MIRA INFORM REPORT

 

 

Report Date :

09.11.2012

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Undetermined

 

 

Payment Behaviour :

---

 

 

Litigation :

---

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Mexico

 A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

mexico - ECONOMIC OVERVIEW

 

Mexico has a free market economy in the trillion dollar class. It contains a mixture of modern and outmoded industry and agriculture, increasingly dominated by the private sector. Recent administrations have expanded competition in seaports, railroads, telecommunications, electricity generation, natural gas distribution, and airports. Per capita income is roughly one-third that of the US; income distribution remains highly unequal. Since the implementation of the North American Free Trade Agreement (NAFTA) in 1994, Mexico's share of US imports has increased from 7% to 12%, and its share of Canadian imports has doubled to 5%. Mexico has free trade agreements with over 50 countries including Guatemala, Honduras, El Salvador, the European Free Trade Area, and Japan - putting more than 90% of trade under free trade agreements. In 2007, during its first year in office, the Felipe CALDERON administration was able to garner support from the opposition to successfully pass pension and fiscal reforms. The administration passed an energy reform measure in 2008 and another fiscal reform in 2009. Mexico''s GDP plunged 6.2% in 2009 as world demand for exports dropped, asset prices tumbled, and remittances and investment declined. GDP posted positive growth of 5.4% in 2010 and 3.8% in 2011, with exports - particularly to the United States - leading the way. The administration continues to face many economic challenges, including improving the public education system, upgrading infrastructure, modernizing labor laws, and fostering private investment in the energy sector. CALDERON has stated that his top economic priorities remain reducing poverty and creating jobs.

 

Source : CIA

 

 

IDENTIFICATION

 

CORRECT COMPANY NAME

PRECISION MACHINING SERVICES S. DE R.L.

MAIN ADDRESS

Nicolás Bravo No. 87, Col. Urbana Ixhuatepec

POSTAL CODE

55349

PROVINCE / DEPARTAMENT

Ecatepec

STATE / REGION

Mexico

COUNTRY

MEXICO

TELEPHONE

(5255) 57698417

E-MAIL

ignacio.tapia@precisionmachining.com.mx

COMMENTS

Found out other phone number: 57698418 (nobody responds).

 

E-mails:

-  ignacio.tapia@precisionmachining.com.mx (Manufacture: Ing. Ignacio Tapia)

-  karina.ventas@precisionmachining.com.mx (Sales: Karina Meneses)

-  vtasmaqind@precisionmachining.com.mx (Sales: Andrea Bibriesca)

 

LEGAL BACKGROUNDS



GENERAL INFORMATION

Every effort was made and finally we could talk to Steve Nemirovsky, who said he was in charge of the auction of Precision Machining Services S. de R.L. to sell its fixed assets because of the close down and liquidation of the Company. It should be mentioned we contacted Steve Nemirovsky, through his cell phone given by Karina Meneses who was contacted at (5255) 57698417 - 57698417 Both Mr. Nemirovsky and Ms. Meneses, were very reluctant. She said the Company does not exist any more and instead of, there is a firm called TEXAS CONSULTING SERVICES, which, according to Ms. Meneses, has no any relationship with PRECISION MACHINING SERVICES S. DE R.L., what is strange because she worked before for Presicion Machining Services S de RL and now, she works for Texas Consulting Services. Karina Meneses also said she could not transfer our calls to any other executive of Texas Consulting and far from it to give any data about Precision Machining Services S. de R.L. She even refused to confirm whether Ignacio Tapia and Andrea Bibriesca currently work for Texas Consulting Services, because they worked before for Precision Machining. As we knew, auction was conducted by a firm called SUBASTA USA MEXICO S.A. DE C.V. It is strange to find the address below, among other domiciles: Nicolás Bravo No. 84, C.P. 55349, Ecatepec, Estado de México, Tel: (55) 57698417 / 57698418 / 57698419, Fax: (55) 57698420 (an address near the domicile of the investigated Company but telephone numbers belong to Precision Machining). Precisión Machining Services S. de R. L. was an American company that operated for more than 8 years in the industrial sector. It designed and manufactured industrial equipment and machinery for different types of processes. Personnel was skilled in the areas of machining in CNC, Bench grinder, etc. With regards to the address at Calle 23 No. 287, Col. Jardines de Santa Clara, Ecatepec, Estado de México, C.P. 55420, they were unwilling to give any information. Having made every effort to get information, that is all we can inform.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.44

UK Pound

1

Rs.87.00

Euro

1

Rs.69.43

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

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