Manager
Mercantile Register : Number 243 of 04/01/2013
Simultaneously : Legally registered in the
Ecuadorian Internal Revenue
Service (SRI) to engage in business as individual since
April 17th, 2001 Registered economic activity is: Office
activities. Has no a trade name
Héctor German Cortazar Solano
T A
X
: 0100915420001
Civil status : Married
Birth date : 23/02/1952
-Ecuador
Position :
Coordinator
Simultaneously : Legally registered in the
Ecuadorian Internal Revenue
Service (SRI) to engage in business as individual since
January 17th, 2001 Registered economic activity is: Other
activities of Business Advice and Management. Has no a
trade name
LEGAL INFORMATION
Legal Structure : Limited Liability
Partnership (Ecuador)
Constitution date : 16/01/1980
Authorization : Resolution Nº
499
Notary
: N° 2, Cuenca Azuay
Term of duration : 50 Year, ended on 17/01/2030
Legal Address : Guayaquil -
Ecuador
Published in : Official Gazette
dated 10/01/1980
Current Subscribed Capital: US$ 700.000.-contributions US$ 1.-
Paid-in Initial Capital: US$ 12.-
Subscribed Initial Capital: US$ 18.-
Partner :
- 60,00% 0101255594001 Jose Patricio Ortiz Cornejo
- 20,00% Angel Gerardo Ortiz Cornejo
- 20,00% Carmen Rosa Ortiz Cornejo
Legal representation is held by Manager and President.
Legal changes
By Resolution Nº 266 on 19/08/1994, notary N° 2, Cuenca Azuay, published in the
Official Gazette dated 12/09/1994, capital was increased: by US$ 2.064,80.
By Resolution Nº 561 on 27/09/2004, notary N° 2, Cuenca Azuay, published in the
Official Gazette dated 28/09/2004, Term of duration was extended in its time of
duration of 25 years since January 17th, 2005
By Resolution Nº 10 on 05/01/2007, notary N° 9, Cuenca Azuay, published in the
Official Gazette dated 08/01/2007, the legal address was modified: from Cuenca
to Guayaquil
By Resolution Nº 2752 on 31/05/2012, notary N° 29, Guayaquil Guayas, published
in the Official Gazette dated 04/07/2012, capital was increased: Amounting US$
697.880
Registered trade names are: Gerardo Ortiz e Hijos, Corralcentro, Coral del Rio,
Gerardo Ortiz and Mall del Rio-Coral del Rio.
GERARDO ORTIZ E HIJOS C. LTDA was created based on Mr. Gerardo Ortiz
Peralta's personal business in 1957.
This Company is part of the Business Group GERARDO ORTIZ E HIJOS, which owns
companies such Adheplast, Lamitex, Industria De Soldaduras Y Metales Insomet,
Sintecuero. This Croup has 63 local Companies
PUBLICATIONS
Information regarding subject is supplied as follows
Diario El Comercio .- of 18/04/2007 Business man Gerardo Ortiz Peralta died
when
he was 92 years old. This group is part the 17 most important companies
of the
country. Now the Group has factories to produce textile, plastic, glue,
paints,
synthetic leather, mattresses, sheets and duvets.
It has also 2 very large shops named Coral Centro and Coral Rio. Another
business of this group is Mall del Río with around 66.000 m2. all of them
located in Cuenca city. -
Servicio de Rentas Internas SRI of 31/12/2009 According to the Ecuadorian
Internal Revenue Service (SRI), during fiscal period 2009, Grupo Ortiz
registered 59 companies which incomes were USD 261.948.772 and caused income tax
was USD 4.556.632,32 -
Revista Gestión Economía y Sociedad Nº 192 of 22/07/2010 This partnership
was
part of the largest Ecuadorian importersin 2009, position 47 with CIF
USD.
47.756.030,00. -
Servicio de Rentas Internas SRI of 31/12/2010 According to the SRI, in the
fiscal period 2010, Grupo Ortiz had a total of 57 firms which had incomes for
US$ 327.463.526 and the caused income tax was US$ 6.546.996 -
Revista Gestión Economía y Sociedad Nº 204 of 01/06/2011 This Company was
part
of the 100 largest importers of the Country in 2010 occupying the 64 place with
a CIF value of US$ 54.350.000,00. -
Servicio de Rentas Internas SRI of 31/12/2011 According to the SRI, in the
fiscal period 2011, Grupo Ortiz had a total of 60 firms which had incomes for
US$ 400.335.152 and the caused income tax was US$ 7.320.166. -
Revista Gestión Economía y Sociedad Nº 216 of 01/06/2012 This Company was
part
of the 100 largest importers of the Country in 2011 occupying the 37 place with
a CIF value of US$ 63.270.000,00. -
Servicio de Rentas Internas SRI of 31/12/2012 According to the SRI, in the
fiscal period 2012, Grupo Ortiz had a total of 63 firms which had incomes for
US$ 444.642.776 and the caused income tax was US$ 11.088.922 -
www.elcomercio.com of 20/01/2013 Six groups are expanded with the malls
Malls are in its best moment to expand in Ecuador. Most operate in Quito,
Guayaquil and Cuenca, but the space seems to be growing smaller and now other
counties already have such infrastructures. Machala, Duale, Riobamba, Quevedo,
Manta, Portoviejo, among others are part of the map of the location of malls
built in the last four years. Behind these huge investments, the Internal
Revenue Service (IRS) has identified six economic groups, with a total of 100
that are involved in major shopping centers. Corporations: Favorita, El Rosado,
Banco Pichincha, Gerardo Ortiz, Consorcio Nobis and Quicentros Group are part
of
the list and are present throughout the country. -
Revista Gestión Economía y Sociedad Nº 228 of 01/07/2013 This Company was
part
of the 100 largest importers of the Country in 2012 occupying the 72 place with
a CIF value of US$ 56.630.000 -
INFORMATION SOURCES
On 13/03/2014 Mr. Carlos Enrique Bermeo Calle, Manager, confirmed 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.02 |
|
|
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.