Delivery Date: May 10, 2019
Update Date: Oct 02, 2018
Subscriber No: 825111111
Ticket Key: 201905105008050567

EMPRESA MODELO S.A.

ACTIVE SINGLE LOCATION

Address	Avda Corrientes 456 Piso 8, Oficina 86 C1043AAR - Ciudad de Buenos Aires Argentina
Telephone(s):	(+54) (011) 55563100
D-U-N-S Number:	97-081-4638

Identification

D-U-N-S Number:
97-081-4638
C.U.I.T.:
30-11111111-1
Trade Name:
Modelo & Co.

Telephone(s):
(+54) (011) 55563100
Facsimile(s):
(+54) (011) 55563183
(+54) (011) 55563192
Mobile Phone:
011 15 41320000
0800 Line:
0800-333-3100

E-Mail:
empresa@modelo.com.ar
Website:
www.empresa-modelo.com.ar
www.emodelo.com.ar

Summary

Legal Structure:
Corporation
Foundation:
1948
Control:
1992
Line of Business:
Manufacture and commercialization of spare parts for automobiles

SIC:
3714-0200
3714-0300
5013-0100
Imports:
Yes
Exports:
Yes

Employees:
250
Chief Executive:
Dr. Jorge Andrés Natalino
Position:
President

Address

Avda Corrientes 456 Piso 8, Oficina 86 C1043AAR - Ciudad de Buenos Aires Argentina

Risk Evaluation

Credit Risk Indicator (CRI)	7.35
D&B Rating	3A 3
History	Complete

Financial Summary

Financial Statement Date	Dec 31, 2017
Sales	$ 256,610,319.00
Net Worth	$ 178,108,024.00
Capital Stock	$ 20,000,000.00
Profit/ Loss	$ 18,570,919.00
Financial Situation	GOOD

Legal Actions

Yes

Ratios

Current Ratio	2.32
Debt to Equity Ratio	0.23

Payments Information

PROMPT

Information Management

Managers

Currency

All the figures declared in the present report are in $ (Argentinian Peso), legal tender in República Argentina, unless otherwise indicated.

Risk Assessment

Risk Indicator

Low Risk (1)

High Risk (4)

Risk Level of the Company is : AVERAGE

D&B Rating

Financial Strength

Based on net worth

Risk Indicator

Acceptable (Risk Slightly Over the Average)

Former Rating

Financial Strength

N/A

Risk Indicator

N/A

The Dun & Bradstreet Rating of 3A 3 indicates:

Financial Strength of USD 1,500,000 to 9,999,999 based on net worth.
A Risk Indicator which is Acceptable (Risk Slightly Over the Average).

Credit Risk Indicator

It's an indicator that gives a score between 0 (lowest) and 10 (highest), which represents the business' strength at commercial, economic and financial level.

It comes up from analyzing in standard nature different key areas contained in the present business information report, which was made based on data obtained from several sources.

Each area has a determinated weight defined by D&B, according to its importance level.

The final score is made as from the summatory of each area result.

#	Key Area	Result	Estimated Contribution	Result By Area
1	Payments Behavior	10	20.00%	2.00
2	Legal Background	0	12.50%	0.00
3	Rejected Checks	10	10.00%	1.00
4	Financial System Debt	6	10.00%	0.60
5	Liquidity Ratio	8	10.00%	0.80
6	Total Indebtedness	8	10.00%	0.80
7	Years on Business	10	7.50%	0.75
8	Employees	8	5.00%	0.40
9	Capital Stock	10	5.00%	0.50
10	Sales Tendency	6	5.00%	0.30
11	Profitability Margin	4	5.00%	0.20
			Final Indicator	7.35

For the drawing up of the Credit Risk Indicator Average by employees, antiquity and activity, only information coming from D&B Argentina's Database from May/2014 to May/2015 was taken into account.

Employees	Average Indicator
Between 0 and 10	4.71
Between 11 and 40	5.78
Between 41 and 100	6.35
Between 101 and 500	6.79
More than 500	7.02

Antiquity Range	Average Indicator
More than 20 years	6.36
Between 11 and 20	5.71
Between 5 and 11	5.3
Between 3 and 5	4.88
Between 1 and 3	4.43
Minor than 1	4.16

Activity	Average Indicator
Agriculture, Cattle, Forestry and Fishing	5.49
Mining and Oil	5.84
Constructions	6.01
Food Products and Tobacco	5.92
Non perishable Products Manufacturer	6.38
Transport and Public Services	5.9
Wholesaler Marketing	5.92
Retailer Marketing	5.63
Services	5.27

KEY AREA DETAIL

1. Payments Behavior % slow over the total of trade references obtained

0%	10
Between 0 and 10%	6
Between 10 and 30%	4
Between 30 and 50%	2
More than 50%	0
No Information	0

2. Legal Background

No Suits	10
1 Suit	8
2 or more Suits	6
1 Bankruptcy Proceeding	2
2 or more Bankruptcy Proc.	0
Credits Meeting	0
Out-Of-Court Preventive Agreement	0

3. Rejected Checks in the last 12 months for lack of funds

Without Rejected Checks	10
1 Rejected Check	6
2 Rejected Checks	4
3 Rejected Checks	2
4 Rejected Checks	1
More than 4 Rejected Checks	0

4. Finance System Debtors

Without Debt	10
100% in Situation 1	10
Between 0 and 20% Sit 2, 3	8
Between 20% and 50% Sit 2, 3	6
More than 50% Sit 2, 3	4
Between 0 and 10% Sit 4, 5, 6	2
More than 10% Sit 4, 5, 6	0

5. Liquidity Ratio

Greater than 2.00	10
Between 1.50 and 2.00	9
Between 1.00 and 1.50	8
Between 0.70 and 1.00	6
Between 0.50 and 0.70	4
Less than 0.50	0
No Information	0

6. Total Indebtedness

Less than 0.20	10
Between 0.20 and 0.50	8
Between 0.50 and 1.00	6
Between 1.00 and 1.50	4
Between 1.50 and 2.00	2
Greater than 2.00	0
No Information	0

7. Years on Business

Greater than 20	10
Between 11 and 20	8
Between 5 and 11	6
Between 3 and 5	4
Less than 3	0
No Information	0

8. Employees

Greater than 500	10
Between 101 and 500	8
Between 41 and 100	6
Between 11 and 40	4
Between 1 and 10	2
No Information/No Employees	0

9. Capital Stock (in Thousands)

Greater than $10,000	10
Between $5,000 and $10,000	9
Between $2,500 and $5,000	8
Between $1,000 and $2,500	7
Between $500 and $1,000	6
Between $100 and $500	5
Between $50 and $100	4
Between $10 and $50	2
Less than $10	1
No Information	0

10. Sales Tendency according to the last two balance sheets

Greater than 10%	10
Between 5% and 10%	8
Between 0 and 5%	6
Between 0 and (5)%	4
Between (5)% and (10)%	2
Greater than (10)%	0
No Information	0

11. Profitability Margin

Greater than 15%	10
Between 10% and 15%	9
Between 5% and 10%	8
Between 3% and 5%	6
Between 0 and 3%	4
Loss	0
No Information	0

Automatic Credit Evaluation

The Automatic Credit Evaluation shows different amounts suggested by the credit. The same appear from a calculation automatic process.

Such calculation is the result of the two variables, one of them is the risk level associated to the CREDIT RISK INDICATOR (CRI), and the other is the amount (Total Net Worth, Capital Accounts and Net Worth Reserves, Short Term Assets and Working Capital).

According to the expertise developed by D&B, we exposed four different suggested credit amounts, so that the analyst can choose the most convenient regarding the operation field.

CREDIT RISK INDICATOR (CRI):

7.35

LEVEL RISK ACCORDING TO THE CRI

CRI RANGE	RISK LEVEL	FORMULA
10	MINIMUM(10)	(10*Amount Used)/100
10-8	LOW(7.5)	(7.5*Amount Used)/100
8-6	MEDIUM(5)	(5.0*Amount Used)/100
6-4	SIGNIFICANT(3,5)	(3.5*Amount Used)/100
4-0	HIGH	PAY IN CASH
SPECIAL CAUSALS	VERY HIGH	SEE EXPLANATION
INSUFFICIENT INFORMATION	NOT APPLICABLE	NOT APPLICABLE

LEVEL RISK CHARACTERISTICS

MEDIUM RISK

Negative tendency. From the analysis appears some values that must be observed and/or taken int account in case of granting a credit.

SUGGESTED CREDIT AMOUNTS

S/TOTAL NET WORTH	$ 8,905,500
S/CAPITAL ACCOUNTS AND NET WORTH RESERVES	$ 8,905,500
S/SHORT TERM ASSETS	$ 1,816,000
S/WORKING CAPITAL	$ 1,974,200

For the calculation of the Credit Suggested Amount according to the Short Term Assets, there were used the items Cash and Banks, Investments and Commercial Credits of the Current Asset.

Trade Payments

TRADE EXPERIENCES

D&B obtains payment references from local and international suppliers. References listed below may be from either or both sources. Amounts may be rounded to nearest figure in prescribed ranges.

Date	Fullfillment	High Credit	Now Owes	Terms	Last Purc	Pay Comments	Term Description	Antiquity In years
09/18	Prompt	$50,000.00	$6,137.00	30	09/18	Good	On current account	10
08/18	Prompt	$50,000.00	$5,014.00	30	08/18	Good	On current account	10
04/18	Prompt	$1,000.00		0	05/17			0

Payment references contained in this report may have been obtained from the same source in different months and monetary units. In some instances, payment beyond terms can be the result of disputes over merchandise, lost invoices, etc.

Country Risk

Average Payments

AVERAGE PAYMENTS IN ARGENTINA

International Risk and Payment Review is a unique Dun and Bradstreet Publication covering 122 countries worldwide.

On January 2018 this publication reported:

A) The local delay in payment was 0-1 month.

B) The foreign exchange bank delay fluctuated between 0-2 months.

For more information concerning this publication please contact your local Dun and Bradstreet representative.

News & Alerts

The following media research maybe expressed in the country's local language.

Banks

Date:

Oct 02, 2018

Operates with the following bank(s):

Bank Name:	Banco Comafi S.A.
Address:	San Martín 137, Ciudad de Buenos Aires, Argentina
Branch:	headquarter

Bank Name:	Citibank N.A.
Address:	Bartolomé Mitre 502/30, Ciudad de Buenos Aires, Argentina
Branch:	headquarter

Bank Name:	Industrial and Commercial Bank of China (Argentina) S.A.
Address:	Florida 99, Ciudad de Buenos Aires, Argentina
Branch:	headquarter

Bank Name:	Banco Santander Río S.A.
Address:	Bartolomé Mitre 480, Ciudad de Buenos Aires, Argentina
Branch:	headquarter

Bank Name:	HSBC Bank Argentina S.A.
Address:	Reconquista 199, Ciudad de Buenos Aires, Argentina
Branch:	headquarter

Bank Name:	Banco de Galicia y Buenos Aires S.A.U.
Address:	Teniente General Juan Domingo Perón 407, Ciudad de Buenos Aires, Argentina
Branch:	headquarter

Financial System Debtors

As per information taken from the Central Bank of the Dominican Republic Argentina (BCRA), subject registers the following information, to the date of this report:

Entity	Situation	Amount	Period
Banco Comafi S.A.	1	$ 92,939,500.00	Apr, 2018
BBVA Banco Francés S.A.	1	$ 70,837,500.00	Apr, 2018
Banco Santander Rio S.A.	1	$ 41,428,500.00	Apr, 2018
Banco Comafi S.A.	2	$ 90,000,000.00	May, 2018
BBVA Banco Francés S.A.	1	$ 65,000,000.00	May, 2018

Qualification Detail according to BCRA
1	Normal Situation (up to 31 days of delay)
2	With special tracing / Low Risk (delay from 31 to 90 days)
3	With trouble / Medium Risk (delay from 91 to 180 days)
4	High risk of insolvency / High Risk (delay from 181 to 365 days)
5	Unrecoverable (more than 365 days of delay)
6	Unrecoverable by technical disposition (slow payers from former Financial Institutions, with delay of more than 180 days)

Rejected Checks

Quantity of rejected checks without funds during the last 12 months: 0

SUMMARY OF REJECTED CHECKS IN COMPANY ACCOUNTS

Not Funds		Formal Defects		To the registration
Quantity	Amount	Quantity	Amount	Quantity	Amount
0	0.00	3	173,952.71	0	0.00

TOTAL SUMMARY OF REJECTED CHECKS IN COMPANY ACCOUNTS

	Quantity	Amount
Total Rejected Checks :	3	173,952.71
Total Paid Checks :	0	0.00
Percentage of Paid Checks :	0.00%	0.00%

SUMMARY PER BANK

Entity	Rejected non funds	Formal Defects	Rejected to the registration	Paid Checks

1	0	1	97,670.69	0	0
2	0	2	76,282.02	0	0
Total	0.00	3	173,952.71	0.00	0.00

Source: Banco Central de la República Argentina (www.bcra.gov.ar)

Current Investigation

Investigation Information

On Oct 02, 2018, the Accountant Eduardo Perea (Administrative Manager) submitted the General Balance Sheet as of Dec 31, 2017. Confirmed Board of Directors, historical and business information. Also submited a segment of Balance Sheet as of Mar 31, 2018.

It also added that subject is building a new industrial plant in the locality of San Martin, province of Buenos Aires, which will be inaugurated on january 2016.

History

Record

Corporation. Chartered on Jan 23, 1992. Registered on May 24, 1992, at the Registro Público de Comercio, File No: 7.638, Page 12, Book 116, Volume A. Published on May 24, 1992, in Official Bulletin of the Republic of Argentina.

Term 99 years, expires on May 24, 2092.

Line of business: manufacture and commercialization of spare parts for automobiles.

The activities were started by SIMON GOLDMAN, on Jan, 1948, addressed at Avenida Leandro N. Alem 928 Piso 1, Ciudad de Buenos Aires, Argentina; , the business was continued by SIMON GOLDMAN & ASOCIADOS (D-U-N-S 97-129-3097), on Jan 01, 1970, addressed at Florida 234 Piso 4, Ciudad de Buenos Aires, Argentina; moving to Avenida Leandro N. Alem 928 Piso 1 Ciudad de Buenos Aires, Argentina, on Apr 03, 1998; followed by subject, on May, 1992; moving to heading address,, on Mar, 2002.

Name/Legal Structure Changes

Originally registered on May 24, 1992, under business name of EMPRESA MODELO S.R.L., legal form Limited Partnership.

On Feb 03, 2008 the legal structure was modified to Corporation, registered in the Registro Público de Comercio, Buenos Aires, Book 7.638.

Capital

Capital subscribed & paid in:	$ 20,000,000.00
Divided into:	10,000,000.00 common shares type A nominal value $ 1, 5 votes per share.
Divided into:	5,000,000.00 common shares type B nominal value $ 1, 1 vote per share.
Divided into:	5,000,000.00 common shares type C nominal value $ 1, 1 vote per share.

Initial Capital:

$ 15,000,000.00

Capital Changes

On Apr 03, 1998, subject increased capital to $ 20,000,000.00; registered in the Registro Público de Comercio, No: 55.533, Volume A, Book 116.

Authorities

Current Board of Directors was appointed on Feb 28, 2017, in Extraordinary General Meeting.

Balance Sheet Date

Balance Sheet as of Dec/31.

On Stockholders Meeting dated Mar 21, 1993 subject changed its Balance Sheet's closing date from 30/Jun to 31/Dec.

Subject: is affiliated with ASOCIACION DE FABRICANTES ARGENTINOS DE COMPONENTES (AFAC), CORPORACION DE INDUSTRIAS TEXTILES.

Capital History

Subject had 50% of Juanjo S.A. shares

Legal Representative

Proxy held by the President and/or the Vice-President, indistinctly.

Former Legal Address

Florida 234, Ciudad de Buenos Aires, Argentina.

Corporate Structure

Stockholders

MAIN STOCKHOLDER:

(Last Known)

Company Name:	ARTES GRAFICAS MODELO S.R.L.
Percentage of Interest:	52.00%.
D-U-N-S:	97-129-3097
Address:	Avenida Corrientes 456 Piso 8° Oficina 81 Ciudad de Buenos Aires Argentina
Telephone:	(+54) (011) 55563100
Fax:	(+54) (011) 55563183
SIC:	2761
Year Started:	1964
C.U.I.T.:	30-11111111-1

MINORITY STOCKHOLDER:

NATALINO, JORGE ANDRES

L.E. No: 3.922.115, born in Argentina on Jan 16, 1933.

Percentage of Interest:	40.00%.
C.U.I.T.:	20-03922115-4

Remaining shares:	owned by minor stockholders
Percentage of Interest:	8.00%

Affiliates

Member of the Holding:

MODELO

Company Name:	PEPE S.A.
Address:	32

Companies affiliates to subject:

Company Name:	MODELO S.A. DE SERVICIOS
Address:	José Alberto Carrizo 9663, Ciudad de Buenos Aires Argentina
Subject holds:	49 % of capital

Companies subsidiaries to subject:

Company Name:	GOLDMAN AUTOMOTORES S.A.
Address:	Avenida Del Libertador 14541 Martínez Buenos Aires Argentina
Subject holds:	99.99 % of capital

Company Name:	INDUSTRIAS GOLDMAN S.A.
Address:	José Alberto Carrizo 9663 Ciudad de Buenos Aires Argentina
Subject holds:	90 % of capital

Temporary Joint Venture:

Company Name:	EMPRESA MODELO S.A. - SOLUCIONES MODELO S.A. U.T.E.
C.U.I.T.:	30-00000000-1
Percentage of Interest:	50%
Operator:	Empresa Modelo S.A.

Request for D&B local office Business Information Reports on companies related to subject.

Principals

BOARD OF DIRECTORS

Name:	Jorge Andrés Natalino
Position:	President

Name:	Fabián Silverman
Position:	Vice-President

Name:	Mariano Mauricio Goldman
Position:	Director Permanent

Name:	Delia Rita García
Position:	Director Deputy

Name:	Carlos Pérez
Position:	Director Deputy

AUDITING BOARD

Name:	Juan Alberto Triventi
Position:	Syndic Permanent

Name:	Ricardo Enrique Tagliabue
Position:	Syndic Deputy

CHIEF EXECUTIVES

Name:	Mariano Mauricio Goldman
Position:	Manager General

Name:	Pablo Souza
Position:	Manager Sales

Name:	Eduardo Perea
Position:	Manager Administrative

Name:	Francisco Muzzi
Position:	Manager Financial

Name:	Luis LiÐópez
Position:	Manager Human Resources

Name:	Cristian Pardo
Position:	Manager Data Processing

Background

Dr. Jorge Andrés Natalino; President , L.E. 3.922.115, C.U.I.T. 20-03922115-0, married to Raquel Wielzer, born in Argentina, on Jan 16, 1933.

Graduated from:

Facultad de Ciencias Económicas, Universidad Nacional de Buenos Aires. Graduated as Economist, in 1968.

Simultaneously

From 1978 he is President of LONGVIE S.A. (D-U-N-S 97-000-0022).
He is Partner of ARTES GRAFICAS MODELO S.R.L. (D-U-N-S 97-129-3097).

Previously

From 1970 until 1992 he was Partner of SIMON GOLDMAN & ASOCIADOS.

No further commercial background known.

Engineer Fabián Silverman; Vice-President I.D. 16.543.327, C.U.I.T. 20-16543327-9, single, born in Argentina, on Mar 16, 1964. Electromechanical Engineer.

Graduated from:

Facultad de Ingeniería, Pontificia Universidad Católica Argentina Santa María de los Buenos Aires UCA. Graduated as Electromechanical Engineer, in 1988.

Simultaneously

From 1992 until he is Director of MODELO S.A. DE SERVICIOS.
He is Director of INDUSTRIAS GOLDMAN S.A..

Previously

From 1984 until 1988 he was employee of INDUSTRIAS ALIMENTICIAS EL ANGEL S.A..

Entered the board of directors of subject in 1992. Took office in 2000.

No further commercial background known.

Dr. Mariano Mauricio Goldman; Permanent Director I.D. 15.891.997, C.U.I.T. 20-15891997-3, divorced, born in Argentina, on Dec 16, 1963. Attorney.

Graduated from:

Facultad de Derecho y Ciencias Sociales, Universidad Nacional de Buenos Aires. Graduated as Attorney, in 1990.

Simultaneously

From 1992 until he is Director of GOLDMAN AUTOMOTORES S.A..
From 1992 until he is Director of MODELO S.A. DE SERVICIOS.
From 1992 until he is Director of INDUSTRIAS GOLDMAN S.A..
From 1998 he is Partner-Manager of ARTES GRAFICAS MODELO S.R.L. (D-U-N-S 97-129-3097).

Entered the board of directors of subject in 1985. Took office in 1985.

No further commercial background known.

Delia Rita García; Deputy Director I.D. 14.377.352, C.U.I.L. 27-14377352-0, married to Mariano Mauricio Goldman, born in Argentina, on Feb 25, 1962.

Simultaneously

From 1992 until she is Director of MODELO S.A. DE SERVICIOS.
She is Director of GOLDMAN AUTOMOTORES S.A..

Previously

From 1985 until 1990 she was employee of REPUESTOS DAPFRE S.R.L..

Entered the board of directors of subject in 1990.

No further commercial background known.

Carlos Pérez; Deputy Director , L.E. 4.581.388, C.U.I.T. 20-04581388-8, married, born in Spain, on Dec 16, 1944, Madrid, Spain.

Arrived to the country in 1960.

Naturalized in 1970.

Simultaneously

From 1990 until he is Director of MODELO S.A. DE SERVICIOS.
From 1990 until he is Director of AUTOMOTORES GOLDMAN S.A..

Previously

From 1968 until 1977 he was employee of EMPRESA MODELAR S.C.A..

Entered the board of directors of subject in 1977. Took office in 1998.

No further commercial background known.

Dr. Juan Alberto Triventi; Permanent Syndic , L.E. 8.833.292, C.U.I.T. 20-08833292-0, married, born in Argentina, on Jun 16, 1952. Public Accountant.

Simultaneously

From 1980 until he is member of ESTUDIO TRIVENTI, TAGLIABUE & ASOCIADOS.

Dr. Ricardo Enrique Tagliabue; Deputy Syndic , L.E. 7.938.556, C.U.I.T. 20-07938556-7, born in Argentina, on Jul 17, 1953. Public Accountant.

Simultaneously

From 1980 until he is member of ESTUDIO TRIVENTI, TAGLIABUE & ASOCIADOS.

Operations

Line of Business:

SIC No 3714-0200, Manufacture of spare parts for automobiles, specially assembled of transmission and coachwork components, (80%).
SIC No 5013-0100, Commercialization of spare parts for automobiles, (20%).

International Standard Industrial Classification (CIIU) - Form No 150

CIIU (Main Line of Business):	100111
CIIU (Secondary Line/s of Business):	702000 701090

Previoulsy, subject imported car body parts.

At present operates at 70% of its capacity.

In the country, subject is considered leader in this line of business.

Representative of DINAMO EASTERN CORPORATION , Houston, United States, (gearbox).
Representative of COMPAGNIE PEINTURES S.A. , París, France, (special paintings).
Representative of WHELLSNARGS GmbH , Berlín, Germany, (bealts and gearings).

Production Capacity

Production Capacity : 10000000 units monthly.

Manufactures about 7000000 units spare parts for automobiles per month.

Trademarks

Manufactures under 3 trademark(s):

HAUS Transmission elements
WINEX Coachwork components
ZERTIN Transmission elements

Standards

Of Environment, Security and Hygiene

OHSAS 18001:2011 certificate is being negotiated by Det Norske Veritas, applicable to the industrial plant.

Of Quality

ISO 9002:2011 certificate is being negotiated by Det Norske Veritas, applicable to industrial plant.

Purchases

Purchases from domestic suppliers:	70% net 30-60-90 days
Purchases from foreign suppliers:	30% net 180 days, in terms of letter of credit and 21

Imports

Imports mainly from:

United States (gearbox).
France (special paintings).
Germany (belts and gearings).

Suppliers

NATALINO, JORGE ANDRES (D-U-N-S 97-129-2925)
COMPAÑIA INDUSTRIAL SUDAMERICANA S.A.
LUIS ALBERTO DE LUCIA PUBLICIDAD S.A.
PAPELERA 25 DE MAYO S.A.
IMPRESORAS CACHIMAYO S.A.
INDUSTRIAS METALURGICAS BONDEL S.A.
INGENIERIA AUTOMOTRIZ APLICADA S.A.

Sales

Has a portfolio of 3000 client(s) approx..

Sales are focused on:

To the local market 80%.
To the foreign market 20%.
To assembly lines 60% ; net 14 days.
To distributors 30% ; net 20 days.
To retailers 10% ; net 5 days.

Sales Terms:

Net 30-60-90 days (50%) cash (50%).

Customers

REPUESTOS AVENIDA S.A., San Martin, Buenos Aires, (1%)
REPUESTOS SAN MARTIN S.A., San Martin, Buenos Aires, (10%)
WARNES REPUESTOS S.A., Buenos Aires, (30%)
CORRIENTES REPUESTOS S.A., Goya, Corrientes, (15%)
DANIEL ISMAEL FERREIRO S.A., Río Cuarto, Córdoba
FABRICA DE AUTOMOVILES INTERNACIONALES S.A., Rosario, Santa Fe
FABRICA DE AUTOS DEL SUR S.A., El Palomar, Buenos Aires
IBM ARGENTINA S.R.L. (D-U-N-S 97-025-2151)

Territory

Products are commercialized locally and in foreign countries.

Exports to:	Uruguay Colombia Ecuador Brazil
Products:	transmission elements.

Season

Heavy sales season is from July to November.

Vehicles

Vehicle(s) include:

2 vehicles, Ford Focus, Model 2003.
3 vehicles, Peugeot 206, Model 2002.
4 vehicles, Renault Mégane, Model 2004.
1 truck, Ford 14000, Model 2000.

Equipment

Equipments include:

1 Hydraulic Press of 10 ton (Prensa HYD) Model JVC10002 year 1998;
1 Pneumatic press (20 tonnes) (Prensa NYD) Model JVC 1003 year 2000.

Employees

Total:	250.
Includes:	10, executives. 30, administrative employees. 150, operators. 40, salespersons. 20, supervisors.

Registrations

C.U.I.T.:	30-11111111-1
Importer/Exporter Register No:	48521/3-6

Insurances

Has insurances taken out with:

Seguros Sura S.A.
Experta ART S.A.
Insurance type: work accidents, covering employees.
Caminos Protegidos Compañía de Seguros S.A.

Location- Real Estate

Location

Heading address includes administration office, fiscal address, sales office and other facilities, occupying own real estate of 1200 covered square meters, on land of 2000 square meters, located in downtown-commercial area, on main avenue of busy traffic and of good shape. Subject shares offices with Artes Gráficas Modelo S.R.L.

It also has:

Industrial plant, occupying own real estate, located at Avenida Mitre 6640, Munro, Buenos Aires, Argentina, Telephone/s 43221122 /43221123, of 20,000.00 covered square meters, on land of 15000 square meters, located in industrial area, on main avenue of busy traffic and of good shape.

Administrative annex, occupying own real estate, located at Reconquista 1010 Piso 2, Ciudad de Buenos Aires, Argentina, of 350.00 covered square meters, located in downtown-commercial area, on main street of busy traffic and of good shape.

Branch(es)

Subject owns branches, but no details were given about them

Quantity	State
2	Buenos Aires City
1	Mendoza

Quantity	State
1	Córdoba

Real Estate

Subject owns real estate located at:

Avenida Corrientes 456 Piso 8 Oficina 81, Ciudad de Buenos Aires, Argentina. Did not present title of property.

Land Register Record

Control

: 100%

Avenida Mitre 6640, Munro, Buenos Aires, Argentina. Did not present title of property.

Land Register Record

Control

: 100%

Reconquista 1010 Piso 2, Ciudad de Buenos Aires, Argentina. Did not present title of property.

Land Register Record

Control

: 100%

José Alberto Carrizo 9663, Ciudad de Buenos Aires, Argentina. Did not present title of property.

Land Register Record

Control

: 100%

Rent(s)

Subject also rents premises located at:

Cachimayo 552, Ciudad de Buenos Aires, Argentina.

Pays for said concept: $ 5,000

Legal Place of Business

Avenida Corrientes 456 Piso 8, Oficina 81, (C1043AAR), Ciudad de Buenos Aires, Argentina.

Special Events

On Jun 20, 2014 Sir Francisco Mauricio Goldman who held the office of President died after 10 years of service with subject.

Public Record Information

Inquiries carried out as of May 22, 2018, allowed to report:

Creditors Meeting

Date of Request:	Jun 19, 2006
Licitation Type:	Preventive
Court No.:	1
Secretary No.:	2
Openings’ Date:	Jul 20, 2006
Trustee:	Juan Pepe.
Address:	Lavalle 800, Ciudad de Buenos Aires
Credit Verification Date:	Jun 19, 2007
Comments:	No more details could be obtained on this issue.

Others

Date:	Jun 25, 2014
type Of Incident:	Writ of prohibition
Applicant:	SUPERINTENDENCIA
Proceeding/ Folio/ Year:	0101
Comments:	No more details could be obtained on this issue.

Financial Information

Comparatives

	Dec 31, 2015	Dec 31, 2016	Dec 31, 2017
Current Assets	49,121,315	89,121,305	69,329,903
Current Liabilities	32,739,582	29,739,562	29,846,997
Non-Current Assets	146,358,519	149,358,509	149,139,536
Non-Current Liabilities	1,926,463	7,926,463	10,514,418
Working Capital	16,381,733	59,381,743	39,482,906
Net Tangible Capital	158,090,770	198,090,770	172,841,566
Net Worth	160,813,789	200,813,789	178,108,024
Net Sales	242,466,830	249,202,578	256,610,319
Net Profit - Loss	3,081,520	9,285,880	18,570,919

In order to estimate Net Tangible Capital, Intangible Assets were deducted from Net Worth.

HISTORICAL PERFORMANCE: BALANCE SHEET

Financial Statement Information

	Dec 31, 2015	Dec 31, 2016	Dec 31, 2017
Type of Audit:			Prepared from books without audit
Statement Audited by:			LOPEZ SALGADO Y ASOCIADOS C.P.C.E.C.F. Tº 7 Fº 25
Signed by:			administration JUAN CARLOS VAZQUEZ C.P.C.E.C.F. Tº 67 Fº 235
			The Balance sheets, drawn up in Argentina, are made under regulations established by the FEDERACION ARGENTINA DE CONSEJOS PROFESIONALES DE CIENCIAS ECONOMICAS (F.A.C.P.C.E., for its acronym in Spanish). The last ones are based on NORMAS INTERNACIONALES DE CONTABILIDAD (NIC's, for its acronym in Spanish)

Financial Statements

Assets	Dec 31, 2015	Dec 31, 2016	Dec 31, 2017
Cash & Banks	9,896,922	9,896,912	2,788,949
Investments	3,265,633	3,265,633	2,174,315
Accounts Receivable	26,852,977	26,852,977	31,355,995
Other Credits	1,265,533	1,265,533	0
Total Credits	28,118,510	28,118,510	31,355,995
Inventories	3,108,606	43,108,606	31,510,644
Other Assets	4,731,644	4,731,644	1,500,000
CURRENT ASSETS	49,121,315	89,121,305	69,329,903
Accounts Receivable	10	0	0
Other Credits	0	0	70,658
Total Credits	10	0	70,658
Investments	2,326,886	2,326,886	157,118
Property and Equipment	140,584,346	143,584,346	142,706,764
Other Assets	724,258	724,258	938,538
Intangible Assets	2,723,019	2,723,019	5,266,458
NON CURRENT ASSETS	146,358,519	149,358,509	149,139,536
TOTAL ASSETS	195,479,834	238,479,814	218,469,439

Liabilities	Dec 31, 2015	Dec 31, 2016	Dec 31, 2017
Commercial Debts	10,456,877	10,456,877	15,027,302
Loans	-	-	-
Banking / Financial Debts	13,200,365	7,200,365	6,429,353
Fiscal Charges	2,300,456	2,300,456	2,822,964
Wages and Payroll Expenses	4,547,122	4,547,122	3,584,481
Advances to Customers	-	-	-
Forecasts	-	-	-
Previsions	-	-	-
Corporations Sec. 33 Act 19550	100,456	100,456	110,733
Taxes	-	-	-
Other Debts	2,134,306	5,134,286	1,872,164
CURRENT LIABILITIES	32,739,582	29,739,562	29,846,997
Commercial Debts	-	-	-
Banking / Financial Debts	0	0	0
Fiscal Charges	-	-	-
Wages and Payroll Expenses	-	-	144,907
Advances to Customers	-	-	-
Forecasts	879,632	6,879,632	10,314,034
Previsions	-	-	-
Corporations Sec. 33 Act 19550	-	-	-
Taxes	-	-	-
Other Debts	1,046,831	1,046,831	55,477
NON CURRENT LIABILITIES	1,926,463	7,926,463	10,514,418
TOTAL LIABILITIES	34,666,045	37,666,025	40,361,415
NET WORTH	160,813,789	200,813,789	178,108,024
TOTAL LIABILITIES AND NET WORTH	195,479,834	238,479,814	218,469,439

General Balance Sheet : Income Statement

	Dec 31, 2015	Dec 31, 2016	Dec 31, 2017
Goods and Services Sales	242,466,830	249,202,578	256,610,319
Adjustments	0	0	0
Goods and Services Net Sales	242,466,830	249,202,578	256,610,319
Costs	-159,124,020	-173,124,020	-173,565,665
GROSS PROFIT/LOSS	83,342,810	76,078,558	83,044,654
Operative Profit/Loss	-378,798	22,356,950	12,701,403
ORDINARY OPERATIONS’ PROFIT/LOSS	10,460,962	17,697,088	29,091,573
Extraordinary Earnings	0	-1,031,766	-4,827,197
PROFIT/LOSS BEFORE TAXES	10,460,962	16,665,322	24,264,376
Total Taxes	-7,379,442	-7,379,442	-5,693,457
FISCAL YEAR PROFIT (LOSS)	3,081,520	9,285,880	18,570,919

Assets and Liabilities in Foreign Currency (Value in Pesos)	Dec 31, 2017
Total Assets	17,535,521
Total Liabilities	29,333,353

Consolidated Balance Sheet

Assets	Dec 31, 2016
CURRENT ASSETS	89,301,358
NON CURRENT ASSETS	149,635,535
TOTAL ASSETS	238,936,893

Ratios

	Dec 31, 2015	Dec 31, 2016	Dec 31, 2017
EFFICIENCY RATIOS
Collection Period (days)	39.87	38.79	43.99
Inventory Turnover (times)	78.00	5.78	8.14
SOLVENCY RATIOS
Current Indebtedness	0.21	0.15	0.17
Total Indebtedness	0.22	0.19	0.23
Current Ratio	1.50	3.00	2.32
Liquidity	1.41	1.55	1.27
Solvency	5.64	6.33	5.41
Fixed Assets	0.89	0.72	0.83
Own Resources	0.81	0.83	0.79
PROFITABILITY RATIOS
Return on Sales (%)	1.27	3.73	7.24
Return on Assets (%)	1.58	3.89	8.50
Return on Net Worth (%)	1.92	4.62	10.43

EFFICIENCY RATIOS

SOLVENCY RATIOS

PROFITABILITY RATIOS

Indicator Definitions

SOLVENCY RATIOS

Current Ratio

It considers the totality of assets of the company destinated to attend immediately payment agreements.

Formula: Current Assets / Current Liabilities

Condition	Interpretation
Greater than 3	Very High
Between 2 and 2.99	High
Between 1 and 1.99	Acceptable
Less than 1	Low

Liquidity

Shows the coverage level of the debts to assets of rapidly realization.

Formula: (Current Assets - Inventory) / Current Liabilities

Condition	Interpretation
Greater than 1.99	Very High
Between 1 and 1.99	High
Between 0.5 and 1	Acceptable
Less than 0.5	Low

Solvency

Allows to know the protection grade of a firm before an eventual exigency of total cancelation of their debts.

Formula: Total Assets / Total Liabilities

Condition	Interpretation
Greater than 3	Very High
Between 2 and 2.99	High
Between 1 and 1.99	Acceptable
Less than 1	Low

Current Indebtedness

Measures the exposition of the own permanent capital.

Formula: Current Liabilities / Net Tangible Capital

Condition	Interpretation
Greater than 1	High
Between 0.51 and 1	Acceptable
Between 0.2 and 0.5	Low
Less than 0.2	Very Low

Total Indebtedness

Makes possible to know the effect over the long term debts over the net tangible capital.

Formula: Total Liabilities / Net Tangible Capital

Condition	Interpretation
Greater than 1	High
Between 0.51 and 1	Acceptable
Between 0.2 and 0.5	Low
Less than 0.2	Very Low

Fixed Assets

Express the incidences of their fixed assets destinated to the exploitation, dully depreciated over the own capital.

Formula: Fixed Assets / Net Tangible Capital

Own Resources

Shows the assets percentage not exposed by third parties.

Formula: Net Tangible Capital / Total Assets

EFFICIENCY RATIOS

Collection Period (days)

Shows the quantity of days that the company needs to perform their collections.

Formula: Credits for Sale x 360 / Net Sales

Inventory Turnover (times)

Allows to determinate how many times the firm has renewed its inventory.

Formula: Net Sales / Inventory

PROFITABILITY RATIOS

Return on Sales

Allows establishing the earning margins the company operates with.

Formula: Net Profit x 100 / Net Sales

Return on Assets

Determinates the efficiency of the assets that were handled in the earnings generation.

Formula: Net Profit x 100 / Total Assets

Return on Net Worth

Shows the invested capital return percentage.

Formula: Net Profit x 100 / Net Worth

Other Figures

Interim Balance Sheet as of Mar 31, 2018 (in Pesos).

Assets
CURRENT ASSETS	65,478,660
NON CURRENT ASSETS	140,352,770
TOTAL ASSETS	205,831,430

Liabilities
CURRENT LIABILITIES	27,543,110
NON CURRENT LIABILITIES	9,789,447
TOTAL LIABILITIES	37,332,557
NET WORTH	168,498,873
TOTAL	205,831,430

Income Statement
NET SALES	125,436,784
NET PROFIT	7,542,127

Statement Audited by:	PRICE WATERHOUSE & Co. S.R.L., C.P.C.E.C.F. T'1 F'1
Signed by:	Accountant José González , C.P.C.E.C.F. T' 2 F' 4

MONTHLY SALES FIGURES

Month/ Year	Monthly Sales
Apr/ 2017	$ 21,000,000.00
May/ 2017	$ 23,000,000.00

Qualifications

Summary of risk evaluation of shared/bonds issued by subject follows:

Type:

Program

Global Negotiable Papers Program authorized by A.G.O. as of Jan/30/2015

Amount:	15,000,000 Pesos
Last Due Date:	Jan 30, 2018

Date	Qualification	Financial Statement	Examining
Mar 31, 2017	AA+	Dec 31, 2016	Standard & Poor's International Ratings Ltd.
Mar 31, 2016	AAA	Dec 31, 2015	Evaluadora Latinoamericana S.A.
Mar 31, 2015	AA	Dec 31, 2014	Standard & Poor's International Ratings Ltd.

Conclusion

LAST GENERAL BALANCE SHEET EVALUATION

EMPRESA MODELO S.A.'s Financial Statement as of Dec 31, 2017 showed a good financial condition, which was reflected by the following:

A current ratio high
Liquidity index high
Working capital high

On the other hand, the subject's economic situation as of that date was good, this was reflected by the following:

Indebtness index low
Creditworthy index very high

Appendices

Customer Service

Should you require any further information or have any questions, please contact your local Customer Service Centre.

Inquiries should always contain the below minimum details:

Full Company Name
Full Headquarters Address
Telephone Number
Business Identification Number
Contact Name
Reference
Order Date

Exchange Rate

The registered values correspond to the last working day of each year. For further information about macroeconomic variables of this country, please consult the International Risk and Payment Review, a D&B's monthly publication.

Since Jan 2002, with the finalization of the Convertibility Plan, the floating exchange rate was established. As a sample of this, the fluctuation of the local currency regarding the US Dollar during the last 5 years is detailed below:

Date	Quotation
Dec, 2013	U$S 1 = $ 6.52
Dec, 2014	U$S 1 = $ 8.55
Dec, 2015	U$S 1 = $ 13.43
Dec, 2016	U$S 1 = $ 16.30
Dec, 2017	U$S 1 = $ 18.98

D&B Rating Glossary

The following ratings are available for businesses in Argentina:

D&B Rating - The D&B® Rating in Argentina consists of 2 parts, the Financial Strength Indicator and the Risk Indicator. The Financial Strength Indicator is based on Net Worth of a current fiscal balance sheet. The Risk Indicator reflects D&B's opinion of the risk associated with trading with a specific business, notably the likelihood of business continuance or failure over the next 12 months. The table below contains the values for the D&B Rating in Argentina.

Financial Strength Indicator

	Range USD
Net Worth	From	To
5A	50,000,000	And above
4A	10,000,000	49,999,999
3A	1,500,000	9,999,999
2A	750,000	1,499,999
1A	375,000	749,999
A	188,000	374,999
B	94,000	187,999
C	47,000	93,999
D	24,000	46,999
E	12,000	23,999
F	6,000	11,999
G	0	5,999

Risk Indicator	Condition	Interpretation
1	Solid	Minimum expectation of risk
2	Satisfactory	Low expectation risk
3	Acceptable	Risk Slightly Over the Average
4	Unfavourable	Significant Risk - To review carefully
S	Services	Not Applicable - No Assigned condition
-	Undetermined	Insufficient information to assign a Rating

Alternate Ratings Used
NQ	Cease of Operations
NB	New Business - Generally less than 2 years and six months
O	No financial statement or not up to date financial statement
N/N4	Negative Net Worth
BR	Branch of Local Company
-	Unable to locate - Non Commercial Report

Confidentiality

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