MIRA
INFORM REPORT
|
Report Date : |
23.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INDUSTRIAS NEGROMEX S.A. DE C.V. |
|
|
|
|
Registered Office : |
Carrera Tampico-Mante Km.13.5 Altamira/Tamaulipas, CP.89608 |
|
|
|
|
Country : |
Mexico |
|
|
|
|
Date of Incorporation : |
1967 |
|
|
|
|
Legal Form : |
Stock Company of Variable Capital |
|
|
|
|
Line of Business : |
Manufacture And Commercialization Of Synthetic Rubber |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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
CITY/PROVINCE/STATE : Altamira/Tamaulipas,
CP.89608
COUNTRY : MEXICO
TELEPHONE : (52833)229.0345
FAX : (52833)229.0345
E - MAIL : gabriel.sanchez@nhumo.com
WEB SITE : www.negromex.com.mx
SUMMARY
Incorporation :
1967 Operating Status : Active
Finantial Situation
: UNDETERMINED
Employees :
450
aprox.
CR-Rating :
Company
Refused Information
Payments : Without rating
Business Trend : Undetermined
LEGAL BACKGROUNDS
LEGAL STATUS : Stock Company of
Variable Capital
DATE OF INCORPORATION : Year 1967
REGISTERED IN : Altamira/Tamaulipas
DURATION : 99 years
TYPE OF SHARES : Nominatives
LISTED AT STOCK EXCHANGE: No
CURRENT EXCHANGE RATE : Ps$10.53 per 1.00
US Dollar
COMMENTS .-
Capital stock of the company was not
revealed as this information is regarded confidential.
HISTORY
INDUSTRIAS NEGROMEX S.A. DE C.V - INSA nowadays belongs to chemical
sector of KUO Group
(formerly DESC Group), who
bought out 100% of its shares in year 1991.
INSA 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 Latin America.
1993 ISO 9002 certification was obtained and by year 1997 started
capacity increase to
96,000 MTPY.
2001 INSA acquired the Quimir trade mark (Arlatex and Pyratex) and
started operations of 5,000 MTPY of SB Latex.
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE OWNERSHIP
%
VARELA HERNANDEZ, FELIPE Director of Plant
SANCHEZ CARLOS, GABRIEL Admn & Finance Manager
ZARATE, JULIO Manager
of Supply
GARCIA GARZA, ANGEL Manager of Production
MARROQUIN RIBBON, HUMBERTO Responsible Accounts Paya
KUO S.A.B. DE C.V. Shareholder 100%
WHO IS WHO ?
VARELA HERNANDEZ, FELIPE
NATIONALITY : Mexican
PROFESSION : Engineer
SANCHEZ CARLOS, GABRIEL
NATIONALITY : Mexican
PROFESSION : Public Accountant
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,
autoparts 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 Mexico, the United States and
Canada. KUO, besides is considered one of the most important groups of the
country; it is integrated by businesses in the real estate sector, foods,
autoparts and petrochemical.
The main companies of the
group are:
COMPANY NAME COUNTRY TAX.REG. RELATION
AGROKEN SA DE CV MEXICO Related
DYNASOL ELASTOMEROS SA DE
CV MEXICO Related
FENOQUIMIA SA DE CV MEXICO FEN-850706-R45
Related
INDUSTRIAS RESISTOL SA DE
CV MEXICO
IRE-960101-BU7 Related
KUO S.A.B. DE C.V. MEXICO Parent
Co.
NHUMO SA DE CV MEXICO Related
PARATEC SA DE CV MEXICO Related
QUIMIR SA DE CV MEXICO
QUI-971126-BFO Related
RESIRENE S.A. DE C.V. MEXICO RES-941006-CWO Related
RESIRENE SA DE CV MEXICO RES-941006-CWO Related
BUSINESS
MAIN ACTIVITY .-
Company is involved in manufacture and commercialization of synthetic
rubber.
Registered brands include: "EMULPRENE", "SINSAGUM",
"LATEX ARLATEX", "PYRATEX" (own).
IMPORT : Yes Raw material from Germany, Spain and
USA, via direct credit.
EXPORT :
Yes
Synthetic rubber to several countries of America, Europe, Asia via direct
credit
% FOREIGN SALES(COUNTRIES): 70%
% DOMESTIC PURCHASES : 55%
% FOREIGN PURCHASES : 45%
SELLING TERRITORY : 30% in the national market.
EMPLOYEES : 450 approx.
FACILITIES .-
Premises : Own
Use : Emulsion Plant.
Remarks and other
Premises .-
The emulsion plant located in Altamira has a
capacity of 96,000 tons per year of synthetic rubber. Plant is situated minutes
to the port of Altamira, Tamaulipas, Mexico, within easy driving distance to
the USA border.
INSA was the first privately held company in
Mexico to have its own Petrochemical Terminal since 1991.
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 Suite 250, Houston,
Texas, 77014, USA.
COMMENTS .-
Sales are mainly oriented 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
Mexico to obtain the Certification ISO 9000.
It also is ISO 9002 certified since year
1993.
It has been recipient to awards to quality
as the Transportation and Distribution Excellence in Logistics Award.
Subject has following firms as its Agents and Distributors in México:
- Comercial Vicsol S.A. dE C.V.
- Elastomeros y Polimeros
Sinteticos S.A de C.V.
- Quimicos y Polimeros
Corporation S.A. de C.V.
FINANCIAL INFORMATION
We interviewed Mr. Gabriel Sánchez Carlos,
Manager of Administration and Finance, after several verbal and written
requests, but he declined to provide us any kind of information not knowing the
identity of the company asking for the report.
As consequence in order to produce this
report we proceeded to investigate in outside sources as databases and official
registries, among other sources, but although an exhaustive search was made it
was not possible to secure the financial statements of the company to assess it
results. No unfavourable were found
either.
FINANCIAL SITUATION : UNDETERMINED
The financial situation of the Company is
considered Undetermined in absence of elements to assess its results.
It should be mentioned refusal of firms to
provide their financials many times is deliberate to hide a financial
imbalance, but this opinion is not definitive.
PROPERTIES OF THE
COMPANY .-
The assets of the enterprise include:
- Office equipment and
furniture
- Computer equipment
- Machinery and equipment
More particulars unavailable.
INSURANCE .-
Company
ING-COMERCIAL AMERICA S.A. DE C.V.
PAYMENTS RECORD
TRADE REFERENCES .-
COMMENTS .-
We requested references from the above
mentioned suppliers but they have not responded yet to our information request.
LIST OF DOMESTIC SUPPLIERS .-
Suppliers listed
Alphabetically.
Supplier _ Telephone _
BP Chemicals Inc.
Petroleos Mexicanos
Repsol Química SA
Royal Building Sismtems Group S.A. de
C.V. (5255) 26251500
Shem Chemicals Europa
LAWSUITS ? .-
No legal actions were found filed against
this Company.
BANKING INFORMATION
BANKERS
Bank
BBVA BANCOMER S.A.
CITIBANK NA (New York)
BANCO NACIONAL DE MEXICO
All banking operations are performed through those banks, which would
not provide information as it is regarded confidential. It is important to
mention in Mexico it is not possible to get references from banks 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. |
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%)