MIRA
INFORM REPORT
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Report Date : |
31st
May 2006 |
IDENTIFICATION
DETAILS
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Name : |
COSBEL
SA DE CV |
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Registered Office : |
Calle Oklahoma Nº 14, Nápoles, Benito
Juarez Mexico DF, CP 03180 |
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Country : |
Mexico |
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Financials (as on) : |
31/12/2004 |
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Date of Incorporation : |
01MAR1956 |
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Legal Form : |
Stock
Company of Variable Capital |
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Line of Business : |
Manufactures
personal hygiene products, cosmetics line: Capillar products, hair-dyes,
personal-care line, cosmetic creams, make-up etc. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME :
COSBEL SA DE CV
TRADE NAME :
"L'OREAL"
TAXPAYER REGISTRATION :
RFC COS621024897
OPERATING STATUS : Active
MAIN ADDRESS : Calle
Oklahoma Nº 14, Nápoles, Benito Juarez
CITY/PROVINCE/STATE : Mexico DF, CP
03180
COUNTRY :
MEXICO
TELEPHONE :
(5255)5999.5600
FAX :
(5255)5999.5656
E - MAIL :
aorozco@mx.loreal.com
WEB SITE :
www.loreal.com
COMMENTS
.-
Be advised the address appearing on your
request belongs to Subject Company's plant.
QUALIFICATION
RATING : ELIGIBLE FOR CREDITS
PAYMENTS : PAYMENTS USUALLY PROMPT
LEGAL BACKGROUNDS
LEGAL STATUS :
Stock Company of Variable Capital
DATE OF INCORPORATION :
01MAR1956
REGISTERED IN :
Mexico D.F.
NOTARY OFFICE :
Joaquín F. Oseguera
DURATION :
99 years
REGISTRATION : Public Registry of Companies Entry Nº9133
INITIAL CAPITAL :
Ps$250.= Pesos
CURRENT PAID-IN CAPITAL : Ps$11,000,000.= Pesos
LAST CAPITAL INCREASE :
December 1999
SHAREHOLDERS' EQUITY :
TYPE OF SHARES : Face
value
LISTED AT STOCK EXCHANGE: No
SHARE VALUE :
Ps$1.= Peso
CURRENT EXCHANGE RATE :
Ps$11.13 per USD$1
COMMENTS .-
Personal details of the executives were not
given for confidentiality policies. Shareholders structure was not revealed.
Subject is associated to the National Chamber
of the Industry of Perfumes and Cosmetics (Spanish initials: CANIPEC).
HISTORY
Company was created pursuant to Public Deed
6747, dated March 1st, 1956, in Mexico DF as a subsidiary of GRUPO L'OREAL,
headquartered in Paris, France.
Subject started operating under the name
ALBERT KREMPRY SA DE CV.
On October 24, 1962, the Company changed its
name to COSBEL SA DE CV.
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE OWNERSHIP
%
HIERONIMUS, NICOLAS Director
General
PASCUAL, JOSE MARIA Plant
Director
PAULOU, BRUNO Treasury
Department
OROZCO, ANGELICA General
Accountant
MARTINEZ ELIZALDE, ERICK Accounting Coordinator
COSMAIR INC Shareholder Yes
L'OREAL MEXICO SA DE CV Shareholder Yes
REGEFI SA Shareholder Yes
GRUPO L'OREAL Shareholder Yes
WHO IS WHO ?
HIERONIMUS, NICOLAS
NATIONALITY : French
RELATED COMPANY(IES)
Subject is part of the L'OREAL Group, one of
the largest cosmestics organizations in the world.
The L'Oreal Group has 42 plants located in
diverse countries worldwide, and gives employment to over 14,000 workers. Head
offices are placed at 14 Rue Royale 75381, Paris, CEDEX 08, France.
Besides, COSBEL SA DE CV is directly related
to the following firms in Mexico:
COMPANY NAME COUNTRY RELATION
FRABEL SA DE CV MEXICO Related
GRUPO L'OREAL FRANCE Parent
Co.
L'OREAL MEXICO SERVICIOS SA DE CV MEXICO Related
BUSINESS
MAIN ACTIVITY .-
This company manufactures personal hygiene
products, cosmetics line: Capillar products, hair-dyes, personal-care line,
cosmetic creams, make-up etc.
Trademarks: L'OREAL;, GARNIER
IMPORT
: Yes (raw material from Spain, France, Brazil and USA; direct credits)
EXPORT
: Yes Beauty products and personal care products to Central, South
America
% CREDIT SALES/TERMS : 100% terms: 60 days
% DOMESTIC PURCHASES : 100% (plastic caps, labels, etc)
% FOREIGN PURCHASES : 100% (raw material
and finished products)
SELLING TERRITORY : 80% -
Mexican market
EMPLOYEES : (*)
FACILITIES .-
Premises : Own
Area : 1,400 m2
Floors : 2
Condition : Good; modern, located in a commercial area
Use : Legal address, corporate offices
Remarks and other Premises .-
Production plant: Av Prolongación División
del Norte Nº5152, Colonia San Bernardino,
Delegación Xochimilco, Mexico DF, CP 16050
Tel: 5255 59995400 Fax 5255 59995306.
COMMENTS .-
All Subject's production is sold to the
related company FRABEL SA DE CV, in charge of
marketing and sales process nationwide.
(*) Subject does not have a payroll. The
related company, LOREAL DE MEXICO SA DE CV renders personnel services. They are
about 200 people.
FINANCIAL INFORMATION
We could talk to Angélica Orozco, General
Accountant, who refused to give information regarding Subject Company as it was
considered to be strictly confidential. Accordingly, the information herein was
obtained from external sources whereby we could access to the consolidated
balance sheet of GRUPO L'OREAL and subsidiaries as of December 21, 2004.
Furthermore, bbased on the information
obtained, we found COSBEL SA DE CV is large sized company in its industry which
has maintained stable operations from its inception. Traced no adverse against
its commercial morality.
In addition, it is important to mention
Subject is financially supported by the french group L'OREAL, which has
worldwide presence.
CONSOLIDATED GENERAL BALANCE SHEETS OF GRUPO
L'OREAL & SUBSIDIARIES
AS OF DECEMBER 31, 2004
EXPRESSED IN MILLION EUROS
BALANCE SHEET DATE : 31DEC2004
TYPE OF BALANCE SHEET : Annual
BALANCE SHEET OF : 12 months
CURRENCY : Euros
ASSETS
TOTAL CURRENT
: 6,645.40
FIXED
: 11,533.70
TOTAL ASSETS : 18,179.10
LIABILITIES
TOTAL CURRENT
: 3,519.10
LONG TERM
: 4,100.50
TOTAL EQUITY : 10,559.50
TOTAL LIABILITIES : 18,179.10
SALES : 14,553.90
PROFIT (LOSS) : 3,625.70
LIQUIDITY RATIO : 1.89 (Current Assets/Current Liabilities)
DEBT-TO-EQUITY RATIO: 300.06%
(Shareholders'equity/Current Liabilities)
PROFITABILITY MARGIN: 24.91% (Profits/Sales)
WORKING CAPITAL : 3,126.30
(Current Assets - Current Liabilities)
INSURANCE .-
Company
ING-COMERCIAL AMERICA SA DE
CV
PAYMENTS RECORD
TRADE REFERENCES .-
Line of Credit _ Monthly Average _
Terms(days)) Performance? _
Time _ Products/Services Supplier
1 Ps$ Open Ps$ No specified Prompt 28 years Plastic containers Domestic
COMMENTS .-
Other contacted suppliers have not responded
to our reference requests.
LIST OF DOMESTIC SUPPLIERS .-
Suppliers listed
Alphabetically. There is not
relationship as for the order above
Supplier _ Telephone _
Etiflex SA de CV 5255 53541721
MC Plásticos de Mexico SA de
CV 52722 5480220
USA Plastic SA de CV
LIST OF FOREIGN SUPPLIERS .-
Suppliers listed
Alphabetically. There is not
relationship as for the order above
Supplier _ Country _
Chimex FRANCE
Grupo L'oreal FRANCE
Kerastase FRANCE
Loreal USA Products,
Inc. U.S.A.
Productos Capilares
Loreal SPAIN
Productos de Belleza
Ltda. BRAZIL
CREDIT RISK CENTRAL .-
No negative information was found against the
trade reputation of this company.
BANKING INFORMATION
BANKERS
Bank Account
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BANCO NACIONAL DE MEXICO
SA 4259447
BBVA BANCOMER SA
HSBC MEXICO SA
BANCO NACIONAL DE MEXICO 4259404
Subject is a client of the above banks. No
additional information was given.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |