MIRA INFORM REPORT

 

 

Report Date :

21.06.2013

 

IDENTIFICATION DETAILS

 

Name :

DELPHI DIESEL SYSTEMS S.A. DE C.V.

 

 

Registered Office :

Boulevard Isidro López Zertuche 4248, Col. Virreyes Obrera, 25220, Saltillo / Coahuila

 

 

Country :

Mexico

 

 

Date of Incorporation :

01.01.1989

 

 

Legal Form :

Stock Company of Variable Capital

 

 

Line of Business :

Manufacture of engine parts, such as: heavy duty oil filters, diesel injectors, diesel injector parts.

 

 

No. of Employees :

550

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

 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 5.5%. 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                 : DELPHI DIESEL SYSTEMS S.A. DE C.V.

TRADE NAME                                       : "DELPHI DIESEL SYSTEMS"

TAXPAYER REGISTRATION                   : RFC DDS8901011C3

MAIN ADDRESS                                    : Boulevard Isidro López Zertuche 4248, Col. Virreyes Obrera

POSTAL CODE                                                  : 25220

PROV. / DEPT. / REG. / STATE                          : Saltillo / Coahuila

COUNTRY                                              : MEXICO

TELEPHONE                                         : (52844) 4387900

CORPORATE E - MAIL                           : jose.rodriguez@delphi.com

WEB                                                      : www.delphi.com

COMMENTS

Other e-mail:

daniel.villegas@delphi.com

 

 

EXECUTIVE SUMMARY

 

Date of Foundation

: 1989

Capital Stock

: No specified

Permanent Employees

: 550

Chief Executive

: RODRIGUEZ SANCHEZ, JOSE GUADALUPE

Disposition

: Poor. Very few information was given. Politely.

Payments Policy

: Usually to terms/good

Credit

: UNDETERMINED RISK.(Insufficient or Non existent information).

# Of times that this company was required : 4

 

 

LEGAL STRUCTURE

 

LEGAL STATUS                                   : Stock Company of Variable Capital

DATE OF INCORPORATION                 : 01JAN1989

PLACE OF REGISTRY                           : Saltillo/Coahuila

DURATION       : 99 years

CURRENT PAID-IN CAPITAL                 : No specified

LISTED AT STOCK EXCHANGE            : No

PARENT COMPANY                              : DELPHI CONTROLADORA S. DE R.L. DE C.V.

CURRENT EXCHANGE RATE X US$      : Ps$.12.84 per USD.1.00

MEMBERSHIP                                      : CANACINTRA

 

 

 

 

SHAREHOLDERS - DIRECTORS – EXECUTIVES

 

FULL NAMES / COMPANY NAME                                  TITLE                                       %PART.

* RODRIGUEZ SANCHEZ, JOSE GUADALUPE   Plant Manager --

DE LA CRUZ GONZALEZ, MARIO ALBERTO                   Financial Manager --

DE LA ROSA RODRIGUEZ, JOSÉ MATILDE                   Engineering Manager. --

BUSTOS, MAGDALENA                                                Human Resources Manager --

VILLEGAS, DANIEL                                                       Purchase Manager --

DELPHI CONTROLADORA S. DE R.L. DE C.V.               Shareholder / Member                AJ.SHAREHOL

 

 

WHO IS WHO ?

 

RODRIGUEZ SANCHEZ, JOSE GUADALUPE

TITLE : Plant Manager

NATIONALITY : Mexican

 

DE LA CRUZ GONZALEZ, MARIO ALBERTO

TITLE : Financial Manager

NATIONALITY : Mexican

 

DE LA ROSA RODRIGUEZ, JOSÉ MATILDE

TITLE : Engineering Manager.

NATIONALITY : Mexican

PROFESSION : Eng.

 

BUSTOS, MAGDALENA

TITLE : Human Resources Manager

NATIONALITY : Mexican

 

VILLEGAS, DANIEL

TITLE : Purchase Manager

NATIONALITY : Mexican

 

BACKGROUND INFORMATION

Graduate university.

 

DELPHI CONTROLADORA S. DE R.L. DE C.V.

BACKGROUND INFORMATION

 

Company that aims at buying, selling, organizing and managing all kinds of companies, partnership interests, shares, interests or units.

 

 

BUSINESS HISTORY

 

DELPHI DIESEL SYSTEMS SA DE CV is a manufacture (outsourcing) plant of engine parts that was set up in Saltillo, Coahuila in

1989, and since its foundation has not changed in its structure.

The Subject is a subsidiary of "Delphi Controladora S. de R.L. de C.V. ", which in turn is a subsidiary of "Delphi Automotive LLP " a

leading global supplier of electronics and technologies for commercial automotive vehicles and other market segments. It has

technical centers, manufacturing centers and customer support facilities in 32 countries.

In Mexico "Delphi Controladora S. de R.L. de C.V. " also controls the following companies:

-Alambrados y Circuitos Eléctricos S.A. de C.V.

-Proveedora de Electricidad de Occidente S.A. de C.V.

-Centro Técnico Herramental S.A. de C.V.

-Delphi Alambrados Automotrices S.A. de C.V.

-Delphi Automotive Systems S.A. de C.V.

-Delphi Cableados S.A. de C.V.

-Delphi de México S.A. de C.V.

-Delphi Diesel Systems S.A. de C.V.

-Delphi Diesel Systems Service, México S.A. de C.V.

-Delphi Ensamble de Cables y Componentes S. de R.L. de C.V.

-Delphi Interior Systems de México S.A. de C.V.

-Termoeléctrica del Golfo S. de R.L. de C.V.

-Delphi Sistemas de Energía S.A. de C.V.

-Productos Delco de Chihuahua S.A. de C.V.

-Rio Bravo Eléctricos S.A. de C.V.

-Sistemas Eléctricos y Conmutadores S.A. de C.V.

 

 

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

 

COMPANY NAME                                                                       

 CTRY

STA.- TAX. REG.   

RELATION

ACTIVITY

1 DELPHI ITALIA AUTOMOTIVE SYSTEMS SRL

ITA

 Related

 

 

2 DELPHI DIESEL SYSTEMS SERVICE MEXICO S.A. DE C.V.

MEX

 Related

 

 

3 DELPHI DIESEL SYSTEMS DO BRASIL LTDA

BRA

 Related

 

 

4 DELPHI DIESEL SYSTEMS

FRA

 Related

 

 

5 DELPHI DIESEL SYSTEMS AFTERMENT OPERATIONS

USA

 Related

 

 

6 DELPHI DEUTSCHLAND GMBH

DEU

 Related

 

 

7 DELPHI OTOMOTIV SISTEMLERI SANAVI TICARET AS

TUR

 Related

 

 

8 DELPHI DIESEL DISTRIBUCCION SL

ITA

 Related

 

 

 

BUSINESS

 

SIC Classification

4 1 - TRANSPORT INDUSTRY - VEHICLES, TRUCKS, MOTORCYCLES, ETC.

 

ACTIVITY DETAILS OR BUSINESS PURPOSE .-

Company is dedicated to the manufacture of engine parts, such as: heavy duty oil filters, diesel injectors, diesel injector parts.

 

OPERATIONS .-

 

IMPORT (Countries) : Yes                                                         EXPORT (Countries) : Yes

United States, Germany,

England, Italy, Spain,

Argentina, Sweden, Turkey,

etc..,

By direct credit 90 days.

USA; direct credit at 30 days

 

% CASH SALES/METHOD                     : 40%

% CREDIT SALES/TERMS                     : 60% Terms: 30 and 60 days

% FOREIGN SALES (COUNTIRES)         : 80%

% DOMESTIC PURCHASES                   : 30%                            % FOREIGN PURCHASES : 70%

SELLING TERRITORY                           : Domestic market - 20%

EMPLOYEES                                        : 550

 

 

MAIN PREMISES .-

 

Premises : Rented

 

Other Premises .-

Heading address corresponds to the administrative offices, sales, warehouse and production facility as well as the legal address of

the company.

It is a rented property which is located in a semi-industrial area of the city of Saltillo, Coahuila.

Corporate Office: Hermanos Escobar 5756, Col. Fovissste Chamizal, C.P. 32,310, Ciudad Juarez, Chihuahua Tel: (656) 6297000.

 

ADDITIONAL COMMENT OF THE BUSINESS .-

 

Clients: in segment of diesel engines, cars, vans, heavy, commercial vehicles, heavy-duty vehicles, and agricultural applications, industrial and marine.

 

The Company is currently working for the following brands: CAV, SIMMS, ROTODIESE and CONDIESEL.

 

 

FINANCIAL INFORMATION

 

Disposition                   : Poor. Very few information was given. Politely.

 

Information Obtained : We made every effort but attempts to contact any executive of the Company were  useless.Hence, this report has had to be prepared based on data collected from outside sources where no independent balance sheets or estimated accounting figures were available. We only got main accounts of the CONSOLIDATED BALANCE SHEET OF DELPHI AUTOMOTIVE LLP and SUBSIDIARIES AS OF 31 MARCH 2013 (3 MONTHS), expressed in Millions Dollars.

 

 

CONSOLIDATED BALANCE SHEET OF DELPHI AUTOMOTIVE LLP AND SUBSIDIARIES

AS OF 31 MARCH DE 2013 (3 MONTHS)

EXPRESSED IN MILLIONS OF US$ DOLLARS

 

CURRENT ASSETS                5,387

LONG-TERM                     4,886

 

TOTAL ASSETS                              10,273

 

CURRENT LIABILITIES           3,674

LONG-TERM                     3,702

STOCKHOLDERS' EQUITY          2,897

TOTAL LIABILITIES+STOCKHOLDERS' EQUITY    10,273

 

NET SALES REVENUES                        4,024

NET PROFIT                                298

 

 

FINANCIAL SITUATION            : NN: UNDETERMINED

Financial situation is deemed to be indeterminate since no accounting elements were available to assess this Company current results.

 

PROPERTY OF THE COMPANY .-

They include:

- Office furniture and fixtures

- Computers

- Vehicles

- Machinery and equipment

etc.

 

INSURANCE .-

 

COMMENTS ABOUT INSURANCE AND CLAIMS? .-

We could not have access to that information.

 

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS (Confidential Information)

 

TRADE REFERENCES

Supplier : ALCAST S.A. DE C.V.                      Tel. : 52-844-4153451                Country : MEXICO

Goods/Services? : Aluminium parts                                                       Highest Credit? : Open

Client Since?       : Sev.Yrs.     Terms? : 90 days           Performance? : Prompt

 

Comment : Average monthly purchase: US$350,000 GOOD CLIENT

 

Supplier : ELASTOTEC S.A. DE C.V.                Tel. : (55) 55764968.                  Country : MEXICO

Goods/Services? : Rubber parts for automotive industry               Highest Credit? : Open

Client Since?       : 06/2009       Terms? : 60 days          Performance? : Prompt

Comment : Average monthly purchase: Ps$470,000 GOOD CLIENT

 

 

NOTE: The following Suppliers did not provide information or could not be consulted:

 

Supplier                                                                       Country

NIAGARA CAPS & PLUGS                                            U.S.A.

DECOREC S.A.                                                             FRANCE

KIVETON PARK STEEL                                                 UNITED KINGDOM

HIRSCHVOGEL UMFORMTECHNIK GMBH                     GERMANY

TEKELI MAKINE                                                            TURKEY

TECHNICAL LAPPING CO. LTD.                                     UNITED KINGDOM

TECNECO FILTERS INTERNATIONAL S.A.                     ARGENTINA

AHLSTROM TURIN S.P.A.                                             ITALY

MOSS PLASTIC PARTS (UK).                                        UNITED KINGDOM

FUNDICIONES INYECTADAS ALAVESAS S.A.               SPAIN

HARTRIDGE LTD.                                                          UNITED KINGDOM

PRESTOLITE ELECTRIC INDIEL                         U.S.A.

 

Comments

 

Banking is with:

BBVA Bancomer S.A.

 

The Company is a client of the above bank. Further information was not given under bank secrecy.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.70

UK Pound

1

Rs.92.21

Euro

1

Rs.79.18

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.