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Report No. : |
347744 |
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Report Date : |
16.11.2015 |
IDENTIFICATION DETAILS
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Name : |
SACOPLAST S.A. |
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Registered Office : |
Via Daule, a la altura del Km 16.5, frente a Pinturas Unidas, Parque Industrial |
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Country : |
Ecuador |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
16.07.1987 |
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Legal Form : |
Stock Company
(Ecuador) |
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Line of Business : |
Manufacture of polypropylene's plastic sacks. |
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No. of Employee : |
143 |
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 : |
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 |
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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 $1.1 billion, Ecuador erected technical barriers to trade in December 2013, causing tensions with its largest trading partners. Ecuador also decriminalized intellectual property rights violations in February 2014. In March, 2015 Ecuador imposed tariff surcharges from 5%-45% on an estimated 32% of imports for 15 months.
|
Source
: CIA |
SACOPLAST S.A.
Via Daule, a la altura del Km 16.5, frente a Pinturas Unidas, Parque Industrial
Pascuales, Parroquia Pascuales - Guayaquil
Guayas
ECUADOR
Telephone :
593-4-2162019, 593-4-2162017, 593-4-2162016
Fax : 593-4-5001555
E_Mail : mcontabilidad@sacoplast.net;
compras@sacoplast.net, aozeki@hotmail.com;
caja@sacoplast.net; contraloria@sacoplast.net
Started :
1987
Total
Employees
: 143
Payments : Prompt
Financial
Sit. : Good
Economic
Sit.
: Normal
Sales
: US$ 7.631.895.-
Net
worth :
US$ 3.769.277.-
Current
profit :
US$ 308.454.-
Subscribed Capital :
US$ 112.400.-
Authorized Capital :
US$ 224.800.-
Sic(s) : 2393 - 2673
Line of Business: Manufacture and sale of polypropylene sacks
CREDIT RECOMMENDATION
Dollars
Conservative value :
460.000
Liberal value :
520.000
If additional information is received or present information is rectified, this
recommendation may be modified.
Financial indicators
According to last financial statement, subject shows a good financial
situation,
as indicated in:
** Acceptable Working Capital
** Excellent Current Liquidity Ratio
** Good Acid Test Ratio
Economic situation is normal, as reflected in:
** Normal Current Indebtedness Ratio
** Acceptable Total Indebtedness Ratio
** Good Solvency Ratio
** Low Profitability Over Sales Ratio
** Low Profitability Over Assets Ratio
** Normal Profitability Over Net Worth Ratio
Commercial Bulletin : As at 30/09/2015
subject does not register protested
checks in the national central of
risk
Consulted
suppliers declined to submit references
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit
Owes
Old Purch. Payment.
Notes
(US$) (US$)
--------------------------------------------------------------------------------
10 years 12-14 Prompt bank
transfer
200.000 None
8 years 12-14 Prompt checks
250.000 None
10 years 12-14 Prompt checks
Open None
10 years 11-10 Prompt checks
Open None
Since 2006 01-11 Prompt
checks
500 None
10 years 07-09 Prompt checks
60.000
None
8 years 08-07 Prompt checks
Open
-
6 years 08-07 Prompt checks
Open
-
13 years 08-07 Prompt checks
Open -
- Tax Status: With outstanding obligations
- 4 to November 2015 Subject US$ 13855,66 the Internal Revenue Service. No
recorded objections.
Firm debt is an obligation that has not been paid after it has been imposed by
the IRS or determined by the taxpayer
- 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 November, 2015
Detail of Bank References
Below are
the top four financial institutions where this company has current
credits in the National Financial System.
Bank
: Banco De La Produccion S.A.
To
expire
: US$ 612.961,17
Bank
: Banco Del Pacifico S.A.
To
expire
: US$ 751,86
Bank
: Banco Internacional S.A.
To
expire
: US$ 760.094,89
Bank
: Banco Pichincha C.A.
To
expire
: US$ 239.533,16
Total debt
to September 2015 is US$ 2.403.062,95
Mercantil
Sacosplast C. Ltda. 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 2012 was US$ 1.339.483,46
During 2013 was US$ 1.636.204,44
During 2014 was US$ 2.323.763,41
During 2015 was US$ 2.454.637,49
Income tax corresponding to the last years:
Year 2014: US$ 182.851
Year 2013: US$ 137.782
Year 2012: US$ 111.913
Year 2011: US$ 135.798
Year 2010: US$ 85.677
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
4.591.799
3.811.885 3.950.393
CURRENT
LIABILITIES
2.684.373
2.301.117 2.409.850
WORKING
CAPITAL
1.907.426
1.510.768 1.540.543
FIXED
ASSETS
2.871.808
3.076.912 3.128.346
OTHER
ASSETS
427.560
361.340
0
LONG TERM
LIABILITIES 1.437.517
1.488.196 1.528.489
NET
WORTH
3.769.277
3.460.824 3.140.400
OPERATING
INCOMES 7.631.895
8.196.656 7.373.359
CURRENT
PROFIT(LOSS) 308.454
320.423 273.996
B A L A N C E S H E E T
INDIVIDUAL FISCAL
YEAR SUMMARIZED
ASSETS
31/12/2014
31/12/2013
Cash
943.416
827.200
Sundry Debtors
2.177.705 1.830.113
Inventory
1.191.848
624.960
Other Current
Assets 278.830 529.612
CURRENT
ASSETS 4.591.799 3.811.885
Net Fixed
Asset
2.871.808
3.076.912
FIXED
ASSETS 2.871.808
3.076.912
Other
427.560
361.340
OTHER
ASSETS 427.560
361.340
TOTAL
ASSETS 7.891.167
7.250.137
LIABILITIES
31/12/2014 31/12/2013
Accounts
Payable 1.083.896
1.110.668
Notes
Payable
1.406.839 841.107
Other Current
Liabilities 193.638
349.342
CURRENT
LIABILITIES 2.684.373 2.301.117
Notes
Payable
1.233.709
1.488.196
Other Long Term
Liabilities 203.808 0
LONG TERM LIABILITIES 1.437.517
1.488.196
Capital &
Reserves 243.553
243.553
Other
Reserves
1.443.775 1.443.775
Accumulated
Profits 1.773.495
1.453.073
Current Profit
(Losses) 308.454 320.423
NET
WORTH
3.769.277 3.460.824
TOTAL
LIABILITIES 7.891.167 7.250.137
STATEMENTS OF
RESULTS 31/12/2014 31/12/2013
Operating
Income
7.631.895
8.196.656
Operating
Cost
-5.966.328
-6.419.992
OPERATING
MARGIN
1.665.567
1.776.664
Administration & Sales
Expenses
-868.923
-983.835
OPERATING
RESULT
796.644
792.829
Other non Operating
Incomes 278.297 0
Other non Operating
Expenses
-496.936
-253.765
NON OPERATING
RESULT -218.639
-253.765
Result Before Income
Tax
578.005
539.064
Taxes and Employees
Participation
-269.552 -218.641
NET
PROFIT(LOSS)
308.453 320.423
CURRENT
PROFIT(LOSS)
308.453 320.423
ECONOMIC -
FINANCIAL RATIOS
31/12/2014
31/12/2013
Average
Working
Capital
( US$
) 1.907.426
1.510.768
1.709.097
Current Liquidity (Times)
1,71
1,66
1,69
Acid
Test
(Times)
1,27
1,38
1,33
Collection Period Days ( Days) 102,72
80,38
91,55
Accounts Receivable Turnover (Times)
3,50
4,48
3,99
Inventory Turnover (Times)
5,01
10,27
7,64
Current Indebtedness (Times)
0,71
0,66
0,69
Total Indebtedness (Times)
1,09
1,09
1,09
Solvency
(Times)
1,91
1,91
1,91
Assets Tying
Up ( %
) 36,39 42,44
39,42
Profitability Over Sales (
% ) 4,04
3,91
3,98
Profitability Over Assets (
% ) 3,91
4,42
4,17
Profitability Over Net Worth (
% ) 8,18
9,26
8,72
The main banks are:
- Banco Bolivariano C.A. ACCT # 0005180356
- Banco De La Produccion S.A. ACCT # 02006025516
- Banco Del Pacifico S.A.
- Banco Internacional S.A.
- Banco Pichincha C.A. ACCT # 02006025516
Line of Business :
Manufacture of polypropylene's plastic sacks
The line of business registered at the Internal Revenue
Services(IRS) is: MANUFACTURE AND SALE OF POLYPROPYLENE
SACKS
Social objective registered at the Superintendency of
Companies is:Import, export, trading, manufacture,
distribution and marketing of all kind of products, machinery
related to the plastic industry and its derivatives.
Classification according to commercial activity:
Sic: 2393-0000 Textile bags
Sic: 2673-0000 Bags, plastic, laminated and coated
Commercializes:
- Sacoplast
Sales are steady throughout the year
National sales territory
According to the interviewee, the approximate monthly sales average is US$
700.000
Main customers are: Line of business' distributors, agricultural
companies,
food industry.
The 2 most important customers are:
Arrocera La Palma (Arrozpalma) Cia. Ltda.,
Agroindustrias Dajahu S.A..
Places orders with multiple suppliers
Imports from China, Thailand, Colombia, Peru, Brazil.
NATIONAL SUPPLIERS
- Fomasal Sa
- Hivimar S.A
- Indubras Ecuador
S.A.
- Nutec
Representaciones S.A.
- Provelan
Proveedora Industrial Latinoamericana Cia. Ltda
- Quimica Comercial Quimicial C Ltda
- Quimpac Ecuador S.A Quimpacsa
FOREIGN SUPPLIERS
- Ciplas (Colombia)
- Norsac (Peru)
- Polipropileno Del Caribe Propilco (Colombia)
Employees: 143 employees
- Administrative offices are located at Via Daule, a la altura
del Km 16.5,
frente a Pinturas
Unidas, Parque Industrial Pascuales,
Parroquia Pascuales
Guayaquil Guayas, Ecuador
Subject does not have any branch
- Main facilities have a total covered area of 3.383 m2 which are
occupied by
offices and warehouse.
Subject is related to the following companies:
- Construkigal S.A. T A X : 0992643722001, 20,80%
Participation
- Herramientas Japon S.A. Ferrejapon
T A X : 0992711833001
- Plasticos Estrategicos S.A. Estraplas
T A X : 0992802936001
- Disquisa S.A. T A X : 0990990018001 Guayaquil Guayas
- Euroagriculture Investments S.A. T A X : 0992679476001
Guayaquil Guayas
Insurance Company:
-Seguros Equinoccial S. A.
Manager General : Alfredo
Masahiro Ozeki Campos TAX:0908829468
President
: Maria Veronica Davila Cobos TAX:0913214235
Accountant
: Milton Solorzano
Department Purchasing : Andres Lara
Alfredo Masahiro Ozeki Campos
T A
X
: 0908829468
Civil status : Married
Birth date : 01/04/1971
Guayaquil Guayas-Ecuador
Position :
Manager General
Mercantile Register : Number 6040 of 14/05/2015
Maria Veronica Davila Cobos
T A
X
: 0913214235
Civil status : Married
Birth date : 13/12/1976
-Ecuador
Position :
President
Mercantile Register : Number 19690 of 28/10/2011
Akemi Ozeki Davila
T A
X
: 0929598548
Civil status : Single
Birth date : 19/07/2008
-Ecuador
Naoki Ozeki Davila
T A
X
: 0930051719
Civil status : Single
Birth date : 29/12/2006
-Ecuador
Legal Structure : Stock Company (Ecuador)
Constitution date : 16/07/1987
Authorization :
Resolution Nº 2400
Notary
: N° 21, Guayaquil Guayas
Term of duration : 50 Year, ended on 16/07/2037
Legal Address :
Guayaquil - Ecuador
Published in :
Official Gazette dated 13/07/1987
Current Subscribed Capital: US$ 112.400.-Divided to 112.400.- common shares
unique series amounting US$ 1.-
Authorized Current Capital: US$ 224.800.-
Subscribed Initial Capital: US$ 80.-
Subscribed Initial Capital: US$ 40.-
Shareholders : 3
- 99,92% 0908829468 Alfredo Masahiro Ozeki Campos
- 0,04% Naoki Ozeki Davila
- 0,04% Akemi Ozeki Davila
Legal representation is held by Manager General, President..
Legal changes
By Resolution Nº 842 on 24/04/1992, notary N° 21, Guayaquil Guayas, published
in
the Official Gazette dated 24/04/1992, capital was increased: amounting USD
80,00 of National Investment
By Resolution Nº 588 on 11/02/1994, notary N° 29, Guayaquil Guayas, published
in
the Official Gazette dated 27/02/1994, capital was increased: by US$. 2.240
By Resolution Nº 2482 on 15/04/2010, notary N° 27, Guayaquil Guayas, published
in the Official Gazette dated 05/05/2010, corporate name was modified: from
Mercantil Sacoplast Cia. Ltda. to Sacoplast S.A.
By Resolution Nº 8011 on 19/12/2012, notary N° 39, Guayaquil Guayas, published
in the Official Gazette dated 21/12/2012, capital was increased: By US$
110.000.
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.
INTERPRETATION OF PAYMENT SCORING
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 69
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.14 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
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.