MIRA INFORM REPORT

Report No. :	321619
Report Date :	13.05.2015

IDENTIFICATION DETAILS

Name :	C-DIA SRL
Registered Office :	Caracas 1630, Capital Federal (1416), Capital Federal
Country :	Argentina
Date of Incorporation :	28.10.2002
Legal Form :	Sociedad de Responsabilidad Limitada
Line of Business :	Subject is dedicated to the manufacture of additives and flavor ingredients for the food industry.
No. of Employee :	14

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 :	Small company
Payment Behaviour :	No complaints
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 – 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 2001-02 Argentine financial crisis. In early 2014, the government embraced some 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. Nevertheless, the government in July 2014 defaulted again on its external debt after it failed to reach an agreement with US holdout creditors. The government’s delay in reaching a settlement and the continuation of interventionist policies are contributing to a prolonged recession.

Source : CIA

STATUTORY INFORMATION
Legal Name:	C-DIA SRL
Trade Name:	C-DIA
CUIT:	30-70814545-5
Date Created:	2002
Date Incorporated:	28-oct-02
Legal Address:	CARACAS 1630 1416-CIUDAD AUTONOMA BUENOS AIRES, ARGENTINA
Operative Address:	Caracas 1630, Capital Federal (1416), Capital Federal, Argentina
Telephone:	54 11 4584-7772
Fax:	54 11 4584-7772
Legal Form:	Sociedad de Responsabilidad Limitada
Email:	info@c-dia.com.ar
Registered in:	AGENCIA NRO 47 AV. ALVAREZ JONTE N° 2376 1416 CIUDAD AUTONOMA BUENOS AIRES
Website:	www.c-dia.com.ar
Contact:	Carlos Alberto Díaz, General Manager
Staff:	14
Activity:	Chemical Manufacturing Industry
BANK DATA	According to Argentinian Central Bank, the company maintains credit lines with the following banks:
BANK	AMOUNT IN AR$
BANCO DE LA NACION ARGENTINA	1061,5
BANCO DE GALICIA Y BUENOS AIRES S.A.	608,5
	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
	C-DIA SRL, is wholly Argentine capital which began operating in 2002, with the aim of providing ingredients for the food industry.
PRINCIPAL ACTIVITY
	The company is dedicated to the manufacture of aditives and flavour ingredients for the fodd industry.
Products/Services description:	Bakery additives Aromas and flavors Dyes and lakes Preservatives Emulsifiers Stabilizers for ice cream Hydrocolloids Chemical leavening Premixes
Brands:	C-DIA
Sales are:	Wholesale
Clients:	Food industry
Suppliers:	Idacol Food Colors SA De Cv Mexico VALMAR INTERNATIONAL France DANISCO ARGENTINA S.A ROHA DYECHEM PVT LTD India
Operations area:	National
The company imports from	India
The company exports to	South America
The subject employs	14 employees
Payments:	Regular
LOCATION
Headquarters :	Caracas 1630, Capital Federal (1416), Capital Federal, Argentina
Branches:	The company does not have branches
Industry:	Companies in this industry manufacture basic, intermediate, and specialty chemicals. Because chemicals are used to make a wide variety of industrial and consumer products, demand is driven by the overall health of the US economy. The profitability of individual companies is closely tied to efficient operations. Big companies have economies of scale in purchasing and production. Small companies can compete effectively by producing specialty products, of which there are a large number, or by operating a single plant highly efficiently.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	AR$ 305.000
Shareholders %:	Bernardino Félix Rodríguez Shares 161.650 Carlos Alberto Díaz Shares 73.200 Leandro Alejo Rodríguez Cordone Shares 61.000 Gustavo Orlando Marino Shares 9.150
Management:	Carlos Alberto Díaz, General Manager Gustavo Orlando Marino, Partner Bernardino Félix Rodríguez, Partner
Related Companies:	No subsidiary companies
FINANCIAL INFORMATION
	This is a private company which does not make its financial figures public. The following data is estimated and could not be confirmed with the company.
2013 USD
Revenue	228 000
Cash Flow	Normal
LEGAL FILINGS
	There are no legal connected to the subject
SUMMARY
	The company is dedicated to the manufacture of aditives and flavour ingredients for the fodd industry. It has 13 years of experience in the market with a small sized structure. The company represents brands from India and France and distributes for the food industry. There are no negative.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Aldana
POSITION	Administrative
COMMENTS	She confirmed address, president, brands, imports.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.20
UK Pound	1	Rs.100.03
Euro	1	Rs.71.91

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ANK

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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