|
Report No. : |
326411 |
|
Report Date : |
15.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
LIPEQ S.A. |
|
|
|
|
Registered Office : |
Vicente Duque N73-193 y Jose Andrade, sector Carcelen
Industrial. – Quito, Pichincha |
|
|
|
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Country : |
Ecuador |
|
|
|
|
Financials (as on) : |
31.12.2014 |
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|
|
|
Year of Establishment : |
1992 |
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|
|
|
Legal Form : |
Public Company |
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|
|
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Line of Business : |
Subject is engaged in production of chemicals for domestic
and industrial use |
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|
|
|
No. of Employee : |
Not Available |
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 |
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|
|
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Ecuador |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 $1.1 billion, Ecuador erected technical barriers to trade in December 2013, causing tensions with its largest trading partners. Ecuador also decriminalized intellectual property rights violations in February 2014. Furthermore, the CORREA administration is considering de-dollarizing the economy to allow the government to use monetary policy tools to stabilize growth.
|
Source
: CIA |
LIPEQ S.A.
Vicente Duque N73-193 y Jose Andrade, sector Carcelen Industrial. – Quito,
Pichincha, ECUADOR
Telephone : 593-2-2472342, 593-2-5140402
E_Mail : contabilidad.ecuador@lipesa.com
Web Site : http://www.lipesa.com/
TAX :
1791231104001
Started
: 1992
Payments
: Prompt
Financial Sit.
: Normal
Economic
Sit.
: Normal
Sales
: US$
4.474.312.-
Net
worth
: US$
1.084.550.-
Current
profit
:
US$ 372.461.-
Sic(s) : 5169
Line of Business: Production of chemicals for domestic and industrial use.
Interpretation at the end
of the report.
Dollars
Conservative value : 320.000
Liberal value :
350.000
If additional information is received or present information is rectified, this
recommendation may be modified.
According to last financial
statement, subject shows a normal financial
situation, as indicated in:
** Acceptable Working Capital
** Excellent Current Liquidity Ratio
** Acceptable Acid Test Ratio
Economic situation is normal, as reflected in:
** Acceptable Current Indebtedness Ratio
** Acceptable Total Indebtedness Ratio
** Good Solvency Ratio
** Normal Profitability Over Sales Ratio
** High Profitability Over Assets Ratio
** Excellent Profitability Over Net Worth Ratio
Commercial Bulletin : As at 30/04/2015 subject
does not register protested
checks
in the national central of risk
Consulted suppliers
declined to submit references
- Tax Status: Current obligations fulfilled
- 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 June, 2015
- Subject does not have prosecutions in the province registered as its legal
address
Detail of Bank References
Bank
: Banco Amazonas S.A.
To
expire
: US$ 23.899,80
Bank
: Banco De La Produccion S.A.
To
expire
: US$ 31.052,02
Bank
: Diners Club del Ecuador S.A. Sociedad Financiera
Credit
Card
: Credit Card
To expire
: US$ 624,33
Total debt up to April 2015 is US$ 55.576,15
Lipeq S.A. does not have negative references at the National Financial System
in the last three years.
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2015 was US$ 43.293,23
Income tax corresponding to the last years:
Year 2014: US$ 118.463
Year 2013: US$ 56.378
Year 2012: US$ 24.861
Year 2011: US$ 7.725
COMPARATIVE - SUMMARY
( Figures in US$ Dollars )
31/12/2014
31/12/2013 31/12/2012
CURRENT
ASSETS
1.958.741
1.648.533 1.819.799
CURRENT
LIABILITIES
1.183.496 1.024.270
1.532.257
WORKING
CAPITAL
775.245
624.263 287.542
FIXED
ASSETS
428.518
135.973 107.298
OTHER
ASSETS
12.917
10.562
7.963
LONG TERM
LIABILITIES
132.130
28.631 19.741
NET
WORTH
1.084.550
742.167 383.062
OPERATING
INCOMES
4.474.312
3.669.928 3.169.946
CURRENT
PROFIT(LOSS)
372.461
164.446
76.045
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/12/2014 31/12/2013
Cash
62.845
1.391
Sundry
Debtors
688.246 625.311
Inventory
1.066.558 788.143
Other Current
Assets
141.092 233.688
CURRENT
ASSETS
1.958.741 1.648.533
Net Fixed
Asset
428.518 135.973
FIXED
ASSETS
428.518 135.973
Other
12.917 10.562
OTHER
ASSETS
12.917 10.562
TOTAL
ASSETS
2.400.176 1.795.068
LIABILITIES
31/12/2014 31/12/2013
Accounts
Payable
886.044 791.997
Notes
Payable
87.790 32.565
Other Current
Liabilities
209.662 199.708
CURRENT
LIABILITIES
1.183.496 1.024.270
Notes
Payable
85.557 21.248
Other Long Term
Liabilities
46.573
7.383
LONG TERM
LIABILITIES
132.130
28.631
Capital &
Reserves
600.000 491.009
Other Reserves
27.458 11.014
Accumulated
Profits
84.631 75.698
Current Profit
(Losses)
372.461 164.446
NET WORTH
1.084.550 742.167
TOTAL
LIABILITIES
2.400.176 1.795.068
STATEMENTS OF
RESULTS
31/12/2014 31/12/2013
Operating
Income
4.474.312 3.669.928
Operating
Cost
-2.466.824 -2.208.558
OPERATING
MARGIN
2.007.488 1.461.370
Administration & Sales Expenses
-1.433.052 -1.181.556
OPERATING
RESULT
574.436 279.814
Other non Operating
Incomes
33.492
2.727
Other non Operating
Expenses
-30.370 -22.747
NON OPERATING
RESULT
3.122 -20.020
Result Before Income
Tax
577.558 259.794
Taxes and Employees
Participation
-205.097 -95.348
NET
PROFIT(LOSS)
372.461 164.446
CURRENT
PROFIT(LOSS)
372.461 164.446
31/12/2014
31/12/2013 Average
Working
Capital
( US$ )
775.245
624.263 699.754
Current Liquidity
(Times)
1,66
1,61 1,64
Acid
Test
(Times)
0,75 0,84
0,80
Collection Period Days (
Days)
55,38
61,34 58,36
Accounts Receivable
Turnover(Times)
6,50
5,87 6,19
Inventory Turnover
(Times)
2,31
2,80 2,56
Current Indebtedness
(Times)
1,09
1,38 1,24
Total Indebtedness
(Times)
1,21
1,42 1,32
Solvency
(Times)
1,82
1,70 1,76
Assets Tying
Up
( % )
17,85
7,57 12,71
Profitability Over Sales ( %
)
8,32
4,48 6,40
Profitability Over Assets ( %
)
15,52
9,16 12,34
Profitability Over Net Worth( %
)
34,34
22,16 28,25
The main banks are:
- Banco Amazonas S.A.
- Banco De La Produccion S.A.
- Banco Pichincha C.A.
OPERATIONS (09/06/2015)
Line of Business : Production of chemicals for domestic and industrial use.
The line of business registered at the Internal Revenue
Services(IRS) is: CHEMICALS PRODUCTION AND COMMERCIALIZATION
Social objective registered at the Superintendence of
Companies is: Production, blending, commercialization,
distribution, representation, research, import, export of
chemicals for domestic and industrial cleaning.
Classification according to commercial activity:
Sic: 5169-0000 Chemicals and allied products
Sales are steady throughout the
year
National sales territory
Main customers are: Public in
general.
Domestic and international
purchases
Imports from France, United States, China, Colombia,
- Quimica Industrial Montalvo
Aguilar Quimasa S.A.
- Solvesa Ecuador S.A.
Number of employees unknown
- The administrative
offices and industrial plant are located at Vicente Duque
N73-193 y Jose Andrade, sector Carcelen Industrial. Quito
Pichincha, Ecuador
- Financial Advice Office located at: Calle D 63-252 y Nazacota Puento,
Barrio
El Rosario Quito Pichincha Ecuador
Subject is related with the
following company:
International
- Lipesa Colombia S.A., Colombia
Subject is insured, but
name of insurance company is not disclosed
General
Manager : Luis Eduardo Sabogal Monroy TAX:79209695
President
: Norma Guillermina Carrillo
Rodriguez TAX:0601209190
Coordinator Supplying. : Pamela Lugmaña
Department Acounting : Victor Hugo Samaniego
Luis Eduardo Sabogal Monroy
TAX
: 79209695
Birth place : Colombia
Position : General Manager
Mercantile Register : Number 7751
of 19/05/2015
Norma Guillermina Carrillo Rodriguez
TAX
: 0601209190
Civil status : Married
Birth date : 24/07/1957
-Ecuador
Position :
President
Mercantile Register : Number 810 of 20/01/2015
Ivan Dario Bernal Londoño
TAX
: 12150043
Birth place : Venezuela
Position :
Shareholder
Antonio Des Trigas
TAX
: 8469829
Birth place : Venezuela
Position :
Shareholder
Pedro Hernandez Latuff
Birth place : Venezuela
Williams Hernendez Latuff
Birth place : Venezuela
Position :
Shareholder
Guido Mazza Manari
Birth place : Venezuela
Position :
Shareholder
Brinolfo Marquez Leon
Birth place : Venezuela
Position :
Shareholder
Legal
Structure :
Stock Company
Constitution date : 15/07/1992
Authorization : Resolution Nº 1013
Notary
: N° 2, Quito Pichincha
Term of duration :
50 Year, ended on 15/07/2042
Legal Address : Quito - Ecuador
Published in : Official Gazette dated 25/07/1992
Initial Paid-in Capital: US$ 200.-Divided to 600.000.- common shares unique
series amounting US$ 1.-
Subscribed Initial Capital: US$ 400.-
Subscribed Initial Capital: US$ 600.000.-
Authorized Initial Capital: US$ 1.200.000.-
-
67,21% Lipesa Colombia S.A. (Colombia)
- 25,64% Guido Mazza Manari
- 3,05% Pedro Hernandez Latuff
- 2,00% 8469829 Antonio Des Trigas
- 0,88% 12150043 Ivan Dario Bernal Londoño
- 0,81% Williams Hernendez Latuff
- 0,38% Otros.
- 0,03% Brinolfo Marquez Leon
Legal representation is held by General Manager.
By Resolution Nº 2873 on
12/11/1998, published in the Official Gazette dated
16/11/1998, capital was increased: By US$ 33.080
By Resolution Nº 533 on 04/02/2005, published in the Official Gazette dated
27/07/2005, capital was increased: By US$ 262.870.
By Resolution Nº 0 on 29/12/2014, published in the Official Gazette dated
02/02/2015, capital was increased: By US$ 303.650.
This company has a total of 11 sthareholders among individuals and legal
persons
On 09/06/2015 Mr. Pamela Lugmaña,
Coordinator Supplying, declined financial
information as she is not authorized to provide it, however, submitted
general
information.
-Other outside information sources.
-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 03/06/2015 - 09/06/2015
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
( % ) 4,55 May/2015
Monthly
Inflation
( % ) 0,18 May/2015
Accumulated
( % ) 2,66 May/2015
The
information herein contained is confidential and exclusively
intended for
its addressee. Unauthorized use, copying and/or disclosure of
the information
contained in this transmission may
result in legal punishment. If you
receive this document by error, please delete it
and notify to the email
address: operaciones@twsecuador.com.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.03 |
|
|
1 |
Rs.99.27 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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.