MIRA INFORM REPORT

Report No. :	303067
Report Date :	17.01.2015

IDENTIFICATION DETAILS

Name :	ODEM INTERNACIONAL S.A. DE. C.V
Registered Office :	Avenida Félix Cuevas No.6 piso 7, Colonia del Valle, 03200
Country :	Mexico
Date of Incorporation :	11.03.1997
Legal Form :	Sociedad Anónima de Capital Variable
Line of Business :	Subject is engaged in Manufacturing and Commercialization of the Scappino brand garnment
No. of Employee :	200

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

STATUTORY INFORMATION
Legal Name:	ODEM INTERNACIONAL S.A. DE. C.V
Trade Name:	SCAPPINO
RFC:	OIN-970311-NF2
Date Created:	1989
Date Incorporated:	March 11th, 1997
Legal Address:	Avenida Félix Cuevas No.6 piso 7, Colonia del Valle, 03200, México D.F.
Operative Address:	Oso No. 40 Piso 5 Desp. 102 Col. Del Valle 03100 México , México
Telephone:	52-5556288080
Fax:	52-5555249521
Legal Form:	Sociedad Anónima de Capital Variable
Email:	gserafin@grupoodem.com
Registered in:	Mexico
Website:	www.scappino.com
Manager:	Sergio Pascual Orestano Ramos
Staff:	200
Activity:	Garment manufacturing
BANKS
	BANCO SANTANDER
	The company does not make its banking ifnormation public
HISTORY
	The company was created in October 7th, 1989, as "CASA SCAPPINO". It changed it's name to "ODEM INTERNACIONAL" in March 11th, 1997.
PRINCIPAL ACTIVITY	The company is engaged in the Manufacturing and Commercialization of the Scappino brand garnment in Mexico. Scappino is a well known brand of clothes from Italy.
Products/Services description:	Shirts, pants, ties, belts, watches, coats, suits, etc. The company sells 30% cash and 70% on credit, 30 days basis.
Brands:	SCAPPINO
Sales are:	Wholesa and Retail
Clients:	General clients/ Distributors
Suppliers:	ESTUCHES MEXICO, S.A. DE C.V Calle Borodin No. 11, Col. Vallejo Distrito Federal TE: 55-17-84-64 Jesus Flores: Date from: 1995 Credit ammount: MXN 100,000 Payment Term: 30 days LITO SERVICE, S.A. DE C.V Oriente 171 No. 139 Bodega 2 Col. Aragón Distrito Federal TE: +52 57 81 26 05 Maria de Jesús González: Date from: 1997 Credit ammount: MXN 400,000 Payment Term: 30 days
Insurance:	GRUPO NACIONAL PROVINCIAL SA Av. Cerro de las Torres #395 Col. Campestre Churubusco, Coyoacán, Distrito Federal C.P.: 04200
Operations area:	National
The company imports from	The company imports 40% of their products from Italy (Magic Sfea Srl) - Fys Comercio De Texteis Lda (Portugal)
The company exports to	No exports
The subject employs	200 employees
Payments:	Regular-made on a 35 day basis
LOCATION
Headquarters :
Size:	500 m2
Property:	Rented
Branches:	Factory GUADALAJARA: Pedro Martínez Rivas No. 859 Zapopan, Jalisco
Industry:
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	This is a private company. It is subsidiary of: GRUPO ODEM S.A DE C.V Calle Oso No. 40 Desp. 502, Col. Del Valle, C.P.. 03230, México, Distrito Federal Tel. + 52 55 5524 7718 Fax. + 52 55 5524 5476
Management:	Sergio Pascual Orestano Ramos, General Director. Lic. Patricia Hernández, Treasurer. Guillermina Serafín, Shopping Manager. Verónica Martínez, Accounting Assistant. Argelia Martínez, Financial Manager. C.P. Angélica Busbeck, Commercial Manager.
Related Companies:	AMERICAN CONTINENTAL, S.A. DE C.V SERVICIOS ADMINISTRATIVOS ODEM, S.A. DE C.V ODEM, S.A. DE C.V
FINANCIAL INFORMATION
	This is a private company which does not make its financial figures public. The following information has been confirmed by our private sources.
Currency	DATE
USD	2013
Turnover	20 000 000
Operating Income	10 000
Net Income	5 000
Net worth	100 000
Bank liabilities	20 000
The cash flow is	NORMAL
LEGAL FILINGS
	There are no legal connected to the subject
SUMMARY
	The company is engaged in the Manufacturing and Commercialization of the Scappino brand garnment in Mexico. Scappino is a well known brand of clothes from Italy. The company has a medium sized structure with good payment behaviour and positive profitability. There are no negative.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
ENTERVIEW
NAME	Verónica Martínez
POSITION	Accountant
COMMENTS	She confirmed address, activity and refused to provide more data.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.00

INFORMATION DETAILS

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