MIRA INFORM REPORT

Report Date :

06.10.2014

IDENTIFICATION DETAILS

Name :	TELAS EL FUTURO S.A. DE C.V.
Registered Office :	Carretera México, Querétaro Km. 42, Local 3, Parque Industrial La Luz, 54716, Cuautitlán Izcalli
Country :	México
Date of Incorporation :	20.02.2004
Legal Form :	Stock Company of Variable Capital
Line of Business :	Importation and Sale of Fabrics.
No of Employees :	200

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 :	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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

IDENTIFICATION

CORRECT COMPANY NAME

TELAS EL FUTURO S.A. DE C.V.

TRADE NAME

TELAS EL FUTURO

TAXPAYER REGISTRATION

RFC TFU040220TR2

MAIN ADDRESS

Carretera México, Querétaro Km. 42, Local 3, Parque Industrial La Luz

POSTAL CODE

54716

DEPT/PROV/REGION/STATE

Cuautitlán Izcalli / México

COUNTRY

MEXICO

TELEPHONE

(5255) 58701170

CORPORATE E-MAIL

tfuturo_icg@yahoo.com.mx

COMMENTS

Notice the complete address is as above written.
No telephone number was provided on your order.
 
The Company has no website.

EXECUTIVE SUMMARY
Date of foundation	2004
permanent employees	200
Chief Executive	COHEN ZAGA, MAYER
Disposition	REPORT PREPARED FROM OUTSIDE SOURCES.
Financial Situation	FAIR
Payments policy	Usually to terms / good
Company Size	LARGE COMPANY
Number of times that this company was required: 1

LEGAL STRUCTURE
LEGAL STATUS	Stock Company of Variable Capital
DATE OF INCORPORATION	20FEB2004
NOTARY OFFICE		DURATION	99 years
CURRENT EXCHANGE RATE (US$)	Ps$.13.50 per USD.1.00
COMMENTS
This Company has been organized under the General Business Corporations Act, Code of Commerce and Federal Civil Code. Ownership structure was not specified.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
COHEN, MOSHE	President
COHEN ZAGA, MAYER	Director General
ROSALES MAGAÑA, ROBERTO	Legal Representative
CAMARILLO GARCÍA, ISABEL	Importation Chief
COHEN, JACOBO	Shareholder	Yes

BUSINESS HISTORY

The Company is related to 
HILATURAS UNION S.A. DE C.V. It makes fabrics and the Company sells them.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
HILATURAS UNION S.A. DE C.V.	MEXICO

BUSINESS

SIC Classification

Y - TEXTILES- HILANDERIA- TEJEDURIA Y CONEXOS (Industria textil: Hilanderia, tejeduria y teñido de telas. Producción y comercialización de textiles en general. No confeccion.)

Main activity

Importation and sale of fabrics. 
 
Main products: Fabrics, polyester, rayon, cotton, denim, cashmere.
 
Brands: TELAS EL FUTURO

OPERATIONS

Import

Yes

Country

United States, India, China

SELLING TerritorY

Mexican market

EMPLOYEES

200

LOCATION
AREA	800 m2
OTHER PREMISES	Administrative offices, sales, and warehouse are located at the above address. It is unknown whether facilities are rented or owned by the Company.

FINANCIAL INFORMATION
Disposition	REPORT PREPARED FROM OUTSIDE SOURCES.
Information provided	This report has been prepared based on data collected from outside sources as it was not possible to get it directly. No balance sheets or estimated accounting figures were available.
FINANCIAL SITUATION	FAIR This is a big-sized company with 10 operating in the market and even though no financial figures were available, it should be mentioned one of the suppliers reported very favorably on its payment record. On the other hand, no negative backgrounds were found.
Main fixed assets of the company (general detail)
Information unavailable.

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: REDIMPEX, S.C.	Tel.: 55-26037618	Country: MEXICO
Goods/Services? : Customs services
Highest credit? : Open		No Balance At This Time
Client since? : 2006	Terms? : 30 days	Performance? : Prompt
Comments : Monthly average: Ps$.250,000.= Pesos. EXCELLENT CLIENT

Note : Other suppliers did not provide information or could not be consulted

Supplier	Country
HILATURAS UNION, S.A. DE C.V.	MEXICO
KAYBEE EXIM PTE, LTD	SINGAPORE
WELLKNOWN POLYESTERS LIMITED	INDIA

THE FOLLOWING INFORMATION IS REPORTED BY RISK INFORMATION CENTER

No reported banking debt.

COMMENTS :

No reported banking debt.

LAWSUITS :

Federal Board of Conciliation and Arbitration Thursday, May 15 in 2014. 
GAYOSSO CERVANTES JOSÉ ANTONIO vs TELAS EL FUTURO, S. A. DE C. V., and others
 
Federal Board of Conciliation and Arbitration, Thursday, September 3, 2009 
 
Special Board No.6
1 IV-341 / 2008 
 
SINDICATO NACIONAL DE TRABAJADORES TEXTILES, SIMILARES Y CONEXOS DE LA 
REPÚBLICA MEXICANA "PLÁCIDO MENDOZA" vs TELAS EL FUTURO, S.A. DE C.V., and 
SINDICATO NACIONAL DE TRABAJADORES DE LA INDUSTRIA TEXTIL EN GENERAL Y 
SIMILARES DE LA REPÚBLICA MEXICANA.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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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