MIRA INFORM REPORT

Report No. :	331434
Report Date :	16.07.2015

IDENTIFICATION DETAILS

Name :	INOX IDEAS SRL
Registered Office :	Agencia Nro 16, Godoy Cruz N° 2066, 1609 Buenos Aires
Country :	Argentina
Date of Incorporation :	07.07.2006
Legal Form :	Sociedad Anónima
Line of Business :	Subject is Import and export of Biofuels, Cereals, Coals, Crude Oils, Edible Oils, Fertilizers, Fuels, Grains, Irons, Metals, Scraps and recyclable materials, Steels and Sugar.
No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Poor
Payment Behaviour :	--
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

STATUTORY INFORMATION
Legal Name:	INOX IDEAS SRL
Trade Name:	Eisenhardt Trading
CUIT:	30-70981419-9
Date Incorporated:	07-07-06
Legal Address:	AV. DEL LIBERTADOR 15229
	ACASSUSO
	1641-BUENOS AIRES
Operative Address:	Av. Cordoba 1406, 2nd floor, Buenos Aires, Argentina
Telephone:	(+5411) 15 6423 5173 / (011)-4314-5045
Fax:	54 0261 156998862
	4371 1233
	4373 0403
Legal Form:	Sociedad Anónima
Email:	sales@eisenhardt-trading.com
Registered in:	AGENCIA NRO 16
	GODOY CRUZ N° 2066
	1609 BUENOS AIRES
Website:	www.eisenhardt-trading.com
Contact:	Julian Insua
Staff:	10
Activity:	Import and export of products
BANKS
According to Argentinian Central Bank, the company maintains credit lines with the following banks:
BANK	AMOUNT IN THOUSANDS AR$
BANCO COMAFI SOCIEDAD ANONIMA	63,5
F.F. COMAFI LEASING PYMES VI	52,5
	The Argentine Central Bank provides a classification number, according to the entity’s financial situation.
	In this case, company received classification 1:
	This is the highest classification in the system. It confirms that the company is fulfilling correctly its current Credit obligations
	There are no rejected checks
History:
	The company was incorporated in 2006.
	There is an alert againts the company, alleging it is doing fraudulent buisiness at: http://www.eisenhardttrading.com/
PRINCIPAL ACTIVITY
EISENHARDT exports products from Argentina and resells the foreign commodities.
Products/Services description:	Exportat of Biofuels, Cereals, Coals, Crude Oils, Edible Oils, Fertilizers, Fuels, Grains, Irons, Metals, Scraps and recyclable materials, Steels and Sugar.
Brands:	© Eisenhardt
Sales are:	Wholesale
Clients:	Metal Industries
Suppliers:	NA
Operations area:	Hong Kong
	Korea
	Other Asian Countries
	Southeast Asia
	Taiwan
	Worldwide
The company imports from	Asia
The company exports to	Bangladesh, Brazil, China, Germany, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, Spain, Taiwan, Turkey, Vietnam.
The subject employs	10 employees
Payments:	--
LOCATION
Headquarters :	Av. Cordoba 1406, 2nd floor, Buenos Aires, Argentina
Branches:	Av. Juan de Garay 701/739, Tower El Rio, floor 21º 2, Buenos Aires.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	$12.00
Shareholders:	Shareholders:
	Paola Alvarez Insua
	Vera Eisenhardt
	Enrique Pablo Garcia Martinez
Management:	Julián Insua, President
	Vera Eisenhardt, Vicepresident
	Raúl Insua, Administrative
Related Companies:	EISENHARDT ENGINEERING S.A.
	SANEAMIENTO S A
	CUIT: 30-65603066-2
	SANEAMIENTO shares same owners and address. This company shows classification 2 in National Banks. This means it is late in its payment behaviours.
FINANCIAL INFORMATION
This is a private company which does not make its financial figures public.
There are no financial connected to the subject.
LEGAL FILINGS
There are no legal connected to the subject.
EISENHARDT ENGINEERING S.A. - 07/11/2013
By writing 24.10.13 changed the name to EISENACH SA
SUMMARY
Eisenhardt is a trademark owned by Vera Eisenhardt. The company operates with legal name Inox Ideas SRL, however it does business with the name Eisenhardt Trading.
Inox Ideas is related to provide metal ítems for the national market; however, Eisenhardt is related to export and import transactions.
There are various inconsistencies-confusing information on the subject since according to the owner it is operating in Avenida Córdoba, however, according to our search this is the address of Vera Eisenhardt, who could not provide any data on the company when we called her.
Julian Insua, who is the responsable of the company is living in Mendoza, a province quite far away from Buenos Aires, and there are no address connected to the company in Mendoza.
Further, we found a negative warning againts the company being fraudulent for a transaction of USD 50 000.
Morever, there are various companies related to Eisenhardt, with different names and change in names.
We suggest working with guarantees or prepaid transactions, and investigating the company for the following 12 months.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	--
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Vera Eisenhardt-Julian Insua
POSITION	Owners
COMMENTS	We talked to Vera, who said we should contact Julian for information on Eisenhardt Trading.
	We talked to Julian who confirmed legal name of the company, trademark, activity and payment terms.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.38
UK Pound	1	Rs.99.13
Euro	1	Rs.69.69

INFORMATION DETAILS

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