MIRA INFORM REPORT

Report Date :

08.06.2013

IDENTIFICATION DETAILS

Name :	TEJIDOS Y SUBLIMADOS DECORATIVOS S.A. DE C.V.

Registered Office :	Centeotl No. 324, Col. Fraccionamiento Industrial San Antonio, Deleg. Azcapotzalco, Postal Cdoe 02760

Country :	Mexico

Date of Incorporation :	14.12.2009

Legal Form :	Stock Company of Variable Capital

Line of Business :	Manufacturer of fabrics for upholstery, drapery and bedding.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

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 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Mexico

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 5.5%. 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 2012 Mexico formally joined the Trans-Pacific Partnership negotiations and in July it formed the Pacific Alliance with Peru, Colombia and Chile. 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 5.6% in 2010 with exports - particularly to the United States - leading the way. Growth slowed to 3.9% in 2011 and slightly recovered to 4% in 2012. In November 2012, Mexico's legislature passed a comprehensive labor reform which was signed into law by former President Felipe CALDERON. Mexico's new PRI government, led by President Enrique PENA NIETO, has said it will prioritize structural economic reforms and competitiveness. The new president signed the Pact for Mexico, an agreement that lists 95 priority commitments, along with the leaders of the country's three main political parties: the Institutional Revolutionary Party (PRI), the National Action Party (PAN) and the Party of the Democratic Revolution (PRD).

Source : CIA

IDENTIFICATION

CORRECT COMPANY NAME	TEJIDOS Y SUBLIMADOS DECORATIVOS S.A. DE C.V.
TRADE NAME	TSD
TAXPAYER REGISTRATION	RFC TSD091214AY5
MAIN ADDRESS	Centeotl No. 324, Col. Fraccionamiento Industrial San Antonio, Deleg. Azcapotzalco,
POSTAL CODE	02760
DEPT/PROV/REGION/STATE	México D.F.
COUNTRY	MEXICO
TELEPHONE	(5255) 55610697 - 85018471 - 85018466 - 85018477
CORPORATE E-MAIL	ventas@tejidosysublimados.com
WEB	www.tejidosysublimados.com

EXECUTIVE SUMMARY

Date of foundation	2009
permanent employees	Not informed.
Chief Executive	FRID REDLINGER, CARLOS
Disposition	TF: REPORT PREPARED FROM OUTSIDE SOURCES.
Payments policy	Without rating (No payment experience traced)
Number of times that this company was required: 2

LEGAL STRUCTURE

LEGAL STATUS	Stock Company of Variable Capital
DATE OF INCORPORATION	14DEC2009
PLACE OF REGISTRY	México D.F.
CURRENT EXCHANGE RATE (US$)	Ps$12.70 per 1.00 USADollar
COMMENTS
There was not more information about this Company's incorporation. Found no the amount of the share capital or shareholders structure directly or from other source.

DIRECTORS

EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
FRID REDLINGER, CARLOS	C.E.O.

WHO IS WHO?

FRID REDLINGER, CARLOS
TITLE	C.E.O.
NATIONALITY	Mexican
PROFESSION	University graduate

BUSINESS HISTORY

Tejidos y Sublimados Decorativos S.A. de C.V.,  is a 100% Mexican company which was founded in 1989 with the purpose of engaging in the manufacture of fabrics for upholstery, drapery and bedding.

It covers the whole process of fabric production, from weaving to sublimation printing, always using raw materials and state of the art machinery.

The company has a wide range of fabrics in different compositions and designs are exclusive.

As far as we know the company does not report any related companies.

BUSINESS

SIC Classification
2 2 - TEXTILE INDUSTRY. FLAT YARNS AND CONFECTIONARY RAW MATERIAL. (Manuf.Weaving mills, cotton, Synthetics, hosiery, woven carpets and rugs, yarn, fabrics, etc.)

Main activity

It is engaged in the manufacture of fabrics for upholstery, drapery and bedding.

Among the products it sells include:

-Printed Polyester

-Printed Jacquard

-Jacquards pre-dyed

-Damasks

-Damasks with chenille

-Chenille smooth

-Smooth textured fabrics

-Cotton cloth

-Office fabrics

-Suede

OPERaTIONS

Import

Yes

Country

from India.

Export

% Credit SALES / Terms

100% (Terms: 30 days)

% Ventas exterior (Paises)

100

% FOREIGN PURCHASES

100%

EMPLOYEES

Not informed.

LOCATION

OTHER PREMISES

Heading address corresponds to the administrative offices, plant also tax domicile of the company.

As reference the place is located very close to the metro station "Camarones" in a commecial area of the city.

OTHER LOCATION: The company has no other premises.

Comments

CUSTOMERS: Their customers are some of the major manufacturers of furniture and textile distributors nationwide.

FINANCIAL INFORMATION

Disposition	TF: REPORT PREPARED FROM OUTSIDE SOURCES.
Information provided	All the information contained in this report has been collected from outside sources as it was not possible to get information from the Company directly due to confidential policy.


SALES	US$ 0.00 ()
FINANCIAL SITUATION	NN: UNDETERMINED The financial situation is difficult to assess because of lack of financial statements. No adverse record has been found against the subject company.
Property of company comments
-Transportation equipment -Furniture and office equipment -Computer equipment Etc.
Insurance Comments
Unknown.

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

Supplier: SERVICIOS ADUANALES YONEKAWA Y ASOCIADOS S.A.	Tel.: (55) 53552208	Country: MEXICO
Highest credit? : N/A
Comments : Only stated subject is their client. No more details given.

Note : Other suppliers did not provide information or could not be consulted

Supplier	Country
ANURADHA INTERNATIONAL	INDIA

CREDIT BUREAU COMMENTS

No adverse record found against the trade reputation of this company.

Comments :

Banking is with: BBVA Bancomer S.A. The Company is a client of the above banks. Further information was not given under bank secrecy.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.74
UK Pound	1	Rs.88.53
Euro	1	Rs.75.20

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%)

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.