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Report No. : |
347745 |
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Report Date : |
07.11.2015 |
IDENTIFICATION DETAILS
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Name : |
SACOS DURAN REYSAC S.A. (REYSAC S.A.) |
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Registered Office : |
Via a La Costa a la altura del Km 19.5 , Av. Principal S/N, a 200m de, Electroquil. Edificio Planta Industrial – Guayaquil, Guayas |
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Country : |
Ecuador |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
04.04.1990 |
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Legal Form : |
Stock Company (Ecuador) |
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Line of Business : |
Subject is manufacture and sale of thermo-laminated sacks
made with polypropylene for diverse
uses |
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No. of Employee : |
223 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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 : |
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) |
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Ecuador |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 $1.1 billion, Ecuador erected technical barriers to trade in December 2013, causing tensions with its largest trading partners. Ecuador also decriminalized intellectual property rights violations in February 2014. In March, 2015 Ecuador imposed tariff surcharges from 5%-45% on an estimated 32% of imports for 15 months.
|
Source
: CIA |
SACOS DURAN REYSAC
S.A. ( REYSAC S.A. )
Via a
La Costa a la altura del Km 19.5
, Av. Principal S/N, a 200m de, Electroquil. Edificio Planta Industrial – Guayaquil, Guayas, ECUADOR
Telephone :
593-4-6023800, 593-4-2046078
E_Mail : rochidg@reysac.com;
rreyes@reysac.com; contabilidad@reysac.com
Web Site :
http://www.reysac.com/
Started
: 1990
Total
Employees :
223
Payments
: Prompt
Financial
Sit.
: Acceptable
Economic
Sit.
: Acceptable
Sales
: US$
17.561.325.-
Net
worth
: US$
4.940.963.-
Current
profit
:
US$ -54.292.-
Subscribed Capital :
US$ 1.900.000.-
Authorized Capital :
US$ 3.800.000.-
Sic(s) : 2393 - 2673
Line of Business: Manufacture and sale of thermo-laminated sacks made with polypropylene for diverse uses
Financial
indicators
According to last financial statement, subject shows an acceptable financial
situation, as indicated in:
** Low Working Capital
** Good Current Liquidity Ratio
** Acceptable Acid Test Ratio
Economic situation is acceptable, as reflected in:
** High Current Indebtedness Ratio
** Very High Total Indebtedness Ratio
** Good Solvency Ratio
** Negative Profitability Over Sales Ratio
** Negative Profitability Over Assets Ratio
** Negative Profitability Over Net Worth Ratio
Commercial Bulletin : As at 30/09/2015
subject does not register protested checks in the national central of risk
(04/11/2015)
Trade references are supplied as follows:
Detail of References
Old : 6 years
Last purchase : 07-2015
Terms : 30 days
Payment : Prompt
Notes : checks
Credit : (US$) 6.000
Owes : Does not Register
Due : Does not Register
Paying Comments: Good
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(US$) (US$)
--------------------------------------------------------------------------------
1 year 02-14 Cash
bank
transfer
Open None
8 years 03-14 Prompt
checks
Open None
7 years 03-13 Prompt
checks
Open
-
13 years 11-11 Prompt
checks
150.000 None
10 years 11-11 Prompt
checks
Open None
8 years 05-11 Prompt
checks
40.000 None
5 years 04-11 Prompt
checks
1.000 None
Since 2006 09-10 Prompt
checks
2.000 None
3 years 09-10 Prompt
checks
1.500 None
- Tax Status: Current obligations fulfilled
- Special Taxpayer
- Special Taxpayer: It has special features and obligations which allow
apply a
better control in then taxes
- Legal Representative is not prevented from leaving the country
- Legal Representative does not register criminal
- Subject is not part of the Clinton List
- Clinton List: A list of companies and persons from all around the world
involved in the drugs traffic and money washign,
it is issued by the Office of
Foreign Assets Control (OFAC)of the Treasury Department of the United Sates of
America
- Subject does not appear as failed supplier of de State (SERCOP)
- SERCOP: National Service of Public Procurement: public law regulatory agency
that controls the national public procurement system.
- This Subject HAS overdue obligations at IESS (Ecuadorian Institute of Social
Security), to November, 2015, for US$ 146,00
Detail of Bank References
Below are
the top five financial institutions where this company has current
credits in the National Financial System.
Bank
: Banco Bolivariano C.A.
To
expire
: US$ 1.764.163,48
Bank : Banco de
Guayaquil S.A.
To
expire : US$ 390.327,23
Bank
: Banco Del Pacifico S.A.
To expire
: US$ 6.153,72
Bank
: Banco Pichincha C.A.
To
expire
: US$ 88.550,41
Bank : Corporacion Financiera Nacional
To
expire
: US$ 1.084.500,00
Total debt
to September 2015 is US$ 3.508.814,27
Sacos Duran Reysac S.A, had a credit with 2 months of
overdue term for US$ 128.816,50, registered at the Superintendencyof
Companies in February 2015.
Average amount of indebtedness registered by the subject, in the National Financial
System:
During 2013 was US$ 5.534.625,83
During 2014 was US$ 4.133.609,38
During 2015 was US$ 3.657.017,01
Indebtedness with 2 months past due.
Date amount in US$
February,
2015
128.816,50
Income tax corresponding to the last years:
Year 2014: US$ 91.182
Year 2013: US$ 165.718
Year 2012: US$ 221.904
Year 2011: US$ 175.424
Year 2010: US$ 0
Year 2009: US$ 257.363
C O M P A R A T I V E - S U M M A R Y ( Figures in US$ Dollars )
31/12/2014
31/12/2013 31/12/2012
CURRENT
ASSETS
9.804.675
9.776.073 7.259.188
CURRENT
LIABILITIES
7.892.045
6.629.819 6.234.273
WORKING
CAPITAL
1.912.630
3.146.254 1.024.915
FIXED
ASSETS
7.330.827
7.532.978 8.107.301
OTHER
ASSETS
473.773
478.774 228.774
LONG TERM
LIABILITIES
4.776.267
6.134.360 3.944.538
NET
WORTH
4.940.963 5.023.646
5.416.452
OPERATING
INCOMES
17.561.325
15.901.676 14.270.501
CURRENT
PROFIT(LOSS)
-54.292
272.732 342.724
B A L A N
C E S H E E T
INDIVIDUAL
FISCAL YEAR SUMMARIZED
ASSETS 31/12/2014 31/12/2013
Cash 0 663.918
Sundry
Debtors
4.650.711
4.311.864
Inventory 3.854.943
3.743.590
Other Current Assets
1.299.021
1.056.701
CURRENT
ASSETS
9.804.675
9.776.073
Net Fixed
Asset
7.330.827
7.532.978
FIXED
ASSETS
7.330.827
7.532.978
Other
473.773
478.774
OTHER
ASSETS
473.773
478.774
TOTAL ASSETS
17.609.275
17.787.825
LIABILITIES
31/12/2014
31/12/2013
Accounts
Payable
5.310.588
4.734.697
Notes Payable
2.296.490
1.393.953
Other Current
Liabilities
284.967 501.169
CURRENT
LIABILITIES
7.892.045
6.629.819
Notes Payable
3.692.043
5.004.316
Other Long Term
Liabilities
1.084.224
1.130.044
LONG TERM
LIABILITIES
4.776.267
6.134.360
Capital & Reserves
1.500.000
1.500.000
Other
Reserves
245.673
245.673
Accumulated
Profits
3.249.582
3.005.241
Current Profit (Losses)
-54.292 272.732
NET
WORTH
4.940.963 5.023.646
TOTAL
LIABILITIES
17.609.275 17.787.825
STATEMENTS OF RESULTS
31/12/2014 31/12/2013
Operating
Income
17.561.325 15.901.676
Operating
Cost
-14.034.968 -12.019.644
OPERATING
MARGIN
3.526.357 3.882.032
Administration & Sales
Expenses
-3.000.626
-2.992.162
OPERATING
RESULT
525.731
889.870
Other non Operating Incomes
119.316
64.336
Other non Operating
Expenses
-584.049
-566.780
NON OPERATING
RESULT -464.733
-502.444
Result Before Income Tax
60.998 387.426
Taxes and Employees
Participation
-115.290 -114.694
NET
PROFIT(LOSS)
-54.292
272.732
CURRENT PROFIT(LOSS)
-54.292 272.732
31/12/2014
31/12/2013 Average
Working Capital (
US$ ) 1.912.630
3.146.254 2.529.442
Current Liquidity
(Times) 1,24
1,47
1,36
Acid
Test
(Times) 0,75
0,91
0,83
Collection Period Days (
Days) 95,34
97,62 96,48
Accounts Receivable Turnover(Times)
3,78 3,69
3,74
Inventory Turnover
(Times) 3,64
3,21
3,43
Current Indebtedness
(Times)
1,60 1,32
1,46
Total Indebtedness
(Times) 2,56 2,54
2,55
Solvency
(Times) 1,39
1,39
1,39
Assets Tying
Up
( % ) 41,63
42,35
41,99
Profitability Over Sales ( %
) -0,31 1,72
0,71
Profitability Over Assets ( %
) -0,31
1,53
0,61
Profitability Over Net Worth( %
) -1,10
5,43
2,17
Subject operates with the following financial institutions
- Banco Bolivariano C.A. ACCT # 90627-2
- Banco de Guayaquil S.A.
- Banco De La Produccion S.A. ACCT # 2006-01258-9
- Banco Del Pacifico S.A.
- Banco Pichincha C.A.
- Corporacion Financiera Nacional
(04/11/2015)
Line of Business : Manufacture and sale of thermo-laminated sacks made with polypropylene for diverse uses
according to the specifications of
customers
They are used to pack diverse products: food , poultry, aquaculture, construction, agricultural,
etc.
additionally,
it manufactures multilayer sacks made with kraft paper used in the sugar packing
The line of business registered at the Internal Revenue Services(IRS) is: ACTIVITIES
OF MANUFACTURE OF PLASTIC PRODUCTS.
Social objective registered at the Superintendency of Companies
is: Manufacture, commercialization, and distribution
of paper and cardboard.
Classification according to commercial activity:
Sic: 2393-0000 Textile bags
-0100 Canvas bags
Sic: 2673-0000 Bags, plastic, laminated and coated
Sales
Sales are steady throughout the year
National and international sales territory
Exports to Chile.
Customers
Main customers are: Foreign companies. companies in general,
Purchases
Domestic and international purchases
Imports from Argentina, United States, Korea, Brazil, Taiwan, India. Venezuela
National suppliers (04/11/2015)
- Explast,
Extrusiones Plasticas S.A.
- Hivimar S.A
- Indura Ecuador S.A.
- L. Henriques & Cia.
S.A.
- Migplas S.A.
- Milanplastic S.A.
- Nutec Representaciones S.A.
- Provelan Proveedora Industrial Latinoamericana Cia. Ltda
- Quimica Comercial Quimicial C Ltda
- Quimicos Paper Plus S.A.
Foreign suppliers (04/11/2015)
- Montachem International (Colombia)
- Montachem International (United States)
- Propilco (Colombia)
Employees: 223 employees
Location
- Its production plant is located at Via a La Costa a la altura del Km 19.5, Av. Principal
S/N, a 200m De Electroquil.
Edificio Planta Industrial Guayaquil
Guayas, Ecuador
Branches (04/11/2015)
- Vía Samborondon Km. 2.5, Edificio Samborondon Plaza, Piso 1 Oficina 111 Samborondón Guayas Ecuador
(04/11/2015)
Subject is related with the following company:
- Inmobiliaria Destino S.A. Indestisa T A
X : 0992182407001
(04/11/2015)
Insurance Company:
-La Union Compañia Nacional de Seguros S.A.
General Manager : Rosalia Duran Guzman TAX:0910303478
President
: Carlos Xavier Duran Dyer
TAX:0904171055001
Production Manager : Carlos Quinde
Accountant
: Roxana Reyes
Department of Imports : Adriana Arraiga
Department Of Human : Fernanda Bermeo
Resorces
Secretary
: Cinthia Rios
Rosalia Duran Guzman
T A
X
: 0910303478
Civil status : Single
Birth date : 12/09/1981
-Ecuador
Position :
General Manager
Mercantile Register : Number 3195 of 28/11/2013
Carlos Xavier Duran Dyer
T A
X
: 0904171055001
Civil status : Married
Birth date : 28/02/1951
-Ecuador
Titled as :
Engineer
Position :
President
Mercantile Register : Number 20277 of 15/11/2011
Simultaneously : He is legally registered at the
IRS to perform personal business
since 05-02-2014. His registered business activity is: Advisory and
Management. He does not have a trade
name
(04/11/2015)
Legal Structure : Stock Company (Ecuador)
Constitution date :
04/04/1990
Authorization : Resolution Nº 58109
Notary
: N° 24, Guayaquil Guayas
Term of duration :
50 Year, ended on 04/04/2040
Legal Address : Guayaquil - Ecuador
Published in : Official Gazette dated 28/04/1990
Current Subscribed Capital: US$ 1.900.000.-Divided to 1.900.000.- common shares unique series amounting US$ 1.-
Authorized Current Capital: US$ 3.800.000.-
Subscribed Initial Capital: US$ 80.-
Paid-in Initial Capital: US$ 20.-
Shareholders : 2
- 99,99% 0992182407001 Inmobiliaria Destino S.A. Indestisa
- 0,01% Xavier Enrique Duran Guzman
Legal representation is held by General Manager, President..
Legal changes
By Resolution Nº 4579 on 21/08/1996, notary N° 29, Guayaquil Guayas, published in the Official Gazette dated
27/11/1996, corporate name was modified: from Nexcorp S.A.
to the current name: Sacos Duran Reysac S.A.
By Resolution Nº 0 on 05/12/1997, notary N° 21, Guayaquil Guayas, published in the Official Gazette dated 05/12/1997,
capital was increased: by USD 20.000,00.
By Resolution Nº 5403 on 17/08/2007, notary N° 11, Guayaquil Guayas, published in the Official Gazette dated
13/09/2007, capital was increased: by US$ 431.920,00
of National Investment
By Resolution Nº 8387 on 02/12/2010, notary N° 11, Guayaquil Guayas, published in the Official Gazette dated
13/12/2010, capital was increased: by US$.
1.000.000,00
By Resolution Nº 0 on 12/08/2015, published in the Official Gazette dated 12/08/2015, capital was increased: by
US$. 400.000,00
This company was established based on the personal business of Mr. Jorge Duran Wauge open since 1942 with the name of
"Jorge Duran Wauge - Fabrica de Sacos", the
raw material used initially was sisal and jute, imported from India.
The Superintendency of Companies has approved the
registration of the holder on the
Stock Exchange. Currently maintains a current issue under the name of PRIMERA TITULARIZACION DE FLUJOS
REYSAC, approved by Resolution No.
SC-IMV-Dayr-DJMV-G-13-3926 of 08/07/2013 for a total amount
of US $.
3,500,000.00.
(04/11/2015)
Information regarding subject is supplied as follows
Miss. Cinthia Rios, Secretary,
confirmed general
information.
-Other outside information sources.
Exchange rate
-Since September 9th, 2000, official currency in Ecuador is the US$ dollar
-Until then, the currency was the sucre. Exchange
rate was s/. 25.000 X US$ 1.00
INTERPRETATION OF RISK LEVEL AND CREDIT RECOMMENDATION
RISK LEVEL
Credit risk assessment is ordered as follows: 1 Minimum Risk, 2 Low Risk, 3 Middle Risk, 4 Middle High Risk, 5
Significant Risk, 6 High Risk.
Credit
recommendation amounts are assigned according to criteria usually used in the commercial credit evaluation.
The amounts are based on the assignment of risk percentages to the following indicators: Trade references, number
of employees, legal structures, data base
of protested bills, operations, insurances, variation of net
profit, net worth, working capital
and liquidity.
The Scoring
is arranged as follows: 0 to 40 Delays, 41 to 60 Slow, 61 to 80 Moderate, 81 to 100 Prompt
Macroeconomic Information
Ref. Passive Rate for Operations ( % ) 4,98
Basic Rate
of Central Bank ( % ) 0,20
Legal ( % ) 9,11
Maximum
conventional ( % ) 9,33
Inflation
Ratio
Yearly
Inflation ( % ) 3,78
Sep/2015
Monthly
Inflation ( % ) 0,26
Sep/2015
Accumulated ( % ) 3,26
Sep/2015
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.79 |
|
|
1 |
Rs.99.95 |
|
Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.