MIRA INFORM REPORT

Report No. :	335355
Report Date :	07.08.2015

IDENTIFICATION DETAILS

Name :	SALCO IMPORTA CIONES SA DE CV

Registered Office :	Periferico Sur No 870 Col Agricola Zapopan Jalisco 45236

Country :	Mexico

Date of Incorporation :	2008

Legal Form :	Sociedad Anonima de Capital Variable

Line of Business :	Subject is dedicated to the import of steel and other primary metals and metal products.

No. of Employees :	20

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Mexico

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 2014, two-way trade in goods and services exceeded $550 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 sweeping education, energy, financial, fiscal and telecommunications reform legislation, among others, with the long-term 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 is predicted to remain below potential for reasons of inefficiencies, with a large portion of the economy and workforce in the informal sector, and corruption. Over the medium-term, the economy is vulnerable to global economic pressures, such as lower external demand, rising interest rates, and low oil prices - approximately 30% of government revenue comes from the state-owned oil company, PEMEX. The increasing integration of supply chains, development of the energy sector, and government-to-government focus on trade facilitation will continue to make the North American region increasingly competitive and contribute to Mexican economic development and strength.

Source : CIA

STATUTORY INFORMATION

Order:	Salco Importa Ciones Sa De Cv
Address in the order:	Periferico Sur No 870 Col Agricola Zapopan Jalisco 45236 Mexico
Comments:	This location also corresponds to Con-Tubo, S.A. DE C.V., related company which would have same owners.
Legal Name:	SALCO IMPORTACIONES, SA DE CV
Trade Name:	SALCO IMPORTACIONES
RFC:	SIM080604FY7
Date Created:	2008
Date Incorporated:	2008
Legal Address:	Periférico Sur # 870 Col. Agrícola Zapopan, Jalisco. México
Operative Address:	Periférico Sur # 870 Col. Agrícola Zapopan, Jalisco. México
Telephone:	55 5582.7410
Fax:	55 5582.7410
Legal Form:	Sociedad Anónima de Capital Variable
Email:	NA
Registered in:	Mexico
Website:	No website
Contact:	Andrea Salgado Legorreta, Director
Staff:	20
Activity:	Steel Service Centers & Other Metal Wholesalers Industry

BANK DATA

	BANAMEX

	The company does not make its banking data public

HISTORY

The company was established in 2008.

Old address:

Volcán Trujillo No 2563

Zapopan, Jalisco 45070

México

PRINCIPAL ACTIVITY

	The company is dedicated to the import of steel and other primary metals and metal products.
Products/Services description:	Valves Health line Industrial line Tubing
Brands:	NA
Clients:	Industrial Market
Suppliers:	FROCH ENTERPRISE CO., LTD. Taiwan Sandtrade Ltd. Switzerland HAITIMA CORPORATION Taiwan
Operations area:	National
The company imports from	Taiwan, Switzerland
The company exports to	No exports
The subject employs	20 employees
Payments:	Unknown

LOCATION

Headquarters :	Periférico Sur # 870 Col. Agrícola Zapopan, Jalisco. México
Branches:	The company does not have branches
Related Companies:	Con-Tubo, S.A. DE C.V. Periférico Sur # 870 Col. Agrícola Zapopan, Jalisco. México
Industry:	Companies in the industry distribute steel and other primary metals and metal products and may also provide sawing, shearing, bending, leveling, cleaning, or edging services. The health of the manufacturing and construction industries drives demand for steel. A distributor’s sales volume determines profitability because many costs are fixed. Large distributors benefit from economies of scale in purchasing, processing, and distribution. Small companies can compete by specializing in particular products or offering special processing services. Steel products are made from carbon or alloy, stainless, or specialty steels, and come in the form of sheets, plates, bars, rods, tubes, and structural items like rails and I-beams. In addition to selling steel mill products, distributors sell various processing services that customize products for particular customers. Because of the large number of steel products, most distributors specialize in the types of steel they carry and types of processing operations they perform. Different grades of metal and the varying thicknesses and sizes of materials result in a large variety of products. A large distributor may handle more than 100,000 products.

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	This is a private company. The major holders would be Salgado Alvarez family.
Management:	Guillermo Salgado Alvarez, Manager Andrea Salgado Legorreta, Director Francisco Javier Salgado Alvarez, Sales Director Diana Bravo, Manager

FINANCIAL INFORMATION

	The company does not make its financial statements public.

	There are no financial connected to the subject.

LEGAL FILINGS

There are no legal records connected to the subject

SUMMARY

This is a private company in business service centers and agencies metals founded in 2008.

With 20 employees, the company is much larger than the average business service centers and agencies metals.

It shares same owners than company Con-Tubo, S.A. DE C.V. and shows no negative records.

RISK INFORMATION

DEBTS	Controlled
PAYMENTS	Unknown
CASH FLOW	Normal
STATUS	Active

INTERVIEW
NAME	NA
POSITION	Human Resources
COMMENTS	The person contacted confirmed address,

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.96
UK Pound	1	Rs.99.60
Euro	1	Rs.69.71

INFORMATION DETAILS

Analysis Done by :	KAS

Report Prepared by :	TRU

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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