|
Report Date : |
23.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
LINCOLN
SOLDADURAS DE COLOMBIA LTDA. |
|
|
|
|
Formerly Known as : |
ELECTRODOS OERLIKON DE COLOMBIA LTDA |
|
|
|
|
Registered Office : |
Calle 6A No. 33-23, Bogota DC |
|
|
|
|
Country : |
Colombia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
15.01.1960 |
|
|
|
|
Com. Reg. No.: |
Certificate No. 0003748 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of electrodes for electric welding |
|
|
|
|
No of Employees : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 |
LINCOLN SOLDADURAS DE COLOMBIA LTDA. |
|
TAX ID TYPE |
NIT |
|
TAX ID NUMBER |
8600003320 |
|
CURRENT STATUS |
Active |
|
MAIN ADDRESS |
Calle 6A No. 33-23 |
|
CITY/PROVINCE/STATE |
Bogota DC, Colombia |
|
PHONE NUMBER(S) |
(57-1) 2470585 |
|
E-MAIL |
|
|
WEB SITE |
|
|
PAYMENT HISTORY |
PAYMENTS USUALLY PROMPT |
|
LEGAL ASPECTS |
|
|
LEGAL STATUS |
Limited Liability Company |
|
INCORPORATION DATE |
15/01/1960 |
|
REGISTERED IN |
Mercantile Registry |
|
DURATION |
31/12/2060 |
|
NOTARY OFFICE |
5th Notary of Bogota |
|
REGISTRATION |
Certificate No. 0003748 |
|
BACKGROUND
(HISTORY).- |
|
It was originally established as ELECTRODOS OERLIKON DE COLOMBIA LTDA
on 15/01/1960 by Public Deed No. 104. On 11/04/2006, by Public Deed No. 489
the company changed its company name to LINCOLN SOLDADURAS DE COLOMBIA LTDA. |
|
BOARD OF
DIRECTORS-EXECUTIVES-SHAREHOLDERS |
||
|
NAME |
JOB TITLE |
% STAKE |
|
SHANNON MATTHEW, JAY |
Director |
|
|
VERMEJI CHAMY, PAUL |
Director |
|
|
EARL MCMILLIN, JR DANIEL |
Director |
|
|
BARONA FLAMENCO, JULIO CESAR |
General Manager/Legal Rep. |
|
|
VASQUEZ GARCIA, CARLOS ALFONSO |
Under Manager/ Alternate Legal Representative |
|
|
LOPEZ RINCON, LEIDY |
Costs Manager |
|
|
ACEVEDO, CAROLINA |
Human Relations Co-ordinator |
|
|
MARY PULIDO, JOHN |
Public Accountant |
|
|
ERNST Y YOUNG AUDIT LTDA. |
Auditor |
|
|
LINCOLN ELECTRIC INTERNATIONAL HOLDING COMPANY |
Shareholder |
95% |
|
LINCOLN ELECTRIC HOLDINGS INC. |
Shareholder |
5% |
|
WHO IS WHO? |
||
|
BARONA FLAMENCO, JULIO CESAR |
||
|
C.I., 4.129.040, . |
||
|
VASQUEZ GARCIA, CARLOS ALFONSO |
||
|
C.I., 372.621, . |
||
|
LITIGATIONS |
|
It holds a lawsuit dated 13/02/2004 found filed against the subject at
31 Civil Court of Bogota. Plaintiff: COLVANES SAS. |
|
PAID-UP CAPITAL |
Ps$ 7,903,209,750.00 Pesos |
|
NET WORTH |
Ps$ 13,956,518,000.00 Pesos (31/12/2013) |
|
LISTED AT STOCK EXCHANGE |
NO |
|
IMPORTS |
|
|
YEAR |
2012 |
|
AMOUNT |
US$ 9,682,178.00 |
|
EXPORTS |
|
|
YEAR |
2012 |
|
AMOUNT |
US$ 3,747,009.00 |
|
TRADE REFERENCES |
|
|
TYPE OF SUPPLIER |
NATIONAL |
|
SUPPLIER FROM |
Since 2012 |
|
DEADLINES |
Invoices at 30 days |
|
RATING |
PROMPT |
|
TYPE OF SUPPLIER |
NATIONAL |
|
CREDIT FACILITIES |
No current operations limit |
|
SUPPLIER FROM |
Since 1994 |
|
DEADLINES |
Invoices at 30 days |
|
TYPE OF SUPPLIER |
NATIONAL |
|
SUPPLIER FROM |
Since 1997 |
|
DEADLINES |
Promissory note at 30 days |
|
RATING |
PROMPT |
|
CREDIT FILES |
|
|
Other consulted suppliers just confirmed subject as client, without
disclosing further details. |
|
|
% CASH SALES/PAYMENT METHOD |
30% |
|
% CREDIT SALES/TERMS |
70% (Terms: 30 days) |
|
RELATED
COMPANIES |
||
|
NAME |
TAX ID. NUMBER |
COUNTRY |
|
LINCOLN ELECTRIC HOLDINGS INC. |
|
U.S.A. |
|
LINCOLN ELECTRIC INTERNATIONAL
HOLDING COMPANY |
|
U.S.A. |
|
FINANCIAL
INFORMATION |
||||||
|
CONTENT.- |
||||||
|
The data herein has been totally obtained from outside sources in view
that main executives declined to collaborate with us. Through outside
sources, we obtained the balance sheets as of 31/12/2013 and 31/12/2012 (12
months) in Colombian Pesos, as follows: |
||||||
|
GENERAL BALANCE
SHEET |
||||||
|
Balance Date |
31/12/2013 |
31/12/2012 |
|
|||
|
Currency |
Colombian Peso |
Colombian Peso |
|
|||
|
Exchange Rate |
1,926.83 |
1,771.54 |
|
|||
|
.Current Total |
26,846,374,000.00 |
21,944,222,000.00 |
22.34 |
|||
|
.Net Fixed |
5,638,422,000.00 |
5,993,193,000.00 |
-5.92 |
|||
|
.Other Assets |
6,001,698,000.00 |
1,957,842,000.00 |
206.55 |
|||
|
.Total Assets |
38,486,494,000.00 |
29,895,257,000.00 |
28.74 |
|||
|
.Total Current Liabilities |
11,293,804,000.00 |
6,475,746,000.00 |
74.40 |
|||
|
.Long Term Accounts |
13,236,172,000.00 |
12,332,195,000.00 |
7.33 |
|||
|
Total Liabilities |
24,529,976,000.00 |
18,807,941,000.00 |
30.42 |
|||
|
Total Equity |
13,956,518,000.00 |
11,087,316,000.00 |
25.88 |
|||
|
Total Liabilities and Equity |
38,486,494,000.00 |
29,895,257,000.00 |
28.74 |
|||
|
PROFIT AND LOSS
ACCOUNT |
||||||
|
Balance Date |
31/12/2013 |
31/12/2012 |
|
|||
|
Currency |
Colombian Peso |
Colombian Peso |
|
|||
|
Exchange Rate |
1,926.83 |
1,771.54 |
|
|||
|
Net Sales |
35,145,705,000.00 |
45,356,874,000.00 |
-22.51 |
|||
|
Net Income(Net Loss) |
525,480,000.00 |
1,086,911,000.00 |
-51.65 |
|||
|
RATIOS FINANCIAL |
|||
|
PERIOD |
2,013.00 |
2,012.00 |
0.00 |
|
.NET WORKING CAPITAL |
15,552,570,000.00 |
15,468,476,000.00 |
0.01 |
|
.LIQUIDITY RATIO |
2.38 |
3.39 |
-0.30 |
|
.CONTENTS OF THE ACID TEST |
0.00 |
0.00 |
|
|
.INDEBTEDNESS |
1.57 |
1.59 |
-0.01 |
|
.LIABILITIES, CAPITAL |
0.00 |
0.00 |
|
|
.TOTAL ASSET TURNOVER |
0.91 |
1.52 |
-0.40 |
|
.RETURN ON EQUITY |
0.00 |
0.00 |
|
|
.NET RETURN ON SALES |
0.00 |
0.00 |
|
|
FINANCIAL
COMMENTS.- |
|
It registers higher net worth from Ps$11,087,000.00 to Ps$13,957,000.00,
growing operational revenues from Ps$35,146,000.00 to Ps$45,357,000.00 as
well as an increasing net profits from Ps$525,000.00 to Ps$1,087,000.00 Pesos
The subject is an industrial firm in business since 1960 which has been
operating satisfactorily. 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 |
|
INSURANCE.- |
|
An all-risk insurance policy is held with SEGUROS GENERALES
SURAMERICANA SA. (Unspecified coverage amount and maturity date). |
|
RATE OF EXCHANGE |
US$1.00 = Ps$1,919.00 as of report date |
|
OPERATIONS |
|
|
SECTOR |
1.-INDUSTRY |
|
ACTIVITY |
ELECTRICAL PRODUCTS |
|
ISIC CATEGORY |
D-MANUFACTURING INDUSTRIES (ELABORATION, MANUFACTURING, PRODUCTION,
PUBLISHING, CASTING, CONSTRUCTION) |
|
ISIC CLASS |
3190-Manufacture of diverse electrical equipment & lights |
|
MAIN ACTIVITY |
Manufacture of electrodes for electric welding. |
|
TERRITORY OF SALES |
100% (Domestic market) |
|
N. OF EMPLOYEES |
100 employees |
|
LOCATION |
|
HEAD OFFICE: at heading address in a business zone of the city. In good
repair. It has branches in Bogota, Bodega, Barranquilla. |
|
COMMENTS OF OPERATIONS.- |
|
Imports are made from USA, China, Brazil, Poland, Mexico and Canada.
Wholesaler 100%. It was awarded the ISO 9001:2000 certification by the
ICONTEC. |
|
LOCAL SUPPLIERS |
||
|
Name |
Contact |
Telephone |
|
ATLAS COPCO COLOMBIA LTDA |
|
(57-1) 4199200 |
|
COLTRANS SAS |
|
(57-1) 4239300 |
|
EDITORIAL BOCHICA LTDA. |
|
(57-1) 2885077 |
|
EMPACOR SA |
|
(57-1) 2627799 |
|
EMPRESA COLOMBIANA DE MINERALES SAS |
|
(57-1) 8400077 |
|
ERNST & YOUNG AUDIT LTDA. |
|
(57-1) 4847000 |
|
LEGISLACION ECONOMICA SA |
|
(57-1) 4255255 |
|
LOGISTICA Y CARGA LTDA |
|
|
|
MULTI IMPACTO EDITORES LTDA. |
|
(57-1) 2741430 |
|
BANK COMENTS |
||
|
The consulted banks do not disclose any data on clients on the grounds
of confidentiality. |
||
|
CREDIT OPINION |
|
COMMENTS: The subject is an industrial company in business for 54 years
which has been operating satisfactorily. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.57 |
|
UK Pound |
1 |
Rs.98.88 |
|
Euro |
1 |
Rs.80.05 |
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.