|
Report Date : |
17.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
DAPRIS FASHION S.A. |
|
|
|
|
Registered Office : |
A la Altura Del Km 3.5 Av. Juan Tanca Marengo s/n,
Lotización Satiron, Frente al, Registro Civil. – |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
19.03.2009 |
|
|
|
|
Legal Form : |
Stock Company |
|
|
|
|
Line of Business : |
Subject is engaged in Elaboration and Commercialization of Garments. |
|
|
|
|
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Ecuador |
B2 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 $1.1 billion, Ecuador erected
technical barriers to trade in December 2013, causing tensions with its largest
trading partners. Ecuador also decriminalized intellectual property rights
violations in February 2014.
|
Source
: CIA |
COMPANY Name & address
DAPRIS FASHION S.A.
A la altura del Km 3.5 Av. Juan Tanca Marengo s/n, Lotización Satiron, Frente
al
Registro Civil. - Guayaquil
Guayas
Ecuador
Telephone : 593-4-6026750
Email : auditaria@daprisfashion.com
SUMMARY
Started
: 2009
Total
Employees : 80
Payments
: Prompt
Financial
Sit.
: Normal
Economic
Sit.
: Regular
Sales :
US$ 1.380.181.-
Net
worth :
US$ 113.287.-
Current
profit
:
US$ 68.417.-
Subscribed Capital :
US$ 800.-
Authorized Capital :
US$ 1.600.-
Sic(s) : 5611 - 5621
Line of Business: Elaboration and commercialization of garments
EVALUATION
Risk level = 3
Interpretation at the end of the report.
Financial indicators
According to last financial statement, subject shows a normal financial
situation, as indicated in:
** Normal Working Capital
** Excellent Current Liquidity Ratio
** Regular Acid Test Ratio
72% of current assets corresponds to the inventory, accounts receivable
decreased in $ 210 thousand in year 2013
According to the status of the cash flow, resources from the operation
increased in $ 39 thousand, in the same way the founding is increased by $ 107
thousand while cash was used in investment activities which decreases in $ 131
thousand
Economic situation is regular, as reflected in:
** Very High Current Indebtedness Ratio
** Very High Total Indebtedness Ratio
** Good Solvency Ratio
84% of the asset is financed by liabilities, mainly financial debts for $ 133
thousand and long term debt with related companies for $ 129
** Normal Profitability Over Sales Ratio
** Normal Profitability Over Assets Ratio
** Excellent Profitability Over Net Worth Ratio
In year 2013 sales increased in $ 188 thousand, this situation caused the
utility is increased by $ 68 thousand.
COMMERCIAL INFORMATION
Commercial Bulletin : As at 31/08/2014 subject
does not register protested
checks in the national central of risk
TRADE REFERENCES
Trade references are supplied as follows:
Detail of References
Old : 8 years
Last purchase : 09-2014
Terms : 30 days
Payment : Prompt
Notes : Checks
Credit : (US$) 2.000
Owes : Does not Register
Due : Does not Register
Paying Comments: Good
Purchase Aver. : (Monthly US$) 1.500
- Tax Status: With outstanding obligations
- 10 to September 2014 Subject US$ 2470,68 the Internal Revenue Service. No
recorded objections.
Firm debt is an obligation that has not been paid after it has been imposed by
the IRS or determined by the taxpayer
- This Subject DOES NOT have obligations at IESS (Ecuadorian Institute of
Social Security) , to September, 2014
It was not possible to verify if this company has delayed payments at IESS
(Ecuadorian Institute of Social Security)
Detail of Bank References
Bank
: Banco Amazonas S.A.
To
expire
: US$ 499.031,57
Bank
: Banco Bolivariano C.A.
To
expire
: US$ 7.554,74
Bank
: Banco de Guayaquil S.A.
To
expire
: US$ 109.597,05
Bank
: Banco Pichincha C.A.
To
expire
: US$ 2.390,92
Total debt up to July 2014 is US$ 618.574,28
Dapris Fashion S.A. had a credit with 2 months of overdue term for US$ 5.854,49
at the national Financial System registered in April 2013
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2013 was US$ 103.641,03
During 2014 was US$ 410.000,93
Indebtedness with 2 months past due.
Date
amount in US$
April,
2013
5.854,49
Income tax corresponding to the last years:
Year 2013: US$ 19.297
Year 2012: US$ 10.453
Year 2011: US$ 10.545
FINANCIAL INFORMATION
C O M P
A R A T I V E - S U M M A R Y
(Figures in US$ Dollars)
31/12/2013 31/12/2012
CURRENT
ASSETS
652.977 676.698
CURRENT
LIABILITIES
333.283 470.051
WORKING
CAPITAL
319.694 206.647
FIXED
ASSETS
56.106 48.670
LONG TERM
LIABILITIES
262.513 210.447
NET
WORTH
113.287
44.870
OPERATING
INCOMES
1.380.181 1.191.762
CURRENT
PROFIT(LOSS)
68.417
-260
BALANCE SHEET
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/12/2013 31/12/2012
Cash
49.185 34.557
Sundry
Debtors
97.227 307.944
Inventory
470.254 322.994
Other Current
Assets
36.311 11.203
CURRENT
ASSETS
652.977 676.698
Net Fixed
Asset
56.106 48.670
FIXED
ASSETS
56.106 48.670
TOTAL
ASSETS
709.083 725.368
LIABILITIES
31/12/2013 31/12/2012
Accounts
Payable
209.657 335.182
Notes
Payable
23.797
0
Other Current
Liabilities
99.829 134.869
CURRENT
LIABILITIES
333.283 470.051
Notes
Payable
262.513
0
Other Long Term
Liabilities
0 210.447
LONG TERM
LIABILITIES
262.513 210.447
Capital &
Reserves
16.642 16.642
Other
Reserves
1.438
1.438
Accumulated
Profits
26.790 27.050
Current Profit (Losses)
68.417
-260
NET
WORTH
113.287
44.870
TOTAL
LIABILITIES
709.083 725.368
STATEMENTS OF RESULTS
31/12/2013 31/12/2012
Operating
Income
1.380.181 1.191.762
Operating
Cost
-669.340 -463.042
OPERATING
MARGIN
710.841 728.720
Administration & Sales
Expenses
-588.897 -726.902
OPERATING
RESULT
121.944
1.818
Other non Operating
Expenses
-18.751
-2.078
NON OPERATING
RESULT
-18.751
-2.078
Result Before Income
Tax
103.193
-260
Taxes and Employees
Participation
-34.776
0
NET
PROFIT(LOSS)
68.417
-260
CURRENT
PROFIT(LOSS)
68.417
-260
ECONOMIC - FINANCIAL RATIOS
31/12/2013 31/12/2012
Average
Working
Capital
( US$ )
319.694
206.647 263.171
Current Liquidity
(Times)
1,96
1,44 1,70
Acid Test
(Times)
0,55
0,75 0,65
Collection Period Days (
Days)
25,36
93,02 59,19
Accounts Receivable
Turnover(Times)
14,20
3,87 9,04
Inventory Turnover
(Times)
1,42
1,43 1,43
Current Indebtedness
(Times)
2,94
10,48 6,71
Total Indebtedness
(Times)
5,26
15,17 10,22
Solvency
(Times)
1,19
1,07 1,13
Assets Tying
Up
( % )
7,91
6,71 7,31
Profitability Over Sales ( %
)
4,96
-0,02 2,47
Profitability Over Assets ( %
)
9,65
-0,04 4,81
Profitability Over Net Worth( %
)
152,48
-0,58 75,95
BANKS
The main banks are:
- Banco Amazonas S.A.
- Banco Bolivariano C.A.
- Banco de Guayaquil S.A.
- Banco Pichincha C.A.
OPERATIONS
Line of Business : The line of business registered at the Internal Revenue
Services(IRS) is: MANUFACTURE OF CLOTHING
Social objective registered at the Superintendency of
Companies is: Production, import, purchase, sale,
elaboration, repairing, industrialization and export of
uniforms, clothing in general, pants, shirts, etc.
Classification according to commercial activity:
Sic: 5611-0000 Men's and boys' clothing stores
Sic: 5621-0000 Women's clothing stores
Sales
Sales are steady throughout the year
National sales territory
Customers
Main customers are: Line of business' distributors.
Purchases
Domestic and international purchases
Imports from Germany, Colombia.
Main suppliers
- Wilttex S.A.
Employees: 80 employees
Location
- The administrative offices are located at A la altura del Km 3.5 Av. Juan
Tanca Marengo s/n, Lotización Satiron, Frente al Registro Civil. Guayaquil
Guayas, Ecuador
Branches
Subject does not have any branch
RELATED COMPANIES
Subject is related to the following companies:
- Importadora Macocorp S.A. T A X : 0992700912001
- Pridasotex S.A. T A X : 0992616466001
INSURANCES (11/09/2014)
Insurance details were declined.
ADMINISTRATION
General Manager : Hernan
David Maura Cordero TAX:0916525843001
Auditor
: Judith Castillo
Accounting Assistant : Suani Ruiz
CURRICULUM
Hernan David Maura Cordero
T A
X
: 0916525843001
Civil status : Single
Birth date : 18/12/1985
Guayaquil Guayas-Ecuador
Position :
General Manager
Mercantile Register : Number 8582 of 11/05/2009
Simultaneously : He is legally registered at the
IRS to perform personal
business since January 06, 2009. His registered business
activity is: Business and Management advice He does not
have a trade name
LEGAL INFORMATION
Legal Structure : Stock Company
Constitution date : 19/03/2009
Authorization : Resolution Nº
1522
Notary
: N° 7, Guayaquil Guayas
Term of duration : 100 Year, ended on 19/03/2109
Legal Address : Guayaquil -
Ecuador
Published in : Official
Gazette dated 23/03/2009
Current Subscribed Capital: US$ 800.-Divided to 800.- common shares unique
series amounting US$ 1.-
Authorized Current Capital: US$ 1.600.-
Subscribed Initial Capital: US$ 800.-
Paid-in Initial Capital: US$ 200.-
Authorized Initial Capital: US$ 1.600.-
Shareholders : 4
- 25,00% Blanca Irene Cordero Hernandez
- 25,00% 0916525843001 Hernan David Maura Cordero
- 25,00% Priscilla Stephanie Maura Cordero
- 25,00% Irene Sofia Maura Cordero
Legal representation is held by General Manager.
INFORMATION SOURCES
On 11/09/2014 Miss. Suani Ruiz, Accounting Assistant, declined financial
information as she is not authorized to provide it, however, submitted
general
information.
-Other outside information sources.
Exchange rate
-Since September 9th, 2000, official currency in
is the US$ dollar
-Until then, the currency was the sucre.
Exchange rate was s/. 25.000 X US$ 1.00
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.10 |
|
|
1 |
Rs.99.05 |
|
Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.