MIRA INFORM REPORT

 

 

Report Date :           

29.07.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

PRODUCTORA DE TEXTILES DE TOCANCIPA SA

 

 

Registered Office :

Pd El Porvenir Vda Canavita Zn Ind. Tocancipa, Cundinamarca

 

 

Country :

Colombia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

20.02.2001

 

 

Legal Form :

Sociedad Anonima

 

 

Line of Business :

Manufacturing of textile

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 800,000.

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually 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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Colombia

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

                                                                                                                                      

GEOPOLITICS - COLOMBIA

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Republic


Economic Risk: Low

Currency: 100.00 COP = 0.0568182 USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Legal Name:

Productora De Textiles De Tocancipa SA

Trade Name:

Toptex S.A.

Legal Address

Pd El Porvenir Vda Canavita Zn Ind. Tocancipa

Cundinamarca

Colombia

 

 

Telephone:

+57 (1 )5663000

NIT :

830083392-9

Fax:

+57 (1) 3683030

Legal Form:

Sociedad Anonima

Email:

claudia.c@toptex.com.co

Registered in:

Colombia

Website:

www.toptex.com.co

Date Created:

20/02/2001

Manager:

Aron Szapiro Hofman - Legal representative

Date Incorporated:

20/02/2001

Staff:

750

Stock:

N.A.

 

 

Value:

NA

Activity:

Manufacturing of textile

 

 

BANKS

 

Name of the Bank

BANCO COLPATRIA RED MULTIBANCA COLPATRIA S A

Name of the Bank

BANCOLOMBIA S A

Name of the Bank

BANCO DE BOGOTA S A

 

BUSINESS

 

PRINCIPAL ACTIVITY

 

The company is engaged in the development, manufacturing, sales and import of textile products.

 

Sales are:

 

Wholesale

Clients:

 

Danny Venta Directa SA

Professionals of the industry

 

Suppliers:

 

Enka De Colombia S A, Harmex Ltda, Conquimica S A, Compania De Auxiliares Y Colorantes C A C LTDA, Tintoreria Asitex S A, Hilanderias Universal S A, Ciba Especialidades Quimicas S A, Huntsman Colombia Ltda, Hilanal S A

 

The company imports from Venezuela

The company export to Venezuela and Ecuador

Insurance:

 

Asesores Cury

The subject employs 750 employee(s)

PAYMENTS

 

regular

LOCATION

Headquarters

 

The company is headquartered at the address listed above.

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

This is a private company. Despite our long searches, we could not identify the main shareholders.

Management:

 

Legal Representative: Aron Szapiro Hofman

Legal Representative Assistant: Mauricio Szapiro Hofman

Auditor: Alfonso Bernal Pineda

Auditor Assistant:  Rafael Enrique Triana Joven

Accountant: Claudia Lucero Caon Hernandez

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

As a private company the subject does not publish any financial statements.

We have contacted the operator of the company, who refused to provide us any financial data without knowing the name of the inquiring party.

However our financial sources could provide us with the following data.

 

Those figures are estimates provided by confidential banking and financial institutions working with the company.

 

Currency

DATE

USD

2010

Turnover

50,928,844

Operating Income

781,556

Net Income

391,029

Current Assets

48,907,168

Fixed Assets

8,444,653

Net worth

19,173,567

Liabilities

6,939,124

The cash flow is

Normal

 

 

Comments on the financial data: In the chart above you will find the main financial figures. We have converted from COP to USD for you to make it easier to see them.

You will find the full financial figures attached in the Excel file.

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.

 

 

Rating

 

Local credit bureau gave a Correct credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 Final Opinion

 

This is a big sized Colombian company which employs 750 people and has 10 years of experience in the market.

 

There were no legal filings found against the company or its legal representatives.

 

Despite our long searches, we could not identify the main shareholders.

 

The subject is established.

 

A credit line may be considered for USD 800,000.-

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

CORRECT

Public

NO

 

Indebtedness

CONTROLLED

Payments

REGULAR

 

Cash

NORMAL

 

 

 

 

 

APPENDIX

 

Position

 

Operator

Comments

 

The person contacted refused to provide us any information on grounds of confidentiality.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.13

UK Pound

1

Rs.72.05

Euro

1

Rs.63.33

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

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.