MIRA INFORM REPORT

 

 

Report Date :

05.05.2012

 

IDENTIFICATION DETAILS

 

Name :

HARMEX SA

 

 

Registered Office :

Carrera 42 No 20C-24, Bogota

 

 

Country :

Colombia

 

 

Year of Establishment :

1999

 

 

Legal Form :

Sociedad Anonima

 

 

Line of Business :

Synthetic Filaments Distributor.

 

 

No. of Employees :

10

 

 

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

 

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 – March 31, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Colombia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

GEOPOLITICS – COLOMBIA

POLITICAL DATA

ECONOMIC DATA

Form of Government: Republic


Economic Risk: Medium

Currency: 1.00 COP = 0.000569638 USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

Harmex SA

Address in the order:

Carrera 42 No 20C 24 Bogota

 

 

Legal Name:

HARMEX SA

 

 

Legal Address

Carrera 42 No 20C-24, Bogota, Colombia

Operative Address

Carrera 42 No 20C-24, Bogota, Colombia

Telephone:

+57 (1) 481-0081/ 0130 / 0131 / 0132

NIT :

830058801

Fax:

+57 (1) 481-0130

Legal Form:

Sociedad Anonima

Email:

jarenas@harmex.net

Registered in:

Colombia

Website:

http://www.harmex.net/

Date Created:

1999

Manager:

Javier Rodrigo Arenas Romero, President

Date Incorporated:

NA

Staff:

10

Stock:

NA

 

 

Value:

NA

Activity:

Synthetic filaments distributor.

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKS

 

Name of the Bank

BANCOLOMBIA

 

 

BUSINESS

 

HISTORY

 

The company was created in 1999.

PRINCIPAL ACTIVITY

 

Synthetic filaments distributor.

Products/Services description:

 

The company is engaged in the synthetic and natural filaments distribution.

 

Products offered:

 

Polyester filament

Nylon filament

Polyester cotton

Spun polyester

Cotton

Elastomers

Dyed nylon

Nylon coated

 

The company is the official distributor of VANYLON SA, the only company that manufactures Nylon 6.

 

Sales are:

 

Wholesale

Brands:

 

Official representation of: INDORAMA, SINTETICS, TONGKOOK, ACELON, HUALON CORP, SUDIMA, SUN-FLAG.

 

Clients:

 

Professionals of the textile industry, such us TOP TEX.

 

 

Suppliers:

 

HILANDERA FONTIBON SA

Operations area:

 

National, Local

The company imports from Asia

Trade References:

 

The person contacted refused to provide the names of their suppliers for us to check the trade references.

The subject employs 10 employee(s)

PAYMENTS

 

made on a 55 days basis - monitored over the last 12 months

LOCATION

Headquarters

 

The company is headquartered at Carrera 42 No 20C-24, Bogota, Colombia.

The property is:

 

Owned

Comments on location:

 

Headquarters and operative location

Branches:

 

The company does not have any branch.

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

This is a priavte company. Javier Rodrigo Arenas Romero is the main shareholder.

Management:

 

Javier Rodrigo Arenas Romero, President

Viviana Rey, Accountant



Financials - COMMERCIAL TRENDS AND FORECAST

 

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

We have contacted Maria Eugenia Valencia, Secretary, who refused to provide us any financial data on grounds of confidentiality.

 

Currency

DATE

 

USD

2009

 

Turnover

9,152,865

 

Operating Income

628,986

 

Net Income

361,430

 

Current Assets

6,614,406

 

Fixed Assets

44,510

 

Net worth

2,134,289

 

Bank liabilities

0

 

The cash flow is

NORMAL

 


Comments on the financial data: As of today, HARMEX SA’s 2011 numerical financial figures were neither released nor revealed to our sources.

 

 

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

 

The subject is a small size Colombian company.

 

It started its operations in 1999. Therefore, it has a very good experience in its field.

 

HARMEX SA seems to have an adequate business structure, taking into considerations its commercial operations.

 

The company has achieved to remain stable in the industry.



SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

 

Profitability

N.A.

Public

NO

 

Indebtedness

N.A.

Payments

REGULAR

 

Cash

N.A.

 

 

 

 

 

APPENDIX

 

Person Interviewed

 

Maria Eugenia Valencia

Position

 

Secretary

Comments

 

We have contacted this person at the company's who refused to provide any kind of information on grounds of confidentiality. She suggested sending a mail to Nelida Bermudez, Accountant, to nbermudez@harmex.net. At the moment we haven't received an answer.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.72

UK Pound

1

Rs.86.98

Euro

1

Rs.70.69

 

 

INFORMATION DETAILS

 

Report Prepared by :

SHG

 

 

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.