MIRA INFORM REPORT

Report No. :	301284
Report Date :	06.01.2015

IDENTIFICATION DETAILS

Name :	FABRISUR SA
Registered Office :	Alsina Adolfo 1184, Capital Federal (1088), Capital Federal
Country :	Argentina
Date of Incorporation :	08.0601973
Legal Form :	Sociedad Anónima
Line of Business :	Manufacturer of Textile.
No. of Employees :	109

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 – 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:	FABRISUR SA
Trade Name:	Fabrisur
CUIT:	30-55155281-7
Date Created:	1973
Date Incorporated:	08-06-1973
Legal Address:	Alsina Adolfo 1184, Capital Federal (1088), Capital Federal, Argentina
Operative Address:	Alsina Adolfo 1184, Capital Federal (1088), Capital Federal, Argentina
Telephone:	54-1143830550
Fax:	54-1143830550
Legal Form:	Sociedad Anónima
Email:	NA
Registered in:	AGENCIA NRO 8 H. YRIGOYEN N° 2251 PB Y 2° PISO 1089 CIUDAD AUTONOMA BUENOS AIRES
Website:	No website
Manager:	Alejandro Hugo Poggi, General Manager
Staff:	109
Activity:	Textile Manufacturing Industry
BANKS
	According to Argentinian Central Bank, the company maintains credit lines with the following banks:
BANK	AMOUNT IN AR$
BANCO CMF S.A.	39227,9
BANCO PATAGONIA S.A.	17603,6
BANCO SANTANDER RIO S.A.	8282,2
BANCO DE GALICIA Y BUENOS AIRES S.A.	5775,7
BANCO DE LA PROVINCIA DE BUENOS AIRES	3937,7
AMERICAN EXPRESS ARGENTINA S.A.	219,2
HSBC BANK ARGENTINA S.A.	1,3
	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
Fabrisur SA is one of the first factories to settle in the province of Tierra del Fuego, in 1973.
PRINCIPAL ACTIVITY
Its activity is the production of textiles and knitwear.
Products/Services description:	Textile, Textile Products
Brands:	Texcom
Sales are:	Wholesale
Clients:	Clothes Manufacturers
Suppliers:	NA
Operations area:	National & International
The company imports from	Germany, India
The company exports to	Latin America
The subject employs	109 employees
Payments:	Regular-made on a 35 day basis monitored over the last 6 months
LOCATION
Headquarters :	Alsina Adolfo 1184, Capital Federal (1088), Capital Federal, Argentina
Branches:	The company has a manufacturing plant in Parque Industrial de Río Grande.
Industry:	Companies in this industry operate mills that produce textiles and textile products from natural and synthetic materials. Demand is driven by the domestic apparel industry and consumer demand for home furnishings like carpets, furniture, and curtains. The profitability of individual companies depends on efficient operations. Large companies have economies of scale in production for high-volume items. Small companies can compete successfully by producing specialized textiles. Major products are yarns and threads, fabrics, carpets, and curtains. The industry produces yarns and threads out of natural (wool and cotton) and synthetic (plastics) materials. Yarns and thread are used to produce fabrics that are woven or knit, finish fabrics by dyeing or coating them, and make fabrics into simple finished consumer products like rugs, carpets, curtains, linens, and textile bags.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	AR$ 1.700.000
Shareholders %:	The major holders are: Javier Axel Chonik Ana Rita Jachimowicz Joel Alan Chornik
Management:	Javier Axel Chornik, President Joel Alan Chornik, Director Ana Rita Jachimowicz, VP
Related Companies:	Algodonera San Nicolas S.A. 16,887%.
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	AR$
Revenue	34 534 000
Net Income	5 190 000
Total Equity	31 434 500
Cash Flow	Normal
LEGAL FILINGS
There are no legal connected to the subject
SUMMARY
Fabrisur SA is one of the first factories to settle in the province of Tierra del Fuego, in 1973. The company has good payment behaviour with local banks, its revenue is high and its debts are also quite high; but controlled. The company has a medium sized structure with no negative.
RISK INFORMATION
DEBTS	Controlled-good payment behaviour
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	ACTIVE
INTERVIEW
NAME	NA
POSITION	NA
COMMENTS	We called the company but received no answer

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.75
UK Pound	1	Rs.98.88
Euro	1	Rs.77.32

INFORMATION DETAILS

Analysis Done by :	SUB
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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