MIRA INFORM REPORT

Report No. :	511974
Report Date :	01.06.2018

IDENTIFICATION DETAILS

Name :	MANUFACTURAS FULEF S.A.S.
Registered Office :	Carrera 69 B 18 A 10 Bogota, D.C., 617 Colombia
Country :	Colombia
Financials (as on) :	31.12.2017
Date of Incorporation :	05.04.1983
Legal Form :	Companies For Simplified Shares Sas
Line of Business :	subject Is dedicated to the wholesale and retail trade of textile products, made-up products for domestic use
No. of Employees :	44

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 :	Exist

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 (30.09.2017)	Current Rating (31.12.2017)
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 heavily depends on energy and mining exports, making it vulnerable to fluctuations in commodity prices. Colombia is Latin America’s fourth largest oil producer and the world’s fourth largest coal producer, third largest coffee exporter, and second largest cut flowers exporter. Colombia’s economic development is hampered by inadequate infrastructure, poverty, narcotrafficking, and an uncertain security situation, in addition to dependence on primary commodities.

Colombia’s economy slowed in 2017 because of falling global oil prices and lower oil production due to insurgent attacks on pipeline infrastructure. Although real GDP growth averaged 4.7% during the past decade, it fell to an estimated 1.8% in 2017. Declining oil prices also have contributed to reduced government revenues. In 2016, oil revenue dropped below 4% of the federal budget and likely remained below 4% in 2017. A Western credit rating agency in December 2017 downgraded Colombia’s sovereign credit rating to BBB-, because of weaker-than-expected growth and increasing external debt. Colombia has struggled to address local referendums against foreign investment, which have slowed its expansion, especially in the oil and mining sectors. Colombia’s FDI declined by 3% to $10.2 billion between January and September 2017.

Colombia has signed or is negotiating Free Trade Agreements (FTA) with more than a dozen countries; the US-Colombia FTA went into effect in May 2012. 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. The Colombian government took steps in 2017 to address several bilateral trade irritants with the US, including those on truck scrappage, distilled spirits, pharmaceuticals, ethanol imports, and labor rights. Colombia hopes to accede to the Organization for Economic Cooperation and Development.

Source : CIA

Statutory Information
Legal Name	Manufacturas Fulef S.A.S.
Trade Name	Manufacturas Fulef
ID	NIT
ID Details	860513038 - 1
Creation Date	1983
Incorporation Date	1983-05-04
Legal Address	CARRERA 69 B 18 A 10 BOGOTA, D.C., 617 Colombia
Operative Address	CARRERA 69 B 18 A 10 BOGOTA, D.C., 617 Colombia
Telephone	(57) 1 4110077
Fax	(57) 1 4110077
Legal Form	Companies For Simplified Shares Sas
E-Mail	fulefsas@hotmail.com / kaldana@sulef.com
Registered In	COLOMBIA
Website	No website found
Contact	Michel Haimchik, Administration and Director
Staff	44 employees
Activity	4641 Wholesale trade of textile products, made-up products for domestic use

Banks
Name of Bank	Reported Amount
BANCOLOMBIA	NA
Description	The company does not make its banking data public.

History
History	The company was founded in 1983
Key Developments	NA
Parent Company	NA

Principal Activity

General Description

Manufacturas Fulef S.A.S. is dedicated to the wholesale and retail trade of textile products, made-up products for domestic use

Service/Product Description

Textile products
Clothes
Accesories

Sales

Wholesale and Retail

Operations Area

National

Imports From

China, Taiwan and India

Export To

No export

Employees

44 employees

Payments With Suppliers

Regular

Brands
Brand	Comments
There are not informed brands

Clients
Name of Client	Country	Comments
There are not informed clients

Comments

The company`s main clients include national companies and private customers.

Suppliers
Supplier Name	Country	Comments
SHAOXING IVAN TEXTILE AND GARMENT CO. LTD.	CHINA	NA
Hi Tec Industrial Co., Ltd.	TAIWAN	NA
Orbit Exports Limited	INDIA	NA
Anantnath Silk Mills Pvt Ltd	INDIA	NA

Comments

NA

Location
Headquarters	CARRERA 69 B 18 A 10 BOGOTA, D.C., 617 Colombia
Branches	The company does not have branches

Group Structure and Subdiary Companies
Listed at the stock exchange	NO
Capital	COP $ 2,252,800
Shareholders (%)	This is a private company. The company does not disclose information on shareholders. The following information has been obtained through private sources and could not be confirmed:
Management	Michel Haimchik, Administration and Director Ana lucia Castro rodriguez, Human Resources Milton Morales, Assistant Nidia Lopez Guerrero, Imports Janet Haimchik, Treasurer Mabel Gaona Rojas, Sales Manager Ana Sabogal, Administration Assistant Ligia Isabel Rojas Pacheco Allan Sutton Farbiarz
Subsidiary Companies	NA
Related Companies	NA

Financial Information
General Description	WE ATTACH THE LATEST FINANCIAL STATEMENTS OF THE COMPANY

Legal Filings
Description	NA
Lawsuits	Registration Number 05001400301920110048700 City Medellin Kind Singular Executive Plaintiffs Parties Textiles Nuva Moda S.A Manufactures Fulef Sas Defendant Parties Wilson Dario Torres Chamarro Registration Number 76001400302920110058200 City Cali Kind Singular Executive Plaintiffs Parties Cosmotextil Sas Manufactures Fulef Sa Defendant Parties Monica Jaramillo Gomez Registration Number 76001400302920110058200 City Cali Kind Singular Executive Plaintiffs Parties Cosmotextil Sas Manufactures Fulef Sa Defendant Parties Previous Measures Monica Jaramillo Gomez Registration Number 76001400302020170010100 City Cali Kind Singular Executive Plaintiffs Parties Manufacturas Fulef S.A.S. Defendant Parties M.P. Dr. David Guillermo Rodriguez Garzon Corlee S.A.S. Corlee Sas And Other Registration Number 201700101: 81e4e3c85a City Cali Kind Singular Executive Plaintiffs Parties Manufactures Fulef Sas Defendant Parties Mp Dr David Guillermo Rodriguez Garzon

Summary
Summary	Founded in 1983, Manufacturas Fulef S.A.S. is dedicated to the wholesale and retail trade of textile products, made-up products for domestic use The company has approximately 44 full-time employees. It mainly imports from China, Taiwan and India, operating within national markets. This has been an ACTIVE company incorporated in COLOMBIA in 1983.

Risk Information
Debts	Controlled
Payments	Regular
Cash Flow	Normal
State	ACTIVE

Interview
First Name	Aldana
Position	Operator
Comments	The person contacted confirmed legal name, trade name, telephone, website, email and provided another email: kaldana@sulef.com She explained that the company operates nationally. She also said that the company does not have a website. She refused to provide the staff number and the shareholders of the company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.45
UK Pound	1	INR 89.79
Euro	1	INR 78.79
COP	1	INR 0.023

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

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	KET

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)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.