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 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 Creditworthiness scale Extremely strong(AAA) Very strong(AA) Good(A) Adequate(BBB) Sufficient(BB) Weak(B) High danger(CCC) Pathological(CC) Extremely pathological(C) Non return(D) Not available Satelites Mexicanos, S.A. de Fundamental Credit Rating: CC Company name Satelites Mexicanos, S.A. de C.V. Identification number MX81-251-3083 Country Mexico ZIP code and city 11200 - CIUDAD DE MEXICO Address Rodolfo Gaona No. 86 Phone +52 5526295800 Web site www.satmex.com.mx Email [email protected]Legal form Corporation Account Unconsolidated Incorporation date 1997 NACE 2 Sector 6190 - Other telecommunications activities Listed Unlisted Status Active mF Credit limit Not eligible for credit on the base of the available informations 31/12/2009 31/12/2008 2007 Turnover (the) 86,697 83,865 46,935 Rating CC CCC n.a. Probability of default 47.00% 17.00% n.a.% Confidence Level 78% 78% n.a.% Solvency ratios Leverage ratio -7.09 -9.09 - Total asset/Total liabilties 0.86 0.89 - Liquidity ratios Current ratio 5.64 3.91 - Quick ratio 5.62 3.90 - 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 - - -
Extremely strong(AAA)Very strong(AA)Good(A)Adequate(BBB)Sufficient(BB)Weak(B)High danger(CCC)Pathological(CC)Extremely pathological(C)Non return(D)Not available
Satelites Mexicanos, S.A. deFundamental Credit Rating: CC
Company name Satelites Mexicanos, S.A. de C.V.Identification number MX81-251-3083Country MexicoZIP code and city 11200 - CIUDAD DE MEXICOAddress Rodolfo Gaona No. 86Phone +52 5526295800Web site www.satmex.com.mxEmail [email protected] form CorporationAccount UnconsolidatedIncorporation date 1997NACE 2 Sector 6190 - Other telecommunications activitiesListed UnlistedStatus ActivemF Credit limit Not eligible for credit on the base of the available
informations
31/12/2009 31/12/2008 2007
Turnover (the) 86,697 83,865 46,935
Rating CC CCC n.a.Probability of default 47.00% 17.00% n.a.%Confidence Level 78% 78% n.a.%
Solvency ratiosLeverage ratio -7.09 -9.09 -
Total asset/Total liabilties 0.86 0.89 -
Liquidity ratiosCurrent ratio 5.64 3.91 -Quick ratio 5.62 3.90 -
Profitability and economic equilibrium ratiosReturn on investement ROI (%) - - -
Area Science Park, Padriciano 9934149 Trieste, Italy
Tel: +39 040 3755337Fax: +39 040 3756741
Qualitative information
Full overview The company’s main business is the provision of fixed satellite services throughout theAmericas. It satellite transmission capacity for fixed and mobile telephone networks, In-ternet, remote educational services, and maritime and aerial operating controls. It alsomarkets the use of satellite transmission capacity for telecommunication transmission andbroadcasting, which includes especial events, sports, news, and entertainment. In addition,the company operates Alterna’TV, a direct - to - home television service to offer TV pro-grams in Spanish for Hispanic communities living in the United States. The company wasincorporated in 1997 and is based in Ciudad de Mexico, Mexico. Moreover, its vision is tobecome a profitable business that provides the greatest value to its customers, employeesand 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 andpolicy
To become a profitable business that provides the greatest value to its customers, employeesand shareholders through innovative satellite services.
Area Science Park, Padriciano 9934149 Trieste, Italy
Tel: +39 040 3755337Fax: +39 040 3756741
Main distribution sites Not available.
Main sales representationsites
Not available.
Main customers Not available.
Auditor/Advisor/Bank
Not available.
BoardNot available.
Sharehoders (the first twenty shareholders ordered by Direct %)
SERVICIOS CORPORATIVOS SATELITALES, S.A. DE C.V.Rating: -
Country ISO code MX Operating revenue (MIL $) -NACE Rev. 2, Core code - Total Assets (MIL $) -Direct % MO Number of Employees -Total % - Information date 2010/05
Area Science Park, Padriciano 9934149 Trieste, Italy
Tel: +39 040 3755337Fax: +39 040 3756741
Subsidiaries (the first twenty subsidiaries ordered by Direct %)
ENLACES INTEGRA, S. DE R.L. DE C.V.Rating: -
Country ISO code MX Operating revenue (MIL $) 12NACE Rev. 2, Core code - Total Assets (MIL $) -Direct % MO Number of Employees 48Total % - Information date 2009/09
Area Science Park, Padriciano 9934149 Trieste, Italy
Tel: +39 040 3755337Fax: +39 040 3756741
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 inrespect 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 byusing 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 withthe purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applyingnewly 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 takinginto 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 toprocess quality information. It induces a better understanding of a company s strength and weakness thanks to sophisticated datamining 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 observingevery aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, betterwill be the final rating.
This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a companyas: profitability, liquidity, solvency, interest coverage and efficiency.
Area Science Park, Padriciano 9934149 Trieste, Italy
Tel: +39 040 3755337Fax: +39 040 3756741
Rating scale
Rating class Rating Macro class Assessment
Healthy
The company’s capacity to meet its financial commitments is extremely strong. Thecompany shows an excellent economic and financial flow and fund equilibrium.AAA
The company has very strong creditworthiness. It also has a good capital structureand economic and financial equilibrium. Difference from ’AAA’ is slight.AA
The company has a high solvency. The company is however more susceptible to theadverse effects of changes in circumstances and economic conditions than companiesin higher rated categories.
A
Balanced
Capital structure and economic equilibrium are considered adequate. The company’scapacity to meet its financial commitments could be affected by serious unfavourableevents.
BBB
A company rated ’BB’ is more vulnerable than companies rated ’BBB’. Further-more the company faces major ongoing uncertainties or exposure to adverse business,financial, or economic conditions.
BB
Vulnerable
The company presents vulnerable signals with regard to its fundamentals. Adversebusiness, financial, or economic conditions will be likely to impair the company’scapacity or willingness to meet its financial commitments.
B
A company rated ’CCC’ has a dangerous disequilibrium on the capital structure andon its economic and financial fundamentals. Adverse market events and an inadequatemanagement could affect with high probability the company’s solvency.
CCC
Risky
The company shows signals of high vulnerability. In the event of adverse market andeconomic conditions, the company’s strong disequilibrium could increase.CC
The company shows considerable pathological situations. The company’s capacity tomeet its financial commitments is very low.C
The company has not any longer the capacity to meet its financial commitments.D
Area Science Park, Padriciano 9934149 Trieste, Italy
Tel: +39 040 3755337Fax: +39 040 3756741
Fundamental Credit Rating Ratios
Solvency ratiosLeverage ratio Measures the level of total liabilities of the company in comparison with equity.Assets to debt Indicates company s solvency. The company shows a level of deficit when the value
of this ratio is under one unit.Financial ratiosFixed Assets coverage ratio Only for holdings. It measures the capital structure i.e. whether a company covers
the fixed assets with long term capital.Liquidity ratios
Current ratio The current ratio measures whether a company has sufficient short-term assets tocover its short-term liabilities.
Quick ratio The quick ratio compares current liabilities only to those assets that can be readilyturned into cash.
Profitability and economic ratiosReturn on Investement(ROI) It measures the profitability of company investments without regard to the way the
investment is financed.Return on Equity(ROE) It measures the profitability of the equity.
Asset turnover It indicates the investments turnover with regard to sales. The level assumed fromthe ratio depends on the sector in which the company operates.
Profit margin It indicates the profitability of the sales.Interest coverage ratio
Interest Paid coverage Indicate the ability of the company to cover interest expenses through the economicmargins (Gross profit and EBIT) and through the cash flow from operating activities.
Area Science Park, Padriciano 9934149 Trieste, Italy
Tel: +39 040 3755337Fax: +39 040 3756741
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 theanalyzed 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 otherbusiness information, news... etc; and private information such as the relationship with client, history of payments, guarantees andthe 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. Theprobability 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 MOREclass 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:
Confidence =∑Available Information∑Total Information
The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability offinancial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to takeinto account for each company.For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data isprovided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
Area Science Park, Padriciano 9934149 Trieste, Italy
Tel: +39 040 3755337Fax: +39 040 3756741
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 anymeans, 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 primaryand secondary sources, whose accuracy we are not always in a position to guarantee. As such modeFinance can accept no liabilitywhatever for actions taken based on any information that may subsequently prove to be incorrect.
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