MIRA INFORM REPORT

Report Date :

03.04.2012

IDENTIFICATION DETAILS

Name :	LA DISTRIBUIDORA DE CASIMIRES S.A. DE C.V.
Registered Office :	Benjamín Franklin 100, Col. Escandon, Deleg. Miguel Hidalgo, 11800
Country :	Mexico
Date of Incorporation :	21.10.1959
Legal Form :	Stock Company of Variable Capital
Line of Business :	Subject is engaged in import and distribution of fabrics for curtains, twill, flat fabrics
No. of Employees :	80 (It has 12 sales representatives)

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 :	Good
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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

LA DISTRIBUIDORA DE CASIMIRES S.A. DE C.V.

TRADE NAME

DICSA

TAXPAYER REGISTRATION

RFC DCA-870130-BH4

MAIN ADDRESS

Benjamín Franklin 100, Col. Escandon, Deleg. Miguel Hidalgo,

POSTAL CODE

11800

PROVINCE / DEPARTAMENT

México

STATE / REGION

México D.F.

COUNTRY

MEXICO

TELEPHONE

(5255) 52773322 – 52827800

E-MAIL

dicsamexico@prodigy.net.mx

COMMENTS

Another e-mail: dicsamex@mx.inter.net
 
 
 

SUMMARY
Date of foundation	1959
Capital stock	Ps$19,766,000.= Pesos
Shareholders' equity	83,088,000.00 Pesos (31DEC2011)
Annual revenues	US$ 19,570,511.90 Pesos (31DEC2011)
Profits (loss)	48,589,000.00 Pesos (31DEC2011)
permanent employees	80 (It has 12 sales representatives)
Chief Executive	CHERES ESKENAZI, ISIDORO
Disposition	Moderate.- Only some data and some figures.
Payments policy	Usually to terms/good
Credit (**)	Risk is Moderate. Within Average. Satisfactory.

CREDIT OPINION
Requested credit	MAXIMUM CREDIT
Suggested credit (*)	Eligible
(*) After analyzing different factors and other opinions.

LEGAL BACKGROUNDS
LEGAL STATUS	Stock Company of Variable Capital
DATE OF INCORPORATION	21OCT1959
PLACE OF REGISTRY	Mexico D.F.
NOTARY OFFICE	No 131, Andrés Ruiz Isunza
DURATION	99 years
CURRENT PAID-IN CAPITAL	Ps$19,766,000.= Pesos
LAST CAPITAL INCREASE	12.31.2008
SHAREHOLDERS EQUITY	83,088,000.00 Pesos (31DEC2011)
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
SHARE VALUE	Ps$1.= Peso
CURRENT EXCHANGE RATE (US$)	Ps$12.63 per 1 USD

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
CHERES CAMPEAS, ROBERTO NATHAN	General Director	50%
CHERES OMOSS, JESSICA CRECIA	Director
LEVY PENHAR, SALOMON	Logistics Director
CHERES ESKENAZI, ISIDORO	General Manager	50%
CHERES CAMPEAS, LEON	Credit and Collect. Mng.
TEJEDA BARRERA, AGUSTIN	General Accountant

WHO IS WHO?
CHERES CAMPEAS, ROBERTO NATHAN
NATIONALITY	Mexican
D.O.B.	August 16, 1954
CIVIL STATUS	Married
TAX ID	CECR-54086-CX7
BACKGROUND INFORMATION	RFC CECR-540816-CX7

BUSINESS HISTORY

Subject was incorporated in accordance to Public Deed 10,624, dated October 21, 1959 as LA DISTRIBUIDORA DE CASIMIRES S DE RL.
 
Subsequently, by Public Deed 51287, dated April 20, 1976, before Fausto Rico Alvarez, Notary Public, Subject changed its name to LA DISTRIBUIDORA DE CASIMIRES SA.
 
Finally, on June 2nd, 1987, by virtue of Public Deed 32,216, before Lic. Carlos de Pablo Cerna, Notary Public, Subject changed its name to the current : LA DISTRIBUIDORA DE CASIMIRES SA DE CV, registered Public Registry under No49892 dated December 22, 1987.
 

BUSINESS

Main activity

Subject is engaged in import and distribution of fabrics for curtains, twill, flat fabrics.
 
95% Wholesale, 5% retail 
 

Import

Yes

Country

Korea, France, Thailand, Germany, India, USA, Belgium and Turkey

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2011	140,000,000.00

Export

No

% CASH SALES / METHOD

5%

% Credit SALES / Terms

95% 30, 60 and 90 days-terms

% DOMESTIC PURCHASES

35%

% FOREIGN PURCHASES

65%

SELLING TerritorY

100% (domestic market)

EMPLOYEES

80 (It has 12 sales representatives)

LOCATION
PREMISES	Rented
FLOORS	2
AREA	1,000 m2
OTHER PREMISES	Registered, administrative and commercial offices of the Company in the address stated in the identification field. Subject is located in the urban zone of the city. Subject has other facilities at Benjamin Flanklin 98, Colonia Escandon, Delegacion Miguel Hidalgo, Mexico D.F./Estado de Mexico CP 11800.

Comments

The main customers of Subject reportedly are the firms:
- Comercializadora Coahuila
- Gabriel Bayron
- Telas Junco
- Liverpool 
- El Palacio de Hierro, among others

FINANCIAL INFORMATION

Interviewee(s)

CP. Agustín Tejeda Barrera

Position(s)

General Accountant

Disposition

Moderate.- Only some data and some figures.

Information provided

Mr. Agustin Tejada updated and / or confirmed general information. He also submitted a summary of the Annual Balance Sheet as of December 31,2011 closed of Fiscal Year, as well as the last year Balance Sheet, obtained from our own files, figures expressed in Pesos. 
Some additional data was obtained from third reliable sources. 
 

BALANCE SHEET
Balance sheet date	31DEC2011	31DEC2010
Type of balance sheet	General	General
Period	12 months	12 months
Currency	Pesos	Pesos
Exchange rate per US$	13.87	12.36
A S S E T S
Current Assetsd	225,272,000.00	200,159,000.00
Fixed		19,610,000.00
Others	19,464,000.00	359,000.00
Total Assets	244,736,000.00	220,128,000.00
L I A B I L I T I E S
Current liabilities	161,648,000.00	177,037,000.00
Long term	0.00
TOTAL LIABILITIES	161,648,000.00	177,037,000.00
S H A R E H O L D E R S'  E Q U I T Y
Total shareholders equity	83,088,000.00	43,091,000.00
Total Liab. / Sh. equity	244,736,000.00	220,128,000.00
Sales	271,443,000.00	196,213,000.00
Profit (Loss)	48,589,000.00	8,448,000.00

RATIO
Liquidity ratio	1.39	Current assets / Current liabilities
Debt-to-equity ratio	51.40 %	(Shareholders' equity / Current liabilities %)
Profitability margin	17.90 %	(Profits / Sales %)
Working capital	63,624,000.00	(Current assets - Current liabilities)

FINANCIAL SITUATION

LIGHTLY FAIR
Based on the last submitted Financial Statement, company's Financial Situation is deemed to be Fair, due to its narrow liquidity ratio Its Working Capital is moderate. Subject shows indebtedness above the shareholders' equity. Its results Economic results are lightly satisfactory.
 
Although its Extended situation, it is worth mentioning that according to consulted sources no negative backgrounds were found against this firm. 

Property of company comments

Main assets include:
 
- Buildings
- Furniture and fixtures
- Computers
- Vehicles for delivery purposes

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
MAPFRE EPEYAC	All risk	09/2012	Not specified

Insurance Comments

Insurance policy is renewed annually. 

PAYMENTS RECORD: TRADE REFERENCES

(Confidential Information)

Supplier: Levitex S.A. de C.V.	Tel.: 525556571538	Country: MEXICO
Goods/Services? : Fabrics
Highest credit? : Unlimited	Outstanding debt? : 0.=
Client since? : 10 years	Terms? : 60 days	Performance? : Prompt
Comments : Good customer

Note : Other suppliers did not provide information or could not be consulted

Supplier	Country	Comment
Filamex S.A. de C.V.	MEXICO	Supplier has not replied our request
Representaciones Textiles de Toluca S.A. de C.	MEXICO	Supplier has not replied our request
Rochtex S.A. de C.V.	MEXICO	It was not available
Tiendas de Mayoreo S.A. de C.V.	MEXICO	Supplier has not replied our request
Calidad Textil QR S.A. de C.V.	MEXICO	Supplier has not replied our request
Grupo Textil 2000 S.A. de C.V.	MEXICO	Supplier has not replied our request
Hispano Tex S.A.	SPAIN
BSL Limited	INDIA
P.T. Daliatex Kusuma	INDONESIA
Solid Textile Intl Co. Ltd.	TAIWAN
Chutex Textile Intl Co. Ltd.	TAIWAN
Vigatex Co. Ltd.	TAIWAN
MC. Three ND	BELGIUM
Rock Land International Ltd.	U.S.A.

CREDIT HISTORY

Prior Reports evidence a good credit record, with not negative incidents.

LAWSUITS

No lawsuits against Subject were found.

BANKING INFORMATION

Bank	Account #	S/.
NACIONAL DE MEXICO SA	062800-3	X
BBVA BANCOMER SA	19203030-6	X
HSBC MEXICO SA	4012417994	X
BANCA MIFEL	20575	X

Subject's financial transactions are carried out through the above mentioned banks which did not provide any references under current legislation and bank secrecy principle.

GENERAL INFORMATION

REPUTATION

NOTHING AGAINST COMPANY

CREDIT OPINION
Comnsulted Credit Amount :	MAXIMUM CREDIT
Suggested Credit :	Eligible
NOTE : The opinion given is confidential, referential and with out liability.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.15
UK Pound	1	Rs.81.80
Euro	1	Rs.68.34

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.