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Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
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Correct Name : |
FIORE S.A. DE
C.V. |
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Registered Office : |
Plateros 39, Col. San José Insurgentes, Deleg. Benito Juárez, Postal Code 03900 |
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Country : |
Mexico |
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Financials (as on) : |
31.12.2010 (Interim Balance Sheet) |
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Year of Establishment : |
1986 |
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Com. Reg. No.: |
Notarial Deed 3896 |
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Legal Form : |
Stock Company of Variable Capital |
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Line of Business : |
Engaged in
manufacturing, distribution, and sale of quilts, bedspreads, bed skirts,
sheets, duvet covers, shams, cushions, curtains and other articles for hotel
of cutting edge designs and high quality |
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No of Employees : |
25 (8 Administrative & 17 people
in general) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Mexico |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 recovered during 2010-13 with exports - particularly
to the United States - leading the way. 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 emphasized economic reforms during its first year in office,
passing education, energy, financial, fiscal and telecommunications reform
legislation. Nevertheless, administration estimates show GDP growth slowed in
2013 to just over 1%.
|
Source : CIA |
CORRECT COMPANY NAME : FIORE S.A. DE C.V.
TRADE NAME : "FIORE
BLANCOS"
TAXPAYER REGISTRATION : RFC FIO890317PW4
MAIN ADDRESS : Plateros 39, Col.
San José Insurgentes, Deleg. Benito Juárez
POSTAL CODE : 03900
PROV. / DEPT. / REG. / STATE : México DF
COUNTRY : MEXICO
TELEPHONE : (5255) 36264888
WEB : www.fioreblancos.com
Comments
This report was ordered under the name FLORE S.A. DE C.V.
Be advised the correct name is FIORE S.A. DE C.V.
Notice the complete address is as above written.
No telephone number was provided on your order.
Emails: laura.hernandez@fioreblancos.com
gabriela.barrera@fioreblancos.com
Fax: (55) 55980222
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Date of Foundation |
: 1986 |
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Paid Capital Stock |
: Ps$.2,614,000.= Pesos |
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Permanent Employees |
: 25 (8 Administrative And 17 people in general) |
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Chief Executive |
: DE RIVERA TORRES, LILIAN BALZARETTI |
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Disposition |
: Poor. Very few information was given. Politely. |
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Financial Situation |
: FAIR |
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Payments Policy (*) |
: Usually to terms / good |
|
Tamaho Company |
: (ME) MID COMPANY |
LEGAL STATUS : Stock Company of
Variable Capital
DATE OF INCORPORATION : 1986
PLACE OF REGISTRY :
Mexico DF
NOTARY OFFICE :No. 39 – Horacio Aguilar
Alvare
REGISTRATION : Notarial Deed 3896
CURRENT PAID-IN CAPITAL : Ps$.2,614,000.=
Pesos
LISTED AT STOCK EXCHANGE : No
CURRENT EXCHANGE RATE X US$ : Ps$.12.87 per US$.1.00
DURATION : 99 years
LAST CAPITAL INCREASE : 30APR2000
COMMENTS .-
Ownership structure was not specified.
DIRECTORS -
EXECUTIVES
|
FULL NAMES /
COMPANY NAME |
TITLE |
|
DE RIVERA TORRES, LILIAN BALZARETTI |
Director General |
|
BARRERA GARCIA, GABRIELA |
Administrator |
DE RIVERA TORRES,
LILIAN BALZARETTI
TITLE : Director General
President of Fundación Trazos A.C. created in 2009. Member of CANAIVE
for 20 years.
FIORE BLANCOS began operations in 1986 and came into being as a new alternative to an unmet demand for upscale clients seeking the highest quality at the best price.
It is specialized in products made with fine details seeking to
differentiate through innovative design, offering the best quality materials
carefully selected.
Product line
include sheets made of cotton and mixed with different qualities. They handle
180-1000 thread and adapt them to the customers needs. They also can offer fabrics
that due to their composition and finishes have a long service life.
In addition, the
design team is aware of international trends so every season they offer new
designs that impose fashion, but it also features classic designs for the more
traditional customers.
It is related to:
RELATED COMPANIES
TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER j
|
COMPANY NAME |
CTRY |
RELATION |
|
ATELIER S.A. DE C.V. |
MEX |
-- |
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ETIQUETAS ZALAQUETT DE MEXICO S.A. DE C.V. |
MEX |
Related |
ACTIVITY DETAILS
OR BUSINESS PURPOSE .-
Manufacture,
distribution, and sale of quilts, bedspreads, bed skirts, sheets, duvet covers,
shams, cushions, curtains and other articles for hotel of cutting edge designs
and high quality.
Trademark: FIORE
BLANCOS©
IMPORT (Countries) : Yes
India, Canada, China,
Portugal, Israel; cash and/or
credit
EXPORT (Countries) : Yes
United States, Costa Rica;
direct credit
% CASH SALES/METHOD : 40%
% CREDIT SALES/TERMS : 60% (30 days)
% FOREIGN SALES : 0.5%
% DOMESTIC PURCHASES : 20% %
FOREIGN PURCHASES : 80%
SELLING TERRITORY : Domestic market - 99.95%
EMPLOYEES : 25 (8
Administrativos y 17 personas en general)
Other Premises .-
Headquarters and warehouse are located at the above address. Premises
consist of 3 floors.
Other Warehouse:
Periférico 1384, Col. Merced Gómez, Delegación Álvaro Obregón, C.P. 03910, Mexico D.F. (area covers 450 m2).
Main clients include department stores as well as luxury hotels, spas, among them:
- Distribuidora Liverpool
- Sears Operadora
- El Palacio de Hierro
- Sam’s
- Hotel Nikko, Ciudad de México
- Hotel JW Marriot Cancún
- Hotel Marriot Casamagna Cancún
- Hotel Hilton Cancún
- Hotel Hilton Centro Histórico, Ciudad de México
- Hotel Ibis Mérida
Interviewee(s) : Gabriela
Barrera Solís
Position(s) : Administrator
Disposition : Poor.
Very few information was given. Politely.
Information Obtained : Ms.
Barrera provided the information in this report, except for the financials
under
confidentiality.
We checked other sources but neither balance sheets nor estimated accounting figures were available.
Latest figures in our database are those for
the FY 2010, included for reference purposes only.
BALANCE SHEET DATE : 31DEC2010
TYPE OF BALANCE SHEET : Annual
PERIOD : 12 Months
CURRENCY : Pesos
EXCHANGE RATE PER US$ : 11.76
ASSETS
CASH/BANKS : 150,747.76
RECEIVABLES : 2,586,574.09
INVENTORY : 9,049,343.00
OTHERS : 655,716.93
CURRENT ASSETS : 12,442,381.78
FIXED : 775,198.92
OTHERS : 1,421,012.85
TOTAL ASSETS : 14,638,593.55
LIABILITIES
BANK/SUPPLIERS : 5,006,412.89
OTHERS : 5,073,310.24
CURRENT LIABILITIES : 10,079,723.13
SHAREHOLDERS'S EQUITY
CAPITAL : 5,414,000.00
RESERVES : 70,000.00
PROFITS(LOSS) : 1,395,218.36
OTHERS : -2,320,347.94
TOTAL SHAREH. EQUITY : 4,558,870.42
TOTAL LIAB./SH. EQUITY : 14,638,593.55
SALES : 29,871,495.71
PROFIT(LOSS) : 1,395,218.36
LIQUIDITY RATIO : 1.23
(Current Assets ÷ Current Liabilities)
DEBT-TO-EQUITY RATIO : 45.23
(Shareholders' equity ÷ Current Liabilities)
PROFITABILITY MARGIN : 4.67
Profits ÷ Sales %
WORKING CAPITAL : 2,362,658.65
(Current Assets - Current Liabilities)
FINANCIAL SITUATION :
FAIR
Even though no updated balance sheets were available, it is important to comment that suppliers have reported favorably on the Company's payment behavior. No negative have been reported either.
MAIN FIXED ASSETS
OF THE COMPANY (GENERAL DETAIL) .-
They include:
- Vehicles
- Office furniture and fixtures
- Computers
INSURANCE .-
Company
· MAPFRE TEPEYAC S.A. DE C.V.
ZÚRICH
COMPAÑÍA DE SEGUROS S.A. DE C.V.
(Confidential
Information)
TRADE REFERENCES
Supplier : LA TIROLESA S.A.
DE C.V.
Tel. : (55) 55767911
Country :
MEXICO
Goods/Services? : Fabrics
Highest Credit? : Not specified
Client Since? Sv.years
Terms? : 45 days
Performance? : Prompt
Comment : Monthly average: Ps$.450,000 Pesos
Supplier: TEXDEC S.A. DE C.V.
Tel.: (55) 56642693
Country: MEXICO
Goods/Services? : Textiles
Highest Credit? : Not specified
Client Since? : Sv.years
Terms? : 30 days
Performance? : Prompt
Comment : Monthly average:
Ps$.340,000 Pesos
THE FOLLOWING
INFORMATION IS REPORTED BY RISK INFORMATION CENTER .-
No reported banking debt.
BANK DEBT REPORTED
BY THE SUPERINTENDENCY OF BANK & INSURANCE (SBS) .-
No reported banking debt.
It banks with:
BBVA BANCOMER S.A
Comments :
REPUTATION .-
NOTHING AGAINST COMPANY
Since they refused to give balance sheets and trade references are not
enough and other information is unknown, unfortunately, we cannot give a credit
opinion.
NOTE: The Opinion given is confidential referential and with-out
liability
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.03 |
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UK Pound |
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
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 |
-- |
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.