MIRA INFORM REPORT

Report No. :	344998
Report Date :	17.10.2015

IDENTIFICATION DETAILS

Name :	CONSORCIO ABUCHAIBE SAS
Registered Office :	Calle 76 # 70-34, Barranquilla, Atlantico
Country :	Colombia
Financials (as on) :	2014
Date of Incorporation :	24.10.1988
Legal Form :	Sociedad Anonima Simplificada
Line of Business :	Textile Manufacturing Company.
No. of Employees :	95

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	B2	B2

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:	CONSORCIO ABUCHAIBE SAS
Address in the order:	Calle 76 # 70-34, Barranquilla
Legal Name:	Consorcio Abuchaibe Sas
Legal Address	Calle 76 N° 70 - 34
Postal Town	Barranquilla
Post Code	N.A.
Primary Geographic Area	Atlantico
Country	CO
Operative Address	Calle 76 No. 70 - 34 Barranquilla, Atlántico
Telephone:	+57 5 353 1019	NIT :	800048373
Fax:	+57 5 353 1019	Legal Form:	Sociedad Anonima Simplificada
Email:	info@consorcioabuchaibe.com	Registered in:	CO
Website:	http://www.consorcioabuchaibe.com	Date Created:	1988
Manager:	Nicolas Elias Abuchaibe Slebi, Manager	Date Incorporated:	October 24th, 1988
Staff:	95	Stock:	N.A.
		Value:	N.A.
Activity:	Textile manufacturing company

DIRECTORS/MANAGEMENT

Management:
	Nicolas Elias Abuchaibe Slebi, Manager Gabriel Jorge Abuchaibe Slebi, Legal representative Jousette Maria Abuchaide de Abudinem, Legal representative Norberto Cueto Almeida, Comptroller Luis Felipe Estrada Vidal, 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 shareholders of the Abuchaibe family.

PAYMENT INFORMATION

PAYMENTS
	Regular

DEBT COLLECTIONS AND PAYMENTS
Public	NO
Payments	REGULAR

GROUP STRUCTURE & AFFILIATED COMPANIES

N/A

FINANCIAL INFORMATION

FINANCIALS - COMMERCIAL TRENDS AND FORECAST

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

We have contacted Erica Rochero, Receptionist, who refused to provide us any financial data on grounds of confidentiality.

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	8 678 925 000
Operating Income	618 682 000
Net Income	410 454 000
Current Assets	12 986 356 000
Non-Current Assets	5 376 240 000
Net worth	12 637 774 000
Liabilities	5 724 822 000
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	LOW
Cash	GOOD

Income Statement 2014 (all numbers in thousands of COP)
NIT	RAZON SOCIAL	41 INGRESOS OPERACIONALES	61 MENOS COSTO DE VENTAS Y DE PRESTACION DE SERVICIOS	UTILIDAD BRUTA	51 MENOS GASTOS OPERACIONALES DE ADMINISTRACION
800048373	CONSORCIO ABUCHAIBE S.A.	8678925	6614395	2064530	739984

52 MENOS GASTOS OPERACIONALES DE VENTAS	UTILIDAD OPERACIONAL	42 MAS INGRESOS NO OPERACIONALES	53 MENOS GASTOS NO OPERACIONALES
705864	618682	314706	287109

UTILIDAD ANTES DE IMPUESTOS	47 AJUSTES POR INFLACION	54 MENOS IMPUESTO DE RENTA Y COMPLEMENTARIOS	59 GANANCIAS Y PERDIDAS
646279		235825	410454

Balance sheet 2014 (all numbers in thousands of COP)
NIT	RAZON SOCIAL	CIIU V4a.C	DESCRIPCION CIIU	SECTOR	DEPARTAMENTO
800048373	CONSORCIO ABUCHAIBE S.A.	C1313	Acabado de productos textiles	PRODUCTOS TEXTILES	ATLANTICO

1105 CAJA	1110 BANCOS	1115 REMESAS EN TRANSITO	1120 CUENTAS DE AHORRO	1125 FONDOS	11 SUBTOTAL DISPONIBLE
6436	583276		1101438		1691150

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
2928144	2357596	9483	0	0	0

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	1340 PROMESAS DE COMPRAVENTA CP
97900	0	1778	0	0	0

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
0	0	346335	0	0	0

1380 DEUDORES VARIOS CP	1385 DERECHOS DE RECOMP DE CART NEGOCIADA CP	1390 DEUDAS DE DIFICIL COBRO CP	1399 PROVISIONES CP	13 SUBTOTAL DEUDORES CP	1405 MATERIAS PRIMAS
0	0	0	98944	2714148	610678

1410 PRODUCTOS EN PROCESO	1415 OBRAS DE CONSTRUC EN CURSO	1417 OBRAS DE URBANISMO	1420 CONTRATOS EN EJECUCION CP	1425 CULTIVOS EN DESARROLLO CP	1428 PLANTACIONES AGRICOLAS CP
1828564	0	0

1430 PRODUCTOS TERMINADOS	1435 MERCANCIAS NO FABRICADAS POR LA EMPRESA	1440 BIENES RAICES PARA LA VENTA	1445 SEMOVIENTES CP	1450 TERRENOS	1455 MATERIALES REPUESTOS Y ACCESORIOS CP
855178	191702	0		0	179555

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
	1987237		5652914

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
				0	12986356

12 INVERSIONES	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
0	0	0	0	0	0

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	1345 INGRESOS POR COBRAR

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
0	0	0	0	0	0

1385 DERECHOS DE RECOMP DE CART NEGOCIADA	1390 DEUDAS DE DIFICIL COBRO	1399 PROVISIONES	13 SUBTOTAL DEUDORES A LARGO PLAZO	15 PROPIEDADES PLANTA Y EQUIPO	1605 CREDITO MERCANTIL
0	0	0	0	706473

1610 MARCAS

1615 PATENTES

1620 CONCESIONES Y FRANQUICIAS

1625 DERECHOS

1630 KNOW HOW

1635 LICENCIAS

1698 AMORTIZACION ACUMULADA	1699 PROVISIONES	16 SUBTOTAL INTANGIBLES	1705 GASTOS PAGADOS POR ANTICIPADO	1710 CARGOS DIFERIDOS	1715 COSTOS DE EXPLORACION POR AMORTIZAR
		0

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
			0

1899 PROVISIONES	18 SUBTOTAL OTROS ACTIVOS	1905 DE INVERSIONES	1910 DE PROPIEDADES PLANTA Y EQUIPO	1995 DE OTROS ACTIVOS	19 SUBTOTAL VALORIZACIONES
	0		4669767		4669767

TOTAL ACTIVO NO CORRIENTE	TOTAL ACTIVO	21 OBLIGACIONES FINANCIERAS CP	22 PROVEEDORES CP	2305 CUENTAS CORRIENTES COMERCIALES CP	2310 A CASA MATRIZ CP
5376240	18362596	2591102	1204208	21132

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		2345 ACREEDORES OFICIALES CP
1304433						148972			115476
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
								16372		1490

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	24 IMPUESTOS GRAVAMENES Y TASAS CP
1084	17094		24899	1650952	21859

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
			235825	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
				235825

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
	20876

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
			20876

2915 PAPELES COMERCIALES CP	2920 BONOS PENSIONALES CP	2925 TITULOS PENSIONALES CP	29 SUBTOTAL BONOS Y PAPELES COMERCIA CP	TOTAL PASIVO CORRIENTE	21 OBLIGACIONES FINANCIERAS
	0	0	0	5724822	0

22 PROVEEDORES LP	2305 CUENTAS CORRIENTES COMERCIALES	2310 A CASA MATRIZ	2315 A COMPANNIAS VINCULADAS	2320 A CONTRATISTAS	2335 COSTOS Y GASTOS POR PAGAR
0

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
	0

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	2725 IMPUESTOS DIFERIDOS
0

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
0

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
			0

2915 PAPELES COMERCIALES	2920 BONOS PENSIONALES LP	2925 TITULOS PENSIONALES LP	29 SUBTOTAL BONOS Y PAPELES COMERCIA	TOTAL PASIVO NO CORRIENTE	TOTAL PASIVO
	0	0	0	0	5724822

3105 CAPITAL SUSCRITO Y PAGADO	3115 APORTES SOCIALES	3120 CAPITAL ASIGNADO	3125 INVERSION SUPLEMENTARIA AL CAPITAL ASIGNADO	3130 CAPITAL DE PERSONAS NATURALES	3135 APORTES DEL ESTADO
56000

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
	56000	6810237

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
	6810237	26696	664620		410454

3705 UTILIDADES ACUMULADAS	3710 PERDIDAS ACUMULADAS	37 RESULTADOS DE EJERCICIOS ANTERIORES	38 SUPERAVIT POR VALORIZACIONES	TOTAL PATRIMONIO	TOTAL PASIVO Y PATRIMONIO
		0	4669767	12637774	18362596

81 DERECHOS CONTINGENTES	82 DEUDORAS FISCALES	83 DEUDORAS DE CONTROL	9 CUENTAS DE ORDEN ACREEDORAS POR CONTRA	91 RESPONSABILIDADES CONTINGENTES	92 ACREEDORAS FISCALES
			0

93 ACREEDORAS DE CONTROL	8 CTAS DE ORDEN DEUDORAS POR CONTRA
	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 = 2.879,27 COP Branch Situation:Stable

BANKS
Name of the Bank	Bancolombia
Comments	This information was not verified by the company.
BUSINESS HISTORY
	The company was created in 1988.
PRINCIPAL ACTIVITY
	Textile manufacturing company
Products/Services description:
	Hammocks, lingerie, confection and pants
Sales are:
	Wholesale
Brands:
	BlueNote, Gavallini, Gino Gabuchi, Optimo, Telary
Clients:
	Professionals of industry such as: Atc Apparreal Trading Company (USA)
Suppliers:
	Colimtex SL (Spain)
Operations area:
	National, International
The company imports from Spain
Trade References:
	It was not possible to obtain trade references for this subject.
The subject employs 95 employee(s)
Comments on staff:
	This information was not verified by the company.
LOCATION
Headquarters
	Calle 76 No. 70 - 34 Barranquilla, Atlántico
Comments on location:
	This information was not verified by the company.
Branches:
	The company does not report any branches.

NOTES & COMMENTS

Final Opinion
	This is a small sized Colombian company that has been in operations since 1988. The company manufactures textile products. The company imports from abroad, so its future prospects will be tied to the ease of bringing those products into the country. The company also exports abroad, so it can have a much larger market reach than its size would imply. We found no legal filings against the company.

APPENDIX
Person Interviewed
	Erica Rochero
Position
	Receptionist
Comments
	Ms. Erica stated the company does not provide any company data due to confidentiality.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.97
UK Pound	1	Rs.100.55
Euro	1	Rs.73.99

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TPT

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.