MIRA INFORM REPORT

Report No. :	338552
Report Date :	05.09.2015

IDENTIFICATION DETAILS

Name :	P.M.I. COMERCIO INTERNACIONAL S.A. DE C.V
Registered Office :	Avenida Marina Nacional 329 Executive Tower Floor 21, Col. Petroleos Mexicanos Miguel Hidalgo Mexico City, DF 11311
Country :	Mexico
Date of Incorporation :	24.05.1989
Legal Form :	Sociedad Anónima de Capital Variable
Line of Business :	Exports and imports crude oil and its derivatives in Mexican and international markets.
No. of Employee :	525

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 :	Good
Payment Behaviour :	Regular
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:	P.M.I. COMERCIO INTERNACIONAL S.A. DE C.V
Trade Name:	PMI PEMEX
RFC:	PMI8905248V4
Date Created:	1989
Date Incorporated:	May 24th, 1989
Legal Address:	Avenida Marina Nacional 329 Executive Tower Floor 21, Col. Petroleos Mexicanos Miguel Hidalgo Mexico City, DF 11311 Mexico
Operative Address:	Avenida Marina Nacional 329 Executive Tower Floor 21, Col. Petroleos Mexicanos Miguel Hidalgo Mexico City, DF 11311 Mexico
Telephone:	52 1 944 0039
Fax:	52 1 944 0041
Legal Form:	Sociedad Anónima de Capital Variable
Email:	uenlace@pmicim.com
Registered in:	Mexico
Website:	www.pmi.com.mx
Contact:	Mr. José Manuel Carrera Panizzo, Chief Executive Officer
Staff:	525
Activity:	Petroleum & Petroleum Products Wholesalers Industry
BANKS	BANAMEX
	The company does not disclose its banking data
History
	The company was incorporated in 1989 and is based in Mexico City, Mexico. P.M.I. Comercio Internacional, S.A. de C.V. operates as a subsidiary of Petroleos Mexicanos. It is a State-owned company organized as a corporation.
	Press Releases: May 16, 2015 Pemex crude supply to Hyundai During the second half of the year, Pemex, through its subsidiary PMI International Trade and the Korean company Hyundai Oilbank Co. Ltd., would be building a plant in Nuevo Leon, agreed to supply Mexican crude oil in its Maya and Isthmus types for processing in Daesan refinery in South Korea. The agreement is for five million barrels of oil, with the option of additional volume and is part of Pemex's commercial strategy to diversify geographically Mexican crude exports. The contract is performed after placing occasional shipments during the first half of the year by a volume of 6 million barrels of hydrocarbon Hyundai.
	NuStar Energy L.P. and PMI Sign Letter of Intent to Form a Joint Venture to Develop Pipeline Infrastructure to Transport Liquefied Petroleum Gases and Refined Products into Mexico Oct 15 14 NuStar Energy L.P. and PMI announced that the companies have signed a letter of intent for a proposed joint venture (JV) in which the two companies will develop new pipeline infrastructure to transport liquefied petroleum gases (LPGs) and refined products from the U.S. into northern Mexico to meet the region's growing demand for these products. Under the proposed JV, the companies will jointly fund construction of new pipeline and storage assets, and NuStar would manage construction and operation of those assets. LPGs and refined products will be delivered from Mont Belvieu and Corpus Christi, Texas, to Nuevo Laredo and Burgos-Reynosa, Mexico. The new pipeline and terminal facilities will be integrated with NuStar's existing pipeline infrastructure. This project will be supported by a throughput commitment from PMI. Based on current projections, the projects are expected to be completed and placed into service in the second half of 2016.
PRINCIPAL ACTIVITY
	P.M.I. Comercio Internacional, S.A. de C.V. exports and imports crude oil and its derivatives in Mexican and international markets.
Products/Services description:	The company engages in the trading of crude oil and byproducts, gasoline, intermediate distillates, residual by products, liquefied petroleum gas products, and petrochemicals; providing marine and land transportation, refining and marketing, storage terminals, and pipelines; and implementing infrastructure and strategic projects. In addition, it commercializes refined products and petrochemicals; and provides commercial, management, and financial services.
Brands:	P.M.I.®
Sales are:	Wholesale
Clients:	VALERO MARKETING AND SUPPLY USA PMI COMERCIO INTERNACIONAL SA DE CV USA PMI NORTEAMERICA S A DE C V USA
Suppliers:	NA
Operations area:	National and International
The company imports from	No imports
The company exports to	USA
The subject employs	525 employees
Payments:	Regular
LOCATION
Headquarters :	Avenida Marina Nacional 329 Executive Tower Floor 21, Col. Petroleos Mexicanos Miguel Hidalgo Mexico City, DF 11311 Mexico
Branches:	The company does not have branches
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	Gobierno Federal de los Estados Unidos Mexicanos Plaza De La Constitución S/N Palacio Nacional Ciudad de Mexico, D.F.
Management:	Mr. José Manuel Carrera Panizzo, Chief Executive Officer Jorge Sánchez Santiago, Chief Financial and Administrative Officer Mr. Víctor Gómez Berdejo, Chief Operations Officer José Luis Hernández Abdalah, Executive Vice President of Infraestructure and Marine Logistics Ms. Margarita Pérez, Commercial Director of Products
Sister Companies:	PMI Trading Limited PMI Norteamérica, S.A. de C.V.
FINANCIAL INFORMATION
	TThis is a provate company which does not make its financial figures public. The following data has been provided by outside sources.
USD 2014
Revenue	31 448 121 000
Net Income	54 946 000
Total Equity	261 178 000
LEGAL FILINGS
	There are no legal connected to the subject.
SUMMARY
	This company trades crude oil and provides commercial, management and financial services to the PMI Group. The company has a large sized structure, it is part of one of the most important groups in the industry and is owned by the Mexican state. The company’s profitability is positive and shows no negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	This Corporation is in Good Standing
INTERVIEW
NAME	Jorge
POSITION	Administrative
COMMENTS	He confirmed address, staff, ownership and activity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ANK

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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