MIRA INFORM REPORT

Report Date :

24.04.2014

IDENTIFICATION DETAILS

Name :	COMERCIALIZADORA DE GRANOS SELECCIONADOS S.A. DE C.V.
Registered Office :	Miguel de la Madrid No. 66, Col. Centro, Ciudad Guzmán, Postal Code 49000, Jalisco
Country :	Mexico
Date of Incorporation :	04.10.1999
Legal Form :	Stock Company of Variable Capital
Line of Business :	engaged in the sale and distribution of food products, such as beans, peppers, corn, maize, rice, pulses, spices, dried fruits, fodder and grocery products.
No of Employees :	46

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 :	No Complaints
Litigation :	Clear

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	COMERCIALIZADORA DE GRANOS SELECCIONADOS S.A. DE C.V.
TRADE NAME	COGSSA
TAXPAYER REGISTRATION	RFC CGS9910049K8
MAIN ADDRESS	Miguel de la Madrid No. 66, Col. Centro, Ciudad Guzmán
POSTAL CODE	49000
DEPT/PROV/REGION/STATE	Jalisco
COUNTRY	MEXICO
TELEPHONE	(52341) 4133055 - 4133434 - 4132671
CORPORATE E-MAIL	contacto@cogssa.mx
WEB	www.cogssa.260mb.net
COMMENTS
Other email: cogssa@hotmail.com c_cogssa@hotmail.com rox-contabilidad@cogssa.mx Other website: www.cogssa.mx

EXECUTIVE SUMMARY
Date of foundation	1999
permanent employees	46
Disposition	Declined. For security reasons and/or competition.
Payments policy	Usually to terms / good
Credit (**)	MODERATE RISK. (Acceptable financial situation but limited).
Number of times that this company was required: 2

REPUTATION

NOTHING AGAINST COMPANY

LEGAL STRUCTURE
LEGAL STATUS	Stock Company of Variable Capital
DATE OF INCORPORATION	04OCT1999
PLACE OF REGISTRY	Guadalajara, Jalisco
NOTARY OFFICE		DURATION	99 years
CURRENT EXCHANGE RATE (US$)	Ps$.13.04 per USADollar

DIRECTORS

EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
RUBIO ÁLVAREZ, ALEJANDRO	General Director

WHO IS WHO?
RUBIO ÁLVAREZ, ALEJANDRO
TITLE	General Director
NATIONALITY	Mexican
PROFESSION	University graduate
BACKGROUND INFORMATION	Education: Bachelor of Business Administration from the Instituto Tecnológico y de Estudios Superiores de Occidente (Promotion 1996), Certificate Nº 2285381.

BUSINESS

SIC Classification
B - AGROINDUSTRIA-PROD. ALIMENTICIOS- BEBIDAS (Proceso industrial de Alimentos, productos agrícolas, frutas, conservas, bebidas gaseosas, cervezas, )

Main activity

This is a company engaged in the sale and distribution of food products, such as beans, peppers, corn, maize, rice, pulses, spices, dried fruits, fodder and grocery products.
 
Brands sold: Zulka, Sal Cisne, Beleves, Purina, Pedigree, Biocan.

OPERATIONS

Import

Yes

Country

United States and India, through direct credit 30 Days.

Export

No

% CASH SALES / METHOD

40%

% Credit SALES / Terms

60% (Terms: 15 Days)

% DOMESTIC PURCHASES

70%

% FOREIGN PURCHASES

30%

SELLING TerritorY

Domestic market (100%)

EMPLOYEES

46

LOCATION
OTHER PREMISES	The Administrative Offices and Warehouse of the company can be found at the above listed address. Other location: Coyul No. 2009, Mercado de Abastos, Guadalajara, Jalisco, Tel: (33) 15897035, Radio Nextel: 52*153402*4 (Tax Domicile / Warehouse in Mercado de Abastos)

Comments

Clients: General public (10%) and wholesalers (90%).
 
Currently all beans, cereals, maize and other seeds are being processed in their screening and grain cleaning systems for selection and packaging; so they can be offered in bag presentations of 50 kilos, 40 kilos, 25 kilos, 10 kilos, pack of 1 kilo and even 500 grams. 
 
They are always open to buy from suppliers when they meet their quality expectations.

FINANCIAL INFORMATION
Disposition	Declined. For security reasons and/or competition.
Interviewee(s)	Roció Fregoso Cornejo
Position(s)	Assistant General Director
Information provided	We interviewed Ms. Rocio Fregoso Cornejo (Assistant to General Director) who told us that per orders from her superior can not provide any information regarding the company to third parties. All the information contained in this report has been collected from outside sources as it was not possible to get it from the Company directly due to confidential policy.
SALES	US$ 0.00 ()
FINANCIAL SITUATION	FAIR This is a Company with 15 years of experience on the market, which appears to develop normally. Insured company.
Property of company comments
Fixed assets include: -Transportation equipment -Furniture and office equipment -Computer equipment Among others
INSURANCE
COMPANY QUALITAS COMPAÑÍA DE SEGUROS S.A. DE C.V SEGUROS AFIRME S.A. DE C.V.

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Several consulted sources coincide that the subject fulfills promptly with its payments. Nothing against it.

Supplier: ZUCARMEX S.A. DE C.V.	Tel.: (667) 7589800	Country: MEXICO
Goods/Services? : Sugar
Highest credit? : No specified
Client since? : Sv.yrs.	Terms? : 7 Days	Performance? : Prompt
Comments : Monthly Average Purchase : Ps$.1,000,000+ Pesos
Supplier: EFFEM MEXICO INC. Y COMPAÑÍA S. EN N.C. DE C.V	Tel.: (442) 2110700.	Country: MEXICO
Goods/Services? : Animal feed
Highest credit? : No specified
Client since? : Sv.yrs.	Terms? : 15 Days	Performance? : Prompt
Comments : Monthly Average Purchase: Ps$.700,000.= Pesos

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

Supplier	Country
COMERCIAL LOS VOLCANES DE COLIMA S.A. DE C.V.	MEXICO
MAQUILAS FORRAJES Y NUTRIMENTOS S.A. DE C.V.	MEXICO
NOBLE TRADERS	U.S.A.
SAMI SPICES AND HERBS PRIVATE LIMI	INDIA

CREDIT BUREAU COMMENTS

No adverse information was found against this Company in the consulted sources.

Comments :

They deal with: - Banco Santander (Mexico) S.A. - Banco Nacional de Mexico S.A. - BBVA Bancomer S.A.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.07
UK Pound	1	Rs.102.77
Euro	1	Rs.84.49

INFORMATION DETAILS

Analysis Done by :	SUB
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.