MIRA INFORM REPORT

Report No. :	323231
Report Date :	01.06.2015

IDENTIFICATION DETAILS

Name :	COATS CADENA ANDINA SA
Registered Office :	Avenida Santander No. 5E-87, Pereira
Country :	Colombia
Date of Incorporation :	26.08.2011
Legal Form :	Sociedad Anonima
Line of Business :	The company offers sewing products, linens, textile thread sand other related products.
No. of Employees :	250

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 :	Unknown
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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:	Coats Cadena SA
Address in the order:	Avenida Santander No 5E-87 Pereira
Legal Name:	COATS CADENA ANDINA SA
Legal Address	Avenida Santander No. 5E-87
Postal Town	Pereira
Post Code	N.A.
Primary Geographic Area	Risaralda
Country	CO
Operative Address	Avenida Santander No. 5E-87 Pereira, Risaralda Colombia
Telephone:	+57 6 339 82 00	NIT :	890900265
Fax:	+57 6 331 44 15	Legal Form:	Sociedad Anonima
Email:	cadena.colombia@coats.com	Registered in:	CO
Website:	http://www.coatscadena.com.co	Date Created:	1977
MANAGERS:	Juan Gil, President	Date Incorporated:	August 26th, 2011
Staff:	250	Stock:	N.A.
		Value:	N.A.
Activity:	Textile solutions.

DIRECTORS/MANAGEMENT

Management:

Juan Manuel Gil, President

Marco Igor de Camargo, VP

Carlos Eduardo López Yañez, Director

Horacio Beccar Varela, Director

Ricardo Vicente Seeber, Director

Carlos Alberto Aristizabal Chica, Project Manager

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 company is privately held.

Mr Gil is among the main shareholders.

PAYMENT INFORMATION

Sales are:

Wholesale

Clients:

Resellers, manufacturing companies, distributors.

Suppliers:

Performance Fibers Gmbh, Germany

The company imports from Germany

Trade References:

They were not provided by the company.

DEBT COLLECTIONS AND PAYMENTS
Payments	REGULAR

GROUP STRUCTURE & AFFILIATED COMPANIES

RELATED COMPANIES:

Subsidiaries;

Coats Cadena Ecuador

Coats Cadena Venezuela

FINANCIAL INFORMATION

FINANCIALS - COMMERCIAL TRENDS AND FORECAST

Please find enclosed the financial statements.

We could not reach the company.

Currency	DATE
COP	2013
Turnover	68 398 213 000
Operating Income	8 298 882 000
Net Income	4 549 788 000
Current Assets	31 089 012 000
Non-Current Assets	34 664 338 000
Net wort	43 028 217 000
Liabilities	22 725 133 000
Total assets	65 758 350 000

FINANCIAL SUMMARY
Profitability	GOOD
Indebtedness	LOW
Cash	NORMAL

Coats Cadena Andina SA - Financial Statement - 2013
Currency is COP. Numbers are in thousand.
NIT	RAZON SOCIAL	MACROSECTOR	SECTOR	CIIU v 3	DEPARTAMENTO	CIUDAD	1105 CAJA
890900265	COATS CADENA ANDINA S.A.	MANUFACTURERO	FABRICACION DE TELAS Y ACTIVIDADES RELACIONADAS	D1710	RISARALDA	#NAME?	37,184

1110 BANCOS	1115 REMESAS EN TRANSITO	1120 CUENTAS DE AHORRO	1125 FONDOS	11 SUBTOTAL DISPONIBLE	12 INVERSIONES	1305 CLIENTES	1310 CUENTAS CORRIENTES COMERCIALES CP
1,375,613				1,412,797	7,748,842	10,024,035	6,642,565

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	1328 APORTES POR COBRAR CP	1330 ANTICIPOS Y AVANCES CP	1332 CUENTAS DE OPERACION CONJUNTA CP	1335 DEPOSITOS CP
0	0	0	0	0	128,204	0	0

1340 PROMESAS DE COMPRAVENTA CP	1345 INGRESOS POR COBRAR CP	1350 RETENCION SOBRE CONTRATOS CP	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
0	438	0	195,141	0	81,040	0	1,203

1385 DERECHOS DE RECOMP DE CART NEGOCIADA CP	1390 DEUDAS DE DIFICIL COBRO CP	1399 PROVISIONES CP	13 SUBTOTAL DEUDORES CP	1405 MATERIAS PRIMAS	1410 PRODUCTOS EN PROCESO	1415 OBRAS DE CONSTRUEN CURSO	1417 OBRAS DE URBANISMO
0	0	4,113,581	12,959,045	2,373,556	2,998,705	0	0

1420 CONTRATOS EN EJECUCION CP	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
			1,762,795	1,541,962	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	1715 COSTOS DE EXPLORACION POR AMORTIZAR CP
32,049	39,895	461,192	255,210	8,954,944	13,384

1720 COSTOS DE EXPLOTACION Y DESARROLLO CP	1730 CARGOS POR CORRECCION MONETARIA DIFERIDA CP	1798 AMORTIZACION ACUMULADA CP	17 SUBTOTAL DIFERIDO CP	Current Assets	12 INVERSIONES	1305 CLIENTES	1310 CUENTAS CORRIENTES COMERCIALES
			13,384	31,089,012	0	0	0

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	1332 CUENTAS DE OPERACION CONJUNTA	1335 DEPOSITOS	1340 PROMESAS DE COMPRAVENTA	1345 INGRESOS POR COBRAR
0	0	0	0	0	0	0	0	0

1350 RETENCION SOBRE CONTRATOS	1355 ANTICIPO DE IMPTOS Y CONTRIB O SALDOS A FAVOR	1360 RECLAMACIONES	1365 CUENTAS POR COBRAR A TRABAJADORES	1370 PRESTAMOS A PARTICULARES	1380 DEUDORES VARIOS	1385 DERECHOS DE RECOMP DE CART NEGOCIADA
0	0	0	208,242	0	0	0

1390 DEUDAS DE DIFICIL COBRO	1399 PROVISIONES	13 SUBTOTAL DEUDORES A LARGO PLAZO	15 PROPIEDADES PLANTA Y EQUIPO	1605 CREDITO MERCANTIL	1610 MARCAS	1615 PATENTES	1620 CONCESIONES Y FRANQUICIAS
0	0	208,242	7,010,226

1625 DERECHOS	1630 KNOW HOW	1635 LICENCIAS	1698 AMORTIZACION ACUMULADA	1699 PROVISIONES	16 SUBTOTAL INTANGIBLES	1705 GASTOS PAGADOS POR ANTICIPADO	1710 CARGOS DIFERIDOS
					0		304,006

1715 COSTOS DE EXPLORACION POR AMORTIZAR	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
				304,006		3,036

18 SUBTOTAL OTROS ACTIVOS	1905 DE INVERSIONES	1910 DE PROPIEDADES PLANTA Y EQUIPO	1995 DE OTROS ACTIVOS	19 SUBTOTAL VALORIZACIONES	Non Current Assets	Total Assets	21 OBLIGACIONES FINANCIERAS CP
3,036		27,138,828		27,138,828	34,664,338	65,753,350	3,179,270

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	2335 COSTOS Y GASTOS POR PAGAR CP	2340 INSTALAMENTOS POR PAGAR CP
6,347,040						1,591,863

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	2365 RETENCION EN LA FUENTE CP	2367 IMPUESTO A LAS VENTAS RETENIDO CP	2368 IMPUESTO DE INDUSTRIA Y COMERCIO RETENIDO CP
	413,414				94,711	29,691	1,181

2370 RETENCIONES Y APORTES DE NOMINA CP	2375 CUOTAS POR DEVOLVER	2380 ACREEDORES CP	23 SUBTOTAL CUENTAS POR PAGAR CP	24 IMPUESTOS GRAVAMENES Y TASAS CP	25 OBLIGACIONES LABORALES CP	2605 PARA COSTOS Y GASTOS CP	2610 PARA OBLIGACIONES LABORALES CP
76,176		3,859	2,210,895	2,601,466	2,323,502	372,485	36,232

2615 PARA OBLIGACIONES FISCALES CP	2620 PENSIONES DE JUBILACION CP	2625 PARA OBRAS DE URBANISMO CP	2630 PARA MANTENIMIENTO Y REPARACIONES CP	2635 PARA CONTINGENCIAS CP
35,978	0			500,000

2640 PARA OBLIGACIONES DE GARANTIAS CP	2695 PROVISIONES DIVERSAS CP	26 SUBTOTAL PASIVOS ESTIMAD Y PROVIS CP
		944,695

27 DIFERIDOS CP	2805 ANTICIPOS Y AVANCES RECIBIDOS CP	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
		394,063

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
		394,063				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	2320 A CONTRATISTAS
0	18,000,931	0	0

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	2615 PARA OBLIGACIONES FISCALES	2620 PENSIONES DE JUBILACION LP	2625 PARA OBRAS DE URBANISMO
0						4,724,202

2635 PARA CONTINGENCIAS	2640 PARA OBLIGACIONES DE GARANTIAS	2695 PROVISIONES DIVERSAS	26 SUBTOTAL PASIVOS ESTIMAD Y PROVIS	2705 INGRESOS RECIBIDOS POR ANTICIPADO	2710 ABONOS DIFERIDOS	2715 UTILIDAD DIFERIDA EN VENTAS A PLAZOS	2720 CREDITO POR CORRECCION MONETARIA DIFERIDA
			4,724,202

2725 IMPUESTOS DIFERIDOS	27 SUBTOTAL DIFERIDOS	2805 AVANCES Y ANTICIPOS RECIBIDOS	2810 DEPOSITOS RECIBIDOS	2815 INGRESOS RECIBIDOS PARA TERCEROS	2820 CUENTAS DE OPERACION CONJUNTA	2825 RETENCIONES A TERCEROS SOBRE CONTRATOS	2835 ACREEDORES DEL SISTEMA LP
	0

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
		0				0	0

29 SUBTOTAL BONOS Y PAPELES COMERCIA	TOTAL PASIVO NO CORRIENTE	Liabilities	3105 CAPITAL SUSCRITO Y PAGADO	3115 APORTES SOCIALES	3120 CAPITAL ASIGNADO	3125 INVERSION SUPLEMENTARIA AL CAPITAL ASIGNADO	3130 CAPITAL DE PERSONAS NATURALES
0	4,724,202	22,725,133	462,176

3135 APORTES DEL ESTADO	3140 FONDO SOCIAL	31 SUBTOTAL CAPITAL SOCIAL	3205 PRIMA EN COLOACCUOTAS O PARTES DE INT SOCIAL	3210 DONACIONES	3215 CREDITO MERCANTIL	3220 KNOW HOW	3225 SUPERAVIT METODO DE PARTICIPACION
		462,176	5,791,268

32 SUBTOTAL SUPERAVIT DE CAPITAL	33 RESERVAS	34 REVALORIZACION DEL PATRIMONIO	35 DIVIDEN O PARTDECRET EN ACO CUOTAS	36 RESULTADOS DEL EJERCICIO	3705 UTILIDADES ACUMULADAS	3710 PERDIDAS ACUMULADAS	37 RESULTADOS DE EJERCICIOS ANTERIORES
5,791,268	4,988,149	98,008		4,549,788			0

38 SUPERAVIT POR VALORIZACIONES	Net Worth	TOTAL PASIVO Y PATRIMONIO	81 DERECHOS CONTINGENTES	82 DEUDORAS FISCALES	83 DEUDORAS DE CONTROL
27,138,828	43,028,217	65,753,350		26,468,934	31,006,218

9 CUENTAS DE ORDEN ACREEDORAS POR CONTRA	91 RESPONSABILIDADES CONTINGENTES	92 ACREEDORAS FISCALES	93 ACREEDORAS DE CONTROL	8 CTAS DE ORDEN DEUDORAS POR CONTRA
936,896	936,896			57,475,152

NIT	RAZON SOCIAL	MACROSECTOR	SECTOR	CIIU v 3	DEPARTAMENTO	Revenue	61 MENOS COSTO DE VENTAS Y DE PRESTACION DE SERVICIOS
890900265	COATS CADENA ANDINA S.A.	MANUFACTURERO	FABRICACION DE TELAS Y ACTIVIDADES RELACIONADAS	D1710	RISARALDA	68,398,213	41,368,080

UTILIDAD BRUTA	51 MENOS GASTOS OPERACIONALES DE ADMINISTRACION	52 MENOS GASTOS OPERACIONALES DE VENTAS	Operating Income	42 MAS INGRESOS NO OPERACIONALES	53 MENOS GASTOS NO OPERACIONALES
27,030,133	6,151,327	12,579,924	8,298,882	2,609,294	3,871,095

UTILIDAD ANTES DE IMPUESTOS	54 MENOS IMPUESTO DE RENTA Y COMPLEMENTARIOS	Net income
7,037,081	2,487,293	4,549,788

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

GEOPOLITICS - COLOMBIA
POLITICAL DATA	ECONOMIC DATA
Form of Government: Republic Economic Risk: Low	Currency: 1.00 USD = 2,561.96 COP Branch Situation:Stable

BANKS
Name of the Bank	Bancolombia
Comments	This information was not verified with the company.

BUSINESS

HISTORY

The company was incorporated in 2011 in Colombia. It was originally created in 1977.

It is located in Pereira.

PRINCIPAL ACTIVITY

Textile solutions.

Products/Services description:

The company offers sewing products, linens, textile thread sand other related products.

Operations area:

National, International

The subject employs 250 employee(s)

Comments on staff:

This information was not verified with the company, it comes from an estimation based on third sources.

LOCATION

Headquarters

Avenida Santander No. 5E-87

Pereira

Colombia

Branches:

No branches were located.

NOTES & COMMENTS

Final Opinion

This is a medium company located and incorporated in Colombia.

It was created in 1977, therefore it has 38 years of experience.

The company has around 250 employees.

It produces textile, sewing products, threads and other related.

The latest financials show a good profitability and low liabilities.

The company has subsidiaries in Ecuador and Venezuela.

The company is legally registered and in Good Standing.

We did not find any detrimental legal.

According to its size, activity, experience and volume, we suggest a credit line for USD 300 000.

APPENDIX

Comments

We attempted reaching the company several times but the general phone number was unattended. We have left a voice message which has gone unanswered.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.97.80
Euro	1	Rs.69.91

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

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.