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Report No. : |
301953 |
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Report Date : |
09.01.2015 |
IDENTIFICATION DETAILS
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Name : |
ELECTROCABLES C.A. |
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Registered Office : |
Via a Daule a la altura del Km 11,5 Parque Industrial El Sauce - Guayaquil Guayas Ecuador |
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Country : |
Ecuador |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
25.09.1981 |
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Legal Form : |
Stock Company |
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Line of Business : |
Manufacturer of Electrical and Telephone Cables. |
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No. of Employee : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Ecuador |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 $1.1 billion, Ecuador erected technical barriers
to trade in December 2013, causing tensions with its largest trading partners.
Ecuador also decriminalized intellectual property rights violations in February
2014.
|
Source
: CIA |
ELECTROCABLES C.A.
Via a Daule a la altura del
Km 11,5 Parque Industrial El Sauce - Guayaquil Guayas Ecuador
Telephone : 593-2-2829113, 593-2-2829114, 593-4-3705460
E_Mail :
info@electrocable.com, quito@electrocable.com
Web Site : www.electrocable.com
SUMMARY
Started
: 1981
Total
Employees
: 200
Payments :
Prompt
Financial
Sit. : Normal
Economic
Sit. : Acceptable
Sales : US$
71.903.427.-
Net
worth
:
US$ 20.875.400.-
Current
profit :
US$ 4.482.626.-
Subscribed Capital : US$
12.106.593.-
Sic(s) : 3315 - 3351
Line of Business: Manufacture of electrical and telephone cables.
FINANCIAL INDICATORS
According to last financial statement, subject shows a normal financial
situation, as indicated in:
** Acceptable Working Capital
** Good Current Liquidity Ratio
** Normal Acid Test Ratio
Economic situation is acceptable, as reflected in:
** Acceptable Current Indebtedness Ratio
** High Total Indebtedness Ratio
** Good Solvency Ratio
** Normal Profitability Over Sales Ratio
** Normal Profitability Over Assets Ratio
** Excellent Profitability Over Net Worth Ratio
COMMERCIAL INFORMATION
Commercial Bulletin : As at 31/12/2014 subject
does not register protested
checks in the national central of risk
TRADE REFERENCES
Consulted suppliers declined to submit references
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit
Owes
Old Purch. Payment. Notes
(US$) (US$)
--------------------------------------------------------------------------------
Since 1985 07-14
Prompt checks
Open
None
13 years 06-14
Prompt checks
Open
None
14 years 01-14
Prompt
checks
Open
None
13 years 10-13
Prompt
bank
transfer
Open None
Since 1991 11-13
Prompt checks
Open
None
Since 1991 04-13
Prompt
checks
Open
None
7 years 03-13
Prompt
checks
Open
None
Since 2005 03-12
Prompt
checks
12.000
None
12 years 03-12
Prompt
checks
Open
None
20 years 11-11
Prompt checks
Open
None
20 years 03-11
Prompt checks
Open
None
Since 2005 02-11
Prompt checks
12.000
None
20 years 10-10
Prompt
invoice
Open
None
30 years 10-10
Prompt checks
Open
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
- Legal Representative is not prevented from leaving the country
- Legal Representative does not register criminal
- 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
- Subject does not appear as failed supplier of de State (SERCOP)
- SERCOP: National Service of Public Procurement: public law regulatory agency
that controls the national public procurement system.
- This Subject DOES NOT have obligations at IESS (Ecuadorian Institute of
Social Security) , to
January, 2015
Detail of Bank References
Below are listed
the main three banks in which this company has credits in the
National Financial System.
Bank
: Banco Bolivariano C.A.
To
expire
: US$ 1.366.711,71
Bank
: Banco de Machala S.A.
To
expire
: US$ 590.138,25
Bank
: Corporacion Financiera Nacional
To
expire
: US$ 12.751.358,34
Total debt to
November 2014 is US$ 19.400.407,30.
Credit history
Electrocables C.A.
had a credit with 2 months of overdue term for US$ 717.896,57 in May 2013 at
the National Financial System
Maximum amount of indebtedness registered by the subject -, in the National
Financial System was US$ 26.570.252,32 in May, 2014
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2011 was US$ 18.982.589,00
During 2012 was US$ 25.133.451,00
During 2013 was US$ 20.403.016,43
During 2014 was US$ 21.426.356,17
Records
Indebtedness with 2 months past due.
Date
amount in US$
May,
2013
717.896,57
Income tax corresponding to the last years:
Year 2013: US$ 839.018
Year 2012: US$ 596.306
Year 2011: US$ 1.260.899
Year 2010: US$ 1.026.131
Year 2009: US$ 858.008
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 31/12/2011
CURRENT
ASSETS
46.423.794
47.250.043 51.025.622
CURRENT
LIABILITIES
31.252.967
33.361.110 32.709.134
WORKING
CAPITAL
15.170.827
13.888.933 18.316.488
FIXED
ASSETS
7.434.778
9.118.562 6.492.414
OTHER
ASSETS
187.820
187.820 187.820
LONG TERM
LIABILITIES
1.918.025
2.369.325 3.271.925
NET
WORTH
20.875.400
20.825.990 21.724.797
OPERATING
INCOMES
71.903.427
70.232.365 73.274.691
CURRENT
PROFIT(LOSS)
4.482.626
4.433.216 5.389.661
B
A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/12/2013 31/12/2012
Cash
549.723 253.797
Sundry
Debtors
24.651.273 30.723.672
Inventory
16.206.171 12.538.316
Other Current
Assets
5.016.627 3.734.258
CURRENT
ASSETS
46.423.794 47.250.043
Net Fixed
Asset
7.434.778 9.118.562
FIXED
ASSETS
7.434.778 9.118.562
Other
187.820 187.820
OTHER
ASSETS
187.820 187.820
TOTAL
ASSETS
54.046.392 56.556.425
LIABILITIES
31/12/2013 31/12/2012
Accounts
Payable
19.365.988 16.031.605
Notes
Payable
11.886.979 17.329.505
CURRENT
LIABILITIES
31.252.967 33.361.110
Notes
Payable
1.918.025 2.369.325
LONG TERM
LIABILITIES
1.918.025 2.369.325
Capital &
Reserves
12.715.703 12.715.703
Other
Reserves
605
605
Accumulated
Profits
3.676.466 3.676.466
Current Profit
(Losses)
4.482.626 4.433.216
NET
WORTH
20.875.400 20.825.990
TOTAL
LIABILITIES
54.046.392 56.556.425
STATEMENTS OF
RESULTS
31/12/2013 31/12/2012
Operating
Income
71.903.427 70.232.365
Operating
Cost
-57.990.653 -56.646.630
OPERATING MARGIN
13.912.774 13.585.735
Administration & Sales
Expenses
-8.637.437 -9.152.517
OPERATING
RESULT
5.275.337 4.433.218
Other non Operating Incomes
506.053
0
NON OPERATING
RESULT
506.053
0
Result Before Income
Tax
5.781.390 4.433.218
Taxes and Employees Participation
-1.298.763
0
NET
PROFIT(LOSS)
4.482.627 4.433.218
CURRENT
PROFIT(LOSS)
4.482.627 4.433.218
ECONOMIC - FINANCIAL RATIOS
31/12/2013
31/12/2012 Average
Working
Capital
( US$ ) 15.170.827
13.888.933 14.529.880
Current Liquidity
(Times)
1,49
1,42 1,46
Acid
Test
(Times)
0,97 1,04
1,01
Collection Period Days (
Days)
123,42
157,48 140,45
Accounts Receivable
Turnover(Times)
2,92
2,29 2,61
Inventory Turnover
(Times)
3,58
4,52 4,05
Current Indebtedness
(Times)
1,50
1,60 1,55
Total Indebtedness
(Times)
1,59
1,72 1,66
Solvency
(Times)
1,63
1,58 1,61
Assets Tying
Up
( % )
13,76
16,12 14,94
Profitability Over Sales ( %
)
6,23
6,31 6,27
Profitability Over Assets ( %
)
8,29
7,84 8,07
Profitability Over Net Worth( %
)
27,35
27,04 27,20
BANKS
Subject operates with the following financial institutions
- Banco Bolivariano C.A.
- Banco de Machala S.A.
- Corporacion Financiera Nacional
OPERATIONS
Line of Business : Manufacture of electrical and telephone cables.
THE LINE OF BUSINESS REGISTERED AT THE INTERNAL REVENUE
SERVICES(IRS) IS: Activities of manufacture of electric
cables and related products
Social objective registered at the Superintendence of
Companies is: Manufacture and sale of materials for all kinds
of electric installations and related goods, through various
systems
Classification according to commercial activity:
Sic: 3315-0000 Steel wire and related products
-0309 Wire, steel: insulated
or armored
-0300 Wire and fabricated wire
products
Sic: 3351-0000 Copper rolling and drawing
-9907 Wire, copper and copper
alloy
-9904 Extruded shapes, copper
and copper alloy
Commercializes:
- Electrocables
Sales
Sales are steady throughout the year
National and international sales territory
Exports to United States, Puerto Rico, Venezuela, Panama, Costa Rica.
Customers
Main customers are: Line of business' distributors, electric companies,
companies in general, telecommunications' companies.
The 2 most important customers are:
Subdireccion de Aviacion Civil del Litoral.
Purchases
Domestic and international purchases
Imports from Italy, Canada, United States, Germany, China, Colombia, Peru,
Belgium, Denmark, France.
Main suppliers
- Almacenes Boyaca S.A.
- Doltrex S.A.
- Ideal Alambrec S.A.
- Kobrec Corporacion Ecuatoriana Del Cobre S.A.
- Pica Plasticos Industriales C.A.
Employees: 200 employees
Location
- The administrative offices are located at Via a Daule a la
altura del Km
11,5 Parque Industrial El Sauce Guayaquil Guayas, Ecuador
Branches (07/01/2015)
- Panamericana Norte a la altura del Km 14.5 y Viteri,
barrio San Alfonso Quito
Pichincha Ecuador
- Av. Gil Ramirez Davalos S/N y
El Pedregal Cuenca Azuay Ecuador
RELATED COMPANIES
Subject is related to the following companies:
- Tuberias Pacifico S.A. Tupasa T A X : 0992532475001 Guayaquil Guayas
. Sales
as at 31/12/2013 US$ 13.506.512
- Pharmacaps Del Ecuador Pharmacaps S.A. T A X : 0992578734001
- Doltrex S.A. T A X : 0991349588001 Guayaquil
Guayas . Sales as at 31/12/2013
US$ 5.891.438
- Kobrec Corporacion Ecuatoriana Del Cobre S.A. T A X :
0991428844001
- Inzerkel S.A. T A X : 0992413638001
- Cluba Club Azul S.A. T A X : 0990943346001
INSURANCES (07/01/2015)
Insurance Company:
-Confianza Compañia de Seguros y Reaseguros S.A.
-Mapfre Atlas Compañia de Seguros S.A.
-Serviseguros S.A.
BOARD OF DIRECTORS
Executive Vice President : Nassib Jose Neme Anton TAX:0904906146
ADMINISTRATION
Finances Manager : Veronica
Miranda
Imports Assistant : Ruth Constantine
General Manager : Marcia
Herrera
Assistant of Quito
Secretary
: Karen Cuero
General Manager : Jorge Neme Anton TAX:0990884129001
Secretary
: Lorena Perez
Manager
: Cheme Alfredo Neme Macchiavello TAX:0909661183
Manager
: Carlos Enrique Ramirez Gonzalez TAX:0904088911001
Manager
: Luis Andres Neme Macchiavello TAX:0909661175001
Secretary
: Ligia Posligua
CURRICULUM
Jorge Neme Anton
T A
X
: 0990884129001
Position :
General Manager
Mercantile Register : Number 9037 of 10/07/2014
Previously : He was
legally registered at the IRS for engaging in business as an
individual since 12-11-19987 until 13-09-2006. His
economic activity registered was: Manufacturing of jewels
of precious metals, gemstones, or mixtures of them or
other materials. Activities were definitely suspended.
Cheme Alfredo Neme Macchiavello
T A
X
: 0909661183
Civil status : Married
Birth date : 19/04/1979
-Ecuador
Position :
Manager
Mercantile Register : Number 8991 of 10/07/2014
Carlos Enrique Ramirez Gonzalez
T A
X
: 0904088911001
Civil status : Married
Birth date : 15/07/1950 -Ecuador
Position :
Manager
Mercantile Register : Number 9036 of 10/07/2014
Simultaneously : He is legally registered at the
IRS to perform personal
business since August 30, 1999. His registered business
activity is: Activities of Electrical Engineering. He
does not have a trade name.
Luis Andres Neme Macchiavello
T A
X
: 0909661175001
Civil status : Married
Birth date : 26/07/1980 -Ecuador
Position :
Manager
Mercantile Register
: Number 9889 of
28/07/2014
Simultaneously : He is legally registered at the
IRS to perform personal
business since September 15 2009. His registered business
activity is: Sale of diverse products for consummer. He
does not have a trade name
LEGAL INFORMATION
Legal Structure : Stock Company
Constitution date : 25/09/1981
Authorization : Resolution Nº
1070
Notary
: N° 18, Guayaquil Guayas
Term of duration : 50 Year, ended on 25/09/2031
Legal Address : Guayaquil -
Ecuador
Published in : Official
Gazette dated 06/10/1981
Current Subscribed Capital: US$ 12.106.593.-Divided to 12.106.593.- common
shares unique series amounting US$ 1.-
Paid-in Initial Capital: US$ 5.-
Subscribed Initial Capital: US$ 20.-
Shareholders :
- 25,02% 0992578734001 Pharmacaps Del
Ecuador Pharmacaps S.A.
- 23,11% 0904906146 Nassib Jose Neme Anton
- 14,99% 0990884129001 Jorge Neme Anton
- 12,50% Jacqueline Nehme Anton
- 12,40% Tarruz Guadalupe Neme Anton
- 5,95% 0909661183 Cheme Alfredo Neme Macchiavello
- 5,94% 0909661175001 Luis Andres Neme Macchiavello
- 0,05% 0905653051001 Aquiles Ramon
Guerrero Mosquera
- 0,04% Wadih Alfredo
Anton Achi
Legal representation is held by Executive Vice President.
Legal changes
By Resolution Nº 4684 on 23/05/2005, notary N° 30, Guayaquil Guayas, published
in the Official Gazette dated 26/09/2005, capital was increased: by USD
6.498.330,00 of National Investment and Direct Foreign Investment
By Resolution Nº 4048 on 22/12/2006, notary N° 30, Guayaquil Guayas, published
in the Official Gazette dated 11/08/2006, capital was increased: by USD
300.000,00 of National Investment and Direct Foreign Investment
By Resolution Nº 7722 on 31/07/2007, notary N° 30, Guayaquil Guayas, published
in the Official Gazette dated 20/12/2007, last capital increase was performed
by
USD 1.768.263,00 of National Investment
By Resolution Nº 6352 on 10/11/2011, notary N° 12, Guayaquil Guayas, published
in the Official Gazette dated 14/11/2011, capital was increased: By US$
2.900.000,00
Since its date of incorporation, until now there have been a total of 10
capital
increases.
This company is part of a business group called Grupo Electrocable which
includes other companies aimed to perform complementary activities.
By resolution Nº 04-G-IMV-3319 on June 18 , 2004, the Superintendency of
Companies approved the registration of this Company in the Stock Exchange.
Currently it does not have issued values.
PUBLICATIONS
Information regarding subject is supplied as follows
Revista Gestion No
192 of 01/06/2010 This Company was part of the "500 largest
Companies of the Country" in year
2009, ranked in the 167 place
Revista Vistazo No. 1058 of 22/09/2011 The production per month of this Company
reaches 2.000 tons of cupper cable
and 800 tons of aluminum cable, and their
destinations are 12 international markets, among them are: Puerto Rico, United
States and Panama, demanding the ecological medium voltage cables -
Servicio de Rentas Internas of 31/12/2012 According to the S.R.I.
information,
in the fiscal period of 2012, the Electrocables Group
had a total of 17 firms
which had incomes for US$. 159.990.042 the caused income tax was US$. 1.613.219
-
Revista Gestión Economía y Sociedad Nº 228 of 01/07/2013 This Company was part
of the 100 Largest importers of the Country in year 2012, occupying the 92
place
with a CIF value of US$ 49.140.000 -
Servicio de Rentas Internas of 31/12/2013 According to the S.R.I.
information,
in the fiscal period of 2013, the Electrocables Group
had a total of 17 firms
which had incomes for US$. 168.588.993 the caused income tax was US$. 1.293.553
-
Revista Gestión Nº
240 of 10/06/2014 This Company was part of the 100 Largest
importers of the Country in year 2013, occupying the 99 place with a CIF value
of US$ 42,29 million -
Revista Vistazo Nº 1130 of 25/09/2014 This Company was part
of the 700 Largest
Companies of the Country in year 2013 occupying the 239 place with a sales
increase of 3% compared to year 2012 -
INFORMATION SOURCES
On 06/01/2015 Miss. Ligia Posligua, Secretary, 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 Ecuador
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.62.97 |
|
|
1 |
Rs.94.97 |
|
Euro |
1 |
Rs.74.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.