MIRA INFORM REPORT

Report No. :	486735
Report Date :	18.01.2018

IDENTIFICATION DETAILS

Name :	GAX S.A.
Registered Office :	Gurruchaga 875, 1414-Ciudad Autonoma Buenos Aires
Country :	Argentina
Date of Incorporation :	25.02.2003
Legal Form :	Sociedad Anonima
Line of Business :	This company is dedicated to provide shoes and accessories in retail stores.
No. of Employees :	600

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:	GAX S.A.
Trade Name:	PRUNE
CUIT:	30-70840291-1
Date Created:	2003
Date Incorporated:	25-02-2003
Legal Address:	Gurruchaga 875 1414-Ciudad Autonoma Buenos Aires
Operative Address:	Avenida De Los Constituyentes 2985 C.A.B.A. 1427 Cuit Argentina
Telephone:	54 1140114309
Fax:	54 1140114300
Legal Form:	Sociedad Anonima
Email:	prune@prune.com.ar
Registered in:	ARGENTINA
Website:	www.prune.com.ar
Contact:	Gerardo Francisco Farrell, President
Staff:	600
Activity:	Retail Stores
Banks
BANK	AMOUNT IN AR$
BANCO DE LA NACION ARGENTINA	99946
BANCO SANTANDER RIO S.A.	24381
BBVA BANCO FRANCES S.A.	12486
BANCO DE GALICIA Y BUENOS AIRES S.A.	12
	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, which means an amount of $0.
History:	This company was established in 2003.
	This company is dedicated to provide shoes and accessories in retail stores.
Products/Services description:	BAGS SHOES JACKETS ACCESSORIES WALLETS BELTS KEYCHAINS BIJOUTERIE WATCHES SUNGLASSES
Brands:	PRUNE
Sales are:	Wholesale
Clients:	Surbap Sac, PERU Zen Srl, BOLIVIA Empresas De Mensajeria Sin Registro En El Padron De Importadores, MEXICO
Suppliers:	No
Operations area:	National and International
The company exports to	PERU, BOLIVIA, MEXICO
The subject employs	600
Payments:	No Complaints
LOCATION
Headquarters :	AVENIDA DE LOS CONSTITUYENTES 2985 C.A.B.A. 1427 CUIT Argentina
Size:	NA
Branches:	This company has approximately 90 branches in the country.
	Hidalgo 45 Piso Pb - Capital Federal Tel.: (11) 4904-3116 / (11) 4903-0901 Aguero 685 - Capital Federal Tel.: (11) 4862-8103 Posadas 1245 - Capital Federal Tel.: (11) 4813-4172 Quevedo 3605 - Capital Federal Tel.: (11) 4648-2367 Av Acceso Este 3280 - Villa Nueva de Guaymallen - Mendoza Tel.: (261) 426-7530 Calle 9 860 - La Plata - Buenos Aires Tel.: (221) 422-8969 Thames 743 - (1414) - Capital Federal Tel.: (11) 4773-0112 Gurruchaga 861 - (1414) - Capital Federal Tel.: (11) 4776-8500 / (11) 4776-7717 / (11) 4011-4300
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	AR$12.000
Shareholders:	Gerardo Francisco Farrell 75% Alejandro Santiago Farrell 25%
Management:	Lucas Francisco Farrel, Substitute Director Dolores Zuberbuhler, Substitute Director Mara Mercedes Marques, International Sales Manager Gerardo Francisco Farrell, President María Eugenia Montemayor, Vice President Sebastian Ignacio Berbech, Director Alejandro Santiago Farrel, Director
FINANCIAL INFORMATION
	The company does not make its financial statements public. The following information has been provided by private sources:
AR$ 2016
Sales:	$ 20 000 000
Exports in US$
Year	Total
2017	705,307
2016	1 904 862
2015	5 374 162
2014	7 203 879
2013	6 103 152
2012	6 189 842
	Monthly commitments: AR$ 3,919,324
LEGAL FILINGS
	TRANSFER FUNDS F e c h a: 04/07/2005 Assignees: CUEROS ARGENTINOS SRL, Dom. Chacabuco 1372 P 12, Rosado, Santa Fe Transfer / n: P R U N E, Sun: Nansen 323, Centro el Portal de Rosario, Sector: Leather goods Assignee: GAX SA, Dom. Thames 743, Capital Federal Professionals Speakers: -) MAZZEI Y MACAT, Dom. Moreno Nº 1623 P 2º Of A, Tel. 4218605, Obs. Legal Office Observations: claims of law Moreno Nº 1623 P 2º Of A Source: Boletin Oficial Pcia Santa Fe, Nro: 22869 of 04/07/05 Vto. Pub: 04/13/05 TRANSFER FUNDS OF TRADE F e c h a: 04/07/2005 Assignees: CUEROS ARGENTINOS SRL, Dom. Chacabuco 1372 P 12, Rosado, Santa Fe Transfer / n: P R U N E, Sun: Junin Nº 501, Alto Rosario Shopping Center, Sector: Leather Goods Assignee: GAX SA, Dom. Thames 743, Capital Federal Professionals Speakers: -) MAZZEI Y MACAT, Dom. Moreno Nº 1623 P 2º Of A, Tel. 4218605, Obs. Legal Office Observations: claims of law Moreno Nº 1623 P 2º Of A Source: Boletin Oficial Pcia Santa Fe, Nro: 22869 of 04/07/05 Vto. Pub: 04/13/05
SUMMARY
	Founded in 2003, Gax S.A. is an organization in the miscellaneous retail stores industry located in Ciudad De Buenos Aires, Argentina. It is a large-sized company which has approximately 600 full-time employees and generates an estimated $12.5 million AR in annual revenue. It exports to PERU, BOLIVIA and MEXICO. This is an ACTIVE company incorporated in ARGENTINA since 2003.
RISK INFORMATION
	*Total financial system debt: AR$ 136825 *Current situation of BCRA Debtors Central: 1 In normal situation *Registers employers' employer payments within the last 24 months *Last contract Work Risks Insurance with current affiliation, insurer EXPERTA ART
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Sofia
POSITION	Assistant
COMMENTS	The person contacted confirmed address, website, main activity and contact, but refused to provide an email.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.97
UK Pound	1	INR 88.13
Euro	1	INR 78.35
ARS	1	INR 3.38

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

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	TPT

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)

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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.