MIRA INFORM REPORT

Report No. :	486061
Report Date :	17.01.2018

IDENTIFICATION DETAILS

Name :	CURTIEMBRE PASO DEL REY S A
Registered Office :	El Jilguero 2085 Paso Del Rey 1742-Buenos Aires
Country :	Argentina
Date of Incorporation :	05.05.1999
Legal Form :	Anonymous Society
Line of Business :	Subject is engaged in Cottoning and finishing of leather.
No. of Employees :	130

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	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Argentina	B2	B2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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. 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 has taken 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:	CURTIEMBRE PASO DEL REY S A
Trade Name:	CURTIEMBRE PASO DEL REY S A
CUIT:	30-69700374-2
Date Created:	1999
Date Incorporated:	05-05-1999
Legal Address:	EL JILGUERO 2085 PASO DEL REY 1742-BUENOS AIRES ARGENTINA
Operative Address:	EL JILGUERO 2085 PASO DEL REY 1742-BUENOS AIRES ARGENTINA
Telephone:	+54 2374663309
Fax:	+54 2374634800
Legal Form:	ANONYMOUS SOCIETY
Email:	curtiembrepasodelrey@ciudad.com.ar info@curtiembrepasodelrey.com
Registered in:	ARGENTINA
Website:	www.curtiembredelrey.com.ar
Contact:	Rodolfo Eduardo Garcia, President
Staff:	130
Activity:	151100 (F-883) COTTONING AND FINISHING OF LEATHER
BANKS:	According to Argentinian Central Bank, the company maintains credit lines with the following banks:
BANK	AMOUNT IN AR$
BANCO COMAFI SOCIEDAD ANONIMA	16177
BANCO DE LA PROVINCIA DE BUENOS AIRES	6592
BANCO DE INVERSION Y COMERCIO EXTERIOR	5231
BANCO ITAU ARGENTINA S.A.	4945
BANCO MACRO S.A.	3554
BANCO FRANCES S.A.	1546
FIDEICOMISO FINANCIERO COMAFI LEASING PYMES X	115
BANCO PATAGONIA S.A.	2
BANCO DE GALICIA Y BUENOS AIRES S.A.	1
	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 for the subject.
HISTORY
	The company was founded in 1999
PRINCIPAL ACTIVITY
	Curtiembre Paso Del Rey S.A. is a mid-sized organization in the leather tanning and finishing companies industry located in Paso Del Rey, Argentina.
Products/Services description:	Leather and Hide Tanning and Finishing Leather Tanning And Finishing
Brands:	NA
Sales are:	Wholesale and Retail
Clients:	KAMALI GLOBAL INC. USA C.I. Juan P Vergara Y Cia Ltda Colombia G A Leather Srl USA
Suppliers:	NA
Operations area:	National and International
The company exports to	USA and Colombia
The subject employs	130 employees
Payments:	No Complaints
LOCATION
Headquarters :	EL JILGUERO 2085 PASO DEL REY 1742-BUENOS AIRES ARGENTINA
Branches:	The company does not have branches
Related Companies:	NA
Main Competitors:	Cueros De La Estancia S.R.L. Mario Bravo 782 Corra Sergio Fabian Cnel. Molinedo 2159 Secaire S.A. Jose C. Indart 3320 A. Y A. De Maio De De Maio Antonio Y De Maio A. S.H. Isleta 233 Aghemo Gerardo Tomas Gral. Justo Jose De Urquiza 92
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	ARS$ 12,000
Shareholders:	This is a private company. Major holders were Carlos Alberto Fernández and Rubén Darío Orozco
Management:	Rodolfo Eduardo Garcia, President Leandro Carlos Delany, Assistant Director Gustavo Alberto Sánchez, Assistant Director
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 2016
Revenue	4,500,000
Cash Flow	Normal
Exports Annual FOB USD
2017	1,395,684
2016	4,514,284
2015	2,974,385
2014	7,383,392
2013	6,602,209
2012	3,239,018
LEGAL FILINGS
Lawsuits	(Cc0002 Lm 772 Rsi-35-5 I Date: 03/22/2005 Judge: Berrondo Churches (sd) Title: Maersk Argentina S.a. C / Curtiembre Paso Del Rey S.a. And Others S / Charge Money Executive).
OFAC Sanctions List Search	The company is not listed in the OFAC list.
SUMMARY
	Founded in 1999, Curtiembre Paso Del Rey S.A. is a mid-sized organization in the leather tanning and finishing companies industry located in Paso Del Rey, Argentina. It has 130 full-time employees and generates an estimated USD 1million in annual revenue. It mainly exports to USA and Colombia, operating within national and international companies. This has been an ACTIVE company incorporated in ARGENTINA in 1999.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Jose
POSITION	Operator
COMMENTS	He confirmed legal name, trade name, address and telephone. He asked the reason of the call and refused to provide further information. He transferred the call to the area of Human Resources but nobody answered.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.76
UK Pound	1	INR 87.91
Euro	1	INR 78.20
ARS	1	INR 3.39

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

INFORMATION DETAILS

Analysis Done by :	NIS
Report Prepared by :	DNS

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.