MIRA
INFORM REPORT
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Report Date : |
14.08.2007 |
IDENTIFICATION DETAILS
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Name : |
INDUSTRIAS NEGROMEX S.A. DE C.V. |
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Registered Office : |
Carrera Tampico-Mante Km.13.5, Altamira/Tamaulipas, CP.89608 |
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Country : |
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Date of Incorporation : |
1967 |
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Legal Form : |
Stock Company of Variable Capital |
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Line of Business : |
Manufacturer of synthetic rubber. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY
NAME :
INDUSTRIAS NEGROMEX S.A. DE C.V.
TRADE NAME :
"INSA"
TAXPAYER
REGISTRATION : RFC INE-950401-GD7
OPERATING STATUS : Active
MAIN ADDRESS :
Carrera
Tampico-Mante Km.13.5,
COUNTRY :
TELEPHONE :
(52833)229.0345
FAX : (52833)229.0345
E - MAIL :
sales@negromex.com
/ cservice@negromex.com
WEB SITE : www.negromex.com.mx
SUMMARY
Incorporation :
1967
Operating Status : Active
Employees :
450
QUALIFICATION
RATING : Company Refused
Information
PAYMENTS : Little credit
experience available
LEGAL
BACKGROUNDS
LEGAL STATUS : Stock Company of Variable Capital
DATE OF
INCORPORATION : 1967
REGISTERED IN : Altamira/Tamaulipas
DURATION : 99 years
TYPE OF SHARES : Nominatives
LISTED AT STOCK
EXCHANGE : No
CURRENT EXCHANGE
RATE : Ps$10.93 per 1.00 US Dollar
COMMENTS -
Capital stock of the company was not revealed.
HISTORY
INSA nowadays belongs to chemical sector of KUO Group (formerly DESC
Group) and started its operations in 1967 with 45,000 MTPY capacity through a
Joint Venture between Polysar and Pemex, forming the first synthetic rubber
plant in
1971 NBR batch process startup with Polysar technology.
1980 Expanded capacity to 72,000 MTPY
1986 Polysar leaves JV. Only a technical update agreement is kept.
1988 Company acquired by private capital.
Total quality system started using
1990 Plant acquired by Desc Group (Today Group KUO).
1993 ISO 9002 certification.
1995 Started relation with Uniroyal Chemical Company to produce Paracril
NBR rubber in
1997 Started capacity increase to 96,000 MTPY.
1998 Joint venture agreement with Uniroyal Chemical Company to form
Paratec Elastomers as producer of Paracril NBR rubbers.
Behavior Safety Training, safety process starts in
1999 Started operations of 40,000 MTPY of NBR line to produce the
complete range of Paracril rubbers for Paratec in
2001 INSA acquired the Quimir trade mark (Arlatex and Pyratex) and
started operations of 5,000 MTPY of SB Latex.
2002 Started production of Hot SBR line products.
DIRECTORS /
EXECUTIVES / SHAREHOLDERS
FULL NAMES /
COMPANY NAME TITLE OWNERSHIP %
GUTIERREZ MONTERO, NICOLAS General Director
VARGAS CHAVEZ, JESUS Commercial Director
VARELA HERNANDEZ, FELIPE Plant Director
SANCHEZ CARLOS, GABRIEL Admin & Finance Director
REYES ARGUELLES, ALBERTO Supplies Manager
MARROQUIN RIBBON, HUMBERTO Responsible Accounts Paya
KUO S.A.B. DE C.V. Shareholder 100%
WHO IS WHO ?
GUTIERREZ MONTERO,
NICOLAS
NATIONALITY
: Mexican
PROFESSION
: Engineer
VARGAS CHAVEZ,
JESUS
NATIONALITY
: Mexican
PROFESSION
: Engineer
VARELA HERNANDEZ,
FELIPE
NATIONALITY
: Mexican
PROFESSION
: Engineer
SANCHEZ CARLOS,
GABRIEL
NATIONALITY
: Mexican
PROFESSION
: Public Accountant
REYES ARGUELLES,
ALBERTO
NATIONALITY
: Mexican
MARROQUIN RIBBON,
HUMBERTO
NATIONALITY
: Mexican
KUO S.A.B. DE C.V.
It is the holding company of "Group KUO" (formerly called DESC
group), considered one of the most important in the country. Group is comprised
by businesses of the real estate, foods, auto-parts and petrochemical sector.
The corporate offices are located at Paseo de los Tamarindos No.400-B, Piso 28,
Colonia Bosques de Lomas, México D.F./Estado de México CP 05210. Tel:
(52-55)5261.8000, Fax:(52-55)5261.8096
RELATED COMPANY(IES)
INDUSTRIAS NEGROMEX S.A. DE C.V. is a member of KUO GROUP (known before
as DESC group), considered a leader in north American market of Cell-Cast
Acrylic Sheet, with a majority market share n
The main companies of the group are:
COMPANY NAME COUNTRY TAX.REG. RELATION
AGROKEN SA DE CV
DYNASOL ELASTOMEROS SA DE CV
FENOQUIMIA SA DE CV
INDUSTRIAS RESISTOL SA DE CV
KUO S.A.B. DE C.V. MEXICO Parent Co.
NHUMO SA DE CV
PARATEC SA DE CV
QUIMIR SA DE CV
RESIRENE SA DE CV
BUSINESS
MAIN ACTIVITY .-
Subject is a manufacturer of synthetic rubber.
Registered brands include: "EMULPRENE", "SINSAGUM",
"LATEX ARLATEX", "PYRATEX" (own).
IMPORT : Yes Raw material
from
EXPORT : Yes Synthetic
rubber to
% FOREIGN
SALES(COUNTRIES) : 70%
% DOMESTIC
PURCHASES : 55%
% FOREIGN PURCHASES
: 45%
SELLING TERRITORY: 30% in the
national market.
EMPLOYEES: 450
FACILITIES -
Premises : Own
Use : Emulsion Plant.
Remarks and other Premises .-
The emulsion plant located in
INSA was the first privately held company in
Besides, Subject counts with selling offices at:
- Bosques de Ciruelos No.180, Colonia Bosques de Las Lomas, CP.11,700,
México DF.
- 14340 Torrey Chase
COMMENTS -
Sales are mainly directed to the tire, footwear, industrial rubber
goods, adhesives and sealants, chewing gum, non-woven materials, paper coatings
and textile industry.
Subject is recognized at a worldwide level as a company which has its
own processing technology, quality and protects the environment.
It has a quality model which it has called SISTEX (System of Total
Excellence), which has allowed Subject to administer its businesses under
strict quality measures that are applied to its products, processes and
systems.
It was the first petrochemical company in
It has been recipient to awards to quality as the Transportation and
Distribution Excellence in Logistics Award.
FINANCIAL INFORMATION
After several requests, the representatives of the company would provide
only some operational information claiming the company had not undergone major
changes and declined to provide figures as this information is regarded
strictly confidential.
Given the circumstances, we have tried to get more commercial
information, also financial statement through indirect consulting sources and public
sources, without achieving our purpose.
It should be also mentioned no negative were traced upon subject in the
searches made in specialized sources, however, we lack sufficient information
to provide a better analysis.
PROPERTIES OF THE
COMPANY –
The assets of the enterprise include:
- Office equipment and furniture
- Computer equipment
- Machinery and equipment
etc.
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 No specified No specified Transf.30 da Prompt
6+ years Compounds of raw material Domestic
COMMENTS -
We requested references from a second local company but they have not
responded yet to our information request.
LIST OF DOMESTIC
SUPPLIERS -
Suppliers listed Alphabetically. There is not relationship as for the order
above
Supplier Telephone
BP Chemicals Inc.
Petroleos Mexicanos
Repsol Química SA
Royal Building Sismtems Group SA de CV (55)26251500
Shem Chemicals Europa
CREDIT HISTORY -
Subject's pay record history shows responsibility of subject in its
payments.
LAWSUITS ? -
No legal actions were found filed against this Company.
BANKING INFORMATION
BANKERS
Bank
BBVA BANCOMER SA
CITIBANK NA (
BANCO NACIONAL
All banking operations are performed through those banks, which would
not provide information as it is regarded confidential.
GENERAL INFORMATION
Through the combination of three fundamental factors; excellence in
quality, service and leading technology, INSA serves customers worldwide,
demanding markets in
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. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)