|
Report Date : |
22.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
BARRANQUILLA INDUSTRIAL DE CONFECCIONES SA |
|
|
|
|
Registered Office : |
Calle 3B No. 53, Bodega 6, Modulo 3, Zona Franca, Barranquilla |
|
|
|
|
Country : |
Colombia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
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|
|
|
Date of Incorporation : |
24.06.1980 |
|
|
|
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Com. Reg. No.: |
39817 |
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|
|
Legal Form : |
Stock Company |
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|
|
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Line of Business : |
Manufacturer and maquila of clothing items. |
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|
|
|
No of Employees : |
315 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 |
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|
|
|
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 |
BARRANQUILLA INDUSTRIAL DE CONFECCIONES SA |
|
TAX ID TYPE |
NIT |
|
TAX ID NUMBER |
890109707-8 |
|
CURRENT STATUS |
Active |
|
MAIN ADDRESS |
Calle 3B No. 53, Bodega 6, Modulo 3, Zona Franca |
|
CITY/PROVINCE/STATE |
Barranquilla |
|
PHONE NUMBER(S) |
(57-5) 379.9622/344.8539/344.8474 |
|
FAX NUMBER |
(57-5) 373.9621/344.8385 |
|
E-MAIL |
gerencia@bicosa.com |
|
WEB SITE |
www.bicosa.com |
|
COMMENTS OF IDENTIFICATION.- |
This report was requested with address: ZONA FRANCA BODEGA 6 BARRANQUILLA.
Please be advised that the correct address is the one shown in the heading. |
|
BOARD OF
DIRECTORS-EXECUTIVES-SHAREHOLDERS |
||
|
NAME |
JOB TITLE |
% STAKE |
|
ABUCHAIBE SLEBI, NICOLAS ELIAS |
Director |
|
|
ABUCHAIBE SLEBI, GABRIEL JORGE |
Director |
|
|
ABUCHAIBE SLEBI, IVAN NICOLAS |
Director |
|
|
CUETO ALMEIDA, NORBERTO |
Statutory Auditor |
|
|
RUIZ CASTILLO, DOMINGO ALEJANDRO |
Accountant |
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LITIGATIONS
No lawsuits found filed against the subject.
|
PAID-UP
CAPITAL |
Ps$20,000,000.00 Pesos |
|
LAST CAPITAL INCREASE |
Year 2011 |
|
PAYMENT HISTORY |
EP. E: WITHOUT CREDIT EXPERIENCE |
|
% CASH
SALES/PAYMENT METHOD |
30% |
|
% CREDIT SALES/TERMS |
70% (Terms: 30 days) |
|
TERRITORY OF SALES |
100% (Domestic market) |
|
COMMENTS OF OPERATIONS.- |
|
|
Sales are made 100% directly. It has the following production capacities:
60,000 units 40,000 units |
|
|
YEAR |
2013 |
|
AMOUNT |
US$ 126,682.03 |
|
COUNTRIES |
El Salvador, Korea, Spain, China |
|
|
|
|
YEAR |
2012 |
|
AMOUNT |
US$ 941,849.30 |
|
COUNTRIES |
China, India, El Salvador, USA, Italy, France |
|
|
|
|
YEAR |
2011 |
|
AMOUNT |
US$ 461,642.00 |
|
COUNTRIES |
China, El Salvador, USA, Spain, Saudi Arabia, France, Taiwan, Italy,
India |
|
|
|
|
YEAR |
2010 |
|
AMOUNT |
US$ 66,974.94 |
|
COUNTRIES |
USA, China, France, Italy, Bulgaria |
COMMENTS RELATED
COMPANIES
The subject is related to the following firms:
|
RELATED
COMPANIES |
||
|
NAME |
TAX ID. NUMBER |
COUNTRY |
|
CONSORCIO ABUCHAIBE SA |
|
COLOMBIA |
FINANCIAL INFORMATION
CONTENT.-
We had an interview with Mr. Domingo Ruiz Castillo (Accountant) who
furnished general data and stated that further data cannot be disclosed on the
grounds of confidentiality. Through outside sources, we obtained the balance
sheets as of 31/12/2012 and 31/12/2011 (12 months) in Pesos, as follows:
|
Balance Date |
31/12/2012 |
31/12/2011 |
|
|
Currency |
Peso |
Peso |
|
|
Exchange Rate |
1,774.50 |
1,941.50 |
|
|
.Current Total |
10,092,000,000.00 |
10,936,000,000.00 |
-7.72 |
|
.Net Fixed |
544,000,000.00 |
919,000,000.00 |
-40.81 |
|
.Total Assets |
10,636,000,000.00 |
11,855,000,000.00 |
-10.28 |
|
.Total Current Liabilities |
1,892,000,000.00 |
3,352,000,000.00 |
-43.56 |
|
.Long Term Accounts |
3,668,000,000.00 |
4,097,000,000.00 |
-10.47 |
|
Total Liabilities |
5,560,000,000.00 |
7,449,000,000.00 |
-25.36 |
|
Total Equity |
5,076,000,000.00 |
4,406,000,000.00 |
15.21 |
|
Total Liabilities and Equity |
10,636,000,000.00 |
11,855,000,000.00 |
-10.28 |
|
Balance Date |
31/12/2012 |
31/12/2011 |
|
|
Currency |
Peso |
Peso |
|
|
Exchange Rate |
1,774.50 |
1,941.50 |
|
|
Net Sales |
6,671,000,000.00 |
4,723,000,000.00 |
41.24 |
|
Profit(loss) |
684,000,000.00 |
483,000,000.00 |
41.61 |
|
PERIOD |
2,012.00 |
2,011.00 |
0.00 |
|
.NET WORKING CAPITAL |
8,200,000,000.00 |
7,584,000,000.00 |
0.08 |
|
.CREDIT RATING |
5.33 |
3.26 |
0.63 |
|
.CONTENTS OF THE ACID TEST |
0.00 |
0.00 |
|
|
.INDEBTEDNESS |
1.91 |
1.59 |
0.20 |
|
.LIABILITIES, CAPITAL |
0.00 |
0.00 |
|
|
.TOTAL ASSET TURNOVER |
0.63 |
0.40 |
0.57 |
|
.RETURN ON EQUITY |
0.00 |
0.00 |
|
|
.NET RETURN ON SALES |
0.00 |
0.00 |
|
|
FINANCIAL
COMMENTS.- |
|||
|
The subject is an industrial firm established in 1980 which has been
operating normally. Nothing that can affect its reputation was learned.
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 |
|||
|
RATE OF EXCHANGE |
US$1.00 = Ps$1,945.5 as of report date |
|
LEGAL ASPECTS |
|
|
LEGAL STATUS |
Stock Company |
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INCORPORATION DATE |
24/06/1980 |
|
REGISTERED IN |
Barranquilla |
|
DURATION |
05/03/2048 |
|
REGISTRATION |
Mercantile Certificate No. 39817 |
|
NET WORTH |
Ps$5,076,000,000.00 Pesos (As of 31/12/2012) |
|
LISTED AT STOCK EXCHANGE |
NO |
|
BACKGROUND
(HISTORY).- |
|
|
The subject was established in 1980 as an extension of the
organization of CONSORCIO ABUCHAIBE SA for the manufacture of own brands such
as: GINO GABUCHI, GAVALLINI, etc. |
|
|
COMMENTS ON LEGAL ASPECTS .- |
|
|
It was not possible to obtain the subject's notary name that attested the
deed. Besides, the percentage of shareholders' stake and the total number of
them. |
|
|
SECTOR |
1.-INDUSTRY |
|
ACTIVITY |
CLOTHING |
|
ISIC CATEGORY |
D-MANUFACTURING INDUSTRIES (ELABORATION, MANUFACTURING, PRODUCTION, PUBLISHING,
CASTING, CONSTRUCTION) |
|
ISIC CLASS |
3549-Manufacture of clothing |
|
MAIN ACTIVITY |
Manufacture and maquila of clothing items. Own brands: "GINO
GABUCHI", "GAVALLINI", "SIR JOHN" Third party's
brands: "ARMI", "GEF", "GINO PASSCALLI", "JON
SONEN", "PRONTO", "CONFECCIONES COLOMBIA",
"ARROW", "MANHATTAN", "C.I". "SPATARO
NAPOLI SA". |
|
N. OF EMPLOYEES |
315 approximately |
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TAX ADDRESS, ADMINISTRATIVE OFFICES AND PLANT: At heading address, in a
business zone of the city of easy access. No branches reported. |
|
Bank Name |
Account Number |
Account Officer |
Telephone |
Country |
|
BANCO DE BOGOTA SA |
|
|
|
COLOMBIA |
|
BANCOLOMBIA SA |
|
|
|
COLOMBIA |
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BANK COMENTS |
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|
The consulted banks do not disclose any data on clients on the grounds
of confidentiality. |
||||
COMMENTS: The subject is an industrial firm in business for 33 years whose long experience an good prestige makes us estimate it has been operating normally. Suitable for the proposed Dollars.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.53 |
|
|
1 |
Rs. 101.08 |
|
Euro |
1 |
Rs. 83.37 |
INFORMATION DETAILS
|
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.