|
Report Date : |
10.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
COMPAŅIA GENERAL DE ACEROS SA |
|
|
|
|
Registered Office : |
Av. 68 No.37B-51 Sur, Bogota, Cundinamarca |
|
|
|
|
Country : |
Colombia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
13.02.1979 |
|
|
|
|
Legal Form : |
Stock Company |
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|
|
|
Line of Business : |
Trade and distribution of steel |
|
|
|
|
No. of Employees : |
600 (approximately) |
RATING & COMMENTS
|
MIRAs 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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 oil exports, making it vulnerable to a drop in oil prices. Economic development is stymied by inadequate infrastructure, weakened further by recent flooding. Moreover, the unemployment rate of 10.3% in 2012 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. Foreign direct investment - notably in the oil and gas sectors - reached a record $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. Colombia is the third largest Latin American exporter of oil to the United States, and the United States' largest source of imported coal. Inequality, underemployment, and narcotrafficking remain significant challenges, and Colombia's infrastructure requires major improvements to sustain economic expansion.
|
Source
: CIA |
|
IDENTIFICATION |
|
|
COMPANY NAME |
COMPAŅIA GENERAL DE ACEROS SA |
|
TRADE NAME |
CGA SA |
|
TAX ID TYPE |
NIT |
|
TAX ID NUMBER |
860069182-1 |
|
CURRENT STATUS |
Active |
|
MAIN ADDRESS |
Av. 68 No.37B-51 Sur |
|
CITY/PROVINCE/STATE |
Bogota, Cundinamarca |
|
PHONE NUMBER(S) |
(57-1)770.0560 |
|
FAX NUMBER |
(57-1)770.0530/770.0550 |
|
E-MAIL |
luz.romero@cga.com.co |
|
WEB SITE |
www.cga.com.co |
|
PAYMENT HISTORY |
WITHOUT CREDIT EXPERIENCE |
|
COMMENTS OF IDENTIFICATION.- |
The report was ordered as: CIA GENERAL DE ACEROS SA. Please be advised
that the complete form of company name is as shown in caption. Also, this
report was requested with address: Avenida 68 No 37B-51Sur Bogota D.C
Colombia, Colombia. Please be noticed that the correct and complete form of
this address is as mentioned above. |
|
LEGAL ASPECTS |
|
|
LEGAL STATUS |
Stock Company |
|
INCORPORATION DATE |
13/02/1979 |
|
REGISTERED IN |
Bogota |
|
DURATION |
30/06/2048 |
|
REGISTRATION |
Certificate No.119316, File No.24091 |
|
PAID-UP CAPITAL |
Ps$5,334,320,000.00 Colombian Pesos |
|
LAST CAPITAL INCREASE |
June 2010 (last known) |
|
NET WORTH |
Ps$60,111,989,000.00 Colombian Pesos (as of 31/12/2011) |
|
LISTED AT STOCK EXCHANGE |
NO |
|
RATE OF EXCHANGE |
US$1.00 = Ps$1,932.80 (as of report date) |
|
COMMENTS ON
LEGAL ASPECTS .- |
|
|
The Subject is subscribed to the Unique Business Registration (RUE)
since 1979. On 13/02/1979, the subject was registered at the Superintendency
of Companies of Bogota, under Certificate No.119316, File No.24091. On 30/05/1979,
the subject was affiliated to the Bogota Chamber of Commerce. On 29/06/2011,
the subject was registered at the Bogota Proponent Chamber of Commerce, under
Proponent Registry No.11201. The firms that sign contracts with national
entities are registered in this Chamber. |
|
|
BOARD OF
DIRECTORS-EXECUTIVES-SHAREHOLDERS |
||
|
NAME |
JOB TITLE |
% STAKE |
|
MARTINEZ AVILA, ELMERS |
President |
|
|
VILLAREAL, RICARDO |
General Manager |
|
|
MARTINEZ AVILA, EDILBERTO |
Director |
|
|
MARTINEZ AVILA, JUAN DAVID |
Director |
|
|
MARTINEZ AVILA, WILLIAM LESTER |
Director |
|
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MARTINEZ AREVALO, JUAN PASCUAL |
Director |
|
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FERNANDEZ MORA SANCHEZ, DIEGO |
Capital Director |
|
|
LEON, LUIS FERNANDO |
Commercial Manager |
|
|
ROMERO, LILIANA |
Finance Manager |
|
|
ROMERO JARA, LUZ ESPERANZA |
General Accountant |
|
|
GUTIERREZ MURILLO, NARDA ELVIRA |
Tax Inspector |
|
|
ORTEGA SANCHEZ, GUSTAVO |
Substitute Tax Inspector |
|
No negative information found.
|
PAID-UP CAPITAL |
Ps$5,334,320,000.00 Colombian Pesos |
|
LAST CAPITAL INCREASE |
June 2010 (last known) |
|
NET WORTH |
Ps$60,111,989,000.00 Colombian Pesos (as of 31/12/2011) |
|
LISTED AT STOCK EXCHANGE |
NO |
|
IMPORTS |
|
|
YEAR |
2013 |
|
AMOUNT |
US$ 9,579,971.63 |
|
COUNTRIES |
Korea, USA, Ukraine, Taiwan, China, Finland, Sweden, Germany, South Africa,
Brazil |
|
|
|
|
YEAR |
2012 |
|
AMOUNT |
US$ 14,223,258.88 |
|
COUNTRIES |
China, The Netherlands, Taiwan, South Africa, Italy, USA, Belgium,
Ukraine, Brazil, Japan, Peru |
|
|
|
|
YEAR |
2011 |
|
AMOUNT |
US$ 17,435,239.73 |
|
COUNTRIES |
China, South Africa, Italy, Brazil, Belgium, Sweeden, Taiwan, Germany,
Ukraine |
|
|
|
|
YEAR |
2010 |
|
AMOUNT |
US$ 13,331,645.74 |
|
COUNTRIES |
Sweden, The Netherlands, USA, Brazil, Spain, Taiwan |
|
EXPORTS |
|
|
YEAR |
2013 |
|
AMOUNT |
US$ 745,703.82 |
|
COUNTRIES |
Ecuador, Venezuela, Dominican Republic |
|
|
|
|
YEAR |
2012 |
|
AMOUNT |
US$ 1,083,477.44 |
|
COUNTRIES |
Ecuador, Costa Rica, Spain, Panama, Venezuela |
|
|
|
|
YEAR |
2011 |
|
AMOUNT |
US$ 239,704.84 |
|
COUNTRIES |
Ecuador, The Dominican Republic |
|
|
|
|
YEAR |
2010 |
|
AMOUNT |
US$ 212,416.12 |
|
COUNTRIES |
Ecuador, Guatemala |
|
LOCAL SUPPLIERS |
||
|
Name |
Contact |
Telephone |
|
FERRASAS SAS |
Diana Gutierrez |
(57-1)401.2525 |
|
ACERIAS PAZ DEL RIO SA |
|
(57-1)651.7300 |
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FOREIGN
SUPPLIERS |
|||
|
Name |
Contact |
Telephone/fax |
Country |
|
LODEC METTAL - HADEL GMBH |
|
|
GERMANY |
|
CALIBRADOS PRADERA SA |
|
|
SPAIN |
|
ALERINOX SA |
|
|
SPAIN |
|
EDELSTAHLWERQE WITTE-KREFFERA AG. |
|
|
GERMANY |
N/a
|
FINANCIAL
INFORMATION |
|
CONTENT.- |
|
All the information comprised herein has been obtained through outside
sources since the main executives of the subject declined to collaborate with
our inquiry. We have send them a written request, however, no answer was
received up to date. As interest data, we obtained the subject's Balance
Sheets as of 31/12/2011(12 months) (last known), expressed in Colombian
Pesos, as follows: |
|
GENERAL BALANCE
SHEET |
|||
|
Balance Date |
31/12/2011 |
|
|
|
Currency |
Colombian Peso |
|
|
|
Exchange Rate |
1,941.50 |
|
|
|
.Current Total |
53,465,944,000.00 |
|
|
|
.Net Fixed |
42,567,660,000.00 |
|
|
|
.Total Assets |
96,033,604,000.00 |
|
|
|
.Total Current Liabilities |
30,414,915,000.00 |
|
|
|
.Long Term Accounts |
5,506,700,000.00 |
|
|
|
Total Liabilities |
35,921,615,000.00 |
|
|
|
Total Equity |
60,111,989,000.00 |
|
|
|
Total Liabilities and Equity |
96,033,604,000.00 |
|
|
|
PROFIT AND LOSS
ACCOUNT |
|||
|
Balance Date |
31/12/2011 |
|
|
|
Currency |
Colombian Peso |
|
|
|
Exchange Rate |
1,941.50 |
|
|
|
Net Sales |
90,680,939,000.00 |
|
|
|
Profit(loss) |
10,752,492,000.00 |
|
|
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RATIOS FINANCIAL |
|||
|
PERIOD |
2,011.00 |
|
|
|
.NET WORKING CAPITAL |
23,051,029,000.00 |
|
|
|
.CREDIT RATING |
1.76 |
|
|
|
.CONTENTS OF THE ACID TEST |
0.00 |
|
|
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.INDEBTEDNESS |
2.67 |
|
|
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.LIABILITIES, CAPITAL |
0.00 |
|
|
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.TOTAL ASSET TURNOVER |
0.94 |
|
|
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.RETURN ON EQUITY |
0.00 |
|
|
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.NET RETURN ON SALES |
0.00 |
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|
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FINANCIAL
COMMENTS.- |
|||
|
The Subject is a company incorporated in 1979 which displays a normal tendency
in its operations. 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 $73.41 billion (31
December 2012 est.) · International reserves: US$34.74 billion (31 December
2012 est.) · Inflation rate forecasted: 3.2% (2012 est.) · GDP growth rate:
4.3% (2012 est.) · Annual GDP per capita: US$10,700 (2012 est.) · GDP -
composition by sector: agriculture: 6.8% industry: 38.1% services: 55.1%
(2012 est.) · Labour force of 23.08 million people divided by: agriculture:
18% industry: 13% services: 68% · Unemployment rate: 10.3% (2012 est.)
Productive sectors: Agriculture - products: coffee, cut flowers, bananas,
rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; shrimp;
forest products · Industrial - products: textiles, food processing, oil,
clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds
Foreign trade: Exports: US$59.96 billion (2012 est.) country comparison to
the world: 55 Exports - commodities: petroleum, coal, emeralds, coffee,
nickel, cut flowers, bananas, apparel Exports - partners: US 42%, Netherlands
4.7%, China 4.2% (2011) Imports: US$55.49 billion (2012 est.) country
comparison to the world: 54 Imports - commodities: industrial equipment,
transportation equipment, consumer goods, chemicals, paper products, fuels,
electricity Imports - partners: US 29.2%, China 11.9%, Mexico 11.5%, Brazil
5.3% (2011) Final brief: Commercial Country Risk: MEDIUM Political Country
Risk: LOW |
|||
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DETAILS OF FIXED
ASSETS.- |
|||
|
- Horizontal and vertical band-saws - knife sharpeners - Lathes - Punches
- Cutting shears - Bending machines - Cold/Hot cutting equipment -
Compressors - 1 fleet of vehicles among vans and trunks - Office equipment
and furniture among others |
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INSURANCE.- |
|||
|
The Subject holds an insurance policy with MAPFRE SEGUROS GENERALES DE
COLOMBIA SA and ACE SEGUROS SA, through its broker COLAMSEG LTDA. Coverage
amounts and maturity dates were not provided. |
|||
|
CREDIT FILES |
|||
|
One of the consulted suppliers only recognized the subject as a client
well rated, while the other did not provide further information on their
clients due to confidentiality policies. |
|||
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RATE OF EXCHANGE |
US$1.00 = Ps$1,932.80 |
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OPERATIONS |
|
|
SECTOR |
2.-TRADE (WHOLESALE) |
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ACTIVITY |
METALS |
|
ISIC CATEGORY |
G-WHOLESALE AND/OR RETAIL SALE |
|
ISIC CLASS |
5190-Wholesale and Retail Sale of Diverse Industrial Products (Not
specified) |
|
MAIN ACTIVITY |
Trade and distribution of steel. It has two divisions: - Commercial
division - Industrial division House brands: - "MAX DUR"
(wear-resistant line) - "INOXTECT" (stainless line) |
|
% CASH SALES/PAYMENT METHOD |
80% |
|
% CREDIT SALES/TERMS |
20% (terms at 30 days) |
|
TERRITORY OF SALES |
90% (Domestic market) |
|
% FOREIGN SALES |
10% |
|
% LOCAL PURCHASING |
60% |
|
% FOREIGN PURCHASING |
40% |
|
N. OF EMPLOYEES |
600 (approximately) |
|
LOCATION |
|
ADMINISTRATIVE OFFICES and STORAGE: Located at captioned address, in
industrial zone of the city. BRANCHES: - Cali: Carrera 31 A No.15-59 Acopi,
Yumbo. Phone: (57-2)691.8585, Fax: (57-2)665.8593 - Medellin: Calle 32
No.41-139 Itagui. Phone: (57-4)372.4500, Fax: (57-4)277.6088 - Barranquilla:
Via 40 No.51-444. Phone: (57-5)371.7600, Fax: (57-5)372.0220/344.3328 -
Bucaramanga: Carrera 14 No.23-02. Phone: (57-6)633.7708/633.8323, Fax
(57-6)663.2779 - Cartagena: Diagonal 30 No. 54 - 206, C.C. Mamonal plaza Local
19, Tel: (57-5) 667.3940 - Inoxtec: Diagonal 5H No. 47-01, Bogota, Colombia.
Phone (57-1420.6800, Fax: (57-1))420.7153. |
|
COMMENTS OF
OPERATIONS.- |
|
The subject was granted the certification ISO 9001:2000 in February
2000. It is exclusive representative of the German firm Edelstahlwerke
Witte-Kreffeld A.G. The Subject performs operations throughout Colombia,
being its main sectors of sale: - Plastics - Papers - Tool manufacture for
automotive industry use. - Sugar - Metal- mechanical, Mining, among others.
Main products - Mould-carrier bases. - Die-carrier bases. - Industrial
knives. - Accessories for dies. - Metallic components, among others. The
Subject has more than 100 foreign suppliers and a portfolio with over 6,000
active clients. |
|
BANKERS /
REFERENCE |
||||
|
Bank Name |
Account Number |
Account Officer |
Telephone |
Country |
|
BANCOLOMBIA SA |
|
|
|
COLOMBIA |
|
BANCO DE OCCIDENTE SA |
|
|
|
COLOMBIA |
|
BBVA COLOMBIA SA |
|
|
|
COLOMBIA |
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BANK COMENTS |
||||
|
Banks consulted did not provide information about clients on the
grounds of confidentiality. |
||||
N/a
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
|
|
1 |
Rs.102.31 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 SCs 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.