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Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
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Name : |
UNIQUE STAR PHARM U.S. PHARM
S.A. |
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Registered Office : |
Calle Isla Seymour N44-160 (Antes 160) ) y
Guepi – Quito, Pichincha |
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Country : |
Ecuador |
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Date of Incorporation : |
05.07.2002 |
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Legal Form : |
Stock Company |
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Line of Business : |
Pharmaceuticals sale and distribution |
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No. of Employees |
40 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – 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 |
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Moderately High Risk |
C1 |
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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, 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 $9 billion in oil for cash and project loans as of December 2012
|
Source
: CIA |
UNIQUE STAR PHARM U.S. PHARM S.A.
Calle Isla Seymour N44-160 (Antes 160) ) y Guepi - Quito
Pichincha
ECUADOR
Telephone : 593-2-2440583, 593-2-6014363
E_Mail : contabilidad@uspharm.com.ec,
erodas@uspharma.com.ec
Started
: 2002
Total
Employees
: 40
Payments : Prompt
Subscribed Capital : US$
20.000.-
Authorized Capital :
US$ 40.000.-
Sic(s) : 5122
Line of Business: Pharmaceuticals sale and distribution.
EVALUATION
Interpretation at the end of the report.
Credit Recommendation
Dollars
Conservative value :
120.000
Liberal value
: 150.000
If additional information is received or present information is rectified, this
recommendation may be modified.
Financial statements could not be obtained, thus financial analysis can not be
carried out
According to the Superintendence of Companies the most important figures as of
December 31st, 2010 are:
Sales US$ 1.574.741
Assets US$ 1.414.199
Liabilities US$ 361.317
Equity US$ 1.052.882
Profit US$ 1.220
Commercial
Bulletin : As at 21/04/2014 subject does not
register protested
checks in the national central of risk
Suppliers' trade references are
supplied as follows:
Detail of References
Old : 1 year
Last purchase : 03-2014
Terms : 45 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : Does not
Register
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly US$) 5.000
Old : 3 years
Last purchase : 02-2014
Terms : 60 days
Payment : Prompt
Notes : checks
Credit : (US$) 40.000
Owes : Does not
Register
Due : Does
not Register
Paying Comments: Good
Last purchase value US$ 4.100
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit
Owes
Old Purch. Payment.
Notes
(US$)
(US$)
--------------------------------------------------------------------------------
Since 2005 11-11 Prompt checks
50.000 None
2 years 11-11 Prompt
checks
Open None
- Tax Status: Current obligations fulfilled
- This Subject DOES NOT have obligations at IESS (Ecuadorian Institute of
Social Security) , to April, 2014
Detail of Bank References
Bank
: Banco Bolivariano C.A.
Credit
Card
: International Credit Card
To
expire
: US$ 213,81
Total debt up to March 2014 is US$ 213,81
Unique Star Pharm U.S. Pharm
S.A, does not have negative references at the National Financial System.
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2014 was US$ 38.906,75
Income tax corresponding to the last years:
Year 2012: US$ 28.865
Year 2011: US$ 22.845
Year 2010: US$ 12.115
Year 2009: US$ 15.996
The main bank is:
- Banco Bolivariano
C.A.
- Banco De La Produccion S.A.
- Banco Del Pacifico S.A.
- Banco Pichincha C.A.
Line of Business : Pharmaceuticals sale and distribution
Registered line of business in the Ecuadorian Internal
Revenue Service (SRI) is: PHARMACEUTICAL AND MEDICINES
WHOLESALE.
Registered social purpose in the Ecuadorian
Superintendencia de Compañías
is: Production and
commercialization of pharmaceuticals, chemicals, food, vet
products, agricultural products, perfumes, cosmetics
Classification according to commercial activity:
Sic: 5122-0000 Drugs, proprietaries, and
sundries
-0308 Pharmaceuticals
Sales are steady
throughout the year
National sales territory
Main customers are:
Private hospitals, drugstores, hospitals.
The 10 most
important customers
are:
Julpharma Del Ecuador S.A. Baselpharma
S.A. Laboratorios Bago Del Ecuador S.A.
Pfizer Cia. Ltda. Farmavida
S.A. Roddome Pharmaceutical
S.A. Farmacias Y
Comisariatos De Medicinas S.A. Farcomed Salazar
Moscoso Jorge Alexander Roche
Ecuador S.A. Medicamenta Ecuatoriana Sa
Domestic
and international purchases
Imports from
Germany, Argentina, Peru,
Uruguay, United States.
- Linexpress
S.A.
- Quifatex S.A.
Employees: 40 employees approx.
According to the last report issued in
December, 2011, this company had 30
employees, at present, it hired 10 employees more
Location
- Administrative offices are located at. Calle Isla Seymour N44-160 (Antes
160) ) y Guepi Quito Pichincha,
Ecuador
Subject has
- They have a warehouse at Av. Manuel Cordova Galarza.
ubject is related to the following companies:
National
- Genericos
Nacionales, Gena
S.A. T A X : 1791903595001 Quito Pichincha
International
- Laboratorios Celsius S. A, Uruguay
Insurance Company:
-Seguros Equinoccial
S. A.
-Compañia de Seguros y Reaseguros Centro
Seguros Censeg S.A.
President
: Efraim Lakierovich
Pargman
Vice President :
Marcelo Birenbaum Soto
Accountant
: Rolando Rojas
Finances Manager : Esteban Rodas
Efraim Lakierovich
Pargman
Position :
President
Mercantile Register : Number 7143 of 22/05/2013
Curriculum : They confirm
that he also plays the role of General
Manager
Marcelo Birenbaum Soto
Position :
Vice President
Mercantile Register : Number 9471 of 28/06/2013
Legal Structure : Stock Company
Constitution date : 05/07/2002
Authorization : Resolution Nº
2287
Notary
: N° 14, Quito Pichincha
Term of duration : 50 Year, ended on 05/07/2052
Legal Address : Quito - Ecuador
Published in : Official
Gazette dated 28/06/2002
Current Subscribed Capital: US$ 20.000.-Divided to 20.000.- common shares
unique
series amounting US$ 1.-
Authorized Current Capital: US$ 40.000.-
Subscribed & paid-in Initial Capital: US$ 800.-
Shareholders :
- 99,98% Laboratorios Celsius S.A.
- 0,01% Sergio Alejandro Birenbaum Soto
- 0,01% Marcelo Birenbaum Soto
Legal representation is held by President..
Legal changes
By Resolution Nº 2896 on 01/07/2004, notary N° 14, Quito Pichincha, published
in
the Official Gazette dated 06/09/2004, last capital increase was performed by
USD 19,200,00 in National and Direct Foreign Investment
On 24/04/2014 Mr. Esteban Rodas, Finances
Manager, declined financial
information as he is not authorized to provide it, however, submitted
general
information.
We have not obtained a response to our request of information despite the
insistence
-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
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 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.
The Scoring is arranged as follows: 0 to 40 Delays, 41 to 60 Slow, 61 to 80
Moderate, 81 to 100 Prompt
Interest
Rate for the week
of
06/04/2014 - 12/04/2014
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
( % ) 3,11 Mar/2014
Monthly
Inflation
( % ) 0,70 Mar/2014
Accumulated
( % ) 1,53 Mar/2014
The
information herein contained is
confidential and exclusively intended for
its addressee. Unauthorized use, copying and/or
disclosure of the information
contained in this transmission may
result in legal punishment. If
you
receive this document by error, please delete it
and notify to the email
address: operaciones@twsecuador.com.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.20 |
|
|
1 |
Rs.101.67 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
PDT |
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 |
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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 |
-- |
|
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.