MIRA INFORM REPORT
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Report Date : |
29.03.2011 |
IDENTIFICATION DETAILS
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Name : |
SESAJAL |
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Registered Office : |
Calle 22 #2332, Zona Industrial, Guadalajara, Jalisco |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
09.11.1999 |
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Com. Reg. No.: |
Entry 359-360, Volume 712, 1st Book/Deed 8,745 |
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Legal Form : |
Stock Company of Variable Capital |
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Line of Business : |
processing and trading of
sesame seeds |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$.100,000 |
|
Status : |
Good |
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Payment
Behaviour : |
Regular |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
IDENTIFICATION
|
CORRECT
COMPANY NAME |
:
|
SESAJAL S.A. DE C.V. |
|
TRADE
NAME |
:
|
N/A" |
|
TAXPAYER
REGISTRATION |
:
|
RFC SES-991115-670 |
|
MAIN
ADDRESS |
:
|
Calle 22 #2332, Zona
Industrial |
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CITY |
:
|
Guadalajara |
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DEPARTMENT/STATE |
:
|
Jalisco |
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COUNTRY |
:
|
MEXICO |
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TELEPHONE |
:
|
31343470 |
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FAX |
:
|
31343471 |
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WEB
SITE |
:
|
www.sesajal.com |
SUMMARY
FOUNDATION :
1999
LAST CAPITAL :
Ps$1,000,000.= Pesos
SHAREHOLDERS ' EQUITY : Ps$121,287,777.= Pesos
(31.12.2005)
SALES :
675,157,953.00
EMPLOYEES : 302
PAYMENTS :
Usually to terms/good
CHIEF EXECUTIVE :
GONZALEZ COVARRUBIA, IÑIGO
DISPOSITION :
TOTAL (Full information and figures).
(*) Read:
A1: Minimal Risk, B2: Low Risk, C3: Higher Risk, D4: High Risk, NN:
Indeterminate for Insufficient Information.
LEGAL
BACKGROUNDS
|
LEGAL
ESTATUS |
:
|
Stock Company of Variable
Capital |
|
DATE
OF INCORPORATION |
:
|
09NOV1999 |
|
START
OF OPERATIONS |
:
|
N/A |
|
REGISTERED
IN |
:
|
Guadalajara/Jalisco |
|
NOTARY
OFFICE |
:
|
Salvador García Gutíerrez |
|
DURATION |
:
|
99 years |
|
REGISTRATION |
:
|
Entry 359-360, Volume 712,
1st Book/Deed 8,745 |
|
INITIAL
CAPITAL |
:
|
Ps$1,000,000.= Pesos |
|
CURRENT
PAID-IN CAPITAL |
:
|
Ps$1,000,000.= Pesos |
|
LAST
CAPITAL INCREASE |
:
|
09/11/1999 (no increase) |
|
SHAREHOLDERS'
EQUITY |
:
|
Ps$121,287,777.= Pesos
(31.12.2005) |
|
TYPE
OF SHARES |
:
|
Registered |
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LISTED
AT STOCK EXCHANGE |
:
|
No |
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SHARE
VALUE |
:
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Ps$.1,000.= Pesos |
|
CURRENT
EXCHANGE RATE |
:
|
Ps$.12.03 per 1 USD |
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MEMBERSHIP |
:
|
COMCE Consejo Mexicano de Comercio Exterior
de Occidente AC. |
DIRECTORS
/ EXECUTIVES / SHAREHOLDERS
|
FULL
NAMES / COMPANY NAME |
TITLE |
OWNERSHIP
% |
|
GONZALEZ COVARRUBIA, IÑIGO |
Executive Director |
99.99% |
|
COBOS GUTIERREZ, OLIVIA |
Admin. & Finance Manager |
|
|
ARANDA COTEDO, JAVIER
ERNESTO |
Operations Manager |
|
|
GONZALES COVARRUBIAS, MONICA |
Shareholder |
0.01% |
HiSTORY
Subject Company was incorporated by Public Deed No.
8,745 dated November 9, 1999, before Notary's office No. 32 - Salvador García
Gutiérrez.
RELATED
COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER
|
COMPANY NAME |
COUNTRY |
AX. REG. |
RELATION |
|
AGROSESAMO DE OCCIDENTE S.A.
DE C.V. |
MEXICO |
AOC-020222-151 |
Related |
|
IMPULSORA IÑIGO, S.A. DE
C.V. |
MEXICO |
IIÑ890315J90 |
Related |
BUSINESS
MAIN
ACTIVITY .-
Subject Company is engaged in the processing and
trading of sesame seeds (hulled, natural, toasted and washed), pumpkin seeds
(crude and toasted), peanuts, dry chili peppers; production of of sesame oil
(toasted, RBDW, crude and extra virgin), oil from coffee beans, castor-oil,
rice bran oil, corn and soybean oil.
Brands sold: "INES", "LA
CONCEPCION".
IMPORT : Yes
(Seeds
from India, Nicaragua, Venezuela, Guatemala)
EXPORT : Yes
(To
Germany, USA, England, Singapore, Japan, Spain, New Zealand)
|
%
CASH SALES/METHOD |
:
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N/A |
|
%
CREDIT SALES/TERMS |
:
|
100% (55-day terms) |
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%
FOREIGN SALES (COUNTRIES) |
:
|
30% |
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%
DOMESTIC PURCHASES |
:
|
N/A |
|
%
FOREIGN PURCHASES |
:
|
N/A |
|
SELLING
TERRITORY |
:
|
Domestic and international
market |
|
EMPLOYEES |
:
|
302 |
LOCATION
.-
|
Premises |
:
|
Rented |
|
Monthly
Amount |
:
|
N/A |
|
Time
Occupied |
:
|
N/A |
|
Area |
:
|
19,000 m2 |
|
Floors |
:
|
N/A |
Remarks and other Premises .-
The property is owned by IMPULSORA IÑIGO S.A. DE C.V.
COMMENTS .-
This company has been founded for being engaged in
the buying, selling, processing, distribution, trading, import and export of
seeds and pasta foods.
Its main clients are HERBEZ and GRUPO BIMBO.
Subject has ISO 9001 Certification, version 2000,
USP/NF from America, GMP (Good Manufacturing Practice, FDA Standards (USA), JAS
(Japón) and ISO 22000 Certification for food safety including HACCP (Risk Control Analysis), ensured by UO
(Ortohodox Union).
FINANCIAL
INFORMATION
|
Interviewee(s) |
:
|
Olivia Cobos |
|
Position(s) |
:
|
Administrative and Finance
Manager |
|
Cooperation |
:
|
TOTAL (Full information and
figures). |
|
Information
Provided |
:
|
Olivia Cobos (Administrative
and Finance Manager) updated the information, and provided the last Balance
Sheet figures as of 31/12/2010 (12 months), expressed in Pesos. At the same time, we have consulted public
sources where we could obtain some information of interest. |
BALANCE
SHEET
|
BALANCE SHEET DATE |
31DEC2010 |
|
PERIOD |
12
months |
|
EXCHANGE RATE PER US$ |
12.25 |
|
CURRENCY |
Pesos |
|
ASSETS |
|
|
TOTAL CURRENT |
364,726,105.00 |
|
OTHERS |
122,354,799.00 |
|
TOTAL ASSETS |
487,080,904.00 |
|
LIABILITIES |
|
|
TOTAL CURRENT |
137,323,802.00 |
|
LONG TERM |
62,077,323.00 |
|
SHAREHOLDERS' EQUITY |
|
|
TOTAL
EQUITY |
287,679,779.00 |
|
TOTAL
LIABILITIES |
487,080,904.00 |
|
SALES |
675,157,953.00 |
|
PROFIT(LOSS) |
47,261,056.00 |
RATIO
|
LIQUIDITY RATIO |
2.66 |
(Current Assets/Current
Liabilities) |
|
DEBT-TO-EQUITY RATIO |
209.49 |
(Shareholders's equity/Current
Liabilities %) |
|
PROFITABILITY MARGIN |
7.00 |
(Profits/Sales %) |
|
WORKING CAPITAL |
227,402,303.00 |
(Current Assets - Current
Liabilities) |
FINANCIAL
SITUATION : SATISFACTORY
According to the last Financial Statement, the company's
Financial Standing is considered to be Satisfactory as it has an adequate
higher-than-average liquidity ratio. Working capital is positive and allows an
orderly fulfillment of payments. Debt-to-equity ratio is acceptable. Economic
results have been satisfactory.
The contacted credit circles said this is a
large-sized company handling large sums of money and is used to make prompt
payments.
PROPERTY
OF THE COMPANY .-
For its activities Subject has hoists, mixers,
storage tanks, fleet of vehicles from different brands, as well as computer
equipment, typewriters, office furniture.
INSURANCE
.-
This firm holds a policy of full business coverage
contracted with A.I.G. MEXICO SEGUROS INTERAMERICANA SA DE CV.
|
Company |
Againts |
Amount |
Expiration |
|
GNP Seguros Mexico - GNP |
Various risks |
Not specified |
N/A |
PAYMENTS
RECORD
TRADE REFERENCES .-
|
Supplier |
Country |
Tel. |
Line of Credit |
Monthly Average |
Terms(days) |
Perfomance? |
Time |
Products/Services |
|
Corporación Química Omega SA
de CV |
MEXICO |
(52.33) 38375757 |
Open |
Ps$ 200,000.= |
15 days |
Prompt |
20/03/03 |
Chemical products |
|
Centro de Aceros de
Occidente S.A. de C.V.. |
MEXICO |
(52.33) 31450500 |
Open |
US$ 200,000.= |
30 days |
Prompt |
Not spec |
N/A |
NOTE: Other Suppliers did not
provide information or could not be consulted.
|
Supplier |
Country |
Tel. |
|
Envases de Acero Guadalajara
SA de CV |
MEXICO |
(52.33) 38112756 |
|
Plasticel SA de CV. |
MEXICO |
(52.81) 82214600 |
|
Sacos y Envases Industriales
SA |
MEXICO |
(52.33) 36194725 |
|
Servicios Aduanales Luis
Hoyo S.A. de C.V. |
MEXICO |
(52.753) 5321623 |
COMMENTS .-
Other consulted suppliers have not replied to our
request for references due to internal policy.
CREDIT HISTORY .-
Subject's credit history as of May 2010 shows
prompt payments.
LAWSUITS .-
As of the date of this report,
no criminal, civil or commercial lawsuits have been filed against this Company.
BANKING
INFORMATION
BANKERS
.-
|
Bank |
Contact |
Telephone |
Account # |
DC (S/.) |
FC (US$) |
|
SCOTIABANK INVERLAT S.A. |
N/A |
N/A |
N/A |
N/A |
N/A |
|
HSBC BANCO MEXICO |
N/A |
N/A |
N/A |
N/A |
N/A |
|
BBVA |
N/A |
N/A |
N/A |
N/A |
N/A |
Subject's financial transactions are carried out through
the above mentioned banks. No further details could be obtained due to bank
secrecy.
It's worth mentioning that in Mexico no information
on bank accounts can be obtained without knowing the agency where these were
opened, the account number, and the name of the credit officer.
GENERAL
INFORMATION
REPUTATION
.-
NOTHING
AGAINST COMPANY
CREDIT
OPINION
Consulted
Credit Amount : Maximum
Subject is eligible for being extended a
US$.100,000.= credit limit.
NOTE: The Opinion given is confidential referential
and with out liability
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.78 |
|
|
1 |
Rs.71.64 |
|
Euro |
1 |
Rs.62.96 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.