|
Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
CENCOSUD RETAIL S.A. |
|
|
|
|
|
|
Registered Office : |
Av. Presidente Kennedy 9001, Piso 4° - 5° - Las Condes |
|
|
|
|
|
|
Country : |
|
|
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
|
|
Date of Incorporation : |
13.12.1968 |
|
|
|
|
|
|
Legal Form : |
Private Stock Company |
|
|
|
|
|
|
Line of Business : |
Department stores.- Chain of Jumbo and |
|
|
|
|
|
|
No. of Employees : |
11.000 |
|
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 : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Chile |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
CHILE - ECONOMIC OVERVIEW
Chile has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Exports account for more than one-third of GDP, with commodities making up some three-quarters of total exports. Copper alone provides one-third of government revenue. During the early 1990s, Chile's reputation as a role model for economic reform was strengthened when the democratic government of Patricio AYLWIN - which took over from the military in 1990 - deepened the economic reform initiated by the military government. Since 1999, growth has averaged 4% per year. Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, which took effect on 1 January 2004. Chile claims to have more bilateral or regional trade agreements than any other country. It has 59 such agreements (not all of them full free trade agreements), including with the European Union, Mercosur, China, India, South Korea, and Mexico. Over the past seven years, foreign direct investment inflows have quadrupled to some $15 billion in 2010, but foreign direct investment had dropped to about $7 billion in 2009 in the face of diminished investment throughout the world. The Chilean government conducts a rule-based countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and allowing deficit spending only during periods of low copper prices and growth. As of November 2011, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $18 billion. Chile used this fund to finance fiscal stimulus packages during the 2009 economic downturn. In December 2009, the OECD invited Chile to become a full member, after a two year period of compliance with organization mandates, and in May 2010 Chile signed the OECD Convention, becoming the first South American country to join the OECD. The economy started to show signs of a rebound in the fourth quarter of 2009, and GDP grew 5.1% in 2010 and 6.5% in 2011. Chile achieved this growth despite the 8.8 magnitude earthquake that struck in February 2010, which was one of the top 10 strongest earthquakes on record. The earthquake and subsequent tsunamis it generated caused considerable damage near the epicenter, located about 70 miles from Concepcion - and about 200 miles southwest of Santiago.
Source
: CIA
CENCOSUD
RETAIL S.A.
(PARIS S.A. Y/O CER S.A.)
Av. Presidente Kennedy 9001, Piso 4° - 5° - Las Condes
Santiago
XIII Region Metropolitana
CHILE
Telephone :
56-2-9590000
Fax : 56-2-3367171
E_Mail :
contacto@paris.cl
Web Site :
www.cencosud.cl
Postal Code : 7561132
Started
: 1968
Total Employees : 11.000
Payments : See Commercial Record
Capital
: 000's$
414.501.698.-
Sic(s) : 5311
Line of Business: Department
stores.- Chain of Jumbo and Santa Isabel
supermarkets.
Credit Recommendation
000's Pesos 000's US$
dollars 000's Euros
Conservative value :
6.500.000
13.766
10.489
Liberal value
:
7.150.000
15.142
11.538
If additional information is received or present information is rectified, this
recommendation may be modified.
According to last
financial statement, subject shows an insufficient financial
situation, as indicated in:
** Negative Working Capital
** Acceptable Current Liquidity Ratio
** Regular Acid Test Ratio
Economic situation is normal, as reflected in:
** Acceptable Current Indebtedness Ratio
** High Total Indebtedness Ratio
** Good Solvency Ratio
** Insufficient Profitability Over Sales Ratio
** Normal Profitability Over Assets Ratio
** Excellent Profitability Over Net Worth Ratio
Commercial Bulletin : As at 22/10/2012 subject
does not register protested
checks, bank drafts nor
promissory notes in the
commercial information bulletin
Labor Bulletin : As at 22/10/2012 registers labor
infringements
Labor Detail
Date :27/01/2012
Reason :Unpaid
declarations
Value :Ch$ 1.565.520,00.-
Months :0
Bulletin :138
Page :134399
Drawer : DIRECCION DEL
TRABAJO
Previsional bulletin : As At 22/10/2012 registers
pension fund's infringements
Previsional Detail
Date :22/10/2012
Reason :Undeclared
payrolls
Value :Ch$ 700.175,00.-
Months :57
Bulletin :138
Page :134399
Drawer : AFP
HABITAT
Consolidated delinquency : As at 22/10/2012, subject registers the following
delinquent bills
Detail of Delinquent Debts
Date : 31/05/2012
Note : Invoice
Value : Ch$ 209.440,00
Drawer : DISAL CHILE S.A.
City : -
Date : 21/11/2011
Note : Invoice
Value : Ch$ 33.261,00
Drawer : FLORES Y KERSTING S A
City : -
Date : 04/06/2012
Note : Invoice
Value : Ch$ 656.880,00
Drawer : FIRST FACTORS
City : -
Date : 31/05/2012
Note : Invoice
Value : Ch$ 10.439.048,00
Drawer : SOC DE INV SAGLIETTO LTDA
City : -
Date : 25/02/2010
Note : Invoice
Value : Ch$ 198.778,00
Drawer : FLORES Y KERSTING S A
City : -
Date : 30/01/2012
Note : Invoice
Value : Ch$ 580.720,00
Drawer : DISAL CHILE S.A.
City : -
Date : 20/04/2011
Note : Invoice
Value : Ch$ 881.304,00
Drawer : K D M S A
City : -
Date : 28/12/2009
Note : Invoice
Value : Ch$ 1.181.251,00
Drawer : CHILQUINTA ENERGIA S.A.
City : -
Date : 11/11/2011
Note : Invoice
Value : Ch$ 16.065,00
Drawer : DISAL CHILE S.A.
City : -
Date : 24/10/2010
Note : Invoice
Value : Ch$ 53.550,00
Drawer : DISAL CHILE S.A.
City : -
Suppliers' trade
references are supplied as follows:
Detail of References
Old : Since 2007
Last purchase :
09-2012
Terms : 60 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 150.000
Owes : (000'sUS$) 900.000
Due : Does not Register
Paying Comments : Good
Purchase Aver. : (Monthly
000's$) 200.000
Old : Since 2005
Last purchase :
09-2012
Terms : 90 days
Payment : Prompt
Notes : sight draft
Credit : -
Owes : -
Due : Does not Register
Paying Comments : Good
Purchase Aver. : (Monthly
000's$) 60.000
Old : Since 1990
Last purchase :
09-2012
Terms : 120 days
Payment : Prompt
Notes : bank transfer
Credit : -
Owes : (000'sUS$) 7.000
Due : Does not Register
Paying Comments : Good
Purchase Aver. : (Monthly
000's$) 5.500
Purchase period is between January and September.
Old : Since 1995
Last purchase :
09-2012
Terms : 120 days
Payment : Prompt
Notes : bank transfer
Credit : -
Owes : -
Due : Does not Register
Paying Comments : Good
Purchase Aver. : (Monthly
000's$) 6.000
Old : Since 2005
Last purchase :
09-2012
Terms : 60 days
Payment : Prompt
Notes : invoice
Credit : -
Owes : -
Due : Does not Register
Paying Comments : Good
Detail
of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
Since 2005 03-12 Prompt sight
draft
-
-
Since 1990 02-12 Prompt bank transfer
-
-
Since 2004 03-12 Prompt bank
transfer
-
-
Since 1995
-- bank
transfer
-
-
Since 2004 10-11 Prompt bank
transfer
Open
-
Since 1995 10-11 See Commerc bank
transfer
Open
-
Since 1990 09-11 Prompt bank
transfer
Open
-
04-11
Prompt bank
transfer
-
-
Since 1999 03-11 Prompt bank
transfer
-
-
Since 2004 03-11 Prompt bank
transfer
-
-
Since 1999 03-11 Prompt
invoice
-
-
Since 2004 08-10 Prompt
invoice
Open None
Since 1989 09-10 Prompt
invoice
150.000 None
Since 1999 09-10 Prompt
invoice
Open None
Since 2004 08-10 Prompt
checks
Open None
Since 1989 09-10 Prompt
invoice
50.000 None
Since 1993 08-10 Prompt
invoice
Open None
Since 1998 09-10 Prompt
invoice
Open None
Since 1995 08-10 Prompt
invoice
Open None
Since 1990 09-10 Prompt current
account
Open None
Since 1999 08-10 Prompt
invoice
Open None
Since 1994 09-10 Prompt
invoice
300.000 None
Since 1989 08-10 Prompt sight
draft
Open None
Since 2004 09-10 Prompt sight
draft
Open None
Since 1990 08-10 Prompt
checks
500.000 None
20 years 03-10 Prompt
checks
1.000.000
None
Since 2004 03-10 Prompt sight draft
Open None
Since 1989 03-10 Prompt sight
draft
Open None
Since 1989 03-10 Prompt
invoice
150.000 None
Since 1990 03-10 Prompt current
account
Open None
Since 1999 03-10 Prompt
invoice
Open None
Since 1989 09-09 Prompt
invoice
50.000 None
Since 2004 02-10 Prompt
checks
Open None
Since 1998 03-10 Prompt
invoice
Open None
Since 1999 03-10 Prompt
invoice
Open None
Since 1999 03-10 Prompt
invoice
Open None
20 years 09-09 Slow
invoice
50.000 None
20 years 09-09 Prompt
checks
1.000.000
None
20 years 09-09 Prompt current
account
Open None
Since 1989 08-09 Prompt sight
draft
Open None
Since 2004 09-09 Prompt sight
draft
Open None
15 years 08-09 Prompt current
account
Open None
20 years 08-09 Prompt
checks
1.000.000
None
15 years 02-09 Prompt current
account
Open None
20 years 02-09 Prompt
checks
1.000.000
None
Since 1989 09-08 Prompt sight
draft
Open None
Since 1997 08-08 Prompt
invoice
Open None
15 years 07-08 Prompt
invoice
Open None
20 years 08-08 Prompt sight
draft
Open None
20 years 07-08 Prompt
checks
Open None
Since 1991 12-07 Prompt bank
transfer
240.000
-
20 years 12-07 Prompt sight draft
-
-
15 years 02-08 Prompt
invoice
Open None
3 years 02-08 Prompt
invoice
-
-
- 01-08
Prompt
invoice
-
-
Since 1997 11-07 Prompt invoice &
check
Open
-
20 years 11-07 Prompt
checks
Open
-
3 years 12-07 Prompt
invoice
-
-
3 years 09-07 Prompt
invoice
-
-
20 years 10-07 Prompt
checks
Open
-
Since 1991 10-07 Prompt bank
transfer
240.000
-
Since 1997 09-07 Prompt invoice &
check
Open
-
20 years 10-07 Prompt sight
draft
-
-
20 years 05-07 Prompt current
account
350.000
-
Since 1997 03-07 Prompt invoice &
check
Open
-
10 years 03-07 Prompt invoice
&
check
Open
-
20 years 08-07 Prompt current
account
150.000
-
Since 1991 04-07 Prompt bank
transfer
240.000
-
Since 1986 10-07 Prompt current
account
300.000
-
20 years 05-07 Prompt
checks
Open
-
10 years 09-06 Prompt current
account
150.000
-
20 years 11-06 Prompt current
account
350.000
-
20 years 11-06 Prompt current
account
300.000
-
15 years 11-06 Prompt
checks
Open None
Since 1991 11-06 Prompt bank
transfer
215.000
-
10 years 04-06 Prompt bank
transfer
Open
-
15 years 04-06 Prompt not specified
Open
-
10 years 03-06 Prompt bank
transfer
Open
-
20 years 04-06 Prompt bank
transfer
Open
-
5 years 01-06 Prompt
drafts and current
200.000
-
10 years 11-06 Prompt bank
transfer
350.000
-
2 years 01-06 Prompt bank
draft
Open
-
20 years 09-06 Prompt checks
and current
300.000
-
20 years 12-05 Prompt
invoice
Open
-
10 years 12-05 Prompt not
specified
-
-
10 years 12-05 Prompt not
specified
-
-
5 years 12-05 Prompt bank
draft
Open
-
20 years 12-05 Prompt bank
draft
Open
-
15 years 12-05 Prompt not
specified
Open
-
5 years 12-05 Prompt
cheks, drafts,
etc
-
-
15 years 06-05 Prompt not
specified
Open
-
20 years 06-05 Prompt bank
draft
Open
-
5 years 06-05 Prompt bank
draft
Open
-
10 years 06-05 Prompt not
specified
-
-
10 years 06-05 Prompt not
specified
-
-
20 years 06-05 Prompt
invoice
Open
-
20 years 02-05 Prompt
invoice
Open
-
10 years 02-05 Prompt not
specified
-
-
12 years 02-05 Prompt
invoice
500.000
-
5 years 02-05 Prompt bank
draft
Open
-
20 years 02-05 Prompt bank
draft
Open
-
15 years 02-05 Prompt not
specified
Open
-
15 years 06-04 Prompt not
specified
Open
-
20 years 06-04 Prompt bank
draft
Open
-
5 years 06-04 Prompt bank
draft
Open
-
10 years 06-04 Prompt not
specified
-
-
20 years 06-04 Prompt
invoice
Open
-
12 years 06-04 Prompt
invoice
500.000
-
During the last 6 months, the account holder credit history shows 596 credit
review inquiries requested by financial institutions, pension funds
administrators, consultancy agencies, industries, health insurance companies,
workmen's compensation agencies and businesses in general.-
It registers 10 delinquent payments for unpaid invoices totalling
$14.250.000.- approx., one social security infringement and one work
infringement included in the report.-
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
521.372.161
482.830.455 463.833.482
CURRENT
LIABILITIES
639.662.813
617.009.196 565.116.107
WORKING
CAPITAL
-118.290.652
-134.178.741 -101.282.625
FIXED
ASSETS
395.582.277
262.249.339 248.549.543
OTHER
ASSETS
615.664.171
741.010.416 489.985.129
LONG TERM
LIABILITIES
341.202.842
424.932.276 288.838.683
NET
WORTH
551.752.954
444.148.738 348.413.364
OPERATING
INCOMES
2.532.306.192 2.408.823.726
2.163.763.870
CURRENT
PROFIT(LOSS)
108.815.839
112.265.772 65.092.539
BALANCE SHEET
CONSOLIDATED FISCAL YEAR COMPLETE
ASSETS
31/12/2011 31/12/2010
Cash
37.868.107 31.251.333
Sales
Debtors
113.757.815 110.050.534
Notes & Accts
Receivable/Interco.Relations
116.939.684 129.736.564
Inventory
227.227.983 189.693.013
Taxes
Recoverable
5.120.497 3.490.310
Other Current
Assets
20.458.075 18.608.701
CURRENT
ASSETS
521.372.161 482.830.455
Higher Value/Technical
Reappr.Fix.Assets
94.704.145 9.836.467
Net Fixed
Asset
300.878.132 252.412.872
FIXED
ASSETS
395.582.277 262.249.339
Investments in Related
Companies
443.836.149 401.452.535
Long Term
Debtors
17.755.716
0
Notes & Accts Receivable Related
Comp.
134.309.155 214.043.520
Intangibles
6.286.081 105.799.538
Other
13.477.070 19.714.823
OTHER
ASSETS
615.664.171 741.010.416
TOTAL
ASSETS
1.532.618.609 1.486.090.210
LIABILITIES
31/12/2011 31/12/2010
Oblig.With Banks & Financ.Inst.Short
Term
15.454.758 12.117.057
Accounts
Payable
526.990.702 512.748.515
Notes & Accts Payable Related
Companies
72.207.214 73.003.165
Provisions
13.865.327 15.858.486
Withholdings
10.438.136 2.593.995
Other Current
Liabilities
706.676 687.978
CURRENT
LIABILITIES
639.662.813 617.009.196
Oblig.with Banks & Financial
Intitutions
128.538.436 144.480.754
Notes & Accts Payable Related
Companies
188.489.389 260.798.984
Provisions
1.421.109 1.691.394
Other Long Term Liabilities
22.753.908 17.961.144
LONG TERM
LIABILITIES
341.202.842 424.932.276
Paid
Capital
332.165.727 345.120.190
Other
Reserves
15.996.703 -226.278
Accumulated
Profits
94.774.685 98.794.069
Accumulated
Losses
0 -111.805.015
Current Profit
(Losses)
108.815.839 112.265.772
NET
WORTH
551.752.954 444.148.738
TOTAL
LIABILITIES
1.532.618.609 1.486.090.210
STATEMENTS OF
RESULTS
31/12/2011 31/12/2010
Operating
Income
2.532.306.192 2.408.823.726
Operating
Cost
-1.905.868.261 -1.800.641.484
OPERATING
MARGIN
626.437.931 608.182.242
Administration & Sales
Expenses
-532.294.064 -506.706.701
OPERATING
RESULT
94.143.867 101.475.541
Financial
Incomes
6.197.641 4.490.902
Profit Investmens Related
Companies
41.631.610 27.292.708
Other non Operating
Incomes
5.098.078 2.637.406
Financial
Expenses
-19.238.855 -6.216.461
Other non Operating
Expenses
-3.783.720 -4.036.450
NON OPERATING
RESULT
29.904.754 24.168.105
Result Before Income
Tax
124.048.621 125.643.646
Income
Tax
-19.691.183 -13.377.874
Monority
Interest
4.458.401
0
NET
PROFIT(LOSS)
108.815.839 112.265.772
CURRENT PROFIT(LOSS)
108.815.839 112.265.772
ECONOMIC - FINANCIAL RATIOS
31/12/2011
31/12/2010 Average
Working
Capital
(000's$) -118.290.652 -134.178.741 -126.234.697
Current Liquidity
(Times)
0,82
0,78 0,80
Acid
Test
(Times)
0,46 0,48
0,47
Collection Period Days (
Days)
32,80
35,84 34,32
Accounts Receivable
Turnover(Times)
10,98
10,05 10,52
Inventory Turnover
(Times)
8,39
9,49 8,94
Current Indebtedness
(Times)
1,16
1,39 1,28
Total Indebtedness
(Times)
1,78
2,35 2,07
Solvency
(Times)
1,56
1,43 1,50
Assets Tying
Up
( % )
25,81
17,65 21,73
Profitability Over Sales ( %
)
4,30
4,66 4,48
Profitability Over Assets ( %
)
7,10
7,55 7,33
Profitability Over Net Worth( %
)
24,57
33,83 29,20
Subject operates with the
following banks:
- Banco Bilbao Vizcaya Argentaria, Chile
- Banco de Chile
- Banco de Credito e Inversiones
- Banco Santander Chile
- BancoEstado
Line of Business : Department stores. Chain of Jumbo and Santa Isabel
supermarkets .
Tailoring of clothes for women, men and children.
Furniture, household appliances, toys, perfumes, watches, photo articles,
etc.
Classification according to commercial activity:
Sic: 5311-0000 Department stores
Subject is considered as a large company in this line of business, high
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 China.
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
China
100,00 100,00
Historical registries
Total 2011 = 000's$ 2.992 Accumulated 2012 = 000's$ 2.709
Total 2010 = 000's$ 2.067
Total 2009 = 000's$ 22.889
Total 2008 = 000's$ 0
Customers
Main customers are: Public in general.
Purchases
Domestic and international purchases
Imports from Germany, Argentina, Australia, Austria, Bangladesh, Belgium,
Bolivia, Brazil, Canada, Chile, China, Colombia, South Korea, Costa Rica,
Denmark, Ecuador, Spain, Philippines, France, Greece, Netherlands, Honduras,
India, Indonesia, England, Ireland, Israel, Italy, Japan, Malaysia, Mexico, New
Zealand, Pakistan, Panama, Paraguay, Peru, Poland, Portugal, Dominican
Republic,
Singapore, Switzerland, Taiwan, Thailand, Turkey, United States, Uruguay and
Vietnam.
Records of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
China
49,14 60,11
Paraguay
13,51 0,00
Brazil
8,13 6,90
Argentina
7,81 4,83
Australia
7,58 10,85
Germany
1,94 2,16
Ecuador
1,79 1,79
India
1,70 1,15
Pakistan
1,66 1,40
United
States
1,10 4,02
Bolivia
0,76 0,93
Spain
0,75 0,90
South
Korea
0,55 0,00
Malaysia
0,52 0,53
Peru
0,41 0,45
Belgium
0,41 0,37
Bangladesh
0,34 0,89
Italy
0,33 0,41
Uruguay
0,27 0,54
Netherlands
0,17 0,08
Denmark
0,12 0,14
Thailand
0,09 0,10
Canada
0,09 0,16
Panama
0,09 0,18
Taiwan
0,08 0,07
Vietnam
0,08 0,15
Poland
0,07 0,16
Turkey
0,07 0,06
Colombia
0,06 0,02
Philippines
0,05 0,00
Greece
0,04 0,00
Mexico
0,04 0,05
Ireland
0,03 0,08
Portugal
0,03 0,04
France
0,03 0,02
Indonesia
0,03 0,04
Switzerland
0,03 0,02
Austria
0,02 0,02
England
0,02 0,01
Israel
0,01 0,00
Singapore
0,01 0,00
Japan
0,00 0,00
Costa
Rica
0,00 0,00
Honduras
0,00 0,00
New
Zealand
0,00 0,00
Dominican
Republic
0,00 0,00
Chile
0,00 0,00
Historical registries
Total 2011 = 000's$ 236.553.485 Accumulated 2012 = 000's$ 156.853.183
Total 2010 = 000's$ 179.828.468
Total 2009 = 000's$ 68.171.321
Total 2008 = 000's$ 100.530.006
Total 2007 = 000's$ 82.281.191
Total 2006 = 000's$ 77.085.586
Total 2005 = 000's$ 53.242.479
Total 2004 = 000's$ 39.421.035
Total 2003 = 000's$ 29.460.392
Main suppliers
- C.T.I. Compañia Tecno Industrial S.A.
- Caffarena S.A.
- Cambiaso Hnos. S.A.C.
- Colchones Rosen S.A.I.C.
- Comercial Importadora y Exportadora Smartbabies Limitada
- Comercial Santa Elena y Compania Limitada
- Comercializadora de Vestuario S.A.
- Comercializadora Skechers Chile Limitada
- Compañias CIC S.A.
- Corpora Tres Montes Chile S.A.
- Dawabe Ltda., Victor
- Electrolux Chile S.A.
- Empresas Carozzi S.A.
- Fabrica Nacional de Colchas El Castillo S.A.
- Importaciones e Inversiones Valencia S.A.
- Importadora y Exportadora H.J. Limitada
- Industria Textil Monarch S.A.
- Manufacturas de Vestuario Mavesa Limitada
- Mobel Forte S.A.
- Nestle Chile S.A.
- Park Dan S.A.
- Philips Chilena S.A.
- Riesco y Herrera Limitada
- Sociedad Comercial Abujatum y Tala Ltda.
- Somela S.A.
- Sony Chile Limitada
- T.J.C. Chile S.A.
- The Jeans Company S.A.
- Vesuvio Comercial y Textil Chile Ltda
- Vielva y Cia. Ltda., Luis
- X Sport Ltda
Employees: 11.000 employees approx.
Total number of employees (group): 101.392.-
Location
- Administrative offices are located in Cencosud Building at Av.
Presidente
Kennedy 9001, Piso 4° - 5° Las Condes Santiago, Chile, commercial
area, main
avenue of busy traffic, construction in good conditions
Branches (17/10/2012)
- Lyon Mall, 1st and 2nd fl., Av. 11 de Septiembre 2221 Providencia
Santiago
Chile
- Department store (7-story building) Av. Libertador Bernardo
O"Higgins 815 Santiago Chile
- Store at Avda. Argentina 51 Valparaíso Chile
- Subject keeps a total of 31 Paris stores throughout the country, and
more than 150 Jumbo and Santa Isabel supermarkets .
Subject is related to the following companies:
- Montecarlo Administradora S.A. T A X 82148100-7 Las Condes
Santiago, 99,99% Participation
- Logistica y Distribucion Almacenes Paris Ltda. T A X 77301910-K, 99,97%
Participation
- Santa Isabel Administradora S.A. T A X 76062794-1, 99,94% Participation
- Santa Isabel Administradora Sur Ltda. T A X 76819500-5, 99,90%
Participation
- Paris Corredores de Seguros Ltda. T A X 77128570-8, 99,90%
Participation
- Eurofashion Ltda. T A X 79829500-4 Quilicura Santiago, 99,90%
Participation
- Santa Isabel Administradora Norte Ltda. T A X 76819580-3, 99,00%
Participation
- Jumbo Administradora S.A. T A X 99566580-8, 99,00% Participation
- Viajes Paris S.A. T A X 99586230-1 Providencia Santiago, 99,00%
Participation
- Administradora y Comercial Los Angeles Ltda. T A X 77779000-5, 99,00%
Participation
- Administradora de Servicios Paris Ltda. T A X 77312480-9, 99,00%
Participation
- Administradora y Comercial Concepcion Ltda. T A X 78448780-6, 99,00%
Participation
- Grandes Tiendas Administradora Centro Ltda. T A X 77313160-0, 99,00%
Participation
Real estates
Subject registers real estates
- Building, Barros Arana 883-899 Concepción-Chile, Fiscal value of 000's$
7.045.020.-, rol Nº 208-30
- Parking lots, Moneda 645 Box A 204 Santiago-Chile, Fiscal value of
000's$
5.605.-, rol Nº 71-595
Total fiscal appraisal: $7.050.625.231.-
Vehicles
Rents vehicles for the company's use
Machinery & Instalations
Equipments and machinery, not specified
Insurance Company:
-Chartis Compania de Seguros Generales
-Penta Security S.A.
General Manager
of : Jaime Soler Botinelli
Paris Stores
General Manager of : Marcos Crimella
Jumbo and Santa Isabel
Supermarkets
Human Resources Manager : Rodrigo Hetz
Division Manager of : Jaime Alberto Soler
Bottinelli TAX:7107025-5
Stores by Department
Jaime Alberto Soler Bottinelli
T A
X
: 7107025-5
Titled as :
Commercial Engineer.
Position :
Division Manager of Stores by Department
Legal Structure : Private Stock Company
Constitution date : 13/12/1968. Registered on leaf 10.174
N°4.269 of Santiago
Trade Registry on December
26th, 1968, as a limited liability partnership under the business name
ALMACENES PARIS LTDA.
Term of duration : Indefinite
Legal Address : Santiago - Chile
Current Social Capital: 000's$ 414.501.698.-Divided to 4.857.118.775.- registered shares unique series
Shareholder :
- 99,95% 93834000-5 Cencosud S.A.
- 0,04% 94226000-8 Cencosud Shopping Center S.A.
Power of attorney held by General Manager of Paris Stores.
Legal changes
Public Deed dated 16/07/1996, notary Martín Vásquez Cordero, Santiago,
published
in the Official Gazette dated 23/07/1996 page N° 10, corporate structure was
modified: from limited liability partnership to public stock company, and at
the
same time corporate name was modified: "Almacenes París Ltda." by
"Almacenes
París Comercial S.A.". Finally, capital was increased: from $21.000.000 to
$25.984.362.798 which was divided into 250.000.000 registered and no par value
shares.
(Rectified in official gazette of Aug 2, 1996, page 21)
On Sep 25th, 1996, it was registered at the Superintendency of Securities &
Insurances N° 586.-
Public Deed dated 03/09/1996, notary Andrés Rubio Flores, Santiago, published
in
the Official Gazette dated 14/09/1996 page N° 11, corporate purpose was
modified: to the purchase and sale of all kind of merchandises, distribution
and
export of them, manufacturing of furniture, purchase, sale, distribution,
import
& export of them, investments of real estates, furniture & fixtures,
the
development and financing of related companies (direct or indirect),
administration and management of department stores, advisory and operation of
above mentioned purposes, and in general any activity carried in order to
fullfil the objectives herein mentioned.
Public Deed dated 04/10/2005, notary Emilio Pomar Carrasco, Santiago, published
in the Official Gazette dated 11/10/2005 page N° 9, corporate name was
modified:
from ALMACENES PARIS COMERCIAL S.A., to PARIS S.A. The trade name PARIS can be
used for advertising purposes.
On Nov 4, 2005, it cancelled the registration in the Registry of Securities
and became a PRIVATE STOCK COMPANY.
Public Deed dated 13/12/2006, notary Emilio Pomar Carrasco, Santiago, published
in the Official Gazette dated 09/01/2007 page N° 15, capital was increased:
from
$11.360.175.608 (paid capital ) divided into 250.000.000 no par
value shares
to $31.438.931.335 divided into 350.000.000 no par value shares.
Public Deed dated 02/01/2008, notary Gustavo Montero Martí, Santiago, published
in the Official Gazette dated 23/01/2008 page N° 16, capital was increased: to
$31.739.974.880.-divided into 600.000.000 no par value shares.
Public Deed dated 30/06/2009, notary Gustavo Montero Marti, Suplente Not. José
Musalem Saffie, Santiago, published in the Official Gazette dated 11/07/2009
page N° 30, statutes were modified: it was agreed to divide subject into two
companies, one will be the legal continuer keeping business name PARIS S.A.
(subject) and two new companies incorporated under the business names
"Paris
Santiago Centro S.A." and "Paris Inmobiliaria SCT S.A.".
Consequently, capital was reduced from $ 62.860.169.125 (duly revalued) to
$55.945.550.521.- divided into 600.00.000 registered, no par value and
one-series shares. The resulting difference of $6.9154.618.604 is for the
capital of the newly constituted companies: $628.601.691 for "Paris
Santiago
Centro S.A." and $6.286.016.913 for "Paris Inmobiliaria SCT
S.A."
Public Deed dated 31/08/2009, notary Gustavo Montero Marti, Santiago, published
in the Official Gazette dated 04/09/2009 page N° 80, statutes were modified:
Cencosud Supermercados S.A. merged and was taken over by Paris S.A. (Cencosud
Retail S.A.) effective Sep 1st, 2009. The latest will be the continuer of
activities and operations but will not be liquidated. New business name is
Cencosud Retail S.A. Trade style PARIS S.A. or CER S.A.
Due to merger, capital was increased to $338.195.028.981 divided into
4.771.059.158 registered and no par value shares. Corporate purpose was
extended.
Public Deed dated 01/10/2010, notary José Musalem Saffie, Santiago, published
in
the Official Gazette dated 16/10/2010 page N° 4, corporate purpose was
modified:
including exploitation of business premises, supermarkets, distributors,
department stores, and others alike by means of wholesale and retail; direct
and
indirect purchase, sale, import, export, distribution of any kind of goods,
merchandise or services; it will also able to create, form, or participate in
civil or business partnerships; exploitation, management and operation of
drugstores, and pharmaceutical stores.
Public Deed dated 30/06/2011, notary Gustavo Montero Marti, Santiago, published
in the Official Gazette dated 08/07/2011, capital was reduced: as per takeover
merger of the companies Cencosud Retail S.A. and Cencosud Supermercados S.A.,
published in the official gazette dated Sep. 4, 2009. The shareholders of
Cencosud Supermercados S.A. made use of its right to retire 33.708
shares,
which were acquired and duely paid by Cencosud Retail S.A. Consequently,
capital
was reduced to $332.165.726.549 divided into 4.771.025.450 no par value
shares
of one series.
Public Deed dated 11/01/2012, notary Suplente Zoran Ostoic Marroquin de
Francisco J. Leiva C., Santiago, published in the Official Gazette dated
14/01/2012, statutes were modified: It was agreed to carry out the take over
merger of "Retail S.A." by "Cencosud Retail S.A."
(subject), effective as from
Jan. 10, 2012. The latter took over the former, acquiring all its assets,
permissions, authorizations and liabilities, becoming its successor for all
rights and duties. Besides, subject will acquire all shareholders and networth
of Retail S.A., which will be consequently dissolved. Subject is the
successor
and legal continuer of Retail S.A. for all purporses, taking into consideration
subject's audited financial statements ended Dec. 31, 2011 and Dec. 31, 2010.
As a result,
capital was increased: from $332.165.726.549 to $ 414.501.698.219 divided
into 4.857.118.775 ordinary, registered and no par value shares of one series.
Its corporate purpose will be the exploitation of self-service stores,
supermarkets, distributors, department stores and other alike with the
wholesale
and retail formats. Direct purchase, sale, import, export, elaboration,
production, trade and distribution operations, or indirectly through other
companies, of any kind of goods, merchandises or services, by its self or third
parties' account. The administration of department stores or store premises,
advisory and other services.
***Due to takeover merger of Cencosud Supermercados S.A. the whole chain of
supermarkets JUMBO and SANTA ISABEL (150 supermarkets app.) was transferred to
Cencosud Retail S.A. (subject) effective Sep 1st, 2009.
Information regarding
subject is supplied as follows
Economía y Negocios El Mercurio Cuerpo B Pag 07 of 19/12/2011 Cencosud opens
new
store in Argentina
Cencosud will add a new store to its listing of 22 Jumbo supermarkets in
Argentina. This new hypermarket is located in Carrodilla, Luján de Cuyo,
Mendoza. With this new opening Jumbo sum up its store number 264 including its
trademarks Jumbo, Disco and Vea. The new supermarket has an area of 4,138 m2
and
involved an investment of US$10,208,816.- allowing to give employment to 225
people.
This store offers more than 40,000 grocery products such as fresh and frozen
food, baker's, meat, fish, delicatessen, warehousing, women, men and children
clothing, textile products, stationery, sports products, and others. Products
include national brands and merchandises as well as imported and
self-elaboration products. -
On 17/10/2012 Miss. Anita Erazo, Assistant Corporate, confirmed the data
shown
in this report.
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.
-Other outside information sources.
Exchange rate
-As at 18/10/2012 $472,19 Per US$
-As at 31/12/2011 $521,46 Per US$
-As at 31/12/2010 $468,01 Per US$
-As at 31/12/2009 $507,10 Per US$
INTERPRETATION OF RISK LEVEL AND CREDIT RECOMMENDATION
RISK LEVEL
Credit risk assessment is ordered as follows: 1 Minimum Risk, 2 Low Risk, 3
Middle Risk, 4 Middle High Risk, 5 Significant Risk, 6 High Risk.
Credit recommendation amounts are assigned according to criteria usually used
in
the commercial credit evaluation.
The amounts are based on the risk percentages'assignment to the following
indicators: Trade references, number of employees, legal structure,
protested
bills, labor & welfare infringements, unpaid bills, operations, insurances,
net
profit, net worth, working capital and liquidity variations.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.20 |
|
|
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.