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Report No. : |
338035 |
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Report Date : |
07.09.2015 |
IDENTIFICATION DETAILS
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Name : |
ALEXA TEJIDOS CIA. LTDA. |
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Registered Office : |
Vicente Duque Lote 2-A Y Juan De Selis - Quito Pichincha |
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Country : |
Ecuador |
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Financials (as on) : |
31.12.2014 |
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Year of Establishment : |
30.01.2004 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
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No. of Employees : |
60 |
RATING & COMMENTS
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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 $1.1 billion, Ecuador erected technical barriers to trade in December 2013, causing tensions with its largest trading partners. Ecuador also decriminalized intellectual property rights violations in February 2014. In March, 2015 Ecuador imposed tariff surcharges from 5%-45% on an estimated 32% of imports for 15 months.
|
Source
: CIA |
ALEXA TEJIDOS CIA. LTDA.
( OUTLET )
Vicente Duque Lote 2-A Y Juan De Selis - Quito
Pichincha
ECUADOR
Telephone :
593-2-2470081
E_Mail :
lorena.viteri@alexatejidos.com.ec
Web Site :
http://www.alexatejidos.com.ec/
Started
: 2004
Total
Employees
: 60
Payments :
Slow but correct
Financial
Sit. :
Normal
Economic
Sit. : Normal
Sales
:
US$ 1.566.711.-
Net
worth
:
US$ 636.916.-
Current
profit
:
US$ 18.804.-
Subscribed Capital :
US$ 400.400.-
Sic(s) : 5136 - 5137
Line of Business: Manufacture and commercialization of clothing.
According to last financial statement, subject shows a normal financial
situation, as indicated in:
** Low Working Capital
** Good Current Liquidity Ratio
** Normal Acid Test Ratio
Economic situation is normal, as reflected in:
** Normal Current Indebtedness Ratio
** High Total Indebtedness Ratio
** Good Solvency Ratio
** Insufficient Profitability Over Sales Ratio
** Insufficient Profitability Over Assets Ratio
** Low Profitability Over Net Worth Ratio
Commercial Bulletin : As at 31/07/2015 subject
does not register protested checks in the national central of
risk
Trade references are supplied as follows:
Detail of References
Old : 3 years
Last purchase : 08-2015
Terms : 30 days
Payment : Slow but correct
Notes : check in warranty
Credit : Open
Owes : Does not Register
Due : Does not Register
Paying Comments : Excellent
Purchase Aver. : (Monthly
US$) 2.000
Last purchase value of US$ 1.500
- 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 August, 2015
Detail of Bank References
Bank
: Banco de Guayaquil S.A.
To
expire
: US$ 456.435,55
Bank
: Banco De La Produccion S.A.
To
expire
: US$ 74.289,73
Total debt up to July 2015 is US$ 530.725,28
Alexa Tejidos Cia. Ltda. Does not register negative references in 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$ 442.038,85
Income tax corresponding to the last years:
Year 2014: US$ 6.319
Year 2013: US$ 17.224
Year 2012: US$ 14.812
Year 2011: US$ 15.824
Year 2010: US$ 13.087
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
628.289
400.675 455.627
CURRENT
LIABILITIES
517.372
292.906 257.357
WORKING
CAPITAL
110.917
107.769 198.270
FIXED ASSETS
1.051.823
998.047 1.054.211
LONG TERM
LIABILITIES
525.824
496.293 643.741
NET
WORTH
636.916
609.523 608.740
OPERATING INCOMES
1.566.711
1.554.341 1.309.424
CURRENT
PROFIT(LOSS)
18.804
79.152 57.038
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/12/2014 31/12/2013
Cash
31.966 12.321
Sundry
Debtors
408.294 293.748
Inventory
169.520
94.606
Other Current
Assets
18.509
0
CURRENT
ASSETS
628.289 400.675
Net Fixed Asset
1.051.823 998.047
FIXED
ASSETS
1.051.823 998.047
TOTAL
ASSETS
1.680.112 1.398.722
LIABILITIES
31/12/2014 31/12/2013
Accounts
Payable
69.587 43.510
Notes
Payable
359.587 122.132
Other Current
Liabilities
88.198 127.264
CURRENT
LIABILITIES
517.372 292.906
Notes
Payable
374.218 331.173
Other Long Term
Liabilities
151.606 165.120
LONG TERM
LIABILITIES
525.824 496.293
Capital &
Reserves
241.900
15.400
Other
Reserves
2.169
80
Accumulated
Profits
374.043 514.891
Current Profit
(Losses)
18.804 79.152
NET
WORTH
636.916 609.523
TOTAL
LIABILITIES
1.680.112 1.398.722
STATEMENTS OF
RESULTS
31/12/2014 31/12/2013
Operating
Income
1.566.711 1.554.341
Operating
Cost
-1.067.086 -941.743
OPERATING
MARGIN
499.625 612.598
Administration & Sales
Expenses
-384.273 -457.622
OPERATING
RESULT
115.352 154.976
Other non Operating
Incomes
186
0
Other non Operating
Expenses
-83.526 -41.592
NON OPERATING
RESULT
-83.340 -41.592
Result Before Income
Tax
32.012 113.384
Taxes and Employees
Participation
-13.209 -34.232
NET PROFIT(LOSS)
18.803 79.152
CURRENT
PROFIT(LOSS)
18.803 79.152
ECONOMIC - FINANCIAL RATIOS
31/12/2014
31/12/2013 Average
Working
Capital
( US$ )
110.917
107.769 109.343
Current Liquidity
(Times)
1,21
1,37 1,29
Acid
Test
(Times)
0,89
1,04 0,97
Collection Period Days (
Days)
93,82
68,03 80,93
Accounts Receivable
Turnover(Times)
3,84
5,29 4,57
Inventory Turnover
(Times)
6,29
9,95 8,12
Current Indebtedness
(Times)
0,81
0,48 0,65
Total Indebtedness
(Times)
1,64
1,29 1,47
Solvency
(Times)
1,61
1,77 1,69
Assets Tying
Up
( % )
62,60
71,35 66,98
Profitability Over Sales ( %
)
1,20
5,09 3,15
Profitability Over Assets ( %
)
1,12
5,66 3,39
Profitability Over Net Worth( %
)
2,95
12,99 7,97
The main banks are:
- Banco de Guayaquil S.A.
- Banco De La Produccion S.A.
Line of Business : Manufacture and commercialization of clothing only woven.
The line of business registered at the Internal Revenue
Services is : Manufacture and
wholesale and retail trade of
clothes.
Social objective
registered at the Superintendency of Companies is: Manufacture, commercialization and
distribution of all kind of clothes.
Classification according to commercial activity:
Sic: 5136-0000 Men's and boy's clothing
Sic: 5137-0000 Women's and children's clothing
Sales are steady throughout the year
National and international sales territory
Exports to Costa Rica.
Main customers are: Line of business' distributors exporters public in general
Places orders with multiple suppliers
Imports from Germany, Italy,
- Delltex Industrial S.A.
- Retailpoint Del Ecuador S.A.
- Sociedad Agricola La Colina S.A. Colinasa
60 employees
- The
Administrative offices are located at Vicente Duque Lote 2-A Y Juan De
Selis Quito Pichincha, Ecuador
Subject does not have any branch
Insurance details were declined.
Manager
: Daniel Federico Almeida Naranjo TAX:1707265920001
President
: Olga Alicia Naranjo Albuja TAX:1701763516
Exports'supervisor : Lorena Viteri
Administrative Assistant : Diana Saquinga
Daniel Federico Almeida Naranjo
T A
X
: 1707265920001
Birth place : Ecuador
Position :
Manager
Mercantile Register : Number 16456 of 11/11/2013
Previously : He was
legally
registered at the IRS, to perform personal business since
May 29 2000 until August 31 2011. His registered line of
business was: Real State Business. He had not a trade
name. Currently, he is in Final Suspension.
Olga Alicia Naranjo Albuja
T A
X
: 1701763516
Birth place : Ecuador
Position :
President
Mercantile Register : Number 16457 of 11/11/2013
Alicia Alexandra Almeida Naranjo
T A
X
: 1707289136
Birth place : Ecuador
Position :
Partner
Valeria Del Rocio Almeida Naranjo
T A X
: 1704534781
Birth place : Ecuador
Position :
Partner
Legal Structure : Limited Liability Partnership
Constitution date :
30/01/2004
Authorization : Resolution Nº 4422
Notary
: N° 28, Quito Pichincha
Term of duration :
50 Year, ended on 30/01/2054
Legal Address : Quito - Ecuador
Published in : Official Gazette dated 15/12/2003
Current Subscribed Capital : US$
400.400.-contributions US$ 1.-
Subscribed Initial Capital : US$
400.-
Paid-in Initial Capital :
US$ 200.-
Partner : 4
- 38,00% 1704534781 Valeria Del Rocio Almeida Naranjo
- 24,00% 1701763516 Olga Alicia Naranjo Albuja
- 19,00% 1707289136 Alicia Alexandra Almeida Naranjo
- 19,00% 1707265920001 Daniel Federico Almeida Naranjo
Legal representation is held by Manager..
Legal changes
By Resolution Nº 3097 on 20/08/2014, notary N° 2, Quito Pichincha, published in
the Official Gazette dated 20/08/2014, capital was increased: in US$ 400.000.00
Miss. Diana Saquinga,
Administrative Assistant, confirmed 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
Interest Rate for
the week
of
05/08/2015 - 12/08/2015
Ref. Active Rate
for Operations ( % ) 8,06
Ref. Passive Rate
for Operations ( % ) 5,55
Basic Rate of
Central Bank ( % ) 0,20
Legal
( % ) 8,06
Maximum
conventional
( % ) 9,33
Inflation
Ratio
Yearly
Inflation
( % ) 4,36 Jul/2015
Monthly
Inflation
( % ) -0,08 Jul/2015
Accumulated
( % ) 2,99 Jul/2015
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
UK Pound |
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
VNT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
|
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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 |
-- |
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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.