MIRA INFORM REPORT

Report Date :

20.02.2012

IDENTIFICATION DETAILS

Name :	AUTOMOTIVE INDUSTRIAL GROUP S.A. DE C.V.
Registered Office :	Cucharas 305, Col. Parque Industrial Escobedo 66062
Country :	Mexico
Date of Incorporation :	28.06.2004
Legal Form :	Stock Company of Variable Capital
Line of Business :	Purchase and sale of automotive spare parts for suspension and steering.
No. of Employees :	About 100

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 :	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 – 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

AUTOMOTIVE INDUSTRIAL GROUP S.A. DE C.V.

TRADE NAME

AIG

TAXPAYER REGISTRATION

RFC AIG-040628-7D6

MAIN ADDRESS

Cucharas 305, Col. Parque Industrial Escobedo

POSTAL CODE

66062

PROVINCE / DEPARTAMENT

General Escobedo

STATE / REGION

Nuevo León

COUNTRY

MEXICO

TELEPHONE

(5281) 83529671 - 83529672 - 83529673

E-MAIL

jelizondo@arceparts.com

WEB

www.arceparts.com

COMMENTS

Toll Free Call: 01 800.536.7395
The address in your order was the former domicile.

SUMMARY
Date of foundation	2004
Capital stock	No specified
permanent employees	About 100
Disposition	Poor.- Only general information without figures.
Payments policy	Usually to terms/good
Credit (**)	Risk is Moderate. Within Average. Satisfactory.

LEGAL BACKGROUNDS
LEGAL STATUS	Stock Company of Variable Capital
DATE OF INCORPORATION	28JUN2004
PLACE OF REGISTRY	Monterrey, Nuevo León
DURATION	99 years
CURRENT PAID-IN CAPITAL	No specified
LISTED AT STOCK EXCHANGE	No
CURRENT EXCHANGE RATE (US$)	Ps$12.73 per USD.1.00
COMMENTS	Personal information of the executive was not disclosed under confidentiality. The name of the shareholders could not be obtained.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
ELIZONDO QUIROGA, JAVIER	Commercial Manager

BUSINESS HISTORY

AUTOMOTIVE INDUSTRIAL GROUP S.A. DE C.V. is a Mexican company formed on June 28, 2004 in the City of Monterrey, Nuevo León, having not changed since then its legal status.
 
It is related to:
ARGOVI REFACCIONARIAS S.A. DE C.V. 
Domiciled at Cuauhtémoc 418 Pte., Col. Centro, San Nicolás de los Garza, Nuevo León, C.P. 66,400, Tel: (81) 83768842

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
ARGOVI REFACCIONARIAS S.A. DE C.V.	MEXICO	ARE-920522-8K7	Related

BUSINESS

Main activity

Purchase and sale of automotive spare parts for suspension and steering.

Import

Yes

Country

India, China, Taiwan and Turkey; direct credit at 90 days

Export

No

% CASH SALES / METHOD

40%

% Credit SALES / Terms

60% at 30 days

% DOMESTIC PURCHASES

20%

% FOREIGN PURCHASES

80%

SELLING TerritorY

Mexican market - 100%

EMPLOYEES

About 100

LOCATION
OTHER PREMISES	Headquarters, warehouse and sales are located at the above address.Premises cover an area of 800 m2 approximately. They are located between Av. Industria and Av. del Acero, commercial area of the city. Formerly, it was located at Cuauhtémoc 410 Pte., entre Bustamante y Naranjo, Col. Centro, San Nicolás de los Garza, Nuevo León, C.P. 66,400. The Company has no other premises.

Comments

The Company sells exclusively 99% to the its related company:
-Argovi Refaccionarias S.A. de C.V.

FINANCIAL INFORMATION
Interviewee(s)	Samuel Nerio Plascencia
Position(s)	Operations Area
Disposition	Poor.- Only general information without figures.
Information provided	Samuel Nerio Plascencia (from the Operations Area) supplied the information contained in this report. He said he had been instructed by the Director General not to give more commercial information and the financials due to its confidential nature. Other sources were consulted but no balance sheets or estimated accounting figures were available.
SALES	US$ 0.00 ()
FINANCIAL SITUATION	UNDETERMINED Financial standing is indeterminate since no accounting elements were available to assess this Company current results.
Property of company comments	They include: - Office furniture and fixtures - Computers - Vehicles
Insurance Comments	The Company is insured but the name of the insurer was not specified.

PAYMENTS RECORD: TRADE REFERENCES

(Confidential Information)

Supplier: KYB LATINOAMÉRICA S.A. DE C.V.	Tel.: (55) 52825770	Country: MEXICO
Goods/Services? : Bumpers
Highest credit? : No specified
Client since? : Sv.years	Terms? : 45 days	Performance? : Prompt
Comments : Monthly variable amounts. GOOD CLIENT
Supplier: MONROE DE MÉXICO S.A. DE C.V.	Tel.: (461) 6186524	Country: MEXICO
Goods/Services? : Bumpers
Highest credit? : No specified
Client since? : Sv.years	Terms? : 45 days	Performance? : Prompt
Comments : Monthly amount was not specified. GOOD CLIENT

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

BANKING INFORMATION

Bank

BANCO REGIONAL DE MONTERREY SA

BANCO NACIONAL DE MÉXICO SA

The foregoing banks declined to provide information about their client's operations and/or accounts under internal policy.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.58

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.