MIRA INFORM REPORT

Report No. :	304645
Report Date :	31.01.2015

IDENTIFICATION DETAILS

Name :	BILLABONA MÉXICO LOGISTIC SA DE CV

Registered Office :	Calle Lourdes 51 303, Zacahuitzco 03550 - Distrito Federal Benito Juarez

Country :	Mexico

Year of Establishments :	2012

Legal Form :	Sociedad Anónima de Capital Variable

Line of Business :	· Engaged in offering wide suite of Third Party Logistics (3PL) services in Mexico and around the world. · Subject also acts as the Official Representative of NVOCC Billabona International.

No of Employees :	10

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 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

Company summary

Legal Name:	Billabona México Logistic SA de CV
Trade Name:	Billabona México
RFC:	BML1212
Date Created:	2012
Date Incorporated:	2012
Legal Address:	Calle Lourdes 51 303, Zacahuitzco 03550 - Distrito Federal Benito Juarez
Operative Address:	Anillo Periférico Sur 4225, Oficina 5, Colonia Jardines en La Montaña, C.P. 14210, México D.F., México
Telephone:	52 (55) 5631 5047 / 5631 5054
Fax:	52 (55) 5631 5047
Legal Form:	Sociedad Anónima de Capital Variable
Email:	info@billabona.com.mx
Registered in:	430: CANACO SERVYTUR CD DE MEXICO
Website:	www.billabona.com.mx
Contact:	Juan Jose Jauregui Blanco
Staff:	10 Employees
Activity:	Cargo Services Industry
BANKS	BANAMEX
	The company does not make its banking data public
HISTORY
	BILLABONA MEXICO was established in 2012
PRINCIPAL ACTIVITY	The company is dedicated to offer a wide suite of third party logistics (3PL) services in Mexico and around the world. The company also acts as the Official Representative of NVOCC Billabona International.
Products/Services description:	MEXICO - USA Storage operation in Miami, Florida Container Freight Stations (CFS) in 15 locations in USA Access to a 3PL franchise can offer terrestrial services between the NAFTA CHINA - MEXICO Coverage throughout the Chinese territory Collecting loads storage Consolidation of containers air cargo Control and track your orders LIVE TRACK Internet access, 24 hours a day, orders Collection, Warehouse Receipts and Bills of Lading. Real-time update of the status of their shipments. CHARTER OF SHIPS Conventional non-containerized general cargo All kinds of dry bulk Design loads Charter contracts Post-closure activities INSURANCE SERVICES Assekuransa Goods Insurance is designed to compensate the losses and damages suffered their goods during transportation. Coverage "Full cover" applies to new goods traveling in standard containers closed. Against all risks except wars and strikes Coverage door - door Covers the time of loading and unloading the goods Up to a total of 60 days in intermediate tanks
Brands:	BILLABONA
Sales are:	Retail
Clients:	CARL SPAETER GMBH PHILOSOPHENWEG 17 DUISBURG NW 47051 GERMANY
Suppliers:	ENVIROMENTAL CONSULTING SA DE CV
Operations area:	Veracruz, Altamira, Manzanillo, Aeropuerto Internacional Benito Juárez.
The company imports from	China, USA
The company exports to	Billabona Mexico Logistic provides logistics services with global coverage leaning for it in the offices of Billabona Group Eximport SL, located in Panama, Peru, Chile and USA and network of representatives and partners strategically located in all continents.
The subject employs	10 employees
Payments:	Unknown

LOCATION
Headquarters :	Anillo Periférico Sur 4225, Oficina 5, Colonia Jardines en La Montaña, C.P. 14210, México D.F., México
Branches:	The company does not have branches
Industry:	Companies in this industry provide freight forwarding and customs brokerage services. Demand is driven by domestic manufacturing output and levels of international trade. The profitability of individual companies depends on efficient operations, extensive relationships in shipper and carrier networks, and industry expertise. Large companies have advantages in account relationships and access to advanced logistics technologies. Small operations can compete effectively by serving a local market, specializing in cargo transfer with specific countries, and facilitating the transport of unusual goods. Unlike fully integrated carriers that own truck, rail, air, or ocean assets and transport cargo, freight forwarders arrange the transportation of goods without owning any transportation equipment or handling ("fingerprinting") the cargo. Customs brokers add another layer of expertise by facilitating the clearing of goods through international customs barriers. Most companies specialize in either freight forwarding or customs brokering, though companies and individuals can provide both.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	The company is part of the group: Billabona Group Eximport SL Panama
Management:	Juan Jose Jauregui Blanco, Director
Related Companies:	NVOCC Billabona International.


FINANCIAL INFORMATION
	The following information has been provided by our private sources.
USD 2013
Revenue	900 000
Cash Flow	Normal
LEGAL FILINGS
	There are no legal connected to the subject

SUMMARY
	The company is dedicated to providing a wide range of logistics services in Mexico and around the world. It has only 2 years of experience in the Mexican market. It is part of the Billabona international group operating in Latin America. The company has a small sized structure without negative. Considering its short experience in Mexico, we suggest a medium credit line and monitoring for the next 12 months.

RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Unknown
CASH FLOW	Normal
STATUS	Active

ENTERVIEW
NAME	NA
POSITION	Receptionist
COMMENTS	She confirmed address, manager and activity. She refused to confirm more information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.76
UK Pound	1	Rs.93.13
Euro	1	Rs.70.03

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	MNL

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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