MIRA INFORM REPORT

Report Date :

27.08.2014

IDENTIFICATION DETAILS

Name :	AMBIDERM S.A. DE C.V.

Registered Office :	Carretera a Bosques de San Isidro 1136, Col. Bosques de San Isidro, Zapopan, 45147 Jalisco

Country :	Mexico

Date of Incorporation :	04.01.1989

Legal Form :	Stock Company of Variable Capital

Line of Business :	Engaged in the production, import and distribution of latex gloves for medical and dental use; 100% synthetic gloves latex free for medical and dental use; latex gloves for surgery; latex gloves for all use and domestic; dental dams; saliva ejectors; disposable medical robe and and sheets of scapel.

No. of Employees :	600

RATING & COMMENTS

MIRA’s Rating :

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 – June 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Mexico

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

MEXICO - ECONOMIC OVERVIEW

Mexico's $1.3 trillion economy has become increasingly oriented toward manufacturing in the 20 years since the North American Free Trade Agreement (NAFTA) entered into force. Per capita income is roughly one-third that of the US; income distribution remains highly unequal. Mexico has become the United States' second-largest export market and third-largest source of imports. In 2013, two-way merchandise trade reached nearly $507 billion. 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 formed the Pacific Alliance with Peru, Colombia and Chile. Mexico's current government, led by President Enrique PENA NIETO, emphasized economic reforms during its first year in office, passing education, energy, financial, fiscal and telecommunications reform legislation. The three-party "Pact for Mexico" reform agenda aims to improve competitiveness and economic growth across the Mexican economy

Source : CIA

IDENTIFICATION

CORRECT COMPANY NAME

AMBIDERM S.A. DE C.V.

TRADE NAME

AMBIDERM

TAXPAYER REGISTRATION

RFC AMB890104F63

MAIN ADDRESS

Carretera a Bosques de San Isidro 1136, Col. Bosques de San Isidro, Zapopan

POSTAL CODE

45147

DEPT/PROV/REGION/STATE

Jalisco

COUNTRY

MEXICO

TELEPHONE

(5233) 36566557 - 36338077 - 36562632

CORPORATE E-MAIL

agonzalez@ambiderm.com

WEB

www.ambiderm.com.mx

COMMENTS

Other e-mail: ventas@ambiderm.com.mx, info@ambiderm.com.mx

EXECUTIVE SUMMARY
Date of foundation	1989
Capital stock	Ps$35,211,000.= Pesos (subscribed and paid)
permanent employees	600
Chief Executive	SALCEDO PADILLA, ENRIQUE
Disposition	UNDETERMINED
Payments policy	Usually to terms / good
Credit ()**	UNDETERMINED RISK.(Insufficient or Non existent information).
Number of times that this company was required: 3

LEGAL STRUCTURE


LEGAL STATUS	Stock Company of Variable Capital
DATE OF INCORPORATION	04JAN1989
PLACE OF REGISTRY	Guadalajara, Jalisco
NOTARY OFFICE	Nº 44; Sergio Segovia González	DURATION	99 years
REGISTRATION	Nº25-26, Volume 301, Appendix 944 (21.01.1989)
INITIAL CAPITAL	Ps$5,000,000.= old Pesos
CURRENT PAID-IN CAPITAL	Ps$35,211,000.= Pesos (subscribed and paid)
CURRENT EXCHANGE RATE (US$)	Ps$13.21.= per US$1 Dollar

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
*SALCEDO PADILLA, ENRIQUE*	General Director	Yes
LEAÑO PADILLA, LUIS CARLOS	Logistic Manager
SALCEDO, JOSEFINA ODETTE FAVA DE	Shareholder
CASTILLO, HECTOR	Sales manager
CARRILLO HUERAMO, LUIS	General accountant

BUSINESS HISTORY

Ambiderm SA de CV is a 100% Mexican company which was established on January 04, 1,989 in the city of Zapopan, Jalisco since its inception has not changed the founding shareholders.

The Subject is a subsidiary of Ambiderm Grupo Industrial S.A. de C.V., Holding which acts as a holding of shares in several companies, such as:

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
AMBIDERM CENTROAMÉRICA S.A. DE C.V.	COSTA RICA		Related
AMBIDERM GUATEMALA S.A.	GUATEMALA		Related
AMBIDERM INTEGRA S.A. DE C.V.	MEXICO		Related
AMBIDERM S.A. DE C.V.	MEXICO	(AC) AMB890104F63	Related
EMPAQUES Y REPROCESOS S.A. DE C.V.	MEXICO		Related
INMOBILIARIA JET S.A. DE C.V.	MEXICO		Related

BUSINESS

SIC Classification
0 - ACTIVIDAD NO BIEN IDENTIFICADA (Actividades No bien especificadas y/o mixtas no determinadas.)

Main activity

It is engaged in the production, import and distribution of latex gloves for medical and dental use; 100% synthetic gloves latex free for medical and dental use; latex gloves for surgery; latex gloves for all use and domestic; dental dams; saliva ejectors; disposable medical robe and and sheets of scapel.

Brands: "Ambiderm" (own brand); "Ribbel"; "Graham Professional" (third-party brand).

O P E R A T I O N S

Import

Yes

Country

Malaysia, India, Singapore and China, through direct credit of 30 days.

Export

Yes

COUNTRY

Guatemala, Costa Rica and Colombia, by direct credit to 30 days.

% CASH SALES / METHOD

30%

% Credit SALES / Terms

70% (Terms: 30 days)

% Ventas exterior (Paises)

25%

% DOMESTIC PURCHASES

80%

% FOREIGN PURCHASES

20%

SELLING TerritorY

Domestic market (75%)

EMPLOYEES

600

LOCATION

OTHER PREMISES

The administrative offices and tax domicile operate at the heading address.

The company has no other premises.

Comments

Main clients:

-Quirúrgica Regiomontana S.A. de C.V.

-Compra Óptima S.A. de C.V.

-Georgina Fernández Valenzuela

-Etc.

-Ambiderm S.A. de C.V. is a company where its engineers have developed cutting edge technology in specialized production techniques to offer its customers latex gloves for examination with the highest quality.

-The raw materials used by the company for its production are of the highest quality, carefully selected according to their strict specifications.

-They have a particular leaching process which allows them to extract the most of the protein, thus reducing the risk of developing hypersensitivity to latex protein.

They've implemented strict quality controls in all their product lines; its procedures meet international standards of quality, ensuring that their customers receive the highest quality glove.

FINANCIAL INFORMATION

Disposition

Moderate. Some data and figures were confirmed.

Interviewee(s)

Luis Carrillo Hueramo

Position(s)

General accountant

Information provided

The interviewee provided us with the information contained in this report.

SALES

US$ 0.00 ()

FINANCIAL SITUATION

UNDETERMINED

We estimate that Subject's financial Situation is INDETERMINATE, since we do not have financial statements that allow an accurate analysis of its results in its last financial year.

Property of company comments

The company has:

-Transport Equipment

-Furniture And Office Equipment

-Furniture And Computer Equipment

-Land And Machinery

INSURANCE

COMPANY

QUALITAS COMPAÑIA DE SEGUROS SA DE CV

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: LATEX OCCIDENTAL SA DE CV	Tel.: (33) 3837 0222	Country: MEXICO
Goods/Services? : Latex
Highest credit? : not specified
Client since? : Sv.years	Terms? : 40 days	Performance? : Prompt
Comments : Monthly average: Ps$2,700,000
Supplier: MAVEL Y COMPAÑIA SA DE CV	Tel.: (33) 3811 8140	Country: MEXICO
Goods/Services? : Polyethilene packaging
Highest credit? : not specified
Client since? : 8 years	Terms? : 30 days	Performance? : Prompt
Comments : Monthly average: Ps$680,000
Supplier: MAVISA SA DE CV	Tel.:	Country: MEXICO
Goods/Services? : Chemicals
Client since? : Sv.years	Terms? : 30 days	Performance? : Prompt
Comments : Monthly average: Ps$570,000
Supplier: LITOGRAFIA D'ORTEGA SA DE CV	Tel.: (33) 3688 0017	Country: MEXICO
Goods/Services? : Folding boxes
Highest credit? : not specified
Client since? : 14 years	Terms? : 30 days	Performance? : Sometimes delayed
Comments : Monthly average: Ps$50,000 to Ps$135,000, delay further 90 days to pay

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

Supplier	Country
SMURFIT KAPPA S.A. DE C.V.	MEXICO
OMEGA DE EMPAQUES S.A. DE C.V.	MEXICO

CREDIT BUREAU COMMENTS

Found nothing negative against the trade reputation of this company.

BANKERS :

Banco Nacional de Mexico S.A.

Banco del Bajío S.A.(The Subject is a customer of that bank which maintains two checking accounts in national currency and two checking accounts in foreign currency, a customer of the branch Chapultepec, excellent customer service).

GENERAL INFORMATION


Explanation about commercial reputation

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.49
UK Pound	1	Rs.100.32
Euro	1	Rs.79.91

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	PDT

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.