MIRA INFORM REPORT
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Report Date : |
20.10.2012 |
IDENTIFICATION DETAILS
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Name : |
KALTEX FIBERS S.A. DE C.V. |
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Formerly Known As : |
Fibras Nacionales de Acrílico |
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Registered Office : |
Ingenieros Militares 2 Piso 8, Col. Empleado Municipal, 53380, Naucalpán, Estado de México |
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Country : |
Mexico |
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Date of Incorporation : |
27.11.1980 |
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Com. Reg. No.: |
Registration 34,906 (30/11/1980)/Public Deed 32118 |
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Legal Form : |
Stock Company of Variable Capital |
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Line of Business : |
manufacture and commercialization
of acrylic fibers |
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No. of Employees : |
800 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Mexico |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
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CORRECT COMPANY NAME |
KALTEX FIBERS S.A.
DE C.V. |
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TRADE NAME |
KALTEX FIBERS |
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TAXPAYER REGISTRATION |
RFC KFI801127MMA |
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MAIN ADDRESS |
Ingenieros Militares 2 Piso 8, Col.
Empleado Municipal |
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POSTAL CODE |
53380 |
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PROVINCE / DEPARTAMENT |
Naucalpán |
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STATE / REGION |
Estado de México, |
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COUNTRY |
MEXICO |
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TELEPHONE |
(5255) 57265600 - 57265642 |
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E-MAIL |
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WEB |
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COMMENTS |
FAX: (55) 57265793 / 57265795 Other
email: |
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Date of foundation |
1980 |
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Capital stock |
Ps$20,000,000.= Pesos |
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Annual revenues |
US$ 101,077,818.45 (31DEC2008) |
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permanent employees |
800 |
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Chief Executive |
KALACH ATRI, JOSE |
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Disposition |
Report totally prepared by outside
sources. |
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Payments policy |
Usually to terms/good |
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LEGAL STATUS |
Stock Company of Variable Capital |
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DATE OF INCORPORATION |
27NOV1980 |
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PLACE OF REGISTRY |
Mexico D.F. |
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NOTARY OFFICE |
N151, Cecilio González Márquez |
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DURATION |
99 years |
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REGISTRATION |
Registration 34,906 (30/11/1980)/Public
Deed 32118 |
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INITIAL CAPITAL |
Ps$20,000,000.= Pesos |
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CURRENT PAID-IN CAPITAL |
Ps$20,000,000.= Pesos |
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CLASS OF SHARES |
Registered |
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LISTED AT STOCK EXCHANGE |
No |
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SHARE VALUE |
Ps$1.= Peso |
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CURRENT EXCHANGE RATE (US$) |
Ps$12.80 per 1.00 USD |
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COMMENTS |
Legal Representation is in charge of
General Director. |
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KALACH MIZRAHI,
RAFAEL |
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NATIONALITY |
Mexican |
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BACKGROUND INFORMATION |
He is a Mexican citizen of Syrian descent.
Participates in the board of directors of several companies, including
Telmex, where went from "independent director" in 2003 to
"Regular Director" in recent years, has also been a director in
Mexican companies, such as Grupo Carso, Sears Roebuck , Grupo Sanborn, Banco
Nacional de Mexico, Bursamex -casa de bolsa- and Promex belonging to Finamex
financial group. |
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ASSOCIATED AS PER OUR DATABASE TO |
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KALACH ATRI,
JOSE |
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NATIONALITY |
Mexican |
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BACKGROUND INFORMATION |
Referred to be shareholder and executive
of the enterprises of Group "KALTEX" |
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MORALES VÁZQUEZ,
JAIME |
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NATIONALITY |
Mexican |
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ASSOCIATED AS PER OUR DATABASE TO |
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ALVELAR
GUERRERO, CARLOS |
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NATIONALITY |
Mexican |
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PROFESSION |
C.P.A. |
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ASSOCIATED AS PER OUR DATABASE TO |
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GRUPO KALTEX
S.A. DE C.V. |
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BUSINESS
BACKGROUND Mexican Holding Company for the shares of
firms producing synthetic fiber, thread, clothing and home textiles. Established 30/04/2002 It holds 19'999,998 shares of KALTEX
FIBERS S.A. DE C.V. |
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Kaltex Fibers, S.A. de CV is a 100% Mexican
company which was established on 27th November 1980 under the name of Fibras
Nacionales de Acrílico S.A. de C.V. Kaltex Fibers S.A. de C.V. (formerly
Fibras Nacionales de Acrílico) ventured into international markets in 1985,
when it began operations. Today it has a manufacturing capacity of 70,000
tonnes per year in its plants located in Altamira, Tamaulipas, Mexico. -The manufacture of acrylic fibers is
designed under the SNIA technology,
have ISO 9002 certification from the year 1997. -By
Public Deed No. 110,338 of 25/04/2002 before the Notary No. 9 J. Claudio
Ibarrola Muro, Fibras Nacionales de Acrilico S.A. de C.V. changed its name to
Kaltex Fibers S.A. de C.V. The subject company is a member of Kaltex
Group, a 100% Mexican textile group founded in 1925, which consists of
vertically integrated companies that produce synthetic fibers, yarn, fabrics, garments and home textile
products. The other companies of Kaltex Group are
the following: -Manufacturas Kaltex S.A. de C.V. (RFC:
MKA970310AK3) -Kaltex Textiles S.A. de C.V. (RFC:
KTE820708719) -Grupo Kaltex S.A. de C.V. (RFC:
GKA020430113) -Kaltex Apparel S.A. de C.V. (RFC:
KAP980305N42) -Finacril S.A. de C.V. -Kaltex Home S.A. de C.V. -Energia MK KF S.A. de C.V. -Grupo Comercial London S.A. de C.V. -Kaltex Inmobiliaria S.A. de C.V. -Kaltex Colombia S.A. -Kaltex Ecuador S.A. Among others |
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SIC
Classification |
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Main activity |
This Firm is engaged in the manufacture
and commercialization of acrylic fibers, according to the needs and expectations
of its customers, in order to maintain and increase their satisfaction. The company produces acrylic fiber in
three different presentations: - Tow - Stapple fiber (short fiber 25mm - 150mm) - Tops, HB and 100% fixed (denier from 0.9
to 17); bright, semi dull, gel-dyed and different finishes: normal, smooth,
anti-fungal, antimicrobial, among other). It also produces fiber dyed in any
color. Own brand: "KALTEX FIBERS" |
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Import |
Yes |
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Country |
USA, Germany, Japan and Belgium through direct
credit at 90 days |
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Export |
Yes |
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COUNTRY |
To Latin American countries, Europe and
Asia and the United States and Canada, with direct credit of 60 days. |
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% CASH SALES / METHOD |
20% |
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% Credit SALES / Terms |
80% (to 90 days) |
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% Ventas exterior (Paises) |
30% |
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% DOMESTIC PURCHASES |
40% |
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% FOREIGN PURCHASES |
60% |
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SELLING TerritorY |
70% National market |
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EMPLOYEES |
800 |
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Comments |
Its sales are mainly addressed to textile
industry in the country and abroad such as : Textiles Industriales Santa Cruz, Ltda.
(Bolivia) -National Spinning Co. Inc. (United
States) -Caligaris S.P.A. (Italy) Subject was awarded the Certification ISO
9002 since 1997. |
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Interviewee(s) |
External sources |
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Disposition |
Report totally prepared by outside
sources. |
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Information provided |
All the information contained in this
report has been collected from different outside sources as it was not
possible to get it directly from the Company because of privacy policy. |
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SALES |
US$ 101,077,818.45 (31DEC2008) |
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FINANCIAL SITUATION |
NN: UNDETERMINED Subject's Financial Position is considered
UNDETERMINED, since there are no financial figures allowing a financial
analysis of the results in its last fiscal year. |
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Property of company comments |
Fixed assets include: - Office equipment and furniture. - Computers - Textile machinery and industrial
equipment - Vehicles for the distribution of its
products among others. |
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Insurance Comments |
We could not gain access into that kind of
information. |
(Confidential Information)
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TRADE REFERENCES |
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Note : Other
suppliers did not provide information or could not be consulted |
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CREDIT HISTORY Subject's trade references in previous
years showed good payment performance. |
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BANKERS Banking is with: Banco Mercantil del Norte S.A. (Acct. NC:
14800149-9, Branch 1489). Banco Nacional de México S.A. (Acct. NC:
271738-8, Branch 332). BBVA Bancomer S.A. (Acct. NC: 0443493229,
Branch 105). Citibank, N.A. (Acct. FC: 36797074, New
York, United States) |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.96 |
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UK Pound |
1 |
Rs.85.45 |
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Euro |
1 |
Rs.69.46 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.