MIRA INFORM REPORT

 

 

Report No. :

495594

Report Date :

08.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

DURAMAS CIA. LTDA.

 

 

Registered Office :

Av. Cornelio Vintimilla 262 And Rio Machangara Industrial Park Cuenca, Azuay

 

 

Country :

Ecuador

 

 

Financials (as on) :

2016

 

 

Date of Incorporation :

1969

 

 

Legal Form :

Responsabilidad Limitada

 

 

Line of Business :

Subject is dedicated to the import and sale of Construction and Building Materials.

 

 

No. of Employees :

60

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A

 

Credit Rating

 

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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:

DURAMAS CIA. LTDA.

Trade Names:

DURAMAS CIA. LTDA.

ID:

0190063917001

Date Created:

1969

Date Incorporated:

1979-03-06

Legal Address:

Av. Cornelio Vintimilla 262 And Rio Machangara

Industrial Park Cuenca, Azuay, Ecuador

Operative Address:

Av. Cornelio Vintimilla 262 And Rio Machangara

Industrial Park Cuenca, Azuay, Ecuador

Telephone:

(07) 286 2030

Fax:

(07) 280 0064    

Legal Form:

Responsabilidad Limitada

Email:

mcabrera@duramas.com.ec

Registered in:

ECUADOR

Website:

www.duramas.com.ec

Contact:

UGALDE BURGOYNE JANINE MARIE - President

Staff:

60

Activity:

NAICS 1: Brick, Stone, and Related Construction Material Merchant Wholesalers

NAICS 2: Home Furnishing Merchant Wholesalers

SIC 1: Ceramic Wall And Floor Tile, Nec

SIC 2: Carpets

 

 

Banks:

The company does not disclose its banking details.

 

History:

The company was founded in 1969.

 

 

PRINCIPAL ACTIVITY

 

 

Duramas Cia. Ltda. is dedicated to the import and sale of Construction and Building Materials.

Products/Services description:

The company offers natural stones, quartz surfaces, porcelain, ceramics, wood floors, carpets and slate.

Brands:

DURAMAS

Sales are:

Retail

Clients:

Private Customers

Suppliers:

Foshan Native Produce Import And Export

Samling Elegant Living Trading

Xiamen Lianlida Imp. & Exp. Co Ltd

Foshan Kinghorn Import & Export

Bvl Granites

Granisel Real

Crystal Granite Ma

Guidoni Ornamental Rocks Ltda

Cajugram Granitos e Marmores Do Brasil Ltda

Monte Negro Granitos Ltda

Qualita Granitos E Marmores Ltda

Tecnilac Willgo Sas.

Granito Zucchi Ltda.

Gallos Marmoleria S.A.

Benicantil Marmoles Sa

Operations area:

National

The company imports from

CHINA

INDIA

BRAZIL

COLOMBIA

PERU

SPAIN

The subject employs

60 EMPLOYEES

Payments:

No Complaints

 

 

LOCATION

 

Headquarters :

AV. CORNELIO VINTIMILLA 262 AND RIO MACHANGARA

INDUSTRIAL PARK

CUENCA, AZUAY, ECUADOR

Branches:

CUENCA

SHOWROOM 1:

Av. Remigio Crespo y Remigio Romero (esq).

 

QUITO

SHOWROOM 1:

Av. 6 de diciembre 30-19 y Av. República (esq).

 

SHOWROOM 2 AND WAREHOUSE

Av. General Rumiñahui y Latacunga, Sangolquí.

Telf.: (02) 601 7000 VISITAR

 

SHOWROOM 3:

Av. Oswaldo Guayasamín y Eloy Alfaro, Cumbayá.

 

GUAYAQUIL

SHOWROOM 1 AND WAREHOUSE:

Av. Juan Tanca Marengo km 2 1/2.

 

SHOWROOM 2:

C.C. Dicentro - Local 35.

 

AMBATO

SHOWROOM AND WAREHOUSE:

Av. Victor Hugo y Arturo Borja

Related Companies:

IMPORPISOS CIA. LTDA.

Ecuador

 

PREFABRICADOS DE CONCRETO TIGER C LTDA

Ecuador

 

INMOBILIARIA J.E.J. CIA. LTDA.

Ecuador

 

INSERKOTA CIA. LTDA.

Ecuador

 

FAZENDA RIO AMARELO FARIAM CIA. LTDA.

Ecuador

 

TRANSGUAY S.A.

Ecuador

 

 

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

Listed at the stock exchange:

NO

Capital:

Subscribed capital: 428.478

Shareholders:

HOLDER                                                                         CAPITAL

PREFABRICADOS DE CONCRETO TIGER C LTDA      1.0000

UGALDE JERVES JULIO OLMEDO                                428,477.0000

Management:

UGALDE BURGOYNE JANINE MARIE – President

UGALDE JERVES JULIO OLMEDO – General Manager

 

 

FINANCIAL INFORMATION

 

The company does not make its financial statements public. The following information has been provided by private sources:

 

 

2016

 

TOTAL OPERATIONS WITH RELATED PARTIES

914,286.36

ASSETS WITH LOCAL RELATED PARTIES

27,608.77

CASH AN CASH EQUIVALENTS

616,953.73

ACCOUNTS AND DOCUMENTS FOR COLLECTING LOCAL NON-RELATED CUSTOMERS

1,291,381.68

ACCUMULATED DETERIORATION OF THE VALUE OF ACCOUNTS AND DOCUMENTS FOR COLLECTING TRADES FOR INBACCABLE BREAKDOWN (PROVISIONS FOR UNCORRUPTED CREDITS)

29,080.00

OTHER ACCOUNTS AND DOCUMENTS FOR COLLECTING LOCAL RELATED CURRENTS

276,415.75

OTHER ACCOUNTS AND DOCUMENTS FOR COLLECTING NON-RELATED LOCAL CURRENTS

85,003.65

OTHER ACCOUNTS AND DOCUMENTS FOR COLLECTING NON-RELATED CURRENT FROM THE OUTSIDE

257,440.74

MERCHANDISE IN TRANSIT

52,293.83

INVENTORY OF FINISHED PRODUCTS AND MERCHANDISE IN STORE (EXCLUDING WORKS / REAL ESTATE FINISHED FOR SALE)

4,367,227.19

CUMULATIVE DETERIORATION OF THE VALUE OF INVENTORIES BY ADJUSTMENT TO THE NET VALUE REALIZABLE

76,744.28

NON-CURRENT ASSETS MAINTAINED FOR SALE COST

429,918.91

TOTAL CURRENT ASSETS

7,270,811.20

TOTAL NON-CURRENT ASSETS

1,381,344.59

TOTAL ASSETS

8,652,155.79

TOTAL CURRENT LIABILITIES

3,216,771.02

TOTAL NON-CURRENT LIABILITIES

1,615,285.58

TOTAL LIABILITIES

4,832,056.60

TOTAL NET INCOME

3,820,099.19

TOTAL LIABILITIES AND INCOME

8,652,155.79

 

 

LEGAL FILINGS

 

 

 

CASES

No records found.

 

 

SUMMARY

 

 

Founded in 1969, Duramas Cia. Ltda. is a mid-sized organization in the brick and stone whole and manufacturers industry located in Cuenca, Ecuador.

 

It has approximately 60 full-time employees. The company operates nationally, mainly importing form China, India, Brazil, Colombia, Peru and Spain.

 

It is ACTIVE in business with no negative records.

 

 

RISK INFORMATION

 

DEBTS

Controlled

PAYMENTS

No Complaints

CASH FLOW

Normal

STATUS

Active

 

INTERVIEW

 

NAME

-

POSITION

-

COMMENTS

We called number (07) 286 2030 several times and received no answer.

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.96

UK Pound

1

INR 90.34

Euro

1

INR 80.75

ECS [US Dollar]

1

INR 64.94

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

TPT

 

 

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.