MIRA INFORM REPORT

Report No. :	493805
Report Date :	05.03.2018

IDENTIFICATION DETAILS

Name :	SINDY INSUMOS ALIMENTICIOS S.A
Registered Office :	Madero Eduardo 141, Lomas Del Mirador, 1752-Buenos Aires
Country :	Argentina
Financials (as on) :	2015 [Summarized]
Date of Incorporation :	09.01.2009
Legal Form :	Sociedad Anonima
Line of Business :	Subject is an Argentine company that produces and markets a wide range of flavors, essences, spices, condiments and raw materials for the food industry.
No. of Employees :	18

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 (30.09.2017)	Current Rating (31.12.2017)
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 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:	SINDY INSUMOS ALIMENTICIOS S.A
Trade Name:	SINDY
CUIT:	30-71089379-5
Date Created:	2009
Date Incorporated:	09-01-2009
Legal Address:	Madero Eduardo 141 Lomas Del Mirador 1752-Buenos Aires Argentina
Operative Address:	Eduardo Madero 141 Lomas del Mirador Buenos Aires Argentina
Telephone:	+54 (011) 4652 9090 +54 (011) 4687 3773 / 4686 6899
Fax:	+54 (011) 4652 9090
Legal Form:	Sociedad Anonima
Email:	info@sindy.com.ar
Registered in:	ARGENTINA
Website:	www.sindy.com.ar
Contact:	Jorge Guillermo Puppi, President and Founder Sandra Elisabet Medina, Alternate Director and Founder
Staff:	18
Activity:	107912 (F-883) Elaboration and milling of aromatic herbs and spices
BANKS:	According to Argentinian Central Bank, the company maintains credit lines with the following banks:
BANK	AMOUNT IN AR$
BANCO CREDICOOP COOPERATIVO LIMITADO	62
	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 2009
PRINCIPAL ACTIVITY
	Sindy is an Argentine company that produces and markets a wide range of flavors, essences, spices, condiments and raw materials for the food industry.
Products/Services description:	Species & Condiments: Cayenne pepper Ground chili Garlic in Grain or Ground Basil Anise Turmeric Vegetable, Chicken and Meat Broth Cinnamon Dehydrated Onion Clove Cumin Chimichurri Curry Seasoning Seasoning for Rice Seasoning for Pizza Condiment for Ravioli Coriandro Assorted spices Dehydrated Spinach Tarragon Fine herbs Fennel Ginger Laurel Mustard Nutmeg Oregano Parsley Peppers White pepper Black pepper Provencal Rosemary Thyme Breaking systems: Sindy® Grated Bread Bread Flavored egg for bread Liga-Max Sindy® Liga-Max Egg-based additive without taste for flavoring Rebozador Sindy®Rebozador Flavored egg for bread Functional Mixtures for Chacinados: Integral powder for Raw Ham and Bondiolas Cure Integral powder for fresh chorizos Integral powder for colored chorizos and cantimpalos Integral powder for hamburgers, medallions and formitas Integral powder for curing loin and bacon tapes Integral powder for Calabrian sausages Whole powder for black pudding Integral powder for Salame Milan Whole powder for home salami Integral powder for fresh sausages Syma30 is a comprehensive additive developed Total complement for fresh meat products WITHOUT TASTE Complete drying cure for sausages Additives: Curry of loin ribbons and bacon League for Matambres Liquid Color Anti Reducer Additive Emulsifier, Binder Protein plant extender Antioxidant Fixer of color Flavors: Pork flavor Jamon flavor Chicken flavor Cheese-parmesan flavor Vienna Sausage Flavor Hummy Flavor Liquid Smoke Meat broth Chicken soup Flavor Meat
Brands:	Sindy
Sales are:	Wholesale
Clients:	National companies Food Industries
Suppliers:	Katz Com De Prod Alimenticios Ltda Brazil
Operations area:	National
The company imports from	Brazil and China
The subject employs	18 employees
Payments:	No Complaints
LOCATION
Headquarters :	Eduardo Madero 141 Lomas del Mirador Buenos Aires Argentina
Branches:	Av. de los Corrales 6535, Buenos Aires Argentina
Related Companies:	NA
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	ARS$ 80,000
Shareholders:	This is a private company. Major holders are: Jorge Guillermo Puppi Sandra Elisabet Medina Pedro Agustín Puppi
Management:	Jorge Guillermo Puppi, President and Founder Sandra Elisabet Medina, Alternate Director and Founder Pedro Agustín Puppi, Founder Matias Puppi, Sales Manager Diego Bordone, Commerce Manager
FINANCIAL INFORMATION
	This is a private company which does not make its financial figures public. The following information has been provided by outside sources:
ARS 2015
Sales	17,500,000
Cash Flow	Normal
LEGAL FILINGS
Trademarks	SINDY ELSABORDELAMILANESA
Lawsuits	No records found
Renewal History	By deed of 09/01/09, No. 6, to folio 20, Re-register 552 of Cap. Fed, in charge of the Esc. Mónica Mangudo, was constituted "SINDY INSUMOS ALIMENTICIOS S.A" - Domicile: Chilavert 6921, Cap. Fed.- Partners: Jorge Guillermo Puppi, Argentine, born on 08/10/73, married, merchant, DNI 23,508,035, domiciled in Palmar 149, Lomas del Mirador, La Matanza Party, Province of Buenos Aires; Sandra Elisabet Medina, Argentine, born on 04/07/66, married, merchant, DNI 17.802.136, domiciled in Palmar 149, Lomas del Mirador, La Matanza Party, Province of Buenos Aires; and Pedro Agustín Puppi, Argentine, born 06/09/83, registered, merchant, DNI 30,493,871, domiciled in Ibarrola 6438, Cap. Fed.- Purpose: Purchase, sale, import, export, processing, marketing, packaging, distribution, manufacturing, industrialization, representation of raw materials and manufactured products of consumer goods, merchandise or accessories, supplies, or not of its own elaboration, wholesale and retail, concession, licenses, development of franchises, all related to the gastronomic and food activity. - Social Capital: $ 80,000.- Duration: 99 years from your registration.- Directory: President: Jorge Guillermo Puppi, Vice-President: Sandra Elisabet Medina, and Alternate Director: Pedro Agustín Pup-pi; all constitute special domicile in Chilavert 6921, Cap. Fed.- Duration: 3 years. - Year of the year: December 31 of each year. Matías Campitelli, DNI 21,478,092, authorized by the Special Power of 09/01/09, n ° 6, to folio 20, Registry 552 of Cap. Fed, in charge of the Esc. Mónica Mangudo. Certification issued by: Mónica Mangudo. Registration Number: 552. Registration Number: 2041. Date: 13/1/2009. Nº Minutes: 62.e. 01/28/2009 N ° 4769/09 v. 01/28/2009
SUMMARY
	Founded in 2009, Sindy is an Argentine company that produces and markets a wide range of flavors, essences, spices, condiments and raw materials for the food industry. It has 18 full-time employees and generates an estimated ARS 17,5 million in annual revenue. It mainly imports from Brazil and China, operating within national markets. This has been an ACTIVE company incorporated in ARGENTINA in 2009.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	NA
POSITION	Operator
COMMENTS	He confirmed legal name, trade name and telephone. He asked the reason of the call and refused to provide further information without knowing the client´s name and reason for needing the company´s information. He did not tell us his name.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.22
UK Pound	1	INR 89.71
Euro	1	INR 79.50
ARS	1	INR 3.21

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

INFORMATION DETAILS

Analysis Done by :	PRA
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)

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.