MIRA INFORM REPORT

 

 

Report Date :           

28.05.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

COMERCIALIZADORA MEXICO AMERICANA S.R.L. DE C.V.

 

 

Registered Office :

Nextengo 78, Col. Santa Cruz Acayocan, Deleg. Azcapotzalco, México DF

 

 

Country :

Mexico

 

 

Financials (as on) :

30.12.2010

 

 

Date of Incorporation :

11.09..1991

 

 

Com. Reg. No.:

Page No.257,811- Public Registry

 

 

Legal Form :

Limited Liability Partnership of Variable Capital

 

 

Line of Business :

import and trading of every kind of products and merchandise

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Mexico

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

IDENTIFICATION                                                                                                                                 

 

CORRECT COMPANY NAME

:

COMERCIALIZADORA MEXICO AMERICANA S.R.L. DE C.V.

TRADE NAME

:

"CMA"

TAXPAYER REGISTRATION

:

RFC CMA-910911-9LO

MAIN ADDRESS

:

Nextengo 78, Col. Santa Cruz Acayocan, Deleg. Azcapotzalco,

CITY

:

México DF

DEPARTMENT/STATE

:

N/A

COUNTRY

:

MEXICO

TELEPHONE

:

58991200

FAX

:

58991253

WEB SITE

:

www.wallmartmexico.com.mx

 

 

SUMMARY

 

FOUNDATION               : 1991

LAST CAPITAL : Ps$625,471.= Pesos

SALES                         : 0.00

EMPLOYEES                : 120

PAYMENTS                  : Usually to terms/good

CHIEF EXECUTIVE        : PONCE LIMON, IGNACIO

DISPOSITION               : (They) refused to give information (only confirmed some data).

 

 

LEGAL BACKGROUNDS                                                                                                                                 

 

LEGAL ESTATUS

:

Limited Liability Partnership of Variable Capital

DATE OF INCORPORATION

:

11SEP1991

START OF OPERATIONS

:

N/A

REGISTERED IN

:

Mexico DF

NOTARY OFFICE

:

N/A

DURATION

:

99 years

REGISTRATION

:

Page No.257,811- Public Registry

INITIAL CAPITAL

:

N/A

CURRENT PAID-IN CAPITAL

:

Ps$625,471.= Pesos

LAST CAPITAL INCREASE

:

December 1991 (latest reported)

SHAREHOLDERS' EQUITY

:

N/A

TYPE OF SHARES

:

Interests

LISTED AT STOCK EXCHANGE

:

No

SHARE VALUE

:

Ps$1.= Peso

CURRENT EXCHANGE RATE

:

Ps$11.69 per US$1.= Dollar

MEMBERSHIP

:

N/A

 

COMMENTS .-

The company was incorporated on 11/09/1991 as an Open-End Stock Corporation, under the corporate name COMERCIALIZADORA MEXICO AMERICANA S.A DE C.V.

 

In December 1999, it adopted the legal status of Open-End Stock Limited Liability Company and changed its corporate name to COMERCIALIZADORA MEXICO AMERICANA S.R.L. DE C.V.

 

 

DIRECTORS / EXECUTIVES / SHAREHOLDERS                                                                                                                                  

 

FULL NAMES / COMPANY NAME

TITLE

PONCE LIMON, IGNACIO

Director

ORTEGA GARCIA, CARLOS ENRIQUE

Operation Deputy Director

MARTINEZ, MARIA LUISA

Controllership Manager

JIMENEZ, ALEJANDRO

Import Manager

RODRIGUEZ DE ANDA, FELIPE

Import Deputy Director

 

 

HiSTORY                                                                                                                                 

 

COMERCIALIZADORA MEXICO AMERICANA S.R.L. DE C.V. is a subsidiary company of WAL-MART DE MEXICO S.A.B. DE C.V. (Tax ID: NWM-970924-4WY), which is an American corporation.

 

This company is part of the WAL MART Group, which has a trading chain of sales to general public, with operations in self-service stores nationwide, membership clubs for wholesale, boutiques and restaurants.

 

 

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER                                                                                                                                 

 

COMPANY NAME

COUNTRY

AX. REG.

RELATION

NUEVA WAL-MART DE MEXICO S. DE R.L. DE C.V.

MEXICO

NWM-970924-4W4

Related

 

 

BUSINESS                                                                                                                                 

 

MAIN ACTIVITY .-

Subject is engaged in import and trading of every kind of products and merchandise to supply exclusively all business units of the WAL MART Group (Bodega Aurrera, Superama, SAM'S, Suburbia, VIP'S).

 

IMPORT           : Yes

                        (From Europe and USA; by direct credit and/or letters of credit)

EXPORT           : No

% CASH SALES/METHOD

:

N/A

% CREDIT SALES/TERMS

:

100% (Terms: 30 and 60 days, inter-companies)

% FOREIGN SALES (COUNTRIES)

:

N/A

% DOMESTIC PURCHASES

:

N/A

% FOREIGN PURCHASES

:

The company was incorporated on 11/09/1991 as an Open-End Stock Corporation, under the corporate name COMERCIALIZADORA MEXICO AMERICANA S.A DE C.V.  In December 1999, it adopted the legal status of Open-End Stock Limited Liability Company and changed its corporate name to COMERCIALIZADORA MEXICO AMERICANA S.R.L. DE C.V.

SELLING TERRITORY

:

100% (Domestic market)

EMPLOYEES

:

120

 

 

LOCATION .-

Premises

:

N/A

Monthly Amount

:

N/A

Time Occupied

:

06/1999

Area

:

1,200 m2

Floors

:

N/A

 

Remarks and other Premises .-

This is a shopping center kept in excellent condition where a Wal-Mart store operates. Inside this facility the corporate offices of WAL MART Group are located.

Formerly, subject was located on Presidente Mazarik No.111, Piso 8, Col. Chapultepec Morales, Delegación Miguel Hidalgo, Mexico DF.

 

Distribution Center:

- Av. De la Cruz No.50, Parque Industrial La Luz, Cuautitlán Izcalli, Estado de  Mexico CP 54830. Telephone: 5899.1200. Fax: 5899.1253

 

COMMENTS .-

Subject's customers are all the business units of the WAL MART Group in Mexico.

 

At a group level, it has a labor force of 7,000 people.

 

 

FINANCIAL INFORMATION                                                                                                                                 

 

Interviewee(s)

:

Alejandro Jiménez.

Position(s)

:

Import Manager

Cooperation

:

(They) refused to give information (only confirmed some data).

Information Provided

:

After we explained the interviewee about our investigation, he referred us to Mrs. Maria Luisa Martinez (Controllership Manager), to whom we sent a formal request letter. However, this has not been answered so far.  During the brief conversation with Mr. Jimenez, he commented that the company buys mainly to its foreign suppliers; therefore, in general it would only make use of services in the local market.  As time has passed, we decided to develop this report with information that was collected from third parties, public sources, official, and our archives, where it was not possible to obtain any individual balance sheets.  It should be emphasized that we sent a request letter to Mrs. Maria Luisa Martinez (Controllership Manager) and later to Mr. Hector San Roman (Corporate Finance Director), who did not answer our request although we left various messages.  During our investigations, we were able to obtain only a summary of the Consolidated Annual Balance Sheet of WAL-MART S.A.B. and subsidiaires, including subject, as of 31/12/2010 (12 months), that is expressed in Pesos (Ps$).  This report contains information we mostly collected from external sources as people at the Company are very reluctant and never provide information to third-party under internal policy.  Nevertheless, through external sources no independent updated balance sheets or estimated accounting figures were available to assess this Company current situation.   The only information we got is the Consolidated Interim Balance Sheet of WAL-MART DE MEXICO S.A.B. DE C.V. and subsidiaries including the Subject Company for the Period ending as of March 31st, 2010 (3 months) expressed in Pesos (Ps $) as follows:

 

 

BALANCE SHEET

 

   BALANCE SHEET DATE     :            30DEC2010 

   TYPE OF BALANCE SHEET  :         Consolidated

   PERIOD                 :            12 months

   CURRENCY               :                Pesos

   EXCHANGE RATE PER  US$ :                12.36

 

   ASSETS

      TOTAL CURRENT       :     61,423,246,000.00

      FIXED               :    102,300,004,000.00

      OTHER               :     31,084,318,000.00

   TOTAL ASSETS           :    194,807,568,000.00

 

   LIABILITIES

      TOTAL CURRENT       :     50,725,526,000.00

      LONG-TERM           :     13,532,992,000.00

      OTHER               :      8,017,997,000.00

   TOTAL SHARE.EQUTY      :    122,531,053,000.00

   TOTAL LIAB/SH.EQUITY   :    184,807,568,000.00

 

 

   SALES                  :    334,511,085,000.00

   NET PROFIT             :     19,564,477,000.00

 

 

RATIOS

LIQUIDITY           :                1.21 (Current Assets/Current Liabilities)

DEBT-TO-EQUITY      :        241.55% (Stockholders' Equity/Current Liabilities %)

PROFITABILITY       :           5.85% (Profit/ Sales %)

WORKING CAPITAL     :     10,697,720,000.00 (Current Assets-Current Liabilities)

 

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 individually. However, it should be mentioned that it was not found any adverse records on operating inconvenients in consulted sources, and the company is supported by its parent company WAL-MART DE MEXICO S.A.B. DE C.V., whose consolidated income at the end of 2010 amounted to Ps$334,511,085,000.= Pesos.

 

INSURANCE .-

It was not obtained any information on this matter.

 

 

PAYMENTS RECORD                                                                                                                                  

 

TRADE REFERENCES .-

Supplier

Country

Tel.

Line of Credit

Monthly Average

Terms(days)

Perfomance?

Time

Products/Services

Maersk México S.A. de C.V.

MEXICO

(5255) 50103500

 

 Variable

Draft/30 days

Prompt

+10 yrs.

Transport service

 

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

Supplier

Country

Tel.

American President Lines S.A. de C.V.

MEXICO

(5255) 53289800

Colgate Palmolive S.A. de C.V.

MEXICO

(5255) 56299922

Unilever de México S.A. de C.V.

MEXICO

(5255) 11054000

Millward Brown México S.A. de C.V.

MEXICO

(52.55) 30981000

Grupo Bimbo S.A. de C.V.

MEXICO

(52.55) 52686600

Seguridad Privada Profesional S.A. de C.V.

MEXICO

(5255) 21238617

Coca Cola Femsa S.A. de C.V.

MEXICO

(52.55) 50815100

Industrial Actian line S.A. de C.V.

MEXICO

(5287) 17506890

Seguridad Privada Profesional S.A. de C.V.

MEXICO

(52.55) 22138617

Aceites Borges Pont S.A.

SPAIN

N/A

Aceites Ybarra S.A.

SPAIN

N/A

SOS Cuetara S.A.

SPAIN

N/A

Oleícola Hojiblanca S.A.

SPAIN

N/A

Mapson Intermodal System

U.S.A.

N/A

Aceites Monterreal S.A.

SPAIN

N/A

Geo Logistic

U.S.A.

N/A

Salov S.P.A.

ITALY

N/A

Carapelli Firenze S.P.A.

ITALY

N/A

Stratitec Inc.

U.S.A.

N/A

Stratifec Inc.

U.S.A.

N/A

Geologistics Ltd.

TAIWAN

N/A

 

CREDIT RISK CENTRAL .-

It was not found any adverse records in consulted sources.

 

CREDIT HISTORY .-

Previous reports showed a clean trade background, without any adverse incidents.

 

 

BANKING INFORMATION                                                                                                                                 

 

BANKERS .-

Bank

Contact

Telephone

Account #

DC (S/.)

FC (US$)

NACIONAL DE MEXICO S.A.

N/A

N/A

N/A

N/A

N/A

BBVA BANCOMER

N/A

N/A

N/A

N/A

N/A

SERFIN

N/A

N/A

N/A

N/A

N/A

CITIBANK

N/A

N/A

N/A

N/A

N/A

It should be mentioned that in Mexico it is not possible to obtain any banking references if it is not known the checking account number, agency where the account was opened, and name of credit officer.

 

 

GENERAL INFORMATION                                                                                                                                 

 

REPUTATION .-

NOTHING  AGAINST COMPANY

 

 

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.45.29

UK Pound

1

Rs.73.84

Euro

1

Rs.64.18

 

 

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.