MIRA INFORM REPORT

Report No. :	336060
Report Date :	14.08.2015

IDENTIFICATION DETAILS

Name :	WINDSOR CICLISMO, S.A. DE C.V.
Registered Office :	Carretera Central Km. 2 S/N, Zona Industrial, 78395 San Luis Potosí
Country :	Mexico
Year of Establishment :	1997
Legal Form :	Sociedad Anónima de Capital Variable
Line of Business :	Subject is engaged in wholesales and distributes the sporting and recreation goods.
No. of Employee :	70

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 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
Legal Name:	WINDSOR CICLISMO, S.A. DE C.V.
Trade Name:	WINDSOR CICLISMO
RFC:	WCI-970506-KT7
Date Created:	1997
Date Incorporated:	2000
Legal Address:	Carretera Central Km. 2 S/N
	Zona Industrial
	78395 San Luis Potosí
	México
Operative Address:	Carretera Central Km. 2 S/N
	Zona Industrial
	78395 San Luis Potosí
	México
Telephone:	52-44-4137-1700
Fax:	52-44-4144-2402
Legal Form:	Sociedad Anónima de Capital Variable
Email:	contab@windsor.com.mx
Registered in:	Mexico
Website:	www.windsorciclismo.com
Contact:	José Miguel Muro Miramontes, General Manager
Staff:	70
Activity:	Sporting Goods
BANKS
Banco Del BAjio S A
The company does not disclose its banking data
History
The company was established in 1997.

PRINCIPAL ACTIVITY
Windsor Ciclismo S.A. de C.V. wholesales and distributes the sporting and recreation goods.
Products/Services description:	The Company provides moto parts, commercial, and fuji products.
Brands:	Alex Rims
	Alhonga
	Arisun
	Deli
	KMC
	Metro
	SH+
	Vee Rubber
	Marwi Group
	HL CORP
Sales are:	Wholesale
Clients:	Windsor Ciclismo S.A.
	Guatemala
Suppliers:	CROWN VAST DEVELOPMENT LTD.
	Taiwan
	EASTMAN INDUSTRIES LIMITED
	India
	ASIA BICYCLE TRADING COMPANY
	Taiwan
	SOCIEDAD DE COMERCIALIZACION INTERNACIONAL INDUSTRIAS SUARE
	Colombia
Operations area:	National
The company imports from	Taiwan, India, Colombia
The company exports to	Guatemala
The subject employs	70 employees
Payments:	No Complaints

LOCATION
Headquarters :	Carretera Central Km. 2 S/N
	Zona Industrial
	78395 San Luis Potosí
	México
Branches:	The company does not have branches
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	Melbourne Trading, S.A. de C.V.
	Principal Carretera Central Km 2
	Ubicación S.L.P.
	Mexico
Management:	Oscar López Zavala, Controller
	Javier Noyola Valdés, Director
	José Miguel Muro Miramontes, General Manager
Related Companies:	No subsidiary companies
FINANCIAL INFORMATION
This is a private company which does not make its financial public.
This information was provided by the company’s accountant. He asked us to write an e-mail for complete FS2014. We will provide you with complete financials in case we receive them from the company.
USD 2014
Revenue	16 500 000
Net Income	16 000 000
Cash Flow	Good
LEGAL FILINGS
There are no legal connected to the subject
SUMMARY
Windsor Ciclismo S.A. de C.V. wholesales and distributes the sporting and recreation goods.
The company has a medium sized structure with 70 employees and 18 years of experience in the market.
It deals with well kwnown brands in the industry and shows no negative records.
The company shows positive profitability.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	This Corporation is in Good Standing
INTERVIEW
NAME	Oscar Lopez Zavala
POSITION	Accountant
COMMENTS	He confirmed address, RFC, brands, managers, staff and financial figures.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.92
UK Pound	1	Rs.101.44
Euro	1	Rs.72.26

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ASH

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.