Industria Textil TSM S.A.

What it is

TSM describes itself as Bolivia’s most important textile company, manufacturing intermediate and finished products from Bolivian cotton — spinning yarn, weaving fabric, and producing denim cloth.

It is structured as a *sociedad anónima* (a public limited company) focused on manufacturing, distributing and selling cotton-based goods, and it calls itself the national leader in local distribution. Its main brand, Blues, sells denim fabric and finished apparel across the country.

Who owns it

The company is majority-controlled by Blueresilience Inc., which holds 60.55% of the ordinary shares; founder Miguel Ángel Rada Sánchez personally holds a further 24.77%; and co-founder Alfonso Bautista Yana holds 14.41%, leaving a residual float of just 0.28% in other hands.

In practice, three insiders together own virtually every share. TSM has raised capital from the public bond market — outstanding bond debt stands at approximately $47 million USD — but the equity itself has never been opened to outside investors on the exchange.

Who runs it

The company was conceived by engineer Miguel Ángel Rada Sánchez, who gathered co-investors and obtained the founding documents in March 2008. He serves as both President of the Board of Directors and Gerente General — the chief executive — making him the single most powerful figure in the company.

The board also includes Julio Rodolfo Baldiviezo as Vice-President and Alfonso Bautista Yana as Secretary; several vocal directors and suplentes (alternates) round out the governance structure, in line with Bolivian corporate law. Not published: a dedicated CFO title does not appear in the BBV corporate-governance filing (TSM_CAR.pdf) or the ASFI registry page accessed during this research; under Bolivian securities law (Ley del Mercado de Valores No. 1834 and ASFI regulations), issuers must disclose board composition and the *gerente general*, but a separate CFO disclosure is not mandatory.

The money, in plain words

Not published: TSM’s annual revenue, net profit, net profit margin, and return on equity for any period from 2022 to 2024 are not accessible through open primary sources. The BBV rating-agency report (BPB_TSM_E1_PCR.pdf, hosted at bbv.com.bo) and the ASFI issuer registry (appweb.asfi.gob.bo) — the two mandatory disclosure channels under Bolivia’s *Ley del Mercado de Valores* — were both unreachable during this research due to server timeouts.

The EMIS aggregator confirms that 2024 data exists behind a paywall but does not publish the figures. The only verified historical reference is a 2018 student analysis (Scribd/UAGRM) citing BOB 165 million (US$17 mn) (~$16.8 million at a contemporary rate) in sales and BOB 11 million (US$1 mn) in net profit for that year; those figures are too dated and too indirect to report as current.

What is clear from the bond market is that TSM carries roughly $47 million in bond obligations — a substantial load for a mid-sized manufacturer, suggesting the company has used the capital markets aggressively to fund its factory expansion rather than diluting equity.

What it is doing now

As recently as August 30, 2024, TSM formally notified ASFI that it had replenished the liquidity reserve fund required under the terms of its BONOS TSM 001 bond issue — a routine compliance step that signals the series remains live and in good standing.

The company’s last major capital move on record was the opening of a denim-fabric plant in Cotoca — a $25 million investment — designed to produce at least 4.2 million linear metres of fabric per year. The stated goal is to supply the domestic market and reduce Bolivia’s dependence on imported cloth.

What to watch

• Bond repayment capacity. With ~$47 million in bonds outstanding and no publicly available income statement, the key question for any creditor or analyst is whether rising sales (EMIS signals two-year revenue growth above 100%) are generating enough cash to service this debt comfortably.
• Disclosure quality. TSM’s BBV and ASFI filings are the legally required window into its finances, but those portals are intermittently inaccessible. Bolivia’s securities regulator (ASFI) is tightening issuer-disclosure requirements; compliance will matter as TSM’s bonds come up for refinancing.
• Succession and concentration risk. With the founder controlling both the boardroom and the executive suite, and three insiders holding virtually all equity, any change at the top would be a material event with no market mechanism to absorb it.
• Cotton-chain integration. The denim plant alone requires the equivalent of 6,000 hectares of cotton cultivation — tying TSM’s fortunes directly to Bolivian agricultural output and to the foreign-exchange pressures that have squeezed Bolivia’s economy since 2023.

This is news, not investment advice.