|
Report Date : |
20.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
EMPRESAS LA POLAR S.A. |
|
|
|
|
Registered Office : |
Av. Pdte. Eduardo Frei Montalva 520 – Renca, Santiago, XIII Region Metropolitana, Postal Code 8641154 |
|
|
|
|
Country : |
Chile |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
13.11.1998 |
|
|
|
|
Com. Reg. No.: |
Not Available |
|
|
|
|
Legal Form : |
Public Stock Company |
|
|
|
|
Line of Business : |
Department stores |
|
|
|
|
No. of Employees : |
7.350 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Chile |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
TAX : 96.874.030-K
EMPRESAS LA POLAR
S.A.
Av. Pdte. Eduardo Frei Montalva 520 - Renca
Santiago
XIII Region Metropolitana
Postal Code : 8641154
CHILE
Telephone : 56-2-3833000, 56-2-3833025
Fax : 56-2-6410508
Web Site : www.lapolar.cl
Started :
1998
Total Employees : 7.350
Payments : See
Commercial Record
Capital :
000's$ 247.392.432.-
Sic(s) : 5311 -
5945
Line of Business: Department
stores.
According to last financial statement, subject shows an insufficient
financial
situation, as indicated in:
** Negative Working Capital
** Insufficient Current Liquidity Ratio
** Insufficient Acid Test Ratio
Economic situation is regular, as reflected in:
** Acceptable Current Indebtedness Ratio
** High Total Indebtedness Ratio
** Acceptable Solvency Ratio
** Negative Profitability Over Sales Ratio
** Negative Profitability Over Assets Ratio
** Negative Profitability Over Net Worth Ratio
IMPORTANT NOTE TO
CONSOLIDATED BALANCE SHEETS
When entering consolidated balance sheets into the evaluation system,
they are not taken into account for assessment purposes as they do not
represent the actual
situation of the subject company, therefore, they are not considered for
credit recommendation purposes.
Commercial Bulletin : As at
16/08/2012 subject registers the following
protested documents
in the commercial information
bulletin
Detail of Protests
Date : 09/06/2011
Note : Promissory note
Value : US$ 321.088,00
Bulletin : 0 Página : 0
Drawer : HSBC Bank
(Chile)
City : Santiago
Date : 09/06/2011
Note : Promissory note
Value : US$ 233.463,00
Bulletin : 0 Página : 0
Drawer : HSBC Bank
(Chile)
City : Santiago
Date : 09/06/2011
Note : Promissory note
Value : US$ 375.906,00
Bulletin : 0 Página : 0
Drawer : HSBC Bank
(Chile)
City : Santiago
Date : 09/06/2011
Note : Promissory note
Value : US$ 369.541,00
Bulletin : 0 Página : 0
Drawer : HSBC Bank
(Chile)
City : Santiago
Date : 09/06/2011
Note : Promissory note
Value : US$ 367.905,00
Bulletin : 0 Página : 0
Drawer : HSBC Bank
(Chile)
City : Santa Bárbara
Date : 09/06/2011
Note : Promissory note
Value : US$ 432.232,00
Bulletin : 0 Página : 0
Drawer : HSBC Bank
(Chile)
City : Santiago
Date : 09/06/2011
Note : Promissory note
Value : US$ 424.775,00
Bulletin : 0 Página : 0
Drawer : HSBC Bank
(Chile)
City : Santiago
Date : 09/06/2011
Note : Promissory note
Value : US$ 429.016,00
Bulletin : 0 Página : 0
Drawer : HSBC Bank
(Chile)
City : Santiago
Date : 09/06/2011
Note : Promissory note
Value : US$ 580.268,00
Bulletin : 0 Página : 0
Drawer : HSBC Bank
(Chile)
City : Santiago
Date : 09/06/2011
Note : Promissory note
Value : US$ 502.506,00
Bulletin : 0 Página : 0
Drawer : HSBC Bank
(Chile)
City : Santiago
Date : 09/06/2011
Note : Promissory note
Value : US$ 462.446,00
Bulletin : 0 Página : 0
Drawer : HSBC Bank
(Chile)
City : Santiago
Subject registers 61 Promissory notes amounting M$ 4.760.162 . Only the latest have been here above detailed..
Labor Bulletin : As at
16/08/2012 does not register labor infringements
Previsional bulletin : As At
16/08/2012 registers pension fund's
infringements
Previsional Detail
Date :11/06/2012
Reason :Undeclared payrolls
Value :Ch$ 1.160.698,00.-
Months :7
Bulletin :136
Page :132332
Drawer : AFP Cuprum
Date :11/06/2012
Reason :Undeclared payrolls
Value :Ch$ 79.622,00.-
Months :9
Bulletin :136
Page :132332
Drawer : Adm. Fondos de
Cesantia
Consolidated delinquency : As at 16/08/2012, subject registers the
following delinquent bills
Detail of
Delinquent Debts
Date : 31/05/2012
Note : Delinquent payment
Value : Ch$ 12.400,00
Drawer : Propam
City : -
Date : 31/05/2012
Note : Delinquent payment
Value : Ch$ 12.400,00
Drawer : Propam
City : -
Date : 25/03/2012
Note : Delinquent payment
Value : Ch$ 93.000,00
Drawer : Propam
City : Santiago
Date : 13/12/2011
Note : Delinquent payment
Value : Ch$ 113.986.836,00
Drawer : Scotiabank
City : -
Date : 11/07/2012
Note : Pay voucher
Value : Ch$ 37.604,00
Drawer : Autopista Central
City : -
Date : 31/05/2012
Note : Delinquent payment
Value : Ch$ 12.400,00
Drawer : Propam
City : -
Date : 25/07/2011
Note : Delinquent payment
Value : Ch$ 5.061.500.000,00
Drawer : Corpbanca
City : Santiago
Suppliers' trade
references are supplied as follows:
Detail of
References
Old : Since 2000
Last purchase : 04-2012
Terms : 60 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 90.000
Owes : -
Due : Does not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 60.000
Old : Since 2000
Last purchase : 04-2012
Terms : 30 days
Payment : Prompt
Notes : invoice
Credit : -
Owes : -
Due : Does not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 30.000
Old : Since 2006
Last purchase : 04-2012
Terms : 90 days
Payment : Prompt
Notes : checks
Credit : -
Owes : -
Due : Does not Register
Paying Comments: Good
Old : Since 2002
Last purchase : 04-2012
Terms : 120 days
Payment : Prompt
Notes : checks
Credit : (000'sUS$)
250.000
Owes : -
Due : Does not Register
Paying Comments: Good
Old : Since 2000
Last purchase : 05-2012
Terms : 120 days
Payment : Prompt
Notes : order form
Credit : -
Owes : (000'sUS$) 45.000
Due : Does not Register
Paying Comments: Good
Purchase Aver. : ( 000's$) 25.000
Seasonal purchases.
Detail of Former
Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch.
Payment. Notes (000'sUS$)
(000'sUS$)
--------------------------------------------------------------------------------
Since 2006 01-12
Prompt checks - -
Since 2000 01-12
Prompt order form - 70.000
Since 2002 01-12
Prompt checks 250.000 -
Since 2002 05-11
Prompt sight draft 400.000 -
Since 2000 08-11
Prompt order form 30.000 -
Since 2000 07-10
Prompt invoice 50.000 21.000
Since 2000 09-10
Prompt invoice 50.000 None
Since 2002 09-10
Prompt invoice 100.000 -
Since 2005 09-10
Prompt invoice 10.000 None
Since 1999 09-10
Prompt invoice 50.000 None
Since 2000 09-10
Prompt invoice Open None
Since 1999 09-10
Prompt invoice Open None
Since 1999 09-10
Prompt invoice Open None
Since 2003 09-10
Prompt invoice 30.000 None
Since 2000 09-10
Prompt invoice Open None
Since 2000 04-10
Prompt invoice Open None
Since 1999 04-10
Prompt invoice Open None
Since 2000 03-10
Prompt invoice Open None
Since 1999 04-10
Prompt invoice 50.000 None
Since 1999 04-10
Prompt invoice Open None
Since 2003 03-10
Prompt invoice 30.000 None
Since 2002 04-10
Prompt invoice Open None
Since 2000 03-10
Prompt invoice 50.000 None
Since 2005 03-10 Prompt invoice 10.000 None
Since 2002 03-09
Prompt invoice Open None
Since 1999 02-09
Prompt invoice Open None
Since 2000 02-09
Prompt invoice Open None
Since 2002 02-09
Prompt invoice - None
Since 2002 09-08
Prompt invoice - -
Since 2001 10-08
Prompt order form 200.000 -
Since 1992 09-08
Prompt invoice - -
Since 2000 10-08
Prompt invoice Open -
Since 2001 04-08
Prompt order form 200.000 -
Since 2000 04-08
Prompt invoice Open -
Since 1992 03-08
Prompt invoice - -
Since 2002 04-08
Prompt invoice - None
Since 2002 08-07
Prompt invoice - None
15 years 09-07 Prompt
invoice
- -
Since 2000 08-07
Prompt invoice Open 6.000
Since 2001 09-07
Prompt checks 200.000 -
Since 2000 02-07
Prompt invoice Open 15.000
Since 2002 03-07
Prompt invoice - -
Since 2001 04-07
Prompt checks 600.000 288.000
Since 2001 04-07
Prompt checks 100.000 -
10 years 04-07 Prompt
not specified
- -
Since 1997 04-07
Prompt checks 500.000 -
6 years 02-06 Prompt
bank draft
Open -
8 years 02-06 Prompt
not specified
- -
5 years 02-06 Prompt
checks
100.000 -
5 years 02-06 Prompt
bank draft
Open -
5 years 02-06 Prompt
checks
- -
5 years 02-06 Prompt
checks
- -
5 years 11-05 Prompt
checks
- -
5 years 11-05 Prompt
checks
- -
5 years 11-05 Prompt
bank draft Open -
5 years 11-05 Prompt
not specified
- -
5 years 11-05 Prompt
bank draft
100.000 -
6 years 11-05 Prompt
bank draft Open -
5 years 11-05 Prompt
bank draft
- -
Since 2000 11-05
Prompt bank draft - -
Since 2000 05-05
Prompt bank draft - -
5 years 06-05 Prompt
bank draft
- -
6 years 06-05 Prompt
bank draft
Open -
5 years 06-05 Prompt
bank draft
100.000 -
5 years 06-05 Prompt
not specified
- -
5 years 06-05 Prompt
bank draft
Open -
5 years 06-05 Prompt
checks
- -
5 years 06-05 Prompt
checks
- -
5 years 02-05 Prompt
bank draft
- -
10 years 02-05 Prompt
checks
- -
5 years 02-05 Prompt
bank draft
Open -
5 years 02-05 Prompt
bank draft
100.000 -
5 years 02-05 Prompt
not specified
- -
6 years 02-04 Prompt
bank draft
- None
Since 2000 01-05 -- bank draft 100.000 13.500
5 years 10-03 Prompt
invoice
80.000 -
5 years 10-03 Prompt
checks
Open -
5 years 10-03 Prompt
bank draft
Open -
5 years 10-03 Prompt
invoice
Open -
5 years 10-03 Prompt
checks - -
During the last 6 months, the account holder credit history shows 258
credit
review inquiries requested by banks, credit reporting agencies,
telecommunications companies, industries, insurance companies, health insurance
companies, hardware stores, and businesses in general.-
Its credit report reflects 61 overdue protested notes, 22 delinquent
documents for 000's $ 9.660.151.- and
2 security and work infringements as of
the date of this report.
AVERAGE PAYMENTS
IN CHILE
International Risk and Payment Review reported in June 2011
The local delays in payment average 0-1 month.
COMPARATIVE - SUMMARY
( Figures
in Thousand Pesos, local currency )
From 01/01/2011 01/01/2010 01/01/2009
To 31/12/2011 31/12/2010 31/12/2009
CURRENT ASSETS
208.760.085 584.985.904 561.923.873
CURRENT LIABILITIES
548.223.404 259.789.344 217.254.219
WORKING CAPITAL
-339.463.319
325.196.560 344.669.654
FIXED ASSETS
68.620.863 370.689.305 242.645.802
OTHER ASSETS
57.429.569 0 0
LONG TERM LIABILITIES
14.594.689 328.343.412 255.208.188
NET WORTH
-228.007.576
367.542.453 332.107.268
OPERATING INCOMES
165.993.824 561.257.507 472.541.039
CURRENT PROFIT(LOSS)
-10.199.753 30.928.058 47.911.639
BALANCE SHEET
CONSOLIDATED FISCAL YEAR COMPLETE
ASSETS
31/12/2011 31/12/2010
Cash
13.126.473 84.038.366
Term Deposits
21.861.171 0
Sales Debtors
105.679.537 0
Sundry Debtors
0 443.070.943
Inventory
44.150.000 44.855.751
Taxes Recoverable
16.775.185 4.752.112
Other Current Assets 7.167.719 8.268.732
CURRENT ASSETS
208.760.085 584.985.904
Land
0 36.068.358
Contructions & Infrastructure Works 0 72.023.648
Other Fixed Assets
0 262.597.299
Net Fixed Asset
68.620.863 0
FIXED ASSETS
68.620.863 370.689.305
Long Term Debtors
26.040.768 0
Intangibles 17.189.157 0
Other
14.199.644 0
OTHER ASSETS
57.429.569 0
TOTAL ASSETS
334.810.517 955.675.209
LIABILITIES
31/12/2011 31/12/2010
Oblig.With Banks & Financ.Inst.Short Term 469.789.939 0
Accounts Payable 67.620.685 0
Sundry Creditors
5.832.028 33.147.652
Notes & Accts Payable Related Companies 0 690.162
Provisions 1.281.176 6.127.962
Withholdings
3.656.136 0
Deferred Tax
0 11.837.643
Other Current Liabilities 43.440 207.985.925
CURRENT LIABILITIES
548.223.404 259.789.344
Oblig.with Banks & Financial Intitutions 5.819.782 0
Provisions
8.774.907 0
Other Long Term Liabilities 0 328.343.412
LONG TERM LIABILITIES 14.594.689 328.343.412
Paid Capital
171.947.033 178.652.967
Other Reserves
18.834.114 17.981.918
Accumulated Profits
0 139.979.510
Accumulated Losses
-408.588.970 0
Current Profit (Losses) -10.199.753 30.928.058
NET WORTH
-228.007.576 367.542.453
TOTAL LIABILITIES
334.810.517 955.675.209
STATEMENTS OF RESULTS 31/12/2011 31/12/2010
Operating Income
165.993.824 561.257.507
Operating Cost
-133.049.079 -395.224.018
OPERATING MARGIN 32.944.745 166.033.489
Administration & Sales Expenses -52.203.364 -121.084.625
OPERATING RESULT
-19.258.619 44.948.864
Financial Incomes
632.675 1.149.460
Profit Investmens Related Companies 36 0
Other non Operating Incomes 1.998.376 0
Financial Expenses -9.705.262 -4.742.067
Other non Operating Expenses 0 -1.960.714
Exchange difference
0 -3.703.147
NON OPERATING RESULT -7.074.175 -9.256.468
Result Before Income Tax -26.332.794 35.692.396
Income Tax
15.370.339 -4.764.339
Monority Interest 762.702 0
NET PROFIT(LOSS)
-10.199.753 30.928.057
CURRENT PROFIT(LOSS) -10.199.753 30.928.057
ECONOMIC - FINANCIAL RATIOS
31/12/2011 31/12/2010 Average
Working Capital
(000's$) -339.463.319 325.196.560 -7.133.380
Current Liquidity
(Times) 0,38 2,25 1,32
Acid Test (Times) 0,30 2,08 1,19
Collection Period Days
( Days) 229,19 284,19 256,69
Accounts Receivable Turnover(Times) 1,57 1,27 1,42
Inventory Turnover
(Times) 3,01 8,81 5,91
Current Indebtedness
(Times) 1,40 0,71 1,06
Total Indebtedness
(Times) 1,47 1,60 1,54
Solvency
(Times) 0,59 1,62 1,11
Assets Tying Up
( % )
20,50 38,79 29,65
Profitability Over Sales
( % )
-6,14 5,51 -0,32
Profitability Over Assets
( % )
-3,05 3,24 0,10
Profitability Over Net Worth(
% ) -4,68 9,19 2,26
Subject operates
with the following banks:
- Banco Bice, main office
Teatinos 220, Santiago
- Banco Bilbao Vizcaya Argentaria,
Chile, main office Huérfanos 1234, Santiago
- Banco de Chile, main office
Ahumada 251, Santiago
- Banco de Credito e Inversiones,
main office Huérfanos 1134, Santiago
- Banco Itau Chile, main office
- Banco Santander Chile, main
office Bandera 140, Santiago
- Banco Security, main office Av.
Apoquindo 3150, Las Condes
- BancoEstado, main office Av.
Libertador Bdo. O"Higgins 1111, Santiago
- Corpbanca, main office
- Scotiabank Chile, main office
Morandé 226, Santiago
Line of Business : Department store, home articles, electronic appliances, clothes, shoes, toys, household wares, sport articles, etc.
It is the 4th largest department store in Chile, market share is 10%
app.
Classification
according to commercial activity:
Sic: 5311-0000 Department stores
Sic: 5945-0000 Hobby, toy, and game shops
Subject is considered as a large company in this line of business,
strong
competition
Sales
Sales are steady throughout the year
100% retailers
National and international sales territory
Products are sold
National: 99%.
Sales conditions: Cash and credit.
International: 1%
Exports to Colombia.
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Colombia
100,00 0,00
Historical registries
Total 2011 = 000's$ 114.813
Total 2010 = 000's$ 99.907
Total 2004 = 000's$ 29.377
Customers
Main customers are: Public in general.
Purchases
Places orders with multiple suppliers
National: 65%
Purchase conditions: Cash and term payments to 30 & 60 days.
International: 35%
Purchase conditions: Letter of credit.
Imports from Argentina, Bangladesh, Brazil, Cape Verde, China, Colombia,
Honduras, India, Indonesia, England, Italy, Mexico, Pakistan, Peru,
Dominican
Republic, Netherlands Antilles, Thailand, United States, Uruguay and
Vietnam.
Records of Imports obtained from Customs'National Service
Country %last year %Accum.
-------------------------------------------------------
China 92,14 96,12
India 1,72 0,00
Bangladesh 1,48 0,26
Pakistan 1,13 2,02
Brazil 1,08 0,29
Peru 1,05 0,29
United States
0,39 0,00
Argentina 0,34 0,00
Netherlands Antilles 0,17 0,64
Uruguay 0,13 0,34
Honduras 0,13 0,00
Indonesia 0,07 0,00
Colombia 0,06 0,00
Italy 0,04 0,00
Mexico 0,03 0,00
Vietnam
0,03 0,00
Dominican Republic 0,01 0,00
England 0,01 0,00
Thailand 0,00 0,00
Cape Verde 0,00 0,00
Historical
registries
Total 2011 = 000's$
45.012.267 Accumulated 2012 =
000's$ 10.480.331
Total 2010 = 000's$
30.257.297
Total 2009 = 000's$
27.228.721
Total 2007 = 000's$
29.479.762
Total 2006 = 000's$ 27.044.032
Total 2005 = 000's$
19.683.304
Total 2004 = 000's$
15.972.203
Total 2003 = 000's$
14.364.071
- Adidas Chile Ltda.
- C.T.I. Compañia Tecno Industrial S.A.
- Colchones Rosen S.A.I.C.
- Comercial Mabe Chile Limitada
- Comercial Windsor Limitada
- Computacion Olidata Limitada
- Del Pilar S.A.
- Forus S.A.
- Gasei S.A.
- Importadora y Comercial Tam Limitada
- Importadora y Exportadora Chile Business Group Limitada
- Industria Textil Monarch S.A.
- Jimenez y Cia. Ltda.
- Manufactura de Calzado San Miguel Ltda.
- Manufacturas Interamericana S.A.
- Maui & Sons S.A.
- Nike de Chile S.A.
- Procesos Fotograficos S.A.
- Sindelen S.A.
- Somela S.A.
- Sony Chile Limitada
- T.J.C. Chile S.A.
- Valle Digital S.A.
- VF Chile S.A.
Employees: 7.350 employees, including all branches
- Administrative offices located
at Av. Pdte. Eduardo Frei Montalva 520 Renca
Santiago, Chile, commercial area,
main avenue of busy traffic, construction
in good conditions
Branches
- Bilbao 444 esquina Aldunate
Coquimbo Chile
- Av. Francisco Bilbao 8750 -
Mall Portal La Reina Las Condes Santiago Chile
- Manuel A Matta 437 - Mall Plaza
San Valentín Quilicura Santiago Chile
- Avda. José Miguel Carrera 6150
- Centro Comercial Gran Avenida San Miguel
Santiago Chile
- Ramirez 1076 Osorno Chile
- Uno Sur 1450 Talca Chile
- Independencia 538 Rancagua
Chile
- Warehouses at Issa Pichara 830
Renca Santiago Chile
- Camilo Henríquez 520-524
Valdivia Chile
- Avda. Bdo. O"Higgins 540
Copiapó Chile
- Avda. Eduardo Frei Montalva
01110, Mall Los Pioneros, Punta Arenas Chile
- Yungay 688 Curicó Chile
- Av. Libertador Bernardo
OHiggins 2812-2848 Estación Central Santiago Chile
- Carretera General San Martín
068 Colina Chile
- Av. Santa Teresa 683 Local 2
Los Andes Chile
- Eyzaguirre 551 San Bernardo
Chile
- Irarrázaval 2906 Ñuñoa Santiago
Chile
- Avda. Freire 2411, Centro Comercial El Belloto Quilpué Chile
- Puente 552 Santiago Chile
- Av. Pdte. Edo. Frei Montalva
500 Renca Santiago Chile
- Av. Héroes de la Concepción
2555 Mall Las Américas Iquique Chile
- 5 de Abril 828 Chillán Chile
- Av. Lib. B. O"Higgins 3470
local3 Estación Central Santiago Chile
- Av. Jose Miguel Carrera 10375
El Bosque Santiago Chile
- Avda. Concha y Toro 126, 130,
134 Puente Alto Chile
- Ahumada 167 Santiago Chile
- Viña Shopping 15 Norte Viña del
Mar Chile
- Arturo Prat 446 Antofagasta
Chile
- Freire 407 Concepción Chile
- Av. Américo Vespucio 399 - Mall
Arauco Maipú Maipú Santiago Chile
- Warehouses at Maule 848 - 858
Santiago Chile
- Av. León Bustos 280 Linares
Chile
- Avda. Vicuña Mackenna 6100
Local 1200 - Mall Florida Center La Florida
Santiago Chile
- Autpista Concepción, Talcahuano
9.200 Hualpén Chile
- Alameda 5199 Local 2 Santiago
Chile
- Av. Argentina 151 esquina
Pasaje Quillota Valparaíso Chile
- Avda. Francisco Bilbao 8750,
Mall Portal La Reina, La Reina Santiago Chile
- Vicuña Mackenna 2 Ovalle Chile
- Illapel N° 10 - Mall Paseo
Costanera Puerto Montt Chile
- Warehouses at Puerto Madero
9710 Pudahuel Santiago Chile
- Colón 471 Los Angeles Chile
- Av. Pdte. Jorge Alessandri 20040
local 3 Mall Plaza Sur Santiago Chile
- Av. Irarrázaval 2906 Ñuñoa
Santiago Chile
- Cordovez 575 La Serena Chile
- Total of 39 department stores.
Subject is related
to the following companies:
- Inversiones SCG S.A. T A X
96874020-2 Renca Santiago, 99,99% Participation
- Corpolar S.A. T A X 76586380-5,
99,90% Participation
- La Polar Internacional Ltda.,
99,90% Participation
- Conexion S.A. T A X 96878730-6,
99,50% Participation
- Collect S.A. T A X 96876380-6,
99,00% Participation (Collections)
- La Polar Corredores de Seguros
Ltda. T A X 79633210-7, 99,00% Participation
- Asesorias y Evaluaciones S.A. T
A X 96876370-9, 99,00% Participation
(credits)
- Tecnopolar S.A. T A X
96948700-4, 99,00% Participation (Computer &
administration services)
FIXED ASSETS
Real estates (24/05/2012)
Subject registers real estates
- Home, Maule 868 Santiago-Chile,
Fiscal value of 000's$ 9.934.-, rol Nº
3.464-42
- Industry, Maule 864 Santiago-Chile,
Fiscal value of 000's$ 11.548.-, rol Nº
3464-41
- Premises, San Diego 224 Depto.
8 Santiago-Chile, Fiscal value of 000's$
16.313.-, rol Nº 478-228
- Branch, Maule 848 - 858
Santiago-Chile, Fiscal value of 000's$ 222.643.-, rol
Nº 3.464-40
Total fiscal appraisal : $260.437.972.-
Machinery & Instalations (24/05/2012)
Own equipment
- Office installations .
Insurance Company:
-RSA Seguros Chile S.A.
Due : Unspecified due
dates
In force : Annual
-Chartis Compania de Seguros Generales
Due : Unspecified due
dates
In force : Annual
BOARD OF DIRECTORS
President : César
Jorge Barros Montero TAX:5814302-2
Director : Alberto
Marraccini Valenzuela TAX:7037927-9
Director : Georges
Antoine de Bourguignon Arndt TAX:7269147-4
Director : Jorge
Id Sanchez TAX:8951459-2
Director :
Fernando Tisne Maritano TAX:11625013-6
Director : Juan
Pablo Vega Walker TAX:10341217-K
Director : Aldo
Motta Camp TAX:12488665-1
ADMINISTRATION
General Manager : Patricio Juan Lecaros Paul TAX:7034563-3
Human Resources Manager : María Olivia Brito Bahamonde TAX:10006501-0
Risks Manager : Sergio López Carrasco TAX:6691656-1
(Financial risk)
Business Manager : Andrés Molina Vial TAX:7011402-K
Clothing & Footwear
Manager Controller : Gino Manríquez Ossandón TAX:10626204-7
Collections Manager : Jorge Enrique Vitar Fajre. TAX:8439101-8
Data Manager : Ricardo Rubio Stuardo TAX:8128775-9
Adm. & Finances Manager : Alvaro Patricio Araya Zamorano
TAX:13219705-9
CURRICULUM
César Jorge Barros Montero
T A X : 5814302-2
Titled as : Agricultural
Engineer.
Alberto Marraccini Valenzuela
T A X : 7037927-9
Studies : Graduated at
Universidad Católica de Chile -Chile.
Titled as : Commercial
Engineer.
LEGAL INFORMATION
(24/05/2012)
Legal Structure : Public
Stock Company
Constitution date : 13/11/1998.
Registration at the Register of Securities
and
Insurances N°806.
Notary : Andres Allende Vial, suplente
René Benavente Cash,
Santiago
Term of duration : Indefinite
Legal Address : Santiago -
Chile
Published in : Official
Gazette dated 17/11/1998 page Nº 17
Current Social Capital: 000's$ 247.392.432.-Divided to 998.617.522.-
registered
shares
unique series
Shareholder :
- 18,38% 96571220-8 Banchile
Corredores de Bolsa S.A.
- 7,94% Celfin Capital S.A.
Corredores de Bolsa
- 7,92% Banco de Chile por
Cuenta de Terceros Ca.
- 5,00% 96571890-7 Cia. de
Seguros CorpVida S.A.
- 5,00% Compañia de Seguros
Corpseguros S.A.
- 4,83% 96899230-9 Euroamerica
Corredores de Bolsa S A
- 4,56% 80537000-9 Larrain Vial
S.A. Corredores de Bolsa
- 4,52% Moneda S.A.A.F.I. para
Pionero F.I.M.
- 3,29% Santander S.A.
Corredores de Bolsa
- 3,20% Banco Santander Por
Cuenta de Inv. Extranjeros
- 2,81% AFP Habitat S.A. Fondo
Tipo C
- 2,79% Banco Itau por Cuenta de
Inversionistas
Power of attorney
held by General Manager.
Legal changes
Public Deed dated 10/02/1999, notary Enrique Mira Gazmuri, suplente Raúl
Undurraga Laso, Santiago, published in the Official Gazette dated
16/03/1999
page N° 14, capital was increased: from $100.000 to $4.389.300.000
divided into
4.389.300 registered and no par value shares.
Public Deed dated 17/03/1999, notary Raúl Undurraga Laso, Santiago,
published in
the Official Gazette dated 10/04/1999 page N° 10, statutes were
modified:
modifications not detailed in the extract.
Public Deed dated 22/03/1999, notary Raúl Undurraga Laso, Santiago,
published in
the Official Gazette dated 05/04/1999 page N° 29, corporate structure
was
modified: former deed was rectified.
Public Deed dated 02/07/1999, notary Raúl Undurraga Laso, Santiago,
published in
the Official Gazette dated 20/07/1999 page N° 31, capital was increased:
from
$4.389.400.100 divided into 4.389.400 registered and no par value
shares, to
$10.305.400.100 divided into 10.305.400 no par value shares.
Public Deed dated 25/05/2000, notary Raúl Undurraga Laso, Santiago,
published in
the Official Gazette dated 16/06/2000 page N° 20, capital was increased:
from
$10.305.400.100 divided into 10.305.400 registered and no par value
shares of
same value, to $11.647.400.100 divided into 11.647.400 shares, through
the
issuance of 1.342.000 shares to be paid within 3 years.
Public Deed dated 26/05/2000, notary Raúl Undurraga Laso, Santiago,
published in
the Official Gazette dated 17/06/2000 page N° 9, capital was increased:
from
$11.647.400.100 divided into 11.647.400 registered and no par value
shares, to
$13.425.858.403 divided into 13.257.687 shares.
Public Deed dated 13/03/2001, notary María Loreto Lynch Lillo, Santiago,
published in the Official Gazette dated 21/03/2001 page N° 13, corporate
purpose
was modified: it was extended to the current one.
Public Deed dated 15/04/2002, notary Raúl Undurraga Laso, Santiago,
published in
the Official Gazette dated 06/06/2002 page N° 11, capital was increased:
from
$14.023.354.662 (revalued) divided into 13.257.687 no par value shares,
to
$17.297.304.662 divided into 16.531.637 no par value shares.
Public Deed dated 28/03/2003, notary Raúl Undurraga Laso, Santiago,
published in
the Official Gazette dated 05/04/2003 page N° 31, statutes were
modified: number
of shares was increased to 165.316.370 shares, capital was not
increased.
Established new text of statutes, term of duration: Indefinite, capital
$18.263.989.517 divided into 165.316.370 shares.
Public Deed dated 21/04/2003, notary Raúl Undurraga Laso, Santiago,
published in
the Official Gazette dated 24/04/2003 page N° 26, capital was increased:
from
$18.263.989.517 to $36.644.057.795 divided into 206.645.463 shares.
Public Deed dated 17/06/2003, notary Raúl Undurraga Laso, Santiago,
published in
the Official Gazette dated 24/06/2003 page N° 13, statutes were
modified:
regarding issues not detailed.
Public Deed dated 07/07/2003, notary Raul Undurraga Laso, Santiago,
published in
the Official Gazette dated 09/07/2003 page N° 12, capital was increased:
it was
agreed to correct, in accordance with law 19.499, dated Apr 21, 2003,
the
increase of capital from
$18.263.989.517 to $36.644.057.795 divided into
206.645.463 registered shares.
Public Deed dated 10/05/2004, notary María Loreto Zaldívar, Santiago,
published
in the Official Gazette dated 27/05/2004 page N° 12, capital was increased:
from
$36.644.057.795 to $52.716.482.695 divided into 229.606.070 shares.
Public Deed dated 10/05/2005, notary Patricio Zaldívar Mackenna,
Santiago,
published in the Official Gazette dated 25/05/2005 page N° 19, corporate
name
was modified: "Comercial Siglo XXI S.A." by "Empresas La
Polar S.A."
Public Deed dated 20/11/2006, notary Raúl Undurraga Laso, Santiago,
published in
the Official Gazette dated 24/11/2006 page N° 32, statutes were
modified:
capital increase approved on Apr 27, 2004 was set invalid. capital was
increased: from $39.199.892.865 to $72.199.892.865 divided into
222.522.144 no
par value shares.
Public Deed dated 24/08/2009, notary Raúl I. Perry Pefaur, Santiago,
published
in the Official Gazette dated 31/08/2009 page N° 15, capital was
increased: in
$50.000.000.000 by the issuance of 28.681.730 cash shares. Consequently,
capital
remained in the amount of $134.517.100.616 divided into 251.203.874
ordinary and
no par value shares.
Public Deed dated 09/07/2012, notary Ulises Aburto Spitzer Suplente
Notaria Ivan
Perry Pefaur, Santiago, published in the Official Gazette dated
13/07/2012,
capital was increased: to
$247.392.432.300.- divided in 998.617.522 registered,
no par value shares, same value.
JUDICIAL RELEASES
ARRANGEMENTS
NOTIFICATION: Arbitration Court Luz María Jordán Astaburuaga. Extract
from
complete text Judicial Preventive
Arrangement with creditors EMPRESAS LA
POLAR
S.A. taxpayer N° 96.874.030-K.
Purpose: Effective continuity and
total change of industrial, commercial and
economic activities as from the date of
submittal of propositions at the
Arbitration Court. A new deadline is stipulated for the payment of total
liabilities. Creditors: Natural or juridical persons, national or
foreign credit
grantor of any nature against Empresas La Polar S.A. For updates and to keep a
uniform currency credits will be expressed in pesos.
(Published in the official gazette dated Sep. 3, 2011 page 28).
JUDICIAL PREVENTIVE ARRANGEMENT WITH CREDITORS: The company's board of
directors, in session of Jul. 28, 2011, agreed to initiate the legal
proceedings
to a judicial arrangements with creditors and its contents in order to
renegotiate the assets of the company with its creditors. For this
purpose, the
company's legal advisors have been instructed to carry out the
corresponding
legal presentations as soon as
possible.
NOTIFICATION
Judge Arbitrator Mrs. Luz María Jordán Astaburuaga, as on the writ of
the
judicial preventive agreement of "Empresas La Polar S.A.",
taxpayer ID
96.874.030-K dated January 04, 2012, on leaf 1378 it was stated the
following
resolution: Stated on leaf 1376
as required: Let the judicial preventive
agreement between subject and creditors, published on the official
gazette as of
March 3, 2012 page, be approved.
PUBLICATIONS (24/05/2012)
The following information regarding the subject was published in press
DIARIO LA TERCERA of 10/06/2011
La Polar's financial scandarl hits the Stock Exchange and PFA's seek for
legal
steps
The retailer announced yesterday its risking up to US$430 million due to
practices non-authorized by the board of directors on credits to its
customers.
In one day it lost almost half of its value in the stock exchange, a
42%,
and took the IPSA rate to a daily fall of 1.18%, after it revealed to
the market
that its provisions -non-recoverable risk credits - might be higher than
almost
ten times the ones of 2010. The last year they amounted to $22 billions.
An
initital estimation of the new financial risk was considered by the
company to
be between $150 billion (US$321 million) and $200 billion (US$428
million).
La Polar's board of directors met on Monday and Wednesday to analyse
this
topic. Yesterday they revealed that during these sessions it was
informed of
"practices" in the management of its credit portfolio -
associated with the
restructuring of debts of credit
cards holders - non-authorized by the board of
directors.
The company did not detailed what kind of practices they were, but in
the
industry it is believed that are related to unilateral restructuration of
delinquent credit debts, which caused a collective demand filled last week by
the Consumers' National Service (SERNAC). "This allows to account
delinquent
debtors as current" - an agent of the market stated.
La Polar stated that the facts spread yesterday do not affect
"their
business model". Besides, it adopted a number of measures which were
communicated to different agents of the market. Among them, it is the
appointment of Eduardo Bizama as the new general manager replacing
Martín
González, who will take back the commercial management; and also the
dismissal
of the Financial Products Manager, Julián Moreno, who will be replaced
by Hernán
Arancibia as Manager of Credits (instead of its current position of
Manager of
the Credit Risk Division of Banco de Chile. Besides, the company
designated
Ernst & Young as an external auditor instead of PwC.
The alert of this case was known in the Superintendency of Securities
and
Insurances (SVS) on Friday 3 of June, when the shareholders represented
by the
law firm Gutiérrez y Silva placed an inquiry regarding the balance
sheets of La
Polar. SVS gave a term of 5 days to La Polar to inform and on last
Wednesday it
commanded to do so yesterday.
Shareholders
For the Pension Funds Administrators (PFAs) the disconformity is at
global
level. They own the 24% of a firm which lacks of controller, which for
some
could explain the problem. Investment, however, represents only the 0.2%
of the
assets of the system. Habitat, Cuprum, Provida and Capital will study
legal
steps. Habitat affirmed that this facts impact on the public trust given
to the
company, since financial statements shall be reliable.
Provida expressed its indignation and Cuprum said that they will follow
administrative and judicial steps to safeguard the interest of its
affiliates.
"These steps may involve directors, administrators, external
auditors, risk
classifiers" - warned the PFA of Group Penta.
As from today, the PFAs will coordinate among themselves and with other
partners of the company in order to ask for an extraordinary meeting of
shareholders and require the minutes of the board of directors of La
Polar,
headed by Pablo Alcalde since 2009. -
www.emol.cl of 27/10/2011 Losses for US$100 millions a year during the
last 10
years registered by La Polar were informed by its current president,
Cesar
Barros
The magnitude of the losses experimented by the company in the last
decade
was severily defined by Barros, who said that La Polar
"never had profits".
According to the financial statement of La Polar submitted today, the
company
accumulates losses for US$892 millions while its assets amount to US$744
millions. Liabilities reach the US$1, 221 millions.
Thus, the negative net worth of the company reaches the US$477 millions.
At the same time, provisions, which in April amounted to $198,877
millions,
had decreased to $126,000 millions in July.
Fake profits
Barros revealed that the profits declared by the company in the last
years
were false. He added that if it declares itself bankrupted, both banks
and
creditors could only recover a 7% of the company's value.
In this context, the executive insisted that he keeps the hope of a
stabilization of La Polar for 2014, which would depend on the approval
of the
judicial preventive agreement that is currently in study. -
Economía y Negocios El Mercurio Cuerpo B Pag 5 of 12/11/2011
La Polar inaugurates fourth store in Colombia
Despite the current delicate situation of La Polar, the department store
chain has kept its chronogram of store openings in Colombia. Yesterday,
the
company inaugurated its fourth store located in the shopping center
Cafam
Floresta in Bogotá, with 6,500 m2 and 200 employees.
La Polar opened its first store in the capital of Colombia in October
2010,
while the other two were established in the city of Medellín.
The business plan reported by the company two weeks ago sets the
strategical
axis as growing in this market with the opening of 11 stores within the
next
three years. As informed in that opportunity, the locations have been
already
defined and the negotiations with
developers and/or land proprietors are
advanced. -
Economía y Negocios El Mercurio Cuerpo B Pag7 of 31/03/2012
La Polar registers losses for $10,200 million
The department store chain La Polar registered losses for $10,200
million
for the period between August and December 2011, according to its report
to the
Superintendecy of Securities and Insurances last night.
Its revenues for ordinary activities reached $165,994 million
represented,
where $132,914 million correspond to retail revenues, and $33,080 to the
financial business. Administration costs reached $52,203 million
representing
the 31.4% of the ordinary activities' turnaround. The EBITDA of the
period of 5
months ended as of Dec. 31, 2011 reached losses for $12,329 million -
DIARIO FINANCIERO of 23/05/2012
The Minister of Economy and the National Consumer Service (SERNAC)
detailed
the implications of the agreement reached with La Polar in relation to
the
compensatory plan for the customers that were victims of unilateral
renegotiations.
In this context, they informed that that plan is for a total of US$651
million, an amount with no precedents in the history of Chile in matters
of
consumers' compensations.
This huge amount is divided as follows: "compensation bonus"
of $15,000.-
for around one million customers, which totals US$30 million. The other
point is
"returnings to customers that paid" which totals US$35
million. The item
"discounts, comissions and insurances unproperly hired", on
the other hand,
reached US$52 million.
As informed by SERNAC, after long
meeting that ended on May 22 at 5 AM, it
was agreed that La Polar must pay the two first items from its cash,
which
totals US$65 million.
The rest of this compensatory plan would impact directly the financials
statements of the company corresponding to the fourth quarter.
"The fulfillment of these commitments will be supervised through
audits, and
if any consumer considers that suffered a greater damage, the
correspondingcourt
indemnizations may be carried out" - SERNAC stated.
Now, shares of La Polar are increased in a 3.68% rankedas the second
more
profitable in the Santiago Stock Exchange.
Results of La Polar
According to the consolidated financial statements of the company standing
(proforma statement, not audited) sent by La Polar to the
Superintendency of
Securities and Insurances, during 2011 they registered losses for
US$1,130,
which is compared to the profits of $29,167 million registered in 2010.
According to this report, the company hardly keeps US$25 millions cash,
and
has to face a shot-term debt of US$1,055 million.
On the other hand, the stock-market share of the retailer reaches the
US$192.24 million. -
INFORMATION SOURCES
Management declined to submit any kind of information. outside sources
provided
Consolidated balance sheets.
-Other outside information sources.
Exchange rate
-As at 25/05/2012 $507,83 Per US$
-As at 31/12/2011 $521,46 Per US$
-As at 31/12/2010 $468,01 Per US$
-As at 31/12/2009 $507,10 Per US$
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
UK Pound |
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.85 |
INFORMATION DETAILS
|
Report Prepared by
: |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.