MIRA INFORM REPORT

Report No. :	493518
Report Date :	09.03.2018

IDENTIFICATION DETAILS

Name :	KLOCKNER PENTAPLAST DE ARGENTINA S.A
Registered Office :	Ruta Nacional N9 Km 783, Villa Del Totoral, 5236-Cordoba
Country :	Argentina
Financials (as on) :	2016
Date of Incorporation :	29.12.1999
Legal Form :	Anonymous Society
Line of Business :	The company provides special rigid PVC films and laminates barrier to moisture and oxygen. Application in the pharmaceutical, food and industrial market for various uses such as: pharmaceutical blister industrial blister, rigid packaging food, thermoformed vacuum, cover folder, fill cooling towers, off-set printing card loyalty card credit and material outlets (pop).
No. of Employees :	75

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 :	Slow but Correct
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:	KLOCKNER PENTAPLAST DE ARGENTINA S.A
Trade Name:	KLOCKNER PENTAPLAST
CUIT:	30-70705397-2
Date Created:	1999
Date Incorporated:	29-12-1999
Legal Address:	RUTA NACIONAL N9 KM 783 VILLA DEL TOTORAL 5236-CORDOBA
Operative Address:	Juncal 1311 7mo Piso C1062ABO Ciudad de Buenos Aires Argentina
Telephone:	*54 11 4814-2400
Fax:	*54 11 4325-3200
Legal Form:	Anonymous Society
Email:	argentina@kpfilms.com / n.lutereau@kpfilms.com
Registered in:	AGENCIA-SEDE N.1 CORDOBA BOULEVARD SAN JUAN 325 PB 5000 CORDOBA
Website:	www.kpfilms.com
Contact:	President: Jorge Ramón Camaño
Staff:	75
Activity:	Plastic & Rubber Product Manufacturing Industry
BANK	AMOUNT IN AR$
BANCO SANTANDER RIO S.A.	199
	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  POSITIVE CHECKS IN AR$ * February 2018 20,351.58 * December 2017 114,374.92 * November 2017 27,790.07 * October 2017 29,693.04 * September 2017 294,876.09 * August 2017 20,510.18 * July 2017 1,135,939.30 * June 2017 35,465.09 * May 2017 52,561.36 * April 2017 10,542.83 * March 2017 96,650.30 * February 2017 17,767.66 * August 2016 18,414.95 * June 2016 14,677.61
HISTORY
The company was established in 1999. It is part of Klöckner Pentaplast Group headquartered in Germany.
PRINCIPAL ACTIVITY
The company provides special rigid PVC films and laminates barrier to moisture and oxygen. Application in the pharmaceutical, food and industrial market for various uses such as: pharmaceutical blister industrial blister, rigid packaging food, thermoformed vacuum, cover folder, fill cooling towers, off-set printing card loyalty card credit and material outlets (pop).
Products/Services description:	The company offers products for pharmaceutical, medical device, food, electronics, cosmetic, thermoform packaging, and printing applications.
Brands:	KLOCKNER PENTAPLAST
Sales are:	Wholesale
Clients:	Procaps S.A. Colombia GENFAR SA Colombia
Suppliers:	MEXICHEM RESINAS COLOMBIA S.A. S. Colombia
Operations area:	National and International
The company imports from	UK, Colombia
The company exports to	Colombia
The subject employs	75 employees
Payments:	Slow but correct
Headquarters :	Juncal 1311 7mo Piso C1062ABO Ciudad de Buenos Aires Argentina
Branches:	Carlos Pellegrini 1023 Piso 1 - Capital Federal Tel.: (11) 4325-3200 / (11) 4325-3100 / (11) 4325-0178 / (11) 4325-0176 / (11) 4325-0175 / (11) 4325-0174 / (11) 4325-0172 / (11) 4325-0171 Joaquin V Gonzalez Nro: 1312 - (1407) - Capital Federal Tel.: (11) 4639-9017 / (11) 4639-4844 / (11) 4639-9015
Related companies:	NA
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	$12.610,00
Shareholders:	Klöckner Pentaplast Group P.O. Box 11 65 56401 Montabaur Germany
Management:	President: Jorge Ramón Camaño Directors: Facundo Martínez Crespo Mr. Charles J DeLanoy and Thierry Lelay Alternate Director: Rodrigo Massanet
FINANCIAL INFORMATION
The company does not public its financial statements. The following information has been provided by our private sources:
AR$ 2016
Total Assets	50 000 000
Total Liabilities	20 000 000
Exports in US$
Year		Total
2017		2,946,825
2016		7,616,734
2015		5.900.266
2014		6.873.511
2013		8.028.691
2012		8.492.954
LEGAL FILINGS
TRIALS AS DEFENDANT Date of the draw: 07/18/2014 FEDERAL CAPITAL, Ordinary Judgment, Juzg. 011, Sec. 021, Exp. Nro: 022790/14 Cover: KLOCKNER PENTAPLAST DE ARGENTINA SA Actor / s: SILILABEL SA, DALFILM SA - EXTENSION of date: 05/29/17 - Cover: KLOCKNER PENTAPLAST DE ARGENTINA SA Actor / s: SILILABEL SA CUIT 33698986579, DALFILM SA Source: Chamber of Commerce Juzg. 11, Sec. 21 / (RS TG 290517 - 022790 - 14 -)
SUMMARY
Klöckner Pentaplast is a global leader in the production of rigid plastic film solutions for primary packaging of pharmaceuticals, food, electronics, medical devices and consumer, as well as printing and specialty applications. The company has 17 years of experience in the Argentinian market, being part of a German headquartered group. It maintains only 1 open credit line with a national financial institution.
RISK INFORMATION
DEBTS		Controlled
PAYMENTS		Slow but correct
CASH FLOW		Normal
STATUS		ACTIVE
INTERVIEW
NAME		Mónica
POSITION		Administrative
COMMENTS		The person contacted confirmed CUIT, address, staff number, current president and main activity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.92
UK Pound	1	INR 90.23
Euro	1	INR 80.54
ARS	1	INR 3.21

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	SYL

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.