MIRA INFORM REPORT

Report No. :	506284
Report Date :	02.05.2018

IDENTIFICATION DETAILS

Name :	BASSIL HAND TAILORED S.A.
Registered Office :	Aguirre 514-516 Y Escobedo - Chimborazo Rocafuerte Guayas, Guayaquil
Country :	Ecuador
Financials (as on) :	2016
Date of Incorporation :	09.09.2002
Legal Form :	Sociedad Anonima
Line of Business :	Subject is a mature company dedicated to the wholesale and retail of clothes, shoes, accesories and related products.
No. of Employees :	66

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 :	Satisfactory
Payment Behaviour :	Slow but Correct
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 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 Ecuador’s 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. Ecuador’s 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. Ecuador’s 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.

Source : CIA

Statutory Information

Legal Name	BASSIL HAND TAILORED S.A.
Trade Name	BASSIL
ID	RUC
ID Details	0992262540001
Creation Date	2000
Incorporation Date	09/09/2002
Legal Address	AGUIRRE 514-516 Y ESCOBEDO - CHIMBORAZO ROCAFUERTE GUAYAS, GUAYAQUIL ECUADOR
Operative Address	AGUIRRE 514-516 Y ESCOBEDO - CHIMBORAZO ROCAFUERTE GUAYAS, GUAYAQUIL ECUADOR
Telephone	(+593)(4)2328996 / (+593)(4)2082568
Fax	(+593)(4)2328996 / (+593)(4)2082568
Legal Form	SOCIEDAD ANONIMA
E-Mail	bassil@bassil.com.ec mcd@bassil.com.ec jjb@bassil.com.ec
Registered In	ECUADOR
Website	www.bassil.com.ec
Contact	Juan José Bassil, Owner and General Manager
Staff	66 employees
Activity	Wholesale and Retail of Clothes, Accesories and related products

Banks

There are not informed banks

History
History	The company was created in 2000 by Juan José Bassil.
Key Developments	NA
Parent Company	NA

Principal Activity

General Description

BASSIL HAND TAILORED S.A. is a mature company dedicated to the wholesale and retail of clothes, shoes, accesories and related products.

Service/Product Description

PRODUCTS:
SHIRTS
TUXEDO SHIRT
DOUBLE CUFF LONG SLEEVE
CAMISAS MANGA LARGA
FORMAL LONG SLEEVE
CASUAL LONG SLEEVE 1
CASUAL BUSINESS SHIRTS
SPORT LONG SLEEVE
SHORT SLEEVE
GUAYABERAS
SUITS
FRACK
SPORT JACKET
TUXEDOS
JAQUETTE
FORMAL TROUSERS
VESTS
PLASTRONS
CASUAL AND SPORT CLOTHING
TSHIRTS
JEANS
GABARDINE PANTS
SHORTS
TIES
CLASSIC TIES
TIES WITH DESIGN
SHOES
FORMAL
EXECUTIVE
KIDS
SHIRTS
GUAYABERAS
JEANS
PANTS
TIES
SHOES
BELTS
SUIT
ACCESSORIES
COLOGNES
WALLETS
SET OF STOCKINGS
SOCKS
BELTS
HANDKERCHIEFS
BOW TIES
LAPEL PINS
TIE CLIP
SUSPENDERS
BRIEFCASES
UNDERPANTS AND BOXERS
PANAMA HATS
CUFFLINKS
METALLIC CUFFLINKS
ELASTICS CUFFLINKS

Sales

Wholesale and Retail

Operations Area

National

Imports From

China, Colombia and Panama

Export To

No export

Employees

66 employees

Payments With Suppliers

Slow but Correct

Brands
Brand	Comments
BASSIL	NA

Clients

The company´s main clients include national companies and private customers.

Suppliers
Supplier Name	Country	Comments
ZHEJIANG LINGDA INDUSTRY CO LTD	CHINA	NA
Ningbo Textiles Import And Export Corporation	CHINA	NA
Manufacturas Volare S.A.	COLOMBIA	NA
Textela Zona Libre Sa Sansim Inc	PANAMA	NA

Location
Headquarters	AGUIRRE 514-516 Y ESCOBEDO - CHIMBORAZO ROCAFUERTE GUAYAS, GUAYAQUIL ECUADOR
Branches	GUAYAS / SAMBORONDON / TARIFA / AV. PRINCIPAL S/N GUAYAS / GUAYAQUIL / TARQUI / S/N GUAYAS / GUAYAQUIL / TARQUI / AV. JUAN TANCA MARENGO S/N Y AV. CONSTITUCION GUAYAS / SAMBORONDON / TARIFA / S/N GUAYAS / SAMBORONDON / TARIFA / S/N GUAYAS / GUAYAQUIL / TARQUI / AV. FRANCISCO DE ORELLANA S/N Y AV. GUILLERMO PAREJA ROLANDO PICHINCHA / QUITO / IÑAQUITO / NACIONES UNIDAS S/N Y 6 DE DICIEMBRE GUAYAS / DAULE / LA AURORA (SATÉLITE) / S/N

Group Structure and Subdiary Companies

Listed at the stock exchange

NO

Capital

USD 51,600

Shareholders (%)

ID	Name	Type of Investment	Capital (USD)
908767296	BASSIL BARCIONA JUAN JOSE	National	51,137.00
903329373	BASSIL HALABI ADEL HANNA	Direct	63
909663064	DOUMET CHEDRAUI MARIA CECILIA	National	400

Management

Juan José Bassil, Owner and General Manager
Jenniffer Andrea Salvatierra Santos, Sales
Lina Machuca, Supervision

Subsidiary Companies

NA

Related Companies

ABASSIL S.A.
Ecuador

MERCAMODA S.A.
Ecuador

REICID S.A.
Ecuador

Financial Information
General Description	We attach the latest financial statements of the company.
Imports	Foreign trade in the last 5 years Imports Records: 498 US$: 1,925,400

Legal Filings

Lawsuits

No records found

Trademarks

PATAS AZULES

BASSIL

Patents Registered

No records found

Renewals

Legal Act	Resolution	Date Registration in the Commercial Register	Admission Date
INCREASE IN CAPITAL	1362	08/04/2014	06/05/2014
FUSION BY ABSORTION	1362	08/04/2014	06/05/2014
INCREASE IN CAPITAL	1668	11/04/2012	26/04/2012
CHANGE OF SOCIAL OBJECT	4630	20/07/2010	25/08/2010
CONSTITUTION	7106	09/09/2002	17/09/2002

Summary
Summary	Founded in 2000, BASSIL HAND TAILORED S.A. is a mature company dedicated to the wholesale and retail of clothes, shoes, accesories and related products. The company has approximately 66 full-time employees. It mainly imports from China, Colombia and Panama, operating within national markets. This has been an ACTIVE company incorporated in ECUADOR in 2002.

Risk Information
Debts	Controlled
Payments	Slow but Correct
Cash Flow	Normal
State	ACTIVE

Interview
First Name	NA
Position	Operator
Comments	The person contacted confirmed legal name, trade name, telephone (+593)(4)2082568, and principal activity. She asked the reason of the call and refused to provide further information, explaining that all the company´s details are available at its website: www.bassil.com.ec She did not tell us her name

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
US Dollar	1	INR 66.73

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

INFORMATION DETAILS

Analysis Done by :	VAR
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.