MIRA INFORM REPORT

Report Date :

24.01.2012

IDENTIFICATION DETAILS

Name :	SIMIL CUERO PLYMOUTH S.A. DE C.V.
Registered Office :	Calle 4 No. 38, Col. Fraccionamiento Rustica Xalostoc Santa Clara, 55,340 Ecatepec de Morelos Edo. de México
Country :	Mexico
Date of Incorporation :	31.10.1989
Legal Form :	Stock Company of Variable Capital
Line of Business :	The company manufactures plasticized cloth fabric, skin substitutes, microfiber, natural fiber textiles and complementary products for the manufacture of footwear, automotive, furniture, bags, sporting goods, upholstery, advertising items, among others.
No. of Employees :	Not Available

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

SIMIL CUERO PLYMOUTH S.A. DE C.V.

TRADE NAME

SIMIL CUERO PLYMOUTH

TAXPAYER REGISTRATION

RFC SCP-891031-MM6

MAIN ADDRESS

Calle 4 No. 38, Col. Fraccionamiento Rustica Xalostoc Santa Clara,

POSTAL CODE

55,340

PROVINCE / DEPARTAMENT

Ecatepec de Morelos

STATE / REGION

Edo. de México

COUNTRY

MEXICO

TELEPHONE

(5255) 56994000

E-MAIL

simil@similcuero.com.mx

WEB

www.similcuero.com.mx

COMMENTS

 
Fax: (55) 56994097 / 56994098 / 56994099 
 
Other email:
 
vvalderrama@similcuero.com.mx
fitz@similcuero.com.mx

SUMMARY
Date of foundation	1964
Capital stock	Not specified
permanent employees	(*)
Chief Executive	ITZKOWICH SCHÑADOWER, RUBÉN
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	31OCT1989
PLACE OF REGISTRY	Ecatepec, State of México
DURATION	99 years
CURRENT PAID-IN CAPITAL	Not specified
LISTED AT STOCK EXCHANGE	No
CURRENT EXCHANGE RATE (US$)	Ps$13.13 per 1.00 USADollar
COMMENTS	-The company is associated with the "Chamber of Commerce of Ecatepec State of Mexico." -The company is associated with the "American Podiatric Medical Association (APMA)." -The company is associated with "American Apparel & Footwear Association (AAFA)." -The subject is associated with the "National Association of Plastics Industries-Anipac."

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
ITZKOWICH SCHÑADOWER, RUBÉN	Director General
TREJO MEDRANO, MAURICIO	Controller
ÁLVAREZ, MARIO	Head of Human Resources

WHO IS WHO?
ITZKOWICH SCHÑADOWER, RUBÉN
NATIONALITY	Mexican
TREJO MEDRANO, MAURICIO
NATIONALITY	Mexican
PROFESSION	Certified Public Accountant
ÁLVAREZ, MARIO
NATIONALITY	Mexican
PROFESSION	Graduate university

BUSINESS HISTORY

The is a Mexican company which origins date back to 1964 when Isaac Itzkowich, offered the widest range and variety of laminated fabrics, skin substitutes, microfiber, natural fiber textiles and complementary products for the manufacture of footwear, automotive, furniture, bags, sporting goods, upholstery, advertising items, among others.
 
The company is a member of 'Plymouth Group "which is also composed of the following companies:
 
-Productora Plástica de Xalostoc S. de R.L. de C.V. (México).
-Servicios Administrativos Plymouth S.C. (México).
-C.I. Sintéticos y Textiles de Colombia S.A. (Colombia).
-Simil Cuero Plymouth de Costa Rica C.A. (Costa Rica).
-Simil Cuero Plymouth Cuba S.A. (Cuba).
-Simil Cuero Plymouth de Venezuela S.A. (Venezuela).
-Simil Cuero Plymouth de Estados Unidos (Estados Unidos).
-Simil Cuero Plymouth de Guatemala (Guatemala).

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
C.I. SINTETICOS Y TEXTILES DE COLOMBIA S.A.	COLOMBIA	900060801	Related
PRODUCTORA PLÁSTICA DE XALOSTOC S. DE R.L. DE C.V.	MEXICO		Related
SERVICIOS ADMINISTRATIVOS PLYMOUTH S.C.	MEXICO		Related
SIMIL CUERO PLYMOUTH CUBA S.A.	CUBA		Related
SIMIL CUERO PLYMOUTH DE COSTA RICA C.A.	COSTA RICA		Related
SIMIL CUERO PLYMOUTH DE GUATEMALA	GUATEMALA		Related
SIMIL CUERO PLYMOUTH DE VENEZUELA S.A.	VENEZUELA		Related
SIMIL CUERO PLYMOUTH UNITED STATES	U.S.A.		Related

BUSINESS

Main activity

ACTIVITY: The company manufactures plasticized cloth fabric, skin substitutes, microfiber, natural fiber textiles and complementary products for the manufacture of footwear, automotive, furniture, bags, sporting goods, upholstery, advertising items, among others.
 
TRADEMARKS: The company has the following logo: SIMIL CUERO PLYMOUTH (See foot of report)

Import

Yes

Country

PVC, and polyurethane, from Korea and Taiwan, by direct credit and / or machinery and spare parts from Italy when needed.

Export

Yes

COUNTRY

countries of South and Central America and Europe, the U.S. and Canada through direct credit.

% CASH SALES / METHOD

30%

% Credit SALES / Terms

70% (30 days)

% Ventas exterior (Paises)

40%

% DOMESTIC PURCHASES

50%

% FOREIGN PURCHASES

50%

SELLING TerritorY

60% National , local

EMPLOYEES

(*)

LOCATION

OTHER PREMISES

At the above listed addres corporate offices can be found as well as the tax domicile of the company. It is single-story premises located between Central Avenue and the 5th Street in semi-industrial area of the city. OTHER LOCATION: The company has stores in Mexico City and Metropolitan Area, and in the Interior of the Republic, such as: -Av. Adolfo López Mateos No. 477, Col. Benito Juárez, México D.F, C.P. 57000. -Peña y Peña No. 18, Locales A y B, Col. Centro, México D.F., C.P. 06020. -Peña y Peña No. 18, Locales C y D, Col. Centro, México D.F., C.P. 06020. -República Del Salvador No. 135-A, Col. Centro, México D.F., C.P. 06090. -Pintores No. 78, Col. Emilio Carranza, México D.F., C.P. 15230. -Abraham González No. 31 Locales C, D y E, Col. Juárez, México D.F., C.P. 06600. -Jesús Carranza No. 23, Col. Morelos, México D.F., C.P. 06200. -Tenayuca No. 17, Col. Vertiz Narvarte, México D.F., C.P. 03,600. -Av. 20 de Noviembre No. 1105, Col. Obrera, Chihuahua, Chihuahua, C.P. 31350. -Av. Juárez N. 409-C, Col. Barrio De La Concepción San Mateo Atenco, Estado de México, C.P. 52100. -Federación No. 1609, Sector Libertad, Guadalajara, Jalisco, C.P. 44380. -Federación No. 1532, Sector Libertad, Guadalajara, Jalisco, C.P. 44380. -Javier Mina No. 840, Sector Libertad, Guadalajara, Jalisco, C.P. 44380. -Esteban Alatorre No. 1601, Col. San Juan Bosco, Guadalajara, Jalisco, C.P. 44381 among others.

Comments

Comments on Staff: the company does not have payroll, its subsidiary Servicios Administrativos Plymouth S.C. provides it personnel, about 300 workers at present.
 
CLIENTS: The company serves the following industries:
 -Footwear and Leather Goods
 -Advertising and Binding
 -Hotels and Restaurants
 -Furniture makers and Offices
 -Automotive & Boating
 -Sports and children
 -Clothing and Apparel
 
 
Simil Cuero Plymouth has a strong commitment to the environment, which is why every day are looking for raw materials that are not aggressive ecologically, and state-of-the-art equipment to help them reduce contaminants. The water used at the plant is treated water as they have their own plant for treated water.
Raw materials and products they buy are from sources certified to provide quality to all their products.

FINANCIAL INFORMATION
Interviewee(s)	C.P.A. Mauricio Trejo Medrano
Position(s)	Comptroller
Disposition	Poor.- Only general information without figures.
Information provided	We interviewed the C.P.A. Mauricio Trejo Medrano (Comptroller) who assisted us by providing the data contained in this report- But he said the other business and financial information he could not provide because he had strict orders from his superiors to keep such information confidential. As a private company the subject does not publish any financial statements.
FINANCIAL SITUATION	UNDETERMINED We consider the Financial Situation of the company as Undetermined because lack of financial data prevents us from assessing their current results.

PAYMENTS RECORD: TRADE REFERENCES

(Confidential Information)

Supplier: Productora Plástica de Xalostoc S. de R.L. de	Tel.: (55) 5999 9901	Country: MEXICO
Goods/Services? : Sell Subject plastic fabric.
Highest credit? : No specified
Client since? : years	Terms? : 30 days	Performance? : Prompt
Comments : Monthly Ave. Purchase: varying amou

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

Supplier	Telephone	Country	Comment
Bohler Thyssen Soldaduras S.A. de C.V.		MEXICO
Novotex Italiana S,p.A.		ITALY
Lovetex Industrial Corp.		TAIWAN

BANKING INFORMATION

Bank

MERCANTIL DEL NORTE S.A.

BBVA BANCOMER S.A.

The subject is a customer of those banks, which when consulted told us that in compliance with current legal regulations, can not provide data on their customer movements out of respect to banking secrecy.

GENERAL INFORMATION

REPUTATION

NOTHING AGAINST COMPANY

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.24
UK Pound	1	Rs.78.13
Euro	1	Rs.64.79

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.