MIRA INFORM REPORT

Report No. :	318253
Report Date :	23.04.2015

IDENTIFICATION DETAILS

Name :	XOMOX CHIHUAHUA SA DE CV
Registered Office :	Juan Ruiz De Alarcon No 313, Chihuahua, CHIH 31109
Country :	Mexico
Date of Incorporation :	1995
Legal Form :	Sociedad Anónima de Capital Variable
Line of Business :	Manufacture and Sale of Industrial Valves.
No. of Employees :	195

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 21 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 46 countries - 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 two years in office, passing and implementing education, energy, financial, fiscal and telecommunications reform legislation, among others, with the aim to improve competitiveness and economic growth across the Mexican economy. Although the economy is expected to experience stronger growth in 2015 as a result of increased investment and stronger demand for Mexican exports, growth will continue to remain modest and below expectations. Over the medium-term, the economy is vulnerable to global economic pressures, such as rising interest rates and low oil prices—which account for about 30 percent of government revenue.

Source : CIA

STATUTORY INFORMATION
Legal Name:	XOMOX CHIHUAHUA SA DE CV
Trade Name:	XOMOX CHIHUAHUA
RFC:	XCI-950821-PI9
Date Created:	1995
Date Incorporated:	1995
Legal Address:	Juan Ruiz De Alarcon No 313 Chihuahua, CHIH 31109, Mexico
Operative Address:	Juan Ruiz De Alarcon No 313 Chihuahua, CHIH 31109, Mexico
Telephone:	(614) 442-9800
Fax:	(614) 442-9800
Legal Form:	Sociedad Anónima de Capital Variable
Email:	miguel.macias@xomox.com
Registered in:	Mexico / 142: CAMARA NACIONAL DE LA INDUSTRIA DE TRANSFORMACION
Website:	www.xomox.com
Manager:	Hector Raynal Raynal , Director
Staff:	195
Activity:	Industrial machinery and equipment
BANKS
	BANAMEX
	The company does not make its banking data public
HISTORY	The company was established in Mexico in 1995. It is a subsidiary of Xomox Corporation.
	XOMOX® was established in 1956 as the Continental Manufacturing Company. The principal product was the Tufline fluorocarbon-sleeved plug valve. The concept of the nonlubricated sleeved plug valve was developed owing to the advent of Teflon® by the E.I. du Pont de Nemours and Company.
PRINCIPAL ACTIVITY	Xomox Chihuahua SA De CV is a Mexican company dedicated to manufacture and sale of industrial valves.
Products/Services description:	Sleeved Plug Valves Flanged end, screwed end, weld end, jacketed, high pressure, full port, HF, control sleeved, Easi-sleeve, severe service and sleeved plug valves for special applications Lined Valves Lined ball, butterfly, plug and check valves, and lined accessories Butterfly Valves High performance, resilient seated, triple offset and special purpose butterfly valves Ball Valves Process one-piece, two-piece and three-piece ball valves Automation XOMOX® automated valve packages assure single source responsibility for flow control equipment.
Brands:	XOMOX®
Sales are:	Wholesale
Clients:	Distributors, Professionals of the industry
Suppliers:	CRANE NINGJIN VALVE CO., LTD. USA TAIWAN VALVE CO., LTD. China GLORIA MATERIAL TECHNOLOGY CORP. China SANMAR FOUNDRIES LTD. India
Operations area:	National
The company imports from	India, China, USA
The company exports to	No exports
The subject employs	195 employees
Payments:	Regular
LOCATION
Headquarters :	Juan Ruiz De Alarcon No 313 Chihuahua, CHIH 31109, Mexico
Branches:	The company does not have branches
Industry:	Companies in this industry manufacture metal industrial and fluid power valves, hose fittings, and pipe fittings. Demand depends primarily on the level of manufacturing and construction activity. Construction activity in the chemical, petroleum, utilities, water treatment, and housing industries is especially important. Large companies have advantages in efficiency of operations and economies of scale. Offshore subsidiaries are frequently used for low-cost manufacturing. Smaller producers compete by focusing on specialized product offerings and superior customer service. Major product categories are industrial valve applications used primarily in water works and municipal water systems (about 40 percent of US shipments); fluid power valves used in compressed or pressurized applications (30 percent); and plumbing-related valves and fixtures (15 percent). Valves control the flow of liquids, gases, slurries, or dry materials through a pipe or similar passageway, and may also control the rate of flow, volume, pressure, and direction. Some of the most common types of valves are gate, ball, butterfly, pressure relief, and custom engineered for special applications. Valve activation is controlled by an actuator that may be manual, pneumatic, hydraulic, or electric. Valve sizes range from fractions of an inch to 25 to 30 feet in diameter.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	Xomox Chihuahua S.A. de C.V. operates as a subsidiary of: Xomox Corporation (CRANE ChemPharma & Energy) 4444 Cooper Rd. Cincinnati, OH 45242-5686 USA +1-513-745-6000 (Phone) 513-745-6086 (Fax)
Management:	Hector Raynal Raynal , Director
Related Companies:	XOMOX has major manufacturing facilities around the world including: Cincinnati, Ohio; Lindau, Germany; Chihuahua, Mexico; Székesfehérvár, Hungary; Chennai, India.
FINANCIAL INFORMATION
	This is a private company which does not make its financial figures public.
	Despite our long search, we could not confirm financial figures for the subject.
XOMOX CORPORATION (Parent Company)
Revenue	76 600 000
Cash Flow	Good
LEGAL FILINGS
	Judicial Amparo 183/2014 XOMOX CHIHUAHUA, Inc. DE CV Chamber of Deputies of the Congress 07/22/2014
SUMMARY
	Xomox Chihuahua SA De CV is a Mexican company dedicated to manufacture and sale of industrial valves. It has a medium sized structure and 19 years of experience in the market. The company is controlled by Xomox Corporation, located in the USA with locations worldwide. There are no negative connected to the subject.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	Active
ENTERVIEW
NAME	Jorge
POSITION	Administrative
COMMENTS	He confirmed address, activity and manager. He refused to confirm more information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.82
UK Pound	1	Rs.93.85
Euro	1	Rs.67.59

INFORMATION DETAILS

Analysis Done by :	SUB
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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