|
Report Date : |
24.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
COLORQUIMICA SA |
|
|
|
|
Registered Office : |
Calle 77 Sur No.53-51, La Estrella, Antioquia |
|
|
|
|
Country : |
Colombia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
27.08.1976 |
|
|
|
|
Legal Form : |
Stock Company |
|
|
|
|
Line of Business : |
·
Engaged in producing
and marketing Resins, Pigments,
Industrial Dyes, Auxiliary Chemicals, Colors and Additives for food · engaged in importation of Chemical Inputs and Industrial Raw Material for its Manufacture, Transformation and Sale. · Subject products is composed by softeners and Synthetic Pigments for textiles and leathers as well as Synthetic Colors for Food |
|
|
|
|
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 |
|
|
|
|
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 |
COLORQUIMICA SA |
|
TAX ID TYPE |
NIT |
|
TAX ID NUMBER |
890917295-1 |
|
CURRENT STATUS |
Active |
|
MAIN ADDRESS |
Calle 77 Sur No.53-51, La Estrella |
|
CITY/PROVINCE/STATE |
Antioquia |
|
PHONE NUMBER(S) |
(57-4) 302.1717 |
|
FAX NUMBER |
(57-4) 279.4109/302.0310 |
|
E-MAIL |
|
|
WEB SITE |
|
|
BOARD OF
DIRECTORS-EXECUTIVES |
||
|
NAME |
JOB TITLE |
|
|
RENDON SEPULVEDA, JORGE OCTAVIO |
Legal Representative |
|
|
DUQUE BOTERO, LUIS FERNANDO |
Legal Representative |
|
|
HURTADO RESTREPO, JORGE IVAN |
Director |
|
|
CORREA URIBE, ROBERTO HERNAN |
Director |
|
|
SANIN ECHEVERRI, LUIS MARIANO |
Director |
|
|
MEJIA ZULUAGA, ALBERTO LEON |
Director |
|
|
CORREA VELEZ, HUMBERTO |
Director |
|
|
CORREA ANGEL, ALVARO |
Director |
|
|
CORREA URIBE, ISMAEL ADOLFO |
Director |
|
|
MORENO, CLARA INES |
Director |
|
|
CORREA DE RESTREPO, ANA LUCIA |
Director |
|
|
SALDARRIAGA CORREA, FABIO |
Tax Inspector |
|
|
TRUJILLO CHAVARRIAGA, ANDRES FELIPE |
Tax Inspector |
|
|
MORENO BARON, JUAN DIEGO DE JESUS |
Accountant |
|
|
WHO IS WHO? |
|
SANIN ECHEVERRI, LUIS MARIANO |
|
Colombian, C.I., 8262031, . |
No negative information found.
|
INITIAL
CAPITAL |
Ps$2,000,000.00 Colombian Pesos |
|
PAID-UP CAPITAL |
Ps$60,146,000.00 Colombian Pesos |
|
LAST CAPITAL INCREASE |
Last known |
|
TYPE OF SHARES |
Registered shares |
|
PAYMENT HISTORY |
EP. E: WITHOUT CREDIT EXPERIENCE |
|
% CASH SALES/PAYMENT METHOD |
20% |
|
% CREDIT SALES/TERMS |
80% (Terms at 30, 60 and 90 days) |
|
TERRITORY OF SALES |
Domestic and foreign market |
|
IMPORTS |
|
|
YEAR |
2013 |
|
AMOUNT |
US$ 12,469,579.34 |
|
COUNTRIES |
China, USA, Germany, Brazil, India, Mexico, Korea, Holland, Belgium,
France |
|
|
|
|
YEAR |
2012 |
|
AMOUNT |
US$ 10,070,043.33 |
|
COUNTRIES |
China, USA, Germany, Brazil, India, Mexico, Korea, Austria Belgium, France |
|
|
|
|
YEAR |
2011 |
|
AMOUNT |
US$ 13,689,952.41 |
|
COUNTRIES |
China, USA, Germany, Brazil, India, Mexico, Korea, Austria Belgium,
France |
|
|
|
|
YEAR |
2010 |
|
AMOUNT |
US$ 10,507,690.62 |
|
COUNTRIES |
China, USA, Germany, Brazil, India, Mexico, Korea, Holland, Belgium,
France |
|
EXPORTS |
|
|
YEAR |
2013 |
|
AMOUNT |
US$ 6,853,983.85 |
|
COUNTRIES |
Mexico, Costa Rica, Ecuador, Peru, Bolivia, Dominican Republic,
Panama, Chile, Brazil, Guatemala |
|
|
|
|
YEAR |
2012 |
|
AMOUNT |
US$ 6,089,299.02 |
|
COUNTRIES |
Mexico, Costa Rica, Ecuador, Peru, Bolivia, Dominican Republic,
Panama, Chile, Brazil, Guatemala |
|
|
|
|
YEAR |
2011 |
|
AMOUNT |
US$ 5,369,418.54 |
|
COUNTRIES |
Mexico, Costa Rica, Ecuador, Peru, Bolivia, Dominican Republic,
Panama, Chile, Brazil, Guatemala |
|
|
|
|
YEAR |
2010 |
|
AMOUNT |
US$ 4,852,394.33 |
|
COUNTRIES |
Mexico, Costa Rica, Ecuador, Peru, Bolivia, Dominican Republic,
Panama, Chile, Brazil. |
|
LOCAL SUPPLIERS |
||
|
Name |
Contact |
Telephone |
|
COACHING MANAGEMENT CONSULTANTS SAS |
|
(57-4) 319.1020 |
|
FOREIGN SUPPLIERS |
|||
|
Name |
Contact |
Telephone/fax |
Country |
|
3V GERMANY GmbH |
|
|
GERMANY |
|
WEGO CHEMICAL & MINERAL CORP. |
|
|
U.S.A. |
|
3V INC |
|
|
U.S.A. |
|
KELCO CHEMICALS CO. LTD |
|
|
CHINA |
|
DUPONT INTERNATIONAL OPERATIONS SARL |
|
|
SWITZERLAND |
|
JUSHIN CHEM (NINGBO) CO. LTD. |
|
|
CHINA |
|
BASF THE CHEMICAL COMPANY |
|
|
GERMANY |
|
LUCITE INTERNATIONAL INC |
|
|
U.S.A. |
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RELATED COMPANIES |
||
|
NAME |
TAX ID. NUMBER |
COUNTRY |
|
PRINCOLOR SA |
800049158 |
COLOMBIA |
|
FINANCIAL
INFORMATION |
|
CONTENT.- |
|
The information comprised in this report has been totally obtained
from outside sources since the subject's main executives directly showed no
interest to our inquiry. Through outside sources, we have obtained the
subject's Balances Sheets ended as of 31/12/2013 and 31/12/2012 (12 months,
each one), both expressed in Colombian Pesos, as follows: |
|
GENERAL BALANCE
SHEET |
|||
|
Balance Date |
31/12/2013 |
31/12/2012 |
|
|
Currency |
Colombian Peso |
Colombian Peso |
|
|
Exchange Rate |
1,917.40 |
1,774.50 |
|
|
.Current Total |
47,051,946,000.00 |
52,257,269,000.00 |
-9.96 |
|
.Net Fixed |
134,058,790,000.00 |
115,550,838,000.00 |
16.02 |
|
.Total Assets |
181,110,736,000.00 |
167,808,107,000.00 |
7.93 |
|
.Total Current Liabilities |
35,688,026,000.00 |
40,913,841,000.00 |
-12.77 |
|
.Long Term Accounts |
19,933,311,000.00 |
7,162,948,000.00 |
178.28 |
|
Total Liabilities |
55,621,337,000.00 |
48,076,789,000.00 |
15.69 |
|
Total Equity |
125,489,399,000.00 |
119,731,318,000.00 |
4.81 |
|
Total Liabilities and Equity |
181,110,736,000.00 |
167,808,107,000.00 |
7.93 |
|
PROFIT AND LOSS
ACCOUNT |
|||
|
Balance Date |
31/12/2013 |
31/12/2012 |
|
|
Currency |
Colombian Peso |
Colombian Peso |
|
|
Exchange Rate |
1,917.40 |
1,774.50 |
|
|
Net Sales |
80,522,793,000.00 |
79,315,864,000.00 |
1.52 |
|
Net Income(Net Loss) |
6,555,270,000.00 |
3,900,442,000.00 |
68.06 |
|
RATIOS FINANCIAL |
|||
|
PERIOD |
2,013.00 |
2,012.00 |
0.00 |
|
.NET WORKING CAPITAL |
11,363,920,000.00 |
11,343,428,000.00 |
0.00 |
|
.LIQUIDITY RATIO |
1.32 |
1.28 |
0.03 |
|
.CONTENTS OF THE ACID TEST |
0.00 |
0.00 |
|
|
.INDEBTEDNESS |
3.26 |
3.49 |
-0.07 |
|
.LIABILITIES, CAPITAL |
0.00 |
0.00 |
|
|
.TOTAL ASSET TURNOVER |
0.44 |
0.47 |
-0.06 |
|
.RETURN ON EQUITY |
0.00 |
0.00 |
|
|
.NET RETURN ON SALES |
0.00 |
0.00 |
|
|
FINANCIAL
COMMENTS.- |
|||
|
The subject is a long established company whose operations follow a
stable trendline. 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.- |
|||
|
As of 31/12/2012, the subject owns the following main assets which are
valued at Ps$43,808,196,000.00 Colombian Pesos: - Plant - Buildings -
Machinery and Equipment - Office equipment - Furnishings - Tools Among others |
|||
|
CREDIT FILES |
|||
|
The consulted local supplier just confirmed subject as client. Without
further data as per company policy. |
|||
|
RATE OF EXCHANGE |
US$1.00 = Ps$1,881.41, as of report date |
|
LEGAL ASPECTS |
|
|
LEGAL STATUS |
Stock Company |
|
INCORPORATION DATE |
27/08/1976 |
|
DURATION |
30/06/2100 |
|
NOTARY OFFICE |
3rd Notary Office |
|
REGISTRATION |
No.85168, File 23482 |
|
NET WORTH |
Ps$125,489,399,000.00 Colombian Pesos (as of 31/12/2013) |
|
LISTED AT STOCK EXCHANGE |
NO |
|
COMMENTS ON
LEGAL ASPECTS .- |
|
|
The subject is member of the Colombian Chamber of Construction.
Likewise, it is member of the Colombian Association of Packaging. |
|
|
OPERATIONS |
|
|
SECTOR |
2.-TRADE (WHOLESALE) |
|
ACTIVITY |
CHEMICAL PRODUCTS |
|
ISIC CATEGORY |
G-WHOLESALE AND/OR RETAIL SALE |
|
ISIC CLASS |
5149-Wholesale of Chemical Substances, Textile Fibers & Manure |
|
MAIN ACTIVITY |
·
Engaged in producing
and marketing Resins, Pigments,
Industrial Dyes, Auxiliary Chemicals, Colors and Additives for food ·
The firm is engaged in importation of chemical
inputs and industrial raw material for its manufacture, transformation and
sale. Its line of products is composed by softeners and synthetic pigments
for textiles and leathers as well as synthetic colors for food |
|
N. OF EMPLOYEES |
350 approximately |
|
LOCATION |
|
ADMINISTRATIVE OFFICE, COMMERCIAL FACILITY, WAREHOUSE: Located at the
caption address. Owned premises with land area of 3,000 sq.m, located in a business
and industrial zone of the city of easy access. Premises are kept in good
repair. BRANCHES: Headquarters in Bogota Transv. 93 No. 53 - 32 Interior 16
Parque Empresarial El Dorado Bogota, Colombia PBX: (57-1) 223.2747 FAX:
(57-1) 430.7268 cqbogota@colorquimica.com.co Headquarters in Cali Calle 15
No. 27B - 62 Bl. 7A, Local 5 Autopista Cali - Yumbo, Km. 4 Zona Ind.
Arroyohondo Yumbo, Colombia PBX: (57-2) 665.5898 FAX: (57-2) 665.1504 cqcali@colorquimica.com.co The subject has another locations where it
has industrial plants and warehouses. (Addresses were not specified). |
|
COMMENTS OF OPERATIONS.- |
|
The subject has 5 production plants, which premises consist of 30,000
sq.m of area, where it manufactures artificial colours for foods, industrial
pigments, emulsified resins, chemical auxiliaries, pigment dispersion,
flexographic inks and Novaflex architectural paintings. Main clients: - ANCO
INTERNATIONAL SA DE CV (Mexico) - WORLDWIDE IMPORT & EXPORT INC (USA) -
CHR HANSEN DE MEXICO SA DE CV (Mexico) - QUIMTIA SA (Peru) - REPRESENTACIONES
A & F SA Among others. The subject has been granted the following
certifications: - NTC ISO 9001:2008, for Quality - NTC ISO 14001:2004,
Environment - OHSAS 18000, Security and Occupational Health Norms |
|
BANKERS / REFERENCE |
||||
|
Bank Name |
Account Number |
Account Officer |
Telephone |
Country |
|
BANCOLOMBIA SA |
|
|
(57-4) 510.9000 |
COLOMBIA |
|
BANK COMENTS |
||||
|
The above banks do not furnish information about clients by preserving
confidentiality of bank-client information. |
||||
|
COMMENT:
Trading firm established in 1976 with long experience in market, which shows
solidity in its operations. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.19 |
|
UK Pound |
1 |
Rs.102.56 |
|
Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.