MIRA INFORM REPORT

Report No. :	503727
Report Date :	14.04.2018

IDENTIFICATION DETAILS

Name :	ESTABLECIMIENTO LAS MARIAS SACIFA
Registered Office :	Ruta Nac. 14 - Km 739 Gob. Ing. V. Virasoro 3342-Corrientes
Country :	Argentina
Financials (as on) :	2016 Summarized
Date of Incorporation :	31.12.1924
Legal Form :	Joint-Stock Company Industrial Industrial Financial And Farming.
Line of Business :	Subject is dedicated to the production and wholesale of yerba, mate, tea and related products.
No. of Employees :	1300

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 1 000 000
Status :	Good
Payment Behaviour :	Regular
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.

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. In 2016, the World Bank downgraded Argentina from a high-income to upper-middle-income economy, on par with Columbia.

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 below 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, 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 slowed in late 2011 even as the government continued to rely on expansionary fiscal and monetary policies, which kept inflation in the double digits.

In order to deal with these problems, the government expanded state intervention in the economy: it nationalized the oil company YPF from Spain's Repsol, expanded measures to restrict imports, and further tightened currency controls in an effort to bolster foreign reserves and stem capital flight. Between 2011 and 2013, Central Bank foreign reserves 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.

With the election of President Mauricio MACRI in November 2015, Argentina began a historic political and economic transformation, as his administration took steps to liberalize the Argentine economy, lifting capital controls, floating the peso, removing export controls on some commodities, cutting some energy subsidies, and reforming the country’s official statistics. Argentina negotiated debt payments with holdout bond creditors and returned to international capital markets in April 2016. In September 2016, Argentina completed its first IMF Article IV Consultation since 2006.

After years of international isolation, Argentina took on several international leadership roles in 2017, including hosting the World Economic Forum on Latin America and the World Trade Organization Ministerial Conference, and is set to assume the presidency of the G-20 in 2018.

Source : CIA

STATUTORY INFORMATION

Legal Name:

ESTABLECIMIENTO LAS MARIAS S A C I F A

Trade Name:

ESTABLECIMIENTO LAS MARIAS

LAS MARIAS

CUIT:

30-50183535-4

Date Created:

1924

Date Incorporated:

31-12-1924

Legal Address:

RUTA NAC. 14 - KM 739

GOB. ING. V. VIRASORO

3342-CORRIENTES

ARGENTINA

Operative Address:

Establecimiento Las Marías

Irala 2021, Capital Federal

CP: 1164

Buenos Aires

Argentina

Telephone:

4303-1162

Fax:

4303-1162

Legal Form:

Joint-Stock Company Industrial Industrial Financial And Farming. (SOCIEDAD ANONIMA)

Email:

atclientes@lasmarias.com.ar

Registered in:

ARGENTINA

Website:

www.lasmarias.com.ar

Contact:

Victor Jorge Navajas Artaza, President

Staff:

1,300 employees

Activity:

107930 (F-883) Elaboration Of Mate Yerba

107920 (F-883) Preparation Of Tea Leaves

12709 (F-883) Cultivation Of Tea And Other Plants Whose Leaves Are Used To Prepare Infusions

12701 (F-883) Mate Yerba Cultivation

14121 (F-883) Bovine Cattle Farm Carried Out In Cabins

14113 (F-883) Breeding Of Bovine Cattle, Except That Carried Out In Cabins And For The Production Of Milk

14114 (F-883) Winter Livestock Winter Except Corrales Fattening (Feed-Lot)

21010 (F-883) Plantation Of Forests

BANKS

According to Argentinian Central Bank, the company maintains credit lines with the following banks:

BANK

AMOUNT IN AR$

BANCO DE CORRIENTES S.A.

210035

BANCO DE LA NACION ARGENTINA

155394

BBVA BANCO FRANCES S.A.

149982

BANCO MACRO S.A.

148943

BANCO DE GALICIA Y BUENOS AIRES S.A.

74764

HSBC BANK ARGENTINA S.A.

60334

BANCO ITAU ARGENTINA S.A.

60244

BANCO COMAFI SOCIEDAD ANONIMA

37953

BANCO DE INVERSION Y COMERCIO EXTERIOR

35568

BANCO DE LA PROVINCIA DE BUENOS AIRES

33333

BANCO DE LA CIUDAD DE BUENOS AIRES

27359

INDUSTRIAL AND COMMERCIAL BANK OF CHINA

18931

BANCO PATAGONIA S.A.

7247

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.

Rejected Checks:

(All numbers in ARS$)

There are no rejected checks for the subject.

Positive Checks:

(All numbers in ARS$)

POSITIVE CHECKS
Date:	No. Of Checks:	Amount
dec-18	1	224,000.00
nov-18	1	224,000.00
oct-18	4	498,000.00
sep-18	5	602,000.00
aug-18	2	258,000.00
jul-18	2	184,000.00
jun-18	4	2,497,000.00
may-18	4	2,499,000.00
apr-18	12	3,862,535.60
march-18	14	3,979,930.57
feb-18	12	1,650,544.11
jan-18	8	1,648,903.63
dec-17	11	1,813,590.09
nov-17	19	4,051,456.02
oct-17	31	4,649,796.78
sep-17	37	3,159,083.13
aug-17	33	3,447,640.00
jul-17	29	3,028,000.00
jun-17	39	3,470,991.33
may-17	25	2,619,617.39
apr-17	21	4,369,902.44
march-17	18	4,799,196.52
feb-17	16	1,675,759.93
jan-17	23	10,392,253.16
dec-16	19	4,770,674.77
nov-16	23	36,621,796.02
oct-16	33	22,266,148.23
sep-16	27	4,603,007.21
aug-16	27	4,279,300.00
jul-16	32	5,142,469.31
jun-16	33	5,901,375.96
may-16	38	6,345,224.88
apr-16	28	7,625,672.09

Checks Pending Deposit:

(All numbers in ARS$)

It comprises months from December 2018 to October 2017}

No. of checks: 46

Total Amount: 14,739,843

HISTORY

The company was founded in 1924 by Víctor Elías Navajas Centeno

Key Developments

Some time later, towards 1950, the production and cultivation of black tea were added.

PRINCIPAL ACTIVITY

ESTABLECIMIENTO LAS MARIAS S A C I F A is dedicated to the production and wholesale of yerba, mate, tea and related products.

Products/Services description:

PRODUCTS:

Yerba

Mate

Mate Cocido

Tea

Herbs

SERVICES:

Marketing Services

Merchandising Services

Trade Marketing Services

Brands:

TARAGÜÍ

UNIÓN

LA MERCED

MAÑANITA

Sales are:

Wholesale

Clients:

Lumber Transport Inc.

USA

LAS MARIAS TRADING LLC

USA

ROYAL ESTATES TEA CO.

USA

SIRAJ LTDA.

COLOMBIA

Importaciones Colombres Sa De Cv

MEXICO

Vascol Saci.

PARAGUAY

Jacome Y Ortiz De Comercio Cia Ltda.

ECUADOR

Suppliers:

No found

Operations area:

National and International

The company exports to

Worldwide

The subject employs

1,300 employees

Payments:

Regular-made on a 45-60 day payment term

LOCATION

Headquarters :

Establecimiento Las Marías

Irala 2021, Capital Federal

CP: 1164

Buenos Aires

Argentina

Branches:

Distribution and Logistics Center

Daniel Cerri 1050, Capital Federal - CP: 1164

Tel. (011) 4303-1162/69

Mendoza:

Francisco Alvarez 3150, M 5519 FSD Cnl. DORREGO. Mza.

Tel. (0261) 431 9922

suc_mendoza@lasmarias.com.ar

Rosario:

Ov. Lagos 3451, 2000 ROSARIO (Sta. Fe)

Tel. (0341) 4340333 / 4311663

suc_rosario@lasmarias.com.ar

Tucumán:

Ruta 9 (Acc. Norte) . Kmt. 1294, T 4101 XCZ LAS TALITAS (. Tuc.)

Tel. (0381) 427 2559

suc_tucuman@lasmarias.com.ar

Related Companies:

Forestal Las Marías S.A.

Argentina

Estacion de Servicio La Posta S.A.

Argentina

Yerbatera del Nordeste

Argentina

Cabaña Las Marías

Argentina

Victoria Jean Navajas Foundation

Argentina

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

Listed at the stock exchange:

NO

Capital:

ARS$ 4,782,000

Shareholders:

This is a private company. Major holders are Victor Jorge Navajas Artaza and Victor Amado Adolfo Navajas Centeno.

Management:

Victor Jorge Navajas Artaza, President

Victor Amado Adolfo Navajas Centeno, Director

Estuardo Victor Navajas, Main Director

Pablo Burton Navajas, , Main Director

Roberto Arturo Navajas, Main Director

Fernando Navajas Artaza, , Main Director

Adolfo Navajas, Main Director

Victor Navajas Nosiglia, Main Director

Pablo Raul Navajas Nosiglia, Main Director

Acevedo Cacimiro, Employee

Acevedo Francisco Eliseo, Employee

Acevedo Isidoro, Employee

Acevedo Juan Carlos, Employee

Acevedo Juan Pablo, Employee

Acevedo Juan Carlos, Employee

Acevedo Lorenzo, Employee

Acevedo Miguel, Employee

Acevedo Ramon Victor, Employee

Acevedo Rodolfo, Employee

FINANCIAL INFORMATION

The company does not make its financial statements public. The following information has been provided by private sources:

USD 2016

Revenue:

125,530,000

Net Income:

1,440,000

Cash Flow:

Normal

2017

4,052,271

2016

13,075,208

2015

14,770,983

2014

16,245,336

2013

15,981,738

2012

16,125,670

LEGAL FILINGS

Lawsuits

No records found

Trademarks:

AROMAS DE LAS MARIAS

ARTIGAS

BAJO CERO

BIENESTAR QUE SE COMPARTE

CAMUATI

CURUPAYTI

EL SABOR QUE NO CAMBIA

EL YERBATERO

ESCUELA VICTORIA

FUNDACION VICTORIA

FUNDACION VICTORIA JEAN NAVAJAS

GARUPA

GUARANI

GUARANITICA

INTERNATIONAL

LA MERCED CAMPO Y MONTE

LA SUAVE QUE NO AFLOJA, NO AFLOJA Y NO AFLOJA...

LA YERBA SUAVE QUE NO AFLOJA, NO AFLOJA Y NO AFLOJA...

LAS MARIAS

LIBERTAD PARA TOMAR MATE HASTA LA HORA QUE QUIERAS

LOS ARTIGUENOS

MAÑANITA

MATERIA TARAGUI

NAVAJAS

PUNTA DE ORO

SUAVE UNION

TAKUAPI

TARAGEI

TARAGUI

TARAGUI FRUTAS & ESPECIES

TARAGUI SILVESTRE

TARAGUI-YERBA MATE CON HIERBAS DEL LITORAL

TARAGUI-YERBA MATE CON HIERBAS SERRANAS

TE TARAGUI ANTIOX

TE TARAGUI INTERNACIONAL

TE TARAGUI, EL PLACER DE SENTIRSE BIEN

TODORESUELTO

UNION

UNION RELAX

YTACUA

Registration in AFIP:

(Administración Federal de Ingresos Públicos)

The Administración Federal de Ingresos Públicos, usually shortened as AFIP, is the revenue service of Argentina. It administers the taxation in Argentina.

Registration in AFIP
Description	Admission Date
Earnings Societies
Social Security Registry Employer	01/06/1924
Iva	01/03/1989
Sicore Prizes Games and C Deposits 434	01/03/1997
Sicore Income Tax 40	01/08/1999
Sicore Income Tax 94	01/01/2000
Sicore Income Tax 78	01/01/2000
Sicore Value Added Tax 493	01/01/2000
Minimum presumed income	01/01/2000
Sicore Impto A Ganancias 116	01/01/2000
Personal property Shares or Participations	01/05/2003
Citi Information Registry Shopping	01/01/2005
Registration Information Corporate Participations	01/01/2007
Registration Information Presentation of Financial Statements in Pdf Format	01/12/2009
Sicore Income Tax 26	01/11/2014
Sicore Income Tax 25	01/11/2014
Sicore Value Added Tax 682	01/11/2014
Information Regimen Information Regimen of Purchases and Sales	01/01/2015
Withholding Contributions Social Security 755	01/02/2015
Withholding Social Security contributions 748	01/02/2015
Withholding Social Security Contributions 754	01/02/2015
Withholding Social Security Contributions 742	01/02/2015
Withholding Contributions Social Security 740	01/02/2015

SRT - Superintendence of Workplace Risks:

Last contract

Insurance carrier:

EXPERT ART

Contract no .: 492151

From: 01/12/2016 - Absorption of one art by another.

Up to: Current membership

Employer Contributions:

Period	Social security contributions	Contributions of social work	Employer contribution social work
apr-17	Paid	Paid	Paid
may-17	Paid	Paid	Paid
jun-17	Paid	Paid	Paid
jul-17	Paid	Paid	Paid
aug-17	Paid	Paid	Paid
sep-17	Paid	Paid	Paid
oct-17	Paid	Paid	Paid
nov-17	Paid	Paid	Paid
dec-17	Paid	Paid	Paid
jan-18	Paid	Paid	Paid
feb-18	Paid	Paid	Paid
march-18	Not Paid	Not Paid	Not Paid

Maximum Credit Provided

USD 1 000 000

SUMMARY

Founded in 1924, ESTABLECIMIENTO LAS MARIAS S A C I F A is dedicated to the production and wholesale of yerba, mate, tea and related products.

It has 1,300 full-time employees and generates an estimated USD 125.53 million in annual revenue.

The company operates within national and international markets.

This has been an ACTIVE company incorporated in ARGENTINA in 1924.

RISK INFORMATION

DEBTS

Controlled

PAYMENTS

Regular

CASH FLOW

Normal

SUGGESTED CREDIT LINE

USD 1 000 000

STATUS

Active

INTERVIEW

NAME

NA

POSITION

Operator

COMMENTS

The person contacted confirmed legal name, trade name, website and telephone, but refused to provide further information through the phone.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.22
UK Pound	1	INR 92.77
Euro	1	INR 80.34
ARS	1	INR 3.23

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	POJ

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.