MIRA INFORM REPORT

Report No. :	495385
Report Date :	06.03.2018

IDENTIFICATION DETAILS

Name :	SYMRISE S. DE R.L. DE C.V.
Registered Office :	Av. República Mexicana #200, between Calzada Vía Matamoros and Avenida Nogalar, San Nicolás de los Garza, Nuevo León
Country :	Mexico
Date of Incorporation :	1943
Legal Form :	Limited Liability Company of Variable Capital
Line of Business :	· Subject is dedicated to the development of fragrances, flavors, active ingredients and raw materials for cosmetics. · The company offers Fine Fragrances, Personal Care, Household Products, Oral Care, Cosmetic Ingredients, UV Filters, Menthols, Special Fragrance & Flavor Ingredients, Fine Aroma Chemicals and Flavors.
No. of Employees :	300

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+	Low Risk	Business dealings permissible with low risk of default

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
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 $2.4 trillion economy – 11th largest in the world - 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 its 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. Since 2015, Mexico has held public auctions of oil and gas exploration and development rights and for long-term electric power generation contracts. Mexico has also issued permits for private sector import, distribution, and retail sales of refined petroleum products in an effort to attract private investment into the energy sector and boost production.

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. In 2018, Mexico’s economy will be vulnerable to uncertainty surrounding the future of NAFTA—because the US is its top trading partner and the two countries share integrated supply chains—and to potential shifts in domestic policies following the inauguration of a new a president in December 2018.

Source : CIA

STATUTORY INFORMATION
Legal Name:	Symrise S. De R.L. De C.V.
Trade Names:	Symrise S. De R.L. De C.V.
ID:	SYM750430R8
Date Created:	1943
Date Incorporated:	1975
Legal Address:	Av. República Mexicana #200, between Calzada Vía Matamoros and Avenida Nogalar, San Nicolás de los Garza, Nuevo León, Mexico.
Operative Address:	Av. República Mexicana #200, between Calzada Vía Matamoros and Avenida Nogalar, San Nicolás de los Garza, Nuevo León, Mexico.
Telephone:	183296700
Fax:	83296701
Legal Form:	Limited Liability Company of Variable Capital
Email:	MARIO.CERVANTES@SYMRISE.COM
Registered in:	MEXICO
Website:	www.symrise.com
Contact:	Juan Carlos Camacho – Marketing and Sales Manager
Staff:	300
Activity:	NAICS 1: All Other Basic Organic Chemical Manufacturing NAICS 2: Synthetic Dye and Pigment Manufacturing SIC 1: Industrial Organic Chemicals, Nec SIC 2: Food Dyes Or Colors, Synthetic
Banks:	The company does not disclose its banking details.
History:	The company was founded in 1943.
Parent Company:	The company operates as a subsidiary of: Symrise AG Mühlenfeldstrasse 1 Holzminden, 37603 Germany
PRINCIPAL ACTIVITY
Symrise S. de R.L. de C.V. is dedicated to the development of fragrances, flavors, active ingredients and raw materials for cosmetics.
Products/Services description:	The company offers Fine Fragrances, Personal Care, Household Products, Oral Care, Cosmetic Ingredients, UV Filters, Menthols, Special Fragrance & Flavor Ingredients, Fine Aroma Chemicals and Flavors.
Brands:	SYMRISE
Sales are:	Wholesale
Clients:	Symrise Aromas E Fragrancias Ltda Firmenich S.A.I.C. Y F. Symrise,S.R.L.
Suppliers:	Mamta Polycoats Promens Packaging Gmbh Tennants Fine Chemicals
Operations area:	National and International
The company imports from	INDIA GERMANY UNITED KINGDOM
The company exports to	BRAZIL ARGENTINA
The subject employs	300 EMPLOYEES
Payments:	Regular
LOCATION
Headquarters :	Av. República Mexicana #200, between Calzada Vía Matamoros and Avenida Nogalar, San Nicolás de los Garza, Nuevo León, Mexico.
Comments on Address:	The address given in the order is the address of a harbor.
Branches:	No other branches were found.
Related Companies:	Symrise Aromas E Fragrancias Ltda AVENIDA VICTOR ANDREW,3210/5 EDEN SOROCABA-SP 18086-390CNPJ43.940.758 /0006-27 BRAZIL
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	The company does not disclose information on shareholders. The following information has been obtained through private sources and could not be confirmed: The company operates as a subsidiary of: Symrise AG Mühlenfeldstrasse 1 Holzminden, 37603 Germany
Management:	Juan Carlos Camacho – Marketing and Sales Manager Victor Flores - Production Manager Patricia Sepulveda – Technical Buyer Alma Ortiz - Laboratory
FINANCIAL INFORMATION
The company does not make its financial statements public. Despite our long search, we were not able to confirm financial figures for the subject. However, we attach parent company`s last financial statements.
LEGAL FILINGS
CASES	No records found.
SUMMARY
Founded in 1943, Symrise, S. De R.L. De C.V. is a large organization in the organic chemicals manufacturers industry located in San Nicolas De Los Garza, Mexico. It has approximately 300 full-time employees. The company operates nationally and internationally, mainly importing form India, Germany and United Kingdom. It is ACTIVE in business with no negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	-
POSITION	-
COMMENTS	We called number 183296700 several times and received no answer.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.05
UK Pound	1	INR 89.70
Euro	1	INR 80.03
MXN	1	INR 3.47

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	SYL

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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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