MIRA INFORM REPORT

Report No. :	323538
Report Date :	28.05.2015

IDENTIFICATION DETAILS

Name :	ISIDORO ATLAS Y.CIA.S.A.
Registered Office :	Luis viale 139 buenos aires
Country :	Argentina
Date of Incorporation :	20.03.1964
Legal Form :	Joint Stock Company
Line of Business :	Textile Industry
No. of Employee :	6

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 :	Moderate
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

LOCATION FACTS
Government	Republic
Currency	100 USD=AR$853
Economic Risk	Medium
STATUTORY INFORMATION
Company Name :	ISIDORO ATLAS Y.CIA.S.A.
Address :	LUIS VIALE 139 BUENOS AIRES, ARGENTINA
Legal Name:	I ATLAS Y CIA SA
Trade Name:	Isidoro Atlas y Compañía
CUIT:	30-50075045-2
Date Created:	1964
Date Incorporated:	20-03-64
Legal Address:	Luis Viale 139
	Buenos Aires, 1414
	Argentina
Operative Address:	Luis Viale 139
	Buenos Aires, 1414
	Argentina
Telephone:	114 854-8546
Fax:	114 854-8546
Legal Form:	Joint Stock Company
Email:	NA
Registered in:	AGENCIA NRO 7
	B.FERNANDEZ MORENO N° 1259
	1406 CIUDAD AUTONOMA BUENOS AIRES
Website:	No website
Contact:	Mario Atlas, President
Staff:	6
Activity:	Textile Industry
BANKS
NA
The company does not maintan any credit line with any bank from Argentina.
HISTORY
	The company was incorporated in 1964
PRINCIPAL ACTIVITY
The company operates within the textile industry. It imports textile raw material, manufactures and sales to confectionists. The company provides with weaving and dry cleaning services.
Products/Services description:	Yarn of synthetic fibers
	Velvet
Brands:	No brands
Sales are:	Wholesale
Clients:	Confectionists
Suppliers:	NA
Operations area:	National
The company imports from	India
The company exports to	No exports
The subject employs	6 employees
Payments:	The company pays in advance most of its transactions
LOCATION
Headquarters :	Luis Viale 139
	Buenos Aires, 1414
	Argentina
Branches:	The company does not have branches
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, and carpets. 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. Carpets and rugs account for 17 percent of US industry revenue; nonwoven fabrics, 15 percent; fiber, yarn, and thread, 15 percent; and boadwoven fabrics, 8 percent.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	This is a private company. Its owner is Mario Atlas
Management:	Mario Atlas, President
	Ruth Deborah Miodovsky, Subdirector
Related Companies:	No related companies
FINANCIAL INFORMATION
This is a private company which does not make its financial figures public. The following information has been provided by outside sources.
USD 2013
Revenue	250 000
Cash Flow	Normal
LEGAL FILINGS
There are no legal connected to the subject
SUMMARY
The company operates within the textile industry. It imports textile raw material, manufactures and sales to confectionists. The company provides with weaving and dry cleaning services. It has 51 years of experience in the market and operates as a family business. There are no negative connected to the subject. However, it has a low comercial profile and small sized structure
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Mario Atlas
POSITION	Owner
COMMENTS	We contacted the owner of the company who confirmed staff, ownership, activity, clients, imports, payment terms and experience.
	He refused to confirm financial data.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.95
UK Pound	1	Rs.98.64
Euro	1	Rs.69.86

INFORMATION DETAILS

Analysis Done by :	RAS
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.