|
Report Date : |
28.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
TECNOQUIMICAS SA |
|
|
|
|
Registered Office : |
Calle 23 No.7-39 |
|
|
|
|
Country : |
Colombia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
12.06.1957 |
|
|
|
|
Com. Reg. No.: |
7049-4 |
|
|
|
|
Legal Form : |
Stock Company |
|
|
|
|
Line of Business : |
Chemical Products |
|
|
|
|
No. of Employees : |
5000 (approximately) |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Colombia |
B1 |
B1 |
|
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 has grown more than 4% per year for
the past three years, continuing almost a decade of strong economic
performance. All three major ratings agencies have upgraded Colombia's
government debt to 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 10.3% in 2012 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 implemented in 2012. Colombia has signed or is negotiating
FTAs with a number of other countries, including Canada, Chile, Mexico,
Switzerland, the EU, Venezuela, South Korea, Turkey, Japan, China, Costa Rica,
Panama, and Israel. Foreign direct investment - notably in the oil and gas
sectors - reached a record $10 billion in 2008 but dropped to $7.2 billion in
2009, before beginning to recover in 2010, and reached a record high of nearly
$16 billion in 2012. Colombia is the third largest Latin American exporter of
oil to the United States, and the United States' largest source of imported
coal. Inequality, underemployment, and narcotrafficking remain significant
challenges, and Colombia's infrastructure requires major improvements to
sustain economic expansion.
|
Source
: CIA |
|
IDENTIFICATION |
|
|
COMPANY NAME |
TECNOQUIMICAS SA |
|
TRADE NAME |
TQ SA |
|
TAX ID TYPE |
NIT |
|
TAX ID NUMBER |
890300466-5 |
|
CURRENT STATUS |
Active |
|
MAIN ADDRESS |
Calle 23 No.7-39 |
|
CITY/PROVINCE/STATE |
Cali |
|
PHONE NUMBER(S) |
(57-2)882.5555 |
|
FAX NUMBER |
(57-2)882.2220 |
|
E-MAIL |
lsegura@tecnoquimicas.com |
|
WEB SITE |
www.tecnoquimicas.com |
|
CR-RATING |
CR. B: LOW RISK |
|
PAYMENT HISTORY |
EP. E: WITHOUT CREDIT EXPERIENCE |
|
BOARD OF
DIRECTORS-EXECUTIVES-SHAREHOLDERS |
||
|
NAME |
JOB TITLE |
% STAKE |
|
BARBERI OSPINA, FRANCISCO JOSE |
President/Legal Rep. |
|
|
BARBERI BLUM, MAURICIO |
Director |
|
|
BARBERI GONZALEZ, SANTIAGO |
Director |
|
|
PIEDRAHITA PLATA, FRANCISCO |
Director |
|
|
ARIZA BERNAL, JORGE ENRIQUE |
Alternate Director |
|
|
ALVAREZ ROBLEDO, ANA MARIA |
Alternate Director |
|
|
CANON, MARIA TERESA |
Alternate Director |
|
|
BARBERI OSPINA, JUAN MANUEL |
Director/Alternate Legal Rep. |
|
|
SARDI APARICIO, EMILIO |
Alternate Legal Rep./Alternate Director |
|
|
QUINTERO, CARLOS ALBERTO |
Accountant |
|
|
QUICENO BENAVIDES, LUIS FERNANDO |
Tax Auditor |
|
|
BARBERI OSPINA, FRANCISCO JOSE |
||||
|
Position |
Name |
Country |
Tax id Number |
Year |
|
|
ORGANIZACION FARMACEUTICA AMERICANA SA |
COLOMBIA |
8600028361 |
1999 |
|
BARBERI GONZALEZ, SANTIAGO |
||||
|
Position |
Name |
Country |
Tax id Number |
Year |
|
Director |
C.I. DISEÑO Y MODA INTERNACIONAL SAS |
COLOMBIA |
805011316 |
|
|
BARBERI OSPINA, JUAN MANUEL |
||||
|
Position |
Name |
Country |
Tax id Number |
Year |
|
|
ORGANIZACION FARMACEUTICA AMERICANA SA |
COLOMBIA |
8600028361 |
1999 |
|
COMMENTS ON LEGAL ASPECTS. - |
|
Check Digit (DV): 5 |
|
LEGAL ASPECTS |
|
|
LEGAL STATUS |
Stock Company |
|
INCORPORATION DATE |
12/06/1957 |
|
REGISTERED IN |
Cali |
|
DURATION |
01/01/2057 |
|
REGISTRATION |
File No.7090, Registration No.7049-4 |
|
PAID-UP CAPITAL |
Ps$21,792,754,000.00 Pesos |
|
NET WORTH |
Ps$527,662,639,000.00 Pesos, as of 31/12/2011 |
|
TYPE OF SHARES |
Registered shares |
|
% CASH SALES/PAYMENT METHOD |
30% |
|
YEAR |
2012 |
|
AMOUNT |
US$ 24,277,091.76 |
|
COUNTRIES |
China, India, USA, Italy, Mexico, Germany, Argentina, Ecuador, Spain,
Chile. |
|
YEAR |
2011 |
|
AMOUNT |
US$ 26,246,163.26 |
|
COUNTRIES |
China, India, the USA, Germany, Italy, Spain, Mexico, Argentina,
Holland, Ecuador, Chile |
|
YEAR |
2010 |
|
AMOUNT |
US$ 25,799,889.25 |
|
COUNTRIES |
China, India, the USA, Germany, Italy, Spain, Mexico, Argentina,
Holland, Ecuador, UK |
|
YEAR |
2012 |
|
AMOUNT |
US$ 18,498,422.13 |
|
COUNTRIES |
Ecuador, El Salvador, Panama, Guatemala, Spain, Switzerland, Holland,
USA, Brazil, Honduras. |
|
YEAR |
2011 |
|
AMOUNT |
US$ 18,588,552.91 |
|
COUNTRIES |
Ecuador, Panama, El Salvador, Spain, Guatemala, Switzerland, Chile |
|
YEAR |
2010 |
|
AMOUNT |
US$ 10,501,187.86 |
|
COUNTRIES |
Ecuador, Panama, El Salvador, Spain, Switzerland, Guatemala, United
Arab Emirates. |
|
RELATED
COMPANIES |
||
|
NAME |
TAX ID. NUMBER |
COUNTRY |
|
ADHESIVOS INTERNACIONALES SAS |
805003416 |
COLOMBIA |
|
TECNOCOLOR SA |
|
COLOMBIA |
|
FINANCIAL
INFORMATION |
|
CONTENT.- |
|
Since subject's main executives refused to provide any information about
the subject; this report was entirely elaborated with the information
provided by outside sources. Outside sources provided us with subject's
General Balance Sheet's as of 31/12/2011 and 31/12/2010 (12 months each one)
both expressed in Pesos; which figures read as follows: |
|
GENERAL BALANCE
SHEET |
|||
|
Balance Date |
31/12/2011 |
31/12/2010 |
|
|
Currency |
Peso |
Peso |
|
|
Exchange Rate |
1,986.32 |
1,920.50 |
|
|
.Current Total |
377,203,107,000.00 |
345,410,630,000.00 |
9.20 |
|
.Net Fixed |
423,083,392,000.00 |
320,361,330,000.00 |
32.06 |
|
.Total Assets |
800,286,499,000.00 |
665,771,960,000.00 |
20.20 |
|
.Total Current Liabilities |
173,213,844,000.00 |
144,715,842,000.00 |
19.69 |
|
.Long Term Accounts |
99,410,016,000.00 |
102,211,865,000.00 |
-2.74 |
|
Total Liabilities |
272,623,860,000.00 |
246,927,707,000.00 |
10.41 |
|
Total Equity |
527,662,639,000.00 |
418,844,253,000.00 |
25.98 |
|
Total Liabilities and Equity |
800,286,499,000.00 |
665,771,960,000.00 |
20.20 |
|
PROFIT AND LOSS ACCOUNT |
|||
|
Balance Date |
31/12/2011 |
31/12/2010 |
|
|
Currency |
Peso |
Peso |
|
|
Exchange Rate |
1,986.32 |
1,920.50 |
|
|
Net Sales |
920,927,396,000.00 |
827,065,398,000.00 |
11.35 |
|
Profit(loss) |
61,600,041,000.00 |
43,748,140,000.00 |
40.81 |
|
RATIOS FINANCIAL |
|||
|
PERIOD |
2,011.00 |
2,010.00 |
0.00 |
|
.NET WORKING CAPITAL |
203,989,263,000.00 |
200,694,788,000.00 |
0.02 |
|
.CREDIT RATING |
2.18 |
2.39 |
-0.09 |
|
.CONTENTS OF THE ACID TEST |
0.00 |
0.00 |
|
|
.INDEBTEDNESS |
2.94 |
2.70 |
0.09 |
|
.LIABILITIES, CAPITAL |
0.00 |
0.00 |
|
|
.TOTAL ASSET TURNOVER |
1.15 |
1.24 |
-0.07 |
|
.RETURN ON EQUITY |
0.00 |
0.00 |
|
|
.NET RETURN ON SALES |
0.00 |
0.00 |
|
In accordance with Article 562 of Tax Law, and Numeral 7 and 31 of
Article 6 of Decree 4048 of 2008, he General Director of National Customs Taxes
of Colombia (DIAN) considered the subject company as a good taxpayer. COUNTRY
CONTEXT - COLOMBIA: The below Country comments were obtained from a highly
regarded public source that issues economic comments on all of World` s
countries. Taxes: · Colombian income tax: 38.5% on the net profit-business:. ·
Tax agreements with the Andean Community and Spain which allow residents in
this countries to have a special tax treatment. · Alphabetic currency code for
every country, established by the International Organization for
Standardization (ISO) 4217: Colombian Peso (COP) Main economic indicators: ·
External debt: US $73.41 billion (31 December 2012 est.) · International
reserves: US$34.74 billion (31 December 2012 est.) · Inflation rate forecasted:
3.2% (2012 est.) · GDP growth rate: 4.3% (2012 est.) · Annual GDP per capita:
US$10,700 (2012 est.) · GDP - composition by sector: agriculture: 6.8%
industry: 38.1% services: 55.1% (2012 est.) · Labour force of 23.08 million
people divided by: agriculture: 18% industry: 13% services: 68% · Unemployment
rate: 10.3% (2012 est.) Productive sectors: Agriculture - products: coffee, cut
flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed,
vegetables; shrimp; forest products · Industrial- products: textiles, food
processing, oil, clothing and footwear, beverages, chemicals, cement; gold,
coal, emeralds Foreign trade: Exports: US$59.96 billion (2012 est.) country
comparison to the world: 55 Exports - commodities: petroleum, coal, emeralds,
coffee, nickel, cut flowers, bananas, apparel Exports - partners: US 42%,
Netherlands 4.7%, China 4.2% (2011) Imports: US$55.49 billion (2012 est.)
country comparison to the world: 54 Imports - commodities: industrial
equipment, transportation equipment, consumer goods, chemicals, paper products,
fuels, electricity Imports - partners: US 29.2%, China 11.9%, Mexico 11.5%,
Brazil 5.3% (2011) Final brief: Commercial Country Risk: MEDIUM Political
Country Risk: LOW
|
DETAILS OF FIXED
ASSETS. - |
|
The subject reports having a plant, buildings, machinery and
equipments, office furniture and fittings, tools, among others. Assets are valued
at Ps$105,597,253,000.00 Colombian Pesos. |
|
INSURANCE.- |
|
Subject holds an insurance policy with an insurance company which name
has not been reported. Neither coverage amount nor maturity date were
disclosed. |
|
CREDIT FILES |
|
Possible local suppliers did not provide information about their
clients as per confidentiality policies. |
|
RATE OF EXCHANGE |
US$1.00 = Ps$1863.50 as of report date |
|
LISTED AT STOCK EXCHANGE |
NO |
BACKGROUND (HISTORY). –
Subject was founded by Mr. Fracisco Antonio Barberi Cevallos. In 1949,
the subject company opened its first production plant in San Nicolas de Cali.
In 1980, it started the production of Diapers with the acquisition of Angelini
Francesco Machinery. In 1982, subject was granted the manufacturing and
distribution license of ALLEGAR products, worldwide recognized laboratory of
ophthalmology products. In 1986, it acquired the pharmaceutical plant MERCK
SHARP AND DOHME, in Colombia. In 1990, it started the exportation of some of
its products to Latin American countries; it expand itsportfolio with the
signing of new alliances with important companies worldwide; it acquired
well-known local brands; and started the production of new products. In 1991,
it signed with MARS INC for the commercialization of chocolates, candies,
snacks and pet food. In 1993, the subject company acquired ORGANIZACION
FARMACEUTICA AMERICANA SA and DISTRIBUIDORA FARMACEUTICA CALOZ COLOMBIANA SA.
Between 1995 and 1996, it acquired local brands such as NORAVER and CREMA
NUMERO 04. In 1999, it purchased the brand: COLBON, leader of liquid glue in
Colombia. Besides, in 2000, it acquired TOOTSIE ROLL INC (USA), well-known
company in the business of sweets and candies.
|
SECTOR |
1.-INDUSTRY |
|
ACTIVITY |
CHEMICAL PRODUCTS |
|
ISIC CATEGORY |
D-MANUFACTURING INDUSTRIES (ELABORATION, MANUFACTURING, PRODUCTION,
PUBLISHING, CASTING, CONSTRUCTION) |
|
ISIC CLASS |
2429-Elaboration of diverse chemical products |
|
MAIN ACTIVITY |
Subject is engaged in the manufacture, and commercialization of
pharmaceutical products, and mass consumption, adhesives and agro veterinary
products. Owned Brands: VITAFULL MR, MR, NORAVER, WINNY, LUA, CUREBAND,
CORBON, YODORA, among others Brands exclusive sold: CLOROX, LIMPIDO, BON BRIL |
|
% CREDIT SALES/TERMS |
70% (Terms at 30 - 45 days) |
|
TERRITORY OF SALES |
40% (Domestic market) |
|
% FOREIGN SALES |
60% |
|
N. OF EMPLOYEES |
5000 (approximately) |
|
MAIN OFFICES: Located in a commercial zone of the city, at the address
shown in caption. Subject has 17 production plants in national and 3 in El
Salvador. PLANTS: - SAN NICOLAS PLANT (Personal care products) - JAMUNDI
PLANT (Pharmaceutical products) - YUMBO PLANT (Medicines, creams) - TECNOSUR
PLANT (Disposable diapers) - COLDESIVOS PLANT (Colbon glues, industrial
tapes) - INDUGRAFICAS PLANT (Graphic arts products) |
|
Products: - Medicines (medically prescribed, free sale, and institutionally
used) - Baby care articles (disposable diapers, wet tissues, creams, milk,
etc) - Communication (Tarjeta Amigo Comcel) - Pet food - Home care products
(cleaners, bleaches, kitchen appliances, drying and cleaning products, liquid
cleaners) - Agro veterinary division - Agricultural division (Insecticide,
fungicide, fertilizer) - Personal care products, shaving machines,
unpigmentation creams, anti-lice lotion, absorbents, disposables for adults)
- Candies: Charms Bubble gums - Adhesives (products for school works)
Operations are conducted directly and through distribution agents. Subject
has a client portfolio of 16,000 active clients. It manages about 8,000
inputs and manufactures 3,183 finished products. Besides, it commercializes
500 products manufactured by the companies it represents. |
|
LOCAL SUPPLIERS |
||
|
Name |
Contact |
Telephone |
|
CLOROX DE COLOMBIA S.A. |
|
|
|
Name |
Contact |
Telephone/fax |
Country |
|
ANGELINI FRANCESCO A.C.R.A.F. S.P. A. |
|
|
ITALY |
|
AFFORD S.A. |
|
|
ARGENTINA |
|
ASTELLAS PHARMA US, INC. |
|
|
U.S.A. |
|
CHURCH & DWIGHT CO., INC. |
|
|
U.S.A. |
|
DIFFUCAP EURAND S.A.C.I.F.I. |
|
|
ARGENTINA |
|
FOLTENE LABORATORIES S.P.A. |
|
|
ITALY |
|
GADOR S.A. |
|
|
ARGENTINA |
|
HEBER BIOTEC S.A. |
|
|
CUBA |
|
BANK COMENTS |
|||
|
Possible consulted banks did not provide any information about their
clients as per bank secrecy. |
|||
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.61 |
|
|
1 |
Rs.84.18 |
|
Euro |
1 |
Rs.71.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.