MIRA INFORM REPORT

Report No. :	498440
Report Date :	24.03.2018

IDENTIFICATION DETAILS

Name :	DISTRIBUIDORA Y CONVERTIDORA INDUSTRIAL, S.A. DE C.V
Registered Office :	Av. San Francisco, No. 12, Col. San Francisco Cuautlalpán, Naucalpan Edo. De.
Country :	Mexico
Financials (as on) :	2016
Date of Incorporation :	1985
Legal Form :	Variable Capital Corporation
Line of Business :	Subject is development of colors, and high quality chemicals used in the food, textile, leather, paints, inks, plastics, cleaning, and detergent industries
No. of Employees :	40

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 :	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

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:	DISTRIBUIDORA Y CONVERTIDORA INDUSTRIAL, S.A. DE C.V.
Trade Name:	DICOISA
RFC:	DCI850718EL8
Date Created:	1985
Date Incorporated:	1985
Legal Address:	Av. San Francisco, No. 12, Col. San Francisco Cuautlalpán, Naucalpan Edo. De México.
Operative Address:	Av. San Francisco, No. 12, Col. San Francisco Cuautlalpán, Naucalpan Edo. De México.
Telephone:	52 55 5357-1725
Fax:	5357 1609
Legal Form:	Variable Capital Corporation
Email:	info@dicoisa.com.mx
Registered in:	MEXICO
Website:	www.dicoisa.com.mx
Contact:	Ernesto Morales Ponce
Staff:	40
Activity:	NAICS 1: Other Chemical and Allied Products Merchant Wholesalers NAICS 2: Other Grocery and Related Products Merchant Wholesalers SIC 1: Chemicals And Allied Products, Nec SIC 2: Flavourings And Fragrances
Banks:
	BANAMEX
History:
	Dicoisa was founded in 1985 in Mexico City offering dyes. At the beginning of the year 2000, the company started the construction of it second plant in Naucalpan’s Industrial Park.
PRINCIPAL ACTIVITY
	The company is dedicated to the development of colors, and high quality chemicals used in the food, textile, leather, paints, inks, plastics, cleaning, and detergent industries.
Products/Services description:	Basic Dyes-Taiacryl Acid dyes-Cobacid Direct dyes- P/Papel, Luz P/P Paste Pigments-Elyocell Iron oxides-Dycoferro Titanuim Dioxide Optical brightener for paper Optical brightener for plastic - Opticell Optical brightener for detergents - Opticell Optical brightener for acrylic - Opticell Optical brightener for cotton - Opticell Water base flexographic ink - Bioflex Yankee resins – Byocell YK Release – Release BYC 350 Softeners Antifoams Retention aids – Dyfloc VH Sodium Hydrosulfite - Hidrosol Sodium chlorite - Clorosoll Water treament products Food Products Soluble dyes Application: Confer color to food, pharmaceutical and cosmetics Aluminium lakes Application: Confer color to food, pharmaceutical and cosmetics. Product data sheet Dispersed lakes Application: Confer color to food, pharmaceutical and cosmetics. Natural dyes Product data sheet Auxiliaries
Brands:	Dicoisa
Sales are:	Wholesale
Clients:	The company serves the food, textile, leather, paints, inks, plastics, cleaning, and detergent industries.
Suppliers:	COLORQUIMICA S.A.S. Colombia
Operations area:	National
The company imports from	Colombia
The subject employs	40 employees
Payments:	No Complaints
LOCATION
Headquarters :	Av. San Francisco, No. 12, Col. San Francisco Cuautlalpán, Naucalpan Edo. De México.
Branches:	The company has no branches
Related Companies:	NA
Competitors:	Bayer De México, S.A. De C.V. Industrial Quimica Agropecuaria, S.A. De C.V. Brenntag Pacific, S. De R.L. De C.V.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	This is a private company. We could not confirm major holders.
Management:	Ernesto Morales Ponce, Managing Director José Chávez García, Sales Manager Elizabeth Morales Monjaras, Administrative Manager Virgilio Guitrón, Sales
FINANCIAL INFORMATION
	The company does not make its financial statements public. The following information has been provided by private sources:
USD 2016
Sales	15.000.000
Cash Flow	Normal
	Foreign trade in the last 5 years: Imports: Registers: 788 US $: 30,029,002 Exports: Records: 4 US $: 183,219
LEGAL FILINGS
CASES	No records found
SUMMARY
	Founded in 1985, Distribuidora Y Convertidora Industrial, S.A. De C.V. is a mid-sized organization in the other chemical manufacturers industry located in Naucalpan, Mexico. It has approximately 40 full-time employees and generates $15 million in annual revenue. The company operates in the national area, importing products from Colombia. The organization is ACTIVE without negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Rocio
POSITION	Accounting
COMMENTS	She confirmed RFC, incorporation date, imports, exports and management.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.23
UK Pound	1	INR 91.95
Euro	1	INR 80.34
MXN	1	INR 3.51

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

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	KET

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.