MIRA INFORM REPORT

Report No. :	307676
Report Date :	17.02.2015

IDENTIFICATION DETAILS

Name :	ARCHROMA ARGENTINA SA
Registered Office :	Avenida Jose Garibaldi 2401, 1836 Lomas de Zamora, Buenos Aires
Country :	Argentina
Date of Incorporation :	12.04.2013
Legal Form :	Public Company
Line of Business :	Subject is manufacture of chemicals.
No. of Employee :	60

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 :

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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	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. 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

LOCATION FACTS
Government	Republic
Currency	100.00 USD = 868.402 ARS
Economic Risk	Medium
Company name and address
	ARCHROMA ARGENTINA SA
Address in the order:	Avenida Jose Garibaldi 2401, 1836 Lomas de Zamora, Buenos Aires.
Legal Name:	ARCHROMA ARGENTINA SA
Trade Name:	ARCHROMA ARGENTINA SA
ID:	30-71408390-9
Date Created:	12-04-13
Date Incorporated:	2013
Legal Address:	Avenida Jose Garibaldi 2401, 1836 Lomas de Zamora, Buenos Aires.
Operative Address:	Avenida Jose Garibaldi 2401, 1836 Lomas de Zamora, Buenos Aires.
Telephone:	+54 (114) 239-0600.
Fax:	+54 (114) 239-0644.
Legal Form:	Sociedad Anonima
Email:	miguel.garone clariant.com
Registered in:	Argentina
Website:	www.archroma.com
Contact:	Miguel Garone
Staff:	60
Activity:	MANUFACTURE OF CHEMICALS
BANKS According to Argentinian Central Bank, the company maintains credit lines with the following banks:
BANK	AMOUNT IN THOUSANDS AR$
BANCO SANTANDER RIO S.A.	17309,5
	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 Archroma was formed in September 2013 from the textile, paper and emulsions businesses of Clariant. Clariant itself was formed in 1995 as a spin off from Sandoz, a chemical company which was established in Basel in 1886. In 1997, Clariant acquired the speciality chemicals business of Hoechst, a German chemical company. Through this direct lineage, Archroma have amassed knowledge and experience of chemistry and industry spanning more than 120 years.
PRINCIPAL ACTIVITY The company is dedicated to the manufacture of chemicals.
Products/Services description:	Textile Spetialties, Paper Solutions, Emulsion Products
Brands:	Archroma worldwide
Sales are:	Wholesale
Clients:	Archroma Colombia S A S., Archroma Peru Sa, El Puente Sa.
Suppliers:	Polaquimia Sa De Cv
Operations area:	National and International
The company imports from	Spain
The company exports to	COLOMBIA, India, Paraguay
The subject employs	55-65 employers
Payments:	regular
LOCATION
Headquarters :	Maipú 1210, piso 5, C.A.B.A, Argentina
Branches:	No branches reported
Industry:	Development, production, processing and marketing, in themselves or others property, special chemicals, special products for paper and emulsions for the paper industry, textile industry and / or paintings, including the development , production, processing and marketing of specialty chemicals for pretreatment, dyeing, printing and finishing of textiles Development, production, processing and marketing of products for optical brightening, color, finishing and paper thickness. Development, production, processing and marketing of latex dispersions / polymer coatings, adhesives, sealants and for the textile, leather and paper; the importation, exportation , research, development , production and marketing in connection with the production, development and marketing of the products mentioned above .
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	AR$ 100.000
Shareholders %:	B&S Fiduciaria S.A, Leandro Héctor Cáceres
Management:	President : Leandro Héctor Cáceres ; Vice President : Jorge Raul Postiglione ; and Deputy Director : Paola Lorena Bartomioli
Related Companies:	Archroma companies worldwide
FINANCIAL INFORMATION
This is a private company which does not make its financial statements public. The following data has been provided by outside sources.
2013 USD
Revenue	500 000
Cash Flow	Normal
LEGAL FILINGS
There are no legal connected to the subject
SUMMARY
The company is dedicated to the manufacture of chemicals. The company has a medium sized strcuture, with no negative. Its banking debts are controlled and no high debts are registered. The company was born from a merger, and started business only 1 year ago. However, its forming company has 20 years of experience in business.
ENTERVIEW
NAME	Carla
POSITION	Sales
COMMENTS	She confirmed address, activity and managers.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.20
UK Pound	1	Rs.95.99
Euro	1	Rs.71.00

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	ASH

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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