MIRA INFORM REPORT

Report No. :	321637
Report Date :	14.05.2015

IDENTIFICATION DETAILS

Name :	L A Q I SA
Registered Office :	Goncalves Dias 1055 Piso:Pb 1276-Ciudad Autonoma Buenos Aires
Country :	Argentina
Date of Incorporation :	18.09.1973
Legal Form :	Joint Stock Company
Line of Business :	Subject is dedicated to the research, development, production and marketing of natural and synthetic dyes in liquid and powder for the food and medicinal industries.
No. of Employee :	10

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 :

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:	L A Q I SA
Trade Name:	LAQI
CUIT:	30-55876650-2
Date Created:	1948
Date Incorporated:	18/09/1973
Legal Address:	GONCALVES DIAS 1055 Piso:PB 1276-CIUDAD AUTONOMA BUENOS AIRES, ARGENTINA
Operative Address:	Gonçalves Días 1055, C1276ACO Buenos Aires, Capital Federal, Argentina
Telephone:	54-11-4302-8706/7211/8664/8715
Fax:	54-11-4302-8299
Legal Form:	Joint Stock Company
Email:	info@laqi.com
Registered in:	AGENCIA NRO 5 SALTA N° 1449/51 1° PISO 1137 CIUDAD AUTONOMA BUENOS AIRES
Website:	www.laqi.com
Contact:	Norma Celia Mecozzi, President
Staff:	10
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 GALICIA Y BUENOS AIRES S.A.	128,6
BANCO DE LA PROVINCIA DE BUENOS AIRES	80,5
BANCO SANTANDER RIO S.A.	79,7
BANCO MACRO S.A.	24,4
	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
	The company started business in 1948.
PRINCIPAL ACTIVITY
	LAQI is a company dedicated to the research, development, production and marketing of natural and synthetic dyes in liquid and powder for the food and medicinal industries.
Products/Services description:	Natural dyes Synthetic dyes and lacquers
Brands:	LAQI
Sales are:	Wholesale
Clients:	Since 1948, LAQI S.A. supplies its products to the following industries: • Diet Foods • Drinks (juice, soda,     Concentrates, etc.) • Bodegas • Cereals • Citrícolas • Jams • sausages • Noodles • Refrigerators • Cookies • Glazes • Treats • Medical Tablets • Fats • Ice Cream • inoculant • Syrups • Dairy (cheese, yogurt, milk) • Spirits • Margarine • Seafood • Bakery • Fish • Pet Food • Desserts • Pulps • Sauces • Seeds • Snacks
Suppliers:	NA
Operations area:	National
The company imports from	Spain
The company exports to	No exports
The subject employs	10 employees
Payments:	Regular-made on a 45 day basis
LOCATION
Headquarters :	Gonçalves Días 1055, C1276ACO Buenos Aires, 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:	NA
Shareholders %:	This is a private company. Major holders would be Mariano Daniel Ruiz.
Management:	Norma Celia Mecozzi, President Mariano Daniel Ruiz, Alternate Marcelino A. Lezcano, Manager
Related Companies:	There are 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	2 000 000
Cash Flow	Normal
LEGAL FILINGS
	There are no legal connected to the subject
SUMMARY
	LAQI is a company dedicated to the research, development, production and marketing of natural and synthetic dyes in liquid and powder . The company has more than 60 years of experience in the market with a small sized structure. It distributes mainly nationally and shows good payment behaviour according to the National Central Bank. There are no negative.
RISK INFORMATION
DEBTS	Controlled-AR$ 313 200
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Florencia
POSITION	Administrative
COMMENTS	She confirmed president, address, products.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.19
UK Pound	1	Rs.100.58
Euro	1	Rs.72.08

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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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.