|
Report Date : |
19.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
TONOS S A. |
|
|
|
|
Registered Office : |
Cl 125 21a 39 |
|
|
|
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Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
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Date of Incorporation : |
21.02.1957 |
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|
|
|
Legal Form : |
Stock Company |
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|
|
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Line of Business : |
Import and marketing of textile products. |
|
|
|
|
No of Employees : |
45 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 – 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 |
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 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 |
TONOS S A. |
|
TRADE NAME |
TELAS Y TONOS |
|
TAX ID TYPE |
NIT |
|
TAX ID NUMBER |
860000387 - 5 |
|
CURRENT STATUS |
Active |
|
MAIN ADDRESS |
Cl 125 21a 39 |
|
CITY/PROVINCE/STATE |
Bogota D.C |
|
PHONE NUMBER(S) |
(57-1) 2151.555 |
|
FAX NUMBER |
(57-1) 2151.555 |
|
E-MAIL |
tonos_admon@hotmail.com |
|
COMMENTS OF IDENTIFICATION.- |
No website was found. This report was ordered as TELAS Y TONOS (trade
name). Please be noted that the complete and correct company name of the
subject is as shown above. Likewise, this report was ordered with address:
Calle 125, No 21a Bogota Dc Colombia. Please be noted that the complete and
correct address of the subject is as shown above. |
|
BOARD OF DIRECTORS-EXECUTIVES |
||
|
NAME |
JOB TITLE |
% STAKE |
|
OLARTE OCHOA, JUAN ANTONIO |
General Manager/Legal Rep. |
|
|
VELEZ GARCIA, MARTHA MONICA |
1st Alternate Legal Representative |
|
|
PULECIO PAREDES, HERNANDO |
Tax Advisor |
|
|
TURRIAGO HOYOS, EDUARDO |
Alternate Tax Auditor |
|
|
BENITEZ CUESTA, BLANCA ESTHER |
General Accountant |
|
|
WHO IS WHO? |
|
OLARTE OCHOA, JUAN ANTONIO |
|
Colombian, ID, 79143396, Businessman, . |
|
LITIGATIONS |
|
Our legal as well as magazines and other specialized sources did not show
detrimental information against the subject company. |
|
PAID-UP CAPITAL |
Ps$560,000,000.00 |
|
LAST CAPITAL INCREASE |
December 2010 |
|
TYPE OF SHARES |
Registered shares |
|
SHARE VALUE |
Ps$10.00 Pesos |
|
PAYMENT HISTORY |
EP. E: WITHOUT CREDIT EXPERIENCE |
|
% CASH SALES/PAYMENT METHOD |
30% |
|
% CREDIT SALES/TERMS |
70% (at 30 days) |
|
TERRITORY OF SALES |
100% (Domestic market) |
|
IMPORTS |
|
|
YEAR |
2014 |
|
AMOUNT |
US$ 195,812.91 |
|
COUNTRIES |
Spain. Belgium, USA, Italy |
|
|
|
|
YEAR |
2013 |
|
AMOUNT |
US$ 353,311.31 |
|
COUNTRIES |
USA, Belgium, China, Turkey, Korea, Spain |
|
|
|
|
YEAR |
2012 |
|
AMOUNT |
US$ 534,437.26 |
|
COUNTRIES |
USA, Belgium, China, Turkey, Korea, Spain |
|
|
|
|
YEAR |
2011 |
|
AMOUNT |
US$ 355,159.42 |
|
COUNTRIES |
USA, Belgium, China, Turkey, Korea, Spain |
|
FOREIGN SUPPLIERS |
|||
|
Name |
Contact |
Telephone/fax |
Country |
|
KETS TEKSTIL TURIZM TICARET A.S. |
|
|
TURKEY |
N/a
|
NET WORTH |
Ps$2,829,420,000.00 (as of 31/12/2013) |
|
FINANCIAL INFORMATION |
|
CONTENT.- |
|
During our investigation, we interviewed Ms. Blanca Benitez
(Accountant) who supplied general data regarding the subject on grounds of
confidentiality. Therefore, we consulted external sources in order to
complete this report. Through external sources we obtained its General
Balance Sheet as of 31/12/2013 and as of 31/12/2012 (12 months, each)
expressed in Pesos as follows: |
|
GENERAL BALANCE SHEET |
|||
|
Balance Date |
31/12/2013 |
31/12/2012 |
|
|
Currency |
Peso |
Peso |
|
|
Exchange Rate |
1,917.40 |
1,774.50 |
|
|
.Current Total |
3,426,555,000.00 |
1,714,517,000.00 |
99.86 |
|
.Net Fixed |
176,598,000.00 |
557,482,000.00 |
-68.32 |
|
.Total Assets |
3,603,153,000.00 |
2,271,999,000.00 |
58.59 |
|
.Total Current Liabilities |
773,733,000.00 |
703,501,000.00 |
9.98 |
|
Total Liabilities |
773,733,000.00 |
703,501,000.00 |
9.98 |
|
Total Equity |
2,829,420,000.00 |
1,568,498,000.00 |
80.39 |
|
Total Liabilities and Equity |
3,603,153,000.00 |
2,271,999,000.00 |
58.59 |
|
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 |
3,948,369,000.00 |
3,740,304,000.00 |
5.56 |
|
Net Income(Net Loss) |
143,403,000.00 |
180,303,000.00 |
-20.47 |
|
RATIOS FINANCIAL |
|||
|
PERIOD |
2,013.00 |
2,012.00 |
0.00 |
|
.NET WORKING CAPITAL |
2,652,822,000.00 |
1,011,016,000.00 |
1.62 |
|
.LIQUIDITY RATIO |
4.43 |
2.44 |
0.82 |
|
.CONTENTS OF THE ACID TEST |
0.00 |
0.00 |
|
|
.INDEBTEDNESS |
4.66 |
3.23 |
0.44 |
|
.LIABILITIES, CAPITAL |
0.00 |
0.00 |
|
|
.TOTAL ASSET TURNOVER |
1.10 |
1.65 |
-0.33 |
|
.RETURN ON EQUITY |
0.00 |
0.00 |
|
|
.NET RETURN ON SALES |
0.00 |
0.00 |
|
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FINANCIAL
COMMENTS.- |
|||
|
The subject is a trading company with long experience in business
which registers no detrimentals regarding its trade operations. Therefore, it
is estimated to be operating normally. 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 |
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DETAILS OF FIXED ASSETS.- |
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Main assets include: - Owned premises - Showcases - Folding machines -
Ironing machines - Blending machines - office equipment, filling cabinets,
computer equipment, copiers, calculators, etc |
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INSURANCE.- |
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No insurance policies were reported. |
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CREDIT FILES |
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Possible consulted suppliers do not give references of their clients by
policy of companies. Likewise other suppliers do not recognize the subject as
a client on credit. It seems that its purchases are settle in cash or they
come from abroad. |
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RATE OF EXCHANGE |
US$1.00 = Ps$2338.89 as of report date |
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LEGAL ASPECTS |
|
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LEGAL STATUS |
Stock Company |
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INCORPORATION DATE |
21/02/1957 |
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REGISTERED IN |
Bogotá |
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DURATION |
Unlimited |
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LISTED AT STOCK EXCHANGE |
NO |
|
COMMENTS ON LEGAL ASPECTS .- |
|
|
Check Digit: 5 The check digit (DV) is a digit added to the Tax ID
number (NIT). It is a code number to be used in errors detection and its
possible corrections. This number is provided by the Superintendency of
Companies. The subject is member of the Unique Business Registry (RUE) and it
reports the following information: - Chamber of Commerce: Bogota - Commercial
Registration: 11428 - Registration date: 28/03/1972 - Status: Active. |
|
|
OPERATIONS |
|
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SECTOR |
3.-TRADE ( WHOLESALE AND RETAIL) |
|
ACTIVITY |
TEXTILES/ FABRICS |
|
ISIC CATEGORY |
G-WHOLESALE AND/OR RETAIL SALE |
|
MAIN ACTIVITY |
Import and marketing of textile products. |
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N. OF EMPLOYEES |
45 approximately. |
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LOCATION |
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ADMINISTRATIVE OFFICES, WAREHOUSE: located at captioned address in a
residential zone of the city of easy access. |
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COMMENTS OF OPERATIONS.- |
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CORPORATE PURPOSE: Manufacture and marketing of clothing of all types:
dressmaking and design and related activities to the textile industry.
Purchase and sale of industrial machinery in all its forms: Related to the
industries of textiles. Import and export of garments, also materials and
accessories and miscellaneous supplies. Sales are conducted 100% directly.
Currently the subject has an important portfolio of clients in Colombia. For
advertising purposes, subject announces, publishes and answers technical
inquiries related to the products it commercializes at: - https://www.facebook.com/telasytonos |
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BANKERS / REFERENCE |
||||
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Bank Name |
Account Number |
Account Officer |
Telephone |
Country |
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BANCO POPULAR COLOMBIA S.A. |
|
|
|
COLOMBIA |
|
BANCO SANTANDER COLOMBIA S.A. |
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|
|
COLOMBIA |
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CITIBANK COLOMBIA S.A. |
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COLOMBIA |
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BANK COMENTS |
||||
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Consulted banks do not give any information of their clients due to
bank secrecy. |
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COMMENTS: The subject is a trading company with long experience in business
which reports good reputation in the market. No detrimental weer found. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.31 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.78.10 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SHG |
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.