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Report Date : |
18.12.2014 |
IDENTIFICATION DETAILS
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Name : |
NEW YORKER |
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Registered Office : |
Via a Daule, a La |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
1958 |
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Legal Form : |
Stock Company ( |
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Line of Business : |
Subject is engaged in production of Medicines for General Use, and Personal Care Items. |
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No of Employees : |
75 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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Source
: CIA |
NEW YORKER
Via a Daule,
a la altura
Guayas
Telephone : 593-4-6017540, 593-4-2110861
Fax : 593-4-2111398
Email : newyorker@newyorker.com.ec, carlos.olivares@newyorker.com.ec
Postal Code : 09-01-55
Started
: 1958
Total Employees :75
Payments
: Prompt
Financial
Sit.
:
Economic
Sit.
: Excellent
Sales
: US$ 6.250.686.-
Net
worth
: US$ 7.315.298.-
Current
profit
: US$ 626.841.-
Subscribed
Capital :
US$ 3.100.329.-
Authorized
Capital :
US$ 6.200.658.-
Sic(s) : 2834 - 2844 - 5122
Line of Business: Production of
medicines for general use, and personal care items.
According to last financial statement, subject shows a normal
financial
situation, as indicated in:
** Acceptable Working Capital
** Good Current Liquidity Ratio
** Acceptable Acid Test Ratio
Economic situation is excellent, as reflected in:
** Low Current Indebtedness Ratio
** Low Total Indebtedness Ratio
** Excellent Solvency Ratio
** Normal Profitability Over Sales Ratio
** Normal Profitability Over Assets Ratio
** Normal Profitability Over Net Worth Ratio
Commercial Bulletin : subject does not register
protested
checks in the national central of
risk
Suppliers' trade references are supplied as
follows:
Detail of References
Old : 12 years
Last purchase : 12-2014
Terms : 30-60 days
Payment : Prompt
Notes : checks
Credit : (US$)
10.000
Owes : Does not Register
Due : Does not Register
Paying Comments : Excellent
Purchase Aver. : (Monthly US$) 5.000
Old : 12 years
Last purchase : 12-2014
Terms : 30 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : Does not Register
Due : Does not Register
Paying Comments : Good
Purchase Aver. : (Monthly US$) 10.000
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(US$) (US$)
--------------------------------------------------------------------------------
13 years 10-13 Prompt
checks
Open None
10 years 09-12 Prompt invoice
&
check
Open None
10 years 10-12 Prompt
checks
7.000 None
Since 2000 02-11 Prompt
checks
10.000 None
Since 2001 02-11 Prompt
checks
1.000 None
Since 2001 07-09 Prompt
checks
Open
-
Since 2000 07-09 Prompt
checks
5.000
-
Since 2000 06-09 Prompt
checks
5.000
-
Since 2002 03-09 Prompt checks
Open
-
Since 2006 11-07 Prompt
checks
3.500
-
- 12-07
--
checks
-
-
5 years 05-07
-
checks
-
-
6 years 04-07 Prompt
checks
Open
-
4 years 04-07 Prompt
checks
4.000
-
Since 2000 04-07 Prompt
checks
10.000
-
4 years 05-05 Prompt
checks
15.000 6.000
2 years 02-05 Prompt
checks
800
-
- Tax Status: Current obligations fulfilled
- Special Taxpayer
- Special Taxpayer: It has special features and obligations which allow
apply a
better control in then taxes
- This Subject DOES NOT have obligations at IESS (Ecuadorian Institute of
Social Security) , to December, 2014
Detail of Bank References
Bank
: Banco De La Produccion S.A.
To
expire :
US$ 20.860,18
Bank
: Banco de Machala
S.A.
To
expire :
US$ 47.833,62
Bank
: Diners Club del Ecuador S.A. Sociedad Financiera
Credit Card :
International Credit Card
To
expire
: US$ 17.840,92
Total debt up to October 2014 is US$ 86.534,72
Credit history
New Yorker S.A., has no negative references at the National Financial System in
the last 3 years
Maximum amount of indebtedness registered by the subject -, in the National
Financial System was US$ 1.104.525,22 in April, 2009
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2011 was US$ 600.895,36
During 2012 was US$ 531.889,93
During 2013 was US$ 379.128,87
During 2014 was US$ 202.416,85
Income tax corresponding to the last years:
Year 2013: US$ 189.995
Year 2012: US$ 305.882
Year 2011: US$ 376.499
C O M P A R A T I V E - S U M M A R Y
( Figures in US$ Dollars )
31/12/2013 31/12/2012
CURRENT
ASSETS
2.619.650 4.826.911
CURRENT
LIABILITIES
1.646.888 1.649.031
WORKING
CAPITAL
972.762 3.177.880
FIXED
ASSETS
4.083.425 3.919.232
OTHER
ASSETS
2.765.351
0
LONG TERM
LIABILITIES
506.240 408.654
NET
WORTH
7.315.298 6.688.458
OPERATING
INCOMES
6.250.686 5.710.037
CURRENT
PROFIT(LOSS)
626.841 316.307
BALANCE SHEET
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/12/2013 31/12/2012
Cash
254.443 381.128
Sundry
Debtors
911.537 3.228.918
Inventory
1.346.243 1.069.758
Other Current
Assets
107.427 147.107
CURRENT
ASSETS
2.619.650 4.826.911
Net Fixed
Asset
4.083.425 3.919.232
FIXED
ASSETS
4.083.425 3.919.232
Other
2.765.351
0
OTHER
ASSETS
2.765.351
0
TOTAL
ASSETS
9.468.426 8.746.143
LIABILITIES
31/12/2013 31/12/2012
Accounts
Payable
567.080 149.927
Notes
Payable
273.896 375.520
Other Current
Liabilities
805.912 1.123.584
CURRENT
LIABILITIES
1.646.888 1.649.031
Other Long Term
Liabilities
506.240 408.654
LONG TERM
LIABILITIES
506.240 408.654
Capital &
Reserves
3.100.329 3.100.329
Other
Reserves
848.669 817.039
Accumulated
Profits
2.739.459 2.454.783
Current Profit
(Losses)
626.841 316.307
NET WORTH
7.315.298 6.688.458
TOTAL
LIABILITIES
9.468.426 8.746.143
STATEMENTS OF
RESULTS
31/12/2013 31/12/2012
Operating Income
6.250.686 5.710.037
Operating
Cost
-3.871.004 -3.230.565
OPERATING
MARGIN
2.379.682 2.479.472
Administration & Sales Expenses
-1.474.921 -1.787.094
OPERATING
RESULT
904.761 692.378
Other non Operating
Incomes
98.182 88.922
Other non Operating Expenses
-45.287 -49.313
NON OPERATING
RESULT
52.895 39.609
Result Before Income
Tax
957.656 731.987
Taxes and Employees
Participation
-330.817 -415.681
NET
PROFIT(LOSS)
626.839 316.306
CURRENT
PROFIT(LOSS)
626.839 316.306
31/12/2013
31/12/2012 Average
Working
Capital
( US$ )
972.762 3.177.880
2.075.321
Current Liquidity
(Times)
1,59
2,93 2,26
Acid
Test
(Times)
0,77
2,28 1,53
Collection Period Days (
Days)
52,50
203,57 128,04
Accounts Receivable
Turnover(Times)
6,86
1,77 4,32
Inventory Turnover
(Times)
2,88
3,02 2,95
Current Indebtedness
(Times)
0,23
0,25 0,24
Total Indebtedness
(Times)
0,29
0,31 0,30
Solvency
(Times) 4,40
4,25 4,33
Assets Tying
Up
( % )
43,13
44,81 43,97
Profitability Over Sales ( %
)
10,03
5,54 7,79
Profitability Over Assets ( %
)
6,62 3,62
5,12
Profitability Over Net Worth( %
)
9,37
4,96 7,17
Subject operates with the following banks:
- Banco De La Produccion S.A.
- Banco de Machala S.A.
- Banco Pichincha C.A.
Line of Business :
Production of medicines for general use, and personal care
items; Import and sale of these items
Items that Company sells are well known and are widely
accepted in the country.
The line of business registered at the Internal
Revenue
Services(IRS) is: WHOLESALE OF
PHARMACEUTICALS.
Social objective registered at the Superintendency of
Companies is: this company will be engaged in the production,
sale and purchase, representation, distribution, import,
export and elaboration of cosmetics
Classification according to commercial
activity:
Sic: 2834-0000 Pharmaceutical preparations
Sic: 2844-0000 Toilet preparations
Sic: 5122-0000 Drugs, proprietaries, and sundries
-0307 Patent medicines
-0101 Cosmetics
Commercializes
- Lemon Flu
- Ultra 24
Sales
Sales are steady throughout the year
National sales territory
Customers
Main customers are: Line of business' distributors, drugstores.
Purchases
Domestic and international purchases
Imports from Germany, Spain, Netherlands, England, United States, Chile,
Mexico,
Colombia, Venezuela, China.
Main suppliers
- Artes Graficas Senefelder CA
- Cabachi S.A.
- Fabrica De Envases S.A. Fadesa
- Graficas Impacto Grafimpac S.A.
- Importadora Bohorquez C Ltda
- Litotec S.A.
- Solvesa Ecuador S.A.
- Tecnoplast Del Ecuador Cia. Ltda.
75 employees
According to the last report issued in July, 2014, this company had 60
employees, at present, it hired 15 employees more
The administrative offices are located at Via a Daule, a la altura del Km 9,5
S/N, frente a
bodega Pica Guayaquil Guayas, Ecuador
Branches
- Las Casas 244 y Av. 10 De Agosto Quito Pichincha Ecuador
RELATED COMPANIES
Subject is related to the following companies:
National
- Inmobiliaria Rotorua Sa T A X : 0990769478001
International
- Invermer S.A., Panama
INSURANCES
Insurance Company:
-Latina Seguros Y Reaseguros C.A.
-La Union Compañia Nacional de Seguros S.A.
General
Manager : Jimmy Vicente
Zavala Flores TAX:0906152897001
President
: Carlos Luis Trujillo Febres Cordero
TAX:0904939832001
Vice President :
Cristina Trujillo Jimenez TAX:0913734273001
Imports'supervisor
: Carlos Olivares
Administrative :
Paulina García
Supervisor
Jimmy Vicente Zavala Flores
T A
X
: 0906152897001
Civil status : Married
Birth date : 30/11/1957 -Ecuador
Position : General Manager
Mercantile Register : Number 573 of
13/01/2013
Simultaneously :
Legally registered at the IRS to perform personal business
since January 04, 2010. His
registered business
Activity is : Activities performed by
Managers. Has no a trade name.
Curriculum : Additionaly, he is legally registered as attorney
Carlos Luis Trujillo Febres Cordero
T A
X
: 0904939832001
Civil status : Married
Birth date : 12/04/1957 -Ecuador
Position : President
Mercantile Register
: Number 3599 of 29/02/2012
Simultaneously :
Legally registered at the IRS to perform personal business
since March 8, 2002. His
registered business
activity is: Works under a
dependence relationship in the private sector.
Cristina Trujillo Jimenez
T A
X
: 0913734273001
Civil status : Single
Birth date : 13/03/1986
-Ecuador
Position :
Vice President
Mercantile Register : Number 3585 of 28/02/2012
Maria Del Carmen Jimenez Diaz
T A
X
: 0905368486
Civil status : Divorced
Birth date : 06/01/1956
-Ecuador
Position :
Shareholder
Legal Structure : Stock Company (Ecuador)
Constitution date : 28/11/1958
Notary
: N° 4, Guayaquil
Guayas
Term of duration :
100 Year, ended on 28/11/2058
Legal Address : Guayaquil - Ecuador
Published in : Official Gazette dated
28/11/1958
Current Subscribed Capital: US$ 3.100.329.-Divided to 3.100.329.- common shares
unique series amounting US$ 1.-
Authorized Current Capital: US$ 6.200.658.-
Subscribed & paid-in Initial Capital: US$ 2.-
Shareholders : 2
- 99,99% Invermer S.A.
(Panama)
- 0,01% Maria del Carmen Jimenez Diaz
Legal representation is held by General Manager and President, Vice President..
Legal changes
By Resolution Nº 8388 on 03/09/2002, notary N° 30, Guayaquil Guayas, published
in the Official Gazette dated 31/10/2002, capital was increased: by USD
716.800,00 of Direct Foreign Investment
By Resolution Nº 7479 on 12/11/2007, notary N° 1, Guayaquil Guayas, published
in
the Official Gazette dated 17/01/2008, capital was increased: Amounting US$
105.600
By Resolution Nº 7385 on 30/10/2008, notary N° 1, Guayaquil Guayas, published
in
the Official Gazette dated 13/11/2008, last capital increase was performed
Amounting US$ 1.994.400,00
By Resolution Nº 7192 on 20/12/2011, notary N° 30, Guayaquil Guayas, published
in the Official Gazette dated 23/12/2011, capital was increased: Amounting US$
USD 329,00 On the same date this company absorbed Novafarma S.A.
Since its date of incorporation, until now there have been a total of 15
capital
increases
This company is the head of a group engaged in complementary works,
controlled by Mr. Carlos Luis Trujillo Febres Cordero.
On
11/12/2014 Miss. Carlos Olivares, Imports'supervisor, declined financial
information as he 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
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 30/11/2014 - 06/12/2014
Ref. Active Rate for Operations ( % ) 8,21
Ref. Passive Rate for Operations ( % ) 4,98
Basic Rate of Central
Bank ( % ) 0,20
Legal ( % ) 8,21
Maximum
conventional ( % ) 9,33
Inflation
Ratio
Yearly
Inflation ( % ) 3,76 Nov/2014
Monthly
Inflation ( % ) 0,18 Nov/2014
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.58 |
|
|
1 |
Rs.99.98 |
|
Euro |
1 |
Rs.79.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
ANK |
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.