MIRA INFORM REPORT

Report No. :	321618
Report Date :	19.05.2015

IDENTIFICATION DETAILS

Name :	CABARRIA IQA SA
Registered Office :	Vereda Chuntame El Cortijo, Cajica
Country :	Colombia
Date of Incorporation :	1951
Legal Form :	Joint Stock Company
Line of Business :	Subject is manufacturing of industrial organic chemicals
No. of Employee :	90

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 – 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

STATUTORY INFORMATION
Order:	Cabarria IQA SA
Address in the order:	KM 6 Via Cajica - Zipaquira Colombia
Legal Name:	CABARRIA IQA SA
Trade Name:	CABARRIA
NIT:	860001978-2
Date Created:	1951
Date Incorporated:	1951
Legal Address:	Vereda Chuntame El Cortijo
	Cajica
	Colombia
Operative Address:	Vereda Chuntame El Cortijo
	Cajica
	Colombia
Telephone:	57-13190100
Fax:	57-13190100
Legal Form:	Joint Stock Company
Email:	luvalbuena@cabarria.com
Registered in:	Colombia
Website:	www.cabarriaiqa.com
Contact:	ECHAVARRIA OLANO ALVARO ANDRES
Staff:	90
Activity:	Manufacture of chemicals and chemical products
BANKS BANCOLOMBIA
	The company was founded in 1938 to serve the Colombian industry, importing and selling raw materials.
HISTORY
Cabarria Iqa S A was founded in 1951.
PRINCIPAL ACTIVITY
The company's line of business includes the manufacturing of industrial organic chemicals.
Products/Services description:	Refrigeration and Air Conditioning
	Plastics
	Covering
	Farma
	Cosmetics
	Foods
	Graphic Arts
Brands:	SETHNESS CARAMEL COLOR
	SPI PHARMA
	ABEZETA
	ASAHI
	DOW
Sales are:	Wholesale
Clients:	AGRO INDUSTRIAL PARAMONGA SAA
	Peru
	CIA CERVECERA AMBEV ECUADOR
	Ecuador
	CERVECERIA NACIONAL
	PANAMA
Suppliers:	QUIMOBASICOS, S.A. DE C.V
	Mexico
	SINOCHEM NINGBO LTD
	China
Operations area:	National and International
The company imports from	Mexico, China
The company exports to	Panama
The subject employs	90 employees
Payments:	Regular
LOCATION
Headquarters :	Vereda Chuntame El Cortijo
	Cajica
	Colombia
Branches:	Branch BARRANQUILLA, ATLÁNTICO
	Vía 40 No. 85-560 Bd 30
	Teléfono: (57-5) 355 3940
	Branch CALI, VALLE DEL CAUCA
	Calle 56 No. 5N 65 Bodega 6
	Teléfono: (57-2) 430 6177
	Branch MEDELLÍN, ANTIOQUIA
	Carrera 47F No. 81 Sur 29 Parque Industrial
	del Sur, Sabaneta
	Teléfono: (57-4) 301 0198 – (57-4) 301 9283
Industry:	Companies in this industry manufacture gases, dyes and pigments, chlorine and caustic soda, sulfuric and nitric acids, and organic chemicals.
	Demand depends on the overall strength of the economy, because most industrial chemicals are used in the manufacture of more-complicated products like fibers, plastics, paints, and paper. The profitability of individual companies is closely linked to efficient operations, because most products are commodities. Big producers have large economies of scale in production, which is why some chemicals are made by just a handful of companies. Small companies can compete effectively by making specialized or highly-purified products.
	Industrial chemicals include gases like oxygen and nitrogen, dyes and pigments, chlorine and caustic soda, sulfuric and nitric acids, and thousands of organic chemicals. Unlike advanced chemicals that are manufactured through complicated chemical reactions, most industrial chemicals are made by extraction and purification from natural substances, including minerals, natural gas, petroleum, plants, air, and water. Oxygen and nitrogen gas are made by freezing air, phosphates from marine deposits, ethanol by fermenting corn, chlorine from salt water, and a large number of chemicals are made by boiling petroleum.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:
Management:	PRESIDENT, ECHAVARRIA OLANO ALVARO ANDRES
	GENERAL MANAGER, VALBUENA SANCHEZ LUISA FERNANDA
	COMMERCIAL MANAGER, VALBUENA SANCHEZ LUISA FERNANDA
	Dolly Enith Letrado Estevez, Manager
Related Companies:	The company does not have subsidiaries
FINANCIAL INFORMATION
This is a private company which does not make its financial statements public. The following data has been provided by outside sources.
Imports FOB DOLLAR
Revenue	12 496 000
Net Income	307 000
Total Equity	3 054 900
2011
LEGAL FILINGS
REVIEW
Requested Credit Amount	Maximum
About Review:
RR1: Fully Approved	The company is well established and in good situation.
RR2: Approved	Credit dealings approved.
RR3: Marginal +	Business dealings approved +suggested monitoring.
RR4: Marginal -	Low credit suggested + highly suggested monitoring
RR5: Unsatisfactory	No credit line suggested + monitoring the company
Neg: Negative	The company does not exist
SUMMARY
	The company's line of business includes the manufacturing of industrial organic chemicals.
	It has more than 60 years of experience in the market with a medium sized structure and no negative.
	Its profitability is positive.
RISK INFORMATION
DEBTS	CONTROLLED
PAYMENTS	REGULAR
CASH FLOW	NORMAL
STATUS	ACTIVE
ENTERVIEW
NAME	Claudia
POSITION	Adminsitrative
COMMENTS	She confirme address and activity. She refised to confirm more data on the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.55
UK Pound	1	Rs.99.86
Euro	1	Rs.72.67

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%)

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