MIRA INFORM REPORT

Report Date :

24.12.2014

IDENTIFICATION DETAILS

Name :	SIGNA S A DE C.V.
Registered Office :	Av Industrial Toluca, Toluca Estado De Mexico CP 50071
Country :	Mexico
Date of Incorporation :	07.12.1961
Legal Form :	Sociedad Anonima de Capital Variable
Line of Business :	Manufacture and Sale of Chemicals and Biological Reagents that are used as raw Materials in the pharmaceutical Industry.
No. of Employee :	403

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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:	SIGNA S A DE C.V.
Address in the order:	Av Industrial Toluca, Toluca Estado De Mexico CP 50071 , Mexico
Legal Name:	Signa, S.A de C.V.
Trade Name:	Signa
RFC:	SIG611207ST9
Date Created:	1961
Date Incorporated:	December 7, 1961
Legal Address:	Avenida Industria Automotriz 301, 50020 Toluca de Lerdo, MEX, México
Operative Address:	Avenida Industria Automotriz 301, 50020 Toluca de Lerdo, MEX, México
Telephone:	52 (722) 226 1100
Fax:	52 (722) 226 1100
Legal Form:	Sociedad Anonima de Capital Variable
Email:	ovivanco@signa.mx
Registered in:	Mexico
Website:	www.signa.com.mx (undermaintenance)
Manager:	Jose Eloy Herranz
Staff:	403
Activity:	Chemical Manufacturing Industry
BANKS
	The company does not make its banking data public.
HISTORY
	It was established in 1961 while the manufacturing of active pharmaceutical ingredients (APIs) started in 1965. Although the initial focus was to supply the Mexican market, it reorganised in 1994/1995 to meet the requirements of the highly regulated market.
PRINCIPAL ACTIVITY	It is focused on the development, manufacture and sale of chemicals and biological reagents that are used as raw materials in the pharmaceutical industry.
Products/Services description:	The company stated that 33 products (SMF states over 40 products) were currently manufactured in its multipurpose facilities and supplied to the domestic, American, Canadian, Japanese, European and South American markets. These were typically API intermediates and APIs for use in OSD formulations. None included antibiotics (including penicillin, cephalosporins), agrochemicals or cytotoxic materials although it was stated that cytotoxic products may be produced on campaign basis with appropriate control measures.
Brands:	SIGNA
Sales are:	Wholesale
Clients:	Pharmacies, distributors - FARMACEUTICA PYASA Paraguay
Suppliers:	Gp Racing Srl Italy Sodikart Portugal CHEMTURA ORGANOMETALLICS GMBH Germany
Operations area:	National
The company imports from	Europe
The company exports to	Paraguay
The subject employs	The site employed 403 staff (10 PhD, 35 Masters, 116 Bachelor and 100 Technicians) distributed as: General Management 2 Technical Direction (R&D) 38 Risk Engineering and Management 12 Engineering Direction 51 Logistics Direction 25 Production Direction 193 Quality Direction 59 Comptrollership 9 Human Resources Management 10 Information Technology Mngt 4
Payments:	Regular
LOCATION
Headquarters :	Avenida Industria Automotriz 301, 50020 Toluca de Lerdo, MEX, México
Comments:	According to the SMF and company presentation at the opening meeting, the site is located on 10,112 acres of land with the following facilities: 4 production plants (Plant A, C, D & E) with total reaction capacity of 93,645 gallons 2 distillation column systems 21 finishing rooms, including 10 FP rooms with controlled environments 3 warehouses: raw materials, intermediates and Finished product Solvent storage tank farm Analytical operations/quality control laboratories R&D process and analytical laboratories Utilities like process water, cooling water, compressed air, steam, chilled water, nitrogen
Branches:	The company does not have branches
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	This is a private company. It is a subsidiary of: Signa Chemistry Inc 530 East 76th Street #9e, New York, NY 10021 USA
Management:	Mr. Oscar Vivanco, President & General Manager Mr. Pedro Gorgonio, Director of Quality
Related Companies:	No subsidiary companies
FINANCIAL INFORMATION
	This is a private company which does not make its financial statements public.
Signa Chemistry Inc (parent company)	USD 2013
Revenue	8 400 000
LEGAL FILINGS
	There are no legal/criminal connected to the subject
RISKMA REVIEW
Riskma Review:	2
RISK:	Low
Requested Credit Amount	Maximum
Maximum Credit Provided	USD 50 000
SUMMARY
	It is focused on the development, manufacture and sale of chemicals and biological PRODUCTS. The company imports mainly from Europe and focus on national market. It has a medium-large sized structure and complies with all health and safety requirements. There are no negtaive.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Unknown
CASH FLOW	Normal
SUGGESTED CREDIT LINE	USD 50 000
STATUS	ACTIVE
ENTERVIEW
NAME	Cinthia
POSITION	Administrative
COMMENTS	She confirmed address, branch and parent company. She refused to provide more data.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.45
UK Pound	1	Rs.98.88
Euro	1	Rs.77.62

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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