MIRA INFORM REPORT

Report Date :

23.03.2013

IDENTIFICATION DETAILS

Name :	COMPANIA DIB DE MEXICO S.A. DE C.V.
Registered Office :	Camino Real a San Lorenzo 42-C, Col. El Manto, Delg. Iztapalapa 09830
Country :	Mexico
Financials (as on) :	31.12.2011
Date of Incorporation :	11.05.2000
Legal Form :	Stock Company of Variable Capital
Line of Business :	Company engaged in the purchase, sale, import, export, distribution, representation of all types of carpets, rugs, home textiles, bedding, floors and futons, couches and chairs, non-slip floor protectors , doormats and everything related.
No. of Employees :	62

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually Correct
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 30^th, 2012

Country Name	Previous Rating (31.03.2011)	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

COMPANIA DIB DE MEXICO S.A. DE C.V.

TRADE NAME

DIB

TAXPAYER REGISTRATION

RFC DME000511GW5

MAIN ADDRESS

Camino Real a San Lorenzo 42-C, Col. El Manto, Delg. Iztapalapa

POSTAL CODE

09830

DEPT/PROV/REGION/STATE

Mexico DF

COUNTRY

MEXICO

TELEPHONE

(5255) 56858404

E-MAIL

ymaldonado@dib.cl

WEB

www.dib.cl

COMMENTS

Fax: 525556848404 ext. 109 

SUMMARY
Date of foundation	2000
Capital stock	Ps$.350,000.= Pesos
Shareholders' equity	19,099,492.00 Pesos (31DEC2011)
Annual revenues	US$ 3,669,911.17 Pesos (31DEC2011)
Profits (loss)	6,099,854.00 Pesos (31DEC2011)
permanent employees	62
Chief Executive	DIB MALUK, MARCELO
Disposition	TF: REPORT PREPARED FROM OUTSIDE SOURCES.
Payments policy	Without rating (No payment experience traced)

LEGAL BACKGROUNDS
LEGAL STATUS	Stock Company of Variable Capital
DATE OF INCORPORATION	11MAY2000
PLACE OF REGISTRY	Mexico D.F.
NOTARY OFFICE	Heriberto Castillo Villanueva	DURATION	Indefinite
REGISTRATION	Commercial Page Nº 234897 / Deed 2156
INITIAL CAPITAL	Ps$.50,000.= Peso
CURRENT PAID-IN CAPITAL	Ps$.350,000.= Pesos	LAST CAPITAL INCREASE	12/2008
SHAREHOLDERS EQUITY	19,099,492.00 Pesos (31DEC2011)
CLASS OF SHARES	Registered	LISTED AT STOCK EXCHANGE	No
SHARE VALUE	Ps$.1,000.= Pesos
CURRENT EXCHANGE RATE (US$)	Ps$.12.44 per 1.00 USADollar
COMMENTS
Authorised signature(s): the General Director signs for the company.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
DIB MALUK, MARCELO	General Director	YES
MELE, JUAN MANUEL	Commercial Director	YES

WHO IS WHO?

DIB MALUK, MARCELO

TITLE

General Director

NATIONALITY

Chilean

D.O.B.

09SEP1965

ID

DNI 92882301

CIVIL STATUS

Married

PROFESSION

Business Administrator

TAX ID

20-92882301-7

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
DIB ARGENTINA S.A.	Chairman	30644437228	ARGENTINA

MELE, JUAN MANUEL

TITLE

Commercial Director

NATIONALITY

Argentinian

D.O.B.

08JUN1981

BUSINESS HISTORY

The company under investigation is part of a group of companies started in 1967 in Viña del Mar Chile, positioning in the textile industry. In 1982 ventured into home decoration market.
 
DIB Mexico opened its doors in 2000.
 
Responding to trends and market demands, DIB currently offers a wide range of products, ranging from Oriental rugs, and carpets made of wool, natural and synthetic fibers to flooring products and home textiles, such as sets of curtains, bedspreads, linens and bath products. It is present in major distribution channels, department stores and Homecenters, and home stores in Latin America.
 
Related Companies:
 
There are several related companies in Chile and Argentina that are part of the same group.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
DIB ARGENTINA S.A.	ARGENTINA	30644437228	Related
DIB COLOMBIA S.A.	COLOMBIA		Related
EDUARDO DIB H Y COMPAÑIA LTDA.	CHILE	886101007	Related

BUSINESS

Main activity

Company engaged in the purchase, sale, import, export, distribution, representation of all types of carpets, rugs, home textiles, bedding, floors and futons, couches and chairs, non-slip floor protectors , doormats and everything related.
 
Wholesalers and retailers.
 
Brands: "DIB", "ENCASA", "DECOEXPRESS", "BAZHARS", "AMPHORA", etc.

Import

Yes

Country

Belgium, Finland, through direct credit and/or LCs within 120 days

Export

Yes

% CASH SALES / METHOD

30%

% Credit SALES / Terms

70% (terms: 30 and 45 days)

% DOMESTIC PURCHASES

05%

% FOREIGN PURCHASES

95%

SELLING TerritorY

National market and abroad

EMPLOYEES

62

LOCATION
PREMISES	Rented
TIME OCCUPIED	2000
FLOORS	2
AREA	2,000 sqm
OTHER PREMISES	The Subject operates from rented premises located at the heading address, consisting of warehouse and administrative offices. Premises description: Visibly kept in good condition, location easily accessible . Subject has no branches.

Comments

Advertising method: Web page, internet, telephone directories, internal printed stationery.
 
Market that is geared to: Residential, hotel, restaurant, etc..
 
Business hours: Monday to Friday from 9:00 to 18:30 Lunch 2-3 hrs.
 
In 2010 Subject made imports for Ps$ 31,522,452.40 and exports for Ps$1,564,512.49 

FINANCIAL INFORMATION

Disposition

TF: REPORT PREPARED FROM OUTSIDE SOURCES.

Information provided

 
Not the policy of subject to divulge financial figures. The information was obtained through public legal sources, commercial sources and our own files.
 
Report contains their latest balance sheets available at 31.12.2011 (12 months), compared with figures at 31/12/2010, 31/12/2009 (12 months each), expressed in Pesos. 
 
Despite our searches we were unable to find more recent financial information for the company.

BALANCE SHEET
Balance sheet date	31DEC2011	31DEC2010	31DEC2009
Type of balance sheet	General	General	General
Period	12 months	12 months	12 months
Currency	Pesos	Pesos	Pesos
Exchange rate per US$	13.97	12.45	12.98
A S S E T S
Cash/bank		478,591.00	488,764.00
Receivables		22,322,565.00	20,589,748.00
Inventory		22,456,896.00	14,234,815.00
Others		-1,424,133.00	-1,800,000.00
Current Assetsd	50,746,899.00	43,833,919.00	33,513,327.00
Fixed	578,241.00	357,587.00	525,168.00
Others		129,034.00	129,033.00
Total Assets	51,325,140.00	44,320,540.00	34,167,528.00
L I A B I L I T I E S
Bank/Suppliers		21,054,938.00	14,341,240.00
Others		2,864,713.00	3,208,555.00
Current liabilities	28,517,408.00	23,919,651.00	17,549,795.00
Long term	3,708,240.00
Others		7,355,914.00	8,733,724.00
TOTAL LIABILITIES	32,225,648.00	31,275,565.00	26,283,519.00
S H A R E H O L D E R S'  E Q U I T Y
Capital		3,050,000.00	3,050,000.00
Profits (Loss)		4,117,934.00	1,987,083.00
Others		5,877,041.00	2,846,926.00
Total shareholders equity	19,099,492.00	13,044,975.00	7,884,009.00
Total Liab. / Sh. equity	51,325,140.00	44,320,540.00	34,167,528.00
Sales	51,268,659.00	41,628,344.00	36,794,277.00
Profit (Loss)	6,099,854.00	4,117,934.00	1,987,083.00

RATIO
Liquidity ratio	1.78	Current assets / Current liabilities
Debt-to-equity ratio	66.97 %	(Shareholders' equity / Current liabilities %)
Profitability margin	11.90 %	(Profits / Sales %)
Working capital	22,229,491.00	(Current assets - Current liabilities)

FINANCIAL SITUATION

A-: SATISFACTORY
According to the latest Financial Statement available and / or general business conditions observed, we estimate the financial situation of this company is Satisfactory, because:
- Liquidity Ratio is acceptable.
- Working Capital is satisfactory.
- Equity acceptably covers liabilities.
- The results are positive.
-The company has financial backing of its owners.
-It is public knowledge that the company operates without problems.

Property of company comments

Fixed assets include desks, file cabinets, credenzas, bookcases, screens, chairs and executive and secretarial armchairs, computer equipment with printers, copiers, faxes, switchboards, etc.
 
They have vans and cars, 6 units in total.

INSURANCE

COMPANY	AGAINST
AXA SEGUROS S.A.	Commercial Multiple Peril Poli

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

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

Supplier	Country
PLAST TURF OY	FINLAND
DEVOS CABY	BELGIUM
EL REFUGIO COMERCIAL S.A. DE C.V.	MEXICO
RICARDO LEÓN CASTRO	MEXICO
ORGANIZACIÓN MARIE CLAIRE S.A.DE C.V.	MEXICO
ZAPATA HERMANOS SUCESORES S.A. DE C.V.	MEXICO
HESSEN LOGISTICS Y ADUANAS S.C.	MEXICO
JUAN CARLOS CABELLERO HERNÁNDEZ	MEXICO

CREDIT BUREAU COMMENTS

No bad record found.

GENERAL INFORMATION

REPUTATION

NOTHING AGAINST COMPANY

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.33
UK Pound	1	Rs.82.56
Euro	1	Rs.70.10

INFORMATION DETAILS

Report Prepared by :

PRL

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.