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Report Date : |
01.03.2014 |
IDENTIFICATION DETAILS
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Name : |
DURAMAS CIA.
LTDA. |
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|
|
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Registered Office : |
Av. Cornelio Vintimilla 2-62 y
Rio Machangara, Parque Industrial de Cuenca -
Cuenca Azuay |
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Country : |
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|
|
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
06.03.1979 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject is engaged in carpets manufacture and installation. |
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No. of Employees : |
80 |
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 |
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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 |
|
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. 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 $9 billion in oil for cash and project loans as of December 2012
Source
: CIA
DURAMAS CIA. LTDA.
( DURAMAS )
Av. Cornelio Vintimilla 2-62 y
Rio Machangara, Parque Industrial de Cuenca - Cuenca
Azuay ECUADOR
Telephone :
593-7-2862030
Fax : 593-7-2800064
E_Mail :
ebrito@duramas.com.ec, mcabrera@duramas.com.ec
Web Site :
www.duramas.com.ec
Postal Code : 298
SUMMARY
Started
: 1979
Total
Employees
: 80
Payments
: Prompt
Social Capital :
US$ 428.478.-
Sic(s) :
5023 - 5031
Line of Business: Carpets manufacture and installation.
EVALUATION
Interpretation at the end of the report.
If additional information is received or present information is rectified,
this
recommendation may be modified.
Financial indicators
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$ 6.485.808
Profit US$ 157.929
According to the Internal Revenue
Service the most important figures as of
December 31st, 2011 are:
Sales US$ 6.047.355
Profit
US$ 136.887
According to the Superintendence of
Companies the most important figures as
of December 31st, 2010 are:
Sales: US$.
5.696.343
Assets: US$.
5.280.960
Liabilities: US$.
3.849.851
Equity: US$.
1.431.109
Profit: US$. 271.084
COMMERCIAL INFORMATION
Commercial Bulletin : As at 31/08/2013 subject
does not register protested
checks in the national central of risk
Other suppliers denied to bring references trade
Detail of References
Old : 20 years
Last purchase : 08-2013
Terms : 30 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : Does not Register
Due : Does not Register
Paying Comments: Good
Purchase Aver. : (Monthly US$) 500
Detail of Former Trade References
--------------------------------------------------------------------------------
Last Credit
Owes
Old Purch. Payment.
Notes
(US$) (US$)
--------------------------------------------------------------------------------
8 years 04-12
Prompt
checks
Open None
20 years 04-12
Prompt
checks
Open
None
20 years 05-11
Prompt
checks
Open
None
20 years 08-10
Prompt
checks
Open None
Since 2005 06-10
Prompt
invoice 1.000
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
: Banco Pichincha
C.A.
To
expire
: US$ 750.524,79
Total debt up to August 2013 is US$ 750.524,79
Duramas Cia. Ltda had a credit with 1 month of overdue term for
US$ 102,17 in the National Financial Sistem, registered in January
2013
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2010 was US$ 92.411,71
During 2011 was US$ 71.738,38
During 2012 was US$ 55.532,52
During 2013 was US$ 439.322,43
Indebtedness with one month past due.
Date
amount in US$
January,
2013
102,17
Income tax corresponding to the last years:
Year 2012: US$ 42.476
Year 2011: US$ 36.396
Year 2010: US$ 84.104
Year 2009: US$ 29.324
BANKS
The main banks are:
- Banco De La Produccion S.A.
- Banco del Austro S.A.
- Banco Del Pacifico S.A.
- Banco Internacional S.A.
- Banco Pichincha C.A.
OPERATIONS
Line of Business : Carpets manufacture and
installation. Also construction
finishing marketing.
Registered
line of business in the Ecuadorian Internal
Revenue Service (SRI)
is: FLOOR COVERING PRODUCTS RETAIL.
Registered social purpose
in the Ecuadorian
Superintendencia de Compañías
is: mport, export,
distribution, purchase,
sale, marketing, production and
manufacturing of rugs,
textiles, fiber, yarn and other
textile manufactures.
Classification according to commercial activity:
Sic: 5023-0000 Homefurnishings
-0401 Carpets
-0400 Floor coverings
Sic: 5031-0000 Lumber, plywood, and millwork
Sales
Sales are steady throughout the year
National sales territory
Customers
Main customers are: Building companies in general, public in
general.
Purchases
Domestic and international purchases
Imports from Brazil, India, Italy, Spain, China, Egypt, Peru, United
States,
Colombia.
National suppliers
- Asesores, Servicios Y Comercio Vindelpo Cia. Ltda.
- Compania De Comercio Y Transacciones Comitran S. A.
- Linde Ecuador S.A.
- Monsalve Moreno Cia. Ltda.
- Solvesa Ecuador S.A.
Foreign suppliers (18/09/2013)
- Mohak (United States)
- Sabema (Italy)
- Shaw Industries (United States)
Employees: 80 employees
According to the last report issued in May, 2012, this company had
80
employees, at present, this number is unknown because this time they refused
to
provide this information
Location
- The administrative offices and production plant are located at Av.
Cornelio
Vintimilla 2-62 y
Rio Machangara, Parque Industrial de
Cuenca Cuenca Azuay,
Ecuador of 4 hectare, industrial area, main avenue of commercial
traffic,
construction in good conditions
Branches
- Av. 6 De Diciembre 30-19 Y Ave. Republica Quito
Pichincha Ecuador
- Av. Juan Tanca Marengo S-N y Francisco de Orellana Guayaquil
Guayas Ecuador
- Av. Remigio Crespo S-Ny Remigio Romero Cuenca Azuay Ecuador
- Av. Victor Hugo S/N Y Ruben Dario Ambato
Tungurahua Ecuador
Subject is related to the following companies:
- Prefabricados De Concreto Tiger C Ltda T A X :
0190081095001
- Inserkota Cia. Ltda. T A X : 0190311155001
Insurance Company:
-Qbe Seguros Colonial S.A.
ADMINISTRATION
President
: Janine
Marie Ugalde Burgoyne TAX:1723462089001
Manager
:
Julio Olmedo Ugalde Jerves TAX:0100582147001
Administrative Manager : Ximena Rivas
Sales Manager
: Lourdes Bermeo
Accountant
: Maria Augusta Cabrera
CURRICULUM
Janine Marie Ugalde Burgoyne
T A X
: 1723462089001
Civil status : Married
Birth date : 09/04/1970 -Ecuador
Position : President
Mercantile Register : Number 157 of
18/01/2013
Simultaneously : Legally registed in
the Ecuadorian Internal Revenue
Service (SRI) to engage in
business as individual since
March 19th 2008.
Registered economic activity is:
Commercial activities
by brokersl Registered trade name
is: Marmol Tec.
Julio Olmedo Ugalde Jerves
T A
X
: 0100582147001
Civil status : Married
Birth date : 08/11/1940 -Ecuador
Position : Manager
Mercantile Register : Number 158 of
18/01/2013
Simultaneously : Legally registed in
the Ecuadorian Internal Revenue
Service (SRI) to engage in
business as individual since
September 1st 2000.
Registered economic activity is:
Architecture activities
No registered trade name.
LEGAL INFORMATION
Legal Structure : Limited Liability Partnership
Constitution date :
06/03/1979
Authorization : Resolution Nº 418
Notary
: N° 2, Cuenca Azuay
Term of duration :
50 Year, ended on 03/05/2029
Legal Address : Cuenca - Ecuador
Published in : Official Gazette dated
06/03/1979
Current Social Capital: US$ 428.478.-contributions US$ 1.-
Paid-in Initial Capital: US$ 32.-
Subscribed Initial Capital: US$ 64.-
Partner : 2
- 99,99% 0100582147001 Julio Olmedo Ugalde Jerves
- 0,01%
0190081095001 Prefabricados De Concreto Tiger
C Ltda
Legal representation is held by Manager.
Legal changes
By Resolution Nº 750 on 28/09/2001, notary N° 8, Cuenca Azuay, published in
the
Official Gazette dated 03/10/2001, corporate name was modified: from
Textiles
Duramas Cia. Ltda. to Duramas Cia. Ltda.
By Resolution Nº 528 on 09/09/2004, notary N° 8, Cuenca Azuay, published in the
Official Gazette dated 10/09/2004, taking over was carried out where
subject
merged to the company Imporpisos Cia. Ltda.
By Resolution Nº 1002 on 30/12/2008, notary N° 9, Cuenca Azuay, published
in the
Official Gazette dated 31/12/2008, capital was increased: by US$
120.000,00
Miss. Maria Augusta Cabrera, Accountant, declined all kind of
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
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.
INTERPRETATION OF PAYMENT SCORING
The Scoring is arranged as follows: 0 to 40 Delays, 41 to 60 Slow, 61 to
80
Moderate, 81 to 100 Prompt
Macroeconomic Information
Interest Rate for the week
of
02/09/2013 - 08/09/2013
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 ( % ) 2,27 Aug/2013
Monthly
Inflation ( % ) 0,17 Aug/2013
Accumulated ( % ) 1,10 Aug/2013
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.07 |
|
|
1 |
Rs.103.61 |
|
Euro |
1 |
Rs.85.03 |
INFORMATION DETAILS
|
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.