MIRA INFORM REPORT

Report Date :

27.12.2014

IDENTIFICATION DETAILS

Name :	SANYO COLOR SA
Registered Office :	Franklin Benjamin 1251, Florida Oeste, Florida (1602), Buenos Aires
Country :	Argentina
Date of Incorporation :	02.11.1973
Legal Form :	Private Company
Line of Business :	Engaged in commercialization of Chemical Preparations such as Dyes, Chemicals, Dyes and Paints; Textiles, Minerals and their Derivatives, Plastics, Construction and Food.
No of Employees :	45

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 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 the government also further tightened currency controls in an effort to bolster foreign reserves and stem capital flight.

Source : CIA

Company information

Legal Name:	SANYO COLOR SA
Trade Name:	SANYO
CUIT:	30-55176415-6
Date Created:	1973
Date Incorporated:	02/11/1973
Legal Address:	Franklin Benjamin 1251, Florida Oeste, Florida (1602), Buenos Aires, Argentina
Operative Address:	Franklin Benjamin 1251, Florida Oeste, Florida (1602), Buenos Aires, Argentina
Telephone:	54 11 4878-8300
Fax:	54 11 4878-8300
Legal Form:	Private Company
Email:	info@sanyocolor.com
Registered in:	AGENCIA NRO 56 AVENIDA DEL LIBERTADOR 1436 1638 BUENOS AIRES
Website:	www.sanyocolor.com
Manager:	Carlos José María Del Santo
Staff:	45
Activity:	Engaged in commercialization of Chemical Preparations such as Dyes, Chemicals, Dyes and Paints; Textiles, Minerals and their Derivatives, Plastics, Construction and Food.
BANKS
	According to Argentinian Central Bank, the company maintains credit lines with the following banks:
BANK	AMOUNT IN AR$
BANCO CREDICOOP COOPERATIVO LIMITADO	121 88,5
BANCO DE LA PROVINCIA DE BUENOS AIRES	474 3,1
	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 cheque for the company.
HISTORY
	The company started business in 1973
PRINCIPAL ACTIVITY	Engaged in commercialization of Chemical Preparations such as Dyes, Chemicals, Dyes and Paints; Textiles, Minerals and their Derivatives, Plastics, Construction and Food.
Products/Services description:	Dyes, chemicals, dyes and paints; textiles, minerals and their derivatives, plastics, construction and food.
Brands:	CROSCOLOR OZ JAFEP KAYALON LUMACEL LUMACRON LUMASET MODERDIRECT OSAKA REACTOBOND SANYO COLOR TOYO
Sales are:	Wholesale
Clients:	RODFEL SA
Suppliers:	ACISANYO COLOR SOCIEDAD ANONIMA XACI China
Operations area:	National
The company imports from	China
The company does not export
The subject employs	45 employees
Payments:	Regular-made on a 35 day basis
LOCATION
Headquarters :	Franklin Benjamin 1251, Florida Oeste, Florida (1602), Buenos Aires, Argentina
Branches:	The company does not have branches
Industry:	Companies in this industry distribute plastics materials, alkalis and chlorine, detergents and soaps, adhesives, and industrial gases. Chemical distribution is a cyclical business dependent on industrial demand. The profitability of individual companies depends on an efficient distribution system. Larger companies can offer more products and services. Local and regional distributors can compete effectively through superior service or geographic focus. The US industry is concentrated: the largest 50 companies generate more than half of revenue. Major products are plastics materials, alkalis and chlorine, detergents and soaps, adhesives, and industrial gases. Plastics account for about a quarter of industry revenue
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	AR$ 3.300.000
Shareholders %:	This is a private company. The main shareholder would be Del Santo family.
Management:	Carlos José María Del Santo, President Maximiliano Del Santo, Vicepresident Carlos José Alcides Del Santo, Director
Related Companies:	No subsidiary companies
FINANCIAL INFORMATION
	This is a private company which does not make its financial figures public. The following information has been confirmed by our private sources.
2013 USD
Revenue	11 333 000
Net Income	216 000
Total Equity	1 586 200
Cash Flow	Normal
LEGAL FILINGS
SUMMARY
	The company is dedicated to the commercialization of chemical preparations. The company has more than 30 years on the market with a small sized structure. The company has credit lines with known banks and it shows a good payment behaviour. There are no negative.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
ENTERVIEW
NAME	NA
POSITION	NA
COMMENTS	We called the company several times but reached its answering machine.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.64
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	MNL

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.