|
Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
TEXTILES EL RAYO S.A. |
|
|
|
|
Registered Office : |
Panamericana
Norte, a la altura del Km 12 y Via a Llano
Grande. - Quito |
|
|
|
|
Country : |
Ecuador |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
27.12.1978 |
|
|
|
|
Com. Reg. No.: |
27.12.1978 |
|
|
|
|
Legal Form : |
Stock Company |
|
|
|
|
Line of Business : |
Manufacture of socks / stockings for women, men &
children |
|
|
|
|
No. of Employees |
500 |
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 $1.1 billion, Ecuador erected
technical barriers to trade in December 2013, causing tensions with its largest
trading partners. Ecuador also decriminalized intellectual property rights
violations in February 2014
|
Source
: CIA |
T A X : 1790389219001
TEXTILES EL RAYO S.A.
( MEDIAS ROLAND )
Panamericana Norte, a la altura
del Km 12 y Via a Llano Grande. - Quito
Pichincha
ECUADOR
Telephone :
593-2-2824797, 593-2-2824796
Fax : 593-2-2826384
E_Mail : ventas2@elrayo.com, vaguirre@elrayo.com,
tvega@elrayo.com.ec
Started : 1978
Total
Employees
: 500
Payments
: Prompt
Financial
Sit.
: Excellent
Economic
Sit.
: Normal
Sales
: US$ 18.410.647.- (31/12/2013)
Net
worth
: US$ 8.705.560.-
Current
profit
: US$ 1.876.019.-
Subscribed Capital
: US$ 1.450.000.-
Authorized Capital
: US$ 2.900.000.-
Sic(s) : 2252 - 5136 - 5137
Line of Business: Manufacturing of socks/stockings for women, men &
children.-
EVALUATION
Interpretation at the end of the report.
Credit Recommendation
Dollars
Conservative value : 1.000.000
Liberal value
: 1.200.000
If additional information is received or present information is rectified, this
recommendation may be modified.
Financial indicators
According to last financial
statement, subject shows an excellent financial
situation, as indicated in:
** High Working Capital
** Excellent Current Liquidity Ratio
** Excellent Acid Test Ratio
Economic situation is normal, as reflected in:
** Low Current Indebtedness Ratio
** Acceptable Total Indebtedness Ratio
** Good Solvency Ratio
** Normal Profitability Over Sales Ratio
** Normal Profitability Over Assets Ratio
** Excellent Profitability Over Net Worth Ratio
According to the Internal Revenue Service the most important figures as of
December 31st, 2012 are:
Sales US$ 18.190.837
Profit US$ 2.149.614
According to the Internal Revenue Service the most important figures as of
December 31st, 2011 are:
Sales US$ 17.584.917
Profit US$ 1.699.710
According to the Superintendence of Companies the most important figures as
of December 31st, 2010 are:
Sales US$ 13.921.285
Assets US$ 11.466.279
Liabilities US$ 8.332.478
Equity US$ 3.133.801
Profit US$ 889.553
COMMERCIAL INFORMATION
Commercial Bulletin : As at 30/04/2014 subject
does not register protested
checks in the national central of risk
TRADE REFERENCES
Suppliers' trade references are supplied as follows:
Detail of References
Old : 7 years
Last purchase : 05-2014
Terms : 60 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : Does not
Register
Due : Does
not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly US$) 3.100
Old : 15
years
Last purchase : 05-2014
Terms : 30 days
Payment : Prompt
Notes : checks
Credit : (US$) 5.000
Owes : Does not
Register
Due : Does
not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly US$) 2.500
This supplier said that they buy as a Group
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch.
Payment.
Notes
(US$) (US$)
--------------------------------------------------------------------------------
10 years 05-13 Prompt
invoice
Open None
10 years 06-13 Prompt
checks
Open None
15 years 02-10 Prompt
checks
Open None
12 years 12-09 Prompt
invoice
8.000 None
8 years 02-10 Prompt
invoice
Open 17.000
8 years 10-07 Prompt
invoice
10.000
-
Since 1993 03-07 Prompt
invoice
25.000 None
5 years 08-07 Prompt
cash
- None
- Tax Status: Current obligations fulfilled
- Special Taxpayer
- Special Taxpayer: It has special features and obligations which allow
apply a
better control in then taxes
- Subject is not part of the Clinton List
- Clinton List: A list of companies and persons from all around the world
involved in the drugs traffic and money washign, it
is issued by the Office of
Foreign Assets Control (OFAC)of the Treasury Department of the United Sates of
America
Detail of Bank References
Bank
: Banco De La Produccion
S.A.
To
expire
: US$ 4.597.177,42
Bank
: Banco Internacional S.A.
To
expire
: US$ 262,46
Total debt up to April 2014 is US$ 4.597.439,88
Credit history
Textiles El Rayo S.A. does not have negative
references at the National Financial System in the last three years.
Maximum amount of indebtedness registered by the subject -, in the National
Financial System was US$ 4.963.213,73 in February, 2014
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2011 was US$ 2.160.325,60
During 2012 was US$ 1.974.236,09
During 2013 was US$ 3.699.326,71
During 2014 was US$ 4.620.771,01
Income tax corresponding to the last years:
Year 2013: US$ 392.301
Year 2012: US$ 430.982
Year 2011: US$ 362.394
Year 2010: US$ 211.200
Year 2009: US$ 224.540
FINANCIAL INFORMATION
S U M M A R Y
( Figures in US$ Dollars )
31/12/2013
CURRENT
ASSETS
9.778.855
CURRENT
LIABILITIES
3.735.038
WORKING
CAPITAL
6.043.817
FIXED
ASSETS
8.827.175
OTHER
ASSETS
149.148
LONG TERM
LIABILITIES
6.314.580
NET
WORTH
8.705.560
OPERATING
INCOMES
18.410.647
CURRENT
PROFIT(LOSS)
1.876.019
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/12/2013
Cash
169.654
Sundry
Debtors
5.463.597
Inventory
3.007.109
Other Current
Assets
1.138.495
CURRENT
ASSETS
9.778.855
Net Fixed
Asset
8.827.175
FIXED
ASSETS
8.827.175
Other
149.148
OTHER
ASSETS
149.148
TOTAL
ASSETS
18.755.178
LIABILITIES
31/12/2013
Accounts
Payable
3.060.479
Notes
Payable
674.559
CURRENT
LIABILITIES
3.735.038
Notes
Payable
6.314.580
LONG TERM
LIABILITIES
6.314.580
Capital &
Reserves
1.450.000
Other
Reserves
710.660
Accumulated Profits
4.668.881
Current Profit
(Losses)
1.876.019
NET
WORTH
8.705.560
TOTAL LIABILITIES
18.755.178
STATEMENTS OF
RESULTS
31/12/2013
Operating
Income
18.410.647
Operating
Cost
-12.990.381
OPERATING
MARGIN
5.420.266
Administration & Sales
Expenses
-2.770.861
OPERATING
RESULT
2.649.405
Other non Operating
Incomes
16.326
NON OPERATING
RESULT
16.326
Result Before Income
Tax
2.665.731
Taxes and Employees
Participation
-789.710
NET
PROFIT(LOSS)
1.876.021
CURRENT
PROFIT(LOSS)
1.876.021
ECONOMIC - FINANCIAL RATIOS
31/12/2013
Working
Capital
( US$
)
6.043.817
Current Liquidity
(Times)
2,62
Acid
Test
(Times)
1,81
Collection Period Days (
Days)
106,83
Accounts Receivable Turnover(Times)
3,37
Inventory Turnover
(Times)
4,32
Current Indebtedness
(Times)
0,43
Total Indebtedness (Times)
1,15
Solvency
(Times)
1,87
Assets Tying
Up
( %
)
47,07
Profitability Over Sales ( %
)
10,19
Profitability Over Assets ( %
)
10,00
Profitability Over Net Worth( %
)
27,47
BANKS
The main banks are:
- Banco De La Produccion
S.A.
- Banco Internacional
S.A.
- Banco Pichincha C.A.
OPERATIONS
Line of Business : Manufacture of socks / stockings for women, men &
children.
The economic activity registered in the IRS is:
MANUFACTURE OF TEXTILE PRODUCTS
The social objective registered at the Superintendency
of
Companies is: Manufacture, distribution and sale of textile
products, zipper, socks, plastics as well as export of same
elaborated products.
Classification according to commercial activity:
Sic: 2252-0000 Hosiery
Sic: 5136-0000 Men's and boy's clothing
-0403 Hosiery, men's and boys'
Sic: 5137-0000 Women's and children's clothing
-0407 Hosiery: women's,
children's, and infants'
Commercializes:
- Roland
Sales
Sales are steady throughout the year
National and international sales territory
Exports to Venezuela, Chile, Colombia, Panama.
Customers
Main customers are: Line of business' distributors.
Purchases
Domestic and international purchases
Imports from Spain, Germany, Italy, Korea.
National suppliers
- Engoma Adhesivos Cia. Ltda
- Enkador S.A.
- Graficas Imago Cia. Ltda.
- Hivimar S.A
- Montgar C.A.
- Productos Plasticos Moanplast
C Ltda
- Wael Alam Etiquetas
Internacionales Cia. Ltda.
Foreign suppliers (26/05/2014)
- Dralon Gmbh (Germany)
- Hanwoo (Korea)
- Hilados Dusol (Spain)
- Radisifil (Italy)
Employees: 500 employees
Some of their employees are shared by the group companies.
Location
- Administrative offices & production plant are located at Panamericana Norte,
a la altura del Km 12 y Via a
Llano Grande. Quito Pichincha, Ecuador
Branches
- Colon 206 y Pichincha Guayaquil Guayas Ecuador
- Offices and plant are built on a 5.000 m2 area. These facilities
are also
shared by another companies of the group.-
RELATED COMPANIES
Subject is related to the following companies:
- Ribel S.A. T A X : 1791067371001 Quito
Pichincha
- Interfibra S.A. T A X : 1791255291001 Quito
Pichincha
- Corpmunab Cia. Ltda. T A X : 1791341899001
Quito Pichincha
- Hiltexpoy S.A. T A X : 1791436210001 Quito
Pichincha
INSURANCES
Insurance Company:
-Mapfre Atlas Compañia de Seguros S.A.
ADMINISTRATION
Imports Assistant : Tatiana Vega
Manager
: Jorge Alberto Abedrabbo Larach
TAX:1704890845001
General Manager : Viviana Aguirre
Assistant
President
: Roberto Munir Abedrabbo Larach TAX:0601011778001
Accountant
: Carmen Osorio
CURRICULUM
Jorge Alberto Abedrabbo
Larach
T A
X
: 1704890845001
Civil status : Married
Birth date : 15/09/1958
-Ecuador
Position :
Manager
Mercantile Register : Number 3241 of 16/03/2011
Previously : Legally
registered at the IRS to carry out businesses by
his own account, since Jun 26, 1995 until Aug 31, 1997.-
His registered economic activity was: Retail of different
products, food, beverages, tobacco,such as:
Household and
wares, hardware store and jewelry products, sports
accesories, cosmetics, toys, furnishing, clothing,
etc.
In non specialized stores (Home department with a variety
of products). It did not have a commercial name.-
Roberto Munir Abedrabbo Larach
T A
X
: 0601011778001
Civil status : Married
Birth date : 23/06/1966
-Ecuador
Position :
President
Mercantile Register : Number 3240 of 16/03/2011
Curriculum : He was
legally registered at the IRS to perform personal
business from 26/06/1995 to 31/08/1997. His registered
business activity was: Retail of diverse products. No
registered trade name such as Home appliances, hardware
store items, jewelry, sports items, cosmetics, toys,
furniture, apparel, etc., in non specialized stores (big
stores). He did not have a trade name. At present it is in Definite
Suspension.
LEGAL INFORMATION
Legal Structure : Stock Company
Constitution date : 27/12/1978
Authorization : Resolution Nº
4959
Notary
: N° 20, Quito Pichincha
Term of duration : 75 Year, ended on 12/11/2053
Legal Address : Quito - Ecuador
Published in : Official
Gazette dated 05/12/1978
Current Subscribed Capital: US$ 1.450.000.-Divided to 1.450.000.- common shares
unique series amounting US$ 1.-
Authorized Current Capital: US$ 2.900.000.-
Subscribed & paid-in Initial Capital: US$ 20.-
Shareholders :
- 99,99% 0601011778001 Roberto Munir Abedrabbo Larach
- 0,01% 0600870174001 Maha Abedrabbo Larach
Legal representation is held by Manager.
Legal changes
By Resolution Nº 3629 on 26/08/2004, notary N° 12, Quito Pichincha, published
in
the Official Gazette dated 01/10/2004, capital was increased: USD 140.000,00 of
nacional investment.
By Resolution Nº 4799 on 25/10/2006, notary N° 12, Quito Pichincha, published
in
the Official Gazette dated 14/12/2006, capital was increased: USD 150.000,00 of
nacional investment.
By Resolution Nº 1741 on 27/04/2009, notary N° 37, Quito Pichincha, published
in
the Official Gazette dated 05/05/2009, corporate structure was modified: from a
Limited Liability Company and Stock Company
By Resolution Nº 2999 on 07/07/2011, notary N° 16, Quito Pichincha, published
in
the Official Gazette dated 18/07/2011, capital was increased: by US$ 810.000
The initial capital in Sucres was S/ 500.000
INFORMATION SOURCES
Miss. Alexandra Cifuentes, Administrative
department, confirmed
general 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
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
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
04/05/2014 - 10/05/2014
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
( % ) 3,23 Apr/2014
Monthly Inflation
( % ) 0,30 Apr/2014
Accumulated
( % ) 1,83 Apr/2014
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.07 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
|
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.