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Report Date : |
30.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SPRINGS HOME TEXTIL REYNOSA S.A. DE C.V. |
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Registered Office : |
Chapultepec S/N (Lote 1, Manzana 5), Col. Parque Industrial Colonial, Postal
Code 88785,
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Country : |
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Date of Incorporation : |
18.11.2004 |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Stock Company of Variable Capital |
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Line of Business : |
Subject is engaged in the maquila (contract manufacturing service) of
eiderdowns |
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No. of Employees : |
240 employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
SPRINGS HOME
TEXTIL REYNOSA S.A. DE C.V. |
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TRADE NAME |
SPRINGS H. T.
REYNOSA |
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TAXPAYER REGISTRATION |
RFC SHT041118ID7 |
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MAIN ADDRESS |
Chapultepec S/N (Lote 1, Manzana 5), Col.
Parque Industrial Colonial, |
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POSTAL CODE |
88785 |
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PROVINCE / DEPARTAMENT |
Reynosa |
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STATE / REGION |
Tamaulipas |
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COUNTRY |
MEXICO |
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TELEPHONE |
(52899) 9541401 - 9541414 - 9541421 |
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E-MAIL |
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Date of foundation |
2004 |
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permanent employees |
240 |
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Chief Executive |
FLORES, YANETH |
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Disposition |
Refused to give information for security
reasons |
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Payments policy |
Without rating (No payment experience
traced) |
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LEGAL STATUS |
Stock Company of Variable Capital |
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DATE OF INCORPORATION |
18NOV2004 |
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PLACE OF REGISTRY |
Reynosa, Tamaulipas |
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DURATION |
99 years |
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LISTED AT STOCK EXCHANGE |
No |
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CURRENT EXCHANGE RATE (US$) |
Ps$13.03 per 1.00 USADollar |
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MEMBERSHIP |
Reynosa Maquiladora Association and
Manufacturing, AC |
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FLORES, YANETH |
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NATIONALITY |
Mexican |
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MARTÍNEZ CHÁVEZ,
SAN JUANA |
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NATIONALITY |
Mexican |
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WARBIRD CORPORATION |
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BUSINESS
BACKGROUND U.S. company, a subsidiary of Springs
Global Participações SA. Its corporate headquarters are located at 1105 N
Market St, Wilmington, DE 19801, Tel: 302-427-9903. |
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Springs H. T. Reynosa was founded on November
18, 2004 in the city of Reynosa, Tamaulipas, and since its foundation has not
changed its legal structure. The subject is a subsidiary of
"Warbird Corporation" which in turn is a subsidiary of "Springs Global Participações SA"
company based in Sao Paulo, Brazil, engaged in manufacturing home textile
products, such as pillows, table linens, towels and bedding. The
subject is related to the following companies: · Springs Canadá, Inc. (Canada) · Casa Springs S.A. de C.V. (México) · Springs Cayman Holding Ltd. (Islas Cayman) · Springs Shanghai Trading Co., Ltd. (China) · Charles D. Owen Mfg. Co. (Estados Unidos) · Springmaid International, Inc. (India) · Springs International Services, Inc. (Estados Unidos) · Sabre US, Inc. (Estados Unidos) · Espacio, LLC (Estados Unidos) |
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SIC
Classification |
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Main activity |
The company is engaged in the maquila
(contract manufacturing service) of eiderdowns. |
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Import |
Yes |
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Country |
Brazil (bring all the supplies from
Brazil, through direct credit) |
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Export |
Yes |
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COUNTRY |
USA (exports all of its production to the
United States through direct credit) |
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% Ventas exterior (Paises) |
100% |
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% FOREIGN PURCHASES |
100% |
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EMPLOYEES |
240 |
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Comments |
CLIENTS: The company exports its
production to its parent company: -Warbird Corporation (USA). |
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Disposition |
Refused to give information for security
reasons |
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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. No balance sheets of this company could be
obtained because being privately-held,
it has no obligation to publish any such information. Report contains as reference the
Consolidated Balance Sheet of Springs Global Participações S.A. and
Subsidiaries at june 30, 2012, in Reales,
only financial data available during our research. |
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Comments |
Consolidated Balance Sheet of Springs Global Participações S.A. and
Subsidiaries BALANCE SHEET
DATE : 30JUN2012
BALANCE SHEET TYPE : Consolidated
BALANCE SHEET OF : 6 months
TYPE OF CURRENCY : Reales
R.O.E. BY 1 US$ : 2.06
ASSETS
TOTAL CURRENT : 1,318,105,000.00
NONCURRENT ASSETS : 1,240,179,000.00
TOTAL ASSETS : 2,558,284,000.00
LIABILITIES
TOTAL CURRENT : 768,218,000.00
LONG-TERM : 491,684,000.00
SHAREHOLDERS' EQUITY : 1,298,382,000.00 TOTAL
LIAB/EQUITY : 2,558,284,000.00
SALES : 761,247,000.00
PROFIT (LOSS) : -55,852,000.00 |
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SALES |
US$ 0.00 () |
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FINANCIAL SITUATION |
NN: UNDETERMINED Financial situation is considered indeterminate
since no separate financial statements were available to analyze Suject's
results. |
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Property of company comments |
Fixed assets include: -Furniture and office equipment -Computer equipment -Textile machinery and equipment -Transportation equipment |
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INSURANCE |
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Insurance Comments |
Insurance Broker: Aon Risk Solutions
Agente de Seguros y de Fianzas S.A. de C.V. |
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(Confidential Information)
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TRADE REFERENCES |
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BANKERS Banking is with: BBVA Bancomer S.A. |
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REPUTATION |
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NOTHING AGAINST COMPANY |
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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.53.81 |
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UK Pound |
1 |
Rs.86.52 |
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Euro |
1 |
Rs.69.50 |
INFORMATION DETAILS
|
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 |
---- |
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.