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Report No. : |
347737 |
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Report Date : |
16.11.2015 |
IDENTIFICATION DETAILS
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Name : |
ACCLUSOL S.A. |
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Registered Office : |
Km 10.5 Vía a Daule, Av. Higuerillas S/N
Y Quinquellas, Lotización Inmaconsa, Al lado de la
Recicladora Intercia. – Guayaquil, Guayas |
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Country : |
Ecuador |
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Date of Incorporation : |
12.12.2013 |
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Legal Form : |
Stock Company (Ecuador) |
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Line of Business : |
Manufacture and sale of polypropylene sacks |
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No. of Employee : |
48 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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) |
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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 $1.1 billion, Ecuador erected technical barriers to trade in December 2013, causing tensions with its largest trading partners. Ecuador also decriminalized intellectual property rights violations in February 2014. In March, 2015 Ecuador imposed tariff surcharges from 5%-45% on an estimated 32% of imports for 15 months.
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Source
: CIA |
ACCLUSOL S.A.
( ECUASACOS )
Km 10.5 Vía a Daule, Av. Higuerillas S/N y Quinquellas,
Lotización Inmaconsa, al lado de la Recicladora Intercia. –
Guayaquil, Guayas, ECUADOR
Telephone
: 593-4-2113273,
593-4-2113421, 593-99-7823240
Fax : 593-4-2113391
E_Mail
:
pameladejuez@ecuasacos.com;
ventas@ecuasacos.com,
info@ecuasacos.com
Web Site
:
http://www.ecuasacos.com/
Started
: 2013
Total Employees : 48
Payments
: Slow but
correct
Subscribed Capital :
US$ 216.800.-
Sic(s) :
2673 - 3089
Line of Business: Manufacture and sale of polypropylene sacks
Credit Recommendation
Dollars
Conservative value :
23.000
Liberal value :
28.000
If additional information is received or present information is rectified, this
recommendation may be modified.
Since
figures are insufficient to determine trends, financial analysis can not be
carried out
The Manager in its activity report of year 2014 says: "The company did not
have operational
activity in 2014, but only a financing was structured with the National
Finance Corporation: the invested capital in the acquisition of property,
plant and equipment needed for production case packaging, in addition,
the increase of the capital contributed by the shareholders.
The active structured by the following accounts: cash-banks, land, buildings, facilities,
machinery, office furniture, computer equipment amounted to $ 864,666.48.
The liability for long-term
financing and tax obligations amounting to US $ 647,866.48.
The net worth is US $ 216,800.00 and is increasing in capital, it is
fully subscribed
and paid. "
Commercial Bulletin : As at 30/09/2015 subject
does not register protested checks in the national central of risk
Trade
references are supplied as follows:
Detail of References
Old : 1 year
Last purchase : 10-2015
Terms : 30 days
Payment : Prompt
Notes : checks
Credit : Open
Owes : Does not Register
Due : Does not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly US$) 6.000
- Tax Status: Current obligations fulfilled
- Legal Representative is not prevented from leaving the country
- Legal Representative does not register criminal
- Subject is not part of the Clinton List
- Clinton List: A list of companies and persons from all around the world involved
in the drugs traffic and money washign, it is issued by the Office of Foreign
Assets Control (OFAC)of
the Treasury Department of the United Sates of America
- Subject does not appear as failed supplier of de State (SERCOP)
- SERCOP: National Service
of Public Procurement: public law regulatory agency that
controls the ational public procurement system.
- This Subject DOES NOT have obligations at IESS (Ecuadorian Institute of Social
Security) , to ovember, 2015
Detail of Bank References
Bank
: Corporacion Financiera Nacional
To
expire
: US$ 1.200.000,00
Total debt up to September 2015 is US$ 1.200.000,00
Acclusol S.
A., does not have negative references at the National Financial System in the
last three ears.
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2015 was US$ 748.597,22
The income tax for year 2014 was: US$ 0
Subject operates with the following financial institution
- Corporacion Financiera Nacional
Line
of Business : Manufacture and sale
of polypropylene sacks
The line of business
registered at the Internal Revenue
Services(IRS) is: PLASTIC
SACKS MANUFACTURING.
Social objective
registered at the Superintendency of
Companies is: Sale of
agricultural equipment.
Classification according to commercial activity:
Sic: 2673-0000 Bags, plastic, laminated and coated
Sic: 3089-0000 Plastics products, not elsewhere classified
Commercializes:
- Ecuasacos
Sales
Sales are steady throughout the year
National sales territory
Customers
Main customers are: Agricultural companies, agricultural industry,
food
industry.
Purchases
Places orders with multiple suppliers
Imports from Chile, Korea, United States, India.
Main suppliers (04/11/2015)
- Dimulti S.A.
- Espinosa Guala Walter Gonzalo
- Explast, Extrusiones Plasticas S.A.
- Jueza S.A. Juezasa
- Matriflexo S.A.
- Nutec Representaciones
S.A.
- Quimica Comercial Quimicial C Ltda
- Solvesa Ecuador
S.A.
Employees: 48 employees approx.
Location
- The administrative
offices and production plant are located at Km 10.5 Vía a
Daule, Av. Higuerillas S/N y Quinquellas, Lotización
Inmaconsa, al lado de
la Recicladora Intercia. Guayaquil Guayas, Ecuador
Subject does not have any branch
Subject
is related to the following companies:
- Transportes Juez S.A. Transjuez T A X
: 0992860375001
- Modellol S.A.
T A X : 0992846259001
- Jueza S.A. Juezasa T A X
: 0992182571001
Insurance
Company:
-Seguros Sucre
S.A.
General Manager : Carlos Luis Juez Zambrano TAX:0912104635001
President
: Ambar Leonella Juez Zambrano TAX:0915090476001
Department Imports : Pamela De Juez
Carlos Luis Juez Zambrano
T A
X
: 0912104635001
Birth place : Ecuador
Position : General Manager
Mercantile Register : Number 1776
of 06/02/2014
Simultaneously :
He is legally registered at the IRS to perform personal
business since 03-09-2010. His registered business
activity is: Salt production. He does not have a trade name
Ambar Leonella Juez Zambrano
T A
X
: 0915090476001
Birth place : Ecuador
Position : President
Mercantile
Register : Number 1723 of 06/02/2014
Simultaneously : She
is legally registered at the IRS to perform personal
business since 18-10-2011.
Her registered business
activity is: Salt
production. She does not have a trade
name.
Legal
Structure :
Stock Company (Ecuador)
Constitution date :
12/12/2013
Authorization : Resolution Nº 6577
Notary
: N° 30, Guayaquil Guayas
Term of duration :
50 Year, ended on 12/12/2063
Legal Address : Guayaquil - Ecuador
Published in : Official Gazette dated 09/12/2013
Current Subscribed
Capital : US$ 216.800.-Divided
to 216.800.- common shares unique series mounting US$ 1.-
Subscribed Initial
Capital : US$ 800.-
Paid-in Initial Capita l: US$ 200.-
Shareholders : 3
- 51,00% 0912104635001 Carlos
Luis Juez Zambrano
- 47,00% 0916529969 Mario
Andres Ron Vivert
- 2,00% 0915090476001 Ambar Leonella Juez Zambrano
Legal representation is held by General Manager, President.
Legal changes
By Resolution Nº 999999 on 14/10/2014, published in the Official Gazette dated 14/10/2014,
capital was increased: by US$. 216.000,00
Miss. Pamela De Juez, Department
Imports, confirmed general information.
-Other outside information sources.
Exchange rate
-Since September 9th, 2000, official currency in Ecuador is
the US$ dollar
-Until then, the currency was the sucre. Exchange rate was s/. 25.000 X US$ 1.00
Macroeconomic Information
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.66.14 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.27 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.