MIRA INFORM REPORT

 

 

Report Date :

14.05.2011

 

 

 

Tel. No.:

52 33 32087737

 

IDENTIFICATION DETAILS

 

Name :

URREA HERRAMIENTAS PROFESIONALES S.A. DE C.V.

 

 

Registered Office :

RFC UHP-900402-Q29, Carretera a El Castillo Km. 11.5, El Salto, Jalisco

 

 

Country :

Mexico

 

 

Date of Incorporation :

14.06.1963

 

 

Com. Reg. No.:

Book 19, Record 39, 2nd. Office/Notarial Act 22047

 

 

Legal Form :

Stock Company of Variable Capital

 

 

Line of Business :

Manufacture and Distribution of Hand Tools and Power Tools.

 

 

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

 

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)

Mexico

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

IDENTIFICATION             

                                                                                                                    

CORRECT COMPANY NAME

:

URREA HERRAMIENTAS PROFESIONALES S.A. DE C.V.

TRADE NAME

:

N/A"

TAXPAYER REGISTRATION

:

RFC UHP-900402-Q29

MAIN ADDRESS

:

Carretera a El Castillo Km. 11.5

CITY

:

El Salto

DEPARTMENT/STATE

:

Jalisco

COUNTRY

:

MEXICO

TELEPHONE

:

32087900

FAX

:

32087900

WEB SITE

:

N/A

 

 

COMMENTS

 

Toll Free Number: 01 (800) 8887732

 

Additional E-mail: ventas@urrea.net

 

 

SUMMARY

 

FOUNDATION               : 1963

LAST CAPITAL            : Ps$97,945,000.= Pesos

SALES                         : 0.00

EMPLOYEES               : 1100

PAYMENTS                  :  Usually to terms/good

CHIEF EXECUTIVE       : URREA MARTIN, ALFONSO

DISPOSITION                : Report prepared through third-party sources.

           

 

LEGAL BACKGROUNDS    

                                                                                                                            

LEGAL ESTATUS

:

Stock Company of Variable Capital

DATE OF INCORPORATION

:

14JUN1963

START OF OPERATIONS

:

N/A

REGISTERED IN

:

Guadalajara, Jalisco

NOTARY OFFICE

:

Felipe Vásquez Aldana

DURATION

:

100 years

REGISTRATION

:

Book 19, Record 39, 2nd. Office/Notarial Act 22047

INITIAL CAPITAL

:

N/A

CURRENT PAID-IN CAPITAL

:

Ps$97,945,000.= Pesos

LAST CAPITAL INCREASE

:

30/11/2002

SHAREHOLDERS' EQUITY

:

N/A

TYPE OF SHARES

:

Registered

LISTED AT STOCK EXCHANGE

:

No

SHARE VALUE

:

Ps$1.= Peso

CURRENT EXCHANGE RATE

:

Ps$11.61 per US$1.= Dollar

MEMBERSHIP

:

N/A

 

 

COMMENTS

 

Subject is a member of the following institutions:

- America Chamber of Commerce Of Mexico "AC-AMCHAM"

- Consejo Mexicano de Comercio Exterior de Occidente AC-COMCE (Mexican Board of Western Foreign Trade)

- Cámara Regional de la Industria de la Transformación del Estado de México (Regional Chamber of Processing Industry of the State of Mexico)

- Asociación Americana de Fabricantes de Maquinarias y Suministros (American Association of Machinery and Supplies Manufacturers)

- Asociación de Distribuidores de Herramientas Especializadas y Sujetadores (Association of Specialized Tools and Fasteners Distributors)

- Asociación Americana de Fabricantes de Ferretería (American Association of Hardware Items Manufacturers)

- Instituto de Herramientas de Mano (Hand Tool Institute)

- Asociación de la Industria de la Forja (Association of Forging Industry)

 

 

DIRECTORS / EXECUTIVES / SHAREHOLDERS                                                                                                                                  

 

FULL NAMES / COMPANY NAME

TITLE

OWNERSHIP %

URREA MARTIN, ALFONSO

General Director

 

URREA CARROL, GUILLERMO

Shareholder

Yes

SANDOVAL, GUILLERMO

Human Resources Director

 

SCHEOPKE, JOACHIM

Finance Director

 

CASILLAS SILVA, CRISTOBAL

Production Director

 

MICHEL, ALEJANDRO

Sales Director

 

REINALS, LUIS FELIPE

Marketing Director

 

 

 

WHO IS WHO ?                                                                                                                                 

 

URREA CARROL, GUILLERMO

NATIONALITY                           : Mexican

BACKGROUND INFORMATION .-

He is referred to be the President of Trustees of ECRO.

He is a member of the Board of Directors (Category B Alternate Director) of Banca Promex S.A., a multiple banking entity that is part of the financial group Finamex.

Associated as per our database to :

Company

Position

Tax. Reg.

Country

GRIVATEC S.A. DE C.V.

General Director

GRI-670225-MUO

MEXICO

DECO CLASS S.A. DE C.V.

Shareholder

DCL-900503-GH4

MEXICO

VALVULAS Y CONEXIONES URREA S.A.

Shareholder

3-101-035901-16

COSTA RICA

HYSTORY        

                                                                                                                         

Subject was originally incorporated under the corporate name PROTOMEX S.A. on 14/06/1963. On 12/06/1981, it changed its legal status to open-end stock corporation.

Later, on 02/04/1999, it changed its corporate name to the current name URREA

HERRAMIENTAS PROFESIONALES SA DE CV.

 

 

URREA HERRAMIENTAS PROFESIONALES S.A. DE C.V. is part of the URREA Group, which is based in the city of Guadalajara and consists of companies that are engaged in manufacture in Mexico. It started operating in 1907 as a small foundry, and then it became the largest manufacturer of valves and chromium-plated plumbing fittings in Latin America. Currently, the URREA Group brings together factories of valves and bronze plumbing fittings, hand tools.

In 1963, Raul Urrea and Morris Pendleton, President of Pendleton Tool Industries (Proto) joined and made a co-investment to establish a PROTO tool factory in Mexico, called PROTOMEX.

Mr. Pendleton contributed the 49% of PROTOMEX capital stock, his knowledge and technical assistance to manufacture PROTO tools in Mexico. The initial production was burins and chisels, as well as open-end wrenches.

In 1984, STANLEY acquired the PROTO brand, and in 1988 the URREA Group acquired the whole PROTOMEX. Agreements on manufacturing and license for the PROTO brand were finished, and PROTOMEX changed the brand for its tools to URREA.

In the following years, PROTOMEX continued to design and manufacture hand tools of professional quality.

PROTOMEX started exporting tools to the United States and Latin America.

Thus, a sales and distribution center was established south of California, and it is now located in San Antonio, Texas.

In 1990, the company changed its name to URREA HERRAMIENTAS PROFESIONALES S.A. DE C.V.

 

Subject is part of the Tools Division of the URREA Group, which is also comprised of the following companies:

 

 

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER        

                                                                                                                        

COMPANY NAME

COUNTRY

AX. REG.

RELATION

URREA PROFESIONAL TOOLS INC

U.S.A.

 

 

VALVULAS URREA S.A. DE C.V.

MEXICO

VUR-881101-UA8

Related

 

 

BUSINESS           

                                                                                                                      

MAIN ACTIVITY .-

Subject is engaged in manufacture and distribution of hand tools and power tools, such as wrenches, pliers, hammers, sprinklers, screwdrivers, etc.

Own brand: URREA, SURTEK.

 

IMPORT            : Yes

                        (From USA, China, Taiwan, Brazil, Colombia; by direct credit at 120-day terms

                        and/or letters of credit at 90-day terms)

EXPORT           : Yes

                        (To more than 15 countries in Latin America; by direct credit)

% CASH SALES/METHOD

:

N/A

% CREDIT SALES/TERMS

:

100% (30-day terms)

% FOREIGN SALES (COUNTRIES)

:

30%

% DOMESTIC PURCHASES

:

20%

% FOREIGN PURCHASES

:

Subject is a member of the following institutions: - America Chamber of Commerce Of Mexico "AC-AMCHAM" - Consejo Mexicano de Comercio Exterior de Occidente AC-COMCE (Mexican Board of Western Foreign Trade) - Cámara Regional de la Industria de la Transformación del Estado de México (Regional Chamber of Processing Industry of the State of Mexico) - Asociación Americana de Fabricantes de Maquinarias y Suministros (American Association of Machinery and Supplies Manufacturers) - Asociación de Distribuidores de Herramientas Especializadas y Sujetadores (Association of Specialized Tools and Fasteners Distributors) - Asociación Americana de Fabricantes de Ferretería (American Association of Hardware Items Manufacturers) - Instituto de Herramientas de Mano (Hand Tool Institute) - Asociación de la Industria de la Forja (Association of Forging Industry)

SELLING TERRITORY

:

70% (Nationwide)

EMPLOYEES

:

1,100

 

 

LOCATION

 

Premises

:

Own

Monthly Amount

:

N/A

Time Occupied

:

N/A

Area

:

70,000 m2

Floors

:

N/A

 

Remarks and other Premises .-

Subject's facilities are able to meet increasing demands for Urrea products. They are located in an industrial area in the city of El Salto, Jalisco.

 

Warehouses:

- Cuernavaca No.142, Colonia Condesa, Mexico DF, State of Mexico

- Canad No.424-2, Colonia Vista Hermosa, Monterrey, Nuevo Leon

 

Subject has distributors and representatives nationwide.

 

 

FINANCIAL INFORMATION           

                                                                                                                      

Interviewee(s)

:

N/A

Position(s)

:

N/A

Cooperation

:

Report prepared through third-party sources.

Information Provided

:

Subject refused to provide any commercial and financial information as it is considered for internal use only and confidential.  As it is usual in these cases, we consulted indirect sources to develop this report. Unfortunately, it was not found any accounting figures to determine subject's results.   URREA is referred to be the largest hand tool manufacturer in Mexico, and it is committed to manufacture tools with the best combination of quality, price and purchasing facilities for each of tool users worldwide.  Regarding subject's payment performance, it was not found any adverse against subject.

 

FINANCIAL SITUATION             :           UNDETERMINED

This company's Financial Situation is deemed to be Undetermined because it was not found any financial information to assess its results.

 

PROPERTY OF THE COMPANY .-

Subject's fixed assets include:

- Premises where offices and production plant operate

- Vehicles

- Office furniture and equipment

- Computer equipment

- Machinery and equipment

 

It has the latest computer-based designing and manufacturing technology (CAD-CAM-CNC-PLC) to ensure precision and quality of the best available tools, etc.

 

INSURANCE .-

It was not obtained any information on insurances.

 

 

PAYMENTS RECORD             

                                                                                                                   

TRADE REFERENCES .-

Supplier

Country

Tel.

Line of Credit

Monthly Average

Terms(days)

Perfomance?

Time

Products/Services

Herramientas Klein SA de CV

MEXICO

(5255) 58881111

 Open

PS$ 2,000,000.=

60 days

Prompt

1975

Tools

 

NOTE: Other Suppliers did not provide information or could not be consulted.

Supplier

Country

Tel.

Ferreterías Calzada SA de CV

MEXICO

(5233) 31450045

Industrias Duplex SA de CV

MEXICO

(5233) 31450273

Witte Urrea SA de CV

MEXICO

N/A

Bestway Tools

 

N/A

Channellock Inc.

 

N/A

Dreyco Inc.

 

N/A

 

 

LAWSUITS .-

Subject was sued by Patricia Mata Berumen. Debt Collection Proceeding. 55th Civil Court. File 4127/2000 on 15/08/2000 and 09/10/2001 (CLOSED AND TERMNATED).

 

 

BANKING INFORMATION   

                                                                                                                              

BANKERS .-

Bank

Contact

Telephone

Account #

DC (S/.)

FC (US$)

BANCO NACIONAL DE MEXICO

N/A

N/A

N/A

N/A

N/A

Subject is a client of the above-mentioned bank. No additional information was obtained.

 

 

CREDIT OPINION                  

                                                                                                              

Requested Credit Rating :         Credit limit

NOTE: The Opinion given is confidential referential and with out liability

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.91

UK Pound

1

Rs.73.06

Euro

1

Rs.64.03

 

 

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

--

NB

                                       New Business

 

--

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.