MIRA INFORM REPORT

 

 

 

Report Date :

22.03.2012

 

IDENTIFICATION DETAILS

 

Name :

LA DISTRIBUIDORA DE CASIMIRES S.A. DE C.V.

 

 

Registered Office :

Benjamín Franklin 100, Colonia Escandon, Delegación Miguel Hidalgo, Mexico D.F. CP 11800

 

 

Country :

Mexico

 

 

Financials (as on) :

31.12.2008

 

 

Date of Incorporation :

21.10.1959

 

 

Legal Form :

Stock Company of Variable Capital

 

 

Line of Business :

Import, Purchase and Distribution of Fabrics(90%) and Carpets (10%).

 

 

No. of Employees :

80

 

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

 

Maximum Credit Limit :

US$ 229,000

 

 

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

:

LA DISTRIBUIDORA DE CASIMIRES S.A. DE C.V.

TRADE NAME

:

"DICSA"

TAXPAYER REGISTRATION

:

RFC DCA-870130-BH4

MAIN ADDRESS

:

Benjamín Franklin 100, Colonia Escandon, Delegación Miguel Hidalgo

CITY

:

Mexico D.F. CP 11800

DEPARTMENT/STATE

:

N/A

COUNTRY

:

MEXICO

TELEPHONE

:

52773851/52773322

FAX

:

55162444

WEB SITE

:

None

 

COMMENTS .-

Other e-mail: dicsamex@mx.inter.net

 

SUMMARY

 

INCORPORATION                      : 1959

LAST CAPITAL                          : Ps$26,492,149.= Pesos

SHAREHOLDERS ' EQUITY       : Ps$31,266,000.= (as of 31.12.2008)

FINANTIAL SITUATION               : Active

EMPLOYEES                            : 80

PAYMENTS                              : Usually to terms/good

BUSINESS TREND                    : Stable, unchanged

 

 

Legal background

                                                                                                          

LEGAL ESTATUS

:

Stock Company of Variable Capital

DATE OF INCORPORATION

:

21OCT1959

START OF OPERATIONS

:

N/A

REGISTERED IN

:

Mexico D.F.

NOTARY OFFICE

:

No 131, Andrés Ruiz Isunza

DURATION

:

99 years

REGISTRATION

:

Notarial Deed No. 10,624

INITIAL CAPITAL

:

N/A

CURRENT PAID-IN CAPITAL

:

Ps$26,492,149.= Pesos

LAST CAPITAL INCREASE

:

31.12.2008

SHAREHOLDERS' EQUITY

:

Ps$31,266,000.= (as of 31.12.2008)

TYPE OF SHARES

:

Nominal

LISTED AT STOCK EXCHANGE

:

No

SHARE VALUE

:

Ps$1.= Peso

CURRENT EXCHANGE RATE

:

Ps$12.87 per USD 1.00

MEMBERSHIP

:

N/A

 

 

history

 

Subject Company was incorporated in accordance to Notarial Deed 10,624, dated October 21, 1959 under the name LA DISTRIBUIDORA DE CASIMIRES S DE RL.

 

In compliance with Notarial Deed 51,287, dated April 20, 1976, before Fausto Rico Alvarez, Notary Public, Subject changed its name to LA DISTRIBUIDORA DE CASIMIRES SA.

 

Finally, on June 2nd, 1987, by virtue of Notarial Deed 32,216, before Lic. Carlos de Pablo Cerna, Notary Public, Subject changed its name to the current style: LA DISTRIBUIDORA DE CASIMIRES SA DE CV (entered in the Public Registry under N'49892 dated December 22, 1987).

 

 

Directors / executives / shareholders

 

FULL NAMES / COMPANY NAME

TITLE

OWNERSHIP %

CHERES CAMPEAS, ROBERTO NATHAN

Director General

50%

CHERES OMOSS, JESSICA CRECIA

Import&Purchases Director

 

LEVY PENHAR, SALOMON

Logistics Director

 

CHERES ESKENAZI, ISIDORO

General Manager

50%

TEJEDA BARRERA, AGUSTIN

Chief Accountant

 

 

 

Who is who ?

 

CHERES CAMPEAS, ROBERTO NATHAN

NATIONALITY                : Mexican

BORN                           : 16AUG1954

CIVIL STATUS               : Married

 

BACKGROUND INFORMATION .-

RFC CECR-540816-CX7

 

CHERES OMOSS, JESSICA CRECIA

NATIONALITY                            : Mexican

 

BACKGROUND INFORMATION .-

Graduate university.

 

TEJEDA BARRERA, AGUSTIN

NATIONALITY                            : Mexican

PROFESSION                           : Certified Public Accountant

 

 

Related company (ies)

 

None reported.

 

 

Business

 

MAIN ACTIVITY .-

Import, purchase and distribution of fabrics(90%) and carpets (10%).

 

Brands:  Third parties'

 

 

IMPORT           : Yes

                        Fabric and rugs from Korea, France, Thailand, Germany, India, United States,

                        Belgium and Turkey, etc. L/Cs 90-180 days

EXPORT           : No

% CASH SALES/METHOD

:

40%

% CREDIT SALES/TERMS

:

60% (terms: 30, 60 and 90 days)

% FOREIGN SALES (COUNTRIES)

:

N/A

% DOMESTIC PURCHASES

:

30%

% FOREIGN PURCHASES

:

N/A

SELLING TERRITORY

:

100% nationally

EMPLOYEES

:

80(apart from 12 sale agents working on commission

 

LOCATION .-

Premises

:

Rented

Monthly Amount

:

N/A

Time Occupied

:

N/A

Area

:

1,000 sqm.

Floors

:

2

Equipment

:

N/A

Condition

:

Good structure.

Use

:

Administrative and selling offices, main store, tax domicile.

 

Remarks and other Premises .-

Facilities owned by the Shareholders who rent same to the Subject for its operations. Subject Company uses only a 50% of both the 1st. and 2nd. floor.

 

Subject has other facilities at Benjamín Flanklin 98, Colonia Escandon, Delegación Miguel Hidalgo, México D.F./Estado de México CP 11800.

COMMENTS .-

The main customers of Subject reportedly are the firms:

- Distribuidora Liverpool S.A. de C.V.

- Comercializadora Coahuila S.A. de C.V.

- Telas Junco S.A. de C.V.

- Gabriel Bayron S.A. de C.V.

- Modatex S.A. de C.V.

Financial information

 

CP Agustin Tejeda Barrera (Chief Accountant) with whom we spoke updated general information with exception of Company's financials.

 

For reference purpose we are including in this report the Balance Sheet of this Company ended on December 31st., 2008, obtained directly from this company during a former investigation.

 

 

BALANCE SHEET

 BALANCE SHEET DATE

31DEC2008

 

 

 

 PERIOD

12 months

 

12 months

 

 EXCHANGE RATE PER US$

13.78

 

 

 

 CURRENCY

Pesos

 

 

 

 ASSETS

 

 

 

 

  TOTAL CURRENT

161,943,359.36

 

 

 

  FIXED

23,383,768.57

 

 

 

  OTHERS

362,552.00

 

 

 

  TOTAL ASSETS

185,689,679.93

 

 

 

 LIABILITIES

 

 

 

 

  TOTAL CURRENT

155,012,982.36

 

 

 

 SHAREHOLDERS' EQUITY

 

 

 

 

TOTAL EQUITY

185,689,679.93

 

 

 

TOTAL LIABILITIES

30,676,697.57

 

 

 

 SALES

173,727,269.10

 

 

 

 PROFIT(LOSS)

4,184,548.29

 

 

 

 

RATIO

 LIQUIDITY RATIO

1.04

(Current Assets/Current Liabilities)

 DEBT-TO-EQUITY RATIO

19.79

(Shareholders's equity/Current Liabilities %)

 PROFITABILITY MARGIN

2.41

(Profits/Sales %)

 WORKING CAPITAL

6,930,377.00

(Current Assets - Current Liabilities)

 

FINANCIAL SITUATION                        :           Active

The figures available show a fair financial standing. They show a slightly high level of indebtedness , moderate working capital amount and good profit margin.

 

LA DISTRIBUIDORA DE CASIMIRES S.A. DE C.V. is a long-standing company, whose sales are positive in spite of dealing in a highly competitive sector of the market.

 

PROPERTY OF THE COMPANY .-

Main assets include:

 

- Buildings

- Furniture and fixtures

- Computers

- Vehicles for delivery purposes

 

 

INSURANCE .-

Company

Againts

Amount

Expiration

AXA SEGURO S.A. DE C.V.

N/A

N/A

N/A

 

 

Payment record

 

TRADE REFERENCES .-

Supplier

Country

Tel.

Line of Credit

Monthly Average

Terms

(days)

Perfomance?

Time

Products/Services

Filamex S.A. de C.V.

MEXICO

52222 2840504

 

Ps$ 120,000.=

90 days

Prompt

10 years

Fabrics

Tiendas de Mayoreo S.A. de C.V.

MEXICO

N/A

N/A

 200,000.=

90 days

Prompt

Years

Fabrics

Representaciones Textiles de Toluca S.A. de C.

MEXICO

N/A

N/A

Ps$ 100,000.=

60 days

Prompt

9 years

Fabric

Rochtex S.A. de C.V.

MEXICO

N/A

N/A

Ps$ 70,000.=

60-90 days

Prompt

Years

Fabrics

Levitex S.A. de C.V.

MEXICO

N/A

N/A

Ps$ 80,000.=

90 days

Prompt

Years

Fabrics

 

NOTE: Other Suppliers did not provide information or could not be consulted.

Supplier

Country

Tel.

MC. Three ND

BELGIUM

N/A

Solid Textile Intl Co. Ltd.

 

N/A

Chutex Textile Intl Co. Ltd.

 

N/A

P.T. Daliatex Kusuma

INDONESIA

N/A

Rock Land International Ltd.

U.S.A.

N/A

Vigatex Co. Ltd.

 

N/A

Hispano Tex S.A.

SPAIN

N/A

BSL Limited

INDIA

N/A

 

COMMENTS .-

 

Subject's purchases are mainly made from foreign based supplier.

 

Banking information

 

Bank

Contact

Telephone

Account #

DC (S/.)

FC (US$)

GRUPO FINANCIERO SANTANDER

N/A

N/A

65501106963

X

N/A

BANCO NACIONAL DE MEXICO SA

N/A

N/A

062800-3

X

N/A

BBVA BANCOMER SA

N/A

N/A

19203030-6

X

N/A

HSBC MEXICO SA

N/A

N/A

4012417994

X

N/A

BANCA MIFEL

N/A

N/A

20575

X

N/A

 

BANKERS .-

Subject works current accounts with the above banks. Further details were not available under internal policies.

 

 

Credit opinion

 

Subject is considered viable for a maximum credit amount of US$ 229,000,=  Dollars.

 

NOTE: The Opinion given is confidential referential and with out liability

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.59

UK Pound

1

Rs.80.34

Euro

1

Rs.67.14

 

 

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.