MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	GFS CUSTOMS SC
Registered Office :	Santuario #3148 Col. Chapalita, Guadalajara, Jal. México. C.P. 45040
Country :	Mexico
Date of Incorporation :	14.01.2010
Legal Form :	Sociedad Civil
Line of Business :	International Transport and Customs Services.
No. of Employee :	14

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

STATUTORY INFORMATION
Order:	GFS CUSTOMS SC
Address in the order:	Santuario #3148 Col. Chapalita, Guadalajara, Jal. México. C.P. 45040
Legal Name:	GFS CUSTOMS SC
RFC:	GCU 100114 PT9
Date Created:	2001
Date Incorporated:	January 14th. 2010
Legal Address:	Santuario #3148 Col. Chapalita, Guadalajara, Jal. México. C.P. 45040
Operative Address:	Santuario #3148 Col. Chapalita, Guadalajara, Jal. México. C.P. 45040
Telephone:	5233 3123 9020 / 3123 9021 / 3587 6500
Fax:	5233 3123 0007 / 3689-9662
Legal Form:	Sociedad Civil
Email:	info@gfsmexico.com.mx
Registered in:	Mexico
Website:	www.gfsmexico.com.mx
Manager:	Jose Manuel Dominguez Velasco, General Manager
Staff:	14
Activity:	International transport and customs services.
BANKS
	BANAMEX
	The company does not make its baking data public
HISTORY
	The company was founded in 2001. It was formerly known as Global Forwarding Systems de Mexico S de RL de CV and in 2010 it changed to GFS Customs SC.
PRINCIPAL ACTIVITY
	The company is dedicated to provide international air, sea and land transport services.
Products/Services description:	GFS through the agreements that it has with many air lines, marine and terrestrial, it offers options to the customer for the transfer of the export merchandise and supported in his international network of load agents anywhere in the world. GFS through his agents of international load it can make the transport of the client's merchandise from any part of the world, coordinating the harvesting, offices in origin, international transport, the liberation of customs merchandise in the country, etc. Additional Services: * Storage * Consolidation of merchandise * Administration of special projects
Brands:	NA
Sales are:	Wholesale
Clients:	DISTRA ACTIVESEA S.C. Uruguay Spedition F.R.E.I.T.A.N GmbH Germany C.D.C. SpA Italy
Suppliers:	Oscar Fernandez Agente Aduanal SC Oliva Espinoza y Franco Agencia Aduanal SC Transportes Comandos del Norte SA de CV
Operations area:	México, Manzanillo ,Nuevo Laredo and Leon, Veracruz, Altamira, Tampico, Tijuana and Ciudad Hidalgo.
The company imports from	No imports data
The company exports to	Worldwide
The subject employs	14 employees
Payments:	15-30 days

LOCATION
Headquarters :	Santuario #3148 Col. Chapalita, Guadalajara, Jal. México. C.P. 45040
Branches:	Loma del Pedregal 507 Col. Lomas del Campestre C.P. 37150, Leon, Guanajuato, Mexico Tel: 52 + (477) 299 0272 Fax 52 + (33) 3123 0007 ID Nextel: 52*57672*6
Business Overview:	Companies in this industry provide freight forwarding and customs brokerage services. Demand is driven by domestic manufacturing output and levels of international trade. The profitability of individual companies depends on efficient operations, extensive relationships in shipper and carrier networks, and industry expertise. Large companies have advantages in account relationships and access to advanced logistics technologies. Small operations can compete effectively by serving a local market, specializing in cargo transfer with specific countries, and facilitating the transport of unusual goods. Unlike fully integrated carriers that own truck, rail, air, or ocean assets and transport cargo, freight forwarders arrange the transportation of goods without owning any transportation equipment or handling ("fingerprinting") the cargo. Customs brokers add another layer of expertise by facilitating the clearing of goods through international customs barriers. Most companies specialize in either freight forwarding or customs brokering, though companies and individuals can provide both.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	This is a private company owned by Jose Manuel Dominguez Velasco.
Management:	Jose Manuel Dominguez Velasco, General Manager
Related Company:	No subsidiary companies
FINANCIAL INFORMATION
	This is a private company which does not make its financial statements public. The following information has been provided by outside sources.
USD	2013
Revenue	11 000 000
Cash Flow	Normal
LEGAL FILINGS
	There are no legal filings registered for the subject
RISKMA REVIEW
Riskma Review:	2
RISK:	Low
Requested Credit Amount	Maximum
Maximum Credit Provided	USD 25 000
SUMMARY
	The company is dedicated to provide international air, sea and land transport services. It has 13 years of experience in the market with a small sized structure and no negative. Its revenue is high for its size. The company works mainly with clients from Europe.
RISK INFORMATION
STATUS	ACTIVE
PAYMENTS	15-30 days
CASH FLOW	NORMAL
SUGGESTED CREDIT LINE	USD 25 000
ENTERVIEW
NAME	Jose Manuel Dominguez Velasco
POSITION	Owner
COMMENTS	He confirmed address, RFC, staff, payment terms, sales.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ANK

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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