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Report Date : |
16.01.2014 |
IDENTIFICATION DETAILS
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Name : |
PINOSA S. DE R.L. DE C.V. |
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Registered Office : |
Valentín Gómez Farías 560 Col. Industrial, 58130, Morelia Michoacán |
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Country : |
Mexico |
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Date of Incorporation : |
15.07.1983 |
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Legal Form : |
Limited Liability Partnership of Variable Capital |
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Line of Business : |
Manufacture of organic chemicals, exploitation and production of pine
tar. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Undetermined |
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Payment Behaviour : |
Unknown |
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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, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Mexico |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 posted positive growth of 5.6% in 2010 with exports - particularly to the United States - leading the way. Growth slowed to 3.9% in 2011 and slightly recovered to 4% in 2012. 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 said it will prioritize structural economic reforms and competitiveness. The new president signed the Pact for Mexico, an agreement that lists 95 priority commitments, along with the leaders of the country's three main political parties: the Institutional Revolutionary Party (PRI), the National Action Party (PAN) and the Party of the Democratic Revolution (PRD).
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Source
: CIA |
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CORRECT COMPANY NAME |
PINOSA S. DE R.L. DE C.V. |
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TRADE NAME |
PINOSA |
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TAXPAYER REGISTRATION |
RFC PIN830715GW9 |
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MAIN ADDRESS |
Valentín Gómez Farías 560 Col. Industrial, |
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POSTAL CODE |
58130, |
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DEPT/PROV/REGION/STATE |
Morelia Michoacán |
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COUNTRY |
MEXICO |
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TELEPHONE |
(52443) 3121790 - 3122738 |
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CORPORATE E-MAIL |
pinosafj@prodigy.net.mx |
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COMMENTS |
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FAX: 52 (443) 3120476 Other email: pinosa@prodigy.net.mx Subject does not have website. |
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Date of foundation |
1983 |
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Chief Executive |
ARIAS Y DE LA CANAL, FREDO |
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Disposition |
Declined. For security reasons and/or competition. |
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Payments policy |
Without rating (No payment experience traced) |
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Number of times that this company was required: 2 |
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NOTHING AGAINST
COMPANY |
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LEGAL STATUS |
Limited Liability Partnership of Variable Capital |
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DATE OF INCORPORATION |
15JUL1983 |
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NOTARY OFFICE |
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DURATION |
99 years |
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CURRENT EXCHANGE RATE (US$) |
Ps$.13.11 per USADollar |
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COMMENTS |
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FEATURES OF THE COMPANY Company with predominantly economic purposes, as
befits a Limited Liability Company, which allows each partner to contribute
money or property and liability is limited to the payment of the
contributions that each made. Requires a minimum of two partners and can have a maximum of fifty. No Board information provided, they only provided the names of some
executives. |
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FULL NAMES / COMPANY NAME |
TITLE |
%PART. |
SINCE |
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ARIAS Y DE LA CANAL, FREDO |
President |
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ARIAS DE LA CANAL KING, FREDO |
Vice President |
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GARMENDIA RAMIREZ, MARIA ANTONIETA |
Legal Representative |
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VÁZQUEZ, MARIBEL |
General Accountant |
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GARMENDIA RAMIREZ, MARIA ANTONIETA |
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TITLE |
Legal Representative |
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NATIONALITY |
Mexican |
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PROFESSION |
Public Accountant |
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ASSOCIATED AS PER OUR DATABASE TO |
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We know that the company exists before the date of incorporation under
the current name 15/07/1983, as we found a letter published dated April 6,
1972 that mentions the company PINOSA, S DE RL (probably its former name) on
an action for defense of employees and workers of resin industries in the
state of Michoacan, against government authorities contesting the Decree of
18 March of the same year of 1972, which created an Industrial Unit for
exploitation of natural forests in Acuitzio and Villa Madero, fully
controlled by the Mexican State. |
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SIC Classification 0 8 - FORESTRY.WOOD (Timber tracts, Forest nurseries, seed Gathering,
Forestry Services) |
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Main activity |
Manufacture of organic chemicals, exploitation and production of pine
tar. Specific business line: Turpentine and pine tar exclusively |
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O P E R A T I O N S |
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Import |
No |
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Export |
No |
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SELLING TerritorY |
Cover Mexican territory |
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Disposition |
Declined. For security reasons and/or competition. |
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Interviewee(s) |
Lic. María Antonieta Garmendia Ramírez (Legal Area) and Third-parties |
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Information provided |
During the course of the investigation, we were in contact with the
C.P.A. Maribel Vazquez, chief accountant of the company, who was suspicious
all along , explained to us that since Michoacan is one of the states where
there are more extortion and kidnapping in all of Mexico, by " the
Michoacan family ", seems unwise to give information, but promised I
talk to managers in order to obtain their approval; however when we
followed-up, did not want to take our calls, because of our insistence , she
provided us with a phone number in Mexico city: (55) 52860211 , which
corresponds to the company LABORATORIO BIOQUIMICO MEXICANO, S.A. DE C.V. , in
where we had contact with Lic. María
Antonieta Garmendia Ramírez, who serves as legal representative of PINOSA, as
well as takes care of all their legal matters , she provided some data but
was suspicious to provide names of managers, shareholders and suppliers , and
even more when we asked her for financial information; we did mention the
names of Mr. Fredo Arias de la Canal King and of Mr. Fredo Arias y de la
Canal , who according to outside sources are the Vice President and
President, respectively, of this Company, but she was reluctant to confirm
anything and asked us how we had obtained such names as that is very
sensitive information, and declined thereafter to continue to assist us ,
with a total distrust and very concerned about the use we would give to the
information provided, and asked us not to use those names in any report or
publication; she also asked us to send a Letter to her email with the
information needed and specifying to what use. We asked her about the relationship between LABORATORIO BIOQUIMICO MEXICANO, S.A. DE
C.V. and PINOSA, S. DE R.L. DE C.V.
and she said that there was no relationship. |
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SALES |
US$ 0.00 () |
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FINANCIAL SITUATION |
UNDETERMINED Financial situation is considered to be indeterminate since no
accounting elements were found to assess Subject Company current results This is a Company with 30 years of experience in the market, which
indicates that this is a company in consolidation phase. |
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Main fixed assets of the company (general
detail) |
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No information concerning insurance policies could be obtained. |
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Explanation about commercial reputation |
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PRESS RELEASE - Violence in Michoacan Morelia, Mich . Mexico's Interior Secretary, Miguel Angel Osorio
Chong, called on to the self-defense groups to lay down their arms and return
to their communities to be reinstated in their daily activities. Meanwhile ,
federal and state forces will take over security in the region of Tierra
Caliente. After signing the Agreement for the Federal Security Assistance in
Michoacan , held in the main courtyard of the palace of government, the
federal official admitted that the worst security crisis is being
experienced, the product of neglect and decay of live institutions and most
marginalized sectors , so have to invest in the reconstruction of the social
fabric. Same, as Governor Fausto Vallejo, the Interior Secretary said that
will go against the criminals, and surveillance in municipalities of
Apatzingán, Tepalcatepec, Buenavista, Múgica, Parácuaro, La Huacana,
Aguililla, among others, will not involve decreased strength of the
secretariats of the National Defense and the Navy , as well as the Federal
Police. He said he will use the information in possession of self-defense
groups to locate the whereabouts of the criminals and even the guards who
have community service vocation could join into the security forces . Chong said
he will continue with the professionalization of the police and prosecutors . In the presence of the head of the Secretariat of National Defence,
Salvador Cienfuegos , the Navy, Francisco Soberon Sanz , the head of the
Attorney General 's Office ( PGR ), Jesús Murillo Karam , Secretary of the
Interior stated that in security there has been significant progress in the
country , with the exception of Michoacán , which by its nature requires
special attention. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.59 |
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1 |
Rs.101.09 |
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Euro |
1 |
Rs.83.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.