MIRA INFORM REPORT

Report No. :	490002
Report Date :	06.02.2018

IDENTIFICATION DETAILS

Name :	PROMAPLAST PROCESADORA DE MATERIALES PLASTICOS S.A.
Registered Office :	Vía a Daule, Km. 10 1/2 Ciudadela Expogranos Guayaquil, Guayas
Country :	Ecuador
Date of Incorporation :	21.06.2007
Legal Form :	Sociedad Anonima
Line of Business :	Subject is dedicated to the manufacture of plastic articles for the packaging of products.
No. of Employees :	100

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Ecuador	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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. The economy grew an average of 4.3% per year from 2002 to 2006, 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 US - 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.

The level of foreign investment in Ecuador continues to be one of 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. 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% to 45% on an estimated 32% of imports. In 2014, oil output increased slightly and production remained steady in 2015 however the oil price decrease from 2014 onward affected government revenue. Ecuador’s economy fell in to recession in 2015 and remained in recession in 2016. As a result, CORREA cut the budget twice in 2015, and reduced it further in 2016. Growth resumed in 2017.

Source : CIA

STATUTORY INFORMATION

Order:	PROMAPLAST PROCESADORA DE METERIALES PLASTICOS SA
Address in the order:	LOTIZACION INDUSTRIAL EXPOGRANOS KM 101/2 VIA A DAULE-SOALR 10-MR-16 GUAYALUIL EQUADOR
Legal Name:	PROMAPLAST PROCESADORA DE MATERIALES PLASTICOS S.A.
Trade Names:	PROMAPLAST PROCESADORA DE MATERIALES PLASTICOS S.A.
ID:	0992517069001
Date Created:	2007
Date Incorporated:	June 21 2007
Legal Address:	Vía a Daule, Km. 10 1/2 Ciudadela Expogranos Guayaquil, Guayas, Ecuador
Operative Address:	Vía a Daule, Km. 10 1/2 Ciudadela Expogranos Guayaquil, Guayas, Ecuador
Telephone:	0426005407 0426005408
Fax:	-
Legal Form:	SOCIEDAD ANONIMA
Email:	pcarrillo@grupohg.com.ec
Registered in:	ECUADOR
Website:	www.grupohg.com.ec
Contact:	GARZON CASTRO HOLGER GUILLERMO - President
Staff:	100
Activity:	NAICS 1: All Other Plastics Product Manufacturing SIC 1: Plastics Products, Nec
Banks:	The company does not disclose its banking details.
History:	The company was founded in 2007.
PRINCIPAL ACTIVITY
The company Promaplast Procesadora De Materiales Plasticos S.A. is dedicated to the manufacture of plastic articles for the packaging of products.
Products/Services description:	The company offers bags, sacks, boxes, boxes, bottles, bottles, et cetera.
Brands:	PROMAPLAST
Sales are:	Wholesale
Clients:	Sogo Amarillo S.A.
Suppliers:	Ampacet Colombia S.A.S. Jm Polymers Braskem Sa Plastimax Maquinas Para Plasticos Ltda
Operations area:	National and International
The company imports from	COLOMBIA CROATIA BRAZIL
The company exports to	PANAMA
The subject employs	100 employees
Payments:	Regular
LOCATION
Headquarters :	Vía a Daule, Km. 10 1/2 Ciudadela Expogranos Guayaquil, Guayas, Ecuador
Branches:	No other branches were found.
Related Companies:	GARZON DIAZ HOLGER GABRIEL: IGD DEL LITORAL INDUSTRIAS GARZON - DIAZ DEL LITORAL S.A. FAGARDI S.A. GARZON CASTRO HOLGER GUILLERMO TECNOTUBOS S.A. FAGARDI S.A. INMOBILIARIA HOL - MAR S.A. MUNDIMAGIC S.A. INMOBILIARIA MARIA VICTORIA INMOMARIVIC S.A.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	Subscribed capital: 100.000 Authorized Capital: 200.000
Shareholders:	HOLDER CAPITAL INMOBILIARIA MARIA VICTORIA INMOMARIVIC S.A. 96,000.0000 GARZON DIAZ ALVARO AMADO 1,000.0000 GARZON DIAZ HOLGER GABRIEL 1,000.0000 GARZON DIAZ MARIO ENRIQUE 1,000.0000 GARZON DIAZ MARTHA VICTORIA 1,000.0000
Management:	GARZON CASTRO HOLGER GUILLERMO - President GARZON DIAZ HOLGER GABRIEL – General Manager
FINANCIAL INFORMATION
The company does not make its financial statements public. The following information has been provided by private sources:
USD 2016
TOTAL OPERATIONS WITH RELATED PARTIES	2,656,029.73
ASSETS WITH LOCAL RELATED PARTIES	260,122.73
CASH AND CASH EQUIVALENTS	926,302.43
TOTAL CURRENT ASSETS	11,513,544.40
TOTAL NON-CURRENT ASSETS	6,087,563.98
TOTAL ASSETS	17,601,108.30
TOTAL CURRENT LIABILITIES	5,961,061.06
TOTAL NON-CURRENT LIABILITIES	1,450,798.72
TOTAL LIABILITIES	7,411,859.78
TOTAL NET INCOME	10,189,248.60
TOTAL LIABILITIES AND INCOME	17,601,108.30
Annual Exports FOB USD
2017	3,726
2016	1,704
Annual Imports FOB USD
2017	7,544,374
2016	8,256,873
2015	10,801,719
2014	11,861,268
2012	8,684,103
2012	1,423,354
LEGAL FILINGS
CASES	No records found.
SUMMARY
Founded in 2007, Promaplast Procesadora De Materiales Plasticos S.A. is a mid-sized organization in the plastics products companies industry located in Guayaquil, Ecuador. It has approximately 100 full-time employees. The company operates nationally and internationally, mainly exporting to Panama. It is ACTIVE in business with no negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	-
POSITION	-
COMMENTS	We called numbers 0426005407 and 0426005408 several times and received no answer.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.03
UK Pound	1	INR 90.40
Euro	1	INR 79.73
US Dollar	1	INR 64.28

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.