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Report Date : |
16.01.2014 |
IDENTIFICATION DETAILS
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Name : |
UQUIFA MEXICO S.A. DE C.V. |
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Registered Office : |
Calle 37 Este 126, Col. Civac, Jiutepec / Morelos, 62500 |
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Country : |
Mexico |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
19.06.1985 |
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Legal Form : |
Stock Company of Variable Capital |
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Line of Business : |
Subject is dedicated to the manufacture, export and marketing of pharmaceutical
chemicals (raw materials for the pharmaceutical industry). |
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No. of Employees : |
143 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 |
UQUIFA MEXICO S.A. DE C.V. |
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TRADE NAME |
UQUIFA MEXICO |
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TAXPAYER REGISTRATION |
RFC UME8506194R4 |
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MAIN ADDRESS |
Calle 37 Este 126, Col. Civac, |
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POSTAL CODE |
62500 |
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DEPT/PROV/REGION/STATE |
Jiutepec / Morelos |
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COUNTRY |
MEXICO |
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TELEPHONE |
(52777) 3295066 - 3295095 |
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CORPORATE E-MAIL |
paulsalgado@uquifa.com.mx |
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WEB |
www.uquifa.com |
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COMMENTS |
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The accurate address is as per heading. It was requested without a phone. Other e-mail:
tchenhalls@uquifa.com.mx |
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Date of foundation |
1985 |
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Capital stock |
Ps$36,549,600.= Pesos |
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Shareholders' equity |
207,945,944.00 Pesos (31DEC2013) |
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Annual revenues |
US$ 33,423,007.31 Pesos (31DEC2013) |
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Profits (loss) |
7,308,352.00 Pesos (31DEC2013) |
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permanent employees |
143 |
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Chief Executive |
SALGADO CAMACHO, PAUL |
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Disposition |
Moderate. Some data and figures were confirmed. |
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Payments policy |
Usually to terms / good |
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Number of times that this company was required: 7 |
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NOTHING AGAINST COMPANY |
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LEGAL STATUS |
Stock Company of Variable Capital |
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DATE OF INCORPORATION |
19JUN1985 |
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PLACE OF REGISTRY |
Jiutepec / Morelos |
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NOTARY OFFICE |
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DURATION |
99 years |
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CURRENT PAID-IN CAPITAL |
Ps$36,549,600.= Pesos |
LAST CAPITAL INCREASE |
December 2006 |
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SHAREHOLDERS EQUITY |
207,945,944.00 Pesos (31DEC2013) |
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CURRENT EXCHANGE RATE (US$) |
Ps$13.17 per USD1.00 |
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FULL NAMES / COMPANY NAME |
TITLE |
%PART. |
SINCE |
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AVILA QUEVEDO, SALVADOR |
Production Manager |
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OATES, CHRIS |
Operations Manager |
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VASQUEZ, UBALDO |
Quality Manager |
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SALGADO CAMACHO, PAUL |
Finance Controller/L.Rep. |
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CHENHALLS ARAUZ, TOMAS |
Logistics and Sale Chief |
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TORRUELLA CERDA, DAVID |
Engineering Chief |
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VIVIMED LABS |
Majority Shareholder (Parent Company) |
100% |
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AVILA QUEVEDO, SALVADOR |
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TITLE |
Production Manager |
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NATIONALITY |
Mexican |
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PROFESSION |
Chemical engineer |
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SALGADO CAMACHO, PAUL |
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TITLE |
Finance Controller/L.Rep. |
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NATIONALITY |
Mexican |
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PROFESSION |
Chartered Accountant |
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CHENHALLS ARAUZ, TOMAS |
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TITLE |
Logistics and Sale Chief |
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NATIONALITY |
Mexican |
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TORRUELLA CERDA, DAVID |
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TITLE |
Engineering Chief |
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NATIONALITY |
Mexican |
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BACKGROUND INFORMATION |
In UQUIFA MEXICO SA DE CV , his specific position is Head of
Maintenance and Environmental Engineering. |
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VIVIMED LABS |
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BUSINESS BACKGROUND Holding company located and based in India. |
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UQUIFA MEXICO SA DE CV was founded in 1985 as Chemical Plant, located in
an industrial area of Morelos, dedicated since then to the processing of raw
materials for the pharmaceutical industry. |
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SIC Classification 2 8 - CHEMICALS, PHARMACEUTICALS INDUSTRY AND ALLIED PRODUCTS. (Manuf.Pigments,
Resins, Plastics, Serums, Perfums, Paints, Fertilizers, Explosives.
Medicines.) |
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Main activity |
Subject is dedicated to the manufacture, export and marketing of
pharmaceutical chemicals (raw materials for the pharmaceutical industry). |
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O P E R A T I O N S |
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Import |
Yes |
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Country |
Germany, USA, India, China, Japan, China, Spain. |
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Export |
Yes |
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COUNTRY |
Singapore, USA and European countries. |
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% Credit SALES / Terms |
100% - Terms: 60 days |
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% Ventas exterior (Paises) |
95% |
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% DOMESTIC PURCHASES |
40% |
% FOREIGN PURCHASES |
60% |
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SELLING TerritorY |
Domestic market 5% |
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EMPLOYEES |
143 |
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Comments |
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Main Clients: - Química Arlex S.A. de C.V. - Importadora y Manufacturera Bruluart S.A. |
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Disposition |
Moderate. Some data and figures were confirmed. |
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Interviewee(s) |
Paúl Salgado |
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Position(s) |
Financial Controller |
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Information provided |
The interviewee corroborated and updated operational and business
data. With respect to accounting information, he gave out the last major balance
sheet accounts to 31/12/2013 (12 months), expressed in Pesos. He says net
income was not as high due to the high prices of raw materials and some
negotiations with major customers to increase the selling price. From previous research, we have preliminary figures of the year. |
BALANCE SHEET
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Balance sheet date |
31DEC2013 |
31DEC2012 |
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Type of balance sheet |
Annual |
Annual |
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Period |
12 Months |
12 months |
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Currency |
Pesos |
Pesos |
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Exchange rate per US$ |
13.14 |
12.91 |
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A S S E T S |
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Current Assetsd |
237,036,296.00 |
222,261,644.00 |
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Fixed |
134,094,649.00 |
127,668,034.00 |
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Total Assets |
371,130,945.00 |
349,929,678.00 |
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L I A B I L I T I E S |
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Current liabilities |
136,410,561.00 |
86,631,982.00 |
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Long term |
26,774,440.00 |
22,085,110.00 |
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TOTAL LIABILITIES |
163,185,001.00 |
108,717,092.00 |
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S H A R E H O L D E R S' E Q U I T Y |
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Total shareholders equity |
207,945,944.00 |
241,212,586.00 |
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Total Liab. / Sh. equity |
371,130,945.00 |
349,929,678.00 |
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Sales |
439,178,316.00 |
439,313,467.00 |
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Profit (Loss) |
7,308,352.00 |
22,697,700.00 |
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R A T I O |
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Liquidity ratio |
1.74 |
Current assets / Current liabilities |
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Debt-to-equity ratio |
152.44 % |
(Shareholders' equity / Current liabilities %) |
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Profitability margin |
1.66 % |
(Profits / Sales %) |
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Working capital |
100,625,735.00 |
(Current assets - Current liabilities) |
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FINANCIAL SITUATION |
SATISFACTORY Taking into account the last Financial Statement submitted and / or
other factors analyzed, we estimate that their financial situation is
SATISFACTORY, due to the following considerations: - Liquidity ratio is higher than or similar to the industry average. - Positive working capital allowing timely payments performance. - Shareholders' Equity fully covers debts. - Results have been positive |
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Property of company comments |
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It is referred to be the owner of the premises where it resides (
heading address). They include: - Office furniture and fixtures - Computer equipment - Vehicles - Machinery and equipment -Other minor assets. |
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Main fixed assets of the company (general
detail) |
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Their insurance coverage on assets in general. |
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(Confidential Information)
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TRADE REFERENCES |
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Note : Other suppliers did not provide information or could not be
consulted |
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No negative found against on the investigated company. |
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Explanation about commercial reputation |
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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.