|
Report Date : |
12.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
ACEROS MAPA SA |
|
|
|
|
Registered Office : |
Carrera 42 N°
32-10 Autopista Sur, Itagui, Antioquia |
|
|
|
|
Country : |
Colombia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
14.11.1966 |
|
|
|
|
Com. Reg. No.: |
351382 |
|
|
|
|
Legal Form : |
Stock Company |
|
|
|
|
Line of Business : |
Subject is engaged
in the importation, purchasing, distribution and commercialization of ferrous
and non-ferrous products for the commerce and industry in general. |
|
|
|
|
No of Employees : |
90 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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 energy and mining exports, making it vulnerable to a drop in commodity prices. Colombia is the world's fourth largest coal exporter and Latin America’s fourth largest oil producer. Economic development is stymied by inadequate infrastructure and an uncertain security situation. Moreover, the unemployment rate of 9.7% in 2013 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. Colombia is also a founding member of the Pacific Alliance—a group formed in 2012 among Chile, Colombia, Mexico, and Peru to promote regional trade and integration. In 2013, Colombia began its ascension process to the OECD. The annual level of foreign direct investment - notably in the oil and gas sectors - reached $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. Inequality, poverty, and narcotrafficking remain significant challenges, and Colombia's infrastructure requires major improvements to sustain economic expansion.
|
Source
: CIA |
|
IDENTIFICATION |
|
|
COMPANY NAME |
ACEROS MAPA SA |
|
TRADE NAME |
ACEROS MAPA |
|
TAX ID TYPE |
NIT |
|
TAX ID NUMBER |
890904459-6 |
|
CURRENT STATUS |
Active |
|
MAIN ADDRESS |
Carrera 42 N° 32-10 Autopista Sur |
|
CITY/PROVINCE/STATE |
Itagui, Antioquia |
|
PHONE NUMBER(S) |
(57-4) 374.1313 |
|
FAX NUMBER |
(57-4) 373.1600 |
|
E-MAIL |
importaciones@acerosmapa.com.co |
|
WEB SITE |
www.acerosmapa.com.co |
|
E-MAIL |
a.guerra@acerosmapa.co |
|
COMMENTS OF IDENTIFICATION.- |
Other e-mail addresses: gilberto@acerosmapa.com.co;
contacto@acerosmapa.com.co |
|
BOARD OF
DIRECTORS-EXECUTIVES-SHAREHOLDERS |
||
|
NAME |
JOB
TITLE |
% STAKE |
|
PIEDRAHITA, CARLOS ALBERTO |
General Manager/Legal Representative/President |
|
|
JIMENEZ J., ZULLY TRINIDAD |
Alternate Legal Representative |
|
|
PIEDRAHITA, GILBERTO |
Administrative Manager |
|
|
GUERRA SALDARRIAGA, LIGIA ADRIANA |
Accountant |
|
|
RUEDA, CATALINA |
Secretary General |
|
|
BETANCUR RESTREPO, BEATRIZ |
Commercial Adviser |
|
No negative
information found.
|
INITIAL CAPITAL |
Ps$21,373,555,000.00 Colombian Pesos |
|
LAST CAPITAL INCREASE |
November 2011 (Last increase) |
|
NET WORTH |
Ps$28,802,680,000.00 Colombian Pesos (as of 31/12/2012) |
|
PAYMENT HISTORY |
EP. E: WITHOUT CREDIT EXPERIENCE |
|
% CASH SALES/PAYMENT METHOD |
40% |
|
% CREDIT SALES/TERMS |
60% (Drafts at 30, 60 days) |
|
TERRITORY OF SALES |
100% (National Market) |
|
IMPORTS |
|
|
YEAR |
2013 |
|
AMOUNT |
US$ 9,410,442.47 |
|
COUNTRIES |
China, Mexico, Spain, Japan, India, Turkey, UK, Switzerland, Ukraine,
Peru |
|
|
|
|
YEAR |
2012 |
|
AMOUNT |
US$ 9,485,002.30 |
|
COUNTRIES |
China, Mexico, India, Ukraine, Turkey, Peru, Germany, Spain, UK,
Belgium |
|
|
|
|
YEAR |
2011 |
|
AMOUNT |
US$ 8,911,728.10 |
|
COUNTRIES |
China, Mexico, India, Peru, Spain, Brazil, Turkey, Hong Kong, Germany,
Ukraine |
|
|
|
|
YEAR |
2010 |
|
AMOUNT |
US$ 4,978,223.06 |
|
COUNTRIES |
China, Spain, Mexico, Brazil, India, Turkey, Ukraine, Germany, Peru,
South Korea |
|
FOREIGN
SUPPLIERS |
|||
|
Name |
Contact |
Telephone/fax |
Country |
|
YUAN CHERNG INDUSTRY CO., LTD. |
|
|
TAIWAN |
|
ACEROS CORSA S.A. DE C.V. |
|
|
MEXICO |
|
YEUN CHYANG INDUSTRIAL CO., LTD. |
|
|
TAIWAN |
|
GALLARDO SECTIONS S.L. |
|
|
SPAIN |
|
CORUS U.K. LTD. |
|
|
UNITED KINDOM |
|
ULDRY STEEL S.A. |
|
|
SWITZERLAND |
|
STEEL RESOURCES LLC. |
|
|
U.S.A. |
|
SIMEC USA CORP. |
|
|
U.S.A. |
|
M Y S HINDUSTAN INOX LTDA. |
|
|
INDIA |
|
HEBEI YINGKAIMO METAL NET CO LTD |
|
|
CHINA |
|
CUMIC STEEL LTD |
|
|
HONG KONG |
|
JYOTI STEEL INDUSTRIES |
|
|
INDIA |
|
ARSEN INTERNATIONAL HONG KONG LTD |
|
|
HONG KONG |
N/a
|
FINANCIAL
INFORMATION |
|
CONTENT.- |
|
During our investigation, we interviewed Ms. Adriana Guerra
(Accountant) who declined to provide information regarding the subject since
she required the inquirer's name. Through external sources of consultation,
we obtained the subject's General Balance Sheet as of 31/12/2012 and
31/12/2011 (12 months each one), expressed in Colombian Pesos as follows: |
|
GENERAL BALANCE
SHEET |
|||
|
Balance Date |
31/12/2012 |
31/12/2011 |
|
|
Currency |
Peso |
Peso |
|
|
Exchange Rate |
1,774.50 |
1,941.50 |
|
|
.Current Total |
33,904,252,000.00 |
35,265,978,000.00 |
-3.86 |
|
.Net Fixed |
9,878,026,000.00 |
13,902,058,000.00 |
-28.95 |
|
.Total Assets |
43,782,278,000.00 |
49,168,036,000.00 |
-10.95 |
|
.Total Current Liabilities |
14,979,598,000.00 |
19,793,718,000.00 |
-24.32 |
|
Total Liabilities |
14,979,598,000.00 |
19,793,718,000.00 |
-24.32 |
|
Total Equity |
28,802,680,000.00 |
29,374,318,000.00 |
-1.95 |
|
Total Liabilities and Equity |
43,782,278,000.00 |
49,168,036,000.00 |
-10.95 |
|
PROFIT AND LOSS
ACCOUNT |
|||
|
Balance Date |
31/12/2012 |
31/12/2011 |
|
|
Currency |
Peso |
Peso |
|
|
Exchange Rate |
1,774.50 |
1,941.50 |
|
|
Net Sales |
61,351,252,000.00 |
63,878,635,000.00 |
-3.96 |
|
Net Income(Net Loss) |
688,936,000.00 |
529,463,000.00 |
30.12 |
|
RATIOS FINANCIAL |
|||
|
PERIOD |
2,012.00 |
2,011.00 |
0.00 |
|
.NET WORKING CAPITAL |
18,924,654,000.00 |
15,472,260,000.00 |
0.22 |
|
.LIQUIDITY RATIO |
2.26 |
1.78 |
0.27 |
|
.CONTENTS OF THE ACID TEST |
0.00 |
0.00 |
|
|
.INDEBTEDNESS |
2.92 |
2.48 |
0.18 |
|
.LIABILITIES, CAPITAL |
0.00 |
0.00 |
|
|
.TOTAL ASSET TURNOVER |
1.40 |
1.30 |
0.08 |
|
.RETURN ON EQUITY |
0.00 |
0.00 |
|
|
.NET RETURN ON SALES |
0.00 |
0.00 |
|
|
FINANCIAL
COMMENTS.- |
|||
|
The subject is a trading company with 47 years in the market which
seems to be operating without any inconveniences. 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$85.83
billion (31 December 2013 est.) · International reserves: US$43.74 billion
(31 December 2013 est.) · Inflation rate : 2.2% (2013 est.) · GDP growth
rate: 4.2% (2013 est.) · Annual GDP per capita: US$11,100 (2013 est.) GDP -
composition, by sector of origin: agriculture: 6.6% industry: 37.8% services:
55.6% (2013 est.) · Labour force of 23.08 million people (2013 est.) divided
by: agriculture: 17% industry: 21% services: 62% Unemployment rate: 9.7%
(2013 est.) Productive sectors: Agriculture - products: coffee, cut flowers,
bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; shrimp;
forest products Industries: textiles, food processing, oil, clothing and
footwear, beverages, chemicals, cement; gold, coal, emeralds Foreign trade:
Exports: $58.7 billion (2013 est.) country comparison to the world: 56 $59.85
billion (2012 est.) Exports - commodities: petroleum, coal, emeralds, coffee,
nickel, cut flowers, bananas, apparel Exports - partners: US 36.6%, China
5.5%, Spain 4.8%, Panama 4.7%, Venezuela 4.4%, Netherlands 4.1% Imports:
$53.5 billion (2013 est.) country comparison to the world: 54 $54.64 billion
(2012 est.) Imports - commodities: industrial equipment, transportation
equipment, consumer goods, chemicals, paper products, fuels, electricity
Imports - partners: US 24.2%, China 16.3%, Mexico 10.9%, Brazil 4.8% Country
risks: Commercial Country Risk: MEDIUM Political Country Risk: LOW |
|||
|
RATE OF EXCHANGE |
US$1.00 = Ps$1919.50 as of report date |
|
LEGAL ASPECTS |
|
|
LEGAL STATUS |
Stock Company |
|
INCORPORATION DATE |
14/11/1966 |
|
REGISTERED IN |
Barranquilla |
|
DURATION |
Until 17/12/2063 |
|
REGISTRATION |
Mercantile Registration 351382 |
|
LISTED AT STOCK EXCHANGE |
NO |
|
BACKGROUND (HISTORY).- |
|
|
The subject operated as FERRETERIA MAPA SA until 2012 approximately when
it changed it to current company name ACEROS MAPA SA. |
|
|
COMMENTS ON LEGAL ASPECTS .- |
|
|
Since 23/05/2003, the subject is member of the Chamber of Commerce of
Barranquilla with Mercantile Registration Number 351382. The subject's check
digit (DV) is 6. |
|
|
OPERATIONS |
|
|
SECTOR |
3.-TRADE ( WHOLESALE AND RETAIL) |
|
ACTIVITY |
METAL PRODUCTS |
|
ISIC CATEGORY |
G-WHOLESALE AND/OR RETAIL SALE |
|
MAIN ACTIVITY |
The subject is engaged in the importation, purchasing, distribution and
commercialization of ferrous and non-ferrous products for the commerce and
industry in general. |
|
N. OF EMPLOYEES |
90 approximately |
|
LOCATION |
|
HEAD OFFICES, WAREHOUSE, COMMERCIAL PREMISE: Located at the address shown
in caption. A spacious 2-story premise situated in a zone of easy access and
kept in good repair. Furthermore, it has sale points at: - Dosquebradas:
Carrea 7 N° 8-49 (La Badea). Phone: (57-6) 330.0155 / FAX: (57-6) 330.0157 -
Medellin: Carrera 51 N° 40-50 (Av. Bolivar). Phone: (57-4) 232.3411 / FAX:
(57-4) 232.7782 - Pereira: Calle 19 N° 16-20. Telefax: (57-6) 335.2642 -
Cali: Calle 34 N° 7-109 B/ Industrial. Phone: (57-2) 524.5155 / FAX: (57-2)
448.0531 - Bogota: Calle 18 N° 23-49 Paloquemao. Phone: (57-1) 237.9008 /
FAX: (57-1) 375.4395 |
|
COMMENTS OF OPERATIONS.- |
|
The subject sells 100% directly (Wholesale and retail). Business
Schedule: Monday to Friday From 8:00 A.M. to 12:00 P.M. and from 2:00 P.M. to
6:00 P.M. Saturday from 8:00 A.M. to 12:00 P.M. The subject does not import. |
|
BANK COMENTS |
|
Consulted banks do not reveal any information on their clients due to
bank secrecy. |
|
COMMENTS:
We consider the subject is suitable to assume a credit of US$250,000.00
Dollars. For higher amounts, we recommend to deal under fully secured terms. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.26 |
|
|
1 |
Rs. 101.09 |
|
Euro |
1 |
Rs. 83.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.