MIRA INFORM REPORT

Report No. :	485078
Report Date :	09.01.2018

IDENTIFICATION DETAILS

Name :	MANUFACTURAS ELIOT S.A.S.
Registered Office :	CL 18A 69B 06, Bogota D.C.
Country :	Colombia
Financials (as on) :	31.12.2016
Date of Incorporation :	1957
Legal Form :	Sociedades Por Acciones Simplificadas Sas
Line of Business :	Subject is a large organization in the men's and boy's apparel wholesale and manufacturers industry located in Bogota, Colombia.
No. of Employees :	4,086

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Colombia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

COLOMBIA - ECONOMIC OVERVIEW

Colombia’s economy benefits from free trade and sound fiscal policies but it has slowed in 2016 because of falling global oil prices, a strong dollar, and moderate inflation. Colombia heavily depends on energy and mining exports, making it vulnerable to a drop in commodity prices. Colombia is the world's fourth largest coal exporter, the world’s second largest coffee and cut flowers exporter, and Latin America’s fourth largest oil producer. Economic development is hampered by inadequate infrastructure, poverty, narcotrafficking, and an uncertain security situation.

Although real GDP growth averaged 4.7% for the past decade, growth fell to 2.0% in 2016. The El Nino weather pattern in early 2016 and a 40-day truckers strike caused food and energy prices to rise, with inflation spiking to a high of nearly 9% in July 2016. Declining oil prices have reduced government revenues. Colombia received about $1 billion in oil revenue in 2016, compared with $6 billion in 2014; oil accounts for 20% of government revenues. President Juan Manuel SANTOS signed into law a tax reform bill in December 2016 aimed at offsetting lost revenue from the drop in oil prices by decreasing corporate taxes to incentivize investment and by increasing the value added tax. The enactment of the tax reform bill was key to maintaining Colombia’s BBB investment-grade credit rating. Foreign investment has been hampered by Colombia’s struggle to address its fiscal problems. As of September 2016, FDI in Colombia had risen to $10.2 billion, up from $9.3 billion over the same period in 2015.

Colombia has signed or is negotiating Free Trade Agreements (FTA) with more than a dozen countries; the US-Colombia FTA went into force in May 2012. The US and Colombia have benefitted from the FTA, but Colombia’s ability to take full advantage of its enhanced access to American markets continues to be constrained by lack of export diversification. Non-tariff measures remain a point of contention for bilateral trade relations. The Colombian government acted in 2016 to address several bilateral trade irritants with the US, including truck scrappage, distilled spirits, pharmaceuticals, ethanol imports, and labor rights. US and industry stakeholders are still evaluating the implementation of recent reforms. Colombia is a founding member of the Pacific Alliance - a regional trade block formed in 2012 by Chile, Colombia, Mexico, and Peru to promote regional trade and economic integration. In 2013, Colombia began its accession process to the Organization for Economic Cooperation and Development.

Source : CIA

STATUTORY INFORMATION

Legal Name:

MANUFACTURAS ELIOT S.A.S.

Trade Name:

PAT PRIMO

NIT

860000452-6

Date created:

1957

Date Incorporated:

1972/04/04

Legal Address:

Cl 18A 69B 06

Bogota D.C.

Colombia

Operative Address:

Cl 18A 69B 06

Bogota D.C.

Colombia

Telephone:

+57-14055252

Fax:

+57-1405525

Legal Form:

Sociedades Por Acciones Simplificadas Sas

Email:

José Douer Ambar: jgarcia@patprimo.com.co

Registered in:

COLOMBIA

Website:

www.patprimo.com

Contact:

José Douer Ambar, Legal Representative and President

Staff:

4,086

Industry:

1410 Manufacture of clothing, except fur garments

BANKS

BANCOLOMBIA

The company does not disclose its banking details.

HISTORY

The company was founded in 1957.

Key Developments 

In 1992, it began export operations to the markets of Venezuela and Ecuador.

PRINCIPAL ACTIVITY

Founded in 1957, Manufacturas Eliot S A S is a large organization in the men's and boy's apparel wholesale and manufacturers industry located in Bogota, Colombia.

Products/Services description:

Manufacturas Eliot is an industrial and commercial textile and apparel company with more than 50 years of experience in the market.

PRODUCTS:

NEW WOMAN COLLECTION

Basics

Blouses

Tshirts

Poles

Sacks and Divers

Jackets

Pajamas

Sports

Dresses

Skirts

Pants

Jeans

Leggings

Bermuda

Socks

ACCESSORIES

Shoes

Jewelry

Bags and wallets

Glasses

Other Accessories

NEW MEN COLLECTION

Basics

Shirts

Tshirts

Poles

Guayaberas

Sacks and Divers

Jackets

Sports

Pants

Jeans

Bermuda

Boxers and shorts

Interior shirt

Socks

Pajamas

ACCESSORIES

Shoes

accessories

LARGE SIZES

News

Blouses

Tshirts

Poles

Sacks and Divers

Pants

Jeans

Leggings

Bermuda

Dresses

Skirts

ACCESSORIES

Shoes

Jewelry

Bags and wallets

Glasses

Other Accessories

Brands:

Facol

Seven-Seven

Sales are:

Wholesale

Clients:

Pat Primo Mexico S.A. De C.V.

Mexico

Pat Primo Ecuador S.A.

Ecuador

JOSE ESCALANTE BALCAZAR

Bolivia

Casa Trebols Ltda

Bolivia

Borden Sac

Peru

Suppliers:

ENTRETELAS BRINCO SA

Mexico

TEXVISTA INTERNATIONAL PTE., LTD.

Singapore

Nagreeka Exports Ltd.

India

Texvista International Pte Ltd.

China

Operations area:

National and International

The company imports from

Mexico, Singapore, India and China

The company exports to

Worlwide. The company exports to countries such as Ecuador, Peru, Mexico, Guatemala, Honduras, Salvador, Costa Rica, Dominican Republic and Bolivia.

The subject employs

4,086 employees

Payments:

Regular

LOCATION

Headquarters :

CL 18A 69B 06

BOGOTA D.C.

COLOMBIA

Branches:

Name	Chamber of Commerce	Registration	Type
ALMACEN PAT PRIMO	BUCARAMANGA	9000083811	Establishment
ALMACEN PAT PRIMO	BUCARAMANGA	9000101926	Establishment
BUCARAMANGA CABECERA 2	BUCARAMANGA	9000188748	Establishment
PAT PRIMO	BUCARAMANGA	9000078963	Establishment
PAT PRIMO CALI 3	CALI	779001	Establishment
PAT PRIMO CALI 4	CALI	779002	Establishment
MANUFACTURAS ELIOT	BOGOTA	13936	Establishment
MANUFACTURAS ELIOT CL 19	BOGOTA	2392478	Establishment
MANUFACTURAS ELIOT S A COTA	BOGOTA	2317854	Establishment
M.E. PATPRIMO 261 ISTMINA	CHOCÓ	4790602	Establishment
PALMETO PLAZA	CALI	794898	Establishment
PAT PRIMO	TUNJA	45986	Agency
PAT PRIMO CARTAGENA I	CARTAGENA	20596702	Establishment
PAT PRIMO CARTAGENA II	CARTAGENA	20596602	Establishment
PAT PRIMO LIMONAR	CALI	815482	Establishment
PAT PRIMO PALMETO 2	CALI	815481	Establishment
PAT PRIMO UNICENTRO CALI	CALI	744799	Establishment
PAT PRIMO UNICENTRO CALI 2	CALI	759663	Establishment
PAT PRIMO	BARRANQUILLA	393110	Establishment
PAT PRIMO	BARRANQUILLA	393111	Establishment
PAT PRIMO	BARRANQUILLA	393112	Establishment

Related Companies:

Pat Primo Mexico S.A. De C.V.

Mexico

Pat Primo Ecuador S.A.

Ecuador

Seven Seven

Calle 18a # 69b – 06

Colombia

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

Listed at the stock exchange:

NA

Capital:

COP 962,950

Shareholders:

This is a private company. We could not confirm major holders.

Management:

José Douer Ambar, Legal Representative

Alberto Douer Mishaan, Alternate Legal Representative

Fernando Molano Alvarez, Fiscal Reviewer

Adiela Castro Ospina, Supportive Fiscal Reviewer

German Hugo Casas Vera, Main Board Of Directors

Eduardo Oyuela Zea, Board Of Directors

Enrique Villegas Hernandez, Main Board Of Directors

Horacio De Jesus Taborda Palacio, Alternate Board Of Directors

Maria Lilia Taborda Palacio, Alternate Board Of Directors

Donskoy Gorovitz Hernan, Alternate Board Of Directors

FINANCIAL INFORMATION

We attach the company’s last financial statements.

LEGAL FILINGS

Lawsuits

No found

Renewal History

Act News

RENOVATION It renewed its inscription in the registry of the proponents classifying itself as 2017-05-09

RENOVATION Renewed its registration in the registry of the proponents classifying itself as 2016-04-27

RENOVATION Renewed its registration in the registry of the proponents classifying itself as 2015-04-20

RENEWAL Renewal of the Registration in the Bidders Registry. 2014-05-07

DATA UPDATE Updated its Data 2013-09-27

RENOVATION Renewed its registration in the registry of the proponents, classified as Supplier 2013-07-17

REGISTRATION That was classified as a Supplier, and was qualified as follows: maximum contract capacity of 1632021.39 as Supplier 2012-08-01

RENOVATION It renewed its registration in the registry of the proponents classifying itself as a Supplier, and it was qualified as follows: maximum contracting capacity of 1632021.39 as Supplier 2011-06-24

DATA UPDATE Updated its Data 2010-12-01

RENOVATION Renewed its registration in the registry of the proponents classifying as Supplier, and was qualified as follows: maximum contract capacity of 1526159.35 as Supplier 2010-07-09

OFAC

Sanctions List Search

The company is not listed in the OFAC list.

SUMMARY

Founded in 1957, Manufacturas Eliot S A S is a large organization in the men's and boy's apparel wholesale and manufacturers industry located in Bogota, Colombia.

It has approximately 4,086 full-time employees and

It mainly imports from Mexico, Singapore, India and China, and exports worldwise, operating within national and international companies. The company exports to countries such as Ecuador, Peru, Mexico, Guatemala, Honduras, Salvador, Costa Rica, Dominican Republic and Bolivia.

This is an ACTIVE company located in COLOMBIA and incorporated in 1972.

RISK INFORMATION

DEBTS

Controlled

PAYMENTS

Regular

CASH FLOW

Normal

STATUS

ACTIVE

INTERVIEW

NAME

POSITION

Operator

COMMENTS

The person contacted confirmed trade name, telephone, fax, address, website, email and activity.

She confirmed that the company has many branches in the country. She explained that the company has other offices outside the countries.

She said she was not allowed to provide further information, so she transferred the call to a superior. The person contacted refused to provide any information about the company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.35
UK Pound	1	INR 85.89
Euro	1	INR 76.15
COP	1	INR 0.022

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.