MIRA INFORM REPORT

Report No. :	343698
Report Date :	08.10.2015

IDENTIFICATION DETAILS

Name :	MALSA EQUIPOS INDUSTRIALES S.A. DE C.V.
Registered Office :	Amores # 805A Col. del valle México D.F., D.F. 03100
Country :	Mexico
Year of Establishment :	2010
Legal Form :	Sociedad Anónima de Capital Variable
Line of Business :	Industrial Equipment Industry
No. of Employee :	15

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:	MALSA EQUIPOS INDUSTRIALES S.A. DE C.V.
Trade Name:	MALSA EQUIPOS INDUSTRIALES
RFC:	MEI101019LD7
Date Created:	2010
Date Incorporated:	2010
Legal Address:	Amores # 805A Col. del valle México D.F., D.F. 03100 México
Operative Address:	Amores # 805A Col. del valle México D.F., D.F. 03100 México
Telephone:	52 (55) 5536-2040
Fax:	52 (55) 5536-2040
Legal Form:	Sociedad Anónima de Capital Variable
Email:	direccion@malsaequipos.com.mx
Registered in:	Mexico
Website:	www.malsaequipos.com.mx
Contact:	Cid Martinez Elizalde, Director
Staff:	15
Activity:	Industrial Equipment Industry
BANKS
BANAMEX
The company does not disclose its banking information
History
The company was founded in 2010.
PRINCIPAL ACTIVITY
The company offers packages of solutions with projects "turnkey".They are responsible for the supply of equipment, installation, configuration, start-up and testing systems.
Products/Services description:	PORTS
	Marine lanterns
	Swivel headlights
	Channel Buoys
	Sea buoys
	Beacon light metal structures
	Leading lanterns
	Arc lights led type
	Buoys and weather stations
	Defenses spring
	Water treatment plants
	PLATFORMS
	Incinerators
	Compactors
	Aids to navigation
	Water treatment plants
	Sacrificial anodes
	Fenders legs platforms
	Lighthouses seekers
	Winches and cranes
	Chains, shackles and accessories
	Kitchen furniture
	Laundry Appliances
	Cold rooms
	Freezing cameras
	Anchoring systems for deepwater
	BOATS
	Incinerators
	Compactors
	Water treatment plants
	Sacrificial anodes
	Systems propeller blades
	Lighthouses seekers
	Winches and cranes
	Chains, shackles and accessories
	Kitchen furniture
	Laundry Appliances
	Cold rooms
	Freezing cameras
Brands:	System SeaBeacon®, e-NAVCON, TIDELAND
	IRM
	FLOATEX
	ARCHBEACON
	ALSCOTT
	DELITEK
	TEAMTEC
	ALUMINOX
	COLORLIGHT
	CAE
	POMAR
Sales are:	Wholesale
Clients:	Mexican government / PEMEX
Suppliers:	Tideland Signal Corp.
	Singapour
Operations area:	National
The company imports from	Singapour, Taiwan, China
The company exports to	No exports
The subject employs	15 employees
Payments:	No Complaints
LOCATION
Headquarters :	Amores # 805A Col. del valle México D.F., D.F. 03100 México
Branches:	The company does not have branches
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Shareholders:	NA
Management:	Cid Martinez Elizalde, Director
FINANCIAL INFORMATION
This is a private company which does not make its financials public.
We could not confirm financial figures fr the subject.
LEGAL FILINGS
There are no legal for the subject
SUMMARY
The company specializes in providing solutions for the maritime industry.
It has a small sized structure with 5 years of experience in the market.
It mainly imports from China and supplies importan clients such as Mexican government and PEMEX company.
There are no negative.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Maricarmen Plata
POSITION	Administrative
COMMENTS	She confirmed RFC, activity, brancds, manager, ownership, staff, she refused to confirm further data.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.26
UK Pound	1	Rs.99.53
Euro	1	Rs.73.47

INFORMATION DETAILS

Analysis Done by :	KIN
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.