MIRA INFORM REPORT
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Report No. : |
330923 |
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Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
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Name : |
MEDIAS CRIS GARCIA CIA. LTDA. |
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Registered Office : |
Calle principal vía Quiroga y vía Selva Alegre, Sector San
Eloy - Otavalo |
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|
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Country : |
Ecuador |
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Financials (as on) : |
31.12.2014 |
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Year of Establishment : |
1988 |
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Legal Form : |
Limited Liability Partnership (Ecuador) |
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Line of Business : |
Manufacturing and marketing of stockings, socks. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Ecuador |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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 25% 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 2014, oil output increased slightly
and production is expected to remain steady in 2015, although prices will
likely remain lower than in previous years. Faced with a 2013 trade deficit of
$1.1 billion, Ecuador erected technical barriers to trade in December 2013,
causing tensions with its largest trading partners. Ecuador also decriminalized
intellectual property rights violations in February 2014. In March, 2015
Ecuador imposed tariff surcharges from 5%-45% on an estimated 32% of imports
for 15 months. Furthermore, the CORREA administration is considering
de-dollarizing the economy to allow the government to use monetary policy tools
to stabilize growth.
|
Source
: CIA |
Company
Name and Address
MEDIAS CRIS GARCIA CIA. LTDA.
(MECRISGA)
Calle principal vía Quiroga y vía Selva Alegre, Sector San
Eloy - Otavalo
Imbabura
ECUADOR
Telephone : 593-6-2930016, 593-6-2930022, 593-6-2930041
E_Mail : mecrisga@andinanet.net
SUMMARY
Started : 1988
Payments
: Prompt
Financial
Sit.
: Insufficient
Economic
Sit.
: Acceptable
Sales
: US$
2.501.212.-
Net
worth
: US$
573.510.-
Current
profit
:
US$ 55.681.-
Subscribed Capital :
US$ 20.000.-
Sic(s) : 2399
Line of Business: Manufacturing and marketing of stockings and socks
.
EVALUATION
Interpretation at the end of the report.
Credit
Recommendation
Dollars
Conservative value : 150.000
Liberal value : 110.000
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 insufficient financial
situation, as indicated in:
** Negative Working Capital
** Acceptable Current Liquidity Ratio
** Insufficient Acid Test Ratio
Economic situation is acceptable, as reflected in:
** Very High Current Indebtedness Ratio
** High Total Indebtedness Ratio
** Good Solvency Ratio
** Insufficient Profitability Over Sales Ratio
** Insufficient Profitability Over Assets Ratio
** Normal Profitability Over Net Worth Ratio
COMMERCIAL
INFORMATION
Commercial Bulletin : As at 31/05/2015 subject
does not register protested
checks in the national central of
risk
TRADE
REFERENCES
Consulted suppliers declined to submit references
- 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 July, 2015
Detail of Bank References
Bank : Banco Internacional S.A.
To expire : US$ 219.028,99
Total debt up to May 2015 is US$ 219.028,99
Medias
Cris Garcia Cia. Ltda., does not register negatives in the National Financial
System.
Average amount of indebtedness registered by the subject, in the National
Financial System :
During 2015 was US$ 190.728,89
Income tax corresponding to the last years:
Year 2014: US$ 26.640
Year 2013: US$ 35.178
Year 2012: US$ 18.386
Year 2011: US$ 14.260
Year 2010: US$ 23.895
FINANCIAL
INFORMATION
COMPARATIVE - SUMMARY
( Figures in US$ Dollars )
31/12/2014
31/12/2013 31/12/2012
CURRENT
ASSETS
1.076.547
940.516 811.013
CURRENT LIABILITIES
1.202.638
815.658 746.743
WORKING
CAPITAL
-126.091
124.858
64.270
FIXED
ASSETS
782.441
510.777 462.806
OTHER
ASSETS
29.723
9.723 9.856
LONG TERM
LIABILITIES
112.563
130.460 97.402
NET
WORTH 573.510
514.898 439.530
OPERATING
INCOMES
2.501.212
2.410.291
1.928.670
CURRENT
PROFIT(LOSS)
55.681 72.695 53.474
BALANCE SHEET
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/12/2014 31/12/2013
Cash
31.358 64.396
Sundry Debtors
425.247 202.400
Inventory
599.355 495.306
Other Current
Assets 20.587
178.414
CURRENT
ASSETS 1.076.547
940.516
Net Fixed Asset 782.441
510.777
FIXED
ASSETS
782.441
510.777
Other 29.723
9.723
OTHER
ASSETS
29.723
9.723
TOTAL
ASSETS 1.888.711
1.461.016
LIABILITIES
31/12/2014 31/12/2013
Accounts
Payable 607.913
568.116
Notes
Payable 210.938
69.909
Other Current Liabilities 383.787
177.633
CURRENT
LIABILITIES 1.202.638 815.658
Notes
Payable
112.563 130.460
LONG TERM
LIABILITIES 112.563
130.460
Capital & Reserves 20.000
20.000
Other
Reserves 16.200
9.634
Accumulated
Profits 481.629
412.569
Current Profit (Losses) 55.681
72.695
NET
WORTH 573.510
514.898
TOTAL
LIABILITIES 1.888.711
1.461.016
STATEMENTS OF RESULTS
31/12/2014 31/12/2013
Operating
Income
2.501.212 2.410.291
Operating Cost
-1.919.963 -1.843.011
OPERATING MARGIN
581.249
567.280
Administration & Sales
Expenses -429.920
-420.017
OPERATING
RESULT 151.329
147.263
Other
non Operating
Incomes 8.731
0
Other non Operating
Expenses -59.765
-20.353
NON OPERATING
RESULT
-51.034 -20.353
Result Before Income
Tax 100.295
126.910
Taxes and Employees
Participation -44.615
-54.215
NET PROFIT(LOSS) 55.680
72.695
CURRENT
PROFIT(LOSS) 55.680
72.695
ECONOMIC - FINANCIAL RATIOS
31/12/2014
31/12/2013 Average
Working Capital ( US$ ) -126.091
124.858 -617
Current Liquidity
(Times) 0,90
1,15 1,03
Acid Test
(Times) 0,40
0,55 0,48
Collection Period Days (
Days)
61,21
30,23 45,72
Accounts Receivable
Turnover(Times)
5,88
11,91 8,90
Inventory Turnover
(Times) 3,20
3,72 3,46
Current Indebtedness
(Times) 2,10
1,58 1,84
Total Indebtedness
(Times) 2,29
1,84 2,07
Solvency
(Times) 1,44
1,54 1,49
Assets Tying
Up
( % ) 41,43
34,96 38,20
Profitability Over Sales ( %
) 2,23
3,02 2,63
Profitability Over Assets ( %
) 2,95
4,98 3,97
Profitability Over Net Worth( %
)
9,71
14,12 11,92
BANKS
Subject operates with the following bank:
- Banco
Internacional S.A.
OPERATIONS
Line of Business : Manufacturing and marketing of stockings, socks, tights and
panthyhose.
The line of business registered at the Internal Revenue
Services is: HOSIERY MANUFACTURE
The Social objective registered at the Superintendency of
Companies is: Production, distribution,
commercialization of stockings, socks and all kind of
woven.
Classification according to commercial activity:
Sic: 2399-0000 Fabricated textiles products, not elsewhere
classified
Sales
Sales are steady throughout the year
National sales territory
Customers
Main customers are: Line of business' distributors. public in general,
Purchases
Places orders with multiple suppliers
Imports from Taiwan, Turkey.
Main suppliers
- Delltex Industrial S.A.
Employees: Number of employees unknown
Location
- The Administrative offices are located at. Calle principal vía Quiroga
y vía
Selva Alegre, Sector San Eloy Otavalo Imbabura, Ecuador
Branches
Subject does not have any branch
- The telephone number 59362921981, provided in the register order does not
belongs to the
company.
RELATED
COMPANIES
Subject is related with the following company:
- Ecuatoriana De Textiles Ecuatextiles Cia. Ltda. T A X : 1090106291001
INSURANCES
Insurance details were declined.
ADMINISTRATION
Manager
: Cristina De Los Angeles Pinto Albuja
TAX:1001352994
CURRICULUM
Cristina De Los Angeles Pinto
Albuja
T A
X
: 1001352994
Civil status : Married
Birth date : 23/12/1962
-Ecuador
Position :
Manager
Mercantile Register : Number 465 of 15/02/2012
Edwin Vicente Garcia Ramirez
T A
X
: 1000966158
Civil status : Married
Birth date : 25/08/1958
–Ecuador
Vicente Gabriel Garcia Pinto
T A
X
: 1727090837
Civil status : Single
Birth date : 01/05/2004
-Ecuador
Maria Cristina Garcia Pinto
T A
X
: 1002478525
Civil status : Single
Birth date : 08/10/1984
-Ecuador
Ana Maria Garcia Pinto
T A
X
: 1002478517
Civil
status : Single
Birth date : 30/10/1985
–Ecuador
LEGAL
INFORMATION
Legal Structure : Limited Liability
Partnership (Ecuador)
Constitution date : 23/09/1988
Authorization : Resolution Nº
1462
Notary
: N° 15, Quito Pichincha
Term of duration : 30 Year, ended on 23/09/2018
Legal Address : Otavalo -
Ecuador
Published in : Official
Gazette dated 07/09/1988
Current Subscribed Capital: US$ 20.000.-contributions US$ 1.-
Subscribed
& paid-in Initial Capital: US$ 28.-
Partner
: 5
-
35,00% 1001352994 Cristina De Los Angeles Pinto Albuja
- 20,00% 1000966158 Edwin Vicente Garcia Ramirez
- 15,00% 1727090837 Vicente Gabriel Garcia Pinto
- 15,00% 1002478525 Maria Cristina Garcia Pinto
- 15,00% 1002478517 Ana Maria Garcia Pinto
Legal
representation is held by Manager.
Legal changes
By Resolution Nº 2969 on 15/09/1995, published in the Official Gazette dated
19/09/1995, capital was increased: In US$ 92,00
By Resolution Nº 3919 on 01/08/2001, published in the Official Gazette dated
10/08/2001, capital was increased: In US$ 19.880,00.
INFORMATION
SOURCES
On 07/07/2015 Miss. Priscila Pilco, Accounting Assistant, 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
Macroeconomic
Information
Interest Rate for the week
of
05/07/2015 - 11/07/2015
Ref. Active Rate for
Operations ( % ) 8,70
Ref. Passive Rate for Operations ( %
) 5,48
Basic Rate of Central
Bank ( % ) 0,20
Legal
( % ) 8,70
Maximum
conventional
( % ) 9,33
Inflation
Ratio
Yearly
Inflation
( % ) 4,87 Jun/2015
Monthly
Inflation
( % ) 0,41 Jun/2015
Accumulated
( % ) 3,08 Jun/2015
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.49 |
|
UK Pound |
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
TRU |
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 |
-- |
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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.