MIRA INFORM REPORT

Report No. :	494848
Report Date :	05.03.2018

IDENTIFICATION DETAILS

Name :	INDEUREC S.A.
Registered Office :	Km. 2.5 Via Duran Boliche Eloy Alfaro Duran Guayas
Country :	Ecuador
Financials (as on) :	2016
Date of Incorporation :	19.02.1993
Legal Form :	Sociedad Anonima
Line of Business :	Subject is a pharmaceutical plant dedicated to the manufacture of medicines related to the care of human health
No. of Employees :	120

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 (30.09.2017)	Current Rating (31.12.2017)
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

Legal Name:

INDEUREC S.A.

Trade Name:

INDEUREC

FARMAYALA

RUC:

0991254374001

Date Created:

1993

Date Incorporated:

19/02/1993

Legal Address:

Km. 2.5 Via Duran Boliche

Eloy Alfaro

Duran

Guayas

Ecuador

Operative Address:

Km. 2.5 Via Duran Boliche

Eloy Alfaro

Duran

Guayas

Ecuador

Telephone:

+593 42815910

Mobile: 099742004

Fax:

+593 42815940

Legal Form:

SOCIEDAD ANONIMA

Email:

mgonzalez@farmayala.com

mayala@farmayala.com

Registered in:

ECUADOR

Website:

www.farmayala.com

Contact:

Ayala Lozada Mario Rafael, President

Ayala Salcedo Mauricio Raul, General Manager and Legal Representative

Staff:

120

Activity:

C-21: Manufacture Of Pharmaceutical Products, Chemical Medicinal Substances And Botanical Products Of Pharmaceutical Use.

NAICS 1: Pharmaceutical Preparation Manufacturing

SIC 1: Pharmaceutical Preparations

BANKS:

The company does not make its banking data public

HISTORY

The company was founded in 1993

PRINCIPAL ACTIVITY

INDEUREC S.A. is a mid-sized organization in the pharmaceutical preparation companies industry located in Guayaquil, Ecuador.

Products/Services description:

INDEUREC S.A. is a pharmaceutical plant dedicated to the manufacture of medicines related to the care of human health. It is an independent administration company that is part of Corporación Farmayala del Ecuador (Farmayala Pharmaceutical Company).

PRODUCTS:

Analgesics and Anti-inflammatory

Antibiotics

Digestive

Respiratory

Vitamin supplements

Others

Brands:

NA

Sales are:

Wholesale

Clients:

Domestic and foreign pharmaceutical companies

Suppliers:

Sgd S.A.

France

Abc Goteros Tubos Frascos Y Productos Plasticos Sas Y Podr

Colombia

Ingredion Colombia Sa

Colombia

Xiamen Forever Green Source Biochem Tech. Co

China

Nectar Lifesciences Limited

India

Aurobindo Pharma Ltd

India

Operations area:

National and international

The company imports from

France, Colombia, China and India

The company exports to

No export

The subject employs

120 employees

Payments:

Regular

LOCATION

Headquarters :

Km. 2.5 Via Duran Boliche

Eloy Alfaro

Duran

Guayas

Ecuador

Branches:

No branches found

Main Competitors:

Lab Nysec Cia. Ltda

Colon 829 Y Diego De Almagro, Torre Almagro

Equipos, Servicios Y Construcciones Equisercon Curacao Traders C.Ltda.

Av. Shirys 760 Republica Del Salvador

Casa Industrial Farmaceutica Sa

De Los Milagros E2-41(Antigua Numeracion 192)

Laboratorios Industriales Tecnologicos Ecuatorianos Labitech Cia. Ltda

Urb. El Vergel Lote 28

Laboratorio Biologico Plaza Labiopla Sa

Alejandro Andrade Coello Juan Rolando Coello

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GROUP STRUCTURE AND SUBSIDIARY COMPANIES

Listed at the stock exchange:

NO

Capital:

USD 10.000.000

Shareholders:

(All numbers in USD)

ID	NAME	Type of Investment	Capital
SE-G-00002671	ENERHOLDCO SOCIEDAD ANONIMA	FOREIGN	3,000,000.0000
SE-G-00002672	PEPTI COSTA RICA SOCIEDAD ANONIMA	FOREIGN	250,000.0000
923792782	AYALA PATIÑO MARIA ELISA	NATIONAL	250,000.0000
923792899	AYALA PATIÑO MARIA ISABEL	NATIONAL	100,000.0000
915619258	AYALA PATIÑO MARIA JOSE	NATIONAL	250,000.0000
916287345	AYALA PATIÑO MARIA MERCEDES	NATIONAL	250,000.0000
908402688	AYALA SALCEDO MAURICIO RAUL	NATIONAL	3,900,000.0000
908858764	PATIÑO ARZUBE MERCEDES ELENA	NATIONAL	2,000,000.0000

Management:

Ayala Lozada Mario Rafael, President

Ayala Salcedo Mauricio Raul, General Manager and Legal Representative

Ernesto Juan Durán Salcedo, Maintenance Manager

Jordan Nixon Baquerizo Clemente, Head of Research and Development

Alex Jaime, Coordinator

Mariana Torres G, Head of Pharmaceutical Development

Rossie Rosero, Accountant

FINANCIAL INFORMATION

We attach the company´s latest financial statements.

LEGAL FILINGS

OFAC

Sanctions List Search

The company is not listed in the OFAC list.

Lawsuits

No records found 

Legal Fillings

Act	No of Resolution	Date of Resolution	Date Registration in the Commercial Register	Admission date
INCREASE IN CAPITAL	1767	16/3/2007	24/8/2007	6/9/2007
ADDRESS CHANGE	1767	16/3/2007	24/8/2007	6/9/2007
CHANGE OF DENOMINATION	1767	16/3/2007	24/8/2007	6/9/2007
INCREASE IN CAPITAL	2445	31/3/1995	10/4/1995	4/7/1995
CONSTITUTION	357	15/2/1993	19/2/1993	14/4/1993
INCREASE IN CAPITAL	0		27/3/2015	13/4/2015

SUMMARY

Founded in 1993, Indeurec S.A. is a mid-sized organization in the pharmaceutical preparation companies industry located in Guayaquil, Ecuador.

The company has approximately 120 full-time employees.

It mainly imports from France, Colombia, China and India, operating within national and international markets.

This has been an ACTIVE company incorporated in ECUADOR in 1993.

RISK INFORMATION

DEBTS

Controlled

PAYMENTS

Regular

CASH FLOW

Normal

STATUS

Active

INTERVIEW

NAME

Maria

POSITION

Receptionist

COMMENTS

She confirmed legal name, telephone and website. She asked the reason of the call and explained that she would transfer the call to someone capable of providing further information about INDEUREC S.A. We waited until someone answered but no one did.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.23
UK Pound	1	INR 89.71
Euro	1	INR 79.50
US Dollar	1	INR 65.20

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

INFORMATION DETAILS

Analysis Done by :	PRI
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.