MIRA INFORM REPORT

 

 

Report Date :

3rd March, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

DIGRAVA S.A. DE C.V.

 

 

Registered Office :

Calle Coyul 2139, Col. Mercado de Abastos, Guadalajara/Jalisco, CP.44,530

 

 

Country :

Mexico

 

 

Date of Incorporation :

09.04.2003

 

 

Legal Form :

Stock Company of Variable Capital

 

 

Line of Business :

Imports & Exports grains and seeds

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

IDENTIFICATION

 

CORRECT COMPANY NAME    : DIGRAVA S.A. DE C.V.

TAXPAYER REGISTRATION                  : RFC DIG030409R54    OPERATING STATUS: Active

MAIN ADDRESS                                   : Calle Coyul 2139, Col. Mercado de Abastos

CITY/PROVINCE/STATE                        : Guadalajara/Jalisco, CP.44,530

COUNTRY                                             : MEXICO

TELEPHONE                                         : (52333)671.2766

FAX                                                      : (52333)671.4574

E - MAIL                                               : dorisvaco@hotmail.com

 

 

QUALIFICATION

 

RATING                        : ELIGIBLE FOR MODERATE CREDITS

PAYMENTS                  : PAYMENTS USUALLY PROMPT

 

 

LEGAL BACKGROUNDS

 

LEGAL STATUS                                   : Stock Company of Variable Capital

DATE OF INCORPORATION                  : 09APR2003

REGISTERED IN                                   : Guadalajara

CURRENT PAID-IN CAPITAL                 : USD600,000 Dollars

SHAREHOLDERS' EQUITY                    : US$600,000 Dollars (31/12/2006)

LISTED AT STOCK EXCHANGE            : No

CURRENT EXCHANGE RATE     : Ps$11.21 per USD1

COMMENTS .-

Incorporation were not obtained.

On the other side, personal information of the executives was not disclosed under confidential policies but found out they are Mexican.

 

Shareholding structure was not disclosed.

 

There are other three unknown minority shareholders.

 

 

DIRECTORS / EXECUTIVES / SHAREHOLDERS

 

FULL NAMES / COMPANY NAME                  TITLE                       OWNERSHIP %

VACA CONTRERAS, SERGIO ALEJANDRO           General Manager                     Yes

VACA CONTRERAS, DORIS                      Administrative Manager              Yes

SERRANO, CLEMENTE                          Credit & Collection Chief

 

 

RELATED COMPANY(IES)

 

Subject Company is not related to other companies.

 

 

BUSINESS

 

MAIN ACTIVITY .-

Subject imports, exports grains and seeds.

 

IMPORT   : Yes (from  Peru, Canada, USA, Chile, Argentina, India)

EXPORT   : Yes (to USA, China, Vietnam, England, Brazil, Tunisia, Algeria)

 

% CASH SALES/METHOD                     : 20%

% CREDIT SALES/TERMS                     : 80% within 30 days

% FOREIGN SALES(COUNTRIES)          : 30%

% DOMESTIC PURCHASES      : 30%

% FOREIGN PURCHASES                     : 70%

SELLING TERRITORY                           : Domestic market  - 70%

 

FACILITIES                  .-

Premises                      : Rented

Use                              : Administrative offices

Remarks and other Premises .-

Subject also has a warehouse. Rented premises.

 

COMMENTS .-

Operations: Wholesale and retail

 

Clients: Wholesale dealers

 

 

FINANCIAL INFORMATION

 

We talked to Doris Vaca, Administrative Manager who provided the information container in this report, including the figures of the Balance Sheet for the Fiscal Year ended as of December 31, 2006, expressed in USD Dollars.

 

BALANCE SHEET DATE     :          31DEC2006

TYPE OF BALANCE SHEET  :              Annual

BALANCE SHEET OF       :           12 months

CURRENCY               :         US$ Dollars

ASSETS

TOTAL CURRENT          :        3,500,000.00

FIXED                  :          100,000.00

TOTAL ASSETS           :        3,600,000.00

LIABILITIES

TOTAL CURRENT          :        3,000,000.00

TOTAL EQUITY           :          600,000.00

TOTAL LIABILITIES      :        3,600,000.00

 

 

SALES                  :       14,900,000.00

PROFIT (LOSS)          :          200,000.00

 

 

LIQUIDITY RATIO                       : 1.17 (Current Assets/Current Liabilities)

DEBT-TO-EQUITY RATIO           : 20.00% (Shareholders'equity/Current Liabilities)

PROFITABILITY MARGIN           : 1.34% (Profits/Sales)

WORKING CAPITAL                  : 500,000.00 (Current Assets - Current Liabilities)

 

INSURANCE .-

Company

SEGUROS IMBURSA

 

 

PAYMENTS RECORD

 

TRADE REFERENCES .-

COMMENTS .-

The cited suppliers reported to deal with Subject for several years. No adverse records found.

 

LIST OF DOMESTIC SUPPLIERS .-

Suppliers listed Alphabetically.

Supplier                                     _                                                        Telephone     _

CEREALES Y CHILES SECOS AZTECA S.A. DE C.V.                            52 333 671 0471

INTEGRADORA CAADE S.A. DE C.V.

MEXICANA DE ARROZ S.A. DE C.V.

 

 

BANKING INFORMATION

 

BANKERS

Bank

BANCO MERCANTIL DEL NORTE SA D

BANCO HSBC

Subject is a client of the above bank. No more information was provided concerning its operations and/or accounts.

 

 

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