|
Report Date : |
30.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
COMERCIALIZADORA INTERNACIONAL INVERMEC SA |
|
|
|
|
Trade
Name : |
C.I. INVERMEC SA |
|
|
|
|
Registered Office : |
Carrera 30 No.15-78 B. Paloquemao, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
04.08.1994 |
|
|
|
|
Legal Form : |
Stock Company |
|
|
|
|
Line of Business : |
The subject is engaged in manufacture of hand tools for
the agricultural and construction sector. Products: chisels, screwdrivers,
spanners, bits, trowels, scissors, machetes, lawnmower blades, pliers:
universal, in to positions; hammers, handsaws. Own brands:
"INCOLMA", "GAVILAN COLORAO", "AGUILA CORNETA". |
|
|
|
|
No. of Employees : |
85 |
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 – 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 |
|
IDENTIFICATION |
|
|
COMPANY NAME |
COMERCIALIZADORA INTERNACIONAL INVERMEC SA |
|
TRADE NAME |
C.I. INVERMEC SA |
|
TAX ID TYPE |
NIT |
|
TAX ID NUMBER |
800227924-8 |
|
CURRENT STATUS |
Active |
|
MAIN ADDRESS |
Carrera 30 No.15-78 B. Paloquemao |
|
CITY/PROVINCE/STATE |
Bogota |
|
PHONE NUMBER(S) |
(57-1) 237.1679/237.1659 |
|
FAX NUMBER |
(57-1) 237.3527 |
|
E-MAIL |
|
|
WEB SITE |
|
|
CR-RATING |
LOW RISK |
|
PAYMENT HISTORY |
PAYMENTS USUALLY PROMPT |
|
COMMENTS OF IDENTIFICATION.- |
The report was ordered as: C.I. INVERMEC S.A. Please be
advised that it belongs to the trade name of the subject. The correct company
name is as shown in caption. Also, this report was requested with address:
Cra. 22 No 75 - 111 CO- MaHizales CADAS Please be noticed that the correct
address is as mention above. |
|
LEGAL
ASPECTS |
|
|
LEGAL STATUS |
Stock Company |
|
INCORPORATION DATE |
04/08/1994 |
|
REGISTERED IN |
Bogota |
|
NOTARY OFFICE |
No.24 of Bogota |
|
REGISTRATION |
Public Deed No.694 |
|
PAID-UP CAPITAL |
Ps$595,610,000.00 Pesos |
|
NET WORTH |
Ps$31,402,096,000.00 Pesos (as of 31/12/2013) |
|
TYPE OF SHARES |
Registered shares |
|
LISTED AT STOCK EXCHANGE |
NO |
|
SHARE VALUE |
Ps$1.00 Peso |
|
COMMENTS ON LEGAL ASPECTS .- |
|
The Check Digit of the subject is: 8. The 43% remaining
shares are held by another unknown minority shareholders. The subject is
subscribed under Certificate No.0593245, in the Mercantile Registry of the
Chamber of Commerce of Bogota. |
|
BOARD
OF DIRECTORS-EXECUTIVES |
||
|
NAME |
JOB TITLE |
% STAKE |
|
GOMEZ JARAMILLO, FERNANDO |
Chairperson |
|
|
GUTIERREZ VELASQUEZ, JOSE ELIAS |
Alternate President/Director |
|
|
ESCOBAR ARANGO, ALBERTO |
2nd Alternate President |
|
|
GOMEZ GOMEZ, ALBERTO |
Director |
|
|
GOMEZ ECHEVERRI, JUAN CARLOS |
Director |
|
|
JARAMILLO BOTERO, JOSE OSCAR |
Director |
|
|
CORREA, JUAN FERNANDO |
Director |
|
|
GUTIERREZ VELASQUEZ, JAVIER |
Legal Adviser/Legal Rep. |
|
|
YACAMAN GIOCOMAN, JAIME ALBERTO |
Legal Adviser/Legal Rep. |
|
|
HENAO OCHOA, JAVIER |
Foreign Trade Manager |
|
|
ZULUAGA ARIAS, RAFAEL |
Marketing Manager |
|
|
OSPINA, JORGE IVAN |
Systems Chief |
|
|
JAIMES DUQUE, JOSE DE JESUS |
Accounting Chief |
|
No negative information found.
SHAREHOLDERS
|
NAME |
JOB TITLE |
% STAKE |
|
INVERSIONES GUTIERREZ VELASQUEZ Y CIA LTDA |
Shareholder |
11% |
|
INMOBILIARIA CENTRAL LTDA |
Shareholder |
22% |
|
GOMEZ OCHOA, FABIO |
Shareholder |
6% |
|
GOMEZ URIBE, MARIA TERESA |
Shareholder |
6% |
|
GOMEZ URIBE, HERNAN |
Shareholder |
6% |
|
GOMHAR Y CIA SCA |
Shareholder |
6% |
|
IMPORTS |
|
|
YEAR |
2014 (January - August) |
|
AMOUNT |
US$ 6,207,895.06 |
|
COUNTRIES |
Korea, China, Hong Kong, India,
Mexico, UK, Usa |
|
|
|
|
YEAR |
2013 |
|
AMOUNT |
US$ 11,731,771.90 |
|
COUNTRIES |
Korea, China, Hong Kong, India, Mexico, UK, Usa |
|
|
|
|
YEAR |
2012 |
|
AMOUNT |
US$ 12,054,123.10 |
|
COUNTRIES |
Korea, China, Hong Kong, India, Mexico, UK, Usa |
|
|
|
|
YEAR |
2011 |
|
AMOUNT |
US$ 10,947,925.20 |
|
COUNTRIES |
UK, India, Brazil, Mexico, China, USA, Indonesia |
|
EXPORTS |
|
|
YEAR |
2014 (January - August) |
|
AMOUNT |
US$ 9,772,587.71 |
|
COUNTRIES |
Mexico, Ghana Ivory Coast Peru, Bolivia, Usa, Venezuela,
Liberia, Panama, Nigeria, Costa Rica, Puerto Rico, Panama, Paraguay,
Philippines |
|
|
|
|
YEAR |
2013 |
|
AMOUNT |
US$ 18,192,828.79 |
|
COUNTRIES |
Mexico, Ghana Ivory Coast Peru, Bolivia, Usa, Venezuela,
Liberia, Panama, Nigeria, Costa Rica, Puerto Rico, Panama, Paraguay,
Philippines |
|
|
|
|
YEAR |
2012 |
|
AMOUNT |
US$ 18,951,089.08 |
|
COUNTRIES |
Mexico, Ghana, Peru, Bolivia, Usa, Venezuela, Liberia,
Panama, Nigeria, Costa Rica, Puerto Rico, Panama, Paraguay, Philippines |
|
|
|
|
YEAR |
2011 |
|
AMOUNT |
US$ 17,502,717.57 |
|
COUNTRIES |
Mexico, Peru, Honduras, Ghana, Bolivia, Guatemala,
Venezuela, Argentina, USA, Nigeria, Paraguay, Costa Rica, Brazil |
|
PAYMENTS |
|
|
TRADE
REFERENCES |
|
|
TYPE OF SUPPLIER |
NATIONAL |
|
CREDIT FACILITIES |
No current operations limit |
|
SUPPLIER FROM |
Since 20 years ago |
|
MONTHLY AVERAGE |
Ps$8,000,000.00 Pesos - Ps$10,000,000.00 Pesos |
|
DEADLINES |
Invoices at 30 days |
|
PRODUCTS SOLD |
Abrasives |
|
RATING |
PROMPT |
|
COMMENTS.- |
Payments by bank transfer. Last purchase: September 2014 |
|
|
|
|
TYPE OF SUPPLIER |
NATIONAL |
|
CREDIT FACILITIES |
No current operations limit |
|
SUPPLIER FROM |
Several years ago |
|
DEADLINES |
Invoices at 60 days |
|
PRODUCTS SOLD |
Steel |
|
RATING |
PROMPT |
|
COMMENTS.- |
Payments by bank transfer. |
|
CREDIT FILES |
|
|
Other local consulted suppliers do not provide references
on clients per consider it confidential. |
|
|
LOCAL
SUPPLIERS |
||
|
Name |
Contact |
Telephone |
|
DOW QUIMICA DE COLOMBIA SA |
|
(57-1) 219.6000 |
|
PURE LTDA |
Gina Acosta |
(51-1) 262.3708 |
|
FRESTO LTDA |
|
(57-1) 219.6961 |
|
SIDERURGICA DEL PACIFICO SA |
|
(57-2) 664.4474 |
|
ACEROS BOEHLER DE COLOMBIA SA |
Liliana Gutierrez |
(57-1) 364.7300 |
|
PINTURAS NACIONALES SA |
|
(57-4) 309.5353 |
|
CIA GLOBAL DE PINTURAS SA |
|
(57-1) 219.6000 |
|
CARTON DE COLOMBIA SA |
|
(57-2) 691.4000 |
|
PRODUCTORA DE ABRASIVOS LTDA |
|
(57-1) 827.6266 |
|
FOREIGN
SUPPLIERS |
|||
|
Name |
Contact |
Telephone/fax |
Country |
|
RAYMOND LIMITED |
|
|
BRAZIL |
|
ERASTEEL INC |
|
|
BRAZIL |
|
CORUS UK LTDA |
|
|
BRAZIL |
|
TAIZHOU SUNNY AGRICULTURAL
MACHINERY CO LTDA |
|
|
JAPAN |
|
DAEWOO INTERNATIONAL
CORPORATION |
|
|
KOREA |
|
JIANGSU TRADING TOOLS CO LTD |
|
|
CHINA |
|
DONG YANG HINGTONG TRADING CO
LTD |
|
|
CHINA |
|
NEILL TOOLS LTD |
|
|
UNITED KINDOM |
|
HANGZHOU JILIN MACHINERY CO LTD |
|
|
CHINA |
N/a
|
FINANCIAL
INFORMATION |
|
CONTENT.- |
|
We interviewed Mr. Jose de
Jesus Jaimes Duque (Accounting Chief), who kindly furnished commercial
information about the subject and its Balance Sheets as of 31/12/2013 (12
months, respectively), last available, expressed in Pesos, as follows: |
|
GENERAL
BALANCE SHEET |
|||
|
Balance Date |
31/12/2013 |
|
|
|
Currency |
Peso |
|
|
|
Exchange Rate |
1,917.40 |
|
|
|
.Current Total |
43,306,261,000.00 |
|
|
|
.Net Fixed |
12,329,124,000.00 |
|
|
|
.Total Assets |
55,635,385,000.00 |
|
|
|
.Total Current Liabilities |
23,818,372,000.00 |
|
|
|
.Long Term Accounts |
414,917,000.00 |
|
|
|
Total Liabilities |
24,233,289,000.00 |
|
|
|
Total Equity |
31,402,096,000.00 |
|
|
|
Total Liabilities and Equity |
55,635,385,000.00 |
|
|
|
PROFIT
AND LOSS ACCOUNT |
|||
|
Balance Date |
31/12/2013 |
|
|
|
Currency |
Peso |
|
|
|
Exchange Rate |
1,917.40 |
|
|
|
Net Sales |
81,624,861,000.00 |
|
|
|
Net Income(Net Loss) |
2,780,968,000.00 |
|
|
|
RATIOS
FINANCIAL |
|||
|
PERIOD |
2,013.00 |
|
|
|
.NET WORKING CAPITAL |
19,487,889,000.00 |
|
|
|
.LIQUIDITY RATIO |
1.82 |
|
|
|
.CONTENTS OF THE ACID TEST |
0.00 |
|
|
|
.INDEBTEDNESS |
2.30 |
|
|
|
.LIABILITIES, CAPITAL |
0.00 |
|
|
|
.TOTAL ASSET TURNOVER |
1.47 |
|
|
|
.RETURN ON EQUITY |
0.00 |
|
|
|
.NET RETURN ON SALES |
0.00 |
|
|
|
FINANCIAL
COMMENTS.- |
|
The subject is an industrial firm with 20 years in the
competitive market, which holds good relations with its suppliers and banks,
and conducts operations in an upward tendency. 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.- |
|
It holds insurance policy with ROYAL & SUN ALLIANCE
SEGUROS COLOMBIA SA, an a policy against all risk with LIBERTY SEGUROS SA.
(Unspecified coverage amount and maturity date). |
|
RATE OF EXCHANGE |
US$1.00 = Ps$1980.00 as of report date |
|
BACKGROUND (HISTORY).- |
|
On 10/06/2004, by Public Deed
No.1100, the subject was initially established under the company name:
INVERMEC SA. Later, it changed its company name to the current one:
COMERCIALIZADORA INTERNACIONAL INVERMEC SA. On 02/12/2003, by Public Deed
No.2336, the subject took over the firm INDUSTRIA COLOMBIANA DE HERRAMIENTAS
SA (absorbed), which was dissolved without going into liquidation. |
|
WHO
IS WHO? |
|
GOMEZ JARAMILLO, FERNANDO |
|
Colombian, ID 4,323,271, . |
|
GUTIERREZ VELASQUEZ, JOSE ELIAS |
|
Colombian, ID 70,114,277, . |
|
INMOBILIARIA CENTRAL LTDA |
|
8908064217, . |
|
INVERSIONES GUTIERREZ VELASQUEZ Y CIA
LTDA |
|
NIT 8909081471, . |
|
GOMEZ OCHOA, FABIO |
|
Colombian, ID 4310178, . |
|
GOMEZ URIBE, HERNAN |
|
Colombian, ID 4303157, . |
|
OPERATIONS |
|
|
SECTOR |
1.-INDUSTRY |
|
ACTIVITY |
INSTRUMENTS, EQUIPMENT, IMPLEMENTS |
|
ISIC CATEGORY |
D-MANUFACTURING INDUSTRIES (ELABORATION, MANUFACTURING,
PRODUCTION, PUBLISHING, CASTING, CONSTRUCTION) |
|
ISIC CLASS |
2893-Manufacture of hardware items, cutlery, hand tools |
|
MAIN ACTIVITY |
The subject is engaged in manufacture of hand tools for
the agricultural and construction sector. Products: chisels, screwdrivers,
spanners, bits, trowels, scissors, machetes, lawnmower blades, pliers:
universal, in to positions; hammers, handsaws. Own brands:
"INCOLMA", "GAVILAN COLORAO", "AGUILA CORNETA". |
|
% CREDIT SALES/TERMS |
100% (Terms at 60 days) |
|
TERRITORY OF SALES |
100% (national and international market) |
|
% LOCAL PURCHASING |
10% |
|
% FOREIGN PURCHASING |
90% |
|
N. OF EMPLOYEES |
85 |
|
LOCATION |
|
MAIN OFFICES: Located at the heading address. An own
2-story store made of brick and concrete placed at an industrial and
commercial zone of the city of normal appearance. PLANT: Carretera No. 75-111
Alta Suiza, Manizales. |
|
COMMENTS OF OPERATIONS.- |
|
Its clients are wholesalers. It has a portfolio of 80
international clients and 30 national clients, such as: - MICASA TRADING CORP
(USA) - SUPERIOR SEWING MACHINE (USA) - MONDIAL CYCLES NOUVELLE (USA) - GOMEZ
& SANTIAGO INC (Puerto Rico) Among others. |
|
BANKERS
/ REFERENCE |
||||
|
Bank Name |
Account Number |
Account Officer |
Telephone |
Country |
|
GNB SUDAMERIS COLOMBIA |
50242643/16801508 |
|
|
COLOMBIA |
|
BANCO SANTANDER COLOMBIA |
35438183 |
|
|
COLOMBIA |
|
BBVA COLOMBIA |
63900010007277/64000010005336/29800100084807 |
|
|
COLOMBIA |
N/a
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.42 |
|
|
1 |
Rs.99.72 |
|
Euro |
1 |
Rs.77.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
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.