MIRA INFORM REPORT

Report No. :	333648
Report Date :	01.08.5015

IDENTIFICATION DETAILS

Name :	EUROMARMOL LTDA
Registered Office :	Calle 77 No. 74-04, Barranquilla, Atlantico
Country :	Colombia
Date of Incorporation :	10.03.1992
Legal Form :	Limited Company
Line of Business :	Subject is engaged in sale of construction materials
No. of Employee :	26

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Colombia	A2	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 four years, continuing almost a decade of strong economic performance. All three major ratings agencies have upgraded Colombia's government debt to investment grade, which helped to attract record levels of investment in 2013 and 2014, mostly in the hydrocarbons sector. 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, inequality, poverty, narco-trafficking and an uncertain security situation. Moreover, the unemployment rate of 9.2% in 2014 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. In 2014, Colombia passed a tax reform bill to offset the lost revenue from the global drop in oil prices. The SANTOS administration is also using tax reform to help finance implementation of a peace deal, in the event FARC and the government reach an agreement in 2015. Colombian officials estimate a peace deal may bolster economic growth by almost 2%.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

IDENTIFICATION
Comments on data supplied:	See the correct company name below. This appears to be the address of a company branch. See the company's main address as per Colombia's company registry below.
Legal Name:	EUROMARMOL LTDA
Legal Address	Calle 77 No. 74-04
Postal Town	Barranquilla
Post Code	N.A.
Primary Geographic Area	Atlantico
Country	CO
Operative Address	Calle 77 No. 74-04 Barranquilla, Atlantico
Telephone:	N.A.	NIT :	800157469
Fax:	N.A.	Legal Form:	Limited Company
Email:	N.A.	Registered in:	CO
Website:	N.A.	Date Created:	1992
MANAGERS:	Enrique Alberto Yidi Daccarett, General Manager	Date Incorporated:	March 10th, 1992
Staff:	26	Stock:	N.A.
		Value:	N.A.
Activity:	Sale of construction supplies

DIRECTORS/MANAGEMENT

Management:
	Enrique Alberto Yidi Daccarett, General Manager Orlando Yidi Dacarett, Legal representative Luis Eduardo Pacheco Lopez, Comptroller Ruben Dario Jimenez Cantillo, Accountant

NEGATIVE INFORMATION

Legal Filings

The sources consulted record no detrimental legal or labor court information.

SHARE & SHARE CAPITAL INFORMATION

Shareholders
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	This is a private company. The company's main shareholder appears to be Enrique Alberto Yidi Daccarett.

PAYMENT INFORMATION

DEBT COLLECTIONS AND PAYMENTS
Public	NO
Payments	REGULAR

GROUP STRUCTURE & AFFILIATED COMPANIES

FINANCIAL SUMMARY
Profitability	CORRECT
Indebtedness	CONTROLLED
Cash	NORMAL

FINANCIAL INFORMATION

FINANCIALS - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We could not find any contact information for this subject.

However our financial sources could provide us with the following data.

Those figures are estimates provided by confidential banking and financial institutions working with the company.

Currency	DATE
COP	2014
Turnover	18 454 270 000
Operating Income	788 276 000
Net Income	555 347 000
Current Assets	24 106 893 000
Non-Current Assets	2 760 635 000
Net worth	5 748 884 000
Liabilities	21 118 644 000
The cash flow is	Normal
Comments on the financial data: Please find attached a copy of the FS of the company. We have transcribed the main figures for a better understanding.

FINANCIAL SUMMARY
Profitability	CORRECT
Indebtedness	CONTROLLED
Cash	NORMAL

Balance sheet 2014	(all numbers in thousands of COP)
NIT	RAZON SOCIAL	CIIU V4a.C	DESCRIPCION CIIU	SECTOR
800157469	EUROMARMOL LIMITADA	G4663	Comercio al por mayor de materiales de construcción, artículos de ferretería, pinturas, productos de	COMERCIO AL POR MAYOR

DEPARTAMENTO	1105 CAJA	1110 BANCOS	1115 REMESAS EN TRANSITO	1120 CUENTAS DE AHORRO	1125 FONDOS	11 SUBTOTAL DISPONIBLE
ATLANTICO	128037	53133		54510		235680

12 INVERSIONES	1305 CLIENTES	1310 CUENTAS CORRIENTES COMERCIALES CP	1315 CUENTAS POR COBRAR A CASA MATRIZ CP	1320 CUENTAS POR COBRAR A VINCULADOS ECONOMICOS CP	1323 CUENTAS POR COBRAR A DIRECTORES CP	1325 CUENTAS POR COBRAR A SOCIOS Y ACCIONISTAS CP
604048	9780744	0	0	0	0	0

1328 APORTES POR COBRAR CP	1330 ANTICIPOS Y AVANCES CP	1332 CUENTAS DE OPERACION CONJUNTA CP	1335 DEPOSITOS CP	1340 PROMESAS DE COMPRAVENTA CP	1345 INGRESOS POR COBRAR CP	1350 RETENCION SOBRE CONTRATOS CP
0	5171044	0	94445	0	0	0

1355 ANTICIPO DE IMPTOS Y CONTRIB O SALDOS A FAVOR CP	1360 RECLAMACIONES CP	1365 CUENTAS POR COBRAR A TRABAJADORES CP	1370 PRESTAMOS A PARTICULARES CP	1380 DEUDORES VARIOS CP	1385 DERECHOS DE RECOMP DE CART NEGOCIADA CP	1390 DEUDAS DE DIFICIL COBRO CP
463995	0	34616	0	231504	0	0

1399 PROVISIONES CP	13 SUBTOTAL DEUDORES CP	1405 MATERIAS PRIMAS	1410 PRODUCTOS EN PROCESO	1415 OBRAS DE CONSTRUC EN CURSO	1417 OBRAS DE URBANISMO	1420 CONTRATOS EN EJECUCION CP
84311	15692037			0	0

1425 CULTIVOS EN DESARROLLO CP	1428 PLANTACIONES AGRICOLAS CP	1430 PRODUCTOS TERMINADOS	1435 MERCANCIAS NO FABRICADAS POR LA EMPRESA	1440 BIENES RAICES PARA LA VENTA	1445 SEMOVIENTES CP	1450 TERRENOS
			7575128	0		0

1455 MATERIALES REPUESTOS Y ACCESORIOS CP	1460 ENVASES Y EMPAQUES CP	1465 INVENTARIOS EN TRANSITO CP	1499 PROVISIONES CP	14 SUBTOTAL INVENTARIOS CP	1705 GASTOS PAGADOS POR ANTICIPADO CP	1710 CARGOS DIFERIDOS CP
				7575128

1715 COSTOS DE EXPLORACION POR AMORTIZAR CP	1720 COSTOS DE EXPLOTACION Y DESARROLLO CP	1730 CARGOS POR CORRECCION MONETARIA DIFERIDA CP	1798 AMORTIZACION ACUMULADA CP	17 SUBTOTAL DIFERIDO CP	TOTAL ACTIVO CORRIENTE	12 INVERSIONES
				0	24106893	0

1305 CLIENTES	1310 CUENTAS CORRIENTES COMERCIALES	1315 CUENTAS POR COBRAR A CASA MATRIZ	1320 CUENTAS POR COBRAR A VINCULADOS ECONOM	1323 CUENTAS POR COBRAR A DIRECTORES	1325 CUENTAS POR COBRAR A SOCIOS Y ACCIONISTAS	1330 ANTICIPOS Y AVANCES
0	0	0	0	0	0	0

1332 CUENTAS DE OPERACION CONJUNTA	1335 DEPOSITOS	1340 PROMESAS DE COMPRAVENTA	1345 INGRESOS POR COBRAR	1350 RETENCION SOBRE CONTRATOS	1355 ANTICIPO DE IMPTOS Y CONTRIB O SALDOS A FAVOR	1360 RECLAMACIONES
0	0	0	0	0	0	0

1365 CUENTAS POR COBRAR A TRABAJADORES	1370 PRESTAMOS A PARTICULARES	1380 DEUDORES VARIOS	1385 DERECHOS DE RECOMP DE CART NEGOCIADA	1390 DEUDAS DE DIFICIL COBRO	1399 PROVISIONES	13 SUBTOTAL DEUDORES A LARGO PLAZO
0	0	0	0	0	0	0

15 PROPIEDADES PLANTA Y EQUIPO	1605 CREDITO MERCANTIL	1610 MARCAS	1615 PATENTES	1620 CONCESIONES Y FRANQUICIAS	1625 DERECHOS	1630 KNOW HOW
2474790					282800

1635 LICENCIAS	1698 AMORTIZACION ACUMULADA	1699 PROVISIONES	16 SUBTOTAL INTANGIBLES	1705 GASTOS PAGADOS POR ANTICIPADO	1710 CARGOS DIFERIDOS	1715 COSTOS DE EXPLORACION POR AMORTIZAR
	60737		222063		63782

1720 COSTOS DE EXPLOTACION Y DESARROLLO	1730 CARGOS POR CORRECCION MONETARIA DIFERIDA	1798 AMORTIZACION ACUMULADA	17 SUBTOTAL DIFERIDOS	1805 BIENES DE ARTE Y CULTURA	1895 DIVERSOS	1899 PROVISIONES
			63782

18 SUBTOTAL OTROS ACTIVOS	1905 DE INVERSIONES	1910 DE PROPIEDADES PLANTA Y EQUIPO	1995 DE OTROS ACTIVOS	19 SUBTOTAL VALORIZACIONES	TOTAL ACTIVO NO CORRIENTE	TOTAL ACTIVO
0		0		0	2760635	26867528

21 OBLIGACIONES FINANCIERAS CP	22 PROVEEDORES CP	2305 CUENTAS CORRIENTES COMERCIALES CP	2310 A CASA MATRIZ CP	2315 A COMPANNIAS VINCULADAS CP	2320 A CONTRATISTAS CP	2330 ORDENES DE COMPRA POR UTILIZAR CP
3837925	6985469

2335 COSTOS Y GASTOS POR PAGAR CP	2340 INSTALAMENTOS POR PAGAR CP	2345 ACREEDORES OFICIALES CP	2350 REGALIAS POR PAGAR CP	2355 DEUDAS CON ACCIONISTAS O SOCIOS CP	2357 DEUDAS CON DIRECTORES CP	2360 DIVIDENDOS O PARTICIPACIONES POR PAGAR CP
437543				401000

2365 RETENCION EN LA FUENTE CP	2367 IMPUESTO A LAS VENTAS RETENIDO CP	2368 IMPUESTO DE INDUSTRIA Y COMERCIO RETENIDO CP	2370 RETENCIONES Y APORTES DE NOMINA CP	2375 CUOTAS POR DEVOLVER	2380 ACREEDORES CP	23 SUBTOTAL CUENTAS POR PAGAR CP
17250			17154		46123	919070

24 IMPUESTOS GRAVAMENES Y TASAS CP	25 OBLIGACIONES LABORALES CP	2605 PARA COSTOS Y GASTOS CP	2610 PARA OBLIGACIONES LABORALES CP	2615 PARA OBLIGACIONES FISCALES CP	2620 PENSIONES DE JUBILACION CP	2625 PARA OBRAS DE URBANISMO CP
418407	165277				0

2630 PARA MANTENIMIENTO Y REPARACIONES CP	2635 PARA CONTINGENCIAS CP	2640 PARA OBLIGACIONES DE GARANTIAS CP	2695 PROVISIONES DIVERSAS CP	26 SUBTOTAL PASIVOS ESTIMAD Y PROVIS CP	27 DIFERIDOS CP	2805 ANTICIPOS Y AVANCES RECIBIDOS CP
				0

2810 DEPOSITOS RECIBIDOS CP

2815 INGRESOS RECIBIDOS PARA TERCEROS CP

2820 CUENTAS DE OPERACION CONJUNTA CP

2825 RETENCIONES A TERCEROS SOBRE CONTRATOS

2830 EMBARGOS JUDICIALES CP

2835 ACREEDORES DEL SISTEMA CP

2840 CUENTAS EN PARTICIPACION CP

2895 DIVERSOS CP	28 SUBTOTAL OTROS PASIVOS CP	2905 BONOS EN CIRCULACION CP	2910 BONOS OBLIGATOR CONVERTIBLES EN ACCIONES CP	2915 PAPELES COMERCIALES CP	2920 BONOS PENSIONALES CP	2925 TITULOS PENSIONALES CP
	0				0	0

29 SUBTOTAL BONOS Y PAPELES COMERCIA CP	TOTAL PASIVO CORRIENTE	21 OBLIGACIONES FINANCIERAS	22 PROVEEDORES LP	2305 CUENTAS CORRIENTES COMERCIALES	2310 A CASA MATRIZ	2315 A COMPANNIAS VINCULADAS
0	12326148	0	0

2320 A CONTRATISTAS

2335 COSTOS Y GASTOS POR PAGAR

2345 ACREEDORES OFICIALES

2350 REGALIAS POR PAGAR

2355 DEUDAS CON ACCIONISTAS O SOCIOS

2357 DEUDAS CON DIRECTORES

2360 DIVIDENDOS O PARTICIPACIONES POR PAGAR

2375 CUOTAS POR DEVOLVER	2380 ACREEDORES VARIOS	23 SUBTOTAL CUENTAS POR PAGAR	24 IMPUESTOS GRAVAMENES Y TASAS LP	25 OBLIGACIONES LABORALES	2605 PARA COSTOS Y GASTOS	2610 PARA OBLIGACIONES LABORALES
		0

2615 PARA OBLIGACIONES FISCALES	2620 PENSIONES DE JUBILACION LP	2625 PARA OBRAS DE URBANISMO	2635 PARA CONTINGENCIAS	2640 PARA OBLIGACIONES DE GARANTIAS	2695 PROVISIONES DIVERSAS	26 SUBTOTAL PASIVOS ESTIMAD Y PROVIS
	0					0

2705 INGRESOS RECIBIDOS POR ANTICIPADO	2710 ABONOS DIFERIDOS	2715 UTILIDAD DIFERIDA EN VENTAS A PLAZOS	2720 CREDITO POR CORRECCION MONETARIA DIFERIDA	2725 IMPUESTOS DIFERIDOS	27 SUBTOTAL DIFERIDOS	2805 AVANCES Y ANTICIPOS RECIBIDOS
					0	8792496

2810 DEPOSITOS RECIBIDOS

2815 INGRESOS RECIBIDOS PARA TERCEROS

2820 CUENTAS DE OPERACION CONJUNTA

2825 RETENCIONES A TERCEROS SOBRE CONTRATOS

2835 ACREEDORES DEL SISTEMA LP

2840 CUENTAS EN PARTICIPACION

2895 DIVERSOS

28 SUBTOTAL OTROS PASIVOS	2905 BONOS EN CIRCULACION	2910 BONOS OBLIGATOR CONVERTIBLES EN ACCIONES	2915 PAPELES COMERCIALES	2920 BONOS PENSIONALES LP	2925 TITULOS PENSIONALES LP	29 SUBTOTAL BONOS Y PAPELES COMERCIA
8792496				0	0	0

TOTAL PASIVO NO CORRIENTE	TOTAL PASIVO	3105 CAPITAL SUSCRITO Y PAGADO	3115 APORTES SOCIALES	3120 CAPITAL ASIGNADO	3125 INVERSION SUPLEMENTARIA AL CAPITAL ASIGNADO	3130 CAPITAL DE PERSONAS NATURALES
8792496	21118644		1994958

3135 APORTES DEL ESTADO	3140 FONDO SOCIAL	31 SUBTOTAL CAPITAL SOCIAL	3205 PRIMA EN COLOC ACC CUOTAS O PARTES DE INT SOCIAL	3210 DONACIONES	3215 CREDITO MERCANTIL	3220 KNOW HOW
		1994958

3225 SUPERAVIT METODO DE PARTICIPACION	32 SUBTOTAL SUPERAVIT DE CAPITAL	33 RESERVAS	34 REVALORIZACION DEL PATRIMONIO	35 DIVIDEN O PARTC DECRET EN ACC O CUOTAS	36 RESULTADOS DEL EJERCICIO	3705 UTILIDADES ACUMULADAS
	0	187550	2008564		555347	1002465

3710 PERDIDAS ACUMULADAS	37 RESULTADOS DE EJERCICIOS ANTERIORES	38 SUPERAVIT POR VALORIZACIONES	TOTAL PATRIMONIO	TOTAL PASIVO Y PATRIMONIO	81 DERECHOS CONTINGENTES	82 DEUDORAS FISCALES
	1002465		5748884	26867528

83 DEUDORAS DE CONTROL	9 CUENTAS DE ORDEN ACREEDORAS POR CONTRA	91 RESPONSABILIDADES CONTINGENTES	92 ACREEDORAS FISCALES	93 ACREEDORAS DE CONTROL	8 CTAS DE ORDEN DEUDORAS POR CONTRA
	0				0

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

GEOPOLITICS - COLOMBIA
POLITICAL DATA	ECONOMIC DATA
Form of Government: Republic Economic Risk: Low	Currency: 1.00 USD = 2,850.22 COP Branch Situation:Stable

BANKS
Name of the Bank	Bancolombia
Comments	This information was not verified by the company.
BUSINESS HISTORY
	The company was incorporated in Colombia in 1992.
PRINCIPAL ACTIVITY
	Sale of construction materials
Sales are:
	Wholesale
Clients:
	Professionals of industry: Grenit Croes (Aruba) Best Cleaning (Aruba)
Suppliers:
	It was not possible to obtain the name of any suppliers for this subject.
Operations area:
	National, International
The company exports to Aruba
Trade References:
	It was not possible to obtain trade references for this subject.
The subject employs 26 employee(s)
Comments on staff:
	This information was not verified by the company
LOCATION
Headquarters
	Calle 77 No. 74-04 Barranquilla, Atlantico
Comments on location:
	This information was not verified by the company
Branches:
	Cra 67 No 10-20 Loma 3 LT-B Barranquilla, Atlantico (not verified)

NOTES & COMMENTS

Final Opinion

This is a small Colombian company that has been incorporated in the country since 1992. The company exports abroad, so it can have a larger market reach than its size would imply. The company does not appear to have a website, so it must rely on traditional means of marketing (such as word of mouth) to expand its client base. Because of this, gaining new clients could be a slow process. We found no negative legal antecedents in the local district court. The company's profitability in 2014 was correct, its short term indebtedness was low and its long term indebtedness was controlled. Because we could not contact the company to verify the information we found, we would suggest requesting guarantees before a credit line is considered.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.01
UK Pound	1	Rs.99.84
Euro	1	Rs.70.16

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ASH

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.