MIRA INFORM REPORT

Report Date :

30.08.2007

IDENTIFICATION DETAILS

Name :	CENGI S.A.

Registered Office :	Lavalle 2542 (C1042AAF), Buenos Aires City

Country :	Argentina

Date of Incorporation :	April, 1982

Legal Form :	Public Limited Company

Line of Business :	Engaged in the import and commercialization of fabrics.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Usually correct

Litigation :	Clear

Registered Name

CENGI S.A.

CUIT: 30-60657518-8

Summary

INCORPORATED IN 1982. BEGINNER OF ACTIVITIES. CATEGORICAL REFUSAL FROM THE COMPANY'S REPRESENTATIVES TO SUPPLY INFORMATION. NORMAL PERFORMANCE. FIT FOR CREDITS OF MODERATED IMPORTANCE WITH THE ADOPTION OF APPROPRIATE GUARANTEES.

Operations

FABRICS
IMPORT
COMMERCIALIZATION

Legal Structure

Business type: Public Limited Company
Incorporated:    April/1982
Registered:     29/06/1982
Register #:      86457
Duration:       28/06/2081
End of fiscal year: June 30th

Contact

Legal and Operative address: Lavalle 2542 (C1042AAF), Buenos Aires City.

Phone: 54.11 4951.1613/4952.4408/9466
Fax: 54.11 4961.2058

Partners

President:     SALVADOR BTESH
Vice-president: ALFREDO BTESH
Director:       MATIAS BTESH
Director:       MARCOS BTESH

Social signature use: In the charge of the President and Vice-president.

Personal Information

SALVADOR MARTIN BTESH
Argentinian, married, born on 16/04/1966, DNI. 17.716.831 (CUIT. 23-17716831-9).

He is registered as President of LEYLER S.A., which operates in the same address than CENGI.

Mr Alfredo and Matias Btesh are also registered in LEYLER S.A.

History

These commercial activities were directly started by this company in April/1982, highlighting that Sirs Btesh are related to the textile area many years ago.

Economic-Financial Position

Company's representatives doesn't supply financial information.

According to our investigations with third parties, this company has a normal performance, operates with a moderate level of importance, obtains compensatory results and doesn't register ups and downs.

Evolution and Results

The company is engaged in the import and commercialization of fabrics, operating nowadays in the previously exposed address, where it as the necessary operating infrastructure.

Its activities are led by its main representatives, working together with 10 people.

It is well consolidated and has stable perspectives.

Its sales are carried out in the local market, not making exports.

FOREIGN TRADE:
--------------
In the last twelve months it has carried out imports for a total value of US$ 2.523.753 from the following counties:

BRAZIL    1.794.468
PAKISTAN      327.508
INDIA        318.095
OTHERS    83.682

MAIN IMPORTED PRODUCTS:
----------------------
Synthetic fiber fabrics
Polyester fabrics
Cotton fabrics

* 10 EMPLOYEES

Payment Record and Credit Risk

BANKS:
------
BBVA BANCO FRANCES
BANCO CREDICOOP

CREDIT RISK:
------------
May/2007

Banco Credicoop $ 533.900 Situation 1
Banco Frances 178.700 Situation 1

Situation 1: Normal Fulfillment.

INSURANCE:
----------
Insurance policies with local companies for general risks (fire and robbery).

Concept

Up to now it doesn't register that could affect its commercial concept.

According to our consultations, the company complies in due time the commitments taken.

* WITHOUT OBJECTIONS

Final Opinion

What has been exposed hereby is all as regards this company. We consider feasible its credit treatment by moderated amounts with the adoption of appropriate guarantees.

* FIT FOR MODERATED CREDITS WITH THE ADOPTION OF GUARANTEES

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