MIRA INFORM REPORT

 

 

Report Date :

04.04.2014

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

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 :

Undetermined

 

 

Payment Behaviour :

Unknown 

 

 

Litigation :

---

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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 recovered during 2010-13 with exports - particularly to the United States - leading the way. 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 emphasized economic reforms during its first year in office, passing education, energy, financial, fiscal and telecommunications reform legislation. Nevertheless, administration estimates show GDP growth slowed in 2013 to just over 1%.

 

Source : CIA

 

 

 

IDENTIFICATION

CORRECT COMPANY NAME

SHOFEN COMERCIAL S.A. DE C.V.

TRADE NAME

SHOFEN COMERCIAL

MAIN ADDRESS

Av. Paseo de la Reforma No. 289, Piso 10, Cuauhtémoc

POSTAL CODE

06500

DEPT/PROV/REGION/STATE

Mexico D.F.

COUNTRY

MEXICO

TELEPHONE

(52)

 

EXECUTIVE SUMMARY

Payments policy

Without rating (No payment experience traced)

 

 

Credit (**)

 UNDETERMINED RISK.(Insufficient or Non existent information).

 

 

Number of times that this company was required: 2

 

REPUTATION

NOTHING AGAINST COMPANY

 

GENERAL INFORMATION

We approached the block 2 of Av. Paseo de la Reforma and no building is located at No. 289 in Colonia Cuauhtémoc. We only found two buildings with the numbers 287 and 295 and none of them provided us with reference about the company Shofen Comercial S.A. de C.V. In third-party sources we find that the company recorded as address Calzada Melchor Ocampo No. 288, Interior 202, Col. Cuauhtémoc, Delegación Cuauhtémoc, C.P. 06500, Mexico, D.F. In this adress operates Corporativo Opmac, company that rents virtual offices where stated that the Subject got suspended 3 or 4 months ago and that they can not provide further details of the company on grounds of confidentiality. What they confirmed if that they were good customers and left no address and / or phone number where it can be contacted. Before the Tax Administration Service (SAT ) the company is registered with the RFC : SCO120312HQ3 . It was found that the company has made imports of the following suppliers: -Cixi Dexim Imp. & Exp. (China) -Cheering Knitting Industrial Co., Ltd. (Taiwan) At the information service Teléfonos de Mexico S.A.B. de C.V. register the company with the phone number (55) 17097693 but when one calls just rings and no one answers In summary is all we can provide to the company , we require more data in order to continue with our efforts , otherwise consider this as final.

Explanation about commercial reputation

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.12

UK Pound

1

Rs.100.07

Euro

1

Rs.82.74

                

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.