MIRA INFORM REPORT

Report Date :

05.11.2014

IDENTIFICATION DETAILS

Name :	IMPORTINOX S.A.
Registered Office :	Cl 65 46 A-90 Itagüí Medellín, Antioquia
Country :	Colombia
Year of Establishment :	2002
Legal Form :	Sociedad Anónima
Line of Business :	Wholesale of Metals and Metal Ores in Primary Forms.
No. of Employees :	8

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 :	Slow but correct
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Colombia	B1	A2

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 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

Company Name and address

Order:	Inversinox Colombia
Address in the order:	Carrera 64, No 35 - 30 Itagul Antioqua, Colombia
Legal Name:	IMPORTINOX S.A.
Trade Name:	Inversinox Colombia
NIT:	811034230
Date Created:	2002
Date Incorporated:	2002
Legal Address:	Cl 65 46 A-90 Itagüí Medellín, Antioquia, Colombia
Operative Address:	Cl 65 46 A-90 Itagüí Medellín, Antioquia, Colombia
Telephone:	57 4 444 5070
Fax:	NA
Legal Form:	Sociedad Anónima
Email:	info@Importinoxsa.com.co
Registered in:	Colombia
Website:	www.inversinoxcolombia.com
Manager:	MAURICIO ARBELAEZ
Staff:	8
Activity:	Wholesale of metals and metal ores in primary forms
SIC Codes:	5051
NAICS Codes:	423510
BANKS
BANK	Banco CorpBanca
	The company does not publish its banking information.
HISTORY
IMPORTINOX SA was created in 2002, initially the company was engaged in the import and marketing of stainless steel tubing in round and square and worked as Importinox Ltda. In 2007 the ompany change from Ltda. to SA, and began to import sheets and rods of stainless steel.
MAIN ACTIVITY
The company offers solutions in the distribution of stainless steel in the activities of construction, palliate, automotive, distribution sub, cutlery, appliances, refrigeration, pharmaceuticals, utensils, food.
Products/Services:	Stainless steel sheet and aluminum Stainless steel sheets Sluminum sheets Plates Stainless steel pipe
Brands:	INVERSINOX
Sales:	Wholesale
Clients:	Metal Stores / Metal Distributors / Professionals from the industry
Suppliers	Hengwei Industry Limited China SINO BASE METAL CO LIMITED China
Operations Area:	National
The company imports from:	China
The company does not export
The company employs	8 employees
Payments:	Regular
LOCATION
Headquarters :	Cl 65 46 A-90 Itagüí Medellín, Antioquia, Colombia
Branches:	The company does not have branches
Business Industry:	Companies in the industry distribute steel and other primary metals and metal products and may also provide sawing, shearing, bending, leveling, cleaning, or edging services. The health of the manufacturing and construction industries drives demand for steel. A distributor’s sales volume determines profitability because many costs are fixed. Large distributors benefit from economies of scale in purchasing, processing, and distribution. Small companies can compete by specializing in particular products or offering special processing services. Steel products are made from carbon or alloy, stainless, or specialty steels, and come in the form of sheets, plates, bars, rods, tubes, and structural items like rails and I-beams. In addition to selling steel mill products, distributors sell various processing services that customize products for particular customers. Because of the large number of steel products, most distributors specialize in the types of steel they carry and types of processing operations they perform. Different grades of metal and the varying thicknesses and sizes of materials result in a large variety of products. A large distributor may handle more than 100,000 products.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	COP 300 000
Shareholders %:	This is a private company. According to our search, its major holder is Mauricio Alejandro Arbelaez Romero.
Management:	Mauricio Arbelaez, General Manager Antonio manuel Diaz, Sales
Subsidiary Companies:	The company does not have subsidiaries
FINANCIAL INFORMATION
This is a private company which does not make its financial figures public. The following information has been provided by our private sources.
2013	VALUES EXPRESSED IN THOUSANDS OF COLOMBIAN PESOS
OPERATING REVENUES	2 315 253
LESS COST OF SALES AND SERVICES SUPPLY	2 108 280
GROSS PROFIT	206 973
UNDER MANAGEMENT OPERATING EXPENSES	806 821
LESS SALES OPERATING EXPENSES	812 38
OPERATING INCOME	(1,412,228)
NON-OPERATING INCOME	30 909
NON-OPERATING EXPENSES	180 825
PROFIT BEFORE TAX	(1 562 144)
LESS AND SUPPLEMENTAL INCOME TAX	15
GAINS AND LOSSES	(1 576 843)
SUBTOTAL AVAILABLE	410 157
TOTAL CURRENT ASSETS	3 308 623
TOTAL CURRENT LIABILITIES	387 237
LEGAL FILINGS
There are no legal/criminal connected to the subject
SUMMARY
Importinox S.A. is a Colombian importer and wholesaler of steel items. The company has 12 years of experience in the market with a small sized structure. It mainly import from China and distributes locally. The company's late financial figures show a negative operating income, however; the company is well established in business. We suggest a medium-low credit line and monitoring.
RISK INFORMATION
DEBTS	Medium
PAYMENTS	Slow but correct
CASH FLOW	Normal-Low
ENTERVIEW
NAME	Antonio manuel Diaz
POSITION	Sales
COMMENTS	He confirmed address and manager. He refused to provide us with further information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.76.67

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

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%)

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