|
Report Date : |
12.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
COMPAŅIA GENERAL DE ACEROS SA |
|
|
|
|
Registered Office : |
Av. 68 No.37B-51 Sur Bogota, Cundinamarca |
|
|
|
|
Country : |
Colombia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
13.02.1979 |
|
|
|
|
Com. Reg. No.: |
119316 |
|
|
|
|
Legal Form : |
Stock Company |
|
|
|
|
Line of Business : |
Wholesale and Retail Sale of Diverse Industrial Products |
|
|
|
|
No. of Employees |
620 |
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 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 Americaâs 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 |
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 |
|
|
luz.romero@cga.com.co |
|
WEB SITE |
www.cga.com.co |
|
BOARD OF DIRECTORS-EXECUTIVES-SHAREHOLDERS |
||
|
NAME |
JOB TITLE |
% STAKE |
|
MARTINEZ AVILA, ELMERS |
President |
|
|
RIVERA ARBELAEZ, OSCAR |
General Manager |
|
|
MARTINEZ AVILA, EDILBERTO |
Director |
|
|
MARTINEZ AVILA, JUAN DAVID |
Director |
|
|
MARTINEZ AVILA, WILLIAM LESTER |
Director |
|
|
MARTINEZ AREVALO, JUAN PASCUAL |
Director |
|
|
FERNANDEZ MORA SANCHEZ, DIEGO |
Capital Director |
|
|
LEON, LUIS FERNANDO |
Commercial Manager |
|
|
ROMERO, LILIANA |
Finance Manager |
|
|
ROMERO JARA, LUZ ESPERANZA |
General Accountant |
|
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MARTINEZ MENDEZ, YEIMI |
Tax Inspector |
|
|
VIGOYA SARMIENTO, JULIETH ANDREA |
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$78,013,615,000.00 Colombian Pesos (as of 31/12/2012) |
|
PAYMENT HISTORY |
EP. E: WITHOUT CREDIT EXPERIENCE |
|
% CASH SALES/PAYMENT METHOD |
80% |
|
% CREDIT SALES/TERMS |
20% (terms at 30 days) |
|
TERRITORY OF SALES |
70% (Domestic market) |
|
% FOREIGN SALES |
30% |
|
% LOCAL PURCHASING |
50% |
|
% FOREIGN PURCHASING |
50% |
|
IMPORTS |
|
|
YEAR |
2013 |
|
AMOUNT |
US$ 15,115,632.05 |
|
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$ 1,070,768.50 |
|
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 |
|
CODIMET LTDA |
|
(57-1) 780.7990 |
|
FOREIGN SUPPLIERS |
|||
|
Name |
Contact |
Telephone/fax |
Country |
|
LODEC METTAL - HADEL GMBH |
|
+49 421 3462027 |
GERMANY |
|
CALIBRADOS PRADERA SA |
|
+(34) 946480211 |
SPAIN |
|
ALERINOX SA |
|
(+34) 913985100 |
SPAIN |
N/a
|
FINANCIAL INFORMATION |
|
CONTENT.- |
|
In our investigation, we interviewed Miss Luz Romero (Accountant) who supplied commercial data of subject, except for financial figures since she was not authorized by the management to do so. As interest data, we obtained the subject's Balance Sheets as of 31/12/2012 and 31/12/2011 (12 months each), expressed in Colombian Pesos, as follows: |
GENERAL
BALANCE SHEET
|
|||
|
Balance Date |
31/12/2012 |
31/12/2011 |
|
|
Currency |
Colombian Peso |
Colombian Peso |
|
|
Exchange Rate |
1,774.50 |
1,941.50 |
|
|
.Current Total |
50,674,047,000.00 |
53,465,944,000.00 |
-5.22 |
|
.Net Fixed |
61,212,716,000.00 |
42,567,660,000.00 |
43.80 |
|
.Total Assets |
111,886,763,000.00 |
96,033,604,000.00 |
16.51 |
|
.Total Current Liabilities |
28,149,491,000.00 |
30,414,915,000.00 |
-7.45 |
|
.Long Term Accounts |
5,723,657,000.00 |
5,506,700,000.00 |
3.94 |
|
Total Liabilities |
33,873,148,000.00 |
35,921,615,000.00 |
-5.70 |
|
Total Equity |
78,013,615,000.00 |
60,111,989,000.00 |
29.78 |
|
Total Liabilities and Equity |
111,886,763,000.00 |
96,033,604,000.00 |
16.51 |
|
PROFIT AND LOSS
ACCOUNT |
|||
|
Balance Date |
31/12/2012 |
31/12/2011 |
|
|
Currency |
Colombian Peso |
Colombian Peso |
|
|
Exchange Rate |
1,774.50 |
1,941.50 |
|
|
Net Sales |
91,066,350,000.00 |
90,680,939,000.00 |
0.43 |
|
Net Income(Net Loss) |
4,899,252,000.00 |
10,752,492,000.00 |
-54.44 |
|
RATIOS FINANCIAL |
|||
|
PERIOD |
2,012.00 |
2,011.00 |
0.00 |
|
.NET WORKING CAPITAL |
22,524,556,000.00 |
23,051,029,000.00 |
-0.02 |
|
.LIQUIDITY RATIO |
1.80 |
1.76 |
0.02 |
|
.CONTENTS OF THE ACID TEST |
0.00 |
0.00 |
|
|
.INDEBTEDNESS |
3.30 |
2.67 |
0.24 |
|
.LIABILITIES, CAPITAL |
0.00 |
0.00 |
|
|
.TOTAL ASSET TURNOVER |
0.81 |
0.94 |
-0.14 |
|
.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 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$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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- 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.- |
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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. |
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CREDIT FILES |
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One of the consulted suppliers only confirmed the subject as a client since 2000, with credits settled on time, it reports debts. Rated as an excellent client. No further details were supplied. Other suppliers did not provide information on their clients due to confidentiality policies. |
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RATE OF EXCHANGE |
US$1.00 = Ps$1889.1 |
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LEGAL ASPECTS |
|
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LEGAL STATUS |
Stock Company |
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INCORPORATION DATE |
13/02/1979 |
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REGISTERED IN |
Bogota |
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DURATION |
30/06/2048 |
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REGISTRATION |
Certificate No.119316, File No.24091 |
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LISTED AT STOCK EXCHANGE |
NO |
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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. |
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OPERATIONS
|
|
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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) |
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N. OF EMPLOYEES |
620 (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. |
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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. |
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BANKERS / REFERENCE |
||||
|
Bank Name |
Account Number |
Account Officer |
Telephone |
Country |
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BANCOLOMBIA SA |
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|
|
COLOMBIA |
|
BANCO DE OCCIDENTE SA |
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|
|
COLOMBIA |
|
BBVA COLOMBIA SA |
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|
|
COLOMBIA |
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BANK COMENTS |
||||
|
Banks consulted did not provide information about clients on the grounds of confidentiality. |
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|
CREDIT OPINION |
|
It is a commercial company with 35 years in market which seems to be operating normally. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.33 |
|
|
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.80.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIS |
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.