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Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
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Name : |
GILDAN HONDURAS PROPERTIES S DE R L |
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Registered Office : |
Km 15 5 Aldea Rio Nance, Choloma |
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Country : |
Honduras |
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Date of Incorporation : |
Not Available |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Sociedad de Responsabilidad Limitada |
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Line of Business : |
manufacturer of chemicals |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Undetermined |
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Payment Behaviour : |
--- |
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Litigation : |
--- |
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 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Honduras |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
honduras ECONOMIC OVERVIEW
Honduras, the second poorest country in Central America, suffers from
extraordinarily unequal distribution of income, as well as high
underemployment. While historically dependent on the export of bananas and
coffee, Honduras has diversified its export base to include apparel and
automobile wire harnessing. Nearly half of Honduras's economic activity is
directly tied to the US, with exports to the US accounting for 30% of GDP and
remittances for another 20%. The US-Central America-Dominican Republic Free
Trade Agreement (CAFTA-DR) came into force in 2006 and has helped foster
foreign direct investment, but physical and political insecurity, as well as
crime and perceptions of corruption, may deter potential investors; about 70%
of FDI is from US firms. The economy registered modest economic growth of
3.0%-4.0% from 2010 to 2012, insufficient to improve living standards for the
nearly 65% of the population in poverty. An 18-month IMF Standby Arrangement
expired in March 2012 and was not renewed, due to the country's growing budget
deficit and weak current account performance. Public sector workers complained
of not receiving their salaries in November and December 2012, and government
suppliers are owed at least several hundred million dollars in unpaid
contracts. The government announced in January 2013 that loss-making public
enterprises will be forced to submit financial rescue plans before receiving
their budget allotments for 2013.
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Source : CIA |
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Republic Economic Risk: Medium |
Currency: 100 HNL = 5.04 USD |
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Legal Name: |
Gildan Honduras
Properties S De R L |
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Legal Address |
Km 15 5 Aldea Rio Nance Choloma, Honduras |
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Telephone: |
(504) 2669-6500 / (504) 2669-6626 |
RNT : |
NA |
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Fax: |
N.A |
Legal Form: |
Sociedad de Responsabilidad Limitada |
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Email: |
N.A |
Registered in: |
HONDURAS |
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Website: |
N.A |
Date Created: |
N.A |
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Manager: |
Alfredo Canahuati (Plant Manager) |
Date Incorporated: |
N.A |
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Staff: |
N.A |
Stock: |
N.A |
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Value: |
N.A |
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Activity: |
manufacturer of
chemicals |
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Name of the
Bank |
Banco Central de Honduras |
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Location |
Honduras |
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Account Number |
confidential |
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PRINCIPAL ACTIVITY |
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Dear not obtained information of this
company for the following reasons: We communicate on the phone talking to
Doris, who asked us to dial the phone (504) 2669-6626's corporate number
investigated, since she does not know any data of the company and therefore
not able to help us with the required information in the report . They repeatedly call on the phone (504)
2669-6626 but the phones were not returned. We did a extensive search with the name of
this company in another without finding any data sources, only the name of
the plant manager and the activity of the company which is manufacturing of
chemicals No listing with the credit bureaus. No trade directories list. A search on the address gives no result. It was learned by our private sources that
the company is a subsidiary of Gildan Activewear Inc.. In canada. We mention that we have tried to locate
the company without positive contact. |
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Manager - Related
Companies
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Listed at the stock exchange: |
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NO |
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Shareholders Parent Company(ies): |
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It was learned by our private sources that
the company Gildan Activewear Inc. hubicada in Canada is the parent company. |
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Management: |
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Plant Manager Alfredo Canahuati |
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Related Companies: |
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It was learned by private sources our
Parent Company Gildan Activewear Inc. company in canada has subsidiaries in
different countries. Gildan Activewear SRL Barbados Gildan USA Inc. Delaware Gildan Choloma Textiles, S. of RL Honduras Gildan Activewear Dominican Republic Textile Company Inc.Barbados Gildan Activewear Honduras Textile
Company, S. of R.L.Honduras Gildan Honduras Hosiery Factory, S. of RL Honduras Gildan Activewear Properties (Dominican
Republic) Inc. Gildan Activewear (UK) Limited Gildan Hosiery Rio Nance, S. of RL
Honduras GoldToeMoretz, LLC Delaware Mayan Textiles Gildan, S. of R.L. |
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Legal Filings |
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The
sources show no legal background or work against the company. |
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Final Opinion |
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Despite our long searches has been
impossible to find information of this company. The phone and contacts provided by the
contact person were not positive It was learned by our private sources that
it is a subsidiary of Gildan Activewear Inc. in canada and has subsidiaries
around America, the Caribbean and Central America. We emphasize that we have hubicar group
information or other subsidiaries as gildan activewear in Honduras, we could
not hubicar the company in order Similarly the clarification do not achieve
any communication with the investigation. Also attached as follows The country has been presenting economic
and political conditions deteriorating since the coup d'état in 2009. Back
then, President Manuel Zelaya was deposed and put on a flight to Costa Rica,
while Roberto Micheletti took office. Congress's proclamation was made during an
emergency meeting accepted a fake resignation letter from Manuel Zelaya. The whole
process was condemned by the international community. For both periods, 2011 and 2012 the
country was faced with the continuing deterioration of its major syndicators
foreign direct investment (FDI). The outlook is good for 2013. What's more,
in 2012 the country was ranked as the most violent in the world, according to
the UN. In late 2012 Congress did resign to 4 of
the 5 Supreme Court Thursday. International analysts report that
economic and political stability are not guaranteed. The situation may worsen particularly
before and / or after presidential elections in November 2013. Taking these facts into consideration and
lack of information does not give any credit to the investigated |
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Profitability |
N.A. |
Public |
NO |
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Indebtedness |
N.A. |
Payments |
N.A. |
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Cash |
N.A. |
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Person Interviewed |
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Doris |
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Comments |
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The contact person I offer a phone number
which was calling without yielding any result, he asked the girl about the
company but said it did not know any one information. Our sources provided the information in
the order. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.27 |
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UK Pound |
1 |
Rs.84.23 |
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Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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---- |
NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.