|
Report Date : |
05.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
TINTAS SA |
|
|
|
|
Registered Office : |
Calle 10, No.50-240, Apartado Aereo 5656 Medellin, Antioquia |
|
|
|
|
Country : |
Colombia |
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|
|
|
Financials (as on) : |
31.12.2012 |
|
|
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Date of Incorporation : |
10.08.1970 |
|
|
|
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Com. Reg. No.: |
No.21-03890-4, File 20960 |
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|
|
|
Legal Form : |
Stock Company |
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|
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Line of Business : |
· Engaged in manufacturing Paints, Vanishes and Coating Materials, Printing Inks and Bonding Agents · Engaged in manufacturing and selling of inks for paper and Liquid Inks for Packings, Rotative Inks (Heat Set and Cold Set), Lithography, Flexography, Photogravure, Silk Screen Printing, Lacquers, Varnishes, UV products and Printing Ancillaries |
|
|
|
|
No of Employees : |
350 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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|
|
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Colombia |
B1 |
B1 |
|
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 |
TINTAS SA |
|
TAX ID TYPE |
NIT |
|
TAX ID NUMBER |
890908649-7 |
|
CURRENT STATUS |
Active |
|
MAIN ADDRESS |
Calle 10, No.50-240 |
|
CITY/PROVINCE/STATE |
Apartado Aereo 5656 Medellin, Antioquia |
|
PHONE NUMBER(S) |
(57-4)360.0000/ 360.0921 |
|
FAX NUMBER |
(57-4)255.8487 |
|
E-MAIL |
|
|
WEB SITE |
|
|
PAYMENT HISTORY |
PAYMENTS USUALLY PROMPT |
|
COMMENTS OF IDENTIFICATION.- |
The given address: Gloria Patricia Bedoya, Colombia, is incorrect. Please be advised that the correct address is the one shown in
caption. |
|
LEGAL ASPECTS |
|
|
LEGAL STATUS |
Stock Company |
|
INCORPORATION DATE |
10/08/1970 |
|
REGISTERED IN |
Medellin |
|
DURATION |
Until 31/12/2050 |
|
REGISTRATION |
No.21-03890-4, File 20960 |
|
BACKGROUND (HISTORY).- |
|
|
It was established as one of the branches of INVERSIONES MUNDIALES
Group, in Medellin (Colombia) in 1970, with the technical assistance of
COATES BROTHERS from England and as from 1990 of SUN CHEMICAL through PRISMA
SA, branch of Spain. In 1999, it signed a strategic alliance with SUN
CHEMICAL CORPORATION and INVERSIONES MUNDIAL. When SUN CHEMICAL purchased the
50% of TINTAS SA, the alliance TINTAS SA- SUN CHEMICAL was formed to be
engaged in the graphic arts industry in the Andean community. |
|
|
BOARD OF
DIRECTORS-EXECUTIVES-SHAREHOLDERS |
||||
|
NAME |
JOB TITLE |
% STAKE |
||
|
POSADA AGUDELO, JUAN RAFAEL |
Director/General Manager/Leg. Rep. |
|
||
|
BRAVO, VALERIA |
Director |
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||
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LAWSON, GREGORY |
Director |
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||
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BERNAL PELAEZ, FABIO ALBERTO |
Director |
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||
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PRIETO, FRANKLIN |
Finance Director |
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||
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TAVARA, FERNANDO |
Director |
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||
|
PINEDA GALIANO, ADRIANA ROSA |
1° Alternate Legal Rep. |
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||
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LOPEZ RODRIGUEZ, CARLOS ALBERTO |
2° Alternate Legal Rep. |
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||
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TOBON AVALOS, MARCELA |
Tax Inspector |
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||
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VALENCIA CASTRILLON, JULIAN DAVID |
Alt. Tax Inspector |
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||
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BEDOYA, GLORIA PATRICIA |
Head of Purchasing |
|
||
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CEVALLOS BEDOLLA, SANDRA LUZ |
General Accountant |
|
||
|
SUN CHEMICAL B.V. |
Shareholder |
50% |
||
|
INVERSIONES MUNDIAL SA |
Shareholder |
50% |
||
|
WHO IS WHO? |
||||
|
BERNAL PELAEZ, FABIO ALBERTO |
||||
|
Position |
Name |
Country |
Tax id Number |
Year |
|
Member of the Board |
PRODENVASES CROWN SA |
COLOMBIA |
860013809-8 |
2010 |
|
INVERSIONES MUNDIAL SA |
||||
|
NIT, 860025372, COLOMBIA, . |
||||
No negative information given.
|
PAID-UP CAPITAL |
Ps$1,943,379,000.00 Colombian Pesos |
|
LAST CAPITAL INCREASE |
31/12/2009 (last known) |
|
NET WORTH |
Ps$74,557,000,000.00 Colombian Pesos, as of 31/12/2012 |
|
TYPE OF SHARES |
Registered stock |
|
LISTED AT STOCK EXCHANGE |
NO |
|
IMPORTS |
|
|
YEAR |
2013 |
|
AMOUNT |
US$ 30,368,974.94 |
|
YEAR |
2012 |
|
AMOUNT |
US$ 26,819,998.28 |
|
YEAR |
2011 |
|
AMOUNT |
US$ 33,026,920.79 |
|
YEAR |
2010 |
|
AMOUNT |
US$ 29,695,844.31 |
|
EXPORTS |
|
|
YEAR |
2013 |
|
AMOUNT |
US$ 15,325,626.26 |
|
YEAR |
2012 |
|
AMOUNT |
US$ 17,597,136.39 |
|
YEAR |
2011 |
|
AMOUNT |
US$ 22,051,841.22 |
|
YEAR |
2010 |
|
AMOUNT |
US$ 17,982,513.05 |
|
PAYMENTS |
|
|
TRADE REFERENCES |
|
|
TYPE OF SUPPLIER |
NATIONAL |
|
CREDIT FACILITIES |
Ps$3,600,000,000.00 |
|
SUPPLIER FROM |
Since 1980 |
|
MONTHLY AVERAGE |
Ps$1,200,000,000.00 |
|
DEADLINES |
at 60 days |
|
RATING |
PROMPT |
|
COMMENTS.- |
Payment by wire transfers. |
|
CREDIT FILES |
|
|
The other local suppliers did not provide information about their clients
as per confidentiality policies. |
|
|
% CREDIT SALES/TERMS |
100% (terms at 60, 90 days) |
|
RELATED COMPANIES |
||
|
NAME |
TAX ID. NUMBER |
COUNTRY |
|
ANHIDRIDOS Y DERIVADOS DE COLOMBIA SA |
890903310-3 |
COLOMBIA |
|
CACHARRERIA MUNDIAL SA |
890900138-9 |
COLOMBIA |
|
CIA. PINTUCO SA |
890900148 2 |
COLOMBIA |
|
CIA. VENEZOLANA DE PINTURAS CA |
|
VENEZUELA |
|
COMERCIAL PLASTIDER SA |
|
COLOMBIA |
|
DESTISOL SA |
|
COLOMBIA |
|
EXDEQUIN SA |
|
COLOMBIA |
|
INVERSIONES MUNDIAL SA |
|
COLOMBIA |
|
ORDENADORA DE DATOS SA |
|
COLOMBIA |
|
PINTUCO SA |
|
COLOMBIA |
|
PINTURAS ECUATORIANAS SA |
0990034958001 |
ECUADOR |
|
PRODUCTORA DE ENVASES SA |
890900253-8 |
COLOMBIA |
|
SUN CHEMICAL INK SA |
30-626127602 |
ARGENTINA |
|
COMMENTS ON LEGAL ASPECTS .- |
||
|
The Subject is registered at the Chamber of Commerce of Medellin with
registration No 389004 |
||
|
FINANCIAL INFORMATION |
|||
|
CONTENT.- |
|||
|
An interview with Miss Sandra Luz Cevallos (General Accountant), was
conducted, by which she furnished and confirmed commercial information on the
company, except for financials, arguing that we submit our request by written
in order to be evaluated; however, no reply was received s far. For your
interest, we have the Subject´s General Balance Sheet ended as of 31/12/2012
(12 months), in Colombian Pesos, as follows: |
|||
|
GENERAL BALANCE
SHEET |
|||
|
Balance Date |
31/12/2012 |
|
|
|
Currency |
Colombian Peso |
|
|
|
Exchange Rate |
1,774.50 |
|
|
|
.Current Total |
91,794,000,000.00 |
|
|
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.Net Fixed |
45,520,000,000.00 |
|
|
|
.Total Assets |
137,314,000,000.00 |
|
|
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.Total Current Liabilities |
60,088,000,000.00 |
|
|
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.Long Term Accounts |
2,669,000,000.00 |
|
|
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Total Liabilities |
62,757,000,000.00 |
|
|
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Total Equity |
74,557,000,000.00 |
|
|
|
Total Liabilities and Equity |
137,314,000,000.00 |
|
|
|
PROFIT AND LOSS
ACCOUNT |
|||
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Balance Date |
31/12/2012 |
|
|
|
Currency |
Colombian Peso |
|
|
|
Exchange Rate |
1,774.50 |
|
|
|
Net Sales |
145,789,000,000.00 |
|
|
|
Net Income(Net Loss) |
4,868,000,000.00 |
|
|
|
RATIOS FINANCIAL |
|||
|
PERIOD |
2,012.00 |
|
|
|
.NET WORKING CAPITAL |
31,706,000,000.00 |
|
|
|
.LIQUIDITY RATIO |
1.53 |
|
|
|
.CONTENTS OF THE ACID TEST |
0.00 |
|
|
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.INDEBTEDNESS |
2.19 |
|
|
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.LIABILITIES, CAPITAL |
0.00 |
|
|
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.TOTAL ASSET TURNOVER |
1.06 |
|
|
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.RETURN ON EQUITY |
0.00 |
|
|
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.NET RETURN ON SALES |
0.00 |
|
|
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FINANCIAL
COMMENTS.- |
|||
|
The subject is a long-established company with permanence in market
since 1970 make us consider its operations are conducted 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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|
INSURANCE.- |
|||
|
The company holds all risks insurance policy with COMPANIA SUDAMERICANA
DE SEGUROS SA (unspecified coverage amount and maturity date). |
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|
RATE OF EXCHANGE |
US$1.00 = Ps$1,858.50, as of report date |
|
OPERATIONS |
|
|
SECTOR |
2.-TRADE (WHOLESALE) |
|
ACTIVITY |
DIVERSE INPUTS FOR THE INDUSTRY |
|
ISIC CATEGORY |
D-MANUFACTURING INDUSTRIES (ELABORATION, MANUFACTURING, PRODUCTION,
PUBLISHING, CASTING, CONSTRUCTION) |
|
ISIC CLASS |
2422-Manufacturing: Paints, Vanishes and Coating Materials, Printing Inks
and Bonding Agents |
|
MAIN ACTIVITY |
Manufacture and sale of inks for paper and liquid inks for packings,
rotative inks (Heat Set and Cold Set), lithography, flexography,
photogravure, silk screen printing, lacquers, varnishes, UV products and
printing ancillaries |
|
TERRITORY OF SALES |
90% (national market) |
|
% FOREIGN SALES |
10% |
|
% LOCAL PURCHASING |
80% |
|
% FOREIGN PURCHASING |
20% |
|
N. OF EMPLOYEES |
350 approximately |
|
LOCATION |
||
|
HEAD OFFICES and PLANT: located at captioned address, in commercial
zone. Rented premises. SALES OFFICES: Calle 16, No.42-62, Santa Fe de Bogota,
Colombia. Phone: (57-1)420.7260, Fax: (57-1)262.7670. Rented premises. PLANT:
Carretera 36, No 10-163, Callejon 5, Acopi Yumbo, Cali. Phone:
(57-2)690.2978, Fax: (57-1)262.7670. Owned premises. |
||
|
COMMENTS OF OPERATIONS.- |
||
|
Imports from USA, Germany, Italy, UK, China, Belgium, Netherlands,
Ecuador, France, Taiwan, South Africa, India, Argentina. Also exports to
Peru, Venezuela, Ecuador and Panama, Purchases are settled 100% on credit at
30, 60 and 90 days. |
||
|
LOCAL SUPPLIERS |
||
|
Name |
Contact |
Telephone |
|
CLARIANT COLOMBIA SA |
|
(57-1)877.3309 |
|
ANDERCOL SA |
Alejandra Restrepo |
(57-4)470.0700 |
|
SUCROAL SA |
Maria Estela |
(57-2)431.0500 |
|
FOREIGN SUPPLIERS |
|||
|
Name |
Contact |
Telephone/fax |
Country |
|
SUN CHEMICAL CORP. |
|
|
U.S.A. |
|
HEXION |
|
|
ARGENTINA |
|
TIOXIDE EUROPE SRL |
|
|
ITALY |
|
BANKERS / REFERENCE |
||||
|
Bank Name |
Account Number |
Account Officer |
Telephone |
Country |
|
BANCOLOMBIA SA |
|
|
|
COLOMBIA |
|
BANCO DE CREDITO DE COLOMBIA SA |
|
|
|
COLOMBIA |
|
BANCO DE OCCIDENTE SA |
|
|
|
COLOMBIA |
|
CITIBANK COLOMBIA SA |
|
|
|
COLOMBIA |
|
BANK COMENTS |
||||
|
The above banks do not disclose references on clients as per bank
secrecy. |
||||
|
CREDIT OPINION |
|
Trading company with 44 years in market and which operations follow a normal
trendline. it is backed by its equity. Thus, we estimate that it is suitable
to deal with a credit line of EUR 351,842.00 Euros. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
UK Pound |
1 |
Rs.102.66 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.