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Report Date : |
10.01.2014 |
IDENTIFICATION DETAILS
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Name : |
ACEROS BOEHLER DEL ECUADOR S.A. BOEHLER |
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Registered Office : |
Panamericana Norte Km 5 1/2 y De Las Avellanas E1-112 y Juncal, Sector Parque de los Recuerdos – Quito, Pichincha |
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Country : |
Ecuador |
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Date of Incorporation : |
18.12.1995 |
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Legal Form : |
Stock Company (Ecuador) |
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Line of Business : |
Commercialization of special steel, welding, industrial blades & heat treatments |
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No. of Employees : |
45 |
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Ecuador |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
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 $9 billion in oil for cash and project loans as of December 2012.
|
Source : CIA |
T A X : 1791304667001
ACEROS BOEHLER DEL ECUADOR
S.A. BOEHLER
( ACEROS BOEHLER DEL ECUADOR S.A. )
Panamericana Norte Km 5 1/2 y De Las Avellanas E1-112 y Juncal, Sector Parque
de
los Recuerdos - Quito
Pichincha
ECUADOR
Telephone : 593-2-2473080/1, 593-2-2476138
Fax : 593-2-2477918
E_Mail : sofia.duran@boehlerecuador.com
; nancy.villamarin@boehlerecuador.com
Web Site : www.bohlerandina.com
Started
: 1995
Total Employees : 45
Payments
: Prompt
Subscribed Capital :
US$ 65.694.-
Sic(s) : 5051
Line of Business: Commercialization of special steel
Financial statements
could not be obtained, thus financial analysis can not be
carried out
According to the Internal Revenue Service the most important figures as of
December 31st, 2012 are:
Sales US$ 5.520.540
Profit US$ 499.054
According to the Internal Revenue Service the most important figures as of
December 31st, 2011 are:
Sales US$ 5.269.499
Profit US$ 484.492
According to the Superintendence of Companies the most important figures as of
December 31st, 2010 are:
Sales: US$ 4.796.434
Assets: US$ 4.226.070
Liabilities: US$ 2.352.436
Equity: US$ 1.873.634
Profit: US$ 330.288
Commercial
Bulletin : As at 31/12/2013 subject does not
register protested checks in the
national central of
risk
TRADE REFERENCES
Consulted suppliers declined to submit references
Detail of Former Trade References
--------------------------------------------------------------------------------
Last Credit
Owes
Old Purch. Payment.
Notes (US$) (US$)
--------------------------------------------------------------------------------
10 years 02-08 Prompt
checks
Open None
10 years 12-07 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
Detail of Bank References
Bank
: Diners Club del Ecuador S.A. Sociedad Financiera
Credit
Card
: International Credit Card
To
expire
: US$ 1.988,32
Total debt up to November 2013 is US$ 1.988,32
Aceros Boehler Del
Ecuador S.A. Boehler has no negative references at the
National Financial System in the last 3 years
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2012 was US$ 6.027,06
During 2013 was US$ 2.784,32
Income tax corresponding to the last years:
Year 2012: US$ 104.062
Year 2011: US$ 106.532
Year 2010: US$ 119.274
Year 2009: US$ 85.471
BANKS
The main banks are:
- Banco Del Pacifico S.A.
- Banco Internacional S.A.
- Banco Pichincha C.A.
- Banco Promerica S.A.
Line of Business :
Commercialization of special steel, welding, industrial
blades & heat treatments
It has three commercial areas:
Industrial, which produces:
Blades
Saws
Heat treatments
Commercial Area:
Special steel
Industrial blades
dies
Construction of Machinery
extrusion
blowing
milling
Drills and taps
circular saws
Steels for tools
Steel for construction, mechanics and stainless
Steels for specific applications:
medical instruments
surgical implants
food industry
ceramic Industry
Pressing plates
Precision technology, pumps, valves and components
Stainless steels for the petrochemical industry
The line of business registered at the Internal Revenue
Services(IRS) is: WHOLESALE AND RETAIL TRADE OF STEEL
PRODUCTS
Social objective registered at the Superintendency of
Companies is: Import, acquisition, distribution, and export
of common and special steel and machinery
Classification according to commercial activity:
Sic: 5051-0000 Metals service centers and offices
-0216 Steel
Commercializes:
- Mitsubishi Carbide
- Ceratizit
- Kapfenberg
- Kieninger
- Hanita
- Boehlerit
- Vardex
Sales
Sales are steady throughout the year
National sales territory
Customers
Main customers are: Line of business' distributors, public in general.
Purchases
International purchases only
Imports from Colombia, Austria, Peru, Belgium.
National suppliers
- Colegio Tecnico Salesiano Don Bosco
- Jimenez Francelin (Graficas France)
- Oxigenos Del Guayas Oxiguayas S.A.
Foreign suppliers (08/01/2014)
- Intersteel Stahnlandel Gmbh (Belgium)
Employees: 45 Employees
Distributed in
: 3 Directors, 28
administrative employees, 14 employees.
Location
- Administrative offices and one of its sales rooms are located at
Panamericana
Norte Km 5 1/2 y De Las Avellanas E1-112 y Juncal, Sector Parque
de los
Recuerdos Quito Pichincha, Ecuador
Branches
- Km 7 1/2 Via a Daule S/N y Calle Cuarta Guayaquil Guayas
Ecuador
- Av. Hurtado de Mendoza 219 y José Joaquín de Olmedo Cuenca Azuay
Ecuador
- Av. Maldonado S22-173 y Taura Quito Pichincha Ecuador
Subject is related to
the following companies:
International
- Voestalpine Edelstahl Gmbh,
- Bohler Uddeholm Colombia S.A., Colombia
Insurance Company:
-Seguros Equinoccial S.
A.
Attorney
: Perla del Rocio Rodriguez Bohorquez TAX:51987555
President : Alejandro Lozada Fernandez TAX:16825005
Commercial Manager : Luis Miguel Torres Silva TAX:79532357
Finances Mgr : Perla Rodriguez
Accountant
: Nancy Villamarin
Imports Dept Supervisor :
Sofia Ortega
Administrative Assistant :
Maria Gabriela Chiriboga
Financial Assistant : Sofia Duran
General Manager : Natalia Jimenez
Assistant
Perla del Rocio Rodriguez Bohorquez
T A
X
: 51987555
Birth place : Colombia
Position :
Attorney
Mercantile Register : Number of 11/04/2001
Curriculum : They
confirmed that she holds the position of Manager
Alejandro Lozada Fernandez
T A
X
: 16825005
Birth place : Colombia
Position :
President
Mercantile Register : Number 14044 of 26/09/2013
Luis Miguel Torres Silva
T A
X
: 79532357
Birth place : Colombia
Position :
Commercial Manager
Legal
Structure : Stock Company (Ecuador)
Constitution date : 18/12/1995
Authorization : Resolution Nº
4050
Notary : N° 28, Quito Pichincha
Term of duration : 24 Year, ended on 18/12/2019
Legal Address : Quito - Ecuador
Published in : Official
Gazette dated 11/01/1996
Current Subscribed Capital: US$ 65.694.-
Subscribed & paid-in Initial Capital: US$ 2.000.-
Shareholders : 3
- 97,91% Voestalpine Edelstahl Gmbh
- 1,75% Bohler Uddeholm Colombia
S.A. (Colombia)
- 0,34% Silvia Platteis
Legal representation is held by Attorney Commercial Manager.
Legal changes
By Resolution Nº 912 on 13/03/1996, notary N° 5, Quito Pichincha, published in
the Official Gazette dated 11/04/1996, last capital increase was performed
amounting USD 16.000,00 of Direct Foreign Investment
By Resolution Nº 1893 on 28/07/1998, notary N° 14, Quito Pichincha, published
in
the Official Gazette dated 31/07/1998, capital was increased: amounting USD
47.694
Aceros Boehler del
Ecuador, is part of an important group dedicated to the
production of special steel called BÖHLER which is one of the major
consortia
of special steels in the world and it is considered the leader in the
production
of steel for tools and speed steel.
The Head Office of BOHLER is located in Austria, with more than one hundred
years of experience in the manufacture of steel and its treatment.
INFORMATION SOURCES
On 08/01/2014 Miss. Nancy Villamarin, Accountant, declined all 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.
Macroeconomic Information
Interest Rate for
the week of
05/01/2014 - 11/01/2014
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 ( % )
2,70 Dec/2013
Monthly
Inflation ( % )
0,20 Dec/2013
Accumulated ( % )
2,70 Dec/2013
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
|
UK Pound |
1 |
Rs.102.31 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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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.