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Report No. : |
338038 |
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Report Date : |
07.09.2015 |
IDENTIFICATION DETAILS
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Name : |
TEXTILES GUTIERREZ GUTMAN CIA. LTDA. |
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Registered Office : |
Pachacutza S/N Y 22 De Enero - Ambato Tungurahua |
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Country : |
Ecuador |
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Financials (as on) : |
31.12.2014 |
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Year of Establishment : |
2007 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacture of hosiery and underwear for
men, women and children. |
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No. of Employees : |
68 |
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 : |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Ecuador |
B1 |
B1 |
|
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 $1.1 billion, Ecuador erected technical barriers to trade in December 2013, causing tensions with its largest trading partners. Ecuador also decriminalized intellectual property rights violations in February 2014. In March, 2015 Ecuador imposed tariff surcharges from 5%-45% on an estimated 32% of imports for 15 months.
|
Source
: CIA |
TEXTILES
GUTIERREZ GUTMAN CIA. LTDA.
Pachacutza S/N Y 22 De Enero - Ambato
Tungurahua
ECUADOR
Telephone : 593-3-2451176
E_Mail : info@mediasgutman.com
Started
: 2007
Total
Employees
: 68
Payments
: Slow but correct
Financial
Sit. :
Normal
Economic
Sit.
: Good
Sales
:
US$ 750.245.-
Net
worth
:
US$ 1.016.092.-
Current
profit
:
US$ 352.668.-
Subscribed Capital :
US$ 544.017.-
Sic(s) : 2322
Line of Business: Manufacture of hosiery and underwear.
According to last financial statement, subject shows a normal financial
situation, as indicated in:
** Acceptable Working Capital
** Good Current Liquidity Ratio
** Good Acid Test Ratio
Economic situation is good, as reflected in:
** Low Current Indebtedness Ratio
** Normal Total Indebtedness Ratio
** Excellent Solvency Ratio
** Excellent Profitability Over Sales Ratio
** High Profitability Over Assets Ratio
** Excellent 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 : 13 years
Last purchase : 08-2015
Terms : 60 days
Payment : Slow but correct
Notes : checks
Credit : Open
Owes : Does not Register
Due : Does not Register
Paying Comments : Excellent
Purchase Aver. : (Monthly
US$) 25.000
Last purchase value of US$ 4.500
- 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
- Subject does not have prosecutions in the province registered as its legal
address
Detail of Bank References
Bank
: Banco Pichincha C.A.
To
expire
: US$ 338.313,46
Total debt up to July 2015 is US$ 338.313,46
Textiles Gutierrez Gutman 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$ 301.246,27
Income tax corresponding to the last years:
Year 2014: US$ 42.204
Year 2013: US$ 36.989
Year 2012: US$ 29.620
Year 2011: US$ 9.597
Year 2010: US$ 3.539
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
880.593
777.017 539.132
CURRENT
LIABILITIES
609.307
644.567 617.090
WORKING
CAPITAL
271.286
132.450 -77.958
FIXED
ASSETS
964.057
885.831 846.939
LONG TERM
LIABILITIES
219.251
278.938 289.167
NET
WORTH
1.016.092
739.343 479.814
OPERATING
INCOMES
750.245
671.307 2.146.771
CURRENT
PROFIT(LOSS)
352.668
259.530 153.019
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/12/2014 31/12/2013
Cash
122.444
35.165
Sundry
Debtors
474.054 460.382
Inventory
257.325 257.781
Other Current
Assets
26.770 23.689
CURRENT
ASSETS
880.593 777.017
Net Fixed
Asset
964.057 885.831
FIXED
ASSETS
964.057 885.831
TOTAL
ASSETS
1.844.650 1.662.848
LIABILITIES
31/12/2014 31/12/2013
Accounts
Payable
326.200 357.214
Notes
Payable
217.287 217.632
Other Current
Liabilities
65.820 69.721
CURRENT
LIABILITIES
609.307 644.567
Notes
Payable
37.451 117.138
Other Long Term
Liabilities
181.800 161.800
LONG TERM
LIABILITIES
219.251 278.938
Capital &
Reserves
544.017 404.017
Other
Reserves
20.678 11.498
Accumulated
Profits
98.729 64.298
Current Profit
(Losses)
352.668 259.530
NET
WORTH
1.016.092 739.343
TOTAL
LIABILITIES
1.844.650 1.662.848
STATEMENTS OF
RESULTS
31/12/2014 31/12/2013
Operating
Income
750.245 671.307
OPERATING
MARGIN
750.245 671.307
Administration & Sales
Expenses
-373.598 -388.875
OPERATING RESULT
376.647 282.432
Other non Operating
Incomes
7.525 15.994
Other non Operating
Expenses
-31.504 -38.896
NON OPERATING RESULT
-23.979 -22.902
Result Before Income
Tax
352.668 259.530
NET
PROFIT(LOSS)
352.668 259.530
CURRENT
PROFIT(LOSS)
352.668 259.530
ECONOMIC - FINANCIAL RATIOS
31/12/2014
31/12/2013 Average
Working
Capital
( US$ )
271.286 132.450
201.868
Current Liquidity
(Times)
1,45
1,21 1,33
Acid
Test
(Times)
1,02 0,81
0,92
Collection Period Days (
Days)
227,47
246,89 237,18
Accounts Receivable
Turnover(Times)
1,58
1,46 1,52
Inventory Turnover
(Times)
Current Indebtedness
(Times)
0,60
0,87 0,74
Total Indebtedness
(Times)
0,82
1,25 1,04
Solvency
(Times)
2,23
1,80 2,02
Assets Tying
Up
( % )
52,26
53,27 52,77
Profitability Over Sales ( %
)
47,01
38,66 42,84
Profitability Over Assets ( %
)
19,12
15,61 17,37
Profitability Over Net Worth( %
)
34,71
35,10 34,91
The main bank is:
- Banco Pichincha C.A.
Line of Business: Manufacture of hosiery and underwear for men, women and
children.
The line of business registered at the Internal Revenue Services is:
Manufacture of underwear for men, women
and children.
Social objective registered at the Superintendency of Companies is: Import,
export, production and marketing of
underwear and hosiery for men, women and children.
Classification according to commercial activity:
Sic: 2322-0000 Men's and boy's underwear and nightwear
Sales are steady throughout the year
National sales territory
Main customers are: Line of business' distributors public in general
Places orders with multiple suppliers
Imports from Italy, Peru, Spain, Turkey.
- Delltex Industrial S.A.
- Hiltexpoy S.A.
- Lanafit SA
Employees: 68 employees
- The Administrative offices are located at Pachacutza S/N Y 22 De Enero
Ambato Tungurahua, Ecuador
Subject
does not have any branch
Insurance details were declined.
Manager : Santiago Javier Gutierrez Manzano
TAX:1802496677001
President
: Manuel Ignacio Gutierrez Manzano
TAX:1803241411001
Production supervisor : Patricio Gutierrez
Santiago Javier Gutierrez Manzano
T A
X
: 1802496677001
Birth place : Ecuador
Position :
Manager
Mercantile Register : Number 50 of 31/01/2014
Previously : He was
legally registered at the IRS to engage business on
his own capacity since June 17 2002 until December 30
2002. His registered line of business was: Wholesale and
retail trade of various consumer products. Had no a trade
name.He is in Final Suspension.
Manuel Ignacio Gutierrez Manzano
T A
X
: 1803241411001
Birth place : Ecuador
Position :
President
Mercantile Register : Number 49 of 31/01/2014
Previously : He was
legally registered at the Internal Revenue Services
(IRS) to engage business on his personal capacity since
March 27 2009 until December 29 2011. His registered line
of business was: Retail trade of clothes. He had not a
trade name. Currently, he is in Final Suspension.
Neptali Patricio Gutierrez Manzano
T A
X
: 1802496701
Birth place : Ecuador
Position :
Partner
Neptali Manuel Gutierrez Merchan
T A
X
: 0901061366
Birth place : Ecuador
Patricio Gutierrez
Position :
Production supervisor
Legal Structure : Limited Liability Partnership (Ecuador)
Constitution date :
13/11/2007
Authorization : Resolution Nº 389
Notary : N° 1, Ambato Tungurahua
Term of duration :
50 Year, ended on 13/11/2057
Legal Address : Ambato - Ecuador
Published in : Official Gazette dated 07/11/2007
Current Subscribed Capital: US$ 544.017.-contributions US$ 1.-
Subscribed & paid-in Initial Capital: US$ 1.000.-
Partner : 4
- 25,00% 1803241411001 Manuel Ignacio Gutierrez Manzano
- 25,00% 1802496701 Neptali Patricio Gutierrez Manzano
- 25,00% 1802496677001 Santiago Javier Gutierrez Manzano
- 25,00% 0901061366 Neptali Manuel Gutierrez Merchan
Legal representation is held by Manager..
Legal changes
By Resolution Nº 195 on 17/05/2011, notary N° 5, Ambato Tungurahua, published
in
the Official Gazette dated 24/05/2011, capital was increased: in US$ 283.017.00
By Resolution Nº 639 on 03/12/2013, notary N° 1, Ambato Tungurahua, published
in
the Official Gazette dated 12/12/2013, capital was increased: in US$ 120.000.00
By Resolution Nº 999999 on 31/12/2014, notary N° 6, Ambato Tungurahua,
published
in the Official Gazette dated 31/12/2014, capital was increased: in US$
140.000.00
Mr.
Patricio Gutierrez, Production supervisor, 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 |
|
|
|
>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 |
|
|
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.