MIRA INFORM REPORT

Report Date :

20.09.2007

IDENTIFICATION DETAILS

Name :	AGM ARGENTINA S.A.
Registered Office :	Blanco Encalada 170, 2º piso (B1609EEO), Boulogne, Buenos Aires Province, Argentine Republic
Country :	Argentina
Date of Incorporation :	16/03/2000
Legal Form :	Public Limited Company
Line of Business :	Engaged in the wholesale of agrochemicals

RATING & COMMENTS

MIRA’s Rating :

B

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 :	Small Company
Payment Behaviour :	No Complaints
Litigation :	Clear

Registered Name 

AGM ARGENTINA S.A.

CUIT: 30-70715267-9

Summary 

BEGINNER OF ACTIVITIES. INCORPORATED IN 2000. ITS DIRECTORS REFUSE TO SUPPLY FINANCIAL INFORMATION. I DOESN'T REGISTER THAT COULD AFFECT ITS CONCEPT. FIT FOR OPERATIONS OF PRUDENTIAL IMPORTANCE WITH THE ADOPTION OF ADDITIONAL GUARANTEES.

Operations 

NACE Rev.1 - 51.55

AGROCHEMICALS
WHOLESALE

Legal Structure 

Business type:      Public Limited Company
Incorporated:       16/03/2000
Registered:         03/04/2000
Duration:           99 years
End of fiscal year: June 30th

Contact 

Accountant Ruben Bagatin

Fiscal Domicile: Avda.Santa Fé 3388, 1º piso, Buenos Aires City, Argentine Republic.

Operative and Administrative address: Blanco Encalada 170, 2º piso (B1609EEO), Boulogne, Buenos Aires Province, Argentine Republic.

Phone: (54-11) 4763-6670/6430/0701
Fax: (54-11) 4766-9038
E-mail: info@agmargentina.com

Partners 

Last known:
-----------
President:           DE VECCHI JUAN ALBERTO
Alternate Director: MAGRI GELSI ALDO JUAN

The first mentioned one, as Manager, is in charge of the management and administration of the company, with the use of the social signature or, in his absence, any appointed Attorney.

Corporate Stock 

The company's corporate stock is established in $ 12.000, which has been totally subscribed and paid in. It is represented by the same quantity of common and registered shares, with restricted transferability, of par value $1,00 each and with one vote per share.

It has been mentioned that most of this capital is contributed by the following company:

> FURWEL CORPORATION S.A.
Registered: 28/02/2000 - Nº 469, Book 55, Volume B

Personal Information 

DE VECCHI JUAN ALBERTO:
Uruguayan, divorcé, born on 28/04/1950, Agronomist, DNI. 92.830.966 (CUIT. 20-92830966-6), with address in C.Velga 2347, Concordia, Entre Ríos Province.

MAGRI GELSI ALDO JUAN JOSE:
DNI. 93.785.054 (CUIT. 23-93785054-9).

History 

Company's directors doesn't supply detailed information.

However, it is known that the company was incorporated on March 16th of 2000 at the request of MR Juan Alberto De Vecchi FURWEL CORPORATION S.A.

Its original domicile was in Laprida 3278 - Piso 1º Of. 47, esq. Blanco Encalada, San Isidro, Buenos Aires Province, moving later on to the current domicile.

Economic-Financial Position

Contact has been taken with the Accountant Ruben Bagatin, from who was required the delivery of financial information.

As in previous opportunities, he categorically refused to supply such data, since it is confidential.

Therefore it has been necessary to consult other sources. And even in this way, no information about this company was registered, although it is known that the company has a reasonable importance on its sector.

Assets 

Due to the mentioned reluctant attitude, it has not been possible to determine if the company owns properties and/or vehicles.

The property located in the previously exposed address is leased by unknown amount and terms.

Parent/Related Companies 

PARENT COMPANY:
---------------
FURWEL CORPORATION S.A.

Evolution and Results 

The company is engaged in the wholesale of agrochemicals, operating nowadays in the previously exposed addresses and having annexed warehouses in the Provinces of Salta, Chaco, Córdoba (3), Santa Fe (2), Entre Ríos, Mendoza, San Luís, Buenos Aires (5), Río Negro and Chubut.

MAIN PRODUCTS:

HERBICIDES:
----------
2,4-D
2,4-D Amina
2,4 db
Acetochlor 90
Atrazine
Chlorimuron
Dicamba
Flurocloridona 25
Glyphosate 48
Mcpa
Metsulfuron 60
Msma 96

INSECTICIDE-ACARICIDES:
-----------------------
Abamectin
Cypermethrin
Chlorpyrifos
Dimethoate
Endosulfan
Methamidophos

FUNGICIDES:
----------
Carbendazim 50
Mancozeb 80
Tebuconazole 6 FS
Tebuconazole 25
Tebuconazole 43
Tricarb
Tricarb 10+10

OTHERS:
-------
Inoculant
Agm Pack Carben

It has an appropriate organization, where its directors work together with the necessary staff, operating in most of the Centre, Northern and coast of the country.

It carries out imports from China, Germany, Belgium, India, Uruguay, Korea, Brazil and Arab Emirates.

Between 06/09/2006 and 14/09/2007 it has carried out imports for a total value of US$ 7.475.242.

* 7 EMPLOYEES

MAIN SUPPLIERS:
---------------
VON APPEN GmbH (Germany)
ATANOR S.A.

Payment Record and Credit Risk 

BANKS:
------
HSBC BANK ARGENTINA Branch: Boulogne
BANCO DE GALICIA Y BS.AIRES     Branch: San Isidro
BBVA BANCO FRANCES             Branch: San Isidro

CREDIT RISK:
------------
July/2007

HSBC Banbk Arg:  $ 35.400.-  Situation 1

Situation 1: Normal Fulfillment.

INSURANCE:
----------
LA BUENOS AIRES CIA.DE SEGUROS S.A.

Concept 

It is commercially related with national and foreign companies. Most 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 what has been exposed hereby, we consider feasible the credit treatment with this company by amounts of prudential importance with the adoption of appropriate guarantees.

* FIT FOR OPERATIONS OF PRUDENTIAL IMPORTANCE

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