MIRA INFORM REPORT

Report Date :

11.10.2012

IDENTIFICATION DETAILS

Name :	LAMYFLEX SA

Registered Office :	Autop. Medellin Km 1.5 Costado Sur, Cota, Cundinamarca, CP 81069

Country :	Columbia

Year of Establishment :	1983

Legal Form :	Sociedad Anonima

Line of Business :	production of flexible packaging.

No. of Employees :	Less than 500

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	720000 USD
Status :	Moderate
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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Columbia

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Columbia - ECONOMIC OVERVIEW

Colombia's consistently sound economic policies and aggressive promotion of free trade agreements in recent years have bolstered its ability to face external shocks. Real GDP grew 5.7% in 2011 and inflation ended 2011 at 3.7%, continuing almost a decade of strong economic performance. All three major ratings agencies have upgraded Colombia''s investment grade. Nevertheless, Colombia depends heavily on oil exports, making it vulnerable to a drop in oil prices. Economic development is stymied by inadequate infrastructure, weakened further by recent flooding. Moreover, the unemployment rate of 10.8% in 2011 is still one of Latin America''s highest. The SANTOS Administration''s foreign policy has focused on bolstering Colombia''s commercial ties and boosting investment at home. The US-Colombia Free Trade Agreement (FTA) was ratified by the US Congress in October 2011 and is pending implementation in 2012. Columbia has signed or is negotiating FTAs with a number of other countries, including Canada, Chile, Mexico, Switzerland, the EU, Venezuela, South Korea, Turkey, Japan, and Israel. Foreign direct investment - notably in the oil sector - reached a record $10 billion in 2008 but dropped to $7.2 billion in 2009, before beginning to recover in 2010, and it appears to have reached a record high $13 billion in 2011. Colombia is the third largest Latin American exporter of oil to the US. Inequality, underemployment, and narcotrafficking remain significant challenges, and Colombia''s infrastructure requires major improvements to sustain economic expansion. In late 2010, Colombia experienced its most severe flooding in decades with damages estimated to exceed $6 billion. The rains resumed in 2011 causing further damages to crops and infrastructure as well as killing hundreds of Colombians and displacing millions.

Source : CIA

GEOPOLITICS

POLITICAL DATA

ECONOMIC DATA

Form of Government: Republic

Economic Risk: Low

Currency: 100.00 COP = 0.0555499 USD

Branch Situation: Stable

IDENTIFICATION

Legal Name:	LAMYFLEX SA

Legal Address	Autop. Medellin Km 1.5 Costado Sur, Cota, Cundinamarca, CP 81069, Colombia
Operative Address	Autop. Medellin Km 1.5 Costado Sur, Cota, Cundinamarca, CP 81069, Colombia
Telephone:	+57 1 5780999	NIT :	860402971
Fax:	+57 1 5780990	Legal Form:	Sociedad Anonima
Email:	baponte@lamyflex.com.co	Registered in:	Colombia
Website:	http://www.lamyflex.com.co/	Date Created:	1983
Manager:	Gregorio Agudelo Corredor, Finance Manager	Date Incorporated:	NA
Staff:	Less than 500	Stock:	NA
		Value:	NA
Activity:	The company is engaged in the production of flexible packaging.

BANKS

Name of the Bank	BANCOLUMBIA
Name of the Bank	Banco de Bogota

BUSINESS

HISTORY
	The company is founded in 1983.
PRINCIPAL ACTIVITY
	The company is engaged in the production of flexible packaging. It has the ISO-9002 international certification.
Sales are:
	Wholesale
Clients:
	Professionals of the industry
Suppliers:
	The person contacted refused to provide the name of the suppliers for us to check trade references.
Operations area:
	National, Local
The company imports from depending on the demand.
The subject employs Less than 500 employee(s)
Comments on staff:
	The staff number has not been confirmed by the company.
LOCATION
Headquarters
	The company is headquartered at: Autop. Medellin Km 1.5 Costado Sur, Cota, Cundinamarca, CP 81069, Colombia.
Branches:
	No branches have been found.

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:
	Gregorio Agudelo Corredor, Finance Manager Juan Manuel Gomez Paros, Sales Manager Carlos Forero Molano, Production Manager Maria Olga Iza Herrin, Purchasing Manager David Maldonado, Supervisor Jhon Fredy Ardila, Supervisor

Financials

COMMERCIAL TRENDS AND FORECAST

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

We have contacted a female representative who refused to provide us any financial data on grounds of confidentiality.

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	2011
Turnover	10,803,862,000
Operating Income	(1,055,181,000)
Net Income	(1,074,707,000)
Current Assets	13,879,283,000
Fixed Assets	17,674,332,000
Net worth	26,091,117,000
Liabilities	5,462,498,000
Bank liabilities	776,466,000

Currency	DATE
COP	2010
Turnover	10,953,365,000
Operating Income	(34,127,000)
Net Income	2,257,335,000
Current Assets	15,082,904,000
Fixed Assets	17,607,250,000
Net worth	27,714,793,000
Liabilities	4,975,361,000
Bank liabilities	738,911,000

Comments on the financial data: Financial figures have been gathered from an official publication.

Nevertheless, they have not been confirmed by the company.

Legal Filings

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

Rating

Local credit bureau gave a low 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 medium sized Colombian company which employs less than 500 people.

It has 29 years of experience in the market.

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

The company is engaged in the production of flexible packaging.

Its profitability is negative. The subject is losing money.

At this time, we suggest working with GUARANTEES.-

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	NEGATIVE	Public	NO
Indebtedness	CONTROLLED	Payments	TO BE MONITORED
Cash	MEDIUM

APPENDIX

Position
	Female representative from the accounting department
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.53.04
UK Pound	1	Rs.84.83
Euro	1	Rs.68.21

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.