MIRA INFORM REPORT

Report No. :	510893
Report Date :	25.05.2018

IDENTIFICATION DETAILS

Name :	ELLEY S.A.
Registered Office :	Ortiz De Ocampo 3050 Dpto:2 1425-Ciudad Autonoma Buenos Aires
Country :	Argentina
Financials (as on) :	2016 (Summarized)
Date of Incorporation :	28.09.2011
Legal Form :	Sociedad Anonima
Line of Business :	Subject is a company dedicated to the wholesale and retail sale of clothes, accesories and related products.
No. of Employees :	50

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	ELLEY S.A.
Trade Name	GINEBRA
ID	CUIT
ID Details	30-71210078-4
Creation Date	2011
Incorporation Date	28-09-2011
Legal Address	ORTIZ DE OCAMPO 3050 Dpto:2 1425-CIUDAD AUTONOMA BUENOS AIRES ARGENTINA
Operative Address	ORTIZ DE OCAMPO 3050 Dpto:2 1425-CIUDAD AUTONOMA BUENOS AIRES ARGENTINA
Telephone	+54 9 11 28625474
Fax	+54 9 11 28625474
Legal Form	SOCIEDAD ANONIMA
E-Mail	pedidos@ginebrabsas.com
Registered In	ARGENTINA
Website	www.ginebrabsas.com
Contact	Luciano Abitboul, President
Staff	50 employees
Activity	477190 (F-883): SALE OF GARMENTS AND CLOTHING ACCESSORIES N.C.P. 464129 (F-883): WHOLESALE OF CLOTHING GARMENTS AND ACCESSORIES N.C.P., EXCEPT UNIFORMS AND WORK CLOTHING

Banks

Name of Bank	Reported Amount
BANCO SANTANDER RIO S.A.	12451
BANCO CREDICOOP COOPERATIVO LIMITADO	11089
BBVA BANCO FRANCES S.A.	9982
BANCO MACRO S.A.	7426
BANCO DE GALICIA Y BUENOS AIRES S.A.	7253
BANCO ITAU ARGENTINA S.A.	3596
HSBC BANK ARGENTINA S.A.	305
Description	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

History	The company was founded in 2011.
Key Developments	Along with two other partners, Micaela Tinelli, daughter of Marcelo Tinelli, Argentine TV host, media producer and businessman, best known as the host of the TV show ShowMatch broadcast on Argentina's El Trece, started their clothing business which they decided to call GINEBRA and tried to register the trademark at the INPI in mid-2015, for the second time. The first had been in 2011. And there is the problem. Upon learning of this situation, the Embassy of Switzerland in Argentina presented its opposition to the registration GINEBRA. They argue that this name is intended to induce the consumer to associate it automatically with the name of the Swiss country, and with "produced, provided and / or originating under Swiss quality standards. In turn, the Embassy indicates that seeking to register GINEBRA goes against the law, which prohibits the registration of "letters, words, names or badges, used by foreign nations." That controversy, which began in 2015, is still unresolved and should not rule out a trial between the two for a judge to define whether Micaela Tinelli and her partners can register the GINEBRA brand. Meanwhile, until mid-2017 both parties will be able to sit down at a table to negotiate a peaceful exit.
Parent Company	NA

Principal Activity

General Description

ELLEY S.A. is a company dedicated to the wholesale and retail sale of clothes, accesories and related products.

Service/Product Description

The purpose of the company is to dedicate, for its own account, third parties or associated to third parties, in the country or abroad, the following activities: Manufacture, production, transformation, elaboration, purchase, sale, import, export, representation, consignment and marketing in general, wholesale and / or retail, of all types of clothing and clothing, female and male; clothing and leather goods, fabrics and accessories of all kinds.

MAIN PRODUCTS:
Denim
Leather
Privé
accessories
Coats
Blouses and Tops
Jeans
Pants
T-shirts
Sweaters
Dresses and skirts

Sales

Wholesale and Retail

Operations Area

National and International

Imports From

India

Export To

Paraguay and Uruguay

Employees

50 employees

Payments With Suppliers

No Complaints

Brands
Brand	Comments
GINEBRA	NA

Clients
Name of Client	Country	Comments
FASHION TRADING SRL	PARAGUAY	NA

Comments

The company`s main clients include national and international companies, as well as private customers.

Suppliers
Supplier Name	Country	Comments
Creative Outerwear Ltd.	INDIA	NA

Comments

NA

Location

Headquarters

ORTIZ DE OCAMPO 3050 Dpto:2 1425-CIUDAD AUTONOMA BUENOS AIRES ARGENTINA

Branches

Palermo El Salvador 4792, Palermo Palermo - C.A.B.A. Tel: 4831-9003 Patio Bullrich Posadas 1245 - Local 026 Retiro - C.A.B.A. Tel: 4893-0916 Unicenter Shopping Paraná 3745 - Local 1069 Martinez - Martinez, Buenos Aires Tel: 4836-0509 Centro Comercial Nordelta Av. de los Lagos 7008, Rincón de Milberg - 108 Rincón de Milberg - Buenos Aires Tel: 4871-4297 Alto Rosario Junín 501 - 043 Rosario - Santa Fe Tel: 0341410-6592 Alcorta Shopping Local 1053 Jerónimo Salguero 3172 Palermo, C.A.B.A., CABA (C1425DFP) - Buenos Aires Tel: 5777-6664 Córdoba Shopping - PB Local 56 José A. de Goyechea 2851 Córdoba - Córdoba Tel: 0351 420-5067 Mar del Plata Rawson 1275, Mar del Plata Mar del Plata - Buenos Aires Tel: 0223-451-0212 La Plata 51 484, La Plata La Plata - Buenos Aires Tel: 0221-425-6050 Ginebra Express Outlet Av. Juan S. Fernandez 87, San Isidro San Isidro - Buenos Aires Tel: 4723-6225

Group Structure and Subdiary Companies
Listed at the stock exchange	NO
Capital	ARS 18,000
Shareholders (%)	This is a private company. Major holders are Luciano Abitboul, Romina Pigretti and María Micaela Tinelli
Management	Luciano Abitboul, President Romina Pigretti, Vice President María Micaela Tinelli, Director Melina La Mura, Costume Designer Luciana Hansen, Costume Designer Marco Giampetruzzi, Warehouse Manager
Subsidiary Companies	NA
Related Companies	International office: Paraguay Avenida Aviadores del Chaco esq. Profesora Delia González - 2229 Asuncion - Paraguay Tel: +595 985134889

Financial Information

General Description

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

Year/Currency

2016 ARS$

Sales

3,000,000

Money Flow

Normal

Imports

Foreign trade in the last 5 years:
Imports:
Records: 531
US$: 2,317,091

Import Fob Dollar
Year	Amount
There are not Import Fob Dollar informed

Export Fob Dollar
Year	Amount
There are not Export Fob Dollar informed

Legal Filings
Lawsuits	No records found
Trademarks	GINEBRA
Patents Registered	No records found
Renewals	No records found

Summary

Summary

Founded in 2011, ELLEY S.A. is a company dedicated to the wholesale and retail sale of clothes, accessories and related products. The company has approximately 50 full-time employees and generates an estimated ARS 3 million in annual revenue. It mainly imports from India and exports to Paraguay and Uruguay, operating within national and international markets. This has been an ACTIVE company incorporated in ARGENTINA in 2011.

Risk Information
Debts	Controlled
Payments	No Complaints
Cash Flow	Normal
State	ACTIVE

Interview
First Name	Sandra
Position	Reception
Comments	She confirmed legal name, trade name, telephone, website, principal activity and operations area. She also confirmed that the company has several branches in Argentina. She provided this email for general inquiries: pedidos@ginebrabsas.com She did not provide neither staff number nor major holders.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.39
UK Pound	1	INR 91.44
Euro	1	INR 80.14
ARS	1	INR 2.78

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

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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.