MIRA INFORM REPORT

Report Date :

15.11.2007

IDENTIFICATION DETAILS

Name :	NAHUELCO S.A.
Registered Office :	Avda.Santa Fé 1531, 5º Piso, Buenos Aires City
Country :	Argentina
Date of Incorporation :	1990
Legal Form :	Public Limited Company
Line of Business :	Manufacturer industrial Wire Nettings and Filters

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

 Registered Name 

NAHUELCO S.A.

CUIT: 33-50401419-9

 Summary 

INCORPORATED IN 1990. BEGINNER OF ACTIVITIES. IT HAS NOT BEEN POSSIBLE TO OBTAIN FIGURES OR COPY OF THE BALANCE SHEET. FOR CREDIT TREATMENT, TAKE ADDITIONAL GUARANTEES.

 Operations 

INDUSTRIAL WIRE NETTINGS AND FILTERS
MANUFACTURE
COMMERCIALIZATION

 Legal Structure 

Business type:     Public Limited Company
Incorporated:       1990
Registered:         10/08/1990
Duration:           99 years
End of fiscal year: December 31st

 Contact 

Miss Andrea Guido (Accountant).

Legal address: Avda.Santa Fé 1531, 5º piso, Buenos Aires City, Argentine Republic.

Operative and Administrative address: Perdriel 3810 (1646) San Fernando, Buenos Aires Province, Argentine Republic.

Phone/Fax: (54-11) 4714-6699
E-mail: info@nahuelco.com

Partners 

President:      HARGUINDEY JULIAN ENRIQUE
Vice-president: HARGUINDEY JUAN MANUEL
Director:       HARGUINDEY JULIAN

The first two mentioned ones, as Managers, are in charge of the management and administration of the company, with the use of the social signature.

Personal Information 

HARGUINDEY JULIAN ENRIQUE:
Argentinian, married, born on 07/03/1946, DNI. 4.610.990 (CUIT. 20-04610990-3), with address in Cochabamba 340, Villa Martelli, Buenos Aires Province.

 History 

The company was incorporated by mid-1990 with the objective of performing its current activities, operating nowadays in the previously exposed addresses.

It is related with the following companies:

> NAHUELCO CHILE S.A. (Chile)
> WEST WIRE LTDA. (Brazil)

 Economic-Financial Position 

Contact has been taken with Miss Andrea Guido (Financial Area), from who was required the delivery of financial information in order to determine the company's current economic-financial situation.

Although at the beginning showed a tendency to collaborate with our investigations, it explained that this information is not supplied because she didn't know the request's origin.

Therefore it has been necessary to consult other sources. And even in this way, no information about this company was registered.

However, it is known that the company has a reasonable importance on its sector and operates without apparent difficulties.

Assets 

It isn't known if the company own properties and/or vehicles.

 Evolution and Results 

The company is engaged in the manufacture and commercialization of industrial wire nettings and filters for water, operating nowadays in the previously exposed address.

It has an important infrastructure and organization, where its directors participate together with the necessary staff.

It carries out imports (60% of its purchases) from Thailand, India, France, Brazil and Chile. Its exports (50% of its products) are carried out to Brazil, Uruguay, Peru, Chile, Venezuela, Mexico, Ecuador, Bolivia and Paraguay.

* 45 EMPLOYEES

MAIN SUPPLIERS:
---------------
SEW EURO TRADE S.A.
FAMIQ S.A.
ACERINOX S.A.

FOREIGN TRADE:
--------------
In the last twelve months it has carried out imports for a total value of US$ 489.486, from the following countries:

INDIA ............................... US$  380.694
GERMANY .........................US$   40.295
CHILE ............................... US$   31.031
OTHERS ............................US$   37.466

 Payment Record and Credit Risk 

BANKS:
------
BBVA BANCO FRANCES          Branch: Panamericana
HSBC BANK ARGENTINA         Branch: Vicente López
BANCO COMAFI                 Principal Office
STANDARD BANK               Branch: Vicente López

CREDIT RISK:
------------
ENTITY         MONTH/YEAR    SITUATION         AMOUNT
------         ----------   ---------         ------
HSBC            08/2007           1       $   801.400
FRANCES     08/2007         1         $   786.200
COMAFI          08/2007           1         $    74.600

Situation 1: Normal Fulfillment.

 Concept 

It is related with local and foreign suppliers. Many of them give it their credit support, not making up to now objections about its payment record.

* FULFILLMENT: NOT OBJECTED

 Final Opinion 

Bearing in mind the lack of financial information, for credit treatment with this company we suggest operating over very firm bases.

BTDL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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