MIRA INFORM REPORT

Report No. :	488431
Report Date :	30.01.2018

IDENTIFICATION DETAILS

Name :	FEL & ROCHA S.A. DE C.V.
Registered Office :	Sur 111 No.1621-303 Col. Aeronautica Militar, Venustiano Carranza 15970, Distrito Federal
Country :	Mexico
Date of Incorporation :	September 2012
Legal Form :	Sociedad Anonima De Capital Variable
Line of Business :	The company import inputs for promotional textiles, footwear, graphic arts, and sporting goods.
No. of Employees :	5

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but correct
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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Mexico	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

MEXICO - ECONOMIC OVERVIEW

Mexico's $2.2 trillion economy has become increasingly oriented toward manufacturing since the North American Free Trade Agreement (NAFTA) entered into force in 1994. Per capita income is roughly one-third that of the US; income distribution remains highly unequal.

Mexico has become the US' second-largest export market and third-largest source of imports. In 2016, two-way trade in goods and services exceeded $579 billion. Mexico has free trade agreements with 46 countries, putting more than 90% of trade under free trade agreements. In 2012, Mexico formed the Pacific Alliance with Peru, Colombia, and Chile.

Mexico's current government, led by President Enrique PENA NIETO, has emphasized economic reforms, passing and implementing sweeping energy, financial, fiscal, and telecommunications reform legislation, among others, with the long-term aim to improve competitiveness and economic growth across the Mexican economy. Mexico began holding public auctions of exploration and development rights to select oil and gas resources in 2015 as a part of reforms that allow for private investment in the oil, gas, and electricity sectors. Mexico held its fourth auction in December 2016 and allocated 8 of 10 deepwater fields, demonstrating Mexico’s capacity to attract investment amid low oil prices. The government allocateed additional fields in 2017.

Since 2013, Mexico’s economic growth has averaged 2% annually, falling short of private-sector expectations that President PENA NIETO’s sweeping reforms would bolster economic prospects. Growth is predicted to remain below potential given falling oil production, weak oil prices, structural issues such as low productivity, high inequality, a large informal sector employing over half of the workforce, weak rule of law, 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 10% of government revenue comes from the state-owned oil company, PEMEX.

Source : CIA

STATUTORY INFORMATION
Legal Name:	FEL & ROCHA S.A. DE C.V.
Trade Name:	FEL & ROCHA
RFC:	FAR120717K18
Date Created:	2012
Date Incorporated:	September 2012
Legal Address:	Sur 111 No.1621-303 Col. Aeronautica Militar, Venustiano Carranza 15970, Distrito Federal
Operative Address:	Sur 111 No.1621-303 Col. Aeronautica Militar, Venustiano Carranza 15970, Distrito Federal
Telephone:	52 55 57681851
Fax:	52 55 57681851
Legal Form:	Sociedad Anonima De Capital Variable
Email:	NA
Registered in:	MEXICO
Website:	No website
Contact:	Daniel Rocha, CEO
Staff:	5
Industry:	Consulting Services Industry
Banks	BANAMEX
	The company does not disclose its banking details
HISTORY
	The company was established in 2012
PRINCIPAL ACTIVITY
	The company import inputs for promotional textiles, footwear, graphic arts, and sporting goods
Products/Services description:	Promotional textiles, footwear, graphic arts, and sporting goods
Brands:	Wholesale
Sales are:	Promotional textiles, footwear, graphic arts, and sporting goods industries
Clients:	Companies
Suppliers:	CHEERING KNITTING INDUSTRIAL CO., LTD. Taiwan CHAINEX LIMITED China Bsl Ltd. India SHAOXING HEFEI TRADE CO,. LTD China CHANGXING JINMAOCHANG TEXTILE CO.,LTD China SANGON CO., LTD China
Operations area:	National
The company imports from	India, China, Taiwan
The subject employs	5 employees
Payments:	Slow but correct
LOCATION
Headquarters :	SUR 111 No.1621-303 COL. AERONAUTICA MILITAR, Venustiano Carranza 15970, Distrito Federal
Branches:	The company does not have branches
Related Companies:	FREEWAY KARGO LGO S.A. de C.V. Daniel Rocha
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	This is a private company. The owner is Daniel Rocha
Management:	Daniel Rocha, CEO
FINANCIAL INFORMATION
	The company does not make its financial figures public.
	Foreign trade in the last 5 years: Imports: Shipments: 846 US$: 18,533,594 Exports: Does not register shipments.
LEGAL FILINGS
	There are no legal for the subject
SUMMARY
	The company import inputs for promotional textiles, footwear, graphic arts, and sporting goods. It has 6 years of experience in the market with a small sized structure and a low commercial profile. The company mainly imports from Taiwan and operates only for the national market. It is active in business.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Slow but correct
CASH FLOW	Normal
STATUS	ACTIVE
INTERVIEW
NAME	NA
POSITION	Sales
COMMENTS	He confirmed address, CEO’s name, company’s incorporation year, RFC, imports and activity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.55
UK Pound	1	INR 89.82
Euro	1	INR 78.87
MXN	1	INR 3.42

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.