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MIRA INFORM REPORT
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Report No. : |
516902 |
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Report Date : |
26.06.2018 |
IDENTIFICATION DETAILS
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Name : |
ALMACENES FIGUEROA S.A. FIGUESA |
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Registered Office : |
Coronel 626 Y Brasil Guayas / Guayaquil / Olmedo (San Alejo) |
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Country : |
Ecuador |
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Financials (as on) : |
2017 |
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Date of Incorporation : |
20.12.2006 |
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Legal Form : |
Anonymous Society |
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Line of Business : |
Subject is dedicated to wholesale of consumer appliances:
refrigerators, stoves, washing machines, etcetera includes stereo television
equipment (sound equipment). |
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No. of Employees : |
60 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRAs Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
ECUADOR - ECONOMIC OVERVIEW
Ecuador is substantially dependent on its petroleum resources, which accounted for about a third of the country's export earnings in 2017. Remittances from overseas Ecuadorian are also important.
In 1999/2000, Ecuador's economy suffered from a banking crisis that lead to some reforms, including adoption of the US dollar as legal tender. Dollarization stabilized the economy, and positive growth returned in most of the years that followed. The economy reached a growth rate of 6.4% in 2008, buoyed by high global petroleum prices and increased public sector investment. But, with declining oil prices during the global recession, former President Rafael CORREA Delgado defaulted in December 2008 on Ecuador's sovereign debt of approximately US$3.2 billion; in May 2009, Ecuador bought back most of its "defaulted" bonds at an average of 35% of their face value. China has become Ecuador's largest foreign lender since 2008 and now accounts for 77.7% of the Ecuadors bilateral debt. Various economic policies under the CORREA administration, such as an announcement in 2017 that Ecuador would terminate 13 bilateral investment treaties - including one with the US, generated economic uncertainty and discouraged private investment.
Faced with a 2013 trade deficit of $1.1 billion, Ecuador imposed tariff surcharges from 5% to 45% on an estimated 32% of imports. Ecuadors economy fell into recession in 2015 and remained in recession in 2016. Declining oil prices and exports forced the CORREA administration to cut government oulays. Foreign investment in Ecuador is low as a result of the unstable regulatory environment and weak rule of law.
In April 2016, the Ecuadorian coast suffered an earthquake that measured 7.8 on the Richter scale. Damage to infrastructure hurt several industries, including tourism and shrimp farms. The total cost of the recovery has been close to $2 billion. To pay for this, the government imposed additional inheritance, capital gains, and production (VAT) taxes. GDP growth from 2015 to 2016 was -1.6%, mostly due to the devastating earthquake.
In April of 2017, Lenin MORENO was elected President of Ecuador by popular vote. His immediate challenge was to reengage the private sector to improve cash flow in the country. Ecuadors economy returned to positive, but sluggish, growth.
In early 2018, the MORENO administration held a public referendum on seven economic and political issues in a move counter to CORREA-administration policies, reduce corruption, strengthen democracy, and revive employment and the economy. The referendum resulted in the repeal of the taxes associated with the earthquake recovery and reduced restrictions on metal mining in the Yasuni Intangible Zone, a protected area, as well as several political reforms.
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Source : CIA |
Statutory
Information
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Legal Name |
ALMACENES FIGUEROA S.A. FIGUESA |
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Trade Name |
ALMACENES FIGUEROA |
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ID |
RUC |
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ID Details |
0992499176001 |
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Creation Date |
2006 |
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Incorporation Date |
20/12/2006 |
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Legal Address |
CORONEL 626 Y BRASIL GUAYAS / GUAYAQUIL / OLMEDO (SAN ALEJO)
ECUADOR |
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Operative Address |
CORONEL 626 Y BRASIL GUAYAS / GUAYAQUIL / OLMEDO (SAN
ALEJO) ECUADOR |
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Telephone |
+593 4-370-2820 / 0992932326 |
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Fax |
+593 4-370-2820 / 0992932326 |
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Legal Form |
Anonymous Society |
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E-Mail |
cpa_christian_diaz@hotmail.com / juancarlos@figueroa.ec
/ ventas@figueroa.ec |
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Registered In |
ECUADOR |
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Website |
No website found |
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Contact |
FIGUEROA ORDOŅEZ JUAN CARLOS, Legal Representative and
President |
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Staff |
60 employees |
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Activity |
WHOLESALE AND RETAIL SALE OF VARIOUS PRODUCTS FOR
THE CONSUMER |
Banks
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Name of Bank |
Reported Amount |
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There are not informed banks |
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Description |
The company does not make its banking data public. |
History
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History |
The company was founded in 2006 |
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Key Developments |
NA |
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Parent Company |
NA |
Principal
Activity
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General Description |
ALMACENES FIGUEROA S.A. FIGUESA is dedicated to wholesale
of consumer appliances: refrigerators, stoves, washing machines, etcetera.
includes stereo television equipment (sound equipment). |
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Service/Product Description |
PRODUCTS |
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Sales |
Wholesale and Retail |
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Operations Area |
National |
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Imports From |
Colombia, Peru and India |
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Employees |
60 employees |
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Payments With Suppliers |
No complaints |
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Comments |
The company`s main clients include national
companies and private customers. |
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Comments |
- |
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Location
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Headquarters |
CORONEL 626 Y BRASIL GUAYAS / GUAYAQUIL / OLMEDO (SAN
ALEJO) ECUADOR |
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Branches |
GUAYAS / GUAYAQUIL / OLMEDO (SAN ALEJO) / HUAYNACAPAC
219 Y MANABI ECUADOR GUAYAS / GUAYAQUIL / TARQUI / EUCALIPTO S/N Y BETA
ECUADOR |
Group
Structure and Subsdiary Companies
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Listed at the stock exchange |
NO |
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Capital |
USD 10,000 |
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Shareholders (%) |
This is a private company. The company does not
disclose information on shareholders. The following information has been obtained
through private sources and could not be confirmed: |
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Management |
FIGUEROA ORDOŅEZ JUAN CARLOS, Legal Representative and
President |
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Subsidiary Companies |
NA |
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Related Companies |
COMUNICA-TE S.A. |
Financial
Information
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General Description |
WE ATTACH THE LATEST FINANCIAL STATEMENTS OF THE
COMPANY. |
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Imports |
Foreign trade in the last 5 years: |
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Exports |
No records found |
Legal
Filings
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Lawsuits |
No records found |
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Trademarks |
FIGUEROA |
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Patents Registered |
No records found |
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Renewals |
Name of the Legal Act |
Summary
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Summary |
Founded in 2006, ALMACENES FIGUEROA S.A. FIGUESA is
dedicated to wholesale of consumer appliances: refrigerators, stoves, washing
machines, etcetera. includes stereo television equipment (sound equipment). |
Risk
Information
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Debts |
Controlled |
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Payments |
No complaints |
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Cash Flow |
Normal |
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State |
ACTIVE |
Interview
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First Name |
NA |
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Position |
Operator |
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Comments |
The person contacted confirmed legal name, trade
name, telephone, address and principal activity. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.15 |
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1 |
INR 90.27 |
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Euro |
1 |
INR 79.35 |
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USD |
1 |
INR 68.12 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
SCs 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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.