MIRA
INFORM REPORT
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Report Date : |
12.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
COSBEL S.A. DE
C.V. |
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Registered Office : |
Prolongación División Norte 5152, Colonia
San Bernardino, Xochimilco, Mexico D.F. |
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Country : |
Mexico |
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Date of Incorporation : |
01.03.1956 |
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Legal Form : |
Stock Company of Variable Capital |
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Line of Business : |
Manufactures Personal Hygiene Products, Cosmetics Line: Hair products,
hair coloring, personal-care line, cosmetics, make-up etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME : COSBEL S.A. DE C.V.
TRADE NAME :
"L'OREAL"
TAXPAYER REGISTRATION : RFC COS-621024-897 OPERATING STATUS: Active
MAIN ADDRESS : Prolongación División Norte 5152, Colonia
San Bernardino
CITY/PROVINCE/STATE : Xochimilco
/ Mexico D.F.
COUNTRY : MEXICO
TELEPHONE : (5255)5999.5438/5999.5431
FAX : (5255)5999.5431
E - MAIL : aorozco@mx.loreal.com
WEB SITE : www.loreal.com
SUMMARY
Incorporation : 1956 Operating Status : Active
Last Capital : Ps$11,000,000.=
Pesos
Finantial Situation : UNDETERMINED
Employees : 480
Rating : Satisfactory
Payments : Usually to
terms/good
Business Trend : Undetermined
QUALIFICATION
RATING : Satisfactory
PAYMENTS :
Usually to terms/good
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 : Commercial Page 9133 - Public Registry
INITIAL CAPITAL : Ps$250.= Pesos
CURRENT PAID-IN CAPITAL : Ps$11,000,000.=
Pesos
LAST CAPITAL INCREASE : December 1999
TYPE OF SHARES : Nominatives
LISTED AT STOCK EXCHANGE: No
SHARE VALUE : Ps$1.= Peso
CURRENT EXCHANGE RATE : Ps$10.80 per US$1.00
COMMENTS .-
Subject is a member of the National Chamber
of the Industry of Perfumes and Cosmetics (Spanish initials: CANIPEC). As of
July 2003, its net worth amounted to Ps$272,000,000 Pesos.
The participation of the shareholders below
named was not revealed.
HISTORY
Company was formed in pursuant to Notarial
Act 6747, dated March 1st, 1956, in Mexico
DF 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
%
NAVELLOU, HERVE Managing
Director
PASCUAL, JOSE MARIA Director of Plant
PAULOU, BRUNO Treasury
Manager
AMOR, CARMEN Administrative
Manager
OROZCO, ANGELICA General
Accountant
RICO, RICARDO Controller
EICHMANN, DOMINIQUE Corporate Controller
BABULE, CHRISTOFER Manager
of Finance
LOREAL MEXICO SERVICIOS SA DE CV Shareholder Yes
GRUPO LOREAL Shareholder Yes
COSMAIR INC Shareholder Yes
REGEFI S.A. Shareholder Yes
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 persons.
COMPANY NAME COUNTRY RELATION
COSMAIR INC U.S.A. Related
FRABEL SA DE CV MEXICO Related
GRUPO LOREAL FRANCE Parent
Co.
LOREAL MEXICO SERVICIOS SA DE CV MEXICO Related
REGEFI S.A. MEXICO Related
BUSINESS
MAIN ACTIVITY .-
This Company manufactures personal hygiene
products, cosmetics line: Hair products, hair coloring, personal-care line,
cosmetics, make-up etc.
Trademarks: "L'OREAL",
"COSBEL", "GARNIER", "LANCOME"
IMPORT : Yes From Europe
EXPORT : Yes To USA, Central and South America
% CREDIT SALES/TERMS : 100% - Terms: 30 and 60 days
% FOREIGN SALES(COUNTRIES) :
20%
% DOMESTIC PURCHASES : 10%
% FOREIGN PURCHASES : 90%
SELLING TERRITORY : National and
international market.
EMPLOYEES : 480
FACILITIES .-
Premises :
Own
Area :
1,200
sqm Floors : 2
Condition :
Good;
modern, located at an industrial area.
Use : Industrial plant,
main warehouse and controllership office.
Remarks and other
Premises .-
Administrative Offices: Calle Oklahoma No.
14, Napoles, Benito Juarez, Mexico D.F.
Telephone: (5255)59995600
Other Warehouse: Av. Michoacan No 20,
Colonia Renovación, Mexico DF
COMMENTS .-
All Subject production is sold to the
related company FRABEL SA DE CV, in charge of marketing and sales process
nationwide.
Importing operations are carried out via
direct credit.
L'OREAL is the leading corporation in beauty care. Over the past 10
years it has significantly consolidated its presence in the main international
markets and counts on 42,000 employees in 150 countries.
83% of the sales are made outside France and 43% outside Europe.
Consolidated sales of L'OREAL worldwide in 1999 hit FRF70,500 Million French
Francs (€10,700 Million Euros). The Group boast a sale record of 85 cosmetics
per second, which accounts for a 13% of the total sale of cosmetics worldwide.
L'OREAL entered Latin American market in 1920. Today, the group is present in almost all Latin America and has 9
subsidiaries and 5 plants, with operations in Brazil, Argentina, Mexico,
Uruguay, Venezuela, Chile, Colombia, Guatemala and Peru and production plants
in Mexico, Brazil, Chile and Argentina.
FINANCIAL INFORMATION
During the course of this investigation we
interviewed Mr. Ricardo Rico, Controller, who confirmed and provided
information about the company.
Regarding financial statements disclosure he
told us it is policy of the company not to provide such kind of information
which we could not obtain through outside sources.
FINANCIAL SITUATION : UNDETERMINED
The financial standing of the company is
regarded Undetermined due to lack of its
financial figures to examine its financial
results.
INSURANCE .-
Company Against Amount Validity _
SEGUROS MONTERREY S.A. All risk No
specified No specif.
PAYMENTS RECORD
TRADE REFERENCES .-
Line of Credit Monthly
Average _ Terms(days)) Performance? _ Time Products/Services Supplier
1 Ps$
140,000.= 60 days Prompt 1992 Bottles Domestic
2 Open Ps$ Not
specified 60 days
Prompt 1992 Labels Domestic
LIST OF DOMESTIC SUPPLIERS .-
Suppliers listed Alphabetically. There is not relationship as for the order
above
Supplier _ Telephone _
CHIMEX
ETIFLEX SA DE CV (5255)
53541721
GRUPO L'OREAL
KERASTASE
LOREAL USA PRODUCTS INC.
MC PLASTICOS DE MEXICO SA DE CV (5252)2492103
PRODUCTOS CAPILARES LOREAL
PRODUCTOS DE BELLEZA LTDA.
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
LAWSUITS ? .-
No legal actions have been traced against
this Company.
BANKING INFORMATION
BANKERS
Bank Account #
BANCO NACIONAL DE MEXICO SA 4259447
BBVA BANCOMER SA
BANCO HSBC
BANCO NACIONAL DE MEXICO 4259404
BANCO SANTANDER
Subject is a client of the above banks. No
additional information was given under the
Bank Secrecy Act.
CREDIT OPINION
Request for
Maximum Credit : US$50,000.= Dollars at 30 days.
The subject company is regarded viable for
the proposed credit line.
NOTE: The Opinion given is confidential,
referential and without liability.
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%)