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MIRA INFORM REPORT
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Report No. : |
506296 |
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Report Date : |
14.05.2018 |
IDENTIFICATION DETAILS
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Name : |
INDUSTRIAS TOPAZ S.A. |
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Registered Office : |
Residencial Alturas de Holanda, Calle antigua a
Huizucar, San Salvador |
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Country : |
El Salvador |
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Date of Incorporation : |
1965 |
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Legal Form : |
Sociedad Anonima |
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Line of Business : |
Subject is dedicated to the wholesale of Men Apparel. |
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No. of Employees : |
700 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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El Salvador |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EL SALVADOR - ECONOMIC OVERVIEW
The smallest country in Central America geographically, El Salvador has
the fourth largest economy in the region. With the global recession, real GDP
contracted in 2009 and economic growth has since remained low, averaging less
than 2% from 2010 to 2014, but recovered somewhat in 2015-17 with an average
annual growth rate of 2.4%. Remittances accounted for approximately 18% of GDP
in 2017 and were received by about a third of all households.
In 2006, El Salvador was the first country to ratify the Dominican
Republic-Central American Free Trade Agreement, which has bolstered the export
of processed foods, sugar, and ethanol, and supported investment in the apparel
sector amid increased Asian competition. In September 2015, El Salvador kicked
off a five-year $277 million second compact with the Millennium Challenge
Corporation - a US Government agency aimed at stimulating economic growth and
reducing poverty - to improve El Salvador's competitiveness and productivity in
international markets.
The Salvadoran Government maintained fiscal discipline during post-war
reconstruction and rebuilding following earthquakes in 2001 and hurricanes in
1998 and 2005, but El Salvador's public debt, estimated at 68.1% of GDP in
2017, has been growing over the last several years. Total external debt was
about 60% of GDP in 2017.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal Name: |
INDUSTRIAS TOPAZ S.A. |
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Trade Names: |
INDUSTRIAS TOPAZ S.A. |
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NIT: |
06141503560018 |
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Date Created: |
1965 |
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Date Incorporated: |
1965 |
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Legal Address: |
Residencial Alturas de Holanda, calle antigua a
Huizucar, San Salvador, El Salvador. |
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Operative Address: |
Residencial Alturas de Holanda, calle antigua a
Huizucar, San Salvador, El Salvador. |
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Telephone: |
(503) 2270 3333 |
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Fax: |
- |
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Legal Form: |
Sociedad Anonima |
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Email: |
info@indtopaz1.com |
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Registered in: |
EL SALVADOR |
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Website: |
www.indtopaz.com |
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Contact: |
Roberto Hirst - President |
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Staff: |
700 |
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Activity: |
NAICS code 424320 - Men's and Boys' Clothing and Furnishings Merchant
Wholesalers |
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Banks: |
The company does not disclose its banking details. |
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History: |
Industrias Topaz S.A. was founded in 1965. It began with the production
and distribution of dress shirts for Branson, a national brand. In 1979 it
expanded its operations by acquiring the license to manufacture and
distribute the international brand Pierre Cardin, for Central America and the
Caribbean. Later In 2002 the company acquired Perry Ellis International’s,
Manhattan licensed brand , which constantly design, create and develop
apparels products in all men garments. |
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PRINCIPAL
ACTIVITY
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Industrias Topaz S.A. is dedicated to the wholesale of Men Apparel. |
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Products/Services description: |
The company offers dress shirts, casual shirts, sport shirts and Cuts
in shirts for men. |
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Brands: |
Pierre Cardin BRANSON MANHATTAN |
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Sales are: |
Wholesale |
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Clients: |
Centro Cuesta Nacional |
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Suppliers: |
Glowfab Fashions Pvt Ltd Vicunha Textil Sa Grupo Nyltex SA De Cv Protela S A |
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Operations area: |
National and International |
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The company imports from |
INDIA BRAZIL MEXICO COLOMBIA |
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The company exports to |
DOMINICAN REPUBLIC |
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The subject employs |
700 employees |
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Payments: |
Regular |
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LOCATION
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Headquarters : |
Residencial Alturas de Holanda, calle antigua a
Huizucar, San Salvador, El Salvador. |
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Comments on Address: |
- |
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Branches: |
No other branches were found. |
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Related Companies: |
Industrias Unidas S.A. Avenida Petapa 53-00 zona
12, Guatemala, Guatemala. Tel 502 2417 1500 |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
The company does not disclose information on shareholders. We were not
able to confirm major holders. |
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Management: |
Roberto Alan Hirst Cohen – President Andre Hirst, General Manager Luis Enrique Amaya, HR |
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FINANCIAL
INFORMATION
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The company does not make its financial
statements public. Despite our long search, we were not able
to confirm financial figures for the subject. |
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LEGAL
FILINGS
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CASES |
No records found. |
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SUMMARY |
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Founded in 1965, Industrias Topaz S.A. is an organization in the Men's
and Boys' Clothing and Furnishings Merchant Wholesalers Industry
headquartered in San Salvador, El Salvador. The company has 700 regular employees. It operates nationally and
internationally, mainly exporting to Dominican Republic. It is ACTIVE in business with no negative records. |
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RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Regular |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW
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NAME |
Michel |
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POSITION |
Receptionist |
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COMMENTS |
She confirmed the name of the company, the address of the headquarters
and location, the date of creation of the company, the number of employees
and the name of the President. When asked about financial information, she
said that she could not provide that information and transferred me to
someone who could. However, that person was not available and the call was
not answered. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.22 |
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1 |
INR 90.87 |
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Euro |
1 |
INR 80.09 |
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SVC [USD] |
1 |
INR 67.53 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRI |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.