|
Report Date : |
02.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
IMPORTADORA INDUSTRIAL AGRICOLA DEL MONTE SOCIEDAD ANONIMA INMONTE |
|
|
|
|
Registered Office : |
Vía a Daule, a la altura del Km.7 ½, Ciudadela Prosperina, Solar 1 y
Calle |
|
|
|
|
Country : |
Ecuador |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
12.12.1989 |
|
|
|
|
Legal Form : |
Stock Company |
|
|
|
|
Line of Business : |
Subject is engaged in the
Sale of agrochemical supplies and fertilizers |
|
|
|
|
No. of Employees : |
170 |
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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Ecuador |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 Delgado, 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 $9.9 billion in forward oil sales, project financing, and budget support loans as of December 2013. Foreign investment levels in Ecuador continue to be the lowest in the region as a result of an unstable regulatory environment, weak rule of law, and the crowding-out effect of public investments. In 2013, oil output marginally reversed a declining trend and production is expected to increase slightly in 2014, although prices will likely remain lower than in previous years. Faced with a 2013 trade deficit of $1.1 billion, Ecuador erected technical barriers to trade in December 2013, causing tensions with its largest trading partners. Ecuador also decriminalized intellectual property rights violations in February 2014.
|
Source
: CIA |
IMPORTADORA INDUSTRIAL AGRICOLA DEL MONTE
SOCIEDAD ANONIMA INMONTE
(
IMPORTADORA DEL MONTE )
Vía a Daule, a la altura del Km.7 ½, Ciudadela Prosperina, Solar 1 y Calle
12ava. - Guayaquil
Guayas
ECUADOR
Telephone : 593-4-2264780, 593-4-2257141
E_Mail : pidrovo@delmonte.com.ec,
psalazar@delmonte.com.ec
Web Site : www.delmonte.com.ec
Started
: 1989
Total
Employees
: 170
Payments
: Prompt
Financial
Sit. : Normal
Economic Sit. : Regular
Sales : US$
27.665.411.-
Net
worth :
US$ 6.284.852.-
Current
profit :
US$ 1.201.128.-
Subscribed Capital
: US$ 4.646.305.-
Authorized Capital
: US$ 7.492.610.-
Sic(s) : 5191
Line of Business: Sale of agrochemical supplies and fertilizers
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 regular, as reflected in:
** Very High Current Indebtedness Ratio
** Very High Total Indebtedness Ratio
** Good Solvency Ratio
** Low Profitability Over Sales Ratio
** Low Profitability Over Assets Ratio
** High Profitability Over Net Worth Ratio
According to magazine "Gestion Economia y Sociedad" Nº 204 of June
01, 2011,
this Company was part of the "500 largest Companies of the Country"
in year
2010, occupying the 369 place
According to Revista Gestión Economía y Sociedad Nº 192, June 1st 2010,
this partnership was part of the 500 most important Ecuadorian companies
in
2009
Commercial Bulletin : As at
31/12/2013 subject does not register protested
checks in the national central of
risk
Trade references are supplied as follows:
Detail of References
Old : 6 years
Last purchase : 01-2014
Terms : 45 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : Does not
Register
Due : Does
not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly US$) 20.000
Old : Since
2006
Last purchase : 12-2013
Terms : 30-60 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : Does not
Register
Due : Does
not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly US$) 25.000
Detail of Former Trade References
--------------------------------------------------------------------------------
Last Credit
Owes
Old Purch. Payment.
Notes
(US$) (US$)
--------------------------------------------------------------------------------
7 years 05-13 Prompt
checks
Open
-
2 years 03-13 Prompt
checks
Open
-
7 years 01-13 Prompt
checks
Open
-
6 years 02-12 Prompt
checks
Open None
7 years 03-12 Prompt
checks
Open None
New 04-11
Prompt
checks
35.000 None
5 years 04-11 Prompt
checks
Open None
- Tax Status: Current obligations fulfilled
- Special Taxpayer
- Subject is not part of the Clinton List
- 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
Detail of Bank References
Bank
: Banco Bolivariano C.A.
To
expire
: US$ 439.833,32
Bank
: Banco De La Produccion S.A.
To
expire
: US$ 639.428,89
Bank
: Banco Internacional S.A.
To expire
: US$ 216.653,92
Bank
: Banco Pichincha C.A.
To
expire
: US$ 2.603.567,06
Bank
: Diners Club del Ecuador S.A. Sociedad Financiera
Credit
Card
: Credit Card
To expire
: US$ 150.982,08
Total debt up to December 2013 is US$ 4.050.465,27
Credit history
Importadora Industrial Agricola Del Monte Sociedad Anonima Inmonte has no
negative references in the National Financial System
Maximum amount of indebtedness registered by the subject -, in the National
Financial System was US$ 4.132.358,49 in May, 2013
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2010 was US$
2.263.524,13
During 2011 was US$ 2.602.555,29
During 2012 was US$ 2.890.631,99
During 2013 was US$ 3.826.623,13
Income tax corresponding to the last years:
Year 2012: US$ 262.519
Year 2011: US$ 285.546
Year 2010: US$ 315.612
Year 2009: US$ 159.463
C O
M P A R A T I V E - S U M M A R Y
( Figures in US$ Dollars )
31/12/2012 31/12/2011
31/12/2010
CURRENT
ASSETS
25.133.892
16.909.978 14.297.700
CURRENT
LIABILITIES
18.775.591
12.841.715 10.731.431
WORKING
CAPITAL
6.358.301
4.068.263 3.566.269
FIXED
ASSETS
3.729.317 3.136.499
2.532.190
OTHER
ASSETS
28.227
243.211 231.180
LONG TERM
LIABILITIES
3.830.993
2.228.637 1.120.801
NET
WORTH
6.284.852
5.219.336 5.208.838
OPERATING
INCOMES
27.665.411
20.856.037 19.354.660
CURRENT
PROFIT(LOSS)
1.201.128
825.277 1.365.686
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR
SUMMARIZED
ASSETS
31/12/2012 31/12/2011
Cash
1.255.950 370.661
Sundry
Debtors
13.839.636 8.457.460
Inventory
9.976.263 8.036.149
Other Current
Assets
62.043 45.708
CURRENT
ASSETS
25.133.892 16.909.978
Net Fixed
Asset
3.729.317 3.136.499
FIXED
ASSETS
3.729.317 3.136.499
Other
28.227 243.211
OTHER
ASSETS
28.227 243.211
TOTAL
ASSETS
28.891.436 20.289.688
LIABILITIES
31/12/2012 31/12/2011
Accounts
Payable
12.495.586 7.985.202
Notes
Payable
5.329.757 3.195.876
Other Current
Liabilities
950.248 1.660.637
CURRENT
LIABILITIES
18.775.591 12.841.715
Notes
Payable
3.830.993 2.228.637
LONG TERM
LIABILITIES
3.830.993 2.228.637
Capital & Reserves
3.746.305 3.346.305
Other
Reserves
550.481 482.320
Accumulated
Profits
786.938 565.434
Current Profit (Losses)
1.201.128 825.277
NET
WORTH
6.284.852 5.219.336
TOTAL
LIABILITIES
28.891.436 20.289.688
STATEMENTS OF
RESULTS
31/12/2012 31/12/2011
Operating
Income
27.665.411 20.856.037
Operating
Cost
-19.506.653 -14.442.648
OPERATING
MARGIN
8.158.758 6.413.389
Administration & Sales
Expenses
-6.436.820 -5.159.720
OPERATING
RESULT
1.721.938 1.253.669
Result Before Income
Tax
1.721.938 1.253.669
Taxes and Employees
Participation
-520.809 -428.394
NET
PROFIT(LOSS)
1.201.129 825.275
CURRENT
PROFIT(LOSS)
1.201.129 825.275
ECONOMIC - FINANCIAL RATIOS
31/12/2012
31/12/2011 Average
Working
Capital
( US$ ) 6.358.301
4.068.263 5.213.282
Current Liquidity
(Times)
1,34
1,32 1,33
Acid
Test
(Times)
0,81 0,69
0,75
Collection Period Days (
Days)
180,09
145,99 163,04
Accounts Receivable Turnover(Times)
2,00
2,47 2,24
Inventory Turnover
(Times)
1,96
1,80 1,88
Current Indebtedness
(Times)
2,99
2,46 2,73
Total Indebtedness (Times)
3,60
2,89 3,25
Solvency
(Times)
1,28
1,35 1,32
Assets Tying
Up
( % )
12,91
15,46 14,19
Profitability Over Sales ( %
)
4,34
3,96 4,15
Profitability Over Assets ( %
)
4,16
4,07 4,12
Profitability Over Net Worth( %
)
23,63
18,78 21,21
The main banks are:
- Banco Bolivariano C.A. ACCT # 5005048
- Banco De La Produccion S.A. ACCT # 2006053846
- Banco de Machala S.A.
- Banco Internacional S.A.
- Banco Pichincha C.A. ACCT # 3137723104
Line of Business : Sale of agrochemical supplies and fertilizers
Registered line of business in the Ecuadorian Internal
Revenue Service (SRI) is: AGRICULTURAL SUPPLIES
PRODUCTION.
Registered
social purpose in the Ecuadorian
Superintendencia de Compañías is: land use in all its
phases, such as planting, harvesting, processing, domestic
marketing and export.
This Company has the ISO 9001-2000 certification.
Classification
according to commercial activity:
Sic: 5191-0000 Farm supplies
-0100 Fertilizers and
agricultural chemicals
Commercializes:
- Glifomat
- Hervax
- Aminamon
- Folicure
- Norminee
- Bayfolan
Sales
Sales are steady throughout the year
National and international sales territory
Exports to Venezuela, Central America, Colombia, Guatemala, Dominican Republic,
Customers
Main customers are: Farmers in general, agricultural companies
The 4 most important customers are:
Corporacion Internacional De Cultivos Corpcultivos S.A.. Sociedad
Agricola E
Industrial San Carlos S.A. Interoc S.A., Espagrotec Especialidades
Agricolas
Cia. Ltda.,
Purchases
Domestic and international purchases
Imports from United States, China, Venezuela, India, Mexico, Israel, Germany,
Peru, Spain, Colombia. Argentina.
National suppliers
-
Bayer S.A.
- Disan Ecuador S.A.
- Distribuidora Quimica Del Ecuador (Disquiec) S.A.
- Frasco S.A. Frascosa
- Graficas Jalon Enaja S.A.
- Interoc S.A.
- Laquinsa Andina S.A.
- Moralva C. Ltda.
- Plasticos Del Litoral Plastlit S.A.
- Plastiempaques S.A.
- Productora Cartonera S.A.
- Profiandina S.A.
- Proveedores Quimicos Provequim C.A.
- Quifatex S.A.
- Quimica Industrial Montalvo Aguilar Quimasa S.A.
- Quimpac Ecuador S.A Quimpacsa
- Sqm Ecuador S.A.
- Tecnoplast Del Ecuador Cia. Ltda.
Foreign suppliers
- Aiul (India)
- Biesterfeld International (Germany)
- Biesterfeld U.S. (United States)
- Deflef Von Appen Mbh (Germany)
- Helm A.G. (Germany)
- Inquiport (Venezuela)
- Jisa (Spain)
- Makeeshim (Israel)
- Monsanto Company (United States)
- Sabero (India)
- Scotts Company (United States)
- Sinochem Tianjing (China)
- Yancheng (China)
Employees: 170 employees
Location
- Administrative offices and packing factory are located at Vía a Daule,
a la
altura del Km.7 ½, Ciudadela Prosperina, Solar 1 y Calle 12ava.
Guayaquil
Guayas, Ecuador
Branches
- Camilo Arevalo 316 y Venezuela Quevedo Los Ríos Ecuador
- Alajuela S/N Y Chile - Av. Manabi Portoviejo Manabí Ecuador
- Panamericana Norte Solar 2 diagonal Gasolinera San Pedro San Pedro de
Huaca
Carchi Ecuador
- Av. Atahualpa S/N y Jorge Washington Ambato Tungurahua Ecuador
- 29 de Septiembre S/N Cayambe Pichincha Ecuador
- Vía Duran - Babahoyo, a ala latura del Km 5.5 Solar 1 Durán Guayas
Ecuador
- 10 de Agosto 1421 y Barreiro Babahoyo Los Ríos Ecuador
- 25 de Junio 212 entre Guayaquil y Babahoyo Machala El Oro Ecuador
- Offices and wharehouses facilities area is 5.000 m2. They
are located in
Guayaquil.
Subject
is related to the following companies:
- Inmobiliaria Pilmarsa Sa T A X : 0990492700001
- Agrochesa C.A. Agrochemicals Del Ecuador T A X : 0991377557001
Guayaquil
Guayas
- Altavent S.A. T A X : 0991354018001
Insurance Company:
-Seguros Equinoccial S. A.
Manager : Pedro Jose Rodolfo Idrovo
Triviño TAX:0905303053001
President
: Mercedes Maria Monserrate Luque
Marriott TAX:09103114
Vice President : Oscar Belisario Idrovo Rosales
TAX:0902980184001
Administrative Manager : Marjorie Rodriguez Reina
Finances Manager : Polo Abel
Salazar Gillade TAX:0916581853
Sales Manager
: Guido Paul Vega Muirragui TAX:0911263283
Imports'supervisor : Gissela Merchán
Pedro
Jose Rodolfo Idrovo Triviño
T A
X
: 0905303053001
Civil status : Married
Birth date : 05/06/1958
-Ecuador
Position :
Manager
Mercantile Register : Number 4006 of 04/03/2011
Simultaneously : Legally registered in the
Ecuadorian Internal Revenue
Service (SRI) to engage in business as individual since
September 25th 1985. Registered economic activity is:
Professional services. Has no a trade name.
Mercedes Maria Monserrate Luque Marriott
T A
X
: 0910311463
Civil status : Married
Birth date : 16/06/1964
-Ecuador
Position :
President
Mercantile Register : Number 6255 of 08/04/2011
Oscar Belisario Idrovo Rosales
T A
X
: 0902980184001
Civil status : Married
Birth date : 06/10/1929
-Ecuador
Position :
Vice President
Simultaneously : Legally registered in the
Ecuadorian Internal Revenue
Service (SRI) to engage in business as individual since
October 10th 1985. Registered economic activity is: Civil
Engineering. Has no trade name.
Curriculum : They
confirmed that he plays the role of President but is
not legally registered.
Polo Abel Salazar Gillade
T A
X
: 0916581853
Civil status : Married
Birth date : 28/05/1977
-Ecuador
Position :
Finances Manager
Guido Paul Vega Muirragui
T A
X
: 0911263283
Civil status : Married
Birth date : 06/01/1969
-Ecuador
Position :
Sales Manager
Legal Structure : Stock Company
Constitution date : 12/12/1989
Authorization : Resolution Nº
9195
Notary
: N° 24, Guayaquil Guayas
Term of duration : 50 Year, ended on 12/12/2039
Legal Address : Guayaquil -
Ecuador
Published in : Official
Gazette dated 12/12/1989
Current Subscribed Capital: US$ 4.646.305.-Divided to 4.646.305.- common shares
unique series amounting US$ 1.-
Authorized Current Capital: US$ 7.492.610.-
Subscribed Initial Capital: US$ 80.-
Paid-in Initial Capital: US$ 20.-
Shareholders :
- 90,54% 0905303053001 Pedro Jose Rodolfo Idrovo Triviño
- 9,46% 0910311463 Mercedes Maria Monserrate Luque Marriott
Legal representation is held by Manager, President.
Legal changes
By Resolution Nº 8429 on 20/09/2005, notary N° 30, Guayaquil Guayas, published
in the Official Gazette dated 21/12/2005, capital was increased: by US
200.000,00 National investment.
By Resolution Nº 6946 on 14/10/2008, notary N° 5, Guayaquil Guayas, published
in
the Official Gazette dated 22/10/2008, capital was increased: by US 493.592,00
National investment.
By Resolution Nº 8065 on 21/12/2009, notary N° 5, Guayaquil Guayas, published
in
the Official Gazette dated 01/02/2010, capital was increased: by US. 883.194,00
By Resolution Nº 8885 on 20/12/2010, notary N° 29, Guayaquil Guayas, published
in the Official Gazette dated 30/12/2010, capital was increased: By USD
668.719,00
By Resolution Nº 7109 on 15/12/2011, notary N° 5, Guayaquil Guayas, published
in
the Official Gazette dated 02/01/2012, capital was increased: amounting US$
700.000,00
By Resolution Nº 8105 on 26/12/2012, notary N° 5, Guayaquil Guayas, published
in
the Official Gazette dated 31/12/2012, capital was increased: amounting US$.
400.000
By Resolution Nº 7563 on 20/12/2013, published in the Official Gazette, capital
was increased:
This partnership is part of a group of companies leaded by Ing. Pedro
Idrovo
Triviño and his father Oscar Belisario Idrovo Rosales.
By resolution Nº SC-IMV-DJMV-DAYR-G12-3142 on June 18 , 2012, the
Superintendency of Companies approved the registration of this Company in the
Stock Exchange. Currently it holds issued values for USD 2.750.000
Information regarding subject is supplied as follows
Revista Gestion No. 192 of 01/06/2010 The owner is part of the ranking of the
500 largest companies in the country ranked 480 in year 2009. -
On 05/02/2014 Miss. Heydi Martinez, Financial Assistant,
declined general
information.
-Other outside information sources.
-Since September 9th, 2000,
official currency in Ecuador
is the US$ dollar
-Until then, the currency was the sucre.
Exchange rate was s/. 25.000 X US$ 1.00
Macroeconomic
Information
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.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.