MIRA INFORM REPORT

Report Date :

30.08.2014

IDENTIFICATION DETAILS

Name :	COMERCIALIZADORA INTERNACIONAL ITOCHU COLOMBIA SA
Registered Office :	Calle 72 No. 10- 07, Oficina No 1201, Edificio Liberty Seguros Bogota, D.C.
Country :	Colombia
Financials (as on) :	31.12.2013
Date of Incorporation :	03.05.1974
Legal Form :	Stock Company
Line of Business :	· Wholesale and Retail Sale of Diverse Industrial Products · Engaged in the import, distribution, commercialization of surgical medical equipment.
No of Employees :	42

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 – 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 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. 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	COMERCIALIZADORA INTERNACIONAL ITOCHU COLOMBIA SA
TRADE NAME	CI ITOCHU COLOMBIA SA
TAX ID TYPE	NIT
TAX ID NUMBER	860040347-1
CURRENT STATUS	Active
MAIN ADDRESS	Calle 72 No. 10- 07, Oficina No 1201, Edificio Liberty Seguros
CITY/PROVINCE/STATE	Bogota, D.C.
PHONE NUMBER(S)	(57-1) 310-0788
FAX NUMBER	(57-1) 347-0690
E-MAIL	bonilla@itochu.com.co
WEB SITE	www.itochu.com.co
COMMENTS OF IDENTIFICATION.-	This report was requested as: CI ITOCHU COLOMBIA SA and with address: Calle 72, No 10-07 Pisco - 12 Edificio Liberty Seguros Bogota DC. Please be advised that the correct company name and address are the ones above.

LEGAL ASPECTS
LEGAL STATUS	Stock Company
INCORPORATION DATE	03/05/1974
REGISTERED IN	Bogota.
DURATION	21/05/2074
REGISTRATION	Certificate No. 49160
PAID-UP CAPITAL	Ps$473,616,000.00 Pesos
NET WORTH	Ps$17,335,759,000.00 Pesos (As of 31/12/2013)
LISTED AT STOCK EXCHANGE	NO
COMMENTS ON LEGAL ASPECTS .-
The subject is member of the Chamber of Commerce of Bogota.

DIRECTORS/MANAGEMENT

BOARD OF DIRECTORS-EXECUTIVES-SHAREHOLDERS
NAME	JOB TITLE	% STAKE
YOKOKAWA, TESUYA	General Manager/Legal Rep./Main Director
SUZUKI, KASUYOSHI	Legal Representative 1st Substitute
MATSUMURA, ICHIZO	Legal Representative 2nd Substitute
KAWAMMURA, TADASHI	Main Director
KOTANI, NOBUYUKI	Main Director
MATSUI, NORIO	Alternate Director
FUNAZAKI, HIROMITSU	Alternate Director
SHIMOMURA, YUJI	Alternate Director
BONILLA MEJIA, ALFONSO	General Accountant

NEGATIVE INFORMATION

N/a

SHARE & SHARE CAPITAL INFORMATION

PAID-UP CAPITAL	Ps$473,616,000.00 Pesos
NET WORTH	Ps$17,335,759,000.00 Pesos (As of 31/12/2013)
LISTED AT STOCK EXCHANGE	NO

PAYMENT INFORMATION

IMPORTS
YEAR	2014 (January - July)
AMOUNT	US$ 186,326.51
COUNTRIES	Taiwan, India and China
YEAR	2013
AMOUNT	US$ 3,627,715.06
COUNTRIES	India, Taiwan, China, Japan, Brazil, Germany
YEAR	2012
AMOUNT	US$ 3,158,316.74
COUNTRIES	Taiwan, India, China, Thailand, Brazil, Germany
YEAR	2011
AMOUNT	US$ 4,709,198.01
COUNTRIES	Canada, India, Taiwan, Japan, Philippines, Brazil, Germany

FOREIGN SUPPLIERS
Name	Contact	Telephone/fax	Country
HYCARE INTERNATIONAL CO LTD.			THAILAND
BIOTEQUE CORPORATION			TAIWAN
DEVON MEDICAL INC			CHINA

GROUP STRUCTURE & AFFILIATED COMPANIES

N/a

FINANCIAL INFORMATION

FINANCIAL INFORMATION

CONTENT.-

During our investigation, we had an interview with Mr. Alfonso Bonilla (General Accountant) who declined any data on the company on the grounds of confidentiality and requested the inquirer's name. Hence the data herein have been totally obtained from outside sources. It is worth mentioning that through outside sources we obtained the balance sheet as of 31/12/2013 and 31/12/2012 (12 months each) in Pesos, as follows:

PROFIT AND LOSS ACCOUNT
Balance Date	31/12/2013	31/12/2012
Currency	Peso	Peso
Exchange Rate	1,917.40	1,774.50
Net Sales	21,257,571,000.00	21,268,464,000.00	-0.05
Net Income(Net Loss)	456,898,000.00	124,446,000.00	267.15

GENERAL BALANCE SHEET
Balance Date	31/12/2013	31/12/2012
Currency	Peso	Peso
Exchange Rate	1,917.40	1,774.50
.Current Total	13,434,371,000.00	14,146,590,000.00	-5.03
.Net Fixed	9,104,061,000.00	6,561,337,000.00	38.75
.Total Assets	22,538,432,000.00	20,707,927,000.00	8.84
.Total Current Liabilities	5,202,673,000.00	5,726,587,000.00	-9.15
.Long Term Accounts		736,596,000.00
Total Liabilities	5,202,673,000.00	6,463,183,000.00	-19.50
Total Equity	17,335,759,000.00	14,244,744,000.00	21.70
Total Liabilities and Equity	22,538,432,000.00	20,707,927,000.00	8.84

RATIOS FINANCIAL
PERIOD	2,013.00	2,012.00	0.00
.NET WORKING CAPITAL	8,231,698,000.00	8,420,003,000.00	-0.02
.LIQUIDITY RATIO	2.58	2.47	0.04
.CONTENTS OF THE ACID TEST	0.00	0.00
.INDEBTEDNESS	4.33	3.20	0.35
.LIABILITIES, CAPITAL	0.00	0.00
.TOTAL ASSET TURNOVER	0.94	1.03	-0.09
.RETURN ON EQUITY	0.00	0.00
.NET RETURN ON SALES	0.00	0.00
FINANCIAL COMMENTS
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
DETAILS OF FIXED ASSETS.-
Computer equipment Office furniture 2 trucks
INSURANCE.-
It holds an insurance policy with an unspecified insurance company.
CREDIT FILES
Possible consulted local suppliers do not report subject as client buying on credit. Apparently its purchases are made in cash and from foreign suppliers.

FOREIGN EXCHANGE RATES

RATE OF EXCHANGE

US$1.00 = Ps$1,918.50 as of report date

ADDITIONAL INFORMATION

OPERATIONS
SECTOR	2.-TRADE (WHOLESALE)
ACTIVITY	MEDICAL EQUIPMENT
ISIC CATEGORY	G-WHOLESALE AND/OR RETAIL SALE
ISIC CLASS	5190-Wholesale and Retail Sale of Diverse Industrial Products (Not specified)
MAIN ACTIVITY	Engaged in the import, distribution, commercialization of surgical medical equipment.
% CASH SALES/PAYMENT METHOD	30%
% CREDIT SALES/TERMS	70% (Invoices/30, 60 days)
TERRITORY OF SALES	70% (Domestic market)
% FOREIGN SALES	30%
N. OF EMPLOYEES	42 approximately

LOCATION

TAX ADDRESS, ADMINISTRATIVE OFFICE: At heading address, in an industrial zone of easy access. Spacious premise.

COMMENTS OF OPERATIONS.-

Sales are made 100% directly. It has a portfolio of over 50 active clients including: - ESE HOSPITAL UNIVERSITARIO DE LA SAMARITANA - MINISTERIO DE DEFENSA NACIONAL HOSPITAL MILITAR CENTRAL

BANKERS / REFERENCE
Bank Name	Account Number	Account Officer	Telephone	Country
BANCO DE BOGOTA SA				COLOMBIA
BANK COMENTS
The consulted bank reported it does not disclose any data on clients.

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.47
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SMN

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.