MIRA INFORM REPORT

Report No. :	349081
Report Date :	17.11.2015

IDENTIFICATION DETAILS

Name :	BARPLA S.A.
Registered Office :	Ingeniero Varela 1075, Parque Industrial, Rio Grande (9420), Tierra Del Fuego,
Country :	Argentina
Date of Incorporation :	01.12.1983
Legal Form :	Sociedad Anonima
Line of Business :	Manufacture of fabric with plastic cover.
No. of Employees :	9

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 – 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 has taken multiple steps in recent years to deal with these problems. It 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:	BARPLA S.A.
Trade Name:	BARPLA
CUIT:	30-60561637-9
Date Created:	1983
Date Incorporated:	01/12/1983
Legal Address:	Ingeniero Varela 1075, Parque Industrial, Rio Grande (9420), Tierra Del Fuego, Argentina
Operative Address:	Ingeniero Varela 1075, Parque Industrial, Rio Grande (9420), Tierra Del Fuego, Argentina
Telephone:	(011) 4961 - 1755
Fax:	(011) 4961 - 1755
Legal Form:	SOCIEDAD ANONIMA
Email:	NA
Registered in:	DISTRITO RIO GRANDE ESPORA N° 523 9420 TIERRA DEL FUEGO
Website:	NA
Contact:	Isaias Felix Meta, President
Staff:	9
Activity:	Plastic & Rubber Product Manufacturing Industry
Banks:	According to Argentinian Central Bank, the company maintains credit lines with the following banks:
BANK	AMOUNT IN AR$
AMERICAN EXPRESS ARGENTINA S.A.	107,4
	According to the classification of banking relations of Argentina, the company operates with level: 1. This is the highest classification in the system. It means that the company/person is fulfilling correctly its current Credit obligations.
	There are no rejected checks
History
	The company was founded in 1983.
PRINCIPAL ACTIVITY
	The company is dedicated to the manufacture of fabric with plastic cover.
Products/Services description:	Fabric Plastic covered cloth
Brands:	BARPLA
Sales are:	Wholesale
Clients:	Plastic Industry
Suppliers:	NA
Operations area:	National
The company imports from	India
The company exports to	No exports
The subject employs	9 employees
Payments:	No Complaints
LOCATION
Headquarters :	Ingeniero Varela 1075, Parque Industrial, Rio Grande (9420), Tierra Del Fuego, Argentina
Branches:	Tucumán 2352 Ciudad De Buenos Aires, Argentina
Related Companies:	Maaian; Hamelej S.A.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	$ 150.000
Shareholders:	This is a private company. Major holder would be Isaias Felix Meta.
Management:	Isaias Felix Meta, President Rafael Aboud, Vicepresident Gerardo Daniel Chalpern, Fiduciary Alfredo Esteban Carballo
FINANCIAL INFORMATION
	The company does not make its financial statements public. The following information has been provided by private sources:
USD 2014
Revenue	126 000
Cash Flow	Normal
LEGAL FILINGS
	PUBLICATION OF OBLIGATIONS NOT COMPLIED RESOLUTION No. 939-AGIP / 2013, ART. 36 CONCEPT: failure to submit affidavits ARCIBA, PENDING WITH MORE THAN THREE PERIODS TO 01/04/2014 ORDER AG DV CUIT CORPORATE NAME 27 9676 0 S. 30605616379 BARPLA
SUMMARY
	The company is dedicated to the manufacture of fabric with plastic cover. It has 33 years of experience in the market with a small sized structure. The company shows low debt, with only 1 open credit line with a national institution and shows regular payment behaviour. The subject is active and shows a unpaid accomplishment regaridng social security.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Lucas
POSITION	Administrative
COMMENTS	He confirmed address, and manager. He refused to provide further data due to privacy reasons.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.17
UK Pound	1	Rs.100.66
Euro	1	Rs.70.97

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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.