Satelites Mexicanos, S.A. de modeFinance Edificio A AREA Science Park, Padriciano 99 34149 Trieste ITALY Tel: +39 040 3755337 Fax: +39 040 3756741 mail: info@modefinance.com web: www.modefinance.com
CC
Fundamental Credit Rating:
Company name Identification number Country ZIP code and city Address Phone Web site Email Legal form Account Incorporation date NACE 2 Sector Listed Status
Satelites Mexicanos, S.A. de C.V. MX81-251-3083 Mexico 11200 - CIUDAD DE MEXICO Rodolfo Gaona No. 86 +52 5526295800 www.satmex.com.mx capital.humano@satmex.com Corporation Unconsolidated 1997 6190 - Other telecommunications activities Unlisted Active
mF Credit limit
Not eligible for credit on the base of the available informations
31/12/2009
31/12/2008
2007
86,697
83,865
46,935
Creditworthiness scale Turnover (the) Extremely strong(AAA) Very strong(AA) Good(A) Adequate(BBB) Sufficient(BB) Weak(B)
Rating Probability of default Confidence Level
CC 47.00% 78%
CCC 17.00% 78%
n.a. n.a.% n.a.%
Leverage ratio
-7.09
-9.09
-
Total asset/Total liabilties
0.86
0.89
-
Current ratio
5.64
3.91
-
Quick ratio
5.62
3.90
-
Solvency ratios
High danger(CCC) Pathological(CC) Extremely pathological(C) Non return(D) Not available
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
-
-
-
Return on equity ROE (%)
-27.94
-64.69
-
Asset turnover
0.28
0.26
-
Interest paid weight
-
-
-
Gross Profit/Operating revenue
0.29
0.18
-
-
-
-
Interest Coverage ratios EBIT interest coverage ratio
modeFinance srl VAT number 01168840328 E-mail: info@modefinance.com Web: www.modefinance.com
Area Science Park, Padriciano 99 34149 Trieste, Italy Tel: +39 040 3755337 Fax: +39 040 3756741
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
Leverage ratio Total asset/Total liabilties
-7.09 0.86
0.35 3.80
1.22 1.78
1.66 1.31
-2.47 0.78
Current ratio Quick ratio
5.64 5.62
2.67 2.55
1.33 1.24
1.15 1.04
0.62 0.56
-27.94 0.28 0.29
13.23 14.91 1.20 0.00 0.46
5.57 6.34 1.08 0.10 0.33
-3.58 -23.11 1.09 -0.02 0.28
-17.39 -89.80 1.20 -0.08 0.28
-
269.50
7.15
-3.48
-7.07
1 28 49 -20 CC
8 52 19 47 1,648 A
7 53 28 35 2,343 BBB
11 49 29 37 1,043 B
9 38 41 -2 283 CC
Solvency ratios
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%) Asset turnover Interest paid weight Gross Profit/Operating revenue
Interest Coverage ratios EBIT interest coverage ratio
Cash Conversion Cycle (days) Days Sales Of Inventory (DIO) Days Sales Outstanding (DSO) Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 6190 with financial data of year 2009.
modeFinance srl VAT number 01168840328 E-mail: info@modefinance.com Web: www.modefinance.com
Area Science Park, Padriciano 99 34149 Trieste, Italy Tel: +39 040 3755337 Fax: +39 040 3756741
Page | 2
Sector Analysis - Graphs
modeFinance srl VAT number 01168840328 E-mail: info@modefinance.com Web: www.modefinance.com
Area Science Park, Padriciano 99 34149 Trieste, Italy Tel: +39 040 3755337 Fax: +39 040 3756741
Page | 3
Balance Sheet BALANCE SHEET (th e) Accounting practice Exchange rate USD - EUR Total assets Fixed assets Intangible fixed assets Tangible fixed assets Other fixed assets Current assets Stocks Debtors Other current assets Cash & cash equivalent Shareholders funds Capital Other shareholders funds Total liabilities Non current liabilities Long term debt Other non-current liabilities Current liabilities Loans Creditors Other current liabilities Total shareh. funds & liab.
31/12/2009 Local GAAP 0.69416 304,666 222,500 8,956 22,983 82,166 284 6,617 75,265 70,995 -50,022 34,559 -84,581 354,688 340,126 1,056 339,070 14,563 0 11,660 2,903 304,666
31/12/2008 Local GAAP 0.71855 325,676 267,319 19,953 24,283 58,357 137 12,633 45,587 42,552 -40,259 34,187 -74,445 365,935 351,003 2,291 348,712 14,932 0 11,583 3,349 325,676
2007 0.6793 -
NET DEBT (th e) Short term debts Long term debt Cash & cash equivalent Net debt
31/12/2009 0 1,056 70,995 -69,939
31/12/2008 0 2,291 42,552 -40,261
2007 -
Working capital Net Current Assets
31/12/2009 -
31/12/2008 -
2007 -
Days Sales Of Inventory (DIO) Days Sales Outstanding (DSO) Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)
31/12/2009 1 28 49 -20
31/12/2008 1 55 50 6
2007 -
modeFinance srl VAT number 01168840328 E-mail: info@modefinance.com Web: www.modefinance.com
Area Science Park, Padriciano 99 34149 Trieste, Italy Tel: +39 040 3755337 Fax: +39 040 3756741
Page | 4
Income Statement INCOME STATEMENT (th e) Accounting practice Exchange rate USD - EUR Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized Operating revenue / turnover Total operating costs Costs growth (%) Service costs Material costs Costs of employees EBITDA Depreciation EBIT Financial P/L Financial revenue Financial expenses Interest paid P/L before tax Extr. and other P/L Extr. and other revenue Extr. and other expenses P/L before tax + Extr. and other P/L Taxation P/L for period
31/12/2009 Local GAAP 0.69416 86,697 3.4 0
31/12/2008 Local GAAP 0.71855 83,865 0
2007 0.6793 -
86,697 91,214 -4,517 0 -4,517 -282 282 -4,799 -9,175 -13,974
83,865 69,000 14,864 0 14,864 -35,708 35,708 -20,844 -4,992 -26,044
46,935 -
Costs of Good Sold Gross Profit Other Operating Expenses
31/12/2009 61,250 25,447 29,964
31/12/2008 69,000 14,864 -
2007 -
Cash flow Added value
31/12/2009 -
31/12/2008 -
2007 -
Number of employees
31/12/2009 200
31/12/2008 200
2007 200
modeFinance srl VAT number 01168840328 E-mail: info@modefinance.com Web: www.modefinance.com
Area Science Park, Padriciano 99 34149 Trieste, Italy Tel: +39 040 3755337 Fax: +39 040 3756741
Page | 5
Evolutions and trends
modeFinance srl VAT number 01168840328 E-mail: info@modefinance.com Web: www.modefinance.com
Area Science Park, Padriciano 99 34149 Trieste, Italy Tel: +39 040 3755337 Fax: +39 040 3756741
Page | 6
Qualitative information
Full overview
The company’s main business is the provision of fixed satellite services throughout the Americas. It satellite transmission capacity for fixed and mobile telephone networks, Internet, remote educational services, and maritime and aerial operating controls. It also markets the use of satellite transmission capacity for telecommunication transmission and broadcasting, which includes especial events, sports, news, and entertainment. In addition, the company operates Alterna’TV, a direct - to - home television service to offer TV programs in Spanish for Hispanic communities living in the United States. The company was incorporated in 1997 and is based in Ciudad de Mexico, Mexico. Moreover, its vision is to become a profitable business that provides the greatest value to its customers, employees and shareholders through innovative satellite services.
History
Not available.
Primary business line
Engaged in the provision of fixed satellite services throughout the Americas.
Secondary business line
Not available.
Main activity
Services.
Secondary activity
Not available.
Main products and services
Fixed satellite services.
Size estimate
Not available.
Strategy, organization and policy
To become a profitable business that provides the greatest value to its customers, employees and shareholders through innovative satellite services.
Strategic alliances
Not available.
Membership of a network
Not available.
Main brand names
Not available.
Main domestic country
Mexico.
Main foreign countries or regions
Not available.
Main production sites
Not available.
modeFinance srl VAT number 01168840328 E-mail: info@modefinance.com Web: www.modefinance.com
Area Science Park, Padriciano 99 34149 Trieste, Italy Tel: +39 040 3755337 Fax: +39 040 3756741
Page | 7
Main distribution sites
Not available.
Main sales representation sites
Not available.
Main customers
Not available.
Auditor/Advisor/Bank Not available.
Board Not available.
Sharehoders (the first twenty shareholders ordered by Direct %) SERVICIOS CORPORATIVOS SATELITALES, S.A. DE C.V. Rating: Country ISO code MX NACE Rev. 2, Core code Direct % MO Total % -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
modeFinance srl VAT number 01168840328 E-mail: info@modefinance.com Web: www.modefinance.com
2010/05
Area Science Park, Padriciano 99 34149 Trieste, Italy Tel: +39 040 3755337 Fax: +39 040 3756741
Page | 8
Subsidiaries (the first twenty subsidiaries ordered by Direct %) ENLACES INTEGRA, S. DE R.L. DE C.V. Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %
MX MO -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
modeFinance srl VAT number 01168840328 E-mail: info@modefinance.com Web: www.modefinance.com
12 48 2009/09
Area Science Park, Padriciano 99 34149 Trieste, Italy Tel: +39 040 3755337 Fax: +39 040 3756741
Page | 9
MORE rating guide General vision A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk factors. The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial companies by using data included in financial statements. The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applying newly developed numerical methodologies, drawing together financial theory, data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective algorithm that produces a classification of each company, by taking into account any attributes (such as sector and country) characterizing a firm. The model gives the opportunity to assign a rating to a company even without considering a complete data analysis and allows to process quality information. It induces a better understanding of a company s strength and weakness thanks to sophisticated data mining tools and taking into account the analysts knowledge. The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, better will be the final rating. This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a company as: profitability, liquidity, solvency, interest coverage and efficiency.
modeFinance srl VAT number 01168840328 E-mail: info@modefinance.com Web: www.modefinance.com
Area Science Park, Padriciano 99 34149 Trieste, Italy Tel: +39 040 3755337 Fax: +39 040 3756741
Page | 10
Rating scale Rating class
Rating Macro class
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent economic and financial flow and fund equilibrium.
AAA
AA
Healthy
A
BBB Balanced BB
B Vulnerable CCC
D
The company has very strong creditworthiness. It also has a good capital structure and economic and financial equilibrium. Difference from ’AAA’ is slight. The company has a high solvency. The company is however more susceptible to the adverse effects of changes in circumstances and economic conditions than companies in higher rated categories. Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial commitments could be affected by serious unfavourable events. A company rated ’BB’ is more vulnerable than companies rated ’BBB’. Furthermore the company faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions. The company presents vulnerable signals with regard to its fundamentals. Adverse business, financial, or economic conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments. A company rated ’CCC’ has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals. Adverse market events and an inadequate management could affect with high probability the company’s solvency. The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase.
CC
C
Assessment
Risky
The company shows considerable pathological situations. The company’s capacity to meet its financial commitments is very low. The company has not any longer the capacity to meet its financial commitments.
modeFinance srl VAT number 01168840328 E-mail: info@modefinance.com Web: www.modefinance.com
Area Science Park, Padriciano 99 34149 Trieste, Italy Tel: +39 040 3755337 Fax: +39 040 3756741
Page | 11
Fundamental Credit Rating Ratios Solvency ratios Leverage ratio Assets to debt Financial ratios Fixed Assets coverage ratio Liquidity ratios Current ratio Quick ratio
Measures the level of total liabilities of the company in comparison with equity. Indicates company s solvency. The company shows a level of deficit when the value of this ratio is under one unit. Only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital. The current ratio measures whether a company has sufficient short-term assets to cover its short-term liabilities. The quick ratio compares current liabilities only to those assets that can be readily turned into cash.
Profitability and economic ratios Return on Investement(ROI) It measures the profitability of company investments without regard to the way the Return on Equity(ROE) Asset turnover Profit margin Interest coverage ratio Interest Paid coverage
investment is financed. It measures the profitability of the equity. It indicates the investments turnover with regard to sales. The level assumed from the ratio depends on the sector in which the company operates. It indicates the profitability of the sales. Indicate the ability of the company to cover interest expenses through the economic margins (Gross profit and EBIT) and through the cash flow from operating activities.
modeFinance srl VAT number 01168840328 E-mail: info@modefinance.com Web: www.modefinance.com
Area Science Park, Padriciano 99 34149 Trieste, Italy Tel: +39 040 3755337 Fax: +39 040 3756741
Page | 12
mF Credit Limit mF Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial relationship with the analyzed company with an outlook of one year. modeFinance used the following values associated with the company analyzed while computing the credit limit: • Size; • Years in Business; • Average number of suppliers; • Liquidity of the company and the comparison with its sector;; • The funds dedicated to be paid to suppliers; • The likelihood that a company may pay its debts in the next 12 months (MORE Ratings). The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual public data. This value should be reviewed by paying attention at the Confidence Level value and by using other information such as other business information, news... etc; and private information such as the relationship with client, history of payments, guarantees and the knowledge of the sector.
Probability of default and Confidence Level In addition to the MORE rating, modeFinance also estimates the probability of default and provides a level of confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go into default. As the probability of default is strongly affected by the economic climate the company is operating in, companies in the same MORE class will not necessarily have the same probability of default. The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level: P Available Inf ormation Conf idence = P T otal Inf ormation The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to take into account for each company. For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
modeFinance srl VAT number 01168840328 E-mail: info@modefinance.com Web: www.modefinance.com
Area Science Park, Padriciano 99 34149 Trieste, Italy Tel: +39 040 3755337 Fax: +39 040 3756741
Page | 13
NOTES The present analysis was based on the company available financial statements as provided by Bureau Van Dijk Electronic Publishing - ORBIS database (lack of both Notes to financial statements and Report on operations).
DISCLAIMER All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.
Contacts Company Products Where Info web Phone
modeFinance MORE rating AREA Science Park 34149 Trieste, via Padriciano 99 - ITALY info@modefinance.com www.modefinance.com +39 040 3755337
modeFinance srl VAT number 01168840328 E-mail: info@modefinance.com Web: www.modefinance.com
Area Science Park, Padriciano 99 34149 Trieste, Italy Tel: +39 040 3755337 Fax: +39 040 3756741
Page | 14