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Report No. : |
319954 |
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Report Date : |
06.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
PF GROUP S.A. |
|
|
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Registered Office : |
Calle De las Avellanas E1-101 Y Av. Panamericana Norte, Sector Parque de los Recuerdos N66A - Quito |
|
|
|
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Country : |
Ecuador |
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|
|
|
Financials (as on) : |
30.09.2014 |
|
|
|
|
Date of Incorporation : |
1988 |
|
|
|
|
Legal Form : |
Public company |
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|
|
|
Line of Business : |
Production of automotive
sealants, masterbatches, textile binders, automotive carpets, sale of
technical plastics |
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|
No. of Employee : |
116 |
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 |
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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 |
|
Moderate |
B1 |
|
High |
B2 |
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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 $1.1 billion, Ecuador erected technical barriers to trade in December 2013, causing tensions with its largest trading partners. Ecuador also decriminalized intellectual property rights violations in February 2014. Furthermore, the CORREA administration is considering de-dollarizing the economy to allow the government to use monetary policy tools to stabilize growth.
|
Source
: CIA |
PF GROUP S.A.
Calle De las Avellanas E1-101 y Av. Panamericana Norte, Sector Parque de
los
Recuerdos N66A - Quito
Pichincha
ECUADOR
Telephone :
593-2-2478572/300, 593-2-2484648, 593-2-2484650
Fax : 593-2-2481207
E_Mail :
mevalarezo@pfgroup-ec.com , secapol@pfgroup-ec.com
Started
: 1988
Total Employees :
116
Payments : Prompt
Financial Sit. : Normal
Economic Sit. : Normal
Sales : US$
9.683.338.-
Net
worth : US$
6.704.648.-
Current
profit :
US$ 682.394.-
Subscribed Capital :
US$ 3.800.000.-
Sic(s) : 2891 - 2899
Line of Business: Production of
automotive sealants, masterbatches, textile binders, automotive carpets,
sale of technical plastics.
According to last financial statement, subject shows a normal financial
situation, as indicated in:
** Acceptable Working Capital
** Good Current Liquidity Ratio
** Acceptable Acid Test Ratio
Economic situation is normal, as reflected in:
** Normal Current Indebtedness Ratio
** High Total Indebtedness Ratio
** Good Solvency Ratio
** Normal Profitability Over Sales Ratio
** Low Profitability Over Assets Ratio
** High Profitability Over Net Worth Ratio
Commercial Bulletin : As at 31/03/2015
subject does not register protested
checks in the national central of
risk
Suppliers' trade references are supplied as follows:
Detail of References
Old : 10 years
Last purchase :
03-2015
Terms : 45-60 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : Does not Register
Due : Does not Register
Paying Comments : Excellent
Purchase Aver. : (Monthly
US$) 7.000
Old : 11 years
Last purchase
: 03-2015
Terms : 30 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : Does not Register
Due : Does not Register
Paying Comments : Excellent
Purchase Aver. : (Monthly
US$) 3.500
Last purchase value US$ 1.600
Detail of Former Trade References
--------------------------------------------------------------------------------
Last Credit Owes
Old Purch. Payment.
Notes
(US$) (US$)
--------------------------------------------------------------------------------
4 years 06-14
Prompt
checks
- None
10 years 05-14
Prompt
checks
Open None
5 years 06-13
Prompt checks
5.000 None
9 years 08-13
Prompt
checks
Open None
15 years 08-13
Prompt
checks
Open None
2 years 08-11
Prompt
checks
Open None
Since 2005 09-11
Prompt
checks
12.000 None
8 years 09-11
Prompt
checks
30.000 2.387
8 years 08-11
Prompt bank
transfer Open
None
6 years 08-10
Prompt
invoice
Open None
13 years 09-10
Prompt bank
transfer 30.000 None
1 year 09-10
Prompt bank
transfer 30.000
None
1 year 05-10
Prompt
invoice
6.000 None
13 years 06-10
Prompt
checks
25.000 None
10 years 04-10
Prompt
invoice
Open
None
3 years 08-09
Prompt bank
transfer
2.000 None
15 years 09-09
Prompt
checks
32.000
None
6 years 08-09
Prompt
checks
Open None
5 years 05-09
Prompt
checks
Open None
3 years 06-09
Prompt
checks
2.000
None
5 years 06-09
Prompt
checks
Open None
5 years 10-07
Prompt
checks
Open None
3 years 10-07
Prompt
checks
1.000 None
20 years 08-07
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 April, 2015
Detail of Bank References
Bank : Banco De
La Produccion S.A.
To
expire
: US$ 1.513.363,14
Bank
: Banco Del Pacifico S.A.
To
expire
: US$ 379,04
Bank
: Banco Internacional S.A.
To
expire
: US$ 108.360,00
Total debt up to March 2015 is US$ 1.622.102,18
Credit history
PF Group S.A. does not have negative references at the National Financial
System in the last three years.
Maximum amount of indebtedness registered by the subject -, in the National
Financial System was US$ 2.742.176,19 in May, 2014
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2012 was US$ 56.807,85
During 2013 was US$ 941.882,31
During 2014 was US$ 1.756.128,31
During 2015 was US$ 1.429.209,41
Income tax corresponding to the last years:
Year 2013: US$ 157.055
Year 2012: US$ 254.755
Year 2011: US$ 239.702
Year 2010: US$ 228.495
C O M P A R A T I V E - S U M M A R Y
(Figures in US$ Dollars)
30/09/2014
31/12/2013 31/12/2012
CURRENT
ASSETS
7.824.080
10.816.936 8.358.886
CURRENT
LIABILITIES
5.582.832
7.188.354 3.294.739
WORKING
CAPITAL
2.241.248 3.628.582
5.064.147
FIXED
ASSETS
7.049.626
5.270.070 2.136.602
OTHER
ASSETS
4.031.334
4.031.334 4.031.334
LONG TERM
LIABILITIES 6.617.560
6.903.356 6.216.277
NET
WORTH
6.704.648
6.026.630 5.015.806
OPERATING
INCOMES
9.683.338
12.406.171 12.281.188
CURRENT
PROFIT(LOSS)
682.394
1.010.824 1.206.401
B
A L A N C E S H E E T
INDIVIDUAL
FISCAL YEAR SUMMARIZED
ASSETS
30/09/2014
31/12/2013
Cash
374.609 2.466.572
Sundry
Debtors
2.231.670
2.397.970
Inventory
4.388.146
5.507.923
Other Current
Assets 829.655
444.471
CURRENT
ASSETS 7.824.080
10.816.936
Net Fixed
Asset
7.049.626
5.270.070
FIXED
ASSETS 7.049.626
5.270.070
Other
4.031.334 4.031.334
OTHER
ASSETS 4.031.334
4.031.334
TOTAL
ASSETS 18.905.040
20.118.340
LIABILITIES
30/09/2014
31/12/2013
Accounts
Payable 1.926.763
1.516.674
Notes
Payable
2.808.140
3.189.646
Other Current
Liabilities 847.929
2.482.034
CURRENT
LIABILITIES 5.582.832
7.188.354
Notes
Payable
5.558.790
5.927.637
Other Long Term
Liabilities 1.058.770 975.719
LONG TERM
LIABILITIES 6.617.560
6.903.356
Capital &
Reserves
2.900.000 2.900.000
Other
Reserves
711.717 610.635
Accumulated
Profits
2.410.537 1.505.171
Current Profit
(Losses)
682.394 1.010.824
NET
WORTH
6.704.648 6.026.630
TOTAL
LIABILITIES 18.905.040
20.118.340
STATEMENTS OF
RESULTS 30/09/2014
31/12/2013
Operating
Income
9.683.338 12.406.171
Operating
Cost
-7.069.248
-8.907.206
OPERATING
MARGIN
2.614.090 3.498.965
Administration & Sales
Expenses -1.529.214 -1.752.459
OPERATING
RESULT
1.084.876 1.746.506
Other non Operating
Incomes 83.946 0
Other non Operating
Expenses -486.428
-372.531
NON OPERATING
RESULT 402.482
-372.531
Result Before Income
Tax 682.394
1.373.975
Taxes and Employees
Participation 0
-363.151
NET
PROFIT(LOSS) 682.394
1.010.824
CURRENT
PROFIT(LOSS) 682.394 1.010.824
ECONOMIC - FINANCIAL
RATIOS
30/09/2014
31/12/2013 Average
Working
Capital ( US$
) 2.241.248
3.628.582 2.934.915
Current Liquidity
(Times) 1,40
1,50 1,45
Acid
Test
(Times) 0,62 0,74 0,68
Collection Period Days
( Days) 62,23
69,58 65,90
Accounts Receivable Turnover (Times)
4,34
5,17 4,76
Inventory Turnover (Times)
1,61
1,62 1,62
Current Indebtedness (Times)
0,83
1,19 1,01
Total Indebtedness (Times)
1,82
2,34 2,08
Solvency
(Times)
1,55
1,43 1,49
Assets Tying
Up ( %
)
37,29
26,20 31,75
Profitability Over Sales (
% ) 7,05
8,15 7,60
Profitability Over Assets
( % ) 3,61
5,02 4,32
Profitability Over Net Worth (
% ) 10,18
16,77 13,48
The
main banks are:
- Banco de Guayaquil S.A. ACCT # 000580781-6
- Banco De La Produccion S.A. ACCT #
02-00515651-1
- Banco Del Pacifico S.A. ACCT # 203330-5
- Banco Internacional S.A.
Line of Business : Automotive sealants, master batchs, automotive carpets,
technic plastics production and marketing.
Registered line of business in the Internal Revenue Service (SRI)
is: MANUFACTURE AND MARKETING OF CHEMICALS, PLASTICS, TEXTILES AND
OTHERS.
Social objective registered at the Superintendence of Companies is:
import, export, manufacture, purchasse, sale, and distribution of mall
kinds of chemicals, plastics, and others, both for industry in general
and for direct consumption.
Classification according to commercial activity:
Sic: 2891-0000 Adhesives and sealants
-0200 Adhesives
-0100 Sealants
Sic: 2899-0000 Chemical preparations
Commercializes:
- Celcon
- Polylac
- Wonderlite
- Porene
- Nylosoft
- Grilon
- Grivory
- Makrolon
- Softylon
- Togoplast
- Togotec
- Polymelt
- Tecnopol
- Secaplast
Sales
Sales are steady throughout the year
National sales territory
Customers
Main customers are: Line of business'
distributors. car industry,
The 4 most important customers are:
Omnibus Bb Transportes S.A.,
Manufacturas Armadurias Y Repuestos Ecuatorianos
S.A. Maresa, Aymesa S.A., Plasticos Ecuatorianos
S.A.
Purchases
Domestic and international purchases
Imports from United States, Germany, Belgium, Switzerland, Colombia,
Peru,
Taiwan, China.
Main suppliers
- Brenntag Ecuador S.A.
- Cevallos Calisto C. Ltda.
- Comercial Treones S.A.
- Disan Ecuador S.A.
- Fabridor Fabricato Del Ecuador S.A.
- Ingamp S.A.
- Lanafit SA
- Merck C.A
- Minerva S.A.
- Montgar C.A.
- Nutec Representaciones S.A.
- Pasamaneria S.A.
- Peña Herrera Leopoldo Victor Manuel
- Quifatex S.A.
- Quimica Comercial Quimicial C. Ltda.
- Resiquim S. A.
- Solvesa Ecuador S.A.
- Textiles Texsa S.A.
Employees: 116 employees
Location
- Administrative offices and factory are located
at Calle De las Avellanas
E1-101 y Av. Panamericana Norte,
Sector Parque de los Recuerdos N66A Quito
Pichincha, Ecuador
Branches
- Interestatal 35 Via Pifo-Colibri Km. 16 1/2 s/n
Quito Pichincha Ecuador
- Km. 11.5 via a Daule Guayaquil Guayas Ecuador
Subject is related to the following companies:
- Afgo Management S.A. T A X : 1792357853001
- Ingamp S.A. T A X : 1791279921001
- Poxicoat S.A. T A X : 1792098882001
Insurance Company:
-Seguros Equinoccial S. A.
Risks : Total
cover.
Objetive : All assets.
General Manager :
Mauricio Friedman Offermann TAX:1703935807001
President
: Abraham
Friedman Pastenak TAX:1702389881
Accountant
: Jessica Freire
General Manager : Toya Vivanco
Assistant
Deparment of Payroll
: Jackeline Andrade
Mauricio Friedman Offermann
T A
X
: 1703935807001
Civil status : Married
Birth date : 05/10/1973
Quito Pichincha-Ecuador
Position :
General Manager
Mercantile Register : Number 5554 of 19/04/2013
Simultaneously : Legally registered in the
Ecuadorian
Internal Revenue Service (SRI) to engage in business as
individual since February 5th.2001. His registered
economic activity is: other activities: Vehicle parks,
shopping assistants, astrology and spiritism, shoe shiners, porters,
luggage, etc. No
registered trade name.
Abraham Friedman Pastenak
T A
X
: 1702389881
Civil status : Married
Birth date : 09/03/1947
-Ecuador
Position :
President
Mercantile Register : Number 5555 of 19/04/2013
Simultaneously : Legally registered in the
Ecuadorian Internal Revenue
Service (SRI) to engage in business as individual since
January 28th,2009. Registered economic activity is:
Professional services. No registered commercial name.
Legal Structure : Stock Company (Ecuador)
Constitution date :
29/11/1988
Authorization : Resolution Nº 1870
Notary
: N° 1, Quito Pichincha
Term of duration :
71 Year, ended on 01/07/2059
Legal Address : Quito - Ecuador
Published in : Official Gazette dated
03/12/1988
Current Subscribed Capital: US$ 3.800.000.-Divided to 3.800.000.- common
shares
unique series amounting US$ 1.-
Subscribed Initial Capital: US$ 80.-
Paid-in Initial Capital: US$ 20.-
Shareholders :
- 60,83% 1702389881 Abraham Friedman Pastenak
- 8,18% Gabriale Amtonire Offermann Koch
- 6,79% 1703935807001 Mauricio Friedman Offermann
- 1,90% Yoceli Yamilca Valecillos Asuaje
- 0,40% Patricio Daniel Friedman Offerman
- 0,18% Ingrid Ortega Blanco
- 0,17% Hector Fernando Chavez Cevallos
- 0,16% Marco Morejon Hernandez
Legal representation is held by General Manager.
Legal changes
By Resolution Nº 2333 on 26/05/2003, notary N° 18, Quito Pichincha, published
in
the Official Gazette dated 07/07/2003, capital was increased: by USD.
80.000 in
National Investment.
By Resolution Nº 1220 on 24/03/2009, notary N° 1, Quito Pichincha, published
in
the Official Gazette dated 01/07/2009, taking over was carried out According
to
Resolution Nº 2333 on 26/05/2003 in Notary No. 18 in Quito - Pichincha an
increase in social capital by USD. 80.000 in National Investmen was published
in the Oficial Record on 07/07/2003.
According to Resolution Nº 2617 on 12/06/2006 in Notary No.1 in Quito -
Pichincha an increase in social capital by 150.000 in National Investment
was
publishen in the Oficial Record on 22/08/2006.
According to Resolution Nº 1220 on 24/03/2009 in Notary No. 1 in Quito
Pichincha, published in the Official Journal on
01/07/2009, Secapol S.A. merged
companies Tecnopolimeros S.A., EPG
Engineering Polimers Group S.A., Micropol
S.A., Tepol S.A., Bonditex S.A., Kiipis S.A.
and Alquimiaserad S.A declaring the
dissolution without liquidation of the acquired companies.
Additionally trade name changed into the present PF Group S.A. extending
its
life period and increased capital by USD 585.000,00.
By Resolution Nº 2473 on 08/06/2011, notary N° 1, Quito Pichincha, published
in
the Official Gazette dated 22/06/2011, last capital increase was performed
by
US$ 300.000,00
By Resolution Nº 6585 on 18/12/2012, published in the Official Gazette
dated
18/12/2012, capital was increased: By US$ 400.000
By Resolution Nº 3954 on 05/08/2013, notary N° 40, Quito Pichincha, published
in
the Official Gazette dated 16/08/2013, capital was increased: By US$
800.000,00
By Resolution Nº 0 on 13/10/2014, notary N° 40, Quito Pichincha, published
in
the Official Gazette dated 17/09/2014, capital was increased: By US$
900.000.
By resolution Nº Q.IMV.2013.2025 on April 19th, 2013,
the Superintendency of
Companies approved the registration of this Company in the Stock Exchange.
Currently it holds issued values for US$ 5.000.000
Miss. Jackeline Andrade, Deparment of
Payroll, confirmed just
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 05/04/2015 - 11/04/2015
Ref. Active Rate for Operations ( % ) 8,21
Ref. Passive Rate for
Operations (
% ) 4,98
Basic Rate of Central
Bank ( % ) 0,20
Legal (
% ) 8,21
Maximum
conventional ( % ) 9,33
Inflation
Ratio
Yearly
Inflation ( % ) 3,76 Mar/2015
Monthly
Inflation ( % ) 0,41 Mar/2015
Accumulated ( % ) 1,63
Mar/201
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.52 |
|
|
1 |
Rs.95.96 |
|
Euro |
1 |
Rs.70.54 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ANK |
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.