MIRA
INFORM REPORT
|
Report Date : |
07.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDUSTRIAS CAVALIER
S.A. DE C.V. |
|
|
|
|
Registered Office : |
Centeno 71, Col. Granjas Esmeraldas, Delg. Iztapalapa 09810 Mexico DF Distrito Federal |
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|
|
Country : |
Mexico |
|
|
|
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Date of Incorporation : |
28.08.1968 |
|
|
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|
Legal Form : |
Stock Company of Variable Capital |
|
|
|
|
Line of Business : |
Manufacture and marketing
of clothing and apparel for men, such as: Shirts, pants, coats, suits, ties,
bath robes, socks, etc. |
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$445,000 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 |
: |
INDUSTRIAS CAVALIER S.A. DE
C.V. |
|
TRADE NAME |
: |
"CAVALIER
COLLECTION" |
|
TAXPAYER REGISTRATION |
: |
RFC ICA-791210-P19 |
|
MAIN ADDRESS |
: |
Centeno 71, Col. Granjas
Esmeraldas, Delg. Iztapalapa |
|
POSTAL CODE |
: |
09810 |
|
CITY |
: |
Mexico DF |
|
DEPARTMENT/STATE |
: |
Distrito Federal |
|
COUNTRY |
: |
MEXICO |
|
TELEPHONE |
: |
54450600 |
|
FAX |
: |
56979496 |
|
WEB SITE |
: |
www.cavalier.com.mx |
SUMMARY
FOUNDATION :
1968
LAST CAPITAL : Ps$41,019,263.= Pesos
SHAREHOLDERS ' EQUITY : Ps$129,757,000.= Pesos (As of 31.12.2007)
SALES :
0.00
EMPLOYEES : 1000
PAYMENTS :
Usually to terms/good
CHIEF EXECUTIVE : LEVY AMSELLE, MICHEL PIERRE
DISPOSITION :
TOTAL (Full information and figures).
Legal background
|
LEGAL ESTATUS |
: |
Stock Company of Variable Capital |
|
DATE OF INCORPORATION |
: |
28AUG1968 |
|
START OF OPERATIONS |
: |
N/A |
|
REGISTERED IN |
: |
Mexico F.D. |
|
NOTARY OFFICE |
: |
No.114, Lic.Rafael Del Paso
R. |
|
DURATION |
: |
99 years |
|
REGISTRATION |
: |
Pages No.411-437 of Volume
174 of January 31, 1969 |
|
INITIAL CAPITAL |
: |
N/A |
|
CURRENT PAID-IN CAPITAL |
: |
Ps$41,019,263.= Pesos |
|
LAST CAPITAL INCREASE |
: |
30/06/2011 |
|
SHAREHOLDERS' EQUITY |
: |
Ps$129,757,000.= Pesos (As
of 31.12.2007) |
|
TYPE OF SHARES |
: |
Registered |
|
LISTED AT STOCK EXCHANGE |
: |
No |
|
SHARE VALUE |
: |
Ps$1.= Peso |
|
CURRENT EXCHANGE RATE |
: |
Ps$13.68 per US$1.= Dollar |
|
MEMBERSHIP |
: |
N/A |
COMMENTS .-
The subject company is a member of the following
entities:
- CAMARA NACIONAL DE LA INDUSTRIA DEL VESTIDO
- AMERICAN CHAMBER OF COMMERCE OF MEXICO AC
- INTERNATIONAL ASSOCIATION CLOTHING DESIGNERS AND EXECUTIVES
- IACDE
- CAMARA FRANCO MEXICANA DE COMERCIO E INDUSTRIA AC
The remaining 1% of shares is controlled by a
minority shareholder whose name was not specified.
Directors / executives/ shareholders
|
FULL NAMES / COMPANY NAME |
TITLE |
OWNERSHIP % |
|
LEVY BLOCH, JORGE |
President |
|
|
LEVY AMSELLE, MICHEL PIERRE |
Director General |
|
|
YAÑEZ PORTUGAL, RAFAEL |
FinanceManager/Legal Rep. |
|
|
GARCÍA FERNÁNDEZ, JUAN |
Purchasing Manager |
|
|
GARCIA CUEVAS, ASENCION |
Human Resource Manager |
|
|
OPERADORA INDUSTRIAL
COYOACAN S.A. DE C.V. |
Parent Co. |
99% |
OPERADORA INDUSTRIAL COYOACAN
S.A. DE C.V.
BACKGROUND INFORMATIONcompany which was established on December 7, 1983 in order to act as a holding,
RFC: OIC831207R56.
Business
histrory
Industrias Cavalier S.A.de C.V. is a 100% Mexican
company which was incorporated pursuant public Deed No. 31,915, dated August
28, 1968 under the name of Industrias Cavalier SA
By Deed No.32, 332 of November 5, 1980 before the
Notary No.113 of Federal District,
Lic.Roberto Prieto Del Valle, the subject adopted the current name: Industrias
Cavalier S.A. de C.V.
Over its history, Industrias Cavalier SA de CV
absorbed by merger the companies: Confecciones de Primera Calidad S.A. de C.V.,
Distribuidora Cavalier S.A. de C.V., Industria Cortadora S.A. de C.V.,
Distribuidoras Colier S.A. de C.V. and Matimex S.A. de C.V.
Related Companies:
Related
companies to subject company or to majority shareholder
|
COMPANY NAME |
COUNTRY |
AX. REG. |
RELATION |
|
ASOCIACION DE DIFUSIONES EN
ACTUALIDAD S.A. DE C.V. |
MEXICO |
|
|
|
OPERADORA INDUSTRIAL
COYOACAN S.A. DE C.V. |
MEXICO |
OIC-831207-R56 |
Parent Co. |
Business
MAIN ACTIVITY .-
The company is dedicated to the manufacture and
marketing of clothing and apparel for men, such as: Shirts, pants, coats,
suits, ties, bath robes, socks, etc.
Brands sold: "CAVALIER" (own);
"CHRISTIAN DIOR", "CLAIBORNE", "HARTMAX",
"GUY LAROCHE", "TOMY HILFIGER","THEO FRAZIER"
(third parties')
IMPORT : Yes
Wool,
silk, cotton, poplin, linen, cashmere, leather etc from Canada, USA, Italy
France,
China, Korea, India, Chile, Argentina, Uruguay, by direct credit 90 days
EXPORT : Yes
Clothing
to the United States and Canada through direct credit at 30 days.
|
% CASH SALES/METHOD |
: |
N/A |
|
% CREDIT SALES/TERMS |
: |
100% (30-60-90-day terms) |
|
% FOREIGN SALES (COUNTRIES) |
: |
60% |
|
% DOMESTIC PURCHASES |
: |
30% |
|
% FOREIGN PURCHASES |
: |
70% |
|
SELLING TERRITORY |
: |
40% (Domestic market) |
|
EMPLOYEES |
: |
1,000 approximately |
LOCATION .-
|
Premises |
: |
N/A |
|
Monthly Amount |
: |
N/A |
|
Time Occupied |
: |
N/A |
|
Area |
: |
N/A |
|
Floors |
: |
N/A |
Remarks and other Premises .-
It was verified that general offices, cutting area,
raw material warehouse and finished product warehouse are located on the
above-mentioned address. It is a three-floor building in a semi-industrial area
in Mexico city.
Subject's production sites are on:
- Calle de París No.119 esquina Av. Centenaro,
Colonia Del Carmen, Delegación
Coyoacán,
CP.04,100, México DF. Tel.5554.7100, Fax.5554.5986 (Jacket sewing area)
- Calzada de La Viga No.1337, Colonia El Retoño,
Delegación Iztapalapa, Cp.09,940,
México DF.
Tel. (55) 56337016, Fax.56336876 (Shirt sewing area)
- Tomas Medina Ugarte No.515, Colonia Gremial,
CP.20, 330, Aguascalientes,
Aguascalientes. Tel.(449)912.4643, Fax.(449)914.5826 (Pants sewing area)
- It has a factory in Rincón de Romos (Pant sewing
area)
- It also has a maquila factory for ties in
Morelia.
COMMENTS .-
The monthly production capacity of this company is
reported to be of 26,000 coats and
66,000 pants.
Its main customers are:
-El Palacio de Hierro S.A. de C.V.
-Sears Roebuck de México S.A. de C.V.
-Suburbia S. de R.L. de C.V.
-Distribuidora Liverpool S.A. de C.V.
Financial
information
|
Interviewee(s) |
: |
C.P.A. Rafael Yañez Portugal
|
|
Position(s) |
: |
C.F.O |
|
Cooperation |
: |
TOTAL (Full information and
figures). |
|
Information Provided |
: |
We interviewed the C.P.A.
Rafael Yañez Portugal (C.F.O.) who assisted us by providing the data
contained in this report. |
INTERIM BALANCE SHEET
|
BALANCE SHEET DATE |
30JUN2011 |
|
|
|
|
PERIOD |
6 months |
|
|
|
|
CURRENCY |
Pesos |
|
|
|
|
ASSETS |
|
|
|
|
|
TOTAL CURRENT |
347,342,301.00 |
|
|
|
|
FIXED |
16,997,697.00 |
|
|
|
|
OTHERS |
23,613,910.00 |
|
|
|
|
TOTAL ASSETS |
387,953,908.00 |
|
|
|
|
LIABILITIES |
|
|
|
|
|
TOTAL CURRENT |
155,649,482.00 |
|
|
|
|
LONG TERM |
18,896,169.00 |
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
TOTAL EQUITY |
213,408,257.00 |
|
|
|
|
TOTAL LIABILITIES |
387,953,908.00 |
|
|
|
|
SALES |
304,277,379.00 |
|
|
|
|
PROFIT(LOSS) |
47,178,379.00 |
|
|
|
RATIO
|
LIQUIDITY RATIO |
2.23 |
(Current Assets/Current
Liabilities) |
|
DEBT-TO-EQUITY RATIO |
137.11 |
(Shareholders's
equity/Current Liabilities %) |
|
PROFITABILITY MARGIN |
15.51 |
(Profits/Sales %) |
|
WORKING CAPITAL |
191,692,819.00 |
(Current Assets - Current
Liabilities) |
FINANCIAL SITUATION : SATISFACTORY
According to its latest financial statements
submitted, we estimate the financial situation of the investigated company as
Satisfactory , because it shows an adequate above-average liquidity ratio. Its
working capital is positive and allows for an orderly payment performance.
Debt/equity ratio is acceptable. The economic results have been satisfactory.
PROPERTY OF THE COMPANY .-
According to the fixed asset account of balance
sheet at June 30, 2011 the company has:
-Buildings and Land
-Machinery and equipment
-Computer equipment
-Furniture and equipment
-Transportation equipment
INSURANCE .-
|
Company |
Againts |
Amount |
Expiration |
|
AIG México Seguros
Interamericana S.A. d |
N/A |
N/A |
N/A |
Payments
record
TRADE REFERENCES .-
|
Supplier |
Country |
Tel. |
Line of Credit |
Monthly Average |
Terms(days) |
Perfomance? |
Time |
Products/Services |
|
Entretelas BrincoS.A. de
C.V. |
MEXICO |
55) 58705020. |
Ps$ Variable |
Ps$ 250,000.= |
30 days |
Prompt |
13 years |
Interlinings |
|
Grupo Lafi S.A. de C.V |
MEXICO |
(722) 2769960 |
Variable |
US$ 500,000.= |
60 days |
Prompt |
years |
Interlinings |
|
Negociacion Fabril de Soria
S.A. de C.V. |
MEXICO |
(55) 55781300 |
Variable |
N/A |
30 days |
Prompt |
21 years |
Cashmere fabric |
|
Qst Industrias De México S.
de R.L. de C.V. |
MEXICO |
(55) 53601518 |
Variable. |
N/A |
90 days |
Prompt |
years |
Fabric. |
NOTE: Other Suppliers did not
provide information or could not be consulted.
|
Supplier |
Country |
Tel. |
|
YKK Mexicana S.A. de CV
(declined reference) |
MEXICO |
N/A |
|
Paylana S.A. |
URUGUAY |
N/A |
|
Mainetti S.p.A. |
ITALY |
N/A |
|
Lectra S.A. |
FRANCE |
N/A |
CREDIT RISK CENTRAL .-
The subject is not reported payment problems.
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 |
|
BBVA BANCOMER S.A. |
N/A |
N/A |
N/A |
N/A |
N/A |
The subject deals with the aforementioned banks
that refused information as it is against their policy.
Credit
opinión
Requested Credit : Maximun
Suggested Credit : US$445,000.=
NOTE: The Opinion given is confidential referential
and with out liability
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.19 |
|
|
1 |
Rs.75.92 |
|
Euro |
1 |
Rs.65.44 |
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.