MIRA INFORM REPORT

Report Date :

19.12.2014

IDENTIFICATION DETAILS

Name :	COMERCIALIZADORA HERSAK, SA DE CV
Registered Office :	Sauce 4, San José de Los Cedros, 11700 Ciudad de México, D.F.
Country :	Mexico
Date of Incorporation :	26.08.2009
Legal Form :	Sociedad Anónima de Capital Variable
Line of Business :	Wholesaler of Stone Items.
No. of Employees :	20

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

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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'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

Company Name and Address
Legal Name:	Comercializadora Hersak, SA de CV
Trade Name:	Comercializadora Hersak
RFC:	CHE-090826-AK1
Date Created:	2009
Date Incorporated:	August 26, 2009
Legal Address:	Sauce 4, San José de Los Cedros, 11700 Ciudad de México, D.F., México
Operative Address:	Sauce 4, San José de Los Cedros, 11700 Ciudad de México, D.F., México
Telephone:	52 55 5025 2757
Fax:	52 55 5025 2757
Legal Form:	Sociedad Anónima de Capital Variable
Email:	NA
Registered in:	Mexico
Website:	No website
Manager:	Mr. Daniel Saba
Staff:	20
Activity:	Stone Items Wholesaler
BANKS
Name of the Bank:	BBVA BANCOMER
The company does not make its banking data public.
HISTORY
Comercializadora Hersak, SA de CV WAS CREATED IN 2009
PRINCIPAL ACTIVITY
The company id dedicated to the commerce of stone items, specifically marble products.
Products/Services description:	Marble Products
Brands:	NA
Sales are:	Wholesa and Retail
Clients:	General Clientele/Distributors
Suppliers:	Lazaridis Marmor S.A. EU Imetame Granitos Ltda. Brazil Levantina y Asociados de Minerales Spain
Operations area:	National
The company imports from	Spain, Brazil
The company does not export
The subject employs	20 employees
Payments:	Regular
LOCATION
Headquarters :	Sauce 4, San José de Los Cedros, 11700 Ciudad de México, D.F., México
Branches:	The company does not have branches
Business Overview:	Companies in this industry sell building supplies, lumber, hardware, and other home improvement products. Home remodeling and repair and new homebuilding drive demand. The profitability of individual companies depends on low-cost purchasing, effective merchandising, and competitive pricing. Large companies can offer wide selections, supply highvolume goods to builders, and have advantages in purchasing, finance, distribution, and marketing. Small companies can compete by offering specialty products, providing superior service, or serving a local market. Major products include lumber and building supplies (35 percent of sales); hardware, tools, and plumbing and electrical supplies (20 percent); and lawn and garden products (10 percent), and paint and sundries (10 percent). Hardware stores tend to make more of their sales (about 60 percent) from hardware, tools, plumbing, and electrical supplies. Building supplies include doors, windows, masonry supplies, cabinets, and countertops. Lawn and garden supplies include lawn care machinery; outdoor nursery stock (trees and shrubs); and fertilizers. Home centers often carry a full line of appliances. Companies may also offer installation, delivery, design, or tool rental services
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	6 500 Mexican Pesos
Shareholders %:	This is a private company. The major holder is Daniel Saba.
Management:	Daniel Saba, President Ana Jaime, Administrative
Subsidiary Companies:	No subsidiary companies
FINANCIAL INFORMATION
This is a provate company which does not make its financials public. The following information has been provided by our private sources.
USD	2013
Sales	3 500 000
Cash Flow	Normal
LEGAL FILINGS
There are no legal/crimminal -
SUMMARY
The company id dedicated to the commerce of stone items, specifically marble products.. The company has 5 years of experience in the market with a small sized structure. It mainly imports from Europe and sells both wholesale and retail. There are no negative.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
ENTERVIEW
NAME	Ana Jaime
POSITION	Administrative
COMMENTS	She confirmed address, no branches, imports, sales, owner.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.32
UK Pound	1	Rs.98.68
Euro	1	Rs.78.11

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIT

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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