MIRA INFORM REPORT

Report No. :	317698
Report Date :	24.04.2015

IDENTIFICATION DETAILS

Name :	CIEMEX S.A. DE C.V.
Registered Office :	Thomas Alba Edison 7, Parque Industrial Cuamatla 54730 Cuautitlán
Country :	México
Date of Incorporation :	27.06.1960
Legal Form :	Stock Company of Variable Capital
Line of Business :	Subject is engaged in dedicated to providing vitreous enamel and colored material ceramics.
No. of Employee :	95

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 :	Unknown
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)
México

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

MÉXICO 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

IDENTIFICATION

CORRECT COMPANY NAME

CIEMEX S.A. DE C.V.

TRADE NAME

CIEMEX

TAXPAYER REGISTRATION

RFC CIE600627HIA

MAIN ADDRESS

Thomas Alba Edison 7, Parque Industrial Cuamatla

POSTAL CODE

54730

DEPT/PROV/REGION/STATE

Cuautitlán/ Estado de México

COUNTRY

MEXICO

TELEPHONE

(5255) 58700117/58724362/58724384/58721809

CORPORATE E-MAIL

alfonsogarza@gciemex.com

WEB

www.gciemex.com

COMMENTS

Other e.mails: export@gciemex.com

j.ernesto.mtzr@gciemex.com

ernesto.martinez@gciemex.com

privacidad@gciemex.com

EXECUTIVE SUMMARY
Date of foundation	1960
permanent employees	95
Chief Executive	GARZA VALVERDE, ALFONSO
Disposition	C: Poor. Very few information was given. Politely.
Financial Situation	UNDETERMINED
Payments policy	Usually to terms / good
Company Size	LARGE COMPANY
Credit (**)	NN : UNDETERMINED RISK.(Insufficient or Non existent information).
Number of times that this company was required: 5

REPUTATION

NOTHING AGAINST SUBJECT

CREDIT OPINION
Requested credit	MAXIMUM CREDIT
(*) Opinion after analyzing different factors and other opinions.

LEGAL STRUCTURE
LEGAL STATUS	Stock Company of Variable Capital
DATE OF INCORPORATION	27JUN1960
PLACE OF REGISTRY	México D.F.
NOTARY OFFICE		DURATION	99 years
CURRENT EXCHANGE RATE (US$)	Ps$13.83 per USA Dollar

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
GARZA VALVERDE, ALFONSO	CEO
PRADO RAMIREZ, PABLO	Assistant Director of adm
GARZA MERCADO, ALFONSO	General manager

WHO IS WHO?

GARZA VALVERDE, ALFONSO

TITLE

CEO

NATIONALITY

Mexican

D.O.B.

1936

BACKGROUND INFORMATION

He has studies at Instituto Politécnico Nacional (IPN).

PRADO RAMIREZ, PABLO

TITLE

Assistant Director of adm

NATIONALITY

Mexican

PROFESSION

Public Accountant

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
COLORES VITREOS CERAMICOS S.A. DE C.V.	Administrative Manager	CVC060330C23	MEXICO
COLORES VÍTREOS BOLIVARIANOS S.A. DE C.V.	Administrative Manager	CVB100218L37	MEXICO

BUSINESS HISTORY

-Ciemex is a 100% Mexican company which was established on June 27, 1960 in México D.F.

- Since 1961, Ciemex has developed the best products of the industry. Nowadays, it has 3 manufacturing plants in the State of Mexico and 3 warehouses of finished product, ensuring the best delivery time of the market in Mexico and abroad.

The Subject is part of "Ciemex Group" which is also integrated by the following companies:

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
CERAMICOS SAN JOSE S.A. DE C.V.	MEXICO		Related
COLORES VÍTREOS BOLIVARIANOS S.A. DE C.V.	MEXICO	(AC) CVB100218L37	Related
COLORES VITREOS CERAMICOS S.A. DE C.V.	MEXICO	(AC) CVC060330C23	Related

BUSINESS

Main activity

The company is dedicated to providing vitreous enamel and colored material ceramics.

Trademark: "CIEMEX".

O P E R A T I O N S

Import

Yes

Country

China, Spain, Italy, etc., by direct credit.

Export

Yes

COUNTRY

to more than 20 countries around the world, by direct credit.

% Credit SALES / Terms

100% (Terms: 30 and 60 days)

% Ventas exterior (Paises)

30%

% DOMESTIC PURCHASES

30%

% FOREIGN PURCHASES

70%

SELLING TerritorY

Domestic market (65%)

EMPLOYEES

95

LOCATION
PREMISES	Rented
AREA	1,200 sqm
OTHER PREMISES	The administrative offices, plant and tax domicile are located at heading address. It is a premises owned by a third-party to which it pays a monthly rent and has about 1,200 sqm of area and is located in an industrial area of said Mexican city. The company has 3 manufacturing plants in the state of Mexico and 3 warehouses of finished products.

Comments

The company provides services to the industry of containers for glass, such as: food, brewing, soda water and silverware industry, such as:

-Coca-Cola

-Pepsi

-Cervecería La Corona

Ciemex has a quality system based on ISO-9000, which was granted by Quality Assured Firm for more than 5 years. For that reason, it is the main manufacturer of vitreous enamel and ceramics in Mexico.

FINANCIAL INFORMATION
Disposition	C: Poor. Very few information was given. Politely.
Interviewee(s)	Pablo Prado Ramírez
Position(s)	Assistand Director of Administration
Information provided	We intervieweed Mr. Pablo Prado Ramírez (Assistand Director of Administration) who told us that by orders of his supervisors cannot provide information of the company to third-parties. Therefore, all the information indicated in this report has been collected from different third-party sources as it was not possible to get it from the Company under confidentiality.
FINANCIAL SITUATION	NN: UNDETERMINED The company's Financial Standing is considered to be Undetermined since there is no financial information that allows us to asses its results. This is an old company committed to offer the best colors for glass and ceramic industry in the market.
Property of company comments
The company has: -Transportation equipment -Furniture and Office Equipment -Computer equipment -Machinery and equipment

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: PRAXAIR MÉXICO S. DE R.L. DE C.V	Tel.: (55) 53549500	Country: MEXICO
Goods/Services? : industrial gases
Highest credit? : not specified
Client since? : sv.years	Terms? : 30 days	Performance? : Prompt
Comments : Monthly average: Ps$100,000
Supplier: ZINC NACIONAL, S.A. DE C.V.	Tel.: 52(81) 83426861	Country: MEXICO
Goods/Services? : raw material
Highest credit? : variable amounts
Client since? : sv.years	Terms? : 30 days	Performance? : Prompt

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

Supplier	Country
PROVEEDORES INTERNACIONALES DE MATERIAS PRIMAS	MEXICO
KOPRIMO SA DE CV	MEXICO
KING LION LIMITED	CHINA
SMART COLOR S.R.L	ITALY

INFORMATION IS REPORTED BY RISK INFORMATION CENTER (WHEN THERE IN THIS COUNTRY)

No adverse information was found against this Company in the consulted sources.

Comments :

Found no bank debts owed by the Company in the last bulletin. Banks of the country do not provide references about their clients. In both cases unfortunately we can not give banking information.

BANKERS :

1.- Banco Nacional de México S.A.

2.-BBVA Bancomer S.A.

The Company is a client of the above banks. Further information was not given under confidentiality.

CREDIT OPINION
Consulted Credit Amount :	MAXIMUM CREDIT
NOTE : The opinion given is confidential, referential and without liability.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.19
UK Pound	1	Rs.94.94
Euro	1	Rs.67.66

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ANK

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.