MIRA INFORM REPORT

 

 

Report Date :           

17.04.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

CUEROS VELEZ SAS (VELEZ)

 

 

Registered Office :

Cl 29 52 98, Antioquia, Medellin

 

 

Country :

Colombia

 

 

Year of Establishment :

1986

 

 

Legal Form :

Sociedad Anonima Simplificada

 

 

Line of Business :

Apparel Manufacturer

 

 

No. of Employees :

1,001 to 5,000 (not verified).

 

 

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 2,000,000.

Status :

Good

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 – March 31st, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

Colombia

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

GEOPOLITICS

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Republic


Economic Risk: Low

Currency: 100.00 COP = 0.0563666 USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Legal Name:

Cueros Velez SAS (Velez)

Trade Name:

Velez

Legal Address

CL 29 52 98, ANTIOQUIA, MEDELLIN, COLOMBIA.

Operative Address

CL 29 52 98, ANTIOQUIA, MEDELLIN, COLOMBIA.

Telephone:

+57 (4) 355 5189

NIT :

800191700

Fax:

NA

Legal Form:

Sociedad Anonima Simplificada

Email:

JBOLIVAR@CUEROSVELEZ.COM

Registered in:

Colombia

Website:

www.velez.com.co

Date Created:

1986

Manager:

VELEZ GONZALEZ JUAN RAUL, President.

Date Incorporated:

NA

Staff:

1,001 to 5,000 (not verified).

Stock:

NA

 

 

Value:

NA

Activity:

Apparel Manufacturer.

 

 

BANKS

 

Name of the Bank

Bancolombia

Location                                   

Confidential

 

                                                                                                                                       

BUSINESS

 

HISTORY

 

The company was founded in 1986.

PRINCIPAL ACTIVITY

 

The subject evolves as an apparel manufacturer and distributor.

Products/Services description:

 

The company offers a wide variety of products under the following categories:

 

Shoes.

Bags.

Belts.

Wallets.

Jackets.

Travel & Business.

Sales are:

 

Wholesale

Brands:

 

Velez.

Nappa.

Operations area:

 

National, International

The company imports from Worldwide, depending on demand.

The company exports to Venezuelam Ecuador, Costa Rica, Panama and Guatemala.

The subject employs 1,001 to 5,000. employee(s)

Comments on staff:

 

This information was not verified by the company.

PAYMENTS

 

regular

LOCATION

Headquarters

 

CL 29 52 98, ANTIOQUIA, MEDELLIN, COLOMBIA.

Branches:

 

The subject has stores all over Colombia.

 

It also franchises its brand for independant entrepreneurs.



Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

VELEZ GONZALEZ JUAN RAUL would be one of the major shareholders of the company.

 

However, we could not verify this information with the company.

Management:

 

VELEZ GONZALEZ JUAN RAUL, President.

JUAN GUILLERMO BOLIVAR BUSTAMANTE, Accountant.

 

This information was not verified by the company.

                                                                                                                                       

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

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

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

COP

2010

Turnover

124,152,521,000

Operating Income

6,116,524,000

Net Income

2,562,018,000

 




Currency

DATE

COP

2009

Turnover

102,751,585,000

Operating Income

6,627,596,000

Net Income

124,665,000

 



Comments on the financial data: The figures have not been disclosed by the company.

They were conciliated with our private sources and from a particular analysis of the company´s structure.

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 big sized company has been doing business for over 25 years.

 

It is established and positioned among the market.

 

The subject is managed by very experienced people.

 

The annual revenues of the company have increase on a 20% from 2009 to 2010, while for the same period, its Net Income has considerably increased.

 

It seems to adjust to regular payment terms.

 

No legal filings were found against it.

 

A credit line may be considered for USD 2,000,000.-

 

 

Summary

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

GOOD

Public

NO

Indebtedness

N.A.

Payments

REGULAR

Cash

NORMAL

 

 

 

 

APPENDIX

 

Comments

 

We could not contact the company during business hours in order to verify the information on this report.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.66

UK Pound

1

Rs.81.80

Euro

1

Rs.67.18

 

 

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.