MIRA INFORM REPORT

 

 

Report Date :

22.09.2012

 

 

 

 

IDENTIFICATION DETAILS

 

Name :

LINASU HOLDINGS SA

 

Registered Office :

 

Calle 23 Norte No 4N 50 Piso 9 Edificio El Coral Cali Valle

 

 

Country :

Colombia

 

 

Year of Establishment :

2000

 

 

Legal Form :

Sociedad Anonima

 

 

Line of Business :

Manufacture and assembly of pipes and fittings.

 

 

No. of Employees :

48

 

 

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 31st, 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

 

 

COLOMBIA - 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 – COLOMBIA

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Republic


Economic Risk: Low

Currency: 100.00 COP = 0.0557103 USD

Branch Situation:Stable

 

 

IDENTIFICATION

 

Legal Name:

LINASU HOLDINGS SA

 

 

Legal Address

Calle 23 Norte No 4N 50 Piso 9 Edificio El Coral Cali Valle Colombia

Operative Address

Calle 23 Norte No 4N 50 Piso 9 Edificio El Coral Cali Valle Colombia

Telephone:

+57-2-3930431

NIT :

NA

Fax:

+57-2-3930409

Legal Form:

Sociedad Anonima

Email:

jhparedes@ingeniolacabana.com

Registered in:

Colombia

Website:

NA

Date Created:

2000

Manager:

Jorge H Paredes, Manager

Date Incorporated:

NA

Staff:

48

Stock:

NA

 

 

Value:

NA

Activity:

Manufacture and assembly of pipes and fittings.

 

 

BANKS

 

Name of the Bank

BANCOLUMBIA

 

BUSINESS

 

HISTORY

 

The company was founded in 2000.

PRINCIPAL ACTIVITY

 

Manufacture and assembly of pipes and fittings required for operation of the sugar refinery and for pneumatic conveying and refined white sugar. Construction and assembly of process piping supports for the sugar refinery.

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 company exports to depending on the demand

The subject employs 48 employee(s)

Comments on staff:

 

The staff number has not been confirmed by the company.

PAYMENTS

 

made on a 40 days basis - monitored over the last 12 months

LOCATION

Headquarters

 

The company is headquartered at: Calle 23 Norte No 4N-50 Piso 9 Edificio El Coral Cali/Valle 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:

 

Jorge H Paredes, Manager

Ariel Figueroa

Gustavo Velazco

 

Related Companies:

 

Ingenio La Cabaña S. A. (located at the same address and operating in the same industry).

 

 

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

24 000 000 000

 

Operating Income

4 900 000 000

 

Net Income

2 700 000 000

 

Net worth

10 000 000

 

Bank liabilities

50 000 000

 

The cash flow is

Large

 

 

Comments on the financial data: Financial figures 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 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 small sized Colombian company which employs 48 people.

 

It has 12 years of experience in the market.

 

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

 

Its activity is listed as: Manufacture and assembly of pipes and fittings required for operation of the sugar refinery and for pneumatic conveying and refined white sugar.

 

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

 

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

 

Profitability

VERY GOOD

Public

NO

 

Indebtedness

HIGH

Payments

TO BE MONITORED

 

Cash

LARGE

 

 

 

 

 

APPENDIX

 

Position

 

Female representative

Comments

 

She said Mr. Paredes, Mr. Figueroa and Mr. Velazco (the people that could have helped us with our investigation) were not available to take our call by the time we called.

We sent an e-mail to jhparedes@ingeniolacabana.com, as requested, but nobody has contacted us back yet.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.90

UK Pound

1

Rs.87.60

Euro

1

Rs.70.01

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.