MIRA INFORM REPORT

Report No. :	335825
Report Date :	14.08.2015

IDENTIFICATION DETAILS

Name :	SL NATURAL SRL
Registered Office :	Bateria Libertad y Colectora, San Lorenzo (2200), Santa Fe
Country :	Argentina
Date of Incorporation :	23.08.2006
Legal Form :	Sociedad de Responsabilidad Limitada
Line of Business :	Manufacture of food products n.c.p. (Includes preparation of powders to prepare desserts and jellies, yeast, copetín products, soups, table salt, mayonnaise, mustard, etc.)
No. of Employees :	16

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Argentina	C1	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. In October 2013, the government settled long-standing international arbitral disputes dating back to before and following the 2001 Argentine financial crisis. During 2014, the government continued with expansionary fiscal and monetary policies and foreign exchange and imports controls. Between 2011 and 2013, Central Bank foreign reserves had dropped $21.3 billion from a high of $52.7 billion. In July 2014, Argentina and China agreed on an $11 billion currency swap; the Argentine Central Bank has received the equivalent of $3.2 billion in Chinese yuan, which it counts as international reserves.

In 2014, the government also took some 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 agreeing to pay $9.7 billion in arrears to the Paris Club over five years, including $606 million owed to the United States. In July 2014, Argentina made its first payment to Paris Club creditors since the country’s 2001 financial crisis. At the same time, the Argentine government in July 2014 entered a technical default on its external debt after it failed to reach an agreement with holdout creditors in the US. The government’s delay in reaching a settlement and the continuation of interventionist and populist policies are contributing to high inflation and a prolonged recession, according to private analysts.

Source : CIA

Company Name and address
Order:	SL NATURAL SRL
Address in the order:	LIBERTAD Y COL AUTOP ROSARIO SANTA FE CP 2200 SAN LORENZO PROV SANTA FE
Legal Name:	SL NATURAL SRL
Trade Name:	SL NATURAL
CUIT:	30-70980314-6
Date Created:	2006
Date Incorporated:	23/08/2006
Legal Address:	Bateria Libertad y Colectora, San Lorenzo (2200), Santa Fe, Argentina
Operative Address:	Bateria Libertad y Colectora, San Lorenzo (2200), Santa Fe, Argentina
Telephone:	54 03476 434306/7
Fax:	54 03476 434306
Legal Form:	Sociedad de Responsabilidad Limitada
Email:	ventas@slnatural.com.ar
Registered in:	Nº 857 - Alvear Nro 149 (2000) - Rosario
Website:	www.slnatural.com.ar
Contact:	Elso Orazi
Staff:	16
Activity:	Edible Oils Manufacturing Industry
BANKS
According to Argentinian Central Bank, the company maintains credit lines with the following banks:
BANK	AMOUNT IN AR$
BANCO SANTANDER RIO S.A.	634,1
According to the classification of banking relations of Argentina, the company operates with level:1. This is the highest classification in the system. It means that the company/person is fulfilling correctly its current Credit obligations.
There are no rejected checks
History
The company was established in 2006
PRINCIPAL ACTIVITY
Manufacture of food products n.c.p. (Includes preparation of powders to prepare desserts and jellies, yeast, copetín products, soups, table salt, mayonnaise, mustard, etc.)
Products/Services description:	Lecithin
Brands:	SL NATURAL
Sales are:	Wholesale
Clients:	Aditivos Y Alimentos S.A. Ecuador INDUSTRIA DE ALIMENTOS LTDA. Bolivia FRUTAROM PERU SA Peru
Suppliers:	NA
Operations area:	National and International
The company imports from	NA
The company exports to	Peru, Bolivia and Ecuador
The subject employs	16 employees
Payments:	Regular-made on a 45 day basis
Insurance Company:	GALENO
LOCATION
Headquarters :	Bateria Libertad y Colectora, San Lorenzo (2200), Santa Fe, Argentina
Branches:	Colon 908 - (2200) - San Lorenzo - Santa Fe
Industry:	Companies in this industry manufacture oils through wet-milling corn (separating corn into its basic components); processing soybeans, tree nuts, and vegetables into oil; refining vegetable fats; and blending vegetable fats with purchased animal fats. Demand is driven by consumer trends in consuming sweeteners, fats, and food oils, and in eating meat, since soybean meal is used to feed poultry, swine, and cattle. The profitability of individual companies depends on managing raw material costs, leveraging federal farm subsidies, and operating efficiently. Large companies have advantages in purchasing, distribution, and marketing. Small operations can compete effectively by serving a local market or offering specialized products. Major products include soybean cake and meal; shortening and cooking oils; and corn sweeteners. Other products include margarine, butter blends, butter substitutes, and soybean oil.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	$ 4.070.000
Shareholders:	Shareholders: Elso Orazi Víctor Fabián Orazi Omar Enrique Orazi Raúl Osvaldo Scozzina
Management:	Managers Elso Orazi Víctor Fabián Orazi Omar Enrique Orazi Raúl Osvaldo Scozzina
Related Companies:	There are no related companies
FINANCIAL INFORMATION
This is a private company which does not make its financial public.
USD 2014
Revenue	420 000
LEGAL FILINGS
There are no legal connected to the subject
SUMMARY
The company is dedicated to the manufacture of food products , mainly elaborated with lecithin chemical. It has 9 years of experience in the market with a small sized structure and is managed by its owners. It distributes in Latin America and shows no negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
SUGGESTED CREDIT LINE
STATUS	This Corporation is in Good Standing
INTERVIEW
NAME	NA
POSITION	Receptionist
COMMENTS	She confirmed address, managers, activity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.92
UK Pound	1	Rs.101.44
Euro	1	Rs.72.26

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

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%)

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