|
Report Date : |
14.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
MEXICHEM RESINAS |
|
|
|
|
Registered Office : |
Zona Industrial Mamonal Km. 8, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
14.01.1963 |
|
|
|
|
Com. Reg. No.: |
09-000315-12 |
|
|
|
|
Legal Form : |
Simplified Joint Stock Company |
|
|
|
|
Line of Business : |
D-Manufacturing Industries (Elaboration, Manufacturing, Production, Publishing, Casting, Construction) |
|
|
|
|
No of Employees : |
125 approximately |
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Colombia |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 weather 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 Americaas 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. Colombia has signed or is negotiating Free Trade Agreements (FTA) with more than a dozen countries; the US-Colombia FTA went into force on May 2012. Colombia is also a founding member of the Pacific Alliance - a regional grouping formed in 2012 by Chile, Colombia, Mexico, and Peru to promote regional trade and economic 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 a record high of $16.8 billion in 2013, an increase of 7% over 2012. Inequality, poverty, and narcotrafficking remain significant challenges, and Colombia's infrastructure requires major improvements to sustain economic expansion.
|
Source
: CIA |
|
IDENTIFICATION |
|
|
COMPANY NAME |
MEXICHEM RESINAS COLOMBIA SAS |
|
TAX ID TYPE |
NIT |
|
TAX ID NUMBER |
860007277-5 |
|
CURRENT STATUS |
Active |
|
MAIN ADDRESS |
Zona Industrial Mamonal Km. 8 |
|
CITY/PROVINCE/STATE |
Cartagena |
|
PHONE NUMBER(S) |
(57-5) 672.3150 |
|
FAX NUMBER |
(57-5) 668.5111 |
|
E-MAIL |
mlopezc@mexichem.com |
|
WEB SITE |
www.mexichem.com.co |
|
COMMENTS OF IDENTIFICATION.- |
This report was ordered with address: Autopista Sur No. 71-75 PBX, Colombia.
Please note that the correct address of Subject is as shown above. |
|
BOARD OF
DIRECTORS-EXECUTIVES-SHAREHOLDERS |
||
|
NAME |
JOB TITLE |
% STAKE |
|
MEJIA MORON, ANDRES |
General Manager/Legal Rep. |
|
|
ARANGO SALDARRIAGA, CARLOS ALBERTO |
Adm. & Fin. Mger/Legal Rep. |
|
|
MERCHAN VALDERRAMA, JENNY ANDREA |
Tax Auditor |
|
|
ZAMORA BERNAL, ZULMA JINETH |
Tax Auditor |
|
|
LOPEZ CAMARGO, MARIO ANTONI |
Accountant |
|
No negative information found.
|
PAID-UP
CAPITAL |
Ps$125,662,008.00 Colombian Pesos |
|
LAST CAPITAL INCREASE |
Without increase (latest known) |
|
PAYMENT HISTORY |
EP. E: WITHOUT CREDIT EXPERIENCE |
|
% CREDIT SALES/TERMS |
100% (Terms at 15, 30, 60 days) |
|
TERRITORY OF SALES |
35% (Domestic market) |
|
% FOREIGN SALES |
65% |
|
IMPORTS |
|
|
YEAR |
2013 |
|
AMOUNT |
US$
346,332,378.74 |
|
COUNTRIES |
USA, Italy, Brazil,
Mexico, Japan, Germany, Belgium, Switzerland, Spain |
|
|
|
|
YEAR |
2012 |
|
AMOUNT |
US$
291,177,883.97 |
|
COUNTRIES |
USA, Italy,
Brazil, Mexico, Japan, Germany, Belgium, Switzerland, Spain |
|
|
|
|
YEAR |
2011 |
|
AMOUNT |
US$
336,498,690.69 |
|
COUNTRIES |
USA, Italy,
Brazil, Mexico, Japan, Germany, Belgium, Switzerland, Spain |
|
|
|
|
YEAR |
2010 |
|
AMOUNT |
US$
298,053,366.62 |
|
COUNTRIES |
Mexico, USA,
Japan, Germany, Brazil, Italy, China |
|
|
|
|
YEAR |
2009 |
|
AMOUNT |
US$
198,604,539.27 |
|
COUNTRIES |
Mexico,
Germany, USA |
|
EXPORTS |
|
|
YEAR |
2013 |
|
AMOUNT |
US$ 335,371,657.59 |
|
COUNTRIES |
Brazil, USA, Argentina, Turkey, Ecuador, Chile, Venezuela, Bolivia,
Trinidad & Tobago, Peru, El Salvador |
|
|
|
|
YEAR |
2012 |
|
AMOUNT |
US$ 302,892,120.93 |
|
COUNTRIES |
Brazil, USA, Argentina, Turkey, Ecuador, Chile, Venezuela, Bolivia,
Trinidad & Tobago, Peru, El Salvador |
|
|
|
|
YEAR |
2011 |
|
AMOUNT |
US$ 343,677,401.08 |
|
COUNTRIES |
Brazil, USA, Argentina, Turkey, Ecuador, Chile, Venezuela, Bolivia,
Trinidad & Tobago, Peru, El Salvador |
|
|
|
|
YEAR |
2010 |
|
AMOUNT |
US$ 276,767,348.07 |
|
COUNTRIES |
Brazil, Peru, Argentina, Italy, Chile, Venezuela, Costa Rica, Spain,
Trinidad & Tobago, Ecuador, Australia, China, Puerto Rico, Mexico,
Bolivia, Panama |
|
|
|
|
YEAR |
2009 |
|
AMOUNT |
US$ 222,119,466.72 |
|
COUNTRIES |
Brazil, USA, Argentina, Italy, India, Turkey, Spain, Trinidad & Tobago,
Peru, Chile, Belgium, Costa Rica, Venezuela, China, Pakistan, Mexico, UK,
Ecuador, Paraguay, Uruguay, Australia |
|
FOREIGN SUPPLIERS |
|||
|
Name |
Contact |
Telephone/fax |
Country |
|
MEXICHEM COMPUESTOS SA DE CV |
|
|
MEXICO |
|
ROHN HAAS COMPANY |
|
|
U.S.A. |
|
COMMENTS RELATED COMPANIES |
|
The Subject is subsidiary of MEXICHEM SAB DE CV, headquartered in
Mexico, which counts with 95 plants and has presence in 19 countries. |
|
RELATED COMPANIES |
||
|
NAME |
TAX ID. NUMBER |
COUNTRY |
|
AMANCO TUBOSISTEMAS CENTROAMERICA SA |
|
COSTA RICA |
|
MEXICHEM COMPUESTOS SA DE CV |
MCO-061215-JRS |
MEXICO |
|
MEXICHEM DERIVADOS COLOMBIA SA |
832010819 |
COLOMBIA |
|
MEXICHEM ECUADOR SA |
|
ECUADOR |
|
MEXICHEM EL SALVADOR SA DE CV |
|
EL SALVADOR |
|
MEXICHEM GUATEMALA SA |
|
GUATEMALA |
|
MEXICHEM HONDURAS SA DE CV |
|
HONDURAS |
|
MEXICHEM NICARAGUA SA |
|
NICARAGUA |
|
MEXICHEM PANAMA SA |
|
PANAMA |
|
PAVCO DE VENEZUELA SA |
|
VENEZUELA |
|
FINANCIAL INFORMATION |
|
CONTENT.- |
|
All the information comprised herein has been totally gathered from
outside sources since the company executives showed no interest in our inquiry.
By external sources, we obtained Subject's General Balance Sheets as of
31/12/2013 and 31/12/2012 (12 months each), expressed in Colombian Pesos, as
follows: |
|
GENERAL BALANCE SHEET |
|||
|
Balance Date |
31/12/2013 |
31/12/2012 |
|
|
Currency |
Colombian Peso |
Colombian Peso |
|
|
Exchange Rate |
1,917.40 |
1,774.50 |
|
|
.Current Total |
446,220,710,000.00 |
305,836,120,000.00 |
45.90 |
|
.Net Fixed |
541,021,538,000.00 |
555,943,951,000.00 |
-2.68 |
|
.Total Assets |
987,242,248,000.00 |
861,780,071,000.00 |
14.56 |
|
.Total Current Liabilities |
380,407,319,000.00 |
292,641,194,000.00 |
29.99 |
|
.Long Term Accounts |
94,946,790,000.00 |
26,248,009,000.00 |
261.73 |
|
Total Liabilities |
475,354,109,000.00 |
318,889,203,000.00 |
49.07 |
|
Total Equity |
511,888,139,000.00 |
542,890,868,000.00 |
-5.71 |
|
Total Liabilities and Equity |
987,242,248,000.00 |
861,780,071,000.00 |
14.56 |
|
PROFIT AND LOSS ACCOUNT |
|||
|
Balance Date |
31/12/2013 |
31/12/2012 |
|
|
Currency |
Colombian Peso |
Colombian Peso |
|
|
Exchange Rate |
1,917.40 |
1,774.50 |
|
|
Net Sales |
960,660,363,000.00 |
921,580,860,000.00 |
4.24 |
|
Net Income(Net Loss) |
-8,231,972,000.00 |
15,603,665,000.00 |
-152.76 |
|
RATIOS FINANCIAL |
|||
|
PERIOD |
2,013.00 |
2,012.00 |
0.00 |
|
.NET WORKING CAPITAL |
65,813,391,000.00 |
13,194,926,000.00 |
3.99 |
|
.LIQUIDITY RATIO |
1.17 |
1.05 |
0.11 |
|
.CONTENTS OF THE ACID TEST |
0.00 |
0.00 |
|
|
.INDEBTEDNESS |
2.08 |
2.70 |
-0.23 |
|
.LIABILITIES, CAPITAL |
0.00 |
0.00 |
|
|
.TOTAL ASSET TURNOVER |
0.97 |
1.07 |
-0.09 |
|
.RETURN ON EQUITY |
0.00 |
0.00 |
|
|
.NET RETURN ON SALES |
0.00 |
0.00 |
|
|
FINANCIAL COMMENTS.- |
|||
|
The Subject is an industrial company incorporated in 1963, whose operations
are estimated to follow a normal trendline. 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 |
|||
|
INSURANCE.- |
|||
|
No insurance policies were found. |
|||
|
CREDIT FILES |
|||
|
Possible consulted local suppliers reported not having the Subject as
client. |
|||
|
RATE OF
EXCHANGE |
US$1.00 = Ps$1,883.00 (as of report date) |
|
LEGAL ASPECTS |
|
|
LEGAL STATUS |
Simplified Joint Stock Company |
|
INCORPORATION DATE |
14/01/1963 |
|
REGISTERED IN |
Cartagena |
|
DURATION |
Unlimited |
|
REGISTRATION |
Registration Nº 09-000315-12, Public Deed Nº 2008 |
|
NET WORTH |
Ps$511,888,139,000.00 Colombian Pesos (as of 31/12/2013) |
|
LISTED AT STOCK EXCHANGE |
NO |
|
OPERATIONS |
|
|
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 |
Manufacture of chemical products. Besides, production, distribution and
sale of polyvinyl chloride (PVC). |
|
N. OF EMPLOYEES |
125 approximately |
|
LOCATION |
|
ADMINISTRATIVE OFFICES & PRODUCTION PLANT: At heading address, in
an industrial zone of the city with easy access routes. Premise kept in good repair.
OTHER ADMINISTRATIVE OFFICES: Autopista Sur Nº 71-75, Bogota. Phone: (57-1)
782.5060. TAX DOMICILE: Km. 5, Vía Cajica Zipaquira, Cajica, Cundinamarca.
Phone: (57-1) 777.2590. |
|
BANKERS / REFERENCE |
||||
|
Bank Name |
Account Number |
Account Officer |
Telephone |
Country |
|
BANCO BILBAO VIZCAYA ARGENTARIA COLOMBIA SA |
|
|
|
COLOMBIA |
|
CITIBANK COLOMBIA SA |
|
|
|
COLOMBIA |
|
BANCOLOMBIA SA |
|
|
|
COLOMBIA |
|
BANCO SANTANDER COLOMBIA SA |
|
|
|
COLOMBIA |
|
BANK COMENTS |
||||
|
The consulted banks reported they do not provide references by
preserving confidentiality of bank-client information. |
||||
|
COMMENTS:
Industrial foreign capital company which seems to be operating in a normal manner.
Besides, no detrimental were found. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.24 |
|
|
1 |
Rs. 103.01 |
|
Euro |
1 |
Rs. 81.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.