MIRA INFORM REPORT
|
Report Date : |
28.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
INGENIERIA INDUSTRIAL S.A. DE C.V. |
|
|
|
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Registered Office : |
Coyoacán 1878, Int. 403, Col. Del Valle, Deleg. Benito Juárez, México DF |
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|
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Country : |
Mexico |
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|
|
Financials (as on) : |
30.09.2010 |
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Date of Incorporation : |
02.04.1951 |
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Com. Reg. No.: |
Folio 619, Page 397, Volume 77LIII |
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|
Legal Form : |
Stock Company of Variable Capital |
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|
|
|
Line of Business : |
Manufacture and sale of
chemicals byproduct from copper |
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 |
|
Maximum Credit Limit : |
US$.531,000.= Dollars |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
Usually Correct |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Mexico |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
IDENTIFICATION
|
CORRECT COMPANY NAME |
: |
INGENIERIA INDUSTRIAL S.A. DE C.V. |
|
TRADE NAME |
: |
N/A" |
|
TAXPAYER REGISTRATION |
: |
RFC IIN-850215-MIA |
|
MAIN ADDRESS |
: |
Coyoacán 1878, Int. 403, Col. Del Valle, Deleg. Benito Juárez |
|
CITY |
: |
México DF |
|
DEPARTMENT/STATE |
: |
Distrito Federal |
|
COUNTRY |
: |
MEXICO |
|
TELEPHONE |
: |
55248369 |
|
FAX |
: |
55248270 |
|
WEB SITE |
: |
www.bravoag.com.mx |
COMMENTS .-
Other e-mails:
SUMMARY
FOUNDATION : 1951
LAST CAPITAL : Ps$.4,500,000.= Pesos
SALES : 296,413,838.00
EMPLOYEES : 112
PAYMENTS : Usually to
terms/good
CHIEF EXECUTIVE : BRAVO TRONCOSO, ALBERTO JAVIER
DISPOSITION : PARTIAL (Full
information but no figures).
LEGAL BACKGROUNDS
|
LEGAL ESTATUS |
: |
Stock Company of Variable Capital |
|
DATE OF INCORPORATION |
: |
02APR1951 |
|
START OF OPERATIONS |
: |
N/A |
|
REGISTERED IN |
: |
Mexico DF |
|
NOTARY OFFICE |
: |
Juliio Senties García |
|
DURATION |
: |
99 years |
|
REGISTRATION |
: |
Folio 619, Page 397, Volume 77LIII |
|
INITIAL CAPITAL |
: |
Ps$100.= Pesos |
|
CURRENT PAID-IN CAPITAL |
: |
Ps$.4,500,000.= Pesos |
|
LAST CAPITAL INCREASE |
: |
N/A |
|
SHAREHOLDERS' EQUITY |
: |
N/A |
|
TYPE OF SHARES |
: |
Registered |
|
LISTED AT STOCK EXCHANGE |
: |
No |
|
SHARE VALUE |
: |
Ps$1,000.= Pesos |
|
CURRENT EXCHANGE RATE |
: |
Ps$11.69 per USD1.00 |
|
MEMBERSHIP |
: |
Cámara Nacional de la Industria de la Transformación - CANACINTRA. |
COMMENTS .-
Organized on 02/05/1951, in the City of Mexico under the name INGENIERIA
INDUSTRIAL S.A., entered under Folio 619, Page 397, Volume 77 LIII.
Subsequently, in accordance with Notarial Act 2139 dated 15/02/1985, it
adopted the current name: INGENIERIA INDUSTRIAL S.A. DE C.V., entered under
Page 1055.
Shareholders structure was not specified as the interviewee was not
aware of the real situation of the company because recently there was a change
in shareholding structure.
Fiscal Year of the Company closes on December 31st.
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
|
FULL NAMES / COMPANY NAME |
TITLE |
|
BRAVO LUNA, ALBERTO |
President |
|
BRAVO TRONCOSO, ALBERTO JAVIER |
Director General |
|
GONZALEZ CEPEDA, LUIS EDUARDO |
Commercial Director |
|
SANTILLAÑES GONZALEZ, GERARDO |
General Accountant |
|
ACOSTA, SANDRA |
Administrative Officer |
WHO IS WHO?
BRAVO LUNA, ALBERTO
NATIONALITY :
Mexican
PROFESSION :
Engineer
BRAVO TRONCOSO, ALBERTO JAVIER
NATIONALITY :
Mexican
PROFESSION :
Licentiate
GONZALEZ CEPEDA, LUIS EDUARDO
NATIONALITY :
Mexican
PROFESSION :
Engineer
SANTILLAÑES GONZALEZ, GERARDO
NATIONALITY :
Mexican
HiSTORY
Subject Company was founded during the 50's by a group of Mexican
entrepreneurial men of private sector aimed at creating in Mexico a company to
manufacture copper compounds for industrial use, and mainly, to protect various
crops in agriculture, using them as fungicides to prevent fungal diseases,
always looking for the highest quality
and the protection of the environment, both, from its production and its
application in the field.
At the end of the 70's, new partners joined the Company adding capital,
knowledge and diverse experiences.
RELATED COMPANIES TO SUBJECT
COMPANY OR TO MAJORITY SHAREHOLDER
BUSINESS
MAIN ACTIVITY .-
Manufacture and sale of chemicals byproduct from copper for the
industrial, particularly for agriculture such as fungicides, copper
formulations, herbicides, insecticides, antibiotics, seed treatment, nutrition.
Retail, 20%; wholesale, 80%.
Trademark: BRAVO
IMPORT :
Yes
Chile,
China and United States
EXPORT :
Yes
United
States and Central America
|
% CASH SALES/METHOD |
: |
30% |
|
% CREDIT SALES/TERMS |
: |
70% |
|
% FOREIGN SALES
(COUNTRIES) |
: |
40% |
|
% DOMESTIC
PURCHASES |
: |
44% |
|
% FOREIGN
PURCHASES |
: |
Organized on 02/05/1951, in the City of Mexico under the name
INGENIERIA INDUSTRIAL S.A., entered under Folio 619, Page 397, Volume 77
LIII. Subsequently, in accordance with
Notarial Act 2139 dated 15/02/1985, it adopted the current name: INGENIERIA
INDUSTRIAL S.A. DE C.V., entered under Page 1055. Shareholders structure was not specified as
the interviewee was not aware of the real situation of the company because
recently there was a change in shareholding structure. Fiscal Year of the Company closes on
December 31st. |
|
SELLING TERRITORY |
: |
All over the Mexican Republic - 60% |
|
EMPLOYEES |
: |
112 (42 white-collar; 70 personnel in general) |
LOCATION .-
|
Premises |
: |
Own |
|
Monthly Amount |
: |
N/A |
|
Time Occupied |
: |
N/A |
|
Area |
: |
1,000 m2 |
|
Floors |
: |
N/A |
Remarks and other Premises .-
Headquarters are located at the above address.
Production Plant and Warehouse are located at Potrerillo No.6, Colonia
Parque Industrial Nezahualcoyotl, Ciudad Nezehualcoyotl, Estado de Mexico,
CP.57,810.
Tel.(55)5857.1521 /
Fax.(55)5856.7138.
COMMENTS .-
(*) Operations of the Company cover all over the Mexican Republic
through distributors, parcel services and freights.
Main Client:
- BAYER DE MÉXICO S.A. DE C.V.
- AGROINDUSTRIAS DEL NORTE S.A. DE C.V.
INGENIERIA INDUSTRIAL SA DE CV is a Mexican company that puts at the
disposal of its customers agricultural and industrial products at competitive
prices, taking care of the environment and maximizing profitability of the
Company.
As from 1997, the Company was rated as an highly exporting industry
(ALTEX) by the Ministry of Commerce.
Business Purpose: Purchase, sale, import, exports of agrochemicals in
general.
FINANCIAL INFORMATION
|
Interviewee(s) |
: |
Silva Luna |
|
Position(s) |
: |
Payment Department |
|
Cooperation |
: |
PARTIAL (Full information but no figures). |
|
Information Provided |
: |
We talked to Silva Luna (from the Payment Department) to whom we
explained what the purpose of our investigation was. He agreed to reveal general information
except for the financial statements because they were not available. At the same time, we consulted outside
sources where we got additional information, including main accounts of the
Interim Balance Sheet for the period ending as of 30/09/2010 (9 months) and the Balance Sheet
for the Fiscal Year ended as of 31/12/2009 (12 months), expressed in Pesos,
latest available. |
INTERIM BALANCE SHEET
|
BALANCE SHEET DATE |
30SEP2010 |
|
PERIOD |
10 months |
|
EXCHANGE RATE PER US$ |
12.53 |
|
CURRENCY |
Pesos |
|
ASSETS |
|
|
CASH/BANKS |
7,323,902.30 |
|
RECEIVABLES |
131,457,604.60 |
|
INVENTORY |
87,464,628.97 |
|
OTHERS |
37,902,784.57 |
|
TOTAL CURRENT |
264,148,920.44 |
|
FIXED |
19,160,861.86 |
|
OTHERS |
6,272,922.41 |
|
TOTAL ASSETS |
289,582,704.71 |
|
LIABILITIES |
|
|
BANK/SUPPLIERS |
77,022,062.78 |
|
OTHERS |
69,276,125.79 |
|
TOTAL CURRENT |
146,298,188.57 |
|
LONG TERM |
7,639,745.37 |
|
SHAREHOLDERS' EQUITY |
|
|
CAPITAL |
4,465,000.00 |
|
PROFIT(LOSS) |
3,111,037.21 |
|
OTHERS |
128,068,733.56 |
|
TOTAL EQUITY |
135,644,770.77 |
|
TOTAL LIABILITIES |
289,582,704.71 |
|
SALES |
310,733,017.07 |
|
PROFIT(LOSS) |
31,111,037.21 |
RATIO
|
LIQUIDITY RATIO |
1.81 |
(Current Assets/Current Liabilities) |
|
DEBT-TO-EQUITY RATIO |
92.72 |
(Shareholders's equity/Current Liabilities %) |
|
PROFITABILITY MARGIN |
10.01 |
(Profits/Sales %) |
|
WORKING CAPITAL |
117,850,731.87 |
(Current Assets - Current Liabilities) |
BALANCE SHEET
|
BALANCE SHEET DATE |
31DEC2009 |
|
PERIOD |
12 months |
|
EXCHANGE RATE PER US$ |
12.98 |
|
CURRENCY |
Pesos |
|
ASSETS |
|
|
CASH/BANKS |
18,493,746.00 |
|
RECEIVABLES |
92,287,536.00 |
|
INVENTORY |
71,326,703.00 |
|
OTHERS |
23,211,384.00 |
|
TOTAL CURRENT |
205,319,369.00 |
|
FIXED |
16,654,991.00 |
|
OTHERS |
220,206.00 |
|
TOTAL ASSETS |
222,194,566.00 |
|
LIABILITIES |
|
|
BANK/SUPPLIERS |
85,702,486.00 |
|
OTHERS |
31,956,971.00 |
|
TOTAL CURRENT |
117,659,457.00 |
|
SHAREHOLDERS' EQUITY |
|
|
CAPITAL |
4,465,000.00 |
|
PROFIT(LOSS) |
8,464,031.00 |
|
OTHERS |
91,606,078.00 |
|
TOTAL EQUITY |
104,535,109.00 |
|
TOTAL LIABILITIES |
222,194,566.00 |
|
SALES |
296,413,838.00 |
|
PROFIT(LOSS) |
8,464,031.00 |
RATIO
|
LIQUIDITY RATIO |
1.75 |
(Current Assets/Current Liabilities) |
|
DEBT-TO-EQUITY RATIO |
88.85 |
(Shareholders's equity/Current Liabilities %) |
|
PROFITABILITY MARGIN |
2.86 |
(Profits/Sales %) |
|
WORKING CAPITAL |
87,659,912.00 |
(Current Assets - Current Liabilities) |
FINANCIAL SITUATION : SATISFACTORY
Financial standing is deemed to be satisfactory as liquidity exceeds the
average ratio. Working capital is
positive and allows payments to be made in a good order. Debt-to-equity ratio
is acceptable. Final results have been favorable.
Business sources commented that at present the Company has fulfilled its
obligations on time. However, through
other sources found out a claim in its historical record. Nevertheless, we contacted the plaintiff who
said they have come to an agreement, so
demand was withdrawn.
PROPERTY OF THE COMPANY .-
They include:
REAL ESTATE: Av. Coayacán 1878, Int. 403, Col. Del Valle, México
DF/México, CP 03100
VEHICLES: A total of 7 units;
brands VW, NISSAN, MAZDA, years 2005 - 2010
MACHINERY AND EQUIPMENT: Office equipment, computers, laboratories,
filling machines, and machinery.
INSURANCE .-
Insured sum and validity of the policy were not specified.
|
Company |
Againts |
Amount |
Expiration |
|
ANA CIA. DE SEGUROS S.A DE C.V. |
N/A |
N/A |
N/A |
|
GRUPO NACIONAL PROVINCIAL S.A. |
N/A |
N/A |
N/A |
PAYMENTS RECORD
TRADE REFERENCES .-
|
Supplier |
Country |
Tel. |
Line of Credit |
Monthly Average |
Terms(days) |
Perfomance? |
Time |
Products/Services |
|
Acidos Solventes S..A de C.V. |
MEXICO |
(52.55) 50631906 |
Ps$ 180,000.= |
No specified |
28 days |
Prompt |
2004 |
Hydrochloric and sulfuric acid, caustic soda |
|
Koor Intercomercial S.A. de C.V. |
MEXICO |
(52.55) 30984671 |
Ps$ 500,000.= |
No specified |
18 days |
Prompt |
2001 |
Agrochemicals |
|
Sintesis y Formulaciones de Alta Tecnologia SA |
MEXICO |
(52.55) 53975008 |
Open |
No specified |
90 days |
Prompt |
2009 |
Agrochemicals and plaguicides |
NOTE: Other Suppliers did not provide information or could not be
consulted.
|
Supplier |
Country |
Tel. |
|
Empaques Ecológicos SA de CV |
MEXICO |
(52.735) 3533337 |
|
Atanor SA |
ARGENTINA |
(54.11) 47213400 |
|
Sabero Organics Ltd. |
INDIA |
N/A |
|
March Chemical Company Ltd. |
CHINA |
N/A |
|
Markhteshim Chemical Corp. Ltd. |
ISRAEL |
N/A |
CREDIT HISTORY .-
Suppliers stated that between 2009 and 2010 the Company has had the same
payment record.
LAWSUITS .-
|
Date |
Court/Action |
Plaintiff |
Estatus |
|
06MAY10 |
Claim, Docket 1509/2009 |
CONSORCIO DE SERV. MULTIPLES DE |
N/A |
With regards to the lawsuit, we contacted the plaintiff who said they
have come to an agreement, so demand was
withdrawn.
BANKING INFORMATION
BANKERS .-
|
Bank |
Contact |
Telephone |
Account # |
DC (S/.) |
FC (US$) |
|
BBVA BANCOMER SA |
N/A |
N/A |
0444083687 |
N/A |
N/A |
|
NACIONAL DE MEXICO |
N/A |
N/A |
39506343428 |
N/A |
N/A |
|
HSBC MEXICO |
N/A |
N/A |
N/A |
N/A |
N/A |
Subject Company is a client of the above banks.
It should be mentioned that in Mexico it is not possible to get bank
references without the account number, name of the account executive and the
branch office where such accounts were opened.
CREDIT OPINION
Requested Credit Rating : MAXIMUM
Recommend Credit : US$.531,000.=
Dollars
NOTE: The Opinion given is confidential referential and with out
liability
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.21 |
|
UK Pound |
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.64.40 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.