MIRA INFORM REPORT

Report Date :

06.10.2014

IDENTIFICATION DETAILS

Name :	RAMON CORRIPIO SUCESORES S.R.L.
Formerly Known As :	RAMON CORRIPIO SUCESORES C. POR A.
Registered Office :	John F. Kennedy 4, Santo Domingo, 326, Distrito Nacional
Country :	Dominican Republic
Financials (as on) :	31.03.2013
Date of Incorporation :	1960
Legal Form :	Limited Liability Company
Line of Business :	Subject is engaged in import and trading of hardware items in general. Sale of particleboard.
No of Employees :	180

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Dominican Republic	B1	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

DOMINICAN REPUBLIC - ECONOMIC OVERVIEW

The Dominican Republic has long been viewed primarily as an exporter of sugar, coffee, and tobacco, but in recent years the service sector has overtaken agriculture as the economy's largest employer, due to growth in telecommunications, tourism, and free trade zones. The economy is highly dependent upon the US, the destination for approximately half of exports. Remittances from the US amount to about 5% of GDP, equivalent to about a third of exports and two-thirds of tourism receipts. The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GDP, while the richest 10% enjoys nearly 40% of GDP. High unemployment and underemployment remains an important long-term challenge. The Central America-Dominican Republic Free Trade Agreement (CAFTA-DR) came into force in March 2007, boosting investment and exports and reducing losses to the Asian garment industry. The Dominican Republic's economy rebounded from the global recession in 2010-13, and the fiscal situation is improving. A tax reform package passed in November 2012 and a reduction in government spending helped to narrow the central government budget deficit from 6.6% of GDP in 2012 to below 3% in 2013. A successful government bond placement in 2013 helped finance the deficit.

Source : CIA

IDENTIFICATION
CORRECT COMPANY NAME	RAMON CORRIPIO SUCESORES S.R.L.
TRADE NAME	FERRETERIA RAMON CORRIPIO SUC.
TAXPAYER REGISTRATION	RNC 101010428
MAIN ADDRESS	John F. Kennedy 4, Santo Domingo
POSTAL CODE	326
DEPT/PROV/REGION/STATE	Distrito Nacional
COUNTRY	DOMINICAN REP.
TELEPHONE	(1809) 5675537 - 5675536
CORPORATE E-MAIL	ojimenez@ramoncorripio.com
COMMENTS
Correct legal name is stated in the identification field.

EXECUTIVE SUMMARY
Date of foundation	1960
Capital stock	RD$.10,000,000.= Pesos
Shareholders' equity	342,976,781.00 Pesos (31MAR2013)
Annual revenues	US$ 23,697,882.31 Pesos (31MAR2013)
Profits (loss) Net	44,350,678.97 Pesos (31MAR2013)
permanent employees	180
Chief Executive	VALERO PALOMARES, CARLOS
Disposition	TF: REPORT PREPARED FROM OUTSIDE SOURCES.
Financial Situation	FAIR
Payments policy	Usually to terms / good
Company Size	(GE) LARGE COMPANY
Number of times that this company was required: 26

LEGAL STRUCTURE
LEGAL STATUS	Limited Liability Company
DATE OF INCORPORATION	1960
PLACE OF REGISTRY	Santo Domingo
NOTARY OFFICE		DURATION	Perpetual
CURRENT PAID-IN CAPITAL	RD$.10,000,000.= Pesos
SHAREHOLDERS EQUITY	342,976,781.00 Pesos (31MAR2013)
CURRENT EXCHANGE RATE (US$)	RD$43.55 per 1 USD
COMMENTS
Subject was incorporated in 1960 under the name RAMON CORRIPIO SUCESORES C. POR A. At the end of 2011, it changed its legal status in accordance to the New Business Corporations Act, hence, it adopted the current name: RAMON CORRIPIO SUCESORES S.R.L. Apart from Manuel Pereda Aladro and Carlos Valero Palomares, there are other five members of the same family who control together the 100% of the capital stock. Ownership structure was not specified. Fiscal Year of the Company closes on March 31st.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
PEREDA CORRIPIO, LAURA	President	Yes
VALERO PALOMARES, CARLOS	General Manager	Yes
JIMENEZ MONTILLA, OSCAR	Finance Manager
MONTERO MONTERO, MOISES	Accountant

WHO IS WHO?
VALERO PALOMARES, CARLOS
TITLE	General Manager
NATIONALITY	Spaniard
JIMENEZ MONTILLA, OSCAR
TITLE	Finance Manager
NATIONALITY	Dominican
PROFESSION	Chartered Accountant

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
LA CABAÑA S.A.	DOMINICAN REP.	(AC) 101629622	Related

BUSINESS

SIC Classification

P - MATERIALES PARA LA CONSTRUCCION- FERRETERIA (Materiales para la construccion, cemento, yeso, arena, fierro de construccion, ferreteria, tuberia, ladrillos, pinturas)

Main activity

Subject is engaged in import and trading of hardware items in general. 
Sale of particleboard.

OPERATIONS

Import

Yes

Country

Germany, Argentina, Brazil, Belgium, Chile, Mexico, Colombia, USA

Export

No

% CASH SALES / METHOD

10%

% Credit SALES / Terms

90% (30 days-terms)

% DOMESTIC PURCHASES

40%

% FOREIGN PURCHASES

60%

SELLING TerritorY

Domestic market

EMPLOYEES

180

LOCATION
PREMISES	Rented
OTHER PREMISES	Registered office and general offices operate in the address stated in the identification field. Facility is owned by its related company: LA CABAÑA C.POR A. No other addresses were found.

Comments

Imports are carried out through wire transfers.

FINANCIAL INFORMATION

Disposition

TF: REPORT PREPARED FROM OUTSIDE SOURCES.

Interviewee(s)

Fuentes Externas

Information provided

This report has been prepared based on third sources such as databases and public due to the representative's secretive attitude to provide information. 
 
From a former investigation, we have main accounts of Interim Balance Sheet from 04/01/2013 to 10/31/2013 (7 months). Likewise, we provide Annual Balance Sheets closed as of 03/31/2013 and 03/31/2012 (12 months each), which we detail below: 

INTERIM BALANCE SHEET
Balance Sheet Date	31OCT2013
Type of balance sheet	Interim
Period	7 months
Currency	Pesos
Exchange Rate per US$	42.32
A S S E T S
Current Assets	854,970,265.00
Fixed	100,089,921.00
Total Assets	955,060,186.00
L I A B I L I T I E S
Current liabilities	527,263,385.00
S H A R E H O L D E R S'  E Q U I T Y
Total shareholders equity	427,796,801.00
Total liab. / Sh. equity	955,060,186.00
Sales	627,441,090.00
Profit (Loss) Net	26,535,590.00

RATIO
Liquidity ratio	1.62	(Current assets / Current liabilities)
Debt-to-equity ratio	81.14 %	(Shareholders' equity / Current liabilities %)
Profitability ratio	4.23 %	(Profits / Sales %)
Working capital	327,706,880.00	(Current assets - Current liabilities)

BALANCE SHEET
Balance sheet date	31MAR2013	31MAR2012
Type of balance sheet	Annual	Annual
Period	12 months	12 months
Currency	Pesos	Pesos
Exchange rate per US$	40.31	38.97
ASSETS
Current Assetsd	835,802,452.00	776,431,849.00
Fixed	32,735,478.00	44,505,510.00
Total Assets	868,537,930.00	820,937,359.00
LIABILITIES
Current liabilities	525,561,149.00	90,772,632.00
Long term	0.00
TOTAL LIABILITIES	525,561,149.00	90,772,632.00
SHAREHOLDERS'  EQUITY
Total shareholders equity	342,976,781.00	730,164,727.00
Total Liab. / Sh. equity	868,537,930.00	820,937,359.00
Sales	955,261,636.00	935,997,306.00
Profit (Loss) Net	44,350,678.97	53,657,608.00

RATIO
Liquidity ratio	1.59	Current assets / Current liabilities
Debt-to-equity ratio	65.26 %	(Shareholders' equity / Current liabilities %)
Profitability margin	4.64 %	(Profits / Sales %)
Working capital	310,241,303.00	(Current assets - Current liabilities)

FINANCIAL SITUATION

FAIR
Based on the last submitted Financial Statements, Subject's Financial Situation is considered to be UNFAIR. 
Liquidity ratio and working capital are positive. Indebtedness is over than its shareholders' equity. Operating results are very limited.

INSURANCE

COMPANY	AGAINST	EXPIRATION
LA UNIVERSAL DE SEGUROS C POR A	General risks	Annually
SEGUROS SURA	All risk	Annually

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: SANITARIOS DOMINICANOS SA	Tel.: 1809 5752657	Country: DOMINICAN REP.
Goods/Services? : Floor tiles
Highest credit? : DC 500,000
Client since? : 2000	Terms? : 30 days	Performance? : Prompt
Supplier: PAN AMERICAN GIPSON INC. C POR A	Tel.: 1809-5673717	Country: DOMINICAN REP.
Goods/Services? : Gypsum
Highest credit? : DC 653,000
Client since? : 1998	Terms? : 30 days	Performance? : Prompt
Comments : Excellent client
Supplier: CASA ALFA C POR A	Tel.: 1809-2270044	Country: DOMINICAN REP.
Goods/Services? : Hardware items
Highest credit? : DC 500,000
Client since? : 1994	Terms? : 30 days	Performance? : Prompt
Comments : Excellent client
Supplier: PRODUCTOS METÁLICOS DOMINICANOS	Tel.: 1809-7322500	Country: DOMINICAN REP.
Goods/Services? : Agricultural tools
Highest credit? : No specified
Client since? : Sev. yrs	Terms? : 30 days	Performance? : Prompt
Comments : Subject was an excellent client. Last purchase in 2012.
Supplier: CRUZ TINEO & ASOC.	Tel.: 1809-2212908	Country: DOMINICAN REP.
Goods/Services? : Legal service
Highest credit? : No specified
Client since? : 2004	Terms? : 60-90-120 days	Performance? : Prompt

Note : Other suppliers did not provide information or could not be consulted

Supplier	Country
DE ACERO S.A. DE C.V.	MEXICO
DURATEX COMERCIAL SA EXPORTADORA	BRAZIL
MANUCHARD	BELGIUM
ELLOT HANSON	U.S.A.

THE FOLLOWING INFORMATION IS REPORTED BY RISK INFORMATION CENTER

No reported banking debt.

Comments :

No reported banking debt.

BANKERS :

BANCO POPULAR DOMINICANO
BANCO DEL PROGRESO
BANCO DE RESERVA
BANCO BHD S.A.
 
 
Subject is customer of the above-mentioned Banks, which refused to provide information regarding payment performance under bank secrecy policy. 

LAWSUITS :

To date, no punitive, civil and/or commercial judgment against the company's name was found.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	SMN

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.