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Report Date : |
23.08.2014 |
IDENTIFICATION DETAILS
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Name : |
URUFORUS |
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Registered Office : |
Italia 4346 (antes 4232), |
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Country : |
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Date of Incorporation : |
1990 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
· Import and retail of footwear and clothing for women, men and children. ·
Distribution
of prestigious brands of footwear, clothing and accesories. |
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No of Employees : |
120 |
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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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 – June 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Uruguay |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
URUGUAY - ECONOMIC OVERVIEW
Uruguay has a free market economy characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. Following financial difficulties in the late 1990s and early 2000s, economic growth for Uruguay averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth reached 8.9% in 2010 but slowed in 2012-13, the result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Common Market of the South (Mercosur) counterparts, Argentina and Brazil. Uruguay has sought to expand trade within Mercosur and with non-Mercosur members. Uruguay's total merchandise trade with Mercosur since 2006 has increased by nearly 70% to more than $5 billion while its total trade with the world has almost doubled to roughly $23 billion in 2013.
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Source
: CIA |
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CORRECT COMPANY NAME |
URUFORUS S.A.
(CORRECT NAME) |
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TRADE NAME |
DISCOUNT
HOUSE", "HUSH PUPPIES |
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TAXPAYER REGISTRATION |
RUT 212367990012 |
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MAIN ADDRESS |
Italia 4346 (antes 4232) |
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DEPT/PROV/REGION/STATE |
Montevideo |
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COUNTRY |
URUGUAY |
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TELEPHONE |
(5982) 6137566 |
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CORPORATE E-MAIL |
jstrauch@forusuruguay.com.uy |
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WEB |
www.pasquelini.com.uy / www.forus.cl |
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COMMENTS |
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Another E-Mail: vcastro@forusuruguay.com.uy |
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NOTE |
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The address on your order is incorrect.
The correct address is as above-written. |
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Date of foundation |
1990 |
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permanent employees |
120 |
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Chief Executive |
STRAUCH, JUAN JOSE |
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Disposition |
SATISFACTORY |
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Payments policy |
Usually to terms / good |
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Credit (**) |
Risk is Minimal, Solvent, Satisfactory Financial
Situation. |
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Number of times that this company was
required: 5 |
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LEGAL STATUS |
Joint-Stock Company |
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DATE OF INCORPORATION |
1990 |
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PLACE OF REGISTRY |
Montevideo |
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NOTARY OFFICE |
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DURATION |
100 years |
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CURRENT EXCHANGE RATE (US$) |
Ps$23.051 per 1USD |
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COMMENTS |
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Subject Company's Annual Validity Certificate is AUTHORIZED at the Tax Bureau. It was issued on May 13, 2014 and will expire on May 31, 2015. |
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STRAUCH, JUAN
JOSE |
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TITLE |
General Manager |
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NATIONALITY |
Uruguayan |
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DARRAIDOU DIAZ,
GONZALO HERAN |
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TITLE |
General Manager |
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NATIONALITY |
Chilean |
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BACKGROUND INFORMATION |
General Manager of the Group |
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CESPEDES
NAVARRO, MARISOL |
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TITLE |
Financial Manager |
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NATIONALITY |
Chilean |
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BACKGROUND INFORMATION |
Financial Manager of the group |
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CASTRO, VIRGINIA |
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TITLE |
Financial Manager |
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NATIONALITY |
Uruguayan |
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CABRAL CARBALLO,
GERMAN |
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TITLE |
Brand Manager |
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NATIONALITY |
Uruguayan |
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BACKGROUND INFORMATION |
From 01/10/2007 to 30/11/2008 he was Line Manager of Agencia Marítima Navegación Atlántica whose Greek shipowner is Niver Lines.From 12/2008 to 05/2011 he was Commercial Manager of the shipping agency, Brings Uruguay, which in turn is agent of the shipowner Hyundai Merchant Marine.OTHER INTERESTS:Enterprises - Production and sale of honey - Active participation in a consortium of worm breeding farm and humus production for internal and external sale. - Shareholding percentage in a pizzeria called LA FAROLA. He actively takes part in Marketing and costs strategies. He is developing a website for exporting beef and lamb. Natural Meats is a trading company engaged in the sale of beef which is currently active.EDUCATION:He is carrying out the degree written paper of Business Management - Universidad Católica del Uruguay.STUDIES- Technical expert in Business Management: Universidad Católica del Uruguay. - Secondary school and Preparatory courses Humanistic orientation: Christian Brothers College and orientation sixth law: Scuola Italiana- Primary school: Christian Brothers College. |
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PARTICIPATED IN |
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FORUS S.A. |
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BUSINESS
BACKGROUND Chile-based company. |
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Uruforus S.A. is the local branch of a Chilean retail holding company that manufactures, represents and distributes prestigious brands of footwear, clothing and accesories. Its brands Hush Puppies, Rock Ford and Discount House represented in 2006 in Chile 30%, 23% and 13% of total sales of the retail segment respectively. In Uruguay where it arrived 12 years ago, it has 10 stores where brands like Hush Puppies, Columbia, Caterpillar and Rockford are sold.The local business, which is estimated in about US$4 millions, stands for 3% of total sales of the company which has an annual turnover of about US$ 144 millions.After trying different international expansion models, and based on the successful Uruguayan experience, the company prepared an expansion master plan outside Chile. A part of this strategy considers strenghtening its presence in Uruguay and starting direct operations in Peru and Colombia.Forus handles 13 brands (10 of them under the license system) and as of December 2006, it had 150 stores in Chile.Subject Company is part of Grupo FORUS. |
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SIC
Classification G - CALZADOS, ZAPATILLAS, CARTERAS,
CORREAS, DE CUERO, GOMA, JEBE, (Producción y comercializacion de artículos de
cuero, goma, jebe, tales como Calzados, carteras, guantes, zapatillas,) |
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Main activity |
Import and retail of footwear and clothing for women, men and children.Distribution of prestigious brands of footwear, clothing and accesories.Brands sold by Subject: "PASQUALINI", "HUSH PUPPIES", "HUSH PUPPIES KID", "ROCK FORD", "COLUMBIA", "CAT", "AZALEIA", "MERREL", "WOMEN'SECRET", "CALPANY", "BROOKS", "MONTRAIL", "PATAGONIA", etc. |
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OPERATIONS |
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Import |
Yes |
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Country |
Hong Kong, China, Vietnam, Italy, India,
Brazil, Chile, Colombia, USA, Thailand, Bangladesh, Cambodia, Malaysia,
Indonesia, Turkey |
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ANNUAL Imports In US$ (CIF) |
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Export |
No |
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% CASH SALES / METHOD |
100% |
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% FOREIGN PURCHASES |
100% |
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SELLING TerritorY |
Domestic market |
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EMPLOYEES |
120 |
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Comments |
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Subject also imports from Spain, Dominican Republic, Belgium, Netherlands, United Arab Emirates, Taiwan, Ireland, El Salvador, Peru, Argentina, Sri Lanka, Costa Rica, Pakistan.
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Disposition |
Poor. Very few information was given.
Politely. |
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Interviewee(s) |
Virginia Castro |
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Position(s) |
General Accountant |
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Information provided |
The interviewee provided operating information, except for financial figures. |
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SALES |
US$ 0.00 () |
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FINANCIAL SITUATION |
SATISFACTORYThis is an old large-sized company that has managed to remain in the market all these years due to the conservative policy on decision making and the sound management of investments. |
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INSURANCE |
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Main fixed assets of the company (general detail) |
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In 2010 there was a fire in one of the company's stores. |
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TRADE REFERENCES, CREDIT
BUREAU, LAWSUITS, BANKS
(Confidential Information) |
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TRADE REFERENCES |
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Note : Other
suppliers did not provide information or could not be consulted |
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No on inhibitions, lawsuits, notices, bankruptcies, judicial auctions, account disqualifications, delinquent transactions have been found under the company's name. |
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SUPERINTENDENCY OF BANK & INSURANCE (SBS) |
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Debt structure for bank. SBS Latest
Consolidated Credit Report as of : 30/04/2014 |
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The acquisition of Pasqualini, an Uruguayan footwear manufacturer, from Uruforus, a subsidiary of Forus S.A., a Chilean company, in addition to the local brand expansion, considers the possibility to use it as an expansion platform for South America where it expects to keep growing. The chosen path - the acquisition of solid local brands, just as it happened in Peru by late 2006 and in Colombia early this year.Renato Azzoni and Rosalía Pasqualini, son-in-law and daughter of the founder, will keep linked to the new company, transferring their know-how for at least two or three years, according to the businessman Azzoni, owner of Pasqualini until when the property transfer to the Chilean was signed."We have a lot of ideas" for Pasqualini, added the general manager of Uruforus, Juan José Strauch. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.44 |
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UK Pound |
1 |
Rs.100.24 |
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Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
SMN |
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 |
-- |
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.