MIRA INFORM REPORT
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Report Date : |
24.01.2012 |
IDENTIFICATION DETAILS
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Name : |
TIENDAS POR DEPARTAMENTO RIPLEY S.A. |
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Registered Office : |
Javier Prado Este 4200, Jockey Plaza Shopping Center, Santiago de Surco, Lima,33 |
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Country : |
Peru |
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Date of Incorporation : |
04.12.1996 |
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Com. Reg. No.: |
File card No.135606 of Trade Registry (03.01.1997) |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Department Store |
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No. of Employees
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5909 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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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 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Peru |
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 |
IDENTIFICATION
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CORRECT COMPANY NAME |
TIENDAS POR
DEPARTAMENTO RIPLEY S.A. |
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TRADE NAME |
RIPLEY |
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TAXPAYER REGISTRATION |
RUC 20337564373 |
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MAIN ADDRESS |
Javier Prado Este 4200, Jockey Plaza
Shopping Center, Santiago de Surco, |
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POSTAL CODE |
Lima,33 |
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PROVINCE / DEPARTAMENT |
Lima/Lima |
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STATE / REGION |
Lima |
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COUNTRY |
PERU |
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TELEPHONE |
(511) 6105100 |
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E-MAIL |
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WEB |
SUMMARY
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LEGAL BACKGROUNDS
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LEGAL STATUS |
Joint-Stock Company |
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DATE OF INCORPORATION |
04DEC1996 |
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STARTING DATE |
10/09/1997 |
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PLACE OF REGISTRY |
Lima |
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NOTARY OFFICE |
Alfredo Paino Scarpati. |
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DURATION |
Perpetual |
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REGISTRATION |
File card No.135606 of Trade Registry
(03.01.1997) |
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INITIAL CAPITAL |
S/.600.= Nuevos Soles |
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CURRENT PAID-IN CAPITAL |
S/.94,105,048.= Nuevos Soles (issued and
paid-in) |
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CLASS OF SHARES |
Registered |
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LISTED AT STOCK EXCHANGE |
No |
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SHARE VALUE |
S/.1.= Nuevo Sol |
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CURRENT EXCHANGE RATE (US$) |
S/. 2.69 per 1 USD |
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COMMENTS |
According to SUNAT (Tax Administration), the Subject Company has been incorporated in the Regime of General Sales Tax Withholding Agents (R.S. 037-2002) since June 1, 2002. |
DIRECTORS - EXECUTIVES –
SHAREHOLDERS
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WHO IS WHO?
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PIZARRO
ARANGUREN, LUIS MIGUEL |
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NATIONALITY |
Peruvian |
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PROFESSION |
Lawyer |
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BACKGROUND INFORMATION |
Lawyer - PUCP (1992)Law Graduate - PUCP (1992)Part-time commitment for Subjects (TPA)Guarantees, Banking Law lpizarro@pbeabogados.com |
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NUÑEZ DEVESCOVI,
ARTURO JUAN |
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NATIONALITY |
Peruvian |
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D.O.B. |
03MAY1954 |
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ID |
DNI 07840226 |
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TAX ID |
10078402267 |
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BACKGROUND INFORMATION |
Graduated from Pontificia Universidad Católica del Perú.Master in Business Administration. |
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ASSOCIATED AS PER OUR DATABASE TO |
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ALVAREZ DE LA
TORRE JARA, MARIANO EMILIO |
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NATIONALITY |
Peruvian |
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D.O.B. |
01OCT1962 |
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ID |
DNI 10472819 |
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BACKGROUND INFORMATION |
He was appointed Proxy of TIENDAS POR DEPARTAMENTO RIPLEY S.A. on November 28, 2006 and confirmed on November 21, 2007. |
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IZAGUIRRE
ALEGRE, JUAN CARLOS |
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NATIONALITY |
Peruvian |
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D.O.B. |
14JAN1968 |
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ID |
DNI 08124834 |
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BACKGROUND INFORMATION |
He was appointed Proxy of TIENDAS POR DEPARTAMENTO RIPLEY S.A. on February 28,.2005 and confirmed on March 14, 2005. |
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ARBE SALDAÑA,
CESAR ABERTANO |
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NATIONALITY |
Peruvian |
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D.O.B. |
28DEC1966 |
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ID |
DNI 09306766 |
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CIVIL STATUS |
Married to Verónica Patricia Arrieta
Cilumbriello |
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PROFESSION |
Lawyer |
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BACKGROUND INFORMATION |
He was appointed Proxy of TIENDAS POR DEPARTAMENTO RIPLEY S.A. on December 2, 1996 and confirmed on November 29, 2002. |
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ASSOCIATED AS PER OUR DATABASE TO |
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BUSINESS HISTORY
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TIENDAS POR DEPARTAMENTOS RIPLEY S.A. was founded by César Arbe Saldaña, Manuel F. Velarde Dellepiane and Albert Forsyth Solari.By early 2000, Subject formed FINANCIERA CORDILLERA, which was aimed at consumer credit, mainly automotive and mortgage loan, etc.In General Shareholders' Meetings of TIENDAS POR DEPARTAMENTOS RIPLEY S.A. and COLOCADORA S.A., held on November 5, 2001, it was approved the merging project submitted by its corresponding Boards of Directors, under which as from 01/12/2001 TIENDAS POR DEPARTAMENTOS RIPLEY S.A. would take over COLOCADORA S.A. thorugh merger process, and the legal status of the latter would dissappear.In June 2000, FINANCIERA CORDILLERA S.A. signed an agreement with PROCESOS MC PERU S.A., the only acquirer of MASTERCARD in Peru.In 1999, at level group, the second Ripley Store was built in Peru, in the District of San Isidro - Lima, which currently operates under the corporate name TIENDA DEPARTAMENTAL LAS BEGONIAS S.A. The construction demanded an investment between US$25,000,000.= and US$30,000,000.= Dollars.In December, same year, the third Ripley Store was built in the Plaza San Miguel Shopping Center - Lima, which operates under the company name TIENDA DEPARTAMENTAL SAN MIGUEL S.A. Its construction demanded an investment of approximately US$25,000,000.= Dollars.Likewise, in October 2001, a fourth Ripley Store was inaugurated in the District of Miraflores, which operates under the company name TIENDA DEPARTAMENTAL MIRAFLORES S.A. The estimated investment of this company reached the US$20,000,000.= Dollars.Continuing with its growth, in November 2003, a Ripley Store was opened in "Las Torres de Limatambo" (San Borja); besides, it was inaugurated another one in the South Cone, in the Asia Beach, appearing also the popular formats RIPLEY MAX in the North Cone (Independencia District) and in downtown Callao.As it is learnt, in 2001, at level group, investments in Peru would have amounted approximately US$300,000,000.= Dollars, financed with own resources as well as from banking entities of Chile.Press releases as of July 2004 indicate that with the purpose of ordering the legal structure of the organization and involve third parties to ownership of Ripley in Peru and Chile, including the Financial Entity, this chain of department stores formed a new company called RIPLEY INTERNATIONAL SA, which is said to have a capital stock of about US$5,000,000.= Dollars.The new company was founded by the sons of Alberto (Lazaro, Andres, Michel and Veronica) and Marcelo Calderon Crispin (Susana, Debora and Esther), as well as by the companies "Inversiones Leonardo da Vinci" and "Inversiones Las Tres".Subject Company is part of the so-called Grupo CALDERON, a Chilean group operating in Chile (through 23 stores) and in Peru, with projects to get settled in the markets of Argentina, Bolivia and Ecuador.Some of the companies that are part of this group are listed below: |
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RELATED COMPANIES TO SUBJECT
COMPANY OR TO MAJORITY SHAREHOLDER
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BUSINESS
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SIC Classification |
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Main activity |
Department store.Sale of electrical appliances, equipment and furniture for home and office, apparel and footwear for personal use, as well as credit cards, consumer credits, electronic banking, insurance, among others.Among the brands sold by Subject are "EMPORIUM", "CALVIN KLEIN", "FIORUCCI", "NAVIGATA", "MARQUIS", "ADIDAS", FIORUCCI", "WRANGLER", "LEVIS", "BANANA REPUBLIC", HEADWORK", "BILLABONG", "NIKE", "SONY", "GENERAL ELECTRIC", "OSTER", "CALIMOD", "DAEWOO", "KOMFORT", among others. |
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Import |
Yes |
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Country |
Argentina, Bangladesh, Belgium,Bolivia,
Brazil, Bulgaria, Cambodia, Chile, China, Colombia, Dominican Republic,
Egypt, El Salvador. |
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ANNUAL Imports In US$ (CIF) |
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Export |
Yes |
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COUNTRY |
Chile and USA. |
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Annual exports in US$ (FOB) |
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% CASH SALES / METHOD |
60% |
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% Credit SALES / Terms |
40% (36-month terms) |
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% DOMESTIC PURCHASES |
70% |
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% FOREIGN PURCHASES |
30% |
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SELLING TerritorY |
Domestic market, and occasionally
overseas. |
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EMPLOYEES |
5909 |
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Comments |
Subject also imports from Macau, Malaysia, Mexico, Holland, Pakistan, Paraguay, Peru, Philippines, Portugal, Puerto Rico, Romania, Senegal, Spain, Sri Lanka, Taiwan, Thailand, Tunisia, Turkey, Arab Emirates, United Kingdom, USA, Vietnam.Ripley Corp. S.A., head company of the business group "CALDERON", is a multinational Chilean retail store, with presence in Chile and Peru, and which also has financial presence (Ripley Card) in Venezuela. It was founded in 1956, and as of 2005, its legal status was of a "Closely Held Corporation". However, that year, its transactions were opened in the Santiago Stock Exchange.Together with Falabella and Paris, Subject is one of the most important companies in its business line, in Chile. It also has an insurance company and a bank (Banco Ripley de Chile, founded in 2002), with which it takes part in the financial business, and which contributes with the 25% of its income. Likewise, it manages its own Ripley Card since 1976.Subject's promotion strategies include activities such as the "R Days", where prices of items are reduced for several days; and also, at mid-year (each year), the "Expo Digital" takes place, which is an exposition of the most distinguished technological advances of the world.In 1956, the first Ripley store was created in Santiago. Its owner was Mr. Marcelo Calderon, who would very soon, become one of the main businessman of Chile. Its first branch outside Santiago is inaugurated in Concepcion in 1986. Its first foreign incursion is in Peru (1997) wit a store at the Jockey Plaza Mall in Lima. Currently (2006), Ripley Peru represents the 25% of its incomes, while Ripley Chile the 75%.Currently, it has 31 stores in Chile and 22 in Peru. Likewise, in Peru it operates under two formats: Ripley and Max. The latter is similar to the "Target" stores in the USA. Besides, in 2006, a Financial Entity was founded in Colombia together with a local enterprise (Carulla-Vivero), to launch the CV Ripley Card in that country.In 1997 Ripley began operations in Peru by opening its first store in Jockey Plaza shopping center in the city of Lima. In 1999 opened Ripley San Isidro Store and created: Financiera Cordillera SA. 2000 Ripley San Miguel began its operations. 2001 Ripley Miraflores was opened. 2002 opened first "MAX" store in Los Olivos. Ripley Gold Card was launched. 2003 Ripley Primavera was opened. 2004 Ripley Asia was opened in south of Lima. 2005 Ripley Chorrillos was opened. 2006 opens its second "MAX" store in Minka. Expo Ripley Expo was opened in San Juan. From the year 2007 Banco Ripley began operations in Peru .Ripley has a Volunteering program called Compromiso en tus manos (Commitment in your hands) that allows it to provide assistance to the needy. Making social outreach activities that leave a mark on the poorest communitiesin our country.Main Competitors:- Saga Falabella SA- Oeschle
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FINANCIAL INFORMATION
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Interviewee(s) |
Juan Carlos Izaguirre |
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Position(s) |
General Accountant |
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Disposition |
Poor.- Only general information without
figures. |
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Information provided |
We spoke with Juan Carlos Izaguirre (General Accountant) who only confirmed general information and refused to supplement it with balance sheets or any accounting information, claiming this is because of internal policies.Continuing with our investigations, we consulted several indirect sources to supplement information, but no complete balance sheets could be obtained.From previous investigations, we have global figures from the following periods:As of 31/12/2009 Sales: S/.1,235,000.000= , Profits: S/.7,900,000.=As of 31/12/2008 Sales: S/.1,263,405,000.=, Profits: S/.14,733,000.=As of 31/12/2007 Sales: S/.1,196,511,000.=, Profits: S/.43,486,000.=As of 31/12/2006 Sales: S/.1,039,374,000.=, Proftis: S/.19,180,000.= |
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FINANCIAL SITUATION |
UNDETERMINEDThe company's Financial Standing is considered to be Undetermined since there is no financial information that allows us to asses its results.Tiendas por Departamento Ripley is a large-sized company that is part of an important business group.Local suppliers coincidentally point out that Subject has been their client for several years, describing its credit experience as good, without negative.Likewise, its credit experience with entities from the financial sector is normal, according to the last report of SBS (Supervisory Agency for Banking and Insurance). |
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INSURANCE |
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Insurance Comments |
Insurance policies are taken out through its broker agent, Gabel Corredores de Seguros. |
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PAYMENTS RECORD: TRADE
REFERENCES
(Confidential
Information) |
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Note : Other
suppliers did not provide information or could not be consulted |
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CREDIT HISTORY Subject's credit history shows prompt payments. |
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LAWSUITS |
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BANKING INFORMATION
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Subject is client of the above mentioned
banks which when being consulted told us that according to the current legal
regulations they cannot provide any information on Subject's operations under
bank secrecy. However, through other consultation sources we learned that
Subject makes use of credit facilities; no adverse information. |
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SUPERINTENDENCY OF BANK & INSURANCE (SBS) |
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Debt structure for bank. SBS Latest
Consolidated Credit Report as of : 30/11/2011 |
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Bank |
Debt
Rating |
Current
Debt |
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S/. |
US$ |
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CREDITO |
NORMAL |
60,932,199.00 |
25,115,711.00 |
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INTERBANK |
NORMAL |
20,100,489.00 |
22,736,487.00 |
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SCOTIABANK |
NORMAL |
40,237,658.00 |
19,386,407.00 |
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CONTINENTAL |
NORMAL |
35,197,560.00 |
2,000,145.00 |
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CITIBANK DEL PERU |
NORMAL |
10,001,660.00 |
4,912.00 |
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FINANCIERO |
NORMAL |
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4,796,326.00 |
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SANTANDER PERU |
NORMAL |
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5,211,330.00 |
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RIPLEY |
NORMAL |
52,768.00 |
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Total |
166,522,334.00 |
79,251,318.00 |
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CONSOLIDATED DEBT (ALL
BANKS) ENTITIES
NUMBER : 7 30/11/2011 |
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GENERAL INFORMATION
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REPUTATION |
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NOTHING AGAINST COMPANY |
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CREDIT OPINION
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Consulted Credit
Amount : |
MAXIMUM |
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Suggested Credit
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Open |
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PRESS RELEASES |
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RIPLEY WILL OPEN NEW STORES IN PERU AND STOPS PROJECTS IN CHILE CHILEAN COMPANY WILL INVEST A TOTAL OF US$55,2 MILLIONS IN 2010 AND 2011 AND WILL OPEN TWO OR THREE STORESNO STORES WILL BE OPENED IN THE NEIGHBORING COUNTRYRipley, the Chilean department store that has twelve stores in Peru, is planning to open other two or three stores in 2010 and then will continue with two more stores per year.By 2010, the firm considers the opening from two to three new multistores, and then to follow with a plan of two stores per year. It is said that $ 12.4 million dollars will be used for this plan in 2010 and a similar number in 2011. Plan to invest U.S. $ 16.4 million between 2010 and 2011 for refurbishment of premises and in the same period, another US$14 million in technology. By year's end plan the opening of a new store in Chiclayo.For Ripley, Peru's potential is more than important.Ripley analyzed the Peruvian market when delivering its third quarter results, stating: "While Peru is considered a country with a higher risk compared to Chile, this risk level has been slowed due to the continued efforts by the government to continue to maintain a stable economy. "They stressed that the Peruvian economy has continued growing at significant rates and that sales from department stores have grown as explained by the increased penetration of credit cards and increasing purchasing power of consumers. "Today operations in Peru are developed in an economic environment with controlled inflation and a stable exchange rate, "they said.Source: EFEDate 05/11/2009RIPLEY WILL FOCUS INVESTMENTS IN PERU FOR 2010Felipe Lamarca who led the ordinary shareholders' meeting of the company said - "We believe we have to go further in Peru because it has gone very well for us there, and we were very well received".Mr. Lamarca said that all investments in Peru and Chile during 2010 will amount to U.S. $ 60 million to be shared equally between the two countries. In the case of Peru, the projects will be implemented in conjunction with their strategic partner in this country, the Plaza group."All investments in the real estate business we have in Peru will be made through the partnership we have with Mall Plaza where we have a 40% ownership." |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.24 |
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UK Pound |
1 |
Rs.78.13 |
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Euro |
1 |
Rs.64.79 |
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.