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Report Date : |
22.02.2012 |
IDENTIFICATION DETAILS
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Name : |
PUMA CHILE S.A. |
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Formerly Known As : |
INTERSPORT S.A. |
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Registered Office : |
Av. Kennedy 5454 Of. 102 - Vitacura Santiago XIII Region Metropolitana |
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Country : |
Chile |
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Date of Incorporation : |
25.04.1986 |
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Legal Form : |
Private Stock Company |
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Line of Business : |
Import & sale of sport articles. |
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No. of Employees : |
220 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ Dollars 547,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Chile |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
PUMA CHILE S.A.
Av. Kennedy 5454 Of. 102 - Vitacura
Santiago
XIII Region Metropolitana
CHILE
Telephone :
56-2-3696800
Fax : 56-2-3696801
E_Mail :
sergio.alvarado@puma.com
Web Site :
www.puma.com
SUMMARY
Started
: 1986
Total
Employees :
220
Payments
: Prompt
Capital
: 000's$
2.632.448.-
Sic(s) : 5136
- 5661
Line of Business: Import & sale of sport articles.
EVALUATION
Credit Recommendation
000's Pesos 000's US$
dollars 000's Euros
Conservative value :
260.000
497
381
Liberal value
:
286.000
547
419
If additional information is received or present information is rectified, this
recommendation may be modified.
Payment Scoring = [ 100 ]
Financial indicators
Financial statements could not be obtained, thus financial analysis can not be
carried out
COMMERCIAL INFORMATION
Commercial Bulletin : As at 20/12/2011 subject
does not register protested
checks, bank drafts nor promissory notes in the
commercial information bulletin
Labor Bulletin : As
at 20/12/2011 does not register labor infringements
Previsional Bulletin : As at 20/12/2011 does not
register pension fund's
infringements
Consolidated delinquency : As at 20/12/2011, subject does not register any
delinquent bill
TRADE REFERENCES
Little or no local credit experience, since main purchases are carried out
abroad
The account holder credit report reflects no delinquent payment history, no
protests, and no social security and/or work infringements as of the date of
this report.
AVERAGE PAYMENTS IN CHILE
International Risk and Payment Review reported in May 2011
The local delays in payment average 0-1 month.
BANKS
Subject operates with the
following banks:
- ABN Amro Bank (Chile), main office Av. Apoquindo 3039, Las Condes
- Banco de Chile, main office Ahumada 251, Santiago
OPERATIONS
Line of Business : Import
& sale of sport wear and shoes.
Classification according to commercial activity:
Sic: 5136-0000 Men's and boy's clothing
-0602 Sportswear, men's and
boys'
Sic: 5661-0000 Shoe stores
Subject is considered as a large company in this line of business, strong
competition
Sales
Sales are steady throughout the year
90% wholesalers
10% retailers
National and international sales territory
Products are sold
National: 99%.
Sales conditions: Cash and credit with invoice.
International: 1%.
Exports to Panama, Peru and Singapore.
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Panama
0,00 26,08
Peru 0,00 19,56
Singapore
0,00 54,34
Historical registries
Total 2010 = 000's$ 0 Accumulated 2011 = 000's$ 7.933
Total 2009 = 000's$ 618.220
Total 2008 = 000's$ 779.882
Total 2007 = 000's$ 606.440
Total 2004 = 000's$ 330.225
Customers
Main customers are: Department stores and public in general.
The 3 most important customer are:
S.A.C.I. Falabella, Cencosud Retail S.A. and Ripley Chile S.A.
Purchases
Places orders with multiple suppliers
International: 100%
Purchase conditions: Credit.
Imports from Germany, Argentina, Austria, Bangladesh, Belize, Brazil, Cambodia,
China, Colombia, El Salvador, Philippines, Georgia, India, Indonesia, England,
Virgin Islands British, Italy, Malaysia, Mexico, Pakistan, Singapore, Taiwan,
United Kingdom, Thailand, Turkey and Vietnam.
Records of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
China
40,06 37,96
Vietnam
29,13 22,43
Indonesia
10,64 9,82
Mexico
3,90 10,81
Taiwan
3,71 3,00
Cambodia
3,61 7,81
Bangladesh
1,75 1,82
Malaysia
1,65 1,04
Virgin Islands
British
0,83 0,00
India
0,74 0,16
Belize
0,70 0,00
El
Salvador
0,69 1,37
Philippines
0,66 0,65
Pakistan
0,39 0,75
Turkey
0,37 1,67
Thailand
0,21 0,00
Singapore
0,13 0,00
United
Kingdom
0,11 0,01
Georgia
0,10 0,27
Germany
0,09 0,03
Brazil
0,06 0,00
Colombia
0,02 0,15
Argentina
0,01 0,01
Italy
0,01 0,03
England
0,00 0,00
Austria
0,00 0,00
Historical registries
Total 2010 = 000's$ 16.353.322 Accumulated 2011 = 000's$ 24.285.008
Total 2009 = 000's$ 11.495.839
Total 2008 = 000's$ 14.665.520
Total 2007 = 000's$ 5.508.542
Total 2004 = 000's$ 4.761.614
Employees: 220 employees
Location
- Administrative offices are located at Av. Kennedy 5454 Of. 102 Vitacura
Santiago, Chile, commercial area, main avenue of busy traffic,
construction
in good conditions
Branches
- Sales room in Mall Parque Arauco Tel 56-2-2131315 Av. Kennedy 9001,
Local
3035 Las Condes Santiago Chile
- Sales room in Mall Alto Las Condes, Tel 56-2-2295564 Av. Kennedy 5413,
Local
107 Las Condes Santiago Chile
- A total of 14 stores located in Mall Maipú, La Dehesa, Plaza Festival,
Plaza
Vespucio Oeste, Mall Parque Arauco, also in Puerto Montt, Concepción,
Temuco,
Rancagua, Valdivia & La Serena.-
RELATED COMPANIES
Subject is related with the
following company:
- Puma Servicios SPA
FIXED ASSETS
Real estates
Subject registers the following real estate
- Home, Ailyn 350 Puerto Montt-Chile, Fiscal value of 000's$ 23.805.-,
rol Nº
1446-13
Vehicles
Owns vehicles for the company's use
4 vehicles of various models & brands .
Machinery & Instalations
Equipments and machinery, not specified
INSURANCES
Insurance covering
interests are undersigned
Taken out at a corporate level worldwide.
ADMINISTRATION
General Manager : José
Arias Salas
Adm. & Finances Manager : Sebastián Ramírez
Commercial Manager : Jonathan Camhi Fritz
General Accountant : Sergio Alvarado
LEGAL INFORMATION
Legal
Structure :
Private Stock Company
Constitution date :
25/04/1986. Registered under the business name
INTERSPORT S.A.
Notary
: Alvaro Bianchi
Rosas, Santiago
Term of duration :
Indefinite
Legal Address : Santiago - Chile
Published in : Official Gazette dated 06/05/1986
page Nº 7
Current Social Capital: 000's$ 2.632.448.-Divided to 224.323.- registered
shares
unique series
Social Initial Capital: 000's$ 100.000.-
Shareholder :
- Puma (Germany)
Power of attorney held by General Manager.
Legal changes
On 28/08/1987, capital was increased: from the initial $ 100.000.000.-divided
into 100.000.000 no par value shares to $ 300.000.000.- divided into
300.000.000.- no par value shares.
On 03/12/1988, capital was increased: from $300.000.000 to $500.000.000 divided
into 500.000.000 no par value shares.
Public Deed dated 08/08/1990, notary Andrés Rubio Flores, Santiago, published
in
the Official Gazette dated 29/08/1990 page N° 8, capital was increased: from
$500.000.000 divided into 500.000.000 shares to $850.064.000 divided into
100.000 registered no par value shares.
Public Deed dated 03/02/1992, notary Patricio Raby Benavente, Santiago,
published in the Official Gazette dated 07/02/1992 page N° 12, capital was
increased: from $798.064.000 to $888.431.480 divided into 50.000 A-series
shares
and 49.896 B-series shares.
Public Deed dated 05/06/1992, notary Patricio Raby Benavente, Santiago,
published in the Official Gazette dated 30/06/1992 page N° 16, statutes were
modified: it was agreed to reduce the number of directors from 5 to 4 members,
establishing the existence of alternate directors; to revoke the capital
increase dated Feb 3rd, 1992; and to prepare a new text of statutes indicating
that business name is Intersport S.A. , term of duration is indefinite and
capital amounts to $798.064.000 divided into 99.896 no par value shares,
same
value.
Public Deed dated 01/09/1992, notary Patricio Raby Benavente, Santiago,
published in the Official Gazette dated 22/09/1992 page N° 9, capital was
increased: from $798.064.000 divided into 99.896 shares to $1.094.064.000
divided into 136.000 no par value shares.
(Rectified in official gazette dated Sep 28, 1992 page 8)
Public Deed dated 03/08/1994, notary Patricio Raby Benavente, Santiago,
published in the Official Gazette dated 19/08/1994 page N° 19, capital was
increased: from $1.356.339.332 (revalued) divided into 136.000 no par value
shares to $1.626.339.332 divided into 163.072 no par value shares.
Public Deed dated 19/03/1997, notary René Benavente Cash, Santiago, published
in
the Official Gazette dated 14/04/1997 page N° 16, capital was increased: to
$2.632.448.497 divided into 224.323 registered no par value shares.
Public Deed dated 12/06/1998, notary René Benavente Cash, Santiago, published
in
the Official Gazette dated 04/07/1998 page N° 8, statutes were modified:
stipulating a new rewritten text of statutes wherein it was indicated that
business name is Intersport S.A., with address in the commune of Huechuraba.
Capital amounts to $2.632.448.497 divided into 224.323 no par value
shares.
Public Deed dated 18/06/1998, notary René Benavente Cash, Santiago, published
in
the Official Gazette dated 13/07/1998 page N° 16, corporate name was modified:
from "Intersport S.A." to Puma Chile S.A.
Public Deed dated 14/07/2006, notary Pablo Roberto Poblete Saavedra, Santiago,
published in the Official Gazette dated 25/07/2006 page N° 10, board of
directors was modified: eliminating position of substitute directors.
PUBLICATIONS
Information regarding
subject is supplied as follows
IMPORTANT NOTE of 05/01/2010
When this brand arrived in Chile in 1980 started as distributor.
In 1989, Puma opened a shoe factory in Quilicura but results were not good
enough.
In 1997 Puma sold 360.000 pairs of shoes with incomes of US$16.000.000.-
however fixed costs were too high and the company lost millions of dollars.
Puma International had to purchase the 51% of the chilean subsidiary and the
other percentage belonged to Argentine partners.
Puma Chile started to import directly from the head company and in the year
2000 the domestic industry was closed. -
INFORMATION SOURCES
Mr. Sergio Alvarado, General Accountant, declined financial
figures, however, submitted the data shown in this report.
-Other outside information sources.
Exchange rate
$522,62 Per US$
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.08 |
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|
1 |
Rs.77.80 |
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Euro |
1 |
Rs.65.17 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.