MIRA INFORM REPORT

Report Date :

13.12.2014

IDENTIFICATION DETAILS

Name :	SUMINISTROS MATERIAS COLORANTES S.A.
Registered Office :	Carrera 50 GG N° 10B Sur 61 Código Postal - C.P. 050023, Costa Rica
Country :	Colombia
Date of Incorporation :	1987
Legal Form :	Public Company
Line of Business :	The company manufactures and sells pigments, dyes, optical brighteners, auxiliary chemicals for the textile industry.
No of Employees :	120

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Colombia	A2	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 Americas 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

STATUTORY INFORMATION
Legal Name:		Suministros Materias Colorantes S.A.
Trade Name:		SUMICOLOR
NIT:		800011207-7
Date Created:		1987
Date Incorporated:		1987
Legal Address:		Carrera 50 GG N° 10B Sur 61 Código Postal - C.P. 050023, Costa Rica
Operative Address:		Carrera 50 GG N° 10B Sur 61 Código Postal - C.P. 050023, Costa Rica
Telephone:		57-42853755
Fax:		57-42857228
Legal Form:		Sociedad Anónima
Email:		sumicolor@sumicolor.com.co
Registered in:		Costa Rica
Website:		www.sumicolor.com.co
Manager:		Jorge H. Rua Ramirez
Staff:		120
Activity:		Chemical Suppliers
BANKS
Name of the Bank:		Bancolombia
		The company does not make its banking data public.
HISTORY
		SUMICOLOR is certified by the ICONTEC in the System of Quality Management company, ISO 9001 version 2008, which has been active in the Colombian national market since 1987, providing process solutions and providing technical advice to the products it manufactures and markets for plastic and textile sectors.
PRINCIPAL ACTIVITY
	The company manufactures and sells pigments, dyes, optical brighteners, auxiliary chemicals for the textile industry.
Products/Services description:	Pigments Dyes Optical brighteners Auxiliary chemical products
Brands:	MASTERBATCH ®
Sales are:	Wholesale
Clients:	Paint Stores / Distributors
Suppliers:	SAMWON INDUSTRIAL DR. PETRY AB ENZYMES Mitsui & Co., Ltd. Japan Textilchemie Dr. Petry GmbH Germany
Operations area:	National & International
The company imports from	Asia, Europe
The company exports to	Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Panamá, Paraguay, Perú, República Dominicana.
The subject employs	120 employees
Payments:	Regular-made on a 40 day basis
LOCATION
Headquarters :	Carrera 50 GG N° 10B Sur 61 Código Postal - C.P. 050023, Costa rica
Comments:	The headquarters and production facility are located in the city of Medellín, Colombia where you should find quality laboratories, research and development as well as implementation for each area.
Branches:	Bogotá Carrera 69 N° 25B - 44 Edificio World Business Port, Oficina: 807 Código Postal - C.P. 110931 PBX: (57 -1) 416 55 43 Fax: (57 -1) 416 55 82 e-mail: bogota@sumicolor.com.co
Business Industry:	Companies in this industry manufacture basic, intermediate, and specialty chemicals. Because chemicals are used to make a wide variety of industrial and consumer products, demand is driven by the overall health of the US economy. The profitability of individual companies is closely tied to efficient operations. Big companies have economies of scale in purchasing and production. Small companies can compete effectively by producing specialty products, of which there are a large number, or by operating a single plant highly efficiently. Basic chemicals include petrochemicals, industrial gases, dyes and pigments, alkalies and chlorine, alcohols, and various other organic (based on the chemistry of carbon and oxygen) and inorganic chemicals. These basic chemicals are made from mined materials like crude oil, natural gas, and minerals, or from crops and other natural substances. The raw materials are called feedstocks. Chemicals companies use basic chemicals to produce intermediate products like polyethylene; polyethylene oxide (PO); ethylene oxide (EO); and ethylene glycol, or final products like phosphate and nitrogen agricultural fertilizers.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	This is a private company. Despite our long search, we could not confirm its major holder.
Management:	Jorge H. Rua Ramirez, Manager VICTOR MARIO ARANGO WIEDEMAN, Engineer
Related Companies:	No subsidiary companies
FINANCIAL INFORMATION
	This is a private company which does not make its financial statements public- the following information has been provided by outside sources.
Year	2013
Currency	USD
Gross Revenue	3 200 000
Cash flow	Normal
LEGAL FILINGS
	There are no legal/criminal connected to the subject
RISKMA REVIEW
Riskma Review:	2
RISK:	Low
Requested Credit Amount	Maximum
SUMMARY
	Suministro Materias Colorantes, S.A. was founded in 1987. The company's line of business includes the wholesale distribution of paints, varnishes, wallpaper, and supplies. The company has a medium sized structure and is active in good standing. It exports to South America and expects to expand its business. There are no negative.
ENTERVIEW
NAME	NA
POSITION	Administrative
COMMENTS	She confirmed address, manager and activity. She refused to provide more data.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.44
UK Pound	1	Rs. 98.15
Euro	1	Rs. 77.38

INFORMATION DETAILS

Analysis Done by :	RSM
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%)

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