|
Report Date : |
19.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
FALABELLA RETAIL S.A. |
|
|
|
|
Registered Office : |
Rosas 1665 Santiago XIII Region Metropolitana |
|
|
|
|
Country : |
Chile |
|
|
|
|
Date of Incorporation : |
08.07.1998 |
|
|
|
|
Legal Form : |
Private Stock Company |
|
|
|
|
Line of Business : |
Import and marketing of products for department stores, such as clothes, gifts, advertising and promotion products, etc. |
|
|
|
|
No. of Employees : |
67.961 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 $18 billion. Chile used this fund to finance fiscal stimulus packages during the 2009 economic downturn. In December 2009, the OECD invited Chile to become a full member, after a two year period of compliance with organization mandates, and in May 2010 Chile signed the OECD Convention, becoming the first South American country to join the OECD. The economy started to show signs of a rebound in the fourth quarter of 2009, and GDP grew 5.1% in 2010 and 6.5% in 2011. Chile achieved this growth despite the 8.8 magnitude earthquake that struck in February 2010, which was one of the top 10 strongest earthquakes on record. The earthquake and subsequent tsunamis it generated caused considerable damage near the epicenter, located about 70 miles from Concepcion - and about 200 miles southwest of Santiago.
Source
: CIA
FALABELLA
RETAIL S.A.
Rosas 1665
Santiago
XIII Region Metropolitana
CHILE
Telephone :
56-2-23802000, 56-2-23802202, 56-2-23802205
Fax : 56-2-23802047
E_Mail
: pgacitua@falabella.cl
Web Site :
www.falabella.cl
Postal Code : 8340236
Started
: 1998
Total
Employees
: 67.961
Payments : Prompt
Capital : 000's$
58.440.099.-
Sic(s) : 6719
Line of Business: Import and marketing of products for department stores.-
Financial indicators
Financial statements could not be obtained, thus financial analysis can not be
carried out
Commercial
Bulletin : As at 15/02/2013 subject does not
register protested
checks, bank drafts nor promissory notes in the
commercial information bulletin
Labor Bulletin : As
at 15/02/2013 does not register work infringements
Previsional Bulletin : As at 15/02/2013 does not
register social security
infringements
Consolidated delinquency : As at 15/02/2013, subject does not register any
delinquent bill
TRADE REFERENCES
Suppliers' trade references are supplied as follows:
Detail of References
Old
: Since 2005
Last purchase : 12-2012
Terms : 60 days
Payment : Prompt
Notes : invoice
Credit : -
Owes : -
Due : Does
not Register
Paying Comments: Good
Amounts undisclosed.-
Old : Since
2004
Last purchase : 12-2012
Terms : 60 days
Payment : Prompt
Notes : invoice
Credit : -
Owes : -
Due : Does
not Register
Paying Comments: Good
Old : Since
2003
Last purchase : 11-2012
Terms : 30 days
Payment : Prompt
Notes : invoice
Credit : -
Owes : -
Due : Does
not Register
Paying Comments: Good
Amounts undisclosed.-
Old : Since
1985
Last purchase : 11-2012
Terms : 60 days
Payment : Prompt
Notes : bank transfer
Credit : (000'sUS$) 1.500.000
Owes : (000'sUS$)
1.200.000
Due : Does
not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly 000's$) 1.200.000
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
Since 2003 08-11 Prompt
invoice
-
-
Since 1985 08-11 Prompt
checks
1.500.000 1.000.000
Since 2005 09-11 Prompt
invoice
-
-
Since 2003 08-11 Prompt
invoice
2.500.000
-
Since 2004 09-11 Prompt
invoice
-
-
Since 1985 02-11 Prompt
checks
1.500.000 1.134.000
Since 2003 11-10 Prompt
invoice
2.500.000
-
Since 1998 03-11 Prompt
invoice
-
-
Since 2003 02-11 Prompt
invoice
- None
Since 2003 07-10 Prompt invoice
Open None
Since 1999 07-10 Prompt sight
draft
900.000 None
Since 1999 07-10 Prompt
invoice
Open None
Since 1998 07-10 Prompt
invoice
Open None
Since 2003 06-10 Prompt
invoice
Open None
Since 1999 07-10 Prompt
invoice
Open None
Since 1995 07-10 Prompt
invoice
80.000 None
Since 1995 04-10 Prompt
invoice
- None
Since 1999 04-10 Prompt
invoice
Open None
Since 2003 01-10 Prompt
invoice
Open None
Since 1998 04-10 Prompt
invoice
Open None
Since 1999 04-10 Prompt
invoice
Open None
Since 2003 04-10 Prompt
invoice
Open None
Since 1999 04-10 Prompt sight
draft
900.000 None
Since 2004 04-10 Prompt
invoice
Open None
Since 1995 12-09 Prompt
invoice
- None
Since 1999 04-09 Prompt
invoice
Open None
During the last 6 months, the account holder credit history shows 134 credit
review inquiries requested by financial institutions, consultancy agencies,
telecommunication companies, industries, insurance companies, health insurance
companies and businesses in general.-
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 June 2011
The local delays in payment average 0-1 month.
BANKS
Subject operates with the following banks:
- Banco Bilbao Vizcaya Argentaria, Chile
- Banco de Chile
- Banco de Credito e Inversiones
- Banco Santander Chile
- Banco Security
Line of Business
: Import and marketing of products for department stores, such
as clothes, gifts, advertising and promotion products, etc.
Classification according to commercial activity:
Sic: 6719-0000 Offices of holding companies, not elsewhere classified
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%.
International: 1%.
Historical exports registered in the Customs National Services
Total 2010 = 000's$ 49.657
Total 2009 = 000's$ 0
Not exporting currently
Customers
Main customers are: Public in general.
Purchases
Places orders with multiple suppliers
National: 40%
International: 60%
Imports from Germany, Argentina, Bangladesh, Belgium, Bolivia, Brazil,
Bulgaria,
Canada, China, Colombia, South Korea, Croatia, Egypt, El Salvador, Spain,
Philippines, France, Netherlands, Hong Kong, Hungary, India, Indonesia,
England,
Italy, Japan, Malaysia, Mexico, Nicaragua, Unknown Origin/Destin., Pakistan,
Panama, Peru, Poland, Portugal, Romania, Singapore, Switzerland, Taiwan,
Thailand, Tunisia, Turkey, United States, Uruguay and Vietnam.
of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
China
81,74 84,80
Japan
3,99 0,95
United
States
2,76 1,60
Malaysia
2,10 0,73
India
1,76 2,36
Unknown
Origin/Destin.
1,21 1,92
Argentina
1,08 2,97
Brazil
0,88 0,30
Vietnam
0,85 0,66
Pakistan
0,83 0,22
Italy
0,41 0,56
Bangladesh
0,41 0,37
Peru
0,39 0,41
Indonesia
0,26 0,35
South
Korea
0,24 0,04
Turkey
0,20 0,02
Egypt
0,12 0,13
Taiwan
0,10 0,03
Romania
0,09 0,04
England
0,08 0,03
Belgium
0,07 0,02
Bolivia
0,05 0,00
Spain
0,05 0,15
Canada
0,04 0,02
Colombia
0,04 0,08
Thailand
0,04 0,01
Switzerland
0,03 0,00
Singapore
0,02 0,71
Hong
Kong
0,02 0,06
Mexico
0,02 0,00
Portugal
0,02 0,01
Nicaragua
0,01 0,00
France
0,01 0,01
Croatia
0,01 0,00
El
Salvador
0,01 0,00
Netherlands
0,00 0,00
Uruguay
0,00 0,00
Germany
0,00 0,03
Bulgaria
0,00 0,00
Hungary
0,00 0,00
Philippines
0,00 0,01
Poland
0,00 0,01
Panama
0,00 0,00
Tunisia
0,00 0,01
Historical registries
Total 2011 = 000's$ 216.688.100 Accumulated
2012 = 000's$ 153.547.202
Total 2010 = 000's$ 138.623.649
Total 2009 = 000's$ 99.810.186
Total 2008 = 000's$ 56.092.714
Total 2007 = 000's$ 44.303.713
Main suppliers
- Adidas Chile Ltda.
- Comercial Depor Ltda.
- Comercial Josich S.A.
- Comercial Monte Bianco Ltda.
- D.N.D. Import & Export Limitada
- Dist. Colchones Rosen S.A.
- Forus S.A.
- Hasbro Chile Ltda.
- Heller S.A., Leon
- Importadora y Exportadora Chile Business Group Limitada
- Inmobiliaria Novel Limitada
- LG Electronics Inc. Chile Ltda.
- Mobel Forte S.A.
- Moletto Hnos. S.A. Manufacturas Textiles
- Nike de Chile S.A.
- Philips Chilena S.A.
- Puma Chile S.A.
- Sociedad Comercial Abujatum y Tala Ltda.
- Sociedad Comercial Importadora y Exportadora Eme Erre Chile Limitada
- Sony Chile
- T.J.C. Chile S.A.
- VF Chile S.A.
No own employees, hires those of related companies 67.961 employees
Location
- Administrative offices located at Rosas 1665 Santiago, Chile,
commercial
area, secondary street of normal traffic, construction in good
conditions
Branches
Subject has
- 40 stores.-
RELATED COMPANIES
Subject is related to the following companies:
- Comercial Monse Ltda., 99,95% Participation
- South America Textiles Ltda., 99,50% Participation
- S.A.C.I. Falabella T A X 90749000-9 Santiago (owner of 99,99% of
"Inversiones
Falabella Ltda.")
Real
estates
Subject does not register real estates
Machinery & Instalations
Equipments and machinery, not specified
INSURANCES
Insurance Company:
-RSA Seguros Chile S.A.
ADMINISTRATION
Legal Representative : Juan Carlos Cuneo Solari
TAX:3066418-3
Corporate General : Agustín Solari
Alvarez TAX:8458863-6
Manager Department
stores. Chile (Retail)
General Manager : Juan
Pablo Montero Schepeler TAX:9357959-3
Corporate for department
stores.-
Corporate Finances : Alejandro Patricio
González Dale TAX:10054917-4
manager SACI Falabella
Finances Manager Retail : Andrés Salvestrini Balmaceda TAX:10896993-8
CURRICULUM
Juan Carlos Cuneo Solari
T A
X
: 3066418-3
Titled as :
Commercial Engineer.
Position :
Legal Representative
Simultaneously : Director of S.A.C.I Falabella
and Farmacias Ahumada S.A.
Agustín Solari Alvarez
T A
X
: 8458863-6
Titled as :
Commercial Engineer.
Position :
Corporate General Manager Department stores. Chile
(Retail)
Juan Pablo Montero Schepeler
T A
X
: 9357959-3
Titled as : Civil
Engineer.
Position :
General Manager Corporate for department stores.-
Alejandro Patricio González Dale
T A X
: 10054917-4
Titled as :
Commercial Engineer.
Position :
Corporate Finances manager SACI Falabella
Legal
Structure :
Private Stock Company
Constitution date :
08/07/1998. Business name is "Sociedad de Inversiones
Bruzzone y Bruzzone".
Term of duration
: Indefinite
Legal Address : Santiago - Chile
Current Social Capital: 000's$ 58.440.099.-Divided to 8.204.696.368.-
registered
shares unique series
Shareholder : 2
- 99,99% 76020391-2 Inversiones Falabella Ltda.
- 0,01% 76020385-8 Inversiones Parmin S.P.A.
Legal changes
Public Deed dated 21/12/1999, notary Enrique Morgan Torres, Santiago, published
in the Official Gazette dated 18/01/2000 page N° 26, corporate structure was
modified: Civil Collective Partnership "Sociedad de Inversiones Bruzzone y
Bruzzone" by private stock company "Inverfin S.A." with
indefinite term of
duration. Capital is $2.000.000.- divided into 1.000 no par value shares.-
Public Deed dated 31/07/2002, notary Paulina Sotomayor Graepp, Santiago,
published in the Official Gazette dated 24/09/2002 page N° 11, capital was
increased: from $2.158.914.- (revalued) to $87.420.183.506.- divided into
40.492.666 no par value shares.
Public Deed dated 27/09/2002, notary Alberto Mozó Aguillar, Santiago, published
in the Official Gazette dated 14/11/2002 page N° 18, capital was increased:
from
$87.420.183.506 to $88.160.183.506.- divided into 4.049.266.600 no par value
shares.-
Public Deed dated 04/03/2008, notary Guillermo Le-Fort Campos, Santiago,
published in the Official Gazette dated 29/04/2008 page N° 17, statutes were
modified: it was agreed to divide partnership into two companies: one is the
continuer company, which changed its business name "Inverfin S.A." by
"Falabella
Retail S.A." and the other company was created after the division and will
have
as business name "Inverfin S.A." Consequently, capital was decreased
from
$106.260.280.139.- to $38.584.800-163.- divided into 4.049.266.600.- no par
value shares.-
Public Deed dated 02/06/2008, notary Linda Scarlett Bosch, Santiago, published
in the Official Gazette dated 01/08/2008 page N° 69, capital was increased:
from
$38.584.800.163.- to $40.275.455.304.- divided into 5.566.235.423.- no par
value
shares.-
Public Deed dated 01/08/2008, notary Linda Scarlett Bosch Jiménez, Santiago,
published in the Official Gazette dated 24/09/2008 page N° 17, board of
directors was modified: the number of directors was increased from 3 to 9
members.-
Public Deed dated 01/10/2008, notary Linda Scarlett Bosch Jiménez, Santiago,
published in the Official Gazette dated 13/11/2008 page N° 11, capital was
increased: where it appears "Capital amounts to $40.275.455.304.-" it
should be
mentioned "capital amounts to $40.322.267.447.- divided into 5.566.235.406
shares". Capital was increased to $59.179.942.156.- divided into
8.169.418.790
no par value shares.
Public Deed dated 02/10/2008, notary Linda Scarlett Bosch Jiménez, Santiago,
published in the Official Gazette dated 28/11/2008 page N° 23, capital was
increased: from $59.179.942.156.- to $60.822.879.898.- divided into
8.422.178.443 no par value shares.
Public Deed dated 03/11/2008, notary Linda Scarlett Bosch Jiménez, Santiago,
published in the Official Gazette dated 02/01/2009 page N° 50, capital was
increased: from $59.179.942.156 (paid) to $147.645.676.427.- divided into
21.012.156.956 no par value shares through the issuance of 12.589.978.513 new
shares.-
Public Deed dated 22/01/2009, notary Linda Scarlett Bosch, Santiago, published
in the Official Gazette dated 20/03/2009 page N° 22, deed was rectified 1) To
correct flaws of public deed granted by the same notary dated November 03, 2008
and published in Official Gazette dated Jan 2, 2009:
Capital was increased from $ 60.822.879.898 to $ 149.288.614.169 divided into
20.672.078.503 registered and no par value shares.-
At the same time, statutes were modified: it was approved the takeover merger
of "Nueva Sodimac Tres S.A." by "Falabella Retail
S.A." (Subject) which
acquired total assets and liabilities, rights, duties, networth and
shareholders. "Nueva Sodimac Tres S.A." is dissolved. Consequently,
capital was
increased: to $ 153.055.332.000 divided into 20.969.393.305 registered, one
series and no par value shares.- Out of total issued shares, 20.672.078.503 of
them correspond to $ 153.044.145.154 which are completely subscribed and paid.
The balance of 297.314.802 shares which correspond to $11.186.846 has been
issued and will be exchanged by shares that shareholders of Nueva Sodimac Tres
S.A. own in such company.This operation was done in order to get the merger
agreement established in the Extraordinary Meeting of Shareholders held on
January 22, 2009.-
Public Deed dated 01/04/2009, notary Linda Scarlett Bosch Jimenez, Santiago,
published in the Official Gazette dated 28/05/2009 page N° 35, capital was
increased: from $153.055.332.000 to $255.732.142.706 divided into
35.036.661.645
registered, one series and no par value shares.-
Public Deed dated 01/06/2009, notary Maria Carolina Bascuñán Barros, Santiago,
published in the Official Gazette dated 31/07/2009 page N° 18, statutes were
modified: it was agreed to divide subject according to the financial statements
as at May 31, 2009 effective on June 1, 2009, distributing its networth between
subject and a new stock company with business name NUEVA PLAZA S.A.
Consequently, capital was reduced: from $ 255.732.142.706 to $ $2.308.911.113
established in $ 253.423.231.593 divided into 35.036.661.645 registered, one
series and no par value shares of same value each one of them.-
Divided company keeps its name "Falabella Retail S.A." and its
capital was
decreased from $253.423.231.593 to $ 251.272.727.717 divided into
34.739.346.847
no par value shares.-
Public Deed dated 12/01/2011, notary Zoran Ostoic Marroquim, Santiago,
published
in the Official Gazette dated 04/03/2011 page N° 5, capital was reduced from
$247.440.099.476 (paid) to $189.000.000.000.- established in $58.440.099.476.-
The amount of shares in which capital is divided was reduced from
34.739.346.847
to 26.534.650.479, now established on 8.204.696.368 registered, same series and
no par value shares completely subscribed and paid.
Note:
This company became part of the retail area of S.A.C.I. Falabella in order to
manage it independently.
It started operating in current line of business on Sep 1st, 2008.
PUBLICATIONS
Information regarding subject is supplied as follows
Memoria 2010 SACI Falabella. of 29/09/2011 The shareholder
"Inversiones
Falabella" is a Limited Liability Partnership.
On May 2, 2008 the partnership was established as a Limited Liability
Partnership by Public Notary of Santiago Guillermo Le-Fort Campos. The
corporate
purpose of the company is to invest in shares, bonds, debentures, payments or
rights in partnerships, and in any title and/or real estate security and in
other real estate incomes.
Inversiones Falabella and its affiliate companies operates in Chile,
Argentina, Peru and Colombia. (It has 189 direct affiliate companies)
The company is engaged in the retail sale of clothes, home appliances and
articles. Also it sales foodstuffs through Hyper and Super Markets. Besides, it
particpates in other supporting businesses such as financial services (CMR
insurance brokers, bank), shopping malls and manufacture of textiles (Mavesa,
Italmod). -
Economía y Negocios El Mercurio Cuerpo B, página 7 of 10/01/2013 Falabella will
invest US$3.900.000.000 from here to the year 2017 to keep more than 200
stores.
In 2013, US$887.000.000 will be invested and 42 new stores will be opened.
INFORMATION SOURCES
Miss. Claudia Calvanese, General Manager Assistant, submitted
just general information, declined financial statements according to
policies
of the company.
-Other outside information sources.
Exchange rate
-As at 21/12/2012 $475,02 Per US$
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.