|
Report Date : |
17.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
DURAMAS CIA. LTDA. |
|
|
|
|
Registered Office : |
Av. Cornelio Vintimilla 2-62 y Rio Machangara, Parque Industrial de
Cuenca - |
|
|
|
|
Country : |
Ecuador |
|
|
|
|
Date of Incorporation : |
06.03.1979 |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Import, Export, Distribution, Purchase, Sale, Marketing, Production and Manufacturing of rugs, textiles, fiber, yarn and other textile manufactures. |
|
|
|
|
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 |
|
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 $1.1 billion, Ecuador erected technical barriers
to trade in December 2013, causing tensions with its largest trading partners.
Ecuador also decriminalized intellectual property rights violations in February
2014.
|
Source
: CIA |
DURAMAS
CIA. LTDA.
( DURAMAS )
Av. Cornelio Vintimilla 2-62 y Rio Machangara, Parque Industrial de Cuenca -
Cuenca
Azuay
ECUADOR
Telephone : 593-7-2862030, 593-2-2568321, 593-2-2527166
Fax :
593-7-2800064
E_Mail : mcabrera@duramas.com.ec, xrivas@duramas.com.ec
Web Site : www.duramas.com.ec
Postal Code : 010108
Started
: 1980
Total
Employees
: 80
Payments
: Prompt
Social
Capital
: US$ 428.478.-
Interpretation at the end of the report.
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$. 271.084
Commercial Bulletin : As at 31/12/2013 subject does not register protested
checks in the national central of
risk
Other suppliers denied to bring references trade
Detail of References
Old : 20
years
Last purchase : 12-2013
Terms : 30 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : Does not
Register
Due : Does
not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly US$) 2.500
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(US$) (US$)
--------------------------------------------------------------------------------
20 years 08-13 Prompt
checks
Open None
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
- 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 de Guayaquil S.A.
To
expire
: US$ 137,59
Bank
: Banco Pichincha C.A.
To
expire
: US$ 1.659.700,58
Total debt up to December 2013 is US$ 1.659.838,17
Credit history
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
Maximum amount of indebtedness registered by the subject -, in the National
Financial System was US$ 1.659.838,17 in December, 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$ 958.549,70
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
The main banks are:
- Banco de Guayaquil S.A.
- Banco De La Produccion S.A.
- Banco del Austro S.A.
- Banco Del Pacifico S.A.
- Banco Internacional S.A.
- Banco Pichincha C.A.
Line of Business :
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: import, 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 are steady throughout the year
National sales territory
Main customers are: Building companies in general, public in general.
Domestic and international purchases
Imports from Brazil, India, Italy, Spain, China, Egypt, Peru, United States,
Colombia.
- 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
- Mohak (United States)
- Sabema (Italy)
- Shaw Industries (United States)
Employees: 80 employees
- 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:
- Serkuta Cia. Ltda. T A X : 0190348512001
- Prefabricados De Concreto Tiger C Ltda T A X : 0190081095001
- Inserkota Cia. Ltda. T A X : 0190311155001
Insurance Company:
-Seguros Equinoccial S. A.
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
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 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 :
- 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
On 22/01/2014 Miss. Ximena Rivas,
Administrative Manager, confirmed 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.58.86 |
|
|
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.72 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.