MIRA INFORM REPORT

 

 

Report No. :

333198

Report Date :

31.07.2015

 

IDENTIFICATION DETAILS

 

Name :

COMERTEX SA

 

 

Registered Office :

Cra 17 N. 60-170 Autopista Palenque Chimita Giron  1431 Santander

 

 

Country :

Colombia

 

 

Financials (as on) :

2014

 

 

Date of Incorporation :

07.11.1974

 

 

Legal Form :

Sociedad Anonima

 

 

Line of Business :

Subject provide textile products

 

 

No. of Employee :

150

 

 

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, 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

Ordered as:

COMERTEX SA

Address in the order:

Cra.17 NRO 60 -170 Giron NIT 890.204.797.7

 

 

Legal Name:

COMERTEX SA

Legal Address

CRA 17 N. 60-170 AUTOPISTA PALENQUE CHIMITA

Postal Town

GIRON

Post Code

1431

Primary Geographic Area

SANTANDER

Country

CO

Operative Address

Cra.17 No.60 -170

Autopista Palenque-Chimitá

Girón, Santander.

Mailing Address

CRA 17 N. 60-170 AUTOPISTA PALENQUE CHIMITA, GIRON,SANTANDER

Telephone:

(57-7) 676 0000

NIT :

890.204.797.7

Fax:

(57-7) 676 0000

Legal Form:

Sociedad Anonima

Email:

COMERTEX@COMERTEX.COM.CO

Registered in:

CO

Website:

http://www.comertex.com.co

Date Created:

1974

MANAGERS:

Mr. Adolfo Boteros, Manager

Date Incorporated:

November 7th, 1974

Staff:

150

Stock:

N.A

 

 

Value:

N.A

Activity:

They provide textile products.

 

 

DIRECTORS/MANAGEMENT

 

Management:

Mr. Adolfo Boteros, Manager.

Mr. Ivan Amaya Villegas, Member of Directive Board

Mr. Octavio Botero Machado, Member of Directive Board

Mr. Fernando Botero Machado, Member of Directive Board

 

 

NEGATIVE INFORMATION

 

Legal Filings

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

 

Public

NO

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Shareholders Parent Company(ies):

The subject is a private company. The main shareholders are Fernando Botero Machado, Octavio Botero Machado and Ivan Amaya Villegas.

 

 

PAYMENT INFORMATION

 

Sales are:

Wholesale

 

Clients:

Textile and manufacturer industries.

 

Suppliers:

There is evidence that shows that in April and May 2015 the subject had commercial activities with Vardhman Textiles Limited, from India.

 

There is also evidence that in April 2015 the subject had commercial activities with Spentex Industries Ltd. from India.

 

There is also evidence that shows that in December 2011 the subject had commercial activities with Hispano Mex Logistic, S.A. De C.V, from Mexico.

 

Fabricato

Carrera 50 No 38 - 320, Colombia

Tel: +57 4 448 35 00

Email: contactenos@fabricato.com

 

 

The company imports from India, Pakistan, China, Ecuador

The company exports to Venezuela and Ecuador

 

Trade References:

Fabricato

Carrera 50 No 38 - 320, Colombia

Tel: +57 4 448 35 00

Email: contactenos@fabricato.com

 

The person contacted provided us the following information:

In business with the subject since: 1985

Maximum credit amount granted: USD 3 600 000

Payment terms: 90 Days

Considerations: They are excellent clients and they recomend them.

 

 

PAYMENTS

 

made on a 30 days basis - monitored over the last 12 months

 

DEBT COLLECTIONS AND PAYMENTS

Payments

REGULAR

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

RELATED COMPANIES:

The subject has offices in:

 

Ecuador:

Calle Juan Montalvo No. S3-193

Intersección Rita Lecumberry

Conj. Campani OF.4. Quito

Tel. (593) 958 99 7514

 

Venezuela:

Alfranca Oficina 10

Carretera Ureńa-Cúcuta

Estado Táchira

Tel. (58-416) 5764642 - (58-416) 7157411

 

 

FINANCIAL INFORMATION

 

FINANCIALS - COMMERCIAL TRENDS AND FORECAST

 

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

We have contacted Sandy Vargas who provided us with the following information:

 

 

Currency

DATE

COP

2014

Turnover

159 055 251 682

Operating Income

3 591 319 066

Net Income

2 369 365 608

Current Assets

94 270 285 910

Net worth

60 704 683 574

Liabilities

55 354 961 487

The cash flow is

Normal

 

 

Currency

DATE

COP

2013

Turnover

146 930 000 000

Operating Income

2 333 000 000

Net Income

3 056 000 000

Current Assets

94 882 000 000

Net worth

71 981 000 000

Liabilities

59 016 000 000

The cash flow is

Normal

 

Comments on the financial data: Please find attached a copy of the FS of the company for the year 2013 and 2014. We have transcribed the main figures for a better understanding.

 

 

FINANCIAL SUMMARY

 

Profitability

CORRECT

Indebtedness

LOW

Cash

NORMAL

 

 

 

FOREIGN EXCHANGE RATES

 

N/a

 

 

ADDITIONAL INFORMATION

 

GEOPOLITICS - COLOMBIA

POLITICAL DATA

ECONOMIC DATA

Form of Government: Republic


Economic Risk: Low

Currency: 100,00 COP = 0,0360466 USD

Branch Situation: Stable

 

 

BANKS

Name of the Bank

Davivienda Bank

Comments

This information was verified by the company.

Name of the Bank

Av Villas Bank

Comments

This information was verified by the company.

 

BUSINESS

 

HISTORY

 

COMERTEX SA was established in 1974 in Colombia.

 

 

PRINCIPAL ACTIVITY

They provide textile products.

 

Products/Services description:

They provide shoes, clothes and some home staff. 

 

Brands:

Tru

 

Operations area:

National

 

The subject employs 150 employee(s)

Comments on staff:

This information was verified by the company.

 

LOCATION

Headquarters

Cra.17 No.60 -170

Autopista Palenque-Chimitá

Girón, Santander.

Branches:

The subject does not present branches.

 

Listed at the stock exchange:

NO

 

 

NOTES & COMMENTS

 

Final Opinion

 

COMERTEX SA was established in 1974 in Santander, Colombia. The subject is a private company that operates as a provider of textile products.

There is evidence that in 2011 and 2015 the subject had commercial activities with different Indian and Mexican companies.

The subject has only one location in Colombia but they have offices in Ecuador and Venezuela.

Uding the financial figures of 2013 the subject had a correct profitability, low short term indebtedness and long term indebtedness.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.01

UK Pound

1

Rs.99.83

Euro

1

Rs.70.07

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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.