MIRA INFORM REPORT

Report Date :

11.08.2012

IDENTIFICATION DETAILS

Name :	SKYTEX MEXICO S.A. DE C.V.
Registered Office :	Paseo de la Reforma 2620 Of. 405, Col. Lomas Altas, Delg. Miguel Hidalgo 11950
Country :	Mexico
Date of Incorporation :	1995
Legal Form :	Stock Company of Variable Capital
Line of Business :	Manufacture of polyester fabrics high torque, synthetic fabrics with spandex circular knit, woven ribbon, garment making.
No. of Employees :	1,000

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Unknown
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 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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

SKYTEX MEXICO S.A. DE C.V.

TAXPAYER REGISTRATION

RFC SME9508177L9

MAIN ADDRESS

Paseo de la Reforma 2620 Of. 405, Col. Lomas Altas, Delg. Miguel Hidalgo

POSTAL CODE

11950

PROVINCE / DEPARTAMENT

Mexico DF

STATE / REGION

Distrito Federal

COUNTRY

MEXICO

TELEPHONE

(5255) 50818940

E-MAIL

salvador.hernandez@skytex.com.mx

WEB

www.skytex.com.mx

COMMENTS

Ordered address: Jaime Balmes 11MD 4205 Morales Polanco Mexico D.F.; We clarify the headquarter address is placed above in the report.

SUMMARY
Date of foundation	1995
Capital stock	Ps$212,748,130.= Pesos
permanent employees	1,000
Chief Executive	CASSAB HARARI, SANDY
Disposition	Poor.- Only general information without figures.
Payments policy	Usually to terms/good
Credit (**)	Risk is Moderate. Within Average. Lightly Fair Situation.

LEGAL BACKGROUNDS

LEGAL STATUS	Stock Company of Variable Capital
DATE OF INCORPORATION	17AUG1995
PLACE OF REGISTRY	Mexico D.F.
NOTARY OFFICE	50; Carlos R. Sánchez
DURATION	99 years
REGISTRATION	No. 202726 (12/12/1995)
INITIAL CAPITAL	Ps$157,000,000.= Pesos
CURRENT PAID-IN CAPITAL	Ps$212,748,130.= Pesos
LAST CAPITAL INCREASE	12/2006
CLASS OF SHARES	Registered.
LISTED AT STOCK EXCHANGE	No
CURRENT EXCHANGE RATE (US$)	Ps$13.25 per USD 1.00
MEMBERSHIP	National Chamber of Textile Industry

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
CASSAB HARARI, SANDY	General Director	27.55%
CASSAB HARARI, JACOBO	Sales Director	27.55%
HERNANDEZ, VIOLETA	Collection Manager
SERRANO, MANUEL	Accountant
SIERRA ESNAL, JUAN JOSE	Shareholder	23.88%
CASSAB CHARABATI, DAVID	Shareholder	21.02%

WHO IS WHO?

CASSAB HARARI, SANDY

NATIONALITY

Mexican

D.O.B.

24OCT1969

CIVIL STATUS

Married

TAX ID

CAHS691024-BB1

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
SKYFELT S.A. DE C.V.	Director General	SKY981103PU7	MEXICO
SKYRUG S.A. DE C.V.	CEO / Shareholder	SKY0403304QA	MEXICO
GRUPO CASS S.A. DE C.V.	Receiver	GCA950713DGA	MEXICO

PARTICIPATED IN

COMPANY	TITLE	COUNTRY	YEAR / REF
BANCO MIFEL S.A.	Alternate Director	MEXICO	2007

CASSAB HARARI, JACOBO

NATIONALITY

Mexican

PROFESSION

Lawyer

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
SKYRUG S.A. DE C.V.	Sales Director / Director	SKY0403304QA	MEXICO
SKYFELT S.A. DE C.V.	Sales Director	SKY981103PU7	MEXICO

SERRANO, MANUEL

NATIONALITY

Mexican

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
SKYFELT S.A. DE C.V.	General Accountant	SKY981103PU7	MEXICO

SIERRA ESNAL, JUAN JOSE

NATIONALITY

Mexican

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
GRUPO PARISINA S.A. DE C.V.	President	GPA930101QI7	MEXICO
SKYFELT S.A. DE C.V.	Shareholder	SKY981103PU7	MEXICO
SKYRUG S.A. DE C.V.	Shareholder	SKY0403304QA	MEXICO

CASSAB CHARABATI, DAVID

NATIONALITY

Mexican

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
SKYFELT S.A. DE C.V.	Sales Manager	SKY981103PU7	MEXICO
SKYRUG S.A. DE C.V.	Shareholder	SKY0403304QA	MEXICO

BUSINESS HISTORY

SKYTEX MEXICO S.A. DE CV is a Mexican privately-held company, established on August 17, 1995. Its founders were: Kamel Nacf Borge, Emily Cohen Cohen and Jacqueline Chaba Kalach Romano.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
SKYFELT S.A. DE C.V.	MEXICO	SKY981103PU7	Related
SKYMATT S.A. DE C.V.	MEXICO	SKY991209NS4	Related
SKYRUG S.A. DE C.V.	MEXICO	SKY0403304QA	Related
SKYTEX FIN S.A. DE C.V.	MEXICO		Related
SKYWEB S.A. DE C.V.	MEXICO		Related

BUSINESS

SIC Classification
2 2 - TEXTILE INDUSTRY. FLAT YARNS AND CONFECTIONARY RAW MATERIAL. (Manuf.Weaving mills, cotton, Synthetics, hosiery, woven carpets and rugs, yarn, fabrics, etc.)

Main activity

Skytex Mexico is dedicated to the manufacture of polyester fabrics high torque, synthetic fabrics with spandex circular knit, woven ribbon, garment making. 

Import

Yes

Country

USA, Colombia, Asia and Europe.

Export

Yes

COUNTRY

USA and Panama

% CASH SALES / METHOD

15%

% Credit SALES / Terms

85% (terms: 150 days)

% Ventas exterior (Paises)

30%

% DOMESTIC PURCHASES

65%

% FOREIGN PURCHASES

35%

SELLING TerritorY

70% National market

EMPLOYEES

1,000

OTHER PREMISES

Tax domicile and head office are located at the above address. Subject is reported other address in Jaime Balmes 11, Mezanine D-4, Co. Los Morales Polanco, Del. Miguel Hidalgo, CP 11510. Mexico F.D, but could not learn its specific use. PRODUCTION PLANT: Manzana J y K, Lote Nº 1, Parque Industrial Texmelucan Corredor Industrial Quetzalcoatl, Huejotzingo, Puebla, C.P. 74160. Tel.(227) 2759500/ Fax. (227) 2759501. Surface area: 80,000 sqm.

Comments

Business vision: Is to serve the market through the development and marketing of competitive products and differentiated excellence service that meets the needs of customers, enabling permanence and business development.
 
Main clients include:
- Grupo Parisina S.A. de C.V.
- Originales Ardi S.A. de C.V.
- Romanzzino S.A. de C.V.
- Confecciones de Alta Moda S.A. de C.V.
- Marca Tres S.A. de C.V.
- J. Suzette and Company Inc. (USA)
- Joro Fashions (USA)
- Nuance Ind. (USA)

FINANCIAL INFORMATION

Interviewee(s)

Violeta Hernandez

Position(s)

Collections Manager

Disposition

Poor.- Only general information without figures.

Information provided

The person interviewed provided general information regarding the company, but said per internal policy could not provide any financial data.

SALES

US$ 0.00 ()

FINANCIAL SITUATION

NN: UNDETERMINED
Subject's Financial Position is considered UNDETERMINED, since there are no financial figures allowing a financial analysis of the results in its last fiscal year.
 
This is a large company within its field industry, which maintains normal operations.

Property of company comments

Subject reportedly has the assets below:
- Textile machinary
- Office furniture and equipment
- Computer equipment, among others.

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
ING COMERCIAL AMERICA S.A. DE C.V.	Various risks

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: DISTRIBUCIÓN DE COMBUSTIBLE S.A. DE C.V.	Tel.: 52 222 2976666	Country: MEXICO
Goods/Services? : Fuels
Highest credit? : US$ 4,000.=		Current
Client since? : 2008	Terms? : 30 days	Performance? : Prompt
Supplier: POLIOLES	Tel.: 52 55 91400500	Country: MEXICO
Goods/Services? : Chemicals
Highest credit? : US$ 2,500.=		Current
Client since? : 2009	Terms? : 30 days	Performance? : Prompt
Supplier: ESPECIALIDADES QUÍMICAS DE MONTERREY	Tel.: 52 81 83584921	Country: MEXICO
Highest credit? : nil		Current
Comments : Subject is not their client.
Supplier: CLARIANT MÉXICO S.A. DE C.V.	Tel.: 52 55 53291800	Country: MEXICO
Highest credit? : n/a		Current
Comments : Do not give reference on customers.
Supplier: ELCAR TEXTIL S.A. DE C.V.	Tel.: 52 55 55425142	Country: MEXICO
Highest credit? : n/a		Current
Comments : No contact was achieved with supplier.

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

Supplier	Country	Comment
HYOSUNG CORP.	SOUTH COREA
PT INDORAMA SYNTHETICS	INDONESIA
DAEJINN TEXTILE	JAPAN
DAEWOO INTERNATIONAL CORP.	SOUTH COREA
NAVITEX CO. LTD.	U.S.A.
ETOCHU	JAPAN
AKRA POLIESTER S.A. DE C.V.	MEXICO
PROPILCO	COLOMBIA

CREDIT HISTORY

LAWSUITS

As of report date we have not found any litigation, suit, or judgement filed against this company.

BANKERS

Banking is with:
GRUPO FINANCIERO SANTANDER
HSBC MEXICO S.A.
BANCA MIFEL S.A.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.86.45
Euro	1	Rs.68.04

INFORMATION DETAILS

Report Prepared by :

PDT

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.