MIRA INFORM REPORT

Report Date :

04.04.2012

IDENTIFICATION DETAILS

Name :	ABASTOS GARCÍA S.A. DE C.V.
Registered Office :	Zona 1, Nave 2, Bodega F 34-B, Col. Central de Abastos, Delg. Iztapalapa, 09040
Country :	Mexico
Date of Incorporation :	09.03.2004
Legal Form :	Stock Company of Variable Capital
Line of Business :	Import and sale of groceries, especially grains like rice and beans, as well as in the sale of spices.
No. of Employees :	50

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD20,000.=
Status :	Moderate
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

ABASTOS GARCÍA S.A. DE C.V.

TRADE NAME

ABASTOS GARCÍA

TAXPAYER REGISTRATION

RFC AGA-040309-AW8

MAIN ADDRESS

Zona 1, Nave 2, Bodega F 34-B, Col. Central de Abastos, Delg. Iztapalapa,

POSTAL CODE

09040

PROVINCE / DEPARTAMENT

México DF

STATE / REGION

Distrito Federal

COUNTRY

MEXICO

TELEPHONE

(5255) 56940283

E-MAIL

ignacio.garcia@hotmail.com

SUMMARY

Date of foundation	2004
Capital stock	Ps$50,000.= Pesos
Annual revenues	US$ 2,000,000.00 (31DEC2011)
permanent employees	50
Chief Executive	GARCÍA FERNÁNDEZ, ANTONIO
Disposition	Poor.- Only general information without figures.
Payments policy	Usually to terms/good
Credit (**)	Risk is Moderate. Within Average. Satisfactory.

CREDIT OPINION

Requested credit	Maximum Credit
Suggested credit (*)	USD20,000.=
(*) After analyzing different factors and other opinions.

LEGAL BACKGROUNDS

LEGAL STATUS	Stock Company of Variable Capital
DATE OF INCORPORATION	09MAR2004
PLACE OF REGISTRY	Mexico FD
DURATION	99 years
CURRENT PAID-IN CAPITAL	Ps$50,000.= Pesos
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
CURRENT EXCHANGE RATE (US$)	Ps$12.76 per 1 USD

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
GARCÍA FERNÁNDEZ, ANTONIO	General Manager	100%
GARCIA SARMIENTO, IGNACIO	Assistant Manager

WHO IS WHO?

GARCÍA FERNÁNDEZ, ANTONIO

NATIONALITY

Spaniard

D.O.B.

1957

PROFESSION

Businessman

BACKGROUND INFORMATION

He is father of Ignacio García Sarmiento.

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
COMERCIAL GARCIA S.A. DE C.V.			MEXICO

GARCIA SARMIENTO, IGNACIO

NATIONALITY

Mexican

PROFESSION

Business Administration Graduate

FATHER'S NAME

Antonio García Fernandez

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	RELATION %
ABASTOS CANTABRIA S.A. DE C.V.	MEXICO		Related
COMERCIAL GARCIA S.A. DE C.V.	MEXICO		Related

BUSINESS

Main activity

Subject Company is engaged in the import and sale of groceries, especially grains like rice and beans, as well as in the sale of spices.

Import

Yes

Country

Argentina, Brazil, Canada, China, India, Sri Lanka, Madagascar, Syria, Tailand, USA.

Export

No

% CASH SALES / METHOD

50%

% Credit SALES / Terms

50% / 30-day terms

% DOMESTIC PURCHASES

10%

% FOREIGN PURCHASES

90%

SELLING TerritorY

Domestic market (100%)

EMPLOYEES

50

LOCATION
PREMISES	Own
AREA	150 m2
OTHER PREMISES	The Registered office, Administrative and Commercial office, and Warehouse operate at the address in the heading. Subject has two additional nearby Warehouses (rented).

Comments

Subject imports through wire transfer.

FINANCIAL INFORMATION

Interviewee(s)

Sr. Ignacio García Sarmiento.

Position(s)

Assistant Manager

Disposition

Poor.- Only general information without figures.

Information provided

Mr. Ignacio García Sarmiento (Assistant Manager) provided general information and promised to send the balance sheet upon author consultation with the general management. In the meantine, he disclosed the company's turnover for 2011, expressed in Dollars (rounded up figures)-
 
At the same time, this report has been supplemented with the information we could gather through third parties, public sources and official, where there were neither updated balance sheets nor further accounting figures available.

SALES

US$ 2,000,000.00 (31DEC2011)

FINANCIAL SITUATION

UNDETERMINED
The company's Financial Standing is considered to be Undetermined since there is no financial information that allows us to asses its results. As we mentioned before, we could only find out that during the 2011 fiscal year, the company's sales amounted to US$2 Million Dollars.
 
No adverse records have been reported by the consulted specialized sources and the recent reference given by one of its suppliers show unlimited credits that are paid within the established terms; no reasons for observations.

Property of company comments

The Company has:
Office equipment and furniture
Computers

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
G.N.P.	All risk	Yearly	Not specified

Insurance Comments

Subject's insurance policy covers risk on inventory.

PAYMENTS RECORD: TRADE REFERENCES

(Confidential Information)

Supplier: ALMACENES ALTAMIRA S.A. DE C.V. (DECLINED REFE	Tel.: (55) 56941277.	Country: MEXICO
Goods/Services? : Spices
Highest credit? : Unlimited	Outstanding debt? : 0.=
Client since? : 15 years	Terms? : 30 days	Performance? : Prompt
Comments : Good Client

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

Supplier	Country	Comment
UNILEVER DE MÉXICO S.A. DE C.V.	MEXICO	We have requested references but they have not replied
CASA HOMS S.C. AGENTE ADUANAL	MEXICO	We have requested references but they have not replied
REGENCY SPICES (PVT) LTD.	SRI LANKA
IMPEX CORPORATION (PTE) LTD.	SRI LANKA
JABS INTERNATIONAL PVT. LTD.	INDIA
MICHIE COMERCIO EXPORTACAO E REPRESRODOVIA	BRAZIL
AL-KEDDAH-TRADING CO.	SIRIA
PEPOLTEX	UKRAINE
UKRAINE, POLTAVA KUCHERENKO	UKRAINE

CREDIT HISTORY

No adverse records have been found in the consulted sources.

LAWSUITS

No adverse legal records have been found in the consulted sources.

BANKING INFORMATION

Bank

SANTANDER SA

MERCANTIL DEL NORTE S.A.

NACIONAL DE MÉXICO S.A.

BBVA BANCOMER S.A.

Subject's financial transactions are carried out through the above mentioned banks which refused to provide any account information.

GENERAL INFORMATION

REPUTATION

NOTHING AGAINST COMPANY

CREDIT OPINION

Comnsulted Credit Amount :	Maximum Credit
Suggested Credit :	USD20,000.=
NOTE : The opinion given is confidential, referential and with out liability.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.56
UK Pound	1	Rs.81.04
Euro	1	Rs.67.48

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%)

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