MIRA INFORM REPORT

 

 

Report Date :

11.01.2013

 

IDENTIFICATION DETAILS

 

Name :

Quimigen SAS

 

 

Registered Office :

Calle 58 Sur No 18-A-34 Bogota D.C Columbia

 

 

Country :

Colombia

 

 

Date of Incorporation :

2010

 

 

Legal Form :

Private Company

 

 

Line of Business :

Import and commerce of Industrial Chemicals.

 

 

No. of Employees :

15

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

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: USD

Branch Situation:Medium

 

 

IDENTIFICATION

 

Ordered as:

Quimigen SAS

Address in the order:

Calle 58 Sur No 18-A-34 Bogota D.C Columbia

 

 

Legal Name:

QUIMIGEN SAS

 

 

Legal Address

Calle 58 Sur No 18-A-34 Bogota D.C Colombia

Operative Address

Calle 58 Sur No 18-A-34 Bogota D.C Colombia

Telephone:

+57 1 2055101 / +57 1 7142667

NIT :

900371066-1

Fax:

+57 1 2055101

Legal Form:

SOCIEDAD POR ACCIONES SIMPLIFICADA

Email:

gimigen@hotmail.com

Registered in:

Bogota, Colombia

Website:

N.A.

Date Created:

2010

Manager:

Ing. Juan Francisco Morales, General Manager

Date Incorporated:

July 23rd 2010

Staff:

15

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Import and commerce industrial chemicals.

 

 

BANKS

 

Name of the Bank

BanColombia

 

 

BUSINESS

 

HISTORY

 

QUIMIGEN SAS was incorporated in 2010

PRINCIPAL ACTIVITY

 

QUIMIGEN SAS is a private company dedicated to Import and commerce of industrial chemicals.

Products/Services description:

 

This company offers sodium sulfate, Ammonium nitrate and others chemicals.

Sales are:

 

Wholesale, Retail

Clients:

 

Their clients are companies related to the market where they develop, as well as the general public.

Suppliers:

 

VISHNU CHEMICALS LIMITED

H NO 6-3-662 B A, FLAT NO.1 SUVARNA HOUSE, SANGEET NAGAR COLONY HYDERABAD

Operations area:

 

National

The company imports from India, China

The company does not export

Trade References:

 

We could not get information about suppliers to confirm the trade references.

The subject employs 15 employees

Comments on staff:

 

The number of employees is an estimated provided by the company.

PAYMENTS

 

made on a 30 days basis - monitored over the last 12 months

LOCATION

Headquarters

 

The company has the headquarters located at:

 

Calle 58 Sur No 18-A-34 Bogota D.C Colombia

The property is:

 

Rented

Branches:

 

The company does not have any other location in Colombia.

 

 

Shareholders - Manager - Related Companies

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

QUIMIGEN SAS is a private company, subsidiary of a bigger group of companies, however the person contacted refused to provide the name.

Management:

 

Ing. Juan Francisco Morales, General Manager

Mr. Obidio Morales, Manager

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

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

We have contacted Mr. Obidio Morales (Manager) who refused to provide us any financial data on grounds of confidentiality.

Comments on the financial data: Despite our long research plus the contact with the company we could not get financial information.

Legal Filings

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

 

 

Rating

 

Local credit bureau gave a Normal credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 

 

 Final Opinion

 

QUIMIGEN SAS is a private company dedicated to Import and commerce of industrial chemicals.

 

During this year (2013), the company has some contracts to start doing exports to Ecuador, Peru and Panama.

 

The payments to the suppliers is done between 30 to 60 days, according with the agreements done.

 

This company has 2 years of experience in the market where they develop.

 

After our research plus the contact with the company and based on the information obtained we suggest a credit line for USD 5,000

 

 

SUMMARY

 

FINANCIAL SUMMARY

DEBT COLLECTIONS AND PAYMENTS

 

 

Profitability

N.A.

Public

NO

 

Indebtedness

CONTROLLED

Payments

REGULAR

 

Cash

NORMAL

 

 

 

 

 

APPENDIX

 

Person Interviewed

 

Mr. Obidio Morales

Position

 

Manager

Comments

 

Mr. Morales, provided and confirmed some of the information for this report (legal name, creation date, activity, employees, management, imports, exports), however refused to provide financial information on grounds of confidentiality.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.63

UK Pound

1

Rs.87.50

Euro

1

Rs.71.32

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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.