MIRA INFORM REPORT

 

 

Report Date :

28.02.2007

 

IDENTIFICATION DETAILS

 

Name :

ABASTOS GARCIA S.A. DE C.V.

 

 

Registered Office :

Bodega F 34B, Central de Abastos, México DF, CP.09040

 

 

Country :

Mexico

 

 

Date of Incorporation :

2004

 

 

Legal Form :

Stock Company of Variable Capital

 

 

Line of Business :

Importing and commercialization of groceries in general and spices.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

IDENTIFICATION

 

CORRECT COMPANY NAME    : ABASTOS GARCIA S.A. DE C.V.

TAXPAYER REGISTRATION       : RFC AGA040309AW8  

OPERATING STATUS                : Active

MAIN ADDRESS                       : Bodega F 34B, Central de Abastos,

CITY/PROVINCE/STATE            : México DF, CP.09040

COUNTRY                                 : MEXICO

TELEPHONE                             : (5255)5694.0283

FAX                                          : (5255)5694.0722

E - MAIL                                   : nil

WEB SITE                                : nil

 

 

QUALIFICATION

 

RATING : ELIGIBLE FOR MODERATE CREDITS

PAYMENTS : PAYMENTS USUALLY PROMPT

 

 

LEGAL BACKGROUNDS  

 

LEGAL STATUS                                    : Stock Company of Variable Capital

DATE OF INCORPORATION       : 2004

REGISTERED IN                       : México DF

DURATION                                : 99 years

CURRENT EXCHANGE RATE     : Ps$10.97 per 1.00 US Dollar

 

COMMENTS .-

 

Capital stock of the company was not revealed or personal data of the executive cited below, per security measures.

  

 

DIRECTORS / EXECUTIVES / SHAREHOLDERS

 

FULL NAMES / COMPANY NAME                      TITLE          

RUIZ CELORIO, MIGUEL                                    Manager of Imports       

 

 

WHO IS WHO ?

 

RUIZ CELORIO, MIGUEL

NATIONALITY    : Mexican                         

 

 

RELATED COMPANY(IES)                     

 

Related enterprises were not found.

 

 

BUSINESS       

 

MAIN ACTIVITY .-

Company is involved in the importing and commercialization of groceries in general and spices.

 

IMPORT   : Yes Groceries in general and spices from Argentina, Brazil, Canada, China, India, Sri Lanka, Madagascar, Syria, Thailand and USA, via transfers

 

EXPORT   : No

 

% CASH SALES/METHOD       : 90%

% CREDIT SALES/TERMS      : 10% (Terms: 30 days)

 

SELLING TERRITORY         : Domestic market

 

EMPLOYEES                 : 80

 

FACILITIES .-

Premises          : Rented            

Condition           : Adequate

Use                  : Administrative and commercial offices, warehouses, legal domicile

Remarks and other Premises .-

  

There are no other registered locations to this company.

 

 

FINANCIAL INFORMATION

  

We interviewed Mr. Miguel Ruiz (Imports Manager) after several requests but although he confirmed some operating data he flatly refused to submit financial statements of the company or more corporate information arguing said information is regarded strictly confidential.

  

Other sources contacted in the company showed equal reluctance to cooperate as they claimed they do not having authorization to do so.

  

So the information obtained directly from the company was complemented with data compiled from outside sources and official registries, but financial statements or other financial data for this company was not found available which prevents us from having a clear insight of the current financial capacity of the company at this time; however no adverse have been found against the company in the various searches applied during this investigation and local suppliers report payments of subject are made on a regular basis.

  

INSURANCE .-

  

Subject does not have insurance policies at this moment.

 

 

PAYMENTS RECORD

 

TRADE REFERENCES .-

 

   Line of Credit           Monthly Average   Terms(days)) Performance?  Time      Products/Services    Supplier

 1 Ps$        300,000.=                               60 days          Prompt             3 years  Groceries                 Domestic

 2                 Open      No specified           30,60 days     Prompt             Years    Food products          Domestic

 

COMMENTS .-

  

Apart, we have requested references from a third company but they have not responded to us yet.

  

The names of the foreign suppliers subject deals with were declined by the interviewed person.

  

LIST OF DOMESTIC SUPPLIERS .-

Suppliers listed Alphabetically.  There is not relationship as for the order above

 

Supplier                                    

Abastos Cantabria SA de CV                    

Almacenes Altamira SA de CV                   

Mexicana de Víveres SA de CV                  

 

CREDIT RISK CENTRAL .-

No adverse credit records were found during our investigation.

 

LAWSUITS ? .-

No adverse legal filings were found listed against this company.

  

 

BANKING INFORMATION

 

Bank                           

BANCO SANTANDER SA            

  

It is important to mention that in Mexico it is not possible to get references from banks without without knowing the account number(s), agency and name of account officers, information which was not released by this company.

  

  


 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions