MIRA INFORM REPORT

Report Date :

15.12.2014

IDENTIFICATION DETAILS

Name :	PHILAGRO SA
Registered Office :	Bernardo De Irigoyen 722 11 A Buenos Aires 1072
Country :	Argentina
Date of Incorporation :	15.12.2006
Legal Form :	Sociedad Anónima
Line of Business :	Agricultural Industry
No of Employees :	6

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 :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Argentina	B1	C1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

ARGENTINA - ECONOMIC OVERVIEW

Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Although one of the world's wealthiest countries 100 years ago, Argentina suffered during most of the 20th century from recurring economic crises, persistent fiscal and current account deficits, high inflation, mounting external debt, and capital flight. A severe depression, growing public and external indebtedness, and an unprecedented bank run culminated in 2001 in the most serious economic, social, and political crisis in the country's turbulent history. Interim President Adolfo RODRIGUEZ SAA declared a default - at the time the largest ever - on the government's foreign debt in December of that year, and abruptly resigned only a few days after taking office. His successor, Eduardo DUHALDE, announced an end to the peso's decade-long 1-to-1 peg to the US dollar in early 2002. The economy bottomed out that year, with real GDP 18% smaller than in 1998 and almost 60% of Argentines under the poverty line. Real GDP rebounded to grow by an average 8.5% annually over the subsequent six years, taking advantage of previously idled industrial capacity and labor, an audacious debt restructuring and reduced debt burden, excellent international financial conditions, and expansionary monetary and fiscal policies. Inflation also increased, however, during the administration of President Nestor KIRCHNER, which responded with price restraints on businesses, as well as export taxes and restraints, and beginning in 2007, with understating inflation data. Cristina FERNANDEZ DE KIRCHNER succeeded her husband as President in late 2007, and the rapid economic growth of previous years began to slow sharply the following year as government policies held back exports and the world economy fell into recession. The economy in 2010 rebounded strongly from the 2009 recession, but has slowed since late 2011 even as the government continued to rely on expansionary fiscal and monetary policies, which have kept inflation in the double digits. The government expanded state intervention in the economy throughout 2012. In May 2012 the Congress approved the nationalization of the oil company YPF from Spain's Repsol. The government expanded formal and informal measures to restrict imports during the year, including a requirement for pre-registration and pre-approval of all imports. In July 2012 the government also further tightened currency controls in an effort to bolster foreign reserves and stem capital flight. During 2013, the government continued with a mix expansionary fiscal and monetary policies and foreign exchange and imports controls to limit the drain in Central Bank foreign reserves, which nevertheless dropped US $12 billion during the year. GDP grew 3% and inflation remained steady at 25%, according to private estimates. In October 2013, the government settled long-standing international arbitral disputes (including with three US firms) dating back to before and following the 2002 Argentine financial crisis. In early 2014, the government embraced a series of more orthodox economic policies. It devalued the peso 20%, substantially tightened monetary and fiscal policies, and took measures to mend ties with the international financial community, including: engaging with the IMF to improve its economic data reporting, reaching a compensation agreement with Repsol for the expropriation of YPF, and presenting a proposal to pay its arrears to the Paris Club.

Source : CIA

Company name and address
Legal Name:	PHILAGRO S.A
Trade Name:	Philagro
CUIT:	33-70997269-9
Date Created:	2006
Date Incorporated:	15/12/2006
Legal Address:	IRIGOYEN BERNARDO DE 722 Piso:11 Dpto:A 1072-CIUDAD AUTONOMA BUENOS AIRES
Operative Address:	IRIGOYEN BERNARDO DE 722 Piso:11 Dpto:A 1072-CIUDAD AUTONOMA BUENOS AIRES
Telephone:	11 4342 6023
Fax:	11 4342 6023
Legal Form:	Sociedad Anónima
Email:	info@philagrosa.com.ar
Registered in:	AGENCIA NRO 8 H. YRIGOYEN N° 2251 PB Y 2° PISO 1089 CIUDAD AUTONOMA BUENOS AIRES
Website:	www.philagrosa.com.ar
Manager:	Fernando Andrés Bemejo
Staff:	6
Activity:	Agricultural Industry
BANKS
According to Argentinian Central Bank, the company maintains credit lines with the following banks:
BANK	AMOUNT IN AR$
BANCO DE LA NACION ARGENTINA	1104,5
BBVA BANCO FRANCES S.A.	35,9
BANCO DE GALICIA Y BUENOS AIRES S.A.	8
According to the classification of banking relations of Argentina, the company operates with the following level: 1. This is the highest classification in the system. It means that the company/person is fulfilling correctly its current Credit obligations. This is therefore positive information that will enable the granting of any line of credit.
There are no rejected checks for the company.
HISTORY
The Company started business in 2006
PRINCIPAL ACTIVITY
The company is dedicated to the distribution of crops, herbicides, seeds, fungicides, insecticides.
Products/Services description:		PHILAZINA 50 Atrazine 50% Herbicide. Capsule suspension with action on broadleaf weed and some annual grasses. PHILSULFURON Metsulfuron methyl 60% Sistemic herbicide with selective and post-emerge action for leafweed control. PHILURON Chlorimuron ethyl 25% Post emerge herbicide for broadleaf weed control. PHILCAMBA Dicamba 57,7% Herbicide post-emerge which is absorved though leaves and roots. Chemical fallow. PARAQUAT 27.6 PHILAGRO Paraquat dichloride 27,6 Herbicide non-selective with contact action. PHILAMINA Acid 2,4 D 58,4% Selective herbicide with low volatility and sistemic action. PHILZAPYR Imazethapyr 22% Selective post emerge herbicide with residual action. ATRAZINA 90 PHILAGRO Atrazine 90% Herbicide. Capsule suspension with action on broadleaf weed and some annual grasses. Sodium salt 95% (80% acid equivalent) Systemic selective herbicide , post-emergence, hormonal action and low volatility. IMAZETAPIR 10 PHILAGRO Imazethapyr 10.6% (10% acid equivalent) Post-emergent herbicide with residual action for alfalfa, peas, corn, peanuts, soybeans and pre-emergent for beans.
Brands:		PHILAGRO
Sales are:		Wholesale
Clients:		Farms
Suppliers:		Local suppliers
Operations area:		National & International
The company imports from		No import data
The company exports to		South America
The subject employs		6 employees
Payments:		Regular-made on a 35 day basis
LOCATION
Headquarters :		IRIGOYEN BERNARDO DE 722 Piso:11 Dpto:A 1072-CIUDAD AUTONOMA BUENOS AIRES
Branches:		The company does not have branches
Business Overview:		Companies in this industry sector grow crops, raise or fatten animals for animal products, and grow and harvest timber. Demand is driven by government agricultural policy programs, food consumption trends, and lumber demand. Profitability depends on efficient operations. Large companies have advantages in vertically integrated operations and economies of scale. Small operations can compete effectively by supplying local markets, specializing in heirloom, organic, or nongenetically modified (GM) crops, or raising animals in less restrictive environments on hormone-free diets Major crops include corn, soybeans, fruits and nuts, and wheat. Other major crops include vegetables and melons, cotton, and potatoes. Of all cropland farms, nearly 40 percent focus on grain, oilseed, or dry beans/peas; these farms account for 80 percent of all cropland revenue.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:		NO
Capital:		AR$ 300 000
Shareholders %:		This is a private company. The major holders are: Fernando Andrés Bemejo Gabriela Ferrero
Management:		Fernando Andrés Bemejo, President-Director Gabriela Ferrero, Director Juan Pedro Vujassin, Production
Related Companies:		No subsidiary companies
FINANCIAL INFORMATION
This is a private company which does not make its financials public. The following information has been provided by our outside sources.
Year		2013
Revenue		8 563 00
Net Income		607 000
Total Equity		1 475 300
Cash Flow		Normal
LEGAL FILINGS
There are no legal/criminal connected to the subject
SUMMARY
PHILAGRO is an Argentinian company dedicated to the commerce of crops mainly. It has 8 years of experience in the market with no negative. The company has a very small sized structure in comparison to its financial figures which are quite high. It has a good payment behaviour classification according to local banks.
RISK INFORMATION
STATUS		ACTIVE
PAYMENTS		Regular
CASH FLOW		Good
ENTERVIEW
NAME		NA
POSITION		NA
COMMENTS		We contacted the company several times and the receptionist always said no managers could talk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.44

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	ANK

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	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
--	NB	New Business	--

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.