MIRA INFORM REPORT

Report No. :	305214
Report Date :	03.02.2015

IDENTIFICATION DETAILS

Name :	AGENCIA MARITIMA DULCE S.A
Registered Office :	Leandro N Alem 820, Campana, 2804-Buenos Aires
Country :	Argentina
Date of Incorporation :	12.12.1962
Legal Form :	Sociedad Anónima
Line of Business :	Providing Freight Forwarding Services.
No. of Employees :	60

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 :	No Complaints
Litigation :	Clear

NOTES:

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ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

STATUTORY INFORMATION
Order:	AGENCIA MARITIMA DULCE S.A
Address in the order:	Argentina
Legal Name:	AGENCIA MARITIMA DULCE S.A
Trade Name:	AMD
CUIT:	30-50672796-7
Date Created:	1962
Date Incorporated:	12/12/1962
Legal Address:	Leandro N Alem 820 Campana 2804-Buenos Aires
Operative Address:	Av. E. Madero 1020, 1st floor (C1106ACX) Buenos Aires, Argentina
Telephone:	(54 11) 4118 8000
Fax:	(54 11) 4118 8000
Legal Form:	Sociedad Anónima
Email:	info@amdulce.com.ar
Registered in:	Agencia Zarate Roca N° 360 2800 Buenos Aires
Website:	www.amdulce.com
Manager:	Javier E. Dulce
Staff:	60
Activity:	Freight Forwarding Services
BANK	According to Argentinian Central Bank, the company maintains credit lines with the following banks:
BANK	AMOUNT IN THOUSANDS AR$
INDUSTRIAL AND COMMERCIAL BANK OF CHINA	74
	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
	AMD was founded in 1879 by Nicolás Dulce. Javier E. Dulce, is the fourth generation of the family and part of the executive committee of the main local and international chambers of maritime industry, such as Argentine Navigation Center, CIANAM and FONASBA.
PRINCIPAL ACTIVITY	Agencia Marítima Dulce provides Logistic Services
Products/Services description:	General agent Liner agent Husbandry and port agent Barge transportation Crew and owner's matters Transhipment Transport consultant Cargo control Mooring/unmooring & launch services Ancillary services
Brands:	AMD
Sales are:	Retail
Clients:	Companies
Suppliers:	VS Consultores Wave Agencia Marítima S.A. CINTRA Astillero Tecnao S.R.L..
Operations area:	National & International
The company imports from	Worldwide
The company exports to	Worldwide
The subject employs	60 employees
Payments:	Regular-made on a 45 day basis-monitored over the last 6 months.
LOCATION
Headquarters :	Av. E. Madero 1020, 1st floor (C1106ACX) Buenos Aires, Argentina
Branches:	Campana Campana, Zárate, Lima, Las Palmas, Atucha, Ibicuy, Km 171 Paraná Guazú Agencia Marítima Dulce S.A. L. N. Alem 820 (B2804AAF) Campana, Buenos Aires, Argentina Ph.: (03489) 422414 / 423684 / 423685 Fax: (03489) 422014 Email: dulca@dulca.com.ar San Nicolás San Nicolás, Buitrago, Villa Constitución, Acevedo, Ramallo Agencia Marítima Dulce S.A. De la Nación 47, 5th floor, of. B (B2900AAB) San Nicolás, Buenos Aires, Argentina Ph. (54 3364) 429977 / 429969 Email: ops-sannicolas@amdulce.com.ar Rosario Rosario, Punta Alvear Agencia Marítima Dulce S.A. Sarmiento 859, 2nd floor, of. 215 (S2000AYN) Rosario, Santa Fe, Argentina Ph.: (54 341) 421 3991 / 421 8838 Email: operaciones@amdulce.com.ar San Lorenzo Timbúes, Gral San Martín, San Lorenzo Agencia Marítima Dulce S.A. Córdoba 958, Puerto Gral. San Martín (S2202CEQ) Santa Fe, Argentina Ph.: (54 3476) 575 293 / 575 294 Email: operaciones@amdulce.com.ar Bahía Blanca Puerto Galván, Ing. White Acc. Ex Muelle de Hierro (8103) Ing. White, Buenos Aires, Argentina Ph./Fax: (0291) 4571745 / 395 Email: operaciones@amdulce.com.ar Puerto Madryn Punta Colorada, Puerto Madryn Roque S. Peña 51, 1st floor (U9120JLA) Puerto Madryn, Chubut, Argentina Ph.: (2804) 451931 / 451932 Email: operaciones@amdulce.com.ar
Industry:	Companies in this industry provide freight forwarding and customs brokerage services. Demand is driven by domestic manufacturing output and levels of international trade. The profitability of individual companies depends on efficient operations, extensive relationships in shipper and carrier networks, and industry expertise. Large companies have advantages in account relationships and access to advanced logistics technologies. Small operations can compete effectively by serving a local market, specializing in cargo transfer with specific countries, and facilitating the transport of unusual goods. Unlike fully integrated carriers that own truck, rail, air, or ocean assets and transport cargo, freight forwarders arrange the transportation of goods without owning any transportation equipment or handling ("fingerprinting") the cargo. Customs brokers add another layer of expertise by facilitating the clearing of goods through international customs barriers. Most companies specialize in either freight forwarding or customs brokering, though companies and individuals can provide both.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	This is a private company. The major holder is Javier Enrique Dulce.
Management:	Presidente, Javier Enrique Dulce Vicepresident, Osvaldo Agustín Benvenuto Directores: Cesar Alfredo Doig Carlos Daniel Lopez Marta Dulce de Braceras
Related Companies:	Montevideo – Uruguay AMD Uruguay S.A. Rincón 540, 1st floor (11000) Montevideo, Uruguay. Ph.: (598 2) 916 7405 Fax: (598 2) 915 5922 Email: com@amduruguay.com.uy Nueva Palmira – Uruguay Nueva Palmira, Punta del Arenal, Punta Pereira AMD Uruguay S.A. José Enrique Rodó 1228 (11000) Nueva Palmira, Colonia, Uruguay. Ph.: (598) 4544 6833 Fax: (598) 4544 6834 Email: operationsnp@amduruguay.com.uy
	The company is a shareholder of: JADORES DE APOYO S.A
FINANCIAL INFORMATION
	This is a private company which does not make its financial figures public. The following information has been provided by outside sources.
AR$ 2013
Revenue	10 000 000
Cash Flow	Normal
LEGAL FILINGS
	There are no legal connected to the subject
SUMMARY
	Agencia Marítima Dulce provides Logistic Services. The company has more than 50 years in the market with a small-medium sized structure. It has offices and alliances internatioonally. The company shows a good payment behaviour according to the Central Bank of Argentina. Considering its services, it is possible that the company has suffered the latest government import-export restrictions.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
ENTERVIEW
NAME	Maximiliano
POSITION	Sales
COMMENTS	He confirmed address, manager, activity and suppliers. He refused to confirm more information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.88
UK Pound	1	Rs.93.27
Euro	1	Rs.69.94

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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