MIRA INFORM REPORT

Report Date :

05.07.2012

IDENTIFICATION DETAILS

Name :	ELECTROMAG S.A. DE C.V.
Registered Office :	San Luis Tlatilco 30, Parque Industrial Naucalpán 53370 Naucalpán de Juárez
Country :	Mexico
Date of Incorporation :	13.04.1984
Legal Form :	Stock Company of Variable Capital
Line of Business :	Manufacture of low-density transformers and light fixtures, electromagnetic and electronic ballasts for residential, commercial and industrial use.
No. of Employees :	800

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 :	USD 500
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

ELECTROMAG S.A. DE C.V.

TAXPAYER REGISTRATION

RFC EMA8409136D8

MAIN ADDRESS

San Luis Tlatilco 30, Parque Industrial Naucalpán

POSTAL CODE

53370

PROVINCE / DEPARTAMENT

Naucalpán de Juárez

STATE / REGION

México

COUNTRY

MEXICO

TELEPHONE

(5255) 53000646 - 58703215

E-MAIL

mgarcia@electromag.com.mx

WEB

www.magg.com.mx

COMMENTS

Additional E-mail: itorres@electromag.com.mx
 
The order was requested with the following address: Jesús Jimenez Gallardo No.4, Ind. Xhala, Cuatitlan, Izcalli. This address belongs to a branch of Subject Company.

SUMMARY
Date of foundation	1984
permanent employees	800
Chief Executive	REUL JIMENEZ, ARTURO
Disposition	Moderate.- Only some data and some figures.
Payments policy	Without rating (No payment experience traced)
Credit (**)	Indeterminate, Information is insufficient. With no Experience.

LEGAL BACKGROUNDS
LEGAL STATUS	Stock Company of Variable Capital
DATE OF INCORPORATION	13APR1984
PLACE OF REGISTRY	Naucalpán de Juárez / State of Mexico
DURATION	99 years
INITIAL CAPITAL	Ps$50,000.= Pesos
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
CURRENT EXCHANGE RATE (US$)	Ps$13.69 per 1 USD
MEMBERSHIP	Cámara Nacional Electricista de Telecomunicaciones e Informática.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
REUL JIMENEZ, ARTURO	CEO
GARCIA PONCE, MARCO	Treasury -Finance Manager
REZA ALVARADO, JORGE	Purchasing Manager
TORRES OROZCO, ISMAEL	General Accountant

WHO IS WHO?
REUL JIMENEZ, ARTURO
NATIONALITY	Mexican
PROFESSION	Engineer

BUSINESS

Main activity

Manufacture of low-density transformers and light fixtures, electromagnetic and electronic ballasts for residential, commercial and industrial use.
 
Registered trademark: "ELECTROMAG".

Import

Yes

Country

USA, Japan, China, Switzerland.

Export

Yes

COUNTRY

Costa Rica and USA.

% CASH SALES / METHOD

20%

% Credit SALES / Terms

80% (30-day terms)

% Ventas exterior (Paises)

03%

% DOMESTIC PURCHASES

40%

% FOREIGN PURCHASES

60%

SELLING TerritorY

97% Domestic market

EMPLOYEES

800

LOCATION
PREMISES	Rented
FLOORS	2
AREA	1,200 m2
OTHER PREMISES	The company's main offices operate at the address in the heading. Previous address: Av.Victoria No.32, Local 101, Colonia Sector Cuautitlán Izcalli Centro, CP.54700, Cuautitlán Izcalli, Estado de México. OTHER PREMISES: - Jesus Jimenez Gallardo # 4 Industria Xhalam Cuatitlan Izcali. - Monterrey: General Manuel M. González 1303, Col. Niño Artillero, C.P. 64280, Monterrey, Nuevo León. - Puebla: 30 Norte 604 Bodega 20, entre calles 6 y 8 ote., Col. Resurgimiento, C.P. 72370 Puebla, Puebla. - México, D.F: Victoria 32 - 101, Col. Centro, C.P. 06050 México, D.F. - Guadalajara: Calle Primavera 2470, Col. Fresno, C.P. 44909 Guadalajara, Jalisco. - Mérida: Calle 23 No.391, entre 48 y 50, Col. Ampliación Ciudad Industrial, Paseos de Itzincab, C.P. 97392 Umán, Yucatán. - Querétaro: Calle 3 No.8, Col. Parque Industrial Benito Juárez, C.P. 76120 Querétaro, Querétaro.

Comments

Reportedly, Subject has a client portfolio of about 1,550 clients, among the domestic and the international market.

FINANCIAL INFORMATION

Interviewee(s)

Fuentes Externas

Disposition

Moderate.- Only some data and some figures.

Information provided

This report has been prepared through external sources since we could not contact the company's chief executives.

SALES

US$ 0.00 ()

FINANCIAL SITUATION

NN: UNDETERMINED
The company's Financial Standing is considered to be UNDETERMINED since there are no financial figures that allow us to asses its results in the last fiscal year. 
 
This is a Mexican company that has been engaged in the development, manufacture and sale of products for the lighting industry for more than 25 years.

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
ING-SEGUROS COMERCIAL AMERICA SA DE CV	All risk

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier	Country	Comment
Teryfel S.A. de C.V.	MEXICO	We could not contact this supplier
Action Caps	U.S.A.
St. Micro Electronic	SWITZERLAND

LAWSUITS

As of the date of the report, no criminal, civil and/or commercial lawsuits filed against this company have been found.

BANKERS

BBVA BANCOMER S.A.
BANCO NACIONAL DE MEXICO S.A.
SCOTIABANK INVERLAT S.A.
 
Subject is client of the above mentioned banks which when being consulted told us that according to the current legal regulations they cannot provide any information on Subject's operations under bank secrecy.
 

Maximum Credit Limit : USD 500 (Approximately )

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.55
UK Pound	1	Rs.85.48
Euro	1	Rs.68.70

INFORMATION DETAILS

Report Prepared by :

PRL

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.